General Motors Financial (ACF) 8-K Americredit Reports Fourth Quarter and Fiscal Year 2009

Exhibit 99.1

AMERICREDIT REPORTS FOURTH QUARTER AND FISCAL YEAR 2009

OPERATING RESULTS

• 4^th Quarter earnings of $31 million, $0.23 per share

• Allowance for loan losses increased to 8.2% of outstanding receivables

• Total available liquidity of $483 million

FORT WORTH, TEXAS August 5, 2009 – AMERICREDIT CORP. (NYSE: ACF) today announced net income of $31 million, or $0.23 per share, for its fiscal fourth quarter ended June 30, 2009. AmeriCredit reported a net loss of $150 million, or $1.30 per share, for the same period a year earlier. For the fiscal year ended June 30, 2009, AmeriCredit reported net income of $14 million, or $0.11 per share, compared to a net loss of $69 million, or $0.60 per share, for the fiscal year ended June 30, 2008.

The net loss for the quarter and fiscal year ended June 30, 2008, included a $135 million after-tax impairment charge ($213 million pre-tax), or $1.17 per share, related to the write-off of goodwill recorded in connection with the acquisitions of Long Beach Acceptance Corp. and Bay View Acceptance Corporation.

Originations were $175 million for the quarter ended June 30, 2009, compared to $780 million for the same quarter last fiscal year. Originations for the fiscal year ended June 30, 2009, were $1.29 billion, compared to $6.29 billion for the prior fiscal year. Managed receivables totaled $10.93 billion at June 30, 2009, compared to $14.98 billion at June 30, 2008.

Annualized net charge-offs totaled 7.1% of average finance receivables for the three months ended June 30, 2009, compared to 5.9% for the three months ended June 30, 2008. For the fiscal year ended June 30, 2009, net charge-offs were 7.9%, compared to 6.2% last year.

Finance receivables 31-to-60 days delinquent were 6.9% of the portfolio at June 30, 2009, compared to 6.0% at June 30, 2008. Accounts more than 60 days delinquent were 3.5% of the portfolio at June 30, 2009, compared to 2.9% a year ago.

The allowance for loan losses as a percentage of finance receivables increased to 8.2% at June 30, 2009, from 7.7% at March 31, 2009 and 6.3% at June 30, 2008.

The Company had total available liquidity of $483 million at June 30, 2009, consisting of $193 million of unrestricted cash and approximately $290 million of borrowing capacity on unpledged eligible receivables.

“We are pleased to have been able to generate positive returns despite the unprecedented economic and capital markets conditions that we faced over the past year,” said President and Chief Executive Officer Dan Berce. “We fully expect to see continued pressure on consumer credit from high unemployment levels and weak economic conditions, especially as we head into our seasonally weak second half of the calendar year. We will continue to focus on maximizing cash collections from our loan portfolio and protecting shareholder value.”

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 900,000 customers and $11 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 loans, the continued availability of credit enhancement for securitization transactions on acceptable terms, fluctuating interest rates, competition, regulatory and legal 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 June 30,					Fiscal Year Ended June 30,
	2009		2008			2009		2008
Revenue:
Finance charge income	$	418,965	$	562,184		$	1,902,684	$	2,382,484
Other income		25,595		36,228			116,488		160,598
Gain on retirement of debt		9,886		—			63,195		—
		454,446		598,412			2,082,367		2,543,082
Costs and expenses:
Operating expenses		63,926		89,749			308,803		397,814
Leased vehicles depreciation		11,115		12,250			47,880		36,362
Provision for loan losses		174,678		279,145			972,381		1,130,962
Impairment of goodwill		—		212,595			—		212,595
Interest expense		147,426		204,034			704,620		837,412
Restructuring charges		1,382		11,259			11,847		20,116
		398,527		809,032			2,045,531		2,635,261
Income (loss) before income taxes		55,919		(210,620	)		36,836		(92,179	)
Income tax provision (benefit)		24,647		(60,407	)		22,949		(22,860	)
Net Income (loss)	$	31,272	$	(150,213	)	$	13,887	$	(69,319	)
Earnings (loss) per share:
Basic	$	0.24	$	(1.30	)	$	0.11	$	(0.60	)
Diluted	$	0.23	$	(1.30	)	$	0.11	$	(0.60	)
Weighted average shares		132,890,596		115,299,234			125,239,241		114,962,241
Weighted average shares and assumed incremental shares		133,523,867		115,299,234			129,381,343		114,962,241

