Document:

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                                                                    EXHIBIT 10.2

                                                                  EXECUTION COPY

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                           XL CAPITAL ASSURANCE INC.,
                                   as Insurer

                      AMERICREDIT FINANCIAL SERVICES, INC.

                                       and

                         WACHOVIA CAPITAL MARKETS, LLC,
                    as the Representative of the Underwriters

                            INDEMNIFICATION AGREEMENT

                                 $1,200,000,000
                AmeriCredit Automobile Receivables Trust 2007-A-X
                       Automobile Receivables Backed Notes
                          $217,000,000 Class A-1 Notes
                          $348,000,000 Class A-2 Notes
                          $248,000,000 Class A-3 Notes
                          $387,000,000 Class A-4 Notes

                          Dated as of January 10, 2007

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<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                            Page
                                                                            ----
<S>                                                                         <C>
Section 1.  Definitions..................................................     1
Section 2.  Representations and Warranties of the Insurer................     3
Section 3.  Agreements, Representations and Warranties of the
               Underwriters..............................................     4
Section 4.  Agreements, Representations and Warranties of AmeriCredit....     4
Section 5.  Indemnification..............................................     5
Section 6.  Notice To Be Given...........................................     6
Section 7.  Contribution.................................................     7
Section 8.  Notices......................................................     9
Section 9.  Governing Law, Etc...........................................     9
Section 10. Insurance Agreement; Underwriting Agreement; Sale and
               Servicing Agreement.......................................     9
Section 11. Limitations..................................................     9
Section 12. Counterparts.................................................     9
Section 13. Nonpetition..................................................    10
TESTIMONIUM
SIGNATURES AND SEALS
</TABLE>

<PAGE>

                            INDEMNIFICATION AGREEMENT

     This Agreement, dated as of January 10, 2007, is by and among XL CAPITAL
ASSURANCE INC. (the "Insurer"), as the Insurer under the Note Guaranty Insurance
Policy (the "Policy") issued in connection with the Offered Notes described
below, AMERICREDIT FINANCIAL SERVICES, INC. ("AmeriCredit") and WACHOVIA CAPITAL
MARKETS, LLC., as Representative of the Underwriters (the "Representative").

     SECTION 1. DEFINITIONS. As used in this Agreement, the following terms
shall have the respective meanings stated herein, unless the context clearly
requires otherwise, in both singular and plural form, as appropriate.
Capitalized terms used in this Agreement but not otherwise defined herein will
have the meanings ascribed to such terms in the Sale and Servicing Agreement (as
described below).

     "Act" means the Securities Act of 1933, as amended, together with all
related rules and regulations.

     "Agreement" means this Indemnification Agreement by and among the Insurer,
AmeriCredit and the Representative of the Underwriters.

     "AmeriCredit Party" means AmeriCredit, each of its parents, subsidiaries
and affiliates and any shareholder, director, officer, employee, agent or any
"controlling person" (as such term is used in the Act) of any of the foregoing.

     "Final Prospectus Supplement" means the final Prospectus Supplement, dated
January 10, 2007, and filed with the Securities and Exchange Commission on
January___, 2007 in respect of the offering and sale of the Offered Notes.

     "Indemnified Party" means any party entitled to any indemnification
pursuant to Section 5 below, as the context requires.

     "Indemnifying Party" means any party required to provide indemnification
pursuant to Section 5 below, as the context requires.

     "Indenture" means the Indenture dated January 9, 2007 between the Issuer
and the Trustee and Trust Collateral Agent as the same may be amended or
supplemented from time to time in accordance with the terms thereof.

     "Insurance Agreement" means the Insurance Agreement, dated as of January 9,
2007, by and among the Insurer, the Issuer, AmeriCredit, the Servicer, the
Custodian, the Seller, the Backup Servicer, the Trustee, the Trust Collateral
Agent and the Collateral Agent.

<PAGE>

     "Insurer Party" means the Insurer and its respective parents, subsidiaries
and affiliates and any shareholder, director, officer, employee, agent or any
"controlling person" (as such term is used in the Act) of any of the foregoing.

     "Losses" means (i) any actual out-of-pocket loss paid by the party entitled
to indemnification or contribution hereunder and (ii) any actual out-of-pocket
costs and expenses paid by such party, including reasonable fees and expenses of
its counsel, to the extent not paid, satisfied or reimbursed from funds provided
by any other Person (provided that the foregoing shall not create or imply any
obligation to pursue recourse against any such other Person).

     "Offered Notes" means The $1,200,000,000 AmeriCredit Automobile Receivables
Trust 2007-A-X Automobile Receivables Backed Notes, $217,000,000 Class A-1
Notes, $348,000,000 Class A-2 Notes, $248,000,000 Class A-3 Notes and
$387,000,000 Class A-4 Notes, issued pursuant to the Indenture.

     "Person" means any individual, partnership, joint venture, corporation,
trust or unincorporated organization or any government or agency or political
subdivision thereof.

     "Preliminary Prospectus Supplement" means the preliminary Prospectus
Supplement, dated January 8, 2007 in respect of the offering and sale of the
Offered Notes.

     "Prospectus" means the form of final Prospectus included in the
Registration Statement on each date that the Registration Statement and any post
effective amendment or amendments thereto became effective.

     "Registration Statement" means the registration statement on Form S-3 of
AmeriCredit relating to the Offered Notes.

     "Sale and Servicing Agreement" means the Sale and Servicing Agreement,
dated as of January 9, 2007, by and among the Issuer, the Seller, the Servicer,
the Backup Servicer and the Trust Collateral Agent.

     "Servicer" means AmeriCredit Financial Services, Inc., as Servicer.

     "Underwriter Party" means each Underwriter and its parent, subsidiaries and
affiliates and any shareholder, director, officer, employee, agent or
"controlling person" (as such term is used in the Act) of any of the foregoing.

     "Underwriters" means Barclays Capital Inc., Wachovia Capital Markets, LLC,
JP Morgan Securities Inc., Lehman Brothers, Inc. and UBS Securities LLC.

     "Underwriting Agreement" means the Underwriting Agreement by and among
AmeriCredit, AFS SenSub Corp. and the Representative, on behalf of the
Underwriters, dated January 10, 2007.

                                        2

<PAGE>

     SECTION 2. REPRESENTATIONS AND WARRANTIES OF THE INSURER. The Insurer
represents and warrants to the Underwriters and AmeriCredit as follows:

          (a) Organization and Licensing. The Insurer is a duly incorporated and
     existing New York stock insurance company licensed to do business in the
     State of New York and is in good standing under the laws of such state.

          (b) Corporate Power. The Insurer has the corporate power and authority
     to issue the Policy and execute and deliver this Agreement and the
     Insurance Agreement and to perform all of its obligations hereunder and
     thereunder.

          (c) Authorization; Approvals. The issuance of the Policy and the
     execution, delivery and performance of this Agreement and the Insurance
     Agreement have been duly authorized by all necessary corporate proceedings.
     No further approvals or filings of any kind, including, without limitation,
     any further approvals of or further filings with any governmental agency or
     other governmental authority, or any approval of the Insurer's board of
     directors or stockholders, are necessary for the Policy, this Agreement and
     the Insurance Agreement to constitute the legal, valid and binding
     obligations of the Insurer.

          (d) Enforceability. The Policy, when issued, and this Agreement and
     the Insurance Agreement will each constitute legal, valid and binding
     obligations of the Insurer, enforceable in accordance with their terms,
     subject to applicable laws affecting the enforceability of creditors'
     rights generally and general equitable principles and public policy
     considerations as to rights of indemnification for violations of federal
     securities laws.

          (e) Financial Information. The consolidated financial statements of
     the Insurer incorporated by reference in the Preliminary Prospectus
     Supplement and the Final Prospectus Supplement (the "Insurer Audited
     Financial Statements") fairly present in all material respects the
     financial condition of the Insurer as of such date and for the period
     covered by such statements in accordance with generally accepted accounting
     principles consistently applied. The consolidated financial statements of
     the Insurer and its subsidiaries as of September 30, 2006 incorporated by
     reference in the Preliminary Prospectus Supplement and the Final Prospectus
     Supplement (the "Insurer Unaudited Financial Statements") present fairly in
     all material respects the financial condition of the Insurer as of such
     date and for the period covered by such statements in accordance with
     generally accepted accounting principles applied in a manner consistent
     with the accounting principles used in preparing the Insurer Unaudited
     Financial Statements, and, since September 30, 2006 there has been no
     material change in such financial condition of the Insurer which would
     materially and adversely affect its ability to perform its obligations
     under the Policy.

          (f) Insurer Information. The information in the Preliminary Prospectus
     Supplement and the Final Prospectus Supplement under the captions "THE
     POLICY"

                                        3

<PAGE>

     and "THE INSURER" (the "Insurer Information") is limited and does not
     purport to provide the scope of disclosure required to be included in a
     prospectus for a registrant under the Securities Act of 1933, in connection
     with the public offer and sale of securities of such registrant. Within
     such limited scope of disclosure, the Insurer Information, as of 2:00 p.m.,
     New York City time, on January 10, 2007 (the "Time of Sale") in the case of
     the Preliminary Prospectus Supplement, and as of the date of the Final
     Prospectus Supplement and as of the Closing Date in the case of the Final
     Prospectus Supplement, does not contain any untrue statement of a material
     fact or omit to state a material fact necessary to make the statements
     therein, in light of the circumstances under which they were made, not
     misleading.

          (g) No Litigation. There are no actions, suits, proceedings or
     investigations pending or, to the best of the Insurer's knowledge,
     threatened against it at law or in equity or before or by any court,
     governmental agency, board or commission or any arbitrator which, if
     decided adversely, would materially and adversely affect its condition
     (financial or otherwise) or its operations or would materially and
     adversely affect its ability to perform its obligations under this
     Agreement, the Policy or the Insurance Agreement.

     SECTION 3. AGREEMENTS, REPRESENTATIONS AND WARRANTIES OF THE UNDERWRITERS.
Each Underwriter severally (and not jointly) represents and warrants to and
agrees with AmeriCredit and the Insurer that the Underwriter Information (as
defined below) as of the Time of Sale in the case of the Preliminary Prospectus
Supplement, and as of the date of the Final Prospectus Supplement and as of the
Closing Date in the case of the Final Prospectus Supplement, does not contain
any untrue statement of a material fact or omit to state a material fact
necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading. The term "Underwriter Information" means
(A) with respect to the Final Prospectus Supplement, (i) on the cover page of
the Final Prospectus Supplement, the information in the table under the headings
entitled "Price to Public", "Underwriting Discounts" and "Proceeds to Seller"
and (ii) in the body of the Final Prospectus Supplement and within the section
entitled "Underwriting", (a) the paragraph immediately following the table
listing the Underwriters' respective commitments and (b) the third paragraph
following the second paragraph containing three bulleted sub-paragraphs and (B)
with respect to the Preliminary Prospectus Supplement, in the body of the
Preliminary Prospectus Supplement and within the section entitled
"Underwriting", the third paragraph following the second paragraph containing
the three bulleted sub-paragraphs.

     SECTION 4. AGREEMENTS, REPRESENTATIONS AND WARRANTIES OF AMERICREDIT.
AmeriCredit represents, warrants to and agrees with the Insurer and the
Underwriters that:

          (a) Registration Statement. The information in the Registration
     Statement, the Prospectus and the Final Prospectus Supplement, other than
     the Insurer Information and the Underwriter Information, is true and
     correct in all material respects and does not contain any untrue statement
     of a fact that is material or omit to state a

                                        4

<PAGE>

     material fact necessary to make the statements therein, in light of the
     circumstances under which they were made, not misleading.

          (b) Representations and Warranties. Each of the representations and
     warranties of AmeriCredit contained in the Insurance Agreement is true and
     correct in all material respects, and AmeriCredit hereby makes each such
     representation and warranty to, and for the benefit of, the Insurer as if
     the same were set forth in full herein.

     SECTION 5. INDEMNIFICATION.

          (a) The Insurer hereby agrees, upon the terms and subject to the
     conditions of this Agreement, to indemnify, defend and hold harmless each
     AmeriCredit Party and each Underwriter Party against any and all Losses
     incurred by them (A) any untrue statement or alleged untrue statement of
     material fact contained in the Insurer Information or (B) an omission or
     alleged omission to state therein a material fact necessary to make the
     statements therein, in the light of the circumstances under which they were
     made, not misleading (it being understood that the Insurer Information is
     limited and does not purport to provide the scope of disclosure required to
     be included in a prospectus for a registrant under the Securities Act of
     1933, in connection with the public offer and sale of securities of such
     registrant in connection with the offer and sale of securities of such
     registered under the Securities Act) or (C) with respect to the offer and
     sale of any of the Offered Notes and resulting from the Insurer's breach of
     any of its representations and warranties set forth in Section 2 of this
     Agreement.

          (b) The Representative, on behalf of each Underwriter, hereby agrees,
     upon the terms and subject to the conditions of this Agreement, to
     indemnify, defend and hold harmless each Insurer Party and each AmeriCredit
     Party against any and all Losses incurred by it with respect to the offer
     and sale of any of the Offered Notes and resulting from such Underwriter's
     breach of any of its representations and warranties set forth in Section 3
     of this Agreement.

          (c) AmeriCredit hereby agrees, upon the terms and subject to the
     conditions of this Agreement, to indemnify, defend and hold harmless each
     Insurer Party against any and all Losses incurred by it with respect to the
     offer and sale of any of the Offered Notes and resulting from AmeriCredit's
     breach of any of its representations and warranties set forth in Section 4
     of this Agreement.

          (d) Upon the incurrence of any Losses entitled to indemnification
     hereunder, the Indemnifying Party shall reimburse the Indemnified Party
     promptly upon establishment by the Indemnified Party to the Indemnifying
     Party of the Losses incurred.

                                        5

<PAGE>

     SECTION 6. NOTICE TO BE GIVEN.

          (a) Except as provided in Section 7 below with respect to contribution
     and Section 10 of this Agreement, the indemnification provided herein by
     the Indemnifying Party shall be the exclusive remedy of each Indemnified
     Party for the Losses resulting from the Indemnifying Party's breach of a
     representation, warranty or agreement hereunder; provided, however, that
     each Indemnified Party shall be entitled to pursue any other remedy at law
     or in equity for any such breach so long as the damages sought to be
     recovered shall not exceed the Losses incurred thereby resulting from such
     breach.

          (b) In the event that any action or regulatory proceeding shall be
     commenced or claim asserted which may entitle an Indemnified Party to be
     indemnified under this Agreement, such party shall give the Indemnifying
     Party written or facsimile notice of such action or claim reasonably
     promptly after receipt of written notice thereof.

          (c) Upon request of the Indemnified Party, the Indemnifying Party
     shall retain counsel reasonably satisfactory to the Indemnified Party to
     represent the Indemnified Party and any others the Indemnifying Party may
     designate in such proceeding and shall pay the fees and disbursements of
     such counsel related to such proceeding. The Indemnifying Party may, at its
     option, at any time upon written notice to the Indemnified Party, assume
     the defense of any proceeding and may designate counsel reasonably
     satisfactory to the Indemnified Party in connection therewith, provided
     that the counsel so designated would have no actual or potential conflict
     of interest in connection with such representation. Unless it shall assume
     the defense of any proceeding the Indemnifying Party shall not be liable
     for any settlement of any proceeding, effected without its written consent,
     but if settled with such consent or if there be a final judgment for the
     plaintiff, the Indemnifying Party agrees to indemnify the Indemnified Party
     from and against any loss or liability by reason of such settlement or
     judgment. The Indemnifying Party shall be entitled to participate in the
     defense of any such action or claim in reasonable cooperation with, and
     with the reasonable cooperation of, each Indemnified Party.

          (d) The Indemnified Party will have the right to employ its own
     counsel in any such action, but the fees and expenses of such counsel will
     be at the expense of such Indemnified Party unless (i) the employment of
     counsel by the Indemnified Party at the Indemnifying Party's expense has
     been authorized in writing by the Indemnifying Party, (ii) the Indemnifying
     Party has not in fact employed counsel to assume the defense of such action
     within a reasonable time after receiving notice of the commencement of the
     action or (iii) the named parties to any such action include the
     Indemnifying Party on the one hand and, on the other hand, the Indemnified
     Party, and representation of both parties by the same counsel would be
     inappropriate due to actual or potential differing interests between them
     (in which case if such Indemnified Party notifies the Indemnifying Party in
     writing that it elects to employ separate counsel at the expense of the
     Indemnifying Party,

                                        6

<PAGE>

     the Indemnifying Party shall not have the right to assume the defense of
     such action or proceeding on such Indemnified Party's behalf), in each of
     which cases the reasonable fees and expenses of counsel (including local
     counsel) will be at the expense of the Indemnifying Party, and all such
     fees and expenses will be reimbursed promptly as they are incurred. In the
     event that any expenses so paid by the Indemnifying Party are subsequently
     determined not to be required to be borne by the Indemnifying Party
     hereunder, the party which received such payment shall promptly refund to
     the Indemnifying Party the amount so paid by such Indemnifying Party.
     Notwithstanding the foregoing, in connection with any one action or
     separate but substantially similar or related actions in the same
     jurisdiction arising out of the same general allegations or circumstances,
     the Indemnifying Party shall not be liable for the fees and expenses of
     more than one counsel for all AmeriCredit Parties, more than one counsel
     for all Underwriter Parties and more than one counsel for all Insurer
     Parties, as applicable.

          (e) The Indemnified Parties shall cooperate with the Indemnifying
     Parties in resolving any event which would give rise to an indemnity
     obligation pursuant to Section 5 hereof in the most efficient manner.

          (f) No settlement of any such claim or action shall be entered into
     without the consent of each Indemnified Party who is subject to such claim
     or action, on the one hand, and each Indemnifying Party who is subject to
     such claim or action, on the other hand; provided, however, that the
     consent of such Indemnified Party shall not be required if such settlement
     fully discharges, with prejudice against the plaintiff, the claim or action
     against such Indemnified Party.

          (g) Any failure by an Indemnified Party to comply with the provisions
     of this Section shall relieve the Indemnifying Party of liability only if
     such failure is materially prejudicial to any legal pleadings, grounds,
     defenses or remedies in respect thereof or the Indemnifying Party's
     financial liability hereunder, and then only to the extent of such
     prejudice.

     SECTION 7. CONTRIBUTION.

          (a) To provide for just and equitable contribution if the
     indemnification provided by the Insurer is determined to be unavailable for
     an Underwriter Party (other than pursuant to Section 5 or 6 of this
     Agreement), or if the indemnification provided by any Underwriter is
     determined to be unavailable for any Insurer Party (other than pursuant to
     Section 5 or 6 of this Agreement), the Insurer and the Underwriters shall
     contribute to the aggregate costs of liabilities arising from any breach of
     their respective representations and warranties set forth in this Agreement
     on the basis of the relative fault of all Insurer Parties and all
     Underwriter Parties.

          (b) To provide for just and equitable contribution if the
     indemnification provided by the Insurer is determined to be unavailable for
     any AmeriCredit Party (other than pursuant to Section 5 or 6 of this
     Agreement), or if the indemnification provided by

                                        7

<PAGE>

     AmeriCredit is determined to be unavailable for any Insurer Party (other
     than pursuant to Section 5 or 6 of this Agreement), the Insurer and
     AmeriCredit shall contribute to the aggregate cost of liabilities arising
     from any breach of their respective representations and warranties set
     forth in this Agreement on the basis of the relative fault of all Insurer
     Parties and all AmeriCredit Parties.

          (c) To provide for just and equitable contribution if the
     indemnification provided by the Underwriter is determined to be unavailable
     for any AmeriCredit Party (other than pursuant to Section 5 or 6 of this
     Agreement), the Underwriter and AmeriCredit shall contribute to the
     aggregate costs of liabilities arising from any breach of their respective
     representations and warranties set forth in this Agreement on the basis of
     the relative fault of all Underwriter Parties and all AmeriCredit Parties.

          (d) The relative fault of each Indemnifying Party, on the one hand,
     and of each Indemnified Party, on the other hand, shall be determined by
     reference to, among other things, whether the breach of, or alleged breach
     of, any of its representations and warranties set forth in Section 2, 3 or
     4 of this Agreement relates to information supplied by, or action within
     the control of, the Indemnifying Party or the Indemnified Party and the
     Parties' relative intent, knowledge, access to information and opportunity
     to correct or prevent such breach.

          (e) The parties agree that the Insurer shall be solely responsible for
     the Insurer Information and for the Insurer Financial Statements, that each
     Underwriter shall be solely responsible for the Underwriter Information
     provided by such Underwriter in writing for use in the Preliminary
     Prospectus Supplement and the Final Prospectus Supplement and that
     AmeriCredit shall be responsible for all other information in the
     Registration Statement, the Preliminary Prospectus Supplement and the Final
     Prospectus Supplement.

