Document:

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                                                                     EXHIBIT 4.3
                                                                  EXECUTION COPY

                               SALE AND SERVICING
                                    AGREEMENT

                                      among

                AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2002-C,

                                     Issuer,

                               AFS FUNDING TRUST,

                                     Seller,

                      AMERICREDIT FINANCIAL SERVICES, INC.,

                                    Servicer

                                       and

                                  BANK ONE, NA

                   Backup Servicer and Trust Collateral Agent

                           Dated as of August 9, 2002

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                                TABLE OF CONTENTS

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ARTICLE I Definitions.........................................................................................1
     SECTION 1.1.        Definitions..........................................................................1
     SECTION 1.2.        Other Definitional Provisions.......................................................20

ARTICLE II Conveyance of Receivables.........................................................................21
     SECTION 2.1.        Conveyance of Receivables...........................................................21
     SECTION 2.2.        [Reserved]..........................................................................22
     SECTION 2.3.        Further Encumbrance of Trust Property...............................................22

ARTICLE III The Receivables..................................................................................22
     SECTION 3.1.        Representations and Warranties of Seller............................................22
     SECTION 3.2.        Repurchase upon Breach..............................................................23
     SECTION 3.3.        Custody of Receivables Files........................................................24

ARTICLE IV Administration and Servicing of Receivables.......................................................24
     SECTION 4.1.        Duties of the Servicer..............................................................24
     SECTION 4.2.        Collection of Receivable Payments; Modifications of Receivables; Lockbox Agreements.26
     SECTION 4.3.        Realization upon Receivables........................................................28
     SECTION 4.4.        Insurance...........................................................................29
     SECTION 4.5.        Maintenance of Security Interests in Vehicles.......................................31
     SECTION 4.6.        Covenants, Representations, and Warranties of Servicer..............................32
     SECTION 4.7.        Purchase of Receivables Upon Breach of Covenant.....................................33
     SECTION 4.8.        Total Servicing Fee; Payment of Certain Expenses by Servicer........................33
     SECTION 4.9.        Preliminary Servicer's Certificate and Servicer's Certificate.......................33
     SECTION 4.10.       Annual Statement as to Compliance, Notice of Servicer Termination Event.............34
     SECTION 4.11.       Annual Independent Accountants' Report..............................................35
     SECTION 4.12.       Access to Certain Documentation and Information Regarding Receivables...............35
     SECTION 4.13.       Monthly Tape........................................................................35
     SECTION 4.14.       Retention and Termination of Servicer...............................................36
     SECTION 4.15.       Fidelity Bond and Errors and Omissions Policy.......................................37

ARTICLE V Trust Accounts; Distributions; Statements to Noteholders...........................................37
     SECTION 5.1.        Establishment of Trust Accounts.....................................................37
     SECTION 5.2.        [Reserved]..........................................................................40
     SECTION 5.3.        Certain Reimbursements to the Servicer..............................................40
     SECTION 5.4.        Application of Collections..........................................................40
     SECTION 5.5.        Withdrawals from Spread Account.....................................................40
     SECTION 5.6.        Additional Deposits.................................................................41
     SECTION 5.7.        Distributions.......................................................................41
     SECTION 5.8.        Note Distribution Account...........................................................43
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     SECTION 5.9.        [Reserved]..........................................................................44
     SECTION 5.10.       Statements to Noteholders...........................................................44
     SECTION 5.11.       Optional Deposits by the Insurer....................................................45
     SECTION 5.12.       Determination of LIBOR..............................................................46

ARTICLE VI The Note Policy...................................................................................47
     SECTION 6.1.        Claims Under Note Policy............................................................47
     SECTION 6.2.        Preference Claims Under Note Policy.................................................48
     SECTION 6.3.        Surrender of Note Policy............................................................49

ARTICLE VII The Seller.......................................................................................49
     SECTION 7.1.        Representations of Seller...........................................................49
     SECTION 7.2.        Certain Business Conduct............................................................50
     SECTION 7.3.        Liability of Seller; Indemnities....................................................51
     SECTION 7.4.        Merger or Consolidation of, or Assumption of the Obligations of, Seller.............52
     SECTION 7.5.        Limitation on Liability of Seller and Others........................................52
     SECTION 7.6.        Ownership of the Certificates or Notes..............................................53

ARTICLE VIII The Servicer....................................................................................53
     SECTION 8.1.        Representations of Servicer.........................................................53
     SECTION 8.2.        Liability of Servicer; Indemnities..................................................54
     SECTION 8.3.        Merger or Consolidation of, or Assumption of the Obligations of the Servicer or
                         Backup Servicer.....................................................................56
     SECTION 8.4.        Limitation on Liability of Servicer, Backup Servicer and Others.....................57
     SECTION 8.5.        Delegation of Duties................................................................58
     SECTION 8.6.        Servicer and Backup Servicer Not to Resign..........................................58

ARTICLE IX Default...........................................................................................59
     SECTION 9.1.        Servicer Termination Event..........................................................59
     SECTION 9.2.        Consequences of a Servicer Termination Event........................................60
     SECTION 9.3.        Appointment of Successor............................................................61
     SECTION 9.4.        Notification to Noteholders.........................................................62
     SECTION 9.5.        Waiver of Past Defaults.............................................................62

ARTICLE X Termination........................................................................................63
     SECTION 10.1.       Optional Purchase of All Receivables................................................63

ARTICLE XI Administrative Duties of the Servicer.............................................................63
     SECTION 11.1.       Administrative Duties...............................................................63
     SECTION 11.2.       Records.............................................................................65
     SECTION 11.3.       Additional Information to be Furnished to the Issuer................................66

ARTICLE XII Miscellaneous Provisions.........................................................................66
     SECTION 12.1.       Amendment...........................................................................66
     SECTION 12.2.       Protection of Title to Trust........................................................67
     SECTION 12.3.       Notices.............................................................................69
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     SECTION 12.4.       Assignment..........................................................................69
     SECTION 12.5.       Limitations on Rights of Others.....................................................70
     SECTION 12.6.       Severability........................................................................70
     SECTION 12.7.       Separate Counterparts...............................................................70
     SECTION 12.8.       Headings............................................................................70
     SECTION 12.9.       Governing Law.......................................................................70
     SECTION 12.10.      Assignment to Trustee...............................................................70
     SECTION 12.11.      Nonpetition Covenants...............................................................71
     SECTION 12.12.      Limitation of Liability of Owner Trustee and Trustee................................71
     SECTION 12.13.      Independence of the Servicer........................................................71
     SECTION 12.14.      No Joint Venture....................................................................72
     SECTION 12.15.      Replacement Swap Agreement..........................................................72
</Table>

SCHEDULES
Schedule A              Schedule of Receivables
Schedule B              Representations and Warranties of the Seller and the
                        Servicer
Schedule C              Servicing Policies and Procedures

EXHIBITS
Exhibit A               Form of Servicer's Certificate
Exhibit B               Form of Preliminary Servicer's Certificate

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          SALE AND SERVICING AGREEMENT dated as of August 9, 2002, among
AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2002-C, a Delaware business trust (the
"ISSUER"), AFS FUNDING TRUST, a Delaware business trust (the "SELLER"),
AMERICREDIT FINANCIAL SERVICES, INC., a Delaware corporation (the "SERVICER"),
and BANK ONE, NA, a national banking corporation, in its capacity as Backup
Servicer and Trust Collateral Agent.

          WHEREAS the Issuer desires to purchase a portfolio of receivables
arising in connection with motor vehicle retail installment sale contracts made
by AmeriCredit Financial Services, Inc. or acquired by AmeriCredit Financial
Services, Inc. through motor vehicle dealers and third party lenders;

          WHEREAS the Seller has purchased such receivables from AmeriCredit
Financial Services, Inc. and is willing to sell such receivables to the Issuer;

          WHEREAS the Servicer is willing to service all such receivables;

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

                                    ARTICLE I

                                   DEFINITIONS

          SECTION 1.1.   DEFINITIONS. Whenever used in this Agreement, the
following words and phrases shall have the following meanings:

          "ACCELERATED PAYMENT AMOUNT SHORTFALL" means, with respect to any
Distribution Date, the excess, if any, of (i) the excess, if any, on such
Distribution Date of the Pro Forma Note Balance for such Distribution Date over
the Required Pro Forma Note Balance for such Distribution Date over (ii) the
excess of amount of Available Funds (but net of any net Investment Earnings on
deposit in the Collection Account) on such Distribution Date over the amounts
payable on such Distribution Date pursuant to Section 5.7(a)(i) through (vii).

          "ACCELERATED PAYMENT SHORTFALL NOTICE" means, with respect to any
Distribution Date, a written notice specifying the Accelerated Payment Amount
Shortfall for such Distribution Date.

          "ACCELERATED PAYMENT TERMINATION DATE" has the meaning assigned to
such term in the Spread Account Agreement Supplement.

          "ACCELERATED PRINCIPAL AMOUNT" for a Distribution Date will equal the
lesser of

               (x) the sum of (i) excess, if any, of the amount of the total
     Available Funds on such Distribution Date over the amounts payable on such
     Distribution Date pursuant to clauses (i) through (vii) of Section 5.7(a)
     hereof plus (ii) amounts, if any, available in accordance with the terms of
     the Spread Account Agreement; and

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               (y) the excess, if any, on such Distribution Date of (i) the Pro
     Forma Note Balance for such Distribution Date over (ii) the Required Pro
     Forma Note Balance for such Distribution Date.

          "ACCOUNTANTS' REPORT" means the report of a firm of nationally
recognized independent accountants described in Section 4.11.

          "ACCOUNTING DATE" means, with respect to any Collection Period the
last day of such Collection Period.

          "ADDITIONAL FUNDS AVAILABLE" means, with respect to any Insured
Distribution Date, the sum of (i) the Deficiency Claim Amount, if any, received
by the Trust Collateral Agent with respect to such Insured Distribution Date
plus (ii) the Insurer Optional Deposit, if any, received by the Trust Collateral
Agent with respect to such Insured Distribution Date.

          "ADMINISTRATIVE RECEIVABLE" means, with respect to any Collection
Period, a Receivable which the Servicer is required to purchase pursuant to
Section 4.7 or which the Servicer has elected to purchase pursuant to Section
4.4(c) on the Determination Date with respect to such Collection Period.

          "ADMINISTRATOR" means AmeriCredit, in its capacity as Administrator
for the Seller pursuant to the Administration Agreement, dated as of August 15,
2002, by and between the Seller and AmeriCredit.

          "AFFILIATE" means, with respect to any specified Person, any other
Person controlling or controlled by or under common control with such specified
Person. For the purposes of this definition, "control" when used with respect to
any Person means the power to direct the management and policies of such Person,
directly or indirectly, whether through the ownership of voting securities, by
contract or otherwise; and the terms "controlling" and "controlled" have
meanings correlative to the foregoing.

          "AGGREGATE PRINCIPAL BALANCE" means, with respect to any date of
determination, the sum of the Principal Balances for all Receivables (other than
(i) any Receivable that became a Liquidated Receivable prior to the end of the
related Collection Period and (ii) any Receivable that became a Purchased
Receivable prior to the end of the related Collection Period) as of the date of
determination.

          "AGREEMENT" means this Sale and Servicing Agreement, as the same may
be amended and supplemented from time to time.

          "AMERICREDIT" means AmeriCredit Financial Services, Inc.

          "AMOUNT FINANCED" means, with respect to a Receivable, the aggregate
amount advanced under such Receivable toward the purchase price of the Financed
Vehicle and any related costs, including amounts advanced in respect of
accessories, insurance premiums, service and warranty contracts, other items
customarily financed as part of retail automobile installment sale contracts or
promissory notes, and related costs.

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          "ANNUAL PERCENTAGE RATE" or "APR" of a Receivable means the annual
percentage rate of finance charges or service charges, as stated in the related
Contract.

          "ASSIGNMENT" means the Assignment dated as of October 19, 1999, from
AFS Funding Corp. to the Seller.

          "AUTO LOAN PURCHASE AND SALE AGREEMENT" means any agreement between a
Third-Party Lender and AmeriCredit relating to the acquisition of Receivables
from a Third Party Lender by AmeriCredit.

          "AVAILABLE FUNDS" means, with respect to any Distribution Date, the
sum of (i) the Collected Funds for the related Collection Period, (ii) all
Purchase Amounts deposited in the Collection Account during the related
Collection Period, plus Investment Earnings with respect to the Trust Accounts
for the related Collection Period, (iii) following the acceleration of the Notes
pursuant to Section 5.2 of the Indenture, the amount of money or property
collected pursuant to Section 5.3 of the Indenture since the preceding
Distribution Date by the Trust Collateral Agent or Controlling Party for
distribution pursuant to Section 5.6 and Section 5.8 of the Indenture, (iv) if
the Distribution Date which immediately follows such Collection Period
immediately precedes the Mandatory Redemption Date, (v) the proceeds of any
purchase or sale of the assets of the Trust described in Section 10.1 hereof,
and (vi) any Swap Payments.

          "BACKUP SERVICER" means Bank One, NA.

          "BASE SERVICING FEE" means, with respect to any Collection Period, the
fee payable to the Servicer for services rendered during such Collection Period,
which shall be equal to one-twelfth of the Servicing Fee Rate multiplied by the
Pool Balance as of the opening of business on the first day of such Collection
Period.

          "BASIC DOCUMENTS" means this Agreement, the Certificate of Trust, the
Trust Agreement, the Indenture, the Spread Account Agreement, the Spread Account
Agreement Supplement, the Swap Agreement, the Assignment, and other documents
and certificates delivered in connection therewith.

          "BUSINESS DAY" means a day other than a Saturday, a Sunday or other
day on which commercial banks located in the states of Delaware, Texas, Ohio or
New York are authorized or obligated to be closed.

          "CALCULATION DATE" means the close of business on the last day of each
Collection Period.

          "CALENDAR QUARTER" means the three-month period ending on the last day
of March, June, September or December.

          "CERTIFICATE" means the trust certificate evidencing the beneficial
interest of the Certificateholder in the Trust.

          "CERTIFICATEHOLDER" means the Person in whose name the Certificate is
registered.

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          "CLASS" means the Class A-1 Notes, the Class A-2 Notes, the Class A-3
Notes or the Class A-4 Notes, as the context requires.

          "CLASS A-1 NOTES" has the meaning assigned to such term in the
Indenture.

          "CLASS A-2 NOTES" has the meaning assigned to such term in the
Indenture.

          "CLASS A-3 NOTES" has the meaning assigned to such term in the
Indenture.

          "CLASS A-4 NOTES" has the meaning assigned to such term in the
Indenture.

          "CLOSING DATE" means August 21, 2002.

          "COLLATERAL AGENT" means Bank One, NA, in its capacity as Collateral
Agent under the Spread Account Agreement.

          "COLLATERAL INSURANCE" shall have the meaning set forth in Section
4.4(a).

          "COLLECTED FUNDS" means, with respect to any Collection Period, the
amount of funds in the Collection Account representing collections on the
Receivables during such Collection Period, including all Net Liquidation
Proceeds collected during such Collection Period (but excluding any Purchase
Amounts).

          "COLLECTION ACCOUNT" means the account designated as such, established
and maintained pursuant to Section 5.1.

          "COLLECTION PERIOD" means, with respect to the first Distribution
Date, the period beginning on the close of business on August 21, 2002 and
ending on the close of business on September 30, 2002. With respect to each
subsequent Distribution Date, "Collection Period" means the period beginning on
the close of business on the last day of the immediately preceding Collection
Period and ending on the close of business on the last day of the immediately
preceding calendar month. Any amount stated "as of the close of business of the
last day of a Collection Period" shall give effect to the following calculations
as determined as of the end of the day on such last day: (i) all applications of
collections and (ii) all distributions.

          "COLLECTION RECORDS" means all manually prepared or computer generated
records relating to collection efforts or payment histories with respect to the
Receivables.

          "COMPUTER TAPE" means the computer tapes or other electronic media
furnished by AFS Funding Trust to the Issuer and its assigns describing certain
characteristics of the Receivables as of the Cutoff Date.

          "CONTRACT" means a motor vehicle retail installment sale contract.

          "CONTROLLING PARTY" means the Insurer, so long as no Insurer Default
shall have occurred and be continuing and the Trust Collateral Agent for the
benefit of the Noteholders, in the event the Insurer Default shall have occurred
and be continuing.

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          "CORPORATE TRUST OFFICE" means (i) with respect to the Owner Trustee,
the principal corporate trust office of the Owner Trustee, which at the time of
execution of this agreement is E.A. Delle Donne Corporate Center, Montgomery
Building, 1011 Centre Road, Suite 200, Wilmington, Delaware 19801, Attention:
Corp. Trust Dept., and (ii) with respect to the Trustee, the Trust Collateral
Agent, the Backup Servicer and the Collateral Agent, the principal office
thereof at which at any particular time its corporate trust business shall be
administered, which at the time of execution of this agreement is 1111 Polaris
Parkway, Suite 1K, Columbus, Ohio 43240, Attention: Global Corporate Trust
Services.

          "CRAM DOWN LOSS" means, with respect to a Receivable, if a court of
appropriate jurisdiction in a proceeding related to an Insolvency Event shall
have issued an order reducing the amount owed on a Receivable or otherwise
modifying or restructuring the Scheduled Receivables Payments to be made on a
Receivable, an amount equal to (i) the excess of the principal balance of such
Receivable immediately prior to such order over the principal balance of such
Receivable as so reduced and/or (ii) if such court shall have issued an order
reducing the effective rate of interest on such Receivable, the excess of the
principal balance of such Receivable immediately prior to such order over the
net present value (using as the discount rate the higher of the APR on such
Receivable or the rate of interest, if any, specified by the court in such
order) of the Scheduled Receivables Payments as so modified or restructured. A
"CRAM DOWN LOSS" shall be deemed to have occurred on the date of issuance of
such order.

          "CUSTODIAN" means AmeriCredit and any other Person named from time to
time as custodian in any Custodian Agreement acting as agent for the Trust
Collateral Agent, which Person must be acceptable to the Controlling Party (the
Custodian as of the Closing Date is acceptable to the Insurer as of the Closing
Date).

          "CUSTODIAN AGREEMENT" means any Custodian Agreement from time to time
in effect between the Custodian named therein and the Trust Collateral Agent, as
the same may be amended, supplemented or otherwise modified from time to time in
accordance with the terms thereof, which Custodian Agreement and any amendments,
supplements or modifications thereto shall be acceptable to the Controlling
Party (the Custodian Agreement which is effective on the Closing Date is
acceptable to the Controlling Party).

          "CUTOFF DATE" means August 9, 2002.

          "DEALER" means a dealer who sold a Financed Vehicle and who originated
and assigned the respective Receivable to AmeriCredit under a Dealer Agreement
or pursuant to a Dealer Assignment.

          "DEALER AGREEMENT" means any agreement between a Dealer and
AmeriCredit relating to the acquisition of Receivables from a Dealer by
AmeriCredit.

          "DEALER ASSIGNMENT" means, with respect to a Receivable, the executed
assignment executed by a Dealer conveying such Receivable to AmeriCredit.

          "DEALER UNDERWRITING GUIDE" means the underwriting manual used by
AmeriCredit in the purchase of Receivables as amended from time to time.

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          "DEFICIENCY CLAIM AMOUNT" means with respect to any Determination
Date, after taking into account the application on the related Distribution Date
of the Available Funds for the related Collection Period, an amount equal to the
sum of, without duplication, (i) any shortfall in the payment of the full
amounts described in clauses (ii), (iii), (iv) and (vi) of Section 5.7(a)
herein, (ii) the Noteholders' Parity Deficit Amount, if any, for such
Distribution Date and (iii) if the related Distribution Date is the Final
Scheduled Distribution Date of any Class, any remaining outstanding principal
balance of such Class, to the extent that such amount is available on the
related Insured Distribution Date in accordance with the terms of the Spread
Account Agreement.

          "DEFICIENCY CLAIM DATE" means, with respect to any Insured
Distribution Date, the fourth Business Day immediately preceding such Insured
Distribution Date.

          "DEFICIENCY NOTICE" shall have the meaning set forth in Section 5.5.

          "DELIVERY" when used with respect to Trust Account Property means:

               (a) with respect to bankers' acceptances, commercial paper,
     negotiable certificates of deposit and other obligations that constitute
     "instruments" within the meaning of Section 9-102(a)(47) of the UCC and are
     susceptible of physical delivery, transfer thereof to the Trust Collateral
     Agent or its nominee or custodian by physical delivery to the Trust
     Collateral Agent or its nominee or custodian endorsed to, or registered in
     the name of, the Trust Collateral Agent or its nominee or custodian or
     endorsed in blank, and, with respect to a certificated security (as defined
     in Section 8-102 of the UCC), transfer thereof (i) by delivery of such
     certificated security endorsed to, or registered in the name of, the Trust
     Collateral Agent or its nominee or custodian or endorsed in blank to a
     financial intermediary (as defined in Section 8-313 of the UCC) and the
     making by such financial intermediary of entries on its books and records
     identifying such certificated securities as belonging to the Trust
     Collateral Agent or its nominee or custodian and the sending by such
     financial intermediary of a confirmation of the purchase of such
     certificated security by the Trust Collateral Agent or its nominee or
     custodian, or (ii) by delivery thereof to a "clearing corporation" (as
     defined in Section 8-102(3) of the UCC) and the making by such clearing
     corporation of appropriate entries on its books reducing the appropriate
     securities account of the transferor and increasing the appropriate
     securities account of a financial intermediary by the amount of such
     certificated security, the identification by the clearing corporation of
     the certificated securities for the sole and exclusive account of the
     financial intermediary, the maintenance of such certificated securities by
     such clearing corporation or a "custodian bank" (as defined in Section
     8-102(4) of the UCC) or the nominee of either subject to the clearing
     corporation's exclusive control, the sending of a confirmation by the
     financial intermediary of the purchase by the Trust Collateral Agent or its
     nominee or custodian of such securities and the making by such financial
     intermediary of entries on its books and records identifying such
     certificated securities as belonging to the Trust Collateral Agent or its
     nominee or custodian (all of the foregoing, "Physical Property"), and, in
     any event, any such Physical Property in registered form shall be in the
     name of the Trust Collateral Agent or its nominee or custodian; and such
     additional or alternative procedures as may hereafter become appropriate to
     effect the complete transfer of ownership of any such

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     Trust Account Property to the Trust Collateral Agent or its nominee or
     custodian, consistent with changes in applicable law or regulations or the
     interpretation thereof;

               (b) with respect to any security issued by the U.S. Treasury, the
     Federal Home Loan Mortgage Corporation or by the Federal National Mortgage
     Association that is a book-entry security held through the Federal Reserve
     System pursuant to federal book-entry regulations, the following
     procedures, all in accordance with applicable law, including applicable
     Federal regulations and Articles 8 and 9 of the UCC: book-entry
     registration of such Trust Account Property to an appropriate book-entry
     account maintained with a Federal Reserve Bank by a financial intermediary
     which is also a "depository" pursuant to applicable Federal regulations and
     issuance by such financial intermediary of a deposit advice or other
     written confirmation of such book-entry registration to the Trust
     Collateral Agent or its nominee or custodian of the purchase by the Trust
     Collateral Agent or its nominee or custodian of such book-entry securities;
     the making by such financial intermediary of entries in its books and
     records identifying such book-entry security held through the Federal
     Reserve System pursuant to Federal book-entry regulations as belonging to
     the Trust Collateral Agent or its nominee or custodian and indicating that
     such custodian holds such Trust Account Property solely as agent for the
     Trust Collateral Agent or its nominee or custodian; and such additional or
     alternative procedures as may hereafter become appropriate to effect
     complete transfer of ownership of any such Trust Account Property to the
     Trust Collateral Agent or its nominee or custodian, consistent with changes
     in applicable law or regulations or the interpretation thereof; and

               (c) with respect to any item of Trust Account Property that is an
     uncertificated security under Article 8 of the UCC and that is not governed
     by clause (b) above, registration on the books and records of the issuer
     thereof in the name of the financial intermediary, the sending of a
     confirmation by the financial intermediary of the purchase by the Trust
     Collateral Agent or its nominee or custodian of such uncertificated
     security, the making by such financial intermediary of entries on its books
     and records identifying such uncertificated certificates as belonging to
     the Trust Collateral Agent or its nominee or custodian.

          "DEPOSITOR" shall mean the Seller in its capacity as Depositor under
the Trust Agreement.

          "DETERMINATION DATE" means, with respect to any Collection Period, the
earlier of (i) the fourth Business Day preceding the Insured Distribution Date
in the next calendar month, and (ii) the Business Day preceding the Distribution
Date in the next calendar month.

          "DISTRIBUTION DATE" means, with respect to each Collection Period, the
sixth day of the following calendar month, or, if such day is not a Business
Day, the immediately following Business Day, commencing October 7, 2002.

          "DRAW DATE" means, with respect to any Insured Distribution Date, the
third Business Day immediately preceding such Insured Distribution Date.

          "ELECTRONIC LEDGER" means the electronic master record of the retail
installment sales contracts or installment loans of the Servicer.

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          "ELIGIBLE DEPOSIT ACCOUNT" means a segregated trust account with the
corporate trust department of a depository institution acceptable to the Insurer
organized under the laws of the United States of America or any one of the
states thereof or the District of Columbia (or any domestic branch of a foreign
bank), having corporate trust powers and acting as trustee for funds deposited
in such account, so long as any of the securities of such depository institution
have a credit rating from each Rating Agency in one of its generic rating
categories which signifies investment grade.

          "ELIGIBLE INVESTMENTS" mean book-entry securities, negotiable
instruments or securities represented by instruments in bearer or registered
form which evidence:

               (a) direct obligations of, and obligations fully guaranteed as to
     timely payment by, the United States of America;

               (b) demand deposits, time deposits or certificates of deposit of
     any depository institution or trust company incorporated under the laws of
     the United States of America or any state thereof or the District of
     Columbia (or any domestic branch of a foreign bank) and subject to
     supervision and examination by federal or state banking or depository
     institution authorities (including depository receipts issued by any such
     institution or trust company as custodian with respect to any obligation
     referred to in clause (a) above or portion of such obligation for the
     benefit of the holders of such depository receipts); provided, however,
     that at the time of the investment or contractual commitment to invest
     therein (which shall be deemed to be made again each time funds are
     reinvested following each Distribution Date), the commercial paper or other
     short-term senior unsecured debt obligations (other than such obligations
     the rating of which is based on the credit of a Person other than such
     depository institution or trust company) of such depository institution or
     trust company shall have a credit rating from Standard & Poor's of A-1+ and
     from Moody's of Prime-1;

               (c) commercial paper and demand notes investing solely in
     commercial paper having, at the time of the investment or contractual
     commitment to invest therein, a rating from Standard & Poor's of A-1+ and
     from Moody's of Prime-1;

               (d) investments in money market funds (including funds for which
     the Trust Collateral Agent or the Owner Trustee in each of their individual
     capacities or any of their respective Affiliates is investment manager,
     controlling party or advisor) having a rating from Standard & Poor's of
     AAA-m or AAAm-G and from Moody's of Aaa and having been approved by the
     Insurer;

               (e) bankers' acceptances issued by any depository institution or
     trust company referred to in clause (b) above;

               (f) repurchase obligations with respect to any security that is a
     direct obligation of, or fully guaranteed by, the United States of America
     or any agency or instrumentality thereof the obligations of which are
     backed by the full faith and credit of the United States of America, in
     either case entered into with a depository institution or trust company
     (acting as principal) referred to in clause (b) above;

               (g) any other investment which would satisfy the Rating Agency
     Condition and is consistent with the ratings of the Securities and which,
     so long as no Insurer

                                        8
<Page>

     Default shall have occurred and be continuing, has been approved by the
     Insurer, or any other investment that by its terms converts to cash within
     a finite period, if the Rating Agency Condition is satisfied with respect
     thereto; and

               (h) cash denominated in United States dollars.

