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AmeriCredit Reports Second Quarter 2004 EPS of $0.30 and Increases Fiscal Year Guidance

FORT WORTH, Texas--Jan. 2, 20042, 2004--AmeriCredit Corp.
    --  Credit results improved

    --  New charge-off policy implemented

    --  Unrestricted cash balance grows to $524.8 million

    --  Measured, deliberate growth plan launched


AMERICREDIT CORP. today announced net income of $47.2 million, or $0.30 per share, for its second fiscal quarter ended December 31, 2003. AmeriCredit reported a net loss of $56.3 million, or $0.37 per share, for the same period a year earlier. For the six months ended December 31, 2003, AmeriCredit reported net income of $80.5 million, or $0.51 per share, versus earnings of $19.4 million, or $0.16 per share, for the six months ended December 31, 2002.

Automobile loan purchases were $700.0 million for the second quarter of fiscal year 2004, compared to $745.1 million in the September quarter. This sequential change in new loan volume was in-line with normal seasonal trends. Managed auto receivables totaled approximately $13.0 billion at December 31, 2003.

Managed auto receivables 31-to-60 days delinquent were 7.5% of the portfolio at December 31, 2003, compared to 9.2% at December 31, 2002, and 7.6% at September 30, 2003. Accounts more than 60 days delinquent were 2.9% of the portfolio at December 31, 2003, improved from 4.1% at December 31, 2002, and unchanged compared to September 30, 2003.

Effective for the quarter ended December 31, 2003, AmeriCredit has revised its repossession charge-off policy. The Company will now charge off accounts when the customers' redemption period to reclaim a repossessed auto has expired. Previously, the Company charged off accounts at the time that repossessed inventory was liquidated at auction.

To implement this new policy, AmeriCredit incurred additional charge-offs of $59.4 million at December 31, 2003, related to the acceleration of charge-off timing, raising managed portfolio credit losses to $308.3 million from $248.9 million. This one-time cumulative adjustment changes the annualized charge-off rate for the December 2003 quarter to 9.1%, from 7.3% of the managed portfolio under the old policy. The annualized charge-off rate was 7.6% for the September 2003 quarter.

Going forward, the Company forecasts that annualized charge-offs will decline to the 6.0% to 6.9% range during calendar year 2004.

AmeriCredit's unrestricted cash balance totaled $524.8 million at December 31, 2003, compared to $358.0 million at September 30, 2003. The unrestricted cash balance increased primarily from $168.0 million in net proceeds the Company received from its convertible senior note offering in November.

"The Company's credit results showed improvement during the December quarter. Furthermore, we strengthened our balance sheet, and our liquidity will only get stronger as we start receiving a significant amount of cash from our old-FSA portfolio beginning later this year," said Clifton Morris, chief executive officer of AmeriCredit. "So, with the economy improving and the successful execution of the Company's revised operating plan in 2003, AmeriCredit is now ready to move forward and begin to grow again."

The Company is adopting a flexible growth plan that will move its loan origination base to a target of $1 billion per quarter by the end of this fiscal year, with the goal of growing at a measured, deliberate pace averaging 10 to 15 percent annually thereafter.

"By slowing the decline in the portfolio balance in calendar year 2004, we can set the stage for portfolio and earnings growth in 2005," said AmeriCredit president Dan Berce. "We are targeting high risk-adjusted returns and will maintain a strong balance sheet with more liquidity than we have carried in the past."

    Regulation FD

    --  Pursuant to Regulation FD, the Company provides its
        expectations regarding future business trends to the public
        via a press release or 8-K filing. The Company anticipates
        some risks and uncertainties with its business. The guidance
        below includes the Company's forecast for fiscal year 2004 and
        calendar year 2004.
    Net income and EPS forecast

                                       12 mos. ending  12 mos. ending
                                            6/30/04        12/31/04
                                  -------------------- ---------------
Net income ($ millions)                   $145 - $165     $150 - $190
Earnings per share                      $0.91 - $1.03   $0.93 - $1.17

AmeriCredit will host a conference call for analysts and investors today at 5:30 P.M. Eastern Standard Time. For a live Internet broadcast of this conference call, please go to the Company's web site to register, download and install any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call.

