Document:

<PAGE>
                                                                     EXHIBIT 4.4

                                                FINANCIAL GUARANTY
                                                INSURANCE POLICY

FINANCIAL                                                   Policy No.: 51052A-N
SECURITY                                                       Date of Issuance:
ASSURANCE                                                       February 6, 2001

OBLIGOR: AmeriCredit Automobile Receivables Trust 2001-A
OBLIGATIONS: $1,400,000,000 Asset Backed Notes, in the Classes
             described in Endorsement No. 1 hereto

FINANCIAL SECURITY ASSURANCE INC. ("Financial Security"), for consideration
received, hereby UNCONDITIONALLY AND IRREVOCABLY GUARANTEES to each Holder,
subject only to the terms of this Policy (which includes each endorsement
hereto), the full and complete payment by the Obligor of Scheduled Payments of
principal of, and interest on, the Obligations.

         For the further protection of each Holder, Financial Security
irrevocably and unconditionally guarantees:

         (a) payment of the amount of any distribution of principal of, or
interest on, the Obligations made during the Term Of This Policy to such
Holder that is subsequently avoided in whole or in part as a preference
payment under applicable law (such payment to be made by Financial Security
in accordance with Endorsement No. 1 hereto).

         (b) payment of any amount required to be paid under this Policy by
Financial Security following Financial Security's receipt of notice as
described in Endorsement No. 1 hereto.

         Financial Security shall be subrogated to the rights of each Holder to
receive payments under the Obligations to the extent of any payment by Financial
Security hereunder.

         Except to the extent expressly modified by an endorsement hereto, the
following terms shall have the meanings specified for all purposes of this
Policy. "Holder" means the registered owner of any Obligation as indicated on
the registration books maintained by or on behalf of the Obligor for such
purpose or, if the Obligation is in bearer form, the holder of the Obligation.
"Scheduled Payments" means payments which are scheduled to be made during the
Term Of This Policy in accordance with the original terms of the Obligations
when issued and without regard to any amendment or modification of such
Obligations thereafter; payments which become due on an accelerated basis as a
result of (a) a default by the Obligor, (b) an election by the Obligor to pay
principal on an accelerated basis or (c) any other cause, shall not constitute
"Scheduled Payments" unless Financial Security shall elect, in its sole
discretion, to pay such principal due upon such acceleration to get any accrued
interest to the date of acceleration. "Term Of This Policy" shall have the
meaning set forth in Endorsement No. 1 hereto.

         This Policy sets forth in full the undertaking of Financial Security,
and shall not be modified, altered or affected by any other agreement or
instrument, including any modification or amendment thereto, or by the merger,
consolidation or dissolution the Obligor. Except to the extent expressly
modified by an endorsement hereto, the premiums paid in respect of this Policy
are nonrefundable for any reason whatsoever, including payment, or provision
being made for payment, of the Obligations prior to maturity. This Policy may
not be canceled or revoked during the Term Of This Policy. THIS POLICY IS NOT
COVERED BY THE PROPERTY/CASUALTY INSURANCE SECURITY FUND SPECIFIED IN ARTICLE 76
OF THE NEW YORK INSURANCE LAW.

     In witness whereof, FINANCIAL SECURITY ASSURANCE INC. has caused this
Policy to be executed on its behalf by its Authorized Officer.

                                       FINANCIAL SECURITY ASSURANCE INC.
                                       By: /s/ Authorized Officer
                                           ---------------------------------
                                           Authorized Officer

A subsidiary of Financial Security Assurance Holdings Ltd.
350 Park Avenue, New York, N.Y.  10022-6022                       (212) 826-0100
Form 100NY (5/89)

<PAGE>

                               ENDORSEMENT NO. 1

FINANCIAL SECURITY                                      350 Park Avenue
ASSURANCE INC.                                          New York, New York 10022

OBLIGOR:          AmeriCredit Automobile Receivables Trust 2001-A

OBLIGATIONS:      $200,000,000 Class A-1 5.5325% Asset Backed Notes
                  $515,000,000 Class A-2 5.36% Asset Backed Notes
                  $214,000,000 Class A-3 Floating Rate Asset Backed Notes
                  $471,000,000 Class A-4 Floating Rate Asset Backed Notes

Policy No.:  51052A-N
Date of Issuance:  February 6, 2001

     1. DEFINITIONS. For all purposes of this Policy, the terms specified below
shall have the meanings or constructions provided below. Capitalized terms used
herein and not otherwise defined herein shall have the meanings provided in the
Indenture or the Sale and Servicing Agreement unless otherwise specified.

        "BUSINESS DAY" means any day other than a Saturday, Sunday, legal
holiday or other day on which commercial banking institutions in Wilmington,
Delaware or New York City, New York or any other location of any successor
Servicer, successor Owner Trustee or successor Trust Collateral Agent are
authorized or obligated by law, executive order or governmental decree to be
closed.

        "HOLDER" shall have the meaning set forth in the Indenture; PROVIDED,
HOWEVER that "Holder" shall not include the Obligor or any affiliates or
successors thereof in the event the Obligor, or any such affiliate or
successor, is a registered or beneficial owner of the Obligation.

        "INDENTURE" means the Indenture, dated as of January 25, 2001,
between the Obligor and The Chase Manhattan Bank as Trustee and Trust
Collateral Agent, as amended from time to time with the consent of Financial
Security.

        "INDENTURE TRUSTEE" means The Chase Manhattan Bank in its capacity as
Trustee under the Indenture and any successor in such capacity.

        "POLICY" means this Financial Guaranty Insurance Policy and includes
each endorsement thereto.

        "RECEIPT" and "RECEIVED" mean actual delivery to Financial Security
and to the Fiscal Agent (as defined below), if any, prior to 12:00 noon, New
York City time, on a Business Day; delivery either on a day that is not a
Business Day, or after 12:00 noon, New York City time, shall be deemed to be
receipt on the next succeeding Business Day. If any notice or certificate
given hereunder by the Trust Collateral Agent is not in proper form or is not
properly completed, executed or delivered, it shall be deemed not to have
been Received, and Financial Security or its

<PAGE>

Fiscal Agent shall promptly so advise the Trust Collateral Agent and the
Trust Collateral Agent may submit an amended notice.

