Custodian Agreement, dated as of May 24, 2007



 Exhibit 10.3 
 Execution Copy 
 CUSTODIAN AGREEMENT 
 between 
 AMERICREDIT FINANCIAL SERVICES, INC., 
 as Custodian, 
 and 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 
 as Trust Collateral Agent 
 Dated as of May 24, 2007 







 THIS CUSTODIAN AGREEMENT, dated as of May 24, 2007, is made with respect to the issuance of Notes
and a Certificate by AmeriCredit Prime Automobile Receivables Trust 2007-1 (the “Issuer”), and is between AMERICREDIT FINANCIAL SERVICES, INC., as custodian (in such capacity, the “Custodian”) and WELLS FARGO BANK,
NATIONAL ASSOCIATION, a national banking association, as trust collateral agent (the “Trust Collateral Agent”). Capitalized terms used herein which are not defined herein shall have the meanings set forth in the Sale and Servicing
Agreement (as hereinafter defined). 
 WITNESSETH: 
 WHEREAS, AmeriCredit Financial Services, Inc. (“AFS”) and AFS SenSub Corp. (“AFS SenSub”) have entered into a Purchase Agreement dated as of May 24, 2007 (the “Purchase
Agreement”), pursuant to which AFS has sold, transferred and assigned to AFS SenSub all of its right, title and interest in and to the Initial Receivables and will sell, transfer and assign to AFS SenSub on the applicable Subsequent
Transfer Date all of its right, title and interest in and to the related Subsequent Receivables; 
 WHEREAS, the Issuer, AFS, as Servicer
(the “Servicer”), AFS SenSub and Wells Fargo Bank, National Association, as Trust Collateral Agent and as Backup Servicer, have entered into a Sale and Servicing Agreement, dated as of May 24, 2007 (the “Sale and
Servicing Agreement”), pursuant to which AFS SenSub has sold, transferred and assigned to the Issuer all of AFS SenSub’s right, title and interest in and to the Initial Receivables and will sell, transfer and assign to the Issuer on
the applicable Subsequent Transfer Date all of AFS SenSub’s right, title and interest in and to the related Subsequent Receivables; 
 WHEREAS, the Trust Collateral Agent wishes to appoint the Custodian to hold the Receivable Files as the custodian on behalf of the Issuer and the Trust Collateral Agent; 
 NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration the receipt and adequacy of which
are hereby acknowledged, the parties agree as follows: 
 1. Appointment of Custodian; Acknowledgement of Receipt. Subject to the
terms and conditions hereof, the Trust Collateral Agent hereby revocably appoints the Custodian, but shall not be responsible for the acts or omissions of the Custodian, and the Custodian hereby accepts such appointment, as custodian and bailee on
behalf of the Issuer and the Trust Collateral Agent, to maintain exclusive custody of the Receivable Files relating to the Receivables from time to time pledged to the Trust Collateral Agent as part of the Other Conveyed Property. In performing its
duties hereunder, the Custodian agrees to act with reasonable care, using that degree of skill and attention that a commercial bank acting in the capacity of a custodian would exercise with respect to files relating to comparable automotive or other
receivables that it services or holds for itself or others. The Custodian hereby, as of the Closing Date, and with respect to any Subsequent Receivables as of the applicable Subsequent Transfer Date, acknowledges receipt of the Receivable File for
each Receivable listed in the Schedule of Receivables attached as Schedule A to the Sale and Servicing Agreement subject to any exceptions noted on the Custodian’s Acknowledgement (as defined below). As evidence of its acknowledgement of such
receipt of such Receivables, the Custodian shall execute and deliver 

  

