General Motors Financial (ACF) 8-K Americredit Reports Second Quarter Operating Results

Exhibit 99.1

AMERICREDIT REPORTS SECOND QUARTER OPERATING RESULTS

•      2^nd quarter earnings of $64.6 million, $0.39 per share

•      Loan originations increased to $1.12 billion

•      FY05 earnings guidance updated

FORT WORTH, TEXAS January 24, 2005 – AMERICREDIT CORP. (NYSE: ACF) today announced net income of $64.6 million, or $0.39 per share, for its fiscal second quarter ended December 31, 2004. AmeriCredit reported net income of $47.2 million, or $0.29 per share, for the same period a year earlier. For the six months ended December 31, 2004, AmeriCredit reported net income of $133.4 million, or $0.80 per share, versus earnings of $80.5 million, or $0.50 per share, for the six months ended December 31, 2003. Earnings per share for all periods beginning with the December 2003 quarter were revised to reflect the retroactive application of EITF Issue No. 04-8, “The Effect of Contingently Convertible Debt on Diluted Earnings Per Share”.

Automobile loan purchases increased to $1.12 billion for the second quarter of fiscal year 2005, compared to $700.0 million in the December 2003 quarter. Loan purchases for the six months ended December 31, 2004, were $2.21 billion compared to $1.45 billion for the same period last year. Managed auto receivables totaled $11.11 billion at December 31, 2004.

Annualized net charge-offs totaled 7.0% of average managed auto receivables for the December 2004 quarter compared to 9.1% for the December 2003 quarter. Annualized net charge-offs for the six months ended December 31, 2004, were 6.6% compared to 8.3% for the same period last year. Effective for the quarter ended December 31, 2003, AmeriCredit revised its repossession charge-off policy to charge off accounts when the repossessed vehicles are legally available for sale rather than at the time repossessed automobiles are liquidated at auction. To implement the change, AmeriCredit incurred a one-time, cumulative adjustment to accelerate the timing of charge-offs, raising the managed portfolio annualized charge-off rate for the December 2003 quarter to 9.1%, from 7.3% of the managed portfolio under the old policy.

Managed auto receivables 31-to-60 days delinquent were 6.6% of the portfolio at December 31, 2004, compared to 7.5% at December 31, 2003. Accounts more than 60 days delinquent were 2.6% of the portfolio at December 31, 2004, compared to 2.9% at December 31, 2003.

Unrestricted cash totaled $487.8 million at December 31, 2004. During the quarter, the Company purchased $76.3 million of common stock under the Company’s August 2004 $100 million stock repurchase plan. Shareholders’ equity was $2.15 billion at December 31, 2004, resulting in a managed assets-to-equity ratio of 5.2 at December 31, 2004.

“The December quarter is historically a more-challenging time of year in our business. Yet loan volume was strong in the quarter and we finished the calendar year with good credit results,” said AmeriCredit Chairman and CEO Clifton Morris. “This positive momentum positions us well to deliver on our earnings forecast as we enter the second half of our fiscal year.”

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 6/30/05
Net income ($ millions)
Previous	$230 - $250
New	$240 - $250
Earnings per share
Previous	$1.36 - $1.48
New	$1.42 - $1.48

The forecasts for fiscal year 2005 incorporate, but are not limited to, the following assumptions:

• New loan volume of $4.5 to $5 billion — consistent with planned growth in new loan volume of 10 to 15 percent annually over time;

• Operating expenses of 2.5 to 3 percent of the managed portfolio;

• Managed portfolio-level credit losses to average between 5.5 and 6.5 percent overall for fiscal year 2005, but varying seasonally by quarter.

The forecasts for fiscal year 2005 earnings per share do not assume additional share repurchases.

