• 3rd Quarter Earnings of $87 Million, $0.60 Per Share;
  • Loan Originations Increased to $1.61 Billion;
  • Charge-Offs Declined to 5.2%;
  • FY07 Earnings Guidance Issued

FORT WORTH, Texas--(BUSINESS WIRE)--April 24, 2006--AMERICREDIT CORP. (NYSE:ACF) today announced net income of $87 million, or $0.60 per share, for its fiscal third quarter ended March 31, 2006. AmeriCredit reported net income of $76 million, or $0.46 per share, for the same period a year earlier. For the nine months ended March 31, 2006, AmeriCredit reported net income of $227 million, or $1.53 per share, versus earnings of $209 million, or $1.25 per share, for the nine months ended March 31, 2005.

Automobile loan purchases increased to $1.61 billion for the third quarter of fiscal year 2006, compared to $1.37 billion in the March 2005 quarter. Loan purchases for the nine months ended March 31, 2006, were $4.47 billion compared to $3.58 billion for the same period last year. Managed auto receivables totaled $11.13 billion at March 31, 2006.

Annualized net charge-offs totaled 5.2% of average managed auto receivables for the March 2006 quarter compared to 5.4% for the March 2005 quarter. Annualized net charge-offs for the nine months ended March 31, 2006, were 5.6% compared to 6.2% for the same period last year.

Managed auto receivables 31-to-60 days delinquent were 4.7% of the portfolio at March 31, 2006, compared to 4.9% at March 31, 2005. Accounts more than 60 days delinquent were 1.6% of the portfolio at March 31, 2006, compared to 1.8% at March 31, 2005.

Unrestricted cash totaled $701 million at March 31, 2006. During the March quarter, the Company repurchased $23 million of its common stock. The Company has repurchased a total of $817 million of its common stock since inception of its stock repurchase program in April 2004. At March 31, 2006, the Company had $183 million remaining under its board approved stock repurchase plan. Shareholders' equity was $2.02 billion at March 31, 2006, resulting in a managed assets-to-equity ratio of 5.5 at March 31, 2006.

"Our March results reflected strength in our key performance metrics - net income increased 15% from a year ago, credit results were better than expected, and origination volume was strong," said AmeriCredit President and Chief Executive Officer Dan Berce. "These positive results have further strengthened our balance sheet providing the ability to continue our share repurchase program as well as support our growth initiatives for fiscal year 2007 and beyond."

Regulation FD

Pursuant to Regulation FD, the Company provides its expectations regarding future business trends to the public via a press release or 8-K filing. The Company anticipates some risks and uncertainties with its business.

Net income and EPS forecasts

                                             12 mos. ending
                                                   6/30/07
                                         ------------------
Net income ($ millions)                        $305 - $335

Earnings per share                           $2.10 - $2.30

The forecasts include the results of Bay View Acceptance Corporation for fiscal year 2007 as the Company expects this acquisition to close before June 30, 2006. Because of Bay View Acceptance Corporation's focus on providing specialized auto financing options to customers with prime credit scores, its net interest margin and credit losses are historically lower than AmeriCredit's. The forecasts for fiscal year 2007 incorporate, but are not limited to, the following assumptions:

  • New loan origination volume of $7.2 to $7.8 billion;
  • Net interest margin of 12.5 to 13.0 percent of average receivables;
  • Operating expenses of 2.8 to 3.2 percent of the portfolio;
  • Credit losses to average between 4.5 and 5.5 percent overall for the fiscal year, but varying seasonally by quarter; and
  • Annualized provision for loan losses as a percent of average receivables to range between 5.0 and 6.0 percent.

This forecast does not include any future share repurchase activity or future disposition of all or a portion of the Company's investment in DealerTrack.

AmeriCredit will host a conference call for analysts and investors today at 6:00 p.m. Eastern Time. For a live Internet broadcast of this conference call, please go to the Company's Web site to register, download and install any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call.

About AmeriCredit

AmeriCredit Corp. is a leading independent automobile finance company that provides financing solutions indirectly through auto dealers and directly to consumers in the United States and Canada. AmeriCredit has approximately one million customers and $11 billion in managed auto receivables. The Company was founded in 1992 and is headquartered in Fort Worth, Texas. For more information, visit www.americredit.com.

