AmeriCredit Reports First Quarter Operating Results

-- Net income of $54 million, $0.35 per share, includes charge related to Hurricane Katrina

-- Loan originations increased to $1.52 billion

-- FY06 earnings guidance revised for hurricane impact

AmeriCredit Corp. today announced net income of $54 million, or $0.35 per share, for its fiscal first quarter ended September 30, 2005. Net income was impacted by an approximate $8 million after-tax charge ($13 million pre-tax), or $0.05 per share, related to Hurricane Katrina. AmeriCredit reported net income of $69 million, or $0.41 per share, for the same period a year earlier. Earnings per share for the September 2004 quarter were revised to reflect the retroactive application of EITF Issue No. 04-8, "The Effect of Contingently Convertible Debt on Diluted Earnings Per Share."

Automobile loan purchases increased to $1.52 billion for the first quarter of fiscal year 2006, compared to $1.08 billion in the September 2004 quarter. Managed receivables totaled $11.05 billion at September 30, 2005, compared to $11.47 billion at September 30, 2004.

Annualized net charge-offs totaled 5.7% of average managed receivables for the September 2005 quarter, compared to 6.3% for the September 2004 quarter. Managed receivables 31-to-60 days delinquent were 6.0% of the portfolio at September 30, 2005, compared to 6.6% at September 30, 2004. Accounts more than 60 days delinquent were 2.6% of the portfolio at September 30, 2005, compared to 2.7% at September 30, 2004. Deferments totaled 7.2% of average managed receivables for the September 2005 quarter or 6.6% excluding deferments for Hurricane Katrina-impacted accounts, compared to 6.7% for the September 2004 quarter.

Unrestricted cash totaled $692 million at September 30, 2005. During the September quarter, the Company repurchased $204 million of its common stock. As of September 30, 2005, $599 million in aggregate repurchases have been made since inception of the Company's stock repurchase program in April 2004. The Company has $101 million remaining under its board approved stock repurchase plan. At September 30, 2005, shareholders' equity was $1.99 billion resulting in a managed assets-to-equity ratio of 5.6.

"We had a good quarter on many fronts. Loan originations were strong, profitability remained high, and our liquidity position is solid. Our strong balance sheet and increased allowance for loan losses position us well in the current economic environment," said AmeriCredit President and CEO Dan Berce.

Regulation FD

Pursuant to Regulation FD, the Company provides its expectations regarding future business trends to the public via a press release or 8-K filing. The Company anticipates some risks and uncertainties with its business.

The following net income and earnings per share forecasts were revised from guidance provided on August 8, 2005, for the impact of Hurricane Katrina on future portfolio performance. The earnings per share forecast has also been updated to reflect stock repurchased through September 30, 2005.

Net income and EPS forecasts

                                         Revised           Previous
                                     12 mos. ending     12 mos. ending
                                         6/30/06            6/30/06
                                  ------------------------------------
Net income ($ millions)                $257 - $287        $265 - $295

Earnings per share                   $1.67 - $1.85      $1.64 - $1.82

The forecasts for fiscal year 2006 incorporate, but are not limited to, the following assumptions, which remained unchanged from August 8, 2005:

-- New loan volume of $5.8 to $6.2 billion;

-- Net interest margin of 13.0 to 13.5 percent of average on-book receivables;

-- Operating expenses of approximately 2.8 to 3.2 percent of the managed portfolio;

-- Managed portfolio-level credit losses to average between 5.0 and 6.0 percent overall for fiscal year 2006, but varying seasonally by quarter; and

-- Annualized provision for losses as a percent of average on-book receivables to average in the high-5 percent to low-6 percent range, excluding the impact of Hurricane Katrina.

The forecasts for fiscal year 2006 earnings per share do not assume any share repurchases after September 30, 2005.

AmeriCredit will host a conference call for analysts and investors today at 5:30 p.m. Eastern Time. For a live Internet broadcast of this conference call, please go to the Company's Web site to register, download and install any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call.