AmeriCredit will host a conference call for analysts and investors today at 5:30 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 auto finance company. 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 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 for the period ended June 30, 2004. 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 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 December 31,					Six Months Ended December 31,
	2004		2003			2004		2003
Revenue:
Finance charge income	$	291,675	$	225,014		$	561,603	$	436,786
Servicing income		40,372		47,959			99,729		116,951
Other income		12,720		8,511			23,391		15,992
		344,767		281,484			684,723		569,729
Costs and expenses:
Operating expenses		80,001		88,340			154,002		169,324
Provision for loan losses		100,197		61,356			198,913		125,599
Interest expense		61,976		56,287			119,492		145,031
Restructuring charges		105		(271	)		611		468
		242,279		205,712			473,018		440,422
Income before income taxes		102,488		75,772			211,705		129,307
Income tax provision		37,921		28,604			78,331		48,814
Net income	$	64,567	$	47,168		$	133,374	$	80,493
Earnings per share:
Basic	$	0.42	$	0.30		$	0.86	$	0.51
Diluted	$	0.39	$	0.29		$	0.80	$	0.50
Weighted average shares		154,062,587		156,600,326			154,861,396		156,533,957
Weighted average shares and assumed incremental shares		168,617,089		164,436,702			169,486,045		160,640,355

Consolidated Balance Sheets

(Unaudited, Dollars in Thousands)

	December 31, 2004		June 30, 2004		December 31, 2003
Cash and cash equivalents	$	487,831	$	421,450	$	524,765
Finance receivables, net		7,162,368		6,363,869		5,618,639
Interest-only receivables from Trusts		70,472		110,952		168,359
Investments in Trust receivables		373,895		528,345		644,979
Restricted cash – gain on sale Trusts		418,922		423,025		455,468
Restricted cash – securitization notes payable		489,406		482,724		338,982
Restricted cash – warehouse credit facilities		83,552		209,875		65,335
Property and equipment, net		90,513		101,424		112,366
Deferred income taxes		13,610		—		—
Other assets		219,274		182,915		175,957
Total assets	$	9,409,843	$	8,824,579	$	8,104,850
Warehouse credit facilities	$	948,937	$	500,000	$	705,235
Securitization notes payable		5,720,631		5,598,732		4,556,267
Senior notes		166,585		166,414		358,611
Convertible senior notes		200,000		200,000		200,000
Other notes payable		11,863		21,442		28,212
Funding payable		78,652		37,273		25,857
Accrued taxes and expenses		128,205		159,798		125,249
Derivative financial instruments		6,680		12,348		40,060
Deferred income taxes		—		3,460		107,948
Total liabilities		7,261,553		6,699,467		6,147,439
Shareholders’ equity		2,148,290		2,125,112		1,957,411
Total liabilities and shareholders’ equity	$	9,409,843	$	8,824,579	$	8,104,850

Consolidated Statements of Cash Flows

(Unaudited, Dollars in Thousands)

	Three Months Ended December 31,						Six Months Ended December 31,
	2004			2003			2004			2003
Cash flows from operating activities:
Net income	$	64,567		$	47,168		$	133,374		$	80,493
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		10,198			11,956			19,196			54,275
Provision for loan losses		100,197			61,356			198,913			125,599
Deferred income taxes		671			(3,633	)		2,139			(3,232	)
Accretion of present value discount		(14,544	)		(16,805	)		(41,670	)		(41,511	)
Impairment of credit enhancement assets		1,031			18,314			1,122			31,569
Other		(2,271	)		(1,043	)		(2,393	)		907
Distributions from gain on sale Trusts, net of swap payments		98,804			(4,223	)		199,086			78,069
Changes in assets and liabilities:
Other assets		(57,076	)		77,037			(33,794	)		98,605
Accrued taxes and expenses		(35,750	)		(30,076	)		(30,954	)		(32,558	)
Net cash provided by operating activities		165,827			160,051			445,019			392,216
Cash flows from investing activities:
Purchase of receivables		(1,223,133	)		(897,776	)		(2,401,555	)		(1,719,041	)
Principal collections and recoveries on receivables		739,193			514,769			1,454,891			968,408
Purchases of property and equipment		(1,027	)		(683	)		(1,662	)		(2,137	)
Net change in restricted cash and other		453,606			207,087			146,300			638,815
Net cash used by investing activities		(31,361	)		(176,603	)		(802,026	)		(113,955	)
Cash flows from financing activities:
Net change in warehouse credit facilities		(72,595	)		(668,381	)		448,937			(567,203	)
Net change in whole loan purchase facility											(905,000	)
Net change in securitization notes payable		(16,993	)		703,647			113,220			1,271,569
Net change in senior notes and other		(12,703	)		(27,591	)		(20,995	)		(45,435	)
Proceeds from issuance of convertible senior notes					172,951						172,951
Repurchase of common stock		(76,314	)		—			(144,145	)		—
Proceeds from issuance of common stock		5,097			2,331			24,683			2,640
Net cash (used) provided by financing activities		(173,508	)		182,957			421,700			(70,478	)
Net (decrease) increase in cash and cash equivalents		(39,042	)		166,405			64,693			207,783
Effect of Canadian exchange rate changes on cash and cash equivalents		600			375			1,688			61
Cash and cash equivalents at beginning of period		526,273			357,985			421,450			316,921
Cash and cash equivalents at end of period	$	487,831		$	524,765		$	487,831		$	524,765