Except for the historical information contained herein, the matters discussed in this news release include forward-looking statements that involve risks and uncertainties detailed from time to time in the Company's filings and reports with the Securities and Exchange Commission including the Company's annual report on Form 10-K/A for the year ended June 30, 2005. Such risks include - but are not limited to - variable economic conditions, adverse portfolio performance, volatile wholesale values, reliance on warehouse financing and capital markets, the ability to continue to securitize its loan portfolio, the continued availability of credit enhancement for its securitization transactions on acceptable terms, fluctuating interest rates, increased competition, regulatory changes, the high degree of risk associated with sub-prime borrowers, acquisition integration and exposure to litigation. These forward-looking statements are based on the beliefs of the Company's management as well as assumptions made by and information currently available to Company management. Actual events or results may differ materially.

AmeriCredit Corp.
Consolidated Income Statements
(Unaudited, Dollars in Thousands, Except Per Share Amounts)

                      Three Months Ended         Nine Months Ended
                           March 31,                 March 31,
                   ------------------------- -------------------------
                        2006         2005         2006         2005
                   ------------ ------------ ------------ ------------
Revenue:
 Finance charge
  income              $414,440     $311,869   $1,182,251     $873,472
 Servicing income       15,006       44,830       61,792      144,559
 Other income           25,658       15,225       79,452       38,616
                   ------------ ------------ ------------ ------------
                       455,104      371,924    1,323,495    1,056,647
                   ------------ ------------ ------------ ------------
Costs and expenses:
 Operating expenses     89,686       80,810      251,470      234,812
 Provision for loan
  losses               118,769      105,006      410,494      303,919
 Interest expense      107,106       65,028      298,556      184,520
 Restructuring
  charges                1,874        2,130        2,126        2,741
                   ------------ ------------ ------------ ------------
                       317,435      252,974      962,646      725,992
                   ------------ ------------ ------------ ------------

Income before income
 taxes                 137,669      118,950      360,849      330,655

Income tax provision    50,937       43,357      133,510      121,688
                   ------------ ------------ ------------ ------------

     Net income        $86,732      $75,593     $227,339     $208,967
                   ============ ============ ============ ============

Earnings per share:
     Basic               $0.67        $0.50        $1.68        $1.36
                   ============ ============ ============ ============

     Diluted             $0.60        $0.46        $1.53        $1.25
                   ============ ============ ============ ============

Weighted average
 shares            129,629,967  152,071,432  135,397,387  153,944,984
                   ============ ============ ============ ============

Weighted average
 shares and
 assumed
 incremental
 shares            144,954,396  167,269,900  150,332,001  168,760,906
                   ============ ============ ============ ============


Consolidated Balance Sheets
(Unaudited, Dollars in Thousands)

                                   March 31,     June 30,    March 31,
                                     2006          2005        2005
                                 ------------ ------------ -----------

Cash and cash equivalents           $700,800     $663,501    $579,997
Finance receivables, net           9,770,018    8,297,750   7,636,691
Interest-only receivables from
 Trusts                                5,891       29,905      63,035
Investments in Trust receivables      98,374      239,446     328,974
Restricted cash - gain on sale
 Trusts                               98,943      272,439     352,040
Restricted cash - securitization
 notes payable                       803,110      633,900     559,525
Restricted cash - warehouse
 credit facilities                   101,981      455,426      66,168
Property and equipment, net           58,343       92,000      94,489
Deferred income taxes                 60,795       53,759       4,886
Other assets                         209,981      208,912     196,758
                                 ------------ ------------ -----------
     Total assets                $11,908,236  $10,947,038  $9,882,563
                                 ============ ============ ===========

Warehouse credit facilities       $1,435,134     $990,974  $1,261,257
Securitization notes payable       7,867,074    7,166,028   5,874,077
Senior notes                         153,869      166,755     166,670
Convertible debt                     200,000      200,000     200,000
Funding payable                       54,559      158,210      39,130
Accrued taxes and expenses           160,899      133,736     127,173
Other liabilities                     20,998        9,419      22,649
                                 ------------ ------------ -----------
     Total liabilities             9,892,533    8,825,122   7,690,956
                                 ------------ ------------ -----------

Shareholders' equity               2,015,703    2,121,916   2,191,607
                                 ------------ ------------ -----------
     Total liabilities and
      shareholders' equity       $11,908,236  $10,947,038  $9,882,563
                                 ============ ============ ===========


Consolidated Statements of Cash Flows
(Unaudited, Dollars in Thousands)

                         Three Months Ended       Nine Months Ended
                              March 31,               March 31,
                       ----------------------- -----------------------
                          2006        2005        2006        2005
                       ----------- ----------- ----------- -----------
                                   (Restated)              (Restated)
Cash flows from
 operating activities:
Net income                $86,732     $75,593    $227,339    $208,967

