AmeriCredit Corp. Completes Issuance of $175 Million 9 1/4 Percent Senior Notes Due 2009 and Related Consent Solicitation

    FORT WORTH, Texas--June 19, 2002--AmeriCredit Corp. announced today that it completed the issuance of $175 million 9 1/4% Senior Notes due 2009 and that as of 5:00 p.m., New York City time, on June 19, 2002 (the "Consent Date"), it had received the tenders and consents related to its outstanding 9 1/4% Senior Notes due 2004 (the "Notes"). As of the Consent Date, tenders and consents representing approximately 77.4% of the $175 million aggregate principal amount outstanding of the Notes were received by Bank One, N.A., as depositary and trustee for the Notes (the "Trustee"), and accepted for payment by AmeriCredit.
    The total consideration of $1,023.13 per $1,000 principal amount of Notes validly tendered on or prior to the Consent Date will be deposited by AmeriCredit with the Trustee on or about June 20, 2002. Furthermore, AmeriCredit and the Trustee have executed supplemental indentures, as described in AmeriCredit's Offer to Purchase and Consent Solicitation Statement dated June 6, 2002 (the "Offer to Purchase"). AmeriCredit will pay for the Notes with the net proceeds of the issuance of $175 million 9 1/4% Senior Notes due 2009 which it issued today.
    Holders who validly tender their Notes after the Consent Date and prior to 12:00 midnight on Wednesday, July 3, 2002 (the "Expiration Date") are entitled to receive the purchase price for their Notes equal to the total consideration minus the consent payment, or $1,003.13 for each $1,000 principal amount of Notes tendered after the Consent Date but prior to the Expiration Date.
    In addition, AmeriCredit confirmed that it intends to call for redemption any Notes not tendered in the tender offer at a redemption price of $1,023.13 per $1,000 principal amount of such Notes. This press release does not constitute a call for redemption, which may be made at a later date in accordance with the indentures.
    Bear, Stearns & Co. Inc. is the dealer manager for the tender offer and solicitation agent for the consent solicitation. Questions or requests for assistance may be directed to Bear Stearns at 877-696-BEAR (toll free). Requests for documentation may be directed to D.F. King & Co., Inc., the information agent for the tender offer and the consent solicitation at 800-549-6746 (toll free). Beneficial owners may also contact their broker, dealer, commercial bank, trust company or other nominee for assistance concerning the tender offer and consent solicitation.
    This announcement shall not constitute an offer to purchase, a solicitation of an offer to purchase or a solicitation of consents with respect to any securities. The tender offer and consent solicitation is being made solely by the Offer to Purchase and the related letter of transmittal and consent.
    AmeriCredit Corp. is the largest independent middle-market auto finance company in North America. Using its branch network and strategic alliances with auto groups and banks, the company purchases installment contracts made by auto dealers to consumers who are typically unable to obtain financing from traditional sources. AmeriCredit has more than one million customers throughout the United States and Canada and more than $13 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.
    This press release contains several "forward-looking statements." Forward-looking statements are those, which use words such as "believe," "expect," "anticipate," "intend," "plan," "may," "will," "should," "estimate," "continue" or other comparable expressions. These words indicate future events and trends. Forward-looking statements are the Company's current views with respect to future events and financial performance. These forward-looking statements are subject to many risks and uncertainties, which could cause actual results to differ significantly from historical results or from those anticipated by the Company. The most significant risks are 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 year ended June 30, 2001. Such risks include - but are not limited to - fluctuating interest rates, dependence on credit facilities and securitization programs, liquidity and capital needs, increased competition, regulatory changes, tightening labor markets, and deteriorating portfolio performance. It is advisable not to place undue reliance on the Company's forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.