          (f) No person guilty of fraudulent misrepresentation (within the
     meaning of Section 11(f) of the Act) shall be entitled to contribution from
     any person who was not guilty of such fraudulent misrepresentation.

          (g) The indemnity and contribution agreements contained in this
     Agreement shall remain operative and in full force and effect, regardless
     of (i) any investigation made by or on behalf of any Underwriter Party, any
     AmeriCredit Party or any Insurer Party, (ii) the issuance of any Offered
     Notes or the Policy or (iii) any termination of this Agreement.

          (h) Upon the incurrence of any Losses entitled to contribution
     hereunder, the contributor shall reimburse the party entitled to
     contribution promptly upon establishment by the party entitled to
     contribution to the contributor of the Losses incurred.

                                        8

<PAGE>

     SECTION 8. NOTICES. All notices and other communications provided for under
this Agreement shall be addressed to the address set forth below as to each
party or at such other address as shall be designated by a party in a written
notice to the other party.

     If to the Insurer:        XL Capital Assurance Inc.
                               1221 Avenue of the Americas
                               New York, New York 10020
                               Attention: Surveillance
                               Telecopy: (212) 478-3587
                               Confirmation: (212) 478-3400

     If to AmeriCredit:        AmeriCredit Financial Services, Inc.
                               801 Cherry Street, Suite 3900
                               Fort Worth, TX 76102
                               Attention: Chief Financial Officer

     If to the Representative: Wachovia Capital Markets, LLC
                               One Wachovia Center
                               301 S. College Street, NC0610
                               Charlotte, North Carolina 28288

     SECTION 9. GOVERNING LAW, ETC. This Agreement shall be deemed to be a
contract under the laws of the State of New York and shall be governed by and
construed in accordance with the laws of the State of New York without regard to
its conflicts of laws provisions. This Agreement may not be assigned by any
party without the express written consent of each other party. Amendments of
this Agreement shall be in writing signed by each party. This Agreement shall
not be effective until executed by each of the Insurer, AmeriCredit and the
Underwriters.

     SECTION 10. INSURANCE AGREEMENT; UNDERWRITING AGREEMENT; SALE AND SERVICING
AGREEMENT. This Agreement in no way limits or otherwise affects the
indemnification obligations of AmeriCredit under (a) the Insurance Agreement,
(b) the Underwriting Agreement or (c) the Sale and Servicing Agreement. To the
extent that this Agreement conflicts with or does not address the relative
rights of the Underwriters and AmeriCredit as between themselves as set forth in
the Underwriting Agreement, the Underwriting Agreement shall govern.

     SECTION 11. LIMITATIONS. Nothing in this Agreement shall be construed as a
representation or undertaking by the Insurer concerning maintenance of the
rating currently assigned to its claims-paying ability by Moody's Investors
Service, Inc. ("Moody's") and/or Standard & Poor's Ratings Services, a division
of The McGraw-Hill Companies, Inc. ("S&P") or any other rating agency
(collectively, the "Rating Agencies").

     SECTION 12. COUNTERPARTS. This Agreement may be executed in any number of
counterparts, each of which shall together constitute but one and the same
instrument.

                                        9

<PAGE>

     SECTION 13. NONPETITION. So long as the Insurance Agreement is in effect,
and for one year following its termination, none of the parties hereto will file
any involuntary petition or otherwise institute any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceeding or other proceeding under any
federal or state bankruptcy or similar law against the Issuer or the Seller.

               [Remainder of this page intentionally left blank.]

                                       10

<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Indemnification
Agreement to be duly executed and delivered by their respective officers
thereunto duly authorized, all as of the date first above written.

                                        XL CAPITAL ASSURANCE INC.

                                        By /s/ Catherine R. Lau
                                           -------------------------------------
                                        Title Senior Managing Director

                                        AMERICREDIT FINANCIAL SERVICES, INC.

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

                                        WACHOVIA CAPITAL MARKETS, LLC,
                                        for itself and as representative of the
                                        Underwriters

                                        By /s/ Steven J. Ellis
                                           -------------------------------------
                                        Title Director

AmeriCredit Automobile Receivables Trust 2007-A-X
Indemnification Agreement Signature Page<PAGE>

                                                                    EXHIBIT 10.3

================================================================================

                           XL CAPITAL ASSURANCE INC.,
                                   as Insurer

               AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2007-A-X,
                                    as Issuer

                      AMERICREDIT FINANCIAL SERVICES, INC.
                   Individually, as Custodian and as Servicer

                                AFS SENSUB CORP.,
                                    as Seller

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

                               INSURANCE AGREEMENT

                                 $1,200,000,000
                AmeriCredit Automobile Receivables Trust 2007-A-X
                       Automobile Receivables Backed Notes
                          $217,000,000 Class A-1 Notes
                          $348,000,000 Class A-2 Notes
                          $248,000,000 Class A-3 Notes
                          $387,000,000 Class A-4 Notes

                           Dated as of January 9, 2007

================================================================================

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<S>                                                                            <C>
                                    ARTICLE I

                                   DEFINITIONS

                                   ARTICLE II

                    REPRESENTATIONS, WARRANTIES AND COVENANTS

Section 2.01.   Representation and Warranties of AmeriCredit, the Servicer,
                the Seller and the Custodian................................    6
Section 2.02.   Affirmative Covenants of the Servicer, AmeriCredit, the
                Seller and the Custodian....................................   10
Section 2.03.   Negative Covenants of AmeriCredit, the Servicer, the Seller
                and the Custodian...........................................   17
Section 2.04.   Representations and Warranties of the Issuer................   20
Section 2.05.   Affirmative Covenants of the Issuer.........................   23
Section 2.06.   Negative Covenants of the Issuer............................   25
Section 2.07.   Representations, Warranties and Covenants of the Trustee,
                the Trust Collateral Agent, the Collateral Agent and the
                Backup Servicer.............................................   26

                                     ARTICLE III

                             THE POLICIES; REIMBURSEMENT

Section 3.01.   Issuance of the Policies....................................   29
Section 3.02.   Payment of Fees and Premium.................................   32
Section 3.03.   Reimbursement and Additional Payment Obligation.............   32
Section 3.04.   Indemnification; Limitation of Liability....................   34
Section 3.05.   Payment Procedure...........................................   37

                                     ARTICLE IV

                                 FURTHER AGREEMENTS

Section 4.01.   Effective Date; Term of the Insurance Agreement.............   37
Section 4.02.   Further Assurances and Corrective Instruments...............   37
Section 4.03.   Obligations Absolute........................................   38
Section 4.04.   Assignments; Reinsurance; Third-party Rights................   40
Section 4.05.   Liability of the Insurer....................................   41
Section 4.06.   Parties Will Not Institute Insolvency Proceedings...........   41
Section 4.07.   Trustee, Custodian, Trust Collateral Agent, Collateral
                Agent, Backup Servicer, Seller, Issuer and Servicer To Join
                in Enforcement Action.......................................   41
Section 4.08.   Replacement Swap Agreement..................................   41
Section 4.09.   Subrogation.................................................   41
Section 4.10.   Insurer's Rights Regarding Actions, Proceedings or
                Investigations..............................................   42
</TABLE>

<PAGE>

<TABLE>
<S>                                                                            <C>
                                    ARTICLE V

                               DEFAULTS; REMEDIES

Section 5.01.   Defaults....................................................   43
Section 5.02.   Remedies; No Remedy Exclusive...............................   45
Section 5.03.   Waivers.....................................................   46

                                     ARTICLE VI

                                    MISCELLANEOUS

Section 6.01.   Amendments, Etc.............................................   46
Section 6.02.   Notices.....................................................   47
Section 6.03.   Severability................................................   48
Section 6.04.   Governing Law...............................................   48
Section 6.05.   Consent to Jurisdiction.....................................   48
Section 6.06.   Consent of the Insurer......................................   49
Section 6.08.   Headings....................................................   49
Section 6.09.   Trial by Jury Waived........................................   49
Section 6.10.   Limited Liability...........................................   49
Section 6.11.   Entire Agreement............................................   50
Section 6.12.   No Partnership..............................................   50
</TABLE>

                                       ii

<PAGE>

                               INSURANCE AGREEMENT

     INSURANCE AGREEMENT (this "Insurance Agreement"), dated as of January 9,
2007 by and among AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2007-A-X, as Issuer
(the "Issuer"), AFS SENSUB CORP., as Seller (the "Seller"), AMERICREDIT
FINANCIAL SERVICES, INC., individually ("AmeriCredit") and in its capacity as
Servicer under the Sale and Servicing Agreement described below (together with
its permitted successors and assigns, the "Servicer") and as Custodian (the
"Custodian"), XL CAPITAL ASSURANCE INC. (the "Insurer"), WELLS FARGO BANK,
NATIONAL ASSOCIATION, as Trustee (the "Trustee"), as Trust Collateral Agent (the
"Trust Collateral Agent" ), as Collateral Agent (the "Collateral Agent") and as
Backup Servicer (the "Backup Servicer").

     WHEREAS, the Indenture dated as of January 9, 2007 relating to AmeriCredit
Automobile Receivables Trust 2007-A-X Automobile Receivables Asset Backed Notes,
$217,000,000 Class A-1 Notes, $348,000,000 Class A-2 Notes, $248,000,000 Class
A-3 Notes and $387,000,000 Class A-4 Notes (the "Obligations"), between the
Issuer, the Trustee and the Trust Collateral Agent (the "Indenture") provides
for, among other things, the issuance of asset backed notes representing debt
obligations secured by the collateral pledged thereunder and the Insurer has
agreed to issue a financial guarantee insurance policy (the "Note Policy") that
guarantees certain payments on the Obligations (as defined in the Note Policy)
and a financial guarantee insurance policy with respect to certain payments
under the Swap Agreement (the "Swap Policy" and together with the Note Policy,
the "Policies") under which the Note Insurer has agreed to insure certain
amounts which may be due from the Issuer to the Swap Provider under the Swap
Agreement; and

     WHEREAS, the Insurer shall be paid an insurance premium pursuant to the
Sale and Servicing Agreement and the details of such premium are set forth
herein; and

     WHEREAS, AmeriCredit, the Servicer, the Custodian, the Seller and the
Issuer have undertaken certain obligations in consideration of the Insurer's
issuance of the Policies;

     NOW, THEREFORE, in consideration of the premises and the mutual agreements
herein contained, the parties hereto agree as follows:

                                    ARTICLE I

                                   DEFINITIONS

     The terms defined in this Article I shall have the meanings provided herein
for all purposes of this Insurance Agreement, unless the context clearly
requires otherwise, in both singular and plural form, as appropriate. Unless the
context clearly requires otherwise, all capitalized terms used herein and not
otherwise defined in this Article I shall have the meanings assigned to them in
the Sale and Servicing Agreement or the Indenture, as applicable. All words used
herein shall be construed to be of such gender or number as the circumstances
require. This "Insurance Agreement" shall mean this Insurance Agreement as a
whole and as the same may, from time to time hereafter, be amended, supplemented
or modified. The words "herein,"

<PAGE>

"hereby," "hereof," "hereto," "hereinabove" and "hereinbelow," and words of
similar import, refer to this Insurance Agreement as a whole and not to any
particular paragraph, clause or other subdivision hereof, unless otherwise
specifically noted.

     "Business Day" means any day other than (a) a Saturday or a Sunday (b) a
day on which the Insurer is closed or (c) a day on which banking institutions in
New York, New York, Fort Worth, Texas, Minneapolis, Minnesota or in the city in
which the corporate trust office of the Trustee under the Indenture is located
are authorized or obligated by law or executive order to close.

     "Code" means the Internal Revenue Code of 1986, including, unless the
context otherwise requires, the rules and regulations thereunder, as amended
from time to time.

     "Collateral Agent" means Wells Fargo Bank, National Association, a national
banking association, as collateral agent under the Spread Account Agreement, and
any successor to the collateral agent under the Spread Account Agreement.

     "Commission" means the Securities and Exchange Commission.

     "Corporate Liquidity Pool" means the sum of (i) cash and cash equivalents
held by AmeriCredit Corp. plus (ii) 75% of the aggregate outstanding balance of
all receivables owned by AmeriCredit Corp. or AmeriCredit that are not subject
to any lien or security interest; provided, that "Corporate Liquidity Pool"
shall not include any restricted cash balances.

     "Date of Issuance" means the date on which the Policies are issued as
specified therein.

     "Default" means any event which results, or which with the giving of notice
or the lapse of time or both would result, in an Insurance Agreement Event of
Default.

     "Financial Statements" means, with respect to AmeriCredit Corp., the
consolidated balance sheets and the statements of income, retained earnings and
cash flows and the notes thereto which have been provided to the Insurer.

     "Indemnification Agreement" means the Indemnification Agreement dated
January 10, 2007 among the Insurer, AmeriCredit and Wachovia Capital Markets,
LLC, as Representative of the Underwriters.

     "Indenture" means the Indenture dated as of January 9, 2007 between the
Issuer, the Trust Collateral Agent and the Trustee as the same may be amended or
supplemented from time to time in accordance with the terms thereof.

     "Insolvency Law" means any existing or future law of any jurisdiction,
domestic or foreign, relating to bankruptcy, insolvency, reorganization or
relief of debtors.

     "Insurance Agreement Event of Default" means any event of default specified
in Section 5.01 hereof.

     "Insurer Default" has the meaning set forth in the Sale and Servicing
Agreement.

                                        2

<PAGE>

     "Investment Company Act" means the Investment Company Act of 1940,
including, unless the context otherwise requires, the rules and regulations
thereunder, as amended.

     "Issuer Secured Parties" has the meaning set forth in the Indenture.

     "Late Payment Rate" means the lesser of (a) the greater of (i) the Prime
Rate plus 2% from time to time (any change in such rate of interest to be
effective on the date such change is published) and (ii) the then applicable
highest rate of interest on the Notes and (b) the maximum rate permissible under
applicable usury or similar laws limiting interest rates. The Late Payment Rate
shall be computed on the basis of a 360 day year for the actual number of days
elapsed for such period. The Late Payment Rate shall be calculated by the
Insurer and evidenced by a certificate of the Insurer delivered to the Trustee.

     "Liabilities" shall have the meaning ascribed to such term in Section
3.04(a) hereof.

     "Lien" means, as applied to the property or assets (or the income or
profits therefrom) of any Person, in each case whether the same is consensual or
nonconsensual or arises by contract, operation of law, legal process or
otherwise: (a) any mortgage, lien, pledge, hypothecation, assignment, deposit
arrangement, preference priority or other security agreement of preferential
arrangement, attachment, charge, lease, conditional sale or other title
retention agreement, or other security interest or encumbrance of any kind; or
(b) any arrangement, express or implied, under which such property or assets are
transferred, sequestered or otherwise identified for the purpose of subjecting
or making available the same for the payment of debt or performance of any other
obligation in priority to the payment of the general, unsecured creditors of
such Person.

     "Losses" means (a) any actual out-of-pocket loss paid by the Insurer or its
respective parents, subsidiaries and affiliates or any shareholder, director,
officer, employee, agent or any "controlling person" (as such term is used in
the Securities Act) of any of the foregoing and (b) any actual out-of-pocket
costs and expenses paid by such party, including reasonable fees and expenses of
its counsel, to the extent not paid, satisfied or reimbursed from funds provided
by any other Person (provided that the foregoing shall not create or imply any
obligation to pursue recourse against any such other Person).

     "Material Adverse Change" means, in respect of any Person, a material
adverse change in (a) the business, financial condition, results of operations
or properties of such Person or (b) the ability of such Person to perform its
obligations under any of the Transaction Documents.

     "Moody's" means Moody's Investors Service, a Delaware corporation, and any
successor thereto, and, if such corporation shall for any reason no longer
perform the functions of a securities rating agency, "Moody's" shall be deemed
to refer to any other nationally recognized rating agency designated by the
Insurer.

     "Obligor" means the original obligor under each Receivable, including any
guarantor of such obligor and their respective successors.

     "Offering Document" means the Prospectus dated April 28, 2006 and the
Prospectus Supplement thereto dated January 10, 2007 of the Issuer in respect of
the Obligations (and any amendment or supplement thereto) and any other offering
document in respect of the Obligations

                                        3

<PAGE>

prepared by AmeriCredit, the Servicer, the Seller or the Issuer that makes
reference to the Policies.

     "Opinion Facts and Assumptions" means the facts and assumptions contained
in the insolvency opinion dated January 18, 2007 by Dewey Ballantine LLP and the
officer's certificates attached as exhibits thereto insofar as they relate to
the Seller, the Issuer and AmeriCredit.

     "Owner Trustee" means Wilmington Trust Company, a Delaware banking
corporation, as Owner Trustee under the Trust Agreement, and any successor Owner
Trustee under the Trust Agreement.

     "Person" means an individual, joint stock company, trust, unincorporated
association, joint venture, corporation, business or owner trust, limited
liability company, partnership or other organization or entity (whether
governmental or private).

     "Premium" means the premium payable in accordance with Section 3.02 hereof.

     "Premium Letter" means the Premium Letter Agreement among the Insurer,
AmeriCredit, the Issuer, the Trustee and the Trust Collateral Agent dated
January 9, 2007.

     "Prime Rate" means the fluctuating rate of interest as published from time
to time in the New York, New York edition of The Wall Street Journal, under the
caption "Money Rates" as the "prime rate". The Prime Rate shall change when and
as such published prime rate changes.

     "Purchase Agreement" means the Purchase Agreement dated as of January 9,
2007, between the Seller and AmeriCredit, as the same may be amended or
supplemented from time to time in accordance with the terms thereof.

     "Replacement Swap Agreement" means any replacement Swap Agreement entered
into at the direction of the Insurer pursuant to Section 4.08 of this Agreement.

     "Sale and Servicing Agreement" means the Sale and Servicing Agreement dated
as of January 9, 2007 between the Issuer, the Seller, the Servicer, the Backup
Servicer and the Trust Collateral Agent as the same may be amended or
supplemented from time to time in accordance with the terms thereof.

     "Securities Act" means the Securities Act of 1933, including, unless the
context otherwise requires, the rules and regulations thereunder, as amended
from time to time.

     "Securities Exchange Act" means the Securities Exchange Act of 1934,
including, unless the context otherwise requires, the rules and regulations
thereunder, as amended from time to time.

     "Security Documents" means the Indenture, the Trust Agreement, the Sale and
Servicing Agreement, the Purchase Agreement and any ancillary documents executed
or filed to evidence or perfect the security interest of the Trust Collateral
Agent for the benefit of the Issuer Secured Parties.

                                        4

<PAGE>

     "S&P" means Standard & Poor's, a division of The McGraw-Hill Companies,
Inc., and any successor thereto, and, if such corporation shall for any reason
no longer perform the functions of a securities rating agency, "S&P" shall be
deemed to refer to any other nationally recognized rating agency designated by
the Insurer.

     "Tangible Net Worth" means, with respect to any Person, the net worth of
such Person calculated in accordance with GAAP, after subtracting therefrom the
aggregate amount of such Person's intangible assets, including, without
limitation, goodwill, franchises, licenses, patents, trademarks, copyrights and
service marks.

     "Term of the Insurance Agreement" shall be determined as provided in
Section 4.01 hereof.

     "Transaction" means the transactions contemplated by the Transaction
Documents, including the transactions described in the Transaction Documents.

     "Transaction Documents" means this Insurance Agreement, the Indemnification
Agreement, the Indenture, the Trust Agreement, the Sale and Servicing Agreement,
the Purchase Agreement, the Underwriting Agreement, the Custodian Agreement, the
Lockbox Agreement, the Swap Agreement, the Premium Letter, the Spread Account
Agreement and the Obligations (as defined in the Note Policy).

     "Trust Agreement" means the Amended and Restated Trust Agreement dated as
of January 9, 2007 between the Seller and the Owner Trustee, as the same may be
amended or supplemented from time to time in accordance with the terms thereof.

     "Trust Collateral Agent" means Wells Fargo Bank, National Association, a
national banking association, as trust collateral agent under the Indenture, and
any successor to the Trust Collateral Agent under the Indenture.

     "Trustee" means Wells Fargo Bank, National Association, a national banking
association, as Trustee under the Indenture, and any successor Trustee under the
Indenture.

     "Trust Indenture Act" means the Trust Indenture Act of 1939, including,
unless the context otherwise requires, the rules and regulations thereunder, as
amended from time to time.

     "Underwriters" means Barclays Capital Inc., Wachovia Capital Markets, LLC,
JP Morgan Securities Inc., Lehman Brothers, Inc. and UBS Securities LLC.

     "Underwriting Agreement" means the Underwriting Agreement between Wachovia
Capital Markets, LLC, as Representative of the several Underwriters, AmeriCredit
and the Seller with respect to the offer and sale of the Obligations, as the
same may be amended from time to time.

