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BancBoston Robertson Stephens Reiterates Buy Rating on ACF

27 August 1999

BancBoston Robertson Stephens Reiterates Buy Rating on ACF

    SAN FRANCISCO, Aug. 26 -- The following is being issued by
BancBoston Robertson Stephens, a member of the National Association of
Securities Dealers, CRD number 41271:

    BancBoston Robertson Stephens senior financial services analyst Jordan
Hymowitz today reiterated his Buy rating on AmeriCredit .
AmeriCredit, headquartered in Fort Worth, Texas, is a sub-prime auto-finance
company that makes loans to consumers with blemished credit histories.
    "We are reiterating our Buy rating on AmeriCredit," said Hymowitz.  "We
believe AmeriCredit offers today, what the credit card industry offered four
years ago:  a wide-open market, with declining credit losses, declining
delinquencies and unproven competition."
    "In addition, AmeriCredit is currently trading at a 47 percent discount to
the average credit-card company based on calendar-year 2000 GAAP earnings,"
said Hymowitz.  "We reiterate our $28 price target, based on 20 times our
calendar 2000 portfolio-earnings estimate of $1.40 per share."
    Clients interested in receiving more information should contact their
salesperson at 415-781-9700.
    BancBoston Robertson Stephens is the leading full-service investment bank
focused exclusively on growth companies. For the first half of 1999, the firm
completed over 100 offerings, raising more than $15 billion in capital for
clients and is the leading investment bank for Internet M&A transactions. The
firm's 45 research analysts cover nearly 700 companies. Founded in 1978,
BancBoston Robertson Stephens is the section 20 subsidiary of BankBoston
Corporation . Together, BancBoston Robertson Stephens, BancBoston
Robertson Stephens International, and Evergreen Securities Ltd. employ
1,000 employees throughout the world with offices in Boston, San Francisco,
New York, Menlo Park, Chicago, London, and Tel Aviv. For more information
about the firm, please visit our Web site at http://www.rsco.com.
    The following synopsis is qualified in its entirety by the more detailed
information contained in the full research report, including the discussion of
certain risks associated with an investment in this security contained in
"Investment Risks."
    The information contained herein is not a complete analysis of every
material fact respecting any company, industry or security.  Although opinions
and estimates expressed herein reflect the current judgment of BancBoston
Robertson Stephens, the information upon which such opinions and estimates are
based is not necessarily updated on a regular basis; when it is, the date of
the change in estimate will be noted.  In addition, opinions and estimates are
subject to change without notice.  This Report contains forward-looking
statements, which involve risks and uncertainties.  Actual results may differ
significantly from the results described in the forward-looking statements.
Factors that might cause such a difference include, but are not limited to,
those discussed in "Investment Risks."  BancBoston Robertson Stephens from
time to time performs corporate finance or other services for some companies
described herein and may occasionally possess material, nonpublic information
regarding such companies.  This information is not used in the preparation of
the opinions and estimates herein.  While the information contained in this
Report and the opinions contained herein are based on sources believed to be
reliable, BancBoston Robertson Stephens has not independently verified the
facts, assumptions and estimates contained in this Report.  Accordingly, no
representation or warranty, expressed or implied, is made as to, and no
reliance should be placed on, the fairness, accuracy, completeness or
correctness of the information and opinions contained in this Report.
BancBoston Robertson Stephens, its managing directors, its affiliates, and/or
its employees may have an interest in the securities of the issue(s) described
and may make purchases or sales while this report is in circulation.
BancBoston Robertson Stephens International Ltd. is regulated by the
Securities and Futures Authority in the United Kingdom.  This publication is
not meant for private customers.  The securities discussed herein are not FDIC
insured, are not deposits or other obligations or guarantees of BankBoston
N.A., and are subject to investment risk, including possible loss of any
principal amount invested.