Fitch Rates AmeriCredit Automobile Receivables Trust 2004-C-A, 'F1+/AAA'

NEW YORK--Aug. 3, 20041, 2004--Fitch Ratings has assigned the following ratings to AmeriCredit Automobile Receivables Trust 2004-C-A as listed below:

-- $161,000,000 1.765% class A-1 asset backed notes 'F1+';

-- $228,000,000 2.39% class A-2 asset backed notes 'AAA';

-- $205,000,000 3.00% class A-3 asset backed notes 'AAA';

-- $206,000,000 3.61% class A-4 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 from Ambac Assurance Corp. (AMBAC), 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 that noteholders will receive full payments of interest and principal in accordance with the terms of the transaction documents. The ratings are based on the terms of the financial guaranty insurance policy and insurer financial strength rating of AMBAC, 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 October 6, 2004. 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 initial enhancement provided by over-collateralization (OC) of 8.50% of the initial pool balance growing to 16.5% and a fully funded, non-declining reserve account of 2.00% of the initial pool balance.

The receivables in the 2004-C-A trust are simple interest receivables made with respect to new (40.68%) and used (59.32%) automobiles and light-duty trucks and vans. The weighted average APR is 15.90. The pool is well diversified geographically, with the largest state concentrations in Texas (12.34%), Florida (11.11%), California (10.61%), Pennsylvania (5.2%), Ohio (5.01%), New York (4.33%), and Illinois (4.20%). No other state represents more than 4.0% 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. At June 30, 2004, the company's managed automobile receivables totaled $11.9 billion.