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on the Closing Date, and with respect to any Subsequent Receivables, the applicable Subsequent Transfer Date, the Custodian’s Acknowledgement attached
hereto as Exhibit A-1 or Exhibit A-2 with respect to any Subsequent Receivable (the “Custodian’s Acknowledgement”). 
 2. Maintenance of Receivables Files at Office. The Custodian agrees to maintain the Receivable Files at its office located at 4001 Embarcadero, Suite 200, Arlington, Texas 76014 or at such other office as shall from time to time
be identified to the Trust Collateral Agent upon prior written notice and the Custodian will hold the Receivable Files in such office on behalf of the Issuer and the Trust Collateral Agent, clearly identified as being separate from any other
instruments and files on its records, including other instruments and files held by the Custodian and in compliance with Section 3(c) hereof. 
 3. Duties of Custodian. 
 (a) Safekeeping. The Custodian shall hold the Receivable Files on behalf of the Trust
Collateral Agent clearly identified as being separate from all other files or records maintained by the Custodian at the same location and shall maintain such accurate and complete accounts, records and computer systems pertaining to each Receivable
File as will enable the Trust Collateral Agent to comply with the terms and conditions of the Sale and Servicing Agreement. Each Receivable representing tangible chattel paper (as such term is defined in the Uniform Commercial Code) shall be stamped
on both of the first page and the signature page (if different) to indicate the assignment and/or pledge of each such Receivable. Each Receivable shall be identified on the books and records of the Custodian in a manner that (i) is consistent
with the practices of a commercial bank acting in the capacity of custodian with respect to similar receivables, (ii) indicates that the Receivables are held by the Custodian on behalf of the Trust Collateral Agent and (iii) is otherwise
necessary, as reasonably determined by the Custodian, to comply with the terms of this Custodian Agreement. The Custodian shall conduct, or cause to be conducted, periodic physical inspections of the Receivable Files held by it under this Custodian
Agreement, and of the related accounts, records and computer systems, in such a manner as shall enable the Trust Collateral Agent and the Custodian to verify the accuracy of the Custodian’s inventory and recordkeeping. Such inspections shall be
conducted at such times, in such manner and by such persons including, without limitation, independent accountants, as the Trust Collateral Agent may request and the cost of such inspections shall be borne directly by the Custodian and not by the
Trust Collateral Agent. The Custodian shall promptly report to the Trust Collateral Agent any failure on its part to hold the Receivable Files and maintain its accounts, records and computer systems as herein provided and promptly take appropriate
action to remedy any such failure. Upon request, the Custodian shall make copies or other electronic file records (e.g. diskettes, CD’s, etc.) (the “Copies”) of the Receivable Files and shall deliver such Copies to the Trust
Collateral Agent and the Trust Collateral Agent shall hold such Copies on behalf of the Noteholders. Subject to Section 3(c) hereof, the Custodian shall at all times (i) maintain the original or with respect to “electronic chattel
paper” as such term is defined in the UCC, an authoritative copy of the fully executed original retail installment sales contract or promissory note and (ii) maintain the original of the Lien Certificate or application therefore (if no
such Lien Certificate has yet been issued), in each case relating to each Receivable in a fireproof vault; provided, however, the Lien Certificate may be maintained electronically by the Registrar of Titles of the applicable state
pursuant to applicable state laws, with confirmation thereof maintained by the Custodian or a third-party service provider. 
  

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 (b) Access to Records. The Custodian shall, subject only to the Custodian’s security
requirements applicable to its own employees having access to similar records held by the Custodian, which requirements shall be consistent with the practices of a commercial bank acting in the capacity of custodian with respect to similar files or
records, and at such times as may be reasonably imposed by the Custodian, permit only the Noteholders and the Trust Collateral Agent or their duly authorized representatives, attorneys or auditors to inspect the Receivable Files and the related
accounts, records, and computer systems maintained by the Custodian pursuant hereto at such times as the Noteholders or the Trust Collateral Agent may reasonably request. 
 (c) Release of Documents. Consistent with the practices of a commercial bank acting in the capacity of custodian with respect to similar files or records, the Custodian may release any Receivable in the
Receivable Files to the Servicer, if appropriate, under the circumstances provided in Section 3.3(b) of the Sale and Servicing Agreement. 
 (d) Administration; Reports. The Custodian shall, in general, attend to all non-discretionary details in connection with maintaining custody of the Receivable Files on behalf of the Trust Collateral Agent. In addition, the
Custodian shall assist the Trust Collateral Agent generally in the preparation of any routine reports to Noteholders or to regulatory bodies, to the extent necessitated by the Custodian’s custody of the Receivable Files. 
 (e) Review of Lien Certificates. On or before the Closing Date, and on or before the
applicable Subsequent Transfer Date in the case of any Subsequent Receivables, the Custodian shall deliver to the Trust Collateral Agent a listing in the form attached hereto as Schedule II of Exhibit A-1, or Schedule II of Exhibit A-2 with respect
to any Subsequent Receivables, of all Receivables with respect to which a Lien Certificate, showing AFS (or an Originating Affiliate or a Titled Third-Party Lender) as secured party, was not included in the related Receivable File as of such date.
In addition, the Custodian shall deliver to the Trust Collateral Agent an exception report in the form attached hereto as Schedule II of Exhibit A-1, or Schedule II of Exhibit A-2 with respect to any Subsequent Receivables (i) no later than the
last Business Day of the calendar month during which the 90th day after the Closing Date (or, with respect to
Subsequent Receivables, the 90th day after the applicable Subsequent Transfer Date) occurred, (ii) no later
than the last Business Day of the calendar month during which the 180th day after the Closing Date (or, with respect
to Subsequent Receivables, the 180th day after the applicable Subsequent Transfer Date) occurred and (iii) no
later than the last Business Day of the calendar month during which the 240th day after the Closing Date (or, with
respect to Subsequent Receivables, the 240th day after the applicable Subsequent Transfer Date) occurred.

