AmeriCredit Announces $825 Million Asset-Backed Securitization

    FORT WORTH, Texas--May 13, 2003--AMERICREDIT CORP. announced the pricing of a $825 million offering of automobile receivables-backed securities through lead managers Deutsche Bank Securities and Credit Suisse First Boston. Co-managers are Barclays Capital, JP Morgan and Wachovia Securities.
    The bond insurer for this transaction is XL Capital Assurance Inc. AmeriCredit uses net proceeds from securitization transactions to provide long-term financing of automobile retail installment contracts.
    The securities will be issued via an owner trust, AmeriCredit Automobile Receivables Trust 2003-B-X, in six classes of Notes:

Note Class      Amount     Average Life     Price        Interest Rate
----------      ------     ------------     -----        -------------
     A-1    $ 147,000,000   0.18 years    100.00000      1.29%
   A-2-A    $ 201,000,000   0.95 years     99.99816      1.55%
   A-2-B    $ 115,000,000   0.95 years    100.00000      Libor + 0.19%
     A-3    $ 119,000,000   2.00 years     99.98318      2.11%
   A-4-A    $ 143,000,000   3.11 years     99.99260      2.72%
   A-4-B    $ 100,000,000   3.11 years    100.00000      Libor + 0.38%
            -------------
             $825,000,000
            =============

    The weighted average coupon is 2.3%.
    The Note Classes are rated by Standard & Poor's, Moody's Investors Service, Inc. and Fitch, Inc. The ratings by Note Class are:

   Note Class   Standard & Poor's       Moody's         Fitch
   ----------   -----------------       --------        ------ 
    A-1             A-1+                Prime-1           F1+
    A-2-A           AAA                 Aaa               AAA
    A-2-B           AAA                 Aaa               AAA
    A-3             AAA                 Aaa               AAA
    A-4-A           AAA                 Aaa               AAA
    A-4-B           AAA                 Aaa               AAA

    Initial credit enhancement on this trust will total 10.5% of the original receivable pool balance building to the total required enhancement level of 18% of the pool balance. The initial 10.5% enhancement will consist of 3% cash, 4.8% overcollateralization and 2.7% reinsurance. The Company remains on track to generate cash flow in the June 2003 quarter, and the ability to incorporate reinsurance in this transaction will further add to its liquidity position.
    This transaction represents AmeriCredit's 39th securitization of automobile receivables in which a total of more than $29 billion of automobile receivables-backed securities has been issued.
    Copies of the prospectus relating to this offering of receivables-backed securities may be obtained from the managers and co-managers. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described in this press release, nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such State.
    AmeriCredit Corp. is one of the largest independent middle-market auto finance companies in North America. 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 more than one million customers and over $15 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.