Document:

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                                                                     EXHIBIT 4.1
                                                                  EXECUTION COPY

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                 AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2005-1

                      Class A-1 3.1425% Asset Backed Notes
                       Class A-2 3.82% Asset Backed Notes
                       Class A-3 4.26% Asset Backed Notes
                        Class B 4.48% Asset Backed Notes
                        Class C 4.73% Asset Backed Notes
                        Class D 5.04% Asset Backed Notes
                        Class E 5.82% Asset Backed Notes

                                   ----------

                                    INDENTURE

                            Dated as of April 6, 2005

                                   ----------

                    JPMORGAN CHASE BANK, NATIONAL ASSOCIATION
                       Trustee and Trust Collateral Agent

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                                TABLE OF CONTENTS

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ARTICLE I Definitions and Incorporation by Reference....................................................3

     SECTION 1.1     Definitions........................................................................3
     SECTION 1.2     Incorporation by Reference of Trust Indenture Act.................................10
     SECTION 1.3     Rules of Construction.............................................................10

ARTICLE II The Notes...................................................................................11

     SECTION 2.1     Form..............................................................................11
     SECTION 2.2     Execution, Authentication and Delivery............................................11
     SECTION 2.3     Temporary Notes...................................................................12
     SECTION 2.4     Registration; Registration of Transfer and Exchange...............................12
     SECTION 2.5     Mutilated, Destroyed, Lost or Stolen Notes........................................14
     SECTION 2.6     Persons Deemed Owner..............................................................15
     SECTION 2.7     Payment of Principal and Interest; Defaulted Interest.............................15
     SECTION 2.8     Cancellation......................................................................16
     SECTION 2.9     Release of Collateral.............................................................16
     SECTION 2.10    Book-Entry Notes..................................................................16
     SECTION 2.11    Notices to Clearing Agency........................................................17
     SECTION 2.12    Definitive Notes..................................................................17

ARTICLE III Covenants..................................................................................18

     SECTION 3.1     Payment of Principal and Interest.................................................18
     SECTION 3.2     Maintenance of Office or Agency...................................................18
     SECTION 3.3     Money for Payments to be Held in Trust............................................18
     SECTION 3.4     Existence.........................................................................20
     SECTION 3.5     Protection of Trust Estate........................................................20
     SECTION 3.6     Opinions as to Trust Estate.......................................................20
     SECTION 3.7     Performance of Obligations; Servicing of Receivables..............................21
     SECTION 3.8     Negative Covenants................................................................22
     SECTION 3.9     Annual Statement as to Compliance.................................................22
     SECTION 3.10    Issuer May Consolidate, Etc. Only on Certain Terms................................23
     SECTION 3.11    Successor or Transferee...........................................................25
     SECTION 3.12    No Other Business.................................................................25
     SECTION 3.13    No Borrowing......................................................................25
     SECTION 3.14    Servicer's Obligations............................................................25
     SECTION 3.15    Guarantees, Loans, Advances and Other Liabilities.................................25
     SECTION 3.16    Capital Expenditures..............................................................25
     SECTION 3.17    Compliance with Laws..............................................................25
     SECTION 3.18    Restricted Payments...............................................................25
     SECTION 3.19    Notice of Events of Default.......................................................26
     SECTION 3.20    Further Instruments and Acts......................................................26
     SECTION 3.21    Amendments of Sale and Servicing Agreement and Trust Agreement....................26
     SECTION 3.22    Income Tax Characterization.......................................................26
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ARTICLE IV Satisfaction and Discharge..................................................................26

     SECTION 4.1     Satisfaction and Discharge of Indenture...........................................26
     SECTION 4.2     Application of Trust Money........................................................27
     SECTION 4.3     Repayment of Moneys Held by Note Paying Agent.....................................28

ARTICLE V Remedies.....................................................................................28

     SECTION 5.1     Events of Default.................................................................28
     SECTION 5.2     Rights Upon Event of Default......................................................29
     SECTION 5.3     Collection of Indebtedness and Suits for Enforcement by Trustee...................30
     SECTION 5.4     Remedies..........................................................................32
     SECTION 5.5     Optional Preservation of the Receivables..........................................33
     SECTION 5.6     Priorities........................................................................33
     SECTION 5.7     Limitation of Suits...............................................................35
     SECTION 5.8     Unconditional Rights of Noteholders To Receive Principal and Interest.............36
     SECTION 5.9     Restoration of Rights and Remedies................................................36
     SECTION 5.10    Rights and Remedies Cumulative....................................................36
     SECTION 5.11    Delay or Omission Not a Waiver....................................................36
     SECTION 5.12    Control by Noteholders............................................................36
     SECTION 5.13    Waiver of Past Defaults...........................................................37
     SECTION 5.14    Undertaking for Costs.............................................................37
     SECTION 5.15    Waiver of Stay or Extension Laws..................................................38
     SECTION 5.16    Action on Notes...................................................................38
     SECTION 5.17    Performance and Enforcement of Certain Obligations................................38

ARTICLE VI The Trustee and the Trust Collateral Agent..................................................38

     SECTION 6.1     Duties of Trustee.................................................................38
     SECTION 6.2     Rights of Trustee.................................................................40
     SECTION 6.3     Individual Rights of Trustee......................................................41
     SECTION 6.4     Trustee's Disclaimer..............................................................41
     SECTION 6.5     Notice of Defaults................................................................41
     SECTION 6.6     Reports by Trustee to Holders.....................................................42
     SECTION 6.7     Compensation and Indemnity........................................................42
     SECTION 6.8     Replacement of Trustee............................................................43
     SECTION 6.9     Successor Trustee by Merger.......................................................44
     SECTION 6.10    Appointment of Co-Trustee or Separate Trustee.....................................44
     SECTION 6.11    Eligibility: Disqualification.....................................................45
     SECTION 6.12    Preferential Collection of Claims Against Issuer..................................46
     SECTION 6.13    Appointment and Powers............................................................46
     SECTION 6.14    Performance of Duties.............................................................47
     SECTION 6.15    Limitation on Liability...........................................................47
     SECTION 6.16    Reliance Upon Documents...........................................................47
     SECTION 6.17    Successor Trust Collateral Agent..................................................48
     SECTION 6.18    Compensation......................................................................49
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     SECTION 6.19    Representations and Warranties of the Trust Collateral Agent
                     and the Issuer....................................................................49
     SECTION 6.20    Waiver of Setoffs.................................................................50

ARTICLE VII Noteholders' Lists and Reports.............................................................50

     SECTION 7.1     Issuer To Furnish To Trustee Names and Addresses of Noteholders...................50
     SECTION 7.2     Preservation of Information; Communications to Noteholders........................50
     SECTION 7.3     Reports by Issuer.................................................................51
     SECTION 7.4     Reports by Trustee................................................................51

ARTICLE VIII Accounts, Disbursements and Releases......................................................51

     SECTION 8.1     Collection of Money...............................................................51
     SECTION 8.2     Release of Trust Estate...........................................................52
     SECTION 8.3     Opinion of Counsel................................................................52

ARTICLE IX Supplemental Indentures.....................................................................53

     SECTION 9.1     Supplemental Indentures Without Consent of Noteholders............................53
     SECTION 9.2     Supplemental Indentures with Consent of Noteholders...............................54
     SECTION 9.3     Execution of Supplemental Indentures..............................................55
     SECTION 9.4     Effect of Supplemental Indenture..................................................55
     SECTION 9.5     Conformity With Trust Indenture Act...............................................56
     SECTION 9.6     Reference in Notes to Supplemental Indentures.....................................56

ARTICLE X Redemption of Notes..........................................................................56

     SECTION 10.1    Redemption........................................................................56
     SECTION 10.2    Form of Redemption................................................................56
     SECTION 10.3    Notes Payable on Redemption Date..................................................57

ARTICLE XI Miscellaneous...............................................................................57

     SECTION 11.1    Compliance Certificates and Opinions, etc.........................................57
     SECTION 11.2    Form of Documents Delivered to Trustee............................................59
     SECTION 11.3    Acts of Noteholders...............................................................60
     SECTION 11.4    Notices, etc., to Trustee, Issuer and Rating Agencies.............................60
     SECTION 11.5    Notices to Noteholders; Waiver....................................................61
     SECTION 11.6    [Reserved]........................................................................61
     SECTION 11.7    Conflict with Trust Indenture Act.................................................61
     SECTION 11.8    Effect of Headings and Table of Contents..........................................62
     SECTION 11.9    Successors and Assigns............................................................62
     SECTION 11.10   Separability......................................................................62
     SECTION 11.11   Benefits of Indenture.............................................................62
     SECTION 11.12   Legal Holidays....................................................................62
     SECTION 11.13   GOVERNING LAW.....................................................................62
     SECTION 11.14   Counterparts......................................................................62
     SECTION 11.15   Recording of Indenture............................................................62
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     SECTION 11.16   Trust Obligation..................................................................63
     SECTION 11.17   No Petition.......................................................................63
     SECTION 11.18   Inspection........................................................................63

EXHIBITS

     EXHIBIT A-1         Form of Class A-1 Note
     EXHIBIT A-2         Form of Class A-2 Note
     EXHIBIT A-3         Form of Class A-3 Note
     EXHIBIT B           Form of Class B Note
     EXHIBIT C           Form of Class C Note
     EXHIBIT D           Form of Class D Note
     EXHIBIT E           Form of Class E Note

SCHEDULES

     SCHEDULE A          Representations and Warranties of the Issuer
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                INDENTURE dated as of April 6, 2005, between AMERICREDIT
AUTOMOBILE RECEIVABLES TRUST 2005-1, a Delaware statutory trust (the "Issuer"),
and JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, a national banking association,
as trustee (the "Trustee") and Trust Collateral Agent (as defined below).

                Each party agrees as follows for the benefit of the other party
and for the equal and ratable benefit of the Holders of the Issuer's Class A-1
3.1425% Asset Backed Notes (the "Class A-1 Notes"), the Class A-2 3.82% Asset
Backed Notes (the "Class A-2 Notes"), the Class A-3 4.26% Asset Backed Notes
(the "Class A-3 Notes", and together with the Class A-1 Notes and the Class A-2
Notes, the "Class A Notes"), the Class B 4.48% Asset Backed Notes (the "Class B
Notes"), the Class C 4.73% Asset Backed Notes (the "Class C Notes"), the Class D
5.04% Asset Backed Notes (the "Class D Notes") and the Class E 5.82% Asset
Backed Notes (the "Class E Notes", and together with the Class A Notes, the
Class B Notes, the Class C Notes and the Class D Notes, the "Notes").

                As security for the payment and performance by the Issuer of its
obligations under this Indenture and the Notes, the Issuer has agreed to assign
the Collateral (as defined below) as collateral to the Trust Collateral Agent
for the benefit of the Trustee on behalf of the Noteholders.

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                                 GRANTING CLAUSE

                The Issuer hereby Grants to the Trust Collateral Agent at the
Closing Date, for the benefit of the Issuer Secured Parties, all of the Issuer's
right, title and interest in and to the following property, whether now existing
or hereafter acquired or arising (a) the Receivables and all moneys received
thereon after the Cutoff Date; (b) the security interests in the Financed
Vehicles granted by Obligors pursuant to the Receivables and any other interest
of the Issuer in the Financed Vehicles; (c) any proceeds with respect to the
Receivables repurchased by a Dealer, pursuant to a Dealer Agreement, as a result
of a breach of representation or warranty in the related Dealer Agreement or
repurchased by 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
Auto Loan Purchase and Sale Agreement; (d) all rights under any Service
Contracts on the related Financed Vehicles; (e) any 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; (f) the Trust Accounts and all funds on
deposit from time to time in the Trust Accounts, and in all investments and
proceeds thereof and all rights of the Issuer therein (including all income
thereon); (g) the Issuer's rights and benefits, but none of its obligations or
burdens, under the Purchase Agreement, including the delivery requirements,
representations and warranties and the cure and repurchase obligations of
AmeriCredit under the Purchase Agreement; (h) all items contained in the
Receivable Files and any and all other documents that AmeriCredit keeps on file
in accordance with its customary procedures relating to the Receivables, the
Obligors or the Financed Vehicles, (i) the Issuer's rights and benefits, but
none of its obligations or burdens, under the Sale and Servicing Agreement
(including all rights of the Seller under the Purchase Agreement, assigned to
the Issuer pursuant to the Sale and Servicing Agreement), (j) all of the
Issuer's (i) Accounts, (ii) Chattel Paper, (iii) Documents, (iv) Instruments and
(v) General Intangibles (as such terms are defined in the UCC) relative to the
property described in (a) through (i) and (k) all present and future claims,
demands, causes and choses of action in respect of any or all of the foregoing
and all payments on or under and all proceeds of every kind and nature
whatsoever in respect of any or all of the foregoing, including all proceeds of
the conversion, voluntary or involuntary, into cash or other liquid property,
all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances,
chattel paper, checks, deposit accounts, insurance proceeds, condemnation
awards, rights to payment of any and every kind and other forms of obligations
and receivables, instruments and other property which at any time constitute all
or part of or are included in the proceeds of any of the foregoing
(collectively, the "Collateral").

                The foregoing Grant is made in trust to the Trust Collateral
Agent, for the benefit of the Trustee on behalf of the Noteholders. The Trust
Collateral Agent hereby acknowledges such Grant, accepts the trusts under this
Indenture in accordance with the provisions of this Indenture and agrees to
perform its duties required in this Indenture to the end that the interests of
such parties, recognizing the priorities of their respective interests may be
adequately and effectively protected.

                                        2
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                                    ARTICLE I

                   Definitions and Incorporation by Reference

                SECTION 1.1     Definitions.   Except as otherwise specified
herein, the following terms have the respective meanings set forth below for all
purposes of this Indenture.

                "Act" has the meaning specified in Section 11.3(a).

                "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 specified 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. A Person shall not be
deemed to be an Affiliate of any person solely because such other Person has the
contractual right or obligation to manage such Person unless such other Person
controls such Person through equity ownership or otherwise.

                "Authorized Officer" means, with respect to the Issuer and the
Servicer, any officer or agent acting pursuant to a power of attorney of the
Owner Trustee or the Servicer, as applicable, who is authorized to act for the
Owner Trustee or the Servicer, as applicable, in matters relating to the Issuer
and who is identified on the list of Authorized Officers delivered by each of
the Owner Trustee and the Servicer to the Trustee on the Closing Date (as such
list may be modified or supplemented from time to time thereafter).

                "Basic Documents" means this Indenture, the Certificate of
Trust, the Trust Agreement, as amended, the Sale and Servicing Agreement, the
Custodian Agreement, the Lockbox Agreement, the Underwriting Agreement, the Note
Purchase Agreement and other documents and certificates delivered in connection
therewith.

                "Benefit Plan Entity" has the meaning specified in Section 2.4.

                "Book Entry Notes" means a beneficial interest in the Notes,
ownership and transfers of which shall be made through book entries by a
Clearing Agency as described in Section 2.10.

                "Business Day" means a day other than a Saturday, a Sunday,
legal holiday or other day on which commercial banking institutions in the
states of Delaware, Texas, Missouri or New York or in the city in which the
corporate trust office of the Trustee under the Indenture or the Owner Trustee
under the Trust Agreement is located are authorized or obligated by law,
executive order or governmental decree to be closed.

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

                "Certificateholder" means the Person in whose name a Certificate
is registered on the Certificate Register.

                                        3
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                "Certificate of Trust" means the certificate of trust of the
Issuer substantially in the form of Exhibit B to the Trust Agreement.

                "Class A-1 Interest Rate" means 3.1425% per annum (computed on
the basis of a 360-day year and the actual number of days in the related
Interest Period).

                "Class A-1 Notes" means the Class A-1 3.1425% Asset Backed
Notes, substantially in the form of Exhibit A-1.

                "Class A-2 Interest Rate" means 3.82% per annum (computed on the
basis of a 360-day year consisting of twelve 30-day months).

                "Class A-2 Notes" means the Class A-2 3.82% Asset Backed Notes,
substantially in the form of Exhibit A-2.

                "Class A-3 Interest Rate" means 4.26% per annum (computed on the
basis of a 360-day year consisting of twelve 30-day months).

                "Class A-3 Notes" means the Class A-3 4.26% Asset Backed Notes,
substantially in the form of Exhibit A-3.

                "Class B Interest Rate" means 4.48% per annum (computed on the
basis of a 360-day year consisting of twelve 30-day months).

                "Class B Notes" means the Class B 4.48% Asset Backed Notes,
substantially in the form of Exhibit B.

                "Class C Interest Rate" means 4.73% per annum (computed on the
basis of a 360-day year consisting of twelve 30-day months).

                "Class C Notes" means the Class C 4.73% Asset Backed Notes,
substantially in the form of Exhibit C.

                "Class D Interest Rate" means 5.04% per annum (computed on the
basis of a 360-day year consisting of twelve 30-day months).

                "Class D Notes" means the Class D 5.04% Asset Backed Notes,
substantially in the form of Exhibit D.

                "Class E Interest Rate" means 5.82% per annum (computed on the
basis of a 360-day year consisting of twelve 30-day months).

                "Class E Notes" means the Class E 5.82% Asset Backed Notes,
substantially in the form of Exhibit E.

                "Clearing Agency" means an organization registered as a
"clearing agency" pursuant to Section 17A of the Exchange Act.

                                        4
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                "Clearing Agency Participant" means a broker, dealer, bank,
other financial institution or other Person for whom from time to time a
Clearing Agency effects book-entry transfers and pledges of securities deposited
with the Clearing Agency.

                "Closing Date" means April 14, 2005.

                "Code" means the Internal Revenue Code of 1986, as amended from
time to time, and Treasury Regulations promulgated thereunder.

                "Collateral" has the meaning specified in the Granting Clause of
this Indenture.

                "Controlling Party" means the Trust Collateral Agent, acting on
behalf of the Noteholders.

                "Corporate Trust Office" means the principal office of the
Trustee at which at any particular time its corporate trust business shall be
administered which office at date of the execution of this Indenture is located
at 4 New York Plaza, 6th Floor, New York, New York, 10004 (facsimile number
(212) 623-5932) Attention: Institutional Trust Services, AmeriCredit 2005-1, or
at such other address as the Trustee may designate from time to time by notice
to the Noteholders, the Servicer and the Issuer, or the principal corporate
trust office of any successor Trustee (the address of which the successor
Trustee will notify the Noteholders and the Issuer).

                "Default" means any occurrence that is, or with notice or the
lapse of time or both would become, an Event of Default.

                "Definitive Notes" has the meaning specified in Section 2.10.

                "Distribution Date" has the meaning specified in the Sale and
Servicing Agreement.

                "ERISA" has the meaning specified in Section 2.4.

                "Event of Default" has the meaning specified in Section 5.1.

                "Exchange Act" means the Securities Exchange Act of 1934, as
amended.

                "Executive Officer" means, with respect to any corporation, the
Chief Executive Officer, Chief Operating Officer, Chief Financial Officer,
President, any Executive Vice President, any Senior Vice President, any Vice
President, the Secretary or the Treasurer of such corporation; and with respect
to any partnership, any general partner thereof.

                "Final Scheduled Distribution Date" means with respect to (i)
the Class A-1 Notes, the April 6, 2006 Distribution Date, (ii) the Class A-2
Notes, the August 6, 2008 Distribution Date, (iii) the Class A-3 Notes, the May
6, 2009 Distribution Date, (iv) the Class B Notes, the November 6, 2009
Distribution Date, (v) the Class C Notes, the July 6, 2010 Distribution Date,
(vi) the Class D Notes, the May 6, 2011 Distribution Date and (vii) the Class E
Notes, the June 6, 2012 Distribution Date.

                                        5
<PAGE>

                "Grant" means mortgage, pledge, bargain, warrant, alienate,
remise, release, convey, assign, transfer, create, grant a lien upon and a
security interest in and right of set-off against, deposit, set over and confirm
pursuant to this Indenture. A Grant of the Collateral or of any other agreement
or instrument shall include all rights, powers and options (but none of the
obligations) of the Granting party thereunder, including the immediate and
continuing right to claim for, collect, receive and give receipt for principal
and interest payments in respect of the Collateral and all other moneys payable
thereunder, to give and receive notices and other communications, to make
waivers or other agreements, to exercise all rights and options, to bring
proceedings in the name of the Granting party or otherwise and generally to do
and receive anything that the Granting party is or may be entitled to do or
receive thereunder or with respect thereto.

                "Holder" or "Noteholder" means the Person in whose name a Note
is registered on the Note Register.

                "Indebtedness" means, with respect to any Person at any time,
(a) indebtedness or liability of such Person for borrowed money whether or not
evidenced by bonds, debentures, notes or other instruments, or for the deferred
purchase price of property or services (including trade obligations); (b)
obligations of such Person as lessee under leases which should have been or
should be, in accordance with generally accepted accounting principles, recorded
as capital leases; (c) current liabilities of such Person in respect of unfunded
vested benefits under plans covered by Title IV of ERISA; (d) obligations issued
for or liabilities incurred on the account of such Person; (e) obligations or
liabilities of such Person arising under acceptance facilities; (f) obligations
of such Person under any guarantees, endorsements (other than for collection or
deposit in the ordinary course of business) and other contingent obligations to
purchase, to provide funds for payment, to supply funds to invest in any Person
or otherwise to assure a creditor against loss; (g) obligations of such Person
secured by any lien on property or assets of such Person, whether or not the
obligations have been assumed by such Person; or (h) obligations of such Person
under any interest rate or currency exchange agreement.

                "Indenture" means this Indenture as amended and supplemented
from time to time.

                "Independent" means, when used with respect to any specified
Person, that the person (a) is in fact independent of the Issuer, any other
obligor upon the Notes, the Seller and any Affiliate of any of the foregoing
persons, (b) does not have any direct financial interest or any material
indirect financial interest in the Issuer, any such other obligor, the Seller or
any Affiliate of any of the foregoing Persons and (c) is not connected with the
Issuer, any such other obligor, the Seller or any Affiliate of any of the
foregoing Persons as an officer, employee, promoter, underwriter, trustee,
partner, director or Person performing similar functions.

                "Independent Certificate" means a certificate or opinion to be
delivered to the Trust Collateral Agent under the circumstances described in,
and otherwise complying with, the applicable requirements of Section 11.1,
prepared by an Independent appraiser or other expert appointed by an Issuer
Order and approved by the Trust Collateral Agent in the exercise of reasonable
care, and such opinion or certificate shall state that the signer has read the
definition of "Independent" in this Indenture and that the signer is Independent
within the meaning thereof.

                                        6
<PAGE>

                "Interest Rate" means, with respect to the (i) Class A-1 Notes,
the Class A-1 Interest Rate, (ii) Class A-2 Notes, the Class A-2 Interest Rate,
(iii) Class A-3 Notes, the Class A-3 Interest Rate, (iv) Class B Notes, the
Class B Interest Rate, (v) Class C Notes, the Class C Interest Rate, (vi) Class
D Notes, the Class D Interest Rate and (vii) Class E Notes, the Class E Interest
Rate.

                "Issuer" means the party named as such in this Indenture until a
successor replaces it and, thereafter, means the successor and, for purposes of
any provision contained herein and required by the TIA, each other obligor on
the Notes.

                "Issuer Order" and "Issuer Request" means a written order or
request signed in the name of the Issuer by any one of its Authorized Officers
and delivered to the Trustee.

                "Issuer Secured Obligations" means the Trustee Issuer Secured
Obligations.

                "Issuer Secured Parties" means the Trustee in respect of the
Trustee Issuer Secured Obligations.

                "Majority Noteholders" means the Holders of Notes representing a
majority of the principal balance of the most senior Class of Notes then
outstanding; provided, that neither Holders of Notes who are employees or
Affiliates of the Issuer, the Seller, the Servicer or AmeriCredit Corp. nor the
Notes held by such Holders shall be counted when calculating such majority of
the related principal balance.

                "Note" means a Class A-1 Note, a Class A-2 Note, a Class A-3
Note, a Class B Note, a Class C Note, a Class D Note or a Class E Note.

                "Note Owner" means, with respect to a Book-Entry Note, the
person who is the owner of such Book-Entry Note, as reflected on the books of
the Clearing Agency, or on the books of a Person maintaining an account with
such Clearing Agency (directly as a Clearing Agency Participant or as an
indirect participant, in each case in accordance with the rules of such Clearing
Agency).

                "Note Paying Agent" means the Trustee or any other Person that
meets the eligibility standards for the Trustee specified in Section 6.11 and is
authorized by the Issuer to make the payments to and distributions from the
Collection Account and the Note Distribution Account, including payment of
principal of or interest on the Notes on behalf of the Issuer.

                "Note Register" and "Note Registrar" have the respective
meanings specified in Section 2.4.

                "Notice of Default" has the meaning set forth in Section 5.1.

                "Officer's Certificate" means a certificate signed by any
Authorized Officer of the Owner Trustee, under the circumstances described in,
and otherwise complying with, the applicable requirements of Section 11.1 and
TIA Section 314, and delivered to the Trustee. Unless otherwise specified, any
reference in this Indenture to an Officer's Certificate shall be to an Officer's
Certificate of any Authorized Officer of the Issuer.

                                        7
<PAGE>

                "Opinion of Counsel" means one or more written opinions of
counsel who may, except as otherwise expressly provided in this Indenture, be
employees of or counsel to the Issuer and who shall be satisfactory to the
Trustee, and which shall comply with any applicable requirements of Section
11.1, and shall be in form and substance satisfactory to the Trustee.

                "Outstanding" means, as of the date of determination, all Notes
theretofore authenticated and delivered under this Indenture except:

                (i)     Notes theretofore canceled by the Note Registrar or
        delivered to the Note Registrar for cancellation;

                (ii)    Notes or portions thereof the payment for which money in
        the necessary amount has been theretofore deposited with the Trustee or
        any Note Paying Agent in trust for the Noteholders (provided, however,
        that if such Notes are to be redeemed, notice of such redemption has
        been duly given pursuant to this Indenture or provision therefor,
        satisfactory to the Trustee); and

                (iii)   Notes in exchange for or in lieu of other Notes which
        have been authenticated and delivered pursuant to this Indenture unless
        proof satisfactory to the Trustee is presented that any such Notes are
        held by a bona fide purchaser;

provided, however, that in determining whether the Holders of the requisite
Outstanding Amount of the Notes have given any request, demand, authorization,
direction, notice, consent or waiver hereunder or under any Basic Document,
Notes owned by the Issuer, any other obligor upon the Notes, the Seller or any
Affiliate of any of the foregoing Persons shall be disregarded and deemed not to
be Outstanding, except that, in determining whether the Trustee shall be
protected in relying upon any such request, demand, authorization, direction,
notice, consent or waiver, only Notes that a Responsible Officer of the Trustee
either actually knows to be so owned or has received written notice thereof
shall be so disregarded. Notes so owned that have been pledged in good faith may
be regarded as Outstanding if the pledgee establishes to the satisfaction of the
Trustee the pledgee's right so to act with respect to such Notes and that the
pledgee is not the Issuer, any other obligor upon the Notes, the Seller or any
Affiliate of any of the foregoing Persons.

                "Outstanding Amount" means the aggregate principal amount of all
Notes, or class of Notes, as applicable, Outstanding at the date of
determination.

                "Predecessor Note" means, with respect to any particular Note,
every previous Note evidencing all or a portion of the same debt as that
evidenced by such particular Note; and, for the purpose of this definition, any
Note authenticated and delivered under Section 2.5 in lieu of a mutilated, lost,
destroyed or stolen Note shall be deemed to evidence the same debt as the
mutilated, lost, destroyed or stolen Note.

                "Proceeding" means any suit in equity, action at law or other
judicial or administrative proceeding.

                                        8
<PAGE>

                "Rating Agency" means each of Moody's and Standard & Poor's so
long as such Persons maintain a rating on the Notes; and if any of Moody's or
Standard & Poor's no longer maintains a rating on the Notes, such other
nationally recognized statistical rating organization selected by the Seller.

                "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
Rating Agency shall have notified the Seller, the Servicer, the Trustee, the
Owner Trustee and the Issuer in writing that such action will not result in a
reduction or withdrawal of the then current rating of the Notes.

                "Record Date" means, with respect to a Distribution Date or
Redemption Date, the close of business on the Business Day immediately preceding
such Distribution Date or Redemption Date.

                "Redemption Date" means in the case of a redemption of the Notes
pursuant to Section 10.1(a) or a payment to Noteholders pursuant to Section
10.1(b), the Distribution Date specified by the Servicer or the Issuer pursuant
to Section 10.1(a) or 10.1(b) as applicable.

                "Redemption Price" means (a) in the case of a redemption of the
Notes pursuant to Section 10.1(a), an amount equal to the unpaid principal
amount of the then outstanding principal amount of each class of Notes being
redeemed plus accrued and unpaid interest thereon to but excluding the
Redemption Date, or (b) in the case of a payment made to Noteholders pursuant to
Section 10.1(b), the amount on deposit in the Note Distribution Account, but not
in excess of the amount specified in clause (a) above.

                "Responsible Officer" means, with respect to the Trustee or the
Trust Collateral Agent, any officer within the Corporate Trust Office of the
Trustee, including any Executive Vice President, Senior Vice President, Vice
President, Assistant Vice President, Assistant Treasurer, Assistant Secretary,
or any other officer of the Trustee or the Trust Collateral Agent customarily
performing functions similar to those performed by any of the above designated
officers and also, with respect to a particular matter, any other officer to
whom such matter is referred because of such officer's knowledge of and
familiarity with the particular subject.

                "Sale and Servicing Agreement" means the Sale and Servicing
Agreement dated as of April 6, 2005 among the Issuer, the Seller, the Servicer,
the Trust Collateral Agent and the Backup Servicer, as the same may be amended
or supplemented from time to time.

                "State" means any one of the 50 states of the United States of
America or the District of Columbia.

                "Termination Date" means the date on which the Trustee shall
have received payment and performance of all Trustee Issuer Secured Obligations.

                "Trust Collateral Agent" means, initially, JPMorgan Chase Bank,
National Association, in its capacity as collateral agent on behalf of the
Issuer Secured Parties, including its successors-in-interest, until and unless a
successor Person shall have become the Trust Collateral Agent pursuant to
Section 6.17 hereof, and thereafter "Trust Collateral Agent" shall mean such
successor Person.

                                        9
<PAGE>

                "Trust Estate" means all money, instruments, rights and other
property that are subject or intended to be subject to the lien and security
interest of this Indenture for the benefit of the Noteholders (including all
property and interests Granted to the Trust Collateral Agent), including all
proceeds thereof.

                "Trust Indenture Act" or "TIA" means the Trust Indenture Act of
1939, as amended and as in force on the date hereof, unless otherwise
specifically provided.

                "Trustee" means JPMorgan Chase Bank, National Association, a
national banking association, not in its individual capacity but as trustee
under this Indenture, or any successor trustee under this Indenture.

                "Trustee Issuer Secured Obligations" means all amounts and
obligations which the Issuer may at any time owe to or on behalf of the Trustee
for the benefit of the Noteholders under this Indenture, the Notes or any Basic
Document.

                "UCC" means, unless the context otherwise requires, the Uniform
Commercial Code, as in effect in the relevant jurisdiction, as amended from time
to time.

                Capitalized terms used herein and not otherwise defined herein
shall have the meanings assigned to them in the Sale and Servicing Agreement or
the Trust Agreement.

                SECTION 1.2     Incorporation by Reference of Trust Indenture
Act. Whenever this Indenture refers to a provision of the TIA, the provision is
incorporated by reference in and made a part of this Indenture. The following
TIA terms used in this Indenture have the following meanings:

                "Commission" means the Securities and Exchange Commission.

                "indenture securities" means the Notes.

                "indenture security holder" means a Noteholder.

                "indenture to be qualified" means this Indenture.

                "indenture trustee" or "institutional trustee" means the
Trustee.

                "obligor" on the indenture securities means the Issuer.

                All other TIA terms used in this Indenture that are defined by
the TIA, defined by TIA reference to another statute or defined by Commission
rule have the meaning assigned to them by such definitions.

                SECTION 1.3     Rules of Construction. Unless the context
otherwise requires:

                (i)     a term has the meaning assigned to it;

                (ii)    an accounting term not otherwise defined has the meaning
        assigned to it in accordance with generally accepted accounting
        principles as in effect from time to time;

                                       10
<PAGE>

                (iii)   "or" is not exclusive;

                (iv)    "including" means including without limitation; and

                (v)     words in the singular include the plural and words in
        the plural include the singular.

                                   ARTICLE II

                                    The Notes

                SECTION 2.1     Form. The Class A-1 Notes, the Class A-2 Notes,
the Class A-3 Notes, the Class B Notes, the Class C Notes, the Class D Notes and
the Class E Notes, in each case together with the Trustee's certificate of
authentication, shall be in substantially the form set forth in Exhibits A-1,
A-2, A-3, B, C, D and E, respectively, with such appropriate insertions,
omissions, substitutions and other variations as are required or permitted by
this Indenture and may have such letters, numbers or other marks of
identification and such legends or endorsements placed thereon as may,
consistently herewith, be determined by the officers executing such Notes, as
evidenced by their execution of the Notes. Any portion of the text of any Note
may be set forth on the reverse thereof, with an appropriate reference thereto
on the face of the Note.

                The Definitive Notes shall be typewritten, printed, lithographed
or engraved or produced by any combination of these methods (with or without
steel engraved borders), all as determined by the officers executing such Notes,
as evidenced by their execution of such Notes.

                Each Note shall be dated the date of its authentication. The
terms of the Notes set forth in Exhibits A-1, A-2, A-3, B, C, D and E are part
of the terms of this Indenture.

                SECTION 2.2     Execution, Authentication and Delivery. The
Notes shall be executed on behalf of the Issuer by any of its Authorized
Officers. The signature of any such Authorized Officer on the Notes may be
manual or facsimile.

                Notes bearing the manual or facsimile signature of individuals
who were at any time Authorized Officers of the Issuer shall bind the Issuer,
notwithstanding that such individuals or any of them have ceased to hold such
offices prior to the authentication and delivery of such Notes or did not hold
such offices at the date of such Notes.

                The Trustee shall, upon receipt of the Issuer Order,
authenticate and deliver Class A-1 Notes for original issue in an aggregate
principal amount of $138,000,000, Class A-2 Notes for original issue in the
aggregate principal amount of $256,000,000, Class A-3 Notes for original issue
in an aggregate principal amount of $107,330,000, Class B Notes for original
issue in an aggregate principal amount of $63,660,000, Class C Notes for
original issue in an aggregate principal amount of $79,570,000, Class D Notes
for original issue in an aggregate principal amount of $53,710,000, and Class E
Notes for original issue in an aggregate principal amount of $51,730,000. The
Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class B Notes, Class C Notes,
Class D Notes and Class E Notes outstanding at any time may not exceed such
amounts except as provided in Section 2.5.

                                       11
<PAGE>

                The Class A-1, Class A-2, Class A-3, Class B, Class C and Class
D Notes shall be issuable as registered Notes in the minimum denomination of
$1,000 and in integral multiples thereof (except for one Note of each class
which may be issued in a denomination other than an integral multiple of
$1,000). The Class E Notes shall be issuable as registered Notes in the minimum
denomination of $100,000 and in integral multiples of $10,000 (except for one
Note of each class which may be issued in a denomination other than an integral
multiple of $10,000).

                No Note shall be entitled to any benefit under this Indenture or
be valid or obligatory for any purpose, unless there appears on such Note a
certificate of authentication substantially in the form provided for herein
executed by the Trustee by the manual signature of one of its authorized
signatories, and such certificate upon any Note shall be conclusive evidence,
and the only evidence, that such Note has been duly authenticated and delivered
hereunder.

                SECTION 2.3     Temporary Notes. Pending the preparation of
Definitive Notes, the Issuer may execute, and upon receipt of an Issuer Order
the Trustee shall authenticate and deliver, temporary Notes which are printed,
lithographed, typewritten, mimeographed or otherwise produced, of the tenor of
the Definitive Notes in lieu of which they are issued and with such variations
not inconsistent with the terms of this Indenture as the officers executing such
Notes may determine, as evidenced by their execution of such Notes.

                If temporary Notes are issued, the Issuer will cause Definitive
Notes to be prepared without unreasonable delay. After the preparation of
Definitive Notes, the temporary Notes shall be exchangeable for Definitive Notes
upon surrender of the temporary Notes at the office or agency of the Issuer to
be maintained as provided in Section 3.2, without charge to the Noteholder. Upon
surrender for cancellation of any one or more temporary Notes, the Issuer shall
execute and the Trustee shall authenticate and deliver in exchange therefor a
like principal amount of Definitive Notes of authorized denominations. Until so
exchanged, the temporary Notes shall in all respects be entitled to the same
benefits under this Indenture as Definitive Notes.

                SECTION 2.4     Registration; Registration of Transfer and
Exchange. The Issuer shall cause to be kept a register (the "Note Register") in
which, subject to such reasonable regulations as it may prescribe, the Issuer
shall provide for the registration of Notes and the registration of transfers of
Notes. The Trustee shall be "Note Registrar" for the purpose of registering
Notes and transfers of Notes as herein provided. Upon any resignation of any
Note Registrar, the Issuer shall promptly appoint a successor or, if it elects
not to make such an appointment, assume the duties of Note Registrar.

                If a Person other than the Trustee is appointed by the Issuer as
Note Registrar, the Issuer will give the Trustee prompt written notice of the
appointment of such Note Registrar and of the location, and any change in the
location, of the Note Register, and the Trustee shall have the right to inspect
the Note Register at all reasonable times and to obtain copies thereof, and the
Trustee shall have the right to conclusively rely upon a certificate executed on
behalf of the Note Registrar by an Executive Officer thereof as to the names and
addresses of the Noteholders of the Notes and the principal amounts and number
of such Notes.

                                       12
<PAGE>

                Subject to Sections 2.10 and 2.12 hereof, upon surrender for
registration of transfer of any Note at the office or agency of the Issuer to be
maintained as provided in Section 3.2, if the requirements of Section 8-401(1)
of the UCC are met the Issuer shall execute and upon its request the Trustee
shall authenticate and the Noteholder shall obtain from the Trustee, in the name
of the designated transferee or transferees, one or more new Notes, in any
authorized denominations, of the same class and a like aggregate principal
amount.

                At the option of the Noteholder, Notes may be exchanged for
other Notes in any authorized denominations, of the same class and a like
aggregate principal amount, upon surrender of the Notes to be exchanged at such
office or agency. Whenever any Notes are so surrendered for exchange, subject to
Sections 2.10 and 2.12 hereof, if the requirements of Section 8-401(1) of the
UCC are met the Issuer shall execute and upon its request the Trustee shall
authenticate and the Noteholder shall obtain from the Trustee, the Notes which
the Noteholder making the exchange is entitled to receive.

                All Notes issued upon any registration of transfer or exchange
of Notes shall be the valid obligations of the Issuer, evidencing the same debt,
and entitled to the same benefits under this Indenture, as the Notes surrendered
upon such registration of transfer or exchange.

                Every Note presented or surrendered for registration of transfer
or exchange shall be (i) duly endorsed by, or be accompanied by a written
instrument of transfer in the form attached to Exhibits A-1, A-2, A-3, B, C, D
and E duly executed by, the Holder thereof or such Holder's attorney duly
authorized in writing, with such signature guaranteed by an "eligible guarantor
institution" meeting the requirements of the Note Registrar which requirements
include membership or participation in Securities Transfer Agents Medallion
Program ("STAMP") or such other "signature guarantee program" as may be
determined by the Note Registrar in addition to, or in substitution for, STAMP,
all in accordance with the Exchange Act, and (ii) accompanied by such other
documents as the Trustee may require.

                Notwithstanding the foregoing, in the case of any sale or other
transfer of a Class A-1, Class A-2, Class A-3, Class B, Class C or Class D
Definitive Note, the transferor of such Definitive Note shall be required to
represent and warrant in writing that the prospective transferee either (a) is
not (i) an employee benefit plan (as defined in section 3(3) of the Employee
Retirement Income Security Act of 1974, as amended ("ERISA")), which is subject
to the provisions of Title I of ERISA, (ii) a plan (as defined in section
4975(e)(1) of the Code), which is subject to Section 4975 of the Code, or (iii)
an entity whose underlying assets are deemed to be assets of a plan described in
(i) or (ii) above by reason of such plan's investment in the entity (any such
entity described in clauses (i) through (iii), a "Benefit Plan Entity") or (b)
is a Benefit Plan Entity and the acquisition and holding of the Definitive Note
by such prospective transferee is covered by a Department of Labor Prohibited
Transaction Class Exemption. Each transferee of a Class A-1, Class A-2, Class
A-3, Class B, Class C or Class D Book Entry Note that is a Benefit Plan Entity
shall be deemed to represent that its acquisition and holding of the Book Entry
Note is covered by a Department of Labor Prohibited Transaction Class Exemption.

                Notwithstanding the foregoing, in the case of any sale or other
transfer of a Class E Definitive Note, the transferee of such Definitive Note
shall be required to represent and warrant in writing to the Note Registrar that
it is not a Benefit Plan Entity. Each transferee of a Class E Book Entry Note
shall be deemed to represent that it is not a Benefit Plan Entity.

                                       13
<PAGE>

                No service charge shall be made to a Noteholder for any
registration of transfer or exchange of Notes, but the Note Registrar may
require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any registration of transfer or
exchange of Notes, other than exchanges pursuant to Section 2.3 or 9.6 not
involving any transfer.

                The preceding provisions of this section notwithstanding, the
Issuer shall not be required to make and the Note Registrar shall not register
transfers or exchanges of Notes selected for redemption or of any Note for a
period of 15 days preceding the due date for any payment with respect to the
Note.

                SECTION 2.5     Mutilated, Destroyed, Lost or Stolen Notes. If
(i) any mutilated Note is surrendered to the Trustee, or the Trustee receives
evidence to its satisfaction of the destruction, loss or theft of any Note, and
(ii) there is delivered to the Trustee such security or indemnity as may be
required by it to hold the Issuer and the Trustee harmless, then, in the absence
of notice to the Issuer, the Note Registrar or the Trustee that such Note has
been acquired by a bona fide purchaser, and provided that the requirements of
Section 8-405 of the UCC are met, the Issuer shall execute and upon its request
the Trustee shall authenticate and deliver, in exchange for or in lieu of any
such mutilated, destroyed, lost or stolen Note, a replacement Note; provided,
however, that if any such destroyed, lost or stolen Note, but not a mutilated
Note, shall have become or within seven days shall be due and payable, or shall
have been called for redemption, instead of issuing a replacement Note, the
Issuer may direct the Trustee, in writing, to pay such destroyed, lost or stolen
Note when so due or payable or upon the Redemption Date, without surrender
thereof. If, after the delivery of such replacement Note or payment of a
destroyed, lost or stolen Note pursuant to the proviso to the preceding
sentence, a bona fide purchaser of the original Note in lieu of which such
replacement Note was issued presents for payment such original Note, the Issuer
and the Trustee shall be entitled to recover such replacement Note (or such
payment) from the Person to whom it was delivered or any Person taking such
replacement Note from such Person to whom such replacement Note was delivered or
any assignee of such Person, except a bona fide purchaser, and shall be entitled
to recover upon the security or indemnity provided therefor to the extent of any
loss, damage, cost or expense incurred by the Issuer or the Trustee in
connection therewith.

                Upon the issuance of any replacement Note under this Section,
the Issuer may require the payment by the Holder of such Note of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
relation thereto and any other reasonable expenses (including the fees and
expenses of the Trustee) connected therewith.

                Every replacement Note issued pursuant to this Section in
replacement of any mutilated, destroyed, lost or stolen Note shall constitute an
original additional contractual obligation of the Issuer, whether or not the
mutilated, destroyed, lost or stolen Note shall be at any time enforceable by
anyone, and shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Notes duly issued hereunder.

                                       14
<PAGE>

                The provisions of this Section are exclusive and shall preclude
(to the extent lawful) all other rights and remedies with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Notes.

                SECTION 2.6     Persons Deemed Owner. Prior to due presentment
for registration of transfer of any Note, the Issuer, the Trustee and any agent
of the Issuer or the Trustee may treat the Person in whose name any Note is
registered (as of the Record Date) as the owner of such Note for the purpose of
receiving payments of principal of and interest, if any on such Note and for all
other purposes whatsoever, whether or not such Note be overdue, and none of the
Issuer, the Trustee nor any agent of the Issuer or the Trustee shall be affected
by notice to the contrary.

                SECTION 2.7     Payment of Principal and Interest; Defaulted
Interest.