          Any of the foregoing Eligible Investments may be purchased by or
through the Owner Trustee or the Trust Collateral Agent or any of their
respective Affiliates.

          "FDIC" means the Federal Deposit Insurance Corporation.

          "FINAL SCHEDULED DISTRIBUTION DATE" means with respect to (i) the
Class A-1 Notes, the September 8, 2003 Insured Distribution Date, (ii) the Class
A-2 Notes, the August 12, 2005 Insured Distribution Date, (iii) the Class A-3
Notes, the April 12, 2007 Insured Distribution Date and (iv) the Class A-4
Notes, the February 12, 2009 Insured Distribution Date.

          "FINANCED VEHICLE" means an automobile or light-duty truck, van or
minivan, together with all accessions thereto, securing an Obligor's
indebtedness under the respective Receivable.

          "FITCH" means Fitch Ratings, or its successor.

          "FORCE-PLACED INSURANCE" has the meaning ascribed thereto in Section
4.4 hereof.

          "INDENTURE" means the Indenture dated as of August 9, 2002, between
the Issuer and Bank One, NA, as Trust Collateral Agent and Trustee, as the same
may be amended and supplemented from time to time.

          "INSOLVENCY EVENT" means, with respect to a specified Person, (a) the
filing of a petition against such Person or the entry of a decree or order for
relief by a court having jurisdiction in the premises in respect of such Person
or any substantial part of its property in an involuntary case under any
applicable federal or state bankruptcy, insolvency or other similar law now or
hereafter in effect, or appointing a receiver, liquidator, assignee, custodian,
trustee, sequestrator, or similar official for such Person or for any
substantial part of its property, or ordering the winding-up or liquidation or
such Person's affairs, and such petition, decree or order shall remain unstayed
and in effect for a period of 60 consecutive days; or (b) the commencement by
such Person of a voluntary case under any applicable federal or state
bankruptcy, insolvency or other similar law now or hereafter in effect, or the
consent by such Person to the entry of an order for relief in an involuntary
case under any such law, or the consent by such Person to the appointment of or
taking possession by, a receiver, liquidator, assignee, custodian, trustee,
sequestrator, or similar official for such Person or for any substantial part of
its property, or the making by such Person of any general assignment for the
benefit of creditors, or the failure by such Person generally to pay its debts
as such debts become due, or the taking of action by such Person in furtherance
of any of the foregoing.

          "INSURANCE ADD-ON AMOUNT" means the premium charged to the Obligor in
the event that the Servicer obtains Force-Placed Insurance pursuant to Section
4.4.

                                        9
<Page>

          "INSURANCE AGREEMENT" means the Insurance and Indemnity Agreement,
dated as of August 9, 2002, among the Insurer, the Trust, the Seller,
AmeriCredit Corp. and AmeriCredit.

          "INSURANCE AGREEMENT EVENT OF DEFAULT" means an "EVENT OF DEFAULT" as
defined in the Insurance Agreement.

          "INSURANCE POLICY" means, with respect to a Receivable, any insurance
policy (including the insurance policies described in Section 4.4 hereof)
benefiting the holder of the Receivable providing loss or physical damage,
credit life, credit disability, theft, mechanical breakdown or similar coverage
with respect to the Financed Vehicle or the Obligor.

          "INSURED DISTRIBUTION DATE" means the twelfth day of each month, or,
if such twelfth day is not a Business Day, the next following Business Day,
except in the case of the Class A-1 Notes for which the final scheduled
distribution date of September 8, 2003 will also be a date on which unpaid
principal and interest on the Class A-1 Notes that are required to be paid will
be paid. In the event that, on any Distribution Date, the Noteholders did not
receive the full amount of the Scheduled Payment (as defined in the Note Policy)
then due to them, such shortfall (together with, in the case of an interest
shortfall, interest thereon at the related Interest Rate) shall be due and
payable and shall be funded on the Insured Distribution Date either from the
Spread Account or from the proceeds of a drawing under the Note Policy. The
Record Date applicable to an Insured Distribution Date shall be the Record Date
applicable to the related Distribution Date.

          "INSURER" means Financial Security Assurance Inc., a monoline
insurance company incorporated under the laws of the State of New York, or any
successor thereto, as issuer of the Note Policy.

          "INSURER DEFAULT" means the occurrence and continuance of any of the
following events:

               (a) the Insurer shall have failed to make a payment required
     under the Note Policy in accordance with its terms;

               (b) the Insurer shall have (i) filed a petition or commenced any
     case or proceeding under any provision or chapter of the United States
     Bankruptcy Code or any other similar federal or state law relating to
     insolvency, bankruptcy, rehabilitation, liquidation or reorganization, (ii)
     made a general assignment for the benefit of its creditors, or (iii) had an
     order for relief entered against it under the United States Bankruptcy Code
     or any other similar federal or state law relating to insolvency,
     bankruptcy, rehabilitation, liquidation or reorganization which is final
     and nonappealable; or

               (c) a court of competent jurisdiction, the New York Department of
     Insurance or other competent regulatory authority shall have entered a
     final and nonappealable order, judgment or decree (i) appointing a
     custodian, trustee, agent or receiver for the Insurer or for all or any
     material portion of its property or (ii) authorizing the taking of
     possession by a custodian, trustee, agent or receiver of the Insurer (or
     the taking of possession of all or any material portion of the property of
     the Insurer).

                                       10
<Page>

          "INSURER OPTIONAL DEPOSIT" means, with respect to any Insured
Distribution Date, an amount delivered by the Insurer pursuant to Section 5.11,
at its sole option, other than amounts in respect of a Note Policy Claim Amount,
to the Trust Collateral Agent for deposit into the Collection Account for any of
the following purposes: (i) to provide funds in respect of the payment of fees
or expenses of any provider of services to the Trust with respect to such
Insured Distribution Date; or (ii) to include such amount as part of the
Distribution Amount for such Insured Distribution Date to the extent that
without such amount a draw would be required to be made on the Note Policy.

          "INTEREST PERIOD" means, with respect to any Distribution Date, the
period from and including the most recent Distribution Date on which interest
has been paid (or in the case of the first Distribution Date, from and including
the Closing Date) to, but excluding, the following Distribution Date. In the
case of the first Distribution Date, the Interest Period shall be 47 days for
the Class A-1 Notes and the Class A-3 Notes and 46 days for the Class A-2 Notes
and the Class A-4 Notes.

          "INTEREST RATE" means, with respect to (i) the Class A-1 Notes,
1.71250% per annum (computed on the basis of a 360-day year and the actual
number of days elapsed in the applicable Interest Period), (ii) the Class A-2
Notes, 1.94% per annum (computed on the basis of a 360-day year consisting of
twelve 30-day months), (iii) the Class A-3 Notes, LIBOR + 0.18% per annum
(computed on the basis of a 360-day year and the actual number of days elapsed
in the applicable Interest Period), and (iv) the Class A-4 Notes, 3.55% per
annum (computed on the basis of a 360-day year consisting of twelve 30-day
months).

          "INVESTMENT EARNINGS" means, with respect to any date of determination
and Trust Account, the investment earnings on amounts on deposit in such Trust
Account on such date.

          "ISSUER" means AmeriCredit Automobile Receivables Trust 2002-C.

          "LIBOR" has the meaning set forth in Section 5.12 hereof.

          "LIEN" means a security interest, lien, charge, pledge, equity, or
encumbrance of any kind, other than tax liens, mechanics' liens and any liens
that attach to the respective Receivable by operation of law as a result of any
act or omission by the related Obligor.

          "LIEN CERTIFICATE" means, with respect to a Financed Vehicle, an
original certificate of title, certificate of lien or other notification issued
by the Registrar of Titles of the applicable state to a secured party which
indicates that the lien of the secured party on the Financed Vehicle is recorded
on the original certificate of title. In any jurisdiction in which the original
certificate of title is required to be given to the Obligor, the term "Lien
Certificate" shall mean only a certificate or notification issued to a secured
party.

          "LIQUIDATED RECEIVABLE" means, with respect to any Collection Period,
a Receivable as to which (i) 90 days have elapsed since the Servicer repossessed
the Financed Vehicle provided, however, that in no case shall 5% or more of a
Scheduled Receivable Payment have become 210 or more days delinquent in the case
of a repossessed Financed Vehicle, (ii) the Servicer has determined in good
faith that all amounts it expects to recover have been received,

                                       11
<Page>

or (iii) 5% or more of a Scheduled Receivables Payment shall have become 120 or
more days delinquent, except in the case of a repossessed Financed Vehicle.

          "LOCKBOX ACCOUNT" means an account maintained on behalf of the Trust
Collateral Agent by the Lockbox Bank pursuant to Section 4.2(d).

          "LOCKBOX AGREEMENT" means the Tri-Party Remittance Processing
Agreement, dated as of August 9, 2002, by and among AmeriCredit, Bank One, NA
and the Trust Collateral Agent, as such agreement may be amended or supplemented
from time to time, unless the Trust Collateral Agent shall cease to be a party
thereunder, or such agreement shall be terminated in accordance with its terms,
in which event "Lockbox Agreement" shall mean such other agreement, in form and
substance acceptable to the Controlling Party, among the Servicer, the Trust
Collateral Agent and the Lockbox Bank.

          "LOCKBOX BANK" means a depository institution named by the Servicer
and acceptable to the Controlling Party.

          "MONTHLY EXTENSION RATE" means, with respect to any Accounting Date,
the fraction, expressed as a percentage, the numerator of which is the aggregate
Principal Balance of Receivables whose payments are extended during the related
Collection Period and the denominator of which is the aggregate Principal
Balance of Receivables as of the immediately preceding Accounting Date.

          "MONTHLY RECORDS" means all records and data maintained by the
Servicer with respect to the Receivables, including the following with respect
to each Receivable: the account number; the originating Dealer; Obligor name;
Obligor address; Obligor home phone number; Obligor business phone number;
original Principal Balance; original term; Annual Percentage Rate; current
Principal Balance; current remaining term; origination date; first payment date;
final scheduled payment date; next payment due date; date of most recent
payment; new/used classification; collateral description; days currently
delinquent; number of contract extensions (months) to date; amount of Scheduled
Receivables Payment; current Insurance Policy expiration date; and past due late
charges.

          "MOODY'S" means Moody's Investors Service, or its successor.

          "NET LIQUIDATION PROCEEDS" means, with respect to a Liquidated
Receivable, all amounts realized with respect to such Receivable (other than
amounts withdrawn from the Spread Account and drawings under the Note Policy)
net of (i) reasonable expenses incurred by the Servicer in connection with the
collection of such Receivable and the repossession and disposition of the
Financed Vehicle and (ii) amounts that are required to be refunded to the
Obligor on such Receivable; PROVIDED, HOWEVER, that the Liquidation Proceeds
with respect to any Receivable shall in no event be less than zero.

          "NOTE DISTRIBUTION ACCOUNT" means the account designated as such,
established and maintained pursuant to Section 5.1.

          "NOTE MAJORITY" means a majority by principal amount of the
Noteholders.

                                       12
<Page>

          "NOTE POLICY" means the financial guaranty insurance policy issued by
the Insurer to the Trust Collateral Agent, as agent for the Trustee, for the
benefit of the Noteholders.

          "NOTE POLICY CLAIM AMOUNT" means, for any Insured Distribution Date,
the sum of (x) the excess, if any (without duplication) of (i) the sum of the
Noteholders' Interest Distributable Amount and the Noteholders' Parity Deficit
Amount for the related Distribution Date, together with, if such related
Distribution Date was the Final Scheduled Distribution Date for any Class, the
unpaid principal balance of such Class over (ii) the sum of (a) the amount
actually deposited into the Note Distribution Account on such related
Distribution Date and (b) the Additional Funds Available, if any, for such
Insured Distribution Date plus (y) the Noteholders' Interest Carryover Amount,
if any, which has accrued since the related Distribution Date.

          "NOTE POOL FACTOR" for each Class of Notes as of the close of business
on any date of determination means a seven-digit decimal figure equal to the
outstanding principal amount of such Class of Notes divided by the original
outstanding principal amount of such Class of Notes.

          "NOTEHOLDERS' ACCELERATED PRINCIPAL AMOUNT" means, with respect to any
Distribution Date, the Noteholders' Percentage of the Accelerated Principal
Amount on such Distribution Date, if any.

          "NOTEHOLDERS' DISTRIBUTABLE AMOUNT" means, with respect to any
Distribution Date, the sum of the Noteholders' Principal Distributable Amount
and the Noteholders' Interest Distributable Amount.

          "NOTEHOLDERS' INTEREST CARRYOVER AMOUNT" means, with respect to any
Class of Notes and any date of determination, all or any portion of the
Noteholders' Monthly Interest Distributable Amount for the immediately preceding
Distribution Date and any outstanding Noteholders' Interest Carryover Amount on
such immediately preceding Distribution Date, which remains unpaid as of such
date of determination, plus interest on such unpaid amount, to the extent
permitted by law, at the respective Interest Rate borne by each Class of Notes
from such immediately preceding Distribution Date to but excluding such date of
determination.

          "NOTEHOLDERS' INTEREST DISTRIBUTABLE AMOUNT" means, with respect to
any Distribution Date and Class of Notes, the sum of the Noteholders' Monthly
Interest Distributable Amount for such Distribution Date and Class of Notes and
the Noteholders' Interest Carryover Amount, if any for such Distribution Date
and such Class. Interest on the Class A-1 and Class A-3 Notes shall be computed
on the basis of a 360-day year and the actual number of days elapsed in the
applicable Interest Period. Interest on the Class A-2 and Class A-4 Notes shall
be computed on the basis of a 360-day year consisting of twelve 30-day months.

          "NOTEHOLDERS' MONTHLY INTEREST DISTRIBUTABLE AMOUNT" means, with
respect to any Distribution Date and any Class of Notes, interest accrued during
the applicable Interest Period on the principal amount of the Notes of such
Class outstanding as of the end of the prior Distribution Date (or, in the case
of the first Distribution Date, as of the Closing Date); PROVIDED, that if such
principal balance is further reduced by a payment of principal on the Insured
Distribution Date which immediately follows such prior Distribution Date, then
such interest

                                       13
<Page>

shall accrue (i) from and including such prior Distribution Date to, but
excluding, such related Insured Distribution Date, on the principal balance
outstanding as of the end of the prior Distribution Date (or, in the case of the
first Distribution Date, as of the Closing Date) and (ii) from and including
such Insured Distribution Date, to, but excluding, the following Distribution
Date, on the principal balance outstanding as of the end of such Insured
Distribution Date, calculated (x) for the Class A-1 and Class A-3 Notes on the
basis of a 360-day year and the actual number of days elapsed in the applicable
Interest Period and (y) for the Class A-2 and Class A-4 Notes on the basis of a
360-day year consisting of twelve 30-day months.

          "NOTEHOLDERS' MONTHLY PRINCIPAL DISTRIBUTABLE AMOUNT" means, with
respect to any Distribution Date, the Noteholders' Percentage of the Principal
Distributable Amount.

          "NOTEHOLDERS' PARITY DEFICIT AMOUNT" means, with respect to any
Distribution Date, the excess, if any, of (x) the aggregate remaining principal
balance of the Notes outstanding on such Distribution Date, after giving effect
to all reductions in such aggregate principal balance from sources other than
(i) the Spread Account and (ii) the Note Policy over (y) the Pool Balance at the
end of the prior calendar month.

          "NOTEHOLDERS' PERCENTAGE" means with respect to any Determination Date
(i) relating to a Distribution Date prior to the Distribution Date on which the
principal amount of the Notes is reduced to zero, 100%; (ii) relating to the
Distribution Date on which the principal amount of the Notes is reduced to zero,
the percentage equivalent of a fraction, the numerator of which is the
outstanding principal balance of the Notes that remain unpaid immediately prior
to such Distribution Date, and the denominator of which is the Principal
Distributable Amount; and (iii) relating to any other Distribution Date, 0%.

          "NOTEHOLDERS' PRINCIPAL CARRYOVER AMOUNT" means, as of any date of
determination, all or any portion of the Noteholders' Monthly Principal
Distributable Amount and any outstanding Noteholders' Principal Carryover Amount
from the preceding Distribution Date which remains unpaid as of such date of
determination.

          "NOTEHOLDERS' PRINCIPAL DISTRIBUTABLE AMOUNT" means, with respect to
any Distribution Date, (other than the Final Scheduled Distribution Date for any
Class of Notes), the sum of the Noteholders' Monthly Principal Distributable
Amount for such Distribution Date and the Noteholders' Principal Carryover
Amount, if any, as of the close of the preceding Distribution Date. The
Noteholders' Principal Distributable Amount on the Final Scheduled Distribution
Date for any Class of Notes will equal the sum of (i) the Noteholders' Monthly
Principal Distributable Amount for such Distribution Date, (ii) the Noteholders'
Principal Carryover Amount as of the such Distribution Date, and (iii) the
excess of the outstanding principal amount of such Class of Notes, if any, over
the amounts described in clauses (i) and (ii).

          "NOTEHOLDERS' REMAINING PARITY DEFICIT AMOUNT" means, with respect to
any Distribution Date, the Noteholders' Parity Deficit Amount for such
Distribution Date minus any reduction in the aggregate principal balance of the
Notes to be made on the related Insured Distribution Date with funds withdrawn
from the Spread Account.

                                       14
<Page>

          "OBLIGOR" on a Receivable means the purchaser or co-purchasers of the
Financed Vehicle and any other Person who owes payments under the Receivable.

          "OFFICERS' CERTIFICATE" means a certificate signed by the chairman of
the board, the president, any executive vice president or any vice president,
any treasurer, assistant treasurer, secretary or assistant secretary of the
Seller or the Servicer, as appropriate.

          "OPINION OF COUNSEL" means a written opinion of counsel reasonably
acceptable to the Insurer, which opinion is satisfactory in form and substance
to the Trust Collateral Agent and, if such opinion or a copy thereof is required
by the provisions of this Agreement to be delivered to the Insurer, to the
Insurer.

          "OTHER CONVEYED PROPERTY" means all property conveyed by the Seller to
the Trust pursuant to Section 2.1(b) through (h) of this Agreement.

          "OWNER TRUST ESTATE" has the meaning assigned to such term in the
Trust Agreement.

          "OWNER TRUSTEE" means Deutsche Bank Trust Company Delaware, not in its
individual capacity but solely as Owner Trustee under the Trust Agreement, its
successors in interest or any successor Owner Trustee under the Trust Agreement.

          "PERSON" means any individual, corporation, estate, partnership, joint
venture, association, joint stock company, trust (including any beneficiary
thereof), unincorporated organization or government or any agency or political
subdivision thereof.

          "PHYSICAL PROPERTY" has the meaning assigned to such term in the
definition of "Delivery" above.

          "POOL BALANCE" means, as of any date of determination, the aggregate
Principal Balance of the Receivables (excluding Purchased Receivables and
Liquidated Receivables).

          "PRELIMINARY DETERMINATION DATE" means, with respect to any Collection
Period, the second Business Day preceding the Distribution Date in the next
calendar month.

          "PRELIMINARY SERVICER'S CERTIFICATE" means an Officers' Certificate of
the Servicer delivered pursuant to Section 4.9(a), substantially in the form of
Exhibit C.

          "PRINCIPAL BALANCE" means, with respect to any Receivable, as of any
date, the sum of (x) the Amount Financed minus (i) that portion of all amounts
received on or prior to such date and allocable to principal in accordance with
the terms of the Receivable and (ii) any Cram Down Loss in respect of such
Receivable plus (y) the accrued and unpaid interest on such Receivable.

          "PRINCIPAL DISTRIBUTABLE AMOUNT" means, with respect to any
Distribution Date, the amount equal to the excess, if any, of (x) the sum of (i)
the principal portion of all Collected Funds received during the immediately
preceding Collection Period (other than Liquidated Receivables and Purchased
Receivables), (ii) the Principal Balance of all Receivables that

                                       15
<Page>

became Liquidated Receivables during the related Collection Period (other than
Purchased Receivables), (iii) the principal portion of the Purchase Amounts
received with respect to all Receivables that became Purchased Receivables
during the related Collection Period, (iv) in the sole discretion of the
Insurer, the Principal Balance of all the Receivables that were required to be
purchased pursuant to Sections 3.2 and 4.7, during such Collection Period but
were not purchased, (v) the aggregate amount of Cram Down Losses that shall have
occurred during the related Collection Period; and (vi) following the
acceleration of the Notes pursuant to Section 5.2 of the Indenture, the amount
of money or property collected pursuant to Section 5.4 of the Indenture since
the preceding Determination Date by the Trust Collateral Agent or Controlling
Party for distribution pursuant to Section 5.7 hereof over (y) the Step-Down
Amount, if any, for such Distribution Date.

          "PRO FORMA NOTE BALANCE" means, with respect to any Distribution Date,
the aggregate remaining principal balance of the Notes outstanding on such
Distribution Date, after giving effect to distributions pursuant to clauses (i)
through (vi) of Section 5.7(a) hereof.

          "PURCHASE AGREEMENT" means the Purchase Agreement among the Seller and
AmeriCredit, dated as of August 9, 2002, pursuant to which the Seller acquired
the Receivables, as such Agreement may be amended from time to time.

          "PURCHASE AMOUNT" means, with respect to a Receivable, the Principal
Balance and all accrued and unpaid interest on the Receivable, after giving
effect to the receipt of any moneys collected (from whatever source) on such
Receivable, if any.

          "PURCHASED RECEIVABLE" means a Receivable purchased as of the close of
business on the last day of a Collection Period by the Servicer pursuant to
Section 4.7 or repurchased by the Seller or the Servicer pursuant to Section 3.2
or Section 10.1(a).

          "RATING AGENCY" means Moody's, Standard & Poor's and Fitch. If no such
organization or successor maintains a rating on the Securities, "RATING AGENCY"
shall be a nationally recognized statistical rating organization or other
comparable Person designated by the Seller and acceptable to the Insurer (so
long as an Insurer Default shall not have occurred and be continuing), notice of
which designation shall be given to the Trust Collateral Agent, the Owner
Trustee and the Servicer.

          "RATING AGENCY CONDITION" means, with respect to any action, that each
Rating Agency shall have been given 10 days' (or such shorter period as shall be
acceptable to each Rating Agency) prior notice thereof and that each of the
Rating Agencies shall have notified the Seller, the Servicer, the Insurer, the
Owner Trustee and the Trust Collateral Agent in writing that such action will
not result in a reduction or withdrawal of the then current rating of any Class
of Notes.

          "REALIZED LOSSES" means, with respect to any Receivable that becomes a
Liquidated Receivable, the excess of the Principal Balance of such Liquidated
Receivable over Net Liquidation Proceeds to the extent allocable to principal.

          "RECEIVABLE" means any Contract listed on Schedule A attached hereto
(which Schedule may be in the form of microfiche or a disk).

                                       16
<Page>

          "RECEIVABLES" means any Receivable conveyed to the Trust on the
Closing Date.

          "RECEIVABLE FILES" means the documents specified in Section 3.3.

          "RECORD DATE" means, with respect to each Distribution Date, the
Business Day immediately preceding such Distribution Date, unless otherwise
specified in the Agreement. The "Record Date" for any Insured Distribution Date
shall be the "Record Date" applicable to the related Distribution Date.

          "REGISTRAR OF TITLES" means, with respect to any state, the
governmental agency or body responsible for the registration of, and the
issuance of certificates of title relating to, motor vehicles and liens thereon.

          "REQUIRED PRO FORMA NOTE BALANCE" means, with respect to any
Distribution Date, a dollar amount equal to the product of (x) 91% and (y) the
Pool Balance as of the end of the prior calendar month.

          "REQUISITE AMOUNT" has the meaning specified in the Spread Account
Agreement Supplement.

          "SCHEDULE OF RECEIVABLES" means the schedule of all retail installment
sales contracts and promissory notes originally held as part of the Trust which
is attached as Schedule A.

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

          "SCHEDULED RECEIVABLES PAYMENT" means, with respect to any Collection
Period for any Receivable, the amount set forth in such Receivable as required
to be paid by the Obligor in such Collection Period. If after the Closing Date,
the Obligor's obligation under a Receivable with respect to a Collection Period
has been modified so as to differ from the amount specified in such Receivable
as a result of (i) the order of a court in an insolvency proceeding involving
the Obligor, (ii) pursuant to the Soldiers' and Sailors' Civil Relief Act of
1940 or (iii) modifications or extensions of the Receivable permitted by Section
4.2(b), the Scheduled Receivables Payment with respect to such Collection Period
shall refer to the Obligor's payment obligation with respect to such Collection
Period as so modified.

          "SELLER" means AFS Funding Trust, a Delaware business trust, and its
successors in interest to the extent permitted hereunder.

          "SERVICE CONTRACT" means, with respect to a Financed Vehicle, the
agreement, if any, financed under the related Receivable that provides for the
repair of such Financed Vehicle.

          "SERVICER" means AmeriCredit Financial Services, Inc., as the servicer
of the Receivables, and each successor Servicer pursuant to Section 9.3.

          "SERVICER TERMINATION EVENT" means an event specified in Section 9.1.

                                       17
<Page>

          "SERVICER'S CERTIFICATE" means an Officers' Certificate of the
Servicer delivered pursuant to Section 4.9(b), substantially in the form of
Exhibit B.

          "SERVICING FEE" has the meaning specified in Section 4.8.

          "SERVICING FEE RATE" means 2.25% per annum.

          "SIMPLE INTEREST METHOD" means the method of allocating a fixed level
payment on an obligation between principal and interest, pursuant to which the
portion of such payment that is allocated to interest is equal to the product of
the fixed rate of interest on such obligation multiplied by the period of time
(expressed as a fraction of a year, based on the actual number of days in the
calendar month and 365 days in the calendar year) elapsed since the preceding
payment under the obligation was made.

          "SPREAD ACCOUNT" means the account designated as such, established and
maintained pursuant to the Spread Account Agreement Supplement.

          "SPREAD ACCOUNT AGREEMENT" means the Spread Account Agreement dated as
of December 1, 1994 as amended and restated as of May 11, 1998 as amended as of
October 25, 1999, as further amended as of May 22, 2000, and as further amended
and restated as of November 29, 2000, among the Insurer, the Seller and the
Collateral Agent, as the same may be modified, supplemented or otherwise amended
in accordance with the terms thereof.

          "SPREAD ACCOUNT AGREEMENT SUPPLEMENT" means the Series 2002-C Spread
Account Agreement Supplement dated as of August 9, 2002 among the Insurer, AFS
Funding Trust and the Collateral Agent, as the same may be modified,
supplemented or otherwise amended in accordance with the terms thereof.

          "SPREAD ACCOUNT INITIAL DEPOSIT" means an amount equal to 2.0% of the
aggregate principal balance of the Receivables on the Closing Date (which is
equal to $25,999,999.09).

          "STANDARD & POOR'S" means Standard & Poor's, a Division of The
McGraw-Hill Companies, Inc., or its successor.

          "STEP-DOWN AMOUNT" means, with respect to any Distribution Date, the
excess, if any, of (x) the Required Pro Forma Note Balance over (y) the Pro
Forma Note Balance on such Distribution Date, calculated for this purpose only
without deduction for any Step-Down Amount (i.e., assuming that the entire
amount described in clause (x) of the definition of "Principal Distributable
Amount" is distributed as principal on the Notes).

          "SUPPLEMENTAL SERVICING FEE" means, with respect to any Collection
Period, all administrative fees, expenses and charges paid by or on behalf of
Obligors, including late fees, prepayment fees and liquidation fees collected on
the Receivables during such Collection Period but excluding any fees or expenses
related to extensions.

          "SWAP AGREEMENT" means the ISDA Master Agreement dated August 21, 2002
between the Issuer and the Swap Provider, including the Schedule thereto, the
Credit Support Annex thereto, the Confirmation relating to the Class A-3 Notes,
and together with any

                                       18
<Page>

replacement swap agreement thereafter approved by the Insurer; PROVIDED, that no
additional swap agreement shall be a "Swap Agreement" under the Basic Documents
for so long as the Swap Agreement is outstanding without the prior, written
consent of the Swap Provider

          "SWAP PAYMENT" means any payment received by the Trust Collateral
Agent under the Swap Agreement.