                                        5

<PAGE>

                                   ARTICLE II

                    REPRESENTATIONS, WARRANTIES AND COVENANTS

     Section 2.01. REPRESENTATION AND WARRANTIES OF AMERICREDIT, THE SERVICER,
THE SELLER AND THE CUSTODIAN. AmeriCredit, the Servicer, the Seller and the
Custodian represent, warrant and covenant as of the Date of Issuance, each as to
those matters relating to itself, as follows:

          (a) DUE ORGANIZATION AND QUALIFICATION. AmeriCredit, the Servicer, the
     Seller and the Custodian is a corporation, duly organized, validly existing
     and in good standing under the laws of its jurisdiction of organization.
     Each of AmeriCredit, the Servicer, the Seller and the Custodian is duly
     qualified to do business, is in good standing and has obtained all
     licenses, permits, charters, registrations and approvals (together,
     "approvals") necessary for the conduct of its business as currently
     conducted and as described in the Offering Document and the performance of
     its obligations under the Transaction Documents in each jurisdiction in
     which the failure to be so qualified or to obtain such approvals would
     render any Transaction Document unenforceable in any respect or would have
     a material adverse effect upon the Transaction, the Owners or the Insurer.

          (b) POWER AND AUTHORITY. Each of the Servicer, the Seller and the
     Custodian has all necessary power and authority to conduct its business as
     currently conducted and, as described in the Offering Document, to execute,
     deliver and perform its obligations under the Transaction Documents and to
     consummate the Transaction.

          (c) DUE AUTHORIZATION. The execution, delivery and performance of the
     Transaction Documents by AmeriCredit, the Servicer, the Seller and the
     Custodian have been duly authorized by all necessary action and do not
     require any additional approvals or consents of, or other action by or any
     notice to or filing with, any Person, including, without limitation, any
     governmental entity or the Servicer's, AmeriCredit's, the Seller's or the
     Custodian's stockholders, which have not previously been obtained or given
     by the Servicer, AmeriCredit, the Seller or the Custodian.

          (d) NONCONTRAVENTION. None of the execution and delivery of the
     Transaction Documents by AmeriCredit, the Servicer, the Seller or the
     Custodian, the consummation of the transactions contemplated thereby or by
     the Offering Document or the satisfaction of the terms and conditions of
     the Transaction Documents:

               (i) conflicts with or results in any breach or violation of any
          provision of the organizational documents of the Servicer,
          AmeriCredit, the Seller or the Custodian or any law, rule, regulation,
          order, writ, judgment, injunction, decree, determination or award
          currently in effect having applicability to the Servicer, AmeriCredit,
          the Seller or the Custodian or any of their material properties,
          including regulations issued by an administrative agency or other
          governmental authority having supervisory powers over the Servicer,
          AmeriCredit, the Seller or the Custodian;

                                        6

<PAGE>

               (ii) constitutes a default (or an event which, with the giving of
          notice or the passage of time, or both, would constitute a default) by
          the Servicer, AmeriCredit, the Seller or the Custodian under or a
          breach of any provision of any loan agreement, mortgage, indenture or
          other agreement or instrument to which the Servicer, AmeriCredit, the
          Seller or the Custodian is a party or by which any of its or their
          respective properties, which are individually or in the aggregate
          material to the Servicer, AmeriCredit, the Seller or the Custodian, is
          or may be bound or affected; or

               (iii) results in or requires the creation of any lien upon or in
          respect of any assets of the Servicer, AmeriCredit, the Seller or the
          Custodian, except as contemplated by the Transaction Documents.

          (e) LEGAL PROCEEDINGS. There is no action, proceeding or investigation
     by or before any court, governmental or administrative agency or arbitrator
     against or affecting the Servicer, AmeriCredit, the Seller, the Custodian
     or any of its or their subsidiaries, or any properties or rights of the
     Servicer, AmeriCredit, the Seller, the Custodian or any of its or their
     subsidiaries, pending or, to the Servicer's, AmeriCredit's, the Seller's or
     the Custodian's knowledge after reasonable inquiry, threatened, which in
     any case could reasonably be expected to result in a Material Adverse
     Change with respect to AmeriCredit, the Servicer, the Seller or Custodian.

          (f) NO DEFAULTS. Each of the Servicer, AmeriCredit, the Seller and the
     Custodian is not in default under or with respect to any of its respective
     contractual obligations in any respect which could have a material adverse
     effect on the rights, interests or remedies of the Insurer hereunder or
     under the other Transaction Documents or on its ability to perform its
     obligations hereunder or under the other Transaction Documents to which it
     is a party. No Default has occurred and is continuing.

          (g) VALID AND BINDING OBLIGATIONS. The Obligations, when executed,
     authenticated and issued in accordance with the Indenture, and the
     Transaction Documents (other than the Obligations), when executed and
     delivered by the Servicer, the Seller AmeriCredit, and the Custodian, will
     constitute the legal, valid and binding obligations of the Servicer,
     AmeriCredit, the Seller, the Custodian and the Trust, as applicable,
     enforceable in accordance with their respective terms, except as such
     enforceability may be limited by bankruptcy, insolvency, reorganization,
     moratorium or other similar laws affecting creditors' rights generally and
     general equitable principles and public policy considerations as to rights
     of indemnification for violations of federal securities laws. None of the
     Servicer, AmeriCredit, the Seller or the Custodian will at any time in the
     future deny that the Transaction Documents constitute the legal, valid and
     binding obligations of the Servicer, AmeriCredit, the Seller, the Custodian
     or the Trust, as applicable.

          (h) NO CONSENTS. No consent, license, approval or authorization from,
     or registration, filing or declaration with, any regulatory body,
     administrative agency, or other governmental instrumentality, nor any
     consent, approval, waiver or notification of any creditor, lessor or other
     nongovernmental person, is required in connection with the

                                        7

<PAGE>

     execution, delivery and performance by each of the Servicer, AmeriCredit,
     the Seller and the Custodian of any of the Transaction Documents to which
     it is a party, except (in each case) such as have been obtained and are in
     full force and effect or the failure of which to be obtained could not
     reasonably be expected to result in a Material Adverse Change with respect
     to the Servicer, AmeriCredit, the Seller, the Custodian, or the
     Transaction.

          (i) FINANCIAL STATEMENTS. The Financial Statements of AmeriCredit
     Corp., copies of which have been furnished to the Insurer by AmeriCredit,
     (i) are, as of the dates and for the periods referred to therein, complete
     and correct in all material respects, (ii) present fairly the financial
     condition and results of operations of AmeriCredit Corp., as of the dates
     and for the periods indicated and (iii) have been prepared in accordance
     with generally accepted accounting principles consistently applied, except
     as noted therein (subject as to interim statements to normal year-end
     adjustments). Since the date of the most recent Financial Statements, there
     has been no Material Adverse Change in respect of AmeriCredit Corp., the
     Custodian, AmeriCredit, the Seller or the Servicer. Except as disclosed in
     the Financial Statements, AmeriCredit Corp., the Custodian, AmeriCredit,
     the Seller and the Servicer are not subject to any contingent liabilities
     or commitments that, individually or in the aggregate, have a material
     possibility of causing a Material Adverse Change in respect of AmeriCredit
     Corp., the Custodian, AmeriCredit, the Seller and the Servicer.

          (j) COMPLIANCE WITH LAW, ETC. No practice, procedure or policy
     employed, or proposed to be employed, by the Servicer, AmeriCredit, the
     Seller or the Custodian in the conduct of its business violates any law,
     regulation, judgment, agreement, order or decree applicable to any of them
     that, if enforced, could reasonably be expected to result in a Material
     Adverse Change with respect to the Servicer, AmeriCredit, the Seller or the
     Custodian. The Servicer, AmeriCredit, the Seller and the Custodian are not
     in breach of or in default under any applicable law or administrative
     regulation of its respective jurisdiction of organization, or any
     department, division, agency or instrumentality thereof or of the United
     States or any applicable judgment or decree or any loan agreement, note,
     resolution, certificate, agreement or other instrument to which the
     Servicer, AmeriCredit, the Seller or the Custodian is a party or is
     otherwise subject which, if enforced, would have a material adverse effect
     on the ability of the Servicer, AmeriCredit, the Seller or the Custodian,
     as the case may be, to perform its respective obligations under the
     Transaction Documents.

          (k) TAXES. The Servicer, AmeriCredit, the Seller and the Custodian and
     the Servicer's, AmeriCredit's, the Seller's and the Custodian's parent
     company or companies have filed prior to the date hereof all federal and
     state tax returns that are required to be filed and paid all taxes,
     including any assessments received by them that are not being contested in
     good faith, to the extent that such taxes have become due.

          (l) ACCURACY OF INFORMATION. None of the Transaction Documents, the
     Offering Document or any documents, agreements, instruments, schedules,
     certificates, statements, cash flow schedules, number runs or other
     writings or data relating to the Receivables, the operations of the
     Servicer, AmeriCredit, the Seller or the Custodian (including servicing or
     origination of loans) or the financial condition of the Servicer,

                                        8

<PAGE>

     AmeriCredit, the Seller or the Custodian (collectively, the "Documents"),
     as amended, supplemented or superseded, furnished to the Insurer by the
     Servicer, AmeriCredit, the Seller or the Custodian contains any statement
     of a material fact by the Servicer, AmeriCredit, the Seller or the
     Custodian which was untrue or misleading in any material adverse respect
     when made. None of the Servicer, AmeriCredit, the Seller or the Custodian
     has any knowledge of circumstances that could reasonably be expected to
     cause a Material Adverse Change with respect to the Servicer, AmeriCredit,
     the Seller or the Custodian. Since the furnishing of the Documents, there
     has been no change or any development or event involving a prospective
     change known to the Servicer, AmeriCredit, the Seller or the Custodian that
     would render any of the Documents untrue or misleading in any material
     respect.

          (m) COMPLIANCE WITH SECURITIES LAWS. The offer and sale of the
     Obligations comply in all material respects with all requirements of law,
     including all registration requirements of applicable securities laws.
     Without limitation of the foregoing, the Offering Document does not contain
     any untrue statement of a material fact and does not omit to state a
     material fact necessary to make the statements made therein, in light of
     the circumstances under which they were made, not misleading; provided,
     however, that no representation is made with respect to the information in
     the Offering Document set forth under the headings "THE POLICY" and "THE
     INSURER" or the consolidated financial statements of the Insurer
     incorporated by reference in the Offering Document. Each of the Transaction
     Documents conforms in all material respects to the representative
     descriptions thereof, if any, contained in the Offering Document. Neither
     the offer nor the sale of the Obligations has been or will be in violation
     of the Securities Act or any other federal or state securities laws. None
     of the Trust, the Trust Agreement or the Indenture is required to be
     registered as an "investment company" under the Investment Company Act.

          (n) TRANSACTION DOCUMENTS. Each of the representations and warranties
     of the Servicer, AmeriCredit, the Seller and the Custodian contained in the
     Transaction Documents is true and correct in all material respects, and the
     Servicer, AmeriCredit, the Seller and the Custodian hereby make each such
     representation and warranty to, and for the benefit of, the Insurer as if
     the same were set forth in full herein.

          (o) SOLVENCY; FRAUDULENT CONVEYANCE. The Servicer, AmeriCredit, the
     Seller and the Custodian are solvent and will not be rendered insolvent by
     the Transaction and, after giving effect to the Transaction, none of the
     Servicer, AmeriCredit, the Seller or the Custodian will be left with an
     unreasonably small amount of capital with which to engage in its business,
     nor does the Servicer, AmeriCredit, the Seller or the Custodian intend to
     incur, or believe that it has incurred, debts beyond its ability to pay as
     they mature. None of the Servicer, AmeriCredit, the Seller or the Custodian
     contemplates the commencement of insolvency, bankruptcy, liquidation or
     consolidation proceedings or the appointment of a receiver, liquidator,
     conservator, trustee or similar official in respect of the Servicer,
     AmeriCredit, the Seller or the Custodian or any of their assets. The amount
     of consideration being received by the Issuer upon the sale of the
     Obligations to the Underwriter constitutes reasonably equivalent value and
     fair consideration for the interest in the Receivables securing the
     Obligations. AmeriCredit is not transferring the

                                        9

<PAGE>

     Receivables to the Seller, the Seller is not transferring the Receivables
     to the Issuer, the Issuer is not pledging the Receivables to the Trustee
     and the Issuer is not selling the Obligations to the Underwriter, as
     provided in the Transaction Documents, with any intent to hinder, delay or
     defraud any of the Seller's, AmeriCredit's or the Custodian's creditors.

          (p) PRINCIPAL PLACE OF BUSINESS.

               (i) The principal place of business of AmeriCredit, the Servicer
          and the Custodian is located in Fort Worth, Texas and AmeriCredit, the
          Servicer and the Custodian are each a corporation organized under the
          laws of the State of Delaware. "AmeriCredit Financial Services, Inc."
          is the correct legal name of AmeriCredit, the Servicer and the
          Custodian indicated on the public records of AmeriCredit's, the
          Servicer's and the Custodian's jurisdiction of organization which
          shows AmeriCredit, the Servicer and the Custodian to be organized.

               (ii) The principal place of business of the Seller is located in
          Las Vegas, Nevada and the Seller is a corporation organized under the
          laws of the State of Nevada. "AFS SenSub Corp." is the correct legal
          name of the Seller indicated on the public records of the Seller's
          jurisdiction of organization which shows the Seller to be organized.

          (q) OPINION FACTS AND ASSUMPTIONS. The Opinion Facts and Assumptions
     insofar as they relate to the Seller and AmeriCredit are true and correct
     as of the Date of Issuance.

     Section 2.02. AFFIRMATIVE COVENANTS OF THE SERVICER, AMERICREDIT, THE
SELLER AND THE CUSTODIAN. The Servicer, AmeriCredit, the Seller and the
Custodian hereby agree that during the Term of the Insurance Agreement, unless
the Insurer shall otherwise expressly consent in writing:

          (a) COMPLIANCE WITH AGREEMENTS AND APPLICABLE LAWS. The Servicer,
     AmeriCredit, the Seller and the Custodian shall not be in default under the
     Transaction Documents and shall comply with all material requirements of
     any law, rule, regulation, order, writ, judgment, injunction, decree,
     determination or award (including, without limitation, any fiscal and
     accounting rule or regulation and any foreign or domestic law, rule or
     regulation) applicable to it. None of the Servicer, AmeriCredit, the Seller
     or the Custodian shall agree to any amendment to or modification of the
     terms of any Transaction Documents unless the Insurer shall have given its
     prior written consent. In addition, each of the Servicer, AmeriCredit, the
     Seller and the Custodian shall provide the Insurer with written notice
     promptly upon becoming aware of any breach by it of any provision of any
     Transaction Document; and to the extent any action is to be taken by the
     Servicer, AmeriCredit, the Seller or the Custodian under any Transaction
     Document to which it is a party at the direction of the Insurer, the
     Servicer, AmeriCredit, the Seller or the Custodian shall promptly take such
     action in accordance with such direction.

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          (b) CORPORATE EXISTENCE. The Servicer, its successors and assigns,
     AmeriCredit, its successors and assigns, the Seller, its successors and
     assigns and the Custodian, its successors and assigns shall maintain their
     corporate or statutory trust existence and shall at all times continue to
     be duly organized under the laws of their respective jurisdictions of
     organization and duly qualified and duly authorized (as described in
     section 2.01(a), (b) and (c) hereof) and shall conduct its business in
     accordance with the terms of its certificate or articles of incorporation,
     bylaws and organizational documents.

          (c) FINANCIAL STATEMENTS; ACCOUNTANTS' REPORTS; OTHER INFORMATION. The
     Servicer, AmeriCredit, the Seller and the Custodian shall keep or cause to
     be kept in reasonable detail books and records of account of their assets
     and business, including, but not limited to, books and records relating to
     the Transaction. The Servicer and the Seller shall furnish or cause to be
     furnished to the Insurer:

               (i) Annual Financial Statements. As soon as available, and in any
          event within 120 days after the close of each fiscal year of
          AmeriCredit Corp., the audited consolidated balance sheets of
          AmeriCredit Corp., and its subsidiaries as of the end of such fiscal
          year and the related audited consolidated statements of income,
          changes in shareholders' equity and cash flows for such fiscal year,
          all in reasonable detail and stating in comparative form the
          respective figures for the corresponding date and period in the
          preceding fiscal year, prepared in accordance with generally accepted
          accounting principles, consistently applied, and accompanied by the
          audit opinion of AmeriCredit Corp.'s independent accountants (which
          shall be nationally recognized independent public accounting firms)
          and by the certificate specified in Section 2.02(e) hereof.

               (ii) Quarterly Financial Statements. As soon as available, and in
          any event within 60 days after each of the first three fiscal quarters
          of each fiscal year of AmeriCredit Corp., the unaudited consolidated
          balance sheets of AmeriCredit Corp. and its subsidiaries as of the end
          of such fiscal quarter and the related unaudited consolidated
          statements of income, changes in shareholders' equity and cash flows
          for such fiscal quarter, all in reasonable detail and stating in
          comparative form the respective figures for the corresponding date and
          period in the preceding fiscal year, prepared in accordance with
          generally accepted accounting principles consistently applied and
          accompanied by the certificate specified in Section 2.02(e) hereof.

               (iii) Initial and Continuing Reports. On or before the Closing
          Date, the Servicer will provide the Insurer a copy of the magnetic
          tape to be delivered to the Trustee, the Trust Collateral Agent and
          the Backup Servicer on the Closing Date, setting forth, as to each
          Receivable, the information (as of the close of business on the prior
          day) required under the definition of "Schedule of Receivables" at
          Section 1.1 of the Sale and Servicing Agreement. Thereafter, the
          Servicer shall deliver to the Insurer the reports required by Section
          4.9 of the Sale and Servicing Agreement pursuant to the terms of
          Section 4.9 of the Sale and Servicing Agreement.

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<PAGE>

               (iv) Computer Diskette. Upon request of the Insurer, the Servicer
          will deliver to the Insurer on a quarterly basis a computer diskette
          containing a summary of the information provided to the Insurer
          pursuant to clause (iii) of this Section 2.02(c) and also containing
          information similar to the information provided in the Schedule of
          Receivables and the Supplements delivered to the Collateral Agent
          pursuant to the Sale and Servicing Agreement and described in Schedule
          A of the Sale and Servicing Agreement.

               (v) Certain Information. Upon the reasonable request of the
          Insurer, the Servicer and the Seller shall promptly provide copies of
          any requested proxy statements, financial statements, reports and
          registration statements which the Servicer or the Seller files with,
          or delivers to, the Commission or any national securities exchange.

               (vi) Other Information. Promptly upon receipt thereof, copies of
          all schedules, financial statements or other similar reports delivered
          to or by the Servicer, the Seller or the Custodian pursuant to the
          terms of the Transaction Documents and, promptly upon request, such
          other data as the Insurer may reasonably request.

          All financial statements specified in clause (i) of this Section
     2.02(c) shall be furnished in consolidated form for AmeriCredit Corp. and
     all its subsidiaries in the event AmeriCredit Corp. shall consolidate its
     financial statements with its subsidiaries.

          The Insurer agrees that it and its agents, accountants and attorneys
     shall keep confidential all financial statements, reports and other
     information delivered by the Servicer pursuant to this Section 2.02(c) to
     the extent provided in Section 2.02(f) hereof.

          (d) MONTHLY COMPLIANCE CERTIFICATE. The Servicer shall deliver to the
     Insurer, on the 25th day of each month and if such day is not a Business
     Day then on the next Business Day a certificate signed by an officer of
     AmeriCredit:

               (i) stating the most recent Tangible Net Worth for AmeriCredit
          Corp.,

               (ii) listing each of the Insurance Agreement Events of Default
          and indicating whether or not each Insurance Agreement Event of
          Default has occurred, and

               (iii) stating the three month rolling average recovery rate used
          in calculating the Minimum Sales Price with respect to Sold
          Receivables for the prior month and stating the Minimum Sales Price
          with respect all Sold Receivables sold during the prior month; and

               (iv) identifying (A) the aggregate principal balance of all
          Receivables purchased by the Servicer or by the Seller on the related
          Accounting Date, (B) the aggregate principal balance of all
          Receivables which became Liquidated Receivables during the related
          Collection Period or (C) the aggregate principal

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<PAGE>

          balance of all Receivables which were paid in full during the related
          Collection Period.