                (a)     The Notes shall accrue interest as provided in the forms
of the Class A-1 Note, the Class A-2 Note, the Class A-3 Note, the Class B Note,
the Class C Note, the Class D Note and the Class E Note set forth in Exhibits
A-1, A-2, A-3, B, C, D and E, respectively, and such interest shall be due and
payable on each Distribution Date, as specified therein. Any installment of
interest or principal, if any, payable on any Note which is punctually paid or
duly provided for by the Issuer on the applicable Distribution Date shall be
paid to the Person in whose name such Note (or one or more Predecessor Notes) is
registered on the Record Date, by check mailed first-class, postage prepaid, to
such Person's address as it appears on the Note Register on such Record Date,
except that, unless Definitive Notes have been issued pursuant to Section 2.12,
with respect to Notes registered on the Record Date in the name of the nominee
of the Clearing Agency (initially, such nominee to be Cede & Co.), payment will
be made by wire transfer in immediately available funds to the account
designated by such nominee and except for the final installment of principal
payable with respect to such Note on a Distribution Date or on the Final
Scheduled Distribution Date (and except for the Redemption Price for any Note
called for redemption pursuant to Section 10.1(a)) which shall be payable as
provided below. The funds represented by any such checks returned undelivered
shall be held in accordance with Section 3.3.

                (b)     The principal of each Note shall be payable in
installments on each Distribution Date, as applicable, as provided in the forms
of the Class A-1 Note, the Class A-2 Note, the Class A-3 Note, the Class B Note,
the Class C Note, the Class D Note and the Class E Note set forth in Exhibits
A-1, A-2, A-3, B, C, D and E, respectively. Notwithstanding the foregoing, the
entire unpaid principal amount of the Notes shall be due and payable, if not
previously paid, on the date on which an Event of Default shall have occurred
and be continuing, if the Trustee or the Majority Noteholders have declared the
Notes to be immediately due and payable in the manner provided in Section 5.2.
All principal payments on each class of Notes shall be made pro rata to the
Noteholders of such class entitled thereto. Upon written notice from the Issuer,
the Trustee shall notify the Person in whose name a Note is registered at the
close of business on the Record Date preceding the Distribution Date on which
the Issuer expects that the final installment of principal of and interest on
such Note will be paid. Such notice shall be mailed or transmitted by facsimile
prior to such final Distribution Date and shall specify that such final
installment will be payable only upon presentation and surrender of such Note
and shall specify the place where such Note may be presented and surrendered for
payment of such installment. Notices in connection with redemptions of Notes
shall be mailed to Noteholders as provided in Section 10.2.

                                       15
<PAGE>

                (c)     If the Issuer defaults in a payment of interest on the
Notes, and such default is waived by the Controlling Party, acting at the
direction of the Majority Noteholders, the Issuer shall pay defaulted interest
(plus interest on such defaulted interest to the extent lawful) at the
applicable Interest Rate in any lawful manner. The Issuer may pay such defaulted
interest to the Persons who are Noteholders on the immediately following
Distribution Date, and, if such amount is not paid on such following
Distribution Date, then on a subsequent special record date, which date shall be
at least five Business Days prior to the payment date. The Issuer shall fix or
cause to be fixed any such special record date and payment date, and, at least
15 days before any such special record date, the Issuer shall mail to each
Noteholder and the Trustee a notice that states the special record date, the
payment date and the amount of defaulted interest to be paid.

                SECTION 2.8     Cancellation. All Notes surrendered for payment,
registration of transfer, exchange or redemption shall, if surrendered to any
Person other than the Trustee, be delivered to the Trustee and shall be promptly
canceled by the Trustee. The Issuer may at any time deliver to the Trustee for
cancellation any Notes previously authenticated and delivered hereunder which
the Issuer may have acquired in any manner whatsoever, and all Notes so
delivered shall be promptly canceled by the Trustee. No Notes shall be
authenticated in lieu of or in exchange for any Notes canceled as provided in
this Section, except as expressly permitted by this Indenture. All canceled
Notes may be held or disposed of by the Trustee in accordance with its standard
retention or disposal policy as in effect at the time unless the Issuer shall
timely direct by an Issuer Order that they be destroyed or returned to it;
provided that such Issuer Order is timely and the Notes have not been previously
disposed of by the Trustee.

                SECTION 2.9     Release of Collateral. The Trust Collateral
Agent shall, on or after the Termination Date, release any remaining portion of
the Trust Estate from the lien created by this Indenture and deposit in the
Collection Account any funds then on deposit in any other Trust Account. The
Trust Collateral Agent shall release property from the lien created by this
Indenture pursuant to this Section 2.9 only upon receipt of an Issuer Request
accompanied by an Officer's Certificate, an Opinion of Counsel and (if required
by the TIA) Independent Certificates in accordance with TIA Sections 314(c) and
314(d)(1) meeting the applicable requirements of Section 11.1.

                SECTION 2.10    Book-Entry Notes. The Class A, Class B, Class C,
Class D and Class E Notes, upon original issuance, will be issued in the form of
typewritten Notes representing the Book-Entry Notes, to be delivered to The
Depository Trust Company, the initial Clearing Agency, by, or on behalf of, the
Issuer. Such Notes shall initially be registered on the Note Register in the
name of Cede & Co., the nominee of the initial Clearing Agency, and no Note
Owner will receive a Definitive Note representing such Note Owner's interest in
such Note, except as provided in Section 2.12. Unless and until definitive,
fully registered Notes (the "Definitive Notes") have been issued to Note Owners
pursuant to Section 2.12:

                (i)     the provisions of this Section shall be in full force
        and effect;

                                       16
<PAGE>

                (ii)    the Note Registrar and the Trustee shall be entitled to
        deal with the Clearing Agency for all purposes of this Indenture
        (including the payment of principal of and interest on the Notes and the
        giving of instructions or directions hereunder) as the sole Holder of
        the Notes, and shall have no obligation to the Note Owners;

                (iii)   to the extent that the provisions of this Section
        conflict with any other provisions of this Indenture, the provisions of
        this Section shall control;

                (iv)    the rights of Note Owners shall be exercised only
        through the Clearing Agency and shall be limited to those established by
        law and agreements between such Note Owners and the Clearing Agency
        and/or the Clearing Agency Participants. Unless and until Definitive
        Notes are issued pursuant to Section 2.12, the initial Clearing Agency
        will make book-entry transfers among the Clearing Agency Participants
        and receive and transmit payments of principal of and interest on the
        Notes to such Clearing Agency Participants;

                (v)     whenever this Indenture requires or permits actions to
        be taken based upon instructions or directions of Noteholders evidencing
        a specified percentage of the Outstanding Amount of the Notes, the
        Clearing Agency shall be deemed to represent such percentage only to the
        extent that it has received instructions to such effect from Note Owners
        and/or Clearing Agency Participants owning or representing,
        respectively, such required percentage of the beneficial interest in the
        Notes and has delivered such instructions to the Trustee; and

                (vi)    Note Owners may receive copies of any reports sent to
        Noteholders pursuant to this Indenture, upon written request, together
        with a certification that they are Note Owners and payment of
        reproduction and postage expenses associated with the distribution of
        such reports, from the Trustee at the Corporate Trust Office.

                SECTION 2.11    Notices to Clearing Agency. Whenever a notice or
other communication to the Noteholders is required under this Indenture, unless
and until Definitive Notes shall have been issued to Note Owners pursuant to
Section 2.12, the Trustee shall give all such notices and communications
specified herein to be given to the Noteholders to the Clearing Agency, and
shall have no obligation to the Note Owners.

                SECTION 2.12    Definitive Notes. If (i) the Servicer advises
the Trustee in writing that the Clearing Agency is no longer willing or able to
properly discharge its responsibilities with respect to the Notes, and the
Servicer is unable to locate a qualified successor or (ii) after the occurrence
of an Event of Default, the Majority Noteholders advise the Trustee through the
Clearing Agency in writing that the continuation of a book-entry system through
the Clearing Agency is no longer in the best interests of the Note Owners, then
the Clearing Agency shall notify all Note Owners and the Trustee of the
occurrence of any such event and of the availability of Definitive Notes to Note
Owners requesting the same. Upon surrender to the Trustee of the typewritten
Note or Notes representing the Book-Entry Notes by the Clearing Agency,
accompanied by registration instructions, the Issuer shall execute and the
Trustee shall authenticate the Definitive Notes in accordance with the
instructions of the Clearing Agency. None of the Issuer, the Note Registrar or
the Trustee shall be liable for any delay in delivery of such instructions and
may conclusively rely on, and shall be fully protected in relying on, such
instructions. Upon the issuance of Definitive Notes, the Trustee shall recognize
the Holders of the Definitive Notes as Noteholders.

                                       17
<PAGE>

                                   ARTICLE III

                                    Covenants

                SECTION 3.1     Payment of Principal and Interest. The Issuer
will duly and punctually pay the principal of and interest on the Notes in
accordance with the terms of the Notes and this Indenture. Without limiting the
foregoing, the Issuer will cause to be distributed all amounts on deposit in the
Note Distribution Account on a Distribution Date deposited therein pursuant to
the Sale and Servicing Agreement (i) for the benefit of the Class A-l Notes, to
Class A-1 Noteholders, (ii) for the benefit of the Class A-2 Notes, to Class A-2
Noteholders, (iii) for the benefit of the Class A-3 Notes, to Class A-3
Noteholders, (iv) for the benefit of the Class B Notes, to the Class B
Noteholders, (v) for the benefit of the Class C Notes, to the Class C
Noteholders, (vi) for the benefit of the Class D Notes, to the Class D
Noteholders and (vii) for the benefit of the Class E Notes, to the Class E
Noteholders. Amounts properly withheld under the Code by any Person from a
payment to any Noteholder of interest and/or principal shall be considered as
having been paid by the Issuer to such Noteholder for all purposes of this
Indenture.

                SECTION 3.2     Maintenance of Office or Agency. The Issuer will
maintain in New York, New York, an office or agency where Notes may be
surrendered for registration of transfer or exchange, and where notices and
demands to or upon the Issuer in respect of the Notes and this Indenture may be
served. The Issuer hereby initially appoints the Trustee to serve as its agent
for the foregoing purposes. The Issuer will give prompt written notice to the
Trustee of the location, and of any change in the location, of any such office
or agency. If at any time the Issuer shall fail to maintain any such office or
agency or shall fail to furnish the Trustee with the address thereof, such
surrenders, notices and demands may be made or served at the Corporate Trust
Office, and the Issuer hereby appoints the Trustee as its agent to receive all
such surrenders, notices and demands.

                SECTION 3.3     Money for Payments to be Held in Trust. On or
before each Distribution Date and Redemption Date, the Issuer shall deposit or
cause to be deposited in the Note Distribution Account from the Collection
Account an aggregate sum sufficient to pay the amounts then becoming due under
the Notes, such sum to be held in trust for the benefit of the Persons entitled
thereto and (unless the Note Paying Agent is the Trustee) shall promptly notify
the Trustee of its action or failure so to act.

                The Issuer will cause each Note Paying Agent other than the
Trustee to execute and deliver to the Trustee an instrument in which such Note
Paying Agent shall agree with the Trustee (and if the Trustee acts as Note
Paying Agent, it hereby so agrees), subject to the provisions of this Section,
that such Note Paying Agent will:

                (i)     hold all sums held by it for the payment of amounts due
        with respect to the Notes in trust for the benefit of the Persons
        entitled thereto until such sums shall be paid to such Persons or
        otherwise disposed of as herein provided and pay such sums to such
        Persons as herein provided;

                                       18
<PAGE>

                (ii)    give the Trustee notice of any default by the Issuer (or
        any other obligor upon the Notes) of which it has actual knowledge in
        the making of any payment required to be made with respect to the Notes;

                (iii)   at any time during the continuance of any such default,
        upon the written request of the Trustee, forthwith pay to the Trustee
        all sums so held in trust by such Note Paying Agent;

                (iv)    immediately resign as a Note Paying Agent and forthwith
        pay to the Trustee all sums held by it in trust for the payment of Notes
        if at any time it ceases to meet the standards required to be met by a
        Note Paying Agent at the time of its appointment; and

                (v)     comply with all requirements of the Code with respect to
        the withholding from any payments made by it on any Notes of any
        applicable withholding taxes imposed thereon and with respect to any
        applicable reporting requirements in connection therewith.

                The Issuer may at any time, for the purpose of obtaining the
satisfaction and discharge of this Indenture or for any other purpose, by Issuer
Order direct any Note Paying Agent to pay to the Trustee all sums held in trust
by such Note Paying Agent, such sums to be held by the Trustee upon the same
trusts as those upon which the sums were held by such Note Paying Agent; and
upon such a payment by any Note Paying Agent to the Trustee, such Note Paying
Agent shall be released from all further liability with respect to such money.

                Subject to applicable laws with respect to the escheat of funds,
any money held by the Trustee or any Note Paying Agent in trust for the payment
of any amount due with respect to any Note and remaining unclaimed for two years
after such amount has become due and payable shall be discharged from such trust
and be paid to the Issuer on Issuer Request and shall be deposited by the
Trustee in the Collection Account; and the Holder of such Note shall thereafter,
as an unsecured general creditor, look only to the Issuer for payment thereof
(but only to the extent of the amounts so paid to the Issuer), and all liability
of the Trustee or such Note Paying Agent with respect to such trust money shall
thereupon cease; provided, however, that the Trustee or such Note Paying Agent,
before being required to make any such repayment, shall at the expense of the
Issuer cause to be published once, in a newspaper published in the English
language, customarily published on each Business Day and of general circulation
in New York, New York, notice that such money remains unclaimed and that, after
a date specified therein, which shall not be less than 30 days from the date of
such publication, any unclaimed balance of such money then remaining will be
repaid to the Issuer. The Trustee shall also adopt and employ, at the expense of
the Issuer, any other reasonable means of notification of such repayment
(including, but not limited to, mailing notice of such repayment to Holders
whose Notes have been called but have not been surrendered for redemption or
whose right to or interest in moneys due and payable but not claimed is
determinable from the records of the Trustee or of any Note Paying Agent, at the
last address of record for each such Holder).

                                       19
<PAGE>

                SECTION 3.4     Existence. Except as otherwise permitted by the
provisions of Section 3.10, the Issuer will keep in full effect its existence,
rights and franchises as a statutory trust under the laws of the State of
Delaware (unless it becomes, or any successor Issuer hereunder is or becomes,
organized under the laws of any other state or of the United States of America,
in which case the Issuer will keep in full effect its existence, rights and
franchises under the laws of such other jurisdiction) and will obtain and
preserve its qualification to do business in each jurisdiction in which such
qualification is or shall be necessary to protect the validity and
enforceability of this Indenture, the Notes, the Collateral and each other
instrument or agreement included in the Trust Estate.

                SECTION 3.5     Protection of Trust Estate. The Issuer intends
the security interest Granted pursuant to this Indenture in favor of the Issuer
Secured Parties to be prior to all other liens in respect of the Trust Estate,
and the Issuer shall take all actions necessary to obtain and maintain, in favor
of the Trust Collateral Agent, for the benefit of the Issuer Secured Parties, a
first lien on and a first priority, perfected security interest in the Trust
Estate. The Issuer will from time to time prepare (or shall cause to be
prepared), execute and deliver all such supplements and amendments hereto and
all such financing statements, continuation statements, instruments of further
assurance and other instruments, and will take such other action necessary or
advisable to:

                (i)     Grant more effectively all or any portion of the Trust
        Estate;

                (ii)    maintain or preserve the lien and security interest (and
        the priority thereof) in favor of the Trust Collateral Agent for the
        benefit of the Issuer Secured Parties created by this Indenture or carry
        out more effectively the purposes hereof;

                (iii)   perfect, publish notice of or protect the validity of
        any Grant made or to be made by this Indenture;

                (iv)    enforce any of the Collateral;

                (v)     preserve and defend title to the Trust Estate and the
        rights of the Trust Collateral Agent in such Trust Estate against the
        claims of all persons and parties; and

                (vi)    pay all taxes or assessments levied or assessed upon the
        Trust Estate when due.

The Issuer hereby designates the Trust Collateral Agent its agent and
attorney-in-fact to execute any financing statement, continuation statement or
other instrument required by the Trust Collateral Agent pursuant to this
Section.

                SECTION 3.6     Opinions as to Trust Estate.

                (a)     On the Closing Date, the Issuer shall furnish to the
Trustee and the Trust Collateral Agent an Opinion of Counsel either stating
that, in the opinion of such counsel, such action has been taken with respect to
the recording and filing of this Indenture, any indentures supplemental hereto,
and any other requisite documents, and with respect to the execution and filing
of any financing statements and continuation statements, as are necessary to
perfect and make effective the first priority lien and security interest in
favor of the Trust Collateral Agent, for the benefit of the Issuer Secured
Parties, created by this Indenture and reciting the details of such action, or
stating that, in the opinion of such counsel, no such action is necessary to
make such lien and security interest effective.

                                       20
<PAGE>

                (b)     Within 120 days after the beginning of each calendar
year, beginning with the first calendar year beginning more than six months
after the Closing Date, the Issuer shall furnish to the Trustee, Trust
Collateral Agent and the Backup Servicer an Opinion of Counsel either stating
that, in the opinion of such counsel, such action has been taken with respect to
the recording, filing, re-recording and refiling of this Indenture, any
indentures supplemental hereto and any other requisite documents and with
respect to the execution and filing of any financing statements and continuation
statements as are necessary to maintain the lien and security interest created
by this Indenture and reciting the details of such action or stating that in the
opinion of such counsel no such action is necessary to maintain such lien and
security interest. Such Opinion of Counsel shall also describe the recording,
filing, re-recording and refiling of this Indenture, any indentures supplemental
hereto and any other requisite documents and the execution and filing of any
financing statements and continuation statements that will, in the opinion of
such counsel, be required to maintain the lien and security interest of this
Indenture until January 31 in the following calendar year.

                SECTION 3.7     Performance of Obligations; Servicing of
Receivables.

                (a)     The Issuer will not take any action and will use its
best efforts not to permit any action to be taken by others that would release
any Person from any of such Person's material covenants or obligations under any
instrument or agreement included in the Trust Estate or that would result in the
amendment, hypothecation, subordination, termination or discharge of, or impair
the validity or effectiveness of, any such instrument or agreement, except as
ordered by any bankruptcy or other court or as expressly provided in this
Indenture, the Basic Documents or such other instrument or agreement.

                (b)     The Issuer may contract with other Persons to assist it
in performing its duties under this Indenture, and any performance of such
duties by a Person identified to the Trustee in an Officer's Certificate of the
Issuer shall be deemed to be action taken by the Issuer. Initially, the Issuer
has contracted with the Servicer to assist the Issuer in performing its duties
under this Indenture.

                (c)     The Issuer will punctually perform and observe all of
its obligations and agreements contained in this Indenture, the Basic Documents
and in the instruments and agreements included in the Trust Estate, including,
but not limited to, preparing (or causing to prepared) and filing (or causing to
be filed) all UCC financing statements and continuation statements required to
be filed by the terms of this Indenture and the Sale and Servicing Agreement in
accordance with and within the time periods provided for herein and therein.
Except as otherwise expressly provided therein, the Issuer shall not waive,
amend, modify, supplement or terminate any Basic Document or any provision
thereof without the consent of the Trustee or the Majority Noteholders.

                                       21
<PAGE>

                (d)     If a responsible officer of the Owner Trustee shall have
actual knowledge of the occurrence of a Servicer Termination Event under the
Sale and Servicing Agreement, the Issuer shall promptly notify the Trustee and
the Rating Agencies thereof in accordance with Section 11.4, and shall specify
in such notice the action, if any, the Issuer is taking in respect of such
default. If a Servicer Termination Event shall arise from the failure of the
Servicer to perform any of its duties or obligations under the Sale and
Servicing Agreement with respect to the Receivables, the Issuer shall take all
reasonable steps available to it to remedy such failure.

                (e)     The Issuer agrees that it will not waive timely
performance or observance by the Servicer or the Seller of their respective
duties under the Basic Documents if the effect thereof would adversely affect
the Holders of the Notes.

                SECTION 3.8     Negative Covenants. So long as any Notes are
Outstanding, the Issuer shall not:

                (i)     except as expressly permitted by this Indenture or the
        Basic Documents, sell, transfer, exchange or otherwise dispose of any of
        the properties or assets of the Issuer, including those included in the
        Trust Estate, unless directed to do so by the Controlling Party;

                (ii)    claim any credit on, or make any deduction from the
        principal or interest payable in respect of, the Notes (other than
        amounts properly withheld from such payments under the Code) or assert
        any claim against any present or former Noteholder by reason of the
        payment of the taxes levied or assessed upon any part of the Trust
        Estate; or

                (iii)   (A) permit the validity or effectiveness of this
        Indenture to be impaired, or permit the lien in favor of the Trust
        Collateral Agent created by this Indenture to be amended, hypothecated,
        subordinated, terminated or discharged, or permit any Person to be
        released from any covenants or obligations with respect to the Notes
        under this Indenture except as may be expressly permitted hereby, (B)
        permit any lien, charge, excise, claim, security interest, mortgage or
        other encumbrance (other than the lien of this Indenture) to be created
        on or extend to or otherwise arise upon or burden the Trust Estate or
        any part thereof or any interest therein or the proceeds thereof (other
        than tax liens, mechanics' liens and other liens that arise by operation
        of law, in each case on a Financed Vehicle and arising solely as a
        result of an action or omission of the related Obligor), (C) permit the
        lien of this Indenture not to constitute a valid first priority (other
        than with respect to any such tax, mechanics' or other lien) security
        interest in the Trust Estate or (D) amend, modify or fail to comply with
        the provisions of the Basic Documents without the prior written consent
        of the Controlling Party.

                SECTION 3.9     Annual Statement as to Compliance. The Issuer
will deliver to the Trustee and the Trust Collateral Agent, within 120 days
after the end of each fiscal year of the Issuer (commencing with the fiscal year
ended December 31, 2005), and otherwise in compliance with the requirements of
TIA Section 314(a)(4) an Officer's Certificate stating, as to the Authorized
Officer signing such Officer's Certificate, that

                                       22
<PAGE>

                (i)     a review of the activities of the Issuer during such
        year and of performance under this Indenture has been made under such
        Authorized Officer's supervision; and

                (ii)    to the best of such Authorized Officer's knowledge,
        based on such review, the Issuer has complied with all conditions and
        covenants under this Indenture and the other Basic Documents throughout
        such year, or, if there has been a default in the compliance of any such
        condition or covenant, specifying each such default known to such
        Authorized Officer and the nature and status thereof.

                SECTION 3.10    Issuer May Consolidate, Etc. Only on Certain
Terms.

                (a)     The Issuer shall not consolidate or merge with or into
any other Person, unless

                (i)     the Person (if other than the Issuer) formed by or
        surviving such consolidation or merger shall be a Person organized and
        existing under the laws of the United States of America or any state and
        shall expressly assume, by an indenture supplemental hereto, executed
        and delivered to the Trustee, in form satisfactory to the Trustee, the
        due and punctual payment of the principal of and interest on all Notes
        and the performance or observance of every agreement and covenant of
        this Indenture on the part of the Issuer to be performed or observed,
        all as provided herein;

                (ii)    immediately after giving effect to such transaction, no
        Default or Event of Default shall have occurred and be continuing;

                (iii)   the Rating Agency Condition shall have been satisfied
        with respect to such transaction;

                (iv)    the Issuer shall have received an Opinion of Counsel
        (and shall have delivered copies thereof to the Trustee) to the effect
        that such transaction will not cause the Notes to fail to qualify as
        debt for federal income tax purposes and will not cause the Issuer to be
        characterized as an association (or publicly traded partnership) taxable
        as a corporation for federal income tax purposes;

                (v)     any action as is necessary to maintain the lien and
        security interest created by this Indenture shall have been taken;

                (vi)    the Issuer shall have delivered to the Trustee an
        Officers' Certificate and an Opinion of Counsel each stating that such
        consolidation or merger and such supplemental indenture comply with this
        Article III and that all conditions precedent herein provided for
        relating to such transaction have been complied with (including any
        filing required by the Exchange Act); and

                (vii)   the Issuer or the Person (if other than the Issuer)
        formed by or surviving such consolidation or merger has a net worth,
        immediately after such consolidation or merger, that is (a) greater than
        zero and (b) not less than the net worth of the Issuer immediately prior
        to giving effect to such consolidation or merger.

                                       23
<PAGE>

                (b)     The Issuer shall not convey or transfer all or
substantially all of its properties or assets, including those included in the
Trust Estate, to any Person, unless

                (i)     the Person that acquires by conveyance or transfer the
        properties and assets of the Issuer the conveyance or transfer of which
        is hereby restricted shall (A) be a United States citizen or a Person
        organized and existing under the laws of the United States of America or
        any state, (B) expressly assume, by an indenture supplemental hereto,
        executed and delivered to the Trustee, in form satisfactory to the
        Trustee, the due and punctual payment of the principal of and interest
        on all Notes and the performance or observance of every agreement and
        covenant of this Indenture and each of the Basic Documents on the part
        of the Issuer to be performed or observed, all as provided herein, (C)
        expressly agree by means of such supplemental indenture that all right,
        title and interest so conveyed or transferred shall be subject and
        subordinate to the rights of Holders of the Notes, (D) unless otherwise
        provided in such supplemental indenture, expressly agree to indemnify,
        defend and hold harmless the Issuer against and from any loss, liability
        or expense arising under or related to this Indenture and the Notes and
        (E) expressly agree by means of such supplemental indenture that such
        Person (or if a group of persons, then one specified Person) shall
        prepare (or cause to be prepared) and make all filings with the
        Commission (and any other appropriate Person) required by the Exchange
        Act in connection with the Notes;

                (ii)    immediately after giving effect to such transaction, no
        Default or Event of Default shall have occurred and be continuing;

                (iii)   the Rating Agency Condition shall have been satisfied
        with respect to such transaction;

                (iv)    the Issuer shall have received an Opinion of Counsel
        (and shall have delivered copies thereof to the Trustee) to the effect
        that such transaction will not cause the Notes to fail to qualify as
        debt for federal income tax purposes and will not cause the Issuer to be
        characterized as an association (or publicly traded partnership) taxable
        as a corporation for federal income tax purposes;

                (v)     any action as is necessary to maintain the lien and
        security interest created by this Indenture shall have been taken;

                (vi)    the Issuer shall have delivered to the Trustee an
        Officers' Certificate and an Opinion of Counsel each stating that such
        conveyance or transfer and such supplemental indenture comply with this
        Article III and that all conditions precedent herein provided for
        relating to such transaction have been complied with (including any
        filing required by the Exchange Act); and

                (vii)   the Issuer or the Person (if other than the Issuer)
        formed by or surviving such conveyance or transfer has a net worth,
        immediately after such conveyance or transfer, that is (a) greater than
        zero and (b) not less than the net worth of the Issuer immediately prior
        to giving effect to such conveyance or transfer.

                                       24
<PAGE>

                SECTION 3.11    Successor or Transferee.

                (a)     Upon any consolidation or merger of the Issuer in
accordance with Section 3.10(a), the Person formed by or surviving such
consolidation or merger (if other than the Issuer) shall succeed to, and be
substituted for, and may exercise every right and power of, the Issuer under
this Indenture with the same effect as if such Person had been named as the
Issuer herein.

                (b)     Upon a conveyance or transfer of all the assets and
properties of the Issuer pursuant to Section 3.10 (b), AmeriCredit Automobile
Receivables Trust 2005-1 will be released from every covenant and agreement of
this Indenture to be observed or performed on the part of the Issuer with
respect to the Notes immediately upon the delivery of written notice to the
Trustee stating that AmeriCredit Automobile Receivables Trust 2005-1 is to be so
released.

                SECTION 3.12    No Other Business. The Issuer shall not engage
in any business other than financing, purchasing, owning, selling and managing
the Receivables in the manner contemplated by this Indenture and the Basic
Documents and activities incidental thereto.

                SECTION 3.13    No Borrowing. The Issuer shall not issue, incur,
assume, guarantee or otherwise become liable, directly or indirectly, for any
Indebtedness except for (i) the Notes and (ii) any other Indebtedness permitted
by or arising under the Basic Documents. The proceeds of the Notes shall be used
exclusively to fund the Issuer's purchase of the Receivables and the other
assets specified in the Sale and Servicing Agreement, to fund the Reserve
Account and to pay the Issuer's organizational, transactional and start-up
expenses.

                SECTION 3.14    Servicer's Obligations. The Issuer shall cause
the Servicer to comply with Sections 4.9, 4.10 and 4.11 of the Sale and
Servicing Agreement.

                SECTION 3.15    Guarantees, Loans, Advances and Other
Liabilities. Except as contemplated by the Sale and Servicing Agreement or this
Indenture, the Issuer shall not make any loan or advance or credit to, or
guarantee (directly or indirectly or by an instrument having the effect of
assuring another's payment or performance on any obligation or capability of so
doing or otherwise), endorse or otherwise become contingently liable, directly
or indirectly, in connection with the obligations, stocks or dividends of, or
own, purchase, repurchase or acquire (or agree contingently to do so) any stock,
obligations, assets or securities of, or any other interest in, or make any
capital contribution to, any other Person.

                SECTION 3.16    Capital Expenditures. The Issuer shall not make
any expenditure (by long-term or operating lease or otherwise) for capital
assets (either realty or personalty).

                SECTION 3.17    Compliance with Laws. The Issuer shall comply
with the requirements of all applicable laws, the non-compliance with which
would, individually or in the aggregate, materially and adversely affect the
ability of the Issuer to perform its obligations under the Notes, this Indenture
or any Basic Document.

                                       25
<PAGE>

                SECTION 3.18    Restricted Payments. The Issuer shall not,
directly or indirectly, (i) pay any dividend or make any distribution (by
reduction of capital or otherwise), whether in cash, property, securities or a
combination thereof, to the Owner Trustee or any owner of a beneficial interest
in the Issuer or otherwise with respect to any ownership or equity interest or
security in or of the Issuer or to the Servicer, (ii) redeem, purchase, retire
or otherwise acquire for value any such ownership or equity interest or security
or (iii) set aside or otherwise segregate any amounts for any such purpose;
provided, however, that the Issuer may make, or cause to be made, distributions
to the Servicer, the Owner Trustee, the Trustee and the Certificateholders as
permitted by, and to the extent funds are available for such purpose under, the
Sale and Servicing Agreement or Trust Agreement. The Issuer will not, directly
or indirectly, make payments to or distributions from the Collection Account
except in accordance with this Indenture and the Basic Documents.

                SECTION 3.19    Notice of Events of Default. Upon a responsible
officer of the Owner Trustee having actual knowledge thereof, the Issuer agrees
to give the Trustee and the Rating Agencies prompt written notice of each Event
of Default hereunder and each default on the part of the Servicer or the Seller
of its obligations under the Sale and Servicing Agreement. SECTION 3.20 Further
Instruments and Acts. Upon request of the Trustee, the Issuer will execute and
deliver such further instruments and do such further acts as may be reasonably
necessary or proper to carry out more effectively the purpose of this Indenture.

                SECTION 3.21    Amendments of Sale and Servicing Agreement and
Trust Agreement. The Issuer shall not agree to any amendment to Section 12.1 of
the Sale and Servicing Agreement or Section 10.1 of the Trust Agreement to
eliminate the requirements thereunder that the Trustee or the Holders of the
Notes consent to amendments thereto as provided therein.

                SECTION 3.22    Income Tax Characterization. For purposes of
federal income, state and local income and franchise and any other income taxes,
the Issuer will treat the Notes as indebtedness and hereby instructs the
Trustee, and each Noteholder (or beneficial Note Owner) shall be deemed, by
virtue of acquisition of an interest in such Note, to have agreed, to treat the
Notes as indebtedness for all applicable tax reporting purposes.

                                   ARTICLE IV

                           Satisfaction and Discharge

                SECTION 4.1     Satisfaction and Discharge of Indenture. This
Indenture shall cease to be of further effect with respect to the Notes except
as to (i) rights of registration of transfer and exchange, (ii) substitution of
mutilated, destroyed, lost or stolen Notes, (iii) rights of Noteholders to
receive payments of principal thereof and interest thereon, (iv) Sections 3.3,
3.4, 3.5, 3.8, 3.10, 3.12, 3.13, 3.20, 3.21 and 3.22, (v) the rights,
obligations and immunities of the Trustee hereunder (including the rights of the
Trustee under Section 6.7 and the obligations of the Trustee under Section 4.2)
and (vi) the rights of Noteholders as beneficiaries hereof with respect to the
property so deposited with the Trustee payable to all or any of them, and the
Trustee, on demand of and at the expense of the Issuer, shall execute proper
instruments acknowledging satisfaction and discharge of this Indenture with
respect to the Notes, when

                                       26
<PAGE>

                        (A)     either

                                (1)     all Notes theretofore authenticated and
                        delivered (other than (i) Notes that have been
                        destroyed, lost or stolen and that have been replaced or
                        paid as provided in Section 2.5 and (ii) Notes for whose
                        payment money has theretofore been deposited in trust or
                        segregated and held in trust by the Issuer and
                        thereafter repaid to the Issuer or discharged from such
                        trust, as provided in Section 3.3) have been delivered
                        to the Trustee for cancellation; or

                                (2)     all Notes not theretofore delivered to
                        the Trustee for cancellation

                                        (i)     have become due and payable,

                                        (ii)    will become due and payable at
                                their respective Final Scheduled Distribution
                                Dates within one year, or

                                        (iii)   are to be called for redemption
                                within one year under arrangements satisfactory
                                to the Trustee for the giving of notice of
                                redemption by the Trustee in the name, and at
                                the expense, of the Issuer,

                and the Issuer, in the case of (i), (ii) or (iii) above, has
                irrevocably deposited or caused to be irrevocably deposited with
                the Trust Collateral Agent cash or direct obligations of or
                obligations guaranteed by the United States of America (which
                will mature prior to the date such amounts are payable), in
                trust for such purpose, in an amount sufficient to pay and
                discharge the entire indebtedness on such Notes not theretofore
                delivered to the Trustee for cancellation when due to the Final
                Scheduled Distribution Date or Redemption Date (if Notes shall
                have been called for redemption pursuant to Section 10.1(a));

                        (B)     the Issuer has paid or caused to be paid all
                Trustee Issuer Secured Obligations; and

                        (C)     the Issuer has delivered to the Trustee and the
                Trust Collateral Agent an Officer's Certificate, an Opinion of
                Counsel and if required by the TIA, the Trustee or the Trust
                Collateral Agent an Independent Certificate from a firm of
                certified public accountants, each meeting the applicable
                requirements of Section 11.1(a) and each stating that all
                conditions precedent herein provided for relating to the
                satisfaction and discharge of this Indenture have been complied
                with. If the Indenture has been satisfied and discharged in
                accordance with the provisions of Section 4.1(A)(2) then such
                Opinion of Counsel shall also include an opinion that amounts
                deposited by the Issuer in accordance with Section 4.1(A)(2)
                would not be characterized as a voidable preference.

                                       27
<PAGE>

                SECTION 4.2     Application of Trust Money. All moneys deposited
with the Trustee pursuant to Section 4.1 hereof shall be held in trust and
applied by it, in accordance with the provisions of the Notes, this Indenture
and the other Basic Documents, to the payment, either directly or through any
Note Paying Agent, as the Trustee may determine, to the Holders of the
particular Notes for the payment or redemption of which such moneys have been
deposited with the Trustee, of all sums due and to become due thereon for
principal and interest; but such moneys need not be segregated from other funds
except to the extent required herein or in the Sale and Servicing Agreement or
required by law.

                SECTION 4.3     Repayment of Moneys Held by Note Paying Agent.
In connection with the satisfaction and discharge of this Indenture with respect
to the Notes, all moneys then held by any Note Paying Agent other than the
Trustee under the provisions of this Indenture with respect to such Notes shall,
upon demand of the Issuer, be paid to the Trustee to be held and applied
according to Section 3.3 and thereupon such Note Paying Agent shall be released
from all further liability with respect to such moneys.

                                    ARTICLE V

                                    Remedies

                SECTION 5.1     Events of Default. "Event of Default," wherever
used herein, means any one of the following events (whatever the reason for such
Event of Default and whether it shall be voluntary or involuntary or be effected
by operation of law or pursuant to any judgment, decree or order of any court or
any order, rule or regulation of any administrative or governmental body):

                (i)     default in the payment of any interest on any Note when
        the same becomes due and payable, and such default shall continue for a
        period of five days; or

                (ii)    default in the payment of the Outstanding Amount of any
        Note on the applicable Final Scheduled Distribution Date; or

                (iii)   default in the observance or performance of any covenant
        or agreement of the Issuer made in this Indenture (other than a covenant
        or agreement, a default in the observance or performance of which is
        elsewhere in this Section specifically dealt with), or any
        representation or warranty of the Issuer made in this Indenture, in any
        Basic Document or in any certificate or other writing delivered pursuant
        hereto or in connection herewith proving to have been incorrect in any
        material respect as of the time when the same shall have been made, and
        such default shall continue or not be cured, or the circumstance or
        condition in respect of which such misrepresentation or warranty was
        incorrect shall not have been eliminated or otherwise cured, for a
        period of 30 days (or for such longer period, not in excess of 90 days,
        as may be reasonably necessary to remedy such default; provided that
        such default is capable of remedy within 90 days or less and the
        Servicer on behalf of the Owner Trustee delivers an Officer's
        Certificate to the Trustee to the effect that the Issuer has commenced,
        or will promptly commence and diligently pursue, all reasonable efforts
        to remedy such default) after there shall have been given, by registered
        or certified mail, to the Issuer by the Trustee or to the Issuer and the
        Trustee by the Holders of at least 25% of the Outstanding Amount of the
        Notes, a written notice specifying such default or incorrect
        representation or warranty and requiring it to be remedied and stating
        that such notice is a "Notice of Default" hereunder; or

                                       28
<PAGE>

                (iv)    the filing of a decree or order for relief by a court
        having jurisdiction in the premises in respect of the Issuer or any
        substantial part of the Trust Estate 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 of the
        Issuer or for any substantial part of the Trust Estate, or ordering the
        winding-up or liquidation of the Issuer's affairs, and such decree or
        order shall remain unstayed and in effect for a period of 60 consecutive
        days; or

                (v)     the commencement by the Issuer 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 the Issuer to the
        entry of an order for relief in an involuntary case under any such law,
        or the consent by the Issuer to the appointment or taking possession by
        a receiver, liquidator, assignee, custodian, trustee, sequestrator or
        similar official of the Issuer or for any substantial part of the Trust
        Estate, or the making by the Issuer of any general assignment for the
        benefit of creditors, or the failure by the Issuer generally to pay its
        debts as such debts become due, or the taking of action by the Issuer in
        furtherance of any of the foregoing; or

                (vi)    the Issuer becoming taxable as an association or a
        publicly traded partnership taxable as a corporation for federal or
        state income tax purposes.

                The Issuer shall deliver to the Trustee, within five days after
the occurrence thereof, written notice in the form of an Officer's Certificate
of any event which with the giving of notice and the lapse of time would become
an Event of Default under clause (iii), its status and what action the Issuer is
taking or proposes to take with respect thereto.

                SECTION 5.2     Rights Upon Event of Default.

                (a)     If an Event of Default shall have occurred and be
continuing, the Trustee in its discretion may, or if so requested in writing by
the Majority Noteholders shall, declare by written notice to the Issuer that the
Notes become, whereupon they shall become, immediately due and payable at par,
together with accrued interest thereon.

                (b)     At any time after such declaration of acceleration of
maturity has been made and before a judgment or decree for payment of the money
due has been obtained by the Trustee as hereinafter in this Article V provided,
the Majority Noteholders, by written notice to the Issuer and the Trustee, may
rescind and annul such declaration and its consequences if:

                (i)     the Issuer has paid or deposited with the Trustee a sum
        sufficient to pay:

                        (A)     all payments of principal of and interest on all
                Notes and all other amounts that would then be due hereunder or
                upon such Notes if the Event of Default giving rise to such
                acceleration had not occurred; and

                                       29
<PAGE>

                        (B)     all sums paid or advanced by the Trustee
                hereunder and the reasonable compensation, expenses,
                disbursements and advances of the Trustee and its agents and
                counsel; and

                (ii)    all Events of Default, other than the nonpayment of the
        principal of the Notes that has become due solely by such acceleration,
        have been cured or waived as provided in Section 5.13.

                No such rescission shall affect any subsequent default or impair
any right consequent thereto.

                SECTION 5.3     Collection of Indebtedness and Suits for
Enforcement by Trustee.

                (a)     The Issuer covenants that if (i) default is made in the
payment of any interest on any Note when the same becomes due and payable, and
such default continues for a period of five days, or (ii) default is made in the
payment of the principal of or any installment of the principal of any Note when
the same becomes due and payable, the Issuer will pay to the Trustee, for the
benefit of the Holders of the Notes, the whole amount then due and payable on
such Notes for principal and interest, with interest upon the overdue principal,
and, to the extent payment at such rate of interest shall be legally
enforceable, upon overdue installments of interest, at the applicable Interest
Rate and in addition thereto such further amount as shall be sufficient to cover
the costs and expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Trustee and its agents and counsel.

                (b)     Each Issuer Secured Party hereby irrevocably and
unconditionally appoints the Controlling Party as the true and lawful
attorney-in-fact of such Issuer Secured Party for so long as such Issuer Secured
Party is not the Controlling Party, with full power of substitution, to execute,
acknowledge and deliver any notice, document, certificate, paper, pleading or
instrument and to do in the name of the Controlling Party as well as in the
name, place and stead of such Issuer Secured Party such acts, things and deeds
for or on behalf of and in the name of such Issuer Secured Party under this
Indenture (including specifically under Section 5.4) and under the Basic
Documents which such Issuer Secured Party could or might do or which may be
necessary, desirable or convenient in such Controlling Party's sole discretion
to effect the purposes contemplated hereunder and under the Basic Documents and,
without limitation, following the occurrence of an Event of Default, exercise
full right, power and authority to take, or defer from taking, any and all acts
with respect to the administration, maintenance or disposition of the Trust
Estate.

                (c)     If an Event of Default occurs and is continuing, the
Trustee may in its discretion, as more particularly provided in Section 5.4, and
shall, at the direction of the Majority Noteholders, proceed to protect and
enforce its rights and the rights of the Noteholders by such appropriate
Proceedings as the Trustee or the Trustee at the direction of such Majority
Noteholders shall deem most effective to protect and enforce any such rights,
whether for the specific enforcement of any covenant or agreement in this
Indenture or in aid of the exercise of any power granted herein, or to enforce
any other proper remedy or legal or equitable right vested in the Trustee by
this Indenture or by law.

                                       30
<PAGE>

                (d)     Notwithstanding anything to the contrary contained in
this Indenture (including, without limitation, Sections 5.4(a), 5.12, 5.13 and
5.17), if the Issuer fails to perform its obligations under Section 10.1(b)
hereof when and as due, the Trustee may in its discretion or shall, at the
written direction of the Majority Noteholders, proceed to protect and enforce
its rights and the rights of the Noteholders by such appropriate Proceedings as
the Trustee or the Majority Noteholders, as applicable, shall deem most
effective to protect and enforce any such rights, whether for specific
performance of any covenant or agreement in this Indenture or in aid of the
exercise of any power granted herein, or to enforce any other proper remedy or
legal or equitable right vested in the Trustee by this Indenture or by law.

                (e)     In case there shall be pending, relative to the Issuer
or any other obligor upon the Notes or any Person having or claiming an
ownership interest in the Trust Estate, proceedings under Title 11 of the United
States Code or any other applicable federal or state bankruptcy, insolvency or
other similar law, or in case a receiver, assignee or trustee in bankruptcy or
reorganization, liquidator, sequestrator or similar official shall have been
appointed for or taken possession of the Issuer or its property or such other
obligor or Person, or in case of any other comparable Proceedings relative to
the Issuer or other obligor upon the Notes, or to the creditors or property of
the Issuer or such other obligor, the Trustee, irrespective of whether the
principal of any Notes shall then be due and payable as therein expressed or by
declaration or otherwise and irrespective of whether the Trustee shall have made
any demand pursuant to the provisions of this Section, shall be entitled and
empowered, by intervention in such proceedings or otherwise:

                (i)     to file and prove a claim or claims for the whole amount
        of principal and interest owing and unpaid in respect of the Notes and
        to file such other papers or documents as may be necessary or advisable
        in order to have the claims of the Trustee (including any claim for
        reasonable compensation to the Trustee and each predecessor Trustee, and
        their respective agents, attorneys and counsel, and for reimbursement of
        all expenses and liabilities incurred, and all advances made, by the
        Trustee and each predecessor Trustee, except as a result of negligence,
        bad faith or willful misconduct) and of the Noteholders allowed in such
        Proceedings;

                (ii)    unless prohibited by applicable law and regulations, to
        vote on behalf of the Noteholders in any election of a trustee, a
        standby trustee or person performing similar functions in any such
        Proceedings;

                (iii)   to collect and receive any moneys or other property
        payable or deliverable on any such claims and to distribute all amounts
        received with respect to the claims of the Noteholders and of the
        Trustee on their behalf; and

                (iv)    to file such proofs of claim and other papers or
        documents as may be necessary or advisable in order to have the claims
        of the Trustee or the Noteholders allowed in any Proceedings relative to
        the Issuer, its creditors and its property;

                                       31
<PAGE>

and any trustee, receiver, liquidator, custodian or other similar official in
any such Proceeding is hereby authorized by each of such Noteholders to make
payments to the Trustee, and, in the event that the Trustee shall consent to the
making of payments directly to such Noteholders, to pay to the Trustee such
amounts as shall be sufficient to cover reasonable compensation to the Trustee,
each predecessor Trustee and their respective agents, attorneys and counsel, and
all other expenses and liabilities incurred, and all advances made, by the
Trustee and each predecessor Trustee except as a result of negligence or bad
faith.

