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

Exhibit 99.1

AMERICREDIT REPORTS FIRST QUARTER OPERATING RESULTS

• Net income of $54 million, $0.35 per share, includes charge related to Hurricane Katrina

• Loan originations increased to $1.52 billion

• FY06 earnings guidance revised for hurricane impact

FORT WORTH, TEXAS October 24, 2005 – AMERICREDIT CORP. (NYSE: ACF) today announced net income of $54 million, or $0.35 per share, for its fiscal first quarter ended September 30, 2005. Net income was impacted by an approximate $8 million after-tax charge ($13 million pre-tax), or $0.05 per share, related to Hurricane Katrina. AmeriCredit reported net income of $69 million, or $0.41 per share, for the same period a year earlier. Earnings per share for the September 2004 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 $1.52 billion for the first quarter of fiscal year 2006, compared to $1.08 billion in the September 2004 quarter. Managed receivables totaled $11.05 billion at September 30, 2005, compared to $11.47 billion at September 30, 2004.

Annualized net charge-offs totaled 5.7% of average managed receivables for the September 2005 quarter, compared to 6.3% for the September 2004 quarter. Managed receivables 31-to-60 days delinquent were 6.0% of the portfolio at September 30, 2005, compared to 6.6% at September 30, 2004. Accounts more than 60 days delinquent were 2.6% of the portfolio at September 30, 2005, compared to 2.7% at September 30, 2004. Deferments totaled 7.2% of average managed receivables for the September 2005 quarter or 6.6% excluding deferments for Hurricane Katrina-impacted accounts, compared to 6.7% for the September 2004 quarter.

Unrestricted cash totaled $692 million at September 30, 2005. During the September quarter, the Company repurchased $204 million of its common stock. As of September 30, 2005, $599 million in aggregate repurchases have been made since inception of the Company’s stock repurchase program in April 2004. The Company has $101 million remaining under its board approved stock repurchase plan. At September 30, 2005, shareholders’ equity was $1.99 billion resulting in a managed assets-to-equity ratio of 5.6.

“We had a good quarter on many fronts. Loan originations were strong, profitability remained high, and our liquidity position is solid. Our strong balance sheet and increased allowance for loan losses position us well in the current economic environment,” said AmeriCredit President and CEO Dan Berce.

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.

The following net income and earnings per share forecasts were revised from guidance provided on August 8, 2005, for the impact of Hurricane Katrina on future portfolio performance. The earnings per share forecast has also been updated to reflect stock repurchased through September 30, 2005.

Net income and EPS forecasts

	Revised 12 mos. ending 6/30/06		Previous 12 mos. ending 6/30/06
Net income ($ millions)	$	257 - $287	$	265 - $295
Earnings per share	$	1.67 - $1.85	$	1.64 - $1.82

The forecasts for fiscal year 2006 incorporate, but are not limited to, the following assumptions, which remained unchanged from August 8, 2005:

• New loan volume of $5.8 to $6.2 billion;

• Net interest margin of 13.0 to 13.5 percent of average on-book receivables;

• Operating expenses of approximately 2.8 to 3.2 percent of the managed portfolio;

• Managed portfolio-level credit losses to average between 5.0 and 6.0 percent overall for fiscal year 2006, but varying seasonally by quarter; and

• Annualized provision for losses as a percent of average on-book receivables to average in the high-5 percent to low-6 percent range, excluding the impact of Hurricane Katrina.

The forecasts for fiscal year 2006 earnings per share do not assume any share repurchases after September 30, 2005.

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, 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 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 September 30,
	2005		2004
Revenue:
Finance charge income	$	373,736	$	269,928
Servicing income		25,341		59,357
Other income		21,186		10,671
		420,263		339,956
Costs and expenses:
Operating expenses		77,865		74,001
Provision for loan losses		165,860		98,716
Interest expense		90,271		57,516
Restructuring charges		159		506
		334,155		230,739
Income before income taxes		86,108		109,217
Income tax provision		32,075		40,410
Net income	$	54,033	$	68,807
Earnings per share:
Basic	$	0.38	$	0.44
Diluted	$	0.35	$	0.41
Weighted average shares		142,735,494		155,611,880
Weighted average shares and assumed incremental shares		157,590,746		170,306,676

Consolidated Balance Sheets

(Unaudited, Dollars in Thousands)

	September 30, 2005		June 30, 2005		September 30, 2004
Cash and cash equivalents	$	692,476	$	663,501	$	526,273
Finance receivables, net		8,857,389		8,297,750		6,738,828
Interest-only receivables from Trusts		15,745		29,905		89,878
Investments in Trust receivables		181,903		239,446		456,372
Restricted cash – gain on sale Trusts		201,367		272,439		422,014
Restricted cash – securitization notes payable		674,600		633,900		516,844
Restricted cash – warehouse credit facilities		271,849		455,426		507,476
Property and equipment, net		59,406		92,000		97,871
Deferred income taxes		62,883		53,759		7,202
Other assets		218,048		208,912		147,599
Total assets	$	11,235,666	$	10,947,038	$	9,510,357
Warehouse credit facilities	$	1,104,740	$	990,974	$	1,021,532
Securitization notes payable		7,377,648		7,166,028		5,733,778
Senior notes		166,841		166,755		166,499
Convertible debt		200,000		200,000		200,000
Funding payable		235,573		158,210		41,736
Accrued taxes and expenses		145,914		133,736		165,249
Other liabilities		15,583		9,419		33,919
Total liabilities		9,246,299		8,825,122		7,362,713
Shareholders’ equity		1,989,367		2,121,916		2,147,644
Total liabilities and shareholders’ equity	$	11,235,666	$	10,947,038	$	9,510,357