          (e) COMPLIANCE CERTIFICATE. AmeriCredit, the Servicer and the Seller
     shall deliver to the Insurer, concurrently with the delivery of the
     financial statements required pursuant to Section 2.02(c)(i) and (ii)
     hereof, one or more certificates signed by an officer of AmeriCredit, an
     officer of the Servicer and an officer of the applicable Seller authorized
     to execute such certificates on behalf of AmeriCredit, the Servicer and the
     Seller stating that:

               (i) a review of the Servicer's performance under the Transaction
          Documents during such period has been made under such officer's
          supervision;

               (ii) to the best of such individual's knowledge following
          reasonable inquiry, no Default or Insurance Agreement Event of Default
          has occurred or, if a Default or Insurance Agreement Event of Default
          has occurred, specifying the nature thereof and, if the Servicer has a
          right to cure pursuant to Section 9.1 of the Sale and Servicing
          Agreement, stating in reasonable detail (including, if applicable, any
          supporting calculations) the steps, if any, being taken by the
          Servicer to cure such Default or Insurance Agreement Event of Default
          or to otherwise comply with the terms of the agreement to which such
          Default or Insurance Agreement Event of Default relates; and

               (iii) the attached financial statements submitted in accordance
          with Section 2.02(c)(i) or (ii) hereof, as the case may be, are
          complete and correct in all material respects and present fairly the
          financial condition and results of operations of AmeriCredit, the
          Seller and the Servicer as of the dates and for the periods indicated,
          in accordance with generally accepted accounting principles
          consistently applied.

          (f) ACCESS TO RECORDS; DISCUSSIONS WITH OFFICERS AND ACCOUNTANTS. On
     an annual basis, or upon the occurrence of a Material Adverse Change, a
     Default or an Insurance Agreement Event of Default AmeriCredit, the
     Servicer and the Seller shall, upon the request of the Insurer, permit the
     Insurer or its authorized agents and the Backup Servicer:

               (i) to inspect the books and records of AmeriCredit, the Servicer
          and the Seller as they may relate to the Obligations or the
          Collateral, the obligations of AmeriCredit, the Servicer, or the
          obligations of the Seller under the Transaction Documents, and the
          Transaction;

               (ii) to discuss the affairs, finances and accounts of
          AmeriCredit, the Servicer or the Seller with the chief operating
          officer and the chief financial officer of the Servicer, the Seller or
          of the Custodian, as the case may be; and

               (iii) to discuss the affairs, finances and accounts of
          AmeriCredit, the Servicer or the Seller with AmeriCredit's, the
          Servicer's or the Seller's

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<PAGE>

          independent accountants, provided that an officer of AmeriCredit, the
          Servicer or the Seller shall have the right to be present during such
          discussions.

          Such inspections and discussions shall be conducted during normal
     business hours and shall not unreasonably disrupt the business of
     AmeriCredit, the Servicer or the Seller. The books and records of
     AmeriCredit shall be maintained at the address of AmeriCredit designated
     herein for receipt of notices, unless AmeriCredit shall otherwise advise
     the parties hereto in writing. The books and records of the Seller shall be
     maintained at the address of the Seller designated herein for receipt of
     notices, unless the Seller shall otherwise advise the parties hereto in
     writing. The books and records of the Servicer shall be maintained at the
     address of the Servicer designated herein for receipt of notices, unless
     the Servicer shall otherwise advise the parties hereto in writing. The
     books and records of the Custodian shall be maintained at the address of
     the Custodian designated herein for receipt of notices, unless the
     Custodian shall otherwise advise the parties hereto in writing.

          The Insurer agrees that it and its shareholders, directors, agents,
     accountants and attorneys shall keep confidential any matter of which it
     becomes aware through such inspections or discussions (unless readily
     available from public sources), except as may be otherwise required by
     regulation, law or court order or requested by appropriate governmental
     authorities or as necessary to preserve its rights or security under or to
     enforce the Transaction Documents, provided that the foregoing shall not
     limit the right of the Insurer to make such information available to its
     regulators, securities rating agencies, reinsurers, credit and liquidity
     providers, counsel and accountants.

          (g) NOTICE OF MATERIAL EVENTS. AmeriCredit, the Servicer, the Seller
     and the Custodian shall be obligated (which obligation shall be satisfied
     as to each if performed by AmeriCredit, the Servicer, the Seller or the
     Custodian) promptly to inform the Insurer in writing of the occurrence of
     any of the following to the extent any of the following relate to it:

               (i) the submission of any claim or the initiation or threat of
          any legal process, litigation or administrative or judicial
          investigation or rule making or disciplinary proceeding in any
          federal, state or local court or before any arbitration board, or any
          such proceeding threatened by any governmental body or agency, that
          has a reasonable likelihood of being adversely determined and (A) if
          so determined, could have a material adverse effect on the Servicer,
          the Seller, the Custodian, the Note Owners or the Insurer, (B) would
          be required to be disclosed to the Commission or to the AmeriCredit's,
          Servicer's, the Seller's or the Custodian's shareholders or (C) would
          result in a Material Adverse Change with respect to AmeriCredit, the
          Servicer, the Seller or the Custodian;

               (ii) any change in the location of the Servicer's, the Seller's
          or the Custodian's principal office or any change in the location of
          Servicer's, the Seller's or the Custodian's books and records;

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<PAGE>

               (iii) the occurrence of any Default or Insurance Agreement Event
          of Default or of any Material Adverse Change;

               (iv) the commencement of any proceedings by or against
          AmeriCredit, the Servicer, the Seller or the Custodian under any
          applicable bankruptcy, reorganization, liquidation, rehabilitation,
          insolvency or other similar law now or hereafter in effect or of any
          proceeding in which a receiver, liquidator, conservator, trustee or
          similar official shall have been, or may be, appointed or requested
          for AmeriCredit, the Servicer, the Seller or the Custodian or any of
          its or their assets; or

               (v) the receipt of notice (A) of any claim or order by any taxing
          authority that taxes are owed by AmeriCredit or any of its
          subsidiaries, the Servicer, the Seller or the Custodian, as
          applicable, or (B) that any withholding taxes are to be imposed on any
          Collateral or the Obligations (as payment to be received thereunder,
          as applicable).

               (vi) the receipt of notice that (A) AmeriCredit, the Servicer,
          the Seller or the Custodian is being placed under regulatory
          supervision, (B) any license, permit, charter, registration or
          approval necessary for the conduct of AmeriCredit's, Servicer's, the
          Seller's or the Custodian's business is to be or may be suspended or
          revoked, or (C) AmeriCredit, the Servicer, the Seller or the Custodian
          is to cease and desist any practice, procedure or policy employed by
          AmeriCredit, the Servicer, the Seller or the Custodian in the conduct
          of its business, which, in any such case, may result in a Material
          Adverse Change with respect to AmeriCredit, Servicer, the Seller or
          the Custodian or would have a material adverse effect on the Owners or
          the Insurer.

          (h) FINANCING STATEMENTS AND FURTHER ASSURANCES. The Servicer shall,
     at its own expense, promptly take, or cause to be taken, such actions as
     may be necessary to (or as may be requested by the Insurer and, in the
     reasonable judgment of the Insurer, are necessary or desirable) to (i)
     create and maintain the Indenture as a valid and perfected Lien covering
     the Collateral and (ii) fully preserve and protect the perfected first
     priority security interest of the Trust Collateral Agent for the benefit of
     the Issuer Secured Parties in, and all rights of the Trust Collateral Agent
     for the benefit of the Issuer Secured Parties with respect to, the
     Collateral, including, without limitation, the execution and filing of all
     necessary financing statements or other instruments, and any amendments or
     continuation statements relating thereto, necessary to be kept and filed in
     such manner and in such places as may be required by law to preserve,
     protect and perfect fully the Lien of the Trust Collateral Agent for the
     benefit of the Issuer Secured Parties with respect to the Collateral. In
     addition, each of the Servicer, the Seller and the Custodian agrees to
     cooperate with S&P and Moody's in connection with any review of the
     Transaction that may be undertaken by S&P or Moody's after the date hereof
     and to provide all information reasonably requested by S&P or Moody's. In
     the event that a successor servicer is appointed pursuant to the Sale and
     Servicing Agreement, the transition costs and expenses incurred by such
     successor servicer shall be paid in accordance with Section 5.7(a) of the
     Sale and Servicing Agreement.

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<PAGE>

          (i) MAINTENANCE OF LICENSES. AmeriCredit, the Servicer, the Seller and
     the Custodian, respectively, or any successors thereof shall maintain or
     cause to be maintained all licenses, permits, charters and registrations
     which are material to the conduct of its business.

          (j) REDEMPTION OF OBLIGATIONS. AmeriCredit, the Servicer, the Seller
     and the Custodian shall instruct the Trustee, upon redemption or payment in
     full of the Obligations pursuant to the Indenture or otherwise, to furnish
     to the Insurer a notice of such redemption and, upon a redemption or
     payment in full of the Obligations, to surrender the Note Policy to the
     Insurer for cancellation.

          (k) DISCLOSURE DOCUMENT. Each Offering Document delivered with respect
     to the Obligations shall clearly disclose that the Note Policy is not
     covered by the property/casualty insurance security fund specified in
     Article 76 of the New York Insurance Law.

          (l) SERVICING OF RECEIVABLES. The Servicer shall perform such actions
     with respect to the Receivables as are required by or provided in the Sale
     and Servicing Agreement. The Servicer will provide the Insurer with written
     notice of any change or amendment to any Transaction Document as currently
     in effect.

          (m) MAINTENANCE OF SECURITY INTEREST. On or before each February 1,
     beginning in 2008 so long as any of the Obligations are outstanding, the
     Servicer shall furnish to the Insurer and the Trust Collateral Agent an
     officers' certificate either stating that such action has been taken with
     respect to the recording, filing, rerecording and refiling of any financing
     statements and continuation statements as is necessary to maintain the
     interest of the Trust Collateral Agent created by the Indenture with
     respect to the Collateral and reciting the details of such action or
     stating that no such action is necessary to maintain such interests. Such
     officers' certificate shall also describe the recording, filing,
     rerecording and refiling of any financing statements and continuation
     statements that will be required to maintain the interest of the Trust
     Collateral Agent in the Collateral until the date such next officers'
     certificate is due. The Servicer will use its best efforts to cause any
     necessary recordings or filings to be made with respect to the Collateral.

          (n) CLOSING DOCUMENTS. The Servicer shall provide or cause to be
     provided to the Insurer a loose transcript of the Transaction Documents and
     the Offering Document and an executed original copy of each document
     executed in connection with the Transaction within 60 days after the date
     of closing. Upon the request of the Insurer, the Servicer shall provide or
     cause to be provided to the Insurer a copy of each of the Transaction
     Documents on computer diskette, in a format acceptable to the Insurer.

          (o) PREFERENCE PAYMENTS. With respect to any Preference Amount (as
     defined in the Note Policy), the Servicer shall provide to the Insurer upon
     the request of the Insurer:

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<PAGE>

               (i) a certified copy of the final nonappealable order of a court
          having competent jurisdiction ordering the recovery by a trustee in
          bankruptcy as voidable preference amounts included in previous
          distributions under Section 5.7 of the Sale and Servicing Agreement to
          any Owner pursuant to the United States Bankruptcy Code, 11 U.S.C.
          Sections 101 et seq., as amended (the "Bankruptcy Code");

               (ii) an opinion of counsel satisfactory to the Insurer, and upon
          which the Insurer shall be entitled to rely, stating that such order
          is final and is not subject to appeal;

               (iii) an assignment in such form as is reasonably required by the
          Insurer, irrevocably assigning to the Insurer all rights and claims of
          the Servicer, the Trustee and any Note Owner relating to or arising
          under the Receivable against the debtor which made such preference
          payment or otherwise with respect to such preference amount; and

               (iv) appropriate instruments to effect (when executed by the
          affected party) the appointment of the Insurer as agent for the
          Trustee and any Owner in any legal proceeding relating to such
          preference payment being in a form satisfactory to the Insurer.

          (p) THIRD-PARTY BENEFICIARY. AmeriCredit, the Servicer, the Seller and
     the Custodian each agree that the Insurer shall have all rights of a
     third-party beneficiary in respect of the Transaction Documents and each of
     them hereby incorporates and restates its representations, warranties and
     covenants as set forth therein for the benefit of the Insurer.

          (q) INCORPORATION OF COVENANTS. AmeriCredit, the Servicer, the Seller
     and the Custodian each agree to comply with their respective covenants set
     forth in the Transaction Documents and hereby incorporate such covenants by
     reference as if each were set forth herein.

          (r) REPLACEMENT SERVICER. If servicing is transferred from the
     Servicer to a replacement Servicer pursuant to Article IX of the Sale and
     Servicing Agreement, then in the event that the fees and expenses of a
     replacement servicer or any transition costs relating to the transfer of
     servicing from the Servicer to the replacement servicer exceed the amounts
     payable to such Servicer under the Sale and Servicing Agreement,
     AmeriCredit shall promptly pay such fees, expenses or transition costs.

          (s) CREDIT REPORTING. AmeriCredit and the Servicer agree to report
     each Obligor's credit files to all three nationally recognized credit
     reporting agencies in a timely manner.

     Section 2.03. NEGATIVE COVENANTS OF AMERICREDIT, THE SERVICER, THE SELLER
AND THE CUSTODIAN. AmeriCredit, the Servicer, the Seller and the Custodian
hereby agree that during the Term of the Insurance Agreement, unless the Insurer
shall otherwise expressly consent in writing:

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<PAGE>

          (a) IMPAIRMENT OF RIGHTS. None of AmeriCredit, the Servicer, the
     Seller and the Custodian shall (i) take any action, or fail to take any
     action, if such action or failure to take action may result in a material
     adverse change as described in clause (b) of the definition of Material
     Adverse Change with respect to AmeriCredit, the Servicer, the Seller or the
     Custodian, or may interfere with the enforcement of any rights of the
     Insurer under or with respect to the Transaction Documents; (ii) waive or
     alter any rights with respect to the Collateral (or any agreement or
     instrument relating thereto), other than as contemplated by the Transaction
     Documents; (iii) take any action, or fail to take any action, if such
     action or failure to take action may interfere with the enforcement of any
     rights of the Trust Collateral Agent for the benefit of the Issuer Secured
     Parties with respect to the Collateral; (iv) fail to pay any tax,
     assessment, charge or fee with respect to the Collateral, or fail to defend
     any action, if such failure to pay or defend may adversely affect the
     priority or enforceability of the Trust Collateral Agent's first priority
     perfected security interest in the Collateral or any of AmeriCredit's, the
     Servicer's, the Seller's or the Custodian's, as applicable, right, title or
     interest in the Collateral except as expressly set forth in the Transaction
     Documents; or (v) permit the validity or effectiveness of the Obligations
     or the Transaction Documents to be impaired, or permit the Lien of the
     Indenture to be amended, hypothecated, subordinated, terminated or
     discharged. AmeriCredit, the Servicer, the Seller or the Custodian shall
     give the Insurer written notice of any such action or failure to act on the
     earlier of (A) the date upon which any publicly available filing or release
     is made with respect to such action or failure to act or (B) promptly prior
     to the date of consummation of such action or failure to act. AmeriCredit,
     the Servicer, the Seller and the Custodian shall furnish to the Insurer all
     information requested by it that is reasonably necessary to determine
     compliance with this Section (a).

          (b) ADVERSE SELECTION PROCEDURE. AmeriCredit, the Servicer, the Seller
     and the Custodian shall not use any adverse selection procedure in
     selecting Receivables to be transferred to the Trust Collateral Agent from
     the outstanding Receivables that qualify under the Indenture or the Sale
     and Servicing Agreement for inclusion in the Collateral.

          (c) WAIVER, AMENDMENTS, ETC. None of AmeriCredit, the Servicer, the
     Seller or the Custodian shall waive, modify or amend, or consent to any
     waiver, modification or amendment of, any of the terms, provisions or
     conditions of any of the Transaction Documents without the prior written
     consent of the Insurer.

          (d) BANKRUPTCY PROCEEDINGS. AmeriCredit shall not institute against,
     or join any other person in instituting against the Servicer or the Seller,
     as applicable, or any affiliate thereof, any bankruptcy, reorganization,
     arrangement, insolvency or liquidation proceeding, or other proceeding
     under any bankruptcy or similar law, for one year and a day after the
     expiration of the Term of the Insurance Agreement.

          (e) PRESERVATION OF COLLATERAL. Without the consent of the Insurer,
     none of AmeriCredit, the Servicer, the Seller or the Custodian shall take
     any action, or fail to take any action with respect to any item of
     Collateral, including (but not limited to) any amendment of the terms and
     conditions of the Collateral or any consent to any waiver of rights or to
     any other action under or in respect of any Collateral unless such action

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<PAGE>

     conforms to any requirements with respect thereto set forth in the
     Transaction Documents.

          (f) SECURITY INTERESTS. None of AmeriCredit, the Servicer, the Seller
     or the Custodian shall permit the Lien of the Trust Collateral Agent for
     the benefit of the Issuer Secured Parties not to constitute a valid first
     priority perfected security interest in the Collateral securing amounts due
     to the Trust Collateral Agent for the benefit of the Issuer Secured Parties
     as set forth in the Transaction Documents.

          (g) ENFORCEMENT. None of AmeriCredit, the Servicer, the Seller or the
     Custodian shall take any action, or fail to take any action, if such action
     or failure to take such action may interfere with the enforcement of the
     rights of the Insurer and the Trust Collateral Agent on behalf of the
     Issuer Secured Parties under the agreements or instruments related to any
     of the Collateral.

          (h) INSOLVENCY OF THE SELLER. The Seller shall not consent to any
     involuntary case or proceeding seeking liquidation, rehabilitation,
     reorganization, conservation or other relief with respect to its debts
     under any Insolvency Law, consent to any such relief or the taking
     possession by any such official in an involuntary case or other proceeding
     commenced against the Seller or answer or consent seeking liquidation,
     rehabilitation, reorganization, conservation or other relief under any
     applicable Insolvency Law.

          (i) EXEMPT FROM INVESTMENT COMPANY REGISTRATION. None of AmeriCredit,
     the Servicer, the Seller or the Custodian shall take any action, or permit
     the taking of any action, that would require any of AmeriCredit, the
     Servicer, the Seller, the Custodian or the Trust to register as an
     "investment company" under the Investment Company Act.

          (j) OFFERING DOCUMENTS. None of AmeriCredit, the Servicer, the Seller
     or the Custodian shall make any untrue statement of a material fact in the
     Offering Document or in any amendment or supplement thereto, or omit to
     state any material fact necessary in order to make the statements made, in
     the light of the circumstances under which they are made, not misleading as
     of the Date of Issuance or as of the date of such Offering Document or
     amendment or supplement (as applicable).

          (k) INSURER INFORMATION. None of AmeriCredit, the Servicer, the Seller
     or the Custodian shall include in any Offering Document or other document
     prepared and distributed in connection with the issuance of the Obligations
     (other than Insurer Information in documents required to be filed with the
     Commission), or any other correspondence or communications relating to the
     Transaction, any information concerning the Insurer or the Policies that is
     not supplied or consent to in writing by the Insurer expressly for
     inclusion therein.

          (l) RECEIVABLES; CHARGE OFF POLICY. Except as otherwise permitted in
     the Indenture or Sale and Servicing Agreement, the Servicer and the Seller
     shall not materially alter or amend any Receivable, their respective
     collection policies or their respective charge-off policies in a manner
     that materially adversely affects the Insurer

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<PAGE>

     unless the Insurer shall have previously given its consent, which consent
     shall not be withheld unreasonably.

     Section 2.04. REPRESENTATIONS AND WARRANTIES OF THE ISSUER. As of the Date
of Issuance, the Issuer represents, warrants and covenants as follows:

          (a) DUE ORGANIZATION AND QUALIFICATION. The Issuer is a statutory
     trust and is duly organized and validly existing under the laws of its
     jurisdiction of organization. The Issuer is duly qualified to do business
     and has obtained all licenses, permits, charters, registrations and
     approvals (together, "approvals") necessary for the conduct of its business
     as currently conducted and as described in the Offering Document and the
     performance of its obligations under the Transaction Documents to which it
     is a party, in each jurisdiction in which the failure to be so qualified or
     to obtain such approvals would render any Transaction Document to which it
     is a party unenforceable in any respect or would have a material adverse
     effect upon the Transaction, the Note Owners or the Insurer.

          (b) POWER AND AUTHORITY. The Issuer has all necessary power and
     authority to conduct its business as currently conducted and, as described
     in the Offering Document, to execute, deliver and perform its obligations
     under the Transaction Documents to which it is a party and to consummate
     the Transaction.

          (c) DUE AUTHORIZATION. The execution, delivery and performance of the
     Transaction Documents by the Issuer have been duly authorized by all
     necessary action and do not require any additional approvals or consents,
     or other action by or any notice to or filing with any Person, including,
     without limitation, any governmental entity or the Issuer's
     certificateholders, which have not previously been obtained or given by the
     Issuer.

