Document:

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                                                                    EXHIBIT 10.2

                            CIBC MELLON TRUST COMPANY

                          in its capacity as Trustee of

                 AMERICREDIT CANADA AUTOMOBILE RECEIVABLES TRUST

                                       and

                           BNY TRUST COMPANY OF CANADA

                              as Indenture Trustee

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

                      SERIES C2002-1 SUPPLEMENTAL INDENTURE

                                November 22, 2002

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

                          OSLER, HOSKIN & HARCOURT LLP

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                                TABLE OF CONTENTS

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                                                                                                              PAGE
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ARTICLE 1
         INTERPRETATION..........................................................................................1
         1.1      Definitions....................................................................................1
         1.2      Interpretation.................................................................................5
         1.3      Extended Meanings..............................................................................5
         1.4      Headings.......................................................................................5
         1.5      References to Sections, Articles and Exhibits..................................................5
         1.6      Proper Law of Series Supplement................................................................5
         1.7      Invalidity of Provisions.......................................................................6
         1.8      Computation of Time Periods....................................................................6
         1.9      Non-Business Days..............................................................................6
         1.10     Accounting Principles..........................................................................6
         1.11     Currency.......................................................................................6

ARTICLE 2
         PRINCIPAL TERMS.........................................................................................7
         2.1      Creation and Designation of Notes and Class VPN Loans; Principal Terms.........................7
         2.2      Class VPN Loans...............................................................................10
         2.3      Interest on the Series C2002-1 Debt Obligations...............................................10
         2.4      Principal Payments on the Series C2002-1 Debt Obligations.....................................12

ARTICLE 3
         SERIES ACCOUNTS; PAYMENTS..............................................................................13
         3.1      Series Accounts; Payments.....................................................................13
         3.2      Event of Default; Non-Sequential Amortization Period..........................................17
         3.3      General Provisions Regarding Series Accounts..................................................19

ARTICLE 4
         REDEMPTION OF Series C2002-1 Debt Obligations..........................................................20
         4.1      Redemption....................................................................................20
         4.2      Form Of Redemption Notice.....................................................................20
         4.3      Series C2002-1 Debt Obligations Payable On Redemption Date....................................21

ARTICLE 5
         RELATED EVENTS OF DEFAULT..............................................................................21
         5.1      Events of Default.............................................................................21
         5.2      Acceleration of Series C2002-1 Debt Obligations...............................................22

ARTICLE 6
         SUPPLEMENTAL INDENTURES................................................................................22
         6.1      Supplemental Indentures Without Consent Of Series C2002-1 Debtholders.........................22
         6.2      Supplemental Indentures With Consent of Series C2002-1 Debtholders............................23
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                                TABLE OF CONTENTS
                                   (CONTINUED)

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ARTICLE 7
         GENERAL................................................................................................25
         7.1      Confirmation of Indenture.....................................................................25
         7.2      Obligations of the Trust......................................................................25
         7.3      Acceptance....................................................................................25
         7.4      Appointment of Mandatory......................................................................25
         7.5      Limitation of Liability of Trustee............................................................26
         7.6      Execution in Counterparts.....................................................................26
         7.7      Formal Date...................................................................................26
         7.8      Delivery of Executed Copies...................................................................27
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     SERIES C2002-1 SUPPLEMENTAL INDENTURE made as of November 22, 2002 between
CIBC MELLON TRUST COMPANY, in its capacity as trustee (in such capacity,
together with its successors and assigns in such capacity, the "Trustee") of
AMERICREDIT CANADA AUTOMOBILE RECEIVABLES TRUST (the "Trust"), and BNY TRUST
COMPANY OF CANADA, as indenture trustee (in such capacity, together with its
successors and assigns in such capacity, the "Indenture Trustee").

     WHEREAS pursuant to the Indenture, provision was made for the issuance of
Notes from time to time;

     AND WHEREAS pursuant to Section 2.3 of the Indenture, the Notes may, at the
election of the Trust, be issued in one or more Series by the execution and
delivery of a Series Supplement, which Series may be comprised of one or more
Classes and may include Loans;

     AND WHEREAS the Trust has authorized the issuance of a Series of Medium
Term Notes to be designated "AmeriCredit Canada Automobile Receivables-Backed
Notes, Series C2002-1" (the "Series C2002-1 Notes");

     AND WHEREAS the parties are executing and delivering this Series Supplement
to provide for the creation and issuance of the Series C2002-1 Notes and the
creation of the Class VPN Loans (as defined herein);

     AND WHEREAS the foregoing recitals and statements of fact are made by the
Trust and not by the Indenture Trustee;

     NOW THEREFORE THIS SERIES SUPPLEMENT WITNESSES and it is hereby covenanted,
agreed and declared as follows:

                                    ARTICLE 1
                                 INTERPRETATION

1.1  DEFINITIONS.

     All initial capitalized terms used in this Series Supplement that are
defined in the Indenture or the Sale and Servicing Agreement, either directly or
by reference therein, shall have the meanings specified therefor in the
Indenture and the Sale and Servicing Agreement, as the case may be, except to
the extent that, subject to Section 1.2, such terms are defined or modified in
this Series Supplement or the context otherwise requires.

     In addition, whenever used in this Series Supplement or in the Indenture
with respect to the Series C2002-1 Note Obligations, the following terms shall
have the following meanings, respectively:

     (a)  "Basic Documents" means the Declaration of Trust, the Sale and
          Servicing Agreement, the Limited Guarantee, the Indenture, this Series
          Supplement, the Administration Agreement, the Letter of
          Representations with respect to the Offered Notes, the Underwriting
          Agreement, each Class VPN Loan Agreement, the Class VPN Swap, the
          Class A-1 Swap, the Custodian Agreement and other documents and
          certificates delivered in connection therewith.

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                                       -2-

     (b)  "Class A Notes" means the Class A-1 Notes and Class A-2 Notes.

     (c)  "Class A-1 Notes" means the Class of Series C2002-1 Notes authorized
          and created pursuant to Article 2 and designated as the Class A-1
          Notes;

     (d)  "Class A-1 Swap" means, collectively, (i) the ISDA Master Agreement,
          including all schedules and confirmations related thereto, between the
          Class A-1 Swap Counterparty and the Trust relating to interest payable
          on the Class A-1 Notes, and (ii) the guarantee made by Merrill Lynch &
          Co. in favour of the Trust guaranteeing the obligations of the Class
          A-1 Swap Counterparty, in each case as in effect on the Closing Date,
          and as the same may be amended, supplemented, renewed, extended or
          replaced from time to time.

     (e)  "Class A-1 Swap Counterparty" means Merrill Lynch Capital Services,
          Inc., as swap counterparty under the Class A-1 Swap, or any successor
          or replacement Class A-1 Swap Counterparty from time to time under the
          Class A-1Swap.

     (f)  "Class A-2 Notes" means the Class of Series C2002-1 Notes authorized
          and created pursuant to Article 2 and designated as the Class A-2
          Notes;

     (g)  "Class B Notes" means the Class of Series C2002-1 Notes authorized and
          created pursuant to Article 2 and designated as the Class B Notes.

     (h)  "Class C Notes" means the Class of Series C2002-1 Notes authorized and
          created pursuant to Article 2 and designated as the Class C Notes.

     (i)  "Class D Notes" means the Class of Series C2002-1 Notes authorized and
          created pursuant to Article 2 and designated as the Class D Notes.

     (j)  "Class VPN Lender" means the lender under a Class VPN Loan Agreement
          advancing funds to the Issuer to fund, in part, the payment of the
          Purchase Price and/or to refinance the Class A Notes.

     (k)  "Class VPN Loan Agreement" means a Liquidity Loan Agreement entered
          into between the Trust and any Class VPN Lender, including the Class
          VPN Loan Agreement dated as of November 22, 2002 between the Issuer,
          the Seller and The Trust Company of Bank of Montreal in its capacity
          as trustee of Gemini Trust, a copy of which is attached hereto as
          Exhibit E.

     (l)  "Class VPN Swap" (i) the ISDA Master Agreement, including all
          schedules and confirmations related thereto, between the Class VPN
          Swap Counterparty and the Trust relating to interest payable on the
          Class VPN Loans, and (ii) the guarantee made by Merrill Lynch & Co. in
          favour of the Trust guaranteeing the obligations of the Class VPN Swap
          Counterparty, in each case as in effect on the Closing Date, and as
          the same may be amended, supplemented, renewed, extended or replaced
          from time to time.

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                                       -3-

     (m)  "Class VPN Swap Counterparty" means Merrill Lynch Capital Services,
          Inc., as swap counterparty under the Class VPN Swap, or any successor
          or replacement Class VPN Swap Counterparty from time to time under the
          Class VPN Swap.

     (n)  "Collateral" and "Related Collateral" for the Series C2002-1 Notes and
          the other Related Obligations means:

          (i)       the Receivables, including all documents constituting
                    chattel paper included therewith, and all obligations of the
                    Obligors thereunder, including all moneys paid thereunder
                    after the related Cut-Off Date;

          (ii)      the security interests in the Financed Vehicles granted by
                    Obligors pursuant to the Receivables and any other interest
                    of the Trust in the Financed Vehicles;

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

          (iv)      any proceeds with respect to the Receivables from claims on
                    insurance policies covering Financed Vehicles or Obligors;

          (v)       the Series Accounts and all monies, funds and Eligible
                    Investments on deposit in or credited to the Series Accounts
                    from time to time and all rights of the Trust therein
                    (including all income thereon and proceeds thereof);

          (vi)      the Trust's rights and benefits, but none of its obligations
                    or burdens, under the Swaps;

          (vii)     all items contained in the Receivable Files and any and all
                    other documents that the Seller or the Servicer keeps on
                    file in accordance with its customary procedures relating to
                    the Receivables, the Obligors or the Financed Vehicles;

          (viii)    the Trust's rights and benefits, but none of its obligations
                    or burdens, under the Sale and Servicing Agreement, the
                    Limited Guarantee, the Underwriting Agreement, each Class
                    VPN Loan Agreement and the Custodian Agreement (including
                    the delivery requirements, representations and warranties
                    and the cure and repurchase obligations of the Seller under
                    the Sale and Servicing Agreement) and the other documents
                    and certificates delivered thereunder or in connection
                    therewith; and

          (ix)      all present and future claims, demands, causes and choses in
                    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, cheques, deposit accounts,
                    insurance proceeds, condemnation awards, rights to

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                                       -4-

                    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.

     (o)  "Collections" and "Related Collections" means, for any Collection
          Period or Monthly Payment Date and at any time, all amounts
          constituting or included in the Available Funds or the Total Available
          Funds for any such period, date or time.

     (p)  "Indenture" means the Indenture made as of September 30, 2002 among
          the Trust and the Indenture Trustee, as amended, modified, renewed,
          restated or replaced from time to time.

     (q)  "Letter of Representations" means the Letter of Representations to be
          entered into by the Trust and the Clearing Agency with respect to each
          Class of the Offered Notes in substantially the form of Exhibit F.

     (r)  "Offered Notes" means the Class A Notes, Class B Notes and Class C
          Notes.

     (s)  "Paying Agent" means the Indenture Trustee, in its capacity as paying
          agent under the Indenture, together with its successors and permitted
          assigns in such capacity.

     (t)  "Rating Agency Condition" has, for the Series C2002-1 Debt
          Obligations, the meaning specified in the Sale and Servicing
          Agreement.

     (u)  "Redemption Price" means the unpaid principal amount of the Series
          C2002-1 Debt Obligations to be redeemed, plus accrued and unpaid
          interest thereon at the applicable Interest Rate to but excluding the
          Redemption Date with respect thereto.

     (v)  "Sale and Servicing Agreement" means the Sale and Servicing Agreement,
          dated as of November 15, 2002, among the Trust, Bank One, NA, the
          Seller and the Servicer, as it may be amended, supplemented, modified,
          restated, renewed or replaced from time to time.

     (w)  "Series Accounts" for the Series C2002-1 Debt Obligations and the
          Related Obligations means the Collection Account, the Note
          Distribution Account, the Reserve Account, the Accumulation Account,
          the Pre-Funding Account, the Capitalized Interest Account and any
          other Eligible Deposit Account established or maintained by or for the
          benefit of the Trust or Indenture Trustee, the Series C2002-1
          Debtholders and the Related Specified Creditors pursuant to the Basic
          Documents.

     (x)  "Series C2002-1 Debtholders" means the Holders of the Series C2002-1
          Debt Obligations.

     (y)  "Series C2002-1 Debt Obligations" means, collectively, the Series
          C2002-1 Notes and the Class VPN Loans.

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                                       -5-

     (z)  "Series C2002-1 Notes" means, collectively, the Notes created under
          this Series Supplement consisting of the Class A Notes, the Class B
          Notes, the Class C Notes and the Class D Notes.

     (aa) "Series Supplement" means this Series C2002-1 Supplemental Indenture,
          together with the Schedules hereto, as amended, supplemented,
          modified, renewed, restated or replaced from time to time, together
          with all schedules hereto and the expressions "hereof", "herein",
          "hereto", "hereunder", "hereby" and similar expressions refer to this
          Series Supplement and not to any Article, Section, paragraph,
          subparagraph or clause hereof.

     (bb) "Swaps" means the Class VPN Swap and the Class A-1 Swap.

     (cc) "Trust Indenture" means the Indenture as amended and supplemented by
          this Series Supplement.

1.2  INTERPRETATION.

     Subject to the next following sentences, this Series Supplement is
supplemental to the Indenture and the Indenture shall be read in conjunction
with this Series Supplement and all of the provisions of the Indenture shall
apply to and shall have effect in connection with this Series Supplement in the
same manner as if all of the provisions of the Indenture and of this Series
Supplement were contained in one instrument. If any terms of the Indenture are
inconsistent with the express terms hereof, the terms of the Indenture shall be,
solely in respect of the Series C2002-1 Debt Obligations and Related
Obligations, amended and supplemented so as to be consistent herewith. The
provisions of this Series Supplement are applicable only in respect of the
Series C2002-1 Debt Obligations and the Related Obligations and not the Notes or
Related Obligations of any other Series.

1.3  EXTENDED MEANINGS.

     In this Series Supplement, words importing the singular number include the
plural and vice versa and words importing gender include all genders.

1.4  HEADINGS.

     The table of contents does not form part of this Series Supplement. Article
and Section headings are not to be considered part of this Series Supplement,
are included solely for convenience of reference and do not define, limit or
enlarge the construction or interpretation hereof.

1.5  REFERENCES TO SECTIONS, ARTICLES AND EXHIBITS.

     Unless otherwise provided, all references herein to Sections, Articles or
Exhibits are references to Sections, Articles and Exhibits of or to this Series
Supplement.

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                                       -6-

1.6  PROPER LAW OF SERIES SUPPLEMENT.

     This Series Supplement will be governed by the laws of the Province of
Ontario and the federal laws of Canada applicable therein.

1.7  INVALIDITY OF PROVISIONS.

     Save and except for any provision or covenant contained herein which is
fundamental to the subject matter of this Series Supplement (including, without
limitation, those that relate to the payment of monies), the invalidity or
unenforceability of any provision or covenant hereof or herein contained will
not affect the validity or enforceability of any other provision or covenant
hereof or herein contained and any such invalid or unenforceable provision or
covenant will be deemed to be severable.

1.8  COMPUTATION OF TIME PERIODS.

     In this Series Supplement, with respect to the computation of periods of
time from a specified date to a later specified date, unless otherwise expressly
stated, the word "from" means "from and including" and the words "to" and
"until" each means "to but excluding".

1.9  NON-BUSINESS DAYS.

     Whenever any payment to be made hereunder shall be treated to be due, any
calculation is to be made or any other action to be taken hereunder shall be
stated to be required to be taken on a day other than a Business Day, such
payment shall be made, such calculation shall be made and such other action
shall be taken on the next succeeding Business Day and an extension of time
shall be included for such purposes.

     Any payment made after 3:00 p.m. (Toronto time) on a Business Day shall be
deemed to be made on the next following Business Day.

1.10 ACCOUNTING PRINCIPLES.

     Where the character or amount of any asset or liability or item of revenue
or expense is required to be determined, or any consolidation or other
accounting computation is required to be made for the purpose of this Series
Supplement, such determination or calculation shall, to the extent applicable
and except as otherwise specified herein or as otherwise agreed in writing by
the parties, be made in accordance with generally accepted accounting principles
applied on a consistent basis. Wherever in this Series Supplement reference is
made to generally accepted accounting principles, such reference shall be deemed
to be to the generally accepted accounting principles from time to time approved
by the Canadian Institute of Chartered Accountants, or any successor institute,
applicable as at the date on which such calculation is made or required to be
made in accordance with generally accepted accounting principles.

1.11 CURRENCY.

     Unless stated otherwise, all amounts herein are stated in Canadian Dollars.

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                                       -7-

                                    ARTICLE 2
                                 PRINCIPAL TERMS

2.1  CREATION AND DESIGNATION OF NOTES AND CLASS VPN LOANS; PRINCIPAL TERMS.

     (a)  Designation of Notes. There is hereby created a Series of Notes to be
          issued pursuant to the Indenture and this Series Supplement to be
          designated as the "AmeriCredit Canada Automobile Receivable-Backed
          Notes, Series C2002-1". The Series C2002-1 Notes shall be issued in
          five Classes of Notes, the "Class A-1 Notes", the "Class A-2 Notes",
          the "Class B Notes", the "Class C Notes" and the "Class D Notes".

     (b)  Creation of Class VPN Loans. There shall also be authorized and
          created, as part of such Series, Class VPN Loans on the terms and
          conditions of this Series Supplement and the related Class VPN Loan
          Agreements.

     (c)  Series Issuance Date. The Series Issuance Date for the Series C2002-1
          Notes and the Initial Class VPN Loan shall be the Closing Date.

     (d)  Form of Notes. The Class A-1 Notes, Class A-2 Notes, Class B Notes,
          Class C Notes and Class D Notes, together with the Indenture Trustee's
          certificate of authentication, shall be in substantially the forms set
          forth in Exhibits A-1, A-2, B, C and D, respectively, with such
          appropriate insertions, omissions, substitutions and other variations
          as are required or permitted by the Indenture and this Series
          Supplement, 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 Responsible Officers
          of the Trust executing such Series C2002-1 Notes, as evidenced by
          their execution of the Series C2002-1 Notes. Any portion of the text
          of any Series C2002-1 Note may be set forth on the reverse thereof,
          with an appropriate reference thereto on the face of the Note.

     (e)  Definitive Series C2002-1 Notes. The Definitive Notes for the Offered
          Notes, if issued, shall be typewritten, printed, lithographed or
          engraved or produced by any combination of these methods (with or
          without steel engraved borders), in substantially the forms of the
          Offered Notes set forth in the Exhibits hereto, all as determined by
          the Responsible Officers of the Trust executing such Notes, as
          evidenced by their execution of such Notes.

     (f)  Date of Series C2002-1 Notes. Each Series C2002-1 Note shall be dated
          the date of its certification by the Indenture Trustee. The terms of
          the Series C2002-1 Notes set forth in Exhibits A-1, A-2, B, C and D
          are part of the terms of this Series Supplement.

     (g)  Interest Rates. The Interest Rate for each Class of Series C2002-1
          Notes and for the Class VPN Loans shall be the applicable Interest
          Rate for such Class and such Class VPN Loans. Interest on each Class
          of Series C2002-1 Notes and the Class VPN Loans shall be calculated
          and compounded in the manner and shall be payable on each Payment Date
          for such Class as provided in the Sale and

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                                       -8-

          Servicing Agreement and this Series Supplement and, with respect to
          the Class VPN Loans, in accordance with the Sale and Servicing
          Agreement and the related Class VPN Loan Agreement.

     (h)  Initial Outstanding Amounts. On the Series Issuance Date, the
          Indenture Trustee shall cause to be certified and delivered to or upon
          the order of the Trust, Series C2002-1 Notes for original issue in the
          aggregate principal amount of $209,400,000, comprised of (i) Class A-1
          Notes in the aggregate principal amount of $36,437,000, (ii) Class A-2
          Notes in the aggregate principal amount of $100,000,000, (iii) Class B
          Notes in the aggregate principal amount of $22,688,000, (iv) Class C
          Notes in the aggregate principal amount of $22,000,000, and (v) Class
          D Notes in the aggregate principal amount of $28,875,000. The Initial
          Class VPN Loan will be in the aggregate principal amount of
          $65,000,000.

     (i)  Meaning of Outstanding. For the purposes of the definition of
          Outstanding in the Indenture, amounts on deposit in the Accumulation
          Account shall not be considered deposited with the Indenture Trustee
          in trust for payment to the holders of Offered Notes of any Class
          until such amounts are transferred to and deposited in the Note
          Distribution Account in trust for the holders of Offered Notes of such
          Class.

     (j)  Payment Dates. The Series C2002-1 Debt Obligations of each Class shall
          have the Monthly Payment Dates, Payment Dates, Targeted Final Payment
          Dates, Final Scheduled Payment Dates and Record Dates specified
          therefor in the Sale and Servicing Agreement.

     (k)  Redemption. The Series C2002-1 Debt Obligations shall be redeemable in
          accordance with the provisions of Article 4 of this Series Supplement
          and Section 9.1 of the Sale and Servicing Agreement.

     (l)  Minimum Amounts. Subject to applicable securities laws, the Series
          C2002-1 Notes of each Class shall be issued in minimum denominations
          of $1,000 and integral multiples of $1,000; provided, however, that
          one Series C2002-1 Note of each Class (including a Book-Entry Note)
          may be issued in an odd amount or denomination.

     (m)  Paying Agent. The Paying Agent for the Series C2002-1 Debt Obligations
          shall initially be the Indenture Trustee and its successors or
          assigns.

     (n)  Rating Agencies. The Rating Agencies for the Series C2002-1 Debt
          Obligations shall be DBRS, Standard & Poor's and Moody's.

     (o)  Series Accounts. The Series Accounts for the Series C2002-1 Debt
          Obligations shall be the Series Accounts as defined in Article 1.

     (p)  Swaps. Each Swap shall be entered into pursuant to (i) the ISDA Master
          Agreement to be executed by the Trust and Merrill Lynch Capital
          Services, Inc. on the Closing Date in substantially the form of
          Exhibit G hereto, (ii) in the case

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                                       -9-

          of the Class VPN Swap, the Confirmation to be executed by the Trust
          and the Class VPN Swap Counterparty on the Closing Date in
          substantially the form of Exhibit F hereto, and (iii) in the case of
          the Class A-1 Swap, the Confirmation to be executed by the Trust and
          the Class A-1 Swap Counterparty on the Closing Date in substantially
          the form of Exhibit H hereto, and the Trust shall execute and deliver
          such Basic Documents at the Closing in accordance with the
          instructions of the Administrator.

     (q)  Letter of Representations for Book-Entry Offered Notes; Definitive
          Class D Notes. The Clearing Agency Letter of Representations for the
          Book-Entry Notes representing each Class of the Offered Notes shall be
          the Letter of Representations which shall be executed and delivered by
          the Trust to the Clearing Agency at the Closing. The Class D Notes
          shall be in the form of Definitive Notes.

     (r)  Related Collateral. The Related Collateral for the Series C2002-1 Debt
          Obligations and the other Related Obligations shall be the Collateral
          as defined in Article 1.

     (s)  Security for Related Obligations Secured. The Related Collateral shall
          be held as security for the due payment of the Series C2002-1 Debt
          Obligations and the other Related Obligations alone, the Series
          C2002-1 Debt Obligations and the other Related Obligations shall be
          secured solely by the Related Collateral, recourse in respect of or
          payment of the Series C2002-1 Debt Obligations and the other Related
          Obligations shall be limited to the Related Collateral and no
          Obligations other than the Series C2002-1 Debt Obligations and the
          other Related Obligations shall have recourse to the Related
          Collateral;

     (t)  Application of this Series Supplement. The terms of the Indenture are
          amended, supplemented, modified, restated and replaced to the extent
          applicable by the terms of this Series Supplement in respect of the
          Series C2002-1 Debt Obligations in accordance with Section 1.2 hereof;

     (u)  Subordination. The Class B Notes will be subordinated to the Class A
          Notes and the Class VPN Loans, the Class C Notes will be subordinated
          to the Class A Notes, Class VPN Loans and Class B Notes, and Class D
          Notes will be subordinated to the Class A Notes, Class VPN Loans,
          Class B Notes and Class C Notes, in each case, to the extent described
          herein and in the Sale and Servicing Agreement, upon the occurrence of
          an Event of Default, the commencement of a Non-Sequential Amortization
          Period or otherwise;

     (v)  Distribution of the Notes. The Offered Notes will be offered for sale
          and distributed pursuant to the Prospectus and the Underwriting
          Agreement. The Class D Notes will be sold pursuant to the Class D
          Subscription Agreement. The Underwriting Agreement and Class D
          Subscription Agreement shall be executed and delivered by the Trust in
          such forms as the Administrator and the Seller shall present to the
          Trust for execution at the Closing.

