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

Exhibit 99.1

AMERICREDIT REPORTS THIRD QUARTER OPERATING RESULTS

•      3^rd 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 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 March 31,				Nine Months Ended 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, 2006		June 30, 2005		March 31, 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 March 31,						Nine Months Ended 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 March 31,						Nine Months Ended 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, 2006			June 30, 2005			March 31, 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 March 31,						Nine Months Ended 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, 2006			June 30, 2005			March 31, 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 March 31,						Nine Months Ended 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 March 31,						Nine Months Ended 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, 2006			June 30, 2005			March 31, 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 March 31,						Nine Months Ended 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 March 31,						Nine Months Ended 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:

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