          "SWAP PROVIDER" means Credit Suisse First Boston International,
together with any replacement Swap Provider thereafter approved by the Insurer.

          "THIRD-PARTY LENDER" means an entity that originated a loan to a
consumer for the purchase of a motor vehicle and sold the loan to AmeriCredit
pursuant to an Auto Loan Purchase and Sale Agreement.

          "THIRD-PARTY LENDER ASSIGNMENT" means, with respect to a Receivable,
the executed assignment executed by a Third-Party Lender conveying such
Receivable to AmeriCredit.

          "TRIGGER EVENT" has the meaning assigned thereto in the Spread Account
Agreement Supplement.

          "TRUST" means the Issuer.

          "TRUST ACCOUNT PROPERTY" means the Trust Accounts, all amounts and
investments held from time to time in any Trust Account (whether in the form of
deposit accounts, Physical Property, book-entry securities, uncertificated
securities or otherwise), and all proceeds of the foregoing.

          "TRUST ACCOUNTS" has the meaning assigned thereto in Section 5.1.

          "TRUST AGREEMENT" means the Trust Agreement dated as of July 23, 2002,
between the Seller and the Owner Trustee, as amended and restated as of August
9, 2002, as the same may be amended and supplemented from time to time.

          "TRUST COLLATERAL AGENT" means the Person acting as Trust Collateral
Agent hereunder, its successors in interest and any successor Trust Collateral
Agent hereunder.

          "TRUST OFFICER" means, (i) in the case of the Trust Collateral Agent,
the chairman or vice-chairman of the board of directors, any managing director,
the chairman or vice-chairman of the executive committee of the board of
directors, the president, any vice president, assistant vice president, the
secretary, any assistant secretary, the treasurer, any assistant treasurer, the
cashier, any assistant cashier, any trust officer or assistant trust officer,
the controller and any assistant controller or any other officer of the Trust
Collateral Agent customarily performing functions similar to those performed by
any of the above designated officers and also means, with respect to a
particular corporate trust matter, any other officer to whom such matter is
referred because of such officer's knowledge of and familiarity with the
particular subject, and (ii) in the case of the Owner Trustee, any officer in
the corporate trust office of the Owner Trustee or any agent of the Owner
Trustee under a power of attorney with direct responsibility

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<Page>

for the administration of this Agreement or any of the Basic Documents on behalf
of the Owner Trustee.

          "TRUST PROPERTY" means the property and proceeds conveyed pursuant to
Section 2.1, together with certain monies paid on or after the Cut-off Date, the
Note Policy, the Collection Account (including all Eligible Investments therein
and all proceeds therefrom), the Lockbox Account and certain other rights under
this Agreement. Although the Seller has pledged the Spread Account to the Trust
Collateral Agent and the Insurer pursuant to the Spread Account Agreement, the
Spread Account shall not under any circumstances be deemed to be a part of or
otherwise includable in the Trust or the Trust Property.

          "TRUSTEE" means the Person acting as Trustee under the Indenture, its
successors in interest and any successor trustee under the Indenture.

          "UCC" means the Uniform Commercial Code as in effect in the relevant
jurisdiction on the date of the Agreement.

          SECTION 1.2.   OTHER DEFINITIONAL PROVISIONS.

          (a)  Capitalized terms used herein and not otherwise defined herein
have meanings assigned to them in the Indenture, or, if not defined therein, in
the Trust Agreement.

          (b)  All terms defined in this Agreement shall have the defined
meanings when used in any instrument governed hereby and in any certificate or
other document made or delivered pursuant hereto unless otherwise defined
therein.

          (c)  As used in this Agreement, in any instrument governed hereby and
in any certificate or other document made or delivered pursuant hereto or
thereto, accounting terms not defined in this Agreement or in any such
instrument, certificate or other document, and accounting terms partly defined
in this Agreement or in any such instrument, certificate or other document to
the extent not defined, shall have the respective meanings given to them under
generally accepted accounting principles as in effect on the date of this
Agreement or any such instrument, certificate or other document, as applicable.
To the extent that the definitions of accounting terms in this Agreement or in
any such instrument, certificate or other document are inconsistent with the
meanings of such terms under generally accepted accounting principles, the
definitions contained in this Agreement or in any such instrument, certificate
or other document shall control.

          (d)  The words "HEREOF," "HEREIN," "HEREUNDER" and words of similar
import when used in this Agreement shall refer to this Agreement as a whole and
not to any particular provision of this Agreement; Section, Schedule and Exhibit
references contained in this Agreement are references to Sections, Schedules and
Exhibits in or to this Agreement unless otherwise specified; and the term
"including" shall mean "including without limitation."

          (e)  The definitions contained in this Agreement are applicable to the
singular as well as the plural forms of such terms and to the masculine as well
as to the feminine and neuter genders of such terms.

                                       20
<Page>

          (f)  Any agreement, instrument or statute defined or referred to
herein or in any instrument or certificate delivered in connection herewith
means such agreement, instrument or statute as from time to time amended,
modified or supplemented and includes (in the case of agreements or instruments)
references to all attachments thereto and instruments incorporated therein;
references to a Person are also to its permitted successors and assigns.

                                   ARTICLE II

                            CONVEYANCE OF RECEIVABLES

          SECTION 2.1.   CONVEYANCE OF RECEIVABLES. In consideration of the
Issuer's delivery to or upon the order of the Seller on the Closing Date of the
net proceeds from the sale of the Notes and the other amounts to be distributed
from time to time to the Seller in accordance with the terms of this Agreement,
the Seller does hereby sell, transfer, assign, set over and otherwise convey to
the Issuer, without recourse (subject to the obligations set forth herein), all
right, title and interest of the Seller in and to:

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

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

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

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

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

          (f)  the related Receivables Files;

          (g)  all of the Seller's right, title and interest in its rights and
benefits, but none of its obligations or burdens, under the Purchase Agreement,
including the Seller's rights under the Purchase Agreement, and the delivery
requirements, representations and warranties and the cure and repurchase
obligations of AmeriCredit under the Purchase Agreement;

          (h)  the proceeds of any and all of the foregoing;

          (i)  all of the Seller's (a) Accounts, (b) Chattel Paper, (c)
Documents, (d) Instruments and (e) General Intangibles (as such terms are
defined in the UCC) relating to the property described in (a) through (h); and

                                       21
<Page>

          (j)  all proceeds and investments with respect to items (a) through
(i).

          It is the intention of the Seller that the transfer and assignment
contemplated by this Agreement shall constitute a sale of the Receivables and
other Trust Property from the Seller to the Issuer and the beneficial interest
in and title to the Receivables and the other Trust Property shall not be part
of the Seller's estate in the event of the filing of a bankruptcy petition by or
against the Seller under any bankruptcy law. In the event that, notwithstanding
the intent of the Seller, the transfer and assignment contemplated hereby is
held by a court of competent jurisdiction not to be a sale, this Agreement shall
constitute a grant of a security interest in the property referred to in this
Section for the benefit of the Noteholders and the Insurer.

          SECTION 2.2.   [RESERVED].

          SECTION 2.3.   FURTHER ENCUMBRANCE OF TRUST PROPERTY.

          (a)  Immediately upon the conveyance to the Trust by the Seller of any
item of the Trust Property pursuant to Section 2.1, all right, title and
interest of the Seller in and to such item of Trust Property shall terminate,
and all such right, title and interest shall vest in the Trust, in accordance
with the Trust Agreement and Sections 3802 and 3805 of the Business Trust
Statute (as defined in the Trust Agreement).

          (b)  Immediately upon the vesting of the Trust Property in the Trust,
the Trust shall have the sole right to pledge or otherwise encumber, such Trust
Property. Pursuant to the Indenture, the Trust shall grant a security interest
in the Trust Property to the Trust Collateral Agent securing the repayment of
the Notes. The Certificates shall represent the beneficial ownership interest in
the Trust Property, and the Certificateholders shall be entitled to receive
distributions with respect thereto as set forth herein.

          (c)  Following the payment in full of the Notes and the release and
discharge of the Indenture, all covenants of the Issuer under Article III of the
Indenture shall, until payment in full of the Certificates, remain as covenants
of the Issuer for the benefit of the Certificateholders, enforceable by the
Certificateholders to the same extent as such covenants were enforceable by the
Noteholders prior to the discharge of the Indenture. Any rights of the Trustee
under Article III of the Indenture, following the discharge of the Indenture,
shall vest in Certificateholders.

          (d)  The Trust Collateral Agent shall, at such time as there are no
Securities outstanding and all sums due to (i) the Trustee pursuant to the
Indenture and (ii) the Trust Collateral Agent pursuant to this Agreement, have
been paid, release any remaining portion of the Trust Property to the Seller.

                                   ARTICLE III

                                 THE RECEIVABLES

          SECTION 3.1.   REPRESENTATIONS AND WARRANTIES OF SELLER. The Seller
hereby represents and warrants that each of the representations and warranties
set forth on the Schedule

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<Page>

of Representations attached hereto as Schedule B is true and correct on which
the Issuer is deemed to have relied in acquiring the Receivables and upon which
the Insurer shall be deemed to rely in issuing the Note Policy. Such
representations and warranties speak as of the execution and delivery of this
Agreement and as of the Closing Date Receivables, but shall survive the sale,
transfer and assignment of the Receivables to the Issuer and the pledge thereof
to the Trustee pursuant to the Indenture.

          SECTION 3.2.   REPURCHASE UPON BREACH.

          (a)  The Seller, the Servicer, the Insurer, the Trust Collateral Agent
or the Owner Trustee, as the case may be, shall inform the other parties to this
Agreement promptly, notice in writing, upon the discovery of any breach of the
Seller's representations and warranties made pursuant to Section 3.1. As of the
last day of the second (or, if the Seller so elects, the first) month following
the discovery by the Seller or receipt by the Seller of notice of such breach,
unless such breach is cured by such date, the Seller shall have an obligation to
repurchase any Receivable in which the interests of the Noteholders or the
Insurer are materially and adversely affected by any such breach as of such
date. The "second month" shall mean the month following the month in which
discovery occurs or notice is given, and the "first month" shall mean the month
in which discovery occurs or notice is given. In consideration of and
simultaneously with the repurchase of the Receivable, the Seller shall remit, or
cause AmeriCredit to remit, to the Collection Account the Purchase Amount in the
manner specified in Section 5.6 and the Issuer shall execute such assignments
and other documents reasonably requested by such person in order to effect such
repurchase. The sole remedy of the Issuer, the Owner Trustee, the Trust
Collateral Agent, the Trustee or the Noteholders with respect to a breach of
representations and warranties pursuant to Section 3.1 and the agreement
contained in this Section shall be the repurchase of Receivables pursuant to
this Section, subject to the conditions contained herein or to enforce the
obligation of AmeriCredit to the Seller to repurchase such Receivables pursuant
to the Purchase Agreement. Neither the Owner Trustee, the Trust Collateral Agent
nor the Trustee shall have a duty to conduct any affirmative investigation as to
the occurrence of any conditions requiring the repurchase of any Receivable
pursuant to this Section.

          In addition to the foregoing and notwithstanding whether the related
Receivable shall have been purchased by the Seller, the Seller shall indemnify
the Trust, the Trustee, the Backup Servicer, the Trust Collateral Agent,
Collateral Agent and the officers, directors, agents and employees thereof, the
Insurer, and the Noteholders 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 breach.

          (b)  Pursuant to Section 2.1 of this Agreement, the Seller conveyed to
the Trust all of the Seller's right, title and interest in its rights and
benefits, but none of its obligations or burdens, under the Purchase Agreement
including the Seller's rights under the Purchase Agreement and the delivery
requirements, representations and warranties and the cure or repurchase
obligations of AmeriCredit thereunder. The Seller hereby represents and warrants
to the Trust that such assignment is valid, enforceable and effective to permit
the Trust to enforce such obligations of AmeriCredit under the Purchase
Agreement.

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<Page>

          SECTION 3.3.   CUSTODY OF RECEIVABLES FILES.

          (a)  In connection with the sale, transfer and assignment of the
Receivables and the Other Conveyed Property to the Trust pursuant to this
Agreement and simultaneously with the execution and delivery of this Agreement,
the Trust Collateral Agent shall enter into the Custodian Agreement with the
Custodian, dated as of August 9, 2002, pursuant to which the Trust Collateral
Agent shall revocably appoint the Custodian, and the Custodian shall accept such
appointment, to act as the agent of the Trust Collateral Agent as custodian of
the following documents or instruments in its possession which shall be
delivered to the Custodian as agent of the Trust Collateral Agent on or before
the Closing Date (with respect to each Receivable):

            (i)   The fully executed original of the Receivable (together with
     any agreements modifying the Receivable, including, without limitation, any
     extension agreements);

            (ii)  The original credit application, or a copy thereof, of each
     Obligor, fully executed by each such Obligor on AmeriCredit's customary
     form, or on a form approved by AmeriCredit, for such application; and

            (iii) The original certificate of title (when received) and
     otherwise such documents, if any, that AmeriCredit keeps on file in
     accordance with its customary procedures indicating that the Financed
     Vehicle is owned by the Obligor and subject to the interest of AmeriCredit
     as first lienholder or secured party (including any Lien Certificate
     received by AmeriCredit), or, if such original certificate of title has not
     yet been received, a copy of the application therefor, showing AmeriCredit
     as secured party.

          (b)  The Trust Collateral Agent may act as the Custodian, in which
case the Trust Collateral Agent shall be deemed to have assumed the obligations
of the Custodian specified in the Custodian Agreement. Upon payment in full of
any Receivable, the Servicer will notify the Custodian pursuant to a certificate
of an officer of the Servicer (which certificate shall include a statement to
the effect that all amounts received in connection with such payments which are
required to be deposited in the Collection Account pursuant to Section 4.1 have
been so deposited) and shall request delivery of the Receivable and Receivable
File to the Servicer. From time to time as appropriate for servicing and
enforcing any Receivable, the Custodian shall, upon written request of an
officer of the Servicer and delivery to the Custodian of a receipt signed by
such officer, cause the original Receivable and the related Receivable File to
be released to the Servicer. The Servicer's receipt of a Receivable and/or
Receivable File shall obligate the Servicer to return the original Receivable
and the related Receivable File to the Custodian when its need by the Servicer
has ceased unless the Receivable is repurchased as described in Section 3.2 or
4.7.

                                   ARTICLE IV

                   ADMINISTRATION AND SERVICING OF RECEIVABLES

          SECTION 4.1.   DUTIES OF THE SERVICER. The Servicer is hereby
authorized to act as agent for the Trust and in such capacity shall manage,
service, administer and make

                                       24
<Page>

collections on the Receivables, and perform the other actions required by the
Servicer under this Agreement. The Servicer agrees that its servicing of the
Receivables shall be carried out in accordance with customary and usual
procedures of institutions which service motor vehicle retail installment sales
contracts and, to the extent more exacting, the degree of skill and attention
that the Servicer exercises from time to time with respect to all comparable
motor vehicle receivables that it services for itself or others. In performing
such duties, so long as AmeriCredit is the Servicer, it shall substantially
comply with the policies and procedures described on Schedule C, as such
policies and procedures may be updated from time to time. The Servicer's duties
shall include, without limitation, collection and posting of all payments,
responding to inquiries of Obligors on the Receivables, investigating
delinquencies, sending payment coupons to Obligors, reporting any required tax
information to Obligors, monitoring the collateral, complying with the terms of
the Lockbox Agreement, accounting for collections and furnishing monthly and
annual statements to the Trust Collateral Agent, the Trustee and the Insurer
with respect to distributions, monitoring the status of Insurance Policies with
respect to the Financed Vehicles and performing the other duties specified
herein.

          The Servicer shall also administer and enforce all rights and
responsibilities of the holder of the Receivables provided for in the Dealer
Agreements and Auto Loan Purchase and Sale Agreements (and shall maintain
possession of the Dealer Agreements and Auto Loan Purchase and Sale Agreements,
to the extent it is necessary to do so), the Dealer Assignments, the Third-Party
Lender Assignments and the Insurance Policies, to the extent that such Dealer
Agreements, Auto Loan Purchase and Sale Agreements, Dealer Assignments,
Third-Party Lender Assignments and Insurance Policies relate to the Receivables,
the Financed Vehicles or the Obligors. To the extent consistent with the
standards, policies and procedures otherwise required hereby, the Servicer shall
follow its customary standards, policies, and procedures and shall have full
power and authority, acting alone, to do any and all things in connection with
such managing, servicing, administration and collection that it may deem
necessary or desirable. Without limiting the generality of the foregoing, the
Servicer is hereby authorized and empowered by the Trust to execute and deliver,
on behalf of the Trust, any and all instruments of satisfaction or cancellation,
or of partial or full release or discharge, and all other comparable
instruments, with respect to the Receivables and with respect to the Financed
Vehicles; PROVIDED, HOWEVER, that notwithstanding the foregoing, the Servicer
shall not, except pursuant to an order from a court of competent jurisdiction,
release an Obligor from payment of any unpaid amount under any Receivable or
waive the right to collect the unpaid balance of any Receivable from the Obligor
except in accordance with the Servicer's customary practices.

          The Servicer is hereby authorized to commence, in its own name or in
the name of the Trust, a legal proceeding to enforce a Receivable pursuant to
Section 4.3 or to commence or participate in any other legal proceeding
(including, without limitation, a bankruptcy proceeding) relating to or
involving a Receivable, an Obligor or a Financed Vehicle. If the Servicer
commences or participates in such a legal proceeding in its own name, the Trust
shall thereupon be deemed to have automatically assigned such Receivable to the
Servicer solely for purposes of commencing or participating in any such
proceeding as a party or claimant, and the Servicer is authorized and empowered
by the Trust to execute and deliver in the Servicer's name any notices, demands,
claims, complaints, responses, affidavits or other documents or instruments in
connection with any such proceeding. The Trust Collateral Agent and the Owner
Trustee shall furnish the Servicer with any limited powers of attorney and other
documents

                                       25
<Page>

which the Servicer may reasonably request and which the Servicer deems necessary
or appropriate and take any other steps which the Servicer may deem necessary or
appropriate to enable the Servicer to carry out its servicing and administrative
duties under this Agreement.

          SECTION 4.2.   COLLECTION OF RECEIVABLE PAYMENTS; MODIFICATIONS OF
RECEIVABLES; LOCKBOX AGREEMENTS.

          (a)  Consistent with the standards, policies and procedures required
by this Agreement, the Servicer shall make reasonable efforts to collect all
payments called for under the terms and provisions of the Receivables as and
when the same shall become due, and shall follow such collection procedures as
it follows with respect to all comparable automobile receivables that it
services for itself or others and otherwise act with respect to the Receivables,
the Dealer Agreements, the Dealer Assignments, the Auto Loan Purchase and Sale
Agreements, the Third-Party Lender Assignments, the Insurance Policies and the
Other Conveyed Property in such manner as will, in the reasonable judgment of
the Servicer, maximize the amount to be received by the Trust with respect
thereto. The Servicer is authorized in its discretion to waive any prepayment
charge, late payment charge or any other similar fees that may be collected in
the ordinary course of servicing any Receivable.

          (b)  The Servicer may at any time agree to a modification or amendment
of a Receivable in order to (i) change the Obligor's regular due date to a date
within the Collection Period in which such due date occurs or (ii) re-amortize
the Scheduled Receivables Payments on the Receivable following a partial
prepayment of principal, in accordance with its customary procedures if the
Servicer believes in good faith that such extension, modification or amendment
is necessary to avoid a default on such Receivable, will maximize the amount to
be received by the Trust with respect to such Receivable, and is otherwise in
the best interests of the Trust.

          (c)  The Servicer may grant payment extensions on, or other
modifications or amendments to, a receivable (in addition to those modifications
permitted by Section 4.2(b)) in accordance with its customary procedures if the
Servicer believes in good faith that such extension, modification or amendment
is necessary to avoid a default on such Receivable, will maximize the amount to
be received by the Trust with respect to such Receivable, and is otherwise in
the best interests of the Trust; PROVIDED, HOWEVER, that:

            (i)   The aggregate period of all extensions on a Receivable shall
     not exceed eight months;

            (ii)  In no event may a Receivable be extended beyond the Collection
     Period immediately preceding the latest Final Scheduled Distribution Date;

            (iii) The average Monthly Extension Rate for any three consecutive
     calendar months shall not exceed 4%; and

            (iv)  So long as an Insurer Default shall not have occurred and be
     continuing, the Servicer shall not amend or modify a Receivable (except as
     provided in Section 4.2(b) and this Section 4.2(c)) without the consent of
     the Insurer or a Note Majority (if an Insurer Default shall have occurred
     and be continuing).

                                       26
<Page>

          With respect to clause (iii) of this Section 4.2(c), in the event the
average of the Monthly Extension Rates calculated with respect to three
consecutive calendar months exceeds 4% (which information shall be set forth in
the related Servicer's Certificate), the Servicer shall, on the third such
Accounting Date, purchase from the Trust the Receivables with respect to which
payment had been extended (starting with the Receivables most recently so
extended) in an aggregate Principal Balance equal to the product of (i) the
difference between such average of Monthly Extension Rates and 4% and (ii) the
Aggregate Principal Balance, and pay the related Purchase Amount on the related
Preliminary Determination Date; PROVIDED, HOWEVER, that in the event the Backup
Servicer shall be acting as Servicer hereunder, the foregoing sentence shall
apply only in respect of Receivables as to which payments had been extended by
such Backup Servicer.

          (d)  The Servicer shall use its best efforts to notify or direct
Obligors to make all payments on the Receivables, whether by check or by direct
debit of the Obligor's bank account, to be made directly to one or more Lockbox
Banks, acting as agent for the Trust pursuant to a Lockbox Agreement. The
Servicer shall use its best efforts to notify or direct any Lockbox Bank to
deposit all payments on the Receivables in the Lockbox Account no later than the
Business Day after receipt, and to cause all amounts credited to the Lockbox
Account on account of such payments to be transferred to the Collection Account
no later than the second Business Day after receipt of such payments. The
Lockbox Account shall be a demand deposit account held by the Lockbox Bank, or
at the request of the Controlling Party, an Eligible Account.

          Prior to the Closing Date, the Servicer shall have notified each
Obligor that makes its payments on the Receivables by check to make such
payments thereafter directly to the Lockbox Bank (except in the case of Obligors
that have already been making such payments to the Lockbox Bank), and shall have
provided each such Obligor with remittance invoices in order to enable such
Obligors to make such payments directly to the Lockbox Bank for deposit into the
Lockbox Account, and the Servicer will continue, not less often than every three
months, to so notify those Obligors who have failed to make payments to the
Lockbox Bank. If and to the extent requested by the Controlling Party, the
Servicer shall request each Obligor that makes payment on the Receivables by
direct debit of such Obligor's bank account, to execute a new authorization for
automatic payment which in the judgment of the Controlling Party is sufficient
to authorize direct debit by the Lockbox Bank on behalf of the Trust. If at any
time, the Lockbox Bank is unable to directly debit an Obligor's bank account
that makes payment on the Receivables by direct debit and if such inability is
not cured within 15 days or cannot be cured by execution by the Obligor of a new
authorization for automatic payment, the Servicer shall notify such Obligor that
it cannot make payment by direct debit and must thereafter make payment by
check.

          Notwithstanding any Lockbox Agreement, or any of the provisions of
this Agreement relating to the Lockbox Agreement, the Servicer shall remain
obligated and liable to the Trust, the Trust Collateral Agent and Noteholders
for servicing and administering the Receivables and the Other Conveyed Property
in accordance with the provisions of this Agreement without diminution of such
obligation or liability by virtue thereof; PROVIDED, HOWEVER, that the foregoing
shall not apply to any Backup Servicer for so long as a Lockbox Bank is
performing its obligations pursuant to the terms of a Lockbox Agreement.

                                       27
<Page>

          In the event of a termination of the Servicer, the successor Servicer
shall assume all of the rights and obligations of the outgoing Servicer under
the Lockbox Agreement subject to the terms hereof. In such event, the successor
Servicer shall be deemed to have assumed all of the outgoing Servicer's interest
therein and to have replaced the outgoing Servicer as a party to each such
Lockbox Agreement to the same extent as if such Lockbox Agreement had been
assigned to the successor Servicer, except that the outgoing Servicer shall not
thereby be relieved of any liability or obligations on the part of the outgoing
Servicer to the Lockbox Bank under such Lockbox Agreement. The outgoing Servicer
shall, upon request of the Trust Collateral Agent, but at the expense of the
outgoing Servicer, deliver to the successor Servicer all documents and records
relating to each such Lockbox Agreement and an accounting of amounts collected
and held by the Lockbox Bank and otherwise use its best efforts to effect the
orderly and efficient transfer of any Lockbox Agreement to the successor
Servicer. In the event that the Insurer (so long as an Insurer Default shall not
have occurred and be continuing) or a Note Majority (if an Insurer Default shall
have occurred and be continuing) elects to change the identity of the Lockbox
Bank, the outgoing Servicer, at its expense, shall cause the Lockbox Bank to
deliver, at the direction of the Insurer (so long as an Insurer Default shall
not have occurred and be continuing) or a Note Majority (if an Insurer Default
shall have occurred and be continuing) to the Trust Collateral Agent or a
successor Lockbox Bank, all documents and records relating to the Receivables
and all amounts held (or thereafter received) by the Lockbox Bank (together with
an accounting of such amounts) and shall otherwise use its best efforts to
effect the orderly and efficient transfer of the lockbox arrangements and the
Servicer shall notify the Obligors to make payments to the Lockbox established
by the successor.

          (e)  The Servicer shall remit all payments by or on behalf of the
Obligors received directly by the Servicer to the Lockbox Bank for deposit into
the Collection Account no later than the Business Day after the receipt thereof.

          SECTION 4.3.   REALIZATION UPON RECEIVABLES.

          (a)  Consistent with the standards, policies and procedures required
by this Agreement, the Servicer shall use its best efforts to repossess (or
otherwise comparably convert the ownership of) and liquidate any Financed
Vehicle securing a Receivable with respect to which the Servicer has determined
that payments thereunder are not likely to be resumed, as soon as is practicable
after default on such Receivable but in no event later than the date on which
all or any portion of a Scheduled Receivables Payment has become 91 days
delinquent; PROVIDED, HOWEVER, that the Servicer may elect not to repossess a
Financed Vehicle within such time period if in its good faith judgment it
determines that the proceeds ultimately recoverable with respect to such
Receivable would be increased by forbearance. The Servicer is authorized to
follow such customary practices and procedures as it shall deem necessary or
advisable, consistent with the standard of care required by Section 4.1, which
practices and procedures may include reasonable efforts to realize upon any
recourse to Dealers and Third-Party Lenders, the sale of the related Financed
Vehicle at public or private sale, the submission of claims under an Insurance
Policy and other actions by the Servicer in order to realize upon such a
Receivable. The foregoing is subject to the provision that, in any case in which
the Financed Vehicle shall have suffered damage, the Servicer shall not expend
funds in connection with any repair or towards the repossession of such Financed
Vehicle unless it shall determine in its discretion that such repair and/or
repossession shall increase the proceeds of liquidation of the related

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Receivable by an amount greater than the amount of such expenses. All amounts
received upon liquidation of a Financed Vehicle shall be remitted directly by
the Servicer to the Collection Account without deposit into any intervening
account as soon as practicable, but in no event later than the Business Day
after receipt thereof. The Servicer shall be entitled to recover all reasonable
expenses incurred by it in the course of repossessing and liquidating a Financed
Vehicle into cash proceeds, but only out of the cash proceeds of such Financed
Vehicle, any deficiency obtained from the Obligor or any amounts received from
the related Dealer or Third-Party Lender, which amounts in reimbursement may be
retained by the Servicer (and shall not be required to be deposited as provided
in Section 4.2(e)) to the extent of such expenses. The Servicer shall pay on
behalf of the Trust any personal property taxes assessed on repossessed Financed
Vehicles. The Servicer shall be entitled to reimbursement of any such tax from
Net Liquidation Proceeds with respect to such Receivable.

