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

Exhibit 99.1

AMERICREDIT REPORTS FIRST QUARTER OPERATING RESULTS

• 1^st Quarter net loss of $1.7 million, $0.01 per share

• Pre-tax earnings of $412,000

• Allowance for loan losses increased to 6.8% of outstanding receivables

FORT WORTH, TEXAS October 27, 2008 – AMERICREDIT CORP. (NYSE: ACF) today announced a net loss of $1.7 million, or $0.01 per share, for its fiscal first quarter ended September 30, 2008. AmeriCredit reported net income of $61.8 million, or $0.49 per share, for the same period a year earlier.

The allowance for loan losses as a percentage of finance receivables increased to 6.8% at September 30, 2008, from 6.3% at June 30, 2008.

Originations were $579.3 million for the quarter ended September 30, 2008, compared to $2.4 billion for the same quarter last fiscal year. Finance receivables totaled $14.1 billion at September 30, 2008, compared to $16.4 billion at September 30, 2007.

Annualized net charge-offs totaled 7.3% of average finance receivables for the quarter ended September 30, 2008, compared to 5.4% for the quarter ended September 30, 2007.

Finance receivables 31-to-60 days delinquent were 7.4% of the portfolio at September 30, 2008, compared to 5.5% at September 30, 2007. Accounts more than 60 days delinquent were 3.6% of the portfolio, compared to 2.6% a year ago.

Unrestricted cash was $243.8 million at September 30, 2008, excluding $112.3 million of investment in The Reserve Primary Money Market Fund, which has been reclassified to Investment in money market fund due to the fund’s temporary suspension of distributions. The Company has additional liquidity of approximately $150 million from borrowings capacity on unpledged eligible receivables at September 30, 2008. During the September 2008 quarter, AmeriCredit retired $114.7 million of its 1.75% convertible notes. Book value was $16.49 per share at September 30, 2008.

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 across the United States. AmeriCredit has over one million customers and approximately $14 billion in 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, 2008. 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, 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 Statement of Operations

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

	Three Months Ended September 30,
	2008			2007
Revenue:
Finance charge income	$	533,973		$	611,858
Other income		32,070			40,816
		566,043			652,674
Costs and expenses:
Operating expenses		84,255			104,965
Leased vehicles depreciation		10,914			5,585
Provision for loan losses		274,865			244,645
Interest expense		195,046			211,261
Restructuring charges		551			(130	)
		565,631			566,326
Income before income taxes		412			86,348
Income tax provision		2,074			24,529
Net (loss) income	$	(1,662	)	$	61,819
(Loss) earnings per share:
Basic	$	(0.01	)	$	0.53
Diluted	$	(0.01	)	$	0.49
Weighted average shares		116,271,119			115,550,318
Weighted average shares and assumed incremental shares		116,271,119			128,111,826

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Consolidated Balance Sheets

(Unaudited, Dollars in Thousands)

	September 30, 2008		June 30, 2008		September 30, 2007
Cash and cash equivalents	$	243,752	$	433,493	$	637,070
Finance receivables, net		13,102,726		14,030,299		15,532,786
Restricted cash – securitization notes payable		915,694		982,670		994,813
Restricted cash – credit facilities		190,619		259,699		374,378
Property and equipment, net		52,992		55,471		58,717
Leased vehicles, net		198,606		210,857		169,701
Deferred income taxes		317,444		317,319		239,812
Goodwill		—		—		209,417
Investment in money market fund		112,346		—		—
Other assets		237,224		257,402		211,529
Total assets	$	15,371,403	$	16,547,210	$	18,428,223
Credit facilities	$	2,990,427	$	2,928,161	$	2,212,780
Securitization notes payable		9,289,957		10,420,327		12,881,613
Senior notes		200,000		200,000		200,000
Convertible debt		635,349		750,000		750,000
Funding payable		16,051		21,519		70,438
Accrued taxes and expenses		217,631		216,387		265,435
Other liabilities		104,555		113,946		37,564
Total liabilities		13,453,970		14,650,340		16,417,830
Shareholders’ equity		1,917,433		1,896,870		2,010,393
Total liabilities and shareholders’ equity	$	15,371,403	$	16,547,210	$	18,428,223