Consolidated Statements of Cash Flows

(Unaudited, Dollars in Thousands)

	Three Months Ended September 30,
	2005			2004
Cash flows from operating activities:
Net income	$	54,033		$	68,807
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		6,859			8,998
Provision for loan losses		165,860			98,716
Deferred income taxes		(9,109	)		1,468
Accretion of present value discount		(11,663	)		(27,126	)
Impairment of credit enhancement assets		457			91
Stock-based compensation expense		4,203			629
Other		(711	)		(751	)
Distributions from gain on sale Trusts, net of swap payments		143,018			100,282
Changes in assets and liabilities:
Other assets		8,366			23,282
Accrued taxes and expenses		11,856			4,796
Net cash provided by operating activities		373,169			279,192
Cash flows from investing activities:
Purchases of receivables		(1,621,939	)		(1,178,422	)
Principal collections and recoveries on receivables		976,538			715,698
Net sales (purchases) of property and equipment		33,905			(635	)
Net change in restricted cash and other		145,561			(307,306	)
Net cash used by investing activities		(465,935	)		(770,665	)
Cash flows from financing activities:
Net change in warehouse credit facilities		113,766			521,532
Net change in securitization notes		210,385			130,213
Net change in senior notes and other		(3,685	)		(8,292	)
Repurchase of common stock		(204,114	)		(67,831	)
Net proceeds from issuance of common stock		3,407			19,586
Net cash provided by financing activities		119,759			595,208
Net increase in cash and cash equivalents		26,993			103,735
Effect of Canadian exchange rate changes on cash and cash equivalents		1,982			1,088
Cash and cash equivalents at beginning of period		663,501			421,450
Cash and cash equivalents at end of period	$	692,476		$	526,273

Other Financial Data

(Unaudited, Dollars in Thousands)

	Three Months Ended September 30,
	2005		2004
Loan originations	$	1,520,146	$	1,084,786
Loans securitized		1,189,191		874,318
Average on-book receivables	$	9,050,440	$	6,952,426
Average gain on sale receivables		1,970,313		4,727,627
Average managed receivables	$	11,020,753	$	11,680,053

	September 30, 2005		June 30, 2005		September 30, 2004
On-book receivables	$	9,462,883	$	8,838,968	$	7,185,962
Gain on sale receivables		1,590,943		2,163,941		4,282,509
Managed receivables	$	11,053,826	$	11,002,909	$	11,468,471

	Three Months Ended September 30,
	2005			2004
Operating expenses	$	77,865		$	74,001
Operating expenses as a percent of average managed receivables		2.8	%		2.5	%
Tax rate		37.25	%		37.00	%

	September 30, 2005		June 30, 2005		September 30, 2004
Loan delinquency:
On-book:
(% of ending on-book receivables)
31 - 60 days	5.3	%	4.3	%	4.7	%
Greater than 60 days	2.2		1.8		1.9
Total	7.5	%	6.1	%	6.6	%
Gain on sale:
(% of ending gain on sale receivables)
31 - 60 days	10.1	%	8.8	%	9.7	%
Greater than 60 days	4.8		3.9		4.1
Total	14.9	%	12.7	%	13.8	%
Total portfolio:
(% of ending managed receivables)
31 - 60 days	6.0	%	5.2	%	6.6	%
Greater than 60 days	2.6		2.2		2.7
Total	8.6	%	7.4	%	9.3	%

	Three Months Ended September 30,
	2005			2004
Contracts receiving a payment deferral as an average quarterly percentage of average receivables outstanding:
On-book (% of average on-book receivables)		6.4	%		4.7	%
Gain on sale (% of average gain on sale receivables)		10.7	%		9.6	%
Total portfolio (% of average managed receivables)		7.2	%		6.7	%
	Three Months Ended September 30,
	2005			2004
Net charge-offs:
On-book	$	109,173		$	74,981
Gain on sale		47,982			111,312
	$	157,155		$	186,293
Net charge-offs as a percent of average receivables:
On-book		4.8	%		4.3	%
Gain on sale		9.7	%		9.3	%
Total portfolio		5.7	%		6.3	%
Net recoveries as a percent of gross repossession charge-offs:
On-book		47.6	%		45.4	%
Gain on sale		39.9	%		37.3	%
Total portfolio		45.2	%		40.6	%

	September 30, 2005			June 30, 2005			September 30, 2004
On-book receivables:
Principal	$	9,462,883		$	8,838,968		$	7,185,962
Allowance for loan losses and nonaccretable acquisition fees		(605,494	)		(541,218	)		(447,134	)
	$	8,857,389		$	8,297,750		$	6,738,828
Allowance as a percentage of on-book receivables		6.4	%		6.1	%		6.2	%

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 quarter ended December 31, 2003, which was the first quarter the Company’s convertible notes were outstanding. The effect of the retroactive application of EITF 04-8 on the Company’s diluted earnings per share is as follows:

	Three Months Ended September 30, 2004
Diluted earnings per share:
As previously reported	$	0.43
As reported under EITF 04-8	$	0.41

The Company’s net margin as reflected on the consolidated statements of income is as follows:

	Three Months Ended September 30,
	2005			2004
Finance charge income	$	373,736		$	269,928
Other income		21,186			10,671
Interest expense		(90,271	)		(57,516	)
Net margin	$	304,651		$	223,083

	Three Months Ended September 30,
	2005		2004
Finance charge income	16.4	%	15.4	%
Other income	0.9		0.6
Interest expense	(3.9	)	(3.3	)
Net margin as a percent of average on-book receivables	13.4	%	12.7	%

Contact:

Investor Relations	Media Relations
Caitlin DeYoung	John Hoffmann
(817) 302-7394	(817) 302-7627