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

Exhibit 99.1

AMERICREDIT REPORTS SECOND QUARTER OPERATING RESULTS

• Net income increased to $87 million, $0.59 per share

• Credit losses of 5.9% improved from prior year

• Loan originations increased 20% from the December 2004 quarter

FORT WORTH, TEXAS January 23, 2006 – AMERICREDIT CORP. (NYSE: ACF) today announced net income of $87 million, or $0.59 per share, for its fiscal second quarter ended December 31, 2005. AmeriCredit reported net income of $65 million, or $0.39 per share, for the same period a year earlier. For the six months ended December 31, 2005, AmeriCredit reported net income of $141 million, or $0.93 per share, versus earnings of $133 million, or $0.80 per share, for the six months ended December 31, 2004.

Net income for the six months ended December 31, 2005, included a $6 million after-tax gain ($9 million pre-tax), or $0.04 per share, related to the partial sale of AmeriCredit’s investment in DealerTrack Holdings, Inc., which was offset by $6 million of after-tax charges ($10 million pre-tax), or $0.04 per share, related to Hurricane Katrina.

Automobile loan purchases increased to $1.34 billion for the second quarter of fiscal year 2006, compared to $1.12 billion in the same period a year earlier. Loan purchases for the six months ended December 31, 2005, were $2.86 billion compared to $2.21 billion for the same period last year. Managed auto receivables totaled $11.00 billion at December 31, 2005.

Annualized net charge-offs were 5.9% of average managed auto receivables for the December 2005 quarter compared to 7.0% for the December 2004 quarter. Annualized net charge-offs for the six months ended December 31, 2005, were 5.8% compared to 6.6% for the same period last year.

Managed auto receivables 31-to-60 days delinquent were 6.5% of the portfolio at December 31, 2005, compared to 6.6% at December 31, 2004. Accounts more than 60 days delinquent were 2.8% of the portfolio at December 31, 2005, compared to 2.6% at December 31, 2004.

Unrestricted cash totaled $586 million at December 31, 2005. During the December quarter, the Company purchased $195 million of its common stock. As of December 31, 2005, $794 million in aggregate repurchases have been made since the inception of the Company’s stock repurchase program in April 2004. At December 31, 2005, the Company had $206 million remaining under its board approved stock repurchase plan. Shareholders’ equity was $1.92 billion at December 31, 2005, resulting in a managed assets-to-equity ratio of 5.7.

“Historically, the December quarter is our most challenging quarter due to seasonal pressures in terms of credit performance and loan origination volume. We did see some seasonal impact, but overall our performance was very good,” said AmeriCredit President and CEO Dan Berce. “Our credit performance was solid, our loan volume was right about where we thought it would be and net income increased 34% over the same quarter last year. Our balance sheet remains strong, and we believe we are well positioned for the second half of fiscal year 2006.”

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 October 24, 2005, for the sale of a portion of the Company’s investment in DealerTrack Holdings, Inc., and the effect of share repurchase activity through December 31, 2005, on net income and earnings per share.

Net income and EPS forecasts

	12 mos. ending 6/30/06
Net income ($ millions)
Previous	$257 - $287
Revised	$263 - $293
Earnings per share
Previous	$1.67 - $1.85
Revised	$1.78 - $1.96

The forecasts for fiscal year 2006 incorporate, but are not limited to, the following assumptions, which remained unchanged from October 24, 2005:

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

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

• Operating expenses of 2.8% to 3.2% of the managed portfolio;

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

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

The forecasts for fiscal year 2006 earnings per share do not assume additional share repurchases after December 31, 2005, or any possible future disposition of all or a portion of the Company’s investment in DealerTrack Holdings, Inc.

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 December 31,				Six Months Ended December 31,
	2005		2004		2005		2004
Revenue:
Finance charge income	$	394,075	$	291,675	$	767,811	$	561,603
Servicing income		21,445		40,372		46,786		99,729
Other income		32,608		12,720		53,794		23,391
		448,128		344,767		868,391		684,723
Costs and expenses:
Operating expenses		83,919		80,001		161,784		154,002
Provision for loan losses		125,865		100,197		291,725		198,913
Interest expense		101,179		61,976		191,450		119,492
Restructuring charges		93		105		252		611
		311,056		242,279		645,211		473,018
Income before income taxes		137,072		102,488		223,180		211,705
Income tax provision		50,498		37,921		82,573		78,331
Net income	$	86,574	$	64,567	$	140,607	$	133,374
Earnings per share:
Basic	$	0.65	$	0.42	$	1.02	$	0.86
Diluted	$	0.59	$	0.39	$	0.93	$	0.80
Weighted average shares		133,701,322		154,062,587		138,218,408		154,861,396
Weighted average shares and assumed incremental shares		148,325,483		168,617,089		152,958,115		169,486,045