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Consolidated Statements of Cash Flows

(Unaudited, Dollars in Thousands)

	Three Months Ended September 30,
	2008			2007
Cash flows from operating activities:
Net (loss) income	$	(1,662	)	$	61,819
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization		25,885			16,955
Accretion and amortization of fees		6,995			4,688
Provision for loan losses		274,865			244,645
Deferred income taxes		(3,166	)		24,529
Stock-based compensation expense		3,894			7,032
Amortization of warrants		12,348			—
Other		2,676			438
Changes in assets and liabilities:
Other assets		1,417			(39,057	)
Accrued taxes and expenses		6,960			(40,810	)
Net cash provided by operating activities		330,212			280,239
Cash flows from investing activities:
Purchase of receivables		(586,647	)		(2,290,411	)
Principal collections and recoveries on receivables		1,213,444			1,585,813
Purchases of property and equipment		(855	)		(2,877	)
Net purchases of leased vehicles		—			(131,713	)
Investment in money market fund		(115,821	)		—
Net change in restricted cash and other		153,558			(196,071	)
Net cash provided (used) by investing activities		663,679			(1,035,259	)
Cash flows from financing activities:
Net change in credit facilities		67,013			(333,457	)
Net change in securitization notes payable		(1,130,862	)		940,327
Repurchase of common stock		—			(127,901	)
Proceeds from issuance of common stock		14			10,199
Retirement of convertible debt		(114,048	)		—
Other net changes		(6,348	)		(9,064	)
Net cash (used) provided by financing activities		(1,184,231	)		480,104
Net decrease in cash and cash equivalents		(190,340	)		(274,916	)
Effect of Canadian exchange rate changes on cash and cash equivalents		599			1,682
Cash and cash equivalents at beginning of period		433,493			910,304
Cash and cash equivalents at end of period	$	243,752		$	637,070

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Other Financial Data

(Unaudited, Dollars in Thousands)

	Three Months Ended September 30,
	2008		2007
Origination volume	$	579,290	$	2,381,217
Loans securitized		—		2,688,182
Average finance receivables	$	14,544,922	$	16,188,641

	September 30, 2008			June 30, 2008			September 30, 2007
Finance receivables:
Principal	$	14,062,845		$	14,981,412		$	16,377,528
Allowance for loan losses and nonaccretable acquisition fees		(960,119	)		(951,113	)		(844,742	)
	$	13,102,726		$	14,030,299		$	15,532,786
Allowance as a percentage of finance receivables		6.8	%		6.3	%		5.2	%

	September 30, 2008		June 30, 2008		September 30, 2007
Loan delinquency as % of ending finance receivables:
31 - 60 days	7.4	%	6.0	%	5.5	%
Greater than 60 days	3.6		2.9		2.6
Total	11.0	%	8.9	%	8.1	%

	Three Months Ended September 30,
	2008		2007
Contracts receiving a payment deferral as an average quarterly percentage of average finance receivables outstanding		7.3%		6.0%
Net charge-offs	$	265,859	$	220,013
Annualized net charge-offs as a percent of average finance receivables		7.3%		5.4%
Net recoveries as a percent of gross repossession charge-offs		41.6%		48.8%

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Components of net margin:

	Three Months Ended September 30,
	2008			2007
Finance charge income	$	533,973		$	611,858
Other income		32,070			40,816
Interest expense		(195,046	)		(211,261	)
Net margin	$	370,997		$	441,413

Annualized net margin as a percentage of average finance receivables:

	Three Months Ended September 30,
	2008		2007
Finance charge income	14.5	%	15.0	%
Other income	0.9		1.0
Interest expense	(5.3	)	(5.2	)
Net margin	10.1	%	10.8	%

	Three Months Ended September 30,
	2008			2007
Operating expenses	$	84,255		$	104,965
Annualized operating expenses as a percent of average finance receivables		2.3	%		2.6	%

Contact:

Caitlin DeYoung

(817) 302-7394

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