FOOL CONFERENCE CALL SYNOPSIS*
By Debora Tidwell (MF Debit)

AmeriCredit Corporation <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: ACF)") else Response.Write("(NYSE: ACF)") end if %>
200 Bailey Avenue
Fort Worth, TX 76107
(817) 332-7000

UNION CITY, CA. (February 1, 1997)/FOOLWIRE/ --- AmeriCredit Corporation announced record second quarter 1997 earnings on January 15th after the market close. Earnings for the quarter were $9.2 million or $0.30 per share compared to $5.6 million or $0.18 per share in the same period last year. That represented an increase of 65% for net income and 67% in earnings per share. For the six month period, they reported record net income of $17.3 million or $0.57 per share compared to $8.1 million or $0.26 per share. On a comparative basis, net income rose 113% and earnings per share were up 119%.

LOAN PURCHASES. Automobile loan purchases for the quarter were $183.5 million and represented 112% increase in lending volume over last year's $86.6 million. For the six month period, loan purchases were $359.4 million which was 123% higher than new loan volume of $161 million for the same period last year. The company now manages $761.7 million as of December 31, 1996, an increase of 124% since last year's December 31st numbers.

EXPANSION HIGHLIGHTS. They opened 6 branches during the second quarter, bringing the total number of branches in operation to 66 lending in 27 states. They also included the financial results of Rancho Vista Mortgage Corporation which they acquired on November 22, 1996. Rancho Vista originated $7.7 million of home equity loans from the acquisition date through December 31st. They were very pleased with these record earnings and hope that they can continue this kind of performance in the future.

GROWTH. Six branch offices were opened in the second quarter: Philadelphia, Tucson, Gurney Illinois, Sacramento California, Minneapolis, and Grand Rapids Michigan. These openings increased their nationwide branch network to 66 offices in 27 states. AmeriCredit is now cleared to transact business in 44 states. Origination volume increased to $183.5 million in the second quarter, up from $86.6 million in the second quarter a year ago, an increase of 112%. First quarter 1997 originations were $175.9 million. Second quarter originations exceeded their expectations. Net and direct receivables grew to $761.7 million, up from $340.8 million a year ago, a 124% increase. Producing dealer relationships for the six month period increased 83% to 3299 from 1799 in the first six months a year ago. Franchise dealers comprised 83% of the business booked in the six month period. Average monthly loan production from offices opened for six months or longer continues to exceed their model expectation of 75 loans.

RISK MANAGEMENT AND PORTFOLIO PERFORMANCE. They originated $183.5 million of loans in the quarter and actually improved forecasted default rates per their new credit scorecard installed in April. Delinquency for accounts greater than 60 days past due at second quarter end was 3.7%, flat with the December quarter a year ago. Annualized charge-offs were unchanged at 5.5% when compared to the September and June quarter ends. Annualized losses were 40 basis points lower than the December 1995 quarter. While they continue to expect these indicators to increase over time as the average age of their portfolio advances, the second quarter numbers are the cumulative result of favorable static pool performance. They continue to see gratifying results at the static pool level, proving the benefit of their risk management and scoring tools evidenced by the following five points. One, static pools continued to show no adverse trends in bankruptcy filings. Two, 1996 61+ delinquencies on a static pool basis show an average increase of approximately 60 basis points over 1995 pools. Three, 1995 average net credit losses expressed as a percentage of the principal balance at charge-off are approximately 380 basis points lower than 1995 results. Four, 1996 cumulative charge-offs on a static pool basis are averaging approximately 170 basis points lower than 1995 pools. Five, 1996 cumulative static pool frequency losses are the best in their company's history. Portfolio performance measurements provide evidence of their ability to grow loan volume in the face of competition while effectively balancing risk and return.