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                                      -10-

2.2  CLASS VPN LOANS.

     (a)  The Trust may obtain Class VPN Loans in accordance with Section 2.8 of
          the Sale and Servicing Agreement. The Trust shall execute and deliver
          any Class VPN Loan Agreement complying with the terms and provisions
          of this Series Supplement and the Sale and Servicing Agreement
          presented to the Trust by the Servicer for execution in connection
          with obtaining the advance of any Class VPN Loan. The Trust shall
          deliver to the Indenture Trustee a copy of each Class VPN Loan
          Agreement entered into by the Trust and a Class VPN Lender and shall
          give the Indenture Trustee written notice of each Class VPN Loan
          obtained by the Trust, specifying for each such Class VPN Loan:

     (i)  the aggregate principal amount of the Class VPN Loan and the date of
          advance of such Class VPN Loan;

     (ii) the Interest Rate for such Class VPN Loan; and

     (iii) any other terms or provisions of such Class VPN Loan, which shall not
          be inconsistent with the provisions of this Series Supplement, the
          Sale and Servicing Agreement or any other Class VPN Loan Agreement.

2.3  INTEREST ON THE SERIES C2002-1 DEBT OBLIGATIONS.

     (a)  The Series C2002-1 Notes shall bear interest at the applicable
          Interest Rate for each such Class and such interest shall be payable
          on each Payment Date for the Series C2002-1 Notes of each such Class.

     (b)  Interest on the Outstanding Amount of the Class A-1 Notes shall be
          calculated, in arrears, at the applicable Interest Rate for the Class
          on the basis of a year of 365 days and the actual number of days
          elapsed in the applicable Interest Period and shall be paid quarterly
          on the Monthly Payment Date in March, June, September and December of
          each year, commencing on March 6, 2003. Interest on the Outstanding
          Amount of the Class A-2 Notes shall be calculated semi-annually, in
          arrears, at the applicable Interest Rate for the Class on the basis of
          a year of 365 days and computed on a semi-annual equivalent basis and
          shall be paid semi-annually on the Monthly Payment Date in June and
          December of each year, commencing June 6, 2003, and for both the Class
          A-1 and Class A-2 Notes, paid on the Targeted Final Payment Date of
          the Class or, if any such date is not a Business Day, on the next
          succeeding Business Day; provided, however, that for any Class A Note
          Payment Date for a Class of Class A Notes during an Amortization
          Period, interest on the Outstanding Amount of the Class A Notes of
          such Class will be calculated at a rate equal to the "monthly
          equivalent interest rate" to the Interest Rate of the Class in
          accordance with the definition of Noteholders' Interest Distributable
          Amount and shall, except as provided below, be paid as described above
          in this section on each Class A Note Payment Date. On the first Class
          A Note Payment Date for a Class of Class A Notes during an
          Amortization Period, there shall be paid to the Holders of each Class
          of Class A Notes the interest accrued and unpaid on the Class A Notes
          of the Class from and including the prior Class A Note Payment Date
          for the Class to and excluding

<PAGE>

                                      -11-

          such Class A Note Payment Date, calculated as described in the first
          sentence of this Section 2.3(b). Interest for any Class A Note Payment
          Date will accrue from and including the preceding Class A Note Payment
          Date (or the Closing Date, in the case of the initial Class A Note
          Payment Date) to but excluding that Class A Note Payment Date.

     (c)  Interest on the Outstanding Amount of the Class B Notes and the Class
          C Notes shall be calculated in arrears, at the applicable Interest
          Rate for such Class on the basis of a 365 day year and computed on a
          semi-annual equivalent basis and shall be paid on the Class B Notes
          and Class C Notes semi-annually on the Monthly Payment Date in June
          and December of each year commencing on June 6, 2003, and for both the
          Class B and Class C Notes, paid on the Targeted Final Payment Date of
          such Class or, if any such date is not a Business Day, on the next
          succeeding Business Day; provided, however, that for any Class B/C
          Note Payment Date during an Amortization Period, interest on the
          Outstanding Amount of the Class B Notes and Class C Notes will be
          calculated at a rate equal to the "monthly equivalent interest rate"
          to the Interest Rate of each such Class in accordance with the
          definition of Noteholders' Interest Distributable Amount and shall,
          except as provided below, be paid as described above in this section
          on each Class B/C Note Payment Date. On the first Class B/C Note
          Payment Date during an Amortization Period, there shall be paid to the
          Holders of the Class B Notes and the Class C Notes the interest
          accrued and unpaid on the Class B Notes and the Class C Notes from and
          including the prior Class B/C Note Payment Date for such Class to and
          excluding such Class B/C Note Payment Date, calculated as described in
          the first sentence of this Section 2.3(c). Interest for any Class B/C
          Note Payment Date will accrue from and including the preceding Class
          B/C Note Payment Date (or the Closing Date, in the case of the initial
          Class B/C Note Payment Date) to but excluding that Class B/C Note
          Payment Date.

     (d)  The "monthly equivalent interest rate" for any Interest Rate on any
          Class of Offered Notes (other than the Class A-1 Notes) is the
          applicable interest rate for such Class that, when compounded for six
          months, yields interest in an amount equal to interest on the Offered
          Notes of such Class at the Interest Rate of such Class, divided by
          two.

     (e)  Interest will accrue on the Class D Notes and on each Class VPN Loan
          at a per annum rate equal to the Interest Rate for the Class D Notes
          or such Class VPN Loan, as applicable, and shall be payable on each
          Monthly Payment Date. Interest for the Class D Notes or any Class VPN
          Loan and any Monthly Payment Date will accrue from and including the
          preceding Monthly Payment Date (or the date of advance of the Class
          VPN Loan, in the case of the first Monthly Payment Date for such Class
          VPN Loan) to and excluding such Monthly Payment Date, for the actual
          number of days elapsed.

     (f)  Any instalment of interest payable on any Class of Series C2002-1 Debt
          Obligations on any Payment Date for such Class shall be punctually
          paid or duly provided for by a deposit by or at the direction of the
          Trust into the Note Distribution Account, on each Monthly Payment Date
          and shall be paid to the

<PAGE>

                                      -12-

          Holder of such Series C2002-1 Notes or to the applicable Class VPN
          Lender on each Payment Date for the Class by cheque mailed
          first-class, postage prepaid to such Person's address as it appears on
          the related Note Register on such Record Date or as specified in the
          applicable Class VPN Loan Agreement; provided, however, that, unless
          and until Definitive Notes for the Offered Notes have been issued
          pursuant to Section 2.12 of the Indenture, with respect to Offered
          Notes registered on the applicable Record Date in the name of the
          Clearing Agency or its nominee (initially, CDS & Co.), payment shall
          be made in accordance with the Letter of Representations; provided,
          further, that with respect to any Class VPN Loans or Class D Notes,
          upon written request of the Holder thereof or if so provided, in the
          related Class VPN Loan Agreement, payment shall be made by wire
          transfer of immediately available funds to the account designated by
          such Holder until further written notice from such Holder.

     (g)  If the Trust defaults in a payment of interest on any Class of Series
          C2002-1 Debt Obligations, the Trust shall pay, in any lawful manner,
          interest (plus interest on such interest to the extent lawful) at the
          applicable Interest Rate from the Payment Date for which such payment
          is in default to the Monthly Payment Date on which such defaulted
          interest payment is paid, such interest on defaulted interest to be
          compounded and payable monthly on each Monthly Payment Date.

2.4  PRINCIPAL PAYMENTS ON THE SERIES C2002-1 DEBT OBLIGATIONS.

     (a)  Prior to the occurrence of an Event of Default and acceleration of the
          Series C2002- 1 Notes in accordance with Section 7.2 of the Indenture
          and this Series Supplement, the principal of each Class of Series
          C2002-1 Debt Obligations shall be payable in full on the Final
          Scheduled Payment Date for such Class and, to the extent of funds
          available therefor, in instalments on the Payment Dates (if any)
          preceding the Final Scheduled Payment Date for such Class, in the
          amounts and in accordance with the priorities set forth in Sections
          3.1(b) and (c), as applicable. All principal payments on each Class of
          Series C2002-1 Debt Obligations on any Payment Date for such Class
          shall be made pro rata to the Holders of such Class entitled thereto.
          Any instalment of principal payable on any Series C2002-1 Note shall
          be punctually paid or duly provided for by a deposit by or at the
          direction of the Trust into the Note Distribution Account on the
          applicable Payment Date and shall be paid to the Person in whose name
          each Series C2002-1 Note of such Class is registered on the applicable
          Record Date or to the applicable Class VPN Lender, by cheque mailed
          first-class, postage prepaid to such Person's address as it appears on
          the Note Register or in the related Class VPN Loan Agreement, as
          applicable, on such Record Date; provided, however, that, (A) unless
          and until Definitive Notes for the Offered Notes have been issued
          pursuant to Section 2.12 of the Indenture, with respect to Offered
          Notes registered on the Record Date in the name of the Clearing Agency
          or its nominee, payment shall be made in accordance with the Letter of
          Representations and (B) with respect to any Class VPN Loans and Class
          D Notes, upon written request of the Holder thereof or if so provided,
          in the related Class VPN Loan Agreement, payment shall be made by wire
          transfer of immediately available funds to the account designated by
          such Holder until further written notice from such Holder, except for,
          in each case: (i)

<PAGE>

                                      -13-

          the final instalment of principal on any Series C2002-1 Note; and (ii)
          the Redemption Price for the Series C2002-1 Debt Obligations redeemed
          pursuant to Section 4.1, which, in each case, shall be payable as
          provided herein and in the Indenture.

     (b)  From and after the occurrence of an Event of Default and a declaration
          of or other acceleration of the Series C2002-1 Debt Obligations in
          accordance with Section 7.2 of the Indenture and this Series
          Supplement, until such time as all Events of Default have been cured
          or waived as provided in Section 7.2 of the Indenture, (i) all
          principal payments on the Offered Notes and the Class VPN Loans shall
          be allocated pro rata among the Holders of all of the Offered Notes of
          each Class and the Class VPN Loans of each Class on the basis of the
          respective aggregate unpaid principal balances of the Offered Notes of
          such Class and the Class VPN Loans of such Class held by such Holders,
          (ii) all principal payments on Class D Notes shall be allocated pro
          rata among the Holders of all of the Class D Notes on the basis of the
          respective aggregate unpaid principal balances of the Class D Notes
          held by such Holders and (iii) the Outstanding Amount of the Series
          2002-1 Debt Obligations shall be paid in accordance with the
          priorities set forth in Section 3.2; provided, however, that no
          payments of principal on the Class D Notes shall be made until all
          Offered Notes and Class VPN Loans have been paid in full.

                                    ARTICLE 3
                            SERIES ACCOUNTS; PAYMENTS

3.1  SERIES ACCOUNTS; PAYMENTS.

     (a)  On or prior to the Series Issuance Date, the Trust shall cause the
          Servicer to establish and maintain, in the name of the Indenture
          Trustee for the benefit of the Series C2002-1 Debtholders and the
          Related Specified Creditors, the Series Accounts as provided in
          Article 5 of the Sale and Servicing Agreement.

     (b)  On or before each Monthly Payment Date:

          (i)  amounts shall be deposited in the Collection Account as provided
               in Sections 5.3, 5.5, 5.6 and 9.1 of the Sale and Servicing
               Agreement; and

          (ii) the Aggregate Noteholders' Interest Distributable Amount and the
               Aggregate Principal Distributable Amount, in each case, for such
               Monthly Payment Date shall be transferred from the Collection
               Account to the Note Distribution Account as and to the extent
               provided in Section 5.6(c) of the Sale and Servicing Agreement.

     (c)  On each Monthly Payment Date the Indenture Trustee shall apply and, as
          required, pay to the Holders of Series C2002-1 Debt Obligations from
          the amounts on deposit in the Note Distribution Account in the
          following order of priority and in the amounts determined below:

<PAGE>

                                      -14-

     (i)  first, there shall be distributed from the Note Distribution Account
          the following:

          (A)  the Noteholders' Interest Distributable Amount for each Class VPN
               Loan and such Monthly Payment Date shall be paid pro rata to the
               holders of the Class VPN Loans;

          (B)  if such Monthly Payment Date is a Payment Date for a Class of
               Class A Notes, the Noteholders' Interest Distributable Amounts
               for that Class on deposit in the Note Distribution Account shall
               be paid to the holders of the Class A Notes of that Class;

          (C)  if such Monthly Payment Date is a Payment Date for the Class B
               Notes, the Noteholders' Interest Distributable Amounts for that
               Class on deposit in the Note Distribution Account shall be paid
               to the holders of the Class B Notes; and

          (D)  if such Monthly Payment Date is a Payment Date for the Class C
               Notes, the Noteholders' Interest Distributable Amounts for that
               Class on deposit in the Note Distribution Account shall be paid
               to the holders of the Class C Notes.

          provided, however, that if (x) there is any outstanding Noteholders'
          Interest Carryover Amount for the Class A Notes of any Class and the
          Class VPN Loans on any Monthly Payment Date, (y) the amount deposited
          in the Note Distribution Account on any Monthly Payment Date in
          respect of interest accrued on the Class A Notes of any Class and the
          Class VPN Loans is less than the sum of the Noteholders' Interest
          Distributable Amounts for such Class or Classes and such Monthly
          Payment Date, or (z) there are insufficient funds on deposit in the
          Note Distribution Account to make the payments described above in
          respect of the Noteholders' Interest Distributable Amounts for all
          Classes of Class A Notes and Class VPN Loans, the amount on deposit in
          the Note Distribution Account for payments of interest on the Class A
          Notes and the Class VPN Loans shall be applied to each such Class pro
          rata on the basis of the respective amount otherwise to be applied to
          such Class or Classes as described above.

     (ii) second, unless otherwise provided in Section 3.2 below, an amount
          equal to the Total Noteholders' Principal Payment Amount (or such
          lesser amount as is on deposit in the Note Distribution Account in
          respect thereof on the Monthly Payment Date) shall be applied to each
          Class of Offered Notes and the Class VPN Loans in the following
          amounts and in the following order of priority and paid to the
          applicable holders of the Offered Notes and the applicable Class VPN
          Lenders:

          (A)  Except during a Sequential Amortization Period:

<PAGE>

                                      -15-

               (1)  on each Monthly Payment Date that is not a Targeted Final
                    Payment Date for any Class of Offered Notes:

                    A.   to the Class VPN Lenders as set forth in clause (iii)
                         below, until the Outstanding Amount of the Class VPN
                         Loans is reduced to zero; and

                    B.   the remainder, if any, to the Accumulation Account; and

                    C.   on or after the Monthly Payment Date on which the
                         Offered Notes and the Class VPN Loans have been paid in
                         full, to the Holders of the outstanding Maturity
                         Advances, pro-rata, until the Outstanding Amount of
                         such Maturity Advances is reduced to zero.

               (2)  on each Monthly Payment Date that is a Targeted Final
                    Payment Date for a Class of Offered Notes:

                    A.   first, if that Targeted Final Payment Date is the
                         Targeted Final Payment Date for a Class of Class A
                         Notes, to such Class until the Outstanding Amount of
                         such Class is reduced to zero,

                    B.   second, to the Class VPN Lenders as set forth in clause
                         (iii) below, until the Outstanding Amount of the Class
                         VPN Loans is reduced to zero,

                    C.   third, if that date is the Targeted Final Payment Date
                         for the Class B Notes, to the Class B Notes until the
                         Outstanding Amount of the Class B Notes is reduced to
                         zero,

                    D.   fourth, if that date is the Targeted Final Payment Date
                         for the Class C Notes, to the Class C Notes until the
                         Outstanding Amount of the Class C Notes is reduced to
                         zero, and

                    E.   fifth, the remainder, if any, to the Accumulation
                         Account so long as any Offered Note is outstanding.

          (B)  during a Curable Sequential Amortization Period, to the Class of
               Class A Notes the Outstanding Amount of which was not reduced to
               zero on its Targeted Final Payment Date and the Class VPN
               Lenders, pro-rata, based on the Noteholders' Principal
               Distributable Amount for such Class of Offered Notes and the
               Noteholders' Principal Distributable Amount for all Classes of
               Class VPN Loans as follows:

<PAGE>

                                      -16-

               (1)  payments allocable to such Class of Class A Notes under this
                    section shall be paid to the holders of such Class until the
                    Outstanding Amount of such Class is reduced to zero; and

               (2)  payments allocable to the Class VPN Lenders under this
                    section shall be applied as set forth in clause (iii) below.

          (C)  during an Extended Sequential Amortization Period:

               (1)  first, to the Class A Notes and the Class VPN Loans,
                    pro-rata, based upon the aggregate Outstanding Amounts of
                    all Class A Notes and Class VPN Loans as follows:

                    A.   payments allocable to the Class A Notes under this
                         section shall be paid to the holders of each Class of
                         Class A Notes in the following amounts and in the
                         following order of priority:

                         I.   first, to the outstanding Class A-1 Notes, if any,
                              until the Outstanding Amount of such Class is
                              reduced to zero, and

                         II.  second, to the outstanding Class A-2 Notes, if
                              any, until the Outstanding Amount of such Class is
                              reduced to zero, and,

                    B.   payments allocable to the Class VPN Loans shall be
                         applied as set forth in clause (iii) below.

               (2)  second, on or after the Monthly Payment Date on which the
                    Class A Notes and the Class VPN Loans have been paid in
                    full, to the holders of the Class B Notes until the
                    Outstanding Amount of such Class is reduced to zero;

               (3)  third, on or after the Monthly Payment Date on which the
                    Class A Notes, the Class VPN Loans and Class B Notes have
                    been paid in full, to the holders of the Class C Notes until
                    the Outstanding Amount of such Class is reduced to zero; and

               (4)  fourth, on or after the Monthly Payment Date on which the
                    Offered Notes and the Class VPN Loans have been paid in
                    full, to the Holders of the outstanding Maturity Advances,
                    pro-rata, until the Outstanding Amount of such Maturity
                    Advances is reduced to zero.

          (iii) Payments allocable to the Class VPN Loans pursuant to clause
                (ii) above shall be applied and paid to the Class VPN Lenders
                until the Outstanding

<PAGE>

                                      -17-

                Amounts of such Class VPN Loans have been reduced to zero, in
                each case, sequentially according to the date of advance of each
                Class VPN Loans such that no payments in respect of the
                Outstanding Amount of any Class of Class VPN Loans will be made
                until the Outstanding Amounts of all Classes of Class VPN Loans
                having an earlier date of advance have been reduced to zero;
                provided, however, that during a Non-Sequential Amortization
                Period, payments allocable to the Class VPN Loans pursuant to
                clause (ii) above shall be applied and paid to the Class VPN
                Lenders, pro-rata, as provided in Section 3.2.

     (d)  On each Monthly Payment Date:

          (i)   the accrued and unpaid interest on the Class D Notes shall be
                paid in the amounts and to the extent provided in Section 5.6(c)
                of the Sale and Servicing Agreement; and

          (ii)  the Outstanding Amount of the Class D Notes shall be paid in the
                amounts and to the extent provided in Section 5.6(c) of the Sale
                and Servicing Agreement.

     (e)  Notwithstanding anything to the contrary contained herein or in the
          Indenture, Liquidity Advances and Maturity Advances shall be repaid as
          provided in Section 2.9 of the Sale and Servicing Agreement, Section
          3.1(b) and Section 3.2, as applicable.

3.2  EVENT OF DEFAULT; NON-SEQUENTIAL AMORTIZATION PERIOD.

     (a)  Notwithstanding Sections 3.1(b), 3.1(c) and 3.1(d), following the
          occurrence of an Event of Default and the acceleration of the Series
          C2002-1 Debt Obligations pursuant to Section 5.2 of this Series
          Supplement or the receipt of Event of Default Proceeds pursuant to
          Section 9.2 of the Sale and Servicing Agreement, (w) the Total
          Available Funds for each Monthly Payment Date, (x) on the first
          Monthly Payment Date following the Non-Sequential Amortization
          Commencement Date, any and all funds and Eligible Investments on
          deposit in or credited to the Note Distribution Account, the
          Accumulation Account, the Pre-Funding Account or the Capitalized
          Interest Account, (y) any money or property collected pursuant to
          Article 8 of the Indenture in respect of the Series C2002-1 Collateral
          and (z) any such Event of Default Proceeds, shall be applied by the
          Indenture Trustee on the related Monthly Payment Date in the following
          order of priority:

          (i)       FIRST: amounts due and owing and required to be paid to the
                    Servicer, the Administrator, the Backup Servicer, the
                    Trustee and the Indenture Trustee, respectively, pursuant to
                    the priorities set forth in Section 5.6(c)(i) and (ii) of
                    the Sale and Servicing Agreement and not previously paid, in
                    the order of such priorities and without limitation,
                    preference or priority of any kind within such priorities
                    except as otherwise specified in such priorities;

<PAGE>

                                      -18-

          (ii)      SECOND: to the Swap Counterparties, the Holders of the
                    Offered Notes and the Holders of the Class VPN Loans, the
                    amounts due and unpaid for interest and swap payments under
                    the Swap Agreements, the Offered Notes and the Class VPN
                    Loans and not previously paid, in each case, pursuant to the
                    priorities set forth in Sections 5.6(c)(iii), (iv), (v) and
                    (vi) of the Sale and Servicing Agreement, in the order of
                    such priorities and without limitation, preference or
                    priority of any kind within such priorities except as
                    otherwise specified in such priorities;

          (iii)     THIRD: to the Servicer, for outstanding Liquidity Advances
                    until the principal thereof is paid in full;

          (iv)      FOURTH: to the Series C2002-1 Debtholders for amounts due
                    and unpaid on the Offered Notes and the Class VPN Loans for
                    principal:

                    (A)  first, to the Holders of the Class A Notes and the
                         Class VPN Loans, pro-rata, on the basis of the
                         Outstanding Amounts of such Offered Notes and Class VPN
                         Loans until the Outstanding Amounts of the Class A
                         Notes and Class VPN Loans are reduced to zero;

                    (B)  second, to the Holders of the Class B Notes, pro-rata,
                         until the Outstanding Amount of the Class B Notes is
                         reduced to zero;

                    (C)  third, to the Holders of the Class C Notes, pro-rata,
                         until the Outstanding Amount of the Class C Notes is
                         reduced to zero; and

                    (D)  fourth, to the Holders of the outstanding Maturity
                         Advances, pro-rata, until the Outstanding Amount of
                         such Maturity Advances is reduced to zero.

          (v)       FIFTH: to the Holders of the Class VPN Loans entitled
                    thereto, pro rata, all Additional Class VPN Loan Amounts, if
                    any, for that Monthly Payment Date or from prior Monthly
                    Payment Dates until paid in full;

          (vi)      SIXTH, to the Holders of the Class D Notes entitled thereto,
                    pro rata, for amounts due and unpaid on the Class D Notes,
                    first, the accrued and unpaid interest on the Class D Notes
                    not previously paid and, second, the Outstanding Amount of
                    the Class D Notes until the Outstanding Amount of the Class
                    D Notes is reduced to zero; and

          (vii)     SEVENTH, to the Seller all remaining funds in part payment
                    of the Residual Purchase Price of the Purchased Assets.

     (b)  Subject to Section 5.1(b) of the Sale and Servicing Agreement, any
          investments on deposit in the Reserve Account which shall not mature
          on or before such Monthly Payment Date shall be sold by the Indenture
          Trustee at such time as shall result in the Indenture Trustee
          receiving the proceeds from such sale not later than such Monthly
          Payment Date.

<PAGE>

                                      -19-

     (c)  The Trustee may fix a record date and payment date for any payment to
          Series C2002-1 Debtholders pursuant to this Section 3.2. At least 15
          days before such record date the Trust shall mail to each Series
          C2002-1 Debtholder and the Indenture Trustee a notice that states the
          record date, the payment date and the amount to be paid.

3.3  GENERAL PROVISIONS REGARDING SERIES ACCOUNTS.

     (a)  So long as no Default or Event of Default shall have occurred and be
          continuing, all or a portion of the funds in the Series Accounts shall
          be invested in Eligible Investments and reinvested by the Indenture
          Trustee upon Trust Order, subject to the provisions of Section 5.1(b)
          of the Sale and Servicing Agreement. All Investment Earnings in the
          Series Accounts shall be deposited by the Indenture Trustee into the
          Collection Account, and any loss or expenses resulting from such
          investments shall be charged to such account. The Trust will not
          direct the Indenture Trustee to make any investment of any funds or to
          sell any investment held in any of the Series Accounts unless the
          security interest granted and perfected in such account will continue
          to be perfected in such investment or the proceeds of such sale, in
          either case without any further action by any Person, and, in
          connection with any direction to the Indenture Trustee to make any
          such investment or sale, if requested by the Indenture Trustee, the
          Trust shall deliver to the Indenture Trustee an Opinion of Counsel to
          such effect.

     (b)  Subject to Section 11.2(4) of the Indenture, the Indenture Trustee
          shall not in any way be held liable for the selection of Eligible
          Investments or by reason of any insufficiency in any of the Series
          Accounts resulting from any loss on any Eligible Investment included
          therein, except for losses attributable to the Indenture Trustee's
          failure to make payments on such Eligible Investments issued by the
          Indenture Trustee, in its commercial capacity as principal obligor and
          not as trustee, in accordance with their terms.