          (b)  If the Servicer elects to commence a legal proceeding to enforce
a Dealer Agreement, Auto Loan Purchase and Sale Agreement, Dealer Assignment or
Third-Party Lender Assignment, the act of commencement shall be deemed to be an
automatic assignment from the Trust to the Servicer of the rights under such
Dealer Agreement, Auto Loan Purchase and Sale Agreement, Dealer Assignment or
Third-Party Lender Assignment for purposes of collection only. If, however, in
any enforcement suit or legal proceeding it is held that the Servicer may not
enforce a Dealer Agreement, Auto Loan Purchase and Sale Agreement, Dealer
Assignment or Third-Party Lender Assignment on the grounds that it is not a real
party in interest or a Person entitled to enforce the Dealer Agreement, Auto
Loan Purchase and Sale Agreement, Dealer Assignment or Third-Party Lender
Assignment, the Owner Trustee and/or the Trust Collateral Agent, at the
Servicer's expense, or the Seller, at the Seller's expense, shall take such
steps as the Servicer deems reasonably necessary to enforce the Dealer
Agreement, Auto Loan Purchase and Sale Agreement, Dealer Assignment or
Third-Party Lender Assignment, including bringing suit in its name or the name
of the Seller or of the Trust and the Owner Trustee and/or the Trust Collateral
Agent for the benefit of the Noteholders. All amounts recovered shall be
remitted directly by the Servicer as provided in Section 4.2(e).

          SECTION 4.4.   INSURANCE.

          (a)  The Servicer shall require, in accordance with its customary
servicing policies and procedures, that each Financed Vehicle be insured by the
related Obligor under the Insurance Policies referred to in Paragraph 24 of the
Schedule of Representations and Warranties and shall monitor the status of such
physical loss and damage insurance coverage thereafter, in accordance with its
customary servicing procedures. Each Receivable requires the Obligor to maintain
such physical loss and damage insurance, naming AmeriCredit and its successors
and assigns as additional insureds, and permits the holder of such Receivable to
obtain physical loss and damage insurance at the expense of the Obligor if the
Obligor fails to maintain such insurance. If the Servicer shall determine that
an Obligor has failed to obtain or maintain a physical loss and damage Insurance
Policy covering the related Financed Vehicle which satisfies the conditions set
forth in clause (i)(a) of such Paragraph 24 (including, without limitation,
during the repossession of such Financed Vehicle) the Servicer may enforce the
rights of the holder of the Receivable under the Receivable to require the
Obligor to obtain such physical loss and damage insurance in accordance with its
customary servicing policies and procedures. The Servicer may maintain a
vendor's single interest or other collateral protection insurance policy

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<Page>

with respect to all Financed Vehicles ("COLLATERAL INSURANCE") which policy
shall by its terms insure against physical loss and damage in the event any
Obligor fails to maintain physical loss and damage insurance with respect to the
related Financed Vehicle. All policies of Collateral Insurance shall be endorsed
with clauses providing for loss payable to the Servicer. Costs incurred by the
Servicer in maintaining such Collateral Insurance shall be paid by the Servicer.

          (b)  The Servicer may, if an Obligor fails to obtain or maintain a
physical loss and damage Insurance Policy, obtain insurance with respect to the
related Financed Vehicle and advance on behalf of such Obligor, as required
under the terms of the insurance policy, the premiums for such insurance (such
insurance being referred to herein as "FORCE-PLACED INSURANCE"). All policies of
Force-Placed Insurance shall be endorsed with clauses providing for loss payable
to the Servicer. Any cost incurred by the Servicer in maintaining such
Force-Placed Insurance shall only be recoverable out of premiums paid by the
Obligors or Net Liquidation Proceeds with respect to the Receivable, as provided
in Section 4.4(c).

          (c)  In connection with any Force-Placed Insurance obtained hereunder,
the Servicer may, in the manner and to the extent permitted by applicable law,
require the Obligors to repay the entire premium to the Servicer. In no event
shall the Servicer include the amount of the premium in the Amount Financed
under the Receivable. For all purposes of this Agreement, the Insurance Add-On
Amount with respect to any Receivable having Force-Placed Insurance will be
treated as a separate obligation of the Obligor and will not be added to the
Principal Balance of such Receivable, and amounts allocable thereto will not be
available for distribution on the Notes and the Certificates. The Servicer shall
retain and separately administer the right to receive payments from Obligors
with respect to Insurance Add-On Amounts or rebates of Forced-Placed Insurance
premiums. If an Obligor makes a payment with respect to a Receivable having
Force-Placed Insurance, but the Servicer is unable to determine whether the
payment is allocable to the Receivable or to the Insurance Add-On Amount, the
payment shall be applied first to any unpaid Scheduled Receivables Payments and
then to the Insurance Add-On Amount. Net Liquidation Proceeds on any Receivable
will be used first to pay the Principal Balance and accrued interest on such
Receivable and then to pay the related Insurance Add-On Amount. If an Obligor
under a Receivable with respect to which the Servicer has placed Force-Placed
Insurance fails to make scheduled payments of such Insurance Add-On Amount as
due, and the Servicer has determined that eventual payment of the Insurance
Add-On Amount is unlikely, the Servicer may, but shall not be required to,
purchase such Receivable from the Trust for the Purchase Amount on any
subsequent Determination Date. Any such Receivable, and any Receivable with
respect to which the Servicer has placed Force-Placed Insurance which has been
paid in full (excluding any Insurance Add-On Amounts) will be assigned to the
Servicer.

          (d)  The Servicer may sue to enforce or collect upon the Insurance
Policies, in its own name, if possible, or as agent of the Trust. If the
Servicer elects to commence a legal proceeding to enforce an Insurance Policy,
the act of commencement shall be deemed to be an automatic assignment of the
rights of the Trust under such Insurance Policy to the Servicer for purposes of
collection only. If, however, in any enforcement suit or legal proceeding it is
held that the Servicer may not enforce an Insurance Policy on the grounds that
it is not a real party in interest or a holder entitled to enforce the Insurance
Policy, the Owner Trustee and/or the Trust Collateral Agent, at the Servicer's
expense, or the Seller, at the Seller's expense, shall take such steps as the
Servicer deems necessary to enforce such Insurance Policy, including bringing
suit

                                       30
<Page>

in its name or the name of the Trust and the Owner Trustee and/or the Trust
Collateral Agent for the benefit of the Noteholders.

          (e)  The Servicer will cause itself and may cause the Trust Collateral
Agent to be named as named insured under all policies of Collateral Insurance.

          SECTION 4.5.   MAINTENANCE OF SECURITY INTERESTS IN VEHICLES.

          (a)  Consistent with the policies and procedures required by this
Agreement, the Servicer shall take such steps on behalf of the Trust as are
necessary to maintain perfection of the security interest created by each
Receivable in the related Financed Vehicle, including, but not limited to,
obtaining the execution by the Obligors and the recording, registering, filing,
re-recording, re-filing, and re-registering of all security agreements,
financing statements and continuation statements as are necessary to maintain
the security interest granted by the Obligors under the respective Receivables.
The Trust Collateral Agent hereby authorizes the Servicer, and the Servicer
agrees, to take any and all steps necessary to re-perfect such security interest
on behalf of the Trust as necessary because of the relocation of a Financed
Vehicle or for any other reason. In the event that the assignment of a
Receivable to the Trust is insufficient, without a notation on the related
Financed Vehicle's certificate of title, or without fulfilling any additional
administrative requirements under the laws of the state in which the Financed
Vehicle is located, to perfect a security interest in the related Financed
Vehicle in favor of the Trust, the Servicer hereby agrees that AmeriCredit's
designation as the secured party on the certificate of title is in its capacity
as Servicer as agent of the Trust.

          (b)  Upon the occurrence of an Insurance Agreement Event of Default,
the Insurer may (so long as an Insurer Default shall not have occurred and be
continuing) instruct the Trust Collateral Agent and the Servicer to take or
cause to be taken, or, if an Insurer Default shall have occurred, upon the
occurrence of a Servicer Termination Event, the Trust Collateral Agent and the
Servicer shall take or cause to be taken such action as may, in the opinion of
counsel to the Controlling Party, be necessary to perfect or re-perfect the
security interests in the Financed Vehicles securing the Receivables in the name
of the Trust by amending the title documents of such Financed Vehicles or by
such other reasonable means as may, in the opinion of counsel to the Controlling
Party, be necessary or prudent.

          AmeriCredit hereby agrees to pay all expenses related to such
perfection or reperfection and to take all action necessary therefor. In
addition, prior to the occurrence of an Insurance Agreement Event of Default,
the Controlling Party may instruct the Trust Collateral Agent and the Servicer
to take or cause to be taken such action as may, in the opinion of counsel to
the Controlling Party, be necessary to perfect or re-perfect the security
interest in the Financed Vehicles underlying the Receivables in the name of the
Trust, including by amending the title documents of such Financed Vehicles or by
such other reasonable means as may, in the opinion of counsel to the Controlling
Party, be necessary or prudent; PROVIDED, HOWEVER, that if the Controlling Party
requests that the title documents be amended prior to the occurrence of an
Insurance Agreement Event of Default, the out-of-pocket expenses of the Servicer
or the Trust Collateral Agent in connection with such action shall be reimbursed
to the Servicer or the Trust Collateral Agent, as applicable, by the Controlling
Party. AmeriCredit hereby appoints the Trust Collateral Agent as its
attorney-in-fact to take any and all steps required to be performed by

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<Page>

AmeriCredit pursuant to this Section 4.5(b) (it being understood that and agreed
that the Trust Collateral Agent shall have no obligation to take such steps with
respect to all perfection or reperfection, except as pursuant to the Basic
Documents to which it is a party and to which AmeriCredit has paid all
expenses), including execution of certificates of title or any other documents
in the name and stead of AmeriCredit and the Trust Collateral Agent hereby
accepts such appointment.

          SECTION 4.6.   COVENANTS, REPRESENTATIONS, AND WARRANTIES OF SERVICER.
By its execution and delivery of this Agreement, the Servicer makes the
following representations, warranties and covenants on which the Trust
Collateral Agent relies in accepting the Receivables, on which the Trustee
relies in authenticating the Notes and on which the Insurer relies in issuing
the Note Policy.

          (a)  The Servicer covenants as follows:

            (i)   LIENS IN FORCE. The Financed Vehicle securing each Receivable
     shall not be released in whole or in part from the security interest
     granted by the Receivable, except upon payment in full of the Receivable or
     as otherwise contemplated herein;

            (ii)  NO IMPAIRMENT. The Servicer shall do nothing to impair the
     rights of the Trust or the Noteholders in the Receivables, the Dealer
     Agreements, the Auto Loan Purchase and Sale Agreements, the Dealer
     Assignments, the Third-Party Lender Assignments, the Insurance Policies or
     the Other Conveyed Property except as otherwise expressly provided herein;

            (iii) NO AMENDMENTS. The Servicer shall not extend or otherwise
     amend the terms of any Receivable, except in accordance with Section 4.2;
     and

            (iv)  RESTRICTIONS ON LIENS. The Servicer shall not (i) create,
     incur or suffer to exist, or agree to create, incur or suffer to exist, or
     consent to cause or permit in the future (upon the happening of a
     contingency or otherwise) the creation, incurrence or existence of any Lien
     or restriction on transferability of the Receivables except for the Lien in
     favor of the Trust Collateral Agent for the benefit of the Noteholders and
     Insurer, the Lien imposed by the Spread Account Agreement Supplement in
     favor of the Collateral Agent for the benefit of the Trust Collateral Agent
     and Insurer, and the restrictions on transferability imposed by this
     Agreement or (ii) sign or file under the Uniform Commercial Code of any
     jurisdiction any financing statement which names AmeriCredit or the
     Servicer as a debtor, or sign any security agreement authorizing any
     secured party thereunder to file such financing statement, with respect to
     the Receivables, except in each case any such instrument solely securing
     the rights and preserving the Lien of the Trust Collateral Agent, for the
     benefit of the Noteholders and the Insurer.

          (b)  The Servicer represents, warrants and covenants as of the Closing
Date as to itself that the representations and warranties set forth on the
Schedule of Representations attached hereto as Schedule B are true and correct,
provided that such representations and warranties contained therein and herein
shall not apply to any entity other than AmeriCredit.

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<Page>

          SECTION 4.7.   PURCHASE OF RECEIVABLES UPON BREACH OF COVENANT. Upon
discovery by any of the Servicer, the Insurer, a Responsible Officer of the
Trust Collateral Agent, the Owner Trustee or a Responsible Officer of the
Trustee of a breach of any of the covenants set forth in Sections 4.5(a) or
4.6(a), the party discovering such breach shall give prompt written notice to
the others; PROVIDED, HOWEVER, that the failure to give any such notice shall
not affect any obligation of AmeriCredit as Servicer under this Section. As of
the second Accounting Date following its discovery or receipt of notice of any
breach of any covenant set forth in Sections 4.5(a) or 4.6(a) which materially
and adversely affects the interests of the Noteholders or the Insurer in any
Receivable (including any Liquidated Receivable) (or, at AmeriCredit's election,
the first Accounting Date so following) or the related Financed Vehicle,
AmeriCredit shall, unless such breach shall have been cured in all material
respects, purchase from the Trust the Receivable affected by such breach and, on
the related Determination Date, AmeriCredit shall pay the related Purchase
Amount. It is understood and agreed that the obligation of AmeriCredit to
purchase any Receivable (including any Liquidated Receivable) with respect to
which such a breach has occurred and is continuing shall, if such obligation is
fulfilled, constitute the sole remedy against AmeriCredit for such breach
available to the Insurer, the Noteholders, the Owner Trustee or the Trust
Collateral Agent; PROVIDED, HOWEVER, that AmeriCredit shall indemnify the Trust,
the Backup Servicer, the Collateral Agent, the Insurer, the Owner Trustee, the
Trust Collateral Agent, the Trustee and the Noteholders 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 breach. This section shall survive the termination of this
Agreement and the earlier removal or resignation of the Trustee and/or the Trust
Collateral Agent and/or the Backup Servicer.

          SECTION 4.8.   TOTAL SERVICING FEE; PAYMENT OF CERTAIN EXPENSES BY
SERVICER. On each Distribution Date, the Servicer shall be entitled to receive
out of the Collection Account the Base Servicing Fee and any Supplemental
Servicing Fee for the related Collection Period (together, the "SERVICING FEE")
pursuant to Section 5.7. The Servicer shall be required to pay all expenses
incurred by it in connection with its activities under this Agreement (including
taxes imposed on the Servicer, expenses incurred in connection with
distributions and reports made by the Servicer to Noteholders or the Insurer and
all other fees and expenses of the Owner Trustee, the Collateral Agent, the
Backup Servicer, the Trust Collateral Agent or the Trustee, except taxes levied
or assessed against the Trust, and claims against the Trust in respect of
indemnification, which taxes and claims in respect of indemnification against
the Trust are expressly stated to be for the account of AmeriCredit). The
Servicer shall be liable for the fees and expenses of the Owner Trustee, the
Backup Servicer, the Trust Collateral Agent, the Trustee, the Custodian, the
Collateral Agent, the Lockbox Bank (and any fees under the Lockbox Agreement)
and the Independent Accountants. Notwithstanding the foregoing, if the Servicer
shall not be AmeriCredit, a successor to AmeriCredit as Servicer including the
Backup Servicer permitted by Section 9.3 shall not be liable for taxes levied or
assessed against the Trust or claims against the Trust in respect of
indemnification, or the fees and expenses referred to above.

          SECTION 4.9.   PRELIMINARY SERVICER'S CERTIFICATE AND SERVICER'S
CERTIFICATE.

          (a)  No later than 10:00 a.m. Eastern time on each Preliminary
Determination Date, the Servicer shall deliver (facsimile delivery being
acceptable) to the Trustee, the Owner

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<Page>

Trustee, the Trust Collateral Agent, the Collateral Agent, the Backup Servicer,
the Insurer, the Swap Provider and each Rating Agency a Preliminary Servicer's
Certificate executed by a Responsible Officer of the Servicer containing among
other things, all information necessary to enable the Trust Collateral Agent to
give any notice required by Section 5.5(b) and to make the distributions
required by Section 5.7(a).

          (b)  No later than 10:00 a.m. Eastern time on each Determination Date,
the Servicer shall deliver (facsimile delivery being acceptable) to the Trustee,
the Owner Trustee, the Trust Collateral Agent, the Collateral Agent, the Backup
Servicer, the Insurer and each Rating Agency a Servicer's Certificate executed
by a Responsible Officer of the Servicer containing among other things, (i) all
information necessary to enable the Trust Collateral Agent to make any
withdrawal and deposit required by Section 5.5 and to make the distributions
required by Section 5.7(a), (ii) a listing of all Purchased Receivables and
Administrative Receivables purchased as of the related Accounting Date,
identifying the Receivables so purchased, (iii) all information necessary to
enable the Trust Collateral Agent to send the statements to Noteholders and the
Insurer required by Section 5.10, and (iv) all information necessary to enable
the Trust Collateral Agent to reconcile the aggregate cash flows, the Collection
Account for the related Collection Period, Distribution Date and Insured
Distribution Date, including the accounting required by Section 5.10.
Receivables purchased by the Servicer or by the Seller on the related Accounting
Date and each Receivable which became a Liquidated Receivable or which was paid
in full during the related Collection Period shall be identified by account
number (as set forth in the Schedule of Receivables). In addition to the
information set forth in the preceding sentence, the Servicer's Certificate
shall also contain the following information: (a) the Delinquency Ratio, Average
Delinquency Ratio, Cumulative Default Ratio and Cumulative Net Loss Ratio (as
such terms are defined in the Spread Account Agreement) for such Determination
Date; (b) whether any Trigger Event has occurred as of such Determination Date;
(c) whether any Trigger Event that may have occurred as of a prior Determination
Date is deemed cured as of such Determination Date; and (d) whether to the
knowledge of the Servicer an Insurance Agreement Event of Default has occurred.

          SECTION 4.10.  ANNUAL STATEMENT AS TO COMPLIANCE, NOTICE OF SERVICER
TERMINATION EVENT.

          (a)  The Servicer shall deliver to the Trustee, the Owner Trustee, the
Trust Collateral Agent, the Backup Servicer, the Insurer and each Rating Agency,
on or before October 31 (or 120 days after the end of the Servicer's fiscal
year, if other than June 30) of each year, beginning on October 31, 2003, an
officer's certificate signed by any Responsible Officer of the Servicer, dated
as of June 30 (or other applicable date) of such year, stating that (i) a review
of the activities of the Servicer during the preceding 12-month period (or such
other period as shall have elapsed from the Closing Date to the date of the
first such certificate (which period shall not be less than six months)) and of
its performance under this Agreement has been made under such officer's
supervision, and (ii) to such officer's knowledge, based on such review, the
Servicer has fulfilled all its obligations under this Agreement throughout such
period, or, if there has been a default in the fulfillment of any such
obligation, specifying each such default known to such officer and the nature
and status thereof.

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<Page>

          (b)  The Servicer shall deliver to the Trustee, the Owner Trustee, the
Trust Collateral Agent, the Backup Servicer, the Insurer, the Collateral Agent
and each Rating Agency, promptly after having obtained knowledge thereof, but in
no event later than two (2) Business Days thereafter, written notice in an
officer's certificate of any event which with the giving of notice or lapse of
time, or both, would become a Servicer Termination Event under Section 9.1(a).
The Seller or the Servicer shall deliver to the Trustee, the Owner Trustee, the
Trust Collateral Agent, the Backup Servicer, the Insurer, the Collateral Agent,
the Servicer or the Seller (as applicable) and each Rating Agency promptly after
having obtained knowledge thereof, but in no event later than two (2) Business
Days thereafter, written notice in an officer's certificate of any event which
with the giving of notice or lapse of time, or both, would become a Servicer
Termination Event under any other clause of Section 9.1.

          SECTION 4.11.  ANNUAL INDEPENDENT ACCOUNTANTS' REPORT. The Servicer
shall cause a firm of nationally recognized independent certified public
accountants (the "INDEPENDENT ACCOUNTANTS"), who may also render other services
to the Servicer or to the Seller, to deliver to the Trustee, the Owner Trustee,
the Trust Collateral Agent, the Backup Servicer, the Insurer and each Rating
Agency, on or before October 31 (or 120 days after the end of the Servicer's
fiscal year, if other than June 30) of each year, beginning on October 31, 2003,
with respect to the twelve months ended the immediately preceding June 30 (or
other applicable date) (or such other period as shall have elapsed from the
Closing Date to the date of such certificate (which period shall not be less
than six months)), a statement (the "ACCOUNTANTS' REPORT") addressed to the
Board of Directors of the Servicer, to the Trustee, the Owner Trustee, the Trust
Collateral Agent, the Backup Servicer and to the Insurer, to the effect that
such firm has audited the books and records of AmeriCredit Corp., in which the
Servicer is included as a consolidated subsidiary, and issued its report thereon
in connection with the audit report on the consolidated financial statements of
AmeriCredit Corp. and that (1) such audit was made in accordance with generally
accepted auditing standards, and accordingly included such tests of the
accounting records and such other auditing procedures as such firm considered
necessary in the circumstances; (2) the firm is independent of the Seller and
the Servicer within the meaning of the Code of Professional Ethics of the
American Institute of Certified Public Accountants, and (3) includes a report on
the application of agreed upon procedures to three randomly selected Servicer's
Certificates including the delinquency, default and loss statistics required to
be specified therein noting whether any exceptions or errors in the Servicer's
Certificates were found.

          SECTION 4.12.  ACCESS TO CERTAIN DOCUMENTATION AND INFORMATION
REGARDING RECEIVABLES. The Servicer shall provide to representatives of the
Trustee, the Owner Trustee, the Trust Collateral Agent, the Backup Servicer and
the Insurer reasonable access to the documentation regarding the Receivables. In
each case, such access shall be afforded without charge but only upon reasonable
request and during normal business hours. Nothing in this Section shall affect
the obligation of the Servicer to observe any applicable law prohibiting
disclosure of information regarding the Obligors, and the failure of the
Servicer to provide access as provided in this Section as a result of such
obligation shall not constitute a breach of this Section.

          SECTION 4.13.  MONTHLY TAPE. On or before the Insured Distribution
Date, but in no event later than the seventh calendar day, of each month, the
Servicer will deliver to the Trust Collateral Agent and the Backup Servicer a
computer tape and a diskette (or any other

                                       35
<Page>

electronic transmission acceptable to the Trust Collateral Agent and the Backup
Servicer) in a format acceptable to the Trust Collateral Agent and the Backup
Servicer containing the information with respect to the Receivables as of the
preceding Accounting Date necessary for preparation of the Servicer's
Certificate relating to the immediately preceding Determination Date and
necessary to review the application of collections as provided in Section 5.4.
The Backup Servicer shall use such tape or diskette (or other electronic
transmission acceptable to the Trust Collateral Agent and the Backup Servicer)
to (i) confirm that the Servicer's Certificate is complete, (ii) confirm that
such tape, diskette or other electronic transmission is in readable form, (iii)
verify the mathematical accuracy of all calculations contained within the
Servicer's Certificate and (iv) calculate and confirm (A) the aggregate amount
distributable as principal on the related Distribution Date to each Class of
Notes, (B) the aggregate amount distributable as interest on the related
Distribution Date to each Class of Notes, (C) any amounts distributable on the
related Distribution Date which are to be paid with funds (y) withdrawn from the
Spread Account or (z) drawn under the Note Policy, (D) the outstanding principal
amount of each Class of Notes after giving effect to all distributions made
pursuant to clause (A), above, (E) the Pool Factor for each Class of Notes after
giving effect to all distributions made pursuant to clause (A), above, and (F)
the aggregate Noteholders' Principal Carryover Amount and the aggregate
Noteholders' Interest Carryover Amount on such Distribution Date after giving
effect to all distributions made pursuant to clauses (A) and (B), above,
respectively. The Backup Servicer shall certify to the Controlling Party that it
has verified the Servicer's Certificate in accordance with this Section and
shall notify the Servicer and the Controlling Party of any discrepancies, in
each case, on or before the second Business Day following the Insured
Distribution Date. In the event that the Backup Servicer reports any
discrepancies, the Servicer and the Backup Servicer shall attempt to reconcile
such discrepancies prior to the next succeeding Distribution Date, but in the
absence of a reconciliation, the Servicer's Certificate shall control for the
purpose of calculations and distributions with respect to the next succeeding
Distribution Date. In the event that the Backup Servicer and the Servicer are
unable to reconcile discrepancies with respect to a Servicer's Certificate by
the next succeeding Distribution Date, the Servicer shall cause the Independent
Accountants, at the Servicer's expense, to audit the Servicer's Certificate and,
prior to the last day of the month after the month in which such Servicer's
Certificate was delivered, reconcile the discrepancies. The effect, if any, of
such reconciliation shall be reflected in the Preliminary Servicer's Certificate
for the next succeeding Distribution Date, and/or the Servicer's Certificate for
such next succeeding Determination Date. In addition, upon the occurrence of a
Servicer Termination Event the Servicer shall, if so requested by the
Controlling Party, deliver to the Backup Servicer its Collection Records and its
Monthly Records within 15 days after demand therefor and a computer tape
containing as of the close of business on the date of demand all of the data
maintained by the Servicer in computer format in connection with servicing the
Receivables. Other than the duties specifically set forth in this Agreement, the
Backup Servicer shall have no obligations hereunder, including, without
limitation, to supervise, verify, monitor or administer the performance of the
Servicer. The Backup Servicer shall have no liability for any actions taken or
omitted by the Servicer.

          SECTION 4.14.  RETENTION AND TERMINATION OF SERVICER. The Servicer
hereby covenants and agrees to act as such under this Agreement for an initial
term, commencing on the Closing Date and ending on December 31, 2002, which term
shall be subject to extension by the Controlling Party for successive quarterly
terms ending on each successive March 31, June 30, September 30 and December 31
(or, pursuant to revocable written standing instructions from

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<Page>

time to time to the Servicer and the Trust Collateral Agent for any specified
number of terms greater than one), until the Notes and the Securities are paid
in full. Each such notice (including each notice pursuant to standing
instructions, which shall be deemed delivered at the end of successive quarterly
terms for so long as such instructions are in effect) (a "SERVICER EXTENSION
NOTICE") shall be delivered by the Insurer to the Trust Collateral Agent and the
Servicer. The Servicer hereby agrees that, as of the date hereof and upon its
receipt of any such Servicer Extension Notice, the Servicer shall become bound,
for the initial term beginning on the Closing Date and for the duration of the
term covered by such Servicer Extension Notice, to continue as the Servicer
subject to and in accordance with the other provisions of this Agreement. Until
such time as an Insurer Default shall have occurred and be continuing the Trust
Collateral Agent agrees that if as of the fifteenth day prior to the last day of
any term of the Servicer the Trust Collateral Agent shall not have received any
Servicer Extension Notice from the Insurer, the Trust Collateral Agent will,
within five days thereafter, give written notice of such non-receipt to the
Insurer and the Servicer.

          SECTION 4.15.  FIDELITY BOND AND ERRORS AND OMISSIONS POLICY. The
Servicer has obtained, and shall continue to maintain in full force and effect,
a Fidelity Bond and Errors and Omissions Policy of a type and in such amount as
is customary for servicers engaged in the business of servicing automobile
receivables.

                                    ARTICLE V

                         TRUST ACCOUNTS; DISTRIBUTIONS;
                            STATEMENTS TO NOTEHOLDERS

          SECTION 5.1.   ESTABLISHMENT OF TRUST ACCOUNTS.

