Fitch Rates AmeriCredit Automobile Receivables Trust 2003-D-M 'F1+'/'AAA'

NEW YORK--Oct. 17, 2003--Fitch Ratings has assigned ratings to the receivables-backed notes issued by AmeriCredit Automobile Receivables Trust 2003-D-M as listed below:

-- $227,000,000 class A-1 1.12% Asset-Backed Notes, 'F1+';

-- $440,000,000 class A-2 1.44% Asset Backed Notes, 'AAA';

-- $75,000,000 class A-3-A 2.14% Asset Backed Notes, 'AAA';

-- $104,000,000 class A-3-B Floating-Rate Asset Backed Notes, 'AAA';

-- $354,000,000 class A-4 2.84% Asset Backed Notes, 'AAA'.

The securities, which represent the fourth securitization of the year offered by AmeriCredit Financial Services, Inc. (ACF), are issued with a note guaranty insurance policy ('insurance policy') from MBIA Insurance Corp. (MBIA), which is rated 'AAA' by Fitch. The note policy ensures full and timely payment of interest and principal by the legal final distribution date. The ratings address the likelihood of full and timely payment of interest and ultimate payment of principal by the legal final distribution date of each class. The ratings are based on the terms of the financial guaranty insurance policy and insurer financial strength rating of MBIA, the transaction's sound legal and cash flow structures, and the strength of ACF as originator and servicer of the receivables.

Interest and principal on the notes are distributed monthly on the sixth day of each month, commencing on Nov. 6, 2003. Principal is distributed sequentially beginning with the class A-1 notes until paid in full. Before drawing upon the insurance policy, losses will be covered by excess spread, overcollateralization (OC), and a spread account. Excess spread will be available to make accelerated principal payments on the notes, thereby increasing OC to its targeted level.

The receivables in the 2003-D-M trust are simple interest receivables made with respect to new (42.04%) and used (57.96%) automobiles and light-duty trucks and vans. The pool is well diversified geographically, with the largest state concentrations in California (12.17%), Texas (12.93%), Florida (10.17%), and Pennsylvania (5.37%. No other state represents more than 5% of the pool. Geographic diversification acts to insulate the transaction against regional economic downturns.

ACF is a wholly owned operating subsidiary of AmeriCredit Corp. (rated 'B' by Fitch). AmeriCredit Corp. is a consumer finance company specializing in purchasing, securitizing, and servicing automobile loans, with a leading position in the competitive and sometimes volatile, nonprime automobile finance industry. As of Aug. 3, 20031, 2003, the company's managed automobile receivables are originated through 90 branch offices in 31 states.