AmeriCredit Announces $1.7 Billion Asset-Backed Securitization; First Transaction with MBIA as Primary Bond Insurer.

Business Editors

FORT WORTH, Texas--(BUSINESS WIRE)--Oct. 18, 2002

AMERICREDIT CORP. (NYSE:ACF) announced the pricing of a $1.7 billion offering of automobile receivables-backed securities through lead managers Credit Suisse First Boston and Deutsche Bank Securities and co-managers Bank One Capital Markets, Inc., Lehman Brothers, Merrill Lynch & Co. and Wachovia Securities, Inc.

The company uses net proceeds from securitization transactions to provide long-term financing of automobile retail installment

contracts.

This transaction is AmeriCredit's first term securitization transaction with MBIA Insurance Corporation (NYSE:MBI) as the primary bond insurer. It is structured as an on-book financing and therefore

does not require gain-on-sale treatment.

"With this securitization, we're successfully executing our strategies to fully fund the required credit enhancement at closing

and to expand our bond insurance program," said AmeriCredit Chief

Financial Officer Daniel E. Berce. "These are important steps in our effort to position AmeriCredit for stronger long-term performance."

The securities will be issued via an owner trust, AmeriCredit Automobile Receivables Trust 2002-E-M, in seven classes of Notes:

-0-

Note Class    Amount     Average Life    Price     Interest Rate
----------    ------     ------------    -----     -------------
  A-1      $ 292,000,000  0.23 years   100.00000     1.81875%
A-2-A      $ 140,000,000  0.90 years    99.99451     2.16%
A-2-B      $ 267,000,000  0.90 years   100.00000     Libor + .15%
A-3-A      $ 100,000,000  2.06 years    99.99305     2.97%
A-3-B      $ 540,000,000  2.06 years   100.00000     Libor + .26%
A-4-A      $ 160,000,000  3.40 years    99.98491     3.67%
A-4-B      $ 201,000,000  3.40 years   100.00000     Libor + .37%
            ------------
          $1,700,000,000
          ==============

The weighted average coupon is 3.2%.

The Note Classes are rated by Standard & Poor's, Moody's Investors Service, Inc. and Fitch, Inc. The ratings by Note Class are:

-0-

Note Class      Standard & Poor's            Moody's       Fitch
----------   ---------------------------     -------       -----
   A-1                 A-1+                  Prime-1         F1+
 A-2-A                 AAA                     Aaa           AAA
 A-2-B                 AAA                     Aaa           AAA
 A-3-A                 AAA                     Aaa           AAA
 A-3-B                 AAA                     Aaa           AAA
 A-4-A                 AAA                     Aaa           AAA
 A-4-B                 AAA                     Aaa           AAA

This transaction represents AmeriCredit's 36th securitization of automobile receivables in which a total of more $27 billion of

automobile receivables-backed securities has been issued.

AmeriCredit Corp. is the largest independent middle-market auto finance company in North America. Using its branch network and

strategic alliances with auto groups and banks, the company purchases installment contracts made by auto dealers to consumers who are

typically unable to obtain financing from traditional sources.

AmeriCredit has more than one million customers throughout the United States and Canada and more than $15 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.