          (a)  (i)  The Trust Collateral Agent, on behalf of the Noteholders and
the Insurer, shall establish and maintain in its own name an Eligible Deposit
Account (the "COLLECTION ACCOUNT"), bearing a designation clearly indicating
that the funds deposited therein are held for the benefit of the Trust
Collateral Agent on behalf of the Noteholders and the Insurer. The Collection
Account shall initially be established with the Trust Collateral Agent.

               (ii) The Trust Collateral Agent, on behalf of the Noteholders,
shall establish and maintain in its own name an Eligible Deposit Account (the
"NOTE DISTRIBUTION ACCOUNT"), bearing a designation clearly indicating that the
funds deposited therein are held for the benefit of the Trust Collateral Agent
on behalf of the Noteholders and the Insurer. The Note Distribution Account
shall initially be established with the Trust Collateral Agent.

          (b)  Funds on deposit in the Collection Account and the Note
Distribution Account (collectively, the "TRUST ACCOUNTS") and the Lockbox
Accounts shall be invested by the Trust Collateral Agent (or any custodian with
respect to funds on deposit in any such account) in Eligible Investments
selected in writing by the Servicer (pursuant to standing instructions or
otherwise). All such Eligible Investments shall be held by or on behalf of the
Trust Collateral Agent for the benefit of the Noteholders and the Insurer, as
applicable. Other than as permitted by the Rating Agencies and the Insurer,
funds on deposit in any Account shall be invested in

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Eligible Investments that will mature so that such funds will be available at
the close of business on the Business Day immediately preceding the following
Distribution Date or, if earlier, on the following Insured Distribution Date.
Funds deposited in a Trust Account on the day immediately preceding a
Distribution Date or an Insured Distribution Date upon the maturity of any
Eligible Investments are required to be invested overnight. All Eligible
Investments will be held to maturity.

          (c)  All investment earnings of moneys deposited in the Trust Accounts
shall be deposited (or caused to be deposited) by the Trust Collateral Agent in
the Collection Account, and any loss resulting from such investments shall be
charged to such account. The Servicer will not direct the Trust Collateral Agent
to make any investment of any funds held in any of the Trust Accounts unless the
security interest granted and perfected in such account will continue to be
perfected in such investment, in either case without any further action by any
Person, and, in connection with any direction to the Trust Collateral Agent to
make any such investment, if requested by the Trust Collateral Agent, the
Servicer shall deliver to the Trust Collateral Agent an Opinion of Counsel,
acceptable to the Trust Collateral Agent, to such effect.

          (d)  The Trust Collateral Agent shall not in any way be held liable by
reason of any insufficiency in any of the Trust Accounts resulting from any loss
on any Eligible Investment included therein except for losses attributable to
the Trust Collateral Agent's negligence or bad faith or its failure to make
payments on such Eligible Investments issued by the Trust Collateral Agent, in
its commercial capacity as principal obligor and not as trustee, in accordance
with their terms.

          (e)  If (i) the Servicer shall have failed to give investment
directions in writing for any funds on deposit in the Trust Accounts to the
Trust Collateral Agent by 1:00 p.m. Eastern Time (or such other time as may be
agreed by the Issuer and Trust Collateral Agent) on any Business Day; or (ii) a
Default or Event of Default shall have occurred and be continuing with respect
to the Notes but the Notes shall not have been declared due and payable, or, if
such Notes shall have been declared due and payable following an Event of
Default, amounts collected or receivable from the Trust Property are being
applied as if there had not been such a declaration; then the Trust Collateral
Agent shall, to the fullest extent practicable, invest and reinvest funds in the
Trust Accounts in the investment described in clause (g) of the definition of
Eligible Investments.

          (f)  (i) The Trust Collateral Agent shall possess all right, title and
interest in all funds on deposit from time to time in the Trust Accounts and in
all proceeds thereof (excluding all Investment Earnings on the Collection
Account) and all such funds, investments, proceeds and income shall be part of
the Owner Trust Estate. Except as otherwise provided herein, the Trust Accounts
shall be under the sole dominion and control of the Trust Collateral Agent for
the benefit of the Noteholders, as the case may be, and the Insurer. If, at any
time, any of the Trust Accounts ceases to be an Eligible Deposit Account, the
Trust Collateral Agent (or the Servicer on its behalf) shall within five
Business Days (or such longer period as to which each Rating Agency and the
Insurer may consent) establish a new Trust Account as an Eligible Deposit
Account and shall transfer any cash and/or any investments to such new Trust
Account. In connection with the foregoing, the Servicer agrees that, in the
event that any of the Trust Accounts are not accounts with the Trust Collateral
Agent, the Servicer shall notify the Trust

                                       38
<Page>

Collateral Agent in writing promptly upon any of such Trust Accounts ceasing to
be an Eligible Deposit Account.

               (ii) With respect to the Trust Account Property, the Trust
Collateral Agent agrees that:

                     (A) any Trust Account Property that is held in deposit
               accounts shall be held solely in the Eligible Deposit Accounts;
               and, except as otherwise provided herein, each such Eligible
               Deposit Account shall be subject to the exclusive custody and
               control of the Trust Collateral Agent, and the Trust Collateral
               Agent shall have sole signature authority with respect thereto;

                     (B) any Trust Account Property that constitutes Physical
               Property shall be delivered to the Trust Collateral Agent in
               accordance with paragraph (a) of the definition of "DELIVERY" and
               shall be held, pending maturity or disposition, solely by the
               Trust Collateral Agent or a financial intermediary (as such term
               is defined in Section 8-313(4) of the UCC) acting solely for the
               Trust Collateral Agent;

                     (C) any Trust Account Property that is a book-entry
               security held through the Federal Reserve System pursuant to
               Federal book-entry regulations shall be delivered in accordance
               with paragraph (b) of the definition of "DELIVERY" and shall be
               maintained by the Trust Collateral Agent, pending maturity or
               disposition, through continued book-entry registration of such
               Trust Account Property as described in such paragraph; and

                     (D) any Trust Account Property that is an "UNCERTIFICATED
               SECURITY" under Article 8 of the UCC and that is not governed by
               clause (C) above shall be delivered to the Trust Collateral Agent
               in accordance with paragraph (c) of the definition of "DELIVERY"
               and shall be maintained by the Trust Collateral Agent, pending
               maturity or disposition, through continued registration of the
               Trust Collateral Agent's (or its nominee's) ownership of such
               security.

          (g)  The Servicer shall have the power, revocable by the Insurer or,
with the consent of the Insurer by the Trustee or by the Owner Trustee with the
consent of the Trustee, to instruct the Trust Collateral Agent to make
withdrawals and payments from the Trust Accounts for the purpose of permitting
the Servicer and the Trust Collateral Agent to carry out its respective duties
hereunder.

          (h)  The Trust Collateral Agent acknowledges that, pursuant to the
provisions of the Swap Agreement, the Swap Provider may be required to post
collateral with the Trust Collateral Agent to secure the Swap Provider's
obligations under the Swap Agreement. The Trust Collateral Agent agrees to
establish and maintain an Eligible Deposit Account to hold such collateral, if
requested to do so by the Servicer or the Controlling Party. The Trust
Collateral

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<Page>

Agent further agrees to follow such written instructions relating to the
administration of, and transfers from such account, as may be delivered by (i)
the Servicer (with the consent of the Controlling Party) or (ii) the Controlling
Party.

          SECTION 5.2.   [RESERVED]

          SECTION 5.3.   CERTAIN REIMBURSEMENTS TO THE SERVICER. The Servicer
will be entitled to be reimbursed from amounts on deposit in the Collection
Account with respect to a Collection Period for amounts previously deposited in
the Collection Account but later determined by the Servicer to have resulted
from mistaken deposits or postings or checks returned for insufficient funds.
The amount to be reimbursed hereunder shall be paid to the Servicer on the
related Distribution Date pursuant to Section 5.7(a)(ii) upon certification by
the Servicer of such amounts and the provision of such information to the Trust
Collateral Agent and the Insurer as may be necessary in the opinion of the
Insurer to verify the accuracy of such certification; PROVIDED, HOWEVER, that
the Servicer must provide such clarification within 12 months of such mistaken
deposit, posting, or returned check. In the event that the Insurer has not
received evidence satisfactory to it of the Servicer's entitlement to
reimbursement pursuant to this Section, the Insurer shall (unless an Insurer
Default shall have occurred and be continuing) give the Trust Collateral Agent
notice in writing to such effect, following receipt of which the Trust
Collateral Agent shall not make a distribution to the Servicer in respect of
such amount pursuant to Section 5.7, or if the Servicer prior thereto has been
reimbursed pursuant to Section 5.7, the Trust Collateral Agent shall withhold
such amounts from amounts otherwise distributable to the Servicer on the next
succeeding Distribution Date. The Servicer will additionally be entitled to
receive from amounts on deposit in the Collection Account with respect to a
Collection Period any amounts paid by Borrowers that were collected in the
Lockbox Account but that do not relate to (i) principal and interest payments
due on the Receivables and (ii) any fees or expenses related to extensions due
on the Receivables.

          SECTION 5.4.   APPLICATION OF COLLECTIONS. All collections for the
Collection Period shall be applied by the Servicer as follows:

          With respect to each Receivable (other than a Purchased Receivable),
payments by or on behalf of the Obligor, (other than Supplemental Servicing Fees
with respect to such Receivable, to the extent collected) shall be applied to
interest and principal in accordance with the Simple Interest Method.

          All amounts collected that are payable to the Servicer as Supplemental
Servicing Fees hereunder shall be deposited in the Collection Account and paid
to the Servicer in accordance with Section 5.7(a).

          SECTION 5.5.   WITHDRAWALS FROM SPREAD ACCOUNT.

          (a)  In the event that the Servicer's Certificate with respect to any
Determination Date shall state that there is a Deficiency Claim Amount then on
the Deficiency Claim Date immediately preceding the related Insured Distribution
Date, the Trust Collateral Agent shall deliver to the Collateral Agent, the
Owner Trustee, the Insurer and the Servicer, by hand delivery or facsimile
transmission, a written notice (a "DEFICIENCY NOTICE") specifying the

                                       40
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Deficiency Claim Amount for such Insured Distribution Date and the Note Policy
Claim Amount, if any. Such Deficiency Notice shall direct the Collateral Agent
to remit such Deficiency Claim Amount (to the extent of the funds available to
be distributed pursuant to the Spread Account Agreement) to the Trust Collateral
Agent for deposit in the Collection Account on the related Insured Distribution
Date.

          Any Deficiency Notice shall be delivered by 12:00 noon, Eastern time,
on the fourth Business Day preceding such Insured Distribution Date.

          (b)  In the event that the Preliminary Servicer's Certificate with
respect to any Preliminary Determination Date shall state that there shall be an
Accelerated Payment Amount Shortfall with respect to the related Distribution
Date, then on the Business Day preceding such Distribution Date, the Trust
Collateral Agent shall deliver to the Collateral Agent, the Insurer and the
Servicer, by hand delivery or facsimile transmission, an Accelerated Payment
Shortfall Notice. Such Accelerated Payment Shortfall Notice shall direct the
Collateral Agent to remit such Accelerated Payment Amount Shortfall to the Trust
Collateral Agent (to the extent of funds available to be distributed in the
Spread Account) for deposit in the Collection Account on the related
Distribution Date. Any Accelerated Payment Shortfall Notice shall be delivered
by 2:00 p.m. Eastern time, on the Business Day preceding such Distribution Date.

          (c)  The amounts distributed by the Collateral Agent to the Trust
Collateral Agent pursuant to a Deficiency Notice or Accelerated Payment
Shortfall Notice shall be deposited by the Trust Collateral Agent into the
Collection Account pursuant to Section 5.6.

          SECTION 5.6.   ADDITIONAL DEPOSITS.

          (a)  The Servicer and the Seller, as applicable, shall deposit or
cause to be deposited in the Collection Account on the Preliminary Determination
Date on which such obligations are due the aggregate Purchase Amount with
respect to Purchased Receivables. On or before each Draw Date, the Trust
Collateral Agent shall remit to the Collection Account any amounts delivered to
the Trust Collateral Agent by the Collateral Agent.

          (b)  The proceeds of any purchase or sale of the assets of the Trust
described in Section 10.1 hereof shall be deposited in the Collection Account.

          SECTION 5.7.   DISTRIBUTIONS

          (a)  On each Distribution Date, the Trust Collateral Agent shall
(based solely on the information contained in the Preliminary Servicer's
Certificate delivered with respect to the related Preliminary Determination
Date) distribute the following amounts from the Collection Account unless
otherwise specified, to the extent of the sources of funds stated to be
available therefor, and in the following order of priority:

            (i)    from the Available Funds, to the Swap Provider, net payments,
     if any, then due to it under the Swap Agreement;

            (ii)   from the Available Funds, to the Servicer, the Base Servicing
     Fee for the related Collection Period, any Supplemental Servicing Fees for
     the related Collection

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<Page>

     Period, any amounts specified in Section 5.3, to the extent the Servicer
     has not reimbursed itself in respect of such amounts pursuant to Section
     5.3 and to the extent not retained by the Servicer and to pay to
     AmeriCredit any amounts paid by Obligors during the preceding calendar
     month that did not relate to (i) principal and interest payments due on the
     Receivables and (ii) any fees or expenses related to extensions due on the
     Receivables;

            (iii)  from the Available Funds, to each of the Lockbox Banks, the
     Trustee, the Backup Servicer and the Owner Trustee, their respective
     accrued and unpaid trustees' fees and expenses and any accrued and unpaid
     fees and expenses of the Trust Collateral Agent (in each case, to the
     extent such fees have not been previously paid by the Servicer and provided
     that such fees shall not exceed (x) $100,000 in the aggregate in any
     calendar year to the Owner Trustee and (y) $200,000 in the aggregate in any
     calendar year to the Lockbox Banks, the Trust Collateral Agent, the Backup
     Servicer and the Trustee;

            (iv)   from the Available Funds to the Note Distribution Account,
     the Noteholders' Interest Distributable Amount;

            (v)    from the Available Funds to the Note Distribution Account,
     the Noteholders' Principal Distributable Amount plus, on the Mandatory
     Redemption Date, the Note Prepayment Amount;

            (vi)   from the Available Funds, to the Insurer, to the extent of
     any amounts owing to the Insurer under the Insurance Agreement and not
     paid;

            (vii)  from the Available Funds (minus the amount of Investment
     Earnings relating to the Collection Account (PROVIDED, that such amount so
     remaining after deduction of such Investment Earnings shall not be less
     than zero)), to the Spread Account, an amount, if necessary, required to
     increase the amount therein to its then required level;

            (viii) from the Available Funds (minus the amount of Investment
     Earnings relating to the Collection Account (PROVIDED, that such amount so
     remaining after deduction of such Investment Earnings shall not be less
     than zero)) and amounts, if any, received by the Trust Collateral Agent in
     respect of the Accelerated Payment Amount Shortfall, to the Note
     Distribution Account, the Noteholders' Accelerated Principal Amount; and

            (ix)   from Available Funds, any remaining Available Funds to the
     Collateral Agent for deposit in the Spread Account;

PROVIDED, HOWEVER, that, (A) following an acceleration of the Notes or, (B) if
an Insurer Default shall have occurred and be continuing and an Event of Default
pursuant to Section 5.1(i), 5.1(ii), 5.1(iv), 5.1(v) or 5.1(vi) of the Indenture
shall have occurred and be continuing, or (C) the receipt of Insolvency Proceeds
pursuant to Section 10.1(b), amounts deposited in the Note Distribution Account
(including any such Insolvency Proceeds) shall be paid to the Noteholders,
pursuant to Section 5.6 of the Indenture.

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<Page>

          (b)  On each Insured Distribution Date, the Trust Collateral Agent
shall (based solely on the information contained in the Servicer's Certificate
delivered with respect to the related Determination Date, unless the Insurer
shall have notified the Trust Collateral Agent in writing of any errors or
deficiencies with respect thereto) distribute from the Collection Account the
Additional Funds Available, if any, plus the Note Policy Claim Amount, if any,
in each case then on deposit in the Collection Account, and deposit in the Note
Distribution Account any excess of the Scheduled Payments (as defined in the
Note Policy) due on such Insured Distribution Date over the amount of all
Available Funds previously deposited in the Note Distribution Account with
respect to the related Distribution Date, which amount shall be applied solely
to the payment of amounts then due and unpaid on the Notes in accordance with
the priorities set forth in Section 5.8(a).

          (c)  In the event that the Collection Account is maintained with an
institution other than the Trust Collateral Agent, the Servicer shall instruct
and cause such institution to make all deposits and distributions pursuant to
Sections 5.7(a) and 5.7(b) on the related Distribution Date and the related
Insured Distribution Date, as applicable.

          SECTION 5.8.   NOTE DISTRIBUTION ACCOUNT.

          (a)  On each Distribution Date (based solely on the information
contained in the Preliminary Servicer's Certificate) and each Insured
Distribution Date (based solely on the information in the Servicer's
Certificate), as applicable, the Trust Collateral Agent shall distribute all
amounts on deposit in the Note Distribution Account to Noteholders in respect of
the Notes to the extent of amounts due and unpaid on the Notes for principal and
interest in the following amounts and in the following order of priority:

            (i)    accrued and unpaid interest on the Notes; PROVIDED that if
     there are not sufficient funds in the Note Distribution Account to pay the
     entire amount of accrued and unpaid interest then due on each Class of
     Notes, the amount in the Note Distribution Account shall be applied to the
     payment of such interest on each Class of Notes pro rata on the basis of
     the amount of accrued and unpaid interest due on each Class of Notes;

            (ii)   The Principal Distributable Amount shall be distributed as
     follows:

                   (1)  to the Holders of the Class A-1 Notes with the total
            amount paid out on each Distribution Date until the outstanding
            principal balance of the Class A-1 Notes has been reduced to zero;

                   (2)  to the Holders of the Class A-2 Notes with the total
            amount paid out on each Distribution Date until the outstanding
            principal balance of the Class A-2 Notes has been reduced to zero;

                   (3)  to the Holders of the Class A-3 Notes with the total
            amount paid out on each Distribution Date until the outstanding
            principal balance of the Class A-3 Notes has been reduced to zero;
            and

                   (4)  to the Holders of the Class A-4 Notes until the
            outstanding principal balance of the Class A-4 Notes is reduced to
            zero.

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<Page>

          (b)  On each Insured Distribution Date, the Trust Collateral Agent
shall send to each Noteholder the statement provided to the Trust Collateral
Agent by the Servicer pursuant to Section 5.10 hereof on such Insured
Distribution Date.

          (c)  In the event that any withholding tax is imposed on the Trust's
payment (or allocations of income) to a Noteholder, such tax shall reduce the
amount otherwise distributable to the Noteholder in accordance with this
Section. The Trust Collateral Agent is hereby authorized and directed to retain
from amounts otherwise distributable to the Noteholders sufficient funds for the
payment of any tax attributable to the Trust (but such authorization shall not
prevent the Trust Collateral Agent from contesting any such tax in appropriate
proceedings, and withholding payment of such tax, if permitted by law, pending
the outcome of such proceedings). The amount of any withholding tax imposed with
respect to a Noteholder shall be treated as cash distributed to such Noteholder
at the time it is withheld by the Trust and remitted to the appropriate taxing
authority. If there is a possibility that withholding tax is payable with
respect to a distribution (such as a distribution to a non-US Noteholder), the
Trust Collateral Agent may in its sole discretion withhold such amounts in
accordance with this clause (c). In the event that a Noteholder wishes to apply
for a refund of any such withholding tax, the Trust Collateral Agent shall
reasonably cooperate with such Noteholder in making such claim so long as such
Noteholder agrees to reimburse the Trust Collateral Agent for any out-of-pocket
expenses (including legal fees and expenses) incurred.

          (d)  Distributions required to be made to Noteholders on any
Distribution Date or any Insured Distribution Date shall be made to each
Noteholder of record on the preceding Record Date either by (i) wire transfer,
in immediately available funds, to the account of such Holder at a bank or other
entity having appropriate facilities therefore, if such Noteholder shall have
provided to the Note Registrar appropriate written instructions at least five
Business Days prior to such Distribution Date and such Holder's Notes in the
aggregate evidence a denomination of not less than $1,000,000 or (ii) by check
mailed to such Noteholder at the address of such holder appearing in the Note
Register. Notwithstanding the foregoing, the final distribution in respect of
any Note (whether on the Final Scheduled Distribution Date or otherwise) will be
payable only upon presentation and surrender of such Note at the office or
agency maintained for that purpose by the Note Registrar pursuant to Section 2.4
of the Indenture.

          (e)  Subject to Section 5.1 and this section, monies received by the
Trust Collateral Agent hereunder need not be segregated in any manner except to
the extent required by law and may be deposited under such general conditions as
may be prescribed by law, and the Trust Collateral Agent shall not be liable for
any interest thereon.

          SECTION 5.9.   [RESERVED].

          SECTION 5.10.  STATEMENTS TO NOTEHOLDERS.

          (a)  On or prior to each Distribution Date, the Trust Collateral Agent
shall provide each Noteholder of record (with a copy to the Insurer and the
Rating Agencies) a statement setting forth at least the following information as
to the Notes to the extent applicable:

                                       44
<Page>

            (i)    the amount of such distribution allocable to principal of
     each Class of Notes;

            (ii)   the amount of such distribution allocable to interest on or
     with respect to each Class of Notes;

            (iii)  the amount of such distribution payable out of amounts
     withdrawn from the Spread Account or pursuant to a claim on the Note
     Policy;

            (iv)   the Pool Balance as of the close of business on the last day
     of the preceding Collection Period;

            (v)    the aggregate outstanding principal amount of each Class of
     the Notes and the Note Pool Factor for each such Class after giving effect
     to payments allocated to principal reported under (i) above;

            (vi)   the amount of the Servicing Fee paid to the Servicer with
     respect to the related Collection Period and/or due but unpaid with respect
     to such Collection Period or prior Collection Periods, as the case may be;

            (vii)  the Noteholders' Interest Carryover Amount and the
     Noteholders' Principal Carryover Amount;

            (viii) the amount of the aggregate Realized Losses, if any, for the
     second preceding Collection Period; and

            (ix)   the aggregate Purchase Amounts for Receivables, if any, that
     were repurchased in such period.

Each amount set forth pursuant to paragraph (i), (ii), (iii), (vi) and (vii)
above shall be expressed as a dollar amount per $1,000 of the initial principal
balance of the Notes (or Class thereof).

          (b)  The Trust Collateral Agent will make the statements referred to
in Section 5.10(a) above (and, at its option, any additional files containing
the same information in an alternative format) available each month via the
Trust Collateral Agent's internet website, which is presently located at
www.abs.bankone.com. Persons that are entitled to receive such statements but
are unable to use the above website are entitled to have a paper copy mailed to
them via first class mail by calling the Trust Collateral Agent at
(614) 244-9356. The Trust Collateral Agent shall have the right to change the
way the statements referred to in Section 5.10(a) above are distributed in order
to make such distribution more convenient and/or more accessible to the parties
entitled to receive such statements. The Trust Collateral Agent shall provide
notification of any such change to all parties entitled to receive such
statements in the manner described in Section 12.3 hereof, Section 11.4 of the
Indenture or Section 11.5 of the Indenture, as appropriate.

          SECTION 5.11.  OPTIONAL DEPOSITS BY THE INSURER. The Insurer shall at
any time, and from time to time, with respect to an Insured Distribution Date,
have the option (but shall not be required, except in accordance with the terms
of the Note Policy) to deliver amounts

                                       45
<Page>

to the Trust Collateral Agent for deposit into the Collection Account for any of
the following purposes: (i) to provide funds in respect of the payment of fees
or expenses of any provider of services to the Trust with respect to such
Insured Distribution Date, or (ii) to include such amount to the extent that
without such amount a draw would be required to be made on the Note Policy.

          DETERMINATION OF LIBOR. The Trust Collateral Agent will determine
LIBOR for purposes of calculating the Interest Rate for the Class A-3 Notes on
August 19, 2002 for the period from the Closing Date to the first Distribution
Date, and for each given Interest Period thereafter, on the second London
Business Day prior to the prior Distribution Date (each, a "LIBOR DETERMINATION
DATE"). For purposes of calculating LIBOR, a business day means a Business Day
and a day on which banking institutions in the City of London, England are not
required or authorized by law to be closed.

          "LIBOR" means, with respect to any Interest Period, the London
interbank offered rate for deposits in U.S. dollars having a maturity of one
month commencing on the related LIBOR Determination Date (the "INDEX MATURITY")
which appears on Telerate Page 3750 as of 11:00 a.m., London time, on such LIBOR
Determination Date. If the rates used to determine LIBOR do not appear on the
Telerate page 3750, the rates for that day will be determined on the basis of
the rates at which deposits in U.S. dollars, having the Index Maturity and in a
principal amount of not less than U.S. $1,000,000 are offered at approximately
11:00 a.m., London Time, on such LIBOR Determination Date to prime banks in the
London interbank market by the Reference Banks. The Trust Collateral Agent will
request the principal London office of each of such Reference Banks to provide a
quotation of its rate. If at least two such quotations are provided, the rate
for that day will be the arithmetic mean, rounded upward, if necessary, to the
nearest 1/100,000 of 1% (0.0000001), with five-one millionths of a percentage
point rounded upward, of all such quotations. If fewer than two such quotations
are provided, the rate for that day will be the arithmetic mean, rounded upward
of necessary to the nearest 1/100,000 of 1% (0.0000001), with five-one
millionths of a percentage point rounded upward, of the offered per annum rates
that one or more leading banks in New York City, selected by the Trust
Collateral Agent, are quoting as of approximately 11:00 a.m., Eastern time, on
such LIBOR Determination Date to leading European banks for United States dollar
deposits for that Maturity; PROVIDED that if the banks selected as aforesaid are
not quoting as mentioned in this sentence, LIBOR in effect for the applicable
Interest Period will be LIBOR in effect for the previous Interest Period.

          "TELERATE PAGE 3750" is the display page named on the Dow Jones
Telerate Services (or any other page that replaces that page on that service for
the purpose of displaying comparable name or rates).

          "REFERENCE BANKS" means the four major banks in the London interbank
market selected by the Trust Collateral Agent.

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                                   ARTICLE VI

                                 THE NOTE POLICY

          SECTION 6.1.   CLAIMS UNDER NOTE POLICY.

          (a)  In the event that the Trust Collateral Agent has delivered a
Deficiency Notice with respect to any Determination Date pursuant to Section 5.5
hereof, the Trust Collateral Agent shall on the related Draw Date determine the
Note Policy Claim Amount for the related Insured Distribution Date. If the Note
Policy Claim Amount for such Insured Distribution Date is greater than zero, the
Trust Collateral Agent shall furnish to the Insurer no later than 12:00 noon
Eastern time on the related Draw Date a completed Notice of Claim (as defined in
(b) below) in the amount of the Note Policy Claim Amount. Amounts paid by the
Insurer pursuant to a claim submitted under this Section shall be deposited by
the Trust Collateral Agent into the Note Distribution Account for payment to
Noteholders on the related Insured Distribution Date.

          (b)  Any notice delivered by the Trust Collateral Agent to the Insurer
pursuant to subsection 6.1(a) shall specify the Note Policy Claim Amount claimed
under the Note Policy and shall constitute a "NOTICE OF CLAIM" under the Note
Policy. In accordance with the provisions of the Note Policy, the Insurer is
required to pay to the Trust Collateral Agent the Note Policy Claim Amount
properly claimed thereunder by 10:00 a.m., Eastern time, on the later of (i) the
third Business Day following receipt on a Business Day of the Notice of Claim,
and (ii) the applicable Insured Distribution Date. Any payment made by the
Insurer under the Note Policy shall be applied solely to the payment of the
Notes, and for no other purpose.