About AmeriCredit

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 approximately $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.

Except for the historical information contained herein, the matters discussed in this news release include forward-looking statements that involve risks and uncertainties 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 period ended June 30, 2003. Such risks include - but are not limited to - variable economic conditions, adverse portfolio performance, volatile wholesale values, reliance on warehouse financing and capital markets, fluctuating interest rates, increased competition, regulatory changes and exposure to litigation. These forward-looking statements are based on the beliefs of the Company's management as well as assumptions made by and information currently available to Company management. Actual events or results may differ materially.

AmeriCredit Corp.
Consolidated Income Statements
(Unaudited, Dollars in Thousands, Except Per Share Amounts)

                     Three Months Ended          Six Months Ended
                        December 31,               December 31,
                  ------------------------- -------------------------
                         2003         2002         2003         2002
                  ------------ ------------ ------------ ------------

Revenue:
 Finance charge
  income             $225,014     $133,943     $436,786     $224,572
 Gain on sale of
  receivables               -            -            -      132,084
 Servicing income      47,959        4,910      116,951      121,844
 Other income           8,511        5,613       15,992       10,633
                  ------------ ------------ ------------ ------------
                      281,484      144,466      569,729      489,133
                  ------------ ------------ ------------ ------------
Costs and
 expenses:
 Operating
  expenses             88,340      102,343      169,324      218,169
 Provision for
  loan losses          61,356       86,892      125,599      152,676
 Interest expense      56,287       39,884      145,031       79,903
 Restructuring
  charges                (271)       6,899          468        6,899
                  ------------ ------------ ------------ ------------
                      205,712      236,018      440,422      457,647
                  ------------ ------------ ------------ ------------

Income (loss)
 before income
 taxes                 75,772      (91,552)     129,307       31,486

Income tax
 provision
 (benefit)             28,604      (35,248)      48,814       12,122
                  ------------ ------------ ------------ ------------

 Net income
  (loss)              $47,168     $(56,304)     $80,493      $19,364
                  ============ ============ ============ ============

Earnings (loss)
 per share:
 Basic                  $0.30       $(0.37)       $0.51        $0.16
                  ============ ============ ============ ============
 Diluted                $0.30       $(0.37)       $0.51        $0.16
                  ============ ============ ============ ============

Weighted average
 shares           156,600,326  153,001,207  156,533,957  119,420,462
                  ============ ============ ============ ============
Weighted average
 shares and
 assumed
 incremental
 shares           158,735,017  153,001,207  157,789,512  120,032,197
                  ============ ============ ============ ============
Consolidated Balance Sheets
(Unaudited, Dollars in Thousands)

                                December 31,  September 30,  June 30,
                                    2003          2003         2003
                                ------------ ------------- -----------

Cash and cash equivalents          $524,765      $357,985    $316,921
Finance receivables, net          5,618,639     5,404,569   4,996,616
Interest-only receivables from
 Trusts                             168,359       214,949     213,084
Investments in Trust
 receivables                        644,979       684,144     760,528
Restricted cash - gain on sale
 Trusts                             455,468       383,557     387,006
Restricted cash -
 securitization notes payable       338,982       272,468     229,917
Restricted cash - warehouse
 credit facilities                   65,335       327,376     764,832
Property and equipment, net         112,366       117,681     123,713
Other assets                        175,957       236,742     315,412
                                ------------ ------------- -----------
    Total assets                 $8,104,850    $7,999,471  $8,108,029
                                ============ ============= ===========

Warehouse credit facilities        $705,235    $1,373,616  $1,272,438
Whole loan purchase facility              -             -     902,873
Securitization notes payable      4,556,267     3,848,446   3,281,370
Senior notes                        358,611       370,634     378,432
Convertible debt                    200,000             -           -
Other notes payable                  28,212        31,941      34,599
Funding payable                      25,857       122,053      25,562
Accrued taxes and expenses          125,249       158,371     162,433
Derivative financial
 instruments                         40,060        58,091      66,531
Deferred income taxes               107,948       110,849     103,162
                                ------------ ------------- -----------
    Total liabilities             6,147,439     6,074,001   6,227,400

