<PAGE>

                                                                     Exhibit 4.4
                                                                     -----------


                      FORM OF SUBORDINATED DEBT SECURITY
                        [Face of Subordinated Security]
                               AMERICREDIT CORP.


     [If applicable, insert - FOR PURPOSES OF THE ORIGINAL ISSUE DISCOUNT
PROVISIONS OF THE INTERNAL REVENUE CODE OF 1986, THE ISSUE PRICE OF HIS
SUBORDINATED SECURITY IS ___% OF ITS PRINCIPAL AMOUNT AT STATED MATURITY SET
FORTH BELOW (ITS "PRINCIPAL AMOUNT"), THE AMOUNT OF ORIGINAL ISSUE DISCOUNT IS
___% OF ITS PRINCIPAL AMOUNT, THE YIELD TO MATURITY IS ___% AND THE ISSUE DATE
IS ____________]

     [IF THE SUBORDINATED SECURITY IS A GLOBAL SUBORDINATED SECURITY, INSERT -
THIS NOTE IS A GLOBAL SUBORDINATED SECURITY.  IT IS EXCHANGEABLE FOR NOTES
REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY (AS HEREINAFTER
DEFINED) OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES HEREINAFTER DESCRIBED
AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF
THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER
NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY TO
A SUCCESSOR OF THE DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.]

     [Unless this Subordinated Security is presented by an authorized
representative of The Depositary Trust Company (55 Water Street, New York, New
York) to the issuer or its agent for registration of transfer, exchange or
payment and any certificate issued is registered in the name of Cede & co. or
such other name as requested by an authorized representative of The Depository
Trust Company and any payment is made to Cede & Co., ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since
the registered owner hereof, Cede & Co., has an interest herein.]

No. ________      $________
                                                                       CUSIP No.

     AmeriCredit Corp., a Texas corporation (herein called the "Company", which
term includes any successor corporation under the Indenture referred to on the
reverse hereof), for value received, hereby promises to pay to [If the
Subordinated Security is to be in registered form, insert--, or registered
assigns]  [If the Subordinated Security is to be in coupon form, insert--the
bearer hereof upon surrender], the principal sum of ________ Dollars on --------
----- [if Subordinated Security is to bear interest prior to maturity, insert --
, and to pay interest thereon from ------------------- or from the most recent
Interest Payment Date to which interest has been paid or duly provided for,
semi-annually on ------------ and ------------- in each year, commencing -------
---------, at the rate of ___% per annum, until the principal hereof is paid or
made available
<PAGE>

for payment [if applicable, insert ---, provided that any principal and premium,
and any such installment of interest, which is overdue shall bear interest at
the rate of ___% per annum (to the extent that the payment of such interest
shall be legally enforceable), from the dates such amounts are due until they
are paid or made available for payment, and such interest shall be payable on
demand]. The interest so payable, and punctually paid or duly provided for, on
any Interest Payment Date will, as provided in such Indenture, be paid to the
Person in whose name this Subordinated Security (or one or more Predecessor
Subordinated Securities) is registered at the close of business on the Record
Date for such interest, which shall be the ------------ or ---------- (whether
or not a Business Day), as the case may be, next preceding such Interest Payment
Date. Any such interest not so punctually paid or duly provided for will
forthwith cease to be payable to the Holder on such Record Date and may either
be paid to the Person this Subordinated Security (or one or more Predecessor
Subordinated Securities) is registered at the close of business on a Special
Record Date for the payment of such Defaulted Interest to be fixed by the
Trustee, notice whereof shall be given to Holders of Subordinated Securities of
this series not less than 10 days prior to such Special Record Date, or be paid
at any time in any other lawful manner not inconsistent with the requirements of
any Subordinated Securities exchange on which the Subordinated Securities of
this series may be listed, and upon such notice as may be required by such
exchange, all as more fully provided in said Indenture. [If the Subordinated
Security is not to bear interest prior to maturity, insert --- The principal of
this Subordinated Security shall not bear interest except in the case of a
default in payment of principal upon acceleration, upon redemption or at Stated
Maturity and in such case the overdue principal and any overdue premium shall
bear interest at the rate of ___% per annum (to the extent that the payment of
such interest shall be legally enforceable), from the dates such amounts are due
until they are paid or made available for payment. Interest on any overdue
principal or premium shall be payable on demand. [Any such interest on overdue
principal or premium which is not paid on demand shall bear interest at the rate
of ___% per annum (to the extent that the payment of such interest on interest
shall be legally enforceable), from the date of such demand until the amount so
demanded is paid or made available for payment. Interest on any overdue interest
shall be payable on demand.]].