     (c)  If: (i) the Trust shall have failed to give investment directions for
          any funds on deposit in the Series Accounts to the Indenture Trustee
          by 11:00 a.m. (Toronto time) (or such other time as may be agreed by
          the Trust and the Indenture Trustee) on any Business Day; or (ii) a
          Default or Event of Default shall have occurred and be continuing with
          respect to the Series C2002-1 Debt Obligations but the Series C2002-1
          Debt Obligations shall not have been declared or become due and
          payable pursuant to Section 7.2 of the Indenture or this Series
          Supplement, or, if the Series C2002-1 Debt Obligations shall have been
          declared or have become due and payable following an Event of Default,
          amounts collected or receivable from the Related Collateral are being
          applied in accordance with Section 3.2 of this Series Supplement as if
          there had not been such a declaration or acceleration; then the
          Indenture Trustee shall invest and reinvest funds in the Series
          Accounts in the class of investments specified in Clause (a) of the
          definition of "Eligible Investments".

<PAGE>

                                      -20-

                                    ARTICLE 4
                  REDEMPTION OF SERIES C2002-1 DEBT OBLIGATIONS

4.1  REDEMPTION.

     The Series C2002-1 Debt Obligations are subject to redemption in whole, but
not in part, on any Monthly Payment Date on which the Servicer or Seller
exercises its option to purchase the Related Collateral pursuant to Section 9.1
of the Sale and Servicing Agreement for a purchase price equal to the Redemption
Price; provided, however, that the Trust has available funds sufficient to pay
the Redemption Price and all accrued and unpaid Additional Class VPN Loan
Amounts to the date fixed for redemption. The Administrator or the Trust shall
furnish the Rating Agencies notice of such redemption. If the Series C2002-1
Debt Obligations are to be redeemed pursuant to this Section 4.1, the
Administrator or the Trust shall furnish notice of such election to the
Indenture Trustee not later than five Business Days prior to the Redemption Date
and the Trust shall deposit with the Indenture Trustee in the Note Distribution
the Redemption Price of the Series C2002-1 Debt Obligations to be redeemed and
all accrued and unpaid Additional Class VPN Loan Amounts to the date fixed for
redemption.

4.2  FORM OF REDEMPTION NOTICE.

     Notice of redemption under Section 4.1 shall be given by the Indenture
Trustee by first-class mail, postage prepaid, mailed not less than five days
prior to the applicable Redemption Date to each Holder of Series C2002-1 Debt
Obligations, 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, or, in the case of Class VPN Loans, to the applicable Class VPN Lender
as provided in the related Class VPN Loan Agreement. If Definitive Notes of a
Class have not been issued, notice of redemption shall be given to the Clearing
Agency in accordance with the Letter of Representations.

     All notices of redemption shall state:

          (i)       the Redemption Date;

          (ii)      the Redemption Price and any unpaid Additional Class VPN
                    Loan Amounts;

          (iii)     the place where the Series C2002-1 Notes of each Class are
                    to be surrendered for payment of the Redemption Price (which
                    shall be the office or agency of the Trust to be maintained
                    with respect to the Series C2002-1 Notes as provided in the
                    Indenture); and

          (iv)      CUSIP numbers, in the case of Offered Notes for which
                    Definitive Notes have not been issued.

     Notice of redemption of the Series C2002-1 Debt Obligations shall be given
by the Indenture Trustee in the name and at the expense of the Trust. Failure to
give notice of redemption, or any defect therein, to any Holder of any Series
C2002-1 Debt Obligations shall not impair or affect the validity of the
redemption of any other Series C2002-1 Debt Obligations.

<PAGE>

                                      -21-

4.3  SERIES C2002-1 DEBT OBLIGATIONS PAYABLE ON REDEMPTION DATE.

     The Series C2002-1 Debt Obligations or portions thereof to be redeemed
shall, following notice of redemption pursuant to this Article, become due and
payable on the Redemption Date at the Redemption Price plus, in the case of the
Class VPN Loans, any accrued and unpaid Additional Class VPN Loan Amounts owing
to the related Class VPN Lender and (unless the Trust 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 5
                            RELATED EVENTS OF DEFAULT

5.1  EVENTS OF DEFAULT.

     Notwithstanding Section 7.1 of the Indenture, "Event of Default", wherever
used herein or in the Indenture or the other Basic Documents with respect to the
Series C2002-1 Debt Obligations and the other Related Obligations, means any one
of the following events:

     (a)  failure to pay any interest on any Series C2002-1 Debt Obligation
          (other than the Class D Notes) when the same becomes due and payable,
          and such failure shall continue unremedied for a period of five days
          following the date that such interest becomes due and payable; or

     (b)  failure to pay the Outstanding Amount of any Note of any Class or any
          Class VPN Loan on the applicable Final Scheduled Payment Date for that
          Class of Note or Class VPN Loan; or

     (c)  default in the observance or performance of any covenant or agreement
          of the Trust made in this Indenture (other than a covenant or
          agreement, a default in the observance or performance of which is
          dealt with specifically elsewhere in this Section), or any
          representation or warranty of the Trust made in this Indenture 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 Trust delivers an Officer's Certificate to
          the Indenture Trustee to the effect that the Trust has commenced, or
          will promptly commence and diligently pursue, all reasonable efforts
          to remedy such default) after there shall have been given, by
          registered mail, to the Trust by the Indenture Trustee or to the Trust
          and the Indenture Trustee by the Holders of at least 25% of the
          Outstanding Amount of the Series C2002-1 Debt Obligations, 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

<PAGE>

                                      -22-

     (d)  an Insolvency Event shall occur with respect to the Trust.

5.2  ACCELERATION OF SERIES C2002-1 DEBT OBLIGATIONS.

     (a)  If an Event of Default shall have occurred and be continuing, the
          Indenture Trustee in its discretion may, or if so requested in writing
          by the Holders of a majority of the Outstanding Amount of the Series
          C2002-1 Debt Obligations shall, declare by written notice to the Trust
          that the Series C2002-1 Debt Obligations 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 Indenture Trustee as hereinafter provided in
          this Article 5 provided, the Holders of a majority of the Outstanding
          Amount of the Series C2002-1 Debt Obligations, by written notice to
          the Trust and the Trustee, may rescind and annul such declaration and
          its consequences if:

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

               (A)  all payments of principal of and interest on all Series
                    C2002-1 Debt Obligations and all other amounts that would
                    then be due hereunder or upon such Series C2002-1 Debt
                    Obligations if the Event of Default giving rise to such
                    acceleration had not occurred; and

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

               (C)  all Events of Default, other than the nonpayment of the
                    principal of the Series C2002-1 Debt Obligations that has
                    become due solely by such acceleration, have been cured or
                    waived as provided in Section 7.2 of the Indenture.

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

                                    ARTICLE 6
                             SUPPLEMENTAL INDENTURES

6.1  SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF SERIES C2002-1 DEBTHOLDERS.

     (a)  Without the consent of the Series C2002-1 Debtholders but with prior
          written notice to the Rating Agencies, the Trust and the Indenture
          Trustee, when authorized by a Trust Order, at any time and from time
          to time, may enter into one or more indentures supplemental hereto, in
          form satisfactory to the Indenture Trustee, for any of the following
          purposes:

<PAGE>

                                      -23-

          (i)       to add to the covenants of the Trust, for the benefit of the
                    Series C2002-1 Debtholders and the Related Specified
                    Creditors, or to surrender any right or power herein
                    conferred upon the Trust;

          (ii)      to convey, transfer, assign, mortgage or pledge any property
                    to or with the Indenture Trustee for the benefit of the
                    Series C2002-1 Debtholders and the Related Specified
                    Creditors;

          (iii)     to replace the Reserve Account with another form of credit
                    enhancement; provided that the Rating Agency Condition is
                    satisfied prior to such replacement; or

          (iv)      to cure any ambiguity, to correct or supplement any
                    provision herein or in any supplemental indenture that 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, as evidenced by an Opinion of
          Counsel, materially adversely affect the interests of the Trustee, the
          Indenture Trustee, the Swap Counterparties, the Seller or the
          Servicer.

     (b)  The Trust and the Indenture Trustee, when authorized by a Trust Order,
          may, without the consent of any of the Series C2002-1 Debtholders but
          with prior written notice to the Rating Agencies, 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 Series Supplement or of modifying in any manner the
          rights of the Series C2002-1 Debtholders under this Series Supplement
          and the Indenture; provided, however, that such action shall not, as
          evidenced by an Opinion of Counsel, adversely affect in any material
          respect the interests of the Holders of any Series C2002-1 Debt
          Obligations or any Related Specified Creditor.

     (c)  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.

6.2  SUPPLEMENTAL INDENTURES WITH CONSENT OF SERIES C2002-1 DEBTHOLDERS

     The Trust and the Indenture Trustee, when authorized by a Trust Order, may,
with prior written notice to the Rating Agencies and with the consent of the
Series C2002-1 Debtholders evidencing not less than a majority of the
Outstanding Amount of the Series C2002-1 Debt Obligations, 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 Series Supplement and the Indenture, in each case relating to, or of
otherwise modifying in any manner, the rights of the Series C2002-1 Debtholders,
the rights of any Class of Series C2002-1 Debtholders and the Related Specified
Creditors under this Series Supplement and the Indenture; provided, however,
that no such supplemental indenture shall, without the consent of each
Noteholder, Class VPN Lender and each other Related Specified Creditor affected
thereby:

<PAGE>

                                      -24-

     (a)  change the date of payment of any instalment of principal of or
          interest on any Series C2002-1 Note or Related Obligation, or reduce
          the principal amount thereof, the interest rate thereon or the
          Redemption Price with respect thereto, change the provisions of this
          Series Supplement and the Indenture relating to the application of
          collections on, or the proceeds of the sale of, the Related Collateral
          to the payment of principal of or interest on the Series C2002-1 Debt
          Obligations or Related Obligations, or change any place of payment
          where, or the coin or currency in which, any Related Obligation or the
          interest thereon is payable, or impair the right to institute suit for
          the enforcement of the provisions of the Indenture requiring the
          application of funds available therefor to the payment of any such
          amount due on or after the respective due dates thereof (or, in the
          case of redemption, on or after the Redemption Date);

     (b)  reduce the percentage of the Outstanding Amount, the consent of the
          Series C2002-1 Debtholders or the Holders of any Class thereof, of
          which is required for any such supplemental indenture, or the consent
          of the Series C2002-1 Debtholders or the Holders of any Class thereof,
          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;

     (c)  modify or alter the provisions of the proviso to the definition of
          "Outstanding" with respect to the Series C2002-1 Debt Obligations;

     (d)  reduce the percentage of the Outstanding Amount of the Series C2002-1
          Debt Obligations or the Holders of any Class thereof, required to
          direct the Indenture Trustee to direct the Trust to sell or liquidate
          the Related Collateral pursuant to Section 8.2 of the Indenture;

     (e)  modify any provision of this Section except to increase any percentage
          specified herein or to provide that certain additional provisions of
          this Series Supplement, the Indenture or the Basic Documents cannot be
          modified or waived without the consent of the Holder of each Series
          C2002-1 Debt Obligation affected thereby;

     (f)  modify any of the provisions of this Series Supplement and the
          Indenture in such manner as to affect the calculation of the amount of
          any payment of interest or principal due on any Series C2002-1 Debt
          Obligation on any Payment Date (including the calculation of any of
          the individual components of such calculation) or to affect the rights
          of the Series C2002-1 Debtholders to the benefit of any provisions for
          the mandatory redemption of the Series C2002-1 Debt Obligations
          contained herein; or

     (g)  permit the creation of any Lien ranking prior to or on a parity with
          the Lien of the Indenture with respect to any part of the Related
          Collateral or, except as otherwise permitted or contemplated herein or
          in the Indenture, terminate the Lien of the Indenture on any Related
          Collateral at any time subject hereto or deprive any Series C2002-1
          Debtholder of the security provided by the Lien of the Indenture.

     Promptly after the execution by the Trust and the Indenture Trustee of any
supplemental indenture pursuant to this Section, the Indenture Trustee shall
mail to the Series C2002-1

<PAGE>

                                      -25-

Debtholders 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 Indenture 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.

                                    ARTICLE 7
                                     GENERAL

7.1  CONFIRMATION OF INDENTURE.

     The Indenture, as supplemented by this Series Supplement, shall and does
continue in full force and effect, otherwise unamended, and the Indenture, as so
supplemented together with all the grants created thereby, are hereby ratified
and confirmed.

7.2  OBLIGATIONS OF THE TRUST.

     Nothing contained in this Series Supplement shall in any way modify or
relieve the Trust from its obligations to carry out its covenants contained in
the Indenture.

7.3  ACCEPTANCE.

     The Indenture Trustee hereby accepts the trust in this Series Supplement
declared and provided for and agrees to perform the same on the terms and
conditions herein set forth.

7.4  APPOINTMENT OF MANDATORY

     The Trust and the Indenture Trustee, for itself and on behalf of the Series
C2002-1 Debtholders and the other Specified Creditors, hereby grants a power of
attorney and a mandate to AmeriCredit Canada for the purpose of executing, on
behalf of the Trust, the Indenture Trustee, the Series C2002-1 Debtholders and
other Related Specified Creditors, any and all acquittances, mainlevees,
radiations, cancellations, reductions, retrocessions and all other documents for
the purpose of discharging, releasing, reassigning, retroceding, waiving or
subordinating any reservation of title, hypothec, lease, right of ownership
under a leasing contract (credit-bail), security interest, charge in respect of
accounts receivable and any other personal or real right which may from time to
time be registered in the Province of Quebec, and more particularly, at the
Register of Personal and Moveable Real Rights, including endorsing the Trust's,
the Indenture Trustee's, the Series C2002-1 Debtholders' or the other Related
Specified Creditors' name on any consent, filings, registrations or other
documents in furtherance thereof. By acceptance of an Obligation secured by the
Indenture, the Indenture Trustee, for itself and on behalf of the Series C2002-1
Debtholders and the other Related Specified Creditors, is deemed to have granted
the appointment contained in this Section 7.4. Each of the Trust, the Indenture
Trustee, the Series C2002-1 Debtholders and the other Related Specified
Creditors hereby agrees to execute and deliver or cause to be executed and
delivered such instruments and do and cause to be done such further acts as may
be necessary or proper in the reasonable opinion of AmeriCredit to carry out
more effectively the provisions and purposes of this Section 7.4.

<PAGE>

                                      -26-

7.5  LIMITATION OF LIABILITY OF TRUSTEE.

     This Series Supplement, and every deed, transfer, assignment, agreement or
other instrument made pursuant hereto including, without limitation, the Series
C2002-1 Debt Obligations, made or purporting to be made by or creating an
obligation of the Trust or the Trustee on behalf of, or as trustee of, the Trust
shall be deemed and construed for all purposes as if made by the Trustee, in and
only in its capacity as trustee of the Trust. Any obligations of the Trustee
hereunder or thereunder are non-recourse to the Trustee in its personal capacity
and limited solely to the assets of the Trust securing the Series C2002-1 Debt
Obligations and the Related Obligations. No other property or assets of the
Trustee, whether owned by it in its personal capacity or otherwise, will be
subject to levy, execution or other enforcement procedure with regard to any
obligation under this Series Supplement or any other such deed, transfer,
assignment, agreement or other instrument. There will be no further liability
against the Trustee.

7.6  EXECUTION IN COUNTERPARTS.

     This Series Supplement may be executed in several counterparts, each of
which when so executed shall be deemed to be an original and the counterparts
together shall constitute one and the same instrument.

7.7  FORMAL DATE.

     For purpose of convenience, this Series Supplement may be referred to as
bearing a formal date of November 22, 2002, irrespective of the actual date of
its execution.

<PAGE>

                                      -27-

7.8  DELIVERY OF EXECUTED COPIES.

     Each party acknowledges delivery of an executed copy of this Series
Supplement.

     IN WITNESS WHEREOF the parties hereto have duly executed this Series
Supplement.

                        CIBC MELLON TRUST COMPANY, in its capacity as trustee of
                        AMERICREDIT CANADA AUTOMOBILE RECEIVABLES TRUST

                        By:
                           ---------------------------------------------------
                           (Authorized Signatory)

                        By:
                           ---------------------------------------------------
                           (Authorized Signatory)

                        BNY TRUST COMPANY OF CANADA,
                        as Indenture Trustee

                        By:
                           ---------------------------------------------------
                           (Authorized Signatory)

<PAGE>

                                   EXHIBIT A-1

<PAGE>

                                   EXHIBIT A-2

<PAGE>

                                    EXHIBIT B

<PAGE>

                                    EXHIBIT C

<PAGE>

                                    EXHIBIT D

<PAGE>

                                    EXHIBIT E

<PAGE>

                                    EXHIBIT F

<PAGE>

                                    EXHIBIT G

<PAGE>

                                    EXHIBIT H<PAGE>

                                                                    EXHIBIT 10.3

                                                                  EXECUTION COPY

                  AMERICREDIT FINANCIAL SERVICES OF CANADA LTD.

                             as Seller and Servicer

                                     - and -

                                  BANK ONE, NA

                               as Backup Servicer

                                     - and -

                           CIBC MELLON TRUST COMPANY,
  in its capacity as Trustee of AmeriCredit Canada Automobile Receivables Trust

                                    as Issuer

                          SALE AND SERVICING AGREEMENT

                          Dated as of November 15, 2002

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                               PAGE
<S>                                                                                                             <C>
ARTICLE 1
         DEFINITIONS.............................................................................................1
         1.1      Definitions....................................................................................1

ARTICLE 2
         Conveyance of Receivables...............................................................................2
         2.1      Conveyance of Initial Receivables..............................................................2
         2.2      Conveyance of Subsequent Receivables...........................................................2
         2.3      Closing........................................................................................3
         2.4      Purchase Price; Payment of the Purchase Price; Initial Collections.............................3
         2.5      Conditions to Closing..........................................................................5
         2.6      Intention of the Parties.......................................................................8
         2.7      Subordinated Reserve Account Loan..............................................................8
         2.8      Class VPN Loans; Additional Class VPN Loans...................................................10
         2.9      Liquidity Advances; Maturity Advances.........................................................12

ARTICLE 3
         THE RECEIVABLES........................................................................................13
         3.1      Representations and Warranties as to Receivables..............................................13
         3.2      Repurchase Upon Breach........................................................................13
         3.3      Custody of Receivable Files...................................................................13

ARTICLE 4
         Administration and Servicing of Receivables............................................................15
         4.1      Duties of the Servicer........................................................................15
         4.2      Collection of Receivable Payments; Modifications of Receivables;
                  Depository Account Agreements.................................................................16
         4.3      Realization upon Receivables..................................................................18
         4.4      Insurance.....................................................................................20
         4.5      Maintenance of Security Interests in Vehicles.................................................21
         4.6      Covenants, Representations, and Warranties of Servicer........................................22
         4.7      Purchase of Receivables Upon Breach of Covenant...............................................23
         4.8      Servicing Fee; Payment of Certain Expenses by Servicer........................................23
         4.9      Servicer's Certificate........................................................................24
         4.10     Annual Statement as to Compliance, Notice of Servicer Termination
                  Event.........................................................................................24
         4.11     Annual Independent Accountants' Report........................................................25
         4.12     Access to Certain Documentation and Information Regarding
                  Receivables...................................................................................25
         4.13     Monthly Tape..................................................................................25
         4.14     Amendments to Schedule of Receivables.........................................................26
         4.15     Fidelity Bond and Errors and Omissions Policy.................................................26

ARTICLE 5
         Distributions; Reserve Account; Statements to Series C2002-1 Debtholders...............................26
         5.1      Establishment of Series Accounts..............................................................26
</TABLE>

                                       -i-

<PAGE>

                                TABLE OF CONTENTS
                                   (CONTINUED)

<TABLE>
<CAPTION>
                                                                                                               PAGE
         <S>                                                                                                    <C>
         5.2      Certain Reimbursements to the Servicer........................................................29
         5.3      Collections...................................................................................29
         5.4      Application of Collections....................................................................30
         5.5      Additional Deposits...........................................................................30
         5.6      Distributions.................................................................................30
         5.7      Reserve Account...............................................................................34
         5.8      Pre-Funding Account...........................................................................35
         5.9      Capitalized Interest Account..................................................................35
         5.10     Statements to Series C2002-1 Debtholders......................................................35
         5.11      Net Deposits.................................................................................37

ARTICLE 6
         The Seller.............................................................................................37
         6.1      Representations of Seller.....................................................................37
         6.2      Liability of Seller; Indemnities..............................................................39
         6.3      Merger or Consolidation of, or Assumption of the Obligations of,
                  Seller........................................................................................40
         6.4      Limitation on Liability of Seller and Others..................................................40
         6.5      Seller May Own Series C2002-1 Debt Obligations................................................41

ARTICLE 7
         The Servicer...........................................................................................41
         7.1      Representations of Servicer...................................................................41
         7.2      Liability of Servicer; Indemnities............................................................42
         7.3      Amalgamation Merger or Consolidation, or Assumption of the
                  Obligations of, Servicer or Backup Servicer...................................................44
         7.4      Limitation on Liability of Servicer, the Backup Servicer and Others...........................45
         7.5      Delegation of Duties..........................................................................46
         7.6      Servicer and Backup Servicer Not to Resign....................................................46
         7.7      Repayment of Advances.........................................................................46

ARTICLE 8
         Default................................................................................................47
         8.1      Servicer Termination Event....................................................................47
         8.2      Appointment of Successor......................................................................48
         8.3      Notification to Series C2002-1 Debtholders....................................................49
         8.4      Waiver of Past Defaults.......................................................................49

ARTICLE 9
         Termination............................................................................................50
         9.1      Optional Purchase of All Receivables..........................................................50
         9.2      Event of Default Sale.........................................................................50

ARTICLE 10
         Miscellaneous Provisions...............................................................................50
         10.1     Amendment.....................................................................................50
</TABLE>

                                      -ii-

<PAGE>

                                TABLE OF CONTENTS
                                   (CONTINUED)

<TABLE>
<CAPTION>
                                                                                                               PAGE
         <S>                                                                                                    <C>
         10.2     Protection of Title to Receivables and the Related Collateral.................................52
         10.3     Notices.......................................................................................54
         10.4     Assignment....................................................................................55
         10.5     Limitations On Rights Of Others...............................................................55
         10.6     Severability..................................................................................55
         10.7     Separate Counterparts.........................................................................55
         10.8     Headings......................................................................................55
         10.9     Governing Law.................................................................................55
         10.10    Assignment To Indenture Trustee...............................................................55
         10.11    Non-Petition Covenants........................................................................56
         10.12    Limitation Of Liability Of Issuer And Indenture Trustee.......................................56

EXHIBIT "a"

EXHIBIT "a-2"

EXHIBIT "B"

SCHEDULE "A" REPRESENTATIONS AND WARRANTIES AS TO THE
                           RECEIVABLES

APPENDIX "A"
</TABLE>

                                      -iii-

<PAGE>

                          SALE AND SERVICING AGREEMENT

THIS SALE AND SERVICING AGREEMENT is made as of November 15, 2002 by and between
AMERICREDIT FINANCIAL SERVICES OF CANADA LTD., an Ontario corporation, as seller
(in such capacity, together with its successors and permitted assigns in such
capacity, the "Seller") and AMERICREDIT FINANCIAL SERVICES OF CANADA LTD., an
Ontario corporation, as servicer (in such capacity, together with its successors
and permitted assigns in such capacity, the "Servicer"), BANK ONE, NA, a
national banking association organized under the laws of the United States, as
backup servicer (in such capacity, together with its successors and permitted
assigns in such capacity, the "Backup Servicer") and CIBC MELLON TRUST COMPANY,
as Trustee of AmeriCredit Canada Automobile Receivables Trust (in such capacity,
together with its successors and permitted assigns in such capacity, the
"Issuer").

WHEREAS the Issuer desires to purchase a portfolio of receivables arising in
connection with motor vehicle retail instalment sale contracts made by the
Seller or acquired by the Seller through motor vehicle dealers;

AND WHEREAS the Issuer desires to purchase the Initial Receivables from the
Seller on the date hereof;

AND WHEREAS the Issuer desires to purchase additional receivables arising in
connection with motor vehicle retail installment sale contracts to be acquired
by the Seller;

AND WHEREAS the Issuer has agreed to purchase such additional Receivables from
the Seller and the Seller is willing to sell such Receivables to the Issuer;

AND WHEREAS the Servicer is willing to sell such Receivables on a fully-serviced
basis;

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

                                    ARTICLE 1
                                   DEFINITIONS

1.1      DEFINITIONS

         Capitalized terms used herein and not otherwise defined herein are
defined and shall have the respective meanings assigned to them in Part I of
Appendix A to this Agreement. All references herein or in Appendix A to "the
Agreement" or "this Agreement" are to this Sale and Servicing Agreement as it
may be amended, restated, supplemented or otherwise modified from time to time,
the exhibits and schedules hereto and the capitalized terms used herein which
are defined in such Appendix A, and all references herein to Articles, Sections
and subsections are to Articles, Sections or subsections of this Agreement
unless otherwise specified. The rules of construction set forth in Part II of
such Appendix A shall be applicable to this Agreement.