        "SALE AND SERVICING AGREEMENT" means the Sale and Servicing Agreement
dated as of January 25, 2001 among the Obligor, AmeriCredit Financial
Services, Inc., as Servicer, AFS Funding Corp., as Seller and The Chase
Manhattan Bank, as Backup Servicer and Trust Collateral Agent, as such
agreement may be amended, supplemented or otherwise modified from time to
time in accordance with the terms thereof.

        "SCHEDULED PAYMENTS" means, as to each Insured Distribution Date,
payments which are required to be made to Holders in accordance with the
original terms of the Obligations when issued and without regard to any
subsequent amendment or modification of the Obligations or of the Indenture
except amendments or modifications to which Financial Security has given its
prior written consent, which payments are (i) the Noteholders' Interest
Distributable Amount with respect to the related Distribution Date, (ii) the
Noteholders' Remaining Parity Deficit Amount with respect to the related
Distribution Date and (iii) with respect to the Final Scheduled Distribution
Date for any class of Obligations, the outstanding principal amount of such
class on such Final Scheduled Distribution Date, after taking into account
reductions on such Date of such outstanding principal amount from all sources
other than this Policy. Scheduled Payments do not include payments which
become due on an accelerated basis as a result of (a) a default by the
Obligor, (b) an election by the Obligor to pay principal on an accelerated
basis, (c) the occurrence of an Event of Default under the Indenture or (d)
any other cause, unless Financial Security elects, in its sole discretion, to
pay in whole or in part such principal due upon acceleration, together with
any accrued interest to the date of acceleration. In the event Financial
Security does not so elect, this Policy will continue to guarantee payment on
the Obligations in accordance with their original terms. Scheduled Payments
shall not include (x) any portion of a Noteholders' Interest Distributable
Amount due to Holders because the appropriate notice and certificate for
payment in proper form as required by paragraph 2 hereof was not timely
Received by Financial Security, (y) any portion of a Noteholders' Interest
Distributable Amount due to Holders representing interest on any Noteholders'
Interest Carryover Amount accrued from and including the date of payment of
the amount of such Noteholders' Interest Carryover Amount pursuant hereto or
(z) any Note Prepayment Amounts, unless Financial Security elects, in its
sole discretion, to pay such amount in whole or in part. Scheduled Payments
shall not include any amounts due in respect of the Obligations attributable
to any increase in interest rate, penalty or other sum payable by the Obligor
by reason of any default or event of default in respect of the Obligations,
or by reason of any deterioration of the credit worthiness of the Obligor,
nor shall Scheduled Payments include, nor shall coverage be provided under
this Policy in respect of, any taxes, withholding or other charge with
respect to any Holder imposed by any governmental authority due in connection
with the payment of any Scheduled Payment to a Holder.

        "TERM OF THIS POLICY" means the period from and including the Date of
Issuance to and including the date on which (i) all Scheduled Payments have
been paid or deemed to be paid within the meaning of Section 4.1 of the
Indenture; (ii) any period during which any Scheduled Payment could have been
avoided in whole or in part as a preference payment under applicable
bankruptcy, insolvency, receivership or similar law shall have expired and
(iii) if any proceedings requisite to avoidance as a preference payment have
been commenced prior to the occurrence of (i) and (ii), a final and
nonappealable order in resolution of each such proceeding has been entered.

                                       2

<PAGE>

        "TRUST COLLATERAL AGENT" means The Chase Manhattan Bank in its
capacity as Trust Collateral Agent under the Indenture, acting as agent for
the Indenture Trustee in accordance with the terms of the Indenture, and any
successor in such capacity.

     2. NOTICES AND CONDITIONS TO PAYMENT IN RESPECT OF SCHEDULED PAYMENTS.
Following Receipt by Financial Security of a notice and certificate from the
Trust Collateral Agent in the form attached as Exhibit A to this Endorsement,
Financial Security will pay any amount payable hereunder in respect of Scheduled
Payments on the Obligations out of the funds of Financial Security on the later
to occur of (a) 12:00 noon, New York City time, on the third Business Day
following such Receipt; and (b) 12:00 noon, New York City time, on the date on
which such payment is due on the Obligations. Payments due hereunder in respect
of Scheduled Payments will be disbursed to the Trust Collateral Agent by wire
transfer of immediately available funds.

        Financial Security shall be entitled to pay any amount hereunder in
respect of Scheduled Payments on the Obligations, including any amount due on
the Obligations on an accelerated basis, whether or not any notice and
certificate shall have been Received by Financial Security as provided above
provided, however, that by acceptance of this Policy the Trust Collateral
Agent agrees to provide to Financial Security, upon Financial Security's
request to the Trust Collateral Agent, a notice and certificate in respect of
any such payments made by Financial Security. Financial Security shall be
entitled to pay hereunder any amount that becomes due on the Obligations on
an accelerated basis at any time or from time to time after such amount
becomes due, in whole or in part, prior to the scheduled date of payment
thereof; Scheduled Payments insured hereunder shall not include interest, in
respect of principal paid hereunder on an accelerated basis, accruing from
and after the date of such payment of principal. Financial Security's
obligations hereunder in respect of Scheduled Payments shall be discharged to
the extent funds are disbursed by Financial Security as provided herein
whether or not such funds are properly applied by the Trust Collateral Agent.