Consolidated Balance Sheets

(Unaudited, Dollars in Thousands)

	June 30, 2009		March 31, 2009		June 30, 2008
Cash and cash equivalents	$	193,287	$	120,931	$	433,493
Finance receivables, net		10,037,329		10,983,331		14,030,299
Restricted cash – securitization notes payable		851,606		899,105		982,670
Restricted cash – credit facilities		195,079		234,054		259,699
Property and equipment, net		44,195		46,764		55,471
Leased vehicles, net		156,387		169,178		210,857
Deferred income taxes		100,139		122,262		317,319
Income tax receivable		197,579		202,817		22,897
Investment in money market fund		8,027		13,232		—
Other assets		200,586		196,216		234,505
Total assets	$	11,984,214	$	12,987,890	$	16,547,210
Credit facilities	$	1,630,133	$	1,782,716	$	2,928,161
Securitization notes payable		7,426,687		8,301,785		10,420,327
Senior notes		91,620		91,620		200,000
Convertible debt		462,017		486,150		750,000
Funding payable		4,700		6,097		21,519
Accrued taxes and expenses		152,940		158,115		216,387
Interest rate swap agreements		131,885		135,802		72,697
Other liabilities		20,540		11,803		41,249
Total liabilities		9,920,522		10,974,088		14,650,340
Shareholders’ equity		2,063,692		2,013,802		1,896,870
Total liabilities and shareholders’ equity	$	11,984,214	$	12,987,890	$	16,547,210

Consolidated Statements of Cash Flows

(Unaudited, Dollars in Thousands)

	Three Months Ended June 30,						Fiscal Year Ended June 30,
	2009			2008			2009			2008
Cash flows from operating activities:
Net income (loss)	$	31,272		$	(150,213	)	$	13,887		$	(69,319	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		26,283			28,796			109,574			87,479
Accretion and amortization of fees		3,191			9,315			19,094			29,435
Provision for loan losses		174,678			279,145			972,381			1,130,962
Deferred income taxes		17,965			(66,930	)		238,990			(137,949	)
Stock-based compensation expense		3,026			2,543			14,264			17,945
Amortization of warrants		2,084			10,193			45,101			10,193
Gain on retirement of debt		(9,886	)		—			(63,950	)		—
Impairment of goodwill		—			212,595			—			212,595
Other		(868	)		228			2,773			6,126
Changes in assets and liabilities:
Income tax receivable		5,238			(4,011	)		(174,682	)		(22,897	)
Other assets		9,294			7,310			(6,704	)		(15,627	)
Accrued taxes and expenses		(6,125	)		8,106			(52,113	)		11,018
Net cash provided by operating activities		256,152			337,077			1,118,615			1,259,961
Cash flows from investing activities:
Purchase of receivables		(168,148	)		(784,543	)		(1,280,291	)		(6,260,198	)
Principal collections and recoveries on receivables		944,783			1,378,773			4,257,637			6,108,690
Net purchases of leased vehicles		—			(6,377	)		—			(198,826	)
Net change in money market fund		5,205			—			(11,502	)		—
Net change in restricted cash and other		74,163			(4,587	)		206,201			(103,799	)
Net cash provided (used) by investing activities		856,003			583,266			3,172,045			(454,133	)
Cash flows from financing activities:
Net change in credit facilities		(152,583	)		(490,811	)		(1,278,117	)		385,611
Net change in securitization notes payable		(876,328	)		(463,088	)		(2,987,424	)		(1,524,035	)
Repurchase of common stock		—			—			—			(127,901	)
Proceeds from issuance of common stock		2,470			11,123			3,741			25,174
Retirement of convertible debt		(13,894	)		—			(238,617	)		—
Other net changes		2,034			(25,100	)		(33,212	)		(39,024	)
Net cash used by financing activities		(1,038,301	)		(967,876	)		(4,533,629	)		(1,280,175	)
Net increase (decrease) in cash and cash equivalents		73,854			(47,533	)		(242,969	)		(474,347	)
Effect of Canadian exchange rate changes on cash and cash equivalents		(1,498	)		(3,149	)		2,763			(2,464	)
Cash and cash equivalents at beginning of period		120,931			484,175			433,493			910,304
Cash and cash equivalents at end of period	$	193,287		$	433,493		$	193,287		$	433,493