     Payment of the principal of (and premium, if any, on) and [any such]
interest on this Subordinated Security will be made at the office or agency of
the Company maintained for that purpose in _______, in such coin or currency of
[the United States of America] as at the time of payment is legal tender for
payment of public and private debts [; provided, however, that at the option of
the Company payment of interest may be made by check mailed to the address of
the Person entitled thereto as such address shall appear in the Register].

     Reference is hereby made to the further provisions of this Subordinated
Security set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place.

     Unless the certificate of authentication hereon has been manually executed
by or on behalf of the Trustee under the Indenture referred to on the reverse
hereof, this Subordinated Security shall not be entitled to any benefit under
the Indenture or be valid or obligatory for any purpose.
<PAGE>

     IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed under its corporate seal.

Dated:                                  AmeriCredit Corp.


                                        By:  _________________________
                                             [Title]

Attest and Countersign:


__________________________
     Secretary
<PAGE>

                  [Form of Reverse of Subordinated Security.]

                               AMERICREDIT CORP.


     This Subordinated Security is one of a duly authorized issue of
Subordinated Securities of the Company (herein called the "Subordinated
Securities"), issued and to be issued in one or more series under an Indenture
dated as of ____________ (herein called the "Indenture," which term shall have
the meaning assigned to it in such instrument), between the Company and
_______________, as trustee (herein called the "Trustee", which term includes
any successor trustee under the Indenture), to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations or rights, duties and immunities thereunder of
the Company, the Trustee and the Holders of the Subordinated Securities and of
the terms upon which the Subordinated Securities are, and are to be,
authenticated and delivered.  This Subordinated Security is one of the series
designated on the face hereof [, limited in aggregate principal amount to
$_______].

     [If the Subordinated Security is to be subordinated, insert--The
indebtedness evidenced by this Subordinated Security is, to the extent and in
the manner set forth in the Indenture, expressly subordinated and subject in
right of payment to the prior payment in full of all Senior Indebtedness (as
defined in the Indenture) of the Company.  This Subordinated Security is issued
subject to such provisions of the Indenture, and each Holder of this
Subordinated Security, by accepting the same, agrees to and shall be bound by
such provisions and authorizes and directs the Trustee on the Holder's behalf to
take such action as may be necessary or appropriate to acknowledge or effectuate
such subordination as provided in the Indenture and appoints the Trustee such
Holder's attorney-in-fact for any and all such purposes.]

     [If the Subordinated Security is to be subject to redemption only at the
option of the Company or any sinking fund redemption will be at the same prices,
insert--The Subordinated Securities of this series are subject to redemption
upon not less than 30 days' notice provided in the manner set forth in the
Indenture, [(1) on _________ in any year commencing with the year __________ and
ending with the year __________ through operation of the sinking fund for this
series at the Redemption Price equal to 100% of the principal amount, and (2)]
at any time [on or after ____________, ________], as a whole or in part, at the
election of the principal the following Redemption Prices (expressed as
percentages of the principal amount):  If redeemed [on or before ___________,
___%, and if redeemed] during the 12-month period beginning _________ of the
years indicated,

Year    Redemption Price    Year    Redemption Price



and thereafter at a Redemption Price equal to ___% of the principal amount
together in the case of any such redemption [(whether through operation of the
sinking fund or otherwise)] with accrued interest to the Redemption Date, but
interest installments whose Stated
<PAGE>

Maturity is on or prior to such Redemption Date will be payable to the Holders
of such Subordinated Securities of record at the close of business on the
relevant record dates referred to on the face hereof, all as provided in the
Indenture.]

     [If the Subordinated Security is to be subject to redemption at the option
of the Company and pursuant to a sinking fund at different prices, insert--The
Subordinated Securities of this series are subject to redemption upon not less
than 30 days' notice by mail, (1) on _______ in any year commencing with the
year _______ and ending with the year _______ through operation of the sinking
fund for this series at the Redemption Prices of redemption through operation of
the sinking fund (expressed as percentages of the principal amount) set forth in
the table below, and (2) at any time [on or after _______], as a whole or in
part, at the election of the Company, at the Redemption Prices for redemption
otherwise than through operation of the sinking fund (expressed as percentages
of the principal amount) set forth in the table below:  If redeemed during the
12-month period beginning in the years indicated,

     Redemption Price for          Redemption Price for Redemption
     Redemption Through Operation  Otherwise Than Through Operation
     Year                          of the Sinking Fund    of the Sinking Fund

and thereafter at a Redemption Price equal to ___% of the principal amount,
together in the case of any such redemption (whether through operation of the
sinking fund or otherwise) with accrued interest to the Redemption Date, but
interest installments whose Stated Maturity is on or prior to such Redemption
Date will be payable to the Holders of such Subordinated Securities of record at
the close of business on the relevant record dates referred to on the face
hereof, all as provided in the Indenture.]