          (d) NONCONTRAVENTION. Neither the execution and delivery of the
     Transaction Documents by the Issuer, the consummation of the Transaction
     contemplated thereby or by the Offering Document nor the satisfaction of
     the terms and conditions of the Transaction Documents:

               (i) conflicts with or results in any breach or violation of any
          provision of the Trust Agreement or any law, rule, regulation, order,
          writ, judgment, injunction, decree, determination or award currently
          in effect having applicability to the Issuer or any of its material
          properties, including regulations issued by an administrative agency
          or other governmental authority having supervisory powers over the
          Issuer;

               (ii) constitutes a default (or an event which, with the giving of
          notice or the passage of time, or both, would constitute a default) by
          the Issuer under or a breach of any provision of any loan agreement,
          mortgage, indenture or other agreement or instrument to which the
          Issuer is a party or by which any of its properties, which are
          individually or in the aggregate material to the Issuer, is or may be
          bound or affected; or

                                       20

<PAGE>

               (iii) results in or requires the creation of any lien upon or in
          respect of any assets of the Issuer except as contemplated by the
          Transaction Documents.

          (e) LEGAL PROCEEDINGS. There is no action, proceeding or investigation
     by or before any court, governmental or administrative agency or arbitrator
     against or affecting the Issuer or any properties or rights of the Issuer
     pending or, to the Issuer's knowledge after reasonable inquiry, threatened,
     which, in any case, could reasonably be expected to result in a Material
     Adverse Change with respect to the Issuer.

          (f) VALID AND BINDING OBLIGATIONS. The Obligations, when executed,
     authenticated and issued in accordance with the Indenture and the
     Transaction Documents (other than the Obligations), when executed and
     delivered by the Issuer, will constitute the legal, valid and binding
     obligations of the Issuer enforceable in accordance with their respective
     terms, except as such enforceability may be limited by bankruptcy,
     insolvency, reorganization, moratorium or other similar laws affecting
     creditors' rights generally and general equitable principles and public
     policy considerations as to rights of indemnification for violations of
     federal securities laws. The Issuer will not at any time in the future deny
     that the Transaction Documents constitute the legal, valid and binding
     obligations of the Issuer.

          (g) COMPLIANCE WITH LAW, ETC. No practice, procedure or policy
     employed, or proposed to be employed, by the Issuer in the conduct of its
     business violates any law, regulation, judgment, agreement, order or decree
     applicable to it that, if enforced, could reasonably be expected to result
     in a Material Adverse Change with respect to the Issuer. The Issuer is not
     in breach of or default under any applicable law or administrative
     regulation of its jurisdiction of organization, or any department,
     division, agency or instrumentality thereof or of the United States or any
     applicable judgment or decree or any loan agreement, note, resolution,
     certificate, agreement or other instrument to which the Issuer is a party
     or is otherwise subject which, if enforced, would have a material adverse
     effect on the ability of the Issuer, to perform its obligations under the
     Transaction Documents.

          (h) COMPLIANCE WITH SECURITIES LAWS. The offer and sale of the
     Obligations comply in all material respects with all requirements of law,
     including all registration requirements of applicable securities laws.
     Without limitation of the foregoing, the Offering Document does not contain
     any untrue statement of a material fact and does not omit to state a
     material fact necessary to make the statements made therein, in light of
     the circumstances under which they were made, not misleading; provided,
     however, that no representation is made with respect to the information in
     the Offering Document set forth under the heading "THE POLICY" and "THE
     INSURER" or the consolidated financial statements of the Insurer
     incorporated by reference in the Offering Document. Neither the offer nor
     the sale of the Obligations has been or will be in violation of the
     Securities Act or any other federal or state securities laws.

          (i) TAXES. The Issuer has filed prior to the date hereof all federal
     and state tax returns that are required to be filed and paid all taxes,
     including any assessments received by them that are not being contested in
     good faith, to the extent that such taxes have

                                       21

<PAGE>

     become due, except for any failures to file or pay that, individually or in
     the aggregate, would not result in a Material Adverse Change with respect
     to the Issuer.

          (j) TRANSACTION DOCUMENTS. Each of the representations and warranties
     of the Issuer contained in the Transaction Documents is true and correct in
     all material respects, and the Issuer hereby makes each such representation
     and warranty to, and for the benefit of, the Insurer as if the same were
     set forth in full herein; provided that the remedy for any breach of this
     paragraph shall be limited to the remedies specified in the related
     Transaction Document or in this Insurance Agreement.

          (k) SOLVENCY. The Issuer is solvent and will not be rendered insolvent
     by the Transaction and, after giving effect to the Transaction, the Issuer
     will not be left with an unreasonably small amount of capital with which to
     engage in its respective business, nor does the Issuer intend to incur, or
     believe that it has incurred, debts beyond its ability to pay as they
     mature. The Issuer does not contemplate the commencement of insolvency,
     bankruptcy, liquidation or consolidation proceedings or the appointment of
     a receiver, liquidator, conservator, trustee or similar official in respect
     of the Issuer or any of its assets.

          (l) PRINCIPAL PLACE OF BUSINESS The principal place of business of the
     Issuer is located in Wilmington, Delaware and the Issuer is a statutory
     trust organized under the laws of the State of Delaware. "AmeriCredit
     Automobile Receivables Trust 2007-A-X" is the correct legal name of the
     Issuer indicated on the public records of the Issuer's jurisdiction of
     organization which shows the Issuer to be organized.

          (m) INVESTMENT COMPANY ACT. The Issuer is not an "investment company,"
     or an "affiliated person" of, or "promoter" or "principal underwriter" for,
     an "investment company," as such terms are defined in the Investment
     Company Act. The Issuer is not required to be registered as an "investment
     company" under the Investment Company Act.

          (n) NO CONSENTS. No authorization or approval or other action by, and
     no notice to or filing with, any Person, including, without limitation, any
     governmental entity or regulatory body, is required for the due execution,
     delivery and performance by the Issuer of the Transaction Documents or any
     other material document or instrument to be delivered thereunder, except
     (in each case) such as have been obtained or the failure of which to be
     obtained would not be reasonably likely to have a material adverse effect
     on the Transaction.

          (o) NO EVENT OF DEFAULT. There is no event of default on the part of
     the Issuer under any agreement involving financial obligations which would
     materially adversely impact the financial condition or operations of the
     Issuer or its obligations under any document associated with this
     Transaction.

          (p) OPINION FACTS AND ASSUMPTIONS. The Opinion Facts and Assumptions
     insofar as they relate to the Issuer are true and correct as of the Date of
     Issuance.

                                       22

<PAGE>

     Section 2.05. AFFIRMATIVE COVENANTS OF THE ISSUER. The Issuer hereby agrees
that during the Term of the Insurance Agreement, unless the Insurer shall
otherwise expressly consent in writing:

          (a) COMPLIANCE WITH AGREEMENTS AND APPLICABLE LAWS. The Issuer shall
     not be in default under the Transaction Documents and shall comply with all
     material requirements of any law, rule or regulation applicable to it. The
     Issuer shall not agree to any material amendment to or modification of the
     terms of any Transaction Documents unless the Insurer shall have given its
     prior written consent.

          (b) MAINTAIN EXISTENCE. The Issuer and its successors and assigns
     shall maintain its existence and shall at all times continue to be duly
     organized under the laws of its jurisdiction and duly qualified and duly
     authorized and shall conduct its business in accordance with the terms of
     its organizational documents.

          (c) NOTICE OF MATERIAL EVENTS. The Issuer shall be obligated promptly
     to inform the Insurer in writing of the occurrence of any of the following
     to the extent any of the following relate to it and to the extent that it
     receives actual notice of the occurrence of any of the following events:

               (i) the submission of any claim or the initiation or threat of
          any legal process, litigation or administrative or judicial
          investigation, or rule making or disciplinary proceeding by or against
          the Issuer that (A) could be required to be disclosed to the
          Commission or to the Issuer's owners or (B) could result in a Material
          Adverse Change with respect to the Issuer or the promulgation of any
          proceeding or any proposed or final rule which would result in a
          Material Adverse Change with respect to the Issuer;

               (ii) any change in the location of the Issuer's principal office,
          jurisdiction of organization, legal name as indicated on the public
          records of the Issuer's jurisdiction of organization which shows the
          Issuer's to be organized, or any change in the location of the
          Issuer's books and records;

               (iii) the occurrence of any Default or Insurance Agreement Event
          of Default or of any Material Adverse Change;

               (iv) the commencement of any proceedings by or against the Issuer
          under any applicable bankruptcy, reorganization, liquidation,
          rehabilitation, insolvency or other similar law now or hereafter in
          effect or of any proceeding in which a receiver, liquidator,
          conservator, trustee or similar official shall have been, or may be,
          appointed or requested for the Issuer or any of its assets; or

               (v) the receipt of notice that (A) the Issuer is being placed
          under regulatory supervision, (B) any license, permit, charter,
          registration or approval necessary for the conduct of the Issuer's
          business is to be, or may be suspended or revoked, or (C) the Issuer
          is to cease and desist any practice, procedure or policy employed by
          the Issuer in the conduct of its business, and such cessation may
          result in a Material Adverse Change with respect to the Issuer.

                                       23

<PAGE>

          (d) FINANCING STATEMENTS AND FURTHER ASSURANCES. To the extent
     provided in the Indenture, the Issuer will cause to be filed all necessary
     financing statements or other instruments, and any amendments or
     continuation statements relating thereto, necessary to be kept and filed in
     such manner and in such places as may be required by law to preserve and
     protect fully the interest of the Trustee. The Issuer shall, upon the
     request of the Insurer, from time to time, execute, acknowledge and
     deliver, or cause to be executed, acknowledged and delivered, within 30
     days of such request, such amendments hereto and such further instruments
     and take such further action as may be reasonably necessary to effectuate
     the intention, performance and provisions of the Transaction Documents to
     which it is a party. In addition, the Issuer agrees to cooperate with S&P
     and Moody's in connection with any review of the Transaction that may be
     undertaken by S&P and Moody's after the date hereof.

          (e) MAINTENANCE OF LICENSES. The Issuer, or any successors thereof,
     shall maintain all licenses, permits, charters and registrations which are
     material to the conduct of its business.

          (f) THIRD-PARTY BENEFICIARY. The Issuer agrees that the Insurer shall
     have all rights of a third-party beneficiary in respect of each Transaction
     Document and hereby incorporates and restates its representations,
     warranties and covenants as set forth therein for the benefit of the
     Insurer.

          (g) TAX MATTERS. The Issuer will take all actions necessary to ensure
     that the Issuer is treated as a disregarded entity for federal tax
     purposes, and not as an association (or publicly traded partnership),
     taxable as a corporation.

          (h) FINANCIAL STATEMENTS; ACCOUNTANTS' REPORTS; OTHER INFORMATION. The
     Issuer shall keep or cause to be kept in reasonable detail books and
     records of account of its assets and business, including, but not limited
     to, books and records relating to the Transaction. The Issuer shall furnish
     or cause to be furnished to the Insurer promptly upon receipt thereof,
     copies of all schedules, financial statements or other similar reports
     delivered to or by the Issuer pursuant to the terms of the Transaction
     Documents and, promptly upon request, such other data as the Insurer may
     reasonably request.

          (i) ACCESS TO RECORDS; DISCUSSIONS WITH OFFICERS AND ACCOUNTANTS. On
     an annual basis, or upon the occurrence of a Material Adverse Change, the
     Issuer shall, upon the request of the Insurer, at its expense, permit the
     Insurer or its authorized agents:

               (i) to inspect the books and records of the Issuer as they may
          relate to the Obligations, the obligations of the Issuer under the
          Transaction Documents, and the Transaction;

               (ii) to discuss the affairs, finances and accounts of the Issuer;
          and

               (iii) to discuss the affairs, finances and accounts of the Issuer
          with the Issuer's independent accountants, provided that a
          representative of the Seller or the Issuer shall have the right to be
          present during such discussions.

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<PAGE>

          Such inspections and discussions shall be conducted during normal
     business hours and shall not unreasonably disrupt the business of the
     Issuer. The books and records of the Issuer will be maintained at the
     address of the Issuer designated herein for receipt of notices, unless the
     Issuer shall otherwise advise the parties hereto in writing.

          The Insurer agrees that it and its shareholders, directors, agents,
     accountants and attorneys shall keep confidential any matter of which it
     becomes aware through such inspections or discussions (unless readily
     available from public sources), except as may be otherwise required by
     regulation, law or court order or requested by appropriate governmental
     authorities or as necessary to preserve its rights or security under or to
     enforce the Transaction Documents, provided that the foregoing shall not
     limit the right of the Insurer to make such information available to its
     regulators, securities rating agencies, reinsurers, credit and liquidity
     providers, counsel and accountants.

          (j) DISCLOSURE DOCUMENT. Each Offering Document delivered with respect
     to the Obligations shall clearly disclose that the Policy is not covered by
     the property/casualty insurance security fund specified in Article 76 of
     the New York Insurance Law.

     Section 2.06. NEGATIVE COVENANTS OF THE ISSUER. The Issuer hereby agrees
that during the Term of the Insurance Agreement, unless the Insurer shall
otherwise expressly consent in writing:

          (a) IMPAIRMENT OF RIGHTS. The Issuer shall not take any action, or
     fail to take any action, if such action or failure to take action may
     result in a material adverse change as described in clause (b) of the
     definition of Material Adverse Change with respect to the Issuer, or may
     interfere with the enforcement of any rights of the Insurer under or with
     respect to the Transaction Documents. The Issuer shall give the Insurer
     written notice of any such action or failure to act on the earlier of: (i)
     the date upon which any publicly available filing or release is made with
     respect to such action or failure to act or (ii) promptly prior to the date
     of consummation of such action or failure to act. The Issuer shall furnish
     to the Insurer all information requested by it that is reasonably necessary
     to determine compliance with this paragraph.

          (b) WAIVER, AMENDMENTS, ETC. Except in accordance with the Transaction
     Documents, the Issuer shall not waive, modify or amend, or consent to any
     waiver, modification or amendment of, any of the material terms, provisions
     or conditions of the Transaction Documents without the consent of the
     Insurer. Except upon the prior written consent of the Insurer, the Issuer
     shall not allow the modification or amendment, nor consent to any
     modification or amendment of the Certificate of Trust issued pursuant to
     the Trust Agreement.

          (c) RESTRICTIONS ON LIENS. The Issuer shall not, except as
     contemplated by the Transaction Documents, (i) create, incur or suffer to
     exist, or agree to create, incur or suffer to exist, or consent to cause or
     permit in the future (upon the happening of a contingency or otherwise) the
     creation, incurrence or existence of any lien or restriction on
     transferability of the Receivables or any other Collateral or (ii) sign,
     file or authorize

                                       25

<PAGE>

     the filing under the Uniform Commercial Code of any jurisdiction any
     financing statement which names the Issuer as a debtor, or sign any
     security agreement authorizing any secured party thereunder to file such
     financing statement, with respect to the Receivables or any other
     Collateral.

          (d) SUCCESSORS. The Issuer shall not remove or replace, or cause to be
     removed or replaced, the Servicer, the Trustee, the Trust Collateral Agent,
     the Collateral Agent or the Owner Trustee without the prior written consent
     of the Insurer.

          (e) SUBSIDIARIES. The Issuer shall not form, or cause to be formed,
     any subsidiaries.

          (f) NO MERGERS. The Issuer shall not consolidate with or merge into
     any Person or transfer all or any material amount of its assets to any
     Person, liquidate or dissolve except as permitted by the Trust Agreement
     and as contemplated by the Transaction Documents.

          (g) OTHER ACTIVITIES. The Issuer shall not (i) sell, pledge, transfer,
     exchange or otherwise dispose of any of its assets except as permitted
     under the Transaction Documents; or (ii) engage in any business or activity
     except as contemplated by the Transaction Documents and as permitted by the
     Trust Agreement.

          (h) TRUST AGREEMENT. The Issuer shall not amend the Trust Agreement
     without the prior written consent of the Insurer.

     Section 2.07. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE TRUSTEE, THE
TRUST COLLATERAL AGENT, THE COLLATERAL AGENT AND THE BACKUP SERVICER. The
Trustee, the Trust Collateral Agent, the Collateral Agent and the Backup
Servicer represents and warrants (it being understood that each such party makes
such representations and warranties with respect to itself only) to, as of the
Date of Issuance, and covenants with the other parties hereto as follows:

          (a) DUE ORGANIZATION AND QUALIFICATION. Each of the Trustee, the Trust
     Collateral Agent, the Collateral Agent and the Backup Servicer is a
     national banking association, duly organized, validly existing and in good
     standing under the laws of its jurisdiction of incorporation. Each of the
     Trustee, the Trust Collateral Agent, the Collateral Agent and the Backup
     Servicer is duly qualified to do business, is in good standing and has
     obtained all licenses, permits, charters, registrations and approvals
     (together, "approvals") necessary for the conduct of its business as
     currently conducted and as described in the Offering Document and the
     performance of its obligations under the Transaction Documents in each
     jurisdiction in which the failure to be so qualified or to obtain such
     approvals would render any Transaction Document unenforceable in any
     respect or would have a material adverse effect upon the Transaction, the
     Note Owners or the Insurer.

          (b) DUE AUTHORIZATION. The execution, delivery and performance of the
     Transaction Documents by the Trustee, the Trust Collateral Agent, the
     Collateral Agent and the Backup Servicer have been duly authorized by all
     necessary corporate action and do not require any additional approvals or
     consents of, or other action by or any notice to

                                       26

<PAGE>

     or filing with, any Person, including, without limitation, any governmental
     entity or the Trustee, the Trust Collateral Agent, the Collateral Agent and
     the Backup Servicer's stockholders, which have not previously been obtained
     or given by the Trustee and the Backup Servicer.

          (c) NONCONTRAVENTION. To the best of its knowledge, none of the
     execution and delivery of the Transaction Documents by the Trustee, the
     Trust Collateral Agent, the Collateral Agent or the Backup Servicer, the
     consummation of the transactions contemplated thereby or the satisfaction
     of the terms and conditions of the Transaction Documents:

               (i) conflicts with or results in any breach or violation of any
          provision of the certificate or articles of incorporation or bylaws of
          the Trustee, the Trust Collateral Agent, the Collateral Agent or the
          Backup Servicer or any law, rule, regulation, order, writ, judgment,
          injunction, decree, determination or award currently in effect having
          applicability to the Trustee, the Trust Collateral Agent, the
          Collateral Agent or the Backup Servicer or any of its material
          properties, including regulations issued by an administrative agency
          or other governmental authority having supervisory powers over the
          Trustee, the Trust Collateral Agent, the Collateral Agent or the
          Backup Servicer;

               (ii) constitutes a default (or an event which, with the giving of
          notice or the passage of time, or both, would constitute a default) by
          the Trustee, the Trust Collateral Agent, the Collateral Agent or the
          Backup Servicer under or a breach of any provision of any loan
          agreement, mortgage, indenture or other agreement or instrument to
          which the Trustee, the Trust Collateral Agent, the Collateral Agent or
          the Backup Servicer is a party or by which any of its properties,
          which are individually or in the aggregate material to the Trustee,
          the Trust Collateral Agent, the Collateral Agent or the Backup
          Servicer, is or may be bound or affected; or

               (iii) results in or requires the creation of any lien upon or in
          respect of any assets of the Trustee, the Trust Collateral Agent, the
          Collateral Agent or the Backup Servicer, except as contemplated by the
          Transaction Documents.

          (d) LEGAL PROCEEDINGS. To the best of its knowledge, there is no
     action, proceeding or investigation by or before any court, governmental or
     administrative agency or arbitrator against or affecting the Trustee, the
     Trust Collateral Agent, the Collateral Agent or the Backup Servicer or any
     of its subsidiaries, or any properties or rights of the Trustee, the Trust
     Collateral Agent, the Collateral Agent or the Backup Servicer or any of
     their respective subsidiaries, pending or, to the Trustee's, the Trust
     Collateral Agent's, the Collateral Agent's or the Backup Servicer's
     knowledge after reasonable inquiry, threatened, which in any case could
     reasonably be expected to result in a Material Adverse Change with respect
     to the Trustee, the Trust Collateral Agent, the Collateral Agent or the
     Backup Servicer.

                                       27

<PAGE>

          (e) VALID AND BINDING OBLIGATIONS AND AGREEMENTS. Transaction
     Documents (other than the Obligations), to which the Trustee, the Trust
     Collateral Agent, the Collateral Agent and the Backup Servicer are parties,
     when executed and delivered by the Trustee, the Trust Collateral Agent, the
     Collateral Agent and the Backup Servicer, will constitute the legal, valid
     and binding obligations of the Trustee, the Trust Collateral Agent, the
     Collateral Agent and the Backup Servicer, as applicable, enforceable in
     accordance with their respective terms, except as such enforceability may
     be limited by bankruptcy, insolvency, reorganization, moratorium or other
     similar laws affecting creditors' rights generally and general equitable
     principles.