          (c)  The Trust Collateral Agent shall (i) receive as attorney-in-fact
of each Noteholder any Note Policy Claim Amount from the Insurer and (ii)
deposit the same in the Collection Account for distribution to Noteholders. Any
and all Note Policy Claim Amounts disbursed by the Trust Collateral Agent from
claims made under the Note Policy shall not be considered payment by the Trust
or from the Spread Account with respect to such Notes, and shall not discharge
the obligations of the Trust with respect thereto. The Insurer shall, to the
extent it makes any payment with respect to the Notes, become subrogated to the
rights of the recipients of such payments to the extent of such payments.
Subject to and conditioned upon any payment with respect to the Notes by or on
behalf of the Insurer, the Trust Collateral Agent shall assign to the Insurer
all rights to the payment of interest or principal with respect to the Notes
which are then due for payment to the extent of all payments made by the
Insurer, and the Insurer may exercise any option, vote, right, power or the like
with respect to the Notes to the extent that it has made payment pursuant to the
Note Policy. To evidence such subrogation, the Note Registrar shall note the
Insurer's rights as subrogee upon the register of Noteholders upon receipt from
the Insurer of proof of payment by the Insurer of any Noteholders' Interest
Distributable Amount or Noteholders' Principal Distributable Amount. The
foregoing subrogation shall in all cases be subject to the rights of the
Noteholders to receive all Scheduled Payments (as defined in the Note Policy) in
respect of the Notes.

          (d)  The Trust Collateral Agent shall keep a complete and accurate
record of all funds deposited by the Insurer into the Collection Account with
respect to the Note Policy and

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<Page>

the allocation of such funds to payment of interest on and principal paid in
respect of any Note. The Insurer shall have the right to inspect such records at
reasonable times upon one Business Day's prior notice to the Trust Collateral
Agent.

          (e)  The Trust Collateral Agent shall be entitled to enforce on behalf
of the Noteholders the obligations of the Insurer under the Note Policy.
Notwithstanding any other provision of this Agreement or any Basic Document, the
Noteholders are not entitled to institute proceedings directly against the
Insurer.

          SECTION 6.2.   PREFERENCE CLAIMS UNDER NOTE POLICY.

          (a)  In the event that the Trust Collateral Agent has received a
certified copy of an order of the appropriate court that any Scheduled Payment
(as defined in the Note Policy) paid on a Note has been avoided in whole or in
part as a preference payment under applicable bankruptcy law, the Trust
Collateral Agent shall so notify the Insurer, shall comply with the provisions
of the Note Policy to obtain payment by the Insurer of such avoided payment, and
shall, at the time it provides notice to the Insurer, notify Holders of the
Notes by mail that, in the event that any Noteholder's payment is so
recoverable, such Noteholder will be entitled to payment pursuant to the terms
of the Note Policy. The Trust Collateral Agent shall furnish to the Insurer its
records evidencing the payments of principal of and interest on Notes, if any,
which have been made by the Trust Collateral Agent and subsequently recovered
from Noteholders, and the dates on which such payments were made. Pursuant to
the terms of the Note Policy, the Insurer will make such payment on behalf of
the Noteholder to the receiver, conservator, debtor-in-possession or trustee in
bankruptcy named in the Order (as defined in the Note Policy) and not to the
Trust Collateral Agent or any Noteholder directly (unless a Noteholder has
previously paid such payment to the receiver, conservator, debtor-in-possession
or trustee in bankruptcy, in which case the Insurer will make such payment to
the Trust Collateral Agent for distribution to such Noteholder upon proof of
such payment reasonably satisfactory to the Insurer).

          (b)  The Trust Collateral Agent shall promptly notify the Insurer of
any proceeding or the institution of any action (of which a Responsible Officer
of the Trust Collateral Agent has actual knowledge) seeking the avoidance as a
preferential transfer under applicable bankruptcy, insolvency, receivership,
rehabilitation or similar law (a "NOTE PREFERENCE CLAIM") of any distribution
made with respect to the Notes. Each Noteholder, by its purchase of Notes, and
the Trust Collateral Agent hereby agree that so long as an Insurer Default shall
not have occurred and be continuing, the Insurer may at any time during the
continuation of any proceeding relating to a Note Preference Claim direct all
matters relating to such Note Preference Claim, including, without limitation,
(i) the direction of any appeal of any order relating to any Note Preference
Claim and (ii) the posting of any surety, supersedes as or performance bond
pending any such appeal at the expense of the Insurer, but subject to
reimbursement as provided in the Insurance Agreement. In addition, and without
limitation of the foregoing, as set forth in Section 6.1(c), the Insurer shall
be subrogated to, and each Noteholder and the Trust Collateral Agent hereby
delegate and assign, to the fullest extent permitted by law, the rights of the
trustee and each Noteholder in the conduct of any proceeding with respect to a
Note Preference Claim, including, without limitation, all rights of any party to
an adversary proceeding action with respect to any court order issued in
connection with any such Note Preference Claim.

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<Page>

          SECTION 6.3.   SURRENDER OF NOTE POLICY. The Trust Collateral Agent
shall surrender the Note Policy to the Insurer for cancellation upon the
expiration of such policy in accordance with the terms thereof.

                                   ARTICLE VII

                                   THE SELLER

          SECTION 7.1.   REPRESENTATIONS OF SELLER. The Seller makes the
following representations on which the Insurer shall be deemed to have relied in
executing and delivering the Note Policy and on which the Issuer is deemed to
have relied in acquiring the Receivables and on which the Trustee, Collateral
Agent, Trust Collateral Agent and Backup Servicer may rely. The representations
speak as of the execution and delivery of this Agreement and as of the Closing
Date Receivables, and shall survive the sale of the Receivables to the Issuer
and the pledge thereof to the Trustee pursuant to the Indenture.

          (a)  SCHEDULE OF REPRESENTATIONS. The representations and warranties
set forth on the Schedule of Representations attached hereto as Schedule B are
true and correct.

          (b)  ORGANIZATION AND GOOD STANDING. The Seller has been duly
organized and is validly existing as a business trust 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 transferred to the Trust.

          (c)  DUE QUALIFICATION. The Seller is duly qualified to do business,
is in good standing and has obtained all necessary licenses and approvals in all
jurisdictions where the failure to do so would materially and adversely affect
Seller's ability to transfer the Receivables and the Other Conveyed Property to
the Trust pursuant to this Agreement, or the validity or enforceability of the
Receivables and the Other Conveyed Property or to perform Seller's obligations
hereunder and under the Seller's Basic Documents.

          (d)  POWER AND AUTHORITY. The Seller has the power and authority to
execute and deliver this Agreement and its Basic Documents and to carry out its
terms and their terms, respectively; the 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 the Trust by it and has duly authorized such sale
and assignment to the Trust by all necessary action; and the execution, delivery
and performance of this Agreement and the Seller's Basic Documents have been
duly authorized by the Seller by all necessary action.

          (e)  VALID SALE, BINDING OBLIGATIONS. This Agreement effects a valid
sale, transfer and assignment of the Receivables and the Other Conveyed
Property, enforceable against the Seller and creditors of and purchasers from
the Seller; and this Agreement and the Seller's Basic Documents, when duly
executed and delivered, shall constitute legal, valid and binding obligations of
the Seller enforceable in accordance with their respective terms, except as
enforceability may be limited by bankruptcy, insolvency, reorganization or other
similar laws

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<Page>

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 Basic Documents and the fulfillment of the terms of
this Agreement and the Basic 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 trust agreement of the
Seller, or any indenture, agreement, mortgage, deed of trust or other instrument
to which the Seller is a party or by which it is bound, or result in the
creation or imposition of any Lien upon any of its properties pursuant to the
terms of any such indenture, agreement, mortgage, deed of trust or other
instrument, other than this Agreement, or violate any law, order, rule or
regulation applicable to the Seller of any court or of any federal or state
regulatory body, administrative agency or other governmental instrumentality
having jurisdiction over the Seller or any of its properties.

          (g)  NO PROCEEDINGS. There are no proceedings or investigations
pending or, to the Seller's knowledge, threatened against the Seller, before any
court, regulatory body, administrative agency or other tribunal or governmental
instrumentality having jurisdiction over the Seller or its properties (A)
asserting the invalidity of this Agreement or any of the Basic Documents, (B)
seeking to prevent the issuance of the Securities or the consummation of any of
the transactions contemplated by this Agreement or any of the Basic Documents,
(C) seeking any determination or ruling that might materially and adversely
affect the performance by the Seller of its obligations under, or the validity
or enforceability of, this Agreement or any of the Basic Documents, or (D)
seeking to adversely affect the federal income tax or other federal, state or
local tax attributes of the Securities.

          (h)  TRUE SALE. The Receivables are being transferred with the
intention of removing them from the 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 the Seller
is at E.A. Delle Donne Corporate Center, Montgomery Building, 1011 Centre Road,
Suite 200, Wilmington, Delaware 19805-1266.

          SECTION 7.2.   CERTAIN BUSINESS CONDUCT

          (a)  The Seller shall at all times maintain or cause to be maintained
the following procedures to avoid or minimize any risk of substantive
consolidation of the assets and liabilities of the Seller and its Affiliates or
any other Person: (i) maintenance of books of account and records, bank accounts
and assets separate from those of any Person; (ii) filing or causing to be filed
tax returns separate from those of its Affiliates (except to the extent required
or permitted by applicable law, rule or regulation to be included in a
consolidated or unitary group, as appropriate); (iii) except as required or
specifically provided in this Agreement, conducting business with Affiliates of
the Owner Trustee on an arm's-length basis; (iv) observance of trust (or similar
organizational) formalities; (v) holding the Seller out to the public as a legal
entity separate and distinct from any of the Owner Trustee's Affiliates and from

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<Page>

AFS Funding Corp. or any Affiliate thereof; and (vi) paying from its assets all
obligations and indebtedness of any kind incurred by the Seller. The Seller
shall act solely in its own name through the Owner Trustee, any co-trustee (in
accordance with the terms and conditions of Section 6.06 hereof) or the
Administrator (in accordance with the terms of the Administration Agreement) or
other agents in the conduct of its businesses in accordance with this Agreement
except to the extent required by the laws of any applicable jurisdiction.

          (b)  The Seller shall conduct its business through the office of the
Owner Trustee and will use stationery and other business forms under its own
name and not that of AFS Funding Corp. or any Affiliate thereof and will use its
best efforts to avoid the appearance of conducting business on behalf of AFS
Funding Corp. or any Affiliate thereof or that the assets of the Seller are
available to pay the creditors of AFS Funding Corp. or any Affiliate thereof.

          (c)  Nothing in this Section 7.2 shall restrict the authority of the
Seller to authorize the Servicer to act in the name or on behalf of the Seller
when authorized by any of the Basic Documents, including pursuant to the limited
power of attorney granted by the Seller to the Servicer pursuant to the
Administration Agreement.

          SECTION 7.3.   LIABILITY OF SELLER; INDEMNITIES. The Seller shall be
liable in accordance herewith only to the extent of the obligations specifically
undertaken by the Seller under this Agreement.

          (a)  The Seller shall indemnify, defend and hold harmless the Issuer,
the Owner Trustee, the Trust, the Insurer, the Trustee, Backup Servicer, the
Collateral Agent and the Trust Collateral Agent and its officers, directors,
employees and agents from and against any taxes that may at any time be asserted
against any such Person with respect to the transactions contemplated in this
Agreement and any of the Basic Documents (except any income taxes arising out of
fees paid to the Owner Trustee, the Trust Collateral Agent, the Trustee and the
Insurer and except any taxes to which the Owner Trustee, the Trust Collateral
Agent or the Trustee may otherwise be subject to, without regard to the
transactions contemplated hereby), including any sales, gross receipts, general
corporation, tangible personal property, privilege or license taxes (but, in the
case of the Issuer, not including any taxes asserted with respect to, federal or
other income taxes arising out of distributions on the Notes) and costs and
expenses in defending against the same.

          (b)  The Seller shall indemnify, defend and hold harmless the Issuer,
the Owner Trustee, the Trustee, Backup Servicer, the Collateral Agent and the
Trust Collateral Agent and the officers, directors, employees and agents
thereof, the Insurer and the Noteholders from and against any loss, liability or
expense incurred by reason of (i) the Seller's willful misfeasance, bad faith or
negligence in the performance of its duties under this Agreement, or by reason
of reckless disregard of its obligations and duties under this Agreement and
(ii) the Seller's or the Issuer's violation of federal or state securities laws
in connection with the offering and sale of the Notes.

          (c)  The Seller shall indemnify, defend and hold harmless the Owner
Trustee, Trustee, Trust Collateral Agent, Collateral Agent and Backup Servicer
and the officers, directors, employees and agents thereof from and against any
and all costs, expenses, losses, claims,

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<Page>

damages and liabilities arising out of, or incurred in connection with the
acceptance or performance of the trusts and duties set forth herein and in the
Basic Documents 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 the Owner Trustee, Trustee, Trust
Collateral Agent, Collateral Agent and Backup Servicer respectively.

          Indemnification under this Section shall survive the resignation or
removal of the Owner Trustee, the Trustee or the Trust Collateral Agent and the
termination of this Agreement or the Indenture or the Trust Agreement, as
applicable, and shall include reasonable fees and expenses of counsel and other
expenses of litigation. If the Seller shall have made any indemnity payments
pursuant to this Section and the Person to or on behalf of whom such payments
are made thereafter shall collect any of such amounts from others, such Person
shall promptly repay such amounts to the Seller, without interest.

          SECTION 7.4.   MERGER OR CONSOLIDATION OF, OR ASSUMPTION OF THE
OBLIGATIONS OF, SELLER. Any Person (a) into which the Seller may be merged or
consolidated, (b) which may result from any merger or consolidation to which the
Seller shall be a party or (c) which may succeed to the properties and assets of
the Seller substantially as a whole, which Person in any of the foregoing cases
executes an agreement of assumption to perform every obligation of the Seller
under this Agreement, shall be the successor to the Seller hereunder without the
execution or filing of any document or any further act by any of the parties to
this Agreement; PROVIDED, HOWEVER, that (i) the Seller shall have received the
written consent of the Insurer prior to entering into any such transaction, (ii)
immediately after giving effect to such transaction, no representation or
warranty made pursuant to Section 3.1 shall have been breached and no Servicer
Termination Event, and no event which, after notice or lapse of time, or both,
would become a Servicer Termination Event shall have happened and be continuing,
(iii) the Seller shall have delivered to the Owner Trustee, the Trust Collateral
Agent, the Trustee and the Insurer a Certificate signed by or on behalf of the
Seller and an Opinion of Counsel each stating that such consolidation, merger or
succession and such agreement of assumption comply with this Section and that
all conditions precedent, if any, provided for in this Agreement relating to
such transaction have been complied with, (iv) the Rating Agency Condition shall
have been satisfied with respect to such transaction and (v) the Seller shall
have delivered to the Owner Trustee, the Trust Collateral Agent, the Backup
Servicer, the Collateral Agent, the Trustee and the Insurer an Opinion of
Counsel stating that, 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 fully to preserve and protect the interest of the
Trust Collateral Agent, the Owner Trustee and the Trustee, respectively, in the
Receivables and reciting the details of such filings or (B) no such action shall
be necessary to preserve and protect such interest. Notwithstanding anything
herein to the contrary, the execution of the foregoing agreement of assumption
and compliance with clauses (i), (ii), (iii), (iv) and (v) above shall be
conditions to the consummation of the transactions referred to in clauses (a),
(b) or (c) above.

          SECTION 7.5.   LIMITATION ON LIABILITY OF SELLER AND OTHERS. The
Seller and any employee or agent of the Seller 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 any Basic
Document. The Seller shall not be under any obligation to

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<Page>

appear in, prosecute or defend any legal action that shall not be incidental to
its obligations under this Agreement, and that in its opinion may involve it in
any expense or liability.

          SECTION 7.6.   OWNERSHIP OF THE CERTIFICATES OR NOTES. The Seller and
any Affiliate thereof may in its individual or any other capacity become the
owner or pledgee of Certificates or Notes with the same rights as it would have
if it were not the Seller or an Affiliate thereof, except as expressly provided
herein or in any Basic Document. Notes or Certificates so owned by the Seller or
such Affiliate shall have an equal and proportionate benefit under the
provisions of the Basic Documents, without preference, priority, or distinction
as among all of the Notes or Certificates; PROVIDED, HOWEVER, that any Notes or
Certificates owned by the Seller or any Affiliate thereof, during the time such
Notes or Certificates are owned by them, shall be without voting rights for any
purpose set forth in the Basic Documents and will not be entitled to the
benefits of the Note Policy. The Seller shall notify the Owner Trustee, the
Trustee, the Trust Collateral Agent and the Insurer with respect to any other
transfer of any Certificate.

                                  ARTICLE VIII

                                  THE SERVICER

          SECTION 8.1.   REPRESENTATIONS OF SERVICER. The Servicer makes the
following representations on which the Insurer shall be deemed to have relied in
executing and delivering the Note Policy and on which the Issuer is deemed to
have relied in acquiring the Receivables. The representations speak as of the
execution and delivery of this Agreement and as of the Closing Date Receivables,
and shall survive the sale of the Receivables to the Issuer and the pledge
thereof to the Trustee pursuant to the Indenture.

          (a)  REPRESENTATIONS AND WARRANTIES. The representations and
warranties set forth on the Schedule of Representations attached hereto as
Schedule B are true and correct, provided that such representations and
warranties contained therein and herein shall not apply to any entity other than
AmeriCredit;

          (b)  ORGANIZATION AND GOOD STANDING. The Servicer has been duly
organized and is validly existing and in good standing under the laws of its
jurisdiction of organization, with power, authority and legal right 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 enter into and perform its obligations
under this Agreement;

          (c)  DUE QUALIFICATION. The Servicer 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
property or the conduct of its business (including the servicing of the
Receivables as required by this Agreement) requires or shall require such
qualification;

          (d)  POWER AND AUTHORITY. The Servicer has the power and authority to
execute and deliver this Agreement and its Basic Documents and to carry out its
terms and their terms,

                                       53
<Page>

respectively, and the execution, delivery and performance
of this Agreement and the Servicer's Basic Documents have been duly authorized
by the Servicer by all necessary corporate action;

          (e)  BINDING OBLIGATION. This Agreement and the Servicer's Basic
Documents shall constitute legal, valid and binding obligations of the Servicer
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 Servicer's Basic Documents, and the fulfillment of the
terms of this Agreement and the Servicer's Basic Documents, shall not conflict
with, result in any breach of any of the terms and provisions of, or constitute
(with or without notice or lapse of time) a default under, the articles of
incorporation or bylaws of the Servicer, or any indenture, agreement, mortgage,
deed of trust or other instrument to which the Servicer is a party or by which
it is bound, or result in the creation or imposition of any Lien upon any of its
properties pursuant to the terms of any such indenture, agreement, mortgage,
deed of trust or other instrument, other than this Agreement, or violate any
law, order, rule or regulation applicable to the Servicer of any court or of any
federal or state regulatory body, administrative agency or other governmental
instrumentality having jurisdiction over the Servicer or any of its properties;

          (g)  NO PROCEEDINGS. There are no proceedings or investigations
pending or, to the Servicer's knowledge, threatened against the Servicer, before
any court, regulatory body, administrative agency or other tribunal or
governmental instrumentality having jurisdiction over the Servicer or its
properties (A) asserting the invalidity of this Agreement or any of the Basic
Documents, (B) seeking to prevent the issuance of the Securities or the
consummation of any of the transactions contemplated by this Agreement or any of
the Basic Documents, or (C) seeking any determination or ruling that might
materially and adversely affect the performance by the Servicer of its
obligations under, or the validity or enforceability of, this Agreement or any
of the Basic Documents or (D) seeking to adversely affect the federal income tax
or other federal, state or local tax attributes of the Securities;

          (h)  NO CONSENTS. The Servicer is not required to obtain the consent
of any other party or any consent, license, approval or authorization, or
registration or declaration with, any governmental authority, bureau or agency
in connection with the execution, delivery, performance, validity or
enforceability of this Agreement which has not already been obtained.

          SECTION 8.2.   LIABILITY OF SERVICER; INDEMNITIES.

          (a)  The Servicer (in its capacity as such) shall be liable hereunder
only to the extent of the obligations in this Agreement specifically undertaken
by the Servicer and the representations made by the Servicer.

          (b)  The Servicer shall defend, indemnify and hold harmless the Trust,
the Trustee, the Trust Collateral Agent, the Owner Trustee, the Backup Servicer,
the Insurer, their respective officers, directors, agents and employees, and the
Noteholders from and against any

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<Page>

and all costs, expenses, losses, damages, claims and liabilities, including
reasonable fees and expenses of counsel and expenses of litigation arising out
of or resulting from the use, ownership or operation by the Servicer or any
Affiliate thereof of any Financed Vehicle;

          (c)  The Servicer (when the Servicer is AmeriCredit) shall indemnify,
defend and hold harmless the Trust, the Trustee, the Trust Collateral Agent, the
Owner Trustee, the Backup Servicer, the Insurer, their respective officers,
directors, agents and employees and the Noteholders from and against any taxes
that may at any time be asserted against any of such parties with respect to the
transactions contemplated in this Agreement, including, without limitation, any
sales, gross receipts, tangible or intangible personal property, privilege or
license taxes (but not including any federal or other income taxes, including
franchise taxes asserted with respect to, and as of the date of, the sale of the
Receivables and the Other Conveyed Property to the Trust or the issuance and
original sale of the Securities) and costs and expenses in defending against the
same;

          The Servicer (when the Servicer is not AmeriCredit) shall indemnify,
defend and hold harmless the Trust, the Trustee, the Trust Collateral Agent, the
Owner Trustee, the Backup Servicer, the Insurer, their respective officers,
directors, agents and employees and the Noteholders from and against any taxes
with respect to the sale of Receivables in connection with servicing hereunder
that may at any time be asserted against any of such parties with respect to the
transactions contemplated in this Agreement, including, without limitation, any
sales, gross receipts, tangible or intangible personal property, privilege or
license taxes (but not including any federal or other income taxes, including
franchise taxes asserted with respect to, and as of the date of, the sale of the
Receivables and the Other Conveyed Property to the Trust or the issuance and
original sale of the Securities) and costs and expenses in defending against the
same; and

          (d)  The Servicer shall indemnify, defend and hold harmless the Trust,
the Trustee, the Trust Collateral Agent, the Owner Trustee, the Backup Servicer,
the Insurer, their respective officers, directors, agents and employees and the
Noteholders 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 the Trust, the Trustee,
the Owner Trustee, the Trust Collateral Agent, the Backup Servicer, the Insurer
or the Noteholders by reason of the breach of this Agreement by the Servicer,
the negligence, misfeasance, or bad faith of the Servicer in the performance of
its duties under this Agreement or by reason of reckless disregard of its
obligations and duties under this Agreement.

          (e)  AmeriCredit shall indemnify, defend and hold harmless the Trust,
the Trustee, the Trust Collateral Agent, the Owner Trustee, the Backup Servicer,
the Insurer, their respective officers, directors, agents and employees and the
Noteholders from and against any loss, liability or expense incurred by reason
of the violation by Servicer or Seller of federal or state securities laws in
connection with the registration or the sale of the Securities. This section
shall survive the termination of this Agreement, or the earlier removal or
resignation of the Trustee, Trust Collateral Agent, Backup Servicer or the
Collateral Agent.

          (f)  AmeriCredit shall indemnify the Trustee, the Owner Trustee, the
Trust Collateral Agent, and the Backup Servicer, the Collateral Agent, and the
respective officers,

                                       55
<Page>

directors, agents and employees thereof against any and all loss, liability or
expense, (other than overhead and expenses incurred in the normal course of
business) incurred by each of them in connection with the acceptance or
administration of the Trust and the performance of their duties under the Basic
Documents other than if such loss, liability or expense was incurred by the
Trustee, the Owner Trustee or the Trust Collateral Agent or the Collateral Agent
as a result of any such entity's willful misconduct, bad faith or negligence.

          (g)  Indemnification under this Article shall include, without
limitation, reasonable fees and expenses of counsel and expenses of litigation.
If the Servicer has made any indemnity payments pursuant to this Article and the
recipient thereafter collects any of such amounts from others, the recipient
shall promptly repay such amounts collected to the Servicer, without interest.

          SECTION 8.3.   MERGER OR CONSOLIDATION OF, OR ASSUMPTION OF THE
OBLIGATIONS OF THE SERVICER OR BACKUP SERVICER.

          (a)  AmeriCredit shall not merge or consolidate with any other person,
convey, transfer or lease substantially all its assets as an entirety to another
Person, or permit any other Person to become the successor to AmeriCredit's
business unless, after the merger, consolidation, conveyance, transfer, lease or
succession, the successor or surviving entity shall be capable of fulfilling the
duties of AmeriCredit contained in this Agreement and shall be acceptable to the
Controlling Party, and, if an Insurer Default shall have occurred and be
continuing, shall be an Eligible Servicer. Any corporation (i) into which
AmeriCredit may be merged or consolidated, (ii) resulting from any merger or
consolidation to which AmeriCredit shall be a party, (iii) which acquires by
conveyance, transfer, or lease substantially all of the assets of AmeriCredit,
or (iv) succeeding to the business of AmeriCredit, in any of the foregoing cases
shall execute an agreement of assumption to perform every obligation of
AmeriCredit under this Agreement and, whether or not such assumption agreement
is executed, shall be the successor to AmeriCredit under this Agreement without
the execution or filing of any paper or any further act on the part of any of
the parties to this Agreement, anything in this Agreement to the contrary
notwithstanding; PROVIDED, HOWEVER, that nothing contained herein shall be
deemed to release AmeriCredit from any obligation. AmeriCredit shall provide
notice of any merger, consolidation or succession pursuant to this Section to
the Owner Trustee, the Trust Collateral Agent, the Noteholders, the Insurer and
each Rating Agency. Notwithstanding the foregoing, AmeriCredit shall not merge
or consolidate with any other Person or permit any other Person to become a
successor to AmeriCredit's business, unless (x) immediately after giving effect
to such transaction, no representation or warranty made pursuant to Section 4.6
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
Insurance Agreement Event of Default shall have occurred and be continuing, (y)
AmeriCredit shall have delivered to the Owner Trustee, the Trust Collateral
Agent, Trustee, Backup Servicer and Collateral Agent, the Rating Agencies and
the Insurer 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 and that all conditions precedent, if any, provided for in
this Agreement relating to such transaction have been complied with, and (z)
AmeriCredit shall have delivered to the Owner Trustee, the Trust Collateral
Agent, the Rating Agencies and the Insurer an Opinion of Counsel, stating in the
opinion of such counsel, either

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<Page>

(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 Trust in the Receivables and the Other Conveyed Property and
reciting the details of the filings or (B) no such action shall be necessary to
preserve and protect such interest.

          (b)  Any corporation (i) into which the Backup Servicer may be merged
or consolidated, (ii) resulting from any merger or consolidation to which the
Backup Servicer shall be a party, (iii) which acquires by conveyance, transfer
or lease substantially all of the assets of the Backup Servicer, or (iv)
succeeding to the business of the Backup Servicer, in any of the foregoing cases
shall execute an agreement of assumption to perform every obligation of the
Backup Servicer under this Agreement and, whether or not such assumption
agreement is executed, shall be the successor to the Backup Servicer under this
Agreement without the execution or filing of any paper or any further act on the
part of any of the parties to this Agreement, anything in this Agreement to the
contrary notwithstanding; provided, however, that nothing contained herein shall
be deemed to release the Backup Servicer from any obligation.

          SECTION 8.4.   LIMITATION ON LIABILITY OF SERVICER, BACKUP SERVICER
AND OTHERS.

          (a)  Neither AmeriCredit, the Backup Servicer nor any of the directors
or officers or employees or agents of AmeriCredit or Backup Servicer shall be
under any liability to the Trust or the Noteholders, except as provided in this
Agreement, for any action taken or for refraining from the taking of any action
pursuant to this Agreement; PROVIDED, HOWEVER, that this provision shall not
protect AmeriCredit, the Backup Servicer or any such person against any
liability that would otherwise be imposed by reason of a breach of this
Agreement or willful misfeasance, bad faith or negligence (excluding errors in
judgment) in the performance of duties; provided further that this provision
shall not affect any liability to indemnify the Trust Collateral Agent and the
Owner Trustee for costs, taxes, expenses, claims, liabilities, losses or damages
paid by the Trust Collateral Agent and the Owner Trustee, in their individual
capacities. AmeriCredit, the Backup Servicer and any director, officer, employee
or agent of AmeriCredit or Backup Servicer may rely in good faith on the written
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.