                (f)     Nothing herein contained shall be deemed to authorize
the Trustee to authorize or consent to or vote for or accept or adopt on behalf
of any Noteholder any plan of reorganization, arrangement, adjustment or
composition affecting the Notes or the rights of any Holder thereof or to
authorize the Trustee to vote in respect of the claim of any Noteholder in any
such Proceeding except, as aforesaid, to vote for the election of a trustee in
bankruptcy or similar person.

                (g)     All rights of action and of asserting claims under this
Indenture or under any of the Notes, may be enforced by the Trustee without the
possession of any of the Notes or the production thereof in any trial or other
proceedings relative thereto, and any such action or Proceedings instituted by
the Trustee shall be brought in its own name as trustee of an express trust, and
any recovery of judgment, subject to the payment of the expenses, disbursements
and compensation of the Trustee, each predecessor Trustee and their respective
agents and attorneys, shall be for the ratable benefit of the Holders of the
Notes.

                (h)     In any Proceedings brought by the Trustee (and also any
Proceedings involving the interpretation of any provision of this Indenture),
the Trustee shall be held to represent all the Holders of the Notes, and it
shall not be necessary to make any Noteholder a party to any such proceedings.

                SECTION 5.4     Remedies.

                (a)     If an Event of Default shall have occurred and be
continuing, the Trustee may do one or more of the following (subject to Section
5.5):

                (i)     institute Proceedings in its own name and as trustee of
        an express trust for the collection of all amounts then payable on the
        Notes or under this Indenture with respect thereto, whether by
        declaration or otherwise, enforce any judgment obtained, and collect
        from the Issuer and any other obligor upon such moneys adjudged due;

                (ii)    institute Proceedings from time to time for the complete
        or partial foreclosure of this Indenture with respect to the Trust
        Estate;

                (iii)   exercise any remedies of a secured party under the UCC
        and take any other appropriate action to protect and enforce the rights
        and remedies of the Trustee and the Holders of the Notes; and

                (iv)    direct the Trust Collateral Agent to sell the Trust
        Estate or any portion thereof or rights or interest therein, at one or
        more public or private sales called and conducted in any manner
        permitted by law; provided, however, that, the Trustee may not sell or
        otherwise liquidate the Trust Estate following an Event of Default
        unless

                                       32
<PAGE>

                          (I)     such Event of Default is of the type described
                      in Section 5.1(i) or (ii), or

                          (II)    either

                                  (x)   the Holders of 100% of the Outstanding
                          Amount of the Notes consent thereto, or

                                  (y)   the proceeds of such sale or liquidation
                          distributable to the Noteholders are sufficient to
                          discharge in full all amounts then due and unpaid upon
                          such Notes for principal and interest, or

                                  (z)   the Trustee determines that the Trust
                          Estate will not continue to provide sufficient funds
                          for the payment of principal of and interest on the
                          Notes as they would have become due if the Notes had
                          not been declared due and payable, and the Trustee
                          provides prior written notice to the Rating Agencies
                          and obtains the consent of Holders of 66-2/3% of the
                          Outstanding Amount of the Notes.

                In determining such sufficiency or insufficiency with respect to
clause (y) and (z), the Trustee may, but need not, obtain and conclusively rely
upon an opinion of an Independent investment banking or accounting firm of
national reputation as to the feasibility of such proposed action and as to the
sufficiency of the Trust Estate for such purpose.

                SECTION 5.5     Optional Preservation of the Receivables. If the
Notes have been declared to be due and payable under Section 5.2 following an
Event of Default and such declaration and its consequences have not been
rescinded and annulled, the Trustee may, but need not, elect to direct the Trust
Collateral Agent to maintain possession of the Trust Estate. It is the desire of
the parties hereto and the Noteholders that there be at all times sufficient
funds for the payment of principal of and interest on the Notes, and the Trustee
shall take such desire into account when determining whether or not to direct
the Trust Collateral Agent to maintain possession of the Trust Estate. In
determining whether to direct the Trust Collateral Agent to maintain possession
of the Trust Estate, the Trustee may, but need not, obtain and conclusively rely
upon an opinion of an Independent investment banking or accounting firm of
national reputation as to the feasibility of such proposed action and as to the
sufficiency of the Trust Estate for such purpose.

                SECTION 5.6     Priorities.

                (a)     Following (1) the acceleration of the Notes pursuant to
Section 5.2 or (2) the occurrence of an Event of Default pursuant to Section
5.1(i), 5.1(ii), 5.1(iv) or 5.1(v) of this Indenture or (3) the receipt of
Insolvency Proceeds pursuant to Section 10.1(b) of the Sale and Servicing
Agreement, the Available Funds, plus any amounts on deposit in the Reserve
Account, including any money or property collected pursuant to Section 5.4 of
this Indenture and any such Insolvency Proceeds, shall be applied by the Trust
Collateral Agent on the related Distribution Date in the following order of
priority:

                                       33
<PAGE>

                FIRST: amounts due and owing and required to be distributed to
        the Servicer (provided there is no Servicer Termination Event), the
        Lockbox Bank, the Owner Trustee, the Trustee, the Trust Collateral Agent
        and Backup Servicer, respectively, pursuant to priorities (i) and (ii)
        of Section 5.7(a) of the Sale and Servicing Agreement and not previously
        distributed, in the order of such priorities and without limitation,
        preference or priority of any kind within such priorities;

                SECOND: to the Class A Noteholders for amounts due and unpaid on
        the Class A Notes in respect of interest (including any premium),
        ratably, without preference or priority of any kind, according to the
        amounts due and payable on the Class A Notes in respect of interest
        (including any premium);

                THIRD: to Holders of the Class A Notes for amounts due and
        unpaid on the Class A Notes in respect of principal, ratably, without
        preference or priority of any kind, according to the amounts due and
        payable on the Class A Notes in respect of principal, until the
        Outstanding Amount of the Class A Notes is reduced to zero;

                FOURTH: to the Class B Noteholders for amounts due and unpaid on
        the Class B Notes in respect of interest (including any premium),
        ratably, without preference or priority of any kind, according to the
        amounts due and payable on the Class B Notes in respect of interest
        (including any premium);

                FIFTH: to Holders of the Class B Notes for amounts due and
        unpaid on the Class B Notes in respect of principal, ratably, without
        preference or priority of any kind, according to the amounts due and
        payable on the Class B Notes in respect of principal, until the
        Outstanding Amount of the Class B Notes is reduced to zero;

                SIXTH: to the Class C Noteholders for amounts due and unpaid on
        the Class C Notes in respect of interest (including any premium),
        ratably, without preference or priority of any kind, according to the
        amounts due and payable on the Class C Notes in respect of interest
        (including any premium);

                SEVENTH: to Holders of the Class C Notes for amounts due and
        unpaid on the Class C Notes in respect of principal, ratably, without
        preference or priority of any kind, according to the amounts due and
        payable on the Class C Notes in respect of principal, until the
        Outstanding Amount of the Class C Notes is reduced to zero;

                EIGHTH: to the Class D Noteholders for amounts due and unpaid on
        the Class D Notes in respect of interest (including any premium),
        ratably, without preference or priority of any kind, according to the
        amounts due and payable on the Class D Notes in respect of interest
        (including any premium);

                NINTH: to Holders of the Class D Notes for amounts due and
        unpaid on the Class D Notes in respect of principal, ratably, without
        preference or priority of any kind, according to the amounts due and
        payable on the Class D Notes in respect of principal, until the
        Outstanding Amount of the Class D Notes is reduced to zero;

                                       34
<PAGE>

                TENTH: to the Class E Noteholders for amounts due and unpaid on
        the Class E Notes in respect of interest (including any premium),
        ratably, without preference or priority of any kind, according to the
        amounts due and payable on the Class E Notes in respect of interest
        (including any premium);

                ELEVENTH: to Holders of the Class E Notes for amounts due and
        unpaid on the Class E Notes in respect of principal, ratably, without
        preference or priority of any kind, according to the amounts due and
        payable on the Class E Notes in respect of principal, until the
        Outstanding Amount of the Class E Notes is reduced to zero; and

                TWELFTH: any excess amounts remaining after making the payments
        described in clauses first through eleventh above, to be applied
        pursuant to Section 5.7(a)(xxi) of the Sale and Servicing Agreement to
        the extent that any amounts payable thereunder have not been previously
        paid pursuant to clauses FIRST through ELEVENTH above.

Following the occurrence of an Event of Default pursuant to 5.1(iii) (unless the
Notes have been accelerated), payments on the Notes shall be made in the order
and priority set forth in Section 5.7 of the Sale and Servicing Agreement.

                (b)     The Trustee may fix a record date and payment date for
any payment to Noteholders pursuant to this Section 5.6. At least 15 days before
such record date the Issuer shall mail to each Noteholder and the Trustee a
notice that states the record date, the payment date and the amount to be paid.

                SECTION 5.7     Limitation of Suits. No Holder of any Note shall
have any right to institute any proceeding, judicial or otherwise, with respect
to this Indenture, or for the appointment of a receiver or trustee, or for any
other remedy hereunder, unless:

                (i)     such Holder has previously given written notice to the
        Trustee of a continuing Event of Default;

                (ii)    the Holders of not less than 25% of the Outstanding
        Amount of the Notes have made written request to the Trustee to
        institute such Proceeding in respect of such Event of Default in its own
        name as Trustee hereunder;

                (iii)   such Holder or Holders have offered to the Trustee
        indemnity reasonably satisfactory to it against the costs, expenses and
        liabilities to be incurred in complying with such request;

                (iv)    the Trustee for 60 days after its receipt of such
        notice, request and offer of indemnity has failed to institute such
        Proceedings; and

                (v)     no direction inconsistent with such written request has
        been given to the Trustee during such 60-day period by the Majority
        Noteholders;

                                       35
<PAGE>

it being understood and intended that no one or more Noteholders shall have any
right in any manner whatever by virtue of, or by availing of, any provision of
this Indenture to affect, disturb or prejudice the rights of any other
Noteholders or to obtain or to seek to obtain priority or preference over any
other Holders or to enforce any right under this Indenture, except in the manner
herein provided.

                SECTION 5.8     Unconditional Rights of Noteholders To Receive
Principal and Interest. Notwithstanding any other provisions in this Indenture,
the Holder of any Note shall have the right, which is absolute and
unconditional, to receive payment of the principal of and interest, if any, on
such Note on or after the respective due dates thereof expressed in such Note or
in this Indenture (or, in the case of redemption, on or after the Redemption
Date) and to institute suit for the enforcement of any such payment, and such
right shall not be impaired without the consent of such Holder.

                SECTION 5.9     Restoration of Rights and Remedies. If the
Controlling Party or any Noteholder has instituted any Proceeding to enforce any
right or remedy under this Indenture and such proceeding has been discontinued
or abandoned for any reason or has been determined adversely to the Trustee or
to such Noteholder, then and in every such case the Issuer, the Trustee and the
Noteholders shall, subject to any determination in such Proceeding, be restored
severally and respectively to their former positions hereunder, and thereafter
all rights and remedies of the Trustee and the Noteholders shall continue as
though no such Proceeding had been instituted.

                SECTION 5.10    Rights and Remedies Cumulative. No right or
remedy herein conferred upon or reserved to the Controlling Party or to the
Noteholders is intended to be exclusive of any other right or remedy, and every
right and remedy shall, to the extent permitted by law, be cumulative and in
addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any
right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy.

                SECTION 5.11    Delay or Omission Not a Waiver. No delay or
omission of the Trustee, the Controlling Party or any Holder of any Note to
exercise any right or remedy accruing upon any Default or Event of Default shall
impair any such right or remedy or constitute a waiver of any such Default or
Event of Default or an acquiescence therein. Every right and remedy given by
this Article V or by law to the Trustee or to the Noteholders may be exercised
from time to time, and as often as may be deemed expedient, by the Trustee or by
the Noteholders, as the case may be.

                SECTION 5.12    Control by Noteholders. The Majority Noteholders
shall have the right to direct the time, method and place of conducting any
Proceeding for any remedy available to the Trust Collateral Agent, as
Controlling Party, or the Trustee, as applicable, with respect to the Notes or
exercising any trust or power conferred on the Controlling Party or the Trustee,
as applicable; provided that

                (i)     such direction shall not be in conflict with any rule of
        law or with this Indenture;

                                       36
<PAGE>

                (ii)    subject to the express terms of Section 5.4, any
        direction to the Trustee to sell or liquidate the Trust Estate shall be
        by the Noteholders representing not less than 100% of the Outstanding
        Amount of the Notes;

                (iii)   if the conditions set forth in Section 5.5 have been
        satisfied and the Trustee elects to retain the Trust Estate pursuant to
        such Section, then any direction to the Trustee by Noteholders
        representing less than 100% of the Outstanding Amount of the Notes to
        sell or liquidate the Trust Estate shall be of no force and effect; and

                (iv)    the Trustee may take any other action deemed proper by
        the Trustee that is not inconsistent with such direction;

provided, however, that, subject to Article VI, the Trustee need not take any
action that it determines might involve it in liability, financial or otherwise,
without receiving indemnity satisfactory to it, or might materially adversely
affect the rights of any Noteholders not consenting to such action.

                SECTION 5.13    Waiver of Past Defaults. Prior to the
declaration of the acceleration of the maturity of the Notes as provided in
Section 5.4, the Majority Noteholders may waive any past Default or Event of
Default and its consequences except a Default (a) in payment of principal of or
interest on any of the Notes or (b) in respect of a covenant or provision hereof
which cannot be modified or amended without the consent of the Holder of each
Note. In the case of any such waiver, the Issuer, the Trustee and the Holders of
the Notes shall be restored to their former positions and rights hereunder,
respectively; but no such waiver shall extend to any subsequent or other Default
or impair any right consequent thereto.

                Upon any such waiver, such Default shall cease to exist and be
deemed to have been cured and not to have occurred, and any Event of Default
arising therefrom shall be deemed to have been cured and not to have occurred,
for every purpose of this Indenture; but no such waiver shall extend to any
subsequent or other Default or Event of Default or impair any right consequent
thereto.

                SECTION 5.14    Undertaking for Costs. All parties to this
Indenture agree, and each Holder of any Note by such Holder's acceptance thereof
shall be deemed to have agreed, that any court may in its discretion require, in
any suit for the enforcement of any right or remedy under this Indenture, or in
any suit against the Trustee for any action taken, suffered or omitted by it as
Trustee, the filing by any party litigant in such suit of an undertaking to pay
the costs of such suit, and that such court may in its discretion assess
reasonable costs and expenses, including reasonable attorneys' fees and
expenses, against any party litigant in such suit, having due regard to the
merits and good faith of the claims or defenses made by such party litigant; but
the provisions of this Section shall not apply to (a) any suit instituted by the
Trustee, (b) any suit instituted by any Noteholder, or group of Noteholders, in
each case holding in the aggregate more than 10% of the Outstanding Amount of
the Notes or (c) any suit instituted by any Noteholder for the enforcement of
the payment of principal of or interest on any Note on or after the respective
due dates expressed in such Note and in this Indenture (or, in the case of
redemption, on or after the Redemption Date).

                                       37
<PAGE>

                SECTION 5.15    Waiver of Stay or Extension Laws. The Issuer
covenants (to the extent that it may lawfully do so) that it will not at any
time insist upon, or plead or in any manner whatsoever, claim or take the
benefit or advantage of, any stay or extension law wherever enacted, now or at
any time hereafter in force, that may affect the covenants or the performance of
this Indenture; and the Issuer (to the extent that it may lawfully do so) hereby
expressly waives all benefit or advantage of any such law, and covenants that it
will not hinder, delay or impede the execution of any power herein granted to
the Trustee, but will suffer and permit the execution of every such power as
though no such law had been enacted.

                SECTION 5.16    Action on Notes. The Trustee's right to seek and
recover judgment on the Notes or under this Indenture shall not be affected by
the seeking, obtaining or application of any other relief under or with respect
to this Indenture. Neither the lien of this Indenture nor any rights or remedies
of the Trustee or the Noteholders shall be impaired by the recovery of any
judgment by the Trustee against the Issuer or by the levy of any execution under
such judgment upon any portion of the Trust Estate or upon any of the assets of
the Issuer.

                SECTION 5.17    Performance and Enforcement of Certain
Obligations.

                (a)     Promptly following a request from the Trustee to do so
and at the Servicer's expense, the Issuer agrees to take all such lawful action
as the Trustee may request to compel or secure the performance and observance by
the Seller and the Servicer, as applicable, of each of their obligations to the
Issuer under or in connection with the Sale and Servicing Agreement in
accordance with the terms thereof, and to exercise any and all rights, remedies,
powers and privileges lawfully available to the Issuer under or in connection
with the Sale and Servicing Agreement to the extent and in the manner directed
by the Trustee, including the transmission of notices of default on the part of
the Seller or the Servicer thereunder and the institution of legal or
administrative actions or Proceedings to compel or secure performance by the
Seller or the Servicer of each of their obligations under the Sale and Servicing
Agreement.

                (b)     If an Event of Default has occurred and is continuing,
the Controlling Party may, and, at the written direction of the Holders of
66-2/3% of the Outstanding Amount of the Notes shall, subject to Article VI,
exercise all rights, remedies, powers, privileges and claims of the Issuer
against the Seller or the Servicer under or in connection with the Sale and
Servicing Agreement, including the right or power to take any action to compel
or secure performance or observance by the Seller or the Servicer of each of
their obligations to the Issuer thereunder and to give any consent, request,
notice, direction, approval, extension or waiver under the Sale and Servicing
Agreement, and any right of the Issuer to take such action shall be suspended.

                                   ARTICLE VI

                   The Trustee and the Trust Collateral Agent

                SECTION 6.1     Duties of Trustee.

                (a)     If an Event of Default has occurred and is continuing,
the Trustee shall exercise the rights and powers vested in it by this Indenture
and the Basic Documents to which it is a Party and use the same degree of care
and skill in its exercise as a prudent person would exercise or use under the
circumstances in the conduct of such person's own affairs.

                                       38
<PAGE>

                (b)     Except during the continuance of an Event of Default:

                (i)     the Trustee undertakes to perform such duties and only
        such duties as are specifically set forth in this Indenture and no
        implied covenants or obligations shall be read into this Indenture
        against the Trustee; and

                (ii)    in the absence of bad faith on its part, the Trustee may
        conclusively rely, as to the truth of the statements and the correctness
        of the opinions expressed therein, upon certificates or opinions
        furnished to the Trustee and conforming to the requirements of this
        Indenture; however, the Trustee shall examine the certificates and
        opinions to determine whether or not they conform on their face to the
        requirements of this Indenture.

                (c)     The Trustee may not be relieved from liability for its
own negligent action, its own negligent failure to act or its own willful
misconduct, except that:

                (i)     this paragraph does not limit the effect of paragraph
        (b) of this Section;

                (ii)    the Trustee shall not be liable for any error of
        judgment made in good faith by a Responsible Officer unless it is proved
        that the Trustee was negligent in ascertaining the pertinent facts; and

                (iii)   the Trustee shall not be liable with respect to any
        action it takes or omits to take in good faith in accordance with a
        direction received by it pursuant to Section 5.12.

                (d)     The Trustee shall not be liable for interest on any
money received by it except as the Trustee may agree in writing with the Issuer.

                (e)     Money held in trust by the Trustee need not be
segregated from other funds except to the extent required by law or the terms of
this Indenture or the Sale and Servicing Agreement.

                (f)     No provision of this Indenture shall require the Trustee
to expend or risk its own funds or otherwise incur financial liability in the
performance of any of its duties hereunder or in the exercise of any of its
rights or powers, if it shall have reasonable grounds to believe that repayment
of such funds or indemnity reasonably satisfactory to it against such risk or
liability is not assured to it.

                (g)     Every provision of this Indenture relating to the
conduct or affecting the liability of or affording protection to the Trustee
shall be subject to the provisions of this Section 6.1 and to the provisions of
the TIA.

                (h)     The Trustee shall, and hereby agrees that it will,
perform all of the obligations and duties required of it under the Sale and
Servicing Agreement.

                                       39
<PAGE>

                (i)     [Reserved].

                (j)     Without limiting the generality of this Section 6.1, the
Trustee shall have no duty (i) to see to any recording, filing or depositing of
this Indenture or any agreement referred to herein or any financing statement
evidencing a security interest in the Financed Vehicles, or to see to the
maintenance of any such recording or filing or depositing or to any recording,
refiling or redepositing of any thereof, (ii) to see to any insurance of the
Financed Vehicles or Obligors or to effect or maintain any such insurance, (iii)
to see to the payment or discharge of any tax, assessment or other governmental
charge or any Lien or encumbrance of any kind owing with respect to, assessed or
levied against any part of the Trust, (iv) to confirm or verify the contents of
any reports or certificates delivered to the Trustee pursuant to this Indenture
or the Sale and Servicing Agreement believed by the Trustee to be genuine and to
have been signed or presented by the proper party or parties, or (v) to inspect
the Financed Vehicles at any time or ascertain or inquire as to the performance
of observance of any of the Issuer's, the Seller's or the Servicer's
representations, warranties or covenants or the Servicer's duties and
obligations as Servicer and as custodian of the Receivable Files under the Sale
and Servicing Agreement.

                (k)     In no event shall JPMorgan Chase Bank, National
Association, in any of its capacities hereunder, be deemed to have assumed any
duties of the Owner Trustee under the Delaware Statutory Trust Statute, common
law, or the Trust Agreement.

                SECTION 6.2     Rights of Trustee.

                (a)     The Trustee may conclusively rely on any document
believed by it to be genuine and to have been signed or presented by the proper
person. The Trustee need not investigate any fact or matter stated in the
document.

                (b)     Before the Trustee acts or refrains from acting, it may
require an Officer's Certificate or an Opinion of Counsel. The Trustee shall not
be liable for any action it takes or omits to take in good faith in reliance on
the Officer's Certificate or Opinion of Counsel.

                (c)     The Trustee may execute any of the trusts or powers
hereunder or perform any duties hereunder either directly or by or through
agents or attorneys or a custodian or nominee, and the Trustee shall not be
responsible for any misconduct or negligence on the part of, or for the
supervision of, AmeriCredit Financial Services, Inc., or any other such agent,
attorney, custodian or nominee appointed with due care by it hereunder.

                (d)     The Trustee shall not be liable for any action it takes
or omits to take in good faith which it believes to be authorized or within its
rights or powers; provided, however, that the Trustee's conduct does not
constitute willful misconduct, negligence or bad faith.

                (e)     The Trustee may consult with counsel, and the advice or
opinion of counsel with respect to legal matters relating to this Indenture and
the Notes shall be full and complete authorization and protection from liability
in respect to any action taken, omitted or suffered by it hereunder in good
faith and in accordance with the advice or opinion of such counsel.

                                       40
<PAGE>

                (f)     The Trustee shall be under no obligation to institute,
conduct or defend any litigation under this Indenture or in relation to this
Indenture, at the request, order or direction of any of the Noteholders,
pursuant to the provisions of this Indenture, unless such Noteholders shall have
offered to the Trustee reasonable security or indemnity against the costs,
expenses and liabilities that may be incurred therein or thereby; provided,
however, that the Trustee shall, upon the occurrence of an Event of Default
(that has not been cured), exercise the rights and powers vested in it by this
Indenture with reasonable care and skill.

                (g)     The Trustee shall not be bound to make any investigation
into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order, approval, bond or
other paper or document, unless requested in writing to do so by the Noteholders
evidencing not less than 25% of the Outstanding Amount thereof; provided,
however, that if the payment within a reasonable time to the Trustee of the
costs, expenses or liabilities likely to be incurred by it in the making of such
investigation is, in the opinion of the Trustee, not reasonably assured to the
Trustee by the security afforded to it by the terms of this Indenture or the
Sale and Servicing Agreement, the Trustee may require reasonable indemnity
against such cost, expense or liability as a condition to so proceeding; the
reasonable expense of every such examination shall be paid by the Person making
such request, or, if paid by the Trustee, shall be reimbursed by the Person
making such request upon demand.

                (h)     The Trustee shall not be liable for any losses on
investments except for losses resulting from the failure of the Trustee to make
an investment in accordance with instructions given in accordance hereunder. If
the Trustee acts as the Note Paying Agent or Note Registrar, the rights and
protections afforded to the Trustee shall be afforded to the Note Paying Agent
and Note Registrar.

                SECTION 6.3     Individual Rights of Trustee. The Trustee in its
individual or any other capacity may become the owner or pledgee of Notes and
may otherwise deal with the Issuer or its Affiliates with the same rights it
would have if it were not Trustee. Any Note Paying Agent, Note Registrar,
co-registrar or co-Note Paying Agent may do the same with like rights. However,
the Trustee must comply with Sections 6.11 and 6.12.

                SECTION 6.4     Trustee's Disclaimer. The Trustee shall not be
responsible for and makes no representation as to the validity or adequacy of
this Indenture, the Trust Estate or the Notes, it shall not be accountable for
the Issuer's use of the proceeds from the Notes, and it shall not be responsible
for any statement of the Issuer in the Indenture or in any document issued in
connection with the sale of the Notes or in the Notes other than the Trustee's
certificate of authentication.

                SECTION 6.5     Notice of Defaults. If an Event of Default
occurs and is continuing and if it is either known by, or written notice of the
existence thereof has been delivered to, a Responsible Officer of the Trustee,
the Trustee shall mail to each Noteholder notice of the Default within 90 days
after such knowledge or notice occurs. Except in the case of a Default in
payment of principal of or interest on any Note (including payments pursuant to
the mandatory redemption provisions of such Note), the Trustee may withhold the
notice if and so long as it in good faith determines that withholding the notice
is in the interests of Noteholders.

                                       41
<PAGE>

                SECTION 6.6     Reports by Trustee to Holders. At the end of
each calendar year, the Trustee shall deliver to each person who at any time
during the calendar year was a Noteholder a statement as to the aggregate
amounts of interest and principal paid to the Noteholder and any other
information as may be reasonably required to enable such Holder to prepare its
federal and state income tax returns.

                SECTION 6.7     Compensation and Indemnity.

                (a)     Pursuant to Section 5.7(a) of the Sale and Servicing
Agreement, the Issuer shall, or shall cause the Servicer to, pay to the Trustee,
the Trust Collateral Agent and the Backup Servicer (subject to any applicable
caps) from time to time compensation for its services. The Trustee's
compensation shall not be limited by any law on compensation of a trustee of an
express trust. The Issuer shall cause the Servicer to reimburse the Trustee, the
Trust Collateral Agent and the Backup Servicer (subject to any applicable caps)
for all reasonable out-of-pocket expenses incurred or made by it, including
costs of collection, in addition to the compensation for its services. Such
expenses shall include the reasonable compensation and expenses, disbursements
and advances of the Trustee's, the Trust Collateral Agent's and the Backup
Servicer's agents, counsel, accountants and experts. The Issuer shall cause the
Servicer to indemnify the Trustee, the Trust Collateral Agent, the Backup
Servicer and their respective officers, directors, employees and agents against
any and all loss, liability or expense (including attorneys' fees and expenses)
incurred by each of them in connection with the acceptance or the administration
of this Trust and the performance of its duties hereunder. The Trustee, the
Trust Collateral Agent or the Backup Servicer shall notify the Issuer and the
Servicer promptly of any claim for which it may seek indemnity. Failure by the
Trustee, the Trust Collateral Agent or the Backup Servicer to so notify the
Issuer and the Servicer shall not relieve the Issuer of its obligations
hereunder or the Servicer of its obligations under Article XI of the Sale and
Servicing Agreement. The Issuer shall cause the Servicer to defend the claim,
and the Trustee, the Trust Collateral Agent or the Backup Servicer may have
separate counsel and the Issuer shall cause the Servicer to pay the fees and
expenses of such counsel. Neither the Issuer nor the Servicer need to reimburse
any expense or indemnify against any loss, liability or expense incurred by the
Trustee, Trust Collateral Agent or the Backup Servicer through the Trustee's,
Trust Collateral Agent's or the Backup Servicer's own willful misconduct,
negligence or bad faith.

                (b)     The Issuer's payment obligations to the Trustee, the
Trust Collateral Agent or the Backup Servicer pursuant to this Section shall
survive the discharge of this Indenture or the earlier resignation or removal of
the Trustee or the Trust Collateral Agent or the Backup Servicer. When the
Trustee, the Trust Collateral Agent or the Backup Servicer incurs expenses after
the occurrence of a Default specified in Section 5.1(iv) or (v) with respect to
the Issuer, the expenses are intended to constitute expenses of administration
under Title 11 of the United States Code or any other applicable federal or
State bankruptcy, insolvency or similar law. Notwithstanding anything else set
forth in this Indenture or the Basic Documents, the Trustee agrees that the
obligations of the Issuer (but not the Servicer) to the Trustee hereunder and
under the Basic Documents shall be recourse to the Trust Estate only and
specifically shall not be recourse to the assets of the Certificateholder or any
Noteholder. In addition, the Trustee agrees that its recourse to the Issuer, the
Trust Estate and the Seller shall be limited to the right to receive the
distributions referred to in Section 5.7(a) of the Sale and Servicing Agreement.

                                       42
<PAGE>

                SECTION 6.8     Replacement of Trustee. The Trustee may resign
at any time by so notifying the Issuer. The Issuer may and shall, remove the
Trustee, if:

                (i)     the Trustee fails to comply with Section 6.11;

                (ii)    a court having jurisdiction in the premises in respect
        of the Trustee in an involuntary case or proceeding under federal or
        State banking or bankruptcy laws, as now or hereafter constituted, or
        any other applicable federal or State bankruptcy, insolvency or other
        similar law, shall have entered a decree or order granting relief or
        appointing a receiver, liquidator, assignee, custodian, trustee,
        conservator, sequestrator (or similar official) for the Trustee or for
        any substantial part of the Trustee's property, or ordering the
        winding-up or liquidation of the Trustee's affairs;

                (iii)   an involuntary case under the federal bankruptcy laws,
        as now or hereafter in effect, or another present or future federal or
        State bankruptcy, insolvency or similar law is commenced with respect to
        the Trustee and such case is not dismissed within 60 days;

                (iv)    the Trustee commences a voluntary case under any federal
        or state banking or bankruptcy laws, as now or hereafter constituted, or
        any other applicable federal or State bankruptcy, insolvency or other
        similar law, or consents to the appointment of or taking possession by a
        receiver, liquidator, assignee, custodian, trustee, conservator,
        sequestrator (or other similar official) for the Trustee or for any
        substantial part of the Trustee's property, or makes any assignment for
        the benefit of creditors or fails generally to pay its debts as such
        debts become due or takes any action in furtherance of any of the
        foregoing; or

                (v)     the Trustee otherwise becomes incapable of acting.

                If the Trustee resigns or is removed or if a vacancy exists in
the office of Trustee for any reason (the Trustee in such event being referred
to herein as the retiring Trustee), the Issuer shall promptly appoint a
successor Trustee.

                A successor Trustee shall deliver a written acceptance of its
appointment to the retiring Trustee and to the Issuer. Thereupon the resignation
or removal of the retiring Trustee shall become effective, and the successor
Trustee shall have all the rights, powers and duties of the retiring Trustee
under this Indenture subject to satisfaction of the Rating Agency Condition. The
successor Trustee shall mail a notice of its succession to Noteholders. The
retiring Trustee shall promptly transfer all property held by it as Trustee to
the successor Trustee.

                If a successor Trustee does not take office within 60 days after
the retiring Trustee resigns or is removed, the retiring Trustee, the Issuer or
the Majority Noteholders may petition any court of competent jurisdiction for
the appointment of a successor Trustee.

                If the Trustee fails to comply with Section 6.11, any Noteholder
may petition any court of competent jurisdiction for the removal of the Trustee
and the appointment of a successor Trustee.

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<PAGE>

                Any resignation or removal of the Trustee and appointment of a
successor Trustee pursuant to any of the provisions of this Section shall not
become effective until acceptance of appointment by the successor Trustee
pursuant to Section 6.8 and payment of all fees and expenses owed to the
outgoing Trustee.

                Notwithstanding the replacement of the Trustee pursuant to this
Section, the Issuer's and the Servicer's obligations under Section 6.7 shall
continue for the benefit of the retiring Trustee.

                SECTION 6.9     Successor Trustee by Merger. If the Trustee
consolidates with, merges or converts into, or transfers all or substantially
all its corporate trust business or assets to, another corporation or banking
association, the resulting, surviving or transferee corporation or banking
association, without any further act shall be the successor Trustee. The Trustee
shall provide the Rating Agencies written notice of any such transaction.

                In case at the time such successor or successors by merger,
conversion or consolidation to the Trustee shall succeed to the trusts created
by this Indenture any of the Notes shall have been authenticated but not
delivered, any such successor to the Trustee may adopt the certificate of
authentication of any predecessor trustee, and deliver such Notes so
authenticated; and in case at that time any of the Notes shall not have been
authenticated, any successor to the Trustee may authenticate such Notes either
in the name of any predecessor hereunder or in the name of the successor to the
Trustee; and in all such cases such certificates shall have the full force which
it is anywhere in the Notes or in this Indenture provided that the certificate
of the Trustee shall have.

                SECTION 6.10    Appointment of Co-Trustee or Separate Trustee.

                (a)     Notwithstanding any other provisions of this Indenture,
at any time, for the purpose of meeting any legal requirement of any
jurisdiction in which any part of the Trust Estate may at the time be located,
the Trustee shall have the power and may execute and deliver all instruments to
appoint one or more Persons to act as a co-trustee or co-trustees, or separate
trustee or separate trustees, of all or any part of the Trust Estate, and to
vest in such Person or Persons, in such capacity and for the benefit of the
Noteholders, such title to the Trust Estate, or any part hereof, and, subject to
the other provisions of this Section, such powers, duties, obligations, rights
and trusts as the Trustee may consider necessary or desirable. No co-trustee or
separate trustee hereunder shall be required to meet the terms of eligibility as
a successor trustee under Section 6.11 and no notice to Noteholders of the
appointment of any co-trustee or separate trustee shall be required under
Section 6.8 hereof.

                (b)     Every separate trustee and co-trustee shall, to the
extent permitted by law, be appointed and act subject to the following
provisions and conditions:

                (i)     all rights, powers, duties and obligations conferred or
        imposed upon the Trustee shall be conferred or imposed upon and
        exercised or performed by the Trustee and such separate trustee or
        co-trustee jointly (it being understood that such separate trustee or
        co-trustee is not authorized to act separately without the Trustee
        joining in such act), except to the extent that under any law of any
        jurisdiction in which any particular act or acts are to be performed the
        Trustee shall be incompetent or unqualified to perform such act or acts,
        in which event such rights, powers, duties and obligations (including
        the holding of title to the Trust Estate or any portion thereof in any
        such jurisdiction) shall be exercised and performed singly by such
        separate trustee or co-trustee, but solely at the direction of the
        Trustee;

                                       44
<PAGE>

                (ii)    no trustee hereunder shall be personally liable by
        reason of any act or omission of any other trustee hereunder, including
        acts or omissions of predecessor or successor trustees; and

                (iii)   the Trustee may at any time accept the resignation of or
        remove any separate trustee or co-trustee.

                (c)     Any notice, request or other writing given to the
Trustee shall be deemed to have been given to each of the then separate trustees
and co-trustees, as effectively as if given to each of them. Every instrument
appointing any separate trustee or co-trustee shall refer to this Indenture and
the conditions of this Article VI. Each separate trustee and co-trustee, upon
its acceptance of the trusts conferred, shall be vested with the estates or
property specified in its instrument of appointment, either jointly with the
Trustee or separately, as may be provided therein, subject to all the provisions
of this Indenture, specifically including every provision of this Indenture
relating to the conduct of, affecting the liability of, or affording protection
to, the Trustee. Every such instrument shall be filed with the Trustee.

                (d)     Any separate trustee or co-trustee may at any time
constitute the Trustee, its agent or attorney-in-fact with full power and
authority, to the extent not prohibited by law, to do any lawful act under or in
respect of this Indenture on its behalf and in its name. If any separate trustee
or co-trustee shall die, dissolve, become insolvent, become incapable of acting,
resign or be removed, all of its estates, properties, rights, remedies and
trusts shall invest in and be exercised by the Trustee, to the extent permitted
by law, without the appointment of a new or successor trustee.

                (e)     Any and all amounts relating to the fees and expenses of
the co-trustee or separate trustee will be borne by the Trust Estate.

                SECTION 6.11    Eligibility: Disqualification. The Trustee shall
at all times satisfy the requirements of TIA Section 310(a). The Trustee shall
have a combined capital and surplus of at least $50,000,000 as set forth in its
most recent published annual report of condition and it shall have a long-term
debt rating of BBB-, or an equivalent rating, or better by the Rating Agencies.
The Trustee shall comply with TIA Section 310(b), including the optional
provision permitted by the second sentence of TIA Section 310(b)(9); provided,
however, that there shall be excluded from the operation of TIA Section
310(b)(1) any indenture or indentures under which other securities of the Issuer
are outstanding if the requirements for such exclusion set forth in TIA Section
310(b)(1) are met.

                Within 90 days after ascertaining the occurrence of an Event of
Default which shall not have been cured or waived, unless authorized by the
Commission, the Trustee shall resign with respect to the Class A Notes, the
Class B Notes, the Class C Notes, the Class D Notes and/or the Class E Notes in
accordance with Section 6.8 of this Indenture, and the Issuer shall appoint a
successor Trustee for each of such Classes, as applicable, so that there will be
separate Trustees for the the Class A Notes, the Class B Notes, the Class C
Notes, the Class D Notes and the Class E Notes. In the event the Trustee fails
to comply with the terms of the preceding sentence, the Trustee shall comply
with clauses (ii) and (iii) of TIA Section 310(b).

                                       45
<PAGE>

                In the case of the appointment hereunder of a successor Trustee
with respect to any Class of Notes pursuant to this Section 6.11, the Issuer,
the retiring Trustee and the successor Trustee with respect to such Class of
Notes shall execute and deliver an indenture supplemental hereto wherein each
successor Trustee shall accept such appointment and which (i) shall contain such
provisions as shall be necessary or desirable to transfer and confirm to, and to
vest in, the successor Trustee all the rights, powers, trusts and duties of the
retiring Trustee with respect to the Notes of the Class to which the appointment
of such successor Trustee relates, (ii) if the retiring Trustee is not retiring
with respect to all Classes of Notes, shall contain such provisions as shall be
deemed necessary or desirable to confirm that all the rights, powers, trusts and
duties of the retiring Trustee with respect to the Notes of each Class as to
which the retiring Trustee is not retiring shall continue to be vested in the
Trustee and (iii) shall add to or change any of the provisions of this Indenture
as shall be necessary to provide for or facilitate the administration of the
trusts hereunder by more than one Trustee, it being understood that nothing
herein or in such supplemental indenture shall constitute such Trustees
co-trustees of the same trust and that each such Trustee shall be a trustee of a
trust or trusts hereunder separate and apart from any trust or trusts hereunder
administered by any other such Trustee; and upon the removal of the retiring
Trustee shall become effective to the extent provided herein.

                SECTION 6.12    Preferential Collection of Claims Against
Issuer. The Trustee shall comply with TIA Section 311(a), excluding any creditor
relationship listed in TIA Section 311(b). A Trustee who has resigned or been
removed shall be subject to TIA Section 311(a) to the extent indicated.

                SECTION 6.13    Appointment and Powers. Subject to the terms and
conditions hereof, each of the Issuer Secured Parties hereby appoints JPMorgan
Chase Bank, National Association, as the Trust Collateral Agent with respect to
the Collateral, and JPMorgan Chase Bank, National Association hereby accepts
such appointment and agrees to act as Trust Collateral Agent with respect to the
Collateral for the Issuer Secured Parties, to maintain custody and possession of
such Collateral (except as otherwise provided hereunder) and to perform the
other duties of the Trust Collateral Agent in accordance with the provisions of
this Indenture and the other Basic Documents. Each Issuer Secured Party hereby
authorizes the Trust Collateral Agent to take such action on its behalf, and to
exercise such rights, remedies, powers and privileges hereunder, as the Trustee
may direct and as are specifically authorized to be exercised by the Trust
Collateral Agent by the terms hereof, together with such actions, rights,
remedies, powers and privileges as are reasonably incidental thereto, including,
but not limited to, the execution of any powers of attorney. The Trustee shall
act upon and in compliance with the written instructions of the Controlling
Party delivered pursuant to this Indenture promptly following receipt of such
written instructions; provided that neither the Trustee nor the Trust Collateral
Agent shall act upon its own accord or in accordance with any instructions if
such actions (i) are not authorized by, or in violation of the provisions of,
this Indenture, (ii) are in violation of any applicable law, rule or regulation
or (iii) with respect to actions for which the Trustee has been directed to act
but for which the Trustee has not received reasonable indemnity. Receipt of such
instructions shall not be a condition to the exercise by the Trust Collateral
Agent of its express duties hereunder, except where this Indenture provides that
the Trust Collateral Agent is permitted to act only following and in accordance
with such instructions.

                                       46
<PAGE>

                SECTION 6.14    Performance of Duties. The Trust Collateral
Agent shall have no duties or responsibilities except those expressly set forth
in this Indenture and the other Basic Documents to which the Trust Collateral
Agent is a party or as directed by the Controlling Party in accordance with this
Indenture. The Trust Collateral Agent shall not be required to take any
discretionary actions hereunder as Controlling Party or otherwise unless it
shall have received reasonable security or indemnity satisfactory to the Trust
Collateral Agent. The Trust Collateral Agent shall, and hereby agrees that it
will, subject to this Article, perform all of the duties and obligations
required of it under the Sale and Servicing Agreement.

                SECTION 6.15    Limitation on Liability. Neither the Trust
Collateral Agent nor any of its directors, officers or employees shall be liable
for any action taken or omitted to be taken by it or them hereunder, or in
connection herewith, except that the Trust Collateral Agent shall be liable for
its negligence, bad faith or willful misconduct; nor shall the Trust Collateral
Agent be responsible for the validity, effectiveness, value, sufficiency or
enforceability against the Issuer of this Indenture or any of the Collateral (or
any part thereof). Notwithstanding any term or provision of this Indenture, the
Trust Collateral Agent shall incur no liability to the Issuer or the Issuer
Secured Parties for any action taken or omitted by the Trust Collateral Agent in
connection with the Collateral, except for the negligence, bad faith or willful
misconduct on the part of the Trust Collateral Agent, and, further, shall incur
no liability to the Issuer Secured Parties except for negligence, bad faith or
willful misconduct in carrying out its duties to the Issuer Secured Parties. The
Trust Collateral Agent shall be protected and shall incur no liability to any
such party in relying upon the accuracy, acting in reliance upon the contents,
and assuming the genuineness of any notice, demand, certificate, signature,
instrument or other document reasonably believed by the Trust Collateral Agent
to be genuine and to have been duly executed by the appropriate signatory, and
(absent actual knowledge to the contrary by a Responsible Officer of the Trust
Collateral Agent) the Trust Collateral Agent shall not be required to make any
independent investigation with respect thereto. The Trust Collateral Agent shall
at all times be free independently to establish to its reasonable satisfaction,
but shall have no duty to independently verify, the existence or nonexistence of
facts that are a condition to the exercise or enforcement of any right or remedy
hereunder or under any of the Basic Documents. The Trust Collateral Agent may
consult with counsel, and shall not be liable for any action taken or omitted to
be taken by it hereunder in good faith and in accordance with the advice of such
counsel. The Trust Collateral Agent shall not be under any obligation to
exercise any of the remedial rights or powers vested in it by this Indenture or
to follow any direction from the Trustee or risk its own funds or otherwise
incur financial liability in the performance of any of its duties hereunder
unless it shall have received reasonable security or indemnity satisfactory to
the Trust Collateral Agent against the costs, expenses and liabilities which
might be incurred by it.

                SECTION 6.16    Reliance Upon Documents. In the absence of
negligence, bad faith or willful misconduct on its part, the Trust Collateral
Agent shall be entitled to conclusively rely on any communication, instrument,
paper or other document reasonably believed by it to be genuine and correct and
to have been signed or sent by the proper Person or Persons and shall have no
liability in acting, or omitting to act, where such action or omission to act is
in reasonable reliance upon any statement or opinion contained in any such
document or instrument.

                                       47
<PAGE>

                SECTION 6.17    Successor Trust Collateral Agent.

                (a)     Merger. Any Person into which the Trust Collateral Agent
may be converted or merged, or with which it may be consolidated, or to which it
may sell or transfer its trust business and assets as a whole or substantially
as a whole, or any Person resulting from any such conversion, merger,
consolidation, sale or transfer to which the Trust Collateral Agent is a party,
shall (provided it is otherwise qualified to serve as the Trust Collateral Agent
hereunder) be and become a successor Trust Collateral Agent hereunder and be
vested with all of the title to and interest in the Collateral and all of the
trusts, powers, discretions, immunities, privileges and other matters as was its
predecessor without the execution or filing of any instrument or any further
act, deed or conveyance on the part of any of the parties hereto, anything
herein to the contrary notwithstanding, except to the extent, if any, that any
such action is necessary to perfect, or continue the perfection of, the security
interest of the Issuer Secured Parties in the Collateral; provided that any such
successor shall also be the successor Trustee under Section 6.9.