         3. NOTICES AND CONDITIONS TO PAYMENT IN RESPECT OF SCHEDULED PAYMENTS
AVOIDED AS PREFERENCE PAYMENTS. If any Scheduled Payment is avoided as a
preference payment under applicable bankruptcy, insolvency, receivership or
similar law, Financial Security will pay such amount out of the funds of
Financial Security on the later of (a) the date when due to be paid pursuant to
the Order referred to below or (b) the first to occur of (i) the fourth Business
Day following Receipt by Financial Security from the Trust Collateral Agent of
(A) a certified copy of the order (the "ORDER") of the court or other
governmental body that exercised jurisdiction to the effect that the Holder is
required to return Scheduled Payments made with respect to the Obligations
during the Term Of This Policy because such payments were avoidable as
preference payments under applicable bankruptcy law, (B) a certificate of the
Holder that the Order has been entered and is not subject to any stay and (C) an
assignment duly executed and delivered by the Holder, in such form as is
reasonably required by Financial Security, and provided to the Holder by
Financial Security, irrevocably assigning to Financial Security all rights and
claims of the Holder relating to or arising under the Obligations against the
estate of the Obligor or otherwise with respect to such preference payment or
(ii) the date of Receipt by Financial Security from the Trust Collateral Agent
of the items referred to in clauses (A), (B) and (C) above if, at least four
Business Days prior to such date of Receipt, Financial Security shall have
Received written notice from the Trust Collateral Agent that such items were to
be delivered on such date and such date was specified in such notice. Such
payment shall be disbursed to the receiver, conservator, debtor-in-

                                       3

<PAGE>

possession or trustee in bankruptcy named in the Order and not to the Trust
Collateral Agent or any Holder directly (unless a Holder previously paid such
amount to the receiver, conservator, debtor-in-possession or trustee in
bankruptcy named in the Order, in which case such payment shall be disbursed
to the Trust Collateral Agent for distribution to such Holder upon proof of
such payment reasonably satisfactory to Financial Security). In connection
with the foregoing, Financial Security shall have the rights provided
pursuant to Section 6.2 of the Sale and Servicing Agreement.

     4. GOVERNING LAW. This Policy shall be governed by and construed in
accordance with the laws of the State of New York without giving effect to the
conflict of laws principles thereof.

     5. FISCAL AGENT. At any time during the Term Of This Policy, Financial
Security may appoint a fiscal agent (the "FISCAL AGENT") for purposes of this
Policy by written notice to the Trust Collateral Agent at the notice address
specified in the Indenture specifying the name and notice address of the Fiscal
Agent. From and after the date of receipt of such notice by the Trust Collateral
Agent, (i) copies of all notices and, documents required to be delivered to
Financial Security pursuant to this Policy shall be simultaneously delivered to
the Fiscal Agent and to Financial Security and shall not be deemed Received
until Received by both, and (ii) all payments required to be made by Financial
Security under this Policy may be made directly by Financial Security or by the
Fiscal Agent on behalf of Financial Security. The Fiscal Agent is the agent of
Financial Security only and the Fiscal Agent shall in no event be liable to any
Holder for any acts of the Fiscal Agent or any failure of Financial Security to
deposit, or cause to be deposited, sufficient funds to make payments due under
the Policy.

     6. WAIVER OF DEFENSES. To the fullest extent permitted by applicable
law, Financial Security agrees not to assert, and hereby waives, for the benefit
of each Holder, all rights (whether by counterclaim, setoff or otherwise) and
defenses (including, without limitation, the defense of fraud), whether acquired
by subrogation, assignment or otherwise, to the extent that such rights and
defenses may be available to Financial Security to avoid payment of its
obligations under this Policy in accordance with the express provisions of this
Policy.

     7. NOTICES. All notices 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 Financial Security as follows:

                  Financial Security Assurance Inc.
                  350 Park Avenue
                  New York, NY  10022
                  Attention: Senior Vice President - Transaction Oversight
                             Department
                  Re: AmeriCredit Automobile Receivables Trust 2000-D
                  Policy No.: 51013-N
                  Telecopy No.: (212) 339-3518
                  Confirmation: (212) 826-0100

                  Financial Security may specify a different address or
addresses by writing mailed or delivered to the Trust Collateral Agent.

                                       4

<PAGE>

     8. PRIORITIES. In the event that any term or provision of the face of this
Policy is inconsistent with the provisions of this Endorsement, the provisions
of this Endorsement shall take precedence and shall be binding.

     9. EXCLUSIONS FROM INSURANCE GUARANTY FUNDS. This Policy is not covered
by the Property/Casualty Insurance Security Fund specified in Article 76 of the
New York Insurance Law. This Policy is not covered by the Florida Insurance
Guaranty Association created under Part II of Chapter 631 of the Florida
Insurance Code. In the event that Financial Security were to become insolvent,
any claims arising under this Policy are excluded from coverage by the
California Insurance Guaranty Association, established pursuant to Article 14.2
of Chapter 1 of Part 2 of Division 1 of the California Insurance Code.

     10. SURRENDER OF POLICY. The Trust Collateral Agent shall surrender this
Policy to Financial Security for cancellation upon expiration of the Term Of
This Policy.

                                       5

<PAGE>

     IN WITNESS WHEREOF, FINANCIAL SECURITY ASSURANCE INC. has caused this
Endorsement No. 1 to be executed by its Authorized Officer.

                                       FINANCIAL SECURITY ASSURANCE INC.
                                       By: /s/ Authorized Officer
                                           ---------------------------------
                                           Authorized Officer

                                       6

<PAGE>

                                   EXHIBIT A

                             To Endorsement No. 1

                        NOTICE OF CLAIM AND CERTIFICATE

                    (Letterhead of Trust Collateral Agent)

Financial Security Assurance Inc.
350 Park Avenue
New York, NY  10022

                  Re: AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2001-A

                  The undersigned, a duly authorized officer The Chase Manhattan
Bank (the "Trust Collateral Agent"), hereby certifies to Financial Security
Assurance Inc. ("Financial Security"), with reference to Financial Guaranty
Insurance Policy No. 51052A-N dated February 6, 2001 (the "Policy") issued by
Financial Security in respect of the $200,000,000 Class A-1 5.5325% Asset Backed
Notes, $515,000,000 Class A-2 5.36% Asset Backed Notes, $214,000,000 A-3
Floating Rate Asset Backed Notes and $471,000,000 Class A-4 Floating Rate Asset
Backed Notes of the above-referenced Trust (the "Obligations"), that:

          (i)   The Trust Collateral Agent is the Trust Collateral Agent for the
     Holders under the Indenture.