NEW INITIATIVES. During the quarter they continued the development and implementation of technological enhancements to further refine operating efficiency and controls. Notable enhancements are: (1) they will complete the implementation this month of a second applications scorecard for accounts with limited credit bureau history. Approximately 19% of total applications and 2% of all approvals will be scored under this card. This new scorecard will minimize risk associated with this segment of the applicant population. (2) Voice response technology continues to more efficiently and effectively manage customer service issues. In the current quarter the system handled approximately 161,000 minutes of customer service transaction time. Over a third of their customers utilized this service in the quarter. Their second servicing facility in Tempe Arizona continues to perform within their expectations. The servicing center opened with a single overnight transition of over 16,000 accounts and now services 45% of their portfolio. In November 1996 they acquired Rancho Vista Mortgage Corporation, a sub-prime home equity lender, for 400,000 AmeriCredit shares. They intend to establish technological and risk management foundations, marketing strategies, return models, and define all processes and procedures prior to any significant growth of the mortgage business. They anticipate that this systematic approach will take all of calendar 1997. Rancho Vista provides management experience in the sub-prime home equity industry and a wholesale origination network doing business in 17 states. AmeriCredit intends to provide capital, automated systems, risk management skills, and securitization expertise ultimately.

THE FUTURE. AmeriCredit will open an additional 15 new offices in fiscal 1997, increasing their nationwide network to 81 offices by fiscal year end. Eleven managers are currently on the payroll for new office locations set to open in the fiscal year. They continue to have good results in dealing with competitive issues. Their independently performed dealer research indicates that price, service, and consistency are the dealer's most important criteria for selecting a sub-prime lender. AmeriCredit's strengths match their dealer customer's needs supported by the following three points. First, price, they continue to offer flexible competitively priced programs to the dealer customer, supported by credit scoring, which allows them to price loans while effectively balancing risk and return. Two, service, technology deployment facilitates a flexible, decentralized branch network to meet dealer needs and provide an average turn time of two hours. Strategic initiatives such as electronic funds transfer provide quicker funding for their dealer network. Three, consistency, their ability to provide consistent service is evidenced by their investment in automation allowing them to measure service levels, their historical portfolio performance, their new custom scorecard installed in April continues to produce improved projected default rates as compared to their prior card and they continue to experience consistent approval rates, and their continued ability to build quality loan volumes. Based on these factors, they remain confident in their ability to navigate the competitive environment.

FINANCIAL RESULTS FOR THE QUARTER. AmeriCredit earned $9.198 million of net income for the second quarter which was $0.30 per share. For the 6-month period, their earnings were $17.270 million or $0.57 per share.

REVENUE LINE ITEMS. Finance charge income for the quarter totalled $10.7 million and was $21.5 million year-to-date. Average owned auto receivables were $215.6 million for the quarter, providing a yield for the quarter of 19.7%. Average owned auto receivables for the six month period were $217.2 million, resulting in a yield year-to-date of 19.6%. During the second quarter they delivered $190.4 million of auto receivables to securitization trusts. They delivered $19.8 million to the 1996 C Trust and $170.6 million to the 1996 D Trust. The total size of the 1996 D transaction was $200 million, leaving a pre-funded amount of $29.4 million at December 31, 1996 against which they will deliver receivables in January 1997. The weighted average coupon was 20.1%. The first quarter gain on auto receivable sales totalled $15.3 million or 8.0% of the receivables delivered in the second quarter. They also recognized a gain of approximately $300,000 on whole loan sales of home equity loans originated by Rancho Vista. That $300,000 is included in the gain on sale of receivables line item. With respect to the auto gain, the main assumptions and elements of the gain calculation including gross spread, servicing fee, loss assumption, average life, and discount rate were very similar to those used in the calculation of the first quarter gain. Year-to-date they have delivered $345.6 million of receivables to securitization trusts, recognizing a gain of $27.9 million or 8.1% of the receivables sold. They plan to complete their next securitization transaction in March of 1997. Servicing fee income totalled $4.6 million for the quarter and $8.2 million year-to-date. Servicing fees were 3.8% of the average serviced loan portfolio of $486.1 million for the quarter and 3.9% of the average service loan portfolio of $424.4 million year-to-date. Servicing fee income, again, does not include any adjustments, gains, or losses of previously booked securitization transactions.