     [If there is to be a sinking fund, insert--The sinking fund for this series
provides for the redemption on _______ each year beginning with the year _______
and ending with the year _______ of [not less than] $_______ ("mandatory sinking
fund") and not more than $_______] aggregate principal amount of Subordinated
Securities of this series. Subordinated Securities of this series acquired or
redeemed by the Company otherwise than through [mandatory] sinking fund payments
may be credited against subsequent [mandatory] sinking fund payments otherwise
required to be made.]

     [If the Subordinated Security is to be redeemable in part, insert--In the
event of redemption of this Subordinated Security in part only, a new
Subordinated Security or Subordinated Securities of this series for the
unredeemed portion hereof will be issued in the name of the Holder hereof upon
the cancellation hereof.]

     [If the Subordinated Security is to be subject to repayment at the option
of the Holder, insert--To be repaid at the option of the Holder, the Company
must receive this Subordinated Security, with the form of "Option to Elect
repayment" hereon duly completed, at an office or  agency of the Company
maintained for that purpose in _______ (or at such other place of which the
Company shall from time to time notify the Holder of this Subordinated Security)
not less than nor more than _______ days prior to the Repayment Date. The
exercise of the repayment option by the Holder shall be irrevocable.
<PAGE>

     [If the Subordinated Security is not to be subject to redemption at the
option of the Company, insert--The Subordinated Securities are not redeemable at
the option of the Company prior to Maturity.]

     [If the Subordinated Security is not to be an Original Issue Discount
Security, insert--If an Event of Default with respect to Subordinated Securities
of this series shall occur and be continuing, the principal of the Subordinated
Securities of this series may be declared due and payable in the manner and with
the effect provided in the Indenture.]

     [If the Subordinated Security is to be an Original Issue Discount Security,
insert--If an Event of Default with respect to Subordinated Securities of this
series shall occur and be continuing, an amount of principal of the Subordinated
Securities of this series may be declared due and payable in the manner and with
the effect provided in the Indenture. Such amount shall be equal to [insert
formula for determining the amount]. Upon payment (i) of the amount of principal
so declared due and payable and (ii) of interest on any overdue principal and
overdue interest (in each case to the extent that the payment of such interest
shall be legally enforceable), all of the Company's obligations in respect of
the payment of the principal of and interest, if any, on the Subordinated
Securities of this series shall terminate.]

     The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Subordinated Securities of each
series under the Indenture to be affected at any time by the Company with the
consent of the Holders of not less than 66-2/3% in principal amount of the
Subordinated Securities at the time Outstanding of each series to be affected.
The Indenture also contains provisions permitting the Holders of specified
percentages in principal amount of the Subordinated Securities of each series at
the time Outstanding, on behalf of the Holders of all Subordinated Securities of
such series, to waive compliance by the Company with certain provisions of the
Indenture and certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the Holder of this Subordinated Security shall be
conclusive and binding upon such Holder and upon all future Holders of this
Subordinated Security and of any Subordinated Security issued upon the
registration of transfer hereof or in exchange herefor or in lieu hereof,
whether or not notation of such consent of waiver is made upon this Subordinated
Security.

     As provided in and subject to the provisions of the indenture, the Holder
of this Subordinated Security shall not have the right to institute any
proceeding with respect to the Indenture or for the appointment of a receiver or
trustee or for any other remedy thereunder, unless such Holder shall have
previously given the Trustee written notice of a continuing Event of Default
with respect to the Subordinated Securities of this series , the Holders of not
less than 25% in principal amount of the Subordinated Securities of this series
at the time Outstanding shall have made written request to the trustee to
institute proceedings in respect of such Event of Default as Trustee and offered
the Trustee reasonable indemnity satisfactory to it, and the Trustee shall not
have received from the Holders of a majority in principal amount of Subordinated
Securities of this series at the time Outstanding a direction inconsistent with
such request, and shall have failed to institute any such proceeding, for 60
days after receipt of such
<PAGE>

notice, request and offer of indemnity. The foregoing shall not apply to any
suit instituted by the Holder of this Subordinated Security for the enforcement
of any payment of principal hereof or any premium or interest hereon on or after
the respective due dates expressed herein.

     No reference herein to the Indenture and no provision of this Subordinated
Security or of the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of (and
premium, if any, on) and interest on this Subordinated Security at the times,
place and rate, and in the coin or currency, herein prescribed.

     [If the Subordinated Security is to be registered form, insert--As provided
in the Indenture and subject to certain limitations therein set forth, the
transfer of this Subordinated Security is registrable in the Register, upon
surrender of this Subordinated Security for registration of transfer at the
office or agency of the Company in any place where the principal of (and
premium, if any, on) and interest on this Subordinated Security are payable,
duly endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Company and the Registrar duly executed by, the Holder
hereof or his attorney duly authorized in writing, and, thereupon one or more
new Subordinated Securities of this series, of authorized denominations and for
the same aggregate principal amount, will be issued to the designated transferee
or transferees.]

