<PAGE>

                                                                    EXHIBIT 10.1
                                                                  EXECUTION COPY

                               PURCHASE AGREEMENT

                                     BETWEEN

                                AFS FUNDING TRUST
                                    PURCHASER

                                       AND

                      AMERICREDIT FINANCIAL SERVICES, INC.
                                     SELLER

                            DATED AS OF JULY 12, 2006

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                                TABLE OF CONTENTS
                                                                            Page
                                                                            ----
ARTICLE I. DEFINITIONS...................................................     1
   SECTION 1.1    General................................................     1
   SECTION 1.2    Specific Terms.........................................     1
   SECTION 1.3    Usage of Terms.........................................     3
   SECTION 1.4    [Reserved].............................................     3
   SECTION 1.5    No Recourse............................................     3
   SECTION 1.6    Action by or Consent of Noteholders and
                     Certificateholder...................................     3
   SECTION 1.7    Material Adverse Effect................................     4

ARTICLE II. CONVEYANCE OF THE RECEIVABLES AND THE OTHER CONVEYED
            PROPERTY.....................................................      4
   SECTION 2.1    Conveyance of the Initial Receivables and the Initial
                     Other Conveyed Property.............................     4
   SECTION 2.2    Conveyance of the Subsequent Receivables and the
                     Subsequent Other Conveyed Property..................     5

ARTICLE III. REPRESENTATIONS AND WARRANTIES..............................     5
   SECTION 3.1    Representations and Warranties of Seller...............     5
   SECTION 3.2    Representations and Warranties of Purchaser............     7

ARTICLE IV. COVENANTS OF SELLER..........................................     9
   SECTION 4.1    Protection of Title of Purchaser.......................     9
   SECTION 4.2    Other Liens or Interests...............................    11
   SECTION 4.3    Costs and Expenses.....................................    11
   SECTION 4.4    Indemnification........................................    11

ARTICLE V. REPURCHASES...................................................    13
   SECTION 5.1    Repurchase of Receivables Upon Breach of Warranty......    13
   SECTION 5.2    Reassignment of Purchased Receivables..................    14
   SECTION 5.3    Waivers................................................    14

ARTICLE VI. MISCELLANEOUS................................................    14
   SECTION 6.1    Liability of Seller....................................    14
   SECTION 6.2    Merger or Consolidation of Seller or Purchaser.........    14
   SECTION 6.3    Limitation on Liability of Seller and Others...........    15
   SECTION 6.4    Seller May Own Notes or the Certificate................    15
   SECTION 6.5    Amendment..............................................    15
   SECTION 6.6    Notices................................................    16
   SECTION 6.7    Merger and Integration.................................    17
   SECTION 6.8    Severability of Provisions.............................    17
   SECTION 6.9    Intention of the Parties...............................    17
   SECTION 6.10   Governing Law..........................................    18
   SECTION 6.11   Counterparts...........................................    18
   SECTION 6.12   Conveyance of the Receivables and the Other Conveyed
                     Property to the


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                     Issuer..............................................    18
   SECTION 6.13   Nonpetition Covenant...................................    18
   SECTION 6.14   Benefits of Purchase Agreement.........................    19

SCHEDULES

Schedule A  -     Schedule of Initial Receivables
Schedule B  -     Representations and Warranties from AFS as to the Receivables

EXHIBITS

Exhibit A   -     Form of Subsequent Purchase Agreement


                                       ii

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                               PURCHASE AGREEMENT

          THIS PURCHASE AGREEMENT, dated as of July 12, 2006, executed among AFS
Funding Trust, a Delaware statutory trust, as purchaser ("Purchaser") and
AmeriCredit Financial Services, Inc., a Delaware corporation, as Seller
("Seller").

                                   WITNESSETH:

          WHEREAS, Purchaser has agreed to purchase from the Seller, and the
Seller, pursuant to this Agreement, is transferring to Purchaser the Initial
Receivables and Initial Other Conveyed Property and with respect to the
Subsequent Receivables will transfer on the related Subsequent Transfer Date the
Subsequent Receivables and Subsequent Other Conveyed Property.

          NOW, THEREFORE, in consideration of the premises and the mutual
agreements hereinafter contained, and for other good and valuable consideration,
the receipt of which is acknowledged, Purchaser and the Seller, intending to be
legally bound, hereby agree as follows:

                                   ARTICLE I.

                                   DEFINITIONS

          SECTION 1.1 General. The specific terms defined in this Article
include the plural as well as the singular. The words "herein," "hereof" and
"hereunder" and other words of similar import refer to this Agreement as a whole
and not to any particular Article, Section or other subdivision, and Article,
Section, Schedule and Exhibit references, unless otherwise specified, refer to
Articles and Sections of and Schedules and Exhibits to this Agreement.
Capitalized terms used herein without definition shall have the respective
meanings assigned to such terms in the Sale and Servicing Agreement dated as of
July 12, 2006, by and among AFS Funding Trust (as Seller), AmeriCredit Financial
Services, Inc. (in its individual capacity and as Servicer), AmeriCredit
Automobile Receivables Trust 2006-A-F (as Issuer), Wells Fargo Bank, National
Association (as Backup Servicer and Trust Collateral Agent).

          SECTION 1.2 Specific Terms. Whenever used in this Agreement, the
following words and phrases, unless the context otherwise requires, shall have
the following meanings:

          "Agreement" shall mean this Purchase Agreement and all amendments
hereof and supplements hereto.

          "Closing Date" means July 20, 2006.

          "Initial Other Conveyed Property" means all property conveyed by the
Seller to the Purchaser pursuant to Section 2.1(a)(2) through (8) of this
Agreement.

          "Initial Receivables" means the Receivables listed on the Schedule of
Initial Receivables attached hereto.

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          "Issuer" means AmeriCredit Automobile Receivables Trust 2006-A-F.

          "Other Conveyed Property" means the Initial Other Conveyed Property
and the Subsequent Other Conveyed Property.

          "Owner Trustee" means Wilmington Trust Company, as Owner Trustee
appointed and acting pursuant to the Trust Agreement.

          "Purchase Agreement Collateral" has the meaning specified in Section
6.9 of this Agreement.

          "Receivables" means the Initial Receivables and the Subsequent
Receivables.

          "Related Documents" means the Notes, the Certificate, the Custodian
Agreement, the Sale and Servicing Agreement, the Indenture, the Trust Agreement,
the Note Policy, the Spread Account Agreement, the Insurance Agreement, the
Indemnification Agreement, the Lockbox Agreement, the Underwriting Agreement
and, with respect to the Subsequent Receivables, each Subsequent Purchase
Agreement and each Subsequent Transfer Agreement. The Related Documents to be
executed by any party are referred to herein as "such party's Related
Documents," "its Related Documents" or by a similar expression.

          "Repurchase Event" means the occurrence of a breach of any of the
Seller's representations and warranties hereunder or in any Subsequent Purchase
Agreement or any other event which requires the repurchase of a Receivable by
the Seller under the Sale and Servicing Agreement.

          "Sale and Servicing Agreement" means the Sale and Servicing Agreement
referred to in Section 1.1 hereof.

          "Schedule of Representations" means the Schedule of Representations
and Warranties attached hereto as Schedule B.

          "Schedule of Initial Receivables" means the schedule of Initial
Receivables sold and transferred pursuant to this Agreement which is attached
hereto as Schedule A.

          "Subsequent Cutoff Date" means the date specified in the related
Subsequent Transfer Agreement, provided, however that such date shall be on or
before the Subsequent Transfer Date.

          "Subsequent Other Conveyed Property" means all property conveyed by
the Seller to the Purchaser pursuant to Section 3(b) through (h) of the related
Subsequent Purchase Agreement other than the Subsequent Receivables.

          "Subsequent Purchase Agreement" means an agreement by and between the
Seller and the Purchaser pursuant to which the Purchaser will acquire Subsequent
Receivables, substantially in the form of Exhibit A hereunder.

          "Subsequent Receivables" means Receivables transferred to the
Purchaser


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pursuant to Section 2.2 and the related Subsequent Purchase Agreement, which
shall be listed on Schedule A to the related Subsequent Purchase Agreement.

          "Subsequent Transfer Agreement" means an agreement among the Issuer,
the Seller and the Servicer, substantially in the form of Exhibit A to the Sale
and Servicing Agreement.

          "Subsequent Transfer Date" means, with respect to Subsequent
Receivables, any date, occurring not more frequently than once a month, during
the Funding Period on which Subsequent Receivables are to be transferred to the
Purchaser pursuant to this Agreement, and a Subsequent Purchase Agreement is
executed and delivered.

          "Trust Collateral Agent" means Wells Fargo Bank, National Association,
as trust collateral agent and any successor trust collateral agent appointed and
acting pursuant to the Sale and Servicing Agreement.

          "Trustee" means Wells Fargo Bank, National Association, as trustee and
any successor trustee appointed and acting pursuant to the Indenture.

          SECTION 1.3 Usage of Terms. With respect to all terms used in this
Agreement, the singular includes the plural and the plural the singular; words
importing any gender include the other gender; references to "writing" include
printing, typing, lithography, and other means of reproducing words in a visible
form; references to agreements and other contractual instruments include all
subsequent amendments thereto or changes therein entered into in accordance with
their respective terms and not prohibited by this Agreement or the Sale and
Servicing Agreement; references to Persons include their permitted successors
and assigns; and the terms "include" or "including" mean "include without
limitation" or "including without limitation."

          SECTION 1.4 [Reserved].

          SECTION 1.5 No Recourse. Without limiting the obligations of Seller
hereunder, no recourse may be taken, directly or indirectly, under this
Agreement or any certificate or other writing delivered in connection herewith
or therewith, against any stockholder, officer or director, as such, of Seller,
or of any predecessor or successor of Seller.

          SECTION 1.6 Action by or Consent of Noteholders and Certificateholder.
Whenever any provision of this Agreement refers to action to be taken, or
consented to, by Noteholders or the Certificateholder, such provision shall be
deemed to refer to the Certificateholder or Noteholder, as the case may be, of
record as of the Record Date immediately preceding the date on which such action
is to be taken, or consent given, by Noteholders or the Certificateholder.
Solely for the purposes of any action to be taken, or consented to, by
Noteholders or the Certificateholder, any Note or Certificate registered in the
name of the Seller or any Affiliate thereof shall be deemed not to be
outstanding; provided, however, that, solely for the purpose of determining
whether the Trustee or the Trust Collateral Agent is entitled to rely upon any
such action or consent, only Notes or Certificates which the Owner Trustee, the
Trustee or the Trust Collateral Agent, respectively, knows to be so owned shall
be so disregarded.


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          SECTION 1.7 Material Adverse Effect. Whenever a determination is to be
made under this Agreement as to whether a given event, action, course of conduct
or set of facts or circumstances could or would have a material adverse effect
on the Noteholders (or any similar or analogous determination), such
determination shall be made without taking into account the funds available from
claims under the Note Policy.

                                   ARTICLE II.

                          CONVEYANCE OF THE RECEIVABLES
                         AND THE OTHER CONVEYED PROPERTY

          SECTION 2.1 Conveyance of the Initial Receivables and the Initial
Other Conveyed Property.