About AmeriCredit

AmeriCredit Corp. is a leading independent auto finance company. Using its branch network and strategic alliances with auto groups and banks, the Company purchases retail installment contracts entered into by auto dealers with consumers who are typically unable to obtain financing from traditional sources. AmeriCredit has approximately one million customers and $11 billion in managed auto receivables. The Company was founded in 1992 and is headquartered in Fort Worth, Texas. For more information, visit www.americredit.com.

Except for the historical information contained herein, the matters discussed in this news release include forward-looking statements that involve risks and uncertainties detailed from time to time in the Company's filings and reports with the Securities and Exchange Commission including the Company's annual report on Form 10-K for the period ended June 30, 2005. Such risks include -- but are not limited to -- variable economic conditions, adverse portfolio performance, volatile wholesale values, reliance on warehouse financing and capital markets, the ability to continue to securitize its loan portfolio, the continued availability of credit enhancement for its securitization transactions on acceptable terms, fluctuating interest rates, increased competition, regulatory changes and exposure to litigation. These forward-looking statements are based on the beliefs of the Company's management as well as assumptions made by and information currently available to Company management. Actual events or results may differ materially.

AmeriCredit Corp.
Consolidated Income Statements
(Unaudited, Dollars in Thousands, Except Per Share Amounts)


                                                Three Months Ended
                                                   September 30,
                                             -------------------------
                                                 2005         2004
                                             ------------ ------------
Revenue:
     Finance charge income                      $373,736     $269,928
     Servicing income                             25,341       59,357
     Other income                                 21,186       10,671
                                             ------------ ------------
                                                 420,263      339,956
                                             ------------ ------------
Costs and expenses:
     Operating expenses                           77,865       74,001
     Provision for loan losses                   165,860       98,716
     Interest expense                             90,271       57,516
     Restructuring charges                           159          506
                                             ------------ ------------
                                                 334,155      230,739
                                             ------------ ------------

Income before income taxes                        86,108      109,217

Income tax provision                              32,075       40,410
                                             ------------ ------------

     Net income                                  $54,033      $68,807
                                             ============ ============

Earnings per share:
     Basic                                         $0.38        $0.44
                                             ============ ============

     Diluted                                       $0.35        $0.41
                                             ============ ============

Weighted average shares                      142,735,494  155,611,880
                                             ============ ============


Weighted average shares and
     assumed incremental shares              157,590,746  170,306,676
                                             ============ ============

Consolidated Balance Sheets
(Unaudited, Dollars in Thousands)


                              September 30,   June 30,   September 30,
                                  2005         2005          2004
                              ------------- ------------ -------------

Cash and cash equivalents         $692,476     $663,501      $526,273
Finance receivables, net         8,857,389    8,297,750     6,738,828
Interest-only receivables
 from Trusts                        15,745       29,905        89,878
Investments in Trust
 receivables                       181,903      239,446       456,372
Restricted cash -- gain on
 sale Trusts                       201,367      272,439       422,014
Restricted cash --
 securitization notes payable      674,600      633,900       516,844
Restricted cash -- warehouse
 credit facilities                 271,849      455,426       507,476
Property and equipment, net         59,406       92,000        97,871
Deferred income taxes               62,883       53,759         7,202
Other assets                       218,048      208,912       147,599
                              ------------- ------------ -------------
     Total assets              $11,235,666  $10,947,038    $9,510,357
                              ============= ============ =============

Warehouse credit facilities     $1,104,740     $990,974    $1,021,532
Securitization notes payable     7,377,648    7,166,028     5,733,778
Senior notes                       166,841      166,755       166,499
Convertible debt                   200,000      200,000       200,000
Funding payable                    235,573      158,210        41,736
Accrued taxes and expenses         145,914      133,736       165,249
Other liabilities                   15,583        9,419        33,919
                              ------------- ------------ -------------
     Total liabilities           9,246,299    8,825,122     7,362,713
                              ------------- ------------ -------------

Shareholders' equity             1,989,367    2,121,916     2,147,644
                              ------------- ------------ -------------
     Total liabilities and
      shareholders' equity     $11,235,666  $10,947,038    $9,510,357
                              ============= ============ =============