<PAGE>

                                       2

                                    ARTICLE 2
                            Conveyance of Receivables

2.1      CONVEYANCE OF INITIAL RECEIVABLES

In consideration of the Issuer's delivery or payment of the Initial Purchase
Price and its agreement to pay the portion of the Residual Purchase Price
allocable to the Initial Receivables as provided in Section 2.4, the Seller does
hereby:

         (a)   sell, transfer, assign, set over and otherwise convey to the
               Issuer (subject to the obligations herein including the
               obligation of the Seller to service the Initial Receivables) all
               of its right, title and interest in, to and under the following:

               (i)    the Initial Receivables, including all documents
                      constituting chattel paper included therewith, and all
                      obligations of the Obligors thereunder, including all
                      moneys paid thereunder after the Initial Cut-Off Date;

               (ii)   the security interests in the Financed Vehicles granted by
                      Obligors pursuant to the Initial Receivables and any other
                      interests of the Seller in such Financed Vehicles;

               (iii)  any proceeds with respect to the Initial Receivables from
                      claims on insurance policies covering the related Financed
                      Vehicles or Obligors;

               (iv)   any proceeds from recourse to Dealers with respect to the
                      Initial Receivables;

               (v)    any rights under Service Contracts for the related
                      Financed Vehicles;

               (vi)   the related Receivables Files; and

               (vii)  all proceeds of any and all of the foregoing including the
                      related Recoveries; and

         (b)   agree to act as initial Servicer hereunder and to service the
               Initial Receivables and other property sold hereunder in
               accordance with the terms of this Agreement and to pay all costs
               and expenses of the Issuer incurred in connection with the
               completion of this Agreement.

2.2      CONVEYANCE OF SUBSEQUENT RECEIVABLES

In consideration of the Issuer's delivery or payment of the related Subsequent
Purchase Price and its agreement to pay the portion of the Residual Purchase
Price allocable to the Subsequent Receivables as provided in Section 2.4, the
Seller does hereby:

         (a)   sell, transfer, assign, set over and otherwise convey to the
               Issuer (subject to the obligations herein including the
               obligation of the Seller to service the related Subsequent
               Receivables) all of its right, title and interest in, to and
               under the following:

<PAGE>

                                       3

               (i)    the Subsequent Receivables, including all documents
                      constituting chattel paper included therewith, and all
                      obligations of the Obligors thereunder, including all
                      moneys paid thereunder after the related Subsequent
                      Cut-Off Date;

               (ii)   the security interests in the Financed Vehicles granted by
                      Obligors pursuant to Contracts relating to such Subsequent
                      Receivables and any other interest of the Seller in such
                      Financed Vehicles;

               (iii)  any proceeds with respect to such Subsequent Receivables
                      from claims on insurance policies covering the related
                      Financed Vehicles or Obligors;

               (iv)   any proceeds from recourse to Dealers with respect to such
                      Subsequent Receivables;

               (v)    any rights under Service Contracts for the related
                      Financed Vehicles;

               (vi)   the related Receivables Files; and

               (vii)  all proceeds of any and all of the foregoing including the
                      related Recoveries.

         (b)   agree to act as initial Servicer hereunder and to service the
               Subsequent Receivables and other property sold hereunder in
               accordance with the terms of this Agreement and to pay all costs
               and expenses of the Issuer incurred in connection with the
               completion of this Agreement.

2.3      CLOSING.

The sale and purchase of the Initial Receivables and other property to be sold
hereunder shall take place at a closing (the "Closing") at the offices of Osler,
Hoskin & Harcourt LLP, Suite 6600, 1 First Canadian Place, Toronto, Ontario, M5X
1B8 simultaneously with the closings under the Underwriting Agreement and the
Initial Class VPN Loan Agreement.

2.4      Purchase Price; Payment of the Purchase Price; Initial Collections.

         (a)   Purchase Price. The aggregate purchase price (the "Purchase
               Price") payable by the Issuer to the Seller in respect of the
               Receivables and other property transferred by the Seller to the
               Issuer and the compensation of the Seller for the servicing of
               the Receivables and other property as initial Servicer shall be
               (i) in the case of the Initial Receivables transferred to the
               Issuer on the Closing Date, an amount (the "Initial Purchase
               Price") equal to the Aggregate Principal Balance of the Initial
               Receivables as of the Initial Cut-Off Date (calculated as
               $243,358,041.26) minus an amount equal to the Capitalized
               Interest Account Initial Deposit for the Closing Date, plus, (ii)
               in the case of the Subsequent Receivables transferred to the
               Issuer on a Subsequent Transfer Date, an amount (each, a
               "Subsequent Purchase Price") equal to the Aggregate Principal
               Balance of such Subsequent Receivables as of the related
               Subsequent Cut-Off Date, plus, (iii) in each case, a residual
               purchase price (the "Residual Purchase Price") in an aggregate
               amount

<PAGE>

                                       4

               equal to the sum of the Monthly Residual Purchase Price Amounts
               payable or distributable by the Issuer to the Seller on each
               Monthly Payment Date in accordance with Section 2.4(d) of this
               Agreement and all amounts, if any, released by the Issuer to the
               Seller from the Capitalized Interest Account in accordance with
               Section 5.9.

         (b)   Initial Purchase Price. The Initial Purchase Price shall be paid
               and satisfied as follows: (i) the amount of $181,723,880.43 shall
               be paid by the Issuer to the Seller at the Closing in cash, by
               certified cheque or bank draft or by wire transfer in immediately
               available funds, in each case, payable to or to the order of the
               Seller, (ii) the Issuer shall issue and deliver to the Seller on
               the Closing Date Class D Notes having an initial Outstanding
               Amount of $28,875,000, (iii) the Issuer shall issue and shall
               cause the Underwriter to deliver to the Seller or credit the
               securities account of the Seller maintained with the Underwriter,
               as directed by the Seller, Class B Notes having an aggregate
               principal balance of $7,892,000 and Class C Notes having an
               aggregate principal balance of $22,000,000, and (iv) the balance,
               being the principal amount of the Subordinated Reserve Account
               Loan to be made by the Seller to the Issuer on the Closing Date,
               shall be deposited by the Issuer to the Reserve Account pursuant
               to Section 2.7 and such amount shall be added to the Outstanding
               Amount of the Class D Notes issued to the Seller on the Closing
               Date.

         (c)   Subsequent Purchase Price. Each Subsequent Purchase Price shall
               be paid and satisfied as follows: (i) the amount equal to the
               Subsequent Purchase Price minus the Reserve Account Initial
               Deposit for the related Subsequent Transfer Date shall be paid by
               the Issuer to the Seller on the related Subsequent Transfer Date
               from the Pre-Funding Account pursuant to Section 5.8(b) in cash,
               by certified cheque or bank draft or by wire transfer in
               immediately available funds, in each case, payable to or to the
               order of the Seller and (ii) the balance, being the principal
               amount of the Subordinated Reserve Account Loan to be made by the
               Seller to the Issuer on the related Subsequent Transfer Date, and
               shall be deposited by the Issuer to the Reserve Account pursuant
               to Section 2.7.

         (d)   Payment of the Residual Purchase Price. The unpaid portion of the
               Residual Purchase Price shall be paid and satisfied on each
               Monthly Payment Date by the payment by the Issuer to the Seller
               of the Monthly Residual Purchase Price Amount, if any, for such
               Monthly Payment Date in cash or by wire transfer in immediately
               available funds to the Seller or by way of offset against the
               portion of the Subordinated Reserve Loan Advance, if any, to be
               made by the Seller to the Issuer on such Monthly Payment Date in
               accordance with Section 2.7(d). For greater certainty, if the
               Seller is obligated to make a Subordinated Reserve Account Loan
               to the Issuer on any Monthly Payment Date pursuant to Section
               2.7(c), the payments the Issuer is obligated to make pursuant to
               this Section 2.4(d) shall be due and payable on such date but
               will not be paid unless and until the Seller makes such
               Subordinated Reserve Account Loan, and it is the intention of the
               parties that such payments by the Issuer under this Section
               2.4(d) shall be netted and set-off pursuant to Section 2.7(d)
               against the obligation of the Seller to make such Subordinated
               Reserve Account Loan to the Issuer.

<PAGE>

                                       5

         (e)   Initial Collections. Within two Business Days after the Closing
               Date or the Subsequent Transfer Date, as applicable, the Servicer
               shall cause to be deposited into the Collection Account the
               collections on the Receivables for the period from the related
               Cut-Off Date to the Closing Date or the Subsequent Transfer Date,
               as applicable; provided, that so long as the Servicer is not
               required to make daily deposits of Collections to the Collection
               Account, such Collections need not be deposited until the first
               Determination Date following the Closing Date or the Subsequent
               Transfer Date, as applicable.

2.5      CONDITIONS TO CLOSING

         (a)   Obligations of the Issuer and the Seller - Initial Receivables.
               The Seller shall transfer to the Issuer the other property and
               rights related thereto described in Section 2.1 only upon the
               satisfaction of each of the following conditions precedent on or
               prior to the related Subsequent Transfer Date:

               (i)    The representations and warranties of the Seller hereunder
                      shall be true and correct on the Closing Date and the
                      Seller shall have performed all obligations to be
                      performed by it hereunder on or prior to the Closing Date
                      and the Seller shall have delivered to the Issuer a
                      certificate of the President or a Vice-President of the
                      Seller to such effect.

               (ii)   At the Closing, the Seller will execute and deliver the
                      Assignment and the Quebec Assignment, which shall be
                      substantially in the form of Exhibit A and Exhibit A-2
                      hereto, respectively.

               (iii)  Each of the Basic Documents shall have been executed and
                      delivered by each of the parties thereto.

               (iv)   On or prior to the Closing Date, the Seller and the
                      Servicer shall record, register or file, at their own
                      expense, Financing Statements in each jurisdiction in
                      which such action is necessary or desirable to perfect,
                      preserve, publish or protect (x) the Issuer's right, title
                      and interest in the Receivables and the other property
                      sold hereunder and (y) the Indenture Trustee's right,
                      title and interest in the Related Collateral. Such
                      Financing Statements shall, in the case of (x) above, name
                      the Seller, as seller or debtor, and the Issuer, as
                      purchaser or secured party, and shall describe the
                      Receivables and the other property sold hereunder and, in
                      the case of (y) above, name the Issuer, as debtor, and the
                      Indenture Trustee, as secured party, and shall describe
                      the Related Collateral or cover all assets, undertakings
                      and properties of the Issuer. All such Financing
                      Statements shall meet the requirements of the laws of each
                      such jurisdiction and in such manner as is necessary to
                      perfect, preserve, publish and protect the sale, transfer,
                      assignment and conveyance of such Receivables and such
                      other property to the Issuer and the Lien of the Indenture
                      Trustee with respect to the Related Collateral or all
                      assets, undertakings and properties of the Issuer, as the
                      case may be. The Seller and/or the Servicer shall deliver
                      a duplicate registered or time-stamped copies, or other
                      evidence

<PAGE>

                                       6

                      satisfactory to the Indenture Trustee of such filings, to
                      the Indenture Trustee on or prior to the Closing Date.

         (b)   Obligations of the Issuer and the Seller - Subsequent
               Receivables. The Seller shall transfer to the Issuer the other
               property and rights related thereto described in Section 2.2 only
               upon the satisfaction of each of the following conditions
               precedent on or prior to the related Subsequent Transfer Date:

               (i)    the Seller shall have provided the Indenture Trustee and
                      the Rating Agencies an Addition Notice no later than five
                      days prior to such Subsequent Transfer Date and shall have
                      provided any information reasonably requested by the
                      Indenture Trustee or a Rating Agency with respect to the
                      Subsequent Receivables;

               (ii)   the Seller shall have delivered to the Issuer a Subsequent
                      Transfer Amendment to the Schedule of Receivables and, if
                      any Subsequent Receivable is owing by an Obligor whose
                      billing address is located in the Province of Quebec, a
                      Subsequent Quebec Transfer Supplement listing the
                      Subsequent Receivables;

               (iii)  the Seller shall, to the extent required by Section
                      2.4(e), have deposited in the Collection Account all
                      collections in respect of the Subsequent Receivables;

               (iv)   as of such Subsequent Transfer Date, (A) the Seller was
                      not insolvent and will not become insolvent as a result of
                      the transfer of Subsequent Receivables on such Subsequent
                      Transfer Date, (B) the Seller did not intend to incur or
                      believe that it would incur debts that would be beyond the
                      Seller's ability to pay as such debts matured, (C) such
                      transfer was not made with actual intent to hinder, delay
                      or defraud any person and (D) the assets of the Seller did
                      not constitute unreasonably small capital to carry out its
                      business as conducted;

               (v)    the applicable Reserve Account Initial Deposit for such
                      Subsequent Transfer Date shall have been made;

               (vi)   after giving effect to the transfer of such Subsequent
                      Receivables on such Subsequent Transfer Date, the
                      Receivables transferred to the Issuer pursuant hereto
                      shall meet the following criteria (based on the
                      characteristics of the Initial Receivables on the Initial
                      Cut-Off Date and the Subsequent Receivables on the related
                      Cut-Off Dates) as such information is provided to the
                      Indenture Trustee by the Servicer: (i) the weighted
                      average APR of the Receivables transferred to the Issuer
                      shall not be less than 16.5%, and (ii) the weighted
                      average remaining term of the Receivables transferred to
                      the Issuer shall not be greater than 72 months;

               (vii)  the Pre-Funding Period shall not have ended;

<PAGE>

                                       7

               (viii) each of the representations and warranties made by the
                      Seller pursuant to Section 3.1 with respect to the
                      Subsequent Receivables shall be true and correct as of
                      such Subsequent Transfer Date, and the Seller shall have
                      performed all obligations to be performed by it hereunder
                      on or prior to such Subsequent Transfer Date;

               (ix)   the Seller shall, at its own expense, on or prior to such
                      Subsequent Transfer Date indicate in its computer files
                      that the Subsequent Receivables have been sold to the
                      Issuer pursuant to this Agreement and the Assignment and,
                      if applicable, the Quebec Assignment;

               (x)    the Seller shall have taken any action required to
                      maintain the first perfected ownership interest of the
                      Issuer in the Receivables and the other property sold
                      hereunder and the first perfected security interest of the
                      Indenture Trustee in the Related Collateral;

               (xi)   no selection procedures adverse to the interests of the
                      Series C2002-1 Debtholders, the Issuer or the Indenture
                      Trustee shall have been utilized in selecting the
                      Subsequent Receivables;

               (xii)  the Seller shall have delivered (A) to the Rating Agencies
                      and (B) to the Issuer an Opinion of Counsel with respect
                      to the transfer of the Subsequent Receivables
                      substantially in the form of the Opinion of Counsel
                      delivered to the Rating Agencies and the Issuer,
                      respectively, on the Closing Date;

               (xiii) the Rating Agencies shall have confirmed in writing to the
                      Issuer and the Indenture Trustee that the rating on the
                      Notes shall not be withdrawn or reduced as a result of the
                      transfer of such Subsequent Receivables to the Issuer; and

               (xiv)  the Seller shall have delivered to the Issuer a
                      certificate of a Responsible Officer of the Seller
                      confirming the satisfaction of each condition specified in
                      this paragraph (b).

         (b)   Obligation of the Seller. The obligation of the Seller to sell
               the Receivables and other property to be sold hereunder to the
               Issuer is subject to the satisfaction of the conditions that the
               Issuer shall have performed all obligations to be performed by it
               hereunder on or prior to the Closing Date or such Subsequent
               Transfer Date; provided, however, that upon payment to the Seller
               of the Initial Purchase Price or the Subsequent Purchase Price,
               as applicable, all conditions precedent in favour of the Seller
               shall be irrebutably deemed to have been satisfied.

2.6      INTENTION OF THE PARTIES.

         (a)   It is the intention of the Seller and the Issuer that the
               transfer and assignments contemplated by this Agreement, the
               Assignment and the Quebec Assignment shall constitute a sale of
               the Initial Receivables and the Subsequent Receivables and the
               other property sold under this Agreement from the Seller to the
               Issuer and

<PAGE>

                                       8

               the beneficial interest in and title to the Receivables and such
               other property shall not be part of the Seller's estate in the
               event of any bankruptcy or insolvency proceeding by or against
               the Seller under any bankruptcy or insolvency law.

         (b)   The foregoing sale under this Agreement does not constitute and
               is not intended to result in any assumption by the Issuer of any
               obligation of the Seller to the Obligors, Dealers, insurers or
               any other Person in connection with the Receivables, any Dealer
               Agreements, any insurance policies or any agreement or instrument
               relating to any of them.

2.7      SUBORDINATED RESERVE ACCOUNT LOAN.

         (a)   The Seller agrees to make interest bearing subordinated loans to
               the Issuer (individually and collectively, the "Subordinated
               Reserve Account Loan") on the Closing Date, on each Subsequent
               Transfer Date and on each Monthly Payment Date in accordance with
               the terms and provisions of this Agreement.

         (b)   On the Closing Date and on each Subsequent Transfer Date, the
               Seller shall make a Subordinated Reserve Account Loan to the
               Issuer in a principal amount equal to 2.00% of the Principal
               Balance as of the related Cut-Off Date of the Receivables to be
               sold and transferred by the Seller to the Issuer on the Closing
               Date or Subsequent Transfer Date, as applicable. The Seller
               hereby irrevocably directs the Issuer to retain the principal
               amount of the Subordinated Reserve Account Loan for each such
               date from the cash portion of the Initial Purchase Price or
               Subsequent Purchase Price otherwise payable to the Seller on the
               Closing Date or Subsequent Transfer Date, as applicable. The
               Issuer shall deposit each Subordinated Reserve Account Loan to
               the Reserve Account on the Closing Date or related Subsequent
               Transfer Date.

         (c)   On each Monthly Payment Date following the Closing Date, the
               Seller shall make an additional Subordinated Reserve Account Loan
               to the Issuer in a principal amount equal to the sum of:

               (i)    the lesser of (A) the Monthly Residual Purchase Price
                      Amount for such Monthly Payment Date and (B) the excess,
                      if any, of (1) the Principal Balance of all Receivables
                      that became Liquidated Receivables during the preceding
                      Collection Period over (2) the Principal Balance of all
                      Liquidated Receivables for the preceding Collection Period
                      described in clauses (ii) and (iv) of the definition of
                      Liquidated Receivables;

               (ii)   the lesser of (A) the excess, if any, of the amount
                      determined under clause (i)(A) above over the amount, if
                      any, determined under clause (i)(B) above, and (B) the
                      Reserve Account Deposit Amount, if any, for such Monthly
                      Payment Date; and

               (iii)  the lesser of (A) the excess, if any, of the amount
                      determined under clause (ii)(A) above over the amount, if
                      any, determined under clause (ii)(B) above, and (B) the
                      Accelerated Principal Payment Amount for such Monthly
                      Payment Date.

<PAGE>

                                       9

         (d)   The amount of each Subordinated Reserve Account Loan to be
               advanced by the Seller to the Issuer on any Monthly Payment Date
               shall be set off and netted against the Monthly Residual Purchase
               Price Amount and the accrued and unpaid interest on the
               Subordinated Reserve Account Loan for such Monthly Payment Date
               otherwise payable by the Issuer to the Seller on such date. The
               Issuer shall retain in the Reserve Account the amount of the
               Subordinated Reserve Account Loan due from the Seller to the
               Issuer on such Monthly Payment Date from the funds on deposit in
               the Reserve Account that would otherwise be available to pay the
               Monthly Residual Purchase Price Amount and the accrued and unpaid
               interest on the Subordinated Reserve Account Loan due to the
               Seller on such Monthly Payment Date in full satisfaction, to the
               extent of the amount of such Subordinated Reserve Account Loan,
               of the Issuer's obligation to pay such Monthly Residual Purchase
               Price Amount and such accrued and unpaid interest. On any Monthly
               Payment Date, such setoff and netting shall be made, first,
               against the Monthly Residual Purchase Price Amount due and
               payable by the Issuer to the extent thereof pursuant to Section
               2.4(d), and second, against the accrued and unpaid interest on
               the Subordinated Reserve Account Loan otherwise due and payable
               by the Issuer pursuant to Section 5.6(c)(xiv), in each case, to
               the extent of the Subordinated Reserve Account Loan due and
               payable by the Seller to the Issuer on such Monthly Payment Date.

         (e)   The outstanding principal balance of the Subordinated Reserve
               Account Loan (the "Subordinated Reserve Account Loan Balance")
               shall bear interest at the rate of 15% per annum calculated on
               the Subordinated Reserve Account Loan Balance as of the close of
               the immediately preceding Monthly Payment Date (or the Closing
               Date in the case of the initial Monthly Payment Date) on the
               basis of a 365 day year for the actual number of days elapsed.
               Accrued and unpaid interest on the Subordinated Reserve Account
               Loan (including interest on overdue interest at the same rate)
               shall be due and payable on each Monthly Payment Date to the
               extent of the funds on deposit in the Reserve Account which are
               available for release to the Seller for the payment of such
               interest as herein provided.

         (f)   The Seller's recourse for payment of the Subordinated Reserve
               Account Loan and any interest accrued and unpaid thereon
               (including interest on overdue interest) and the Residual
               Purchase Price shall be limited to the amounts which are
               available from time to time (subject to Sections 2.4(d) and
               2.7(d), as applicable) to be released to the Seller pursuant to
               and in accordance with clauses (xi), (xiii) and (xiv) of Section
               5.6(c) and Sections 5.7 and 5.9 of this Agreement or Section 3.2
               of the Series Supplement for payment of the principal of and
               interest on the Subordinated Reserve Account Loan or the Residual
               Purchase Price (in each case, after all deposits, withdrawals or
               payments to or for the benefit of the Series C2002-1 Debtholders
               and the other Related Specified Creditors to be made thereunder
               in accordance with this Agreement and the other Basic Documents).
               The Seller hereby subordinates payment or repayment of the
               Subordinated Reserve Account Loan and the Residual Purchase Price
               to the prior payment in full of the Series C2002-1 Notes and the
               debts, liabilities and obligations of the Issuer to the other
               Related Specified Creditors. The Seller acknowledges and agrees
               that the Subordinated Reserve Account Loan and the Residual
               Purchase

<PAGE>

                                       10

               Price are subject to the terms and provisions of Sections 15.2,
               15.3, 15.4 and 15.5 of the Indenture and the Series Supplement
               and is otherwise a Related Obligation for and of the Series
               C2002-1 Notes for the purposes of the Indenture. The Seller
               hereby irrevocably waives and agrees not to assert, claim or
               endeavour to exercise, and irrevocably bars and estops itself
               from asserting, claiming or exercising, any security interest,
               right of set-off, right or other purported form of claim with
               respect to or in any of the monies, funds or other property of
               the Issuer (including Collections on the Receivables) which may
               now or hereafter be in the possession of or under the control of
               the Seller (in its capacity a Seller or Servicer), it being
               acknowledged and agreed that the Seller's only recourse for
               payment of amounts now or hereafter due or owing by the Issuer to
               the Seller shall be as set forth above in this Section.

         (g)   None of the Issuer, the Trustee or the Indenture Trustee shall
               have any personal liability to the Seller to pay or repay the
               Subordinated Reserve Account Loan or any accrued and unpaid
               interest thereon nor shall the Seller have recourse to any
               Related Collateral for payment of the Subordinated Reserve
               Account Loan other than amounts on deposit in or credited to the
               Reserve Account from time to time and available for payment of
               the Subordinated Reserve Account Loan and accrued and unpaid
               interest thereon in accordance with the terms and provisions of
               this Agreement.

2.8      CLASS VPN LOANS; ADDITIONAL CLASS VPN LOANS.

         (a)   On or before the Closing Date, the Issuer will enter into the
               Initial Class VPN Loan Agreement with the Initial Class VPN
               Lender and will obtain the Initial Class VPN Loan on the Closing
               Date. The Issuer may obtain additional Class VPN Loans (i) on the
               Business Day preceding any Targeted Final Payment Date for each
               Class of Class A Notes, (ii) on any Class A Note Payment Date for
               a Class during a Sequential Amortization Period, or (iii) on the
               Business Day preceding any such date. Pursuant to the Initial
               Class VPN Loan Agreement, the Issuer may (a) on the Closing Date
               obtain the Initial Class VPN Loan to fund the payment of a
               portion of the Initial Purchase Price, (b) on any Targeted Final
               Payment Date or the Business Day preceding such date obtain
               additional Class VPN Loans to repay maturing Class A Notes having
               that Targeted Final Payment Date as their Targeted Final Payment
               Date, and (c) on any Class A Note Payment Date during a
               Sequential Amortization Period or the Determination Date
               preceding such date obtain additional Class VPN Loans to repay
               any Class of outstanding Class A Notes which was not paid in full
               on its Targeted Final Payment Date. Under the Initial Class VPN
               Loan Agreement, Class VPN Loans will be advanced to the Issuer on
               the Business Day preceding each Targeted Final Payment Date.

         (b)   The Initial Class VPN Loan will bear interest at an annual rate
               (the "Interest Rate" for such Class VPN Loans) equal to the BA 1
               Month Rate plus 0.59%, subject to adjustment to a fixed rate as
               described in the definition of Interest Rate. Additional Class
               VPN Loans obtained after the Closing Date will have an Interest
               Rate equal to the BA 1 Month Rate plus a margin; provided,
               however, that in no

<PAGE>

                                       11

               event will such margin over the BA 1 Month Rate exceed 1.50%,
               subject to adjustment to a fixed rate as described in the
               definition of Interest Rate. The Interest Rate for any Class VPN
               Loan made after the Closing Date will be determined at the time
               of advance of such Class VPN Loan and will reflect then current
               market conditions.