          (a) Subject to the terms and conditions of this Agreement, Seller
     hereby sells, transfers, assigns, and otherwise conveys to Purchaser
     without recourse (but without limitation of its obligations in this
     Agreement), and Purchaser hereby purchases, all right, title and interest
     of Seller in and to the following described property:

               (1) the Initial Receivables and all moneys received thereon after
     the Initial Cutoff Date;

               (2) the security interests in the Financed Vehicles granted by
     Obligors pursuant to the Initial Receivables and any other interest of the
     Seller in such Financed Vehicles;

               (3) any proceeds and the right to receive proceeds with respect
     to the Initial Receivables from claims on any physical damage, credit life
     and disability insurance policies covering Financed Vehicles or Obligors
     and any proceeds from the liquidation of the Initial Receivables;

               (4) any proceeds from any Initial Receivable repurchased by a
     Dealer pursuant to a Dealer Agreement or a Third-Party Lender pursuant to
     an Auto Loan Purchase and Sale Agreement as a result of a breach of
     representation or warranty in the related Dealer Agreement or Auto Loan
     Purchase and Sale Agreement;

               (5) all rights under any Service Contracts on the related
     Financed Vehicles;

               (6) the related Receivable Files;

               (7) all of the Seller's (i) Accounts, (ii) Chattel Paper, (iii)
     Documents, (iv) Instruments and (v) General Intangibles (as such terms are
     defined in the UCC) relating to the property described in (1) through (6);
     and

               (8) all proceeds and investments with respect to items (1)
     through (7).


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     It is the intention of Seller and Purchaser that the transfer and
     assignment contemplated by this Agreement shall constitute a sale of the
     Initial Receivables and the Initial Other Conveyed Property from Seller to
     Purchaser, conveying good title thereto free and clear of any liens, and
     the beneficial interest in and title to the Initial Receivables and the
     Initial Other Conveyed Property shall not be part of Seller's estate in the
     event of the filing of a bankruptcy petition by or against Seller under any
     bankruptcy or similar law.

          (b) Simultaneously with the conveyance of the Initial Receivables and
     the Initial Other Conveyed Property to Purchaser, Purchaser has paid or
     caused to be paid to or upon the order of Seller an amount equal to the
     book value of the Initial Receivables sold by Seller, as set forth on the
     books and records of Seller, by wire transfer of immediately available
     funds and the remainder as a contribution to the capital of the Purchaser
     (a wholly-owned subsidiary of Seller).

          SECTION 2.2 Conveyance of the Subsequent Receivables and the
Subsequent Other Conveyed Property.

          (a) On each Subsequent Transfer Date and simultaneously with the
     execution and delivery of the related Subsequent Purchase Agreement, the
     Seller shall sell, transfer, assign, and otherwise convey to Purchaser
     without recourse (but without limitation of its obligations in this
     Agreement), and Purchaser shall purchase all right, title and interest of
     Seller in and to the Subsequent Receivables and the Subsequent Other
     Conveyed Property. It is the intention of Seller and Purchaser that the
     transfer and assignment contemplated by such Subsequent Purchase Agreement
     shall constitute a sale of the Subsequent Receivables and the Subsequent
     Other Conveyed Property from Seller to Purchaser, conveying good title
     thereto free and clear of any liens, and the beneficial interest in and
     title to the Subsequent Receivables and the Subsequent Other Conveyed
     Property shall not be part of Seller's estate in the event of the filing of
     a bankruptcy petition by or against Seller under any bankruptcy or similar
     law.

          (b) Simultaneously with the conveyance of the Subsequent Receivables
     and the Subsequent Other Conveyed Property to Purchaser, Purchaser shall
     pay or cause to be paid to or upon the order of Seller the amount set forth
     in the related Subsequent Purchase Agreement.

                                  ARTICLE III.

                         REPRESENTATIONS AND WARRANTIES

          SECTION 3.1 Representations and Warranties of Seller. Seller makes the
following representations and warranties as of the date hereof and as of the
Subsequent Transfer Date, as the case may be, on which Purchaser relies in
purchasing the Receivables and the Other Conveyed Property and in transferring
the Receivables and the Other Conveyed Property to the Issuer under the Sale and
Servicing Agreement and any Subsequent Transfer Agreement and on which the
Insurer will rely in issuing the Note Policy. Such representations are made as
of the execution and delivery of this Agreement and as of the execution and
delivery of any Subsequent Purchase Agreement, but shall survive the sale,
transfer and assignment of the Receivables and


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<PAGE>

the Other Conveyed Property hereunder and under any Subsequent Purchase
Agreement, and the sale, transfer and assignment thereof by Purchaser to the
Issuer under the Sale and Servicing Agreement and any Subsequent Transfer
Agreement. Seller and Purchaser agree that Purchaser will assign to Issuer all
Purchaser's rights under this Agreement and under any Subsequent Purchase
Agreement and that the Trustee will thereafter be entitled to enforce this
Agreement and any Subsequent Purchase Agreement against Seller in the Trustee's
own name on behalf of the Noteholders.

          (a) Schedule of Representations. The representations and warranties
     set forth on the Schedule of Representations with respect to the Initial
     Receivables as of the date hereof, and with respect to the Subsequent
     Receivables as of the related Subsequent Transfer Date, are true and
     correct.

          (b) Organization and Good Standing. Seller has been duly organized and
     is validly existing as a corporation in good standing under the laws of the
     State of Delaware, with power and authority to own its properties and to
     conduct its business as such properties are currently owned and such
     business is currently conducted, and had at all relevant times, and now
     has, power, authority and legal right to acquire, own and sell the
     Receivables and the Other Conveyed Property to be transferred to Purchaser.

          (c) Due Qualification. Seller is duly qualified to do business as a
     foreign corporation in good standing, and has obtained all necessary
     licenses and approvals in all jurisdictions in which the ownership or lease
     of its property or the conduct of its business requires such qualification.

          (d) Power and Authority. Seller has the power and authority to execute
     and deliver this Agreement and its Related Documents and to carry out its
     terms and their terms, respectively; Seller has full power and authority to
     sell and assign the Receivables and the Other Conveyed Property to be sold
     and assigned to and deposited with Purchaser hereunder and has duly
     authorized such sale and assignment to Purchaser by all necessary corporate
     action; and the execution, delivery and performance of this Agreement and
     Seller's Related Documents have been duly authorized by Seller by all
     necessary corporate action.

          (e) Valid Sale; Binding Obligations. This Agreement and Seller's
     Related Documents have been duly executed and delivered, shall effect a
     valid sale, transfer and assignment of the Receivables and the Other
     Conveyed Property to the Purchaser, enforceable against Seller and
     creditors of and purchasers from Seller; and this Agreement and Seller's
     Related Documents constitute legal, valid and binding obligations of Seller
     enforceable in accordance with their respective terms, except as
     enforceability may be limited by bankruptcy, insolvency, reorganization or
     other similar laws affecting the enforcement of creditors' rights generally
     and by equitable limitations on the availability of specific remedies,
     regardless of whether such enforceability is considered in a proceeding in
     equity or at law.

          (f) No Violation. The consummation of the transactions contemplated by
     this Agreement and the Related Documents, and the fulfillment of the terms
     of this


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     Agreement and the Related Documents, shall not conflict with, result in any
     breach of any of the terms and provisions of, or constitute (with or
     without notice, lapse of time or both) a default under, the articles of
     incorporation or bylaws of Seller, or any indenture, agreement, mortgage,
     deed of trust or other instrument to which Seller is a party or by which it
     is bound, or result in the creation or imposition of any Lien upon any of
     its properties pursuant to the terms of any such indenture, agreement,
     mortgage, deed of trust or other instrument, other than this Agreement, the
     Spread Account Agreement, the Sale and Servicing Agreement and the
     Indenture, or violate any law, order, rule or regulation applicable to
     Seller of any court or of any federal or state regulatory body,
     administrative agency or other governmental instrumentality having
     jurisdiction over Seller or any of its properties.

          (g) No Proceedings. There are no proceedings or investigations pending
     or, to Seller's knowledge, threatened against Seller, before any court,
     regulatory body, administrative agency or other tribunal or governmental
     instrumentality having jurisdiction over Seller or its properties (i)
     asserting the invalidity of this Agreement or any of the Related Documents,
     (ii) seeking to prevent the issuance of the Notes or the consummation of
     any of the transactions contemplated by this Agreement or any of the
     Related Documents, (iii) seeking any determination or ruling that might
     materially and adversely affect the performance by Seller of its
     obligations under, or the validity or enforceability of, this Agreement or
     any of the Related Documents or (iv) seeking to affect adversely the
     federal income tax or other federal, state or local tax attributes of, or
     seeking to impose any excise, franchise, transfer or similar tax upon, the
     transfer and acquisition of the Receivables and the Other Conveyed Property
     hereunder or under the Sale and Servicing Agreement.

          (h) True Sale. The Receivables are being transferred with the
     intention of removing them from Seller's estate pursuant to Section 541 of
     the Bankruptcy Code, as the same may be amended from time to time.

          (i) Chief Executive Office. The chief executive office of Seller is
     located at 801 Cherry Street, Suite 3900, Fort Worth, Texas 76102.

          SECTION 3.2 Representations and Warranties of Purchaser. Purchaser
makes the following representations and warranties, on which Seller relies in
selling, assigning, transferring and conveying the Receivables and the Other
Conveyed Property to Purchaser hereunder and under any Subsequent Purchase
Agreement. Such representations are made as of the execution and delivery of
this Agreement and under any Subsequent Purchase Agreement, but shall survive
the sale, transfer and assignment of the Receivables and the Other Conveyed
Property hereunder and under any Subsequent Purchase Agreement and the sale,
transfer and assignment thereof by Purchaser to the Issuer under the Sale and
Servicing Agreement.

          (a) Organization and Good Standing. Purchaser has been duly organized
     and is validly existing and in good standing as a statutory trust under the
     laws of the State of Delaware, with the power and authority to own its
     properties and to conduct its business as such properties are currently
     owned and such business is currently conducted, and had at all relevant
     times, and has, full power, authority and legal right to acquire and own
     the


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<PAGE>

     Receivables and the Other Conveyed Property, and to transfer the
     Receivables and the Other Conveyed Property to the Issuer pursuant to the
     Sale and Servicing Agreement.

          (b) Due Qualification. Purchaser is duly qualified to do business, is
     in good standing, and has obtained all necessary licenses and approvals in
     all jurisdictions where the failure to do so would materially and adversely
     affect Purchaser's ability to acquire the Receivables or the Other Conveyed
     Property, and to transfer the Receivables and the Other Conveyed Property
     to the Issuer pursuant to the Sale and Servicing Agreement, or the validity
     or enforceability of the Receivables and the Other Conveyed Property or to
     perform Purchaser's obligations hereunder and under the Purchaser's Related
     Documents.

          (c) Power and Authority. Purchaser has the power, authority and legal
     right to execute and deliver this Agreement and to carry out the terms
     hereof and to acquire the Receivables and the Other Conveyed Property
     hereunder; and the execution, delivery and performance of this Agreement
     and all of the documents required pursuant hereto have been duly authorized
     by Purchaser by all necessary action.

          (d) No Consent Required. Purchaser is not required to obtain the
     consent of any other Person, or any consent, license, approval or
     authorization or registration or declaration with, any governmental
     authority, bureau or agency in connection with the execution, delivery or
     performance of this Agreement and the Related Documents, except for such as
     have been obtained, effected or made.

          (e) Binding Obligation. This Agreement constitutes a legal, valid and
     binding obligation of Purchaser, enforceable against Purchaser in
     accordance with its terms, subject, as to enforceability, to applicable
     bankruptcy, insolvency, reorganization, conservatorship, receivership,
     liquidation and other similar laws and to general equitable principles.

          (f) No Violation. The execution, delivery and performance by Purchaser
     of this Agreement, the consummation of the transactions contemplated by
     this Agreement and the Related Documents and the fulfillment of the terms
     of this Agreement and the Related Documents do not and will not conflict
     with, result in any breach of any of the terms and provisions of, or
     constitute (with or without notice or lapse of time) a default under, the
     trust agreement of Purchaser, or conflict with or breach any of the terms
     or provisions of, or constitute (with or without notice or lapse of time) a
     default under, any indenture, agreement, mortgage, deed of trust or other
     instrument to which Purchaser is a party or by which Purchaser is bound or
     to which any of its properties are subject, or result in the creation or
     imposition of any Lien upon any of its properties pursuant to the terms of
     any such indenture, agreement, mortgage, deed of trust or other instrument
     (other than the Sale and Servicing Agreement and the Spread Account
     Agreement), or violate any law, order, rule or regulation, applicable to
     Purchaser or its properties, of any federal or state regulatory body, any
     court, administrative agency, or other governmental instrumentality having
     jurisdiction over Purchaser or any of its properties.