          (ii)  The sum of all amounts on deposit (or scheduled to be on
     deposit) in the Note Distribution Account and available for distribution
     to the Holders pursuant to the Indenture will be $ _______________ (the
     "Shortfall") less than the aggregate amount of Scheduled Payments due on
     __________________.

          (iii) The Trust Collateral Agent is making a claim under the Policy
     for the Shortfall to be applied to the payment of Scheduled Payments.

          (iv)  The Trust Collateral Agent agrees that, following receipt of
     funds from Financial Security, it shall (a) hold such amounts in trust and
     apply the same directly to the payment of Scheduled Payments on the
     Obligations when due; (b) not apply such funds for any other purpose; (c)
     not commingle such funds with other funds held by the Trust Collateral
     Agent and (d) maintain an accurate record of such payments with respect to
     each Obligation and the corresponding claim on the Policy and proceeds
     thereof, and, if the Obligation is required to be surrendered or presented
     for such payment, shall stamp on each such Obligation the legend "$[insert
     applicable amount] paid by Financial Security and the balance hereof has
     been cancelled and reissued" and then shall deliver such Obligation to
     Financial Security.

          (v)   The Trust Collateral Agent, on behalf of the Holders, hereby
     assigns to Financial Security the rights of the Holders with respect to the
     Obligations to the extent of any payments under the Policy, including,
     without limitation, any amounts due to the Holders in respect of securities
     law violations arising from the offer and sale of the Obligations. The
     foregoing assignment is in addition to, and not in limitation of, rights of
     subrogation otherwise available to

                                      A-1

<PAGE>

     Financial Security in respect of such payments. Payments to Financial
     Security in respect of the foregoing assignment shall in all cases be
     subject to and subordinate to the rights of the Holders to receive all
     Scheduled Payments in respect of the Obligations. The Trust Collateral
     Agent shall take such action and deliver such instruments as may be
     reasonably requested or required by Financial Security to effectuate the
     purpose or provisions of this clause (v).

          (vi)  The Trust Collateral Agent, on behalf of the Holders, hereby
     appoints Financial Security as agent and attorney-in-fact for the Trust
     Collateral Agent and each such Holder in any legal proceeding with respect
     to the Obligations. The Trust Collateral Agent hereby agrees that, so long
     as an Insurer Default (as defined in the Indenture) shall not exist,
     Financial Security may at any time during the continuation of any
     proceeding by or against the Obligor under the United States Bankruptcy
     Code or any other applicable bankruptcy, insolvency, receivership,
     rehabilitation or similar law (an "Insolvency Proceeding") direct all
     matters relating to such Insolvency Proceeding, including without
     limitation, (A) all matters relating to any claim in connection with an
     Insolvency Proceeding seeking the avoidance as a preferential transfer of
     any payment made with respect to the Obligations (a "Preference Claim"),
     (B) the direction of any appeal of any order relating to any Preference
     Claim at the expense of Financial Security but subject to reimbursement as
     provided in the Insurance Agreement and (C) the posting of any surety,
     supersedeas or performance bond pending any such appeal. In addition, the
     Trust Collateral Agent hereby agrees that Financial Security shall be
     subrogated to, and the Trust Collateral Agent on its behalf and on behalf
     of each Holder, hereby delegates and assigns, to the fullest extent
     permitted by law, the rights of the Trust Collateral Agent and each Holder
     in the conduct of any Insolvency Proceeding, including, without limitation,
     all rights of any party to an adversary proceeding or action with respect
     to any court order issued in connection with any such Insolvency
     Proceeding.

          (vii) Payment should be made by wire transfer directed to [SPECIFY
     ACCOUNT].

     Unless the context otherwise requires, capitalized terms used in this
Notice of Claim and Certificate and not defined herein shall have the meanings
provided in the Policy.

                                      A-2

<PAGE>

     IN WITNESS WHEREOF, the Trust Collateral Agent has executed and delivered
this Notice of Claim and Certificate as of the ___ th day of ___________, 20__.

                                       THE CHASE MANHATTAN BANK,
                                       as Trust Collateral Agent

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

----------------------------------------------------

For Financial Security or Fiscal Agent Use Only

Wire transfer sent on ___________ By_________________________
Confirmation Number ______________________.

                                      A-3<PAGE>

                                                                    EXHIBIT 10.1

                                                                  EXECUTION COPY

                               PURCHASE AGREEMENT

                                    BETWEEN

                                AFS FUNDING CORP.
                                    PURCHASER

                                       AND

                      AMERICREDIT FINANCIAL SERVICES, INC.
                                     SELLER

                          DATED AS OF JANUARY 25, 2001

<PAGE>

                               TABLE OF CONTENTS

<TABLE>
<CAPTION>

                                                                            PAGE
<S>                                                                         <C>
ARTICLE I. DEFINITIONS.........................................................1

   SECTION 1.1      General....................................................1
   SECTION 1.2      Specific Terms.............................................1
   SECTION 1.3      Usage of Terms.............................................3
   SECTION 1.4      [Reserved].................................................3
   SECTION 1.5      No Recourse................................................3
   SECTION 1.6      Action by or Consent of Noteholders and Certificateholder..3
   SECTION 1.7      Material Adverse Effect....................................3

ARTICLE II. CONVEYANCE OF THE RECEIVABLES  AND THE OTHER CONVEYED PROPERTY.....4

   SECTION 2.1      Conveyance of the Initial Receivables and the Initial Other
                    Conveyed Property..........................................4
   SECTION 2.2      Conveyance of the Subsequent Receivables and the Subsequent
                    Other Conveyed Property....................................4

ARTICLE III. REPRESENTATIONS AND WARRANTIES....................................5

   SECTION 3.1      Representations and Warranties of Seller...................5
   SECTION 3.2      Representations and Warranties of Purchaser................7