         (c)   Subject to Section 2.8(d), the Servicer agrees to request
               advances of Class VPN Loans that may be obtained for any Class A
               Note Payment Date on which Class VPN Loans may be obtained from
               the Initial Class A Lender and, if such Initial Class VPN Lender
               does not advance such Class VPN Loans in accordance with the
               terms of the Initial Class VPN Loan Agreement, then, subject to
               the Initial Class VPN Loan Agreement, the Issuer may enter into
               additional committed or uncommitted Class VPN Loan Agreements
               with additional Class VPN Lenders pursuant to which the Issuer
               may obtain additional Class VPN Loans. In each case, the
               aggregate principal amount of the Class VPN Loans to be requested
               by the Servicer in respect of any Class A Note Payment Date on
               which Class VPN Loans may be obtained will be such that (i) the
               Total Noteholders' Principal Payment Amount for a Targeted Final
               Payment Date (except during a Sequential Amortization Period) or
               (ii) the requested Class VPN Loan Proceeds, together with the
               Aggregate Principal Distributable Amount for such Monthly Payment
               Date, the Accelerated Principal Payment Amount, if any, for such
               Monthly Payment Date, and the Accumulation Amount, if any, for
               such Monthly Payment Date, will be sufficient to pay the
               applicable Class of Class A Notes in full on such Class A Note
               Payment Date. Neither the Seller nor the Servicer shall be liable
               to the Issuer for any failure to identify any other prospective
               Class VPN Lenders to make Class VPN Loans or to obtain any Class
               VPN Loans on any Determination Date or for any Class A Note
               Payment Date.

         (d)   No Class VPN Loans shall be requested by the Servicer or be
               obtained by the Issuer for any Monthly Payment Date on which
               Class VPN Loans may be obtained by the Issuer unless the
               following conditions are satisfied:

               (i)    after giving effect to the advance of such Class VPN Loans
                      and all payments of principal on the Series C2002-1 Debt
                      Obligations on that Monthly Payment Date (including the
                      application of any Class VPN Loan Proceeds on such date),
                      the sum of the Outstanding Amount of the Series C2002-1
                      Debt Obligations shall not exceed the Pool Balance of the
                      Receivables on the last day of the Collection Period
                      immediately preceding that Monthly Payment Date;

               (ii)   the Class VPN Swap shall be in full force and effect and
                      no Early Termination Date shall have occurred thereunder;
                      and

               (iii)  no Event of Default shall have occurred and be continuing.

         (e)   With respect to each Class VPN Loan Agreement and each Class VPN
               Loan entered into or obtained after the Closing Date, the
               Servicer shall provide the Rating Agencies with written notice of
               the entering into, and a true copy of, such

<PAGE>

                                       12

               Class VPN Loan Agreement, together with the Interest Rate
               applicable to such Class VPN Loan.

2.9      LIQUIDITY ADVANCES; MATURITY ADVANCES.

         (a)   If:

               (i)    on any Class A Note Payment Date for the Class A-1 Notes
                      or Class A-2 Notes, the Issuer has a binding agreement for
                      the advance of a Class VPN Loan but the Servicer
                      determines that the proceeds from that advance will not be
                      received on that date in time to make payments on the
                      Class A Notes of that Class on that date, the Servicer
                      may, in its sole discretion, make an advance (each, a
                      "Liquidity Advance") to the Issuer in an amount equal to
                      those anticipated proceeds if it determines, in its sole
                      discretion, that it has received reasonable assurances
                      from the prospective lender of the Class VPN Loan to the
                      effect that the full amount of the proceeds will be
                      delivered to the Issuer later on that date or within two
                      Business Days thereafter; or

               (ii)   on any Targeted Final Payment Date for the Class B Notes
                      or Class C Notes, the amount on deposit in the Note
                      Distribution Account on such date available for payment of
                      principal on the applicable Class is less than the
                      outstanding principal amount of that Class, the Servicer
                      will have the option to make an advance (each, a "Maturity
                      Advance") on that date in an amount up to the amount of
                      such shortfall.

         (b)   If the Servicer makes a Liquidity Advance or a Maturity Advance,
               the proceeds thereof will be deposited into the Note Distribution
               Account on the date of advance and distributed on that date in
               payment of the outstanding principal amount of the related Class
               of Offered Notes in respect of which such Liquidity Advance or
               Maturity Advance was made.

         (c)   If the Servicer has made a Liquidity Advance, the Servicer will
               be immediately reimbursed for such Liquidity Advance upon receipt
               by the Issuer of the proceeds of the additional Class VPN Loan.
               If the proceeds of any Class VPN Loan in respect of which a
               Liquidity Advance has been made are not paid to the Issuer within
               two Business Days after the date on which such Liquidity Advance
               is made, the Servicer shall have the right to be reimbursed for
               such Liquidity Advance in priority to payments of principal on
               the Offered Notes or the Class VPN Loans as provided in Section
               5.6(c).

         (d)   If the Servicer has made any Maturity Advances, (i) the amount of
               such Maturity Advances will be repaid to the Servicer in
               accordance with the Series Supplement after the Outstanding
               Amounts of all Offered Notes and Class VPN Loans have been paid
               in full and (ii) for all purposes of this Agreement, the
               Indenture and the Series Supplement (including clause (c)(i)
               above), the outstanding Maturity Advances shall be deemed to be
               (A) non-interest bearing Class B Notes having an Outstanding
               Amount equal to the principal amount of such Maturity Advances,
               in the case of Maturity Advances made to repay the Class B Notes,
               and (B) non-interest

<PAGE>

                                       13

               bearing Class C Notes having an Outstanding Amount equal to the
               principal amount of such Maturity Advances, in the case of
               Maturity Advances made to repay the Class C Notes.

                                    ARTICLE 3
                                 THE RECEIVABLES

3.1      REPRESENTATIONS AND WARRANTIES AS TO RECEIVABLES

The Seller hereby represents and warrants that each of the representations and
warranties set forth in the Schedule of Representations is true and correct and
on which the Issuer is deemed to have relied in purchasing the Receivables. Such
representations and warranties speak as of the execution and delivery of this
Agreement and as of the Closing Date in the case of the Initial Receivables and
as of each Subsequent Transfer Date in the case of Subsequent Receivables, and
shall survive the sale, transfer and assignment of the Receivables to the
Issuer.

3.2      REPURCHASE UPON BREACH

The Seller, the Servicer or the Issuer, as the case may be, shall inform the
other parties to this Agreement and the Indenture Trustee promptly, in writing,
upon the discovery of any breach of the Seller's representations and warranties
made pursuant to Section 3.1 or Section 6.1. As of the last day of the second
(or, if the Seller so elects, the first) Accounting Date following the discovery
by the Seller or receipt by the Seller of notice of such breach, unless such
breach is cured by such date, the Seller shall have an obligation to repurchase
any Receivable relating to a breach if such breach has had a material adverse
effect on the interests of the Issuer or of the Series C2002-1 Debtholders and
the other Related Specified Creditors (determined without regard to the
availability of funds from any credit enhancement in the form of the
over-collateralization represented by the Class D Notes or in the form of the
Reserve Account). As consideration for the repurchase of the Receivable, the
Seller shall remit the Purchase Amount in the manner specified in Section 5.5.
It is understood and agreed that, subject to the provisions of Section 6.2, the
obligation of the Seller to repurchase any Receivable with respect to which a
breach of the representations and warranties pursuant to Section 3.1 or Section
6.1 has occurred and is continuing shall, if such obligation is fulfilled,
constitute the sole remedy of the Issuer, the Indenture Trustee, the Series
C2002-1 Debtholders or the other Related Specified Creditors with respect to for
such breach.

3.3      CUSTODY OF RECEIVABLE FILES.

         (a)   To assure uniform quality in servicing the Receivables and to
               reduce administrative costs, (x) the Issuer and the Indenture
               Trustee hereby revocably appoints the Servicer, and the Servicer
               hereby accepts such appointment, to act as the agent of the
               Indenture Trustee as custodian of the Receivables Files on the
               terms and conditions set forth in the Custodian Agreement, all of
               which are incorporated herein by reference, and (y) in connection
               with the sale, transfer and assignment of the Purchased Assets to
               the Issuer pursuant to this Agreement and simultaneously with the
               execution and delivery of this Agreement, the Servicer shall
               delegate to AmeriCredit Financial Services, Inc., as Custodian,
               the obligations of the custodian of the Receivables Files as set
               forth in the Custodian Agreement, which Receivables Files shall
               be delivered to the Custodian as agent

<PAGE>

                                       14

               of the Indenture Trustee on or before the Closing Date (with
               respect to each Initial Receivable) and on or before the
               Subsequent Transfer Date (with respect to each Subsequent
               Receivable), and the Indenture Trustee and the Servicer shall
               enter into the Custodian Agreement with the Custodian on the
               Closing Date. The Receivables File for each Receivable consists
               of:

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

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

               (iii)  the original acknowledgement copy or time-stamped receipt
                      copy of the financing statements or other such documents
                      or instruments that the Servicer shall keep on file, in
                      accordance with its customary procedures, perfecting the
                      security interest of the Seller in the Financed Vehicles;
                      and

               (iv)   any and all other documents that the Servicer or the
                      Seller shall keep on file, in accordance with its
                      customary procedures, relating to a Receivable, an Obligor
                      or any of the Financed Vehicles.

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

                                    ARTICLE 4
                   Administration and Servicing of Receivables

4.1      DUTIES OF THE SERVICER

         (a)   The Servicer is hereby authorized to act as agent for the Issuer
               and in such capacity shall manage, service, administer and make
               collections on the Receivables, and perform the other actions
               required by the Servicer under this Agreement. The Servicer
               agrees that its servicing of the Receivables shall be

<PAGE>

                                       15

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

         (b)   The Servicer shall also administer and enforce all rights and
               responsibilities of the holder of the Receivables provided for in
               the Dealer Agreements (and shall maintain possession of the
               Dealer Agreements to the extent it is necessary to do so), the
               Dealer Assignments and the Insurance Policies, to the extent that
               such Dealer Agreements, Dealer Assignments and Insurance Policies
               relate to the Receivables, the Financed Vehicles or the Obligors.
               To the extent consistent with the standards, policies and
               procedures otherwise required hereby, the Servicer shall follow
               its customary standards, policies, and procedures and shall have
               full power and authority, acting alone, to do any and all things
               in connection with such managing, servicing, administration and
               collection that it may deem necessary or desirable. Without
               limiting the generality of the foregoing, the Servicer is hereby
               authorized and empowered by the Issuer to execute and deliver, on
               behalf of the Issuer, any and all instruments of satisfaction or
               cancellation, or of partial or full release or discharge, and all
               other comparable instruments, with respect to the Receivables and
               with respect to the Financed Vehicles; provided, however, that
               notwithstanding the foregoing, the Servicer shall not, except
               pursuant to an order from a court of competent jurisdiction,
               release an Obligor from payment of any unpaid amount under any
               Receivable or waive the right to collect the unpaid balance of
               any Receivable from the Obligor, except in accordance with the
               Servicer's customary practices. For greater certainty, the
               Servicer is granted a power of attorney and a mandate for the
               purpose of executing with respect to the Receivables and the
               security interests created thereby, on behalf of the Issuer, the
               Indenture Trustee, the Series C2002-1 Debtholders and other
               Related Specified Creditors, any and all acquittances,
               mainlevees, radiations, cancellations, reductions, retrocessions
               and all other documents for the purpose of discharging,
               releasing, reassigning, retroceding, waiving or subordinating any
               reservation of title, hypothec, lease, right of ownership under a
               leasing contract (credit-bail), security interest, charge in
               respect of accounts receivable and any other personal or real
               right contained in or created by the Receivables and which may
               from time to time be registered in the Province of Quebec against
               on Obligor under or with respect to the Receivables, and more
               particularly, at the Register of Personal and Moveable Real
               Rights,

<PAGE>

                                       16

               including endorsing the Issuer's, the Indenture Trustee's, the
               Series C2002-1 Debtholders' or the other Related Specified
               Creditors' name on any consent, filings, registrations or other
               documents in furtherance thereof.

         (c)   The Servicer is hereby authorized to commence, in its own name or
               in the name of the Issuer, a legal proceeding to enforce a
               Receivable pursuant to Section 4.3 or to commence or participate
               in any other legal proceeding (including, without limitation, a
               bankruptcy proceeding) relating to or involving a Receivable, an
               Obligor or a Financed Vehicle. If the Servicer commences or
               participates in such a legal proceeding in its own name, the
               Issuer shall thereupon be deemed to have automatically assigned
               such Receivable to the Servicer solely for purposes of commencing
               or participating in any such proceeding as a party or claimant,
               and the Servicer is authorized and empowered by the Issuer to
               execute and deliver in the Servicer's name any notices, demands,
               claims, complaints, responses, affidavits or other documents or
               instruments in connection with any such proceeding. The Issuer
               and the Indenture Trustee shall furnish the Servicer with any
               limited powers of attorney and other documents which the Servicer
               may reasonably request and which the Servicer deems necessary or
               appropriate and take any other steps which the Servicer may deem
               necessary or appropriate to enable the Servicer to carry out its
               servicing and administrative duties under this Agreement.

4.2      COLLECTION OF RECEIVABLE PAYMENTS; MODIFICATIONS OF RECEIVABLES;
         DEPOSITORY ACCOUNT AGREEMENTS.

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

         (b)   The Servicer may (A) at any time agree to a modification or
               amendment of a Receivable in order to (i) change the Obligor's
               regular due date to a date within the Collection Period in which
               such due date occurs or (ii) re-amortize the Scheduled
               Receivables Payments on the Receivable following a partial
               prepayment of principal, in accordance with its customary
               procedures or (B) may direct the Issuer to sell Receivables
               pursuant to Section 4.3(c) if the Servicer believes in good faith
               that such extension, modification, amendment or sale is necessary
               to avoid a default on such Receivable, will maximize the amount
               to be received by the Issuer with respect to such Receivable, and
               is otherwise in the best interests of the Issuer.

<PAGE>

                                       17

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

               (i)    the aggregate period of all extensions on a Receivable
                      shall not exceed 12 months; and

               (ii)   in no event may a Receivable be extended beyond the
                      Collection Period immediately preceding the latest Final
                      Scheduled Monthly Payment Date.

         (d)   The Servicer shall maintain the following system for collecting
               and processing payments on the Receivables and the other motor
               vehicle retail instalment sale contracts or security agreements
               owned or serviced by the Servicer or AmeriCredit Canada. The
               Servicer shall establish and maintain one or more segregated
               deposit accounts (collectively, the "Depository Account") at the
               Depository Bank. The Depository Account shall be maintained by
               the Servicer for and on behalf of AmeriCredit Canada, the
               Custodian and each other owner of motor vehicle retail instalment
               sale contracts or security agreements originated and owned or
               serviced by the Servicer or AmeriCredit Canada. The Servicer
               shall use its best efforts to notify or direct Obligors to make
               all cheque or other mail payments on the Receivables directly to
               the Depository Account and all direct debit payments on the
               Receivables to the Depository Account. The Servicer shall not
               permit any payments other than payments on the Receivables and
               other motor vehicle retail instalment sale contracts or security
               agreements originated and owned or serviced by the Servicer or
               AmeriCredit Canada to be made to the Depository Account. The
               Servicer shall use its best efforts to notify or direct the
               Depository Bank to deposit all payments on the Receivables in the
               Depository Account no later than the Business Day after receipt,
               and to cause all amounts credited to the Depository Account on
               account of such payments to be transferred to the Depository
               Account no later than the second Business Day after receipt of
               such payments. The Servicer shall cause all amounts credited to
               the Depository Account on account of payments on the Receivables
               to be transferred to the Collection Account no later than the
               second Business Day after receipt of such payments in the
               Depository Account. The Depository Account shall be a demand
               deposit account held by the Depository Bank, and shall be an
               Eligible Deposit Account. The Servicer may at any time move the
               Depository Account to another Eligible Deposit Account provided
               the Servicer shall give the Indenture Trustee and the Backup
               Servicer written notice of such new Depository Account.

         (e)   Prior to the Closing Date, the Servicer shall have notified each
               Obligor that makes its payments on the Receivables by cheque to
               make such payments thereafter directly to the Depository Bank
               (except in the case of Obligors that have already been making
               such payments to the Depository Bank), and shall have provided
               each such Obligor with remittance invoices in order to enable
               such Obligors to

<PAGE>

                                       18

               make such payments directly to the Depository Bank for deposit
               into the Depository Account, and the Seller will continue, not
               less often than every three months, to so notify those Obligors
               who have failed to make payments to the Depository Bank. The
               Servicer shall request each Obligor that makes payment on the
               Receivables by direct debit of such Obligor's bank account, to
               execute a new authorization for automatic payment sufficient to
               authorize direct debit by the Depository Bank. If at any time,
               the Depository Bank is unable to directly debit an Obligor's bank
               account that makes payment on the Receivables by direct debit and
               if such inability is not cured within 15 days or cannot be cured
               by execution by the Obligor of a new authorization for automatic
               payment, the Servicer shall notify such Obligor that it cannot
               make payment by direct debit and must thereafter make payment by
               cheque.

         (f)   In the event of a termination of the Servicer, the Successor
               Servicer shall establish a new Depository Account or similar
               collection processing system in accordance with and subject to
               the terms hereof. The outgoing Servicer shall deliver to the
               Successor Servicer all documents and records relating to each
               such Depository Account and an accounting of amounts collected
               and held by the Depository Bank and otherwise use its best
               efforts to effect the orderly and efficient transfer of any
               Depository Account to the Successor Servicer.

         (g)   The Servicer shall deposit all payments by or on behalf of the
               Obligors received directly by the Servicer to the Depository Bank
               without deposit into any intervening account and as soon as
               practicable, but in no event later than three Business Days after
               receipt thereof.

4.3      REALIZATION UPON RECEIVABLES.

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

<PAGE>

                                       19

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

         (b)   If the Servicer elects to commence a legal proceeding to enforce
               a Dealer Agreement or Dealer Assignment, the act of commencement
               shall be deemed to be an automatic assignment from the Issuer to
               the Servicer of the rights under such Dealer Agreement or Dealer
               Assignment for purposes of collection only. If, however, in any
               enforcement suit or legal proceeding it is held that the Servicer
               may not enforce a Dealer Agreement or Dealer Assignment on the
               grounds that it is not a real party in interest or a Person
               entitled to enforce the Dealer Agreement or Dealer Assignment,
               the Issuer or the Indenture Trustee, at the Servicer's expense,
               or the Seller, at the Seller's expense, shall take such steps as
               the Servicer deems reasonably necessary to enforce the Dealer
               Agreement or Dealer Assignment, including bringing suit in its
               name or the name of the Seller or of the Issuer and the Trustee
               or the Indenture Trustee for the benefit of the Series C2002-1
               Debtholders and the other Related Specified Creditors. All
               amounts recovered shall be remitted directly by the Servicer as
               provided in Section 4.2(e).

         (c)   Consistent with the standards, policies and procedures required
               by this Agreement, the Servicer may use its best efforts to
               locate a third party purchaser that is not affiliated with the
               Servicer, the Seller or the Issuer to purchase from the Issuer
               any Receivable that has become more than 60 days delinquent, and
               shall have the right to direct the Issuer to sell any such
               Receivable to the third party purchaser; provided, that only
               Receivables having an aggregate Principal Balance of no more than
               20% of the number of Receivables purchased by the Issuer from the
               Seller may be sold by the Issuer pursuant to this Section 4.3(c);
               provided further, that the Servicer may elect to not direct the
               Issuer to sell a Receivable that has become more than 60 days
               delinquent if in its good faith judgement the Servicer determines
               that the proceeds ultimately recoverable with respect to such
               Receivable would be increased by forbearance. The aggregate
               Purchase Amounts received by the Issuer for all Receivables sold
               to a single third-party purchaser on a single date must be at
               least equal to the sum of the Minimum Sale Prices for all such
               Receivables. The Servicer shall remit or cause the third-party
               purchaser to remit all sale proceeds from the sale of Receivables
               directly to the Collection

<PAGE>

                                       20

               Account without deposit into any intervening account as soon as
               practicable, but in no event later than the Business Day after
               receipt thereof.

4.4      INSURANCE.

         (a)   The Servicer shall require, in accordance with its customary
               servicing policies and procedures, that each Financed Vehicle be
               insured by the related Obligor under the Insurance Policies
               referred to in item 16 of the Schedule of Representations and
               shall monitor the status of such physical loss and damage
               insurance coverage thereafter, in accordance with its customary
               servicing procedures. Each Receivable requires the Obligor to
               maintain such physical loss and damage insurance, naming
               AmeriCredit Canada and its successors and assigns as additional
               insureds, and permits the holder of such Receivable to obtain
               physical loss and damage insurance at the expense of the Obligor
               if the Obligor fails to maintain such insurance. If the Servicer
               shall determine that an Obligor has failed to obtain or maintain
               a physical loss and damage Insurance Policy covering the related
               Financed Vehicle which satisfies the conditions set forth in item
               16 of the Schedule of Representations (including, without
               limitation, during the repossession of such Financed Vehicle) the
               Servicer may enforce the rights of the holder of the Receivable
               under the Receivable to require the Obligor to obtain such
               physical loss and damage insurance in accordance with its
               customary servicing policies and procedures. The Servicer may
               maintain a vendor's single interest or other collateral
               protection insurance policy with respect to all Financed Vehicles
               ("Collateral Insurance") which policy shall by its terms insure
               against physical loss and damage in the event any Obligor fails
               to maintain physical loss and damage insurance with respect to
               the related Financed Vehicle. All policies of Collateral
               Insurance shall be endorsed with clauses providing for loss
               payable to the Servicer. Costs incurred by the Servicer in
               maintaining such Collateral Insurance shall be paid by the
               Servicer.

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

         (c)   In connection with any Force-Placed Insurance obtained hereunder,
               the Servicer may, in the manner and to the extent permitted by
               applicable law, require the Obligors to repay the entire premium
               to the Servicer. In no event shall the Servicer include the
               amount of the premium in the Amount Financed under the
               Receivable. For all purposes of this Agreement, the Insurance
               Add-On Amount with respect to any Receivable having Force-Placed
               Insurance will be treated as a separate obligation of the Obligor
               and will not be added to the Principal Balance of such
               Receivable, and amounts allocable thereto will not be available
               for

<PAGE>

                                       21

               distribution on the Notes and the Certificates. The Servicer
               shall retain and separately administer the right to receive
               payments from Obligors with respect to Insurance Add-On Amounts
               or rebates of Forced-Placed Insurance premiums. If an Obligor
               makes a payment with respect to a Receivable having Force-Placed
               Insurance, but the Servicer is unable to determine whether the
               payment is allocable to the Receivable or to the Insurance Add-On
               Amount, the payment shall be applied first to any unpaid
               Scheduled Receivables Payments and then to the Insurance Add-On
               Amount. Net Liquidation Proceeds on any Receivable will be used
               first to pay the Principal Balance and accrued interest on such
               Receivable and then to pay the related Insurance Add-On Amount.
               If an Obligor under a Receivable with respect to which the
               Servicer has placed Force-Placed Insurance fails to make
               scheduled payments of such Insurance Add-On Amount as due, and
               the Servicer has determined that eventual payment of the
               Insurance Add-On Amount is unlikely, the Servicer may, but shall
               not be required to, purchase such Receivable from the Issuer for
               the Purchase Amount on any subsequent Determination Date. Any
               such Receivable, and any Receivable with respect to which the
               Servicer has placed Force-Placed Insurance which has been paid in
               full (excluding any Insurance Add-On Amounts) will be assigned to
               the Servicer.

         (d)   The Servicer may sue to enforce or collect upon the Insurance
               Policies, in its own name, if possible, or as agent of the
               Issuer. If the Servicer elects to commence a legal proceeding to
               enforce an Insurance Policy, the act of commencement shall be
               deemed to be an automatic assignment of the rights of the Issuer
               under such Insurance Policy to the Servicer for purposes of
               collection only. If, however, in any enforcement suit or legal
               proceeding it is held that the Servicer may not enforce an
               Insurance Policy on the grounds that it is not a real party in
               interest or a holder entitled to enforce the Insurance Policy,
               the Issuer and/or the Indenture Trustee, at the Servicer's
               expense, or the Seller, at the Seller's expense, shall take such
               steps as the Servicer deems necessary to enforce such Insurance
               Policy, including bringing suit in its name or the name of the
               Issuer and the Trustee and/or the Indenture Trustee for the
               benefit of the Series C2002-1 Debtholders.

         (e)   The Servicer will cause itself and may cause the Issuer, the
               Trustee and the Indenture Trustee to be named as named insured
               under all policies of Collateral Insurance.

4.5      MAINTENANCE OF SECURITY INTERESTS IN VEHICLES.

         (a)   Consistent with the policies and procedures required by this
               Agreement, the Servicer shall take such steps on behalf of the
               Issuer as are necessary to maintain perfection of the security
               interest created by each Receivable in the related Financed
               Vehicle, including, but not limited to, recording, registering,
               filing, re-recording, re-filing, and re-registering of all
               Financing Statements as are necessary to maintain the security
               interest granted by the Obligors under the respective
               Receivables. The Indenture Trustee hereby authorizes the
               Servicer, and the Servicer agrees, to take any and all steps
               necessary to re-perfect such security interest on behalf of the
               Issuer as necessary because of the relocation of a Financed
               Vehicle or for any other reason.