          (g) No Proceedings. There are no proceedings or investigations
     pending, or, to the knowledge of Purchaser, threatened against Purchaser,
     before any court, regulatory


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<PAGE>

     body, administrative agency, or other tribunal or governmental
     instrumentality having jurisdiction over Purchaser or its properties: (i)
     asserting the invalidity of this Agreement or any of the Related Documents,
     (ii) seeking to prevent the consummation of any of the transactions
     contemplated by this Agreement or any of the Related Documents, (iii)
     seeking any determination or ruling that might materially and adversely
     affect the performance by Purchaser of its obligations under, or the
     validity or enforceability of, this Agreement or any of the Related
     Documents or (iv) that may adversely affect the federal or state income tax
     attributes of, or seeking to impose any excise, franchise, transfer or
     similar tax upon, the transfer and acquisition of the Receivables and the
     Other Conveyed Property hereunder or the transfer of the Receivables and
     the Other Conveyed Property to the Issuer pursuant to the Sale and
     Servicing Agreement.

          In the event of any breach of a representation and warranty made by
Purchaser hereunder, Seller covenants and agrees that it will not take any
action to pursue any remedy that it may have hereunder, in law, in equity or
otherwise, until a year and a day have passed since the date on which all Notes,
Certificates, pass-through certificates or other similar securities issued by
Purchaser, or a trust or similar vehicle formed by Purchaser, have been paid in
full. Seller and Purchaser agree that damages will not be an adequate remedy for
such breach and that this covenant may be specifically enforced by Purchaser,
Issuer or by the Trustee on behalf of the Noteholders and Owner Trustee on
behalf of the Certificateholder.

                                   ARTICLE IV.

                               COVENANTS OF SELLER

          SECTION 4.1 Protection of Title of Purchaser.

          (a) At or prior to the Closing Date, Seller shall have filed or caused
     to be filed a UCC-1 financing statement, naming Seller as seller or debtor,
     naming Purchaser as purchaser or secured party and describing the Initial
     Receivables and the Initial Other Conveyed Property being sold by it to
     Purchaser as collateral, with the office of the Secretary of State of the
     State of Delaware and in such other locations as Purchaser shall have
     required. At or prior to any Subsequent Transfer Date, Seller shall file or
     cause to be filed a UCC-1 financing statement naming Seller as seller or
     debtor, naming the Purchaser as purchaser or secured party and describing
     the Subsequent Receivables and the Subsequent Other Conveyed Property being
     sold by it to the Purchaser as collateral, with the office of the Secretary
     of State of the State of Delaware and in such other locations as Purchaser
     shall require. From time to time thereafter, Seller shall execute and file
     such financing statements and cause to be executed and filed such
     continuation statements, all in such manner and in such places as may be
     required by law fully to preserve, maintain and protect the interest of
     Purchaser under this Agreement, of the Issuer under the Sale and Servicing
     Agreement and of the Trust Collateral Agent under the Indenture in the
     Receivables and the Other Conveyed Property and in the proceeds thereof.
     Seller shall deliver (or cause to be delivered) to Purchaser, the Trust
     Collateral Agent and the Insurer file-stamped copies of, or filing receipts
     for, any document filed as provided above, as soon as available following
     such filing. In the event that Seller fails to perform its obligations
     under this subsection, Purchaser, Issuer or the Trust Collateral


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<PAGE>

     Agent may do so, at the expense of such Seller. In furtherance of the
     foregoing, the Seller hereby authorizes the Purchaser, the Issuer or the
     Trust Collateral Agent to file a record or records (as defined in the
     applicable UCC), including, without limitation, financing statements, in
     all jurisdictions and with all filing offices as each may determine, in its
     sole discretion, are necessary or advisable to perfect the security
     interest granted to the Purchaser pursuant to Section 6.9 of this
     Agreement. Such financing statements may describe the collateral in the
     same manner as described herein or may contain an indication or description
     of collateral that describes such property in any other manner as such
     party may determine, in its sole discretion, is necessary, advisable or
     prudent to ensure the perfection of the security interest in the collateral
     granted to the Purchaser herein.

          (b) Seller shall not change its name, identity, state of incorporation
     or corporate structure in any manner that would, could or might make any
     financing statement or continuation statement filed by Seller (or by
     Purchaser, Issuer or the Trust Collateral Agent on behalf of Seller) in
     accordance with paragraph (a) above seriously misleading within the meaning
     of Section 9-506 of the applicable UCC, unless they shall have given
     Purchaser, Issuer, the Insurer and the Trust Collateral Agent at least 60
     days' prior written notice thereof, and shall promptly file appropriate
     amendments to all previously filed financing statements and continuation
     statements.

          (c) Seller shall give Purchaser, the Issuer, the Insurer (so long as
     an Insurer Default shall not have occurred and be continuing) and the Trust
     Collateral Agent at least 60 days' prior written notice of any relocation
     that would result in a change of the location of the debtor within the
     meaning of Section 9-307 of the applicable UCC. Seller shall at all times
     maintain (i) each office from which it services Receivables within the
     United States of America or Canada and (ii) its principal executive office
     within the United States of America.

          (d) Prior to the Closing Date and with respect to Subsequent
     Receivables, the Subsequent Transfer Date, Seller has maintained accounts
     and records as to each Receivable accurately and in sufficient detail to
     permit (i) the reader thereof to know at any time as of or prior to the
     Closing Date and with respect to Subsequent Receivables, the Subsequent
     Transfer Date, the status of such Receivable, including payments and
     recoveries made and payments owing (and the nature of each) and (ii)
     reconciliation between payments or recoveries on (or with respect to) each
     Receivable and the Principal Balance with respect to the Initial
     Receivables as of the Initial Cutoff Date and with respect to Subsequent
     Receivables, the Subsequent Cutoff Date. Seller shall maintain its computer
     systems so that, from and after the time of sale under this Agreement of
     the Receivables to Purchaser, and the conveyance of the Receivables by
     Purchaser to the Issuer, Seller's master computer records (including
     archives) that shall refer to a Receivable indicate clearly that such
     Receivable has been sold to Purchaser and has been conveyed by Purchaser to
     the Issuer. Indication of the Issuer's ownership of a Receivable shall be
     deleted from or modified on Seller's computer systems when, and only when,
     the Receivable shall become a Purchased Receivable or a Sold Receivable or
     shall have been paid in full or pursuant to the terms of the Sale and
     Servicing Agreement.


                                       10

<PAGE>

          (e) If at any time Seller shall propose to sell, grant a security
     interest in, or otherwise transfer any interest in any motor vehicle
     receivables to any prospective purchaser, lender or other transferee,
     Seller shall give to such prospective purchaser, lender, or other
     transferee computer tapes, records, or print-outs (including any restored
     from archives) that, if they shall refer in any manner whatsoever to any
     Receivable (other than a Purchased Receivable or a Sold Receivable), shall
     indicate clearly that such Receivable has been sold to Purchaser, sold by
     Purchaser to Issuer, and is owned by the Issuer.

          SECTION 4.2 Other Liens or Interests. Except for the conveyances
hereunder, Seller will not sell, pledge, assign or transfer to any other Person,
or grant, create, incur, assume or suffer to exist any Lien on the Receivables
or the Other Conveyed Property or any interest therein, and Seller shall defend
the right, title, and interest of Purchaser and the Issuer in and to the
Receivables and the Other Conveyed Property against all claims of third parties
claiming through or under Seller.

          SECTION 4.3 Costs and Expenses. Seller shall pay all reasonable costs
and disbursements in connection with the performance of its obligations
hereunder and under its Related Documents.

          SECTION 4.4 Indemnification.

          (a) Seller shall defend, indemnify and hold harmless Purchaser, the
     Issuer, the Trust Collateral Agent, the Trustee, the Backup Servicer, the
     Owner Trustee, the Insurer, the Noteholders and the Certificateholder from
     and against any and all costs, expenses, losses, damages, claims, and
     liabilities, arising out of or resulting from any breach of any of Seller's
     representations and warranties contained herein.

          (b) Seller shall defend, indemnify and hold harmless Purchaser, the
     Issuer, the Trust Collateral Agent, the Trustee, the Backup Servicer, the
     Owner Trustee, the Insurer, the Noteholders and the Certificateholder from
     and against any and all costs, expenses, losses, damages, claims, and
     liabilities, arising out of or resulting from the use, ownership or
     operation by Seller or any affiliate thereof of a Financed Vehicle.

          (c) Seller shall defend, indemnify and hold harmless Purchaser, the
     Issuer, the Trust Collateral Agent, the Trustee, the Backup Servicer, the
     Owner Trustee, the Insurer, the Noteholders and the Certificateholder from
     and against any and all costs, expenses, losses, damages, claims and
     liabilities arising out of or resulting from any action taken, or failed to
     be taken, by it in respect of any portion of the Receivables other than in
     accordance with this Agreement or the Sale and Servicing Agreement.

          (d) Seller agrees to pay, and shall defend, indemnify and hold
     harmless Purchaser, the Issuer, the Trust Collateral Agent, the Trustee,
     the Backup Servicer, the Owner Trustee, the Insurer, the Noteholders and
     the Certificateholder from and against any taxes that may at any time be
     asserted against Purchaser, the Issuer, the Trust Collateral Agent, the
     Trustee, the Backup Servicer, the Owner Trustee, the Insurer, the
     Noteholders and the Certificateholder with respect to the transactions
     contemplated in


                                       11

<PAGE>

     this Agreement, including, without limitation, any sales, gross receipts,
     general corporation, tangible or intangible personal property, privilege,
     or license taxes (but not including any taxes asserted with respect to, and
     as of the date of, the sale, transfer and assignment of the Receivables and
     the Other Conveyed Property to Purchaser and by Purchaser to the Issuer or
     the issuance and original sale of the Notes or issuance of the Certificate,
     or asserted with respect to ownership of the Receivables and Other Conveyed
     Property which shall be indemnified by Seller pursuant to clause (e) below,
     or federal, state or other income taxes, arising out of distributions on
     the Notes or the Certificate or transfer taxes arising in connection with
     the transfer of the Notes or the Certificate) and costs and expenses in
     defending against the same, arising by reason of the acts to be performed
     by Seller under this Agreement or imposed against such Persons.

          (e) Seller agrees to pay, and to indemnify, defend and hold harmless
     Purchaser, the Issuer, the Trust Collateral Agent, the Trustee, the Backup
     Servicer, the Owner Trustee, the Insurer, the Noteholders and the
     Certificateholder from, any taxes which may at any time be asserted against
     such Persons with respect to, and as of the date of, the conveyance or
     ownership of the Receivables or the Other Conveyed Property hereunder and
     under any Subsequent Purchase Agreement and the conveyance or ownership of
     the Receivables under the Sale and Servicing Agreement and under any
     Subsequent Transfer Agreement or the issuance and original sale of the
     Notes or the issuance of the Certificate, including, without limitation,
     any sales, gross receipts, personal property, tangible or intangible
     personal property, privilege or license taxes (but not including any
     federal or other income taxes, including franchise taxes, arising out of
     the transactions contemplated hereby or transfer taxes arising in
     connection with the transfer of the Notes or the Certificate) and costs and
     expenses in defending against the same, arising by reason of the acts to be
     performed by Seller under this Agreement or imposed against such Persons.

