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 $38 million, $0.31 per share

FORT WORTH, TEXAS April 24, 2008 – AMERICREDIT CORP. (NYSE: ACF) today announced net income of $38 million, or $0.31 per share, for its fiscal third quarter ended March 31, 2008. AmeriCredit reported net income of $104 million, or $0.80 per share, for the same period a year earlier. For the nine months ended March 31, 2008, AmeriCredit reported net income of $81 million, or $0.65 per share, versus earnings of $273 million, or $2.06 per share, for the nine months ended March 31, 2007.

Net income for the three months ended March 31, 2007, included a $10 million after-tax gain ($16 million pre-tax), or $0.08 per share, related to the sale of AmeriCredit’s investment in DealerTrack Holdings, Inc., and a $21 million, or $0.16 per share, adjustment to reserves for contingent tax positions. Net income for the nine months ended March 31, 2007, included a $33 million after-tax gain ($52 million pre-tax), or $0.25 per share, related to the sale of AmeriCredit’s investment in DealerTrack Holdings, Inc.

Automobile loan purchases were $1.33 billion for the three months ended March 31, 2008, compared to $2.52 billion for the same quarter last fiscal year. Loans purchased for the nine months ended March 31, 2008, were $5.51 billion compared to $5.94 billion for the same period a year earlier. Managed receivables totaled $15.82 billion at March 31, 2008, compared to $15.15 billion at March 31, 2007.

Annualized net charge-offs totaled 6.6% of average managed receivables for the March 2008 quarter compared to 4.6% for the March 2007 quarter. For the nine months ended March 31, 2008, annualized net charge-offs were 6.3% compared to 5.2% for the same period last year.

Managed receivables 31-to-60 days delinquent were 5.3% of the portfolio at March 31, 2008, compared to 4.1% at March 31, 2007. Accounts more than 60 days delinquent were 2.3% of the portfolio at March 31, 2008, compared to 1.5% a year ago.

“Over the last several months, we have experienced modest seasonal improvement in credit performance, although credit performance remains worse year-over-year. Given the weaker credit performance and challenging capital markets, we have reduced our originations target

for the calendar year to conserve liquidity and protect our franchise until economic conditions improve,” said AmeriCredit President and Chief Executive Officer Dan Berce. AmeriCredit now expects an annual origination run rate of approximately $3 billion.

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 automobile finance company that provides financing solutions indirectly through auto dealers in the United States and Canada. AmeriCredit has over one million customers and more than $15 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 year ended June 30, 2007. Such risks include – but are not limited to – variable economic conditions, adverse portfolio performance, volatile wholesale vehicle 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 subprime 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. It is advisable not to place undue reliance on any forward-looking statements. The Company undertakes no obligation to, and does not, publicly update or revise any forward-looking statements, except as required by federal securities laws, whether as a result of new information, future events or otherwise.

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AmeriCredit Corp.

Consolidated Income Statements

(Unaudited, Dollars in Thousands, Except Per Share Amounts)

	Three Months Ended March 31,				Nine Months Ended March 31,
	2008		2007		2008		2007
Revenue:
Finance charge income	$	595,743	$	564,104	$	1,820,300	$	1,550,678
Other income		42,986		34,797		123,563		102,846
Servicing income		13		571		807		9,009
Gain on sale of equity investment		—		15,801		—		51,997
		638,742		615,273		1,944,670		1,714,530
Costs and expenses:
Operating expenses		100,016		109,370		308,065		291,753
Leased vehicles depreciation		9,679		76		24,112		76
Provision for loan losses		250,659		189,028		851,817		537,733
Interest expense		208,084		186,610		633,378		485,941
Restructuring charges		9,150		757		8,857		1,143
		577,588		485,841		1,826,229		1,316,646
Income before income taxes		61,154		129,432		118,441		397,884
Income tax provision		22,989		25,700		37,547		124,490
Net income	$	38,165	$	103,732	$	80,894	$	273,394
Earnings per share:
Basic	$	0.33	$	0.88	$	0.70	$	2.29
Diluted	$	0.31	$	0.80	$	0.65	$	2.06
Weighted average shares		114,692,272		117,540,639		114,850,727		119,539,921
Weighted average shares and assumed incremental shares		126,728,797		131,166,057		127,244,120		133,693,242