                (b)     Resignation. The Trust Collateral Agent and any
successor Trust Collateral Agent may resign at any time by so notifying the
Issuer; provided that the Trust Collateral Agent shall not so resign unless it
shall also resign as Trustee hereunder.

                (c)     Removal. The Trust Collateral Agent may be removed by
the Trustee at any time (and should be removed at any time that the Trustee has
been removed), with or without cause, by an instrument or concurrent instruments
in writing delivered to the Trust Collateral Agent, the other Issuer Secured
Party and the Issuer. A temporary successor may be removed at any time to allow
a successor Trust Collateral Agent to be appointed pursuant to subsection (d)
below. Any removal pursuant to the provisions of this subsection (c) shall take
effect only upon the date which is the latest of (i) the effective date of the
appointment of a successor Trust Collateral Agent and the acceptance in writing
by such successor Trust Collateral Agent of such appointment and of its
obligation to perform its duties hereunder in accordance with the provisions
hereof, and (ii) receipt by the Trustee of an Opinion of Counsel to the effect
described in Section 3.6.

                (d)     Acceptance by Successor. The Trustee shall have the sole
right to appoint each successor Trust Collateral Agent. Every temporary or
permanent successor Trust Collateral Agent appointed hereunder shall execute,
acknowledge and deliver to its predecessor and to the Trustee, each Issuer
Secured Party and the Issuer an instrument in writing accepting such appointment
hereunder and the relevant predecessor shall execute, acknowledge and deliver
such other documents and instruments as will effectuate the delivery of all
Collateral to the successor Trust Collateral Agent, whereupon such successor,
without any further act, deed or conveyance, shall become fully vested with all
the estates, properties, rights, powers, duties and obligations of its
predecessor. Such predecessor shall, nevertheless, on the written request of
either Issuer Secured Party or the Issuer, execute and deliver an instrument
transferring to such successor all the estates, properties, rights and powers of
such predecessor hereunder. In the event that any instrument in writing from the
Issuer or an Issuer Secured Party is reasonably required by a

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successor Trust Collateral Agent to more fully and certainly vest in such
successor the estates, properties, rights, powers, duties and obligations vested
or intended to be vested hereunder in the Trust Collateral Agent, any and all
such written instruments shall, at the request of the temporary or permanent
successor Trust Collateral Agent, be forthwith executed, acknowledged and
delivered by the Trustee or the Issuer, as the case may be. The designation of
any successor Trust Collateral Agent and the instrument or instruments removing
any Trust Collateral Agent and appointing a successor hereunder, together with
all other instruments provided for herein, shall be maintained with the records
relating to the Collateral and, to the extent required by applicable law, filed
or recorded by the successor Trust Collateral Agent in each place where such
filing or recording is necessary to effect the transfer of the Collateral to the
successor Trust Collateral Agent or to protect or continue the perfection of the
security interests granted hereunder.

                SECTION 6.18    Compensation. The Trust Collateral Agent shall
not be entitled to any compensation for the performance of its duties hereunder
other than the compensation it is entitled to receive in its capacity as
Trustee.

                SECTION 6.19    Representations and Warranties of the Trust
Collateral Agent and the Issuer. (A) The Trust Collateral Agent represents and
warrants to the Issuer and to each Issuer Secured Party as follows:

                (a)     Due Organization. The Trust Collateral Agent is a
national banking association and is duly authorized and licensed under
applicable law to conduct its business as presently conducted.

                (b)     Corporate Power. The Trust Collateral Agent has all
requisite right, power and authority to execute and deliver this Indenture and
to perform all of its duties as Trust Collateral Agent hereunder.

                (c)     Due Authorization. The execution and delivery by the
Trust Collateral Agent of this Indenture and the other Transaction Documents to
which it is a party, and the performance by the Trust Collateral Agent of its
duties hereunder and thereunder, have been duly authorized by all necessary
corporate proceedings and no further approvals or filings, including any
governmental approvals, are required for the valid execution and delivery by the
Trust Collateral Agent, or the performance by the Trust Collateral Agent, of
this Indenture and such other Basic Documents.

                (d)     Valid and Binding Indenture. The Trust Collateral Agent
has duly executed and delivered this Indenture and each other Basic Document to
which it is a party, and each of this Indenture and each such other Basic
Document constitutes the legal, valid and binding obligation of the Trust
Collateral Agent, enforceable against the Trust Collateral Agent in accordance
with its terms, except as (i) such enforceability may be limited by bankruptcy,
insolvency, reorganization and similar laws relating to or affecting the
enforcement of creditors' rights generally and (ii) the availability of
equitable remedies may be limited by equitable principles of general
applicability.

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<PAGE>

                (e)     No Conflicts. The execution and delivery of each Basic
Document to which it is a party by the Trust Collateral Agent and the
performance by the Trust Collateral Agent of its obligations thereunder, in its
capacity as Trust Collateral Agent or otherwise, do not conflict with or result
in any violation of (i) any law or regulation of the United States of America
governing the banking or trust powers of the Trust Collateral Agent or (ii) the
articles of incorporation and by-laws of the Trust Collateral Agent.

                (f)     No Actions. To the best of the Trust Collateral Agent's
knowledge, there are no actions, proceedings or investigations known to the
Trust Collateral Agent, either pending or threatened in writing, before any
court, regulatory body, administrative agency or other tribunal or governmental
instrumentality which would, if adversely determined, affect in any material
respect the consummation, validity or enforceability against the Trust
Collateral Agent, in its capacity as Trust Collateral Agent or otherwise, of any
Basic Document.

                (B)     The Issuer hereby represents and warrants that each of
the representations and warranties set forth on the Schedule of Representations
attached hereto as Schedule A is true and correct. Such representations and
warranties speak as of the execution and delivery of this Indenture and as of
the Closing Date, but shall survive the pledge of the Receivables to the Trust
Collateral Agent and shall not be waived.

                SECTION 6.20    Waiver of Setoffs. The Trust Collateral Agent
hereby expressly waives any and all rights of setoff that the Trust Collateral
Agent may otherwise at any time have under applicable law with respect to any
Trust Account and agrees that amounts in the Trust Accounts shall at all times
be held and applied solely in accordance with the provisions hereof and the Sale
and Servicing Agreement.

                                   ARTICLE VII

                         Noteholders' Lists and Reports

                SECTION 7.1     Issuer To Furnish To Trustee Names and Addresses
of Noteholders. The Issuer will furnish or cause to be furnished to the Trustee
(a) not more than five days after the earlier of (i) each Record Date and (ii)
three months after the last Record Date, a list, in such form as the Trustee may
reasonably require, of the names and addresses of the Holders as of such Record
Date, (b) at such other times as the Trustee may request in writing, within 30
days after receipt by the Issuer of any such request, a list of similar form and
content as of a date not more than 10 days prior to the time such list is
furnished; provided, however, that so long as the Trustee is the Note Registrar,
no such list shall be required to be furnished.

                SECTION 7.2     Preservation of Information; Communications to
Noteholders.

                (a)     The Trustee shall preserve, in as current a form as is
reasonably practicable, the names and addresses of the Holders contained in the
most recent list furnished to the Trustee as provided in Section 7.1 and the
names and addresses of Holders received by the Trustee in its capacity as Note
Registrar. The Trustee may destroy any list furnished to it as provided in such
Section 7.1 upon receipt of a new list so furnished.

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<PAGE>

                (b)     Noteholders may communicate pursuant to TIA Section
312(b) with other Noteholders with respect to their rights under this Indenture
or under the Notes.

                (c)     The Issuer, the Trustee and the Note Registrar shall
have the protection of TIA Section 312(c).

                SECTION 7.3     Reports by Issuer.

                (a)     The Issuer shall:

                (i)     file with the Trustee, within 15 days after the Issuer
        is required to file the same with the Commission, copies of the annual
        reports and of the information, documents and other reports (or copies
        of such portions of any of the foregoing as the Commission may from time
        to time by rules and regulations prescribe) which the Issuer may be
        required to file with the Commission pursuant to Section 13 or 15(d) of
        the Exchange Act;

                (ii)    file with the Trustee and the Commission in accordance
        with rules and regulations prescribed from time to time by the
        Commission such additional information, documents and reports with
        respect to compliance by the Issuer with the conditions and covenants of
        this Indenture as may be required from time to time by such rules and
        regulations; and

                (iii)   supply to the Trustee (and the Trustee shall transmit by
        mail to all Noteholders described in TIA Section 313(c)) such summaries
        of any information, documents and reports required to be filed by the
        Issuer pursuant to clauses (i) and (ii) of this Section 7.3(a) as may be
        required by rules and regulations prescribed from time to time by the
        Commission.

                (b)     Unless the Issuer otherwise determines, the fiscal year
of the Issuer shall end on December 31 of each year.

                SECTION 7.4     Reports by Trustee. If required by TIA Section
313(a), within 60 days after each May 31, beginning with May 31, 2006, the
Trustee shall mail to each Noteholder as required by TIA Section 313(c) a brief
report dated as of such date that complies with TIA Section 313(a). The Trustee
also shall comply with TIA Section 313(b).

                A copy of each report at the time of its mailing to Noteholders
shall be filed by the Trustee with the Commission and each stock exchange, if
any, on which the Notes are listed. The Issuer shall notify the Trustee if and
when the Notes are listed on any stock exchange.

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                                  ARTICLE VIII

                      Accounts, Disbursements and Releases

                SECTION 8.1     Collection of Money. Except as otherwise
expressly provided herein, the Trustee may demand payment or delivery of, and
shall receive and collect, directly and without intervention or assistance of
any fiscal agent or other intermediary, all money and other property payable to
or receivable by the Trust Collateral Agent pursuant to this Indenture and the
Sale and Servicing Agreement. The Trustee shall apply all such money received by
it, or cause the Trust Collateral Agent to apply all money received by it as
provided in this Indenture and the Sale and Servicing Agreement. Except as
otherwise expressly provided in this Indenture or in the Sale and Servicing
Agreement, if any default occurs in the making of any payment or performance
under any agreement or instrument that is part of the Trust Estate, the Trustee
may take such action as may be appropriate to enforce such payment or
performance, including the institution and prosecution of appropriate
proceedings. Any such action shall be without prejudice to any right to claim a
Default or Event of Default under this Indenture and any right to proceed
thereafter as provided in Article V.

                SECTION 8.2     Release of Trust Estate.

                (a)     Subject to the payment of its fees and expenses and
other amounts pursuant to Section 6.7, the Trust Collateral Agent may, and when
required by the provisions of this Indenture shall, execute instruments to
release property from the lien of this Indenture, in a manner and under
circumstances that are not inconsistent with the provisions of this Indenture.
No party relying upon an instrument executed by the Trust Collateral Agent as
provided in this Article VIII shall be bound to ascertain the Trust Collateral
Agent's authority, inquire into the satisfaction of any conditions precedent or
see to the application of any moneys.

                (b)     The Trust Collateral Agent shall, at such time as there
are no Notes outstanding and all sums due the Trustee pursuant to Section 6.7
have been paid, release any remaining portion of the Trust Estate that secured
the Notes from the lien of this Indenture and release to the Issuer or any other
Person entitled thereto any funds then on deposit in the Trust Accounts. The
Trustee shall release property from the lien of this Indenture pursuant to this
Section 8.2(b) only upon receipt of an Issuer Request accompanied by an
Officer's Certificate, an Opinion of Counsel and (if required by the TIA)
Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1)
meeting the applicable requirements of Section 11.1.

                SECTION 8.3     Opinion of Counsel. The Trust Collateral Agent
shall receive at least seven days' notice when requested by the Issuer to take
any action pursuant to Section 8.2(a), accompanied by copies of any instruments
involved, and the Trustee shall also require as a condition to such action, an
Opinion of Counsel in form and substance satisfactory to the Trustee, stating
the legal effect of any such action, outlining the steps required to complete
the same, and concluding that all conditions precedent to the taking of such
action have been complied with and such action will not materially and adversely
impair the security for the Notes or the rights of the Noteholders in
contravention of the provisions of this Indenture; provided, however, that such
Opinion of Counsel shall not be required to express an opinion as to the fair
value of the Trust Estate. Counsel rendering any such opinion may rely, without
independent investigation, on the accuracy and validity of any certificate or
other instrument delivered to the Trustee in connection with any such action.

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                                   ARTICLE IX

                             Supplemental Indentures

                SECTION 9.1     Supplemental Indentures Without Consent of
Noteholders.

                (a)     Without the consent of the Holders of any Notes, but
with prior notice to the Rating Agencies by the Issuer, as evidenced to the
Trustee, the Issuer and the Trustee, when authorized by an Issuer Order, at any
time and from time to time, may enter into one or more indentures supplemental
hereto (which shall conform to the provisions of the Trust Indenture Act as in
force at the date of the execution thereof), in form satisfactory to the
Trustee, for any of the following purposes:

                (i)     to correct or amplify the description of any property at
        any time subject to the lien of this Indenture, or better to assure,
        convey and confirm unto the Trust Collateral Agent any property subject
        or required to be subjected to the lien of this Indenture, or to subject
        to the lien of this Indenture additional property;

                (ii)    to evidence the succession, in compliance with the
        applicable provisions hereof, of another person to the Issuer, and the
        assumption by any such successor of the covenants of the Issuer herein
        and in the Notes contained;

                (iii)   to add to the covenants of the Issuer, for the benefit
        of the Holders of the Notes, or to surrender any right or power herein
        conferred upon the Issuer;

                (iv)    to convey, transfer, assign, mortgage or pledge any
        property to or with the Trust Collateral Agent;

                (v)     to cure any ambiguity, to correct or supplement any
        provision herein or in any supplemental indenture which may be
        inconsistent with any other provision herein or in any supplemental
        indenture or to make any other provisions with respect to matters or
        questions arising under this Indenture or in any supplemental indenture;
        provided that such action shall not adversely affect the interests of
        the Holders of the Notes;

                (vi)    to evidence and provide for the acceptance of the
        appointment hereunder by a successor trustee with respect to the Notes
        and to add to or change any of the provisions of this Indenture as shall
        be necessary to facilitate the administration of the trusts hereunder by
        more than one trustee, pursuant to the requirements of Article VI; or

                (vii)   to modify, eliminate or add to the provisions of this
        Indenture to such extent as shall be necessary to effect the
        qualification of this Indenture under the TIA or under any similar
        federal statute hereafter enacted and to add to this Indenture such
        other provisions as may be expressly required by the TIA.

                The Trustee is hereby authorized to join in the execution of any
such supplemental indenture and to make any further appropriate agreements and
stipulations that may be therein contained.

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<PAGE>

                (b)     The Issuer and the Trustee, when authorized by an Issuer
Order, may, also without the consent of any of the Holders of the Notes but with
prior notice to the Rating Agencies by the Issuer, as evidenced to the Trustee,
enter into an indenture or indentures supplemental hereto for the purpose of
adding any provisions to, or changing in any manner or eliminating any of the
provisions of, this Indenture or of modifying in any manner the rights of the
Holders of the Notes under this Indenture; provided, however, that such action
shall not, as evidenced by an Opinion of Counsel, adversely affect in any
material respect the interests of any Noteholder.

                SECTION 9.2     Supplemental Indentures with Consent of
Noteholders. The Issuer and the Trustee, when authorized by an Issuer Order,
also may, with prior notice to the Rating Agencies and with the consent of the
Majority Noteholders, by Act of such Holders delivered to the Issuer and the
Trustee, enter into an indenture or indentures supplemental hereto for the
purpose of adding any provisions to, or changing in any manner or eliminating
any of the provisions of, this Indenture or of modifying in any manner the
rights of the Holders of the Notes under this Indenture; provided, however, that
no such supplemental indenture shall, without the consent of the Holder of each
Outstanding Note affected thereby:

                (i)     change the date of payment of any installment of
        principal of or interest on any Note, or reduce the principal amount
        thereof, the interest rate thereon or the Redemption Price with respect
        thereto, change the provision of this Indenture relating to the
        application of collections on, or the proceeds of the sale of, the Trust
        Estate to payment of principal of or interest on the Notes, or change
        any place of payment where, or the coin or currency in which, any Note
        or the interest thereon is payable, provided, that any change
        necessitated by the assumption by the Backup Servicer or other successor
        Servicer to the duties of AmeriCredit Financial Services, Inc., as
        Servicer, which results in the Distribution Date becoming the same date
        as the Final Scheduled Distribution Date shall not be considered an
        event which requires the consent of the Trustee or any Noteholder;

                (ii)    impair the right to institute suit for the enforcement
        of the provisions of this Indenture requiring the application of funds
        available therefor, as provided in Article V, to the payment of any such
        amount due on the Notes on or after the respective due dates thereof
        (or, in the case of redemption, on or after the Redemption Date);

                (iii)   reduce the percentage of the Outstanding Amount of the
        Notes, the consent of the Holders of which is required for any such
        supplemental indenture, or the consent of the Holders of which is
        required for any waiver of compliance with certain provisions of this
        Indenture or certain defaults hereunder and their consequences provided
        for in this Indenture;

                (iv)    modify or alter the provisions of the proviso to the
        definition of the term "Outstanding" or the term "Majority Noteholders";

                (v)     reduce the percentage of the Outstanding Amount of the
        Notes required to direct the Trustee to direct the Issuer to sell or
        liquidate the Trust Estate pursuant to Section 5.4;

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<PAGE>

                (vi)    modify any provision of this Section except to increase
        any percentage specified herein or to provide that certain additional
        provisions of this Indenture or the Basic Documents cannot be modified
        or waived without the consent of the Holder of each Outstanding Note
        affected thereby;

                (vii)   modify any of the provisions of this Indenture in such
        manner as to affect the calculation of the amount of any payment of
        interest or principal due on any Note on any Distribution Date
        (including the calculation of any of the individual components of such
        calculation) or to affect the rights of the Noteholders to the benefit
        of any provisions for the mandatory redemption of the Notes contained
        herein; or

                (viii)  permit the creation of any lien ranking prior to or on a
        parity with the lien of this Indenture with respect to any part of the
        Trust Estate or, except as otherwise permitted or contemplated herein or
        in any of the Basic Documents, terminate the lien of this Indenture on
        any property at any time subject hereto or deprive the Holder of any
        Note of the security provided by the lien of this Indenture.

                The Trustee may determine whether or not any Notes would be
affected by any supplemental indenture and any such determination shall be
conclusive upon the Holders of all Notes, whether theretofore or thereafter
authenticated and delivered hereunder. The Trustee shall not be liable for any
such determination made in good faith.

                It shall not be necessary for any Act of Noteholders under this
Section to approve the particular form of any proposed supplemental indenture,
but it shall be sufficient if such Act shall approve the substance thereof.

                Promptly after the execution by the Issuer and the Trustee of
any supplemental indenture pursuant to this Section, the Trustee shall mail to
the Holders of the Notes to which such amendment or supplemental indenture
relates a notice setting forth in general terms the substance of such
supplemental indenture. Any failure of the Trustee to mail such notice, or any
defect therein, shall not, however, in any way impair or affect the validity of
any such supplemental indenture.

                SECTION 9.3     Execution of Supplemental Indentures. In
executing, or permitting the additional trusts created by, any supplemental
indenture permitted by this Article IX or the amendments or modifications
thereby of the trusts created by this Indenture, the Trustee shall be entitled
to receive and shall be fully protected in relying upon, an Opinion of Counsel
stating that the execution of such supplemental indenture is authorized or
permitted by this Indenture. The Trustee may, but shall not be obligated to,
enter into any such supplemental indenture that affects the Trustee's own
rights, duties, liabilities or immunities under this Indenture or otherwise.

                SECTION 9.4     Effect of Supplemental Indenture. Upon the
execution of any supplemental indenture pursuant to the provisions hereof, this
Indenture shall be and be deemed to be modified and amended in accordance
therewith with respect to the Notes affected thereby, and the respective rights,
limitations of rights, obligations, duties, liabilities and immunities under
this Indenture of the Trustee, the Issuer and the Holders of the Notes shall
thereafter be determined, exercised and enforced hereunder subject in all
respects to such modifications and amendments, and all the terms and conditions
of any such supplemental indenture shall be and be deemed to be part of the
terms and conditions of this Indenture for any and all purposes.

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<PAGE>

                SECTION 9.5     Conformity With Trust Indenture Act. Every
amendment of this Indenture and every supplemental indenture executed pursuant
to this Article IX shall conform to the requirements of the Trust Indenture Act
as then in effect so long as this Indenture shall then be qualified under the
Trust Indenture Act.

                SECTION 9.6     Reference in Notes to Supplemental Indentures.
Notes authenticated and delivered after the execution of any supplemental
indenture pursuant to this Article IX may, and if required by the Trustee shall,
bear a notation in form approved by the Trustee as to any matter provided for in
such supplemental indenture. If the Issuer or the Trustee shall so determine,
new Notes so modified as to conform, in the opinion of the Trustee and the
Issuer, to any such supplemental indenture may be prepared and executed by the
Issuer and authenticated and delivered by the Trustee in exchange for
Outstanding Notes.

                                    ARTICLE X

                               Redemption of Notes

                SECTION 10.1    Redemption.

                (a)     The Notes are subject to redemption in whole, but not in
part, at the direction of the Servicer or the Seller pursuant to Section 10.1(a)
of the Sale and Servicing Agreement, on any Distribution Date on which the
Servicer or Seller exercises its option to purchase the Trust Estate pursuant to
said Section 10.1(a), for a purchase price equal to the Redemption Price;
provided, however, that the Issuer has available funds sufficient to pay the
Redemption Price. The Servicer or the Issuer shall furnish the Rating Agencies
notice of such redemption. If the Notes are to be redeemed pursuant to this
Section 10.1(a), the Servicer or the Issuer shall furnish notice of such
election to the Trustee not later than 35 days prior to the Redemption Date and
the Issuer shall deposit with the Trustee in the Collection Account the
Redemption Price of the Notes to be redeemed whereupon all such Notes shall be
due and payable on the Redemption Date upon the furnishing of a notice complying
with Section 10.2 to each Holder of Notes.

                (b)     In the event that the assets of the Trust are
distributed pursuant to Section 8.1 of the Trust Agreement, all amounts on
deposit in the Note Distribution Account shall be paid to the Noteholders up to
the Outstanding Amount of the Notes and all accrued and unpaid interest thereon.
If amounts are to be paid to Noteholders pursuant to this Section 10.1(b), the
Servicer or the Issuer shall, to the extent practicable, furnish notice of such
event to the Trustee not later than 45 days prior to the Redemption Date
whereupon all such amounts shall be payable on the Redemption Date.

                SECTION 10.2    Form of Redemption. Notice of redemption under
Section 10.1(a) shall be given by the Trustee by facsimile or by first-class
mail, postage prepaid, transmitted or mailed prior to the applicable Redemption
Date to each Holder of Notes, as of the close of business on the Record Date
preceding the applicable Redemption Date, at such Holder's address appearing in
the Note Register.

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<PAGE>

                All notices of redemption shall state:

                (i)     the Redemption Date;

                (ii)    the Redemption Price;

                (iii)   that the Record Date otherwise applicable to such
        Redemption Date is not applicable and that payments shall be made only
        upon presentation and surrender of such Notes and the place where such
        Notes are to be surrendered for payment of the Redemption Price (which
        shall be the office or agency of the Issuer to be maintained as provided
        in Section 3.2); and

                (iv)    that interest on the Notes shall cease to accrue on the
        Redemption Date.

                Notice of redemption of the Notes shall be given by the Trustee
in the name and at the expense of the Issuer. Failure to give notice of
redemption, or any defect therein, to any Holder of any Note shall not impair or
affect the validity of the redemption of any other Note.

                SECTION 10.3    Notes Payable on Redemption Date. The Notes to
be redeemed shall, following notice of redemption, as required by Section 10.2
(in the case of redemption pursuant to Section 10.1(a)), on the Redemption Date
become due and payable at the Redemption Price and (unless the Issuer shall
default in the payment of the Redemption Price) no interest shall accrue on the
Redemption Price for any period after the date to which accrued interest is
calculated for purposes of calculating the Redemption Price.

                                   ARTICLE XI

                                  Miscellaneous

                SECTION 11.1    Compliance Certificates and Opinions, etc.

                (a)     Upon any application or request by the Issuer to the
Trustee or the Trust Collateral Agent to take any action under any provision of
this Indenture, the Issuer shall furnish to the Trustee or the Trust Collateral
Agent, as the case may be, (i) an Officer's Certificate stating that all
conditions precedent, if any, provided for in this Indenture relating to the
proposed action have been complied with, (ii) an Opinion of Counsel stating that
in the opinion of such counsel all such conditions precedent, if any, have been
complied with and (iii) (if required by the TIA) an Independent Certificate from
a firm of certified public accountants meeting the applicable requirements of
this Section, except that, in the case of any such application or request as to
which the furnishing of such documents is specifically required by any provision
of this Indenture, no additional certificate or opinion need be furnished.

                Every certificate or opinion with respect to compliance with a
condition or covenant provided for in this Indenture shall include:

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<PAGE>

                (i)     a statement that each signatory of such certificate or
        opinion has read or has caused to be read such covenant or condition and
        the definitions herein relating thereto;

                (ii)    a brief statement as to the nature and scope of the
        examination or investigation upon which the statements or opinions
        contained in such certificate or opinion are based;

                (iii)   a statement that, in the opinion of each such signatory,
        such signatory has made such examination or investigation as is
        necessary to enable such signatory to express an informed opinion as to
        whether or not such covenant or condition has been complied with; and

                (iv)    a statement as to whether, in the opinion of each such
        signatory such condition or covenant has been complied with.

                (b)     (i)     Prior to the deposit of any Collateral or other
        property or securities with the Trust Collateral Agent that is to be
        made the basis for the release of any property or securities subject to
        the lien of this Indenture, the Issuer shall, in addition to any
        obligation imposed in Section 11.1(a) or elsewhere in this Indenture,
        furnish to the Trust Collateral Agent an Officer's Certificate
        certifying or stating the opinion of each person signing such
        certificate as to the fair value (within 90 days of such deposit) to the
        Issuer of the Collateral or other property or securities to be so
        deposited.

                (ii)    Whenever the Issuer is required to furnish to the Trust
        Collateral Agent an Officer's Certificate certifying or stating the
        opinion of any signer thereof as to the matters described in clause (i)
        above, the Issuer shall also deliver to the Trust Collateral Agent an
        Independent Certificate as to the same matters, if the fair value to the
        Issuer of the securities to be so deposited and of all other such
        securities made the basis of any such withdrawal or release since the
        commencement of the then-current fiscal year of the Issuer, as set forth
        in the certificates delivered pursuant to clause (i) above and this
        clause (ii), is 10% or more of the Outstanding Amount of the Notes, but
        such a certificate need not be furnished with respect to any securities
        so deposited, if the fair value thereof to the Issuer as set forth in
        the related Officer's Certificate is less than $25,000 or less than 1%
        percent of the Outstanding Amount of the Notes.

                (iii)   Other than with respect to the release of any Purchased
        Receivables, Sold Receivables or Liquidated Receivables, whenever any
        property or securities are to be released from the lien of this
        Indenture, the Issuer shall also furnish to the Trust Collateral Agent
        an Officer's Certificate certifying or stating the opinion of each
        person signing such certificate as to the fair value (within 90 days of
        such release) of the property or securities proposed to be released and
        stating that in the opinion of such person the proposed release will not
        impair the security under this Indenture in contravention of the
        provisions hereof.

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<PAGE>

                (iv)    Whenever the Issuer is required to furnish to the
        Trustee an Officer's Certificate certifying or stating the opinion of
        any signer thereof as to the matters described in clause (iii) above,
        the Issuer shall also furnish to the Trust Collateral Agent an
        Independent Certificate as to the same matters if the fair value of the
        property or securities and of all other property other than Purchased
        Receivables, Sold Receivables and Defaulted Receivables, or securities
        released from the lien of this Indenture since the commencement of the
        then current calendar year, as set forth in the certificates required by
        clause (iii) above and this clause (iv), equals 10% or more of the
        Outstanding Amount of the Notes, but such certificate need not be
        furnished in the case of any release of property or securities if the
        fair value thereof as set forth in the related Officer's Certificate is
        less than $25,000 or less than 1 percent of the then Outstanding Amount
        of the Notes.

                (v)     Notwithstanding Section 2.9 or any other provision of
        this Section, the Issuer may (A) collect, liquidate, sell or otherwise
        dispose of Receivables as and to the extent permitted or required by the
        Basic Documents and (B) make cash payments out of the Trust Accounts as
        and to the extent permitted or required by the Basic Documents.

                SECTION 11.2    Form of Documents Delivered to Trustee. In any
case where several matters are required to be certified by, or covered by an
opinion of, any specified Person, it is not necessary that all such matters be
certified by, or covered by the opinion of, only one such Person, or that they
be so certified or covered by only one document, but one such Person may certify
or give an opinion with respect to some matters and one or more other such
Persons as to other matters, and any such Person may certify or give an opinion
as to such matters in one or several documents.

                Any certificate or opinion of an Authorized Officer of the
Issuer may be based, insofar as it relates to legal matters, upon a certificate
or opinion of, or representations by, counsel, unless such officer knows, or in
the exercise of reasonable care should know, that the certificate or opinion or
representations with respect to the matters upon which his or her certificate or
opinion is based are erroneous. Any such certificate of an Authorized Officer or
Opinion of Counsel may be based, insofar as it relates to factual matters, upon
a certificate or opinion of, or representations by, an officer or officers of
the Servicer, the Seller or the Issuer, stating that the information with
respect to such factual matters is in the possession of the Servicer, the Seller
or the Issuer, unless such counsel knows, or in the exercise of reasonable care
should know, that the certificate or opinion or representations with respect to
such matters are erroneous.

                Where any Person is required to make, give or execute two or
more applications, requests, consents, certificates, statements, opinions or
other instruments under this Indenture, they may, but need not, be consolidated
and form one instrument.

                Whenever in this Indenture, in connection with any application
or certificate or report to the Trustee, it is provided that the Issuer shall
deliver any document as a condition of the granting of such application, or as
evidence of the Issuer's compliance with any term hereof, it is intended that
the truth and accuracy, at the time of the granting of such application or at
the effective date of such certificate or report (as the case may be), of the
facts and opinions stated in such document shall in such case be conditions
precedent to the right of the Issuer to have such application granted or to the
sufficiency of such certificate or report. The foregoing shall not, however, be
construed to affect the Trustee's right to rely upon the truth and accuracy of
any statement or opinion contained in any such document as provided in
Article VI.

                                       59
<PAGE>

                SECTION 11.3    Acts of Noteholders.

                (a)     Any request, demand, authorization, direction, notice,
consent, waiver or other action provided by this Indenture to be given or taken
by Noteholders may be embodied in and evidenced by one or more instruments of
substantially similar tenor signed by such Noteholders in person or by agents
duly appointed in writing; and except as herein otherwise expressly provided
such action shall become effective when such instrument or instruments are
delivered to the Trustee, and, where it is hereby expressly required, to the
Issuer. Such instrument or instruments (and the action embodied therein and
evidenced thereby) are herein sometimes referred to as the "Act" of the
Noteholders signing such instrument or instruments. Proof of execution of any
such instrument or of a writing appointing any such agent shall be sufficient
for any purpose of this Indenture and (subject to Section 6.1) conclusive in
favor of the Trustee and the Issuer, if made in the manner provided in this
Section. In the event the Trustee shall receive conflicting or inconsistent
requests and indemnity from two or more groups of Noteholders, each representing
less than a majority of the Outstanding Amount of the Notes or the Majority
Noteholders, the Trustee in its sole discretion may determine what action, if
any, shall be taken, notwithstanding any other provisions of this Indenture.

                (b)     The fact and date of the execution by any person of any
such instrument or writing may be proved in any customary manner of the Trustee.

                (c)     The ownership of Notes shall be proved by the Note
Register.

                (d)     Any request, demand, authorization, direction, notice,
consent, waiver or other action by the Holder of any Notes shall bind the Holder
of every Note issued upon the registration thereof or in exchange therefor or in
lieu thereof, in respect of anything done, omitted or suffered to be done by the
Trustee or the Issuer in reliance thereon, whether or not notation of such
action is made upon such Note.

                SECTION 11.4    Notices, etc., to Trustee, Issuer and Rating
Agencies. Any request, demand, authorization, direction, notice, consent, waiver
or Act of Noteholders or other documents provided or permitted by this Indenture
to be made upon, given or furnished to or filed with:

                (a)     The Trustee by any Noteholder or by the Issuer shall be
sufficient for every purpose hereunder if personally delivered, delivered by
overnight courier or mailed certified mail, return receipt requested and shall
be deemed to have been duly given upon receipt to the Trustee at its Corporate
Trust Office, or

                (b)     The Issuer by the Trustee or by any Noteholder shall be
sufficient for every purpose hereunder if personally delivered, delivered by
overnight courier or mailed certified mail, return receipt requested and shall
deemed to have been duly given upon receipt to the Issuer addressed to:
AmeriCredit Automobile Receivables Trust 2005-1, in care of Wilmington Trust
Company at Rodney Square North, 1100 North Market Street, Wilmington, Delaware
19890-0001, Attention: Corporate Trust Administration, or at any other address
previously furnished in writing to the Trustee by Issuer. The Issuer shall
promptly transmit any notice received by it from the Noteholders to the Trustee.

                                       60
<PAGE>

                (c)     Notices required to be given to the Rating Agencies by
the Issuer, the Trustee or the Owner Trustee shall be in writing, personally
delivered, electronically delivered, delivered by overnight courier or mailed
certified mail, return receipt requested to (i) in the case of Moody's, at the
following address: Moody's Investors Service, Inc., 99 Church Street, New York,
New York 10007; and (ii) in the case of Standard & Poor's, via electronic
delivery to Servicer_reports@sandp.com; for any information not available in
electronic format, send hard copies to: Standard & Poor's Ratings Services, 55
Water Street, 41st floor, New York, New York 10041, Attention: ABS Surveillance
Group; or as to each of the foregoing, at such other address as shall be
designated by written notice to the other parties.

                SECTION 11.5    Notices to Noteholders; Waiver. Where this
Indenture provides for notice to Noteholders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing
and mailed, first-class, postage prepaid to each Noteholder affected by such
event, at his address as it appears on the Note Register, not later than the
latest date, and not earlier than the earliest date, prescribed for the giving
of such notice. In any case where notice to Noteholders is given by mail,
neither the failure to mail such notice nor any defect in any notice so mailed
to any particular Noteholder shall affect the sufficiency of such notice with
respect to other Noteholders, and any notice that is mailed in the manner here
in provided shall conclusively be presumed to have been duly given.

                Where this Indenture provides for notice in any manner, such
notice may be waived in writing by any Person entitled to receive such notice,
either before or after the event, and such waiver shall be the equivalent of
such notice. Waivers of notice by Noteholders shall be filed with the Trustee
but such filing shall not be a condition precedent to the validity of any action
taken in reliance upon such a waiver.

                In case, by reason of the suspension of regular mail service as
a result of a strike, work stoppage or similar activity, it shall be impractical
to mail notice of any event to Noteholders when such notice is required to be
given pursuant to any provision of this Indenture, then any manner of giving
such notice as shall be satisfactory to the Trustee shall be deemed to be a
sufficient giving of such notice.

                Where this Indenture provides for notice to the Rating Agencies,
failure to give such notice shall not affect any other rights or obligations
created hereunder, and shall not under any circumstance constitute a Default or
Event of Default.

                SECTION 11.6    [Reserved]

                SECTION 11.7    Conflict with Trust Indenture Act. If any
provision hereof limits, qualifies or conflicts with another provision hereof
that is required to be included in this Indenture by any of the provisions of
the Trust Indenture Act, such required provision shall control.

                The provisions of TIA Sections 310 through 317 that impose
duties on any person (including the provisions automatically deemed included
herein unless expressly excluded by this Indenture) are a part of and govern
this Indenture, whether or not physically contained herein.

                                       61
<PAGE>

                SECTION 11.8    Effect of Headings and Table of Contents. The
Article and Section headings herein and the Table of Contents are for
convenience only and shall not affect the construction hereof.

                SECTION 11.9    Successors and Assigns. All covenants and
agreements in this Indenture and the Notes by the Issuer shall bind its
successors and assigns, whether so expressed or not. All agreements of the
Trustee in this Indenture shall bind its successors. All agreements of the Trust
Collateral Agent in this Indenture shall bind its successors.

                SECTION 11.10   Separability. In case any provision in this
Indenture or in the Notes shall be invalid, illegal or unenforceable, the
validity, legality, and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby.

                SECTION 11.11   Benefits of Indenture. Nothing in this
Indenture or in the Notes, express or implied, shall give to any Person, other
than the parties hereto and their successors hereunder, and the Noteholders, and
any other party secured hereunder, and any other person with an Ownership
interest in any part of the Trust Estate, any benefit or any legal or equitable
right, remedy or claim under this Indenture.

                SECTION 11.12   Legal Holidays. In any case where the date on
which any payment is due shall not be a Business Day, then (notwithstanding any
other provision of the Notes or this Indenture) payment need not be made on such
date, but may be made on the next succeeding Business Day with the same force
and effect as if made on the date on which nominally due, and no interest shall
accrue for the period from and after any such nominal date.

                SECTION 11.13   GOVERNING LAW. THIS INDENTURE SHALL BE CONSTRUED
IN ACCORDANCE WITH, AND THIS INDENTURE AND ALL MATTERS ARISING OUT OF OR
RELATING IN ANY WAY TO THIS INDENTURE SHALL BE, 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 11.14   Counterparts. This Indenture may be executed in
any number of counterparts, each of which so executed shall be deemed to be an
original, but all such counterparts shall together constitute but one and the
same instrument.

                SECTION 11.15   Recording of Indenture. If this Indenture is
subject to recording in any appropriate public recording offices, such recording
is to be effected by the Issuer and at its expense accompanied by an Opinion of
Counsel (which may be counsel to the Trustee or any other counsel reasonably
acceptable to the Trustee) to the effect that such recording is necessary either
for the protection of the Noteholders or any other person secured hereunder or
for the enforcement of any right or remedy granted to the Trustee or the Trust
Collateral Agent under this Indenture.

                                       62
<PAGE>

                SECTION 11.16   Trust Obligation. No recourse may be taken,
directly or indirectly, with respect to the obligations of the Issuer, the
Seller, the Servicer, the Backup Servicer, the Owner Trustee, the Trust
Collateral Agent or the Trustee on the Notes or under this Indenture, any other
Basic Document or any certificate or other writing delivered in connection
herewith or therewith, against (i) the Seller, the Servicer, the Backup
Servicer, the Trustee, the Trust Collateral Agent or the Owner Trustee in its
individual capacity, (ii) any owner of a beneficial interest in the Issuer or
(iii) any partner, owner, beneficiary, agent, officer, director, employee or
agent of the Seller, the Servicer, the Backup Servicer, the Trustee, the Trust
Collateral Agent or the Owner Trustee in its individual capacity, any holder of
a beneficial interest in the Issuer, the Seller, the Servicer, the Backup
Servicer, the Owner Trustee, the Trust Collateral Agent or the Trustee or of any
successor or assign of the Seller, the Servicer, the Backup Servicer, the
Trustee, the Trust Collateral Agent or the Owner Trustee in its individual
capacity, except as any such Person may have expressly agreed (it being
understood that the Trustee, the Trust Collateral Agent, the Backup Servicer and
the Owner Trustee have no such obligations in their individual capacity) and
except that any such partner, owner or beneficiary shall be fully liable, to the
extent provided by applicable law, for any unpaid consideration for stock,
unpaid capital contribution or failure to pay any installment or call owing to
such entity. For all purposes of this Indenture, 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 Article
VI, VII and VIII of the Trust Agreement.

                SECTION 11.17   No Petition. The Trustee and the Trust
Collateral Agent, by entering into this Indenture, and each Noteholder, by
accepting a Note, hereby covenant and agree that they will not at any time
institute against the Seller, or the Issuer, or join in any institution against
the Seller, or the Issuer of, any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings, or other proceedings under any United
States federal or State bankruptcy or similar law in connection with any
obligations relating to the Notes, this Indenture or any of the Basic Documents.

                SECTION 11.18   Inspection. The Issuer agrees that, on
reasonable prior notice, it will permit any representative of the Trustee,
during the Issuer's normal business hours, to examine all the books of account,
records, reports, and other papers of the Issuer, to make copies and extracts
therefrom, to cause such books to be audited by independent certified public
accountants, and to discuss the Issuer's affairs, finances and accounts with the
Issuer's officers, employees, and independent certified public accountants, all
at such reasonable times and as often as may be reasonably requested.
Notwithstanding anything herein to the contrary, the foregoing shall not be
construed to prohibit (i) disclosure of any and all information that is or
becomes publicly known, (ii) disclosure of any and all information (A) if
required to do so by any applicable statute, law, rule or regulation, (B) to any
government agency or regulatory body having or claiming authority to regulate or
oversee any respects of the Trustee's business or that of its affiliates, (C)
pursuant to any subpoena, civil investigative demand or similar demand or
request of any court, regulatory authority, arbitrator or arbitration to which
the Trustee or an affiliate or an officer, director, employer or shareholder
thereof is a party, (D) in any preliminary or final offering circular,
registration statement or contract or other document pertaining to the
transactions contemplated by the Indenture approved in advance by the Servicer
or the Issuer or (E) to any independent or internal auditor, agent, employee or
attorney of the Trustee having a need to know the same, provided that the
Trustee advises such recipient of the confidential nature of the information
being disclosed, or (iii) any other disclosure authorized by the Servicer or the
Issuer.

                            [SIGNATURE PAGE FOLLOWS]

                                       63
<PAGE>

                IN WITNESS WHEREOF, the Issuer and the Trustee have caused this
Indenture to be duly executed by their respective officers, hereunto duly
authorized, all as of the day and year first above written.

                                        AMERICREDIT AUTOMOBILE RECEIVABLES
                                        TRUST 2005-1,

                                        By:  WILMINGTON TRUST COMPANY, not in
                                             its individual capacity but
                                             solely as Owner Trustee

                                        By:  /s/ Heather L. Williamson
                                             -----------------------------------
                                             Name:  Heather L. Williamson
                                             Title: Financial Services Officer

                                        JPMORGAN CHASE BANK, NATIONAL
                                        ASSOCIATION, not in its individual
                                        capacity but solely as Trustee and
                                        Trust Collateral Agent

                                        By:  /s/ Aranka R. Paul
                                             -----------------------------------
                                             Name:  Aranka R. Paul
                                             Title: Assistant Vice President

<PAGE>

                                                                     EXHIBIT A-1

REGISTERED                                                      $138,000,000

No. RB A-1

                       SEE REVERSE FOR CERTAIN DEFINITIONS

                                                        CUSIP NO. 03061N HY 8

                Unless this Note is presented by an authorized representative of
The Depository Trust Company, a New York corporation ("DTC"), to the Issuer or
its agent for registration of transfer, exchange or payment, and any Note issued
is registered in the name of Cede & Co. or in such other name as is requested by
an authorized representative of DTC (and any payment is made to Cede & Co. or to
such other entity as is requested by an authorized representative of DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest
herein.

                THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET
FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY
TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

                 AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2005-1

                       CLASS A-1 3.1425% ASSET BACKED NOTE

                AmeriCredit Automobile Receivables Trust 2005-1, a statutory
trust organized and existing under the laws of the State of Delaware (herein
referred to as the "Issuer"), for value received, hereby promises to pay to CEDE
& CO., or registered assigns, the principal sum of ONE HUNDRED THIRTY-EIGHT
MILLION DOLLARS payable on each Distribution Date in an amount equal to the
result obtained by multiplying (i) a fraction the numerator of which is
$138,000,000 and the denominator of which is $138,000,000 by (ii) the aggregate
amount, if any, payable from the Note Distribution Account in respect of
principal on the Class A-1 Notes pursuant to the Indenture; provided, however,
that the entire unpaid principal amount of this Note shall be due and payable on
the April 6, 2006 Distribution Date (the "Final Scheduled Distribution Date").
The Issuer will pay interest on this Note at the rate per annum shown above on
each Distribution Date until the principal of this Note is paid or made
available for payment. Interest on this Note will accrue for each Distribution
Date from the most recent Distribution Date on which interest has been paid to
but excluding such Distribution Date or, if no interest has yet been paid, from
April 14, 2005. Interest will be computed on the basis of a 360-day year and the
actual number of days in the related Interest Period. Such principal of and
interest on this Note shall be paid in the manner specified on the reverse
hereof.

<PAGE>

                The principal of and interest on this Note are payable in such
coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts. All payments made by the
Issuer with respect to this Note shall be applied first to interest due and
payable on this Note as provided above and then to the unpaid principal of this
Note.

                Reference is made to the further provisions of this Note set
forth on the reverse hereof, which shall have the same effect as though fully
set forth on the face of this Note.