Shareholders' equity              1,957,411     1,925,470   1,880,629
                                ------------ ------------- -----------
    Total liabilities and
     shareholders' equity        $8,104,850    $7,999,471  $8,108,029
                                ============ ============= ===========
Consolidated Statements of Cash Flows
(Unaudited, Dollars in Thousands)

                            Three Months Ended     Six Months Ended
                               December 31,           December 31,
                          --------------------- ----------------------
                             2003        2002       2003        2002
                          --------- ----------- ---------- -----------

Cash flows from operating
 activities:
Net income (loss)          $47,168    $(56,304)   $80,493     $19,364
Adjustments to reconcile
 net income (loss)
 to net cash provided by
 operating activities:
    Depreciation and
     amortization           11,956      11,383     54,275      22,536
    Provision for loan
     losses                 61,356      86,892    125,599     152,676
    Deferred income taxes   (3,633)    (88,479)    (3,232)    (82,918)
    (Accretion)
     amortization of
     present value
     discount              (16,805)      2,391    (41,511)    (49,962)
    Impairment of credit
     enhancement assets     18,314      70,649     31,569      88,958
    Non-cash gain on sale
     of receivables              -           -          -    (124,831)
    Non-cash restructuring
     charges and other      (1,043)         79        907       6,108
Distributions from gain on
 sale Trusts - net of swap
 payments                   (4,223)     47,856     78,069     111,118
Initial deposits to credit
 enhancement assets              -           -          -     (58,101)
Change in assets and
 liabilities:
    Other assets            77,037       8,175     98,605     (16,549)
    Accrued taxes and
     expenses              (30,076)    (65,440)   (32,558)    (30,563)
Purchases, principal
 collections and sales of
receivables held for sale        -           -          -   1,922,076
                          --------- ----------- ---------- -----------
Net cash provided by
 operating activities      160,051      17,202    392,216   1,959,912
                          --------- ----------- ---------- -----------

Cash flows from investing
 activities:
Purchases and principal
 collections of
 receivables              (383,007) (1,838,255)  (750,633) (3,660,778)
Purchases of property and
 equipment                    (683)        508     (2,137)     (2,333)
Net change in restricted
 cash and other            207,087    (263,962)   638,815    (429,739)
                          --------- ----------- ---------- -----------
Net cash used by
 investing activities     (176,603) (2,101,709)  (113,955) (4,092,850)
                          --------- ----------- ---------- -----------

Cash flows from financing
 activities:
Net change in warehouse
 credit facilities        (668,381)    (70,797)  (567,203)     (1,465)
Net change in whole loan
 purchase facility               -           -   (905,000)          -
Net change in
 securitization notes      703,647   1,792,459  1,271,569   1,792,459
Net change in senior notes
 and other                 (27,591)     (8,400)   (45,435)    (51,840)
Proceeds from issuance of
 convertible debt          172,951           -    172,951           -
Proceeds from issuance of
 common stock                2,331     480,945      2,640     481,317
                          --------- ----------- ---------- -----------
Net cash provided (used)
 by financing activities   182,957   2,194,207    (70,478)  2,220,471
                          --------- ----------- ---------- -----------

Net increase in cash and
 cash equivalents          166,405     109,700    207,783      87,533

Effect of Canadian
 exchange rate changes on
 cash and cash equivalents     375          (4)        61         (99)

Cash and cash equivalents
 at beginning of period    357,985      70,087    316,921      92,349
                          --------- ----------- ---------- -----------
Cash and cash equivalents
 at end of period         $524,765    $179,783   $524,765    $179,783
                          ========= =========== ========== ===========
Other Financial Data
(Unaudited, Dollars in Thousands)

                      Three Months Ended         Six Months Ended
                         December 31,              December 31,
                  -------------------------- -------------------------
                        2003          2002         2003         2002
                  ------------ ------------- ------------ ------------

