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AmeriCredit Announces $500 Million Asset-Backed Securitization

October 07, 2008

FORT WORTH, Texas — AmeriCredit Corp. has priced a $500 million offering of automobile receivables-backed securities under their AmeriCredit Automobile Receivables Trust (AMCAR) platform. The lead managers on the transaction are Deutsche Bank Securities, Wachovia Securities and Barclays Capital.

AmeriCredit's Class A notes will be placed with Deutsche Bank, while B and C notes will be retained by the lender for use as collateral against borrowings from its funding facility with Wachovia. AmeriCredit uses net proceeds from securitization transactions to provide long-term financing of its receivables, which includes mostly subprime auto loans.

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