Americredit Corp. Responds to Class Action Lawsuit.

FORT WORTH, Texas--(BUSINESS WIRE)--June 4, 1999--

Americredit Corp. (NYSE:ACF) today reported that the Company and certain of its officers and directors have been named as defendants in a lawsuit filed in the United States District Court for the Northern District of Texas seeking class action status.

The lawsuit alleges violations of section 10(b) of the Securities Exchange Act of 1934 arising from the Company's use of the cash-in method of measuring and accounting for credit enhancement assets in its financial statements for the second, third and fourth quarters of fiscal year 1997, fiscal year 1998 and the first quarter of fiscal year 1999.

AmeriCredit Corp. believes the lawsuit is baseless and without merit. The Company's previous use of the cash-in method of measuring and accounting for credit enhancement assets was consistent with then current generally accepted accounting principles and accounting practices of other finance companies. As required by the Financial Accounting Standards Board's Special Report, "A Guide to Implementation of Statement 125 on Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities, Second Edition," dated December 1998, and related guidance set forth in statements made by the staff of the Securities and Exchange Commission ("SEC") on December 8, 1998, the Company retroactively changed its method of measuring and accounting for credit enhancement assets to the cash-out method and restated its financial statements for the three months ended September 30, 1998, and the fiscal years ended June 30, 1998, 1997 and 1996.

Reference can be made to Note 2 of the Notes to Consolidated Financial Statements included in the Company's Annual Report on Form 10-K/A for the year ended June 30, 1998, filed with the SEC for a full discussion of this accounting change.

Clifton H. Morris Jr., Chairman of the Board and Chief Executive Officer of AmeriCredit Corp., stated: "It is unfortunate that AmeriCredit must deal with this unwarranted and baseless litigation. AmeriCredit announced its accounting change on January 13, almost five months ago. It appears from the press release that these attorneys have created a lawsuit and are now looking for a suitable plaintiff, which along with their delay in filing the lawsuit only serves to highlight the weakness of their case. We intend to vigorously defend this matter."

AmeriCredit is a national consumer finance company specializing in purchasing, securitizing and servicing automobile loans and originating and selling mortgage loans. AmeriCredit maintains a Web site at http://www.americredit.com that contains further information on the Company.