Fitch Rates AmeriCredit Auto Receivables Trust 2004-B-M 'F1+/AAA'.

Business Editors

NEW YORK--(BUSINESS WIRE)--April 14, 2004

Fitch assigns ratings to the receivables-backed notes issued today by AmeriCredit Automobile Receivables Trust 2004-B-M as listed below:

-- $224 million class A-1 1.06% 'F1+';

-- $308 million class A-2 1.45% 'AAA';

-- $147 million class A-3 2.07% 'AAA';

-- $221 million class A-4 2.67% 'AAA'.

The securities, which represent the second securitization of the year offered by AmeriCredit Financial Services, Inc. (ACF), are issued with a note guaranty insurance policy from MBIA Insurance Corp. (MBIA), which is rated 'AAA' by Fitch. The note policy ensures full and timely payment of interest and principal by the legal final distribution date. The ratings address the likelihood that noteholders will receive full payments of interest and principal in accordance with the terms of the transaction documents. The ratings are based on the terms of the financial guaranty insurance policy and insurer financial strength rating of MBIA, the transaction's sound legal and cash flow structures, and the strength of ACF as originator and servicer of the receivables.

Interest and principal on the notes are distributed monthly on the sixth day of each month, commencing on May 6, 2004. Principal is distributed sequentially beginning with the class A-1 notes until paid in full. Before drawing upon the insurance policy, losses will be covered by excess spread, overcollateralization (OC), and a spread account. Excess spread will be available to make accelerated principal payments on the notes, thereby increasing OC to its targeted level.

The receivables in the 2004-B-M trust are simple interest receivables made with respect to new (32.81%) and used (67.19%) automobiles and light-duty trucks and vans. It is expected that receivables representing approximately 10%-15% of the total aggregate principal balance of the receivables (including any additional receivables purchased in the prefunding period) will have been included by AmeriCredit in connection with optional redemption of prior securitizations. The inclusion of these seasoned loans increases the weighted average age of the pool to eight months. The weighted average APR remains in line with prior ACF securitizations, at 17.08%. The pool is well diversified geographically, with the largest state concentrations in California (12.4%), Texas (11.3%), Florida (10.3%), Pennsylvania (5.4%), and Ohio (5.0%). No other state represents more than 5% of the pool. Geographic diversification acts to insulate the transaction against regional economic downturns.

ACF is a wholly owned operating subsidiary of AmeriCredit Corp. (rated 'B' by Fitch). AmeriCredit Corp. is a consumer finance company specializing in purchasing, securitizing, and servicing automobile loans, with a leading position in the competitive and sometimes volatile, nonprime automobile finance industry. At Dec. 31, 2003, the company's managed automobile receivables totaled $13 billion, originated through 89 branch offices in 31 U.S. states.