<PAGE>

                                       22

         (b)   AmeriCredit Canada hereby agrees to pay all expenses related to
               such perfection or reperfection and to take all action necessary
               therefor. AmeriCredit Canada hereby appoints the Indenture
               Trustee as its attorney-in-fact to take any and all steps
               required to be performed by AmeriCredit Canada pursuant to this
               Section 4.5(b) (it being understood that and agreed that the
               Indenture Trustee shall have no obligation to take such steps
               with respect to all perfection or reperfection, except as
               pursuant to the Basic Documents to which it is a party and to
               which AmeriCredit Canada has paid all expenses), including
               execution of certificates of title or any other documents in the
               name and stead of AmeriCredit Canada, and the Indenture Trustee
               hereby accepts such appointment.

4.6      COVENANTS, REPRESENTATIONS, AND WARRANTIES OF SERVICER

By its execution and delivery of this Agreement, the Servicer makes the
following representations, warranties and covenants on which the Issuer relies
in accepting the Receivables and on which the Indenture Trustee relies in
authenticating the Notes.

         (a)   The Servicer covenants as follows:

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

               (ii)   No Impairment. The Servicer shall do nothing to impair the
                      rights of the Issuer or the Series C2002-1 Debtholders in
                      the Receivables, the Dealer Agreements, the Dealer
                      Assignments, the Insurance Policies or the Related
                      Collateral except as otherwise expressly provided herein;

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

               (iv)   Restrictions on Liens. The Servicer shall not (i) create,
                      incur or suffer to exist, or agree to create, incur or
                      suffer to exist, or consent to cause or permit in the
                      future (upon the happening of a contingency or otherwise)
                      the creation, incurrence or existence of any Lien or
                      restriction on transferability of the Receivables except
                      for the Lien in favour of the Indenture Trustee for the
                      benefit of the Series C2002-1 Debtholders and the
                      restrictions on transferability imposed by this Agreement
                      or (ii) sign or file under the PPSA of any jurisdiction
                      any financing statement which names AmeriCredit Canada or
                      the Servicer as a debtor, or sign any security agreement
                      authorizing any secured party thereunder to file such
                      financing statement, with respect to the Receivables,
                      except in each case any such instrument solely securing
                      the rights and interests of the Issuer or the rights and
                      preserving the Lien of the Indenture Trustee, for the
                      benefit of the Series C2002-1 Debtholders and the other
                      Related Specified Creditors.

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                                       23

         (b)   The Servicer represents, warrants and covenants as of the Closing
               Date and as of each Subsequent Transfer Date as to itself that
               the representations and warranties set forth in Section 7.1 are
               true and correct; provided that such representations and
               warranties contained therein and herein shall not apply to any
               entity other than AmeriCredit Canada.

4.7      PURCHASE OF RECEIVABLES UPON BREACH OF COVENANT

Upon discovery by any of the Servicer, a Responsible Officer of the Indenture
Trustee or a Responsible Officer of the Trustee of a breach of any of the
covenants set forth in Sections 4.5(a) or 4.6(a), the party discovering such
breach shall give prompt written notice to the others; provided, however, that
the failure to give any such notice shall not affect any obligation of
AmeriCredit Canada as Servicer under this Section 4.7. As of the second
Accounting Date (or, at AmeriCredit Canada's election, the first Accounting
Date) following its discovery or receipt of notice of any breach of any covenant
set forth in Sections 4.5(a) or 4.6(a) which materially and adversely affects
the interests of the Issuer or of the Series C2002-1 Debtholders and the other
Related Specified Creditors in any Receivable (including any Liquidated
Receivable) or the related Financed Vehicle (determined without regard to the
availability of funds from any credit enhancement in the form of the
over-collateralization represented by the Class D Notes or in the form of the
Reserve Account), AmeriCredit Canada shall, unless such breach shall have been
cured in all material respects, purchase from the Issuer the Receivable affected
by such breach and, on the related Determination Date, AmeriCredit Canada shall
pay the related Purchase Amount. It is understood and agreed that the obligation
of AmeriCredit Canada to purchase any Receivable (including any Liquidated
Receivable) with respect to which such a breach has occurred and is continuing
shall, if such obligation is fulfilled, constitute the sole remedy against
AmeriCredit Canada for such breach available to the Series C2002-1 Debtholders,
the Issuer or the Indenture Trustee; provided, however, that AmeriCredit Canada
shall indemnify the Issuer, the Trustee, the Indenture Trustee, the Backup
Servicer and the Series C2002-1 Debtholders from and against all costs,
expenses, losses, damages, claims and liabilities, including reasonable fees and
expenses of counsel, which may be asserted against or incurred by any of them
arising out of the events or facts giving rise to such breach. This section
shall survive the termination of this Agreement and the earlier removal or
resignation of the Backup Servicer, Trustee and/or the Indenture Trustee.

4.8      SERVICING FEE; PAYMENT OF CERTAIN EXPENSES BY SERVICER

On each Monthly Payment Date, the Servicer shall be entitled to receive out of
the Collection Account the Servicing Fee pursuant to Section 5.6. The Servicer
shall be required to pay all expenses incurred by it in connection with its
activities under this Agreement (including taxes imposed on the Servicer,
expenses incurred in connection with distributions and reports made by the
Servicer to the Series C2002-1 Debtholders and all other fees and expenses of
(except taxes of or payable by) the Trustee, the Indenture Trustee, the Backup
Servicer, the Depository Bank and the Independent Accountants). The Servicer
shall be liable for the fees and expenses of the Trustee, the Indenture Trustee,
the Backup Servicer, the Depository Bank (and any fees under the Depository
Account Agreement) and the Independent Accountants.

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                                       24

4.9      Servicer's Certificate.

No later than 12:00 p.m. Eastern time on each Determination Date, the Servicer
shall deliver (facsimile delivery being acceptable) to the Issuer, the Indenture
Trustee, the Backup Servicer and each Rating Agency a Servicer's Certificate
executed by a Responsible Officer of the Servicer containing among other things,
(i) all information necessary to enable the Indenture Trustee to make any
withdrawal and deposit required by Section 5.8, (ii) a listing of all Purchased
Receivables, Sold Receivables and Administrative Receivables purchased or sold
as of the related Accounting Date, identifying the Receivables so purchased or
sold, (iii) all information necessary to enable the Indenture Trustee to send
the statements to Series C2002-1 Debtholders required by Section 5.10, and (iv)
all information necessary to enable the Indenture Trustee to reconcile the
aggregate cash flows, the Collection Account for the related Collection Period
and Monthly Payment Date, including the accounting required by Section 5.11.
Receivables purchased by the Servicer or by the Seller on the related Accounting
Date and each Receivable which became a Liquidated Receivable or which was paid
in full during the related Collection Period shall be identified by account
number (as set forth in the Schedule of Receivables).

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

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

         (b)   The Servicer shall deliver to the Trustee, the Indenture Trustee,
               the Backup Servicer and each Rating Agency, promptly after having
               obtained knowledge thereof, but in no event later than two (2)
               Business Days thereafter, written notice in an officer's
               certificate of any event which with the giving of notice or lapse
               of time, or both, would become a Servicer Termination Event under
               Section 8.1(a). The Seller or the Servicer shall deliver to the
               Trustee, the Indenture Trustee, the Servicer, the Backup Servicer
               or the Seller (as applicable) and each Rating Agency promptly
               after having obtained knowledge thereof, but in no event later
               than two (2) Business Days thereafter, written notice in an
               officer's certificate of any event which with the giving of
               notice or lapse of time, or both, would become a Servicer
               Termination Event under any other clause of Section 8.1.

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                                       25

4.11     ANNUAL INDEPENDENT ACCOUNTANTS' REPORT

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

4.12     ACCESS TO CERTAIN DOCUMENTATION AND INFORMATION REGARDING RECEIVABLES

The Servicer shall provide to representatives of the Trustee, the Indenture
Trustee and the Backup Servicer reasonable access to the Receivables Files and
other documentation regarding the Receivables. In each case, such access shall
be afforded without charge but only upon reasonable request and during normal
business hours. Nothing in this Section shall affect the obligation of the
Servicer to observe any applicable law prohibiting disclosure of information
regarding the Obligors, and the failure of the Servicer to provide access as
provided in this Section as a result of such obligation shall not constitute a
breach of this Section.

4.13     MONTHLY TAPE

Not later than the fifteenth calendar day of each month, the Servicer will
deliver to the Indenture Trustee and the Backup Servicer computer tape and a
diskette (or any other electronic transmission acceptable to the Indenture
Trustee and the Backup Servicer) in a format acceptable to the Indenture Trustee
and the Backup Servicer containing the information with respect to the
Receivables as of the preceding Determination Date necessary for preparation of
the Servicer's Certificate relating to the immediately preceding Determination
Date and necessary to review the application of Collections as provided in
Section 5.4. In addition, upon the occurrence of a Servicer Termination Event
the Servicer shall, if so requested by the Indenture Trustee, deliver to the
Backup Servicer its Collection Records and its Monthly Records within 15 days
after demand therefor and a computer tape containing as of the close of business
on the date of demand all of the data maintained by the Servicer in computer
format in connection with servicing the Receivables. Other than the duties
specifically set forth in this Agreement, the Backup Servicer shall have no
obligations hereunder, including, without limitation, to supervise, verify,
monitor

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                                       26

or administer the performance of the Servicer. The Backup Servicer shall
have no liability for any actions taken or omitted by the Servicer so long as
the Backup Servicer is not the Servicer.

4.14     AMENDMENTS TO SCHEDULE OF RECEIVABLES

If the Servicer, during any Collection Period, assigns to a Receivable an
account number that differs from the account number previously identifying such
Receivable on the Schedule of Receivables, the Servicer shall deliver to the
Seller, the Issuer and the Indenture Trustee on or before the Monthly Payment
Date related to such Collection Period an amendment to such Schedule of
Receivables to report the newly assigned account number. Each such amendment
shall list all new account numbers assigned to Receivables during such
Collection Period and shall show by cross reference the prior account numbers
identifying such Receivables on such Schedule of Receivables.

4.15     FIDELITY BOND AND ERRORS AND OMISSIONS POLICY

The Servicer has obtained, and shall continue to maintain in full force and
effect, a Fidelity Bond and Errors and Omissions Policy of a type and in such
amount as is customary for servicers engaged in the business of servicing
receivables.

                                    ARTICLE 5
    Distributions; Reserve Account; Statements to Series C2002-1 Debtholders

5.1      ESTABLISHMENT OF SERIES ACCOUNTS

         (a)   The Servicer shall:

               (i)    for the benefit of the Series C2002-1 Debtholders and
                      other Related Specified Creditors, establish and maintain
                      in the name of the Indenture Trustee an Eligible Deposit
                      Account (the "Collection Account"), bearing a designation
                      clearly indicating that the funds deposited therein are
                      held for the benefit of the Series C2002-1 Debtholders and
                      other Related Specified Creditors;

               (ii)   for the benefit of the Series C2002-1 Debtholders,
                      establish and maintain in the name of the Indenture
                      Trustee an Eligible Deposit Account (the "Note
                      Distribution Account"), bearing a designation clearly
                      indicating that the funds deposited therein are held for
                      the benefit of the Series C2002-1 Debtholders;

               (iii)  for the benefit of the Series C2002-1 Debtholders and
                      other Related Specified Creditors, establish and maintain
                      in the name of the Indenture Trustee an Eligible Deposit
                      Account (the "Pre-Funding Account"), bearing a designation
                      clearly indicating that the funds deposited therein are
                      held for the benefit of the Series C2002-1 Debtholders and
                      other Related Specified Creditors;

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                                       27

               (iv)   for the benefit of the Series C2002-1 Debtholders and the
                      other Related Specified Creditors establish and maintain
                      in the name of the Indenture Trustee an Eligible Deposit
                      Account (the "Capitalized Interest Account"), bearing a
                      designation clearly indicating that the funds deposited
                      therein are held for the benefit of the Series C2002-1
                      Debtholders and the other Related Specified Creditors;

               (v)    for the benefit of the Series C2002-1 Debtholders and
                      other Related Specified Creditors, establish and maintain
                      in the name of the Indenture Trustee an Eligible Deposit
                      Account (the "Reserve Account"), bearing a designation
                      clearly indicating that the funds deposited therein are
                      held for the benefit of the Series C2002-1 Debtholders and
                      other Related Specified Creditors; and

               (vi)   for the benefit of the Series C2002-1 Debtholders,
                      establish and maintain in the name of the Indenture
                      Trustee an Eligible Deposit Account (the "Accumulation
                      Account"), bearing a designation clearly indicating that
                      the funds deposited therein are held for the benefit of
                      the Series C2002-1 Debtholders.

         (b)   Funds on deposit in the Collection Account, the Note Distribution
               Account, the Pre-Funding Account, the Capitalized Interest
               Account, the Reserve Account, and the Accumulation Account
               (collectively, the "Series Accounts") shall be invested or
               reinvested by the Indenture Trustee (or any custodian with
               respect to funds on deposit in such account) in Eligible
               Investments in accordance with the written directions of the
               Servicer (which written direction may be in the form of standing
               instructions). All such Eligible Investments shall be held by the
               Indenture Trustee for the benefit of the Series C2002-1
               Debtholders and other Related Specified Creditors, provided,
               however, that on each Determination Date all Investment Earnings
               on funds on deposit therein shall be deposited into the
               Collection Account and shall be deemed to constitute a portion of
               the Available Funds for the following Monthly Payment Date. Funds
               on deposit in the Series Accounts shall be invested in Eligible
               Investments that will mature so that such funds will be available
               at the close of business on the Determination Date preceding the
               following Monthly Payment Date.

         (c)   The Issuer, subject to the rights of the Indenture Trustee and
               the Lien of the Indenture, shall possess all right, title and
               interest in all funds on deposit from time to time in the Series
               Accounts and in all proceeds thereof (including all income
               thereon) and all such funds, investments, proceeds and income
               shall be part of the Collateral. The Series Accounts shall be
               under the sole dominion and control of the Indenture Trustee for
               the benefit of the Series C2002-1 Debtholders and other Related
               Specified Creditors. If, at any time, any of the Series Accounts
               ceases to be an Eligible Deposit Account, the Indenture Trustee
               (or the Servicer on its behalf) shall within 10 Business Days (or
               such longer period, not to exceed 30 calendar days, as to which
               each Rating Agency may consent) establish a new Series Account as
               an Eligible Deposit Account and shall transfer any cash and/or
               any investments to such new Series Account.

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                                       28

         (d)   With respect to the Series Account Property, the Indenture
               Trustee agrees that:

               (i)    any Series Account Property that is held in deposit
                      accounts shall be held solely in Eligible Deposit
                      Accounts, subject to the last sentence of Section 5.1(c);
                      and each such Eligible Deposit Account shall be subject to
                      the exclusive custody and control of the Indenture
                      Trustee, and the Indenture Trustee shall have sole signing
                      authority with respect thereto;

               (ii)   any Series Account Property that constitutes a
                      certificated security shall be delivered to the Indenture
                      Trustee in accordance with paragraph (b) of the definition
                      of "Delivery" and shall be held, pending maturity or
                      disposition, solely by the Indenture Trustee or its agent;

               (iii)  any Series Account Property that is a book-entry security
                      held through a Clearing Agency shall be delivered in
                      accordance with paragraph (c) of the definition of
                      "Delivery" and shall be maintained, pending maturity or
                      disposition, through continued book-entry registration of
                      such Series Account Property as described in such
                      paragraph; and

               (iv)   any Series Account Property that is an "uncertificated
                      security" as defined under the PPSA as in effect in the
                      Province of Ontario and that is not governed by clause
                      (iii) above shall be delivered to the Indenture Trustee or
                      its agent in accordance with paragraphs (c) or (d) of the
                      definition of "Delivery" and shall be maintained by the
                      Indenture Trustee, pending maturity or disposition,
                      through continued registration of the Indenture Trustee's
                      (or its nominee's) ownership of such security.

         (e)   The Servicer shall have the power, revocable by the Indenture
               Trustee or the Issuer with the consent of the Indenture Trustee,
               to instruct the Indenture Trustee to make withdrawals and
               payments from the Series Accounts for the purpose of permitting
               the Servicer or the Issuer to carry out its respective duties
               hereunder or permitting the Indenture Trustee to carry out its
               duties under the Indenture.

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

         (g)   If (i) the Servicer shall have failed to give investment
               directions in writing for any funds on deposit in the Series
               Accounts to the Indenture Trustee by 1:00 p.m. Eastern Time (or
               such other time as may be agreed by the Issuer and Indenture
               Trustee) on any Business Day; or (ii) a Default or Event of
               Default shall have occurred and be continuing with respect to the
               Series C2002-1 Debt Obligations but the Series C2002-1 Debt
               Obligations shall not have been declared due and payable, or, if
               such Series C2002-1 Debt Obligations shall have been declared due
               and payable following an Event of Default, amounts collected or
               receivable from the Series Account Property are being applied as
               if there had not been such a

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                                       29

               declaration; then the Indenture Trustee shall, to the fullest
               extent practicable, invest and reinvest funds in the Series
               Accounts in the investment described in clause (g) of the
               definition of Eligible Investments.

         (h)   All Series Accounts will initially be established with the
               Indenture Trustee.

         (i)   The Indenture Trustee acknowledges that, pursuant to the
               provisions of the Class VPN Swap and the Class A-1 Swap, the Swap
               Counterparties may be required to post collateral with the
               Indenture Trustee to secure the Swap Counterparty's obligations
               under the related swap. The Indenture Trustee agrees to establish
               and maintain an Eligible Deposit Account to hold such collateral,
               if requested to do so by the Servicer. The Indenture Trustee
               further agrees to follow such written instructions relating to
               the administration of, and transfers from such account, as may be
               delivered by the Servicer.

5.2      CERTAIN REIMBURSEMENTS TO THE SERVICER

The Servicer will be entitled to be reimbursed from amounts on deposit in the
Collection Account with respect to a Collection Period for amounts previously
deposited in the Collection Account but later determined by the Servicer to have
resulted from mistaken deposits or postings or cheques returned for insufficient
funds. The Servicer will additionally be entitled to receive from amounts on
deposit in the Collection Account with respect to a Collection Period any
amounts paid by Obligors that were collected in the Depository Account but that
do not relate to (i) principal and interest payments due on, or made with
respect to, the Receivables, and (ii) any fees or expenses related to extensions
due on the Receivables. The amounts to be reimbursed hereunder shall be paid to
the Servicer on the related Monthly Payment Date pursuant to Section 5.6(c)(i)
upon certification by the Servicer of such amounts and the provision of such
information to the Indenture Trustee.

5.3      COLLECTIONS

The Servicer shall, and shall cause any subservicer to, remit within two
Business Days of receipt thereof to the Collection Account all payments by or on
behalf of the Obligors with respect to the Receivables, and all Liquidation
Proceeds and Recoveries, both as collected during the Collection Period.
Notwithstanding the foregoing, for so long as (a) the Servicer has been assigned
short term credit ratings of R-1(middle) (or higher) by DBRS, P-1+ by Moody's
and A-1+ by S&P, or (b) AmeriCredit Canada is the Servicer and (i) AmeriCredit
Canada is a direct or indirect wholly-owned subsidiary of AmeriCredit Corp.;
(ii) no Servicer Termination Event shall have occurred and be continuing; (iii)
the short term, guaranteed debt obligations of AmeriCredit Canada are rated at
least R-1 (low) by DBRS; and (iv) the long-term debt obligations of AmeriCredit
Corp. are rated at least Baa3 by Moody's and BBB - by S&P then, in the case of
(a) or (b), the Servicer shall remit such collections with respect to the
related Collection Period to the Collection Account on the Determination Date
immediately following the end of such Collection Period. For purposes of this
Article 5, the phrase "payments by or on behalf of the Obligors" shall mean
payments made with respect to the Receivables by Persons other than the Servicer
or the Seller.

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                                       30

5.4      APPLICATION OF COLLECTIONS

         (a)   With respect to each Receivable (other than a Purchased
               Receivable), payments on behalf of the related Obligor shall be
               applied to interest and principal in accordance with the Simple
               Interest Method.

         (b)   All Liquidation Proceeds shall be applied to the related
               Receivable.

         (c)   Any Optional Purchase Price payable by the Servicer under Section
               9.1 shall be deposited in the Collection Account.

5.5      ADDITIONAL DEPOSITS

The Servicer and the Seller, as applicable, shall deposit or cause to be
deposited in the Collection Account the aggregate Purchase Amount with respect
to Purchased Receivables on the applicable Determination Date on which such
obligations are due and the Servicer shall deposit therein all amounts to be
paid under Section 9.1 or 9.2 on the Determination Date occurring during the
applicable Collection Period.

5.6      DISTRIBUTIONS

         (a)   On or before each Determination Date with respect to the prior
               Collection Period and the related Monthly Payment Date, the
               Servicer will calculate the Available Funds, the Total Available
               Funds, any expected Class VPN Loan Proceeds, the Accumulation
               Amount, the Servicing Fee, the Administration and Trustee Fees,
               the Total Noteholders' Principal Payment Amount, the Aggregate
               Noteholders' Interest Distributable Amount, the Aggregate
               Noteholders' Principal Distributable Amount, the Aggregate
               Principal Distributable Amount, the net amount, if any, payable
               by the Issuer under the Class VPN Swap, the net amount, if any,
               payable by the Issuer under the Class A-1 Swap, the Additional
               Class VPN Loan Amounts, Investment Earnings and all other amounts
               required to determine the amounts, if any, to be deposited in or
               paid from each of the Series Accounts on or before the related
               Monthly Payment Date (or, in the case of payments, if any, due
               under the Class VPN Swap or the Class A-1 Swap, on the Business
               Day preceding the Monthly Payment Date). Based on such
               calculations, the Servicer shall deliver to the Indenture Trustee
               a Servicer's Certificate specifying such amounts and instructing
               the Indenture Trustee to make withdrawals, deposits and payments
               of the following amounts on or before such Monthly Payment Date:

               (i)    the amount, if any, of the Reserve Account Withdrawal
                      Amount to be withdrawn from the Reserve Account and
                      deposited in the Collection Account;

               (ii)   the amounts to be withdrawn from the Collection Account
                      and paid to the Servicer in respect of the Servicing Fee,
                      and paid to the Administrator, the Trustee and the
                      Indenture Trustee, respectively, in respect of the
                      Administration and Trustee Fees, in each case, for such
                      Monthly Settlement Date;

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                                       31

               (iii)  the net amount, if any, to be withdrawn from the
                      Collection Account and paid under the Class VPN Swap to
                      the Class VPN Swap Counterparty on the Business Day
                      preceding such Monthly Payment Date;

               (iv)   the net amount, if any, to be withdrawn from the
                      Collection Account and paid under the Class A-1 Swap to
                      the Class A-1 Swap Counterparty on the Business Day
                      preceding such Monthly Payment Date;

               (v)    the amounts to be withdrawn from the Collection Account
                      with respect to the Aggregate Noteholders' Interest
                      Distributable Amount, the Aggregate Principal
                      Distributable Amount and the Accelerated Principal Payment
                      Amount for such Monthly Payment Date;

               (vi)   the amount, if any, to be withdrawn from the Collection
                      Account and paid to the Class VPN Lenders in respect of
                      Additional Class VPN Loan Amounts for such Monthly Payment
                      Date;

               (vii)  the amount, if any, of the Reserve Account Deposit Amount
                      to be withdrawn from the Collection Account and deposited
                      in the Reserve Account;

               (viii) the amount, if any, to be withdrawn from the Note
                      Distribution Account and deposited in the Accumulation
                      Account;

               (ix)   the Monthly Capitalized Interest Amount, if any, to be
                      withdrawn from the Capitalized Interest Account and
                      deposited in the Collection Account; and

               (x)    the Accumulation Amount, if any, to be withdrawn from the
                      Accumulation Account and deposited in the Note
                      Distribution Account.

         (b)   On or before each Monthly Payment Date, the Indenture Trustee
               (based on the information contained in the Servicer's Certificate
               delivered on the related Determination Date) shall:

               (i)    withdraw from the Reserve Account and deposit in the
                      Collection Account the Reserve Account Withdrawal Amount;

               (ii)   if such Monthly Payment Date is a Targeted Final Payment
                      Date for a Class of Offered Notes, withdraw from the
                      Accumulation Account and deposit in the Note Distribution
                      Account the Accumulation Amount, if any, for such Monthly
                      Payment Date; and

               (iii)  if such Monthly Payment Date is the first Monthly Payment
                      Date during a Non-Sequential Amortization Period, withdraw
                      from the Accumulation Account and deposit in the Note
                      Distribution Account the Accumulation Amount, if any, for
                      such Monthly Payment Date;

               (iv)   if the Monthly Payment Date is the first Monthly Payment
                      Date on or after which the Outstanding Amount of the
                      Offered Notes (after giving effect to

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                                       32

                      all other payments thereon on that date) is or will be
                      less than or equal to the balance on deposit in the
                      Reserve Account (after giving effect to all other
                      withdrawals to be made therefrom for deposit to the
                      Collection Account on that date), withdraw the balance on
                      deposit in the Reserve Account from the Reserve Account
                      and deposit such amount in the Note Distribution Account;
                      and

               (i)    if the Monthly Payment Date is the first Monthly Payment
                      Date on or after the end of the Pre-Funding Period,
                      withdraw the Remaining Pre-Funded Amount from the
                      Pre-Funding Account and deposit such amount to the Note
                      Distribution Account.