ARTICLE IV. COVENANTS OF SELLER................................................8

   SECTION 4.1      Protection of Title of Purchaser...........................8
   SECTION 4.2      Other Liens or Interests..................................10
   SECTION 4.3      Costs and Expenses........................................10
   SECTION 4.4      Indemnification...........................................10

ARTICLE V. REPURCHASES........................................................12

   SECTION 5.1      Repurchase of Receivables Upon Breach of Warranty.........12
   SECTION 5.2      Reassignment of Purchased Receivables.....................13
   SECTION 5.3      Waivers...................................................13

ARTICLE VI. MISCELLANEOUS.....................................................13

   SECTION 6.1      Liability of Seller.......................................13
   SECTION 6.2      Merger or Consolidation of Seller or Purchaser............13
   SECTION 6.3      Limitation on Liability of Seller and Others..............14
   SECTION 6.4      Seller May Own Notes or the Certificate...................14
   SECTION 6.5      Amendment.................................................14
   SECTION 6.6      Notices...................................................15
   SECTION 6.7      Merger and Integration....................................15
   SECTION 6.8      Severability of Provisions................................16
   SECTION 6.9      Intention of the Parties..................................16
   SECTION 6.10       Governing Law...........................................16
   SECTION 6.11       Counterparts............................................16
   SECTION 6.12       Conveyance of the Receivables and the Other Conveyed

                                       i
<PAGE>

                      Property to the Issuer..................................16
   SECTION 6.13       Nonpetition Covenant....................................17

SCHEDULES

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

</TABLE>
                                       ii
<PAGE>

                               PURCHASE AGREEMENT

                  THIS PURCHASE AGREEMENT, dated as of January 25, 2001,
executed among AFS Funding Corp., a Nevada corporation, as purchaser
("PURCHASER") and AmeriCredit Financial Services, Inc., a Delaware
corporation, as Seller ("SELLER").

                              W I T N E S S E T H :

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

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

                                   ARTICLE I.

                                   DEFINITIONS

                  SECTION 1.1 GENERAL. The specific terms defined in this
Article include the plural as well as the singular. The words "herein",
"hereof" and "hereunder" and other words of similar import refer to this
Agreement as a whole and not to any particular Article, Section or other
subdivision, and Article, Section, Schedule and Exhibit references, unless
otherwise specified, refer to Articles and Sections of and Schedules and
Exhibits to this Agreement. Capitalized terms used herein without definition
shall have the respective meanings assigned to such terms in the Sale and
Servicing Agreement dated as of January 25, 2001, by and among AFS Funding
Corp. (as Seller), AmeriCredit Financial Services, Inc. (in its individual
capacity and as Servicer), AmeriCredit Automobile Receivables Trust 2001-A
(as Issuer) and The Chase Manhattan Bank, as Backup Servicer and Trust
Collateral Agent.

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

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

                  "CLOSING DATE" means February 6, 2001.

                  "INITIAL OTHER CONVEYED PROPERTY" means all property
conveyed by the Seller to the Purchaser pursuant to this Agreement other than
the Initial Receivables.

                  "INITIAL RECEIVABLES" means the Receivables listed on the
Schedules of Receivables attached hereto.

<PAGE>

                  "ISSUER" means AmeriCredit Automobile Receivables Trust
2001-A.

                  "OTHER CONVEYED PROPERTY" means all property conveyed by
the Purchaser to the Trust pursuant to Sections 2.1(b),(c),(d),(e),(f) and
(h) of the Sale and Servicing Agreement.

                  "OWNER TRUSTEE" means Bankers Trust (Delaware), as Owner
Trustee appointed and acting pursuant to the Trust Agreement.

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

                  "RELATED DOCUMENTS" means, with respect to the Subsequent
Receivables, the Subsequent Purchase Agreement, the Notes, the Certificate,
the Custodian Agreement, the Sale and Servicing Agreement, the Indenture, the
Trust Agreement, the Policy, the Spread Account Agreement, the Spread Account
Agreement Supplement, the Insurance Agreement, the Lockbox Agreement and the
Underwriting Agreement. The Related Documents to be executed by any party are
referred to herein as "SUCH PARTY'S RELATED DOCUMENTS," "ITS RELATED
DOCUMENTS" or by a similar expression.

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

                  "SALE AND SERVICING AGREEMENT" means the Sale and Servicing
Agreement referred to in Section 1.1 hereof.

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

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

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

                  "SUBSEQUENT OTHER CONVEYED PROPERTY" means all property
conveyed by the Seller to the Purchaser pursuant to the Subsequent Purchase
Agreement other than the Subsequent Receivables.

                  "SUBSEQUENT PURCHASE AGREEMENT" means an agreement by and
between the Seller and the Purchaser pursuant to which the Purchaser will
acquire Subsequent Receivables.

                  "SUBSEQUENT RECEIVABLES" means the Receivables transferred
to the Purchaser pursuant to Section 2.2, which shall be listed on Schedule A
to the related Subsequent Purchase Agreement.

                  "SUBSEQUENT TRANSFER DATE" means, with respect to
Subsequent Receivables, any date, occurring not more frequently than once a
month, during the Funding Period on which

                                       2
<PAGE>

Subsequent Receivables are to be transferred to the Purchaser pursuant to
this Agreement, and a Subsequent Purchase Agreement is executed and delivered.

                  "TRUST COLLATERAL AGENT" means The Chase Manhattan Bank, as
trust collateral agent and any successor trust collateral agent appointed and
acting pursuant to the Sale and Servicing Agreement.

                  "TRUSTEE" means The Chase Manhattan Bank, as trustee and
any successor Trustee appointed and acting pursuant to the Indenture.

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

                  SECTION 1.4  [RESERVED].

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

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

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

                                       3
<PAGE>

                                   ARTICLE II.

                          CONVEYANCE OF THE RECEIVABLES
                         AND THE OTHER CONVEYED PROPERTY

                  SECTION 2.1  CONVEYANCE OF THE INITIAL RECEIVABLES AND THE
INITIAL OTHER CONVEYED PROPERTY.