                Unless the certificate of authentication hereon has been
executed by the Trustee whose name appears below by manual signature, this Note
shall not be entitled to any benefit under the Indenture referred to on the
reverse hereof, or be valid or obligatory for any purpose.

                                      A-1-2
<PAGE>

                IN WITNESS WHEREOF, the Issuer has caused this instrument to be
signed, manually or in facsimile, by its Authorized Officer as of the date set
forth below.

                                        AMERICREDIT AUTOMOBILE RECEIVABLES
                                        TRUST 2005-1

                                        by

                                        WILMINGTON TRUST COMPANY, not in its
                                        individual capacity but solely as Owner
                                        Trustee under the Trust Agreement

                                        by
                                            ------------------------------------
                                        Name:
                                        Title:

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

                This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

Date:  April 14, 2005                   JPMORGAN CHASE BANK, NATIONAL
                                        ASSOCIATION, not in its individual
                                        capacity but solely as Trustee

                                        by
                                            ------------------------------------
                                        Authorized Signer

                                      A-1-3
<PAGE>

                                [REVERSE OF NOTE]

                This Note is one of a duly authorized issue of Notes of the
Issuer, designated as its Class A-1 3.1425% Asset Backed Notes (herein called
the "Class A-1 Notes"), all issued under an Indenture dated as of April 6, 2005
(such indenture, as supplemented or amended, is herein called the "Indenture"),
between the Issuer and JPMorgan Chase Bank, National Association, as trustee
(the "Trustee," which term includes any successor Trustee under the Indenture)
and as trust collateral agent (the "Trust Collateral Agent"), which term
includes any successor Trust Collateral Agent) to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuer, the Trustee and the
Holders of the Notes. The Notes are subject to all terms of the Indenture. All
terms used in this Note that are defined in the Indenture, as supplemented or
amended, shall have the meanings assigned to them in or pursuant to the
Indenture, as so supplemented or amended.

                The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes,
the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes
(together, the "Notes") are and will be equally and ratably secured by the
collateral pledged as security therefor as provided in the Indenture.

                Principal of the Class A-1 Notes will be payable on each
Distribution Date in an amount described on the face hereof. "Distribution Date"
means the sixth day of each month, or, if any such date is not a Business Day,
the next succeeding Business Day, commencing May 6, 2005. The term "Distribution
Date," shall be deemed to include the Final Scheduled Distribution Date.

                As described above, the entire unpaid principal amount of this
Note shall be due and payable on the earlier of the Final Scheduled Distribution
Date and the Redemption Date, if any, pursuant to the Indenture. As described
above, a portion of the unpaid principal balance of this Note shall be due and
payable on the Redemption Date. Notwithstanding the foregoing, the entire unpaid
principal amount of the Notes shall be due and payable on the date on which an
Event of Default shall have occurred and be continuing and the Majority
Noteholders have declared the Notes to be immediately due and payable in the
manner provided in the Indenture. All principal payments on the Class A-1 Notes
shall be made pro rata to the Class A-1 Noteholders entitled thereto.

                Payments of interest on this Note due and payable on each
Distribution Date, together with the installment of principal, if any, to the
extent not in full payment of this Note, shall be made by check mailed to the
Person whose name appears as the Holder of this Note (or one or more Predecessor
Notes) on the Note Register as of the close of business on each Record Date,
except that with respect to Notes registered on the Record Date in the name of
the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.),
payments will be made by wire transfer in immediately available funds to the
account designated by such nominee. Such checks shall be mailed to the Person
entitled thereto at the address of such Person as it appears on the Note
Register as of the applicable Record Date without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any
Distribution Date shall

                                      A-1-4
<PAGE>

be binding upon all future Holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not noted hereon. If funds are expected to be available, as provided in the
Indenture, for payment in full of the then remaining unpaid principal amount of
this Note on a Distribution Date, then the Trustee, in the name of and on behalf
of the Issuer, will notify the Person who was the Holder hereof as of the Record
Date preceding such Distribution Date by notice mailed prior to such
Distribution Date and the amount then due and payable shall be payable only upon
presentation and surrender of this Note at the Trustee's principal Corporate
Trust Office or at the office of the Trustee's agent appointed for such purposes
located in New York, New York.

                The Issuer shall pay interest on overdue installments of
interest at the Class A-1 Interest Rate to the extent lawful.

                As provided in the Indenture and subject to certain limitations
set forth therein, the transfer of this Note may be registered on the Note
Register upon surrender of this Note for registration of transfer at the office
or agency designated by the Issuer pursuant to the Indenture, (i) duly endorsed
by, or accompanied by a written instrument of transfer in form satisfactory to
the Trustee duly executed by, the Holder hereof or his attorney duly authorized
in writing, with such signature guaranteed by an "eligible guarantor
institution" meeting the requirements of the Note Registrar which requirements
include membership or participation in Securities Transfer Agents Medallion
Program ("STAMP") or such other "signature guarantee program" as may be
determined by the Note Registrar in addition to, or in substitution for, STAMP,
all in accordance with the Exchange Act, and (ii) accompanied by such other
documents as the Trustee may require, and thereupon one or more new Notes of
authorized denominations and in the same aggregate principal amount will be
issued to the designated transferee or transferees. No service charge will be
charged for any registration of transfer or exchange of this Note, but the
transferor may be required to pay a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any such registration
of transfer or exchange.

                Each Noteholder or Note Owner, by acceptance of a Note or, in
the case of a Note Owner, a beneficial interest in a Note covenants and agrees
(i) that no recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuer, the Owner Trustee or the Trustee on the Notes or
under the Indenture or any certificate or other writing delivered in connection
therewith, against (a) the Seller, the Servicer, the Trustee or the Owner
Trustee in its individual capacity, (b) any owner of a beneficial interest in
the Issuer or (c) any partner, owner, beneficiary, agent, officer, director or
employee of the Seller, the Servicer, the Trustee or the Owner Trustee in its
individual capacity, any holder of a beneficial interest in the Issuer, the
Seller, the Servicer, the Owner Trustee or the Trustee or of any successor or
assign of the Seller, the Servicer, the Trustee or the Owner Trustee in its
individual capacity, except as any such Person may have expressly agreed (it
being understood that the Trustee and the Owner Trustee have no such obligations
in their individual capacity) and except that any such partner, owner or
beneficiary shall be fully liable, to the extent provided by applicable law, for
any unpaid consideration for stock, unpaid capital contribution or failure to
pay any installment or call owing to such entity, and (ii) to treat the Notes as
indebtedness for purposes of federal income, state and local income and
franchise and any other income taxes.

                                      A-1-5
<PAGE>

                Prior to the due presentment for registration of transfer of
this Note, the Issuer and the Trustee and any agent of the Issuer or the Trustee
may treat the Person in whose name this Note (as of the day of determination or
as of such other date as may be specified in the Indenture) is registered as the
owner hereof for all purposes, whether or not this Note be overdue, and neither
the Issuer, the Trustee nor any such agent shall be affected by notice to the
contrary.

                The Indenture permits, with certain exceptions as therein
provided, the amendment thereof and the modification of the rights and
obligations of the Issuer and the rights of the Holders of the Notes under the
Indenture at any time by the Issuer with the consent of the Majority
Noteholders. The Indenture also contains provisions permitting the Noteholders
representing specified percentages of the Outstanding Amount of the Notes, on
behalf of the Holders of all the Notes, to waive compliance by the Issuer with
certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of
this Note (or any one of more Predecessor Notes) shall be conclusive and binding
upon such Holder and upon all future Holders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange hereof or in lieu hereof
whether or not notation of such consent or waiver is made upon this Note. The
Indenture also permits the Trustee to amend or waive certain terms and
conditions set forth in the Indenture without the consent of Holders of the
Notes issued thereunder.

                The term "Issuer" as used in this Note includes any successor to
the Issuer under the Indenture.

                The Issuer is permitted by the Indenture, under certain
circumstances, to merge or consolidate, subject to the rights of the Trustee and
the Noteholders under the Indenture.

                The Notes are issuable only in registered form in denominations
as provided in the Indenture, subject to certain limitations therein set forth.

                This Note and the Indenture shall be construed in accordance
with the laws of the State of New York, without reference to its conflict of law
provisions, and the obligations, rights and remedies of the parties hereunder
and thereunder shall be determined in accordance with such laws.

                No reference herein to the Indenture and no provision of this
Note or of the Indenture shall alter or impair the obligation of the Issuer,
which is absolute and unconditional, to pay the principal of and interest on
this Note at the times, place, and rate, and in the coin or currency herein
prescribed.

                Anything herein to the contrary notwithstanding, except as
expressly provided in the Indenture or the Basic Documents, neither Wilmington
Trust Company in its individual capacity, any owner of a beneficial interest in
the Issuer, nor any of their respective partners, beneficiaries, agents,
officers, directors, employees or successors or assigns shall be personally
liable for, nor shall recourse be had to any of them for, the payment of
principal of or interest on, or performance of, or omission to perform, any of
the covenants, obligations or indemnifications contained in this Note or the
Indenture, it being expressly understood that said covenants, obligations and
indemnifications have been made by the Owner Trustee for the sole purposes of
binding the interests of the Owner Trustee in the assets of the Issuer. The
Holder of this Note by the acceptance hereof agrees that except as expressly
provided in the Indenture or the Basic Documents, in the case of an Event of
Default under the Indenture, the Holder shall have no claim against any of the
foregoing for any deficiency, loss or claim therefrom; provided, however, that
nothing contained herein shall be taken to prevent recourse to, and enforcement
against, the assets of the Issuer for any and all liabilities, obligations and
undertakings contained in the Indenture or in this Note.

                                      A-1-6
<PAGE>

                                   ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee

                FOR VALUE RECEIVED, the undersigned hereby sells, assigns and
transfers unto _________________________________
                (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints, attorney, to transfer said Note on the books kept for registration
thereof, with full power of substitution in the premises.

Dated                             (1)
     -----------------------------      ----------------------------------------
                                        Signature Guaranteed:

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

----------
        (1) NOTE: The signature to this assignment must correspond with the name
of the registered owner as it appears on the face of the within Note in every
particular, without alteration, enlargement or any change whatsoever.

                                      A-1-7
<PAGE>

                                                                     EXHIBIT A-2

REGISTERED                                                      $256,000,000

No. RB A-2

                       SEE REVERSE FOR CERTAIN DEFINITIONS

                                                           CUSIP NO. 03061N HZ 5

                Unless this Note is presented by an authorized representative of
The Depository Trust Company, a New York corporation ("DTC"), to the Issuer or
its agent for registration of transfer, exchange or payment, and any Note issued
is registered in the name of Cede & Co. or in such other name as is requested by
an authorized representative of DTC (and any payment is made to Cede & Co. or to
such other entity as is requested by an authorized representative of DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest
herein.

                THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET
FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY
TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

                 AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2005-1

                        CLASS A-2 3.82% ASSET BACKED NOTE

                AmeriCredit Automobile Receivables Trust 2005-1, a statutory
trust organized and existing under the laws of the State of Delaware (herein
referred to as the "Issuer"), for value received, hereby promises to pay to CEDE
& CO., or registered assigns, the principal sum of TWO HUNDRED FIFTY-SIX MILLION
DOLLARS payable on each Distribution Date in an amount equal to the result
obtained by multiplying (i) a fraction the numerator of which is $256,000,000
and the denominator of which is $256,000,000 by (ii) the aggregate amount, if
any, payable from the Note Distribution Account in respect of principal on the
Class A-2 Notes pursuant to the Indenture; provided, however, that the entire
unpaid principal amount of this Note shall be due and payable on the August 6,
2008 Distribution Date (the "Final Scheduled Distribution Date"). The Issuer
will pay interest on this Note at the rate per annum shown above on each
Distribution Date until the principal of this Note is paid or made available for
payment. Interest on this Note will accrue for each Distribution Date from the
most recent Distribution Date on which interest has been paid to but excluding
such Distribution Date or, if no interest has yet been paid, from April 14,
2005. Interest will be computed on the basis of a 360-day year of twelve 30-day
months. Such principal of and interest on this Note shall be paid in the manner
specified on the reverse hereof.

<PAGE>

                The principal of and interest on this Note are payable in such
coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts. All payments made by the
Issuer with respect to this Note shall be applied first to interest due and
payable on this Note as provided above and then to the unpaid principal of this
Note.

                Reference is made to the further provisions of this Note set
forth on the reverse hereof, which shall have the same effect as though fully
set forth on the face of this Note.

                Unless the certificate of authentication hereon has been
executed by the Trustee whose name appears below by manual signature, this Note
shall not be entitled to any benefit under the Indenture referred to on the
reverse hereof, or be valid or obligatory for any purpose.

                                      A-2-2
<PAGE>

                IN WITNESS WHEREOF, the Issuer has caused this instrument to be
signed, manually or in facsimile, by its Authorized Officer as of the date set
forth below.

                                        AMERICREDIT AUTOMOBILE RECEIVABLES
                                        TRUST 2005-1

                                        by

                                        WILMINGTON TRUST COMPANY, not in its
                                        individual capacity but solely as Owner
                                        Trustee under the Trust Agreement

                                        by
                                            ------------------------------------
                                        Name:
                                        Title:

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

                This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

Date:  April 14, 2005                   JPMORGAN CHASE BANK, NATIONAL
                                        ASSOCIATION, not in its individual
                                        capacity but solely as Trustee

                                        by
                                            ------------------------------------
                                        Authorized Signer

                                      A-2-3
<PAGE>

                                [REVERSE OF NOTE]

                This Note is one of a duly authorized issue of Notes of the
Issuer, designated as its Class A-2 3.82% Asset Backed Notes (herein called the
"Class A-2 Notes"), all issued under an Indenture dated as of April 6, 2005
(such indenture, as supplemented or amended, is herein called the "Indenture"),
between the Issuer and JPMorgan Chase Bank, National Association, as trustee
(the "Trustee," which term includes any successor Trustee under the Indenture)
and as trust collateral agent (the "Trust Collateral Agent"), which term
includes any successor Trust Collateral Agent) to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuer, the Trustee and the
Holders of the Notes. The Notes are subject to all terms of the Indenture. All
terms used in this Note that are defined in the Indenture, as supplemented or
amended, shall have the meanings assigned to them in or pursuant to the
Indenture, as so supplemented or amended.

                The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes,
the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes
(together, the "Notes") are and will be equally and ratably secured by the
collateral pledged as security therefor as provided in the Indenture.

                Principal of the Class A-2 Notes will be payable on each
Distribution Date in an amount described on the face hereof. "Distribution Date"
means the sixth day of each month, or, if any such date is not a Business Day,
the next succeeding Business Day, commencing May 6, 2005. The term "Distribution
Date," shall be deemed to include the Final Scheduled Distribution Date.

                As described above, the entire unpaid principal amount of this
Note shall be due and payable on the earlier of the Final Scheduled Distribution
Date and the Redemption Date, if any, pursuant to the Indenture. As described
above, a portion of the unpaid principal balance of this Note shall be due and
payable on the Redemption Date. Notwithstanding the foregoing, the entire unpaid
principal amount of the Notes shall be due and payable on the date on which an
Event of Default shall have occurred and be continuing and the Majority
Noteholders have declared the Notes to be immediately due and payable in the
manner provided in the Indenture. All principal payments on the Class A-2 Notes
shall be made pro rata to the Class A-2 Noteholders entitled thereto.

                Payments of interest on this Note due and payable on each
Distribution Date, together with the installment of principal, if any, to the
extent not in full payment of this Note, shall be made by check mailed to the
Person whose name appears as the Holder of this Note (or one or more Predecessor
Notes) on the Note Register as of the close of business on each Record Date,
except that with respect to Notes registered on the Record Date in the name of
the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.),
payments will be made by wire transfer in immediately available funds to the
account designated by such nominee. Such checks shall be mailed to the Person
entitled thereto at the address of such Person as it appears on the Note
Register as of the applicable Record Date without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any
Distribution Date shall be binding upon all future Holders of this Note and of
any Note issued upon the registration of

                                      A-2-4
<PAGE>

transfer hereof or in exchange hereof or in lieu hereof, whether or not noted
hereon. If funds are expected to be available, as provided in the Indenture, for
payment in full of the then remaining unpaid principal amount of this Note on a
Distribution Date, then the Trustee, in the name of and on behalf of the Issuer,
will notify the Person who was the Holder hereof as of the Record Date preceding
such Distribution Date by notice mailed prior to such Distribution Date and the
amount then due and payable shall be payable only upon presentation and
surrender of this Note at the Trustee's principal Corporate Trust Office or at
the office of the Trustee's agent appointed for such purposes located in New
York, New York.

                The Issuer shall pay interest on overdue installments of
interest at the Class A-2 Interest Rate to the extent lawful.

                As provided in the Indenture and subject to certain limitations
set forth therein, the transfer of this Note may be registered on the Note
Register upon surrender of this Note for registration of transfer at the office
or agency designated by the Issuer pursuant to the Indenture, (i) duly endorsed
by, or accompanied by a written instrument of transfer in form satisfactory to
the Trustee duly executed by, the Holder hereof or his attorney duly authorized
in writing, with such signature guaranteed by an "eligible guarantor
institution" meeting the requirements of the Note Registrar which requirements
include membership or participation in Securities Transfer Agents Medallion
Program ("STAMP") or such other "signature guarantee program" as may be
determined by the Note Registrar in addition to, or in substitution for, STAMP,
all in accordance with the Exchange Act, and (ii) accompanied by such other
documents as the Trustee may require, and thereupon one or more new Notes of
authorized denominations and in the same aggregate principal amount will be
issued to the designated transferee or transferees. No service charge will be
charged for any registration of transfer or exchange of this Note, but the
transferor may be required to pay a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any such registration
of transfer or exchange.

                Each Noteholder or Note Owner, by acceptance of a Note or, in
the case of a Note Owner, a beneficial interest in a Note covenants and agrees
(i) that no recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuer, the Owner Trustee or the Trustee on the Notes or
under the Indenture or any certificate or other writing delivered in connection
therewith, against (a) the Seller, the Servicer, the Trustee or the Owner
Trustee in its individual capacity, (b) any owner of a beneficial interest in
the Issuer or (c) any partner, owner, beneficiary, agent, officer, director or
employee of the Seller, the Servicer, the Trustee or the Owner Trustee in its
individual capacity, any holder of a beneficial interest in the Issuer, the
Seller, the Servicer, the Owner Trustee or the Trustee or of any successor or
assign of the Seller, the Servicer, the Trustee or the Owner Trustee in its
individual capacity, except as any such Person may have expressly agreed (it
being understood that the Trustee and the Owner Trustee have no such obligations
in their individual capacity) and except that any such partner, owner or
beneficiary shall be fully liable, to the extent provided by applicable law, for
any unpaid consideration for stock, unpaid capital contribution or failure to
pay any installment or call owing to such entity, and (ii) to treat the Notes as
indebtedness for purposes of federal income, state and local income and
franchise and any other income taxes.

                                      A-2-5
<PAGE>

                Prior to the due presentment for registration of transfer of
this Note, the Issuer and the Trustee and any agent of the Issuer or the Trustee
may treat the Person in whose name this Note (as of the day of determination or
as of such other date as may be specified in the Indenture) is registered as the
owner hereof for all purposes, whether or not this Note be overdue, and neither
the Issuer, the Trustee nor any such agent shall be affected by notice to the
contrary.

                The Indenture permits, with certain exceptions as therein
provided, the amendment thereof and the modification of the rights and
obligations of the Issuer and the rights of the Holders of the Notes under the
Indenture at any time by the Issuer with the consent of the Majority
Noteholders. The Indenture also contains provisions permitting the Noteholders
representing specified percentages of the Outstanding Amount of the Notes, on
behalf of the Holders of all the Notes, to waive compliance by the Issuer with
certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of
this Note (or any one of more Predecessor Notes) shall be conclusive and binding
upon such Holder and upon all future Holders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange hereof or in lieu hereof
whether or not notation of such consent or waiver is made upon this Note. The
Indenture also permits the Trustee to amend or waive certain terms and
conditions set forth in the Indenture without the consent of Holders of the
Notes issued thereunder.

                The term "Issuer" as used in this Note includes any successor to
the Issuer under the Indenture.

                The Issuer is permitted by the Indenture, under certain
circumstances, to merge or consolidate, subject to the rights of the Trustee and
the Noteholders under the Indenture.

                The Notes are issuable only in registered form in denominations
as provided in the Indenture, subject to certain limitations therein set forth.

                This Note and the Indenture shall be construed in accordance
with the laws of the State of New York, without reference to its conflict of law
provisions, and the obligations, rights and remedies of the parties hereunder
and thereunder shall be determined in accordance with such laws.

                No reference herein to the Indenture and no provision of this
Note or of the Indenture shall alter or impair the obligation of the Issuer,
which is absolute and unconditional, to pay the principal of and interest on
this Note at the times, place, and rate, and in the coin or currency herein
prescribed.

                Anything herein to the contrary notwithstanding, except as
expressly provided in the Indenture or the Basic Documents, neither Wilmington
Trust Company in its individual capacity, any owner of a beneficial interest in
the Issuer, nor any of their respective partners, beneficiaries, agents,
officers, directors, employees or successors or assigns shall be personally
liable for, nor shall recourse be had to any of them for, the payment of
principal of or interest on, or performance of, or omission to perform, any of
the covenants, obligations or indemnifications contained in this Note or the
Indenture, it being expressly understood that said covenants, obligations and
indemnifications have been made by the Owner Trustee for the sole purposes of
binding the interests of the Owner Trustee in the assets of the Issuer. The
Holder of this Note by the acceptance hereof agrees that except as expressly
provided in the Indenture or the Basic Documents, in the case of an Event of
Default under the Indenture, the Holder shall have no claim against any of the
foregoing for any deficiency, loss or claim therefrom; provided, however, that
nothing contained herein shall be taken to prevent recourse to, and enforcement
against, the assets of the Issuer for any and all liabilities, obligations and
undertakings contained in the Indenture or in this Note.

                                      A-2-6
<PAGE>

                                   ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee

                FOR VALUE RECEIVED, the undersigned hereby sells, assigns and
transfers unto ________________________________
                (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints, attorney, to transfer said Note on the books kept for registration
thereof, with full power of substitution in the premises.

Dated                            (1)
     ----------------------------       ----------------------------------------
                                        Signature Guaranteed:

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

----------
        (1) NOTE: The signature to this assignment must correspond with the name
of the registered owner as it appears on the face of the within Note in every
particular, without alteration, enlargement or any change whatsoever.

                                      A-2-7
<PAGE>

                                                                     EXHIBIT A-3

REGISTERED                                                       $107,330,000

No. RB A-3

                       SEE REVERSE FOR CERTAIN DEFINITIONS

                                                           CUSIP NO. 03061N JA 8

                Unless this Note is presented by an authorized representative of
The Depository Trust Company, a New York corporation ("DTC"), to the Issuer or
its agent for registration of transfer, exchange or payment, and any Note issued
is registered in the name of Cede & Co. or in such other name as is requested by
an authorized representative of DTC (and any payment is made to Cede & Co. or to
such other entity as is requested by an authorized representative of DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest
herein.

                THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET
FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY
TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

                 AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2005-1

                        CLASS A-3 4.26% ASSET BACKED NOTE

                AmeriCredit Automobile Receivables Trust 2005-1, a statutory
trust organized and existing under the laws of the State of Delaware (herein
referred to as the "Issuer"), for value received, hereby promises to pay to CEDE
& CO., or registered assigns, the principal sum of ONE HUNDRED SEVEN MILLION
THREE HUNDRED THIRTY THOUSAND DOLLARS payable on each Distribution Date in an
amount equal to the result obtained by multiplying (i) a fraction the numerator
of which is $107,330,000 and the denominator of which is $107,330,000 by (ii)
the aggregate amount, if any, payable from the Note Distribution Account in
respect of principal on the Class A-3 Notes pursuant to the Indenture; provided,
however, that the entire unpaid principal amount of this Note shall be due and
payable on the May 6, 2009 Distribution Date (the "Final Scheduled Distribution
Date"). The Issuer will pay interest on this Note at the rate per annum shown
above on each Distribution Date until the principal of this Note is paid or made
available for payment. Interest on this Note will accrue for each Distribution
Date from the most recent Distribution Date on which interest has been paid to
but excluding such Distribution Date or, if no interest has yet been paid, from
April 14, 2005. Interest will be computed on the basis of a 360-day year of
twelve 30-day months. Such principal of and interest on this Note shall be paid
in the manner specified on the reverse hereof.

<PAGE>

                The principal of and interest on this Note are payable in such
coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts. All payments made by the
Issuer with respect to this Note shall be applied first to interest due and
payable on this Note as provided above and then to the unpaid principal of this
Note.

                Reference is made to the further provisions of this Note set
forth on the reverse hereof, which shall have the same effect as though fully
set forth on the face of this Note.

                Unless the certificate of authentication hereon has been
executed by the Trustee whose name appears below by manual signature, this Note
shall not be entitled to any benefit under the Indenture referred to on the
reverse hereof, or be valid or obligatory for any purpose.

                                      A-3-2
<PAGE>

                IN WITNESS WHEREOF, the Issuer has caused this instrument to be
signed, manually or in facsimile, by its Authorized Officer as of the date set
forth below.

                                        AMERICREDIT AUTOMOBILE RECEIVABLES
                                        TRUST 2005-1

                                        by

                                        WILMINGTON TRUST COMPANY, not in its
                                        individual capacity but solely as Owner
                                        Trustee under the Trust Agreement

                                        by
                                            ------------------------------------
                                        Name:
                                        Title:

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

                This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

Date:  April 14, 2005                   JPMORGAN CHASE BANK, NATIONAL
                                        ASSOCIATION, not in its individual
                                        capacity but solely as Trustee

                                        by
                                            ------------------------------------
                                        Authorized Signer

                                      A-3-3
<PAGE>

                                [REVERSE OF NOTE]

                This Note is one of a duly authorized issue of Notes of the
Issuer, designated as its Class A-3 4.26% Asset Backed Notes (herein called the
"Class A-3 Notes"), all issued under an Indenture dated as of April 6, 2005
(such indenture, as supplemented or amended, is herein called the "Indenture"),
between the Issuer and JPMorgan Chase Bank, National Association, as trustee
(the "Trustee," which term includes any successor Trustee under the Indenture)
and as trust collateral agent (the "Trust Collateral Agent"), which term
includes any successor Trust Collateral Agent) to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuer, the Trustee and the
Holders of the Notes. The Notes are subject to all terms of the Indenture. All
terms used in this Note that are defined in the Indenture, as supplemented or
amended, shall have the meanings assigned to them in or pursuant to the
Indenture, as so supplemented or amended.

                The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes,
the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes
(together, the "Notes") are and will be equally and ratably secured by the
collateral pledged as security therefor as provided in the Indenture.

                Principal of the Class A-3 Notes will be payable on each
Distribution Date in an amount described on the face hereof. "Distribution Date"
means the sixth day of each month, or, if any such date is not a Business Day,
the next succeeding Business Day, commencing May 6, 2005. The term "Distribution
Date," shall be deemed to include the Final Scheduled Distribution Date.

                As described above, the entire unpaid principal amount of this
Note shall be due and payable on the earlier of the Final Scheduled Distribution
Date and the Redemption Date, if any, pursuant to the Indenture. As described
above, a portion of the unpaid principal balance of this Note shall be due and
payable on the Redemption Date. Notwithstanding the foregoing, the entire unpaid
principal amount of the Notes shall be due and payable on the date on which an
Event of Default shall have occurred and be continuing and the Majority
Noteholders have declared the Notes to be immediately due and payable in the
manner provided in the Indenture. All principal payments on the Class A-3 Notes
shall be made pro rata to the Class A-3 Noteholders entitled thereto.

                Payments of interest on this Note due and payable on each
Distribution Date, together with the installment of principal, if any, to the
extent not in full payment of this Note, shall be made by check mailed to the
Person whose name appears as the Holder of this Note (or one or more Predecessor
Notes) on the Note Register as of the close of business on each Record Date,
except that with respect to Notes registered on the Record Date in the name of
the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.),
payments will be made by wire transfer in immediately available funds to the
account designated by such nominee. Such checks shall be mailed to the Person
entitled thereto at the address of such Person as it appears on the Note
Register as of the applicable Record Date without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any
Distribution Date shall be binding upon all future Holders of this Note and of
any Note issued upon the registration of

                                      A-3-4
<PAGE>

transfer hereof or in exchange hereof or in lieu hereof, whether or not noted
hereon. If funds are expected to be available, as provided in the Indenture, for
payment in full of the then remaining unpaid principal amount of this Note on a
Distribution Date, then the Trustee, in the name of and on behalf of the Issuer,
will notify the Person who was the Holder hereof as of the Record Date preceding
such Distribution Date by notice mailed prior to such Distribution Date and the
amount then due and payable shall be payable only upon presentation and
surrender of this Note at the Trustee's principal Corporate Trust Office or at
the office of the Trustee's agent appointed for such purposes located in New
York, New York.

                The Issuer shall pay interest on overdue installments of
interest at the Class A-3 Interest Rate to the extent lawful.

                As provided in the Indenture and subject to certain limitations
set forth therein, the transfer of this Note may be registered on the Note
Register upon surrender of this Note for registration of transfer at the office
or agency designated by the Issuer pursuant to the Indenture, (i) duly endorsed
by, or accompanied by a written instrument of transfer in form satisfactory to
the Trustee duly executed by, the Holder hereof or his attorney duly authorized
in writing, with such signature guaranteed by an "eligible guarantor
institution" meeting the requirements of the Note Registrar which requirements
include membership or participation in Securities Transfer Agents Medallion
Program ("STAMP") or such other "signature guarantee program" as may be
determined by the Note Registrar in addition to, or in substitution for, STAMP,
all in accordance with the Exchange Act, and (ii) accompanied by such other
documents as the Trustee may require, and thereupon one or more new Notes of
authorized denominations and in the same aggregate principal amount will be
issued to the designated transferee or transferees. No service charge will be
charged for any registration of transfer or exchange of this Note, but the
transferor may be required to pay a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any such registration
of transfer or exchange.

                Each Noteholder or Note Owner, by acceptance of a Note or, in
the case of a Note Owner, a beneficial interest in a Note covenants and agrees
(i) that no recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuer, the Owner Trustee or the Trustee on the Notes or
under the Indenture or any certificate or other writing delivered in connection
therewith, against (a) the Seller, the Servicer, the Trustee or the Owner
Trustee in its individual capacity, (b) any owner of a beneficial interest in
the Issuer or (c) any partner, owner, beneficiary, agent, officer, director or
employee of the Seller, the Servicer, the Trustee or the Owner Trustee in its
individual capacity, any holder of a beneficial interest in the Issuer, the
Seller, the Servicer, the Owner Trustee or the Trustee or of any successor or
assign of the Seller, the Servicer, the Trustee or the Owner Trustee in its
individual capacity, except as any such Person may have expressly agreed (it
being understood that the Trustee and the Owner Trustee have no such obligations
in their individual capacity) and except that any such partner, owner or
beneficiary shall be fully liable, to the extent provided by applicable law, for
any unpaid consideration for stock, unpaid capital contribution or failure to
pay any installment or call owing to such entity, and (ii) to treat the Notes as
indebtedness for purposes of federal income, state and local income and
franchise and any other income taxes.

                                      A-3-5
<PAGE>

                Prior to the due presentment for registration of transfer of
this Note, the Issuer and the Trustee and any agent of the Issuer or the Trustee
may treat the Person in whose name this Note (as of the day of determination or
as of such other date as may be specified in the Indenture) is registered as the
owner hereof for all purposes, whether or not this Note be overdue, and neither
the Issuer, the Trustee nor any such agent shall be affected by notice to the
contrary.

                The Indenture permits, with certain exceptions as therein
provided, the amendment thereof and the modification of the rights and
obligations of the Issuer and the rights of the Holders of the Notes under the
Indenture at any time by the Issuer with the consent of the Majority
Noteholders. The Indenture also contains provisions permitting the Noteholders
representing specified percentages of the Outstanding Amount of the Notes, on
behalf of the Holders of all the Notes, to waive compliance by the Issuer with
certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of
this Note (or any one of more Predecessor Notes) shall be conclusive and binding
upon such Holder and upon all future Holders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange hereof or in lieu hereof
whether or not notation of such consent or waiver is made upon this Note. The
Indenture also permits the Trustee to amend or waive certain terms and
conditions set forth in the Indenture without the consent of Holders of the
Notes issued thereunder.

                The term "Issuer" as used in this Note includes any successor to
the Issuer under the Indenture.

                The Issuer is permitted by the Indenture, under certain
circumstances, to merge or consolidate, subject to the rights of the Trustee and
the Noteholders under the Indenture.

                The Notes are issuable only in registered form in denominations
as provided in the Indenture, subject to certain limitations therein set forth.

                This Note and the Indenture shall be construed in accordance
with the laws of the State of New York, without reference to its conflict of law
provisions, and the obligations, rights and remedies of the parties hereunder
and thereunder shall be determined in accordance with such laws.

                No reference herein to the Indenture and no provision of this
Note or of the Indenture shall alter or impair the obligation of the Issuer,
which is absolute and unconditional, to pay the principal of and interest on
this Note at the times, place, and rate, and in the coin or currency herein
prescribed.

                Anything herein to the contrary notwithstanding, except as
expressly provided in the Indenture or the Basic Documents, neither Wilmington
Trust Company in its individual capacity, any owner of a beneficial interest in
the Issuer, nor any of their respective partners, beneficiaries, agents,
officers, directors, employees or successors or assigns shall be personally
liable for, nor shall recourse be had to any of them for, the payment of
principal of or interest on, or performance of, or omission to perform, any of
the covenants, obligations or indemnifications contained in this Note or the
Indenture, it being expressly understood that said covenants, obligations and
indemnifications have been made by the Owner Trustee for the sole purposes of
binding the interests of the Owner Trustee in the assets of the Issuer. The
Holder of this Note by the acceptance hereof agrees that except as expressly
provided in the Indenture or the Basic Documents, in the case of an Event of
Default under the Indenture, the Holder shall have no claim against any of the
foregoing for any deficiency, loss or claim therefrom; provided, however, that
nothing contained herein shall be taken to prevent recourse to, and enforcement
against, the assets of the Issuer for any and all liabilities, obligations and
undertakings contained in the Indenture or in this Note.

                                      A-3-6
<PAGE>

                                   ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee

                FOR VALUE RECEIVED, the undersigned hereby sells, assigns and
transfers unto ________________________________
                (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints, attorney, to transfer said Note on the books kept for registration
thereof, with full power of substitution in the premises.

Dated                             (1)
     -----------------------------      ----------------------------------------
                                        Signature Guaranteed:

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

----------
        (1) NOTE: The signature to this assignment must correspond with the name
of the registered owner as it appears on the face of the within Note in every
particular, without alteration, enlargement or any change whatsoever.

                                      A-3-7
<PAGE>

                                                                       EXHIBIT B

REGISTERED                                                        $63,660,000

No. RB B

                       SEE REVERSE FOR CERTAIN DEFINITIONS

                                                           CUSIP NO. 03061N JB 6

                Unless this Note is presented by an authorized representative of
The Depository Trust Company, a New York corporation ("DTC"), to the Issuer or
its agent for registration of transfer, exchange or payment, and any Note issued
is registered in the name of Cede & Co. or in such other name as is requested by
an authorized representative of DTC (and any payment is made to Cede & Co. or to
such other entity as is requested by an authorized representative of DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest
herein.

                THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET
FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY
TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

                 AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2005-1

                         CLASS B 4.48% ASSET BACKED NOTE

                AmeriCredit Automobile Receivables Trust 2005-1, a statutory
trust organized and existing under the laws of the State of Delaware (herein
referred to as the "Issuer"), for value received, hereby promises to pay to CEDE
& CO., or registered assigns, the principal sum of SIXTY-THREE MILLION SIX
HUNDRED SIXTY THOUSAND DOLLARS payable on each Distribution Date in an amount
equal to the result obtained by multiplying (i) a fraction the numerator of
which is $63,660,000 and the denominator of which is $63,660,000 by (ii) the
aggregate amount, if any, payable from the Note Distribution Account in respect
of principal on the Class B Notes pursuant to the Indenture; provided, however,
that the entire unpaid principal amount of this Note shall be due and payable on
the November 6, 2009 Distribution Date (the "Final Scheduled Distribution
Date"). The Issuer will pay interest on this Note at the rate per annum shown
above on each Distribution Date until the principal of this Note is paid or made
available for payment. Interest on this Note will accrue for each Distribution
Date from the most recent Distribution Date on which interest has been paid to
but excluding such Distribution Date or, if no interest has yet been paid, from
April 14, 2005. Interest will be computed on the basis of a 360-day year of
twelve 30-day months. Such principal of and interest on this Note shall be paid
in the manner specified on the reverse hereof.

<PAGE>

                The principal of and interest on this Note are payable in such
coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts. All payments made by the
Issuer with respect to this Note shall be applied first to interest due and
payable on this Note as provided above and then to the unpaid principal of this
Note.

                Reference is made to the further provisions of this Note set
forth on the reverse hereof, which shall have the same effect as though fully
set forth on the face of this Note.

                Unless the certificate of authentication hereon has been
executed by the Trustee whose name appears below by manual signature, this Note
shall not be entitled to any benefit under the Indenture referred to on the
reverse hereof, or be valid or obligatory for any purpose.

                                       B-2
<PAGE>

                IN WITNESS WHEREOF, the Issuer has caused this instrument to be
signed, manually or in facsimile, by its Authorized Officer as of the date set
forth below.

                                        AMERICREDIT AUTOMOBILE RECEIVABLES
                                        TRUST 2005-1

                                        by

                                        WILMINGTON TRUST COMPANY, not in its
                                        individual capacity but solely as Owner
                                        Trustee under the Trust Agreement

                                        by
                                            ------------------------------------
                                        Name:
                                        Title:

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

                This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

Date:  April 14, 2005                   JPMORGAN CHASE BANK, NATIONAL
                                        ASSOCIATION, not in its individual
                                        capacity but solely as Trustee

                                        by
                                            ------------------------------------
                                        Authorized Signer

                                       B-3
<PAGE>

                                [REVERSE OF NOTE]

                This Note is one of a duly authorized issue of Notes of the
Issuer, designated as its Class B 4.48% Asset Backed Notes (herein called the
"Class B Notes"), all issued under an Indenture dated as of April 6, 2005 (such
indenture, as supplemented or amended, is herein called the "Indenture"),
between the Issuer and JPMorgan Chase Bank, National Association, as trustee
(the "Trustee," which term includes any successor Trustee under the Indenture)
and as trust collateral agent (the "Trust Collateral Agent"), which term
includes any successor Trust Collateral Agent) to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuer, the Trustee and the
Holders of the Notes. The Notes are subject to all terms of the Indenture. All
terms used in this Note that are defined in the Indenture, as supplemented or
amended, shall have the meanings assigned to them in or pursuant to the
Indenture, as so supplemented or amended.

                The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes,
the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes
(together, the "Notes") are and will be equally and ratably secured by the
collateral pledged as security therefor as provided in the Indenture.

                Principal of the Class B Notes will be payable on each
Distribution Date in an amount described on the face hereof. "Distribution Date"
means the sixth day of each month, or, if any such date is not a Business Day,
the next succeeding Business Day, commencing May 6, 2005. The term "Distribution
Date," shall be deemed to include the Final Scheduled Distribution Date.

                As described above, the entire unpaid principal amount of this
Note shall be due and payable on the earlier of the Final Scheduled Distribution
Date and the Redemption Date, if any, pursuant to the Indenture. As described
above, a portion of the unpaid principal balance of this Note shall be due and
payable on the Redemption Date. Notwithstanding the foregoing, the entire unpaid
principal amount of the Notes shall be due and payable on the date on which an
Event of Default shall have occurred and be continuing and the Majority
Noteholders have declared the Notes to be immediately due and payable in the
manner provided in the Indenture. All principal payments on the Class B Notes
shall be made pro rata to the Class B Noteholders entitled thereto.

                Payments of interest on this Note due and payable on each
Distribution Date, together with the installment of principal, if any, to the
extent not in full payment of this Note, shall be made by check mailed to the
Person whose name appears as the Holder of this Note (or one or more Predecessor
Notes) on the Note Register as of the close of business on each Record Date,
except that with respect to Notes registered on the Record Date in the name of
the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.),
payments will be made by wire transfer in immediately available funds to the
account designated by such nominee. Such checks shall be mailed to the Person
entitled thereto at the address of such Person as it appears on the Note
Register as of the applicable Record Date without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any
Distribution Date shall be binding upon all future Holders of this Note and of
any Note issued upon the registration of

                                       B-4
<PAGE>

transfer hereof or in exchange hereof or in lieu hereof, whether or not noted
hereon. If funds are expected to be available, as provided in the Indenture, for
payment in full of the then remaining unpaid principal amount of this Note on a
Distribution Date, then the Trustee, in the name of and on behalf of the Issuer,
will notify the Person who was the Holder hereof as of the Record Date preceding
such Distribution Date by notice mailed prior to such Distribution Date and the
amount then due and payable shall be payable only upon presentation and
surrender of this Note at the Trustee's principal Corporate Trust Office or at
the office of the Trustee's agent appointed for such purposes located in New
York, New York.

                The Issuer shall pay interest on overdue installments of
interest at the Class B Interest Rate to the extent lawful.

                As provided in the Indenture and subject to certain limitations
set forth therein, the transfer of this Note may be registered on the Note
Register upon surrender of this Note for registration of transfer at the office
or agency designated by the Issuer pursuant to the Indenture, (i) duly endorsed
by, or accompanied by a written instrument of transfer in form satisfactory to
the Trustee duly executed by, the Holder hereof or his attorney duly authorized
in writing, with such signature guaranteed by an "eligible guarantor
institution" meeting the requirements of the Note Registrar which requirements
include membership or participation in Securities Transfer Agents Medallion
Program ("STAMP") or such other "signature guarantee program" as may be
determined by the Note Registrar in addition to, or in substitution for, STAMP,
all in accordance with the Exchange Act, and (ii) accompanied by such other
documents as the Trustee may require, and thereupon one or more new Notes of
authorized denominations and in the same aggregate principal amount will be
issued to the designated transferee or transferees. No service charge will be
charged for any registration of transfer or exchange of this Note, but the
transferor may be required to pay a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any such registration
of transfer or exchange.

                Each Noteholder or Note Owner, by acceptance of a Note or, in
the case of a Note Owner, a beneficial interest in a Note covenants and agrees
(i) that no recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuer, the Owner Trustee or the Trustee on the Notes or
under the Indenture or any certificate or other writing delivered in connection
therewith, against (a) the Seller, the Servicer, the Trustee or the Owner
Trustee in its individual capacity, (b) any owner of a beneficial interest in
the Issuer or (c) any partner, owner, beneficiary, agent, officer, director or
employee of the Seller, the Servicer, the Trustee or the Owner Trustee in its
individual capacity, any holder of a beneficial interest in the Issuer, the
Seller, the Servicer, the Owner Trustee or the Trustee or of any successor or
assign of the Seller, the Servicer, the Trustee or the Owner Trustee in its
individual capacity, except as any such Person may have expressly agreed (it
being understood that the Trustee and the Owner Trustee have no such obligations
in their individual capacity) and except that any such partner, owner or
beneficiary shall be fully liable, to the extent provided by applicable law, for
any unpaid consideration for stock, unpaid capital contribution or failure to
pay any installment or call owing to such entity, and (ii) to treat the Notes as
indebtedness for purposes of federal income, state and local income and
franchise and any other income taxes.

                                       B-5
<PAGE>

                Prior to the due presentment for registration of transfer of
this Note, the Issuer and the Trustee and any agent of the Issuer or the Trustee
may treat the Person in whose name this Note (as of the day of determination or
as of such other date as may be specified in the Indenture) is registered as the
owner hereof for all purposes, whether or not this Note be overdue, and neither
the Issuer, the Trustee nor any such agent shall be affected by notice to the
contrary.

                The Indenture permits, with certain exceptions as therein
provided, the amendment thereof and the modification of the rights and
obligations of the Issuer and the rights of the Holders of the Notes under the
Indenture at any time by the Issuer with the consent of the Majority
Noteholders. The Indenture also contains provisions permitting the Noteholders
representing specified percentages of the Outstanding Amount of the Notes, on
behalf of the Holders of all the Notes, to waive compliance by the Issuer with
certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of
this Note (or any one of more Predecessor Notes) shall be conclusive and binding
upon such Holder and upon all future Holders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange hereof or in lieu hereof
whether or not notation of such consent or waiver is made upon this Note. The
Indenture also permits the Trustee to amend or waive certain terms and
conditions set forth in the Indenture without the consent of Holders of the
Notes issued thereunder.

                The term "Issuer" as used in this Note includes any successor to
the Issuer under the Indenture.

                The Issuer is permitted by the Indenture, under certain
circumstances, to merge or consolidate, subject to the rights of the Trustee and
the Noteholders under the Indenture.