          (f) COMPLIANCE WITH LAW, ETC. To the best of its knowledge, no
     practice, procedure or policy employed, or proposed to be employed, by the
     Trustee, the Trust Collateral Agent, the Collateral Agent or the Backup
     Servicer in the conduct of its business violates any law, regulation,
     judgment, agreement, order or decree applicable to the Trustee, the Trust
     Collateral Agent, the Collateral Agent or the Backup Servicer that, if
     enforced, could reasonably be expected to result in a Material Adverse
     Change with respect to the Trustee, the Trust Collateral Agent, the
     Collateral Agent or the Backup Servicer. To the best of its knowledge, none
     of the Trustee, the Trust Collateral Agent, the Collateral Agent nor the
     Backup Servicer are in breach of or in default under any applicable law or
     administrative regulation of its jurisdiction of organization, or any
     department, division, agency or instrumentality thereof or of the United
     States or any applicable judgment or decree or any loan agreement, note,
     resolution, certificate, agreement or other instrument to which the
     Trustee, the Trust Collateral Agent, the Collateral Agent and the Backup
     Servicer is a party or is otherwise subject which, if enforced, would have
     a material adverse effect on the ability of the Trustee, the Trust
     Collateral Agent, the Collateral Agent and the Backup Servicer to perform
     its obligations under the Transaction Documents.

          (g) TRANSACTION DOCUMENTS. Each of the representations and warranties
     of the Trustee, the Trust Collateral Agent, the Collateral Agent and the
     Backup Servicer contained in the Transaction Documents is true and correct
     in all material respects, and the Trustee, the Trust Collateral Agent, the
     Collateral Agent and the Backup Servicer hereby makes each such
     representation and warranty to, and for the benefit of, the Insurer as if
     the same were set forth in full herein.

          (h) COMPLIANCE AND AMENDMENTS. Each of the Trustee, the Trust
     Collateral Agent, the Collateral Agent and the Backup Servicer shall comply
     in all material respects with the terms and conditions of the Transaction
     Documents to which it is a party, and none of the Trustee, the Trust
     Collateral Agent, the Collateral Agent nor the Backup Servicer shall agree
     to any amendment to or modification of the terms of any of the Transaction
     Documents to which it is a party unless the Insurer shall otherwise give
     its prior written consent (which consent shall not be unreasonably withheld
     with respect to amendments or modifications which only affect the Trustee,
     the Trust Collateral Agent, the Collateral Agent and/or the Backup
     Servicer).

                                       28

<PAGE>

                                   ARTICLE III

                           THE POLICIES; REIMBURSEMENT

     Section 3.01. ISSUANCE OF THE POLICIES. The Insurer agrees to issue the
Policies on the Closing Date subject to satisfaction of the conditions precedent
set forth below:

          (a) PAYMENT OF INITIAL PREMIUM AND EXPENSES. The Insurer shall have
     been paid, by AmeriCredit that portion of a nonrefundable Premium payable
     on the Date of Issuance (if any), and AmeriCredit shall agree to reimburse
     or pay directly other fees and expenses identified in Section 3.02 hereof
     as payable.

          (b) TRANSACTION DOCUMENTS. The Insurer shall have received a fully
     executed copy of the Premium Letter and a copy of each of the Transaction
     Documents and the Offering Document, in form and substance satisfactory to
     the Insurer, duly authorized, executed and delivered by each party thereto.

          (c) CERTIFIED DOCUMENTS AND RESOLUTIONS. The Insurer shall have
     received a copy of (i) the Trust Certificate of the Issuer, (ii) the
     certificate or articles of incorporation and bylaws or other organizational
     documents of the Servicer, the Seller and the Custodian, (iii) the
     resolutions of the Seller's board of directors authorizing the sale of the
     Receivables, and (iv) the resolutions of the applicable governing body of
     each of AmeriCredit, the Seller, the Servicer and the Custodian in form and
     substance satisfactory to the Insurer, authorizing the execution, delivery
     and performance of AmeriCredit, the Seller, the Servicer and the Custodian
     of the Transaction Documents and the transactions contemplated thereby, in
     each case certified by the Secretary, an Assistant Secretary, a Director,
     as applicable (which certificate shall state that such constitutive
     documents and resolutions are in full force and effect without modification
     on the Date of Issuance and that shareholder consent to the execution,
     delivery and performance of such documents is not necessary).

          (d) INCUMBENCY CERTIFICATE. The Insurer shall have received a
     certificate of the Secretary or an Assistant Secretary of the Servicer, the
     Seller and the Custodian certifying the names and signatures of the
     officers of the Servicer, the Seller and the Custodian authorized to
     execute and deliver the Transaction Documents.

          (e) REPRESENTATIONS AND WARRANTIES; CERTIFICATE. The representations
     and warranties of the Servicer, the Seller and the Custodian set forth or
     incorporated by reference in this Insurance Agreement shall be true and
     correct as of the Date of Issuance as if made on the Date of Issuance, and
     the Insurer shall have received a certificate of appropriate officers of
     the Servicer, the Seller and the Custodian to that effect.

          (f) OPINIONS OF COUNSEL.

               (i) In-house counsel to AmeriCredit Corp. shall have issued his
          favorable opinion, in form and substance acceptable to the Insurer and
          its counsel, regarding the corporate existence and authority of
          AmeriCredit, the Servicer, the Seller and the Custodian.

                                       29

<PAGE>

               (ii) The law firm of Dewey Ballantine LLP shall have issued its
          favorable opinion, in form and substance acceptable to the Insurer and
          its counsel, regarding the enforceability and validity of the
          Transaction Documents against AmeriCredit, the Servicer, the Seller
          and the Custodian.

               (iii) The law firm of Richards, Layton & Finger shall have issued
          its favorable opinion, in form and substance acceptable to the Insurer
          and its counsel, regarding the statutory trust existence and authority
          of the Issuer and the validity and the enforceability of the
          Transaction Documents against the Issuer.

               (iv) In-house counsel of Wells Fargo Bank, National Association
          shall have issued his favorable opinion, in form and substance
          acceptable to the Insurer and its counsel, regarding the corporate
          existence and authority of the Trustee, the Trust Collateral Agent,
          the Backup Servicer and the Collateral Agent and the validity and the
          enforceability of the Transaction Documents against the Trustee.

               (v) The law firm of Dewey Ballantine LLP shall have furnished its
          opinions, in form and substance acceptable to the Insurer and its
          counsel, regarding the sale of the Receivables, certain matters with
          respect to perfection issues, and the tax treatment of payments on the
          Obligations under federal tax laws.

               (vi) The Insurer shall have received such other opinions of
          counsel, in form and substance acceptable to the Insurer and its
          counsel, addressing such other matters as the Insurer may reasonably
          request. Each opinion of counsel delivered in connection with the
          Transaction shall be addressed to and delivered to the Insurer.

          (g) APPROVALS, ETC. The Insurer shall have received true and correct
     copies of all approvals, licenses and consents, if any, including, without
     limitation, any required approval of the shareholders of AmeriCredit, the
     Servicer, the Seller and the Custodian, required in connection with the
     Transaction.

          (h) NO LITIGATION, ETC. No suit, action or other proceeding,
     investigation or injunction, or final judgment relating thereto, shall be
     pending or threatened before any court or governmental agency in which it
     is sought to restrain or prohibit or to obtain damages or other relief in
     connection with the Transaction Documents or the consummation of the
     Transaction.

          (i) LEGALITY. No statute, rule, regulation or order shall have been
     enacted, entered or deemed applicable by any government or governmental or
     administrative agency or court that would make the transactions
     contemplated by any of the Transaction Documents illegal or otherwise
     prevent the consummation thereof.

          (j) ISSUANCE OF RATINGS. The Insurer shall have received confirmation
     that the rating on the Obligations without regard to the Note Policy will
     have a shadow rating from S&P and Moody's at a level required by the
     Insurer and, when issued, will be rated "AAA" by S&P and "Aaa" by Moody's.

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          (k) FILINGS AND RECORDINGS. The Insurer shall have received evidence
     satisfactory to it of the delivery of the Collateral as of the Date of
     Issuance to the Issuer free and clear of any Liens and in accordance with
     the Sale and Servicing Agreement and the Indenture, the filing and/or
     recording in all applicable jurisdictions (or such filing and/or recording
     having been provided for in a manner satisfactory to the Insurer) of all
     documents, including, without limitation, duly executed and delivered
     copies of the Security Documents, financing statements, termination
     statements and other appropriate instruments, in form and substance
     satisfactory to the Insurer, as may be necessary in the opinion of the
     Insurer to perfect the first priority security interest created by the
     Security Documents, and all taxes, fees and other charges payable in
     connection with such execution, delivery, recording and filing shall have
     been paid.

          (l) NO DEFAULT. No Default or Insurance Agreement Event of Default
     shall have occurred.

          (m) ADDITIONAL ITEMS. The Insurer shall have received such other
     documents, instruments, approvals or opinions requested by the Insurer or
     its counsel as may be reasonably necessary to effect the Transaction,
     including, but not limited to, evidence satisfactory to the Insurer and its
     counsel that the conditions precedent, if any, in the Transaction Documents
     have been satisfied.

          (n) CONFORM TO DOCUMENTS. The Insurer and its counsel shall have
     determined that all documents, certificates and opinions to be delivered in
     connection with the Obligations conform to the terms of the Transaction
     Documents.

          (o) COMPLIANCE. AmeriCredit, the Seller, the Servicer, the Custodian,
     Trustee, the Trust Collateral Agent, the Collateral Agent, the Backup
     Servicer, the Issuer and the Owner Trustee shall each be, as of the Date of
     Issuance, in compliance with the terms of the Transaction Documents to
     which it is a party and the Insurer shall have received evidence
     satisfactory to it that the Policy and all interest, fees, charges and
     other sums collected and to be collected in connection therewith and paid
     to the Insurer will not be usurious under applicable law.

          (p) SATISFACTION OF CONDITIONS OF THE UNDERWRITING AGREEMENT. All
     conditions in the Underwriting Agreement relating to the Underwriters'
     obligation to purchase the Obligations shall have been satisfied.

          (q) SATISFACTION OF CONDITIONS IN THE TRANSACTION DOCUMENTS. All
     conditions contained in the Transaction Documents shall have been
     satisfied.

          (r) UNDERWRITING AGREEMENT. The Insurer shall have received copies of
     each of the documents, and shall be entitled to rely on each of the
     documents, required to be delivered to the Underwriters pursuant to the
     Underwriting Agreement.

          (s) RECEIPT. The Insurer shall have received a certificate or other
     written confirmation of the Trust Collateral Agent attesting to (i) the
     receipt of the Collateral required to be delivered as of the Date of
     Issuance and (ii) the Trust Collateral Agent's establishment of the
     Collection Account and the Note Distribution Account.

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          (t) ESTABLISHMENT OF SPREAD ACCOUNT. The Insurer shall have received a
     certificate or the written confirmation of the Collateral Agent attesting
     to the establishment of the Spread Account.

     Section 3.02. PAYMENT OF FEES AND PREMIUM.

          (a) LEGAL AND ACCOUNTING FEES. AmeriCredit shall pay or cause to be
     paid, on the Date of Issuance (or as otherwise billed), legal fees and
     disbursements incurred by the Insurer in connection with the issuance of
     the Policies and any fees of the Insurer's auditors, in each case in
     accordance with the terms of the Premium Letter. Any fees of the Insurer's
     auditors payable in respect of any amendment or supplement to the Offering
     Document or any other Offering Document incurred after the Date of Issuance
     shall be paid by AmeriCredit on demand.

          (b) PREMIUM. In consideration of the issuance by the Insurer of the
     Policies, the Insurer shall be entitled to receive the Premium as and when
     due in accordance with the terms of the Premium Letter first, from the
     Issuer pursuant to the Sale and Servicing Agreement, and second, to the
     extent the amounts in subclause first are not sufficient, directly from the
     Servicer. The Premium shall be calculated according to the Premium Letter
     for the amount due on each Distribution Date. The Premium paid hereunder or
     under the Sale and Servicing Agreement shall be nonrefundable without
     regard to whether the Insurer makes any payment under the Policies or any
     other circumstances relating to the Obligations or provision being made for
     payment of the Obligations prior to maturity. The Servicer, the Issuer, the
     Trustee and the Trust Collateral Agent shall make all payments of Premium
     to be made by them by wire transfer to an account designated from time to
     time by the Insurer by written notice to the Servicer, the Issuer, the
     Trustee or the Trust Collateral Agent. Although the Premium is fully earned
     by the Insurer as of the Date of Issuance, the Premium shall be payable in
     periodic installments as provided in the Premium Letter. The Premium for
     each period shall be calculated on 30/360 day basis.

     Section 3.03. REIMBURSEMENT AND ADDITIONAL PAYMENT OBLIGATION.

          (a) In accordance with the priorities established in Section 5.7 of
     the Sale and Servicing Agreement, the Insurer shall be entitled to (i)
     reimbursement for any payment made by the Insurer under the Policies, which
     reimbursement shall be due and payable on the date that any amount is to be
     paid pursuant to a Payment Notice (as defined in the Policies), in an
     amount equal to the amount to be so paid and all amounts previously paid
     that remain unreimbursed, together with interest on any and all amounts
     remaining unreimbursed (to the extent permitted by law, if in respect of
     any unreimbursed amounts representing interest) from the date such amounts
     became due until paid in full (after as well as before judgment), at a rate
     of interest equal to the Late Payment Rate, (ii) payment or reimbursement
     of any other amounts owed to the Insurer hereunder together with interest
     thereon at a rate equal to the Late Payment Rate, (iii) reimbursement for
     any payments made by the Insurer with respect to the fees and expenses of a
     replacement servicer or with respect to any transition costs relating to
     the transfer of servicing from the Servicer to the replacement servicer
     together with interest thereon at a rate equal to

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<PAGE>

     the Late Payment Rate and (iv) all costs and expenses of the Insurer in
     connection with any action, proceeding or investigation affecting the
     Issuer, or the Collateral or the rights or obligations of the Insurer
     hereunder or under the Policies or the Transaction Documents, including
     (without limitation) any judgment or settlement entered into affecting the
     Insurer or the Insurer's interests, together with interest thereon at a
     rate equal to the Late Payment Rate.

          (b) Notwithstanding anything in Section 3.03(a) to the contrary, the
     Servicer, the Custodian and the Seller agree to reimburse the Insurer as
     follows: (i) from the Seller, for payments made under the Policies arising
     as a result of the Seller's failure to repurchase any Receivable required
     to be repurchased pursuant to Section 3.2 of the Sale and Servicing
     Agreement, together with interest on any and all amounts remaining
     unreimbursed (to the extent permitted by law, if in respect of any
     unreimbursed amounts representing interest) from the date such amounts
     became due until paid in full (after as well as before judgment), at a rate
     of interest equal to the Late Payment Rate, and (ii) from AmeriCredit, for
     payments made under the Policies, arising as a result of (A) the Servicer's
     failure to deposit into the Collection Account any amount required to be so
     deposited pursuant to the Indenture, the Sale and Servicing Agreement or
     any other Transaction Document, (B) Servicer's failure to repurchase any
     Receivable required to be repurchased pursuant to Section 4.7 of the Sale
     and Servicing Agreement or (C) for payments made under the Policies arising
     as a result of AmeriCredit's failure to repurchase any Receivable required
     to be repurchased pursuant to Section 5.1 of the Purchase Agreement, in
     each case together with interest on any and all amounts remaining
     unreimbursed (to the extent permitted by law, if in respect to any
     unreimbursed amounts representing interest) from the date such amounts
     became due until paid in full (after, as well as, before judgment), at a
     rate of interest equal to the Late Payment Rate.

          (c) AmeriCredit, the Servicer and the Seller agree to pay to the
     Insurer as follows: any and all charges, fees, costs and expenses that the
     Insurer may reasonably pay or incur, including, but not limited to,
     attorneys' and accountants' fees and expenses, in connection with (i) any
     accounts established to facilitate payments under the Policies to the
     extent the Insurer has not been immediately reimbursed on the date that any
     amount is paid by the Insurer under the Policies, (ii) the enforcement,
     defense or preservation of any rights in respect of any of the Transaction
     Documents, including defending, monitoring or participating in any
     litigation or proceeding (including any insolvency or bankruptcy proceeding
     in respect of any Transaction participant or any affiliate thereof)
     relating to any of the Transaction Documents, any party to any of the
     Transaction Documents, in its capacity as such a party, or the Transaction,
     (iii) any amendment, consent, waiver or other action with respect to, or
     related to, any Transaction Document, whether or not executed or completed,
     (iv) the foreclosure against, sale or other disposition of any collateral
     securing any obligations under any of the Transaction Documents, or pursuit
     of any other remedies under any of the Transaction Documents, to the extent
     such costs and expenses are not recovered from such foreclosure, sale or
     other disposition, (v) any review or approval by the Insurer in connection
     with the delivery of any additional or substitute collateral under any of
     the Transaction Documents if the consent of the Insurer is expressly
     required under the Transaction Documents in connection therewith, (vi) any

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<PAGE>

     action taken by the Insurer to cure an event of default (other than an
     Insurer Default) (or to mitigate the effect of an event of default) under
     any of the Transaction Documents, or (iv) preparation of bound volumes of
     the Transaction documents; costs and expenses shall include a reasonable
     allocation of compensation and overhead attributable to the time of
     employees of the Insurer spent in connection with the actions described in
     clause (ii) above, and the Insurer reserves the right to charge a
     reasonable fee as a condition to executing any waiver or consent proposed
     in respect of any of the Transaction Documents. Such amounts shall be
     payable within 60 days of the receipt by AmeriCredit, the Servicer, the
     Seller or the Custodian of an invoice therefore.

          (d) AmeriCredit, the Servicer, the Seller and the Custodian agree to
     pay to the Insurer as follows: interest on any and all amounts described in
     subsections (b), (c), (e) and (f) of this Section 3.03 from the date
     payable or paid by such party until payment thereof in full, and interest
     on any and all amounts described in Section 3.02 hereof from the date due
     until payment thereof in full, in each case payable to the Insurer at the
     Late Payment Rate per annum.

          (e) AmeriCredit, the Servicer, the Seller, the Custodian and the
     Issuer agree to pay to the Insurer as follows: any payments made by the
     Insurer on behalf of, or advanced to the Servicer, the Custodian, the
     Collateral Agent, the Trustee, the Trust Collateral Agent, the Backup
     Servicer, the Seller or the Issuer, respectively, including, without
     limitation, any amounts payable by the Servicer, the Seller or the Issuer
     or otherwise pursuant to the Obligations or any other Transaction
     Documents, including, without limitation, payments, if any, made by the
     Insurer with respect to retitling of the title documents relating to the
     Financed Vehicles pursuant to Section 4.5 of the Sale and Servicing
     Agreement.

          (f) Following termination of the Indenture pursuant to Section 4.1
     thereof, the Servicer agrees to reimburse the Insurer for any Insured
     Payments required to be made pursuant to the Policies subsequent to the
     date of such termination.

          All such amounts are to be immediately due and payable without demand
     in full, except as otherwise provided herein, without any requirement on
     the part of the Insurer to seek reimbursement from any other sources of
     indemnity thereof or to allocate expenses to other transactions benefiting
     therefrom.

     Section 3.04. INDEMNIFICATION; LIMITATION OF LIABILITY.

          (a) In addition to any and all rights of indemnification or any other
     rights of the Insurer pursuant hereto, the other Transaction Documents or
     under law or in equity, AmeriCredit, the Custodian, the Seller and the
     Servicer and any successors thereto, jointly and severally, agree to pay,
     and to protect, indemnify and save harmless, the Insurer and its officers,
     directors, shareholders, employees, agents and each person, if any, who
     controls the Insurer within the meaning of either Section 15 of the
     Securities Act or Section 20 of the Securities Exchange Act from and
     against any and all claims, Losses, liabilities (including penalties),
     actions, suits, judgments, demands, damages, costs or reasonable expenses
     (including, without limitation, reasonable fees and expenses

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<PAGE>

     of attorneys, consultants and auditors and reasonable costs of
     investigations) or obligations whatsoever paid by the Insurer (herein
     collectively referred to as "Liabilities") of any nature arising out of or
     relating to the transactions contemplated by the Transaction Documents by
     reason of:

               (i) any untrue statement or alleged untrue statement of a
          material fact contained in the Offering Document or in any amendment
          or supplement thereto or in any preliminary offering document, or
          arising out of or based upon any omission or alleged omission to state
          therein a material fact required to be stated therein or necessary to
          make the statements therein not misleading, except insofar as such
          Liabilities arise out of or are based upon any such untrue statement
          or omission or allegation thereof based upon information set forth in
          the Offering Document under the caption "THE POLICY" and "THE
          INSURER," or in the financial statements of the Insurer, including any
          information in any amendment or supplement to the Offering Document
          furnished by the Insurer in writing expressly for use therein that
          amends or supplements such information (all such information being
          referred to herein as "Insurer Information");

               (ii) to the extent not covered by clause (i) above, any act or
          omission of AmeriCredit, the Seller, the Servicer or the Custodian, or
          the allegation thereof, in connection with the offering, issuance,
          sale or delivery of the Obligations or relating to the Transaction
          Documents;

               (iii) the misfeasance or malfeasance of, or negligence or theft
          committed by, any director, officer, employee or agent of AmeriCredit,
          the Servicer, the Custodian, the Seller or the Issuer;

               (iv) the violation by AmeriCredit, the Custodian, the Issuer, the
          Seller or the Servicer of any federal or state securities, banking or
          antitrust laws, rules or regulations in connection with the issuance,
          offer and sale of the Obligations or the transactions contemplated by
          the Transaction Documents;

               (v) the violation by AmeriCredit, the Issuer, the Custodian, the
          Seller or the Servicer of any federal or state laws, rules or
          regulations relating to the Transaction or the origination of the
          Receivables, including, without limitation, any consumer protection,
          lending and disclosure laws and any laws with respect to the maximum
          amount of interest permitted to be received on account of any loan of
          money or with respect to the Receivables;

               (vi) the breach by AmeriCredit, the Custodian, the Seller or the
          Servicer of any of its obligations under this Insurance Agreement or
          any of the other Transaction Documents; and

               (vii) the breach by AmeriCredit, the Servicer, the Custodian or
          the Seller of any representation or warranty on the part of
          AmeriCredit, the Servicer, the Seller or the Custodian contained in
          the Transaction Documents or in any certificate or report furnished or
          delivered to the Insurer thereunder.

