AmeriCredit Announces $486 million Auto Loan-Backed Securitization

AmeriCredit Corp. announced today the pricing of a $486 million offering of automobile receivables-backed securities through lead manager Greenwich Capital Markets, Inc., and co-manager Citigroup Global Markets Inc. This transaction represents Long Beach Acceptance Corp.'s first securitization since its acquisition by AmeriCredit in January 2007. Net proceeds from securitization transactions will be used to provide long-term financing of receivables.

Financial Security Assurance Inc. will provide bond insurance for this transaction. Initial credit enhancement will total 3.75% of the original receivable pool balance building to the total required enhancement level of 8.0% of the then outstanding receivable pool balance. The initial 3.75% enhancement will consist of 1.25% overcollateralization and 2.50% of a Class C certificate.

This transaction represents AmeriCredit's 57th securitization of automobile receivables in which a total of more than $47 billion of automobile receivables-backed securities has been issued.

Copies of the prospectus relating to this offering of receivables-backed securities may be obtained from the lead manager and co-manager. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described in this press release, nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such State.