               In all other cases, no amounts will be transferred or withdrawn
               from the Accumulation Account and deposited to the Note
               Distribution Account.

         (c)   Except as otherwise provided in Section 5.6(d), on each Monthly
               Payment Date (or in the case of payments to the Swap
               Counterparties pursuant to clause (iii) below, if any, on the
               Determination Date preceding such Monthly Payment Date) the
               Indenture Trustee (based on the information contained in the
               Servicer's Certificate delivered on the related Determination
               Date) shall make the following distributions from the Collection
               Account in the following order of priority:

               (i)    to the Servicer, to the extent of the Total Available
                      Funds, (A) the Servicing Fee and all unpaid Servicing
                      Fees, if any, from prior Collection Periods, and (B) the
                      amounts to be reimbursed to the Servicer pursuant to
                      Section 5.2;

               (ii)   to the Administrator, the Trustee and the Indenture
                      Trustee, to the extent of the Total Available Funds
                      remaining after the application of clause (i), the
                      Administration and Trustee Fees and all unpaid
                      Administration and Trustee Fees, if any, from prior
                      Collection Periods;

               (iii)  to the Swap Counterparties, to the extent of the Total
                      Available Funds remaining after the application of clauses
                      (i) and (ii) above, the net amount, if any, payable under
                      the Class VPN Swap or the Class A-1 Swap (exclusive of
                      payments due to either of the Swap Counterparties in
                      connection with any Early Termination Date under the Class
                      VPN Swap or the Class A-1 Swap, as applicable), pro rata;

               (iv)   to the extent of the Total Available Funds remaining after
                      the application of clauses (i) through (iii), (A) to the
                      Note Distribution Account, the Noteholders' Interest
                      Distributable Amount for the Class A Notes and the Class
                      VPN Loans, (B) to the Class VPN Swap Counterparty in
                      respect of any payments due to the Class VPN Swap
                      Counterparty in connection with any Early Termination Date
                      under the Class VPN Swap, and (C) to the Class A-1 Swap
                      Counterparty in respect of any payments due to the Class
                      A-1 Swap Counterparty in connection with an Early
                      Termination Dated under the Class A-1 Swap, pro rata,
                      based on the proportion that

<PAGE>

                                       33

                      each amount owing under (A), (B) or (C) above, as
                      applicable, bears to the sum of the amounts owing under
                      (A), (B) or (C) above;

               (v)    to the Note Distribution Account, to the extent of the
                      Total Available Funds remaining after the application of
                      clauses (i) through (iv), the Noteholders' Interest
                      Distributable Amount for the Class B Notes;

               (vi)   to the Note Distribution Account, to the extent of the
                      Total Available Funds remaining after the application of
                      clauses (i) through (v), the Noteholders' Interest
                      Distributable Amount for the Class C Notes;

               (vii)  to the Servicer, to the extent of the Total Available
                      Funds remaining after the application of clauses (i)
                      through (vi), any outstanding Liquidity Advances;

               (viii) to the Note Distribution Account, to the extent of the
                      Total Available Funds remaining after the application of
                      clauses (i) through (vii), the Aggregate Principal
                      Distributable Amount;

               (ix)   to the Class VPN Lenders entitled thereto, pro rata, to
                      the extent of the Total Available Funds remaining after
                      the application of clauses (i) through (viii), the
                      Additional Class VPN Loan Amounts and any unpaid
                      Additional Class VPN Loan Amounts from all prior Monthly
                      Payment Dates; and

               (x)    to the Reserve Account, to the extent of the Total
                      Available Funds remaining after the application of clauses
                      (i) through (ix), the Reserve Account Deposit Amount for
                      such Monthly Payment Date;

               (xi)   to the Note Distribution Account, to the extent of the
                      Total Available Funds remaining after the application of
                      clauses (i) through (x), the Accelerated Principal Payment
                      Amount for such Monthly Payment Date;

               (xii)  to the Class D Series C2002-1 Debtholders, to the extent
                      of the Total Available Funds remaining after the
                      application of clauses (i) through (xi), the accrued and
                      unpaid interest on the Class D Notes;

               (xiii) to the Class D Series C2002-1 Debtholders, to the extent
                      of the Total Available Funds remaining after the
                      application of clauses (i) through (xii), the lesser of
                      (x) the Step-Down Amount for such Monthly Payment Date and
                      (y) the outstanding principal balance of the Class D
                      Notes; and

               (xiv)  to the extent of the Total Available Funds remaining after
                      the application of clauses (i) through (xiii), (x) to the
                      Seller, the aggregate amount remaining in the Collection
                      Account on such Monthly Payment Date in part payment of
                      the Residual Purchase Price and (y) to the Issuer, $100,
                      pro rata.

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                                       34

         (d)   Notwithstanding the foregoing, on and after the Non-Sequential
               Amortization Commencement Date and during a Non-Sequential
               Amortization Period until all Events of Default which gave rise
               to the commencement of such Non-Sequential Amortization Period
               have been cured or waived, the Total Available Funds for each
               Monthly Payment Date thereafter and all amounts in the Series
               Accounts (other than the Reserve Account) on the Non-Sequential
               Amortization Commencement Date shall be paid and applied pursuant
               to Section 3.2 of the Series Supplement.

5.7      RESERVE ACCOUNT

         (a)   On the Closing Date and on each Subsequent Transfer Date, the
               Issuer shall, as provided in Section 2.7(b), deposit the
               Subordinated Reserve Account Loan for such date into the Reserve
               Account.

         (b)   On each Monthly Payment Date, the Issuer shall deposit the
               Subordinated Reserve Account Loan specified in section 2.7(c), if
               any, for such date into the Reserve Account.

         (c)   If the amount on deposit in the Reserve Account exceeds the
               Specified Reserve Account Balance for such Monthly Payment Date
               (after giving effect to all deposits to and withdrawals from the
               Reserve Account on such Monthly Payment Date otherwise than
               pursuant to this Section 5.7(c)), the Servicer shall instruct the
               Indenture Trustee to distribute the amount of the excess to the
               Seller in payment of the Subordinated Reserve Account Loan
               Balance. Amounts distributed pursuant to this Section 5.7 to
               which the Seller is entitled to hereunder shall be deemed
               released from the Lien of the Indenture and the security interest
               therein granted to the Indenture Trustee, and the Seller (and
               such transferees and assignees) or the Issuer shall in no event
               thereafter be required to refund any such distributed amounts.

         (d)   On the first Monthly Payment Date on which the Outstanding Amount
               of the Series C2002-1 Debt Obligations is less than or equal to
               the balance on deposit in the Reserve Account, the Servicer shall
               instruct the Indenture Trustee to deposit the balance on deposit
               in the Reserve Account to the Note Distribution Account.

         (e)   Following the payment in full of the aggregate Outstanding Amount
               of the Series C2002-1 Debt Obligations and of all other amounts
               owing or to be distributed hereunder or under the Indenture to
               the Servicer, the Administrator, the Series C2002-1 Debtholders,
               the other Related Specified Creditors, the Trustee and the
               Indenture Trustee, in each case, in respect of Series C2002-1,
               any amount remaining on deposit in the Reserve Account shall be
               distributed to the Seller (or any transferee or assignee pursuant
               to clause (e)) and the Issuer as provided in subsection (b)
               above. The Seller (and such transferees and assignees) and the
               Issuer shall in no event be required to refund any amounts
               distributed pursuant to this Section 5.7(e) to which the Seller
               is entitled to hereunder.

         (f)   The Seller may at any time, without consent of the Series C2002-1
               Debtholders, the other Related Specified Creditors, the Issuer or
               the Indenture Trustee, sell,

<PAGE>

                                       35

               transfer, convey or assign in any manner its rights to and
               interests in the Class D Notes, the Subordinated Reserve Account
               Loans or distributions from the Reserve Account, including
               interest and other investment earnings thereon; provided, that
               the Rating Agency Condition is satisfied.

5.8      PRE-FUNDING ACCOUNT.

         (a)   On the Closing Date, the Issuer will deposit in the Pre-Funding
               Account $30,000,000 from the proceeds of the Initial Class VPN
               Loan.

         (b)   On each Subsequent Transfer Date, the Servicer shall, upon
               satisfaction of the conditions set forth in Section 2.5(b) of
               this Agreement with respect to such transfer, instruct the
               Indenture Trustee in writing to withdraw from the Pre-Funding
               Account (i) an amount equal to the Reserve Account Initial
               Deposit for such Subsequent Transfer Date (which amount shall be
               retained by the Issuer and set-off against the Subordinated
               Reserve Account Loan to be made by the Seller to the Issuer on
               such date as provided in Section 2.7(b)) and to deposit such
               amount in the Reserve Account and (ii) an amount equal to the
               excess of (x) the lesser of (A) the aggregate Principal Balance
               of the Subsequent Receivables transferred to the Issuer on such
               Subsequent Transfer Date and (B) the balance on deposit in the
               Pre-Funding Account after giving effect to (i) above on such
               Subsequent Transfer Date over (y) the Reserve Account Initial
               Deposit for such Subsequent Transfer Date, and to distribute such
               amount to or upon the order of the Seller.

         (c)   If: (i) the Pre-Funded Amount has not been reduced to zero on the
               Monthly Payment Date on which the Pre-Funding Period ends (or, if
               the Pre-Funding Period does not end on a Monthly Payment Date, on
               the first Monthly Payment Date following the end of the
               Pre-Funding Period) or (ii) the Pre-Funded Amount has been
               reduced to $100,000 or less on any Determination Date, in either
               case after giving effect to any reductions in the Pre-Funded
               Amount on such date pursuant to paragraph (a), the Servicer shall
               instruct the Indenture Trustee to withdraw from the Pre-Funding
               Account, in the case of clause (i), on such Monthly Payment Date
               or, in the case of clause (ii), on the Monthly Payment Date
               immediately succeeding such Determination Date, the amount
               remaining at the time in the Pre-Funding Account (such remaining
               amount being the "Remaining Pre-Funded Amount") and such amount
               shall be deposited to the Note Distribution Account.

5.9      CAPITALIZED INTEREST ACCOUNT

On the Initial Closing Date, the Issuer shall deposit the Capitalized Interest
Account Initial Deposit into the Capitalized Interest Account. On the January
2003 Monthly Payment Date, the Servicer will instruct the Indenture Trustee to
withdraw from the Capitalized Interest Account and deposit into the Collection
Account an amount equal to the Capitalized Interest Amount for that date. If the
amount on deposit in the Capitalized Interest Account on the January 2003
Monthly Payment Date (after giving effect to the withdrawal therefrom of the
Capitalized Interest Amount for that date) is greater than zero, the excess will
be released to the Seller in part payment of the Residual Purchase Price.

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                                       36

5.10     STATEMENTS TO SERIES C2002-1 DEBTHOLDERS

         (a)   On each Determination Date, the Servicer shall provide to the
               Indenture Trustee (with a copy to the Rating Agencies) a
               statement substantially in the form of Exhibit B setting forth at
               least the following information as to the Series C2002-1 Debt
               Obligations to the extent applicable:

               (i)    the amount of the distributions allocable to the principal
                      in respect of the Series C2002-1 Debt Obligations of each
                      Class;

               (ii)   the amount of the distributions allocable to the interest
                      on the Series C2002-1 Debt Obligations of each Class;

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

               (iv)   the aggregate Outstanding Amount for each Class of Series
                      C2002-1 Debt Obligations and the Note Pool Factor for each
                      Class of Series C2002-1 Debt Obligations as of such
                      Monthly Payment Date, in each case, after giving effect to
                      all payments made on each such Class on such Monthly
                      Payment Date; (v) the amount of Noteholders' Principal
                      Carryover Amount for each Class of Series C2002-1 Debt
                      Obligations for the Monthly Payment Date and the changes
                      therein, if any, from the preceding payment date, and the
                      amount of the Noteholders' Interest Carryover Amount for
                      that Monthly Payment Date and the allocation thereof
                      between the Classes of Series C2002-1 Debt Obligations and
                      the changes therein, if any, from the preceding payment
                      date;

               (vi)   the amount of the Servicing Fee paid to the Servicer with
                      respect to the preceding Collection Period;

               (vii)  the amount of the Administration and Trustee Fees paid to
                      the Administrator, the Trustee and the Indenture Trustee
                      in respect of the preceding Collection Period;

               (viii) the amount, if any, distributed to the Series C2002-1
                      Debtholders of each Class and to the other Related
                      Specified Creditors from amounts on deposit in the Reserve
                      Account;

               (ix)   the balance of the Reserve Account and the Accumulation
                      Account on such Monthly Payment Date (after giving effect
                      to all changes therein on such Monthly Payment Date);

               (x)    the amount of the aggregate Realized Losses, if any, for
                      the related Collection Period;

<PAGE>

                                       37

               (xi)   the aggregate Purchase Amounts for Receivables, if any
                      that were repurchased, purchased or sold in respect of
                      such Collection Period;

               (xii)  the aggregate Purchase Amounts for Sold Receivables, if
                      any, that were sold by the Issuer in such Collection
                      Period;

               (xiii) the BA 1 Month Rate, BA 3 Month Rate and the Interest
                      Rates for such Monthly Payment Date and each Class of
                      outstanding Series C2002-1 Debt Obligations; and

               (xiv)  the aggregate Additional Class VPN Loan Amounts, if any,
                      for such Monthly Payment Date and all other amounts
                      payable to the Related Specified Creditors other than the
                      Series C2002-1 Debtholders on such Monthly Payment Date.

               Each amount set forth pursuant to paragraph (i), (ii), (iii),
               (iv) and (v) above shall be expressed as a dollar amount per
               $10,000 of the original principal balance of the Series C2002-1
               Debt Obligations.

         (b)   The Seller will cause AmeriCredit Corp. to post the information
               contained in the monthly statement referred to in paragraph (a)
               above at its world wide web site located at www.americredit.com.

5.11     NET DEPOSITS

As an administrative convenience, unless the Servicer is required to remit
collections daily, the Servicer will be permitted to make the deposit of
Collections net of distributions or payments to be made to the Servicer (in its
capacity as Seller or Servicer) with respect to the Collection Period. The
Servicer, however, will account to the Issuer, the Indenture Trustee, Series
C2002-1 Debtholders and other Related Specified Creditors as if all deposits,
distributions and transfers were made individually.

                                    ARTICLE 6
                                   THE SELLER

6.1      REPRESENTATIONS OF SELLER

The Seller makes the following representations on which the Issuer is deemed to
have relied in acquiring the Receivables and on which the Backup Servicer may
rely. The representations speak as of the execution and delivery of this
Agreement and as of the Closing Date with respect to the Initial Receivables and
as of the related Subsequent Transfer Date with respect to the Subsequent
Receivables, and shall survive the sale of the Receivables to the Issuer and the
pledge thereof to the Indenture Trustee pursuant to the Indenture:

         (a)   Organization and Good Standing. The Seller is duly organized and
               validly existing as a corporation in good standing under the laws
               of its jurisdiction of incorporation, with the corporate power
               and authority to own its properties and to conduct its business
               as such properties are currently owned and such business is

<PAGE>

                                       38

               presently conducted, and had at all relevant times, and has, the
               corporate power, authority and legal right to acquire and own
               Purchased Assets.

         (b)   Due Qualification. The Seller is duly qualified to do business as
               a foreign or extra-provincial corporation in good standing, and
               has obtained all necessary licenses and approvals, in all
               jurisdictions in which the ownership or lease of property or the
               conduct of its business shall require such qualifications.

         (c)   Power and Authority. The Seller has the power and authority to
               execute and deliver this Agreement and to carry out its terms;
               the Seller has full power and authority to sell and assign the
               property to be sold and assigned to and deposited with the Issuer
               and has duly authorized such sale and assignment to the Issuer by
               all necessary corporate action; and the execution, delivery and
               performance of this Agreement has been duly authorized by the
               Seller by all necessary corporate action.

         (d)   Valid Sale; Binding Obligation. This Agreement effects a valid
               sale, assignment and transfer of the Purchased Assets,
               enforceable against the Seller and this Agreement and the other
               Basic Documents and, when duly executed and delivered by the
               Seller, shall constitute legal, valid and binding obligations of
               the Seller enforceable in accordance with their terms.

         (e)   No Violation. The consummation of the transactions contemplated
               by this Agreement and the fulfilment 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 or both) a default under, the articles of incorporation or
               by-laws of the Seller, or any indenture, agreement or other
               instrument to which the Seller is a party or by which it shall be
               bound; or result in the creation or imposition of any Lien upon
               any of its properties pursuant to the terms of any such
               indenture, agreement or other instrument (other than pursuant to
               the Basic Documents); or violate any law or, to the best of the
               Seller's knowledge, any order, rule or regulation applicable to
               the Seller of any court or of any federal or provincial
               regulatory body, administrative agency or other governmental
               instrumentality having jurisdiction over the Seller or its
               properties.

         (f)   No Proceedings. There are no proceedings or investigations
               pending or, to the best of the Seller's knowledge, threatened,
               before any court, regulatory body, administrative agency or other
               governmental instrumentality having jurisdiction over the Seller
               or its properties: (i) asserting the invalidity of this
               Agreement, any of the other Basic Documents or the Series C2002-1
               Debt Obligations, (ii) seeking to prevent the issuance of the
               Series C2002-1 Debt Obligations or the consummation of any of the
               transactions contemplated by this Agreement or any of the other
               Basic Documents, or (iii) seeking any determination or ruling
               that could reasonably be expected to materially and adversely
               affect the performance by the Seller of its obligations under, or
               the validity or enforceability of, this Agreement, the Indenture,
               any of the other Basic Document, or the Series C2002-1 Debt
               Obligations.

<PAGE>

                                       39

         (g)   Chief Executive Office. The chief executive office of the Seller
               is located in the Province of Ontario.

         (h)   No Consents. No consent, approval, authorization or order of any
               court or governmental agency or body is required for the
               execution, delivery and performance by the Seller of or
               compliance by the Seller with this Agreement or the consummation
               of the transactions contemplated by this Agreement, other than
               those which have been obtained by the Seller.

         (i)   Not Bulk Sale. The transfer, assignment and conveyance of the
               Receivables by the Seller to the Issuer does not constitute a
               bulk sale under applicable bulk sales legislation or any similar
               statutory provisions in effect in any applicable jurisdiction.

         (j)   Solvency. The Seller will be solvent at all relevant times prior
               to, and will not be rendered insolvent by, the sale of the
               Purchased Assets to the Issuer. The Seller is not selling the
               Purchased Assets to the Issuer with any intent to hinder, delay
               or defraud any of the creditors of the Seller.

6.2      LIABILITY OF SELLER; INDEMNITIES

         (a)   The Seller shall be liable in accordance herewith only to the
               extent of the obligations specifically undertaken by the Seller
               under this Agreement.

         (b)   The Seller shall indemnify, defend and hold harmless the Issuer,
               the Trustee, the Indenture Trustee, the Backup Servicer, any
               Successor Servicer and the Related Specified Creditors and each
               of their respective officers, directors, employees and agents,
               from and against (i) any taxes that may at any time be asserted
               against any such Person with respect to the sale and conveyance
               of the Purchased Assets to the Issuer or the transactions
               contemplated in this Agreement and the Basic Documents, and (ii)
               any goods and services taxes, sales taxes or other transfer taxes
               arising out of (x) the sale and conveyance of the Purchased
               Assets to the Issuer or (y) the issuance and original sale of the
               Series C2002-1 Debt Obligations, or (z) the servicing of the
               Purchased Assets by AmeriCredit Canada, as Servicer, in
               accordance with and on the terms of the Agreement including in
               each case, any sales, goods and services, gross receipts, general
               corporation, tangible personal property, privilege, capital or
               license taxes and costs and expenses in defending against the
               same but excluding, in the case of (i) and (ii): (x) any federal
               or provincial income taxes arising out of fees paid to the
               Trustee, Indenture Trustee, the Backup Servicer or any Successor
               Servicer, (y) any taxes to which the Trustee, the Indenture
               Trustee, the Backup Servicer or a Successor Servicer may
               otherwise be subject to, without regard to the transactions
               contemplated hereby, and (z) any taxes asserted with respect to
               federal, provincial or other income or capital taxes arising out
               of the creation, sale, ownership or disposition of the Purchased
               Assets or the Related Obligations or payments thereon.

         (c)   The Seller shall indemnify, defend and hold harmless the Issuer,
               the Indenture Trustee, the Backup Servicer and any Successor
               Servicer (and their respective

<PAGE>

                                       40

               officers, directors, employees and agents), from and against any
               loss, liability or expense incurred by reason of (i) the Seller's
               wilful misfeasance, bad faith or negligence in the performance of
               its duties under this Agreement, (ii) the Seller's reckless
               disregard of its obligations and duties under this Agreement, or
               (iii) the Seller's failure to duly observe or perform in any
               material respect its covenants and agreements set forth in this
               Agreement.

         (d)   Indemnification under this Section 6.2 shall survive the
               resignation or removal of the Trustee or the Indenture Trustee or
               the termination of this Agreement and the Indenture and shall
               include reasonable fees and expenses of counsel and expenses of
               litigation. If the Seller shall have made any indemnity payments
               pursuant to this Section and the Person to or on behalf of whom
               such payments are made thereafter shall collect any of such
               amounts from others, such Person shall promptly repay such
               amounts to the Seller, without interest.

6.3      MERGER OR CONSOLIDATION OF, OR ASSUMPTION OF THE OBLIGATIONS OF, SELLER

Any Person (a) into which the Seller may be amalgamated, merged or consolidated,
(b) that may result from any amalgamation, merger or consolidation to which the
Seller shall be a party, (c) that may succeed to the properties and assets of
the Seller substantially as a whole, or (d) that is (i) an Affiliate of the
Seller, (ii) a successor to the retail finance business and related properties
and assets of AmeriCredit Canada, and (iii) is engaged in the business of
owning, administering and servicing the Receivables or Contracts and receivables
similar to the Receivables and which Person (in any of the foregoing cases)
executes an agreement of assumption to perform every obligation of the Seller
under this Agreement (or is deemed by law to have assumed such obligations),
shall be the successor to the Seller hereunder without the execution or filing
of any further document or any further act by any of the parties to this
Agreement; provided, however, that (1) immediately after giving effect to such
transaction, no representation or warranty made pursuant to Section 3.1 shall
have been breached and no Servicer Termination Event, and no event that, after
notice or lapse of time, or both, would become a Servicer Termination Event
shall have occurred and be continuing, (2) the Seller shall have delivered to
the Issuer, the Backup Servicer and the Indenture Trustee an Officers'
Certificate and an Opinion of Counsel each stating that such consolidation,
merger or succession and such agreement of assumption comply with this Section
and that all conditions precedent, if any, provided for in this Agreement
relating to such transaction have been complied with, (3) the Rating Agency
Condition shall have been satisfied with respect to such transaction and (4) the
Seller shall have delivered to the Issuer, the Backup Servicer and the Indenture
Trustee an Opinion of Counsel either (A) stating that, in the opinion of such
counsel, all financing statements and amendments thereto have been executed and
filed that are necessary fully to preserve and protect the interest of the
Issuer and Indenture Trustee, respectively, in the Receivables and reciting the
details of such filings, or (B) stating that, in the opinion of such counsel, no
such action shall be necessary to preserve and protect such interests.
Notwithstanding anything herein to the contrary, the execution of the foregoing
agreement of assumption and compliance with clauses (1), (2), (3) and (4) above
shall be conditions to the consummation of the transactions referred to in
clauses (a), (b), (c) or (d) above.

<PAGE>

                                       41

6.4      LIMITATION ON LIABILITY OF SELLER AND OTHERS

The Seller and any director or officer or employee or agent of the Seller may
rely in good faith on the advice of counsel or on any document of any kind,
prima facie properly executed and submitted by any Person acting on behalf of
the Issuer or the Indenture Trustee respecting any matters arising hereunder.
The Seller shall not be under any obligation to appear in, prosecute or defend
any legal action that shall not be incidental to its obligations under this
Agreement, and that in its opinion may involve it in any expense or liability.

6.5      SELLER MAY OWN SERIES C2002-1 DEBT OBLIGATIONS

The Seller and any Affiliate thereof may in its individual or any other capacity
become the owner or pledgee of Series C2002-1 Debt Obligations with the same
rights as it would have if it were not the Seller or an Affiliate thereof,
except as expressly provided herein or in any other Basic Document.

                                   ARTICLE 7
                                  THE SERVICER

7.1      REPRESENTATIONS OF SERVICER

AmeriCredit Canada makes the following representations on which the Issuer is
deemed to have relied in acquiring the Receivables. The representations speak as
of the execution and delivery of the Agreement and as of the Closing Date with
respect to the Initial Receivables and as of the Subsequent Transfer Date with
respect to the Subsequent Receivables and shall survive the sale of the
Receivables to the Issuer and the pledge thereof to the Indenture Trustee
pursuant to the Indenture.

         (a)   Organization and Good Standing. The Servicer is duly organized
               and validly existing as a corporation in good standing under the
               laws of its jurisdiction of incorporation, with the corporate
               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 had at all relevant times, and has,
               the power, authority and legal right to acquire, own, sell and
               service the Receivables and to hold the Receivable Files as
               custodian.