Other Financial Data

(Unaudited, Dollars in Thousands)

	Three Months Ended December 31,				Six Months Ended December 31,
	2004		2003		2004		2003
Loan originations	$	1,120,252	$	700,041	$	2,205,038	$	1,445,117
Loans securitized		810,812		1,311,477		1,685,130		2,322,527
Average on-book receivables	$	7,394,990	$	5,870,265	$	7,174,033	$	5,678,328
Average gain on sale receivables		3,876,658		7,622,491		4,302,322		8,284,781
Average managed receivables	$	11,271,648	$	13,492,756	$	11,476,355	$	13,963,109

	December 31, 2004			June 30, 2004			December 31, 2003
On-book receivables	$	7,622,551		$	6,782,280		$	5,972,437
Gain on sale receivables		3,487,166			5,140,522			7,015,902
Managed receivables	$	11,109,717		$	11,922,802		$	12,988,339
	December 31, 2004			June 30, 2004			December 31, 2003
On-book receivables:
Principal	$	7,622,551		$	6,782,280		$	5,972,437
Allowance for loan losses and nonaccretable acquisition fees		(460,183	)		(418,411	)		(353,798	)
	$	7,162,368		$	6,363,869		$	5,618,639
Allowance as a percentage of on-book receivables		6.0	%		6.2	%		5.9	%
	December 31, 2004			June 30, 2004			December 31, 2003
Loan delinquency:
On-book:
(% of ending on-book receivables)
31 - 60 days		5.0	%		4.2	%		5.0	%
Greater than 60 days		1.9			1.6			1.8
Total		6.9	%		5.8	%		6.8	%
Gain on sale:
(% of ending gain on sale receivables)
31- 60 days		10.2	%		9.0	%		9.8	%
Greater than 60 days		4.0			3.4			3.7
Total		14.2	%		12.4	%		13.5	%
Total portfolio:
(% of ending managed receivables)
31- 60 days		6.6	%		6.3	%		7.5	%
Greater than 60 days		2.6			2.3			2.9
Total		9.2	%		8.6	%		10.4	%

	Three Months Ended December 31,						Six Months Ended December 31,
	2004			2003			2004			2003
Net charge-offs:
On-book	$	93,954		$	83,407		$	168,935		$	139,827
Gain on sale		103,583			224,894			214,895			446,307
	$	197,537		$	308,301		$	383,830		$	586,134
Net charge-offs as a percent of average receivables:
On-book		5.0	%		5.6	%		4.7	%		4.9	%
Gain on sale		10.6	%		11.7	%		9.9	%		10.7	%
Total portfolio		7.0	%		9.1	%		6.6	%		8.3	%
	Three Months Ended December 31,						Six Months Ended December 31,
	2004			2003			2004			2003
Operating expenses	$	80,001		$	88,340		$	154,002		$	169,324
Operating expenses as a percent of average managed receivables		2.8	%		2.6	%		2.7	%		2.4	%
Tax rate		37.00	%		37.75	%		37.00	%		37.75	%

The Company implemented EITF Issue No. 04-8, “The Effect of Contingently Convertible Debt on Diluted Earnings Per Share” (EITF 04-8) during the quarter ended December 31, 2004, which resulted in the Company’s convertible senior notes being treated as convertible securities and included in diluted earnings per share calculations using the if-converted method. EITF 04-8 required retroactive application beginning with the three months ended December 31, 2003, which was the first quarter the Company’s convertible senior notes were outstanding.