                  (a) Subject to the terms and conditions of this Agreement,
         Seller hereby sells, transfers, assigns, and otherwise conveys to
         Purchaser without recourse (but without limitation of its obligations
         in this Agreement), and Purchaser hereby purchases, all right, title
         and interest of Seller in and to the Initial Receivables and the
         Initial Other Conveyed Property. It is the intention of Seller and
         Purchaser that the transfer and assignment contemplated by this
         Agreement shall constitute a sale of the Initial Receivables and the
         Initial Other Conveyed Property from Seller to Purchaser, conveying
         good title thereto free and clear of any liens, and the beneficial
         interest in and title to the Initial Receivables and the Initial Other
         Conveyed Property shall not be part of Seller's estate in the event of
         the filing of a bankruptcy petition by or against Seller under any
         bankruptcy or similar law.

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

                  SECTION 2.2  CONVEYANCE OF THE SUBSEQUENT RECEIVABLES AND THE
SUBSEQUENT OTHER CONVEYED PROPERTY.

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

                  (b) Simultaneously with the conveyance of the Subsequent
         Receivables and the Subsequent Other Conveyed Property to Purchaser,
         Purchaser shall pay or cause to be paid to or upon the order of Seller
         an amount equal to the book value of the Subsequent

                                       4
<PAGE>

         Receivables sold by Seller, as set forth on the books and records of
         Seller, by wire transfer of immediately available funds.

                                  ARTICLE III.

                         REPRESENTATIONS AND WARRANTIES

                  SECTION 3.1  REPRESENTATIONS AND WARRANTIES OF SELLER.
Seller makes the following representations and warranties as of the date
hereof and as of the Subsequent Transfer Date, as the case may be, on which
Purchaser relies in purchasing the Receivables and the Other Conveyed
Property and in transferring the Receivables and the Other Conveyed Property
to the Issuer under the Sale and Servicing Agreement and on which the Insurer
will rely in issuing the Policies. Such representations are made as of the
execution and delivery of this Agreement and as of the execution and delivery
of any Subsequent Purchase Agreement, but shall survive the sale, transfer
and assignment of the Receivables and the Other Conveyed Property hereunder
and under any Subsequent Purchase Agreement, and the sale, transfer and
assignment thereof by Purchaser to the Issuer under the Sale and Servicing
Agreement. Seller and Purchaser agree that Purchaser will assign to Issuer
all Purchaser's rights under this Agreement and that the Trustee will
thereafter be entitled to enforce this Agreement against Seller in the
Trustee's own name on behalf of the Noteholders.

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

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

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

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

                                       5
<PAGE>

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

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

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

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

                  (i) CHIEF EXECUTIVE OFFICE. The chief executive office of
         Seller is located at 801 Cherry Street, Suite 3900, Fort Worth,
         Texas 76102.

                                       6
<PAGE>

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

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

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

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

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

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

                  (f) NO VIOLATION. The execution, delivery and performance by
         Purchaser of this Agreement, the consummation of the transactions
         contemplated by this Agreement and the Related Documents and the
         fulfillment of the terms of this Agreement and the Related Documents do
         not and will not conflict with, result in any breach of any of the
         terms and

                                       7
<PAGE>

         provisions of, or constitute (with or without notice or lapse of time)
         a default under, the certificate of incorporation or bylaws of
         Purchaser, or conflict with or breach any of the terms or provisions
         of, or constitute (with or without notice or lapse of time) a default
         under, any indenture, agreement, mortgage, deed of trust or other
         instrument to which Purchaser is a party or by which Purchaser is bound
         or to which any of its properties are subject, or result in the
         creation or imposition of any Lien upon any of its properties pursuant
         to the terms of any such indenture, agreement, mortgage, deed of trust
         or other instrument (other than the Sale and Servicing Agreement and
         the Spread Account Agreement), or violate any law, order, rule or
         regulation, applicable to Purchaser or its properties, of any federal
         or state regulatory body, any court, administrative agency, or other
         governmental instrumentality having jurisdiction over Purchaser or any
         of its properties.

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

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

                                   ARTICLE IV.

                               COVENANTS OF SELLER

                  SECTION 4.1  PROTECTION OF TITLE OF PURCHASER.

                  (a) At or prior to the Closing Date, Seller shall have filed
         or caused to be filed a UCC-1 financing statement, executed by Seller
         as Seller or debtor, naming Purchaser as purchaser or secured party and
         describing the Initial Receivables and the Initial Other Conveyed
         Property being sold by it to Purchaser as collateral, with the office
         of the Secretary of State of the State of Texas and in such other
         locations as Purchaser shall

                                       8
<PAGE>

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

                  (b) Seller shall not change its name, identity, or corporate
         structure in any manner that would, could or might make any financing
         statement or continuation statement filed by Seller (or by Purchaser,
         Issuer or the Trust Collateral Agent on behalf of Seller) in accordance
         with paragraph (a) above seriously misleading within the meaning of
         Section 9-402(7) of the UCC, unless they shall have given Purchaser,
         Issuer and the Trust Collateral Agent at least 60 days' prior written
         notice thereof, and shall promptly file appropriate amendments to all
         previously filed financing statements and continuation statements.

                  (c) Seller shall give Purchaser, the Issuer, the Insurer (so
         long as an Insurer Default shall not have occurred and be continuing)
         and the Trust Collateral Agent at least 60 days' prior written notice
         of any relocation of their principal executive offices, if as a result
         of such relocation, the applicable provisions of the UCC would require
         the filing of any amendment of any previously filed financing or
         continuation statement or of any new financing statement. Seller shall
         at all times maintain each office from which it services Receivables
         and its principal executive office within the United States of America.

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

                                       9
<PAGE>

         Indication of the Issuer's ownership of a Receivable shall be
         deleted from or modified on Seller's computer systems when, and only
         when, the Receivable shall become a Purchased Receivable or shall have
         been paid in full.

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

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

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

                  SECTION 4.4  INDEMNIFICATION.