     [The Subordinated Securities of this series are issuable only in registered
form [without coupons] in denominations of $_______ [and any integral multiple]
[or increments of $________ in excess] thereof. As provided in the Indenture and
subject to certain limitations therein set forth, Subordinated Securities of
this series are exchangeable for a like aggregate principal amount of
Subordinated Securities of this series of a different authorized denomination,
as requested by the Holder surrendering the same.]

     [No service charge shall be made for any such registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.]

     [Prior to due presentment of this Subordinated Security for registration of
transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name this Subordinated Security is registered as
the owner hereof for all purposes, whether or not this Subordinated Security be
overdue, and neither the Company, the Trustee nor any such agent shall be
affected by notice to the contrary.]

     [If the Subordinated Security is a Global Subordinated Security, insert--
"Global Subordinated Security" and "Global Subordinated Securities" means a
Subordinated Security or Subordinated Securities evidencing all or a part of a
series of Subordinated Securities, issued to the Depositary (as hereinafter
defined) for such Series or its nominee, and registered in the name of such
Depositary or its nominee. "Depositary" means, with respect to the Subordinated
Securities of any series issuable or issued in whole or in part in the form of
one or more Global Subordinated Securities, the person designated as the
Depositary by the Company.
<PAGE>

     No holder of any beneficial interest in this Subordinated Security held on
its behalf by a Depositary or a nominee of such Depositary shall have any rights
under the Indenture with respect to such Global Subordinated Security, and such
Depositary or nominee may be treated by the Company, the Trustee, and any agent
of the Company or the Trustee as the owner of such Global Subordinated Security
for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall
impair, as between a Depositary and such holders of beneficial interests, the
operation of customary practices governing the exercise of the rights of the
depositary as Holder of any Subordinated Security.

     This Subordinated Security is exchangeable, in whole but not in part, for
Subordinated Securities registered in the names of Persons other than the
Depositary or its nominee or in the name of a successor to the Depositary or a
nominee of such successor depositary only if (i) the Depositary notifies the
Company that it is unwilling or unable to continue as Depositary for this Note
or if at any time such Depositary ceases to be a clearing agency registered
under the Subordinated Securities Exchange Act of 1934, as amended, and, in
either case, a successor depositary is not appointed by the Company within 90
days, (ii) the Company in its discretion at any time determines not to have all
of the Subordinated Securities of this series represented by one or more Global
Subordinated Security or Subordinated Securities and notifies the Trustee
thereof, or (iii) an Event of Default has occurred and is continuing with
respect to the Subordinated Securities of this series. If this Subordinated
Security is exchangeable pursuant to the preceding sentence, it shall be
exchangeable for Subordinated Securities issuable in authorized denominations
and registered in such names as the Depositary holding this Subordinated
Security shall direct. Subject to the foregoing, this Subordinated Security is
not exchangeable, except for a Subordinated Security or Subordinated Securities
of the same aggregate denominations to be registered in the name of such
Depositary or its nominee or in the name of a successor to the Depositary or a
nominee of such successor depositary.]

     [The Indenture entitles Holders to receive annual reports with respect to
the Trustee's eligibility and qualifications to serve as Trustee by filing their
names and addresses with the Trustee for that purpose within two years preceding
and mailing of any such annual report.]

     No recourse shall be had for the payment of the principal of (and premium,
if any, on) or interest on this Subordinated Security, or for any claim based
hereon, or otherwise in respect hereof, or based on or in respect of the
Indenture of any indenture supplemental thereto, against any incorporator,
stockholder, officer or director, as such, past, present or future, of the
Company or any successor corporation, whether by virtue of any constitution,
statute or rule of law, or by the enforcement of any assessment or penalty or
otherwise, all such liability being, by the acceptance hereof and as part of the
consideration for the issue hereof, expressly waived and released.

     All terms used in this Subordinated Security which are defined in the
Indenture shall have the meanings assigned to them in the Indenture.

     This Subordinated Security, including without limitation the obligation of
the Company contained herein to pay the principal of (and premium, if any, on)
and interest on this
<PAGE>

Subordinated Security in accordance with the terms hereof and of the Indenture,
shall be construed in accordance with and governed by the laws of the State of
New York.

              [Form of Trustee's Certificate of Authentication.]

     This is one of the Subordinated Securities of the series designated herein
referred to in the within-mentioned Indenture.

As [Authenticating Agent for] the Trustee

By   _______________________________
     Authorized Officer