 4. Instructions; Authority to Act. The Custodian shall be deemed to have received proper instructions with respect to the
Receivable Files upon its receipt of written instructions signed by a Responsible Officer of the Trust Collateral Agent. Such instructions may be general or specific in terms. A copy of any such instructions shall be furnished by the Trust
Collateral Agent to the Trustee and the Issuer. 
 5. Custodian Fee. For its services under this Agreement, the Custodian shall
be entitled to reasonable compensation to be paid by the Servicer. 
  

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 6. Indemnification by the Custodian. The Custodian agrees to indemnify the Issuer, the Owner
Trustee, the Trust Collateral Agent, the Backup Servicer and the Trustee for any and all liabilities, obligations, losses, damage, payments, costs or expenses of any kind whatsoever (including the fees and expenses of counsel) that may be imposed
on, incurred or asserted against the Issuer, the Owner Trustee, the Trust Collateral Agent, the Backup Servicer and the Trustee and their respective officers, directors, employees, agents, attorneys and successors and assigns as the result of any
act or omission in any way relating to the maintenance and custody by the Custodian of the Receivable Files; provided, however, that the Custodian shall not be liable for any portion of any such liabilities, obligations, losses,
damages, payments or costs or expenses due to the willful misfeasance, bad faith or gross negligence of the Issuer, the Owner Trustee, the Trust Collateral Agent, the Backup Servicer or the Trustee or the officers, directors, employees and agents
thereof. In no event shall the Custodian be liable to any third party for acts or omissions of the Custodian. 
 7. Advice of
Counsel. The Custodian and the Trust Collateral Agent further agree that the Custodian shall be entitled to rely and act upon advice of counsel with respect to its performance hereunder as custodian and shall be without liability for any action
reasonably taken pursuant to such advice, provided that such action is not in violation of applicable Federal or state law. 
 8. Effective Period, Termination, and Amendment; Interpretive and Additional Provisions. This Custodian Agreement shall become effective as of the date hereof and shall continue in full force and effect until terminated as
hereinafter provided. This Custodian Agreement may be amended at any time by mutual agreement of the parties hereto with the prior written consent of the Backup Servicer and the Controlling Party, and may be terminated by any party by giving written
notice to the other parties, such termination to take effect no sooner than thirty (30) days after the date of such notice. So long as AFS is serving as Custodian, any termination of AFS as Servicer under the Sale and Servicing Agreement shall
terminate AFS as Custodian under this Agreement. Upon any termination or amendment of this Custodian Agreement, the Trust Collateral Agent, in the case of amendments, and the party seeking termination, in the case of terminations, shall give written
notice to Standard & Poor’s, a division of the McGraw-Hill Companies, Inc. (“Standard & Poor’s”), and Moody’s Investors Service (“Moody’s”) (collectively, the “Rating
Agencies”). Immediately after receipt of notice of termination of this Custodian Agreement, the Custodian shall deliver the Receivable Files to the Trust Collateral Agent on behalf of the Noteholders and at the Custodian’s expense, at
such place or places as the Trust Collateral Agent may designate, and the Trust Collateral Agent, or its agent, as the case may be, shall act as custodian for such Receivables Files on behalf of the Noteholders until such time as a successor
custodian has been appointed. If, within seventy-two (72) hours after the termination of this Custodian Agreement, the Custodian has not delivered the Receivable Files in accordance with the preceding sentence, the Trust Collateral Agent may
enter the premises of the Custodian and remove the Receivable Files from such premises. In connection with the administration of this Agreement, the parties may agree from time to time upon the interpretation of the provisions of this Agreement as
may in their joint opinion be consistent with the general tenor and purposes of this Agreement, any such interpretation to be signed by all parties and annexed hereto. 
  

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 9. Governing Law. This Custodian Agreement shall be governed by and construed in accordance
with the laws of the State of New York, without regard to the conflict of law provisions thereof (other than Sections 5-1401 and 5-1402 of the New York General Obligations Law). 
 10. Notices. All demands, notices and communications hereunder shall be in writing, electronically delivered or mailed, and shall be deemed
to have been duly given upon receipt (a) in the case of the Custodian, at the following address: AmeriCredit Financial Services, Inc., 801 Cherry Street, Suite 3900, Fort Worth, Texas 76102, Attention: Chief Financial Officer, (b) in
the case of the Trust Collateral Agent, at the following address: Wells Fargo Bank, National Association, Sixth and Marquette Avenue, MAC N9311–161, Minneapolis, Minnesota 55479 (facsimile number (612) 667-3464), Attention: Corporate Trust
Services/Asset Backed Administration, (c) in the case of Moody’s, at the following address: 99 Church Street, New York, New York 10007, and (d) in the case of Standard and Poor’s via electronic delivery to
Servicer_reports@sandp.com; for any information not available in electronic format, hard copies should be sent to the following address: 55 Water Street, 41st floor, New York, New York 10041-0003, Attention: ABS Surveillance Group, or at such other
address as shall be designated by such party in a written notice to the other parties. 
 11. Binding Effect. This Custodian
Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns. Concurrently with the appointment of a successor trustee under the Sale and Servicing Agreement, the parties hereto
shall amend this Custodian Agreement to make said successor trustee, the successor to the Trust Collateral Agent hereunder. 
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 IN WITNESS WHEREOF, each of the parties hereto has caused this Custodian Agreement to be executed in its
name and on its behalf by a duly authorized officer on the day and year first above written. 
  