	Three Months Ended September 30, 2004		Three Months Ended December 31, 2003		Six Months Ended December 31, 2003
Diluted earnings per share:
As previously reported	$	0.43	$	0.30	$	0.51
As revised under EITF 04-8	$	0.41	$	0.29	$	0.50

The Company evaluates the profitability of its lending activities based partly upon the net margin related to its managed auto loan portfolio, including on-book and gain on sale receivables. The Company uses this information to analyze trends in the components of the profitability of its managed auto portfolio. Analysis of net margin on a managed basis allows the Company to determine which origination channels and loan products are most profitable, guides the Company in making pricing decisions for loan products and indicates if sufficient spread exists between the Company’s revenues and cost of funds to cover operating expenses and achieve corporate profitability objectives. Additionally, net margin on a managed basis facilitates comparisons of results between the Company and other finance companies (i) that do not securitize their receivables or (ii) due to the structure of their securitization

transactions, are not required to account for the securitization of their receivables as a sale. The Company routinely securitizes its receivables and prior to October 1, 2002, recorded a gain on the sale of such receivables. The net margin on a managed basis presented below assumes that all securitized receivables have not been sold and are still on the Company’s consolidated balance sheet. Accordingly, no servicing income would have been recognized. Instead, finance charges would be recognized over the life of the securitized receivables as earned, and interest and other costs related to the asset-backed securities would be recognized as incurred.

	Three Months Ended December 31,						Six Months Ended December 31,
	2004			2003			2004			2003
Finance charge income	$	472,799		$	561,642		$	959,817		$	1,154,106
Other income		20,485			17,175			38,778			33,967
Interest expense		(108,453	)		(149,497	)		(222,960	)		(348,331	)
Net margin	$	384,831		$	429,320		$	775,635		$	839,742
	Three Months Ended December 31,						Six Months Ended December 31,
	2004			2003			2004			2003
Finance charge income		16.6	%		16.5	%		16.6	%		16.4	%
Other income		0.7			0.5			0.7			0.5
Interest expense		(3.8	)		(4.4	)		(3.9	)		(5.0	)
Net margin as a percent of average managed receivables		13.5	%		12.6	%		13.4	%		11.9	%
The following is a reconciliation of finance charge income as reflected on the Company’s consolidated income statements to the Company’s managed basis finance charge income:
	Three Months Ended December 31,						Six Months Ended December 31,
	2004			2003			2004			2003
Finance charge income per consolidated income statements	$	291,675		$	225,014		$	561,603		$	436,786
Adjustments to reflect finance charge income earned on receivables in gain on sale Trusts		181,124			336,628			398,214			717,320
Managed basis finance charge income	$	472,799		$	561,642		$	959,817		$	1,154,106

The following is a reconciliation of other income as reflected on the Company’s consolidated income statements to the Company’s managed basis other income:

	Three Months Ended December 31,				Six Months Ended December 31,
	2004		2003		2004		2003
Other income per consolidated income statements	$	12,720	$	8,511	$	23,391	$	15,992
Adjustments to reflect investment income earned on cash in gain on sale Trusts		3,019		1,947		5,150		3,904
Adjustments to reflect other income earned on receivables in gain on sale Trusts		4,746		6,717		10,237		14,071
Managed basis other income	$	20,485	$	17,175	$	38,778	$	33,967

The following is a reconciliation of interest expense as reflected on the Company’s consolidated income statements to the Company’s managed basis interest expense:

	Three Months Ended December 31,				Six Months Ended December 31,
	2004		2003		2004		2003
Interest expense per consolidated income statements	$	61,976	$	56,287	$	119,492	$	145,031
Adjustments to reflect interest expense incurred by gain on sale Trusts		46,477		93,210		103,468		203,300
Managed basis interest expense	$	108,453	$	149,497	$	222,960	$	348,331

Contact:

Investor Relations		Media Relations
Kim Pulliam	Jason Landkamer	John Hoffmann
(817) 302-7009	(817) 302-7811	(817) 302-7627