          (f) Seller shall defend, indemnify, and hold harmless Purchaser, the
     Issuer, the Trust Collateral Agent, the Trustee, the Backup Servicer, the
     Owner Trustee, the Insurer, the Noteholders and the Certificateholder from
     and against any and all costs, expenses, losses, claims, damages, and
     liabilities to the extent that such cost, expense, loss, claim, damage, or
     liability arose out of, or was imposed upon Purchaser, the Issuer, the
     Trust Collateral Agent, the Trustee, the Backup Servicer, the Owner
     Trustee, the Insurer, the Noteholders or the Certificateholder through the
     negligence, willful misfeasance, or bad faith of Seller in the performance
     of its duties under this Agreement or by reason of reckless disregard of
     Seller's obligations and duties under this Agreement.

          (g) Seller shall indemnify, defend and hold harmless Purchaser, the
     Issuer, the Trust Collateral Agent, the Trustee, the Backup Servicer, the
     Owner Trustee, the Insurer, the Noteholders and the Certificateholder from
     and against any loss, liability or expense incurred by reason of the
     violation by Seller of federal or state securities laws in connection with
     the registration or the sale of the Notes.

          (h) Seller shall indemnify, defend and hold harmless Purchaser, the
     Issuer, the Trust Collateral Agent, the Trustee, the Backup Servicer, the
     Owner Trustee, the Insurer, the Noteholders and the Certificateholder from
     and against any loss, liability or expense


                                       12

<PAGE>

     imposed upon, or incurred by, Purchaser, the Issuer, the Trust Collateral
     Agent, the Trustee, the Backup Servicer, the Owner Trustee, the Noteholders
     or the Certificateholder as result of the failure of any Receivable, or the
     sale of the related Financed Vehicle, to comply with all requirements of
     applicable law.

          (i) Seller shall defend, indemnify, and hold harmless Purchaser from
     and against all costs, expenses, losses, claims, damages, and liabilities
     arising out of or incurred in connection with the acceptance or performance
     of Seller's trusts and duties as Servicer under the Sale and Servicing
     Agreement, except to the extent that such cost, expense, loss, claim,
     damage, or liability shall be due to the willful misfeasance, bad faith, or
     negligence (except for errors in judgment) of Purchaser.

          (j) Seller shall indemnify the Owner Trustee and its officers,
     directors, successors, assigns, agents and servants jointly and severally
     with the Purchaser pursuant to Section 7.2 of the Trust Agreement.

          Indemnification under this Section 4.4 shall include reasonable fees
and expenses of counsel and expenses of litigation and shall survive payment of
the Notes and the Certificate. The indemnity obligations hereunder shall be in
addition to any obligation that Seller may otherwise have.

                                   ARTICLE V.

                                   REPURCHASES

          SECTION 5.1 Repurchase of Receivables Upon Breach of Warranty. Upon
the occurrence of a Repurchase Event, Seller shall, unless the breach which is
the subject of such Repurchase Event shall have been cured in all material
respects, repurchase the Receivable relating thereto from the Issuer and,
simultaneously with the repurchase of the Receivable, Seller shall deposit the
Purchase Amount in full, without deduction or offset, to the Collection Account,
pursuant to Section 3.2 of the Sale and Servicing Agreement. It is understood
and agreed that, except as set forth in Section 6.1 hereof, the obligation of
Seller to repurchase any Receivable, as to which a breach occurred and is
continuing, shall, if such obligation is fulfilled, constitute the sole remedy
against Seller for such breach available to Purchaser, the Issuer, the Insurer,
the Backup Servicer, the Noteholders, the Certificateholder, the Trust
Collateral Agent on behalf of the Noteholders or the Owner Trustee on behalf of
the Certificateholder. The provisions of this Section 5.1 are intended to grant
the Issuer, the Insurer and the Trust Collateral Agent a direct right against
Seller to demand performance hereunder, and in connection therewith, Seller
waives any requirement of prior demand against Purchaser with respect to such
repurchase obligation. Any such repurchase shall take place in the manner
specified in Section 3.2 of the Sale and Servicing Agreement. Notwithstanding
any other provision of this Agreement or the Sale and Servicing Agreement to the
contrary, the obligation of Seller under this Section shall not terminate upon a
termination of Seller as Servicer under the Sale and Servicing Agreement and
shall be performed in accordance with the terms hereof notwithstanding the
failure of the Servicer or Purchaser to perform any of their respective
obligations with respect to such Receivable under the Sale and Servicing
Agreement.


                                       13

<PAGE>

          In addition to the foregoing and notwithstanding whether the related
Receivable shall have been purchased by Seller, Seller shall indemnify the
Issuer, the Trust Collateral Agent, the Trustee, the Backup Servicer, the Owner
Trustee, the Insurer, the Noteholders and the Certificateholder from and against
all costs, expenses, losses, damages, claims and liabilities, including
reasonable fees and expenses of counsel, which may be asserted against or
incurred by any of them as a result of third party claims arising out of the
events or facts giving rise to such Repurchase Events.

          SECTION 5.2 Reassignment of Purchased Receivables. Upon deposit in the
Collection Account of the Purchase Amount of any Receivable repurchased by
Seller under Section 5.1 hereof, Purchaser and the Issuer shall take such steps
as may be reasonably requested by Seller in order to assign to Seller all of
Purchaser's and the Issuer's right, title and interest in and to such Receivable
and all security and documents and all Other Conveyed Property conveyed to
Purchaser and the Issuer directly relating thereto, without recourse,
representation or warranty, except as to the absence of Liens created by or
arising as a result of actions of Purchaser or the Issuer. Such assignment shall
be a sale and assignment outright, and not for security. If, following the
reassignment of a Purchased Receivable, in any enforcement suit or legal
proceeding, it is held that Seller may not enforce any such Receivable on the
ground that it shall not be a real party in interest or a holder entitled to
enforce the Receivable, Purchaser and the Issuer shall, at the expense of
Seller, take such steps as Seller deems reasonably necessary to enforce the
Receivable, including bringing suit in Purchaser's or in the Issuer's name.

          SECTION 5.3 Waivers. No failure or delay on the part of Purchaser, or
the Issuer as assignee of Purchaser, or the Trust Collateral Agent as assignee
of the Issuer, in exercising any power, right or remedy under this Agreement
shall operate as a waiver thereof, nor shall any single or partial exercise of
any such power, right or remedy preclude any other or future exercise thereof or
the exercise of any other power, right or remedy.

                                   ARTICLE VI.
                                  MISCELLANEOUS

          SECTION 6.1 Liability of Seller. Seller shall be liable in accordance
herewith only to the extent of the obligations in this Agreement specifically
undertaken by Seller and the representations and warranties of Seller.

          SECTION 6.2 Merger or Consolidation of Seller or Purchaser. Any
corporation or other entity (i) into which Seller or Purchaser may be merged or
consolidated, (ii) resulting from any merger or consolidation to which Seller or
Purchaser is a party or (iii) succeeding to the business of Seller or Purchaser,
in the case of Purchaser, which corporation has a certificate of incorporation
containing provisions relating to limitations on business and other matters
substantively identical to those contained in Purchaser's trust agreement,
provided that in any of the foregoing cases such corporation shall execute an
agreement of assumption to perform every obligation of Seller or Purchaser, as
the case may be, under this Agreement and, whether or not such assumption
agreement is executed, shall be the successor to Seller or Purchaser, as the
case may be, hereunder (without relieving Seller or Purchaser of their
responsibilities hereunder, if it survives such merger or consolidation) without
the execution or filing of any document or any further action by any of the
parties to this Agreement. Notwithstanding the


                                       14

<PAGE>

foregoing, so long as an Insurer Default shall not have occurred and be
continuing, Purchaser shall not merge or consolidate with any other Person or
permit any other Person to become the successor to Purchaser's business without
the prior written consent of the Insurer. Seller or Purchaser shall promptly
inform the other party, the Issuer, the Trust Collateral Agent, the Owner
Trustee and, so long as an Insurer Default shall not have occurred and be
continuing, the Insurer of such merger, consolidation or purchase and
assumption. Notwithstanding the foregoing, as a condition to the consummation of
the transactions referred to in clauses (i), (ii) and (iii) above, (x)
immediately after giving effect to such transaction, no representation or
warranty made pursuant to Sections 3.1 and 3.2 of this Agreement shall have been
breached (for purposes hereof, such representations and warranties shall speak
as of the date of the consummation of such transaction) and no event that, after
notice or lapse of time, or both, would become an event of default under the
Insurance Agreement, shall have occurred and be continuing, (y) Seller or
Purchaser, as applicable, shall have delivered written notice of such
consolidation, merger or purchase and assumption to the Rating Agencies prior to
the consummation of such transaction and shall have delivered to the Issuer, the
Insurer and the Trust Collateral Agent an Officer's Certificate of the Seller or
a certificate signed by or on behalf of the Purchaser, as applicable, and an
Opinion of Counsel each stating that such consolidation, merger or succession
and such agreement of assumption comply with this Section 6.2 and that all
conditions precedent, if any, provided for in this Agreement relating to such
transaction have been complied with, and (z) Seller or Purchaser, as applicable,
shall have delivered to the Issuer, the Insurer and the Trust Collateral Agent
an Opinion of Counsel, stating, in the opinion of such counsel, either (A) all
financing statements and continuation statements and amendments thereto have
been executed and filed that are necessary to preserve and protect the interest
of the Issuer and the Trust Collateral Agent in the Receivables and reciting the
details of the filings or (B) no such action shall be necessary to preserve and
protect such interest.

          SECTION 6.3 Limitation on Liability of Seller and Others. Seller and
any director, officer, employee or agent thereof may rely in good faith on the
advice of counsel or on any document of any kind prima facie properly executed
and submitted by any Person respecting any matters arising under this Agreement.
Seller shall not be under any obligation to appear in, prosecute or defend any
legal action that is not incidental to its obligations under this Agreement or
its Related Documents and that in its opinion may involve it in any expense or
liability.

          SECTION 6.4 Seller May Own Notes or the Certificate. Subject to the
provisions of the Sale and Servicing Agreement, Seller and any Affiliate of
Seller may in their individual or any other capacity become the owner or pledgee
of Notes or the Certificate with the same rights as they would have if they were
not Seller or an Affiliate thereof.

          SECTION 6.5 Amendment.

          (a) This Agreement may be amended by Seller and Purchaser with the
     prior written consent of the Insurer (so long as an Insurer Default shall
     not have occurred and be continuing) but without the consent of the Trust
     Collateral Agent, the Owner Trustee, the Certificateholder or any of the
     Noteholders (i) to cure any ambiguity or (ii) to correct any provisions in
     this Agreement; provided, however, that such action shall not, as evidenced
     by an Opinion of Counsel delivered to the Issuer, the Owner Trustee, the
     Insurer and the Trust Collateral Agent, adversely affect in any material
     respect the


                                       15

<PAGE>

     interests of any Certificateholder or Noteholder or, if an Insurer Default
     shall have occurred and be continuing, the Insurer.

          (b) This Agreement may also be amended from time to time by Seller and
     Purchaser, with the prior written consent of the Insurer (so long as an
     Insurer Default shall not have occurred and be continuing) and with the
     consent of the Trust Collateral Agent and, if required, the
     Certificateholder and the Noteholders, in accordance with the Sale and
     Servicing Agreement, for the purpose of adding any provisions to or
     changing in any manner or eliminating any of the provisions of this
     Agreement, or of modifying in any manner the rights of the
     Certificateholder or Noteholders; provided, however, the Seller provides
     the Trust Collateral Agent with an Opinion of Counsel, (which may be
     provided by the Seller's internal counsel) that no such amendment shall
     increase or reduce in any manner the amount of, or accelerate or delay the
     timing of, collections of payments on Receivables or distributions that
     shall be required to be made on any Note or Certificate; provided further
     that if an Insurer Default has occurred and is continuing, such amendment
     shall not materially adversely affect the interests of the Insurer.

          (c) Prior to the execution of any such amendment or consent, Seller
     shall have furnished written notification of the substance of such
     amendment or consent to each Rating Agency.