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,
 as Trust Collateral Agent

		
	By:	 	 /s/ Marianna C. Stershic

	Name:	 	Marianna C. Stershic
	Title:	 	Vice President
	
	 AMERICREDIT FINANCIAL SERVICES, INC.,
 as
Custodian

		
	By:	 	 /s/ Susan B. Sheffield

	Name:	 	Susan B. Sheffield
	Title:	 	Senior Vice President, Structured Finance


 The foregoing Custodian Agreement 
 is hereby confirmed and accepted 
 as of the date first above written. 
 AMERICREDIT PRIME AUTOMOBILE RECEIVABLES TRUST 2007-1, 
 as Issuer

  

			
	By WILMINGTON TRUST COMPANY not in its individual capacity but solely as Owner Trustee on behalf of the Trust,
		
	By:	 	 /s/ W. Chris Sponenberg

	Name:	 	W. Chris Sponenberg
	Title:	 	Vice President

 [Custodian Agreement] 







 EXHIBIT A-1 
 CUSTODIAN’S ACKNOWLEDGEMENT 
 AmeriCredit Financial Services, Inc. (the
“Custodian”), acting as Custodian under a Custodian Agreement, dated as of May 24, 2007, between the Custodian and Wells Fargo Bank, National Association, as Trust Collateral Agent, pursuant to which the Custodian holds on
behalf of the Trust Collateral Agent for the benefit of the Noteholders certain “Receivable Files,” as defined in the Sale and Servicing Agreement, dated as of May 24, 2007 (the “Sale and Servicing Agreement”), among
AmeriCredit Prime Automobile Receivables Trust 2007-1, AFS SenSub Corp., as Seller, AmeriCredit Financial Services, Inc., as Servicer, and Wells Fargo Bank, National Association, as Backup Servicer and Trust Collateral Agent, hereby acknowledges
receipt of the Receivable File for each Receivable listed in the Schedule of Receivables attached as Schedule A to said Sale and Servicing Agreement except as noted in the Custodian Exception List attached as Schedule I and the Lien Perfection
Exception List attached as Schedule II hereto. 
 IN WITNESS WHEREOF, AmeriCredit Financial Services, Inc. has caused this acknowledgement to
be executed by its duly authorized officer as of this 31st day of May, 2007. 
  

			
	 AMERICREDIT FINANCIAL SERVICES, INC.,

	 as Custodian

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	









 SCHEDULE I 
 Custodian Exception List 







 SCHEDULE II 
 Lien Perfection Exception List 







 EXHIBIT A-2 
 CUSTODIAN’S ACKNOWLEDGEMENT 
 AmeriCredit Financial Services, Inc. (the
“Custodian”), acting as Custodian under a Custodian Agreement, dated as of May 24, 2007, between the Custodian and Wells Fargo Bank, National Association, as Trust Collateral Agent, pursuant to which the Custodian holds on
behalf of the Noteholders certain “Receivable Files,” as defined in the Sale and Servicing Agreement, dated as of May 24, 2007, among AmeriCredit Prime Automobile Receivables Trust 2007-1, AFS SenSub Corp., as Seller,
AmeriCredit Financial Services, Inc., as Servicer, and Wells Fargo Bank, National Association, as Trust Collateral Agent and as Backup Servicer, hereby acknowledges receipt of the Receivable File for each Receivable listed in Schedule A to the
Subsequent Transfer Agreement dated as of                         , 20    , among AmeriCredit
Prime Automobile Receivables Trust 2007-1, as Issuer, AFS SenSub Corp., as Seller, AmeriCredit Financial Services, Inc., as Servicer, Wells Fargo Bank, National Association, as Trust Collateral Agent and as Backup Servicer, except as noted in the
Exception List attached as Schedule I and the Lien Perfection Exception List attached as Schedule II hereto. 
 IN WITNESS WHEREOF,
AmeriCredit Financial Services, Inc. has caused this acknowledgement to be executed by its duly authorized officer as of this     th day of
                        , 20    . 
  

			
	 AMERICREDIT FINANCIAL SERVICES, INC.,
 as
Custodian

		
	By:	 	  

	Name:	 	
	Title:	 	









 SCHEDULE I 
 Custodian Exception List 







 SCHEDULE II 
 Lien Perfection Exception List