Loan originations    $700,041    $1,887,003   $1,445,117   $4,306,087
Loans securitized   1,311,477     2,032,287    2,322,527    4,540,193

Average on-book
 receivables       $5,870,265    $3,136,066   $5,678,328   $2,547,350
Average gain on
 sale receivables   7,622,491    12,930,404    8,284,781   13,134,949
                  ------------ ------------- ------------ ------------
Average managed
 receivables      $13,492,756   $16,066,470  $13,963,109  $15,682,299
                  ============ ============= ============ ============


                  December 31, September 30, December 31,
                      2003          2003         2002
                  ------------ ------------- ------------
On-book
 receivables       $5,972,437    $5,763,000   $3,998,081
Gain on sale
 receivables        7,015,902     8,174,857   12,210,492
                  ------------ ------------- ------------
Managed
 receivables      $12,988,339   $13,937,857  $16,208,573
                  ============ ============= ============


                  December 31, September 30, December 31,
                      2003         2003          2002
                  ------------ ------------- ------------
On-book
 receivables:
    Principal      $5,972,437    $5,763,000   $3,998,081
    Allowance for
     loan losses
     and
     nonaccretable
     acquisition
     fees            (353,798)     (358,431)    (218,433)
                  ------------ ------------- ------------
                   $5,618,639    $5,404,569   $3,779,648
                  ============ ============= ============
                          5.9%          6.2%         5.5%
                  ============ ============= ============

(% of ending 
 receivables)        December 31, September 30, December 31,
                       2003          2003          2002
                  ------------ ------------- -------------
Loan delinquency:
On-book:
 31 - 60 days            5.0%          4.7%          3.7%
 Greater than 60 
  days                   1.8           1.8           1.5
                  ------------ ------------- -------------
  Total                  6.8%          6.5%          5.2%
                  ============ ============= =============

Gain on sale:
 31 - 60 days            9.8%          9.5%         11.0%
 Greater than 60 
  days                   3.7           3.8           4.9
                  ------------ ------------- -------------
  Total                 13.5%         13.3%         15.9%
                  ============ ============= =============

Total portfolio:
 31 - 60 days            7.5%          7.6%          9.2%
 Greater than 60 
  days                   2.9           2.9           4.1
                  ------------ ------------- -------------
    Total               10.4%         10.5%         13.3%
                  ============ ============= =============
Change in repossession charge-off 
policy reconciliation

                                              Managed        % of
                                             Portfolio       Managed
       Location             Description      December 31,    Portfolio
                                                2003         December
                                                             31, 2003
----------------------  -------------------- -------------- ----------
Repossession inventory  Accounts in
 included in managed     redemption period
 receivables             carried at
                         outstanding
                         receivable balance        $68,307        0.5%

Repossession inventory  Accounts after
 included in other       redemption period
 assets                  carried at
                         estimated residual
                         value                      13,267        0.1

Repossession inventory  Accounts after
 included in credit      redemption period
 enhancement assets      carried at
                         estimated residual
                         value                      29,767        0.2

Repossession inventory  To comply with new
 charged off             repossession
                         charge-off policy          59,427        0.5
                                             -------------- ----------
Gross repossession
 inventory under
 former charge-off
 policy                                           $170,768        1.3%
                                             ============== ==========
                               Three Months Ended   Six Months Ended
                                  December 31,        December 31,
                               ------------------- -------------------
                                   2003      2002      2003      2002
                               --------- --------- --------- ---------
Net charge-offs:
    On-book                     $65,087   $18,705  $121,507   $32,301
    Gain on sale                183,787   217,897   405,200   409,582
                               --------- --------- --------- ---------
                                248,874   236,602   526,707   441,883
    Timing adjustment for
     change in repossession
     charge-off policy           59,427         -    59,427         -
                               --------- --------- --------- ---------
                               $308,301  $236,602  $586,134  $441,883
                               ========= ========= ========= =========

Comparable net charge-offs as a
 percent of average managed
 receivables                        7.3%      5.8%      7.5%      5.6%
                               ========= ========= ========= =========

