AmeriCredit Corp. Announces Redemption of 9 1/4% Senior Notes Due 2004

    FORT WORTH, Texas--June 21, 2002--AmeriCredit Corp. announced today that it has notified the trustee that it is calling for redemption on July 22, 2002 (the "Redemption Date") all of its 9 1/4% Senior Notes due 2004 (the "Notes") that remain outstanding on the Redemption Date, at a redemption price of $1,023.13 per $1,000 principal amounts of Notes plus accrued and unpaid interest to, but not including, the Redemption Date.
    AmeriCredit has instructed the trustee to mail the redemption notice to the registered holders of the Notes.
    On June 6, 2002, AmeriCredit commenced a tender offer and consent solicitation for all of the outstanding Notes. As of 5:00 p.m., New York City time, on June 19, 2002 (the "Consent Date"), tenders and consents representing approximately 77.4% of the Notes had been received by the depositary 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 was deposited by AmeriCredit with the trustee on June 20, 2002.
    Pursuant to the terms of AmeriCredit's Offer to Purchase and Consent Solicitation Statement dated June 6, 2002 (the "Offer to Purchase"), 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. As a result, holders are entitled to receive $1,003.13 for each $1,000 principal amount of Notes tendered after the Consent Date but prior to the Expiration Date. Any holders who tender their Notes pursuant to the Offer to Purchase will not be entitled to have their Notes redeemed on the Redemption Date.
    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. The redemption of the Notes is being made solely pursuant to the terms of the Indentures governing the Notes.
    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.