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

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

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

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

                                       10
<PAGE>

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

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

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

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

                  (h) Seller shall indemnify, defend and hold harmless
         Purchaser, the Issuer, the Trust Collateral Agent, the Trustee, the
         Backup Servicer, the Owner Trustee, the

                                       11
<PAGE>

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

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

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

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

                                   ARTICLE V.

                                   REPURCHASES

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

                                       12
<PAGE>

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

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

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

                                   ARTICLE VI.

                                  MISCELLANEOUS

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

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

                                       13
<PAGE>

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

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

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

                  SECTION 6.5  AMENDMENT.

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

                                       14
<PAGE>

         Trust Collateral Agent, adversely affect in any material respect the
         interests of any Certificateholder or Noteholder.

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

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

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

                  SECTION 6.6  NOTICES. All demands, notices and
communications to Seller or Purchaser hereunder shall be in writing,
personally delivered, or sent by telecopier (subsequently confirmed in
writing), reputable overnight courier or mailed by certified mail, return
receipt requested, and shall be deemed to have been given upon receipt (a) in
the case of Seller, to AmeriCredit Financial Services, Inc., 801 Cherry
Street, Suite 3900, Fort Worth, Texas 76102, Attention: Chief Financial
Officer, or (b) in the case of Purchaser, to AFS Funding Corp., 639 Isbell
Rd., Suite 390, Reno, Nevada 85909, Attention: Chief Financial Officer, or
such other address as shall be designated by a party in a written notice
delivered to the other party or to the Issuer, Owner Trustee or the Trust
Collateral Agent, as applicable.

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

                                       15
<PAGE>

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

                  SECTION 6.9  INTENTION OF THE PARTIES. The execution and
delivery of this Agreement shall constitute an acknowledgment by Seller and
Purchaser that they intend that the assignment and transfer herein
contemplated constitute a sale and assignment outright, and not for security,
of the Receivables and the Other Conveyed Property, conveying good title
thereto free and clear of any Liens, from Seller to Purchaser, and that the
Receivables and the Other Conveyed Property shall not be a part of Seller's
estates in the event of the bankruptcy, reorganization, arrangement,
insolvency or liquidation proceeding, or other proceeding under any federal
or state bankruptcy or similar law, or the occurrence of another similar
event, of, or with respect to Seller. In the event that such conveyance is
determined to be made as security for a loan made by Purchaser, the Issuer,
the Noteholders or the Certificateholder to Seller, the parties intend that
Seller shall have granted to Purchaser a security interest in all of Seller's
right, title and interest in and to the Receivables and the Other Conveyed
Property conveyed pursuant to Section 2.1 hereof, and that this Agreement
shall constitute a security agreement under applicable law.

                  SECTION 6.10  GOVERNING LAW. This Agreement shall be
construed in accordance with the laws of the State of New York without regard
to the principles of conflicts of laws thereof and the obligations, rights
and remedies of the parties under this Agreement shall be determined in
accordance with such laws.

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

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

                                       16
<PAGE>

enforce the duties and obligations of Seller under this Agreement against
Seller for the benefit of the Insurer, the Owner Trustee, the Trust
Collateral Agent, the Noteholders and the Certificateholder.

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

                                       17
<PAGE>

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

                      AFS FUNDING CORP., as Purchaser

                      By: /s/ Preston A. Miller
                         -----------------------------------------------
                         Name:  Preston A. Miller
                         Title: Executive Vice President and Treasurer

                      AMERICREDIT FINANCIAL SERVICES,
                         INC., as Seller

                      By:  /s/ Preston A. Miller
                         -----------------------------------------------
                         Name:  Preston A. Miller
                         Title: Executive Vice President and Treasurer

Accepted:

THE CHASE MANHATTAN BANK,
as Trustee and Trust Collateral Agent

By: /s/ Craig M. Kantor
   ---------------------------------
   Name:  Craig M. Kantor
   Title: Vice President

                              [Purchase Agreement]

<PAGE>

                                   SCHEDULE A

                        SCHEDULE OF RECEIVABLES FROM AFS

<PAGE>

                     SCHEDULE B (TO THE PURCHASE AGREEMENT)

                        REPRESENTATIONS AND WARRANTIES OF

              AMERICREDIT FINANCIAL SERVICES, INC. ("AMERICREDIT")

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

         2. NO FRAUD OR MISREPRESENTATION. Each Receivable was originated (i) by
AmeriCredit, (ii) by a Dealer and was sold by the Dealer to AmeriCredit, or
(iii) by a Third-Party Lender and was sold by the Third-Party Lender to
AmeriCredit, and was sold by AmeriCredit to AFS Funding without any fraud or
misrepresentation on the part of such Dealer or Third-Party Lender in any case.

         3. COMPLIANCE WITH LAW. All requirements of applicable federal, state
and local laws, and regulations thereunder (including, without limitation, usury
laws, the Federal Truth-in-Lending Act, the Equal Credit Opportunity Act, the
Fair Credit Billing Act, the Fair Credit Reporting Act, the Fair Debt Collection
Practices Act, the Federal Trade Commission Act, the Moss-Magnuson Warranty Act,
the Federal Reserve Board's Regulations "B" and "Z" (including amendments to the
Federal Reserve's Official Staff Commentary to Regulation Z, effective October
1, 1998, concerning negative equity loans), the Soldiers' and Sailors' Civil
Relief Act of 1940, each applicable state Motor Vehicle Retail Installment Sales
Act, and state adaptations of the National Consumer Act and of the Uniform
Consumer Credit Code and other consumer credit laws and equal credit opportunity
and disclosure laws) in respect of the Receivables and the Financed Vehicles,
have been complied with in all material respects, and each Receivable and the
sale of the Financed Vehicle evidenced by each Receivable complied at the time
it was

<PAGE>

originated or made and now complies in all material respects with all
applicable legal requirements.