          (d) It shall not be necessary for the consent of Certificateholder or
     Noteholders pursuant to this Section to approve the particular form of any
     proposed amendment or consent, but it shall be sufficient if such consent
     shall approve the substance thereof. The manner of obtaining such consents
     and of evidencing the authorization of the execution thereof by
     Certificateholder or Noteholders shall be subject to such reasonable
     requirements as the Trust Collateral Agent may prescribe, including the
     establishment of record dates. The consent of a Holder of a Certificate or
     a Note given pursuant to this Section or pursuant to any other provision of
     this Agreement shall be conclusive and binding on such Holder and on all
     future Holders of such Certificate or Note and of any Certificate or Note
     issued upon the transfer thereof or in exchange thereof or in lieu thereof
     whether or not notation of such consent is made upon the Certificate or
     Note.

          SECTION 6.6 Notices. All demands, notices and communications to Seller
or Purchaser hereunder shall be in writing, personally delivered, or sent by
telecopier (subsequently confirmed in writing), reputable overnight courier or
mailed by certified mail, return receipt requested, and shall be deemed to have
been given upon receipt (a) in the case of Seller, to AmeriCredit Financial
Services, Inc., 801 Cherry Street, Suite 3900, Fort Worth, Texas 76102,
Attention: Chief Financial Officer, or (b) in the case of Purchaser, to AFS
Funding Trust, c/o Deutsche Bank Trust Company Delaware, as Owner Trustee, E.A.
Delle Donne Corporate Center, Montgomery Building, 1011 Centre Road, Suite 200,
Wilmington Delaware, 19805-1266, Attention: Corporate Trust, with a copy to AFS
Funding Trust, c/o AmeriCredit Financial Services, Inc., as Administrator, 801
Cherry Street, Suite 3900, Fort Worth, Texas 76102, Attention: Chief Financial
Officer, or such other address as shall be designated by a party in a written
notice delivered to the other party or to the Issuer, Owner Trustee, the Insurer
or the Trust Collateral Agent, as applicable.


                                       16

<PAGE>

          SECTION 6.7 Merger and Integration. Except as specifically stated
otherwise herein, this Agreement and Related Documents set forth the entire
understanding of the parties relating to the subject matter hereof, and all
prior understandings, written or oral, are superseded by this Agreement and the
Related Documents. This Agreement may not be modified, amended, waived or
supplemented except as provided herein.

          SECTION 6.8 Severability of Provisions. If any one or more of the
covenants, provisions or terms of this Agreement shall be for any reason
whatsoever held invalid, then such covenants, provisions or terms shall be
deemed severable from the remaining covenants, provisions or terms of this
Agreement and shall in no way affect the validity or enforceability of the other
provisions of this Agreement.

          SECTION 6.9 Intention of the Parties. The execution and delivery of
this Agreement shall constitute an acknowledgment by Seller and Purchaser that
they intend that the assignment and transfer herein contemplated constitute a
sale and assignment outright, and not for security, of the Receivables and the
Other Conveyed Property, conveying good title thereto free and clear of any
Liens, from Seller to Purchaser, and that the Receivables and the Other Conveyed
Property shall not be a part of Seller's estate in the event of the bankruptcy,
reorganization, arrangement, insolvency or liquidation proceeding, or other
proceeding under any federal or state bankruptcy or similar law, or the
occurrence of another similar event, of, or with respect to Seller. In the event
that such conveyance is determined to be made as security for a loan made by
Purchaser, the Issuer, the Noteholders or the Certificateholder to Seller, the
Seller hereby grants to Purchaser a security interest in all of Seller's right,
title and interest in and to the following property, whether now owned or
existing or hereafter acquired or arising, and this Agreement shall constitute a
security agreement under applicable law (collectively, the "Purchase Agreement
Collateral"):

               (1) the Initial Receivables and all moneys received thereon after
     the Initial Cutoff Date and the Subsequent Receivables and all moneys
     received thereon after the applicable Subsequent Cutoff Date;

               (2) the security interests in the Financed Vehicles granted by
     Obligors pursuant to the Receivables and any other interest of the Seller
     in such Financed Vehicles;

               (3) any proceeds and the right to receive proceeds with respect
     to the Receivables from claims on any physical damage, credit life and
     disability insurance policies covering Financed Vehicles or Obligors and
     any proceeds from the liquidation of the Receivables;

               (4) any proceeds from any Receivable repurchased by a Dealer
     pursuant to a Dealer Agreement or a Third-Party Lender pursuant to an Auto
     Loan Purchase and Sale Agreement as a result of a breach of representation
     or warranty in the related Dealer Agreement or Auto Loan Purchase and Sale
     Agreement;

               (5) all rights under any Service Contracts on the related
     Financed Vehicles;


                                       17

<PAGE>

               (6) the related Receivable files;

               (7) all of the Seller's (i) Accounts, (ii) Chattel Paper, (iii)
     Documents, (iv) Instruments and (v) General Intangibles (as such terms are
     defined in the UCC) relating to the property described in (1) through (6);
     and

               (8) all proceeds and investments with respect to items (1)
     through (7).

          SECTION 6.10 Governing Law. This Agreement shall be construed in
accordance with, and this Agreement and all matters arising out of or relating
in any way to this Agreement shall be governed by, the law of the State of New
York, without giving effect to its conflict of law provisions (other than
Sections 5-1401 and 5-1402 of the New York General Obligations Law).

          SECTION 6.11 Counterparts. For the purpose of facilitating the
execution of this Agreement and for other purposes, this Agreement may be
executed simultaneously in any number of counterparts, each of which
counterparts shall be deemed to be an original, and all of which counterparts
shall constitute but one and the same instrument.

          SECTION 6.12 Conveyance of the Receivables and the Other Conveyed
Property to the Issuer. Seller acknowledges that Purchaser intends, pursuant to
the Sale and Servicing Agreement, to convey the Receivables and the Other
Conveyed Property, together with its rights under this Agreement, to the Issuer
on the date hereof and on the Subsequent Transfer Date in the case of Subsequent
Receivables. Seller acknowledges and consents to such conveyance and pledge and
waives any further notice thereof and covenants and agrees that the
representations and warranties of Seller contained in this Agreement and any
Subsequent Purchase Agreement and the rights of Purchaser hereunder are intended
to benefit the Insurer, the Issuer, the Owner Trustee, the Trust Collateral
Agent, the Noteholders and the Certificateholder. In furtherance of the
foregoing, Seller covenants and agrees to perform its duties and obligations
hereunder, in accordance with the terms hereof for the benefit of the Insurer,
the Issuer, the Owner Trustee, the Trust Collateral Agent, the Noteholders and
the Certificateholder and that, notwithstanding anything to the contrary in this
Agreement, Seller shall be directly liable to the Issuer, the Owner Trustee, the
Trust Collateral Agent, the Noteholders and the Certificateholder
(notwithstanding any failure by the Servicer, the Backup Servicer or the
Purchaser to perform its respective duties and obligations hereunder or under
Related Documents) and that the Trust Collateral Agent may enforce the duties
and obligations of Seller under this Agreement against Seller for the benefit of
the Insurer, the Owner Trustee, the Trust Collateral Agent, the Noteholders and
the Certificateholder.

          SECTION 6.13 Nonpetition Covenant. Neither Purchaser nor Seller shall
petition or otherwise invoke the process of any court or government authority
for the purpose of commencing or sustaining a case against the Purchaser or the
Issuer under any federal or state bankruptcy, insolvency or similar law or
appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or
other similar official of the Purchaser or the Issuer or any substantial part of
their respective property, or ordering the winding up or liquidation of the
affairs of the Purchaser or the Issuer.


                                       18

<PAGE>

          SECTION 6.14 Benefits of Purchase Agreement. The Insurer and its
successors and assigns shall be a third-party beneficiary to the provisions of
this Purchase Agreement and shall be entitled to rely upon and directly enforce
the provisions of this Purchase Agreement so long as no Insurer Default shall
have occurred and be continuing.

                  [Remainder of page intentionally left blank]


                                       19

<PAGE>

          IN WITNESS WHEREOF, the parties have caused this Purchase Agreement to
be duly executed by their respective officers as of the day and year first above
written.

                                       AFS FUNDING TRUST, as Purchaser


                                       By: AMERICREDIT FINANCIAL SERVICES, INC.,
                                           as Administrator


                                       By /s/ Sheli Fitzgerald
                                          --------------------------------------
                                          Name: Sheli Fitzgerald
                                          Title: Vice President, Structured
                                                  Finance


                                       AMERICREDIT FINANCIAL SERVICES, INC.,
                                           as Seller


                                       By /s/ Susan B. Sheffield
                                          --------------------------------------
                                          Name: Susan B. Sheffield
                                          Title: Senior Vice President,
                                                 Structured Finance

Accepted:

WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Trustee and Trust Collateral Agent


By /s/ Marianna C. Stershic
   ------------------------------------
   Name: Marianna C. Stershic
   Title: Vice President

                              [Purchase Agreement]

<PAGE>

                                   SCHEDULE A

                         SCHEDULE OF INITIAL RECEIVABLES

        [On File with AmeriCredit, the Trustee and Dewey Ballantine LLP]

<PAGE>

                                   SCHEDULE B

                        REPRESENTATIONS AND WARRANTIES OF

              AMERICREDIT FINANCIAL SERVICES, INC. ("AMERICREDIT")

     1. Characteristics of Receivables. Each Receivable (A) was originated (i)
by AmeriCredit, (ii) by an Originating Affiliate and was validly assigned by
such Originating Affiliate to AmeriCredit, (iii) by a Dealer and purchased by
AmeriCredit from such Dealer under an existing Dealer Agreement or pursuant to a
Dealer Assignment with AmeriCredit and was validly assigned by such Dealer to
AmeriCredit pursuant to a Dealer Assignment or (iv) by a Third-Party Lender and
purchased by AmeriCredit from such Third-Party Lender under an existing Auto
Loan Purchase and Sale Agreement or pursuant to a Third-Party Lender Assignment
with AmeriCredit and was validly assigned by such Third-Party Lender to
AmeriCredit pursuant to a Third-Party Lender Assignment (B) was originated by
AmeriCredit, such Originating Affiliate, such Dealer or such Third-Party Lender
for the retail sale of a Financed Vehicle in the ordinary course of
AmeriCredit's, such Originating Affiliate's, the Dealer's or the Third-Party
Lender's business, in each case was originated in accordance with AmeriCredit's
credit policies and was fully and properly executed by the parties thereto, and
AmeriCredit, each Originating Affiliate, each Dealer and each Third-Party Lender
had all necessary licenses and permits to originate Receivables in the state
where AmeriCredit, each such Originating Affiliate, each such Dealer or each
such Third-Party Lender was located, (C) contains customary and enforceable
provisions such as to render the rights and remedies of the holder thereof
adequate for realization against the collateral security, (D) is a Receivable
which provides for level monthly payments (provided that the period in the first
Collection Period and the payment in the final Collection Period of the
Receivable may be minimally different from the normal period and level payment)
which, if made when due, shall fully amortize the Amount Financed over the
original term and (E) has not been amended or collections with respect to which
waived, other than as evidenced in the Receivable File or the Servicer's
electronic records relating thereto.

     2. No Fraud or Misrepresentation. Each Receivable was originated (i) by
AmeriCredit, (ii) by an Originating Affiliate and was assigned by the
Originating Affiliate to AmeriCredit, (iii) by a Dealer and was sold by the
Dealer to AmeriCredit or (iv) by a Third-Party Lender and was sold by the
Third-Party Lender to AmeriCredit, and was sold by AmeriCredit to AFS Funding
Trust without any fraud or misrepresentation on the part of such Originating
Affiliate, Dealer or Third-Party Lender or AmeriCredit in any case.