Net charge-offs including
 change in policy as a
 percent of average managed 
 receivables                        9.1%                8.3%
                               =========           =========

The Company evaluates the profitability of its lending activities based partly upon the net margin related to its managed auto loan portfolio, including on-book and gain on sale receivables. The Company uses this information to analyze trends in the components of the profitability of its managed auto portfolio. Analysis of net margin on a managed basis allows the Company to determine which origination channels and loan products are most profitable, guides the Company in making pricing decisions for loan products and indicates if sufficient spread exists between the Company's revenues and cost of funds to cover operating expenses and achieve corporate profitability objectives. Additionally, net margin on a managed basis facilitates comparisons of results between the Company and other finance companies (i) that do not securitize their receivables or (ii) due to the structure of their securitization transactions, are not required to account for the securitization of their receivables as a sale. The Company routinely securitizes its receivables and prior to October 1, 2002, recorded a gain on the sale of such receivables. The net margin on a managed basis presented below assumes that all securitized receivables have not been sold and are still on the Company's consolidated balance sheet. Accordingly, no gain on sale or servicing income would have been recognized. Instead, finance charges would be recognized over the life of the securitized receivables as earned, and interest and other costs related to the asset-backed securities would be recognized as incurred.

                         Three Months Ended       Six Months Ended
                            December 31,            December 31,
                       ----------------------- -----------------------
                             2003      2002        2003        2002
                       ------------- --------- ----------- -----------

Finance charge and
 other income              $578,817  $704,516  $1,188,073  $1,391,244
Interest expense           (149,497) (195,011)   (348,331)   (397,001)
                       ------------- --------- ----------- -----------
    Net margin             $429,320  $509,505    $839,742    $994,243
                       ============= ========= =========== ===========
  
                           Three Months Ended       Six Months Ended
                               December 31,            December 31,
                       ----------------------- -----------------------
                               2003      2002        2003        2002
                       ------------- --------- ----------- -----------

Finance charge and
 other income                  17.0%     17.4%       16.9%       17.6%
Interest expense               (4.4)     (4.8)       (5.0)       (5.0)
                       ------------- --------- ----------- -----------
    Net margin as a
     percent of average
     managed
     receivables               12.6%     12.6%       11.9%       12.6%
                       ============= ========= =========== ===========


                         Three Months Ended       Six Months Ended
                            December 31,            December 31,
                       ----------------------- -----------------------
                             2003       2002        2003        2002
                       ------------- --------- ----------- -----------

Operating expenses          $88,340  $102,343    $169,324    $218,169
Operating expenses as a
 percent of average
 managed receivables            2.6%      2.5%        2.4%        2.8%
Tax rate                      37.75%    38.50%      37.75%      38.50%

The following is a reconciliation of finance charge and other income as reflected on the Company's consolidated income statements to the Company's managed basis finance charge and other income:

                           Three Months Ended     Six Months Ended
                              December 31,          December 31,
                           ------------------- -----------------------
                               2003      2002        2003        2002
                           --------- --------- ----------- -----------

Finance charge and other
 income per consolidated
 income statements         $233,525  $139,556    $452,778    $235,205
Adjustment to reflect
 income earned on
 receivables in gain on
 sale Trusts                345,292   564,960     735,295   1,156,039
                           --------- --------- ----------- -----------
Managed basis finance
 charge and other income   $578,817  $704,516  $1,188,073  $1,391,244
                           ========= ========= =========== ===========

The following is a reconciliation of interest expense as reflected on the Company's consolidated income statements to the Company's managed basis interest expense:

                               Three Months Ended   Six Months Ended
                                  December 31,        December 31,
                               ------------------- -------------------
                                   2003      2002      2003      2002
                               --------- --------- --------- ---------
Interest expense per
 consolidated income
statements                      $56,287   $39,884  $145,031   $79,903
Adjustment to reflect interest
 expense incurred by gain on
 sale Trusts                     93,210   155,127   203,300   317,098
                               --------- --------- --------- ---------
Managed basis interest expense $149,497  $195,011  $348,331  $397,001
                               ========= ========= ========= =========