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 $9.8 million, $0.07 per share

• Allowance for loan losses increased to 7.7% of outstanding receivables

• Total available liquidity of $409.4 million

FORT WORTH, TEXAS April 23, 2009 – AMERICREDIT CORP. (NYSE: ACF) today announced net income of $9.8 million, or $0.07 per share, for its fiscal third quarter ended March 31, 2009, compared to earnings of $38.2 million, or $0.31 per share, for the same period a year earlier. For the nine months ended March 31, 2009, AmeriCredit reported a net loss of $17.4 million, or $0.14 per share, versus earnings of $80.9 million, or $0.65 per share, for the nine months ended March 31, 2008.

The allowance for loan losses as a percentage of finance receivables increased to 7.7% at March 31, 2009, from 7.1% at December 31, 2008 and 5.7% at March 31, 2008.

Originations were $210.1 million for the quarter ended March 31, 2009, compared to $1.3 billion for the same quarter last fiscal year. Originations for the nine months ended March 31, 2009, were $1.1 billion, compared to $5.5 billion for the same period a year earlier. Finance receivables totaled $11.9 billion at March 31, 2009, compared to $15.8 billion at March 31, 2008.

Annualized net charge-offs totaled 7.8% of average finance receivables for the three months ended March 2009, compared to 6.6% for the three months ended March 2008. For the nine months ended March 31, 2009, annualized net charge-offs were 8.2%, compared to 6.3% for the same period last year.

Finance receivables 31-to-60 days delinquent were 6.0% of the portfolio at March 31, 2009, compared to 5.3% at March 31, 2008. Accounts more than 60 days delinquent were 3.0% of the portfolio at March 31, 2009, compared to 2.3% a year ago.

The Company had total liquidity of $409.4 million at March 31, 2009, consisting of $120.9 million of unrestricted cash and approximately $288.5 million of available borrowing capacity on unpledged eligible receivables.

“Over the past year and a half, we have taken timely steps to preserve liquidity, strengthen our balance sheet and adjust our operating model to weather the economic downturn. This quarter, we solidified our funding platform by amending and extending our Master Warehouse Facility. We also reduced our leverage ratio and increased our allowance for loan losses, while protecting book value,” said President and Chief Executive Officer Dan Berce. “We have positioned our business to withstand the economic cycle and take advantage of more favorable conditions in the future.”

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 approximately one million customers and $12 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 the Company’s 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 Statements of Operations

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

	Three Months Ended March 31,				Nine Months Ended March 31,
	2009		2008		2009			2008
Revenue:
Finance charge income	$	452,186	$	595,743	$	1,483,719		$	1,820,300
Other income		29,191		42,999		90,893			124,370
Gain on retirement of debt		14,442		—		53,309			—
		495,819		638,742		1,627,921			1,944,670
Costs and expenses:
Operating expenses		76,278		100,016		244,877			308,065
Leased vehicles depreciation		13,694		9,679		36,765			24,112
Provision for loan losses		234,816		250,659		797,703			851,817
Interest expense		143,085		208,084		557,194			633,378
Restructuring charges		7,810		9,150		10,465			8,857
		475,683		577,588		1,647,004			1,826,229
Income (loss) before income taxes		20,136		61,154		(19,083	)		118,441
Income tax provision (benefit)		10,303		22,989		(1,698	)		37,547
Net income (loss)	$	9,833	$	38,165	$	(17,385	)	$	80,894
Earnings (loss) per share:
Basic	$	0.07	$	0.33	$	(0.14	)	$	0.70
Diluted	$	0.07	$	0.31	$	(0.14	)	$	0.65
Weighted average shares		131,914,885		114,692,272		122,697,685			114,850,727
Weighted average shares and assumed incremental shares		133,982,994		126,728,797		122,697,685			127,244,120

Consolidated Balance Sheets

(Unaudited, Dollars in Thousands)

	March 31, 2009		June 30, 2008		March 31, 2008
Cash and cash equivalents	$	120,931	$	433,493	$	484,175
Finance receivables, net		10,983,331		14,030,299		14,920,808
Restricted cash – securitization notes payable		899,105		982,670		1,009,890
Restricted cash – credit facilities		234,054		259,699		254,857
Property and equipment, net		46,764		55,471		58,282
Leased vehicles, net		169,178		210,857		217,342
Deferred income taxes		122,262		317,319		274,657
Goodwill		—		—		212,595
Income taxes receivable		202,817		22,897		18,886
Investment in money market fund		13,232		—		—
Other assets		196,216		234,505		167,387
Total assets	$	12,987,890	$	16,547,210	$	17,618,879
Credit facilities	$	1,782,716	$	2,928,161	$	3,418,571
Securitization notes payable		8,301,785		10,420,327		10,882,696
Senior notes		91,620		200,000		200,000
Convertible debt		486,150		750,000		750,000
Funding payable		6,097		21,519		28,834
Accrued taxes and expenses		158,115		216,387		207,669
Other liabilities		147,605		113,946		145,333
Total liabilities		10,974,088		14,650,340		15,633,103
Shareholders’ equity		2,013,802		1,896,870		1,985,776
Total liabilities and shareholders’ equity	$	12,987,890	$	16,547,210	$	17,618,879

Consolidated Statements of Cash Flows

(Unaudited, Dollars in Thousands)

