AmeriCredit Announces a $1.5 billion Asset-Backed Securitization

Americredit Corp. announced the pricing of a $1.5 billion offering of automobile receivables-backed securities through lead managers Lehman Brothers, Deutsche Bank Securities and JPMorgan. Co-managers are Barclays Capital, Credit Suisse and UBS Investment Bank. AmeriCredit uses net proceeds from securitization transactions to provide long-term financing of its receivables.

Financial Security Assurance Inc. will provide bond insurance for this transaction. Initial credit enhancement will total 9.0% of the original receivable pool balance building to the total required enhancement level of 13.0% of the then outstanding receivable pool balance. The initial 9.0% enhancement will consist of 2.0% cash and 7.0% overcollateralization.

Since 1994 AmeriCredit has issued approximately $49 billion of automobile receivables-backed securities.

Copies of the prospectus relating to this offering of receivables-backed securities may be obtained from the lead managers and co-managers. 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.