     3. Compliance with Law. All requirements of applicable federal, state and
local laws, and regulations thereunder (including, without limitation, usury
laws, the Federal Truth-in-Lending Act, the Equal Credit Opportunity Act, the
Fair Credit Billing Act, the Fair Credit Reporting Act, the Fair Debt Collection
Practices Act, the Federal Trade Commission Act, the Moss-Magnuson Warranty Act,
the Federal Reserve Board's Regulations "B" and "Z" (including amendments to the
Federal Reserve's Official Staff Commentary to Regulation Z, effective October
1, 1998, concerning negative equity loans), the Servicemembers Civil Relief Act,
each applicable state Motor Vehicle Retail Installment Sales Act, and state
adaptations of the National Consumer Act and of the Uniform Consumer Credit Code
and other consumer credit laws and

<PAGE>

equal credit opportunity and disclosure laws) in respect of the Receivables and
the Financed Vehicles, have been complied with in all material respects, and
each Receivable and the sale of the Financed Vehicle evidenced by each
Receivable complied at the time it was originated or made and now complies in
all material respects with all applicable legal requirements.

     4. Origination. Each Receivable was originated in the United States.

     5. Binding Obligation. Each Receivable represents the genuine, legal, valid
and binding payment obligation of the Obligor thereon, enforceable by the holder
thereof in accordance with its terms, except (A) as enforceability may be
limited by bankruptcy, insolvency, reorganization or similar laws affecting the
enforcement of creditors' rights generally and by equitable limitations on the
availability of specific remedies, regardless of whether such enforceability is
considered in a proceeding in equity or at law and (B) as such Receivable may be
modified by the application after the Initial Cutoff Date or the Subsequent
Cutoff Date, as applicable, of the Servicemembers Civil Relief Act, as amended;
and all parties to each Receivable had full legal capacity to execute and
deliver such Receivable and all other documents related thereto and to grant the
security interest purported to be granted thereby.

     6. No Government Obligor. No Obligor is the United States of America or any
State or any agency, department, subdivision or instrumentality thereof.

     7. Obligor Bankruptcy. At the Initial Cutoff Date or the Subsequent Cutoff
Date, as applicable, no Obligor had been identified on the records of
AmeriCredit as being the subject of a current bankruptcy proceeding.

     8. Schedules of Receivables. The information set forth in the Schedules of
Receivables has been produced from the Electronic Ledger and was true and
correct in all material respects as of the close of business on the Initial
Cutoff Date or the Subsequent Cutoff Date, as applicable.

     9. Marking Records. By the Closing Date or Subsequent Transfer Date, as
applicable, AmeriCredit will have caused the portions of the Electronic Ledger
relating to the Receivables to be clearly and unambiguously marked to show that
the Receivables have been sold to AFS Funding Trust by AmeriCredit and resold by
AFS Funding Trust to the Trust in accordance with the terms of the Sale and
Servicing Agreement.

     10. Computer Tape. The Computer Tape made available by AmeriCredit to AFS
Funding Trust and to the Trust on the Closing Date was complete and accurate as
of the Initial Cutoff Date or the Subsequent Cutoff Date, as applicable, and
includes a description of the same Receivables that are described in the
Schedule of Receivables.

     11. Adverse Selection. No selection procedures adverse to the Noteholders
or the Insurer were utilized in selecting the Receivables from those receivables
owned by AmeriCredit which met the selection criteria contained in the Sale and
Servicing Agreement.

     12. Chattel Paper. The Receivables constitute "tangible chattel paper"
within the meaning of the UCC as in effect in the States of Texas, New York,
Nevada and Delaware.


                                       B-2

<PAGE>

     13. One Original. There is only one original executed copy of each
Receivable.

     14. Receivable Files Complete. There exists a Receivable File pertaining to
each Receivable and such Receivable File contains a fully executed original of
the Receivable and the original Lien Certificate or a copy of the application
therefor. Related documentation concerning the Receivable, including any
documentation regarding modifications of the Receivable, will be maintained
electronically by the Servicer. Each of such documents which is required to be
signed by the Obligor has been signed by the Obligor in the appropriate spaces.
All blanks on any form have been properly filled in and each form has otherwise
been correctly prepared. The complete Receivable File for each Receivable
currently is in the possession of the Custodian.

     15. Receivables in Force. No Receivable has been satisfied, subordinated or
rescinded, and the Financed Vehicle securing each such Receivable has not been
released from the lien of the related Receivable in whole or in part. No terms
of any Receivable have been waived, altered or modified in any respect since its
origination, except by instruments or documents identified in the Receivable
File or the Servicer's electronic records.

     16. Lawful Assignment. No Receivable was originated in, or is subject to
the laws of, any jurisdiction the laws of which would make unlawful, void or
voidable the sale, transfer and assignment of such Receivable under this
Agreement or pursuant to transfers of the Notes.

     17. Good Title. Immediately prior to the conveyance of the Receivables to
AFS Funding Trust pursuant to this Agreement or a Subsequent Purchase Agreement,
as applicable, AmeriCredit was the sole owner thereof and had good and
indefeasible title thereto, free of any Lien and, upon execution and delivery of
this Agreement by AmeriCredit, AFS Funding Trust shall have good and
indefeasible title to and will be the sole owner of such Receivables, free of
any Lien. No Dealer or Third-Party Lender has a participation in, or other right
to receive, proceeds of any Receivable. AmeriCredit has not taken any action to
convey any right to any Person that would result in such Person having a right
to payments received under the related Insurance Policies or the related Dealer
Agreements, Auto Loan Purchase and Sale Agreements, Dealer Assignments or
Third-Party Lender Assignments or to payments due under such Receivables.

     18. Security Interest in Financed Vehicle. Each Receivable created or shall
create a valid, binding and enforceable first priority security interest in
favor of AmeriCredit (or an Originating Affiliate or a Titled Third-Party Lender
which first priority security interest has been assigned to AmeriCredit) in the
Financed Vehicle. The Lien Certificate for each Financed Vehicle shows, or if a
new or replacement Lien Certificate is being applied for with respect to such
Financed Vehicle the Lien Certificate will be received within 180 days of the
Closing Date or Subsequent Transfer Date, as applicable, and will show,
AmeriCredit (or an Originating Affiliate or a Titled Third-Party Lender) named
as the original secured party under each Receivable as the holder of a first
priority security interest in such Financed Vehicle. With respect to each
Receivable for which the Lien Certificate has not yet been returned from the
Registrar of Titles, AmeriCredit or the related Originating Affiliate has
applied for or received written evidence from the related Dealer or Third-Party
Lender that such Lien Certificate showing AmeriCredit, an Originating Affiliate,
the Issuer or a Titled Third-Party Lender, as applicable, as first lienholder
has been applied for and the Originating Affiliate's or Titled Third-


                                       B-3

<PAGE>

Party Lender's security interest has been validly assigned by the Originating
Affiliate or Titled Third-Party Lender, as applicable, to AmeriCredit and
AmeriCredit's security interest has been validly assigned by AmeriCredit to AFS
Funding Trust pursuant to this Agreement. This Agreement creates a valid and
continuing security interest (as defined in the UCC) in the Receivables in favor
of the Purchaser, which security interest is prior to all other Liens, and is
enforceable as such as against creditors of and purchasers from the Seller.
Immediately after the sale, transfer and assignment thereof by AmeriCredit to
AFS Funding Trust, each Receivable will be secured by an enforceable and
perfected first priority security interest in the Financed Vehicle in favor of
AFS Funding Trust as secured party, which security interest is prior to all
other Liens upon and security interests in such Financed Vehicle which now exist
or may hereafter arise or be created (except, as to priority, for any lien for
taxes, labor or materials affecting a Financed Vehicle). As of the Initial
Cutoff Date or the Subsequent Cutoff Date, as applicable, there were no Liens or
claims for taxes, work, labor or materials affecting a Financed Vehicle which
are or may be Liens prior or equal to the Liens of the related Receivable.

     19. All Filings Made. All filings (including, without limitation, UCC
filings (including, without limitation, the filing by the Seller of all
appropriate financing statements in the proper filing office in the State of
Delaware under applicable law in order to perfect the security interest in the
Receivables granted to the Purchaser hereunder)) required to be made by any
Person and actions required to be taken or performed by any Person in any
jurisdiction to give the Trust and the Trust Collateral Agent a first priority
perfected lien on, or ownership interest in, the Receivables and the proceeds
thereof and the Other Conveyed Property have been made, taken or performed.

     20. No Impairment. AmeriCredit has not done anything to convey any right to
any Person that would result in such Person having a right to payments due under
the Receivables or otherwise to impair the rights of the Trust, the Insurer, the
Trustee, the Trust Collateral Agent and the Noteholders in any Receivable or the
proceeds thereof. Other than the security interest granted to the Purchaser
pursuant to this Agreement and except any other security interests that have
been fully released and discharged as of the Closing Date, the Seller has not
pledged, assigned, sold, granted a security interest in, or otherwise conveyed
any of the Receivables. The Seller has not authorized the filing of and is not
aware of any financing statements against the Seller that include a description
of collateral covering the Receivables other than any financing statement
relating to the security interest granted to the Purchaser hereunder or that has
been terminated. The Seller is not aware of any judgment or tax lien filings
against it.

     21. Receivable Not Assumable. No Receivable is assumable by another Person
in a manner which would release the Obligor thereof from such Obligor's
obligations to AmeriCredit with respect to such Receivable.

     22. No Defenses. No Receivable is subject to any right of rescission,
setoff, counterclaim or defense and no such right has been asserted or
threatened with respect to any Receivable.

     23. No Default. There has been no default, breach, violation or event
permitting acceleration under the terms of any Receivable (other than payment
delinquencies of not more than 30 days), and no condition exists or event has
occurred and is continuing that with notice,


                                       B-4

<PAGE>

the lapse of time or both would constitute a default, breach, violation or event
permitting acceleration under the terms of any Receivable, and there has been no
waiver of any of the foregoing. As of the Initial Cutoff Date or the Subsequent
Cutoff Date, as applicable, no Financed Vehicle had been repossessed.

     24. Insurance. At the time of an origination of a Receivable by
AmeriCredit, an Originating Affiliate, a Dealer or Third-Party Lender, each
Financed Vehicle is required to be covered by a comprehensive and collision
insurance policy (i) in an amount at least equal to the lesser of (a) its
maximum insurable value or (b) the principal amount due from the Obligor under
the related Receivable, (ii) naming AmeriCredit (or an Originating Affiliate or
a Titled Third-Party Lender) as loss payee and (iii) insuring against loss and
damage due to fire, theft, transportation, collision and other risks generally
covered by comprehensive and collision coverage. Each Receivable requires the
Obligor to maintain physical loss and damage insurance, naming AmeriCredit, an
Originating Affiliate or a Titled Third-Party Lender and its successors and
assigns as additional insured parties, and each Receivable permits the holder
thereof to obtain physical loss and damage insurance at the expense of the
Obligor if the Obligor fails to do so. No Financed Vehicle is insured under a
policy of Force-Placed Insurance on the Initial Cutoff Date or the Subsequent
Cutoff Date, as applicable.

     25. Past Due. At the Initial Cutoff Date or the Subsequent Cutoff Date, as
applicable, no Receivable was more than 30 days past due.

     26. Remaining Principal Balance. At the Initial Cutoff Date or the
Subsequent Cutoff Date, as applicable, the Principal Balance of each Receivable
set forth in the Schedules of Receivables is true and accurate in all material
respects.

     27. Certain Characteristics of Receivables.

          (A) Each Receivable had a remaining maturity, as of the Initial Cutoff
     Date or the Subsequent Cutoff Date, as applicable, of not more than 72
     months.

          (B) Each Receivable had an original maturity, as of the Initial Cutoff
     Date or the Subsequent Cutoff Date, as applicable, of not more than 72
     months.

          (C) Not more than 50% of the Initial Receivables (calculated by
     Aggregate Principal Balance) had an original term to maturity of 72 months,
     and on each Subsequent Transfer Date, not more than 50% of all Receivables
     which have been transferred to the Issuer including the Initial Receivables
     as of the Initial Cutoff Date and all Subsequent Receivables transferred to
     the Issuer as of such Subsequent Cutoff Date (calculated by Aggregate
     Principal Balance) had an original term to maturity of 72 months.