Other Financial Data

(Unaudited, Dollars in Thousands)

	Three Months Ended June 30,							Fiscal Year Ended June 30,
	2009				2008			2009			2008
Origination volume	$	174,907			$	780,446		$	1,285,091		$	6,293,494
Loans securitized		—				920,250			1,289,082			4,634,083
Average finance receivables	$	11,419,099			$	15,446,441		$	13,001,773		$	16,059,129
	June 30, 2009				March 31, 2009			June 30, 2008
Finance receivables:
Principal	$	10,927,969			$	11,901,323		$	14,981,412
Allowance for loan losses and nonaccretable acquisition fees		(890,640	)			(917,992	)		(951,113	)
	$	10,037,329			$	10,983,331		$	14,030,299
Allowance as a percent of ending finance receivables		8.2	%			7.7	%		6.3	%
	June 30, 2009				March 31, 2009			June 30, 2008
Loan delinquency as a percent of ending finance receivables:
31 - 60 days		6.9	%			6.0	%		6.0	%
Greater than 60 days		3.5				3.0			2.9
Total		10.4	%			9.0	%		8.9	%
	Three Months Ended June 30,							Fiscal Year Ended June 30,
	2009				2008			2009			2008
Contracts receiving a payment deferral as an average quarterly percent of average finance receivables		7.9	%	��		6.5	%		7.8	%		6.3	%
Net charge-offs	$	202,030			$	227,538		$	1,032,854		$	1,000,084
Annualized net charge-offs as a percent of average finance receivables		7.1	%			5.9	%		7.9	%		6.2	%
Net recoveries as a percent of gross repossession charge-offs		42.1	%			43.6	%		39.8	%		44.8	%

Components of net margin:

	Three Months Ended June 30,						Fiscal Year Ended June 30,
	2009			2008			2009			2008
Finance charge income	$	418,965		$	562,184		$	1,902,684		$	2,382,484
Other income		25,595			36,228			116,488			160,598
Interest expense		(147,426	)		(204,034	)		(704,620	)		(837,412	)
Net margin	$	297,134		$	394,378		$	1,314,552		$	1,705,670
Annualized net margin as a percent of average finance receivables:
	Three Months Ended June 30,						Fiscal Year Ended June 30,
	2009			2008			2009			2008
Finance charge income		14.7	%		14.6	%		14.6	%		14.8	%
Other income		0.9			0.9			0.9			1.0
Interest expense		(5.2	)		(5.3	)		(5.4	)		(5.2	)
Net margin		10.4	%		10.2	%		10.1	%		10.6	%
	Three Months Ended June 30,						Fiscal Year Ended June 30,
	2009			2008			2009			2008
Operating expenses	$	63,926		$	89,749		$	308,803		$	397,814
Annualized operating expenses as a percent of average finance receivables		2.2	%		2.3	%		2.4	%		2.5	%

Contact:

Caitlin DeYoung

(817) 302-7394