Adjustments to reconcile
 net income to net cash
 provided by operating
 activities:
     Depreciation and
      amortization          3,719      10,802      15,100      44,749
     Provision for
      loan losses         118,769     105,006     410,494     303,919
     Deferred income
      taxes               (20,028)      5,053     (22,112)      7,192
     Accretion of
      present value
      discount             (8,029)    (21,703)    (30,687)    (63,373)
     Impairment of
      credit
      enhancement
      assets                    -           -         457       1,122
     Stock-based
      compensation
      expense               3,392       3,636      12,690       6,354
     Other                  1,003         129      (8,990)        367
Changes in assets and
 liabilities:
     Other assets          73,385      29,928      83,295      (3,866)
     Accrued taxes and
      expenses             47,509          44      28,462     (30,910)
                       ----------- ----------- ----------- -----------
Net cash provided by
 operating activities     306,452     208,488     716,048     474,521
                       ----------- ----------- ----------- -----------

Cash flows from
 investing activities:
Purchases of
 receivables           (1,947,168) (1,462,380) (5,093,811) (3,863,935)
Principal collections
 and recoveries on
 receivables            1,156,337     843,120   3,109,116   2,277,911

Distributions from
 gain on sale Trusts,
 net of swap payments      92,463     146,220     346,136     345,306
Net (purchases) sales
 of property and
 equipment                 (2,004)     (4,845)     30,554      (6,507)
Net change in
 restricted cash and
 other                    320,092     (48,815)    199,826      97,485
                       ----------- ----------- ----------- -----------
Net cash used by
 investing activities    (380,280)   (526,700) (1,408,179) (1,149,740)
                       ----------- ----------- ----------- -----------

Cash flows from
 financing activities:
Net change in
 warehouse credit
 facilities               202,227     312,320     444,160     761,257
Net change in
 securitization notes      (8,491)    153,977     699,984     267,197
Net change in senior
 notes and other            3,093      (5,274)    (18,724)    (26,269)
Repurchase of common
 stock                    (23,117)    (56,749)   (422,046)   (200,894)
Net proceeds from
 issuance of common
 stock                     14,967       6,097      24,148      30,780
                       ----------- ----------- ----------- -----------
Net cash provided by
 financing activities     188,679     410,371     727,522     832,071
                       ----------- ----------- ----------- -----------

Net increase in cash
 and cash equivalents     114,851      92,159      35,391     156,852

Effect of Canadian
 exchange rate changes
 on cash and cash
 equivalents                 (196)          7       1,908       1,695

Cash and cash
 equivalents at
 beginning of period      586,145     487,831     663,501     421,450
                       ----------- ----------- ----------- -----------

Cash and cash
 equivalents at end of
 period                  $700,800    $579,997    $700,800    $579,997
                       =========== =========== =========== ===========


Other Financial Data
(Unaudited, Dollars in Thousands)

                      Three Months Ended         Nine Months Ended
                           March 31,                 March 31,
                   ------------------------- -------------------------
                      2006          2005         2006         2005
                   ------------ ------------ ------------ ------------

Loan originations   $1,614,267   $1,374,012   $4,473,939   $3,579,050
Loans securitized    1,000,002      972,973    3,702,707    2,658,103

Average on-book
 receivables       $10,115,082   $7,839,932   $9,575,795   $7,392,920
Average gain on
 sale receivables      902,246    3,184,145    1,443,547    3,935,123
                   ------------ ------------ ------------ ------------
Average managed
 receivables       $11,017,328  $11,024,077  $11,019,342  $11,328,043
                   ============ ============ ============ ============

                    March 31,     June 30,    March 31,
                      2006         2005         2005
                   ------------ ------------ ------------

On-book
 receivables       $10,382,505   $8,838,968   $8,125,036
Gain on sale
 receivables           750,637    2,163,941    2,865,723
                   ------------ ------------ ------------
Managed
 receivables       $11,133,142  $11,002,909  $10,990,759
                   ============ ============ ============



                               Three Months Ended   Nine Months Ended
                                    March 31,            March 31,
                               ------------------- -------------------
                                   2006     2005      2006      2005
                               ---------- -------- --------- ---------

Operating expenses               $89,686  $80,810  $251,470  $234,812

Operating expenses as a
 percent of average managed
 receivables                         3.3%     3.0%      3.0%      2.8%
Tax rate                           37.00%   36.45%    37.00%    36.80%

                                March 31,  June 30, March 31,
                                   2006      2005     2005
                                ---------- -------- ---------

Loan delinquency:
     On-book:
     (% of ending on-book
      receivables)
          31 - 60 days               4.5%     4.3%      3.8%
          Greater than 60 days       1.5      1.8       1.3
                               ---------- -------- ---------
               Total                 6.0%     6.1%      5.1%
                               ========== ======== =========