          (D) Each Receivable had a remaining Principal Balance as of the
     Initial Cutoff Date or the Subsequent Cutoff Date, as applicable, of at
     least $250 and not more than $80,000.

          (E) Each Receivable had an Annual Percentage Rate as of the Initial
     Cutoff Date or the Subsequent Cutoff Date, as applicable, of at least 1%
     and not more than 33%.


                                       B-5

<PAGE>

          (F) No Receivable was more than 30 days past due as of the Initial
     Cutoff Date or the Subsequent Cutoff Date, as applicable.

          (G) No funds had been advanced by AmeriCredit, any Originating
     Affiliate, any Dealer, any Third-Party Lender, or anyone acting on behalf
     of any of them in order to cause any Receivable to qualify under clause (F)
     above.

          (H) Not more than 35% of the Obligors on the Initial Receivables as of
     the Initial Cutoff Date resided in Texas and California (based on the
     Obligor's mailing address as of the Initial Cutoff Date) and on each
     Subsequent Transfer Date, not more than 35% of the Obligors on all
     Receivables which have been transferred to the Issuer (including the
     Subsequent Receivables transferred to the Issuer on such Subsequent Cutoff
     Date) resided in Texas and California (based on the Obligor's mailing
     address as of the Initial Cutoff Date (with respect to the Initial
     Receivables) or as of the Subsequent Cutoff Date for the related Receivable
     (with respect to the Subsequent Receivables)).

          (I) Each Obligor had a billing address in the United States as of the
     date of origination of the related Receivable, is a natural person and is
     not an Affiliate of any party to this Agreement.

          (J) Each Receivable is denominated in, and each Contract provides for
     payment in, United States dollars.

          (K) The weighted average Annual Percentage Rate of all Receivables
     which have been transferred to the Issuer including the Initial Receivables
     as of the Initial Cutoff Date and all Subsequent Receivables transferred to
     the Issuer as of such Subsequent Cutoff Date is not less than 16.75%,
     unless, with the prior consent of the Rating Agencies and the Insurer, the
     Seller increases the Spread Account Initial Deposit with respect to the
     Subsequent Receivables by the amount required by the Insurer.

          (L) Each Receivable is identified on the Servicer's master servicing
     records as an automobile installment sales contract or installment note.

          (M) Each Receivable arose under a Contract which is assignable without
     the consent of, or notice to, the Obligor thereunder, and does not contain
     a confidentiality provision that purports to restrict the ability of the
     Servicer to exercise its rights under the Sale and Servicing Agreement,
     including, without limitation, its right to review the Contract.

          (N) Each Receivable arose under a Contract with respect to which
     AmeriCredit has performed all obligations required to be performed by it
     thereunder, and, in the event such Contract is an installment sales
     contract, delivery of the Financed Vehicle to the related Obligor has
     occurred.

     28. Interest Calculation. Each Contract provides for the calculation of
interest payable thereunder under either the "simple interest" method, the "Rule
of 78's" method or the "precomputed interest" method.


                                       B-6

<PAGE>

     29. Lockbox Account. Each Obligor has been, or will be, directed to make
all payments on their related Receivable to the Lockbox Account.

     30. Lien Enforcement. Each Receivable provides for enforcement of the lien
or the clear legal right of repossession, as applicable, on the Financed Vehicle
securing such Receivable.

     31. Prospectus Supplement Description. Each Receivable conforms, and all
Receivables in the aggregate conform, in all material respects to the
description thereof set forth in the Prospectus Supplement.

     32. Risk of Loss. Each Contract contains provisions requiring the Obligor
to assume all risk of loss or malfunction on the related Financed Vehicle,
requiring the Obligor to pay all sales, use, property, excise and other similar
taxes imposed on or with respect to the Financed Vehicle and making the Obligor
liable for all payments required to be made thereunder, without any setoff,
counterclaim or defense for any reason whatsoever, subject only to the Obligor's
right of quiet enjoyment.

     33. Leasing Business. To the best of the Seller's and the Servicer's
knowledge, as appropriate, no Obligor is a Person involved in the business of
leasing or selling equipment of a type similar to the Obligor's related Financed
Vehicle.

     34. Consumer Leases. No Receivable constitutes a "consumer lease" under
either (a) the UCC as in effect in the jurisdiction the law of which governs the
Receivable or (b) the Consumer Leasing Act, 15 USC 1667.

     35. Perfection. The Seller has taken all steps necessary to perfect its
security interest against the related Obligors in the property securing the
Receivables and will take all necessary steps on behalf of the Trust to maintain
the Trust's perfection of the security interest created by each Receivable in
the related Financed Vehicle.


                                       B-7

<PAGE>

                                                                       EXHIBIT A

                          SUBSEQUENT PURCHASE AGREEMENT

          Transfer No. _________ of Subsequent Receivables, dated as of
_______________, 200_, pursuant to a Purchase Agreement (the "Purchase
Agreement") dated as of July 12, 2006, between AMERICREDIT FINANCIAL SERVICES,
INC. a Delaware corporation (the "Seller") and AFS FUNDING TRUST, a Delaware
statutory trust (the "Purchaser").

                                   WITNESSETH:

          WHEREAS pursuant to the Purchase Agreement, the Seller wishes to
convey the Subsequent Receivables to the Purchaser; and

          WHEREAS, the Purchaser is willing to accept such conveyance subject to
the terms and conditions hereof.

          NOW, THEREFORE, the Seller and the Purchaser hereby agree as follows:

          1. Defined Terms. Capitalized terms used herein shall have the
meanings ascribed to them in the Purchase Agreement unless otherwise defined
herein.

          "Subsequent Cutoff Date" shall mean, with respect to the Subsequent
Receivables conveyed hereby, _______________, 200_.

          "Subsequent Transfer Date" shall mean, with respect to the Subsequent
Receivables conveyed hereby, _______________, 200_.

          2. Schedule of Receivables. Attached hereto as Schedule A is a
supplement to Schedule A to the Purchase Agreement listing the Receivables that
constitute the Subsequent Receivables to be conveyed pursuant to this Agreement
on the Subsequent Transfer Date.

          3. Conveyance of Subsequent Receivables. In consideration of the
Purchaser's delivery to, or upon the order of, the Seller of
$___________________, the Seller does hereby sell, transfer, assign, set over
and otherwise convey to the Purchaser, without recourse (except as expressly
provided in the Purchase Agreement), all right, title and interest of the Seller
in and to:

          (a) the Subsequent Receivables and all moneys received thereon, after
     the Subsequent Cutoff Date;

          (b) the security interests in the Financed Vehicles granted by
     Obligors pursuant to the respective Subsequent Receivables and any other
     interest of the Seller in such Financed Vehicles;

          (c) any proceeds and the right to receive proceeds with respect to the
     respective Subsequent Receivables from claims and on any physical damage,
     credit life and disability insurance policies covering the related Financed
     Vehicles or Obligors and any proceed from the liquidation of such
     Subsequent Receivables;


                                     Ex-A-1

<PAGE>

          (d) any proceeds from any Subsequent Receivable repurchased by a
     Dealer pursuant to a Dealer Agreement or a Third-Party Lender pursuant to
     an Auto Loan Purchase and Sale Agreement as a result of a breach of
     representation or warranty in the related Dealer Agreement or Auto Loan
     Purchase and Sale Agreement;

          (e) all rights under any Service Contracts on the related Financed
     Vehicles;

          (f) the related Receivables Files;

          (g) all of the Seller's (i) Accounts, (ii) Chattel Paper, (iii)
     Documents, (iv) Instruments and (v) General Intangibles (as such terms are
     defined in the UCC) relating to the property described in (a) through (f);
     and

          (h) all proceed and investments with respect to items (a) through (g).

          The execution and delivery of this Agreement shall constitute an
acknowledgment by the Seller and the Purchaser that they intend that the
assignment and transfer herein contemplated constitute a sale and assignment
outright, and not for security, of the Subsequent Receivables and the Subsequent
Other Conveyed Property, conveying good title thereto free and clear of any
Liens, from the Seller to the Purchaser, and that the Subsequent Receivables and
the Subsequent Other Conveyed Property shall not be a part of the Seller's
estate in the event of the bankruptcy, reorganization, arrangement, insolvency
or liquidation proceeding, or other proceeding under any federal or state
bankruptcy or similar law, or the occurrence of another similar event, of, or
with respect to the Seller. In the event that such conveyance is determined to
be made as security for a loan made by the Purchaser, the Issuer, the
Noteholders or the Certificateholder to the Seller, the parties hereto intend
that the Seller shall have granted to the Purchaser a security interest in all
of the Seller's right, title and interest in and to the Subsequent Receivables
and the Subsequent Other Conveyed Property conveyed pursuant to this Section 3,
and that this Agreement shall constitute a security agreement under applicable
law.

          4. Representations and Warranties of the Seller. The Seller hereby
represents and warrants to the Purchaser as of the date of this Agreement and as
of the Subsequent Transfer Date that:

          (a) Schedule of Representations. The representations and warranties
     relating to the Subsequent Receivables set forth on the Schedule of
     Representations attached as Schedule B to the Purchase Agreement are true
     and correct.

          (b) Organization and Good Standing. The Seller has been duly
     organized, is validly existing as a corporation in good standing under the
     laws of the State of Delaware with power and authority to own its
     properties and to conduct its businesses as such properties are currently
     owned and such business is currently conducted, and has had at all relevant
     times, and now has, the power, authority and legal right to acquire, own
     and sell the Subsequent Receivables and the Subsequent Other Conveyed
     Property transferred to the Purchaser.

          (c) Due Qualification. The Seller is duly qualified to do business as
     a foreign corporation in good standing and has obtained all necessary
     licenses and approvals in all


                                     Ex-A-2

<PAGE>

     jurisdictions where the failure to do so would materially and adversely
     affect the Seller's ability to transfer the respective Subsequent
     Receivables and the Subsequent Other Conveyed Property to the Purchaser
     pursuant to this Agreement, or the validity or enforceability of the
     respective Subsequent Receivables and the Subsequent Other Conveyed
     Property or to perform the Seller's obligations hereunder and under the
     Seller's Related Documents.

          (d) Power and Authority. The Seller has the power and authority to
     execute and deliver this Agreement and its Related Documents and to carry
     out its terms and their terms; the Seller has full power and authority to
     sell and assign the Subsequent Receivables and the Subsequent Other
     Conveyed Property to be sold and assigned to and deposited with the
     Purchaser by it and has duly authorized such sale and assignment to the
     Purchaser by all necessary corporate action; and the execution, delivery
     and performance of this Agreement and the Seller's Related Documents have
     been duly authorized by the Seller by all necessary corporate action.

          (e) Valid Sale, Binding Obligations. This Agreement effects a valid
     sale, transfer and assignment of the respective Subsequent Receivables and
     the Subsequent Other Conveyed Property, enforceable against the Seller and
     creditors of and purchasers from the Seller; and this Agreement and the
     Seller's Related Documents, when duly executed and delivered, shall
     constitute legal, valid and binding obligations of the Seller enforceable
     in accordance with their respective terms, except as enforceability may be
     limited by bankruptcy, insolvency, reorganization or other similar laws
     affecting the enforcement of creditors' rights generally and by equitable
     limitations on the availability of specific remedies, regardless of whether
     such enforceability is considered in a proceeding in equity or at law.

