AmeriCredit Reports First Quarter Operating Results.

* 1(st) Quarter earnings of $26 million, $0.19 per share

* Loan originations of $229 million

* Total available liquidity of $704 million

FORT WORTH, Texas -- AMERICREDIT CORP. (NYSE: ACF) today announced net income of $26 million, or $0.19 per share, for its fiscal first quarter ended September 30, 2009. The Company reported a net loss of $5 million, or $0.05 per share, for the same period a year earlier. Net loss for the quarter ended September 30, 2008, was revised, from a net loss of $2 million, or $0.01 per share, to reflect the retrospective adoption, on July 1, 2009, of a new accounting standard that changes the accounting for convertible bonds.

Originations were $229 million for the quarter ended September 30, 2009, compared to $579 million for the same quarter last fiscal year. Finance receivables totaled $10.0 billion at September 30, 2009, compared to $14.1 billion at September 30, 2008.

Annualized net charge-offs totaled 8.4% of average finance receivables for the quarter ended September 30, 2009, compared to 7.3% for the quarter ended September 30, 2008.

Finance receivables 31-to-60 days delinquent were 7.6% of the portfolio at September 30, 2009, compared to 7.4% at September 30, 2008. Accounts more than 60 days delinquent were 3.8% of the portfolio at September 30, 2009, compared to 3.6% a year ago.

The allowance for loan losses as a percentage of finance receivables was 8.2% at September 30, 2009, compared to 8.2% at June 30, 2009 and 6.8% at September 30, 2008.

The Company had total available liquidity of $704 million at September 30, 2009, consisting of $462 million of unrestricted cash and approximately $242 million of borrowing capacity on unpledged eligible receivables. During the September quarter, the Company received a $113 million income tax refund. Subsequent to September 30, 2009, the Company received an additional income tax refund of $85 million, for a total refund of $198 million resulting from federal net loss carrybacks.

"We had a solid September quarter. Credit metrics reflected typical seasonal decline and the impact of a decreasing portfolio balance. However, we are seeing a moderation in the rate of deterioration in our credit performance," said President and Chief Executive Officer Dan Berce. "With ample liquidity, sufficient warehouse capacity and an improving capital markets environment, we are well-positioned to rebuild loan origination levels."

AmeriCredit will host a conference call for analysts and investors today at 5:30 p.m. Eastern time. For a live Internet broadcast of this conference call, please go to the Company's Web site to register, download and install any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call.

About AmeriCredit

AmeriCredit Corp. is a leading independent automobile finance company that provides financing solutions indirectly through auto dealers across the United States. AmeriCredit has approximately 900,000 customers and $10 billion in auto receivables. The Company was founded in 1992 and is headquartered in Fort Worth, Texas. For more information, visit www.americredit.com.

Except for the historical information contained herein, the matters discussed in this news release include forward-looking statements that involve risks and uncertainties detailed from time to time in the Company's filings and reports with the Securities and Exchange Commission including the Company's annual report on Form 10-K for the year ended June 30, 2009. Such risks include - but are not limited to - variable economic conditions, adverse portfolio performance, volatile wholesale vehicle values, reliance on warehouse financing and capital markets, the ability to continue to securitize loans, the continued availability of credit enhancement for securitization transactions on acceptable terms, fluctuating interest rates, competition, regulatory and legal changes, the high degree of risk associated with subprime borrowers, and exposure to litigation. These forward-looking statements are based on the beliefs of the Company's management as well as assumptions made by and information currently available to the Company's management. Actual events or results may differ materially. It is advisable not to place undue reliance on any forward-looking statements. The Company undertakes no obligation to, and does not, publicly update or revise any forward-looking statements, except as required by federal securities laws, whether as a result of new information, future events or otherwise.

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On July 1, 2009, the Company adopted FSP APB 14-1, Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement), which requires that the Company retrospectively apply FSP APB 14-1 to prior periods. The following table shows select financial statement data as reported in prior periods.

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