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<PAGE>

          This indemnity provision shall survive the termination of this
     Insurance Agreement and shall survive until the statute of limitations has
     run on any causes of action which arise from one of these reasons and until
     all suits filed as a result thereof have been finally concluded.

          (b) AmeriCredit and the Seller agree to indemnify the Issuer and the
     Insurer for any and all Liabilities that have been incurred due to any
     claim, counterclaim, rescission, setoff or defense asserted by an Obligor
     under any Receivable subject to the Federal Trade Commission regulations
     provided in 16 C.F.R. Part 433.

          (c) AmeriCredit, the Servicer and the Seller agree to indemnify and
     hold harmless the Issuer and the Insurer for any and all Liabilities
     incurred due to (i) any agreement or acquiescence by the Servicer and the
     Seller to any reduction, rebate, rescheduling or delay of any payments due
     and owing by any Obligor under any Receivable based upon an agreement on
     the part of the Servicer and the Seller to make or rebate any future
     payments on such Receivable, (ii) any agreement on the part of the Servicer
     and the Seller to make or rebate any future payments on any Receivable or
     (iii) any settlement of any judicial proceeding or any claim, action or
     proceeding of any regulatory body.

          (d) Any party which proposes to assert the right to be indemnified
     under this Section 3.04 will, promptly after receipt of notice of
     commencement of any action, suit or proceeding against such party in
     respect of which a claim is to be made against AmeriCredit, the Servicer,
     the Seller or the Custodian under this Section 3.04, notify AmeriCredit,
     the Servicer, the Seller or the Custodian of the commencement of such
     action, suit or proceeding, enclosing a copy of all papers served. In case
     any action, suit or proceeding shall be brought against any indemnified
     party and it shall notify AmeriCredit, the Servicer, the Seller or the
     Custodian of the commencement thereof, AmeriCredit, the Servicer, the
     Custodian or the Seller shall be entitled to participate in, and, to the
     extent that it shall wish, to assume the defense thereof, with counsel
     satisfactory to such indemnified party, and after notice from AmeriCredit,
     the Servicer, the Seller or the Custodian to such indemnified party of its
     election so to assume the defense thereof, AmeriCredit, the Servicer, the
     Seller or the Custodian shall not be liable to such indemnified party for
     any legal or other expenses other than reasonable costs of investigation
     subsequently incurred by such indemnified party in connection with the
     defense thereof. The indemnified party shall have the right to employ its
     counsel in any such action the defense of which is assumed by AmeriCredit,
     the Servicer, the Seller or the Custodian in accordance with the terms of
     this subsection (d), but the fees and expenses of such counsel shall be at
     the expense of such indemnified party unless the employment of counsel by
     such party has been authorized by AmeriCredit. AmeriCredit, the Servicer,
     the Seller or the Custodian shall not be liable for any settlement of any
     action or claim effected without its consent.

          (e) In addition to any and all rights of indemnification or any other
     rights of the Insurer pursuant hereto or under law or equity, the Trustee,
     the Trust Collateral Agent, the Collateral Agent and the Backup Servicer
     agree to pay, and to protect, indemnify and save harmless, the Insurer and
     its officers, directors, shareholders,

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<PAGE>

     employees, agents, including each person, if any, who controls the Insurer
     within the meaning of either Section 15 of the Securities Act as amended,
     or Section 20 of the Securities and Exchange Act, as amended, from and
     against any and all claims, losses, liabilities (including penalties),
     actions, suits, judgments, demands, damages, costs or reasonable expenses
     (including, without limitation, reasonable fees and expenses of attorneys,
     consultants and auditors and reasonable costs of investigations) or
     obligations whatsoever of any nature arising out of the material breach by
     the Trustee, the Trust Collateral Agent, the Collateral Agent and the
     Backup Servicer of any of their obligations under this Insurance Agreement
     or under the Indenture or the Sale and Servicing Agreement. This indemnity
     provision shall survive the termination of this Insurance Agreement and
     shall survive until the statute of limitations has run on any causes of
     action which arise from one of these reasons and until all suits filed as a
     result thereof have been finally concluded.

     Section 3.05. PAYMENT PROCEDURE. In the event of any payment by the
Insurer, AmeriCredit, the Trustee, the Trust Collateral Agent, the Collateral
Agent, the Backup Servicer, the Seller, the Servicer and the Custodian agree to
accept the voucher or other evidence of payment as prima facie evidence of the
propriety thereof and the liability therefor to the Insurer. All payments to be
made to the Insurer under this Insurance Agreement shall be made to the Insurer
in lawful currency of the United States of America in immediately available
funds to the account number provided in the Premium Letter before 1:00 p.m. (New
York, New York time) on the date when due or as the Insurer shall otherwise
direct by written notice to the other parties hereto. In the event that the date
of any payment to the Insurer or the expiration of any time period hereunder
occurs on a day which is not a Business Day, then such payment or expiration of
time period shall be made or occur on the next succeeding Business Day with the
same force and effect as if such payment was made or time period expired on the
scheduled date of payment or expiration date. Payments to be made to the Insurer
under this Insurance Agreement shall bear interest at the Late Payment Rate from
the date when due to the date paid.

                                   ARTICLE IV

                               FURTHER AGREEMENTS

     Section 4.01. EFFECTIVE DATE; TERM OF THE INSURANCE AGREEMENT. This
Insurance Agreement shall take effect on the Date of Issuance and shall remain
in effect until the later of (a) such time as the Insurer is no longer subject
to a claim under the Policies and the Policies shall have been surrendered to
the Insurer for cancellation and (b) all amounts payable to the Insurer by the
Servicer, the Trustee, the Collateral Agent, the Trust Collateral Agent, the
Backup Servicer, the Seller or the Custodian or from any other source under the
Transaction Documents and all amounts payable under the Obligations have been
paid in full; provided, however, that the provisions of Sections 3.02, 3.03,
3.04, 4.03 and 4.06 hereof shall survive any termination of this Insurance
Agreement.

     Section 4.02. FURTHER ASSURANCES AND CORRECTIVE INSTRUMENTS.

          (a) Excepting at such times as an Insurer Default shall exist and be
     continuing, none of the Servicer, the Trustee, the Collateral Agent, the
     Trust Collateral

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<PAGE>

     Agent, the Backup Servicer, the Seller or the Custodian shall grant any
     waiver of rights under any of the Transaction Documents to which any of
     them is a party without the prior written consent of the Insurer (which
     consent shall not be unreasonably withheld with respect to amendments or
     modifications which only affect the Trustee, the Trust Collateral Agent,
     the Collateral Agent and/or the Backup Servicer), and any such waiver
     without the prior written consent of the Insurer shall be null and void and
     of no force or effect.

          (b) To the extent permitted by law, the Servicer, the Seller, the
     Issuer or the Custodian agree that they will, upon the reasonable request
     of the Insurer, from time to time, execute, acknowledge and deliver, or
     cause to be executed, acknowledged and delivered within 10 days of such
     request, such amendments hereto and such further instruments and take such
     further action as may be required in the Insurer's reasonable judgment to
     effectuate the intention of or facilitate the performance of this Insurance
     Agreement or the other Transaction Documents.

     Section 4.03. OBLIGATIONS ABSOLUTE.

          (a) The obligations of AmeriCredit, the Servicer, the Seller, the
     Issuer or the Custodian hereunder shall be absolute and unconditional and
     shall be paid or performed strictly in accordance with this Insurance
     Agreement under all circumstances irrespective of:

               (i) any lack of validity or enforceability of, or any amendment
          or other modifications of, or waiver with respect to any of the
          Transaction Documents, the Obligations or the Policies;

               (ii) any exchange or release of any other obligations hereunder;

               (iii) the existence of any claim, setoff, defense, reduction,
          abatement or other right that AmeriCredit, the Servicer, the Trustee,
          the Collateral Agent, the Trust Collateral Agent, the Backup Servicer,
          the Seller, the Issuer, the Custodian or the Owner Trustee may have at
          any time against the Insurer or any other Person;

               (iv) any document presented in connection with the Policies
          proving to be forged, fraudulent, invalid or insufficient in any
          respect or any statement therein being untrue or inaccurate in any
          respect;

               (v) any payment by the Insurer under the Policies against
          presentation of a certificate or other document that does not strictly
          comply with terms of the Policies;

               (vi) any failure of AmeriCredit, the Servicer, the Trustee, the
          Collateral Agent, the Trust Collateral Agent, the Backup Servicer, the
          Seller, the Issuer, or the Custodian to receive the proceeds from the
          sale of the Obligations;

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<PAGE>

               (vii) any breach by AmeriCredit, the Servicer, the Trustee, the
          Collateral Agent, the Trust Collateral Agent, the Backup Servicer, the
          Seller, the Issuer, the Custodian or the Owner Trustee of any
          representation, warranty or covenant contained in any of the
          Transaction Documents;

               (viii) any other circumstances, other than payment in full, which
          might otherwise constitute a defense available to, or discharge of
          AmeriCredit, the Servicer, the Trustee, the Collateral Agent, the
          Trust Collateral Agent, the Backup Servicer, the Seller, the Issuer,
          the Custodian or the Owner Trustee in respect of any Transaction
          Document;

               (ix) the bankruptcy or insolvency of the Insurer or any other
          party;

               (x) any default or alleged default of the Insurer under the
          Policies; or

               (xi) the inaccuracy or alleged inaccuracy of any payment upon
          which a claim under the Policies is based.

          (b) AmeriCredit, the Servicer, the Seller, the Issuer and the
     Custodian and any and all others who are now or may become liable for all
     or part of the obligations of AmeriCredit, the Servicer, the Seller, the
     Issuer, the Custodian under this Insurance Agreement agree to be bound by
     this Insurance Agreement and (i) to the extent permitted by law, waive and
     renounce any and all redemption and exemption rights and the benefit of all
     valuation and appraisement privileges against the indebtedness and
     obligations evidenced by any Transaction Document or by any extension or
     renewal thereof; (ii) waive presentment and demand for payment, notices of
     nonpayment and of dishonor, protest of dishonor and notice of protest;
     (iii) waive all notices in connection with the delivery and acceptance
     hereof and all other notices in connection with the performance, default or
     enforcement of any payment hereunder, except as required by the Transaction
     Documents; (iv) waive all rights of abatement, diminution, postponement or
     deduction, or any defense other than payment, or any right of setoff or
     recoupment arising out of any breach under any of the Transaction Documents
     by any party thereto or any beneficiary thereof, or out of any obligation
     at any time owing to the Servicer, the Trustee, the Collateral Agent, the
     Trust Collateral Agent, the Backup Servicer, the Seller, the Issuer or the
     Custodian; (v) agree that its liabilities hereunder shall, except as
     otherwise expressly provided in this Section 4.03, be unconditional and
     without regard to any setoff, counterclaim or the liability of any other
     Person for the payment hereof; (vi) agree that any consent, waiver or
     forbearance hereunder with respect to an event shall operate only for such
     event and not for any subsequent event; (vii) consent to any and all
     extensions of time that may be granted by the Insurer with respect to any
     payment hereunder or other provisions hereof and to the release of any
     security at any time given for any payment hereunder, or any part thereof,
     with or without substitution, and to the release of any Person or entity
     liable for any such payment; and (viii) consent to the addition of any and
     all other makers, endorsers, guarantors and other obligors for any payment
     hereunder, and to the acceptance of any and all other security for any
     payment hereunder, and agree that the addition of any such obligors or
     security shall not affect the liability of the parties hereto for any
     payment hereunder.

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<PAGE>

          (c) Nothing herein shall be construed as prohibiting the Servicer, the
     Trustee, the Collateral Agent, the Trust Collateral Agent, the Backup
     Servicer, the Seller, the Issuer and the Custodian from pursuing any rights
     or remedies it may have against any other Person in a separate legal
     proceeding.

     Section 4.04. ASSIGNMENTS; REINSURANCE; THIRD-PARTY RIGHTS.

          (a) This Insurance Agreement shall be a continuing obligation of the
     parties hereto and shall be binding upon and inure to the benefit of the
     parties hereto and their respective successors and permitted assigns. None
     of AmeriCredit, the Servicer, the Trustee, the Collateral Agent, the Trust
     Collateral Agent, the Backup Servicer, the Seller, the Issuer or the
     Custodian may assign its rights under this Insurance Agreement, or delegate
     any of its duties hereunder, without the prior written consent of the
     Insurer, except to a successor or assign that is permitted by the Indenture
     or in the case of AmeriCredit as Servicer to AmeriCredit Financial Services
     of Canada Ltd. as permitted in Section 8.6 of the Sale and Servicing
     Agreement. Any assignment made in violation of this Insurance Agreement
     shall be null and void.

          (b) The Insurer shall have the right to give participations in its
     rights under this Insurance Agreement and to enter into contracts of
     reinsurance with respect to the Policies upon such terms and conditions as
     the Insurer may in its discretion determine; provided, however, that no
     such participation or reinsurance agreement or arrangement shall relieve
     the Insurer of any of its obligations hereunder or under the Policies.

          (c) In addition, the Insurer shall be entitled to assign or pledge to
     any bank or other lender providing liquidity or credit with respect to the
     Transaction or the obligations of the Insurer in connection therewith any
     rights of the Insurer under the Transaction Documents or with respect to
     any real or personal property or other interests pledged to the Insurer, or
     in which the Insurer has a security interest, in connection with the
     Transaction.

          (d) Except as provided herein with respect to participants and
     reinsurers, nothing in this Insurance Agreement shall confer any right,
     remedy or claim, express or implied, upon any Person, including,
     particularly, any Owner, other than the Insurer against AmeriCredit, the
     Servicer, the Trustee, the Collateral Agent, the Trust Collateral Agent,
     the Backup Servicer, the Seller, the Issuer or the Custodian, and all the
     terms, covenants, conditions, promises and agreements contained herein
     shall be for the sole and exclusive benefit of the parties hereto and their
     successors and permitted assigns. Neither the Trustee nor any Owner shall
     have any right to payment from any Premiums paid or payable hereunder or
     under the Sale and Servicing Agreement or from any other amounts paid by
     AmeriCredit, the Servicer, the Trustee, the Collateral Agent, the Trust
     Collateral Agent, the Backup Servicer, the Seller, the Issuer or the
     Custodian pursuant to Section 3.02, 3.03 or 3.04 hereof.

          (e) The Servicer, the Trustee, the Collateral Agent, the Trust
     Collateral Agent, the Backup Servicer, the Seller, the Issuer and the
     Custodian agree that the Insurer shall have all rights of a third-party
     beneficiary in respect of the Indenture and each other

                                       40

<PAGE>

     Transaction Document to which it is not a signing party and hereby
     incorporate and restate their representations, warranties and covenants as
     set forth therein for the benefit of the Insurer.

     Section 4.05. LIABILITY OF THE INSURER. Neither the Insurer nor any of its
officers, directors or employees shall be liable or responsible for (a) the use
that may be made of the Policies by the Trustee or the Trust Collateral Agent or
a Swap Provider or for any acts or omissions of the Trustee or the Trust
Collateral Agent or a Swap Provider in connection therewith, (b) the validity,
sufficiency, accuracy or genuineness of documents delivered to the Insurer in
connection with any claim under the Policies, or of any signatures thereon, even
if such documents or signatures should in fact prove to be in any or all
respects invalid, insufficient, fraudulent or forged (unless the Insurer shall
have actual knowledge thereof) or (c) any acts or omissions to act of
AmeriCredit, the Seller, the Servicer, the Issuer, the Trustee, the Trust
Collateral Agent, the Collateral Agent, the Backup Servicer, the Owner Trustee
or any other person in connection with the Collateral. In furtherance and not in
limitation of the foregoing, the Insurer (or its Fiscal Agent) may accept
documents that appear on their face to be in order, without responsibility for
further investigation.

     Section 4.06. PARTIES WILL NOT INSTITUTE INSOLVENCY PROCEEDINGS. So long as
this Agreement is in effect, and for one year following its termination, none of
the parties hereto will file any involuntary petition or otherwise institute any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding or
other proceedings under any federal or state bankruptcy or similar law against
the Issuer or the Seller.

     Section 4.07. TRUSTEE, CUSTODIAN, TRUST COLLATERAL AGENT, COLLATERAL AGENT,
BACKUP SERVICER, SELLER, ISSUER AND SERVICER TO JOIN IN ENFORCEMENT ACTION. To
the extent necessary to enforce any right of the Insurer in or remedy of the
Insurer under any Receivable, the Trust Collateral Agent, the Collateral Agent,
the Trustee, Custodian, Backup Servicer, Issuer, Seller and Servicer agree to
join in any action initiated by the Trust or the Insurer for the protection of
such right or exercise of such remedy.

     Section 4.08. REPLACEMENT SWAP AGREEMENT. In the event that a Swap
Agreement is terminated prior to its scheduled expiration in accordance with the
terms of the Swap Agreement, the Issuer shall at the request of the Insurer
enter into a replacement swap agreement (the "Replacement Swap Agreement") in
form and substance satisfactory to the Insurer with a replacement Swap Provider
acceptable to the Insurer on the same terms as the Swap Agreement executed on
the Closing Date mutatis mutandis, or with such amendments to the terms as have
been approved by S&P, Moody's and the Insurer.

     Section 4.09. SUBROGATION. To the extent of any payments under the
Policies, the Insurer shall be fully subrogated to any remedies against the
Custodian, the Seller or the Servicer or in respect of the Receivables available
to the Trustee or the Trust Collateral Agent or a Swap Provider under the Swap
Agreement, the Indenture and Sale and Servicing Agreement. The Trustee and the
Trust Collateral Agent acknowledge such subrogation and, further, agree to
execute such instruments prepared by the Insurer and to take such reasonable
actions as requested by the Insurer as are necessary to evidence such
subrogation and to perfect the rights

                                       41

<PAGE>

of the Insurer to receive any moneys paid or payable under the Indenture or Sale
and Servicing Agreement.

     Section 4.10. INSURER'S RIGHTS REGARDING ACTIONS, PROCEEDINGS OR
INVESTIGATIONS. Until the Obligations have been paid in full, all amounts owed
to the Insurer have been paid in full, this Insurance Agreement has terminated
and the Policies have been returned to the Insurer for cancellation, the
following provisions shall apply, it being expressly understood that none of the
following costs shall be borne by the Trustee:

          (a) Notwithstanding anything contained herein or in the other
     Transaction Documents to the contrary, the Insurer shall have the right to
     participate in, to direct the enforcement or defense of, and, at the
     Insurer's sole option, to institute or assume the defense of, any action,
     proceeding or investigation that could adversely affect the Issuer or the
     Collateral or the rights or obligations of the Insurer hereunder or under
     the Policies or the Transaction Documents, including (without limitation)
     any insolvency or bankruptcy proceeding in respect of AmeriCredit, the
     Seller, the Issuer or any affiliate thereof. Following notice to the
     Trustee, the Trust Collateral Agent and the Owner Trustee the Insurer shall
     have the exclusive right to determine, in its sole discretion, the actions
     necessary to preserve and protect the Collateral. All costs and expenses of
     the Insurer in connection with such action, proceeding or investigation,
     including (without limitation) any judgment or settlement entered into
     affecting the Insurer or the Insurer's interests, shall be included in
     amounts reimbursable to the Insurer under Section 5.7 of the Sale and
     Servicing Agreement.