          (f) No Violation. The consummation of the transactions contemplated by
     this Agreement and the Related Documents and the fulfillment of the terms
     of this Agreement and the Related Documents shall not conflict with, result
     in any breach of any of the terms and provisions of or constitute (with or
     without notice, lapse of time or both) a default under the certificate of
     incorporation or by-laws of the Seller, or any indenture, agreement,
     mortgage, deed of trust or other instrument to which the Seller is a party
     or by which it is bound, or result in the creation or imposition of any
     Lien upon any of its properties pursuant to the terms of any such
     indenture, agreement, mortgage, deed of trust or other instrument, other
     than this Agreement, or violate any law, order, rule or regulation
     applicable to the Seller of any court or of any federal or state regulatory
     body, administrative agency or other governmental instrumentality having
     jurisdiction over the Seller or any of their respective properties.

          (g) No Proceedings. There are no proceedings or investigations pending
     or, to the Seller's knowledge, threatened against the Seller, before any
     court, regulatory body, administrative agency or other tribunal or
     governmental instrumentality having jurisdiction over the Seller or its
     properties (A) asserting the invalidity of this Agreement or any of the
     Related Documents, (B) seeking to prevent the consummation of any of the
     transactions contemplated by this Agreement or any of the Related
     Documents, (C) seeking any determination or ruling that might materially
     and adversely affect the performance by the


                                     Ex-A-3

<PAGE>

     Seller of its obligations under, or the validity or enforceability of, this
     Agreement or any of the Related Documents, or (D) seeking to adversely
     affect the federal income tax or other federal, state or local tax
     attributes of, or seeking to impose any excise, franchise, transfer or
     similar tax upon, the transfer and acquisition of the respective Subsequent
     Receivables and the Subsequent Other Conveyed Property hereunder.

          (h) Chief Executive Office. The chief executive office of the Seller
     is at 801 Cherry Street, Suite 3900, Fort Worth, Texas 76102.

          (i) Legal Name. The Seller's exact legal name is, and at all times has
     been, the name indicated for it on the signature page below.

          (j) Organization. The Seller is, and at all times has been, a
     corporation organized exclusively under the laws of Delaware.

          (k) Principal Balance. The aggregate Principal Balance of the
     Subsequent Receivables transferred by the Seller listed on Schedule A
     attached hereto and conveyed to the Purchaser pursuant to this Agreement as
     of the Subsequent Cutoff Date is $_________________.

          (l) Seller's Intention. The Subsequent Receivables are being
     transferred with the intention of removing them from the Seller's estate
     pursuant to Section 541 of the United States Bankruptcy Code, as the same
     may be amended from time to time.

          5. Representations and Warranties of the Purchaser. The Purchaser
hereby represents and warrants to the Seller as of the date of this Agreement
and as of the Subsequent Transfer Date that:

          (a) Organization and Good Standing. Purchaser has been duly organized
     and is validly existing and in good standing as a statutory trust under the
     laws of the State of Delaware, with the power and authority to own its
     properties and to conduct its business as such properties are currently
     owned and such business is currently conducted, and had at all relevant
     times, and has, full power, authority and legal right to acquire and own
     the Subsequent Receivables and the Subsequent Other Conveyed Property, and
     to transfer the Subsequent Receivables and the Subsequent Other Conveyed
     Property to the Issuer pursuant to the Sale and Servicing Agreement.

          (b) Due Qualification. Purchaser is duly qualified to do business, is
     in good standing, and has obtained all necessary licenses and approvals in
     all jurisdictions where the failure to do so would materially and adversely
     affect Purchaser's ability to acquire the Subsequent Receivables or the
     Subsequent Other Conveyed Property, and to transfer the Subsequent
     Receivables and the Subsequent Other Conveyed Property to the Issuer
     pursuant to the Sale and Servicing Agreement, or the validity or
     enforceability of the Subsequent Receivables and the Subsequent Other
     Conveyed Property or to perform Purchaser's obligations hereunder and under
     the Purchaser's Related Documents.

          (c) Power and Authority. Purchaser has the power, authority and legal
     right to execute and deliver this Agreement and to carry out the terms
     hereof and to acquire the


                                     Ex-A-4

<PAGE>

     Subsequent Receivables and the Subsequent Other Conveyed Property
     hereunder; and the execution, delivery and performance of this Agreement
     and all of the documents required pursuant hereto have been duly authorized
     by Purchaser by all necessary action.

          (d) No Consent Required. Purchaser is not required to obtain the
     consent of any other Person, or any consent, license, approval or
     authorization or registration or declaration with, any governmental
     authority, bureau or agency in connection with the execution, delivery or
     performance of this Agreement and the Related Documents, except for such as
     have been obtained, effected or made.

          (e) Binding Obligation. This Agreement constitutes a legal, valid and
     binding obligation of Purchaser, enforceable against Purchaser in
     accordance with its terms, subject, as to enforceability, to applicable
     bankruptcy, insolvency, reorganization, conservatorship, receivership,
     liquidation and other similar laws and to general equitable principles.

          (f) No Violation. The execution, delivery and performance by Purchaser
     of this Agreement, the consummation of the transactions contemplated by
     this Agreement and the Related Documents and the fulfillment of the terms
     of this Agreement and the Related Documents do not and will not conflict
     with, result in any breach of any of the terms and provisions of, or
     constitute (with or without notice, lapse of time or both) a default under,
     the trust agreement of Purchaser, or conflict with or breach any of the
     terms or provisions of, or constitute (with or without notice or lapse of
     time) a default under, any indenture, agreement, mortgage, deed of trust or
     other instrument to which Purchaser is a party or by which Purchaser is
     bound or to which any of its properties are subject, or result in the
     creation or imposition of any Lien upon any of its properties pursuant to
     the terms of any such indenture, agreement, mortgage, deed of trust or
     other instrument (other than the Sale and Servicing Agreement and the
     Spread Account Agreement), or violate any law, order, rule or regulation,
     applicable to Purchaser or its properties, of any federal or state
     regulatory body, any court, administrative agency, or other governmental
     instrumentality having jurisdiction over Purchaser or any of its
     properties.

          (g) No Proceedings. There are no proceedings or investigations
     pending, or, to the knowledge of Purchaser, threatened against Purchaser,
     before any court, regulatory body, administrative agency, or other tribunal
     or governmental instrumentality having jurisdiction over Purchaser or its
     properties: (i) asserting the invalidity of this Agreement or any of the
     Related Documents, (ii) seeking to prevent the consummation of any of the
     transactions contemplated by this Agreement or any of the Related
     Documents, (iii) seeking any determination or ruling that might materially
     and adversely affect the performance by Purchaser of its obligations under,
     or the validity or enforceability of, this Agreement or any of the Related
     Documents or (iv) that may adversely affect the federal or state income tax
     attributes of, or seeking to impose any excise, franchise, transfer or
     similar tax upon, the transfer and acquisition of the Subsequent
     Receivables and the Subsequent Other Conveyed Property hereunder or the
     transfer of the Subsequent Receivables and the Subsequent Other Conveyed
     Property to the Issuer pursuant to the Sale and Servicing Agreement.

          In the event of any breach of a representation and warranty made by
Purchaser hereunder, Seller covenants and agrees that it will not take any
action to pursue any remedy that it


                                     Ex-A-5

<PAGE>

may have hereunder, in law, in equity or otherwise, until a year and a day have
passed since the date on which all Notes, Certificates, pass-through
certificates or other similar securities issued by Purchaser, or a trust or
similar vehicle formed by Purchaser, have been paid in full. Seller and
Purchaser agree that damages will not be an adequate remedy for such breach and
that this covenant may be specifically enforced by Purchaser, Issuer or by the
Trustee on behalf of the Noteholders and Owner Trustee on behalf of the
Certificateholder.

          6. Conditions Precedent. The obligation of the Purchaser to acquire
the Subsequent Receivables hereunder is subject to the satisfaction, on or prior
to the Subsequent Transfer Date, of the following conditions precedent:

          (a) Representations and Warranties. Each of the representations and
     warranties made by the Seller in Sections 4 and 5 of this Agreement and in
     Sections 3.1 and 3.2 of the Purchase Agreement shall be true and correct as
     of the date of this Agreement and as of the Subsequent Transfer Date.

          (b) Conditions. Upon the resale of the Subsequent Receivables sold by
     the Seller to the Purchaser hereunder and by the Purchaser to the Issuer
     pursuant to the Sale and Servicing Agreement and any related Subsequent
     Transfer Agreement, the conditions precedent to such sale, set forth in
     Section 2.2(b) of the Sale and Servicing Agreement shall be satisfied.

          (c) Additional Information. The Seller shall have delivered to the
     Purchaser such information as was reasonably requested by the Purchaser to
     satisfy itself as to (i) the accuracy of the representations and warranties
     set forth in Section 4 of this Agreement and in Sections 3.1 and 3.2 of the
     Purchase Agreement and (ii) the satisfaction of the conditions set forth in
     this Section.

          7. Ratification of Agreement. As supplemented by this Agreement, the
Purchase Agreement is in all respects ratified and confirmed and the Purchase
Agreement as so supplemented by this Agreement shall be read, taken and
construed as one and the same instrument.

          8. Counterparts. This Agreement may be executed in two or more
counterparts (and by different parties in separate counterparts), each of which
shall be an original but all of which together shall constitute one and the same
instrument.

          9. Conveyance of the Subsequent Receivables and the Subsequent Other
Conveyed Property to the Issuer. The Seller acknowledges that Purchaser intends,
pursuant to the Sale and Servicing Agreement, to convey the Subsequent
Receivables and the Subsequent Other Conveyed Property, together with its rights
under this Agreement, to the Issuer on the Subsequent Transfer Date. The Seller
acknowledges and consents to such conveyance and pledges and waives any further
notice thereof and covenants and agrees that the representations and warranties
of the Seller contained in this Agreement and the rights of Purchaser hereunder
are intended to benefit the Insurer, the Issuer, the Owner Trustee, the Trust
Collateral Agent, the Noteholders and the Certificateholder. In furtherance of
the foregoing, the Seller covenants and agrees to perform its duties and
obligations hereunder, in accordance with the terms hereof for the benefit of
the Insurer,


                                     Ex-A-6

<PAGE>

the Issuer, the Owner Trustee, the Trust Collateral Agent, the Noteholders and
the Certificateholder and that, notwithstanding anything to the contrary in this
Agreement, the Seller shall be directly liable to the Issuer, the Owner Trustee,
the Trust Collateral Agent, the Noteholders and the Certificateholder
(notwithstanding any failure by the Servicer, the Backup Servicer or the
Purchaser to perform its duties and obligations hereunder or under Related
Documents) and that the Trust Collateral Agent may enforce the duties and
obligations of the Seller under this Agreement against the Seller for the
benefit of the Insurer, the Owner Trustee, the Trust Collateral Agent, the
Noteholders and the Certificateholder.

          10. GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE
WITH, AND THIS AGREEMENT AND ALL MATTERS ARISING OUT OF OR RELATING IN ANY WAY
TO THE AGREEMENT SHALL BE GOVERNED BY, THE LAW OF THE STATE OF NEW YORK, WITHOUT
GIVING EFFECT TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTIONS 5-1401 AND
5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).


                                     Ex-A-7

<PAGE>

          IN WITNESS WHEREOF, the Seller and the Purchaser have caused this
Agreement to be duly executed and delivered by their respective duly authorized
officers as of day and the year first above written.

                                        AMERICREDIT FINANCIAL SERVICES, INC.


                                        By:
                                            ------------------------------------
                                            Name:
                                            Title:


                                        AFS FUNDING TRUST, as Purchaser


                                        By: AMERICREDIT FINANCIAL SERVICES,
                                            INC., as Administrator


                                        By
                                           -------------------------------------
                                        Name:
                                        Title:

Acknowledged and Accepted:

WELLS FARGO BANK, NATIONAL ASSOCIATION,
not in its individual capacity but
solely as Trust Collateral Agent


By:
    ---------------------------------
    Name:
    Title:


                                     Ex-A-8

<PAGE>

                                   SCHEDULE A

                       SCHEDULE OF SUBSEQUENT RECEIVABLES


                                     Ex-A-9