EXPENSE LINE ITEMS. Operating expenses totalled $11.9 million for the second quarter and $21.8 million year-to-date. As a percentage of average managed auto receivables of $701.7 million, the expenses were 6.7% this quarter, the same as last quarter and down from 7.0% in last year's second quarter. Excluding direct Rancho Vista expenses this quarter, the ratio was 6.5%, an improvement of 20 basis points from last quarter. The operating expense ratio excluding direct Rancho Vista expenses is expected to continue its downward trend and should reach their near-term target of 6% by the end of fiscal 1997. With respect to the provision for losses, as a percentage of average owned auto receivables, the second quarter and year-to-date amounts were in line with historical provision rates. With respect to interest expense, their average debt balances for the second quarter were $169.3 million resulting in an average interest rate for the quarter of 7.9%. Year to date, average debt balances were $165.7 million resulting in the same average interest rate of 7.9%. They provided for income taxes at a rate of 38.5% for both the quarter and the 6-month period. A substantial portion of their income tax provision continues to be a non-cash expense as a result of their net operating loss carry-forward and the structuring of their first two securitization transactions in fiscal 1997 which resulted in deferral of taxation on the gain on sale receivables until cash is received from the securitization trust. Their second quarter results include the operations of Rancho Vista since their acquisition on November 22, 1996 in exchange for 400,000 AmeriCredit shares. Rancho Vista operating results were essentially neutral to earnings for the second quarter.

BALANCE SHEET. At December 31st, owned auto receivables totalled $233.8 million while serviced auto receivables were $527.9 million. The total owned and serviced auto portfolio was $761.7 million at December 31st. During the second quarter they originated $183.5 million of new loans, up 112% from last year's purchases of $86.6 million. Their average loan size was around $11,900 in the second quarter. Year to date, they have originated $359.4 million of auto loans. Rancho Vista originated $7.7 million of home equity loans during the period from their acquisition through December 31, 1996. Since their strategy at this point is to sell their home equity loan production on a home loan basis, Rancho Vista's loans held for sale were not significant at December 31st and are included in other assets. The goodwill booked on this acquisition, approximately $7 million, is also included in other assets.

CREDIT QUALITY STATISTICS. Their 60-day plus delinquency at December 31st was 3.7% of average managed auto receivables. The total dollar delinquency was $28,251,000. Their charge-offs for the quarter were $9,711,000 or 5.5% of average managed auto receivables. Charge-offs of owned receivables were $4,314,000 and charge-offs of securitized receivables were $5,397,000. Charge-offs year to date have been $17,749,000, also 5.5% of total managed auto receivables for the six-month period. The combined on-balance-sheet and off-balance-sheet reserve was 8.1% of managed receivables at December 31, 1996 compared to 7.6% at September 30, 1996. The on-balance-sheet reserves increased to 5.2% at December 31st, while the reserve for securitized reserves was 9.3%. Their excess servicing receivables was $59.8 million at December 31st. This asset represents both AmeriCredit's investment in subordinated interest in securitization trusts and the estimated residual cash flows from securitization trusts. Breaking down that $59.8 million a little further, the subordinated interest was $27.2 million and the residual pieces were $32.6 million. They also had $46.5 million invested in restricted cash spread accounts at December 31st. Their debt at December 31st included $40.5 million of on-balance-sheet securitization debt and $114.9 million of borrowings under their bank line of credit. They recently received a 30 basis point reduction in the interest rate they pay on their bank line of credit as a result of a favorable credit rating on the line with Fitch Investor Service. The rate they now pay on their bank line is one-month libor plus 125 basis points. They also plan to establish a separate bank line of credit for Rancho Vista in the near future. Equity at December 31st totalled $187.3 million and book value is now $6.47 per share. They had 28,936,553 shares outstanding at December 31st. They did not purchase any stock in the second quarter.

* A Fool conference call synopsis represents an effort to highlight the salient points of a conference call and should not be taken as an authoritative accounting or transcription of the entire event. Note: Statements made by a company other than historical information may constitute forward-looking statements for which the company can claim protection under the Safe Harbor Act. Please consult the company's filings with the SEC for information on risk factors which might cause actual results to differ materially from the information contained in these forward-looking statements.