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

         5. BINDING OBLIGATION. Each Receivable represents the genuine, legal,
valid and binding payment obligation of the Obligor thereon, enforceable by the
holder thereof in accordance with its terms, except (A) as enforceability may be
limited by bankruptcy, insolvency, reorganization or similar laws affecting the
enforcement of creditors' rights generally and by equitable limitations on the
availability of specific remedies, regardless of whether such enforceability is
considered in a proceeding in equity or at law and (B) as such Receivable may be
modified by the application after the Cutoff Date of the Soldiers' and Sailors'
Civil Relief Act of 1940, as amended; and all parties to each Receivable had
full legal capacity to execute and deliver such Receivable and all other
documents related thereto and to grant the security interest purported to be
granted thereby.

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

         7. OBLIGOR BANKRUPTCY. At the related Cutoff Date no Obligor had
been identified on the records of AmeriCredit as being the subject of a
current bankruptcy proceeding.

         8. SCHEDULES OF RECEIVABLES. The information set forth in the
Schedules of Receivables has been produced from the Electronic Ledger and was
true and correct in all material respects as of the close of business on the
related Cutoff Date.

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

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

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

         12. CHATTEL PAPER. The Receivables constitute chattel paper within
the meaning of the UCC as in effect in the States of Texas and New York.

         13. ONE ORIGINAL. There is only one original executed copy of each
Receivable.

         14. RECEIVABLE FILES COMPLETE. There exists a Receivable File
pertaining to each Receivable and such Receivable File contains (a) a fully
executed original of the Receivable, (b)

                                       2
<PAGE>

the original executed credit application, or a paper or electronic copy
thereof and (c) the original Lien Certificate or application therefor. Each
of such documents which is required to be signed by the Obligor has been
signed by the Obligor in the appropriate spaces. All blanks on any form have
been properly filled in and each form has otherwise been correctly prepared.
The complete Receivable File for each Receivable currently is in the
possession of the Custodian.

         15.  RECEIVABLES IN FORCE. No Receivable has been satisfied,
subordinated or rescinded, and the Financed Vehicle securing each such
Receivable has not been released from the lien of the related Receivable in
whole or in part. No terms of any Receivable have been waived, altered or
modified in any respect since its origination, except by instruments or
documents identified in the Receivable File. No Receivable has been modified as
a result of application of the Soldiers' and Sailors' Civil Relief Act of 1940,
as amended.

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

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

         18.  SECURITY INTEREST IN FINANCED VEHICLE. Each Receivable created
or shall create a valid, binding and enforceable first priority security
interest in favor of AmeriCredit in the Financed Vehicle. The Lien
Certificate and original certificate of title for each Financed Vehicle show,
or if a new or replacement Lien Certificate is being applied for with respect
to such Financed Vehicle the Lien Certificate will be received within 180
days of the Closing Date or Subsequent Transfer Date, as applicable, and will
show AmeriCredit named as the original secured party under each Receivable as
the holder of a first priority security interest in such Financed Vehicle.
With respect to each Receivable for which the Lien Certificate has not yet
been returned from the Registrar of Titles, AmeriCredit has applied for or
received written evidence from the related Dealer or Third-Party Lender that
such Lien Certificate showing AmeriCredit as first lienholder has been
applied for and AmeriCredit's security interest has been validly assigned by
AmeriCredit to AFS Funding pursuant to this Agreement. Immediately after the
sale, transfer and assignment thereof by AmeriCredit to AFS Funding, each
Receivable will be secured by an enforceable and perfected first priority
security interest in the Financed Vehicle in favor of AFS Funding as secured
party, which security interest is prior to all other Liens upon and security
interests in such Financed Vehicle which now exist or may hereafter arise or
be created (except, as to priority, for any lien for taxes, labor or materials
affecting a Financed Vehicle). As of the related Cutoff Date there were no Liens
or claims for taxes, work, labor or

                                       3
<PAGE>

materials affecting a Financed Vehicle which are or may be Liens prior or equal
to the Liens of the related Receivable.

         19.  ALL FILINGS MADE. All filings (including, without limitation,
UCC filings) required to be made by any Person and actions required to be
taken or performed by any Person in any jurisdiction to give AFS Funding a
first priority perfected lien on, or ownership interest in, the Receivables
and the proceeds thereof and the Other Conveyed Property have been made,
taken or performed.

         20. NO IMPAIRMENT. AmeriCredit has not done anything to convey any
right to any Person that would result in such Person having a right to payments
due under the Receivable or otherwise to impair the rights of the Trust, the
Insurer, the Trustee, the Trust Collateral Agent and the Noteholders in any
Receivable or the proceeds thereof.

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

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

         23. NO DEFAULT. There has been no default, breach, violation or
event permitting acceleration under the terms of any Receivable (other than
payment delinquencies of not more than 30 days), and no condition exists or
event has occurred and is continuing that with notice, the lapse of time or
both would constitute a default, breach, violation or event permitting
acceleration under the terms of any Receivable, and there has been no waiver
of any of the foregoing. As of the related Cutoff Date no Financed Vehicle
had been repossessed.

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

         25. PAST DUE. At the related Cutoff Date no Receivable was more than
30 days past due.

         26. REMAINING PRINCIPAL BALANCE. At the related Cutoff Date the
Principal Balance of each Receivable set forth in the Schedules of
Receivables is true and accurate in all material respects.

                                       4
<PAGE>

         27. CERTAIN CHARACTERISTICS OF INITIAL RECEIVABLES. (A) Each Initial
Receivable had a remaining maturity, as of the Initial Cutoff Date, of not
more than 72 months; (B) each Initial Receivable had an original maturity of
not more than 72 months; (C) each Initial Receivable had a remaining
Principal Balance as of the Initial Cutoff Date of at least $250 and not more
than $60,000; (D) each Initial Receivable has an Annual Percentage Rate of at
least 8% and not more than 33%; (E) no Initial Receivable was more than 30
days past due as of the Initial Cutoff Date and (F) no funds had been
advanced by AmeriCredit, any Dealer, any Third-Party Lender, or anyone acting
on behalf of any of them in order to cause any Initial Receivable to qualify
under clause (E) above.

                                       5

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