          (b)  The Backup Servicer shall not be liable for any obligation of the
Servicer contained in this Agreement or for any errors of the Servicer contained
in any computer tape, certificate or other data or document delivered to the
Backup Servicer hereunder or on which the Backup Servicer must rely in order to
perform its obligations hereunder, and the Owner Trustee, the Trustee, the Trust
Collateral Agent, the Collateral Agent, the Backup Servicer, the Seller and the
Insurer and the Noteholders shall look only to the Servicer to perform such
obligations. The Backup Servicer, Trust Collateral Agent, the Collateral Agent,
the Trustee, the Owner Trustee and the Custodian shall have no responsibility
and shall not be in default hereunder or incur any liability for any failure,
error, malfunction or any delay in carrying out any of their respective duties
under this Agreement if such failure or delay results from the Backup Servicer
acting in accordance with information prepared or supplied by a Person other
than the Backup Servicer (or contractual agents) or the failure of any such
other Person to prepare or provide such information. The Backup Servicer shall
have no responsibility, shall not be in default and shall

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incur no liability for (i) any act or failure to act of any third party (other
than its contractual agents), including the Servicer or the Controlling Party,
(ii) any inaccuracy or omission in a notice or communication received by the
Backup Servicer from any third party (other than its contractual agents), (iii)
the invalidity or unenforceability of any Receivable under applicable law, (iv)
the breach or inaccuracy of any representation or warranty made with respect to
any Receivable, or (v) the acts or omissions of any successor Backup Servicer.

          (c)  The parties expressly acknowledge and consent to Bank One, NA
acting in the possible dual capacity of Backup Servicer or successor Servicer
and in the capacity as Trust Collateral Agent. Bank One, NA may, in such dual or
other capacity, discharge its separate functions fully, without hindrance or
regard to conflict of interest principles, duty of loyalty principles or other
breach of fiduciary duties to the extent that any such conflict or breach arises
from the performance by Bank One, NA of express duties set forth in the this
Agreement in any of such capacities, all of which defenses, claims or assertions
are hereby expressly waived by the other parties hereto and the Noteholders
except in the case of gross negligence and willful misconduct by Bank One, NA.

          SECTION 8.5.   DELEGATION OF DUTIES. The Servicer may delegate duties
under this Agreement to an Affiliate of AmeriCredit with the prior written
consent of the Insurer (unless an Insurer Default shall have occurred and be
continuing), the Trust Collateral Agent, the Owner Trustee and the Backup
Servicer. The Servicer also may at any time perform through sub-contractors the
specific duties of (i) repossession of Financed Vehicles, (ii) tracking Financed
Vehicles' insurance and (iii) pursuing the collection of deficiency balances on
certain Liquidated Receivables, in each case, without the consent of the Insurer
and may perform other specific duties through such sub-contractors in accordance
with Servicer's customary servicing policies and procedures, with the prior
consent of the Insurer; PROVIDED, HOWEVER, that no such delegation or
sub-contracting duties by the Servicer shall relieve the Servicer of its
responsibility with respect to such duties. So long as no Insurer Default shall
have occurred and be continuing neither AmeriCredit or any party acting as
Servicer hereunder shall appoint any subservicer hereunder without the prior
written consent of the Insurer, the Trustee and the Backup Servicer.

          SECTION 8.6.   SERVICER AND BACKUP SERVICER NOT TO RESIGN. Subject to
the provisions of Section 8.3, neither the Servicer nor the Backup Servicer
shall resign from the obligations and duties imposed on it by this Agreement as
Servicer or Backup Servicer except upon a determination that by reason of a
change in legal requirements the performance of its duties under this Agreement
would cause it to be in violation of such legal requirements in a manner which
would have a material adverse effect on the Servicer or the Backup Servicer, as
the case may be, and the Insurer (so long as an Insurer Default shall not have
occurred and be continuing) or a Note Majority (if an Insurer Default shall have
occurred and be continuing) does not elect to waive the obligations of the
Servicer or the Backup Servicer, as the case may be, to perform the duties which
render it legally unable to act or to delegate those duties to another Person.
Any such determination permitting the resignation of the Servicer or Backup
Servicer shall be evidenced by an Opinion of Counsel to such effect delivered
and acceptable to the Trust Collateral Agent, the Owner Trustee and the Insurer
(unless an Insurer Default shall have occurred and be continuing). No
resignation of the Servicer shall become effective until, so long as no Insurer
Default shall have occurred and be continuing the Backup Servicer or an entity
acceptable to the Insurer shall have assumed the responsibilities and
obligations of the Servicer

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or, if an Insurer Default shall have occurred and be continuing, the Backup
Servicer or a successor Servicer that is an Eligible Servicer shall have assumed
the responsibilities and obligations of the Servicer. No resignation of the
Backup Servicer shall become effective until, so long as no Insurer Default
shall have occurred and be continuing, an entity acceptable to the Insurer shall
have assumed the responsibilities and obligations of the Backup Servicer or, if
an Insurer Default shall have occurred and be continuing a Person that is an
Eligible Servicer shall have assumed the responsibilities and obligations of the
Backup Servicer; PROVIDED, HOWEVER, that (i) in the event a successor Backup
Servicer is not appointed within 60 days after the Backup Servicer has given
notice of its resignation and has provided the Opinion of Counsel required by
this Section, the Backup Servicer may petition a court for its removal, (ii) the
Backup Servicer may resign with the written consent of the Insurer and (iii) if
Bank One, NA resigns as the Trustee under the Indenture it will no longer be the
Backup Servicer.

                                   ARTICLE IX

                                     DEFAULT

          SECTION 9.1.   SERVICER TERMINATION EVENT. For purposes of this
Agreement, each of the following shall constitute a "SERVICER TERMINATION
EVENT":

          (a)  Any failure by the Servicer to deliver to the Trust Collateral
Agent for distribution to Noteholders any proceeds or payment required to be so
delivered under the terms of this Agreement that continues unremedied for a
period of two Business Days (one Business Day with respect to payment of
Purchase Amounts) after written notice is received by the Servicer from the
Trust Collateral Agent or (unless an Insurer Default shall have occurred and be
continuing) the Insurer or after discovery of such failure by a Responsible
Officer of the Servicer;

          (b)  Failure by the Servicer to deliver to the Trust Collateral Agent
and (so long as an Insurer Default shall not have occurred and be continuing)
the Insurer the Servicer's Certificate by the fourth Business Day prior to the
Insured Distribution Date, or failure on the part of the Servicer to observe its
covenants and agreements set forth in Section 8.3(a);

          (c)  Failure on the part of the Servicer duly to observe or perform
any other covenants or agreements of the Servicer set forth in this Agreement,
which failure (i) materially and adversely affects the rights of Noteholders
(determined without regard to the availability of funds under the Note Policy),
or of the Insurer (unless an Insurer Default shall have occurred and be
continuing), and (ii) continues unremedied for a period of 30 days after
knowledge thereof by the Servicer or after the date on which written notice of
such failure, requiring the same to be remedied, shall have been given to the
Servicer by the Trust Collateral Agent or the Insurer (or, if an Insurer Default
shall have occurred and be continuing by any Noteholder);

          (d)  The entry of a decree or order for relief by a court or
regulatory authority having jurisdiction in respect of the Servicer in an
involuntary case under the federal bankruptcy laws, as now or hereafter in
effect, or another present or future, federal bankruptcy, insolvency or similar
law, or appointing a receiver, liquidator, assignee, trustee, custodian,
sequestrator or other

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similar official of the Servicer or of any substantial part of its property or
ordering the winding up or liquidation of the affairs of the Servicer and the
continuance of any such decree or order unstayed and in effect for a period of
60 consecutive days or the commencement of an involuntary case under the federal
bankruptcy laws, as now or hereinafter in effect, or another present or future
federal or state bankruptcy, insolvency or similar law and such case is not
dismissed within 60 days; or

          (e)  The commencement by the Servicer of a voluntary case under the
federal bankruptcy laws, as now or hereafter in effect, or any other present or
future, federal or state, bankruptcy, insolvency or similar law, or the consent
by the Servicer to the appointment of or taking possession by a receiver,
liquidator, assignee, trustee, custodian, sequestrator or other similar official
of the Servicer or of any substantial part of its property or the making by the
Servicer of an assignment for the benefit of creditors or the failure by the
Servicer generally to pay its debts as such debts become due or the taking of
corporate action by the Servicer in furtherance of any of the foregoing; or

          (f)  Any representation, warranty or statement of the Servicer made in
this Agreement or any certificate, report or other writing delivered pursuant
hereto shall prove to be incorrect in any material respect as of the time when
the same shall have been made, and the incorrectness of such representation,
warranty or statement has a material adverse effect on the Trust or the
Noteholders and, within 30 days after knowledge thereof by the Servicer or after
written notice thereof shall have been given to the Servicer by the Trust
Collateral Agent or the Insurer (or, if an Insurer Default shall have occurred
and be continuing, a Noteholder), the circumstances or condition in respect of
which such representation, warranty or statement was incorrect shall not have
been eliminated or otherwise cured; or

          (g)  So long as an Insurer Default shall not have occurred and be
continuing, the Insurer shall not have delivered a Servicer Extension Notice
pursuant to Section 4.14; or

          (h)  So long as an Insurer Default shall not have occurred and be
continuing, an Insurance Agreement Event of Default occurs or an Event of
Default under any other Insurance and Indemnity Agreement relating to any other
Series shall have occurred; or

          (i)  A claim is made under the Note Policy.

          SECTION 9.2.   CONSEQUENCES OF A SERVICER TERMINATION EVENT. If a
Servicer Termination Event shall occur and be continuing, the Insurer (or, if an
Insurer Default shall have occurred and be continuing either the Trust
Collateral Agent, (to the extent it has knowledge thereof) a Note Majority), by
notice given in writing to the Servicer (and to the Trust Collateral Agent if
given by the Insurer or the Noteholders) or by non-extension of the term of the
Servicer as referred to in Section 4.14 may terminate all of the rights and
obligations of the Servicer under this Agreement. On or after the receipt by the
Servicer of such written notice or upon termination of the term of the Servicer,
all authority, power, obligations and responsibilities of the Servicer under
this Agreement, whether with respect to the Notes, the Certificates or the Other
Conveyed Property or otherwise, automatically shall pass to, be vested in and
become obligations and responsibilities of the Backup Servicer (or such other
successor Servicer appointed by the Controlling Party); PROVIDED, HOWEVER, that
the successor Servicer shall have no

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liability with respect to any obligation which was required to be performed by
the terminated Servicer prior to the date that the successor Servicer becomes
the Servicer or any claim of a third party based on any alleged action or
inaction of the terminated Servicer. The successor Servicer is authorized and
empowered by this Agreement to execute and deliver, on behalf of the terminated
Servicer, as attorney-in-fact or otherwise, any and all documents and other
instruments and to do or accomplish all other acts or things necessary or
appropriate to effect the purposes of such notice of termination, whether to
complete the transfer and endorsement of the Receivables and the Other Conveyed
Property and related documents to show the Trust as lienholder or secured party
on the related Lien Certificates, or otherwise. The terminated Servicer agrees
to cooperate with the successor Servicer in effecting the termination of the
responsibilities and rights of the terminated Servicer under this Agreement,
including, without limitation, the transfer to the successor Servicer for
administration by it of all cash amounts that shall at the time be held by the
terminated Servicer for deposit, or have been deposited by the terminated
Servicer, in the Collection Account or thereafter received with respect to the
Receivables and the delivery to the successor Servicer of all Receivable Files,
Monthly Records and Collection Records and a computer tape in readable form as
of the most recent Business Day containing all information necessary to enable
the successor Servicer or a successor Servicer to service the Receivables and
the Other Conveyed Property. If requested by the Controlling Party, the
successor Servicer shall terminate the Lockbox Agreement and direct the Obligors
to make all payments under the Receivables directly to the successor Servicer
(in which event the successor Servicer shall process such payments in accordance
with Section 4.2(e)), or to a lockbox established by the successor Servicer at
the direction of the Controlling Party, at the successor Servicer's expense. The
terminated Servicer shall grant the Trust Collateral Agent, the successor
Servicer and the Controlling Party reasonable access to the terminated
Servicer's premises at the terminated Servicer's expense.

          SECTION 9.3.   APPOINTMENT OF SUCCESSOR.

          (a)  On and after the time the Servicer receives a notice of
termination pursuant to Section 9.2, upon non-extension of the servicing term as
referred to in Section 4.14, or upon the resignation of the Servicer pursuant to
Section 8.6, the Backup Servicer (unless the Insurer shall have exercised its
option pursuant to Section 9.3(b) to appoint an alternate successor Servicer)
shall be the successor in all respects to the Servicer in its capacity as
servicer under this Agreement and the transactions set forth or provided for in
this Agreement, and shall be subject to all the rights, responsibilities,
restrictions, duties, liabilities and termination provisions relating thereto
placed on the Servicer by the terms and provisions of this Agreement except as
otherwise stated herein. The Trust Collateral Agent and such successor shall
take such action, consistent with this Agreement, as shall be necessary to
effectuate any such succession. If a successor Servicer is acting as Servicer
hereunder, it shall be subject to term-to-term servicing as referred to in
Section 4.14 and to termination under Section 9.2 upon the occurrence of any
Servicer Termination Event applicable to it as Servicer.

          (b)  The Controlling Party may exercise at any time its right to
appoint as Backup Servicer or as successor to the Servicer a Person other than
the Person serving as Backup Servicer at the time, and (without limiting its
obligations under the Note Policy) shall have no liability to the Trust
Collateral Agent, AmeriCredit, the Seller, the Person then serving as Backup
Servicer, any Noteholders or any other Person if it does so. Notwithstanding the
above, if the

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Backup Servicer shall be legally unable or unwilling to act as Servicer, and an
Insurer Default shall have occurred and be continuing, the Backup Servicer, the
Trust Collateral Agent or a Note Majority may petition a court of competent
jurisdiction to appoint any Eligible Servicer as the successor to the Servicer.
Pending appointment pursuant to the preceding sentence, the Backup Servicer
shall act as successor Servicer unless it is legally unable to do so, in which
event the outgoing Servicer shall continue to act as Servicer until a successor
has been appointed and accepted such appointment. Subject to Section 8.6, no
provision of this Agreement shall be construed as relieving the Backup Servicer
of its obligation to succeed as successor Servicer upon the termination of the
Servicer pursuant to Section 9.2, the resignation of the Servicer pursuant to
Section 8.6 or the non-extension of the servicing term of the Servicer, as
referred to in Section 4.14. If upon the termination of the Servicer pursuant to
Section 9.2 or the resignation of the Servicer pursuant to Section 8.6, the
Controlling Party appoints a successor Servicer other than the Backup Servicer,
the Backup Servicer shall not be relieved of its duties as Backup Servicer
hereunder.

          (c)  Any successor Servicer shall be entitled to such compensation
(whether payable out of the Collection Account or otherwise) as the Servicer
would have been entitled to under this Agreement if the Servicer had not
resigned or been terminated hereunder. If any successor Servicer is appointed as
a result of the Backup Servicer's refusal (in breach of the terms of this
Agreement) to act as Servicer although it is legally able to do so, the Insurer
and such successor Servicer may agree on reasonable additional compensation to
be paid to such successor Servicer by the Backup Servicer, which additional
compensation shall be paid by such breaching Backup Servicer in its individual
capacity and solely out of its own funds; PROVIDED, HOWEVER, it being understood
and agreed that the Insurer shall give prior notice to the Backup Servicer with
respect to the appointment of such successor and the payment of additional
compensation, if any. If any successor Servicer is appointed for any reason
other than the Backup Servicer's refusal to act as Servicer although legally
able to do so, the Insurer and such successor Servicer may agree on additional
compensation to be paid to such successor Servicer, which additional
compensation shall be payable as provided in the Spread Account Agreement and
shall in no event exceed $150,000 in the aggregate. If, any successor Servicer
is appointed for any reason other than the Backup Servicer's refusal to act as
Servicer although legally able to do so, the Backup Servicer shall not be liable
for any Servicing Fee, additional compensation or other amounts to be paid to
such successor Servicer in connection with its assumption and performance of the
servicing duties described herein.

          SECTION 9.4.   NOTIFICATION TO NOTEHOLDERS. Upon any termination of,
or appointment of a successor to, the Servicer, the Trust Collateral Agent shall
give prompt written notice thereof to each Noteholder and to the Rating
Agencies.

          SECTION 9.5.   WAIVER OF PAST DEFAULTS. So long as no Insurer Default
shall have occurred and be continuing, the Insurer (or, if an Insurer Default
shall have occurred and be continuing, the Note Majority) may, on behalf of all
Noteholders, waive any default by the Servicer in the performance of its
obligations hereunder and its consequences. Upon any such waiver of a past
default, such default shall cease to exist, and any Servicer Termination Event
arising therefrom shall be deemed to have been remedied for every purpose of
this Agreement. No such waiver shall extend to any subsequent or other default
or impair any right consequent thereto.

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                                    ARTICLE X

                                   TERMINATION

          SECTION 10.1.  OPTIONAL PURCHASE OF ALL RECEIVABLES.

          (a)  On the last day of any Collection Period as of which the Pool
Balance shall be less than or equal to 10% of the Original Pool Balance, the
Servicer and the Seller each shall have the option to purchase the Owner Trust
Estate, other than the Trust Accounts (with the consent of the Insurer if such
purchase would result in a claim on the Note Policy or would result in any
amount owing to the Insurer under the Insurance Agreement remaining unpaid);
PROVIDED, HOWEVER, that the amount to be paid for such purchase (as set forth in
the following sentence) shall be sufficient to pay the full amount of principal,
premium, if any, amounts due under the Swap Agreement, if any, and interest then
due and payable on the Notes. To exercise such option, the Servicer or the
Seller, as the case may be, shall deposit pursuant to Section 5.6 in the
Collection Account an amount equal to the aggregate Purchase Amount for the
Receivables (including Liquidated Receivables), plus the appraised value of any
other property held by the Trust, such value to be determined by an appraiser
mutually agreed upon by the Servicer, the Insurer and the Trust Collateral
Agent, and shall succeed to all interests in and to the Trust.

          (b)  Upon any sale of the assets of the Trust pursuant to Section 8.1
of the Trust Agreement, the Servicer shall instruct the Trust Collateral Agent
to deposit the proceeds from such sale after all payments and reserves therefrom
(including the expenses of such sale) have been made (the "INSOLVENCY PROCEEDS")
in the Collection Account.

          (c)  Notice of any termination of the Trust shall be given by the
Servicer to the Owner Trustee, the Trustee, the Backup Servicer, the Trust
Collateral Agent, the Collateral Agent, the Insurer and the Rating Agencies as
soon as practicable after the Servicer has received notice thereof.

          (d)  Following the satisfaction and discharge of the Indenture and the
payment in full of the principal of and interest on the Notes, the
Certificateholders will succeed to the rights of the Noteholders hereunder and
the Owner Trustee will succeed to the rights of, and assume the obligations of,
the Trust Collateral Agent pursuant to this Agreement.

                                   ARTICLE XI

                      ADMINISTRATIVE DUTIES OF THE SERVICER

          SECTION 11.1.  ADMINISTRATIVE DUTIES.

          (a)  DUTIES WITH RESPECT TO THE INDENTURE. The Servicer shall perform
all its duties and the duties of the Issuer under the Indenture. In addition,
the Servicer shall consult with the Owner Trustee as the Servicer deems
appropriate regarding the duties of the Issuer under the Indenture. The Servicer
shall monitor the performance of the Issuer and shall advise the Owner Trustee
when action is necessary to comply with the Issuer's duties under the Indenture.
The Servicer shall prepare for execution by the Issuer or shall cause the
preparation

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by other appropriate Persons of all such documents, reports, filings,
instruments, certificates and opinions as it shall be the duty of the Issuer to
prepare, file or deliver pursuant to the Indenture. In furtherance of the
foregoing, the Servicer shall take all necessary action that is the duty of the
Issuer to take pursuant to the Indenture, including, without limitation,
pursuant to Sections 2.7, 3.5, 3.6, 3.7, 3.9, 3.10, 3.17, 5.1, 5.4, 7.3, 8.3,
9.2, 9.3, 11.1 and 11.15 of the Indenture.

          (b)  DUTIES WITH RESPECT TO THE ISSUER.

            (i)   In addition to the duties of the Servicer set forth in this
     Agreement or any of the Basic Documents, the Servicer shall perform such
     calculations and shall prepare for execution by the Issuer or the Owner
     Trustee or shall cause the preparation by other appropriate Persons of all
     such documents, reports, filings, instruments, certificates and opinions as
     it shall be the duty of the Issuer or the Owner Trustee to prepare, file or
     deliver pursuant to this Agreement or any of the Basic Documents or under
     state and federal tax and securities laws, and at the request of the Owner
     Trustee shall take all appropriate action that it is the duty of the Issuer
     to take pursuant to this Agreement or any of the Basic Documents,
     including, without limitation, pursuant to Sections 2.6 and 2.11 of the
     Trust Agreement. In accordance with the directions of the Issuer or the
     Owner Trustee, the Servicer shall administer, perform or supervise the
     performance of such other activities in connection with the Collateral
     (including the Basic Documents) as are not covered by any of the foregoing
     provisions and as are expressly requested by the Issuer or the Owner
     Trustee and are reasonably within the capability of the Servicer.

            (ii)  Notwithstanding anything in this Agreement or any of the
     Basic Documents to the contrary, the Servicer shall be responsible for
     promptly notifying the Owner Trustee and the Trust Collateral Agent in the
     event that any withholding tax is imposed on the Issuer's payments (or
     allocations of income) to an Owner (as defined in the Trust Agreement) as
     contemplated by this Agreement. Any such notice shall be in writing and
     specify the amount of any withholding tax required to be withheld by the
     Owner Trustee or the Trust Collateral Agent pursuant to such provision.

            (iii) Notwithstanding anything in this Agreement or the Basic
     Documents to the contrary, the Servicer shall be responsible for
     performance of the duties of the Issuer set forth in Section 5.1(a) and (b)
     of the Trust Agreement with respect to, among other things, accounting and
     reports to Owners (as defined in the Trust Agreement); PROVIDED, HOWEVER,
     that once prepared by the Servicer the Owner Trustee shall retain
     responsibility for the distribution of the Schedule K-1s necessary to
     enable the Certificateholder to prepare its federal and state income tax
     returns.

            (iv)  The Servicer shall perform the duties of the Servicer
     specified in Section 9.2 of the Trust Agreement required to be performed in
     connection with the resignation or removal of the Owner Trustee, and any
     other duties expressly required to be performed by the Servicer under this
     Agreement or any of the Basic Documents.

            (v)   In carrying out the foregoing duties or any of its other
     obligations under this Agreement, the Servicer may enter into transactions
     with or otherwise deal with any of its Affiliates; PROVIDED, HOWEVER, that
     the terms of any such transactions or

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     dealings shall be in accordance with any directions received from the
     Issuer and shall be, in the Servicer's opinion, no less favorable to the
     Issuer in any material respect.

          (c)  TAX MATTERS. The Servicer shall prepare and file, on behalf of
the Seller, all tax returns, tax elections, financial statements and such annual
or other reports attributable to the activities engaged in by the Issuer as are
necessary for preparation of tax reports, including without limitation forms
1099. All tax returns will be signed by the Seller.

          (d)  NON-MINISTERIAL MATTERS. With respect to matters that in the
reasonable judgment of the Servicer are non-ministerial, the Servicer shall not
take any action pursuant to this Article unless within a reasonable time before
the taking of such action, the Servicer shall have notified the Owner Trustee
and the Trustee of the proposed action and the Owner Trustee and, with respect
to items (A), (B), (C) and (D) below, the Trustee shall not have withheld
consent or provided an alternative direction. For the purpose of the preceding
sentence, "non-ministerial matters" shall include:

                   (A)  the amendment of or any supplement to the Indenture;

                   (B)  the initiation of any claim or lawsuit by the Issuer and
               the compromise of any action, claim or lawsuit brought by or
               against the Issuer (other than in connection with the collection
               of the Receivables);

                   (C)  the amendment, change or modification of this Agreement
               or any of the Basic Documents;

                   (D)  the appointment of successor Note Registrars, successor
               Paying Agents and successor Trustees pursuant to the Indenture or
               the appointment of Successor Servicers or the consent to the
               assignment by the Note Registrar, Paying Agent or Trustee of its
               obligations under the Indenture; and

                   (E)  the removal of the Trustee or the Trust Collateral
               Agent.

          (e)  EXCEPTIONS. Notwithstanding anything to the contrary in this
Agreement, except as expressly provided herein or in the other Basic Documents,
the Servicer, in its capacity hereunder, shall not be obligated to, and shall
not, (1) make any payments to the Noteholders or Certificateholders under the
Basic Documents, (2) sell the Indenture Trust Property pursuant to Section 5.5
of the Indenture, (3) take any other action that the Issuer directs the Servicer
not to take on its behalf or (4) in connection with its duties hereunder assume
any indemnification obligation of any other Person.

          (f)  The Backup Servicer or any successor Servicer shall not be
responsible for any obligations or duties of the servicer under this Section
11.1.

          SECTION 11.2.  RECORDS. The Servicer shall maintain appropriate books
of account and records relating to services performed under this Agreement,
which books of account and records shall be accessible for inspection by the
Issuer at any time during normal business hours.

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          SECTION 11.3.  ADDITIONAL INFORMATION TO BE FURNISHED TO THE ISSUER.
The Servicer shall furnish to the Issuer from time to time such additional
information regarding the Collateral as the Issuer shall reasonably request.

                                   ARTICLE XII

                            MISCELLANEOUS PROVISIONS

          SECTION 12.1.  AMENDMENT.

          (a)  This Agreement may be amended from time to time by the parties
hereto, with the consent of the Trustee (which consent may not be unreasonably
withheld), with the prior written consent of the Insurer (so long as no Insurer
Default has occurred and is continuing) but without the consent of any of the
Noteholders, to cure any ambiguity, to correct or supplement any provisions in
this Agreement, to comply with any changes in the Code, or to make any other
provisions with respect to matters or questions arising under this Agreement
which shall not be inconsistent with the provisions of this Agreement or the
Insurance Agreement; PROVIDED, HOWEVER, that such action shall not, as evidenced
by an Opinion of Counsel delivered to Owner Trustee and the Trustee, adversely
affect in any material respect the interests of any Noteholder; provided further
that if an Insurer Default has occurred and is continuing, such action shall not
materially adversely affect the interests of the Insurer.

          This Agreement may also be amended from time to time by the parties
hereto, with the consent of the Insurer, the consent of the Trustee, and with
the consent of the Holders of Notes evidencing not less than a majority of the
outstanding principal amount of the Notes 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 Noteholders;
PROVIDED, HOWEVER, that no such amendment shall (a) 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 for
the benefit of the Noteholders or (b) reduce the aforesaid percentage of the
outstanding principal amount of the Notes, the Holders of which are required to
consent to any such amendment, without the consent of the Holders of all the
outstanding Notes of each class affected thereby; PROVIDED, FURTHER, that if an
Insurer Default has not occurred and is continuing, such action shall not
materially adversely affect the interest of the Insurer.

          Promptly after the execution of any such amendment or consent, the
Trust Collateral Agent shall furnish written notification of the substance of
such amendment or consent to each Noteholder and the Rating Agencies.

          It shall not be necessary for the consent of 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 any other consents of
Noteholders provided for in this Agreement) and of evidencing the authorization
of any action by Noteholders shall be subject to such reasonable requirements as
the Trustee or the Owner Trustee, as applicable, may prescribe.