                The Notes are issuable only in registered form in denominations
as provided in the Indenture, subject to certain limitations therein set forth.

                This Note and the Indenture shall be construed in accordance
with the laws of the State of New York, without reference to its conflict of law
provisions, and the obligations, rights and remedies of the parties hereunder
and thereunder shall be determined in accordance with such laws.

                No reference herein to the Indenture and no provision of this
Note or of the Indenture shall alter or impair the obligation of the Issuer,
which is absolute and unconditional, to pay the principal of and interest on
this Note at the times, place, and rate, and in the coin or currency herein
prescribed.

                Anything herein to the contrary notwithstanding, except as
expressly provided in the Indenture or the Basic Documents, neither Wilmington
Trust Company in its individual capacity, any owner of a beneficial interest in
the Issuer, nor any of their respective partners, beneficiaries, agents,
officers, directors, employees or successors or assigns shall be personally
liable for, nor shall recourse be had to any of them for, the payment of
principal of or interest on, or performance of, or omission to perform, any of
the covenants, obligations or indemnifications contained in this Note or the
Indenture, it being expressly understood that said covenants, obligations and
indemnifications have been made by the Owner Trustee for the sole purposes of
binding the interests of the Owner Trustee in the assets of the Issuer. The
Holder of this Note by the acceptance hereof agrees that except as expressly
provided in the Indenture or the Basic Documents, in the case of an Event of
Default under the Indenture, the Holder shall have no claim against any of the
foregoing for any deficiency, loss or claim therefrom; provided, however, that
nothing contained herein shall be taken to prevent recourse to, and enforcement
against, the assets of the Issuer for any and all liabilities, obligations and
undertakings contained in the Indenture or in this Note.

                                       B-6
<PAGE>

                                   ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee

                FOR VALUE RECEIVED, the undersigned hereby sells, assigns and
transfers unto ________________________________
                (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints, attorney, to transfer said Note on the books kept for registration
thereof, with full power of substitution in the premises.

Dated                            (1)
     ----------------------------       ----------------------------------------
                                        Signature Guaranteed:

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

----------
        (1) NOTE: The signature to this assignment must correspond with the name
of the registered owner as it appears on the face of the within Note in every
particular, without alteration, enlargement or any change whatsoever.

                                       B-7
<PAGE>

                                                                       EXHIBIT C

REGISTERED                                                       $79,570,000

No. RB C

                       SEE REVERSE FOR CERTAIN DEFINITIONS

                                                           CUSIP NO. 03061N JC 4

                Unless this Note is presented by an authorized representative of
The Depository Trust Company, a New York corporation ("DTC"), to the Issuer or
its agent for registration of transfer, exchange or payment, and any Note issued
is registered in the name of Cede & Co. or in such other name as is requested by
an authorized representative of DTC (and any payment is made to Cede & Co. or to
such other entity as is requested by an authorized representative of DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest
herein.

                THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET
FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY
TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

                 AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2005-1

                         CLASS C 4.73% ASSET BACKED NOTE

                AmeriCredit Automobile Receivables Trust 2005-1, a statutory
trust organized and existing under the laws of the State of Delaware (herein
referred to as the "Issuer"), for value received, hereby promises to pay to CEDE
& CO., or registered assigns, the principal sum of SEVENTY-NINE MILLION FIVE
HUNDRED SEVENTY THOUSAND DOLLARS payable on each Distribution Date in an amount
equal to the result obtained by multiplying (i) a fraction the numerator of
which is $79,570,000 and the denominator of which is $79,570,000 by (ii) the
aggregate amount, if any, payable from the Note Distribution Account in respect
of principal on the Class C Notes pursuant to the Indenture; provided, however,
that the entire unpaid principal amount of this Note shall be due and payable on
the July 6, 2010 Distribution Date (the "Final Scheduled Distribution Date").
The Issuer will pay interest on this Note at the rate per annum shown above on
each Distribution Date until the principal of this Note is paid or made
available for payment. Interest on this Note will accrue for each Distribution
Date from the most recent Distribution Date on which interest has been paid to
but excluding such Distribution Date or, if no interest has yet been paid, from
April 14, 2005. Interest will be computed on the basis of a 360-day year of
twelve 30-day months. Such principal of and interest on this Note shall be paid
in the manner specified on the reverse hereof.

<PAGE>

                The principal of and interest on this Note are payable in such
coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts. All payments made by the
Issuer with respect to this Note shall be applied first to interest due and
payable on this Note as provided above and then to the unpaid principal of this
Note.

                Reference is made to the further provisions of this Note set
forth on the reverse hereof, which shall have the same effect as though fully
set forth on the face of this Note.

                Unless the certificate of authentication hereon has been
executed by the Trustee whose name appears below by manual signature, this Note
shall not be entitled to any benefit under the Indenture referred to on the
reverse hereof, or be valid or obligatory for any purpose.

                                       C-2
<PAGE>

                IN WITNESS WHEREOF, the Issuer has caused this instrument to be
signed, manually or in facsimile, by its Authorized Officer as of the date set
forth below.

                                        AMERICREDIT AUTOMOBILE RECEIVABLES
                                        TRUST 2005-1

                                        by

                                        WILMINGTON TRUST COMPANY, not in its
                                        individual capacity but solely as Owner
                                        Trustee under the Trust Agreement

                                        by
                                             -----------------------------------
                                        Name:
                                        Title:

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

                This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

Date:  April 14, 2005                   JPMORGAN CHASE BANK, NATIONAL
                                        ASSOCIATION, not in its individual
                                        capacity but solely as Trustee

                                        by
                                             -----------------------------------
                                        Authorized Signer

                                       C-3
<PAGE>

                                [REVERSE OF NOTE]

                This Note is one of a duly authorized issue of Notes of the
Issuer, designated as its Class C 4.73% Asset Backed Notes (herein called the
"Class C Notes"), all issued under an Indenture dated as of April 6, 2005 (such
indenture, as supplemented or amended, is herein called the "Indenture"),
between the Issuer and JPMorgan Chase Bank, National Association, as trustee
(the "Trustee," which term includes any successor Trustee under the Indenture)
and as trust collateral agent (the "Trust Collateral Agent"), which term
includes any successor Trust Collateral Agent) to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuer, the Trustee and the
Holders of the Notes. The Notes are subject to all terms of the Indenture. All
terms used in this Note that are defined in the Indenture, as supplemented or
amended, shall have the meanings assigned to them in or pursuant to the
Indenture, as so supplemented or amended.

                The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes,
the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes
(together, the "Notes") are and will be equally and ratably secured by the
collateral pledged as security therefor as provided in the Indenture.

                Principal of the Class C Notes will be payable on each
Distribution Date in an amount described on the face hereof. "Distribution Date"
means the sixth day of each month, or, if any such date is not a Business Day,
the next succeeding Business Day, commencing May 6, 2005. The term "Distribution
Date," shall be deemed to include the Final Scheduled Distribution Date.

                As described above, the entire unpaid principal amount of this
Note shall be due and payable on the earlier of the Final Scheduled Distribution
Date and the Redemption Date, if any, pursuant to the Indenture. As described
above, a portion of the unpaid principal balance of this Note shall be due and
payable on the Redemption Date. Notwithstanding the foregoing, the entire unpaid
principal amount of the Notes shall be due and payable on the date on which an
Event of Default shall have occurred and be continuing and the Majority
Noteholders have declared the Notes to be immediately due and payable in the
manner provided in the Indenture. All principal payments on the Class C Notes
shall be made pro rata to the Class C Noteholders entitled thereto.

                Payments of interest on this Note due and payable on each
Distribution Date, together with the installment of principal, if any, to the
extent not in full payment of this Note, shall be made by check mailed to the
Person whose name appears as the Holder of this Note (or one or more Predecessor
Notes) on the Note Register as of the close of business on each Record Date,
except that with respect to Notes registered on the Record Date in the name of
the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.),
payments will be made by wire transfer in immediately available funds to the
account designated by such nominee. Such checks shall be mailed to the Person
entitled thereto at the address of such Person as it appears on the Note
Register as of the applicable Record Date without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any
Distribution Date shall be binding upon all future Holders of this Note and of
any Note issued upon the registration of

                                       C-4
<PAGE>

transfer hereof or in exchange hereof or in lieu hereof, whether or not noted
hereon. If funds are expected to be available, as provided in the Indenture, for
payment in full of the then remaining unpaid principal amount of this Note on a
Distribution Date, then the Trustee, in the name of and on behalf of the Issuer,
will notify the Person who was the Holder hereof as of the Record Date preceding
such Distribution Date by notice mailed prior to such Distribution Date and the
amount then due and payable shall be payable only upon presentation and
surrender of this Note at the Trustee's principal Corporate Trust Office or at
the office of the Trustee's agent appointed for such purposes located in New
York, New York.

                The Issuer shall pay interest on overdue installments of
interest at the Class C Interest Rate to the extent lawful.

                As provided in the Indenture and subject to certain limitations
set forth therein, the transfer of this Note may be registered on the Note
Register upon surrender of this Note for registration of transfer at the office
or agency designated by the Issuer pursuant to the Indenture, (i) duly endorsed
by, or accompanied by a written instrument of transfer in form satisfactory to
the Trustee duly executed by, the Holder hereof or his attorney duly authorized
in writing, with such signature guaranteed by an "eligible guarantor
institution" meeting the requirements of the Note Registrar which requirements
include membership or participation in Securities Transfer Agents Medallion
Program ("STAMP") or such other "signature guarantee program" as may be
determined by the Note Registrar in addition to, or in substitution for, STAMP,
all in accordance with the Exchange Act, and (ii) accompanied by such other
documents as the Trustee may require, and thereupon one or more new Notes of
authorized denominations and in the same aggregate principal amount will be
issued to the designated transferee or transferees. No service charge will be
charged for any registration of transfer or exchange of this Note, but the
transferor may be required to pay a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any such registration
of transfer or exchange.

                Each Noteholder or Note Owner, by acceptance of a Note or, in
the case of a Note Owner, a beneficial interest in a Note covenants and agrees
(i) that no recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuer, the Owner Trustee or the Trustee on the Notes or
under the Indenture or any certificate or other writing delivered in connection
therewith, against (a) the Seller, the Servicer, the Trustee or the Owner
Trustee in its individual capacity, (b) any owner of a beneficial interest in
the Issuer or (c) any partner, owner, beneficiary, agent, officer, director or
employee of the Seller, the Servicer, the Trustee or the Owner Trustee in its
individual capacity, any holder of a beneficial interest in the Issuer, the
Seller, the Servicer, the Owner Trustee or the Trustee or of any successor or
assign of the Seller, the Servicer, the Trustee or the Owner Trustee in its
individual capacity, except as any such Person may have expressly agreed (it
being understood that the Trustee and the Owner Trustee have no such obligations
in their individual capacity) and except that any such partner, owner or
beneficiary shall be fully liable, to the extent provided by applicable law, for
any unpaid consideration for stock, unpaid capital contribution or failure to
pay any installment or call owing to such entity, and (ii) to treat the Notes as
indebtedness for purposes of federal income, state and local income and
franchise and any other income taxes.

                                       C-5
<PAGE>

                Prior to the due presentment for registration of transfer of
this Note, the Issuer and the Trustee and any agent of the Issuer or the Trustee
may treat the Person in whose name this Note (as of the day of determination or
as of such other date as may be specified in the Indenture) is registered as the
owner hereof for all purposes, whether or not this Note be overdue, and neither
the Issuer, the Trustee nor any such agent shall be affected by notice to the
contrary.

                The Indenture permits, with certain exceptions as therein
provided, the amendment thereof and the modification of the rights and
obligations of the Issuer and the rights of the Holders of the Notes under the
Indenture at any time by the Issuer with the consent of the Majority
Noteholders. The Indenture also contains provisions permitting the Noteholders
representing specified percentages of the Outstanding Amount of the Notes, on
behalf of the Holders of all the Notes, to waive compliance by the Issuer with
certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of
this Note (or any one of more Predecessor Notes) shall be conclusive and binding
upon such Holder and upon all future Holders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange hereof or in lieu hereof
whether or not notation of such consent or waiver is made upon this Note. The
Indenture also permits the Trustee to amend or waive certain terms and
conditions set forth in the Indenture without the consent of Holders of the
Notes issued thereunder.

                The term "Issuer" as used in this Note includes any successor to
the Issuer under the Indenture.

                The Issuer is permitted by the Indenture, under certain
circumstances, to merge or consolidate, subject to the rights of the Trustee and
the Noteholders under the Indenture.

                The Notes are issuable only in registered form in denominations
as provided in the Indenture, subject to certain limitations therein set forth.

                This Note and the Indenture shall be construed in accordance
with the laws of the State of New York, without reference to its conflict of law
provisions, and the obligations, rights and remedies of the parties hereunder
and thereunder shall be determined in accordance with such laws.

                No reference herein to the Indenture and no provision of this
Note or of the Indenture shall alter or impair the obligation of the Issuer,
which is absolute and unconditional, to pay the principal of and interest on
this Note at the times, place, and rate, and in the coin or currency herein
prescribed.

                Anything herein to the contrary notwithstanding, except as
expressly provided in the Indenture or the Basic Documents, neither Wilmington
Trust Company in its individual capacity, any owner of a beneficial interest in
the Issuer, nor any of their respective partners, beneficiaries, agents,
officers, directors, employees or successors or assigns shall be personally
liable for, nor shall recourse be had to any of them for, the payment of
principal of or interest on, or performance of, or omission to perform, any of
the covenants, obligations or indemnifications contained in this Note or the
Indenture, it being expressly understood that said covenants, obligations and
indemnifications have been made by the Owner Trustee for the sole purposes of
binding the interests of the Owner Trustee in the assets of the Issuer. The
Holder of this Note by the acceptance hereof agrees that except as expressly
provided in the Indenture or the Basic Documents, in the case of an Event of
Default under the Indenture, the Holder shall have no claim against any of the
foregoing for any deficiency, loss or claim therefrom; provided, however, that
nothing contained herein shall be taken to prevent recourse to, and enforcement
against, the assets of the Issuer for any and all liabilities, obligations and
undertakings contained in the Indenture or in this Note.

                                       C-6
<PAGE>

                                   ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee

                FOR VALUE RECEIVED, the undersigned hereby sells, assigns and
transfers unto ________________________________
                (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints, attorney, to transfer said Note on the books kept for registration
thereof, with full power of substitution in the premises.

Dated                             (1)
     -----------------------------      ----------------------------------------
                                        Signature Guaranteed:

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

----------
        (1) NOTE: The signature to this assignment must correspond with the name
of the registered owner as it appears on the face of the within Note in every
particular, without alteration, enlargement or any change whatsoever.

                                       C-7
<PAGE>

                                                                       EXHIBIT D

REGISTERED                                                       $53,710,000

No. RB D

                       SEE REVERSE FOR CERTAIN DEFINITIONS

                                                           CUSIP NO. 03061N JD 2

                Unless this Note is presented by an authorized representative of
The Depository Trust Company, a New York corporation ("DTC"), to the Issuer or
its agent for registration of transfer, exchange or payment, and any Note issued
is registered in the name of Cede & Co. or in such other name as is requested by
an authorized representative of DTC (and any payment is made to Cede & Co. or to
such other entity as is requested by an authorized representative of DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest
herein.

                THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET
FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY
TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

                 AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2005-1

                         CLASS D 5.04% ASSET BACKED NOTE

                AmeriCredit Automobile Receivables Trust 2005-1, a statutory
trust organized and existing under the laws of the State of Delaware (herein
referred to as the "Issuer"), for value received, hereby promises to pay to CEDE
& CO., or registered assigns, the principal sum of FIFTY-THREE MILLION SEVEN
HUNDRED TEN THOUSAND DOLLARS payable on each Distribution Date in an amount
equal to the result obtained by multiplying (i) a fraction the numerator of
which is $53,710,000 and the denominator of which is $53,710,000 by (ii) the
aggregate amount, if any, payable from the Note Distribution Account in respect
of principal on the Class D Notes pursuant to the Indenture; provided, however,
that the entire unpaid principal amount of this Note shall be due and payable on
the May 6, 2011 Distribution Date (the "Final Scheduled Distribution Date"). The
Issuer will pay interest on this Note at the rate per annum shown above on each
Distribution Date until the principal of this Note is paid or made available for
payment. Interest on this Note will accrue for each Distribution Date from the
most recent Distribution Date on which interest has been paid to but excluding
such Distribution Date or, if no interest has yet been paid, from April 14,
2005. Interest will be computed on the basis of a 360-day year of twelve 30-day
months. Such principal of and interest on this Note shall be paid in the manner
specified on the reverse hereof.

<PAGE>

                The principal of and interest on this Note are payable in such
coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts. All payments made by the
Issuer with respect to this Note shall be applied first to interest due and
payable on this Note as provided above and then to the unpaid principal of this
Note.

                Reference is made to the further provisions of this Note set
forth on the reverse hereof, which shall have the same effect as though fully
set forth on the face of this Note.

                Unless the certificate of authentication hereon has been
executed by the Trustee whose name appears below by manual signature, this Note
shall not be entitled to any benefit under the Indenture referred to on the
reverse hereof, or be valid or obligatory for any purpose.

                                       D-2
<PAGE>

                IN WITNESS WHEREOF, the Issuer has caused this instrument to be
signed, manually or in facsimile, by its Authorized Officer as of the date set
forth below.

                                        AMERICREDIT AUTOMOBILE RECEIVABLES
                                        TRUST 2005-1

                                        by

                                        WILMINGTON TRUST COMPANY, not in its
                                        individual capacity but solely as Owner
                                        Trustee under the Trust Agreement

                                        by
                                             -----------------------------------
                                        Name:
                                        Title:

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

                This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

Date:  April 14, 2005                   JPMORGAN CHASE BANK, NATIONAL
                                        ASSOCIATION, not in its individual
                                        capacity but solely as Trustee

                                        by
                                             -----------------------------------
                                        Authorized Signer

                                       D-3
<PAGE>

                                [REVERSE OF NOTE]

                This Note is one of a duly authorized issue of Notes of the
Issuer, designated as its Class D 5.04% Asset Backed Notes (herein called the
"Class D Notes"), all issued under an Indenture dated as of April 6, 2005 (such
indenture, as supplemented or amended, is herein called the "Indenture"),
between the Issuer and JPMorgan Chase Bank, National Association, as trustee
(the "Trustee," which term includes any successor Trustee under the Indenture)
and as trust collateral agent (the "Trust Collateral Agent"), which term
includes any successor Trust Collateral Agent) to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuer, the Trustee and the
Holders of the Notes. The Notes are subject to all terms of the Indenture. All
terms used in this Note that are defined in the Indenture, as supplemented or
amended, shall have the meanings assigned to them in or pursuant to the
Indenture, as so supplemented or amended.

                The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes,
the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes
(together, the "Notes") are and will be equally and ratably secured by the
collateral pledged as security therefor as provided in the Indenture.

                Principal of the Class D Notes will be payable on each
Distribution Date in an amount described on the face hereof. "Distribution Date"
means the sixth day of each month, or, if any such date is not a Business Day,
the next succeeding Business Day, commencing May 6, 2005. The term "Distribution
Date," shall be deemed to include the Final Scheduled Distribution Date.

                As described above, the entire unpaid principal amount of this
Note shall be due and payable on the earlier of the Final Scheduled Distribution
Date and the Redemption Date, if any, pursuant to the Indenture. As described
above, a portion of the unpaid principal balance of this Note shall be due and
payable on the Redemption Date. Notwithstanding the foregoing, the entire unpaid
principal amount of the Notes shall be due and payable on the date on which an
Event of Default shall have occurred and be continuing and the Majority
Noteholders have declared the Notes to be immediately due and payable in the
manner provided in the Indenture. All principal payments on the Class D Notes
shall be made pro rata to the Class D Noteholders entitled thereto.

                Payments of interest on this Note due and payable on each
Distribution Date, together with the installment of principal, if any, to the
extent not in full payment of this Note, shall be made by check mailed to the
Person whose name appears as the Holder of this Note (or one or more Predecessor
Notes) on the Note Register as of the close of business on each Record Date,
except that with respect to Notes registered on the Record Date in the name of
the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.),
payments will be made by wire transfer in immediately available funds to the
account designated by such nominee. Such checks shall be mailed to the Person
entitled thereto at the address of such Person as it appears on the Note
Register as of the applicable Record Date without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any
Distribution Date shall be binding upon all future Holders of this Note and of
any Note issued upon the registration of

                                       D-4
<PAGE>

transfer hereof or in exchange hereof or in lieu hereof, whether or not noted
hereon. If funds are expected to be available, as provided in the Indenture, for
payment in full of the then remaining unpaid principal amount of this Note on a
Distribution Date, then the Trustee, in the name of and on behalf of the Issuer,
will notify the Person who was the Holder hereof as of the Record Date preceding
such Distribution Date by notice mailed prior to such Distribution Date and the
amount then due and payable shall be payable only upon presentation and
surrender of this Note at the Trustee's principal Corporate Trust Office or at
the office of the Trustee's agent appointed for such purposes located in New
York, New York.

                The Issuer shall pay interest on overdue installments of
interest at the Class D Interest Rate to the extent lawful.

                As provided in the Indenture and subject to certain limitations
set forth therein, the transfer of this Note may be registered on the Note
Register upon surrender of this Note for registration of transfer at the office
or agency designated by the Issuer pursuant to the Indenture, (i) duly endorsed
by, or accompanied by a written instrument of transfer in form satisfactory to
the Trustee duly executed by, the Holder hereof or his attorney duly authorized
in writing, with such signature guaranteed by an "eligible guarantor
institution" meeting the requirements of the Note Registrar which requirements
include membership or participation in Securities Transfer Agents Medallion
Program ("STAMP") or such other "signature guarantee program" as may be
determined by the Note Registrar in addition to, or in substitution for, STAMP,
all in accordance with the Exchange Act, and (ii) accompanied by such other
documents as the Trustee may require, and thereupon one or more new Notes of
authorized denominations and in the same aggregate principal amount will be
issued to the designated transferee or transferees. No service charge will be
charged for any registration of transfer or exchange of this Note, but the
transferor may be required to pay a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any such registration
of transfer or exchange.

                Each Noteholder or Note Owner, by acceptance of a Note or, in
the case of a Note Owner, a beneficial interest in a Note covenants and agrees
(i) that no recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuer, the Owner Trustee or the Trustee on the Notes or
under the Indenture or any certificate or other writing delivered in connection
therewith, against (a) the Seller, the Servicer, the Trustee or the Owner
Trustee in its individual capacity, (b) any owner of a beneficial interest in
the Issuer or (c) any partner, owner, beneficiary, agent, officer, director or
employee of the Seller, the Servicer, the Trustee or the Owner Trustee in its
individual capacity, any holder of a beneficial interest in the Issuer, the
Seller, the Servicer, the Owner Trustee or the Trustee or of any successor or
assign of the Seller, the Servicer, the Trustee or the Owner Trustee in its
individual capacity, except as any such Person may have expressly agreed (it
being understood that the Trustee and the Owner Trustee have no such obligations
in their individual capacity) and except that any such partner, owner or
beneficiary shall be fully liable, to the extent provided by applicable law, for
any unpaid consideration for stock, unpaid capital contribution or failure to
pay any installment or call owing to such entity, and (ii) to treat the Notes as
indebtedness for purposes of federal income, state and local income and
franchise and any other income taxes.

                                       D-5
<PAGE>

                Prior to the due presentment for registration of transfer of
this Note, the Issuer and the Trustee and any agent of the Issuer or the Trustee
may treat the Person in whose name this Note (as of the day of determination or
as of such other date as may be specified in the Indenture) is registered as the
owner hereof for all purposes, whether or not this Note be overdue, and neither
the Issuer, the Trustee nor any such agent shall be affected by notice to the
contrary.

                The Indenture permits, with certain exceptions as therein
provided, the amendment thereof and the modification of the rights and
obligations of the Issuer and the rights of the Holders of the Notes under the
Indenture at any time by the Issuer with the consent of the Majority
Noteholders. The Indenture also contains provisions permitting the Noteholders
representing specified percentages of the Outstanding Amount of the Notes, on
behalf of the Holders of all the Notes, to waive compliance by the Issuer with
certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of
this Note (or any one of more Predecessor Notes) shall be conclusive and binding
upon such Holder and upon all future Holders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange hereof or in lieu hereof
whether or not notation of such consent or waiver is made upon this Note. The
Indenture also permits the Trustee to amend or waive certain terms and
conditions set forth in the Indenture without the consent of Holders of the
Notes issued thereunder.

                The term "Issuer" as used in this Note includes any successor to
the Issuer under the Indenture.

                The Issuer is permitted by the Indenture, under certain
circumstances, to merge or consolidate, subject to the rights of the Trustee and
the Noteholders under the Indenture.

                The Notes are issuable only in registered form in denominations
as provided in the Indenture, subject to certain limitations therein set forth.

                This Note and the Indenture shall be construed in accordance
with the laws of the State of New York, without reference to its conflict of law
provisions, and the obligations, rights and remedies of the parties hereunder
and thereunder shall be determined in accordance with such laws.

                No reference herein to the Indenture and no provision of this
Note or of the Indenture shall alter or impair the obligation of the Issuer,
which is absolute and unconditional, to pay the principal of and interest on
this Note at the times, place, and rate, and in the coin or currency herein
prescribed.

                Anything herein to the contrary notwithstanding, except as
expressly provided in the Indenture or the Basic Documents, neither Wilmington
Trust Company in its individual capacity, any owner of a beneficial interest in
the Issuer, nor any of their respective partners, beneficiaries, agents,
officers, directors, employees or successors or assigns shall be personally
liable for, nor shall recourse be had to any of them for, the payment of
principal of or interest on, or performance of, or omission to perform, any of
the covenants, obligations or indemnifications contained in this Note or the
Indenture, it being expressly understood that said covenants, obligations and
indemnifications have been made by the Owner Trustee for the sole purposes of
binding the interests of the Owner Trustee in the assets of the Issuer. The
Holder of this Note by the acceptance hereof agrees that except as expressly
provided in the Indenture or the Basic Documents, in the case of an Event of
Default under the Indenture, the Holder shall have no claim against any of the
foregoing for any deficiency, loss or claim therefrom; provided, however, that
nothing contained herein shall be taken to prevent recourse to, and enforcement
against, the assets of the Issuer for any and all liabilities, obligations and
undertakings contained in the Indenture or in this Note.

                                       D-6
<PAGE>

                                   ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee

                FOR VALUE RECEIVED, the undersigned hereby sells, assigns and
transfers unto ________________________________
                (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints, attorney, to transfer said Note on the books kept for registration
thereof, with full power of substitution in the premises.

Dated                           (1)
     ---------------------------        ----------------------------------------
                                        Signature Guaranteed:

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

----------
        (1) NOTE: The signature to this assignment must correspond with the name
of the registered owner as it appears on the face of the within Note in every
particular, without alteration, enlargement or any change whatsoever.

                                       D-7
<PAGE>

                                                                       EXHIBIT E

REGISTERED                                                      $51,730,000

No. RB E

                       SEE REVERSE FOR CERTAIN DEFINITIONS

                                                           CUSIP NO. 03061N JE 0

                THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR UNDER THE
SECURITIES OR BLUE SKY LAWS OF ANY STATE IN THE UNITED STATES OR ANY FOREIGN
SECURITIES LAWS. BY ITS ACCEPTANCE OF THIS NOTE THE HOLDER OF THIS NOTE IS
DEEMED TO REPRESENT TO AFS SENSUB CORP. (THE "SELLER") AND THE OWNER TRUSTEE
THAT IT (I) IS A "QUALIFIED INSTITUTIONAL BUYER" WITHIN THE MEANING OF RULE 144A
UNDER THE SECURITIES ACT (A "QIB") AND IS ACQUIRING SUCH NOTE FOR ITS OWN
ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR
OTHERS (WHICH OTHERS ALSO ARE QIBS) TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS
BEING MADE IN RELIANCE ON RULE 144A OR (II) IS AN "ACCREDITED INVESTOR" WITHIN
THE MEANING OF RULE 501 UNDER THE SECURITIES ACT (AN "ACCREDITED INVESTOR") AND
IS ACQUIRING SUCH NOTE FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS)
OR AS A FIDUCIARY OR AGENT FOR OTHERS (WHICH OTHERS ALSO ARE ACCREDITED
INVESTORS) TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE
ON REGULATION D OR (III) IN CONNECTION WITH SALES OTHER THAN THE INITIAL SALE OF
THIS NOTE BY AN INITIAL PURCHASER, IS OTHERWISE ACQUIRING THIS NOTE IN A
TRANSACTION EXEMPT FROM THE SECURITIES ACT.

                NO SALE, PLEDGE OR OTHER TRANSFER OF THIS NOTE MAY BE MADE BY
ANY PERSON UNLESS (I) SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO THE SELLER,
(II) SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE
SECURITIES ACT, SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO A PERSON WHOM THE
TRANSFEROR REASONABLY BELIEVES AFTER DUE INQUIRY IS A QIB ACTING FOR ITS OWN
ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR
OTHERS (WHICH OTHERS ALSO ARE QIBS) TO WHOM NOTICE IS GIVEN THAT THE SALE,
PLEDGE OR TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A OR (III) SO LONG AS
THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT TO REGULATION D UNDER THE SECURITIES
ACT, SUCH SALE, PLEDGE OR OTHER TRANSFER IS MADE TO A PERSON WHOM THE TRANSFEROR
REASONABLY BELIEVES AFTER DUE INQUIRY IS AN ACCREDITED INVESTOR ACTING FOR ITS
OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT FOR
OTHERS (WHICH OTHERS ALSO ARE ACCREDITED INVESTORS) TO WHOM NOTICE IS GIVEN THAT
THE SALE, PLEDGE OR TRANSFER IS BEING MADE

<PAGE>

IN RELIANCE ON REGULATION D OR (IV) SUCH SALE, PLEDGE OR OTHER TRANSFER IS
OTHERWISE MADE IN A TRANSFER EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT, IN WHICH CASE (A) THE OWNER TRUSTEE SHALL REQUIRE THAT BOTH THE
PROSPECTIVE TRANSFEROR AND THE PROSPECTIVE TRANSFEREE CERTIFY TO THE OWNER
TRUSTEE AND THE SELLER IN WRITING THE FACTS SURROUNDING SUCH TRANSFER, WHICH
CERTIFICATION SHALL BE IN FORM AND SUBSTANCE SATISFACTORY TO THE OWNER TRUSTEE
AND THE SELLER, AND (B) THE OWNER TRUSTEE SHALL REQUIRE A WRITTEN OPINION OF
COUNSEL (WHICH SHALL NOT BE AT THE EXPENSE OF THE SELLER OR THE OWNER TRUSTEE)
SATISFACTORY TO THE SELLER AND THE OWNER TRUSTEE TO THE EFFECT THAT SUCH
TRANSFER WILL NOT VIOLATE THE SECURITIES ACT OR THE APPLICABLE STATE SECURITIES
LAWS. ANY ATTEMPTED TRANSFER IN CONTRAVENTION OF THE IMMEDIATELY PRECEDING
RESTRICTIONS WILL BE VOID AB INITIO AND THE PURPORTED TRANSFEROR WILL CONTINUE
TO BE TREATED AS THE OWNER OF THE NOTES FOR ALL PURPOSES.

                EACH PURCHASER OR TRANSFEREE OF A BENEFICIAL INTEREST IN THIS
NOTE SHALL BE DEEMED TO REPRESENT THAT IT IS NOT, AND IS NOT ACTING ON BEHALF OF
OR INVESTING THE ASSETS OF, (A) AN "EMPLOYEE BENEFIT PLAN" (WITHIN THE MEANING
OF SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS
AMENDED ("ERISA")) THAT IS SUBJECT TO TITLE I OF ERISA, (B) A "PLAN" (WITHIN THE
MEANING OF SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED
(THE "CODE")) THAT IS SUBJECT TO SECTION 4975 OF THE CODE OR (C) AN ENTITY WHOSE
UNDERLYING ASSETS ARE DEEMED TO BE ASSETS OF A PLAN DESCRIBED IN (A) OR (B) BY
REASON OF SUCH PLAN'S INVESTMENT IN THE ENTITY.

                Unless this Note is presented by an authorized representative of
The Depository Trust Company, a New York corporation ("DTC"), to the Issuer or
its agent for registration of transfer, exchange or payment, and any Note issued
is registered in the name of Cede & Co. or in such other name as is requested by
an authorized representative of DTC (and any payment is made to Cede & Co. or to
such other entity as is requested by an authorized representative of DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest
herein.

                                       E-2
<PAGE>

                THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET
FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY
TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

                 AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2005-1

                         CLASS E 5.82% ASSET BACKED NOTE

                AmeriCredit Automobile Receivables Trust 2005-1, a statutory
trust organized and existing under the laws of the State of Delaware (herein
referred to as the "Issuer"), for value received, hereby promises to pay to CEDE
& CO., or registered assigns, the principal sum of FIFTY-ONE MILLION SEVEN
HUNDRED THIRTY THOUSAND DOLLARS payable on each Distribution Date in an amount
equal to the result obtained by multiplying (i) a fraction the numerator of
which is $51,730,000 and the denominator of which is $51,730,000 by (ii) the
aggregate amount, if any, payable from the Note Distribution Account in respect
of principal on the Class E Notes pursuant to the Indenture; provided, however,
that the entire unpaid principal amount of this Note shall be due and payable on
the June 6, 2012 Distribution Date (the "Final Scheduled Distribution Date").
The Issuer will pay interest on this Note at the rate per annum shown above on
each Distribution Date until the principal of this Note is paid or made
available for payment. Interest on this Note will accrue for each Distribution
Date from the most recent Distribution Date on which interest has been paid to
but excluding such Distribution Date or, if no interest has yet been paid, from
April 14, 2005. Interest will be computed on the basis of a 360-day year of
twelve 30-day months. Such principal of and interest on this Note shall be paid
in the manner specified on the reverse hereof.

                The principal of and interest on this Note are payable in such
coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts. All payments made by the
Issuer with respect to this Note shall be applied first to interest due and
payable on this Note as provided above and then to the unpaid principal of this
Note.

                Reference is made to the further provisions of this Note set
forth on the reverse hereof, which shall have the same effect as though fully
set forth on the face of this Note.

                Unless the certificate of authentication hereon has been
executed by the Trustee whose name appears below by manual signature, this Note
shall not be entitled to any benefit under the Indenture referred to on the
reverse hereof, or be valid or obligatory for any purpose.

                                       E-3
<PAGE>

                IN WITNESS WHEREOF, the Issuer has caused this instrument to be
signed, manually or in facsimile, by its Authorized Officer as of the date set
forth below.

                                        AMERICREDIT AUTOMOBILE RECEIVABLES
                                        TRUST 2005-1

                                        by

                                        WILMINGTON TRUST COMPANY, not in its
                                        individual capacity but solely as Owner
                                        Trustee under the Trust Agreement

                                        by
                                             -----------------------------------
                                        Name:
                                        Title:

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

                This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

Date:  April 14, 2005                   JPMORGAN CHASE BANK, NATIONAL
                                        ASSOCIATION, not in its individual
                                        capacity but solely as Trustee

                                        by
                                             -----------------------------------
                                        Authorized Signer]

                                       E-4
<PAGE>

                                 REVERSE OF NOTE

                This Note is one of a duly authorized issue of Notes of the
Issuer, designated as its Class E 5.82% Asset Backed Notes (herein called the
"Class E Notes"), all issued under an Indenture dated as of April 6, 2005 (such
indenture, as supplemented or amended, is herein called the "Indenture"),
between the Issuer and JPMorgan Chase Bank, National Association, as trustee
(the "Trustee", which term includes any successor Trustee under the Indenture)
and as trust collateral agent (the "Trust Collateral Agent"), which term
includes any successor Trust Collateral Agent) to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuer, the Trustee and the
Holders of the Notes. The Notes are subject to all terms of the Indenture. All
terms used in this Note that are defined in the Indenture, as supplemented or
amended, shall have the meanings assigned to them in or pursuant to the
Indenture, as so supplemented or amended.

                The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes,
the Class B Notes, the Class C Notes, the Class D Notes and the Class E Notes
(together, the "Notes") are and will be equally and ratably secured by the
collateral pledged as security therefor as provided in the Indenture.

                Principal of the Class E Notes will be payable on each
Distribution Date in an amount described on the face hereof. "Distribution Date"
means the sixth day of each month, or, if any such date is not a Business Day,
the next succeeding Business Day, commencing May 6, 2005. The term "Distribution
Date," shall be deemed to include the Final Scheduled Distribution Date.

                As described above, the entire unpaid principal amount of this
Note shall be due and payable on the earlier of the Final Scheduled Distribution
Date and the Redemption Date, if any, pursuant to the Indenture. As described
above, a portion of the unpaid principal balance of this Note shall be due and
payable on the Redemption Date. Notwithstanding the foregoing, the entire unpaid
principal amount of the Notes shall be due and payable on the date on which an
Event of Default shall have occurred and be continuing and the Majority
Noteholders have declared the Notes to be immediately due and payable in the
manner provided in the Indenture. All principal payments on the Class E Notes
shall be made pro rata to the Class E Noteholders entitled thereto.

                Payments of interest on this Note due and payable on each
Distribution Date, together with the installment of principal, if any, to the
extent not in full payment of this Note, shall be made by check mailed to the
Person whose name appears as the Holder of this Note (or one or more Predecessor
Notes) on the Note Register as of the close of business on each Record Date,
except that with respect to Notes registered on the Record Date in the name of
the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.),
payments will be made by wire transfer in immediately available funds to the
account designated by such nominee. Such checks shall be mailed to the Person
entitled thereto at the address of such Person as it appears on the Note
Register as of the applicable Record Date without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any
Distribution Date shall be binding upon all future Holders of this Note and of
any Note issued upon the registration of

                                       E-5
<PAGE>

transfer hereof or in exchange hereof or in lieu hereof, whether or not noted
hereon. If funds are expected to be available, as provided in the Indenture, for
payment in full of the then remaining unpaid principal amount of this Note on a
Distribution Date, then the Trustee, in the name of and on behalf of the Issuer,
will notify the Person who was the Holder hereof as of the Record Date preceding
such Distribution Date by notice mailed prior to such Distribution Date and the
amount then due and payable shall be payable only upon presentation and
surrender of this Note at the Trustee's principal Corporate Trust Office or at
the office of the Trustee's agent appointed for such purposes located in New
York, New York.

                The Issuer shall pay interest on overdue installments of
interest at the Class E Interest Rate to the extent lawful.

                As provided in the Indenture and subject to certain limitations
set forth therein, the transfer of this Note may be registered on the Note
Register upon surrender of this Note for registration of transfer at the office
or agency designated by the Issuer pursuant to the Indenture, (i) duly endorsed
by, or accompanied by a written instrument of transfer in form satisfactory to
the Trustee duly executed by, the Holder hereof or his attorney duly authorized
in writing, with such signature guaranteed by an "eligible guarantor
institution" meeting the requirements of the Note Registrar which requirements
include membership or participation in Securities Transfer Agents Medallion
Program ("STAMP") or such other "signature guarantee program" as may be
determined by the Note Registrar in addition to, or in substitution for, STAMP,
all in accordance with the Exchange Act, and (ii) accompanied by such other
documents as the Trustee may require, and thereupon one or more new Notes of
authorized denominations and in the same aggregate principal amount will be
issued to the designated transferee or transferees. No service charge will be
charged for any registration of transfer or exchange of this Note, but the
transferor may be required to pay a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any such registration
of transfer or exchange.

                Each Noteholder or Note Owner, by acceptance of a Note or, in
the case of a Note Owner, a beneficial interest in a Note covenants and agrees
(i) that no recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuer, the Owner Trustee or the Trustee on the Notes or
under the Indenture or any certificate or other writing delivered in connection
therewith, against (a) the Seller, the Servicer, the Trustee or the Owner
Trustee in its individual capacity, (b) any owner of a beneficial interest in
the Issuer or (c) any partner, owner, beneficiary, agent, officer, director or
employee of the Seller, the Servicer, the Trustee or the Owner Trustee in its
individual capacity, any holder of a beneficial interest in the Issuer, the
Seller, the Servicer, the Owner Trustee or the Trustee or of any successor or
assign of the Seller, the Servicer, the Trustee or the Owner Trustee in its
individual capacity, except as any such Person may have expressly agreed (it
being understood that the Trustee and the Owner Trustee have no such obligations
in their individual capacity) and except that any such partner, owner or
beneficiary shall be fully liable, to the extent provided by applicable law, for
any unpaid consideration for stock, unpaid capital contribution or failure to
pay any installment or call owing to such entity, and (ii) to treat the Notes as
indebtedness for purposes of federal income, state and local income and
franchise and any other income taxes.

                                       E-6
<PAGE>

                Prior to the due presentment for registration of transfer of
this Note, the Issuer and the Trustee and any agent of the Issuer or the Trustee
may treat the Person in whose name this Note (as of the day of determination or
as of such other date as may be specified in the Indenture) is registered as the
owner hereof for all purposes, whether or not this Note be overdue, and neither
the Issuer, the Trustee nor any such agent shall be affected by notice to the
contrary.

                The Indenture permits, with certain exceptions as therein
provided, the amendment thereof and the modification of the rights and
obligations of the Issuer and the rights of the Holders of the Notes under the
Indenture at any time by the Issuer with the consent of the Majority
Noteholders. The Indenture also contains provisions permitting the Noteholders
representing specified percentages of the Outstanding Amount of the Notes, on
behalf of the Holders of all the Notes, to waive compliance by the Issuer with
certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of
this Note (or any one of more Predecessor Notes) shall be conclusive and binding
upon such Holder and upon all future Holders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange hereof or in lieu hereof
whether or not notation of such consent or waiver is made upon this Note. The
Indenture also permits the Trustee to amend or waive certain terms and
conditions set forth in the Indenture without the consent of Holders of the
Notes issued thereunder.

                The term "Issuer" as used in this Note includes any successor to
the Issuer under the Indenture.

                The Issuer is permitted by the Indenture, under certain
circumstances, to merge or consolidate, subject to the rights of the Trustee and
the Noteholders under the Indenture.

                The Notes are issuable only in registered form in denominations
as provided in the Indenture, subject to certain limitations therein set forth.

                This Note and the Indenture shall be construed in accordance
with the laws of the State of New York, without reference to its conflict of law
provisions, and the obligations, rights and remedies of the parties hereunder
and thereunder shall be determined in accordance with such laws.

                No reference herein to the Indenture and no provision of this
Note or of the Indenture shall alter or impair the obligation of the Issuer,
which is absolute and unconditional, to pay the principal of and interest on
this Note at the times, place, and rate, and in the coin or currency herein
prescribed.

                Anything herein to the contrary notwithstanding, except as
expressly provided in the Indenture or the Basic Documents, neither Wilmington
Trust Company in its individual capacity, any owner of a beneficial interest in
the Issuer, nor any of their respective partners, beneficiaries, agents,
officers, directors, employees or successors or assigns shall be personally
liable for, nor shall recourse be had to any of them for, the payment of
principal of or interest on, or performance of, or omission to perform, any of
the covenants, obligations or indemnifications contained in this Note or the
Indenture, it being expressly understood that said covenants, obligations and
indemnifications have been made by the Owner Trustee for the sole purposes of
binding the interests of the Owner Trustee in the assets of the Issuer. The
Holder of this Note by the acceptance hereof agrees that except as expressly
provided in the Indenture or the Basic Documents, in the case of an Event of
Default under the Indenture, the Holder shall have no claim against any of the
foregoing for any deficiency, loss or claim therefrom; provided, however, that
nothing contained herein shall be taken to prevent recourse to, and enforcement
against, the assets of the Issuer for any and all liabilities, obligations and
undertakings contained in the Indenture or in this Note.

                                       E-7
<PAGE>

                                   ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee

                FOR VALUE RECEIVED, the undersigned hereby sells, assigns and
transfers unto ________________________________
                (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints, attorney, to transfer said Note on the books kept for registration
thereof, with full power of substitution in the premises.

Dated                            (1)
     ----------------------------       ----------------------------------------
                                        Signature Guaranteed:

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

----------
        (1) NOTE: The signature to this assignment must correspond with the name
of the registered owner as it appears on the face of the within Note in every
particular, without alteration, enlargement or any change whatsoever.

                                       E-8
<PAGE>

                                   SCHEDULE A

                  REPRESENTATIONS AND WARRANTIES OF THE ISSUER

Representations and Warranties Regarding the Receivables:

        1.      Security Interest in Financed Vehicle. This Indenture creates a
        valid and continuing security interest (as defined in the applicable
        UCC) in the Receivables in favor of the Trust Collateral Agent, which
        security interest is prior to all other Liens, and is enforceable as
        such as against creditors of and purchasers from the Seller. The Issuer
        owns and has good and marketable title to the Receivables free and clear
        of any Lien (other than the Lien in favor of the Trust Collateral
        Agent), claim or encumbrance of any Person.

