AmeriCredit Announces $400 Million Special Purpose Financing Facility

FORT WORTH, Texas--Aug. 2, 20043, 2004--AmeriCredit Corp. announced today that on August 19th it closed a $400 million special purpose facility structured by Barclays Capital and funded via an asset-backed commercial paper conduit administered by Barclays Bank PLC. AmeriCredit will use this facility to finance the repurchase of receivables from securitization transactions that have reached the 10% clean-up call. The Company intends to leave the repurchased receivables in the facility until their ultimate maturity. This facility, combined with existing warehouse facilities, brings total available commitments to $2.9 billion.

About AmeriCredit

AmeriCredit Corp. is a leading independent 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 approximately one million customers and nearly $12 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, the ability to continue to securitize its loan portfolio, the continued availability of credit enhancement for its securitization transactions on acceptable terms, 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.