Consolidated Balance Sheets

(Unaudited, Dollars in Thousands)

	December 31, 2005		June 30, 2005		December 31, 2004
Cash and cash equivalents	$	586,145	$	663,501	$	487,831
Finance receivables, net		9,264,566		8,297,750		7,162,368
Interest-only receivables from Trusts		8,705		29,905		70,472
Investments in Trust receivables		138,682		239,446		373,895
Restricted cash – gain on sale Trusts		143,761		272,439		418,922
Restricted cash – securitization notes payable		698,321		633,900		489,406
Restricted cash – warehouse credit facilities		526,300		455,426		83,552
Property and equipment, net		59,332		92,000		90,513
Deferred income taxes		41,705		53,759		13,610
Other assets		268,876		208,912		219,274
Total assets	$	11,736,393	$	10,947,038	$	9,409,843
Warehouse credit facilities	$	1,232,907	$	990,974	$	948,937
Securitization notes payable		7,875,604		7,166,028		5,720,631
Senior notes		153,791		166,755		166,585
Convertible debt		200,000		200,000		200,000
Funding payable		225,801		158,210		78,652
Accrued taxes and expenses		114,756		133,736		128,205
Other liabilities		13,254		9,419		18,543
Total liabilities		9,816,113		8,825,122		7,261,553
Shareholders’ equity		1,920,280		2,121,916		2,148,290
Total liabilities and shareholders’ equity	$	11,736,393	$	10,947,038	$	9,409,843

Consolidated Statements of Cash Flows (a)

(Unaudited, Dollars in Thousands)

	Three Months Ended December 31,						Six Months Ended December 31,
	2005			2004			2005			2004
				(Restated)						(Restated)
Cash flows from operating activities:
Net income	$	86,574		$	64,567		$	140,607		$	133,374
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		4,522			16,403			11,381			33,947
Provision for loan losses		125,865			100,197			291,725			198,913
Deferred income taxes		7,025			671			(2,084	)		2,139
Accretion of present value discount		(10,995	)		(14,544	)		(22,658	)		(41,670	)
Impairment of credit enhancement assets		—			1,031			457			1,122
Stock-based compensation expense		5,095			2,089			9,298			2,718
Other		(9,282	)		(336	)		(9,993	)		238
Changes in assets and liabilities:
Other assets		1,544			(57,076	)		9,910			(33,794	)
Accrued taxes and expenses		(30,903	)		(35,750	)		(19,047	)		(30,954	)
Net cash provided by operating activities		179,445			77,252			409,596			266,033
Cash flows from investing activities:
Purchases of receivables		(1,524,704	)		(1,223,133	)		(3,146,643	)		(2,401,555	)
Principal collections and recoveries on receivables		976,241			728,964			1,952,779			1,434,791
Distributions from gain on sale Trusts, net of swap payments		110,655			98,804			253,673			199,086
Net sales (purchases) of property and equipment		(1,347	)		(1,027	)		32,558			(1,662	)
Net change in restricted cash and other		(265,827	)		453,606			(120,266	)		146,300
Net cash (used) provided by investing activities		(704,982	)		57,214			(1,027,899	)		(623,040	)
Cash flows from financing activities:
Net change in warehouse credit facilities		128,167			(72,595	)		241,933			448,937
Net change in securitization notes		498,090			(16,993	)		708,475			113,220
Net change in senior notes and other		(18,132	)		(12,703	)		(21,817	)		(20,995	)
Repurchase of common stock		(194,815	)		(76,314	)		(398,929	)		(144,145	)
Net proceeds from issuance of common stock		5,774			5,097			9,181			24,683
Net cash provided (used) by financing activities		419,084			(173,508	)		538,843			421,700
Net (decrease) increase in cash and cash equivalents		(106,453	)		(39,042	)		(79,460	)		64,693
Effect of Canadian exchange rate changes on cash and cash equivalents		122			600			2,104			1,688
Cash and cash equivalents at beginning of period		692,476			526,273			663,501			421,450
Cash and cash equivalents at end of period	$	586,145		$	487,831		$	586,145		$	487,831

(a) On January 23, 2006, the Company will file a Form 8-K disclosing that the consolidated statements of cash flows have been restated to reclassify certain items including distributions from gain on sale Trusts, net of swap payments between Net cash provided by operating activities and Net cash (used) provided by investing activities.