	Three Months Ended March 31,						Nine Months Ended March 31,
	2009			2008			2009			2008
Cash flows from operating activities:
Net income (loss)	$	9,833		$	38,165		$	(17,385	)	$	80,894
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		25,200			21,223			83,291			58,683
Accretion and amortization of fees		3,879			9,528			15,903			20,120
Provision for loan losses		234,816			250,659			797,703			851,817
Deferred income taxes		177,379			(7,808	)		221,025			(71,019	)
Stock-based compensation expense		3,691			2,850			11,238			15,402
Amortization of warrants		2,083			—			43,017			—
Gain on retirement of debt		(14,442	)		—			(54,064	)		—
Other		(2,906	)		5,013			3,641			5,898
Changes in assets and liabilities:
Other assets		(135,613	)		38,828			(195,918	)		(41,823	)
Accrued taxes and expenses		(37,939	)		(33,343	)		(45,988	)		2,912
Net cash provided by operating activities		265,981			325,115			862,463			922,884
Cash flows from investing activities:
Purchase of receivables		(198,588	)		(1,349,368	)		(1,112,143	)		(5,475,655	)
Principal collections and recoveries on receivables		1,074,933			1,610,081			3,312,854			4,729,917
Net purchases of leased vehicles		—			(19,899	)		—			(192,449	)
Investment in money market fund		—			—			(115,821	)		—
Proceeds from money market fund		7,692			—			99,114			—
Net change in restricted cash and other		(53,497	)		(103,282	)		132,038			(99,212	)
Net cash provided (used) by investing activities		830,540			137,532			2,316,042			(1,037,399	)
Cash flows from financing activities:
Net change in credit facilities		(158,105	)		942,518			(1,125,534	)		876,422
Net change in securitization notes payable		(953,056	)		(1,486,411	)		(2,111,096	)		(1,060,947	)
Repurchase of common stock		—			—			—			(127,901	)
Proceeds from issuance of common stock		4			505			1,271			14,051
Retirement of convertible debt		(10,250	)		—			(224,723	)		—
Other net changes		(22,870	)		(1,165	)		(35,246	)		(13,924	)
Net cash used by financing activities		(1,144,277	)		(544,553	)		(3,495,328	)		(312,299	)
Net decrease in cash and cash equivalents		(47,756	)		(81,906	)		(316,823	)		(426,814	)
Effect of Canadian exchange rate changes on cash and cash equivalents		1,997			(1,006	)		4,261			685
Cash and cash equivalents at beginning of period		166,690			567,087			433,493			910,304
Cash and cash equivalents at end of period	$	120,931		$	484,175		$	120,931		$	484,175

Other Financial Data

(Unaudited, Dollars in Thousands)

	Three Months Ended March 31,				Nine Months Ended March 31,
	2009		2008		2009		2008
Origination volume	$	210,064	$	1,327,112	$	1,110,184	$	5,513,048
Loans securitized		—		—		1,289,082		3,713,833
Average finance receivables	$	12,469,678	$	16,187,675	$	13,527,449	$	16,261,870

	March 31, 2009			June 30, 2008			March 31, 2008
Finance receivables:
Principal	$	11,901,323		$	14,981,412		$	15,820,314
Allowance for loan losses and nonaccretable acquisition fees		(917,992	)		(951,113	)		(899,506	)
	$	10,983,331		$	14,030,299		$	14,920,808
Allowance as a percent of ending finance receivables		7.7	%		6.3	%		5.7	%
	March 31, 2009			June 30, 2008			March 31, 2008
Loan delinquency as a percent of ending finance receivables:
31 - 60 days		6.0	%		6.0	%		5.3	%
Greater than 60 days		3.0			2.9			2.3
Total		9.0	%		8.9	%		7.6	%

	Three Months Ended March 31,						Nine Months Ended March 31,
	2009			2008			2009			2008
Contracts receiving a payment deferral as an average quarterly percent of average finance receivables		8.0	%		5.8	%		7.8	%		6.2	%
Net charge-offs	$	239,800		$	266,371		$	830,824		$	772,546
Annualized net charge-offs as a percent of average finance receivables		7.8	%		6.6	%		8.2	%		6.3	%
Net recoveries as a percent of gross repossession charge-offs		39.0	%		43.9	%		39.2	%		45.2	%

Components of net margin:

	Three Months Ended March 31,						Nine Months Ended March 31,
	2009			2008			2009			2008
Finance charge income	$	452,186		$	595,743		$	1,483,719		$	1,820,300
Other income		29,191			42,999			90,893			124,370
Interest expense		(143,085	)		(208,084	)		(557,194	)		(633,378	)
Net margin	$	338,292		$	430,658		$	1,017,418		$	1,311,292

Annualized net margin as a percent of average finance receivables:

	Three Months Ended March 31,						Nine Months Ended March 31,
	2009			2008			2009			2008
Finance charge income		14.7	%		14.8	%		14.6	%		14.9	%
Other income		0.9			1.1			0.9			1.0
Interest expense		(4.6	)		(5.2	)		(5.5	)		(5.2	)
		11.0	%		10.7	%		10.0	%		10.7	%
	Three Months Ended March 31,						Nine Months Ended March 31,
	2009			2008			2009			2008
Operating expenses	$	76,278		$	100,016		$	244,877		$	308,065
Annualized operating expenses as a percent of average finance receivables		2.5	%		2.5	%		2.4	%		2.5	%

Contact:

  Caitlin DeYoung

  (817) 302-7394