AmeriCredit Announces $1.2 Billion Asset-Backed Securitization

FORT WORTH, Texas--Oct. 1, 2003--AMERICREDIT CORP. announced the pricing of a $1.2 billion offering of automobile receivables-backed securities through lead managers Barclays Capital and Wachovia Securities. Co-managers are Banc One Capital Markets, Credit Suisse First Boston, J.P. Morgan Securities and Lehman Brothers. AmeriCredit uses net proceeds from securitization transactions to provide long-term financing of its receivables.

The securities will be issued via an owner trust, AmeriCredit Automobile Receivables Trust 2003-D-M, in five classes of Notes:

  Note Class       Amount       Average Life    Price    Interest Rate
  ----------    -------------   ------------  ---------  -------------
    A-1         $ 227,000,000   0.22 years    100.00000      1.12%
    A-2         $ 440,000,000   1.00 years     99.99046      1.44%
    A-3-A       $  75,000,000   2.00 years     99.99336      2.14%
    A-3-B       $ 104,000,000   2.00 years    100.00000  Libor + 0.22%
    A-4         $ 354,000,000   3.10 years     99.99378      2.84%
               --------------
               $1,200,000,000
               ============== 

The weighted average coupon is 2.3%.

The Note Classes are rated by Standard & Poor's, Moody's Investors Service and Fitch Ratings. The ratings by Note Class are:

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

MBIA Insurance Corporation will provide bond insurance for this transaction. Initial credit enhancement will total 10.5% of the original receivable pool balance building to the total required enhancement level of 18.5% of the then outstanding receivable pool balance. The initial 10.5% enhancement will consist of 2% cash and 8.5% overcollateralization.

This transaction represents AmeriCredit's 41st securitization of automobile receivables in which a total of more than $31 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 manager 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 a leading independent middle-market 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 more than one million customers and over $14 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.