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AmeriCredit Completes Operating Plan Restructuring

March 11, 2003

AmeriCredit Corp. reports that it has substantially completed the restructuring outlined in its revised operating plan announced in February. The objective of that plan is to position AmeriCredit to generate positive cash flow by the June 2003 quarter and build its liquidity thereafter, and the company says it is currently on target to meet that objective.

As planned, the company says it has scaled back its origination platform in its effort to originate approximately $750 million per quarter by June 2003. Loan volume for the current quarter is still expected to be approximately $1.3-1.5 billion. The company has completed its workforce reduction and branch consolidation. AmeriCredit currently services more than 10,000 automobile dealers in all 50 states.

AmeriCredit also reports that it has renewed the one-year component of its $2 billion master warehouse credit facility. When combined with remaining facilities, AmeriCredit now has $4 billion in committed credit facilities, with approximately 75 percent of these commitments having maturities greater than one year. The company says it remains in compliance with all covenants in its warehouse credit facilities. AmeriCredit continues to pursue the permanent funding of its receivables including future asset-backed securitizations.

As scheduled, AmeriCredit will report its most recent monthly securitization pool results on March 12 at Liquidated receivables (credit losses in the securitization pools) have increased in part due to the company's strategy to aggressively repossess late-stage delinquencies. The company is also experiencing the traditional seasonal improvement in delinquencies.

All trusts complied with performance triggers in February. The company says it received cash distributions of $28 million (net of swap payments), including $14 million from FSA-insured trusts. AmeriCredit still expects some trusts to breach performance triggers in the first half of 2003, which may delay additional cash receipts from FSA-insured trusts through mid-2004.

AmeriCredit says it is reiterating its previous forecast that annualized net charge-offs for its managed portfolio will peak in the 7.0-7.9 percent range during the first half of calendar year 2003 before declining to the 6.0-6.9 percent range later this year.

About AmeriCredit

AmeriCredit Corp. is one of the largest independent middle-market auto finance companies in North America. Using its branch network and strategic alliances with auto groups and banks the company purchases retail installment contracts entered into by auto dealers with consumers who are typically unable to obtain financing from traditional sources. AmeriCredit has more than one million customers and $16 billion in managed auto receivables. The company was founded in 1992 and is headquartered in Fort Worth, Texas. For more information, visit

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