ACF Americredit Corp.

AMERICREDIT CORP. (NYSE: ACF) announced today the pricing of a $200 million offering of automobile receivables-backed securities under the AmeriCredit Automobile Receivables Trust (AMCAR) platform, which primarily includes subprime automobile loan contracts. The lead manager on the transaction is RBS. Co-managers are Credit Suisse, Deutsche Bank Securities, J.P. Morgan and UBS Investment Bank. Net proceeds from securitization transactions will be used to provide long-term financing of receivables.

The securities will be issued via an owner trust, AmeriCredit Automobile Receivables Trust 2010-B, in three classes of Notes:

Note Class

 

Amount

 

Average Life

 

Price

 

Interest Rate

A-1

$

36,800,000

0.18 years 100.00000 0.37690 %

A-2

$

69,000,000

0.99 years 99.99992 1.18 %

A-3

$

94,200,000

2.93 years 99.98317 2.49 % $ 200,000,000

The weighted average coupon on the Notes to be paid by AmeriCredit is 2.2%.

The Note Classes are rated by Standard & Poor’s Ratings Services and Moody’s Investors Service Inc. The ratings by Note Class are:

Note Class   Standard & Poor’s   Moody’s A-1 A-1+ Prime-1 A-2 AAA Aa3 A-3 AAA Aa3

Assured Guaranty Corp. will provide bond insurance for this transaction. Initial credit enhancement will total 17.0% of the original receivable pool balance building to the total required enhancement level of 24.0% of the then outstanding receivable pool balance. The initial 17.0% enhancement will consist of 2.0% cash and 15.0% overcollateralization.

Copies of the prospectus relating to this offering of receivables-backed securities may be obtained from the lead manager and co-managers. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described in this press release, nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such State.

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 about 800,000 customers and approximately $9 billion in auto receivables. The Company was founded in 1992 and is headquartered in Fort Worth, Texas. For more information, visit www.americredit.com.

On July 22, 2010, AmeriCredit and General Motors (GM) announced they have entered into a definitive agreement for GM to acquire AmeriCredit. Under the terms of the agreement, which has been approved by both companies’ boards of directors, at closing, AmeriCredit shareholders will receive $24.50 in cash for each share of stock held as of the transaction closing date. The transaction is expected to close by the end of the fourth quarter of calendar 2010, pending certain closing conditions, including the approval of AmeriCredit shareholders.

In connection with the proposed merger, AmeriCredit plans to file a proxy statement with the SEC. INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ THE PROXY STATEMENT WHEN IT BECOMES AVAILABLE BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION ABOUT THE MERGER AND THE PARTIES TO THE MERGER. Investors and security holders may obtain a free copy of the proxy statement (when available) and other relevant documents filed with the SEC from the SEC’s web site at http://www.sec.gov. Investors and security holders and other interested parties will also be able to obtain, free of charge, a copy of the proxy statement and other relevant documents (when available) by directing a request by mail or telephone to Investor Relations, AmeriCredit Corp., 801 Cherry Street, Suite 3500, Fort Worth, Texas 76102, telephone (800) 644-2297, or from AmeriCredit’s web site at www.AmeriCredit.com.

AmeriCredit and its directors, executive officers and other members of its management and employees may be deemed to be participants in the solicitation of proxies from AmeriCredit's shareholders with respect to the merger. Information about AmeriCredit’s directors and executive officers and their ownership of AmeriCredit’s common stock is set forth in AmeriCredit’s Proxy Statement on Schedule 14A filed on September 16, 2009. Shareholders and investors may obtain additional information regarding the interests of AmeriCredit and its directors and executive officers in the merger, which may be different than those of AmeriCredit’s shareholders generally, by reading the proxy statement and other relevant documents regarding the merger, which will be filed with the SEC.