Consolidated Statements of Cash Flows
(Unaudited, Dollars in Thousands)


                                                 Three Months Ended
                                                    September 30,
                                               -----------------------
                                                   2005        2004
                                               ----------- -----------
Cash flows from operating activities:
Net income                                        $54,033     $68,807
Adjustments to reconcile net income to
 net cash provided by operating
  activities:
     Depreciation and amortization                  6,859       8,998
     Provision for loan losses                    165,860      98,716
     Deferred income taxes                         (9,109)      1,468
     Accretion of present value discount          (11,663)    (27,126)
     Impairment of credit enhancement assets          457          91
     Stock-based compensation expense               4,203         629
     Other                                           (711)       (751)
Distributions from gain on sale Trusts,
 net of swap payments                             143,018     100,282
Changes in assets and liabilities:
     Other assets                                   8,366      23,282
     Accrued taxes and expenses                    11,856       4,796
                                               ----------- -----------
Net cash provided by operating activities         373,169     279,192
                                               ----------- -----------

Cash flows from investing activities:
Purchases of receivables                       (1,621,939) (1,178,422)
Principal collections and recoveries on
 receivables                                      976,538     715,698
Net sales (purchases) of property and
 equipment                                         33,905        (635)
Net change in restricted cash and other           145,561    (307,306)
                                               ----------- -----------
Net cash used by investing activities            (465,935)   (770,665)
                                               ----------- -----------

Cash flows from financing activities:
Net change in warehouse credit facilities         113,766     521,532
Net change in securitization notes                210,385     130,213
Net change in senior notes and other               (3,685)     (8,292)
Repurchase of common stock                       (204,114)    (67,831)
Net proceeds from issuance of common stock          3,407      19,586
                                               ----------- -----------
Net cash provided by financing activities         119,759     595,208
                                               ----------- -----------

Net increase in cash and cash equivalents          26,993     103,735

Effect of Canadian exchange rate changes on
 cash and cash equivalents                          1,982       1,088

Cash and cash equivalents at beginning of
 period                                           663,501     421,450
                                               ----------- -----------

Cash and cash equivalents at end of period       $692,476    $526,273
                                               =========== ===========

Other Financial Data
(Unaudited, Dollars in Thousands)

                                 Three Months Ended
                                    September 30,
                             ---------------------------
                                 2005          2004
                             -------------- ------------

Loan originations               $1,520,146   $1,084,786
Loans securitized                1,189,191      874,318

Average on-book receivables     $9,050,440   $6,952,426
Average gain on sale
 receivables                     1,970,313    4,727,627
                             -------------- ------------
Average managed receivables    $11,020,753  $11,680,053
                             ============== ============

                             September 30,    June 30,   September 30,
                                 2005          2005          2004
                             -------------- ------------ -------------

On-book receivables             $9,462,883   $8,838,968    $7,185,962
Gain on sale receivables         1,590,943    2,163,941     4,282,509
                             -------------- ------------ -------------
Managed receivables            $11,053,826  $11,002,909   $11,468,471
                             ============== ============ =============

                                 Three Months Ended
                                    September 30,
                             ---------------------------
                                 2005          2004
                             -------------- ------------

Operating expenses                 $77,865      $74,001

Operating expenses as a
 percent of average managed
 receivables                           2.8%         2.5%
Tax rate                             37.25%       37.00%

                             September 30,    June 30,   September 30,
                                  2005          2005         2004
                             -------------- ------------ -------------

Loan delinquency:
     On-book:
     (% of ending on-book
      receivables)
          31 - 60 days                 5.3%         4.3%          4.7%
          Greater than 60
           days                        2.2          1.8           1.9
                             -------------- ------------ -------------
               Total                   7.5%         6.1%          6.6%
                             ============== ============ =============

