AmeriCredit Corp. Reports Record Results for Fiscal Year 1997.

FORT WORTH, Texas--(BUSINESS WIRE)--Aug. 6, 1997--AMERICREDIT CORP. (NYSE:ACF) today announced record net income of $38,699,000, or $1.26 per share for the fiscal year ended June 30, 1997, versus earnings of $21,591,000, or $0.71 per share, for the fiscal year ended June 30, 1996. On a comparative basis, net income rose 79% and earnings per share increased 77%.

For its fourth quarter ended June 30, 1997, AmeriCredit reported record net income of $11,303,000, or $0.36 per share, as compared to net earnings of $7,173,000, or $0.24 per share, for the same period last year. The current quarter results represent increases over the prior fiscal year's fourth quarter of 58% in net income and 50% in earnings per share.

Automobile loan purchases were $302,847,000 for the fourth quarter of fiscal 1997, an increase of 104% over loan purchases of $148,486,000 for the fourth quarter of fiscal 1996. For the fiscal year ended June 30, 1997, automobile loan purchases were $906,794,000, 110% higher than loan purchases of $432,442,000 for the fiscal year ended June 30, 1996.

The Company delivered $263,668,000 of auto receivables to securitization trusts during the fourth quarter of fiscal 1997 and recorded a gain on sale of $20,030,000. Auto receivables totaling $115,942,000 were sold during the fourth quarter of fiscal 1996 resulting in a gain on sale of $9,527,000. During the fiscal year ended June 30, 1997, AmeriCredit sold $817,500,000 of auto receivables to securitization trusts, realizing a gain of $64,338,000, versus deliveries of auto receivables of $270,351,000 and a gain of $22,873,000 during the fiscal year ended June 30, 1996.

AmeriCredit's total managed auto receivables were $1,138,255,000 at June 30, 1997, an increase of 117% since June 30, 1996. The Company opened six branch locations in the fourth fiscal quarter bringing the total number of new branches for fiscal 1997 to 34. AmeriCredit operated 85 branch locations in 30 states at June 30, 1997. Expansion plans for fiscal 1998 include the opening of 40 new branches, of which six have been added thus far.

Net managed auto receivables more than sixty days delinquent were 3.2% of total managed auto receivables at June 30, 1997, compared to 3.2% at March 31, 1997, and 3.1% at June 30, 1996.

Annualized net charge-offs were 5.5% of average managed auto receivables for the fourth quarter ended June 30, 1997, unchanged from both the previous quarter ended March 31, 1997 and the fourth quarter of fiscal 1996. Net charge-offs for the fiscal year ended June 30, 1997 were 5.5%, down from 5.6% for the fiscal year ended June 30, 1996.

AmeriCredit's financial results include the operations of AmeriCredit Mortgage Services since its acquisition on November 22, 1996. The Company's mortgage subsidiary originated $21,948,000 of home equity loans during the fourth quarter ended June 30, 1997 and $53,770,000 of home equity loans from the acquisition date to June 30, 1997.

AmeriCredit is a consumer finance company specializing in purchasing, securitizing and servicing automobile sales finance contracts and purchasing and selling home equity loans.

Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements that involve risks and uncertainties including competitive factors, the management of growth, and other risks detailed from time to time in the Company's filings and reports with the Securities and Exchange Commission including the Company's recent registration statement. Such statements are only predictions and actual events or results may differ materially. -0-

AmeriCredit Corp.
Consolidated Income Statements
(Unaudited, Dollars in Thousands, Except Per Share Amounts)

                                Three Months Ended     Year Ended
                                     June 30,           June 30,
                                ------------------   --------------
                                1997          1996   1997      1996
                                ----          ----   ----      ----

Revenue:

  Finance charge income         $11,306    $11,827  $44,910  $51,706
  Gain on sale of
   receivables                   21,348      9,527   67,256   22,873
  Servicing fee income            7,138      2,392   21,024    3,712
  Investment income                 958        239    2,909    1,075
  Other income                      595        461    1,648    1,612
                                -------    -------  -------  -------
                                 41,345     24,446  137,747   80,978
                                -------    -------  -------  -------

Costs and expenses:

  Operating expenses             16,320      8,324   51,915   25,681
  Provision for losses            1,555      1,801    6,595    7,912
  Interest expense                5,089      2,952   16,312   13,129
                                -------    -------  -------  -------
                                 22,964     13,077   74,822   46,722
                                -------    -------  -------  -------

Income before income taxes       18,381     11,369   62,925   34,256

Income tax provision              7,078      4,196   24,226   12,665

  Net income                    $11,303    $ 7,173  $38,699  $21,591
                                =======    =======  =======  =======

Earnings per share              $  0.36    $  0.24  $  1.26  $  0.71
                                =======    =======  =======  =======


Weighted average shares
 and share equivalents   31,098,326 30,273,327 30,782,471 30,203,298
                         ========== ========== ========== ==========




Condensed Consolidated Balance Sheets
(Unaudited, Dollars in Thousands)

                         June 30, 1997  March 31, 1997 June 30, 1996
                         -------------  -------------- -------------

Cash and short term
 investments                $  80,422      $  71,112     $  24,007
Finance receivables, net      266,657        245,141       250,484
Excess servicing receivable   114,376         85,299        33,093

Other assets                   31,998         30,416        22,575
                            ---------      ---------     ---------

    Total assets            $ 493,453      $ 431,968     $ 330,159
                            =========      =========     =========


Liabilities                 $ 276,917      $ 230,471     $ 166,934
Shareholders' equity          216,536        201,497       163,225
                            ---------      ---------     ---------

    Total liabilities and
     shareholders' equity   $ 493,453      $ 431,968     $ 330,159
                            =========      =========     =========



Other Financial Data
(Unaudited, Dollars in Thousands)

                                            June 30, 1997
                                            -------------

Auto receivables portfolio         Owned    Serviced   Total Managed
                                   -----    --------   -------------

  Principal                      $275,249   $863,006     $1,138,255
  Allowance for losses            (12,946)   (74,925)       (87,871)
                                 --------   --------     ----------

  Net                            $262,303   $788,081     $1,050,384
                                 ========   ========     ==========


  Allowance for losses (%)            4.7%       8.7%           7.7%
                                 ========   ========     ==========

CONTACT: AmeriCredit Corp. Ft. Worth

Kim Welch, 817/882-7009