        2.      All Filings Made. The Issuer has taken all steps necessary to
        perfect the Trust Collateral Agent's security interest in the property
        securing the Receivables, provided that, if not done as of the Closing
        Date, the Issuer will cause, within ten days of the Closing Date, the
        filing of all appropriate financing statements in the proper filing
        office in the State of Delaware under applicable law in order to perfect
        the security interest in the Receivables granted to the Trust Collateral
        Agent hereunder.

        3.      No Impairment. The Issuer 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 Trustee, the Trust Collateral Agent and the Noteholders in any
        Receivable or the proceeds thereof. Other than the security interest
        granted to the Trust Collateral Agent pursuant to this Indenture, the
        Issuer has not pledged, assigned, sold, granted a security interest in,
        or otherwise conveyed any of the Receivables. The Issuer has not
        authorized the filing of and is not aware of any financing statements
        against the Issuer that include a description of collateral covering the
        Receivables other than any financing statement relating to the security
        interest granted to the Trust Collateral Agent hereunder or that has
        been terminated. The Issuer is not aware of any judgment or tax lien
        filings against it.

        4.      Chattel Paper. The Receivables constitute "tangible chattel
        paper" within the meaning of the UCC as in effect in the States of
        Texas, New York, Nevada and Delaware.

        5.      Good Title. Immediately prior to the pledge of the Receivables
        to the Trust Collateral Agent pursuant to this Indenture, the Issuer was
        the sole owner thereof and had good and indefeasible title thereto, free
        of any Lien and, upon execution and delivery of this Agreement, 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 Issuer 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.

        6.      Possession of Original Copies. The Servicer, as Custodian on
        behalf of the Issuer, has in its possession all original copies of the
        contracts that constitute or evidence the Receivable.

                                    Sch. A-1<PAGE>

                                                                     EXHIBIT 4.2
                                                                  EXECUTION COPY

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

                              AMENDED AND RESTATED

                                 TRUST AGREEMENT

                                     between

                                AFS SENSUB CORP.

                                       and

                            WILMINGTON TRUST COMPANY
                                  Owner Trustee

                            Dated as of April 6, 2005

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

<PAGE>

                                TABLE OF CONTENTS

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

    Section 1.1         Capitalized Terms.................................................................1
    Section 1.2         Other Definitional Provisions.....................................................3

ARTICLE II          ORGANIZATION..........................................................................4

    Section 2.1         Name..............................................................................4
    Section 2.2         Office............................................................................4
    Section 2.3         Purposes and Powers...............................................................4
    Section 2.4         Appointment of Owner Trustee......................................................5
    Section 2.5         Initial Capital Contribution of Trust Estate......................................5
    Section 2.6         Declaration of Trust..............................................................5
    Section 2.7         Title to Trust Property...........................................................5
    Section 2.8         Situs of Trust....................................................................6
    Section 2.9         Representations and Warranties of the Depositor...................................6
    Section 2.10        Covenants of the Certificateholder................................................7
    Section 2.11        Federal Income Tax Treatment of the Trust.........................................7

ARTICLE III         CERTIFICATE AND TRANSFER OF INTEREST..................................................8

    Section 3.1         Initial Ownership.................................................................8
    Section 3.2         The Certificate...................................................................8
    Section 3.3         Authentication of Certificate.....................................................8
    Section 3.4         Registration of Transfer and Exchange of Certificate..............................8
    Section 3.5         Mutilated, Destroyed, Lost or Stolen Certificates.................................9
    Section 3.6         Persons Deemed Certificateholders................................................10
    Section 3.7         Maintenance of Office or Agency..................................................10
    Section 3.8         Disposition in Whole But Not in Part.............................................10
    Section 3.9         ERISA Restrictions...............................................................10

ARTICLE IV          VOTING RIGHTS AND OTHER ACTIONS......................................................10

    Section 4.1         Prior Notice to Holder with Respect to Certain Matters...........................10
    Section 4.2         Action by Certificateholder with Respect to Certain Matters......................11
    Section 4.3         Restrictions on Certificateholder's Power........................................11
    Section 4.4         Action with Respect to Bankruptcy Action.........................................12
    Section 4.5         Covenants and Restrictions on Conduct of Business................................12

ARTICLE V           AUTHORITY AND DUTIES OF OWNER TRUSTEE................................................14

    Section 5.1         General Authority................................................................14
    Section 5.2         General Duties...................................................................15
    Section 5.3         Action upon Instruction..........................................................15
</TABLE>

                                        i
<PAGE>

<TABLE>
<S>                 <C>                                                                                  <C>
    Section 5.4         No Duties Except as Specified in this Agreement or in Instructions...............16
    Section 5.5         No Action Except under Specified Documents or Instructions.......................16
    Section 5.6         Restrictions.....................................................................16

ARTICLE VI          CONCERNING THE OWNER TRUSTEE.........................................................16

    Section 6.1         Acceptance of Trusts and Duties..................................................16
    Section 6.2         Furnishing of Documents..........................................................18
    Section 6.3         Representations and Warranties...................................................18
    Section 6.4         Reliance; Advice of Counsel......................................................18
    Section 6.5         Not Acting in Individual Capacity................................................19
    Section 6.6         Owner Trustee Not Liable for Certificate or Receivables..........................19
    Section 6.7         Owner Trustee May Own Notes......................................................19
    Section 6.8         Payments from Owner Trust Estate.................................................20
    Section 6.9         Doing Business in Other Jurisdictions............................................20

ARTICLE VII         COMPENSATION OF OWNER TRUSTEE........................................................20

    Section 7.1         Owner Trustee's Fees and Expenses................................................20
    Section 7.2         Indemnification..................................................................20
    Section 7.3         Payments to the Owner Trustee....................................................21
    Section 7.4         Non-recourse Obligations.........................................................21

ARTICLE VIII        TERMINATION OF TRUST AGREEMENT.......................................................21

    Section 8.1         Termination of Trust Agreement...................................................21

ARTICLE IX          SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES...............................22

    Section 9.1         Eligibility Requirements for Owner Trustee.......................................22
    Section 9.2         Resignation or Removal of Owner Trustee..........................................23
    Section 9.3         Successor Owner Trustee..........................................................23
    Section 9.4         Merger or Consolidation of Owner Trustee.........................................24
    Section 9.5         Appointment of Co-Trustee or Separate Trustee....................................24

ARTICLE X           MISCELLANEOUS........................................................................25

    Section 10.1        Supplements and Amendments.......................................................25
    Section 10.2        No Legal Title to Owner Trust Estate in Certificateholder........................26
    Section 10.3        Limitations on Rights of Others..................................................26
    Section 10.4        Notices..........................................................................26
    Section 10.5        Severability.....................................................................27
    Section 10.6        Separate Counterparts............................................................27
    Section 10.7        Assignments......................................................................27
    Section 10.8        No Recourse......................................................................27
</TABLE>

                                       ii
<PAGE>

<TABLE>
    <S>                 <C>                                                                              <C>
    Section 10.9        Headings.........................................................................27
    Section 10.10       GOVERNING LAW....................................................................27
    Section 10.11       Servicer.........................................................................27
    Section 10.12       Nonpetition Covenants............................................................28
</TABLE>

                                    EXHIBITS

EXHIBIT A    FORM OF CERTIFICATE
EXHIBIT B    FORM OF CERTIFICATE OF TRUST

                                       iii
<PAGE>

                This AMENDED AND RESTATED TRUST AGREEMENT dated as of April 6,
2005 between AFS SENSUB CORP., a Nevada corporation (the "Seller"), and
WILMINGTON TRUST COMPANY, a Delaware banking corporation, as Owner Trustee,
amends and restates in its entirety that certain Trust Agreement dated as of
March 15, 2005 between the Seller and the Owner Trustee.

                                    ARTICLE I

                                   Definitions

                Section 1.1     Capitalized Terms. For all purposes of this
Agreement, the following terms shall have the meanings set forth below

                "AmeriCredit" shall mean AmeriCredit Financial Services, Inc.

                "Agreement" shall mean this Trust Agreement, as the same may be
amended and supplemented from time to time.

                "Bankruptcy Action" shall have the meaning assigned to such term
in Section 4.4(a).

                "Basic Documents" shall mean this Agreement, the Certificate of
Trust, the Sale and Servicing Agreement, the Indenture, the Custodian Agreement,
the Lockbox Agreement, the Underwriting Agreement, the Note Purchase Agreement
and the other documents and certificates delivered in connection therewith.

                "Benefit Plan" shall have the meaning assigned to such term in
Section 3.9.

                "Certificate" means a trust certificate evidencing the
beneficial interest of a Certificateholder in the Trust, substantially in the
form of Exhibit A attached hereto.

                "Certificateholder" or "Holder" shall mean the person in whose
name a Certificate is registered on the Certificate Register, initially the
Seller.

                "Certificate of Trust" shall mean the Certificate of Trust in
the form of Exhibit B to be filed for the Trust pursuant to Section 3810(a) of
the Statutory Trust Statute.

                "Certificate Register" and "Certificate Registrar" shall mean
the register mentioned and the registrar appointed pursuant to Section 3.4.

                "Code" shall mean the Internal Revenue Code of 1986, as amended
from time to time, and Treasury Regulations promulgated thereunder.

                "Corporate Trust Office" shall mean, with respect to the Owner
Trustee, the principal corporate trust office of the Owner Trustee located at
Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890-0001,
Attention: Corporate Trust Administration, or at such other address as the Owner
Trustee may designate by notice to the Depositor, or the principal corporate
trust office of any successor Owner Trustee (the address of which the successor
owner trustee will notify the Depositor).

<PAGE>

                "Depositor" shall mean the Seller in its capacity as Depositor
hereunder.

                "Distribution Date" shall have the meaning set forth in the Sale
and Servicing Agreement.

                "ERISA" shall have the meaning assigned to such term in Section
3.9.

                "Expenses" shall have the meaning assigned to such term in
Section 7.2.

                "Indemnified Parties" shall have the meaning assigned to such
term in Section 7.2.

                "Indenture" shall mean the Indenture dated as of April 6, 2005,
among the Issuer and JPMorgan Chase Bank, National Association, as Trust
Collateral Agent and Trustee, as the same may be amended and supplemented from
time to time.

                "Owner Trust Estate" shall mean all right, title and interest of
the Trust in and to the property and rights assigned to the Trust pursuant to
Article II of the Sale and Servicing Agreement, all funds on deposit from time
to time in the Trust Accounts and all other property of the Trust from time to
time, including any rights of the Owner Trustee and the Trust pursuant to the
Sale and Servicing Agreement.

                "Owner Trustee" shall mean Wilmington Trust Company, a Delaware
banking corporation, not in its individual capacity but solely as owner trustee
under this Agreement, and any successor Owner Trustee hereunder.

                "Record Date" shall mean with respect to any Distribution Date,
the close of business on the last Business Day immediately preceding such
Distribution Date.

                "Responsible Officer" shall mean, with respect to the Owner
Trustee, any officer within the Corporate Trust Administration office of the
Owner Trustee with direct responsibility for the administration of the Trust and
also, with respect to a particular matter, any other officer to whom such matter
is referred because of such officer's knowledge of and familiarity with the
particular subject.

                "Sale and Servicing Agreement" shall mean the Sale and Servicing
Agreement, dated as of April 6, 2005 among the Trust, the Seller, AmeriCredit
Financial Services, Inc., the Trust Collateral Agent and Systems & Services
Technologies, Inc., the Backup Servicer, as the same may be amended and
supplemented from time to time.

                "Secretary of State" shall mean the Secretary of State of the
State of Delaware.

                "Statutory Trust Statute" shall mean Chapter 38 of Title 12 of
the Delaware Code, 12 Del. Code Section 3801 et seq. as the same may be amended
from time to time.

                                        2
<PAGE>

                "Treasury Regulations" shall mean regulations, including
proposed or temporary regulations, promulgated under the Code. References herein
to specific provisions of proposed or temporary regulations shall include
analogous provisions of final Treasury Regulations or other successor Treasury
Regulations.

                "Trust" shall mean the trust established by this Agreement.

                "Trust Collateral Agent" shall mean, initially, JPMorgan Chase
Bank, National Association, in its capacity as collateral agent, including its
successors in interest, until and unless a successor Person shall have become
the Trust Collateral Agent pursuant to the Sale and Servicing Agreement, and
thereafter "Trust Collateral Agent" shall mean such successor Person.

                Section 1.2     Other Definitional Provisions.

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

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

                (c)     As used in this Agreement 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 certificate or other document, and
accounting terms partly defined in this Agreement or in any such 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 certificate or other document, as applicable.
To the extent that the definitions of accounting terms in this Agreement or in
any such 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 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 and Exhibit
references contained in this Agreement are references to Sections 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.

                                        3
<PAGE>

                                   ARTICLE II

                                  Organization

                Section 2.1     Name. There is hereby formed a trust to be known
as "AmeriCredit Automobile Receivables Trust 2005-1," in which name the Owner
Trustee may conduct the business of the Trust, make and execute contracts and
other instruments on behalf of the Trust and sue and be sued.

                Section 2.2     Office. The office of the Trust shall be in care
of the Owner Trustee at the Corporate Trust Office or at such other address as
the Owner Trustee may designate by written notice to the Certificateholder.

                Section 2.3     Purposes and Powers.

                (a)     The purpose of the Trust is, and the Trust shall have
the power and authority, to engage in the following activities:

                        (i)     to issue the Notes pursuant to the Indenture and
        the Certificate pursuant to this Agreement, and to sell the Notes;

                        (ii)    with the proceeds of the sale of the Notes, to
        fund the Reserve Account and to pay the organizational, start-up and
        transactional expenses of the Trust and to pay the balance to the
        Depositor pursuant to the Sale and Servicing Agreement;

                        (iii)   to acquire from time to time the Owner Trust
        Estate, to assign, grant, transfer, pledge, mortgage and convey the
        Owner Trust Estate to the Trust Collateral Agent pursuant to the
        Indenture for the benefit of the Indenture Trustee on behalf of the
        Noteholders; and to hold, manage and distribute to the Certificateholder
        pursuant to the terms of the Sale and Servicing Agreement any portion of
        the Owner Trust Estate released from the Lien of, and remitted to the
        Trust pursuant to, the Indenture;

                        (iv)    to enter into and perform its obligations under
        the Basic Documents to which it is a party;

                        (v)     to engage in those activities, including
        entering into agreements, that are necessary, suitable or convenient to
        accomplish the foregoing or are incidental thereto or connected
        therewith (including the sale, from time to time, of Receivables at the
        direction of the Servicer pursuant to Section 4.3(c) of the Sale and
        Servicing Agreement) and the filing of state business licenses (and any
        renewal thereof) as prepared and instructed by the Certificateholder or
        Servicer, including a Sales Finance Company Application (and any renewal
        thereof) with the Pennsylvania Department of Banking, Licensing
        Division, and a Financial Regulation Application (and any renewal
        thereof) with the Maryland Department of Labor, Licensing and
        Regulation; and

                                        4
<PAGE>

                        (vi)    subject to compliance with the Basic Documents,
        to engage in such other activities as may be required in connection with
        conservation of the Owner Trust Estate and the making of distributions
        to the Certificateholder and the Noteholders.

                The Trust is hereby authorized to engage in the foregoing
activities. The Trust shall not engage in any activity other than in connection
with the foregoing or other than as required or authorized by the terms of this
Agreement or the Basic Documents.

                Section 2.4     Appointment of Owner Trustee. The Depositor
hereby appoints the Owner Trustee as trustee of the Trust effective as of the
date hereof, to have all the rights, powers and duties set forth herein. The
Owner Trustee hereby accepts such appointment.

                Section 2.5     Initial Capital Contribution of Trust Estate.
The Owner Trustee hereby acknowledges receipt in trust from the Depositor of the
sum of $1,000 which contribution shall constitute the initial Owner Trust
Estate. The Depositor acknowledges that such contribution has been transferred
to, and is being held by, JPMorgan Chase Bank, National Association, as agent
for the Trust in an account established by JPMorgan Chase Bank, National
Association, on behalf of the Trust, which contribution shall constitute the
initial Trust Estate. The Depositor shall pay organizational expenses of the
Trust as they may arise.

                Section 2.6     Declaration of Trust. The Owner Trustee hereby
declares that it will hold the Owner Trust Estate in trust upon and subject to
the conditions set forth herein for the use and benefit of the Holder, subject
to the obligations of the Trust under the Basic Documents. It is the intention
of the parties hereto that the Trust constitute a statutory trust under the
Statutory Trust Statute and that this Agreement constitute the governing
instrument of such statutory trust. Effective as of the date hereof, the Owner
Trustee shall have all rights, powers and duties set forth herein and to the
extent not inconsistent herewith, in the Statutory Trust Statute with respect to
accomplishing the purposes of the Trust. The Owner Trustee shall file the
Certificate of Trust with the Secretary of State.

                The Holder shall not have any personal liability for any
liability or obligation of the Trust.

                Section 2.7     Title to Trust Property.

                (a)     Legal title to all the Owner Trust Estate shall be
vested at all times in the Trust as a separate legal entity except where
applicable law in any jurisdiction requires title to any part of the Owner Trust
Estate to be vested in a trustee or trustees, in which case title shall be
deemed to be vested in the Owner Trustee, a co-trustee and/or a separate
trustee, as the case may be.

                (b)     The Holder shall not have legal title to any part of the
Trust Property. The Holder shall be entitled to receive distributions with
respect to its undivided ownership interest therein only in accordance with
Article VIII. No transfer, by operation of law or otherwise, of any right, title
or interest by the Certificateholder of its ownership interest in the Owner
Trust Estate shall operate to terminate this Agreement or the trusts hereunder
or entitle any transferee to an accounting or to the transfer to it of legal
title to any part of the Trust Property.

                                        5
<PAGE>

                Section 2.8     Situs of Trust. The Trust will be located and
administered in the State of Delaware. All bank accounts maintained by the Owner
Trustee on behalf of the Trust shall be located in the State of Delaware or the
State of New York. Payments will be received by the Trust only in Delaware or
New York and payments will be made by the Trust only from Delaware or New York.
The Trust shall not have any employees in any state other than Delaware;
provided, however, that nothing herein shall restrict or prohibit the Owner
Trustee, the Servicer or any agent of the Trust from having employees within or
without the State of Delaware. The only office of the Trust will be at the
Corporate Trust Office located in Delaware.

                Section 2.9     Representations and Warranties of the Depositor.
The Depositor makes the following representations and warranties on which the
Owner Trustee relies in accepting the Owner Trust Estate in trust and issuing
the Certificate.

                (a)     Organization and Good Standing. The Depositor is duly
organized and validly existing as a Nevada corporation with power and authority
to own its properties and to conduct its business as such properties are
currently owned and such business is presently conducted and is proposed to be
conducted pursuant to this Agreement and the Basic Documents.

                (b)     Due Qualification. The Depositor is duly qualified to do
business as a foreign corporation in good standing, and has obtained all
necessary licenses and approvals, in all jurisdictions in which the ownership or
lease of its property, the conduct of its business and the performance of its
obligations under this Agreement and the Basic Documents requires such
qualification.

                (c)     Power and Authority. The Depositor has the corporate
power and authority to execute and deliver this Agreement and to carry out its
terms; the Depositor has full power and authority to sell and assign the
property to be sold and assigned to and deposited with the Trust and the
Depositor has duly authorized such sale and assignment and deposit to the Trust
by all necessary corporate action; and the execution, delivery and performance
of this Agreement has been duly authorized by the Depositor by all necessary
corporate action.

                (d)     No Consent Required. No consent, license, approval or
authorization or registration or declaration with, any Person or with any
governmental authority, bureau or agency is required in connection with the
execution, delivery or performance of this Agreement and the Basic Documents,
except for such as have been obtained, effected or made.

                (e)     No Violation. The consummation of the transactions
contemplated by this Agreement and the fulfillment of the terms hereof do 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
certificate of incorporation or by-laws of the Depositor, or any material
indenture, agreement or other instrument to which the Depositor is a party or by
which it is bound; nor result in the creation or imposition of any Lien upon any
of its properties pursuant to the terms of any such indenture, agreement or
other instrument (other than pursuant to the Basic Documents); nor violate any
law or, to the best of the Depositor's knowledge, any order, rule or regulation
applicable to the Depositor of any court or of any federal or state regulatory
body, administrative agency or other governmental instrumentality having
jurisdiction over the Depositor or its properties.

                                        6
<PAGE>

                (f)     No Proceedings. There are no proceedings or
investigations pending or, to its knowledge threatened against it before any
court, regulatory body, administrative agency or other tribunal or governmental
instrumentality having jurisdiction over it or its properties (A) asserting the
invalidity of this Agreement or any of the Basic Documents, (B) seeking to
prevent the issuance of the Certificate or the Notes 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 its performance 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 Certificate.

                Section 2.10    Covenants of the Certificateholder. The
Certificateholder agrees:

                (a)     to be bound by the terms and conditions of the
Certificate of which the Holder is the beneficial owner and of this Agreement,
including any supplements or amendments hereto and to perform the obligations of
a Holder as set forth therein or herein, in all respects as if it were a
signatory hereto. This undertaking is made for the benefit of the Trust and the
Owner Trustee; and

                (b)     until the completion of the events specified in Section
8.1(d), not to, for any reason, institute proceedings for the Trust to be
adjudicated bankrupt or insolvent, or consent to the institution of bankruptcy
or insolvency proceedings against the Trust, or file a petition seeking or
consenting to reorganization or relief under any applicable federal or state law
relating to bankruptcy, or consent to the appointment of a receiver, liquidator,
assignee, trustee, sequestrator (or other similar official) of the Trust or a
substantial part of its property, or cause or permit the Trust to make any
assignment for the benefit of its creditors, or admit in writing its inability
to pay its debts generally as they become due, or declare or effect a moratorium
on its debt or take any action in furtherance of any such action.

                Section 2.11    Federal Income Tax Treatment of the Trust.

                (a)     For so long as the Trust has a single owner for federal
income tax purposes, it will, pursuant to Treasury Regulations promulgated under
section 7701 of the Code, be disregarded as an entity distinct from the
Certificateholder for all federal income tax purposes. Accordingly, for federal
income tax purposes, the Certificateholder will be treated as (i) owning all
assets owned by the Trust, (ii) having incurred all liabilities incurred by the
Trust, and (iii) all transactions between the Trust and the Certificateholder
will be disregarded.

                (b)     Neither the Owner Trustee nor any Certificateholder
will, under any circumstances, and at any time, make an election on IRS Form
8832 or otherwise, to classify the Trust as an association taxable as a
corporation for federal, state or any other applicable tax purpose.

                (c)     In the event that the Trust has two or more equity
owners for federal income tax purposes, the Trust will be treated as a
partnership. At any such time that the Trust has two or more equity owners, this
Agreement will be amended, in accordance with Section 10.1 herein, and
appropriate provisions will be added so as to provide for treatment of the Trust
as a partnership.

                                        7
<PAGE>

                                   ARTICLE III

                      Certificate and Transfer of Interest

                Section 3.1     Initial Ownership. Upon the formation of the
Trust by the contribution by the Depositor pursuant to Section 2.5 and until the
issuance of the Certificate to the initial Certificateholder, the Depositor
shall be the sole beneficiary of the Trust.

                Section 3.2     The Certificate. The Certificate shall be
executed on behalf of the Trust by manual or facsimile signature of an
authorized officer of the Owner Trustee. A Certificate bearing the manual or
facsimile signatures of individuals who were, at the time when such signatures
shall have been affixed, authorized to sign on behalf of the Trust, shall be
validly issued and entitled to the benefit of this Agreement, notwithstanding
that such individuals or any of them shall have ceased to be so authorized prior
to the authentication and delivery of such Certificate or did not hold such
offices at the date of authentication and delivery of such Certificate. A
transferee of a Certificate shall become a Certificateholder, and shall be
entitled to the rights and subject to the obligations of a Certificateholder
hereunder, upon due registration of such Certificate in such transferee's name
pursuant to Section 3.4.

                Section 3.3     Authentication of Certificate. Concurrently with
the sale of the Receivables to the Trust pursuant to the Sale and Servicing
Agreement, the Owner Trustee shall cause the Certificate to be executed on
behalf of the Trust, authenticated and delivered to or upon the written order of
the Depositor, signed by its chairman of the board, its president or any vice
president, its treasurer or any assistant treasurer without further corporate
action by the Depositor, in authorized denominations. No Certificate shall
entitle its holder to any benefit under this Agreement, or shall be valid for
any purpose, unless there shall appear on such Certificate a certificate of
authentication substantially in the form set forth in Exhibit A, executed by the
Owner Trustee or Wilmington Trust Company as the Owner Trustee's authentication
agent, by manual signature; such authentication shall constitute conclusive
evidence that such Certificate shall have been duly authenticated and delivered
hereunder. The Certificate shall be dated the date of its authentication.

                Section 3.4     Registration of Transfer and Exchange of
Certificate. The Certificate Registrar shall keep or cause to be kept, at the
office or agency maintained pursuant to Section 3.7, a Certificate Register in
which, subject to such reasonable regulations as it may prescribe, the Owner
Trustee shall provide for the registration of the Certificate and of transfers
and exchanges of the Certificate as herein provided. Wilmington Trust Company
shall be the initial Certificate Registrar.

                The Certificate Registrar shall provide the Trust Collateral
Agent with the name and address of the Certificateholder on the Closing Date.
Upon any transfers of the Certificate, the Certificate Registrar shall notify
the Trust Collateral Agent of the name and address of the transferee in writing,
by facsimile, on the day of such transfer.

                                        8
<PAGE>

                Upon surrender for registration of transfer of the Certificate
at the office or agency maintained pursuant to Section 3.7, the Owner Trustee
shall execute, authenticate and deliver (or shall cause Wilmington Trust Company
as its authenticating agent to authenticate and deliver), in the name of the
designated transferee, a new Certificate dated the date of authentication by the
Owner Trustee or any authenticating agent.

                A Certificate presented or surrendered for registration of
transfer or exchange shall be accompanied by a written instrument of transfer in
form satisfactory to the Owner Trustee and the Certificate Registrar duly
executed by the Certificateholder or his attorney duly authorized in writing,
with such signature guaranteed by an "eligible guarantor institution" meeting
the requirements of the Certificate Registrar, which requirements include
membership or participation in the Securities Transfer Agent's Medallion Program
("STAMP") or such other "signature guarantee program" as may be determined by
the Certificate Registrar in addition to, or in substitution for, STAMP, all in
accordance with the Exchange Act. Each Certificate surrendered for registration
of transfer or exchange shall be canceled and subsequently disposed of by the
Owner Trustee in accordance with its customary practice.

                No service charge shall be made for any registration of transfer
or exchange of the Certificate, but the Owner Trustee or the Certificate
Registrar may require payment of a sum sufficient to cover any tax or
governmental charge that may be imposed in connection with any transfer or
exchange of the Certificate.

                Notwithstanding the foregoing, no sale or transfer of a
Certificate shall be permitted (including, without limitation, by pledge or
hypothecation), and no such sale or transfer shall be registered by the
Certificate Registrar or be effective hereunder, if the sale or transfer thereof
increases to more than 99 the number of Certificateholders. For purposes of
determining the total number of Certificateholders, a beneficial owner of an
interest in a partnership, grantor trust, S corporation or other flow-through
entity that owns, directly or through other flow-through entities, a Certificate
is treated as a holder of a Certificate if (i) substantially all of the value of
the beneficial owner's interest (directly or indirectly) in the flow-through
entity is attributed to the flow-through entity's interest in the Certificate
and (ii) a principal purpose of the use of the flow-through entity to hold the
Certificate is to satisfy the 99 holder limitation set out above.

                Section 3.5     Mutilated, Destroyed, Lost or Stolen
Certificates. If (a) any mutilated Certificate shall be surrendered to the
Certificate Registrar, or if the Certificate Registrar shall receive evidence to
its satisfaction of the destruction, loss or theft of any Certificate and (b)
there shall be delivered to the Certificate Registrar and the Owner Trustee such
security or indemnity as may be required by them to save each of them harmless,
then in the absence of notice that such Certificate shall have been acquired by
a bona fide purchaser, the Owner Trustee on behalf of the Trust shall execute
and the Owner Trustee, or Wilmington Trust Company, as the Owner Trustee's
authenticating agent, shall authenticate and deliver, in exchange for or in lieu
of any such mutilated, destroyed, lost or stolen Certificate, a new Certificate
of like class, tenor and denomination. In connection with the issuance of any
new Certificate under this Section, the Owner Trustee or the Certificate
Registrar may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection therewith. Any duplicate
Certificate issued pursuant to this Section shall constitute conclusive evidence
of an ownership interest in the Trust, as if originally issued, whether or not
the lost, stolen or destroyed Certificate shall be found at any time.

                                        9
<PAGE>

                Section 3.6     Persons Deemed Certificateholders. Every Person
by virtue of becoming a Certificateholder in accordance with this Agreement
shall be deemed to be bound by the terms of this Agreement. Prior to due
presentation of the Certificate for registration of transfer, the Owner Trustee
and the Certificate Registrar and any agent of the Owner Trustee and the
Certificate Registrar, may treat the person in whose name any Certificate shall
be registered in the Certificate Register as the owner of such Certificate for
the purpose of receiving distributions pursuant to the Sale and Servicing
Agreement and for all other purposes whatsoever, and none of the Owner Trustee
or the Certificate Registrar nor any agent of the Owner Trustee or the
Certificate Registrar shall be bound by any notice to the contrary.

                Section 3.7     Maintenance of Office or Agency. The Owner
Trustee shall maintain an office or offices or agency or agencies where the
Certificate may be surrendered for registration of transfer or exchange and
where notices and demands to or upon the Owner Trustee in respect of the
Certificate and the Basic Documents may be served. The Owner Trustee initially
designates the Corporate Trust Office for such purposes. The Owner Trustee shall
give prompt written notice to the Depositor and the Certificateholder of any
change in the location of the Certificate Register or any such office or agency.

                Section 3.8     Disposition in Whole But Not in Part. The
Certificate may be transferred in whole but not in part. Any attempted transfer
of the Certificate that would divide the ownership of the Owner Trust Estate
shall be void. The Owner Trustee shall cause any Certificate issued to contain a
legend stating "THIS CERTIFICATE IS NOT TRANSFERABLE, EXCEPT UNDER THE LIMITED
CONDITIONS SPECIFIED IN THE TRUST AGREEMENT."

                Section 3.9     ERISA Restrictions. The Certificate may not be
acquired by or for the account of (i) an employee benefit plan (as defined in
Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended
("ERISA")) that is subject to the provisions of Title I of ERISA, (ii) a plan
(as defined in Section 4975(e)(1) of the Code) that is subject to Section 4975
of the Code, or (iii) any entity whose underlying assets include assets of a
plan described in (i) or (ii) above by reason of such plan's investment in the
entity (each, a "Benefit Plan"). By accepting and holding its beneficial
ownership interest in its Certificate, the Holder thereof shall be deemed to
have represented and warranted that it is not a Benefit Plan.

                                   ARTICLE IV

                         Voting Rights and Other Actions

                Section 4.1     Prior Notice to Holder with Respect to Certain
Matters. With respect to the following matters, the Owner Trustee shall not take
action unless at least 30 days before the taking of such action, the Owner
Trustee shall have notified the Certificateholder in writing of the proposed
action and the Certificateholder shall not have notified the Owner Trustee in
writing prior to the 30th day after such notice is given that the
Certificateholder has withheld consent or provided alternative direction:

                                       10
<PAGE>

                (a)     the election by the Trust to file an amendment to the
Certificate of Trust (unless such amendment is required to be filed under the
Statutory Trust Statute or unless such amendment would not materially and
adversely affect the interests of the Holder);

                (b)     the amendment of the Indenture by a supplemental
indenture in circumstances where the consent of any Noteholder is required;

                (c)     the amendment of the Indenture by a supplemental
indenture in circumstances where the consent of any Noteholder is not required
and such amendment materially adversely affects the interest of the
Certificateholder; or

                (d)     the amendment, change or modification of the Sale and
Servicing Agreement, except to cure any ambiguity or defect or to amend or
supplement any provision in a manner that would not materially adversely affect
the interests of the Certificateholder.

                The Owner Trustee shall notify the Certificateholder in writing
of any appointment of a successor Note Registrar or Trust Collateral Agent
within five Business Days after receipt of notice thereof.

                Section 4.2     Action by Certificateholder with Respect to
Certain Matters. The Owner Trustee shall not have the power, except upon the
direction of the Certificateholder in accordance with the Basic Documents, to
(a) remove the Servicer under the Sale and Servicing Agreement pursuant to
Section 9.2 thereof or (b) except as expressly provided in the Basic Documents,
sell the Receivables after the termination of the Indenture. The Owner Trustee
shall take the actions referred to in the preceding sentence only upon written
instructions signed by the Certificateholder and the furnishing of
indemnification satisfactory to the Owner Trustee by the Certificateholder.

                Section 4.3     Restrictions on Certificateholder's Power.

                (a)     The Certificateholder shall not direct the Owner Trustee
to take or refrain from taking any action if such action or inaction would be
contrary to any obligation of the Trust or the Owner Trustee under this
Agreement or any of the Basic Documents or would be contrary to Section 2.3 nor
shall the Owner Trustee be obligated to follow any such direction, if given.

                (b)     The Certificateholder shall not have any right by virtue
or by availing itself of any provisions of this Agreement to institute any suit,
action, or proceeding in equity or at law upon or under or with respect to this
Agreement or any Basic Document, unless the Certificateholder previously shall
have given to the Owner Trustee a written notice of default and of the
continuance thereof, as provided in this Agreement, and also unless the
Certificateholder shall have made written request upon the Owner Trustee to
institute such action, suit or proceeding in its own name as Owner Trustee under
this Agreement and shall have offered to the Owner Trustee such reasonable
indemnity as it may require against the costs, expenses and liabilities to be
incurred therein or thereby, and the Owner Trustee, for 30 days after its
receipt of such notice, request, and offer of indemnity, shall have neglected or
refused to institute any such action, suit, or proceeding, and during such
30-day period no request or waiver inconsistent with such written request has
been given to the Owner Trustee pursuant to and in compliance with this Section
or Section 5.3. For the protection and enforcement of the provisions of this
Section, the Certificateholder and the Owner Trustee shall be entitled to such
relief as can be given either at law or in equity.

                                       11
<PAGE>

                Section 4.4     Action with Respect to Bankruptcy Action.

                (a)     The Trust shall not, without the prior written consent
of the Owner Trustee, (a) institute any proceedings to adjudicate the Trust a
bankrupt or insolvent, (b) consent to the institution of bankruptcy or
insolvency proceedings against the Trust, (c) file a petition seeking or
consenting to reorganization or relief under any applicable federal or state law
relating to bankruptcy with respect to the Trust, (d) consent to the appointment
of a receiver, liquidator, assignee, trustee, sequestrator (or other similar
official) of the Trust or a substantial part of its property, (e) make any
assignment for the benefit of the Trust's creditors; (f) cause the Trust to
admit in writing its inability to pay its debts generally as they become due; or
(g) take any action in furtherance of any of the foregoing (any of the above
foregoing actions, a "Bankruptcy Action"). In considering whether to give or
withhold written consent to a Bankruptcy Action by the Trust, the Owner Trustee,
with the consent of the Certificateholders (hereby given, which consent the
Certificateholders believe to be in the best interests of the Certificateholders
and the Trust), shall consider the interest of the Noteholders in addition to
the interests of the Trust and whether the Trust is insolvent; provided,
however, that the Owner Trustee shall not be deemed to owe any fiduciary duty to
the Noteholders. The Owner Trustee shall have no duty to give such written
consent to a Bankruptcy Action by the Trust if the Owner Trustee shall not have
been furnished (at the expense of the Trust) or the Person that requested that
such letter be furnished to the Owner Trustee) a letter from an independent
accounting firm of national reputation stating that in the opinion of such firm
the Trust is then insolvent. The Owner Trustee (as such and in its individual
capacity) shall not be personally liable to any Person on account of the Owner
Trustee's good faith reliance on the provisions of this Section or in connection
with the Owner Trustee's giving prior written consent to a Bankruptcy Action by
the Trust in accordance herewith, or withholding such consent, in good faith,
and neither the Trust nor any Certificateholder shall have any claim for breach
of fiduciary duty or otherwise against the Owner Trustee (as such and in its
individual capacity) for giving or withholding its consent to any such
Bankruptcy Action.

                (b)     The parties hereto stipulate and agree that no
Certificateholder has power to commence any Bankruptcy Action on the part of the
Trust or to direct the Owner Trustee to take any Bankruptcy Action on the part
of the Trust except as provided in Section 4.5(a). To the extent permitted by
applicable law, the consent of the Trust Collateral Agent shall be obtained
prior to taking any Bankruptcy Action by the Trust.

                (c)     The provisions of this Section do not constitute an
acknowledgement or admission by the Trust, the Owner Trustee, any
Certificateholder or any creditor of the Trust that the Trust is eligible to be
a debtor, under the United States Bankruptcy Code, I1 U.S.C. Sections 101 et
seq., as amended.

                Section 4.5     Covenants and Restrictions on Conduct of
Business.

                (a)     The Trust shall abide by the following restrictions:

                                       12
<PAGE>

                        (i)     other than as contemplated by the Basic
        Documents and related documentation, the Trust shall not incur any
        indebtedness;

                        (ii)    other than as contemplated by the Basic
        Documents and related documentation, the Trust shall not engage in any
        dissolution, liquidation, consolidation, merger or sale of assets;

                        (iii)   the Trust shall not engage in any business
        activity in which it is not currently engaged other than as contemplated
        by the Basic Documents and related documentation; and

                        (iv)    the Trust shall not form, or cause to be formed,
        any subsidiaries and shall not own or acquire any asset other than as
        contemplated by the Basic Documents and related documentation.

                (b)     The Trust shall:

                        (i)     maintain books and records separate from any
        other person or entity;

                        (ii)    maintain its office and bank accounts separate
        from any other person or entity;

                        (iii)   not commingle its assets with those of any other
        person or entity;

                        (iv)    conduct its own business in its own name and use
        stationery or other business forms under its own name and not that of
        any Certificateholder or any Affiliate;

                        (v)     other than as contemplated by the Basic
        Documents and related documentation, pay its own liabilities and
        expenses only out of its own funds;

                        (vi)    observe all formalities required under the
        Statutory Trust Statute;

                        (vii)   not guarantee or become obligated for the debts
        of any other person or entity;

                        (viii)  not hold out its credit as being available to
        satisfy the obligation of any other person or entity;

                        (ix)    not acquire the obligations or securities of its
        Certificateholders or its Affiliates;

                        (x)     other than as contemplated by the Basic
        Documents and related documentation, not make loans to any other person
        or entity or buy or hold evidence of indebtedness issued by any other
        person or entity;

                                       13
<PAGE>

                        (xi)    other than as contemplated by the Basic
        Documents and related documentation, not pledge its assets for the
        benefit of any other person or entity;

                        (xii)   hold itself out as a separate entity from each
        Certificateholder and not conduct any business in the name of any
        Certificateholder;

                        (xiii)  correct any known misunderstanding regarding its
        separate identity;

                        (xiv)   not identify itself as a division of any other
        person or entity; and

                        (xv)    except as required or specifically provided in
        the Trust Agreement, the Trust will conduct business with the
        Certificateholders or any Affiliate thereof on an arm's length basis.

                (c)     So long as the Notes or any other amounts owed under the
Indenture remain outstanding, the Trust shall not amend this Section 4.5 unless
the Rating Agency Condition has been satisfied.

                                    ARTICLE V

                      Authority and Duties of Owner Trustee

                Section 5.1     General Authority.

                (a)     The Owner Trustee is authorized and directed to execute
and deliver the Basic Documents to which the Trust is named as a party and each
certificate or other document attached as an exhibit to or contemplated by the
Basic Documents to which the Trust is named as a party and any amendment thereto
and on behalf of the Trust, each state business license (and any renewal
thereof) prepared by the Certificateholder or Servicer, including a Sales
Finance Company Application (and any renewal thereof) with the Pennsylvania
Department of Banking, Licensing Division, and a Financial Regulation
Application (and any renewal thereof) with the Maryland Department of Labor,
Licensing and Regulation, in each case, in such form as the Depositor shall
approve as evidenced conclusively by the Owner Trustee's execution thereof, and
on behalf of the Trust, to direct the Indenture Trustee to authenticate and
deliver Class A-1 Notes in the aggregate principal amount of $138,000,000, Class
A-2 Notes in the aggregate principal amount of $256,000,000, Class A-3 Notes in
the aggregate principal amount of $107,330,000, Class B Notes in the aggregate
principal amount of $63,660,000, Class C Notes in the aggregate principal amount
of $79,570,000, Class D Notes in the aggregate principal amount of $53,710,000
and Class E Notes in the aggregate principal amount of $51,730,000. In addition
to the foregoing, the Owner Trustee is authorized, but shall not be obligated,
to take all actions required of the Trust pursuant to the Basic Documents. The
Owner Trustee is further authorized from time to time to take such action as the
Certificateholder recommends with respect to the Basic Documents so long as such
activities are consistent with the terms of the Basic Documents.

                (b)     The Owner Trustee shall sign on behalf of the Trust any
applicable tax returns of the Trust, unless applicable law requires a
Certificateholder to sign such documents.

                                       14
<PAGE>

                Section 5.2     General Duties. It shall be the duty of the
Owner Trustee to discharge (or cause to be discharged) all of its
responsibilities pursuant to the terms of this Agreement and the Sale and
Servicing Agreement and to administer the Trust in the interest of the Holder,
subject to the Basic Documents and in accordance with the provisions of this
Agreement. Notwithstanding the foregoing, the Owner Trustee shall be deemed to
have discharged its duties and responsibilities hereunder and under the Basic
Documents to the extent the Servicer has agreed in the Sale and Servicing
Agreement to perform any act or to discharge any duty of the Trust or the Owner
Trustee hereunder or under any Basic Document, and the Owner Trustee shall not
be liable for the default or failure of the Servicer to carry out its
obligations under the Sale and Servicing Agreement.

                Section 5.3     Action upon Instruction.

                (a)     Subject to Article IV, the Certificateholder shall have
the exclusive right to direct the actions of the Owner Trustee in the management
of the Trust, so long as such instructions are not inconsistent with the express
terms set forth herein or in any Basic Document. The Certificateholder shall not
instruct the Owner Trustee in a manner inconsistent with this Agreement or the
Basic Documents.

                (b)     The Owner Trustee shall not be required to take any
action hereunder or under any Basic Document if the Owner Trustee shall have
reasonably determined, or shall have been advised by counsel, that such action
is likely to result in liability on the part of the Owner Trustee or is contrary
to the terms hereof or of any Basic Document or is otherwise contrary to law.

                (c)     Whenever the Owner Trustee is unable to decide between
alternative courses of action permitted or required by the terms of this
Agreement or any Basic Document, the Owner Trustee shall promptly give notice
(in such form as shall be appropriate under the circumstances) to the
Certificateholder requesting instruction as to the course of action to be
adopted, and to the extent the Owner Trustee acts in good faith in accordance
with any written instruction of the Certificateholder received, the Owner
Trustee shall not be liable on account of such action to any Person. If the
Owner Trustee shall not have received appropriate instruction within ten days of
such notice (or within such shorter period of time as reasonably may be
specified in such notice or may be necessary under the circumstances) it may,
but shall be under no duty to, take or refrain from taking such action, not
inconsistent with this Agreement or the Basic Documents, as it shall deem to be
in the best interests of the Certificateholder, and shall have no liability to
any Person for such action or inaction.

                (d)     In the event that the Owner Trustee is unsure as to the
application of any provision of this Agreement or any Basic Document or any such
provision is ambiguous as to its application, or is, or appears to be, in
conflict with any other applicable provision, or in the event that this
Agreement permits any determination by the Owner Trustee or is silent or is
incomplete as to the course of action that the Owner Trustee is required to take
with respect to a particular set of facts, the Owner Trustee may give notice (in
such form as shall be appropriate under the circumstances) to the
Certificateholder requesting instruction and, to the extent that the Owner
Trustee acts or refrains from acting in good faith in accordance with any such
instruction received, the Owner Trustee shall not be liable, on account of such
action or inaction, to any

                                       15
<PAGE>

Person. If the Owner Trustee shall not have received appropriate instruction
within 10 days of such notice (or within such shorter period of time as
reasonably may be specified in such notice or may be necessary under the
circumstances) it may, but shall be under no duty to, take or refrain from
taking such action, not inconsistent with this Agreement or the Basic Documents,
as it shall deem to be in the best interests of the Certificateholder, and shall
have no liability to any Person for such action or inaction.