Other Financial Data

(Unaudited, Dollars in Thousands)

	Three Months Ended December 31,						Six Months Ended December 31,
	2005			2004			2005			2004
Loan originations	$	1,339,526		$	1,120,252		$	2,859,672		$	2,205,038
Loans securitized		1,513,514			810,812			2,702,705			1,685,130
Average on-book receivables	$	9,573,416		$	7,394,990		$	9,312,002		$	7,174,033
Average gain on sale receivables		1,445,804			3,876,658			1,708,097			4,302,322
Average managed receivables	$	11,019,220		$	11,271,648		$	11,020,099		$	11,476,355
	December 31, 2005			June 30, 2005			December 31, 2004
On-book receivables	$	9,873,603		$	8,838,968		$	7,622,551
Gain on sale receivables		1,125,188			2,163,941			3,487,166
Managed receivables	$	10,998,791		$	11,002,909		$	11,109,717
	Three Months Ended December 31,						Six Months Ended December 31,
	2005			2004			2005			2004
Operating expenses	$	83,919		$	80,001		$	161,784		$	154,002
Operating expenses as a percent of average managed receivables		3.0	%		2.8	%		2.9	%		2.7	%
Tax rate		36.84	%		37.00	%		37.00	%		37.00	%
	December 31, 2005			June 30, 2005			December 31, 2004
Loan delinquency:
On-book:
(% of ending on-book receivables)
31 - 60 days		6.0	%		4.3	%		5.0	%
Greater than 60 days		2.5			1.8			1.9
Total		8.5	%		6.1	%		6.9	%
Gain on sale:
(% of ending gain on sale receivables)
31 - 60 days		11.1	%		8.8	%		10.2	%
Greater than 60 days		5.2			3.9			4.0
Total		16.3	%		12.7	%		14.2	%
Total portfolio:
(% of ending managed receivables)
31 - 60 days		6.5	%		5.2	%		6.6	%
Greater than 60 days		2.8			2.2			2.6
Total		9.3	%		7.4	%		9.2	%

	Three Months Ended December 31,						Six Months Ended December 31,
	2005			2004			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	%		5.4	%		6.4	%		5.0	%
Gain on sale (% of average gain on sale receivables)		9.5	%		9.9	%		10.1	%		9.7	%
Total portfolio (% of average managed receivables)		6.8	%		6.9	%		7.0	%		6.8	%
	Three Months Ended December 31,						Six Months Ended December 31,
	2005			2004			2005			2004
Net charge-offs:
On-book	$	128,343		$	93,954		$	237,516		$	168,935
Gain on sale		36,657			103,583			84,639			214,895
	$	165,000		$	197,537		$	322,155		$	383,830
Net charge-offs as a percent of average receivables:
On-book		5.3	%		5.0	%		5.1	%		4.7	%
Gain on sale		10.1	%		10.6	%		9.8	%		9.9	%
Total portfolio		5.9	%		7.0	%		5.8	%		6.6	%
Net recoveries as a percent of gross repossession charge-offs:
On-book		48.0	%		44.1	%		47.8	%		44.7	%
Gain on sale		40.8	%		36.8	%		40.3	%		37.1	%
Total portfolio		46.4	%		40.3	%		45.8	%		40.4	%
	December 31, 2005			June 30, 2005			December 31, 2004
On-book receivables:
Principal	$	9,873,603		$	8,838,968		$	7,622,551
Allowance for loan losses and nonaccretable acquisition fees		(609,037	)		(541,218	)		(460,183	)
	$	9,264,566		$	8,297,750		$	7,162,368
Allowance as a percentage of on-book receivables		6.2	%		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 three months ended December 31, 2005, is as follows:

	Three Months Ended December 31,						Six Months Ended December 31,
	2005			2004			2005			2004
Finance charge income	$	394,075		$	291,675		$	767,811		$	561,603
Other income		23,761			12,720			44,947			23,391
Interest expense		(101,179	)		(61,976	)		(191,450	)		(119,492	)
Net margin	$	316,657		$	242,419		$	621,308		$	465,502
	Three Months Ended December 31,						Six Months Ended December 31,
	2005			2004			2005			2004
Finance charge income		16.3	%		15.6	%		16.3	%		15.5	%
Other income		1.0			0.7			1.0			0.7
Interest expense		(4.2	)		(3.3	)		(4.1	)		(3.3	)
Net margin as a percent of average on-book receivables		13.1	%		13.0	%		13.2	%		12.9	%

Contact:

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