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Consolidated Balance Sheets

(Unaudited, Dollars in Thousands)

	March 31, 2008		June 30, 2007		March 31, 2007
Cash and cash equivalents	$	484,175	$	910,304	$	615,395
Finance receivables, net		14,920,808		15,102,370		14,367,447
Restricted cash – securitization notes payable		1,009,890		1,014,353		1,144,173
Restricted cash – credit facilities		254,857		166,884		194,693
Property and equipment, net		58,282		58,572		59,041
Leased vehicles, net		217,342		33,968		4,352
Deferred income taxes		274,657		151,704		153,521
Goodwill		212,595		208,435		200,497
Other assets		186,273		164,430		145,792
Total assets	$	17,618,879	$	17,811,020	$	16,884,911
Credit facilities	$	3,418,571	$	2,541,702	$	3,004,774
Securitization notes payable		10,882,696		11,939,447		10,883,909
Senior notes		200,000		200,000		—
Convertible debt		750,000		750,000		750,000
Funding payable		28,834		87,474		93,170
Accrued taxes and expenses		207,669		199,059		188,984
Other liabilities		145,333		18,188		14,404
Total liabilities		15,633,103		15,735,870		14,935,241
Shareholders’ equity		1,985,776		2,075,150		1,949,670
Total liabilities and shareholders’ equity	$	17,618,879	$	17,811,020	$	16,884,911

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Consolidated Statements of Cash Flows

(Unaudited, Dollars in Thousands)

	Three Months Ended March 31,						Nine Months Ended March 31,
	2008			2007			2008			2007
Cash flows from operating activities:
Net income	$	38,165		$	103,732		$	80,894		$	273,394
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		21,223			4,528			58,683			24,025
Accretion and amortization of fees		9,528			(3,307	)		20,120			(17,266	)
Provision for loan losses		250,659			189,028			851,817			537,733
Deferred income taxes		(7,808	)		(28,917	)		(71,019	)		(28,875	)
Stock-based compensation expense		2,850			5,054			15,402			14,375
Gain on sale of available for sale securities		—			(15,801	)		—			(51,997	)
Other		1,834			516			3,663			2,576
Changes in assets and liabilities:
Other assets		38,828			23,869			(41,823	)		27,174
Accrued taxes and expenses		(30,164	)		21,321			5,147			5,923
Net cash provided by operating activities		325,115			300,023			922,884			787,062
Cash flows from investing activities:
Purchase of receivables		(1,349,368	)		(2,542,356	)		(5,475,655	)		(6,283,184	)
Principal collections and recoveries on receivables		1,610,081			1,621,219			4,729,917			4,252,500
Distributions from gain on sale Trusts		—			248			7,466			92,957
Net purchases of property and equipment		(1,001	)		(6,270	)		(7,719	)		(9,271	)
Net purchases of leased vehicles		(19,899	)		(3,466	)		(192,449	)		(3,466	)
Proceeds from sale of available for sale securities		—			18,661			—			62,961
Acquisition of LBAC, net of cash acquired		—			(257,813	)		—			(257,813	)
Net change in restricted cash and other		(102,281	)		(197,472	)		(98,959	)		(209,284	)
Net cash provided (used) by investing activities		137,532			(1,367,249	)		(1,037,399	)		(2,354,600	)
Cash flows from financing activities:
Net change in credit facilities		942,518			401,371			876,422			695,970
Net change in securitization notes payable		(1,486,411	)		384,858			(1,060,947	)		771,631
Proceeds from issuance of convertible debt		—			—			—			497,376
Repurchase of common stock		—			—			(127,901	)		(323,964	)
Proceeds from issuance of common stock		505			4,638			14,051			47,864
Other net changes		(1,165	)		(3,878	)		(13,924	)		(15,271	)
Net cash (used) provided by financing activities		(544,553	)		786,989			(312,299	)		1,673,606
Net (decrease) increase in cash and cash equivalents		(81,906	)		(280,237	)		(426,814	)		106,068
Effect of Canadian exchange rate changes on cash and cash equivalents		(1,006	)		(1,754	)		685			(3,913	)
Cash and cash equivalents at beginning of period		567,087			897,386			910,304			513,240
Cash and cash equivalents at end of period	$	484,175		$	615,395		$	484,175		$	615,395