                Section 5.4     No Duties Except as Specified in this Agreement
or in Instructions. The Owner Trustee shall not have any duty or obligation to
manage, make any payment with respect to, register, record, sell, dispose of, or
otherwise deal with the Owner Trust Estate, or to otherwise take or refrain from
taking any action under, or in connection with, any document contemplated hereby
to which the Owner Trustee is a party, except as expressly provided by the terms
of this Agreement or in any document or written instruction received by the
Owner Trustee pursuant to Section 5.3; and no implied duties or obligations
shall be read into this Agreement or any Basic Document against the Owner
Trustee. The Owner Trustee shall have no responsibility for filing any financing
or continuation statement in any public office at any time or to otherwise
perfect or maintain the perfection of any security interest or lien granted to
it hereunder or to prepare or file any Commission filing (including any filings
required pursuant to the Sarbanes-Oxley Act of 2002 or any rule or regulation
promulgated thereunder) for the Trust or to record this Agreement or any Basic
Document. The Owner Trustee nevertheless agrees that it will, at its own cost
and expense, promptly take all action as may be necessary to discharge any Liens
on any part of the Owner Trust Estate that result from actions by, or claims
against, the Owner Trustee (solely in its individual capacity) and that are not
related to the ownership or the administration of the Owner Trust Estate.

                Section 5.5     No Action Except under Specified Documents or
Instructions. The Owner Trustee shall not manage, control, use, sell, dispose of
or otherwise deal with any part of the Owner Trust Estate except (i) in
accordance with the powers granted to and the authority conferred upon the Owner
Trustee pursuant to this Agreement, (ii) in accordance with the Basic Documents
and (iii) in accordance with any document or instruction delivered to the Owner
Trustee pursuant to Section 5.3.

                Section 5.6     Restrictions. The Owner Trustee shall not take
any action (a) that is inconsistent with the purposes of the Trust set forth in
Section 2.3 or (b) that, to the actual knowledge of the Owner Trustee, would
result in the Trust's becoming taxable as a corporation for Federal income tax
purposes. The Certificateholder shall not direct the Owner Trustee to take
action that would violate the provisions of this Section.

                                   ARTICLE VI

                          Concerning the Owner Trustee

                Section 6.1     Acceptance of Trusts and Duties. The Owner
Trustee accepts the trusts hereby created and agrees to perform its duties
hereunder with respect to such trusts but only upon the terms of this Agreement.
The Owner Trustee also agrees to disburse all moneys actually received by it
constituting part of the Owner Trust Estate upon the terms of the Basic
Documents and this Agreement. The Owner Trustee shall not be answerable or
accountable

                                       16
<PAGE>

hereunder or under any Basic Document under any circumstances, except (i) for
its own willful misconduct, bad faith or negligence, (ii) in the case of the
inaccuracy of any representation or warranty contained in Section 6.3 expressly
made by the Owner Trustee, (iii) for liabilities arising from the failure of the
Owner Trustee to perform obligations expressly undertaken by it in the last
sentence of Section 5.4 hereof, (iv) for any investments issued by the Owner
Trustee or any branch or affiliate thereof in its commercial capacity or (v) for
taxes, fees or other charges on, based on or measured by, any fees, commissions
or compensation received by the Owner Trustee. In particular, but not by way of
limitation (and subject to the exceptions set forth in the preceding sentence):

                (a)     the Owner Trustee shall not be liable for any error of
judgment made by a Responsible Officer of the Owner Trustee (except in the case
of willful misconduct, bad faith or negligence);

                (b)     the Owner Trustee shall not be liable with respect to
any action taken or omitted to be taken by it in accordance with the
instructions of the Servicer or the Certificateholder;

                (c)     no provision of this Agreement or any Basic Document
shall require the Owner Trustee to expend or risk funds or otherwise incur any
financial liability in the performance of any of its rights or powers hereunder
or under any Basic Document if the Owner Trustee shall have reasonable grounds
for believing that repayment of such funds or adequate indemnity against such
risk or liability is not reasonably assured or provided to it;

                (d)     under no circumstances shall the Owner Trustee be liable
for indebtedness evidenced by or arising under any of the Basic Documents,
including the principal of and interest on the Notes;

                (e)     the Owner Trustee shall not be responsible for or in
respect of the validity or sufficiency of this Agreement or for the due
execution hereof by the Depositor or for the form, character, genuineness,
sufficiency, value or validity of any of the Owner Trust Estate or for or in
respect of the validity or sufficiency of the Basic Documents, other than the
certificate of authentication on the Certificate, and the Owner Trustee shall in
no event assume or incur any liability, duty or obligation to the Trustee, Trust
Collateral Agent, any Noteholder or to any Certificateholder, other than as
expressly provided for herein and in the Basic Documents;

                (f)     the Owner Trustee shall not be liable for the default or
misconduct of the Trustee, the Trust Collateral Agent or the Servicer under any
of the Basic Documents or otherwise and the Owner Trustee shall have no
obligation or liability to perform the obligations under this Agreement or the
Basic Documents that are required to be performed by the Trustee under the
Indenture or the Trust Collateral Agent or the Servicer under the Sale and
Servicing Agreement; and

                                       17
<PAGE>

                (g)     the Owner Trustee shall be under no obligation to
exercise any of the rights or powers vested in it by this Agreement, or to
institute, conduct or defend any litigation under this Agreement or otherwise or
in relation to this Agreement or any Basic Document, at the request, order or
direction of the Certificateholder, unless the Certificateholder has offered to
the Owner Trustee security or indemnity satisfactory to it against the costs,
expenses and liabilities that may be incurred by the Owner Trustee therein or
thereby. The right of the Owner Trustee to perform any discretionary act
enumerated in this Agreement or in any Basic Document shall not be construed as
a duty, and the Owner Trustee shall not be answerable for other than its
negligence, bad faith or willful misconduct in the performance of any such act.

                Section 6.2     Furnishing of Documents. The Owner Trustee shall
furnish to the Certificateholder promptly upon receipt of a written request
therefor, duplicates or copies of all reports, notices, requests, demands,
certificates, financial statements and any other instruments furnished to the
Owner Trustee under the Basic Documents.

                Section 6.3     Representations and Warranties. The Owner
Trustee hereby represents and warrants to the Depositor and the Holder, that:

                (a)     It is a Delaware banking corporation, duly organized and
validly existing in good standing under the laws of the State of Delaware. It
has all requisite corporate power and authority to execute, deliver and perform
its obligations under this Agreement.

                (b)     It has taken all corporate action necessary to authorize
the execution and delivery by it of this Agreement, and this Agreement will be
executed and delivered by one of its officers who is duly authorized to execute
and deliver this Agreement on its behalf.

                (c)     Neither the execution nor the delivery by it of this
Agreement, nor the consummation by it of the transactions contemplated hereby
nor compliance by it with any of the terms or provisions hereof will contravene
any federal or Delaware state law, governmental rule or regulation governing the
banking or trust powers of the Owner Trustee or any judgment or order binding on
it, or constitute any default under its charter documents or by-laws or any
indenture, mortgage, contract, agreement or instrument to which it is a party or
by which any of its properties may be bound.

                (d)     The Agreement has been, or, when executed and delivered
will have been, duly authorized, validly executed and delivered by the Owner
Trustee and constitutes, a valid and binding agreement of the Owner Trustee,
enforceable against the Owner Trustee in accordance with its terms, except to
the extent that enforceability may (A) be subject to insolvency, reorganization,
moratorium, or other similar laws, regulations or procedures of general
applicability now or hereinafter in effect relating to or affecting creditor's
rights generally and (B) be limited by general principles of equity (whether
considered in a proceeding at law or in equity).

                Section 6.4     Reliance; Advice of Counsel

                (a)     The Owner Trustee shall incur no liability to anyone in
acting upon any signature, instrument, notice, resolution, request, consent,
order, certificate, report, opinion, bond or other document or paper believed by
it to be genuine and believed by it to be signed by the proper party or parties.
The Owner Trustee may accept a certified copy of a resolution of the board of
directors or other governing body of any corporate party as conclusive evidence
that such resolution has been duly adopted by such body and that the same is in
full force and effect. As to any fact or matter the method of the determination
of which is not specifically prescribed herein, the Owner Trustee may for all
purposes hereof rely on a certificate, signed by the president or any vice
president or by the treasurer, secretary or other authorized officers of the
relevant party, as to such fact or matter, and such certificate shall constitute
full protection to the Owner Trustee for any action taken or omitted to be taken
by it in good faith in reliance thereon.

                                       18
<PAGE>

                (b)     In the exercise or administration of the trusts
hereunder and in the performance of its duties and obligations under this
Agreement or the Basic Documents, the Owner Trustee (i) may act directly or
through its agents or attorneys pursuant to agreements entered into with any of
them, and the Owner Trustee shall not be liable for the conduct or misconduct of
such agents or attorneys if such agents or attorneys shall have been selected by
the Owner Trustee with reasonable care, and (ii) may consult with counsel,
accountants and other skilled persons to be selected with reasonable care and
employed by it. The Owner Trustee shall not be liable for anything done,
suffered or omitted in good faith by it in accordance with the written opinion
or advice of any such counsel, accountants or other such persons and according
to such opinion not contrary to this Agreement or any Basic Document.

                Section 6.5     Not Acting in Individual Capacity. Except as
provided in this Article VI, in accepting the trust hereby created Wilmington
Trust Company acts solely as Owner Trustee hereunder and not in its individual
capacity and all Persons having any claim against the Owner Trustee by reason of
the transactions contemplated by this Agreement or any Basic Document shall look
only to the Owner Trust Estate for payment or satisfaction thereof.

                Section 6.6     Owner Trustee Not Liable for Certificate or
Receivables. The recitals contained herein and in the Certificate (other than
the signature and countersignature of the Owner Trustee on the Certificate)
shall be taken as the statements of the Depositor and the Owner Trustee assumes
no responsibility for the correctness thereof. The Owner Trustee makes no
representations as to the validity or sufficiency of this Agreement, of any
Basic Document or of the Certificate (other than the signature and
countersignature of the Owner Trustee on the Certificate) or the Notes, or of
any Receivable or related documents. The Owner Trustee shall at no time have any
responsibility or liability for or with respect to the legality, validity and
enforceability of any Receivable, or the perfection and priority of any security
interest created by any Receivable in any Financed Vehicle or the maintenance of
any such perfection and priority, or for or with respect to the sufficiency of
the Owner Trust Estate or its ability to generate the payments to be distributed
to Certificateholder under this Agreement or the Noteholders under the
Indenture, including, without limitation: the existence, condition and ownership
of any Financed Vehicle; the existence and enforceability of any insurance
thereon; the existence and contents of any Receivable on any computer or other
record thereof; the validity of the assignment of any Receivable to the Trust or
of any intervening assignment; the completeness of any Receivable; the
performance or enforcement of any Receivable; the compliance by the Depositor,
the Servicer or any other Person with any warranty or representation made under
any Basic Document or in any related document or the accuracy of any such
warranty or representation or any action of the Trustee or the Servicer or any
subservicer taken in the name of the Owner Trustee.

                Section 6.7     Owner Trustee May Own Notes. The Owner Trustee
in its individual or any other capacity may become the owner or pledgee of the
Notes and may deal with the Depositor, the Trustee and the Servicer in banking
transactions with the same rights as it would have if it were not Owner Trustee.

                                       19
<PAGE>

                Section 6.8     Payments from Owner Trust Estate. All payments
to be made by the Owner Trustee under this Agreement or any of the Basic
Documents to which the Trust or the Owner Trustee is a party shall be made only
from the income and proceeds of the Owner Trust Estate and only to the extent
that the Owner Trustee shall have received income or proceeds from the Owner
Trust Estate to make such payments in accordance with the terms hereof.
Wilmington Trust Company, or any successor thereto, in its individual capacity,
shall not be liable for any amounts payable under this Agreement or any of the
Basic Documents to which the Trust or the Owner Trustee is a party.

                Section 6.9     Doing Business in Other Jurisdictions.
Notwithstanding anything contained herein to the contrary, neither Wilmington
Trust Company or any successor thereto, nor the Owner Trustee shall be required
to take any action in any jurisdiction other than in the State of Delaware if
the taking of such action will, even after the appointment of a co-trustee or
separate trustee in accordance with Section 9.5 hereof, (i) require the consent
or approval or authorization or order of or the giving of notice to, or the
registration with or the taking of any other action in respect of, any state or
other governmental authority or agency of any jurisdiction other than the State
of Delaware; (ii) result in any fee, tax or other governmental charge under the
laws of the State of Delaware becoming payable by Wilmington Trust Company (or
any successor thereto); or (iii) subject Wilmington Trust Company (or any
successor thereto) to personal jurisdiction in any jurisdiction other than the
State of Delaware for causes of action arising from acts unrelated to the
consummation of the transactions by Wilmington Trust Company (or any successor
thereto) or the Owner Trustee, as the case may be, contemplated hereby.

                                   ARTICLE VII

                          Compensation of Owner Trustee

                Section 7.1     Owner Trustee's Fees and Expenses. The Owner
Trustee shall receive as compensation for its services hereunder such fees as
have been separately agreed upon before the date hereof between AmeriCredit and
the Owner Trustee, and the Owner Trustee shall be entitled to be reimbursed by
the Depositor for its other reasonable expenses hereunder, including the
reasonable compensation, expenses and disbursements of such agents,
representatives, experts and counsel as the Owner Trustee may employ in
connection with the exercise and performance of its rights and its duties
hereunder and under the Basic Documents. AmeriCredit Corp. shall be jointly and
severally liable for the fees and expenses owing to the Owner Trustee under this
Section 7.1.

                Section 7.2     Indemnification. The Depositor shall be liable
as primary obligor for, and shall indemnify the Owner Trustee and its officers,
directors, successors, assigns, agents and servants (collectively, the
"Indemnified Parties") from and against, any and all liabilities, obligations,
losses, damages, taxes, claims, actions and suits, and any and all reasonable
costs, expenses and disbursements (including reasonable legal fees and expenses)
of any kind and nature whatsoever (collectively, "Expenses") which may at any
time be imposed on, incurred by,

                                       20
<PAGE>

or asserted against the Owner Trustee or any Indemnified Party in any way
relating to or arising out of this Agreement, the Basic Documents, the Owner
Trust Estate, the administration of the Owner Trust Estate or the action or
inaction of the Owner Trustee hereunder, except only that the Depositor shall
not be liable for or required to indemnify the Owner Trustee from and against
Expenses arising or resulting from any of the matters described in the third
sentence of Section 6.1. The indemnities contained in this Section and the
rights under Section 7.1 shall survive the resignation or termination of the
Owner Trustee or the termination of this Agreement. In any event of any claim,
action or proceeding for which indemnity will be sought pursuant to this
Section, the Owner Trustee's choice of legal counsel shall be subject to the
approval of the Depositor which approval shall not be unreasonably withheld.
AmeriCredit Corp. shall be jointly and severally liable for the indemnification
duties and obligations of the Depositor which are described in this Section 7.2.

                Section 7.3     Payments to the Owner Trustee. Any amounts paid
to the Owner Trustee pursuant to this Article VII shall be deemed not to be a
part of the Owner Trust Estate immediately after such payment.

                Section 7.4     Non-recourse Obligations. Notwithstanding
anything in this Agreement or any Basic Document, the Owner Trustee agrees in
its individual capacity and in its capacity as Owner Trustee for the Trust that
all obligations of the Trust to the Owner Trustee individually or as Owner
Trustee for the Trust shall be with recourse to the Owner Trust Estate only and
specifically shall be without recourse to the assets of the Holder.

                                  ARTICLE VIII

                         Termination of Trust Agreement

                Section 8.1     Termination of Trust Agreement.

                (a)     This Agreement and the Trust shall terminate in
accordance with Section 3808 of the Statutory Trust Statute and be of no further
force or effect upon the latest of (i) the maturity or other liquidation of the
last Receivable (including the purchase by the Servicer at its option or by the
Seller at its option of the corpus of the Trust as described in Section 10.1 of
the Sale and Servicing Agreement) and the subsequent distribution of amounts in
respect of such Receivables as provided in the Basic Documents, or (ii) the
payment to the Certificateholder of all amounts required to be paid to it
pursuant to this Agreement; provided, however, that the rights to
indemnification under Section 7.2 and the rights under Section 7.1 shall survive
the termination of the Trust. The Seller or the Servicer shall promptly notify
the Owner Trustee of any prospective termination pursuant to this Section. The
bankruptcy, liquidation, dissolution, death or incapacity of the
Certificateholder, shall not (x) operate to terminate this Agreement or the
Trust, nor (y) entitle the Certificateholder's legal representatives or heirs to
claim an accounting or to take any action or proceeding in any court for a
partition or winding up of all or any part of the Trust or Owner Trust Estate
nor (z) otherwise affect the rights, obligations and liabilities of the parties
hereto.

                (b)     Neither the Depositor nor the Certificateholder shall be
entitled to revoke or terminate the Trust.

                                       21
<PAGE>

                (c)     Notice of any termination of the Trust, specifying the
Distribution Date upon which the Certificateholder shall surrender the
Certificate to the Trust Collateral Agent for payment of the final distribution
and cancellation, shall be given by the Owner Trustee by letter to the
Certificateholder mailed within five Business Days of receipt of notice of such
termination from the Servicer given pursuant to Section 10.1(c) of the Sale and
Servicing Agreement, stating (i) the Distribution Date upon or with respect to
which final payment of the Certificate shall be made upon presentation and
surrender of the Certificate at the office of the Trust Collateral Agent therein
designated, (ii) the amount of any such final payment, (iii) that the Record
Date otherwise applicable to such Distribution Date is not applicable, payments
being made only upon presentation and surrender of the Certificate at the office
of the Trust Collateral Agent therein specified and (iv) interest will cease to
accrue on the Certificate. The Owner Trustee shall give such notice to the Trust
Collateral Agent at the time such notice is given to the Certificateholder. Upon
presentation and surrender of the Certificate, the Trust Collateral Agent shall
cause to be distributed to the Certificateholder amounts distributable on such
Distribution Date pursuant to Section 5.7 of the Sale and Servicing Agreement.

                In the event that the Certificateholder shall not surrender the
Certificate for cancellation within six months after the date specified in the
above mentioned written notice, the Owner Trustee shall give a second written
notice to the Certificateholder to surrender the Certificate for cancellation
and receive the final distribution with respect thereto. If within one year
after the second notice the Certificate shall not have been surrendered for
cancellation, the Owner Trustee may take appropriate steps, or may appoint an
agent to take appropriate steps, to contact the Certificateholder concerning
surrender of its Certificate, and the cost thereof shall be paid out of the
funds and other assets that shall remain subject to this Agreement. Any funds
remaining in the Trust after exhaustion of such remedies shall be distributed,
subject to applicable escheat laws, by the Owner Trustee to the Holder.

                (d)     Upon the completion of the winding up of the Trust in
accordance with Section 3808 of the Statutory Trust Statute and its termination,
the Owner Trustee shall cause the Certificate of Trust to be canceled by filing
a certificate of cancellation with the Secretary of State in accordance with the
provisions of Section 3810 of the Statutory Trust Statute.

                                   ARTICLE IX

             Successor Owner Trustees and Additional Owner Trustees

                Section 9.1     Eligibility Requirements for Owner Trustee. The
Owner Trustee shall at all times be a corporation (i) satisfying the provisions
of Section 3807(a) of the Statutory Trust Statute; (ii) authorized to exercise
corporate trust powers; and (iii) having a combined capital and surplus of at
least $50,000,000 and subject to supervision or examination by federal or state
authorities. If such corporation shall publish reports of condition at least
annually, pursuant to law or to the requirements of the aforesaid supervising or
examining authority, then for the purpose of this Section, the combined capital
and surplus of such corporation shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. In
case at any time the Owner Trustee shall cease to be eligible in accordance with
the provisions of this Section, the Owner Trustee shall resign immediately in
the manner and with the effect specified in Section 9.2.

                                       22
<PAGE>

                Section 9.2     Resignation or Removal of Owner Trustee. The
Owner Trustee may at any time resign and be discharged from the trusts hereby
created by giving written notice thereof to the Depositor and the Servicer. Upon
receiving such notice of resignation, the Depositor shall promptly appoint a
successor Owner Trustee by written instrument, in duplicate, one copy of which
instrument shall be delivered to the resigning Owner Trustee and one copy to the
successor Owner Trustee. If no successor Owner Trustee shall have been so
appointed and have accepted appointment within 30 days after the giving of such
notice of resignation, the resigning Owner Trustee or the Certificateholder may
petition any court of competent jurisdiction for the appointment of a successor
Owner Trustee.

                If at any time the Owner Trustee shall cease to be eligible in
accordance with the provisions of Section 9.1 and shall fail to resign after
written request therefor by the Depositor, or if at any time the Owner Trustee
shall be legally unable to act, or shall be adjudged bankrupt or insolvent, or a
receiver of the Owner Trustee or of its property shall be appointed, or any
public officer shall take charge or control of the Owner Trustee or of its
property or affairs for the purpose of rehabilitation, conservation or
liquidation, then the Depositor may remove the Owner Trustee. If the Depositor
shall remove the Owner Trustee under the authority of the immediately preceding
sentence, the Depositor shall promptly appoint a successor Owner Trustee by
written instrument, in duplicate, one copy of which instrument shall be
delivered to the outgoing Owner Trustee so removed and one copy to the successor
Owner Trustee and payment of all fees owed to the outgoing Owner Trustee.

                Any resignation or removal of the Owner Trustee and appointment
of a successor Owner Trustee pursuant to any of the provisions of this Section
shall not become effective until acceptance of appointment by the successor
Owner Trustee pursuant to Section 9.3 and payment of all fees and expenses owed
to the outgoing Owner Trustee. The Depositor shall provide notice of such
resignation or removal of the Owner Trustee to each of the Rating Agencies.

                Section 9.3     Successor Owner Trustee. Any successor Owner
Trustee appointed pursuant to Section 9.2 shall execute, acknowledge and deliver
to the Depositor, the Servicer and to its predecessor Owner Trustee an
instrument accepting such appointment under this Agreement, and thereupon the
resignation or removal of the predecessor Owner Trustee shall become effective
and such successor Owner Trustee, without any further act, deed or conveyance,
shall become fully vested with all the rights, powers, duties and obligations of
its predecessor under this Agreement, with like effect as if originally named as
Owner Trustee. The predecessor Owner Trustee shall upon payment of its fees and
expenses deliver to the successor Owner Trustee all documents and statements and
monies held by it under this Agreement; and the Depositor and the predecessor
Owner Trustee shall execute and deliver such instruments and do such other
things as may reasonably be required for fully and certainly vesting and
confirming in the successor Owner Trustee all such rights, powers, duties and
obligations.

                No successor Owner Trustee shall accept appointment as provided
in this Section unless at the time of such acceptance such successor Owner
Trustee shall be eligible pursuant to Section 9.1.

                                       23
<PAGE>

                Upon acceptance of appointment by a successor Owner Trustee
pursuant to this Section, the Servicer shall mail notice of the successor of
such Owner Trustee to the Certificateholder, the Trustee, the Noteholders and
the Rating Agencies. If the Servicer shall fail to mail such notice within 10
days after acceptance of appointment by the successor Owner Trustee, the
successor Owner Trustee shall cause such notice to be mailed at the expense of
the Servicer.

                Section 9.4     Merger or Consolidation of Owner Trustee. Any
corporation into which the Owner Trustee may be merged or converted or with
which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Owner Trustee shall be a party, or any
corporation succeeding to all or substantially all of the corporate trust
business of the Owner Trustee, shall be the successor of the Owner Trustee
hereunder, provided such corporation shall be eligible pursuant to Section 9.1,
without the execution or filing of any instrument or any further act on the part
of any of the parties hereto, anything herein to the contrary notwithstanding;
provided, further, that the Owner Trustee shall mail notice of such merger or
consolidation to the Rating Agencies.

                Section 9.5     Appointment of Co-Trustee or Separate Trustee.
Notwithstanding any other provisions of this Agreement, at any time, for the
purpose of meeting any legal requirements of any jurisdiction in which any part
of the Owner Trust Estate or any Financed Vehicle may at the time be located,
the Servicer and the Owner Trustee acting jointly shall have the power and shall
execute and deliver all instruments to appoint one or more Persons approved by
the Owner Trustee to act as co-trustee, jointly with the Owner Trustee, or
separate trustee or separate trustees, of all or any part of the Owner Trust
Estate, and to vest in such Person, in such capacity, such title to the Trust,
or any part thereof, and, subject to the other provisions of this Section, such
powers, duties, obligations, rights and trusts as the Servicer and the Owner
Trustee may consider necessary or desirable. If the Servicer shall not have
joined in such appointment within 15 days after the receipt by it of a request
to do so, the Owner Trustee shall have the power to make such appointment. No
co-trustee or separate trustee under this Agreement shall be required to meet
the terms of eligibility as a successor trustee pursuant to Section 9.1 and no
notice of the appointment of any co-trustee or separate trustee shall be
required pursuant to Section 9.3.

                Each separate trustee and co-trustee shall, to the extent
permitted by law, be appointed and act subject to the following provisions and
conditions:

                        (i)     all rights, powers, duties and obligations
        conferred or imposed upon the Owner Trustee shall be conferred upon and
        exercised or performed by the Owner Trustee and such separate trustee or
        co-trustee jointly (it being understood that such separate trustee or
        co-trustee is not authorized to act separately without the Owner Trustee
        joining in such act), except to the extent that under any law of any
        jurisdiction in which any particular act or acts are to be performed,
        the Owner Trustee shall be incompetent or unqualified to perform such
        act or acts, in which event such rights, powers, duties and obligations
        (including the holding of title to the Trust or any portion thereof in
        any such jurisdiction) shall be exercised and performed singly by such
        separate trustee or co-trustee, but solely at the direction of the Owner
        Trustee;

                        (ii)    no trustee under this Agreement shall be
        personally liable by reason of any act or omission of any other trustee
        under this Agreement; and

                                       24
<PAGE>

                        (iii)   the Servicer and the Owner Trustee acting
        jointly may at any time accept the resignation of or remove any separate
        trustee or co-trustee.

                Any notice, request or other writing given to the Owner Trustee
shall be deemed to have been given to each of the then separate trustees and
co-trustees, as effectively as if given to each of them. Every instrument
appointing any separate trustee or co-trustee shall refer to this Agreement and
the conditions of this Article. Each separate trustee and co-trustee, upon its
acceptance of the trusts conferred, shall be vested with the estates or property
specified in its instrument of appointment, either jointly with the Owner
Trustee or separately, as may be provided therein, subject to all the provisions
of this Agreement, specifically including every provision of this Agreement
relating to the conduct of, affecting the liability of, or affording protection
to, the Owner Trustee. Each such instrument shall be filed with the Owner
Trustee and a copy thereof given to the Servicer.

                Any separate trustee or co-trustee may at any time appoint the
Owner Trustee, its agent or attorney-in-fact with full power and authority, to
the extent not prohibited by law, to do any lawful act under or in respect of
this Agreement on its behalf and in its name. If any separate trustee or
co-trustee shall die, become incapable of acting, resign or be removed, all of
its estates, properties, rights, remedies and trusts shall vest in and be
exercised by the Owner Trustee, to the extent permitted by law, without the
appointment of a new or successor trustee.

                                    ARTICLE X

                                  Miscellaneous

                Section 10.1    Supplements and Amendments.

                (a)     This Agreement may be amended by the Depositor and the
Owner Trustee, and with prior written notice to the Rating Agencies, without the
consent of any of the Noteholders or the Certificateholder, (i) to cure any
ambiguity or defect or (ii) to correct, supplement or modify any provisions in
this Agreement; provided, however, that such action shall not, as evidenced by
an Opinion of Counsel which may be based upon a certificate of the Servicer,
adversely affect in any material respect the interests of any Noteholder or
Certificateholder.

                (b)     This Agreement may also be amended from time to time by
the Depositor and the Owner Trustee, with prior written notice to the Rating
Agencies, to the extent such amendment materially and adversely affects the
interests of the Noteholders, with the consent of the Noteholders evidencing not
less than a majority of the Outstanding Amount of the Notes, and the consent of
the Certificateholder (which consent of any Holder of a Certificate or Note
given pursuant to this Section or pursuant to any other provision of this
Agreement shall be conclusive and binding on such Holder) 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 or the Certificateholder; 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 the
Certificateholder or (b) reduce the aforesaid percentage of the Outstanding
Amount of the Notes and the Certificate Balance required to consent to any such
amendment, without the consent of the Holders of all the outstanding Notes and
the Certificateholder.

                                       25
<PAGE>

                Promptly after the execution of any such amendment or consent,
the Owner Trustee shall furnish written notification of the substance of such
amendment or consent to the Certificateholder, the Trustee and each of the
Rating Agencies.

                It shall not be necessary for the consent of Certificateholder,
the Noteholders or the Trustee 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 the Certificateholder provided for in
this Agreement or in any other Basic Document) and of evidencing the
authorization of the execution thereof by Certificateholder shall be subject to
such reasonable requirements as the Owner Trustee may prescribe. Promptly after
the execution of any amendment to the Certificate of Trust, the Owner Trustee
shall cause the filing of such amendment with the Secretary of State.

                Prior to the execution of any amendment to this Agreement or the
Certificate of Trust, the Owner Trustee shall be entitled to receive and rely
upon an Opinion of Counsel stating that the execution of such amendment is
authorized or permitted by this Agreement and that all conditions precedent to
the execution and delivery of such amendment have been satisfied. The Owner
Trustee may, but shall not be obligated to, enter into any such amendment which
affects the Owner Trustee's own rights, duties or immunities under this
Agreement or otherwise.

                Section 10.2    No Legal Title to Owner Trust Estate in
Certificateholder. The Certificateholder shall not have legal title to any part
of the Owner Trust Estate. The Certificateholder shall be entitled to receive
distributions in accordance with Article VIII. No transfer, by operation of law
or otherwise, of any right, title or interest of the Certificateholder to and in
its ownership interest in the Owner Trust Estate shall operate to terminate this
Agreement or the trust hereunder or entitle any transferee to an accounting or
to the transfer to it of legal title to any part of the Owner Trust Estate.

                Section 10.3    Limitations on Rights of Others. The provisions
of this Agreement are solely for the benefit of the Owner Trustee, the
Depositor, the Certificateholder, the Servicer and, to the extent expressly
provided herein, the Trustee and the Noteholders, and 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 10.4    Notices.

                (a)     Unless otherwise expressly specified or permitted by the
terms hereof, all notices shall be in writing and shall be deemed given upon
receipt personally delivered, delivered by overnight courier or mailed first
class mail or certified mail, in each case return receipt requested, and shall
be deemed to have been duly given upon receipt, if to the Owner Trustee,
addressed to the Corporate Trust Office; if to the Depositor, addressed to AFS
SenSub Corp., 2265B Renaissance Drive, Suite 17, Las Vegas, Nevada 89119,
Attention: Chief Financial Officer, with a copy to AFS SenSub Corp., c/o
AmeriCredit Financial Services, Inc., 801 Cherry Street, Suite 3900, Fort Worth,
Texas 76102, Attention: Chief Financial Officer; or, as to each party, at such
other address as shall be designated by such party in a written notice to each
other party.

                                       26
<PAGE>

                (b)     Any notice required or permitted to be given to a
Certificateholder shall be given by first-class mail, postage prepaid, at the
address of the Holder. Any notice so mailed within the time prescribed in this
Agreement shall be conclusively presumed to have been duly given, whether or not
the Certificateholder receives such notice.

                Section 10.5    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 10.6    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 10.7    Assignments. This Agreement shall inure to the
benefit of and be binding upon the parties hereto and their respective
successors and permitted assigns.

                Section 10.8    No Recourse. The Certificateholder by accepting
a Certificate acknowledges that the Certificate represents a beneficial interest
in the Trust only and does not represent interests in or obligations of the
Seller, the Servicer, the Owner Trustee, the Trustee or any Affiliate thereof
and no recourse may be had against such parties or their assets, except as may
be expressly set forth or contemplated in this Agreement, the Certificate or the
Basic Documents.

                Section 10.9    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 10.10   GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE, WITHOUT
REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND
REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH
LAWS.

                Section 10.11   Servicer. The Servicer is authorized to prepare,
or cause to be prepared, execute and deliver on behalf of the Trust all such
documents, reports, filings, instruments, certificates and opinions as it shall
be the duty of the Trust or Owner Trustee to prepare, file or deliver pursuant
to the Basic Documents. Upon written request, the Owner Trustee shall execute
and deliver to the Servicer a limited power of attorney appointing the Servicer
as the Trust's agent and attorney-in-fact to prepare, or cause to be prepared,
execute and deliver all such documents, reports, filings, instruments,
certificates and opinions.

                                       27
<PAGE>

                Section 10.12   Nonpetition Covenants. Notwithstanding any prior
termination of this Agreement, the Certificateholder shall not, prior to the
date which is one year and one day after the termination of this Agreement with
respect to the Trust, acquiesce, petition or otherwise invoke or cause the Trust
to invoke the process of any court or government authority for the purpose of
commencing or sustaining a case against the Trust 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
Trust or any substantial part of its property, or ordering the winding up or
liquidation of the affairs of the Trust.

                  [Remainder of page intentionally left blank.]

                                       28
<PAGE>

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

                                        WILMINGTON TRUST COMPANY
                                          Owner Trustee

                                        By:  /s/ Heather L. Williamson
                                             -----------------------------------
                                             Name:  Heather L. Williamson
                                             Title: Financial Services Officer

                                        AFS SENSUB CORP.
                                           Depositor

                                        By:  /s/ Sheli Fitzgerald
                                             -----------------------------------
                                             Name:  Sheli Fitzgerald
                                             Title: Assistant Vice President,
                                                    Structured Finance

ACKNOWLEDGED AND AGREED TO:

AMERICREDIT CORP.,
Solely with respect to Sections 7.1 and 7.2

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

                     [Amended and Restated Trust Agreement]

<PAGE>

                                                                       EXHIBIT A

NUMBER
R-1

                       SEE REVERSE FOR CERTAIN DEFINITIONS

                      THIS CERTIFICATE IS NOT TRANSFERABLE,
                       EXCEPT UNDER THE LIMITED CONDITIONS
                        SPECIFIED IN THE TRUST AGREEMENT

                                   ----------

                            ASSET BACKED CERTIFICATE

evidencing a beneficial ownership interest in certain distributions of the
Trust, as defined below, the property of which includes a pool of retail
installment sale contracts secured by new or used automobiles, vans or light
duty trucks and sold to the Trust by AFS SenSub Corp.

(THIS CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF AFS SENSUB
CORP. OR ANY OF ITS AFFILIATES, EXCEPT TO THE EXTENT DESCRIBED BELOW.)

                THIS CERTIFIES THAT AFS SenSub Corp. is the registered owner of
a nonassessable, fully-paid, beneficial ownership interest in certain
distributions of AmeriCredit Automobile Receivables Trust 2005-1 (the "Trust")
formed by AFS SenSub Corp., a Nevada corporation (the "Seller").

                  OWNER TRUSTEE'S CERTIFICATE OF AUTHENTICATION

                This is the Certificate referred to in the within-mentioned
Trust Agreement.

                                        WILMINGTON TRUST COMPANY
                                        not in its individual
                                        capacity but solely as
                                        Owner Trustee

                                        by :
                                            ------------------------------------

                                        Authenticating Agent

                                        by:
                                            ------------------------------------

                                       A-1
<PAGE>

                The Trust was created pursuant to a Trust Agreement dated as of
March 15, 2005, as amended and restated as of April 6, 2005 (the "Trust
Agreement"), between the Seller and Wilmington Trust Company, as owner trustee
(the "Owner Trustee"), a summary of certain of the pertinent provisions of which
is set forth below. To the extent not otherwise defined herein, the capitalized
terms used herein have the meanings assigned to them in the Trust Agreement.

                This is the duly authorized Certificate designated as "Asset
Backed Certificate" (herein called the "Certificate"). Also issued under the
Indenture, dated as of April 6, 2005, among the Trust, JPMorgan Chase Bank,
National Association, as trustee and trust collateral agent, are seven classes
of Notes designated as "Class A-1 3.1425% Asset Backed Notes" (the "Class A-1
Notes"), "Class A-2 3.82% Asset Backed Notes" (the "Class A-2 Notes"), "Class
A-3 4.26% Asset Backed Notes" (the "Class A-3 Notes"), "Class B 4.48% Asset
Backed Notes" (the "Class B Notes"), "Class C 4.73% Asset Backed Notes" (the
"Class C Notes"), "Class D 5.04% Asset Backed Notes" (the "Class D Notes") and
"Class E 5.82% Asset Backed Notes" (the "Class E Notes" and together with the
Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class B Notes,
the Class C Notes and the Class D Notes, the "Notes"). This Certificate is
issued under and is subject to the terms, provisions and conditions of the Trust
Agreement, to which Trust Agreement the holder of this Certificate by virtue of
the acceptance hereof assents and by which such holder is bound. The property of
the Trust includes a pool of retail installment sale contracts secured by new
and used automobiles, vans or light duty trucks (the "Receivables"), all monies
due thereunder on or after Cutoff Date, security interests in the vehicles
financed thereby, certain bank accounts and the proceeds thereof, proceeds from
claims on certain insurance policies and certain other rights under the Trust
Agreement and the Sale and Servicing Agreement, all right, to and interest of
the Seller in and to the Purchase Agreement dated as of April 6, 2005 among
AmeriCredit Financial Services, Inc. and the Seller and all proceeds of the
foregoing.

                The holder of this Certificate acknowledges and agrees that its
rights to receive distributions in respect of this Certificate are subordinated
to the rights of the Noteholders as described in the Sale and Servicing
Agreement, the Indenture and the Trust Agreement, as applicable.

                Distributions on this Certificate will be made as provided in
the Trust Agreement by the Owner Trustee by wire transfer or check mailed to the
Certificateholder without the presentation or surrender of this Certificate or
the making of any notation hereon. Except as otherwise provided in the Trust
Agreement and notwithstanding the above, the final distribution on this
Certificate will be made after due notice by the Owner Trustee of the pendency
of such distribution and only upon presentation and surrender of this
Certificate at the office or agency maintained for the purpose by the Owner
Trustee in the Corporate Trust Office.

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

                Unless the certificate of authentication hereon shall have been
executed by an authorized officer of the Owner Trustee, by manual signature,
this Certificate shall not entitle the holder hereof to any benefit under the
Trust Agreement or the Sale and Servicing Agreement or be valid for any purpose.

                                       A-2
<PAGE>

                THIS CERTIFICATE SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

                                       A-3
<PAGE>

                IN WITNESS WHEREOF, the Owner Trustee, on behalf of the Trust
and not in its individual capacity, has caused this Certificate to be duly
executed.

                                        AMERICREDIT AUTOMOBILE RECEIVABLES
                                        TRUST 2005-1

                                        By:  WILMINGTON TRUST COMPANY
                                             not in its individual capacity but
                                             solely as Owner Trustee

Dated:  April 14, 2005                  By:
                                            ------------------------------------

                                       A-4
<PAGE>

                            (Reverse of Certificate)

                The Certificate does not represent an obligation of, or an
interest in, the Seller, the Servicer, the Owner Trustee or any Affiliates of
any of them and no recourse may be had against such parties or their assets,
except as may be expressly set forth or contemplated herein or in the Trust
Agreement, the Indenture or the Basic Documents. In addition, this Certificate
is not guaranteed by any governmental agency or instrumentality and is limited
in right of payment to certain collections with respect to the Receivables, all
as more specifically set forth herein and in the Sale and Servicing Agreement. A
copy of each of the Sale and Servicing Agreement and the Trust Agreement may be
examined during normal business hours at the principal office of the Seller, and
at such other places, if any, designated by the Seller, by any Certificateholder
upon written request.

                The Trust Agreement permits, with certain exceptions therein
provided, the amendment thereof and the modification of the rights and
obligations of the Seller under the Trust Agreement at any time by the Seller
and the Owner Trustee with the consent of the Note Majority and the
Certificateholder. Any such consent by the Holder of this Certificate shall be
conclusive and binding on such Holder and on all future Holders of this
Certificate and of any Certificate issued upon the transfer hereof or in
exchange hereof or in lieu hereof whether or not notation of such consent is
made upon this Certificate. The Trust Agreement also permits the amendment
thereof, in certain limited circumstances, without the consent of the
Certificateholder.

                As provided in the Trust Agreement and subject to certain
limitations therein set forth, the transfer of this Certificate is registrable
in the Certificate Register upon surrender of this Certificate for registration
of transfer at the offices or agencies of the Certificate Registrar maintained
by the Owner Trustee in the Corporate Trust Office, accompanied by a written
instrument of transfer in form satisfactory to the Owner Trustee and the
Certificate Registrar duly executed by the holder hereof or such holder's
attorney duly authorized in writing, and thereupon a new Certificate evidencing
the same aggregate interest in the Trust will be issued to the designated
transferee. The initial Certificate Registrar appointed under the Trust
Agreement is Wilmington Trust Company. No service charge will be made for any
such registration of transfer or exchange, but the Owner Trustee or the
Certificate Registrar may require payment of a sum sufficient to cover any tax
or governmental charge payable in connection therewith.

                No sale or transfer of a Trust Certificate shall be permitted
(including, without limitation, by pledge or hypothecation), and no such sale or
transfer shall be registered by the Certificate Registrar or be effective
hereunder, if the sale or transfer thereof increases to more than 99 the sum of
the number of Certificateholders.

                The Owner Trustee and any agent of the Owner Trustee may treat
the person in whose name this Certificate is registered as the owner hereof for
all purposes, and none of the Owner Trustee nor any such agent shall be affected
by any notice to the contrary.

                                       A-5
<PAGE>

                The obligations and responsibilities created by the Trust
Agreement and the Trust created thereby shall terminate upon the payment to the
Certificateholder of all amounts required to be paid to it pursuant to the Trust
Agreement and the Sale and Servicing Agreement and the disposition of all
property held as part of the Trust. The Seller or the Servicer of the
Receivables may at its option purchase the corpus of the Trust at a price
specified in the Sale and Servicing Agreement, and such purchase of the
Receivables and other property of the Trust will effect early retirement of the
Certificate; however, such right of purchase is exercisable, subject to certain
restrictions, only as of the last day of any Collection Period as of which the
Pool Balance is 10% or less of the Original Pool Balance.

                The Certificate may not be acquired by (a) an employee benefit
plan (as defined in Section 3(3) of ERISA) that is subject to the provisions of
Title I of ERISA, (b) a plan (as defined in Section 4975(e)(1) of the Code) that
is subject to subject to Section 4975 or (c) any entity whose underlying assets
include assets of a plan described in (a) or (b) above by reason of such plan's
investment in the entity (each, a "Benefit Plan"). By accepting and holding this
Certificate, the Holder hereof shall be deemed to have represented and warranted
that it is not a Benefit Plan.

                The recitals contained herein shall be taken as the statements
of the Depositor or the Servicer, as the case may be, and the Owner Trustee
assumes no responsibility for the correctness thereof. The Owner Trustee makes
no representations as to the validity or sufficiency of this Certificate or of
any Receivable or related document.

Unless the certificate of authentication hereon shall have been executed by an
authorized officer of the Owner Trustee, by manual or facsimile signature, this
Certificate shall not entitle the Holder hereof to any benefit under the Trust
Agreement or the Sale and Servicing Agreement or be valid for any purpose.

                                       A-6
<PAGE>

                                   ASSIGNMENT

                FOR VALUE RECEIVED the undersigned hereby sells, assigns and
transfers unto

PLEASE INSERT SOCIAL SECURITY
OR OTHER IDENTIFYING NUMBER
OF ASSIGNEE

_______________________________________________________________________________
(Please print or type name and address, including postal zip code, of assignee)

_______________________________________________________________________________
the within Certificate, and all rights thereunder, hereby irrevocably
constituting and appointing

______________________________ Attorney to transfer said Certificate on the
books of the Certificate Registrar, with full power of substitution in the
premises.

Dated:                                  -----------------------------------*
                                        Signature

Guaranteed:                             ----------------------------------*

----------
*       NOTICE: The signature to this assignment must correspond with the name
        of the registered owner as it appears on the face of the within
        Certificate in every particular, without alteration, enlargement or any
        change whatever. Such signature must be guaranteed by an "eligible
        guarantor institution" meeting the requirements of the Certificate
        Registrar, which requirements include membership or participation in
        STAMP or such other "signature guarantee program" as may be determined
        by the Certificate Registrar in addition to, or in substitution for,
        STAMP, all in accordance with the Securities Exchange Act of 1934, as
        amended.

                                       A-7
<PAGE>

                                    EXHIBIT B

                                     FORM OF

                              CERTIFICATE OF TRUST

                                       OF

                 AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2005-1

                THIS Certificate of Trust of AMERICREDIT AUTOMOBILE RECEIVABLES
TRUST 2005-1 (the "Trust") is being duly executed and filed on behalf of the
Trust by the undersigned, as trustee, to form a statutory trust under the
Delaware Statutory Trust Act (12 Del. C. Section 3801 et seq.) (the "Act").

                1.      Name. The name of the statutory trust formed by this
Certificate of Trust is "AmeriCredit Automobile Receivables Trust 2005-1".

                2.      Delaware Trustee. The name and business address of the
trustee of the Trust in the State of Delaware is Wilmington Trust Company,
Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890-0001.

                3.      Effective Date. This Certificate of Trust shall be
effective upon filing.

                IN WITNESS WHEREOF, the undersigned has duly executed this
Certificate of Trust in accordance with Section 3811(a)(1) of the Act.

                                        WILMINGTON TRUST COMPANY, not in its
                                        individual capacity but solely as
                                        trustee of the Trust

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

                                       B-1

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