                                       66
<Page>

          Prior to the execution of any amendment to this Agreement, the Owner
Trustee and the Trustee, Trust Collateral Agent, Collateral Agent and Backup
Servicer shall be entitled to receive and conclusively rely upon an Opinion of
Counsel stating that the execution of such amendment is authorized or permitted
by this Agreement and the Opinion of Counsel referred to in Section 12.2(h)(1)
has been delivered. The Owner Trustee, the Trust Collateral Agent, the Backup
Servicer and the Trustee may, but shall not be obligated to, enter into any such
amendment which affects the Issuer's, the Owner Trustee's, the Trust Collateral
Agent's, the Backup Servicer's or the Trustee's, as applicable, own rights,
duties or immunities under this Agreement or otherwise.

          (b)  Notwithstanding anything to the contrary contained in Section
12.1(a) above, the provisions of the Agreement relating to (i) the Spread
Account Agreement Supplement, the Spread Account, the Specified Spread Account
Requirement, a Trigger Event or any component definition of a Trigger Event and
(ii) any additional sources of funds which may be added to the Spread Account or
uses of funds on deposit in the Spread Account may be amended in any respect by
the Seller, the Servicer, the Insurer and the Collateral Agent (the consent of
which shall not be withheld or delayed with respect to any amendment that does
not adversely affect the Collateral Agent) without the consent of, or notice to,
the Noteholders.

          SECTION 12.2.  PROTECTION OF TITLE TO TRUST.

          (a)  The 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 the Issuer and the interests of the Trust Collateral
Agent in the Receivables and in the proceeds thereof. The Seller shall deliver
(or cause to be delivered) to the Insurer, the Owner Trustee and the Trust
Collateral Agent file-stamped copies of, or filing receipts for, any document
filed as provided above, as soon as available following such filing.

          (b)  Neither the Seller nor the Servicer shall change its name,
identity or corporate structure in any manner that would, could or might make
any financing statement or continuation statement filed in accordance with
paragraph (a) above seriously misleading within the meaning of 9-402(7) of the
UCC, unless it shall have given the Insurer, the Owner Trustee, the Trust
Collateral Agent and the Trustee at least five days' prior written notice
thereof and shall have promptly filed appropriate amendments to all previously
filed financing statements or continuation statements. Promptly upon such
filing, the Seller or the Servicer, as the case may be, shall deliver an Opinion
of Counsel in form and substance reasonably satisfactory to the Insurer, stating
either (A) all financing statements and continuation statements have been
executed and filed that are necessary fully to preserve and protect the interest
of the Trust and the Trust Collateral Agent in the Receivables, and reciting the
details of such filings or referring to prior Opinions of Counsel in which such
details are given, or (B) no such action shall be necessary to preserve and
protect such interest.

          (c)  Each of the Seller and the Servicer shall have an obligation to
give the Insurer, the Owner Trustee, the Trust Collateral Agent and the Trustee
at least 60 days' prior written notice of any relocation of its principal
executive office if, as a result of such relocation, the applicable provisions
of the UCC would require the filing of any amendment of any

                                       67
<Page>

previously filed financing or continuation statement or of any new financing
statement and shall promptly file any such amendment. The Servicer shall at all
times maintain each office from which it shall service Receivables, and its
principal executive office, within the United States of America.

          (d)  The Servicer shall maintain accounts and records as to each
Receivable accurately and in sufficient detail to permit (i) the reader thereof
to know at any time 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 amounts from time to time deposited in the Collection Account
in respect of such Receivable.

          (e)  The Servicer shall maintain its computer systems so that, from
and after the time of sale under this Agreement of the Receivables to the
Issuer, the Servicer's master computer records (including any backup archives)
that refer to a Receivable shall indicate clearly the interest of the Trust in
such Receivable and that such Receivable is owned by the Trust. Indication of
the Trust's interest in a Receivable shall be deleted from or modified on the
Servicer's computer systems when, and only when, the related Receivable shall
have been paid in full or repurchased.

          (f)  If at any time the Seller or the Servicer shall propose to sell,
grant a security interest in or otherwise transfer any interest in automotive
receivables to any prospective purchaser, lender or other transferee, the
Servicer shall give to such prospective purchaser, lender or other transferee
computer tapes, records or printouts (including any restored from backup
archives) that, if they shall refer in any manner whatsoever to any Receivable,
shall indicate clearly that such Receivable has been sold and is owned by the
Trust.

          (g)  Upon request, the Servicer shall furnish to the Insurer, the
Owner Trustee or to the Trustee, within five Business Days, a list of all
Receivables (by contract number and name of Obligor) then held as part of the
Trust, together with a reconciliation of such list to the Schedule of
Receivables and to each of the Servicer's Certificates furnished before such
request indicating removal of Receivables from the Trust.

          (h)  The Servicer shall deliver to the Insurer, the Owner Trustee and
the Trustee:

               (1)  promptly after the execution and delivery of the Agreement
     and, if required pursuant to Section 12.1, of each amendment, an Opinion of
     Counsel stating that, in the opinion of such Counsel, in form and substance
     reasonably satisfactory to the Insurer, either (A) all financing statements
     and continuation statements have been executed and filed that are necessary
     fully to preserve and protect the interest of the Trust and the Trustee in
     the Receivables, and reciting the details of such filings or referring to
     prior Opinions of Counsel in which such details are given, or (B) no such
     action shall be necessary to preserve and protect such interest; and

               (2)  within 90 days after the beginning of each calendar year
     beginning with the first calendar year beginning more than three months
     after the Cutoff Date, an Opinion of Counsel, dated as of a date during
     such 90-day period, stating that, in the

                                       68
<Page>

     opinion of such counsel, either (A) all financing statements and
     continuation statements have been executed and filed that are necessary
     fully to preserve and protect the interest of the Trust and the Trustee in
     the Receivables, and reciting the details of such filings or referring to
     prior Opinions of Counsel in which such details are given, or (B) no such
     action shall be necessary to preserve and protect such interest.

          Each Opinion of Counsel referred to in clause (1) or (2) above shall
specify any action necessary (as of the date of such opinion) to be taken in the
following year to preserve and protect such interest.

          SECTION 12.3.  NOTICES. All demands, notices and communications upon
or to the Seller, the Servicer, the Owner Trustee, the Trustee or the Rating
Agencies under this Agreement shall be in writing, personally delivered, or
mailed by certified mail, return receipt requested, and shall be deemed to have
been duly given upon receipt (a) in the case of the Seller to AFS Funding Trust,
c/o Deutsche Bank Trust Company Delaware, as Owner Trustee, E.A. Delle Donne
Corporate Center, Montgomery Building, 1011 Centre Road, Suite 200, Wilmington
Delaware, 19805-1266, Attention: Corporate Trust, with a copy to AFS Funding
Trust, c/o AmeriCredit Financial Services, Inc., as Administrator, 801 Cherry
Street, Suite 3900, Fort Worth, Texas 76102, Attention: Chief Financial Officer,
(b) in the case of the Servicer to AmeriCredit Financial Services, Inc., 801
Cherry Street, Suite 3900, Fort Worth, Texas 76102, Attention: Chief Financial
Officer, (c) in the case of the Issuer or the Owner Trustee, at the Corporate
Trust Office of the Owner Trustee, Deutsche Bank Trust Company Americas, c/o DB
Services New Jersey Inc., 100 Plaza One, MS: JCY03-0606, Jersey City, New Jersey
07311, Attention: Louis Bodi, Vice President, with a copy to Deutsche Bank Trust
Company Delaware, E.A. Delle Donne Corporate Center, Montgomery Building, 1011
Centre Road, Suite 200, Wilmington Delaware, 19805-1266, Attention: Corporate
Trust (d) in the case of the Trustee, the Collateral Agent or the Trust
Collateral Agent, at the Corporate Trust Office, (e) in the case of the Insurer,
to Financial Security Assurance Inc., 350 Park Avenue, New York, New York 10022;
Attention: Senior Vice President, Surveillance (in each case in which notice or
other communication to the Insurer refers to a Servicer Termination Event, a
claim on the Note Policy, a Deficiency Notice pursuant to Section 5.5 of this
Agreement or with respect to which failure on the part of the Insurer to respond
shall be deemed to constitute consent or acceptance, then a copy of such notice
or other communication should also be sent to the attention of each of the
General Counsel and the Head-Financial Guaranty Group and shall be marked to
indicate "URGENT MATERIAL ENCLOSED"); (f) in the case of Moody's, to Moody's
Investors Service, Inc., ABS Monitoring Department, 99 Church Street, New York,
New York 10007; (g) in the case of Standard & Poor's, to Standard & Poor's
Ratings Group, 55 Water Street, New York, New York 10041, Attention: Asset
Backed Surveillance Department and (h) in the case of Fitch, to One State Street
Plaza, New York, New York 10004. Any notice required or permitted to be mailed
to a Noteholder shall be given by first class mail, postage prepaid, at the
address of such Holder as shown in the Note Register. Any notice so mailed
within the time prescribed in the Agreement shall be conclusively presumed to
have been duly given, whether or not the Noteholder shall receive such notice.

          SECTION 12.4.  ASSIGNMENT. This Agreement shall inure to the benefit
of and be binding upon the parties hereto and their respective successors and
permitted assigns. Notwithstanding anything to the contrary contained herein,
except as provided in Sections 7.4

                                       69
<Page>

and 8.3 and as provided in the provisions of this Agreement concerning the
resignation of the Servicer, this Agreement may not be assigned by the Seller or
the Servicer without the prior written consent of the Owner Trustee, the Trust
Collateral Agent, the Backup Servicer, the Trustee and the Insurer (or if an
Insurer Default shall have occurred and be continuing the Holders of Notes
evidencing not less than 66-2/3% of the principal amount of the outstanding
Notes).

          SECTION 12.5.  LIMITATIONS ON RIGHTS OF OTHERS. The provisions of this
Agreement are solely for the benefit of the parties hereto, the Trustee, the
Swap Provider and the Noteholders, as third-party beneficiaries. The Insurer and
its successors and assigns shall be a third-party beneficiary to the provisions
of this Agreement, and shall be entitled to rely upon and directly enforce such
provisions of this Agreement so long as no Insurer Default shall have occurred
and be continuing. Except as expressly stated otherwise herein, any right of the
Insurer to direct, appoint, consent to, approve of, or take any action under
this Agreement, shall be a right exercised by the Insurer in its sole and
absolute discretion. The Insurer may disclaim any of its rights and powers under
this Agreement (but not its duties and obligations under the Note Policy) upon
delivery of a written notice to the Owner Trustee. Nothing in this Agreement,
whether express or implied, shall be construed to give to any other Person any
legal or equitable right, remedy or claim in the Owner Trust Estate or under or
in respect of this Agreement or any covenants, conditions or provisions
contained herein.

          SECTION 12.6.  SEVERABILITY. Any provision of this Agreement that is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

          SECTION 12.7.  SEPARATE COUNTERPARTS. This Agreement may be executed
by the parties hereto in separate counterparts, each of which when so executed
and delivered shall be an original, but all such counterparts shall together
constitute but one and the same instrument.

          SECTION 12.8.  HEADINGS. The headings of the various Articles and
Sections herein are for convenience of reference only and shall not define or
limit any of the terms or provisions hereof.

          SECTION 12.9.  GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK, WITHOUT GIVING
EFFECT TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTIONS 5-1401 AND 5-1402
OF THE NEW YORK GENERAL OBLIGATIONS LAW).

          SECTION 12.10. ASSIGNMENT TO TRUSTEE. The Seller hereby acknowledges
and consents to any mortgage, pledge, assignment and grant of a security
interest by the Issuer to the Trustee pursuant to the Indenture for the benefit
of the Noteholders of all right, title and interest of the Issuer in, to and
under the Receivables and/or the assignment of any or all of the Issuer's rights
and obligations hereunder to the Trustee.

                                       70
<Page>

          SECTION 12.11. NONPETITION COVENANTS.

          (a)  Notwithstanding any prior termination of this Agreement, the
Servicer and the Seller shall not, prior to the date which is one year and one
day after the termination of this Agreement with respect to the Issuer,
acquiesce, petition or otherwise invoke or cause the Issuer to invoke the
process of any court or government authority for the purpose of commencing or
sustaining a case against 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 Issuer or any
substantial part of its property, or ordering the winding up or liquidation of
the affairs of the Issuer.

          (b)  Notwithstanding any prior termination of this Agreement, the
Servicer shall not, prior to the date that is one year and one day after the
termination of this Agreement with respect to the Seller, acquiesce to, petition
or otherwise invoke or cause the Seller to invoke the process of any court or
government authority for the purpose of commencing or sustaining a case against
the Seller under any federal or state bankruptcy, insolvency or similar law,
appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator,
or other similar official of the Seller or any substantial part of its property,
or ordering the winding up or liquidation of the affairs of the Seller.

          SECTION 12.12. LIMITATION OF LIABILITY OF OWNER TRUSTEE AND TRUSTEE.

          (a)  Notwithstanding anything contained herein to the contrary, this
Agreement has been countersigned by Deutsche Bank Trust Company Delaware not in
its individual capacity but solely in its capacity as Owner Trustee of the
Issuer and in no event shall Deutsche Bank Trust Company Delaware in its
individual capacity or, except as expressly provided in the Trust Agreement, as
Owner Trustee have any liability for the representations, warranties, covenants,
agreements or other obligations of the Issuer hereunder or in any of the
certificates, notices or agreements delivered pursuant hereto, as to all of
which recourse shall be had solely to the assets of the Issuer. For all purposes
of this Agreement, in the performance of its duties or obligations hereunder or
in the performance of any duties or obligations of the Issuer hereunder, the
Owner Trustee shall be subject to, and entitled to the benefits of, the terms
and provisions of Articles V, VI and VII of the Trust Agreement.

          (b)  Notwithstanding anything contained herein to the contrary, this
Agreement has been executed and delivered by Bank One, NA, not in its individual
capacity but solely as Trust Collateral Agent and Backup Servicer and in no
event shall Bank One, NA, have any liability for the representations,
warranties, covenants, agreements or other obligations of the Issuer hereunder
or in any of the certificates, notices or agreements delivered pursuant hereto,
as to all of which recourse shall be had solely to the assets of the Issuer.

          (c)  In no event shall Bank One, NA, in any of its capacities
hereunder, be deemed to have assumed any duties of the Owner Trustee under the
Delaware Business Trust Statute, common law, or the Trust Agreement.

          SECTION 12.13. INDEPENDENCE OF THE SERVICER. For all purposes of this
Agreement, the Servicer shall be an independent contractor and shall not be
subject to the

                                       71
<Page>

supervision of the Issuer, the Trust Collateral Agent and Backup Servicer or the
Owner Trustee with respect to the manner in which it accomplishes the
performance of its obligations hereunder. Unless expressly authorized by this
Agreement, the Servicer shall have no authority to act for or represent the
Issuer or the Owner Trustee in any way and shall not otherwise be deemed an
agent of the Issuer or the Owner Trustee.

          SECTION 12.14. NO JOINT VENTURE. Nothing contained in this Agreement
(i) shall constitute the Servicer and either of the Issuer or the Owner Trustee
as members of any partnership, joint venture, association, syndicate,
unincorporated business or other separate entity, (ii) shall be construed to
impose any liability as such on any of them or (iii) shall be deemed to confer
on any of them any express, implied or apparent authority to incur any
obligation or liability on behalf of the others.

          SECTION 12.15. REPLACEMENT SWAP AGREEMENT. Upon a request by the
Insurer pursuant to Section 4.5 of the Insurance Agreement, the Issuer shall
enter into a Replacement Swap Agreement (as such term is defined in Section 4.5
of the Insurance Agreement) with a replacement Swap Provider or replacement Swap
Providers in form and substance satisfactory to the Insurer.

                  [Remainder of page intentionally left blank.]

                                       72
<Page>

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

                                           AMERICREDIT AUTOMOBILE RECEIVABLES
                                           TRUST 2002-C

                                           By: DEUTSCHE BANK TRUST COMPANY
                                               DELAWARE, not in its individual
                                               capacity but solely as Owner
                                               Trustee on behalf of the Trust.

                                           By: /s/ Louis Bodi
                                               ---------------------------------
                                               Name:  Louis Bodi
                                               Title: Vice President

                                           AFS FUNDING TRUST, Seller,

                                           By: AMERICREDIT FINANCIAL
                                               SERVICES, INC., as Administrator

                                           By: /s/ Julie Borge
                                               ---------------------------------
                                               Name:  Julie Borge
                                               Title: Vice President, Structured
                                                      Finance

                                           AMERICREDIT FINANCIAL SERVICES, INC.,
                                           Servicer,

                                           By: /s/ Beth Sorensen
                                               ---------------------------------
                                               Name:  Beth Sorensen
                                               Title: Senior Vice President,
                                                      Finance

<Page>

                                           BANK ONE, NA,
                                           not in its individual capacity but
                                           solely as Backup Servicer

                                           By: /s/ John J. Rothrock
                                               ---------------------------------
                                               Name:  John J. Rothrock
                                               Title: Authorized Signer

Acknowledged and accepted by

BANK ONE, NA,
not in its individual capacity but solely
as Trust Collateral Agent

By: /s/ John J. Rothrock
    --------------------------------------
     Name:  John J. Rothrock
     Title: Authorized Signer

                         [Sale and Servicing Agreement]

<Page>

                                                                      SCHEDULE A

                             SCHEDULE OF RECEIVABLES

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

<Page>

                                                                      SCHEDULE B

     REPRESENTATIONS AND WARRANTIES OF THE SELLER AND THE SERVICER

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

                                     Sch-B-1
<Page>

          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.  SCHEDULE OF RECEIVABLES. The information set forth in the Schedule
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, the Seller 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 the
Seller by the Servicer and resold by the Seller to the Trust in accordance with
the terms of the Sale and Servicing Agreement.

          10. COMPUTER TAPE. The Computer Tape made available by the Seller to
the Trust on the Closing Date was complete and accurate as of the 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 the Seller 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, New York and Delaware.

          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) 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.

                                     Sch-B-2
<Page>

          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 Securities.

          17. GOOD TITLE. Immediately prior to the conveyance of the Receivables
to the Trust pursuant to this Agreement, the Seller 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 the Seller, the Trust shall have
good and indefeasible title to and will be the sole owner of such Receivables,
free of any Lien. No Dealer or Third-Party Lender has a participation in, or
other right to receive, proceeds of any Receivable. The Seller 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 the Seller 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 and will show the Seller 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, the Seller has applied for or
received written evidence from the related Dealer or Third-Party Lender that
such Lien Certificate showing the Seller as first lienholder has been applied
for and the Seller's security interest has been validly assigned by the Seller
to the Trust pursuant to this Agreement. Immediately after the sale, transfer
and assignment thereof by the Seller to the Trust, each Receivable will be
secured by an enforceable and perfected first priority security interest in the
Financed Vehicle in favor of the Trustee 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 Cutoff Date there were no Liens or claims for taxes, work,
labor or materials affecting a Financed Vehicle which are or may be Liens prior
or equal to the Liens of the related Receivable.

          19. ALL FILINGS MADE. All filings (including, without limitation, UCC
filings) required to be made by any Person and actions required to be taken or
performed by any Person in any jurisdiction to give the Trust a first priority
perfected lien on, or ownership interest in, the

                                     Sch-B-3
<Page>

Receivables and the proceeds thereof and the Other Conveyed Property have been
made, taken or performed.

          20. NO IMPAIRMENT. The Seller 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 Cutoff Date no Financed Vehicle had been repossessed.

          24. INSURANCE. At the time of an 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 Cutoff Date no Receivable was more than 30 days
past due.

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

          27. CERTAIN CHARACTERISTICS OF RECEIVABLES. (A) Each Receivable had a
remaining maturity, as of the Cutoff Date, of not more than 72 months; (B) each
Receivable had an original maturity of not more than 72 months; (C) not more
than 40% of Receivables (calculated by Aggregate Principal Balance) shall have
an original term to maturity of 72 months; (D) each Receivable had a remaining
Principal Balance as of the Cutoff Date of at least $250 and not more than
$60,000; (E) each Receivable has an Annual Percentage Rate of at least 7% and
not

                                 Sch-B-4
<Page>

more than 33%; (F) no Receivable was more than 30 days past due as of the Cutoff
Date and (G) no funds have been advanced by AmeriCredit, any Dealer, any
Third-Party Lender, or anyone acting on behalf of any of them in order to cause
any Receivable to qualify under clause (F) above.

                                 Sch-B-5
<Page>

                                                                      SCHEDULE C

                        SERVICING POLICIES AND PROCEDURES
                NOTE: APPLICABLE TIME PERIODS WILL VARY BY STATE

COMPLIANCE WITH STATE COLLECTION LAWS IS REQUIRED OF ALL AMERICREDIT COLLECTION
PERSONNEL. ADDITIONALLY, AMERICREDIT HAS CHOSEN TO FOLLOW THE GUIDELINES OF THE
FEDERAL FAIR DEBT COLLECTION PRACTICES ACT (FDCPA).

THE COLLECTION PROCESS

AmeriCredit mails each customer a monthly billing statement 16 to 20 days before
payment is due.

A.   All accounts are issued to the Computer Assisted Collection System (CACS)
     at 5 days delinquent or at such other dates of delinquency as determined by
     historical payment patterns of the account.

B.   The CACS segregates accounts into two groups: loans less than 30 days
     delinquent and those over 30 days delinquent.

C.   Loans delinquent for less than 30 days are then further segregated into two
     groups: accounts that have good phone numbers and those that do not.

D.   Loans with good phone numbers are transferred to the Davox system
     (AmeriCredit's predictive dialing system). The system automatically dials
     the phone number related to a delinquent account. When a connection is
     made, the account is then routed to the next available account
     representative.

E.   Loans without good phone numbers are assigned to front-end collectors.

F.   All reasonable collection efforts are made in an attempt to prevent these
     accounts from becoming 30+ days delinquent - this includes the use of
     collection letters. Collection letters may be utilized between 15th and
     25th days of delinquency.

G.   When an account reaches 31 days delinquent, a collector determines if any
     default notification is required in the state where the debtor lives.

H.   When an account exceeds 61 days delinquent, the loan is assigned to a
     hard-core collector who will continue the collection effort. If the account
     cannot be resolved through normal collection efforts (i.e., satisfactory
     payment arrangements) then the account may be submitted for repossession
     approval. An officer must approve all repossession requests.

I.   CACS allows each collector to accurately document and update each customer
     file when contact (verbal or written) is made.

REPOSSESSIONS

                                     Sch-C-1
<Page>

If repossession of the collateral occurs, the following steps are taken:

A.   Proper authorities are notified (if applicable).

B.   An inventory of all personal property is taken and a condition report is
     prepared on the vehicle.

C.   Written notification, as required by state law, is sent to the customer(s)
     stating their rights of redemption or reinstatement along with information
     on how to obtain any personal property that was in the vehicle at the time
     of repossession.

D.   Written request to the originating dealer for all refunds due for dealer
     adds is made.

E.   Collateral disposition through public or private sale, (dictated by state
     law), in a commercially reasonable manner, through a third-party auto
     auction.

F.   After the collateral is liquidated, the debtor(s) is notified in writing of
     the deficiency balance owed, if any.

USE OF DUE DATE CHANGES

Due dates may be changed subject to the following conditions:

A.   The account is contractually current or will be brought current with the
     due date change.

B.   Due date changes cannot exceed the total of 15 days over the life of the
     contract.

C.   The first installment payment has been paid in full.

D.   Only one due date change in a twelve month period.

An Officer must approve any exceptions to the above stated policy.

USE OF PAYMENT DEFERMENTS

A payment deferral is offered to customers who have the desire and capacity to
make future payments but who have encountered temporary financial difficulties,
with management approval.

A.   Without prior approval, minimum of six payments have been made on the
     account and a minimum of nine payments have been made since the most recent
     deferment (if any).

B.   The account will be brought current with the deferment, but not paid ahead,
     without management approval.

C.   A deferment fee is collected on all transactions.

D.   No more than eight total payments may be deferred over the life of the
     loan, without management approval.

                                     Sch-C-2
<Page>

An Officer must approve any exceptions to the above stated policy.

CHARGE-OFFS

It is AmeriCredit's policy that any account that is not successfully recovered
by 120 days delinquent is submitted to an Officer for approval and charge-off.

It is AmeriCredit's policy to carry all Chapter 13 bankruptcy accounts until 120
days delinquent. A partial charge-off is taken for the unsecured portion of the
account. On fully reaffirmed Chapter 7 bankruptcy accounts, the accounts can be
deferred current at the time of discharge.

DEFICIENCY COLLECTIONS

Accounts are assigned to third party collection agencies for deficiency
collections.

                                     Sch-C-3
<Page>

                                                                       EXHIBIT A

                             SERVICER'S CERTIFICATE

               [On File with AmeriCredit and Dewey Ballantine LLP]

<Page>

                                                                       EXHIBIT B

                       PRELIMINARY SERVICER'S CERTIFICATE

               [On File with AmeriCredit and Dewey Ballantine LLP]<Page>

                                                                     EXHIBIT 4.4

                                                              FINANCIAL GUARANTY
FINANCIAL                                                     INSURANCE POLICY
SECURITY
ASSURANCE

OBLIGOR: AmeriCredit Automobile Receivables Trust 2002-C     Policy No.: 51318-N

OBLIGATIONS: $1,300,000,000 Asset Backed Notes,                Date of Issuance:
      in the Classes described in Endorsement No. 1 hereto       August 21, 2002

         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 TO
                       FINANCIAL GUARANTY INSURANCE POLICY

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

OBLIGOR:       AmeriCredit Automobile Receivables Trust 2002-C

OBLIGATIONS:   $235,000,000 Class A-1 1.7125% Asset Backed Notes
               $315,000,000 Class A-2 1.94% Asset Backed Notes
               $480,000,000 Class A-3 Floating Rate Asset Backed Notes
               $270,000,000 Class A-4 3.55% Asset Backed Notes

Policy No.: 51318-N

Date of Issuance: August 21, 2002

         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, New York City, New York, Columbus, Ohio 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 August 9, 2002,
between the Obligor and Bank One, NA, as Trustee and Trust Collateral Agent, as
amended from time to time with the consent of Financial Security.

               "INDENTURE TRUSTEE" means Bank One, NA, 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,

<Page>

executed or delivered, it shall be deemed not to have been Received, and
Financial Security or its 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 August 9, 2002 among the Obligor, AmeriCredit Financial
Services, Inc., as Servicer, AFS Funding Trust, as Seller and Bank One, NA, 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

                                        2
<Page>

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.

               "TRUST COLLATERAL AGENT" means Bank One, NA, 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

                                        3
<Page>

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-possession
or trustee in bankruptcy named in the Order and not to the Trust Collateral
Agent or any Holder directly (unless a Holder has 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: Managing Director - Transaction Oversight Department
               Re:  AmeriCredit Automobile Receivables Trust 2002-C
               Policy No.:  51318-N
               Telecopy No.:  (212) 339-3518
               Confirmation:  (212) 826-0100

                                        4
<Page>

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

         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.

               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

                                        5
<Page>

Policy No.: 51318-N                            Date of Issuance: August 21, 2002

                                                                       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 2002-C

               The undersigned, a duly authorized officer of Bank One, NA, (the
"Trust Collateral Agent"), hereby certifies to Financial Security Assurance Inc.
("Financial Security"), with reference to Financial Guaranty Insurance Policy
No. 51318-N dated August 21, 2002 (the "Policy") issued by Financial Security in
respect of the $235,000,000 Class A-1 1.7125% Asset Backed Notes, $315,000,000
Class A-2 1.94% Asset Backed Notes, $480,000,000 Class A-3 Floating Rate Asset
Backed Notes and $270,000,000 Class A-4 3.55% 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

                                       A-1
<Page>

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 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__.

                                  BANK ONE, NA,
                                  as Trust Collateral Agent

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

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

For Financial Security or Fiscal Agent Use Only

Wire transfer sent on ___________ By_________________________
Confirmation Number ______________________.

                                       A-3

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