     Gain on sale:
     (% of ending gain on sale
      receivables)
          31 - 60 days               7.0%     8.8%      8.2%
          Greater than 60 days       3.3      3.9       3.0
                               ---------- -------- ---------
               Total                10.3%    12.7%     11.2%
                               ========== ======== =========

     Total portfolio:
     (% of ending managed
      receivables)
          31  - 60 days              4.7%     5.2%      4.9%
          Greater than 60 days       1.6      2.2       1.8
                               ---------- -------- ---------
               Total                 6.3%     7.4%      6.7%
                               ========== ======== =========

                                Three Months Ended  Nine Months Ended
                                     March 31,          March 31,
                                ------------------- ------------------
                                  2006      2005      2006     2005
                                --------- --------- --------- --------

Contracts receiving a payment
  deferral as an average
   quarterly percentage of
   average receivables
   outstanding:

    On-book (% of average on-
     book receivables)               5.4%      4.8%      6.1%     4.9%
                                ========= ========= ========= ========

    Gain on sale (% of average
     gain on sale receivables)       7.4%      9.0%      9.2%     9.5%
                                ========= ========= ========= ========

    Total portfolio (% of
     average managed
     receivables)                    5.6%      6.0%      6.5%     6.5%
                                ========= ========= ========= ========

                               Three Months Ended   Nine Months Ended
                                    March 31,           March 31,
                               ------------------- -------------------
                                   2006      2005      2006      2005
                               --------- --------- --------- ---------
Net charge-offs:
     On-book                   $122,119   $79,297  $359,635  $248,232
     Gain on sale                19,020    67,149   103,659   282,044
                               --------- --------- --------- ---------
                               $141,139  $146,446  $463,294  $530,276
                               ========= ========= ========= =========


Net charge-offs as a percent
 of average receivables:
     On-book                        4.9%      4.1%      5.0%      4.5%
                               ========= ========= ========= =========

     Gain on sale                   8.5%      8.6%      9.6%      9.5%
                               ========= ========= ========= =========

     Total portfolio                5.2%      5.4%      5.6%      6.2%
                               ========= ========= ========= =========

Net recoveries as a percent of
 gross repossession charge-
 offs:
     On-book                       50.6%     47.4%     48.9%     45.7%
                               ========= ========= ========= =========

     Gain on sale                  45.0%     41.7%     41.4%     38.3%
                               ========= ========= ========= =========

     Total portfolio               49.8%     44.9%     47.2%     41.8%
                               ========= ========= ========= =========

                                March 31,    June 30,     March 31,
                                   2006        2005         2005
                               ------------ ----------- -------------
On-book receivables:
     Principal                 $10,382,505  $8,838,968    $8,125,036

     Allowance for loan losses
      and nonaccretable
      acquisition fees            (612,487)   (541,218)     (488,345)
                               ------------ ----------- -------------
                                $9,770,018  $8,297,750    $7,636,691
                               ============ =========== =============


     Allowance as a percentage
      of on-book receivables           5.9%        6.1%          6.0%
                               ============ =========== =============

The Company's net margin as reflected on the consolidated statements of income, excluding a $9 million pre-tax gain on the partial sale of the Company's investment in DealerTrack Holdings, Inc., realized during the nine months ended March 31, 2006, is as follows:

                             Three Months Ended    Nine Months Ended
                                  March 31,            March 31,
                             ------------------- ---------------------
                                2006      2005       2006      2005
                             --------- --------- ----------- ---------

Finance charge income        $414,440  $311,869  $1,182,251  $873,472
Other income                   25,658    15,225      70,605    38,616
Interest expense             (107,106)  (65,028)   (298,556) (184,520)
                             --------- --------- ----------- ---------
     Net margin              $332,992  $262,066    $954,300  $727,568
                             ========= ========= =========== =========

                             Three Months Ended     Nine Months Ended
                                  March 31,              March 31,
                             ------------------- ---------------------
                                 2006      2005       2006      2005
                             --------- --------- ----------- ---------

Finance charge income            16.6%     16.1%       16.5%     15.7%
Other income                      1.1       0.8         1.0       0.7
Interest expense                 (4.3)     (3.3)       (4.2)     (3.3)
                             --------- --------- ----------- ---------

     Net margin as a percent
      of average on-book
      receivables                13.4%     13.6%       13.3%     13.1%
                             ========= ========= =========== =========

    CONTACT: AmeriCredit Corp., Fort Worth
             Investor Relations
             Caitlin DeYoung, 817-302-7394
             or
             Media Relations
             John Hoffmann, 817-302-7627

    SOURCE: AmeriCredit Corp.