     Gain on sale:
     (% of ending gain on
      sale receivables)
          31 - 60 days                10.1%         8.8%          9.7%
          Greater than 60
           days                        4.8          3.9           4.1
                             -------------- ------------ -------------
               Total                  14.9%        12.7%         13.8%
                             ============== ============ =============

     Total portfolio:
     (% of ending managed
      receivables)
          31  - 60 days                6.0%         5.2%          6.6%
          Greater than 60
           days                        2.6          2.2           2.7
                             -------------- ------------ -------------
               Total                   8.6%         7.4%          9.3%
                             ============== ============ =============


                                          Three Months Ended
                                                September 30,
                                        ------------------------------
                                             2005           2004
                                        --------------- --------------
Contracts receiving a payment
  deferral as an average quarterly
  percentage of average receivables
  outstanding:

    On-book (% of average on-book
        receivables)                               6.4%           4.7%
                                        =============== ==============

    Gain on sale (% of average gain on
        sale receivables)                         10.7%           9.6%
                                        =============== ==============

    Total portfolio (% of average
        managed receivables)                       7.2%           6.7%
                                        =============== ==============


                                              Three Months Ended
                                                 September 30,
                                         -----------------------------
                                              2005           2004
                                         --------------- -------------
Net charge-offs:
     On-book                                   $109,173       $74,981
     Gain on sale                                47,982       111,312
                                         --------------- -------------
                                               $157,155      $186,293
                                         =============== =============

Net charge-offs as a percent of average
  receivables:
     On-book                                        4.8%          4.3%
                                         =============== =============

     Gain on sale                                   9.7%          9.3%
                                         =============== =============

     Total portfolio                                5.7%          6.3%
                                         =============== =============


Net recoveries as a percent of gross
  repossession charge-offs:
     On-book                                         47.6%       45.4%
                                            ============== ===========

     Gain on sale                                    39.9%       37.3%
                                            ============== ===========

     Total portfolio                                 45.2%       40.6%
                                            ============== ===========

                               September 30,  June 30,   September 30,
                                   2005         2005         2004
                               ------------- ----------- -------------
On-book receivables:
     Principal                   $9,462,883  $8,838,968    $7,185,962

     Allowance for loan losses
      and nonaccretable
      acquisition fees             (605,494)   (541,218)     (447,134)
                               ------------- ----------- -------------
                                 $8,857,389  $8,297,750    $6,738,828
                               ============= =========== =============


     Allowance as a percentage
      of on-book receivables            6.4%        6.1%          6.2%
                               ============= =========== =============

The Company implemented EITF Issue No. 04-8, "The Effect of Contingently Convertible Debt on Diluted Earnings Per Share" ("EITF 04-8") during the quarter ended December 31, 2004, which resulted in the Company's convertible senior notes being treated as convertible securities and included in diluted earnings per share calculations using the if-converted method. EITF 04-8 required retroactive application beginning with the quarter ended December 31, 2003, which was the first quarter the Company's convertible notes were outstanding. The effect of the retroactive application of EITF 04-8 on the Company's diluted earnings per share is as follows:

                                                      Three Months
                                                         Ended
                                                      September 30,
Diluted earnings per share:                              2004
                                                  --------------------

     As previously reported                                     $0.43
                                                  ====================

     As reported under EITF 04-8                                $0.41
                                                  ====================

The Company's net margin as reflected on the consolidated statements
of income is as follows:

                                                Three Months Ended
                                                  September 30,
                                            --------------------------
                                                2005         2004
                                            ------------- ------------

Finance charge income                           $373,736     $269,928
Other income                                      21,186       10,671
Interest expense                                 (90,271)     (57,516)
                                            ------------- ------------
     Net margin                                 $304,651     $223,083
                                            ============= ============

                                                 Three Months Ended
                                                   September 30,
                                              ------------------------
                                                  2005        2004
                                              ------------- ----------

Finance charge income                                 16.4%      15.4%
Other income                                           0.9        0.6
Interest expense                                      (3.9)      (3.3)
                                              ------------- ----------

     Net margin as a percent of
          average on-book receivables                 13.4%      12.7%
                                              ============= ==========