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Other Financial Data

(Unaudited, Dollars in Thousands)

	Three Months Ended March 31,						Nine Months Ended March 31,
	2008			2007			2008			2007
Origination volume	$	1,327,112		$	2,518,336		$	5,513,048		$	5,943,072
Loans securitized		—			1,919,503			3,713,833			4,895,244
Average on-book receivables	$	16,187,675		$	14,669,061		$	16,261,870		$	12,993,241
Average gain on sale receivables		—			31,500			9,459			132,185
Average managed receivables	$	16,187,675		$	14,700,561		$	16,271,329		$	13,125,426
	March 31, 2008			June 30, 2007			March 31, 2007
On-book receivables	$	15,820,314		$	15,922,458		$	15,123,907
Gain on sale receivables		—			24,091			28,979
Managed receivables	$	15,820,314		$	15,946,549		$	15,152,886
	Three Months Ended March 31,						Nine Months Ended March 31,
	2008			2007			2008			2007
Operating expenses	$	100,016		$	109,370		$	308,065		$	291,753
Annualized operating expenses as a percent of average managed receivables		2.5	%		3.0	%		2.5	%		3.0	%
Tax rate		37.6	%		19.9	%		31.7	%		31.3	%
	March 31, 2008			June 30, 2007			March 31, 2007
Loan delinquency:
On-book:
(% of ending on-book receivables)
31 - 60 days		5.3	%		4.7	%		4.1	%
Greater than 60 days		2.3			2.1			1.5
Total		7.6	%		6.8	%		5.6	%
Managed portfolio:
(% of ending managed receivables)
31 - 60 days		5.3	%		4.7	%		4.1	%
Greater than 60 days		2.3			2.1			1.5
Total		7.6	%		6.8	%		5.6	%

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	Three Months Ended March 31,						Nine Months Ended March 31,
	2008			2007			2008			2007
Contracts receiving a payment deferral as an average quarterly percentage of average receivables outstanding:
On-book (% of average on-book receivables)		5.8	%		5.0	%		6.2	%		6.0	%
Managed portfolio (% of average managed receivables)		5.8	%		5.0	%		6.2	%		6.0	%
	Three Months Ended March 31,						Nine Months Ended March 31,
	2008			2007			2008			2007
Net charge-offs:
On-book	$	266,371		$	165,117		$	772,508		$	510,134
Managed portfolio	$	266,371		$	165,175		$	772,546		$	515,008
Annualized net charge-offs as a percent of average receivables:
On-book		6.6	%		4.6	%		6.3	%		5.2	%
Managed portfolio		6.6	%		4.6	%		6.3	%		5.2	%
Annualized net recoveries as a percent of gross repossession charge-offs:
On-book		43.9	%		49.5	%		45.2	%		49.0	%
Managed portfolio		43.9	%		49.5	%		45.2	%		49.0	%
	March 31, 2008			June 30, 2007			March 31, 2007
On-book receivables:
Principal	$	15,820,314		$	15,922,458		$	15,123,907
Allowance for loan losses and nonaccretable acquisition fees		(899,506	)		(820,088	)		(756,460	)
	$	14,920,808		$	15,102,370		$	14,367,447
Allowance as a percentage of on-book receivables		5.7	%		5.2	%		5.0	%

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

	Three Months Ended March 31,						Nine Months Ended March 31,
	2008			2007			2008			2007
Finance charge income	$	595,743		$	564,104		$	1,820,300		$	1,550,678
Other income		42,986			34,797			123,563			102,846
Interest expense		(208,084	)		(186,610	)		(633,378	)		(485,941	)
Net margin	$	430,645		$	412,291		$	1,310,485		$	1,167,583
	Three Months Ended March 31,						Nine Months Ended March 31,
	2008			2007			2008			2007
Finance charge income		14.8	%		15.6	%		14.9	%		15.9	%
Other income		1.1			1.0			1.0			1.1
Interest expense		(5.2	)		(5.2	)		(5.2	)		(5.0	)
Annualized net margin as a percent of average on-book receivables		10.7	%		11.4	%		10.7	%		12.0	%

Contact:

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

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