          (b) In connection with any action, proceeding or investigation that
     could adversely affect the Collateral or the Issuer or the rights or
     obligations of the Insurer hereunder or under the Policies or the
     Transaction Documents, including (without limitation) any insolvency or
     bankruptcy proceeding in respect of AmeriCredit, the Seller, the Issuer or
     any affiliate thereof, the Trustee, the Trust Collateral Agent and the
     Issuer hereby agree to cooperate with, and to take such action as
     reasonably directed by, the Insurer, including (without limitation)
     entering into such agreements and settlements as the Insurer shall direct,
     in its sole discretion without the consent of the Noteholders. The
     Trustee's and the Trust's reasonable out-of-pocket costs and expenses
     (including attorneys' fees and expenses) with respect to any such action
     shall be reimbursed pursuant to Section 5.7 of the Sale and Servicing
     Agreement.

          (c) The Issuer, the Trust Collateral Agent and the Trustee hereby
     agree to provide to the Insurer prompt written notice of any action,
     proceeding or investigation that names the Issuer, the Owner Trustee, the
     Trust Collateral Agent or the Trustee on behalf of the Secured Parties as a
     party or that involves the Issuer or the Collateral or the rights or
     obligations of the Insurer hereunder or under the Policies or the
     Transaction Documents, including (without limitation) any insolvency or
     bankruptcy proceeding in respect of AmeriCredit, the Seller, the Issuer or
     any affiliate thereof of which it has actual knowledge.

          (d) Notwithstanding anything contained herein or in any of the other
     Transaction Documents to the contrary, none of the Issuer, the Trustee nor
     the Trust

                                       42

<PAGE>

     Collateral Agent shall, without the Insurer's prior written consent, with
     such consent not to be unreasonably withheld, or unless directed by the
     Insurer, undertake or join any litigation or agree to any settlement of any
     action, proceeding or investigation affecting the Collateral or the Issuer
     or the rights or obligations of the Insurer hereunder or under the Policies
     or the Transaction Documents.

          (e) The Trustee agrees that the Insurer shall have such rights as set
     forth in this Section, which are in addition to any rights of the Insurer
     pursuant to the other provisions of the Transaction Documents, that the
     rights set forth in this Section may be exercised by the Insurer, in its
     sole discretion, without the need for the consent or approval of the
     Issuer, the Trust Collateral Agent, or the Trustee, notwithstanding any
     other provision contained herein or in any of the other Transaction
     Documents, and that nothing contained in this Section shall be deemed to be
     an obligation of the Insurer to exercise any of the rights provided for
     herein.

                                    ARTICLE V

                               DEFAULTS; REMEDIES

     Section 5.01. DEFAULTS. The occurrence of any of the following events shall
constitute an Insurance Agreement Event of Default hereunder:

          (a) any representation or warranty made by the Issuer, AmeriCredit,
     the Servicer, the Trust Collateral Agent, the Collateral Agent, the
     Trustee, the Backup Servicer, the Seller, or the Custodian hereunder or
     under the Transaction Documents, or in any certificate furnished hereunder
     or under the Transaction Documents, shall prove to be untrue or incomplete
     in any material respect and such untrue representation or warranty is not
     cured within any applicable grace period contained in the applicable
     Transaction Document;

          (b) (i) AmeriCredit, the Servicer, the Trustee, the Trust Collateral
     Agent, the Collateral Agent, the Backup Servicer, the Seller, the Issuer or
     the Custodian shall fail to pay when due any amount payable by AmeriCredit,
     the Servicer, the Trustee, the Trust Collateral Agent, the Collateral
     Agent, the Backup Servicer, the Seller or the Custodian hereunder or under
     any Transaction Document and such failure continues for the length of any
     cure period contained in the related Transaction Document, (ii)
     AmeriCredit, the Servicer, the Trustee, the Trust Collateral Agent, the
     Collateral Agent, the Backup Servicer, the Seller the Issuer, the Custodian
     or the Owner Trustee shall have asserted that any of the Transaction
     Documents to which it is a party is not valid and binding on the parties
     thereto, or (iii) a legislative body has enacted any law that declares or a
     court of competent jurisdiction shall find or rule that any Transaction
     Document is not valid and binding on the Servicer, the Trustee, the Trust
     Collateral Agent, the Collateral Agent, the Backup Servicer, the Seller,
     the Issuer or the Custodian;

          (c) the occurrence and continuance of a "Event of Default" under the
     Indenture (as defined therein);

                                       43

<PAGE>

          (d) any failure on the part of the Servicer, the Trustee, the Trust
     Collateral Agent, the Collateral Agent, the Backup Servicer, the Seller,
     the Issuer or the Custodian duly to observe or perform in any material
     respect any other of the covenants or agreements on the part of the
     Servicer, the Trustee, the Trust Collateral Agent, the Collateral Agent,
     the Backup Servicer, the Seller, the Issuer or the Custodian contained in
     this Insurance Agreement or in any other Transaction Document which
     continues unremedied for a period of 30 days with respect to this Insurance
     Agreement, or, with respect to any other Transaction Document, beyond any
     cure period provided for therein, after the date on which written notice of
     such failure, requiring the same to be remedied, shall have been given to
     the Servicer, the Backup Servicer, the Seller, the Issuer or the Custodian
     as applicable, by the Insurer (with a copy to the Trustee) or by the
     Trustee, the Trust Collateral Agent, or the Collateral Agent (with a copy
     to the Insurer);

          (e) decree or order of a court or agency or supervisory authority
     having jurisdiction in the premises in an involuntary case under any
     present or future federal or state bankruptcy, insolvency or similar law or
     the appointment of a conservator or receiver or liquidator or other similar
     official in any insolvency, readjustment of debt, marshalling of assets and
     liabilities or similar proceedings, or for the winding-up or liquidation of
     its affairs, shall have been entered against the Servicer, the Trustee, the
     Trust Collateral Agent, the Collateral Agent, the Backup Servicer, the
     Seller, the Issuer or the Custodian and such decree or order shall have
     remained in force undischarged or unstayed for a period of 60 consecutive
     days;

          (f) the Servicer, the Trustee, the Trust Collateral Agent, the
     Collateral Agent, the Backup Servicer, the Seller, the Issuer or the
     Custodian shall consent to the appointment of a conservator or receiver or
     liquidator or other similar official in any insolvency, readjustment of
     debt, marshalling of assets and liabilities or similar proceedings of or
     relating to the Servicer, the Trustee, the Trust Collateral Agent, the
     Collateral Agent, the Backup Servicer, the Seller, the Issuer or the
     Custodian or of or relating to all or substantially all of the property of
     either;

          (g) the Servicer, the Trustee, the Trust Collateral Agent, the
     Collateral Agent, the Backup Servicer, the Seller, the Issuer or the
     Custodian shall admit in writing its inability to pay its debts generally
     as they become due, file a petition to take advantage of or otherwise
     voluntarily commence a case or proceeding under any applicable bankruptcy,
     insolvency, reorganization or other similar statute, make an assignment for
     the benefit of its creditors or voluntarily suspend payment of its
     obligations;

          (h) the occurrence and continuance of an "Servicer Termination Event"
     under the Sale and Servicing Agreement (as defined therein);

          (i) the failure of the Seller, the Issuer or AmeriCredit to comply
     with, or maintain the accuracy of, the Opinion Facts and Assumptions;

          (j) the occurrence of a Level 2 Trigger Event (as defined in the
     Spread Account Agreement);

                                       44

<PAGE>

          (k) AmeriCredit assigns any of its rights or obligations under any of
     the Transaction Documents without the prior written consent of the Insurer;

          (l) the Tangible Net Worth of AmeriCredit Corp. shall be less than the
     sum of (a) $1,550,000,000 plus (b) 75% of the cumulative positive net
     income (without deduction for negative net income) of AmeriCredit Corp. for
     each fiscal quarter having been completed since June 30, 2006, as reported
     in each annual report on Form 10-K and periodic report on Form 10-Q filed
     by AmeriCredit Corp. with the Commission plus (c) 75% of the net proceeds
     of any equity issued by AmeriCredit Corp. since June 30, 2006 (excluding
     any equity being issued pursuant to equity incentive plans for employees
     and board members) minus (d) the lesser of (i) $200,000,000 and (ii) the
     purchase price of all common stock of AmeriCredit Corp. repurchased after
     September 30, 2006;

          (m) The average of the Monthly Extension Rates calculated with respect
     to three consecutive calendar month exceeds 4% and the Servicer fails to
     purchase Receivables within 30 days in accordance with Section 4.2(c) of
     the Sale and Servicing Agreement;

          (n) the Insurer makes a payment under either of the Policies;

          (o) the Trust Collateral Agent ceases to have a first priority
     perfected security interest in the Collateral under the Indenture; or

          (p) Any Event of Default or Termination Event (as defined in the Swap
     Agreement) relating to the Swap Provider occurs under a Swap Agreement, and
     a Replacement Swap Agreement acceptable to the Insurer is not entered into
     within 40 days of the Early Termination Date (as defined in the Swap
     Agreement) provided, however, that, the occurrence of the Insurance
     Agreement Event of Default specified in this clause (p) shall not result in
     a Servicer Termination Event under Section 9.1(g) of the Sale and Servicing
     Agreement.

     Section 5.02. REMEDIES; NO REMEDY EXCLUSIVE.

          (a) Upon the occurrence of an Insurance Agreement Event of Default,
     the Insurer may exercise any one or more of the rights and remedies set
     forth below:

               (i) exercise any rights and remedies under the Transaction
          Documents in accordance with the terms of the Transaction Documents or
          direct the Trustee or the Trust Collateral Agent to exercise such
          remedies in accordance with the terms of the Transaction Documents; or

               (ii) take whatever action at law or in equity as may appear
          necessary or desirable in its judgment to collect the amounts then due
          under the Transaction Documents or to enforce performance and
          observance of any obligation, agreement or covenant of the Servicer,
          the Trustee, the Trust Collateral Agent, the Collateral Agent, the
          Backup Servicer, the Seller, the Issuer or the Custodian under the
          Transaction Documents.

                                       45

<PAGE>

          (b) Unless otherwise expressly provided, no remedy herein conferred
     upon or reserved is intended to be exclusive of any other available remedy,
     but each remedy shall be cumulative and shall be in addition to other
     remedies given under the Transaction Documents or existing at law or in
     equity. No delay or omission to exercise any right or power accruing under
     the Transaction Documents upon the happening of any event set forth in
     Section 5.01 hereof shall impair any such right or power or shall be
     construed to be a waiver thereof, but any such right and power may be
     exercised from time to time and as often as may be deemed expedient. In
     order to entitle the Insurer to exercise any remedy reserved to the Insurer
     in this Article, it shall not be necessary to give any notice other than
     such notice as may be required in this Article V.

          (c) If any proceeding has been commenced to enforce any right or
     remedy under this Insurance Agreement, and such proceeding has been
     discontinued or abandoned for any reason, or has been determined adversely
     to the Insurer, then and in every such case the parties hereto shall,
     subject to any determination in such proceeding, be restored to their
     respective former positions hereunder, and, thereafter, all rights and
     remedies of the Insurer shall continue as though no such proceeding had
     been instituted.

     Section 5.03. WAIVERS.

          (a) No failure by the Insurer to exercise, and no delay by the Insurer
     in exercising, any right hereunder shall operate as a waiver thereof. The
     exercise by the Insurer of any right hereunder shall not preclude the
     exercise of any other right, and the remedies provided herein to the
     Insurer are declared in every case to be cumulative and not exclusive of
     any remedies provided by law or equity.

          (b) The Insurer shall have the right, to be exercised in its complete
     discretion, to waive any Insurance Agreement Event of Default hereunder, by
     a writing setting forth the terms, conditions and extent of such waiver
     signed by the Insurer and delivered to the Servicer, the Trustee, the Trust
     Collateral Agent, the Collateral Agent, the Backup Servicer, the Seller,
     the Issuer or the Custodian. Any such waiver may only be effected in
     writing duly executed by the Insurer, and no other course of conduct shall
     constitute a waiver of any provision hereof. Unless such writing expressly
     provides to the contrary, any waiver so granted shall extend only to the
     specific event or occurrence which gave rise to the Insurance Agreement
     Event of Default so waived and not to any other similar event or occurrence
     which occurs subsequent to the date of such waiver.

                                   ARTICLE VI

                                  MISCELLANEOUS

     Section 6.01. AMENDMENTS, ETC. This Insurance Agreement may be amended,
modified or terminated only by written instrument or written instruments signed
by the parties hereto. The Servicer agrees to promptly provide a copy of any
amendment to this Insurance Agreement to the Collateral Agent, S&P and Moody's.
No act or course of dealing shall be deemed to constitute an amendment,
modification or termination hereof.

                                       46

<PAGE>

     Section 6.02. NOTICES. All demands, notices and other communications to be
given hereunder shall be in writing (except as otherwise specifically provided
herein) and shall be mailed by registered mail or personally delivered or
telecopied to the recipient as follows:

          (a)  To the Insurer:

               XL Capital Assurance Inc.
               1221 Avenue of the Americas
               New York, New York 10020-1001
               Re: Policy Nos. CA03541A/CA03541B
               Attention: Surveillance
               Telephone: (212) 478-3400
               Facsimile: (212) 478-3597
               E-mail: XLCA Surveillance@xlgroup.com
               (in each case in which notice or other communication to XL
               Capital refers to an Insurance Agreement Event of Default, a
               claim on the Policies or with respect to which failure on the
               part of the Insurer to respond shall be deemed to constitute
               consent or acceptance, then a copy of such notice or other
               communication should also be sent to the attention of each of the
               General Counsel and Surveillance and shall be marked to indicate
               "URGENT MATERIAL ENCLOSED.")

          (b)  To the Seller:

               AFS SenSub Corp.
               2265B Renaissance Drive
               Suite 17
               Las Vegas, NV 89119

          (c)  To the Servicer and the Custodian:

               AmeriCredit Financial Services, Inc.
               801 Cherry Street
               Suite 3900
               Fort Worth, Texas 76102
               Attention: CFO
               Facsimile: (817) 302-7915
               Confirmation: (817) 302-7082

          (d)  To the Collateral Agent, Trust Collateral Agent, the Trustee and
               the Backup Servicer:

               Wells Fargo Bank, National Association
               Sixth Street and Marquette Avenue
               MAC N9311-161

                                       47

<PAGE>

               Minneapolis, Minnesota 55479
               Attention: Corporate Trust Office
               Facsimile: (612) 667-3464

          (e)  To the Issuer:

               AmeriCredit Automobile Receivables Trust 2007-A-X
               c/o Wilmington Trust Company
               1100 North Market Street
               Wilmington Delaware 19890-001
               Attention: Corporate Trust Administration

               With a copy to the Servicer at the address set forth above.

     A party may specify an additional or different address or addresses by
writing mailed or delivered to the other parties as aforesaid. All such notices
and other communications shall be effective upon receipt.

     Section 6.03. SEVERABILITY. In the event that any provision of this
Insurance Agreement shall be held invalid or unenforceable by any court of
competent jurisdiction, the parties hereto agree that such holding shall not
invalidate or render unenforceable any other provision hereof. The parties
hereto further agree that the holding by any court of competent jurisdiction
that any remedy pursued by any party hereto is unavailable or unenforceable
shall not affect in any way the ability of such party to pursue any other remedy
available to it.

     Section 6.04. GOVERNING LAW. THIS INSURANCE AGREEMENT SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT
REGARD TO CHOICE OF LAW PROVISIONS.

     Section 6.05. CONSENT TO JURISDICTION.

          (a) The parties hereto hereby irrevocably submit to the jurisdiction
     of the United States District Court for the Southern District of New York
     and any court in the State of New York located in the City and County of
     New York, and any appellate court from any thereof, in any action, suit or
     proceeding brought against it and to or in connection with any of the
     Transaction Documents or the transactions contemplated thereunder or for
     recognition or enforcement of any judgment, and the parties hereto hereby
     irrevocably and unconditionally agree that all claims in respect of any
     such action or proceeding may be heard or determined in such New York state
     court or, to the extent permitted by law, in such federal court. The
     parties hereto agree that a final judgment in any such action, suit or
     proceeding shall be conclusive and may be enforced in other jurisdictions
     by suit on the judgment or in any other manner provided by law. To the
     extent permitted by applicable law, the parties hereto hereby waive and
     agree not to assert by way of motion, as a defense or otherwise in any such
     suit, action or proceeding, any claim that it is not personally subject to
     the jurisdiction of such courts, that the suit,

                                       48

<PAGE>

     action or proceeding is brought in an inconvenient forum, that the venue of
     the suit, action or proceeding is improper or that the related documents or
     the subject matter thereof may not be litigated in or by such courts.

          (b) To the extent permitted by applicable law, the parties hereto
     shall not seek and hereby waive the right to any review of the judgment of
     any such court by any court of any other nation or jurisdiction which may
     be called upon to grant an enforcement of such judgment.

          (c) Except as provided in Section 4.06 herein, nothing contained in
     this Insurance Agreement shall limit or affect the Insurer's right to serve
     process in any other manner permitted by law or to start legal proceedings
     relating to any of the Transaction Documents against any party hereto or
     its or their property in the courts of any jurisdiction.

     Section 6.06. CONSENT OF THE INSURER. In the event that the consent of the
Insurer is required under any of the Transaction Documents, the determination
whether to grant or withhold such consent shall be made by the Insurer in its
sole discretion without any implied duty towards any other Person.

     Section 6.07. COUNTERPARTS. This Insurance Agreement may be executed in
counterparts by the parties hereto, and all such counterparts shall constitute
one and the same instrument.

     Section 6.08. HEADINGS. The headings of Articles and Sections and the Table
of Contents contained in this Insurance Agreement are provided for convenience
only. They form no part of this Insurance Agreement and shall not affect its
construction or interpretation. Unless otherwise indicated, all references to
Articles and Sections in this Insurance Agreement refer to the corresponding
Articles and Sections of this Insurance Agreement.

     Section 6.09. TRIAL BY JURY WAIVED. Each party hereto hereby waives, to the
fullest extent permitted by law, any right to a trial by jury in respect of any
litigation arising directly or indirectly out of, under or in connection with
any of the Transaction Documents or any of the transactions contemplated
thereunder. Each party hereto (a) certifies that no representative, agent or
attorney of any party hereto has represented, expressly or otherwise, that it
would not, in the event of litigation, seek to enforce the foregoing waiver and
(b) acknowledges that it has been induced to enter into the Transaction
Documents to which it is a party by, among other things, this waiver.

     Section 6.10. LIMITED LIABILITY. No recourse under any Transaction Document
shall be had against, and no personal liability shall attach to, any officer,
employee, director, affiliate, trustee or shareholder of any party hereto, as
such, by the enforcement of any assessment or by any legal or equitable
proceeding, by virtue of any statute or otherwise in respect of any of the
Transaction Documents, the Obligations or the Policies, it being expressly
agreed and understood that each Transaction Document is solely a corporate
obligation of each party hereto, and that any and all personal liability, either
at common law or in equity, or by statute or constitution, of every such
officer, employee, director, affiliate or shareholder for breaches by any party
hereto

                                       49

<PAGE>

of any obligations under any Transaction Document is hereby expressly waived as
a condition of and in consideration for the execution and delivery of this
Insurance Agreement.

     Section 6.11. ENTIRE AGREEMENT. The Transaction Documents and the Policies
set forth the entire agreement between the parties with respect to the subject
matter thereof, and this Insurance Agreement supersedes and replaces any
agreement or understanding that may have existed between the parties prior to
the date hereof in respect of such subject matter.

     Section 6.12. NO PARTNERSHIP. Nothing in this Insurance Agreement or any
other agreement entered into in connection with the Transaction shall be deemed
to constitute the Insurer a partner, co-venturer or joint owner of property with
any other entity.

         [Remainder of page intentionally blank; signature page follows]

                                       50

<PAGE>

     IN WITNESS WHEREOF, the parties hereto have executed this Insurance
Agreement, all as of the day and year first above mentioned.

                                        XL CAPITAL ASSURANCE INC.

                                        By: /s/ Catherine R. Lau
                                            ------------------------------------
                                        Title: Senior Managing Director

                                        AMERICREDIT FINANCIAL SERVICES, INC.,
                                        Individually, as Custodian and as
                                        Servicer

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

                                        AMERICREDIT AUTOMOBILE RECEIVABLES TRUST
                                        2007-A-X, as Issuer

                                        By: Wilmington Trust Company, not in its
                                            individual capacity but solely as
                                            Owner Trustee

                                        By: /s/ Michele C. Harra
                                            ------------------------------------
                                        Title: Financial Services Officer

                                        AFS SENSUB CORP., as Seller

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

AmeriCredit Automobile Receivables Trust 2007-A-X
Insurance Agreement Signature Page

<PAGE>

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

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

AmeriCredit Automobile Receivables Trust 2007-A-X
Insurance Agreement Signature Page

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