         (b)   Due Qualification. The Servicer is duly qualified to do business
               as a foreign or extra-provincial corporation in good standing,
               and has obtained all necessary licenses and approvals in all
               jurisdictions in which the ownership or lease of property or the
               conduct of its business (including the servicing of the
               Receivables as required by this Agreement) shall require such
               qualifications.

         (c)   Power and Authority. The Servicer has the corporate power and
               authority to execute and deliver this Agreement and to carry out
               its terms; and the execution, delivery and performance of this
               Agreement have been duly authorized by the Servicer by all
               necessary corporate action.

<PAGE>

                                       42

         (d)   Binding Obligation. This Agreement constitutes a legal, valid and
               binding obligation of the Servicer enforceable against the
               Servicer in accordance with its terms.

         (e)   No Violation. The consummation of the transactions contemplated
               by this Agreement and the fulfilment of the terms hereof shall
               not conflict with, result in any breach of any of the terms and
               provisions of, or constitute (with or without notice or lapse of
               time or both) a default under, the articles of incorporation or
               by-laws of the Servicer, or any indenture, agreement or other
               instrument to which the Servicer is a party or by which it shall
               be bound; or result in the creation or imposition of any Lien
               upon any of its properties pursuant to the terms of any such
               indenture, agreement or other instrument (other than this
               Agreement); or violate any law or, to the best of the Servicer's
               knowledge, any order, rule or regulation applicable to the
               Servicer of any court or of any federal or provincial regulatory
               body, administrative agency or other governmental instrumentality
               having jurisdiction over the Servicer or its properties.

         (f)   No Consents. No consent, approval, authorization or order of any
               court or governmental agency or body is required for the
               execution, delivery and performance by the Servicer of or
               compliance by the Servicer with this Agreement or the
               consummation of the transactions contemplated by this Agreement,
               other than those which have been obtained by the Servicer.

         (g)   No Proceedings. There are no proceedings or investigations
               pending, or, to the best of the Servicer's knowledge, threatened,
               before any court, regulatory body, administrative agency or other
               governmental instrumentality having jurisdiction over the
               Servicer or its properties: (i) asserting the invalidity of this
               Agreement, any of the other Basic Documents, or the Series
               C2002-1 Debt Obligations, (ii) seeking to prevent the issuance of
               the Series C2002-1 Debt Obligations or the consummation of any of
               the transactions contemplated by this Agreement or any of the
               other Basic Documents, or (iii) seeking any determination or
               ruling that could reasonably be expected to materially and
               adversely affect the performance by the Servicer of its
               obligations under, or the validity or enforceability of, this
               Agreement, any of the other Basic Documents or the Series C2002-1
               Debt Obligations.

7.2      LIABILITY OF SERVICER; INDEMNITIES

         (a)   The Servicer (in its capacity as such) shall be liable in
               accordance herewith only to the extent of the obligations
               specifically undertaken by the Servicer under this Agreement.

         (b)   The Servicer shall defend, indemnify and hold harmless the
               Issuer, the Indenture Trustee, the Backup Servicer, the Series
               C2002-1 Debtholders, the other Related Specified Creditors and
               the Seller and any of their respective officers, directors,
               employees and agents from and against any and all costs,
               expenses, losses, damages, claims and liabilities, arising out of
               or resulting from:

<PAGE>

                                       43

               (i)    the use, ownership or operation by the Servicer or any
                      Affiliate thereof of any of the Financed Vehicles;

               (ii)   the negligence, wilful misfeasance or bad faith of the
                      Servicer in the performance of its duties under this
                      Agreement;

               (iii)  the reckless disregard of its obligations and duties under
                      this Agreement; or

               (iv)   the Servicer's failure to duly observe or perform in any
                      material respect its covenants and agreements set forth in
                      this Agreement.

         (c)   The Servicer shall indemnify, defend and hold harmless the
               Issuer, the Backup Servicer and the Indenture Trustee (and their
               respective officers, directors, employees and agents) from and
               against all costs, expenses, losses, claims, damages and
               liabilities arising out of or incurred in connection with the
               acceptance or performance of the trusts and duties herein and, in
               the case of the Issuer, in the Declaration of Trust contained,
               and, in the case of the Indenture Trustee, in the Indenture
               contained, except to the extent that such cost, expense, loss,
               claim, damage or liability:

               (i)    shall be due to the wilful misfeasance, bad faith or gross
                      negligence (except for errors in judgement) of the Issuer,
                      the Backup Servicer or Indenture Trustee, as applicable;
                      or

               (ii)   is a debt, liability or obligation of the Issuer to a
                      Specified Creditor in respect of a Series C2002-1 Note
                      Obligation or otherwise (other than pursuant to Sections
                      7.2(d), (e), or (f)).

         (d)   The Servicer shall pay any and all taxes levied or assessed upon
               all or part of the Related Collateral.

         (e)   The Servicer shall pay the Indenture Trustee and the Issuer from
               time to time reasonable compensation for all services rendered by
               the Indenture Trustee under the Indenture or the Issuer under the
               Declaration of Trust (which compensation shall not be limited by
               any provision of law in regard to the compensation of a trustee
               of an express trust).

         (f)   The Servicer shall, except as otherwise expressly provided in the
               Indenture or Declaration of Trust, reimburse the Indenture
               Trustee and the Issuer upon its request for all reasonable
               expenses, disbursements and advances incurred or made in
               accordance with the Indenture or Declaration of Trust
               respectively (including the reasonable compensation, expenses and
               disbursements of its agents and either in-house counsel or
               outside counsel, but not both), except any such expense,
               disbursement or advance as may be attributable to the Indenture
               Trustee's or Issuer's negligence, bad faith or wilful
               misfeasance.

         (g)   For purposes of this Section, in the event of the termination of
               the rights and obligations of Servicer pursuant to Section 8.1 or
               a resignation by such Servicer

<PAGE>

                                       44

               pursuant to this Agreement, the Servicer shall be deemed to be
               the Servicer pending appointment of a Successor Servicer pursuant
               to Section 8.2.

         (h)   Indemnification under this Section shall survive the resignation
               or removal of the Issuer, the Backup Servicer or the Indenture
               Trustee or the termination of this Agreement and shall include
               reasonable fees and expenses of counsel and expenses of
               litigation. If the Servicer shall have made any indemnity
               payments pursuant to this Section and the Person to or on behalf
               of whom such payments are made thereafter collects any of such
               amounts from others, such Person shall promptly repay such
               amounts to the Servicer, without interest.

7.3      AMALGAMATION  MERGER OR CONSOLIDATION,  OR ASSUMPTION OF THE
         OBLIGATIONS OF, SERVICER OR BACKUP SERVICER

         (a)   Any Person (i) into which the Servicer may be amalgamated, merged
               or consolidated; (ii) that may result from any amalgamation,
               merger or consolidation to which the Servicer shall be a party;
               (iii) that may succeed to the properties and assets of the
               Servicer substantially as a whole; and (iv) that is (a) an
               Affiliate of the Seller, (b) a successor to the retail finance
               business and related properties and assets of AmeriCredit Canada,
               and (c) is engaged in the business of owning, administering and
               servicing the Receivables or Contracts and receivables similar to
               the Receivables and which Person (in any of the foregoing
               circumstances) executes an agreement of assumption to perform
               every obligation of the Servicer hereunder (or is deemed by law
               to have assumed such obligations), shall be the successor to the
               Servicer under this Agreement without further act on the part of
               any of the parties to this Agreement; provided, however, that (1)
               immediately after giving effect to such transaction, no Servicer
               Termination Event, and no event which, after notice or lapse of
               time, or both, would become a Servicer Termination Event shall
               have occurred and be continuing, (2) the Servicer shall have
               delivered to the Issuer, the Backup Servicer and Indenture
               Trustee an Officers' Certificate and an Opinion of Counsel each
               stating that such consolidation, merger or succession and such
               agreement of assumption comply with this Section and that all
               conditions precedent, if any, provided for in this Agreement
               relating to such transaction have been complied with, (3) the
               Rating Agency Condition shall have been satisfied with respect to
               such transaction; and (4) the Servicer shall have delivered to
               the Issuer and Indenture Trustee an Opinion of Counsel either (A)
               stating that, in the opinion of such counsel, all financing
               statements, financing change statements, continuation statements
               and amendments thereto have been executed and filed that are
               necessary fully to preserve and protect the interest of the
               Issuer or Indenture Trustee, respectively, in the Receivables and
               reciting the details of such filings or (B) stating that, in the
               opinion of such counsel, no such action shall be necessary to
               preserve and protect such interests. Notwithstanding anything
               herein to the contrary, the execution of the foregoing agreement
               of assumption and compliance with clauses (1), (2), (3) and (4)
               above shall be conditions to the consummation of the transactions
               referred to in clauses (i), (ii), (iii) or (iv) above.

<PAGE>

                                       45

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

7.4      LIMITATION ON LIABILITY OF SERVICER, THE BACKUP SERVICER AND OTHERS

         (a)   Neither the Servicer, the Backup Servicer nor any of their
               respective directors, officers, employees or agents shall be
               under any liability to the Issuer, the Indenture Trustee, the
               Series C2002-1 Debtholders or the other Related Specified
               Creditors, except as provided under this Agreement, for any
               action taken or for refraining from the taking of any action
               pursuant to this Agreement or for errors in judgement; provided,
               however, that this provision shall not protect the Servicer, the
               Backup Servicer or any such Person against any liability that
               would otherwise be imposed by reason of wilful misfeasance, bad
               faith or negligence in the performance of duties or by reason of
               reckless disregard of obligations and duties under this
               Agreement. The Servicer, the Backup Servicer and any director or
               officer or employee or agent of the Servicer or Backup Servicer
               may rely in good faith on any document of any kind prima facie
               properly executed and submitted by any Person acting on behalf of
               the Issuer or the Indenture Trustee respecting any matters
               arising hereunder.

         (b)   Except as provided in this Agreement, the Servicer and the Backup
               Servicer shall not be under any obligation to appear in,
               prosecute or defend any legal action that shall not be incidental
               to its duties to service the Receivables in accordance with this
               Agreement, and that in its opinion may involve it in any expense
               or liability; provided, however, that the Servicer or the Backup
               Servicer may undertake any reasonable action that it may deem
               necessary or desirable in respect of this Agreement, the other
               Basic Documents and the rights and duties of the parties to this
               Agreement, the other Basic Documents and the interests of the
               Series C2002-1 Debtholders and other Related Specified Creditors
               under this Agreement and the Indenture.

         (c)   The Backup Servicer shall not be liable for any obligation of the
               Servicer contained in this Agreement or for any errors of the
               Servicer contained in any computer tape, certificate or other
               data or document delivered to the Backup Servicer hereunder or on
               which the Backup Servicer must rely in order to perform its
               obligations hereunder, and the Indenture Trustee, the Issuer, the
               Seller and the Series C2002-1 Debtholders shall look only to the
               Servicer to perform such obligations. The Backup Servicer and the
               Indenture Trustee shall have no

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                                       46

               responsibility and shall not be in default hereunder or incur any
               liability for any failure, error, malfunction or any delay in
               carrying out any of their respective duties under this Agreement
               if such failure or delay results from the Backup Servicer acting
               in accordance with information prepared or supplied by a Person
               other than the Backup Servicer (or contractual agents) or the
               failure of any such other Person to prepare or provide such
               information. The Backup Servicer shall have no responsibility,
               shall not be in default and shall incur no liability for (i) any
               act or failure to act of any third party (other than its
               contractual agents), including the Servicer, (ii) any inaccuracy
               or omission in a notice or communication received by the Backup
               Servicer from any third party (other than its contractual
               agents), (iii) the invalidity or unenforceability of any
               Receivable under applicable law, (iv) the breach or inaccuracy of
               any representation or warranty made with respect to any
               Receivable, or (v) the acts or omissions of any successor Backup
               Servicer.

7.5      DELEGATION OF DUTIES

AmeriCredit Canada, as Servicer, may at any time appoint a sub-servicer (a
"Sub-Servicer") to perform all or any portion of its obligations as Servicer.
AmeriCredit Canada may appoint as a Sub-Servicer and delegate any of its duties
as Servicer to a direct or indirect wholly-owned subsidiary of AmeriCredit Corp.
and the Rating Agencies need not approve any such delegation. The appointment of
any Sub-Servicer, other than an affiliate of AmeriCredit Corp., is subject to
the condition that the Rating Agencies confirm in writing that the appointment
of any Sub-Servicer will not result in the reduction or withdrawal of the
ratings of the Offered Notes. The Servicer may also at any time perform through
sub-contractors the specific duties of (i) repossession of Financed Vehicles,
(ii) tracking Financed Vehicles' insurance, and (iii) pursuing the collection of
deficiency balances on certain Liquidated Receivables, in each case without the
approval of the Rating Agencies. The Servicer shall remain obligated and be
liable to the Issuer, the Indenture Trustee, the Backup Servicer and the Series
C2002-1 Debtholders for the servicing and administering of the Receivables in
accordance with the Agreement without diminution of those obligations and
liabilities by virtue of the appointment of any Sub-Servicer or the delegation
of the specified duties and to the same extent and under the same terms and
conditions as if the Servicer itself were servicing and administering the
Receivables. The fees and expenses of each Sub-Servicer will be as agreed
between the Servicer and its Sub-Servicer, if any, from time to time and none of
the Issuer, the Trustee, the Indenture Trustee or the Series C2002-1 Debtholders
will have any responsibility therefor.

7.6      SERVICER AND BACKUP SERVICER NOT TO RESIGN

Subject to the provisions of Section 7.3, neither the Servicer nor the Backup
Servicer shall resign from the obligations and duties imposed on it as Servicer
or Backup Servicer under this Agreement except upon determination that the
performance of its duties under this Agreement shall no longer be permissible
under applicable law. Notice of any such determination shall be communicated to
the Issuer and the Indenture Trustee at the earliest practicable time (and, if
such communication is not in writing, shall be confirmed in writing at the
earliest practicable time) and any such determination shall be evidenced by an
Opinion of Counsel to such effect delivered to the Issuer and the Indenture
Trustee concurrently with or promptly after such notice. No resignation of the
Servicer shall become effective until the Backup Servicer or a Successor

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                                       47

Servicer shall have assumed the responsibilities and obligations of the Servicer
in accordance with Section 8.2. No resignation of the Backup Servicer shall
become effective until a Person that satisfies the Rating Agency Condition shall
have assumed the responsibilities and obligations of the Backup Servicer;
provided, however, that in the event a successor Backup Servicer is not
appointed within 60 days after the Backup Servicer has given notice of its
resignation and has provided the Opinion of Counsel required by this Section,
the Backup Servicer may petition a court for its removal.

7.7      REPAYMENT OF ADVANCES.

If the identity of the Servicer shall change, the predecessor Servicer shall be
entitled to receive, to the extent of available funds, reimbursement for
Liquidity Advances and Maturity Advances pursuant to Section 2.9 in the manner
specified in Section 2.9 with respect to all Liquidity Advances and Maturity
Advances made by such predecessor Servicer.

                                    ARTICLE 8
                                     DEFAULT

8.1      SERVICER TERMINATION EVENT

If any one of the following events (a "Servicer Termination Event") shall occur:

         (a)   any failure by the Servicer to deliver to the Issuer or the
               Indenture Trustee for distribution to the Series C2002-1
               Debtholders any proceeds or payment required to be so delivered
               that continues unremedied for a period of three Business Days
               (one Business Day with respect to payment of Purchase Amounts)
               after the earlier of written notice of such failure is received
               by the Servicer from the Issuer or the Indenture Trustee or after
               discovery of such failure by a Responsible Officer of the
               Servicer;

         (b)   failure by the Servicer to deliver to the Indenture Trustee the
               Servicer's Certificate by 12:00 p.m. (Toronto time) on any
               Determination Date;

         (c)   any failure by the Servicer duly to observe or to perform in any
               material respect any other covenants or agreements of the
               Servicer set forth in this Agreement or any other Basic Document,
               which failure shall (i) materially and adversely affect the
               rights of the Issuer or the Series C2002-1 Debtholders and the
               other Related Specified Creditors (determined without regard to
               the availability of funds from any credit enhancement in the form
               of the over-collateralization represented by the Class D Notes or
               in the form of the Reserve Account) and (ii) continues unremedied
               for a period of 30 days after the earlier of knowledge thereof by
               the Servicer or the date on which written notice of such failure,
               requiring the same to be remedied, shall have been given (A) to
               the Servicer by the Issuer or the Indenture Trustee or (B) to the
               Servicer and to the Issuer by the holders of not less than 25% of
               the Outstanding Amount of the Series C2002-1 Debt Obligations;

         (d)   an Insolvency Event occurs with respect to the Servicer;

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                                       48

         (e)   any representation, warranty or statement of the Servicer made in
               this Agreement or any certificate, report or other writing
               delivered pursuant hereto shall prove to be incorrect in any
               material respect as of the time when the same shall have been
               made, and the incorrectness of such representation, warranty or
               statement has a material adverse effect on the Issuer or the
               Series C2002-1 Debtholders and the other Related Specified
               Creditors (determined without regard to the availability of funds
               from any credit enhancement in the form of the
               over-collateralization represented by the Class D Notes or in the
               form of the Reserve Account) and, within 30 days after the
               earlier of knowledge thereof by the Servicer or after written
               notice thereof shall have been given to the Servicer by the
               Indenture Trustee or by the holders of the at least 25% of the
               outstanding principal amount of the Series C2002-1 Debt
               Obligations and the circumstances or condition in respect of
               which such representation, warranty or statement was incorrect
               shall not have been eliminated or otherwise cure; or

         (f)   if AmeriCredit Canada or an Affiliate is the Servicer, such
               Servicer shall cease to be a direct or indirect wholly owned
               subsidiary of AmeriCredit Corp.,

then, and in each and every case, so long as the Servicer Termination Event
shall not have been remedied, either the Indenture Trustee or the holders of not
less than 66-2/3% of the Outstanding Amount of the Series C2002-1 Debt
Obligations, by notice then given in writing to the Servicer (and to the
Indenture Trustee and Issuer if given by the Series C2002-1 Debtholders) may
terminate all the rights and obligations (other than the obligations set forth
in Section 7.2 hereof) of the Servicer under this Agreement. On or after the
receipt by the Servicer of such written notice, all authority and power of the
Servicer under this Agreement, whether with respect to the Series C2002-1 Debt
Obligations or the Receivables or otherwise, shall, without further action, pass
to and be vested in the Backup Servicer or such Successor Servicer as may be
appointed under Section 8.2; and, without limitation, the Backup Servicer or the
Successor Servicer is hereby authorized and empowered to execute and deliver, on
behalf of the predecessor Servicer, as attorney-in-fact or otherwise, any and
all documents and other instruments, and to do or accomplish all other acts or
things necessary or appropriate to effect the purposes of such notice of
termination, whether to complete the transfer and endorsement of the Receivables
and related documents, or otherwise. The predecessor Servicer shall co-operate
with the Backup Servicer or the Successor Servicer, the Indenture Trustee and
the Issuer in effecting the termination of the responsibilities and rights of
the predecessor Servicer under this Agreement, including the transfer to the
Backup Servicer or the Successor Servicer for administration by it of (i) all
cash amounts that shall at the time be held by the predecessor Servicer for
deposit, or shall thereafter be received by it with respect to a Receivable and
(ii) all Receivable Files, Monthly Records and Collection Records and a computer
tape in readable form as of the most recent Business Day containing all
information necessary to enable the Successor Servicer to service the
Receivables. All reasonable costs and expenses (including fees and disbursements
of counsel) incurred in connection with transferring the Receivable Files,
Monthly Records and Collection Records to the Backup Servicer or the Successor
Servicer and amending this Agreement to reflect such succession as Servicer
pursuant to this Section shall be paid by the predecessor Servicer. Upon receipt
of notice of the occurrence of a Servicer Termination Event, the Issuer shall
give notice thereof to the Rating Agencies.

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                                       49

8.2      APPOINTMENT OF SUCCESSOR

         (a)   On and after the time the Servicer receives a notice of
               termination pursuant to Section 8.1(a) or upon the resignation of
               the Servicer pursuant to Section 7.6, the Backup Servicer shall
               be the successor in all respects to the Servicer in its capacity
               as servicer under this Agreement and the transactions set forth
               or provided for in this Agreement, and shall be subject to all
               the rights, responsibilities, restrictions, duties, liabilities
               and termination provisions relating thereto placed on the
               Servicer by the terms and provisions of this Agreement except as
               otherwise stated herein. The Indenture Trustee and such successor
               Servicer (the "Successor Servicer") shall take such action,
               consistent with this Agreement, as shall be necessary to
               effectuate any such succession. If a Successor Servicer is acting
               as Servicer hereunder, it shall be subject to termination under
               Section 8.1(a) upon the occurrence of any Servicer Termination
               Event applicable to it as Servicer.

         (b)   If the Backup Servicer shall be legally unable or unwilling to
               act as Servicer, the Backup Servicer, the Indenture Trustee or
               the holders of not less than a majority of the Outstanding Amount
               of the Series C2002-1 Debt Obligations may petition a court of
               competent jurisdiction to appoint any Eligible Servicer as
               Successor Servicer. Pending appointment pursuant to the preceding
               sentence, the Backup Servicer shall act as Successor Servicer
               unless it is legally unable to do so, in which event the outgoing
               Servicer shall continue to act as Servicer until a successor has
               been appointed and accepted such appointment. Subject to Section
               7.6, no provision of this Agreement shall be construed as
               relieving the Backup Servicer of its obligation to succeed as
               Successor Servicer upon the termination of the Servicer pursuant
               to Section 8.1(a) , or upon the resignation of the Servicer
               pursuant to Section 7.6. If upon the termination of the Servicer
               pursuant to Section 8.1(a) or the resignation of the Servicer
               pursuant to Section 7.6, the Indenture Trustee appoints a
               Successor Servicer other than the Backup Servicer, the Backup
               Servicer shall not be relieved of its duties as Backup Servicer
               hereunder.

         (c)   Any Successor Servicer shall be entitled to the Servicing Fee and
               such other compensation as described in Section 4.8 hereof. If
               any Successor Servicer is appointed as a result of the Backup
               Servicer's refusal (in breach of the terms of this Agreement) to
               act as Servicer although it is legally able to do so, the
               Indenture Trustee or the holders of not less than a majority of
               the Outstanding Amount of the Series C2002-1 Debt Obligations and
               such Successor Servicer may agree on reasonable additional
               compensation to be paid to such Successor Servicer by the Backup
               Servicer, which additional compensation shall be paid by such
               breaching Backup Servicer in its individual capacity and solely
               out of its own funds; provided, however, it being understood and
               agreed that the Indenture Trustee shall give prior notice to the
               Backup Servicer with respect to the appointment of such Successor
               Servicer and the payment of additional compensation, if any. If
               any Successor Servicer is appointed for any reason other than the
               Backup Servicer's refusal to act as Servicer although legally
               able to do so, the Backup Servicer shall not be liable for any
               Servicing Fee, additional

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                                       50

               compensation or other amounts to be paid to such Successor
               Servicer in connection with its assumption and performance of the
               servicing duties described herein.

8.3      NOTIFICATION TO SERIES C2002-1 DEBTHOLDERS

Upon any termination of, or appointment of a successor to, the Servicer pursuant
to this Article 8, the Issuer shall give prompt written notice thereof to Series
C2002-1 Debtholders, the other Related Specified Creditors and the Rating
Agencies.

8.4      WAIVER OF PAST DEFAULTS

The Indenture Trustee or the holders of not less than a majority of the
Outstanding Amount of the Series C2002-1 Debt Obligations may, on behalf of all
Series C2002-1 Debtholders, waive in writing any default by the Servicer in the
performance of its obligations hereunder and its consequences. Upon any such
waiver of a past default, if such waiver so provides, such default shall cease
to exist, and any Servicer Termination Event arising therefrom shall be deemed
to have been remedied for every purpose of this Agreement. No such waiver shall
extend to any subsequent or other default or impair any right consequent
thereto.

                                    ARTICLE 9
                                   TERMINATION

9.1      OPTIONAL PURCHASE OF ALL RECEIVABLES

         (a)   On any Monthly Payment Date for which the Pool Balance, as of the
               last day of the Collection Period ended immediately prior to such
               Monthly Payment Date, is 10% or less of the Original Pool
               Balance, the Servicer and the Seller each shall have the option
               to purchase all of the Related Collateral, other than the Series
               Accounts, as of the first day of the Collection Period
               immediately preceding such Monthly Payment Date, for a purchase
               price (the "Optional Purchase Price") equal to the aggregate
               Purchase Amount for the Receivables plus the appraised value of
               any such other Related Collateral, such value to be determined by
               an appraiser mutually agreed upon by the Servicer, the Issuer and
               the Indenture Trustee; provided, however, that the Servicer or
               the Seller shall not be entitled to exercise such option unless,
               upon the exercise thereof as hereinafter provided, the Issuer
               shall have available funds sufficient to pay the Redemption Price
               of the Redeemable Debt Obligations to be redeemed on the
               Redemption Date therefor and to pay all accrued and unpaid
               Additional Class VPN Loan Amounts due and payable and all amounts
               under the Swap Agreements on such Redemption Date. To exercise
               such option, the Servicer or the Seller shall (i) give the Issuer
               and the Indenture Trustee notice of the exercise of such option
               not less than 10 days prior to the Monthly Payment Date on which
               such option is to be exercised and (ii) deposit in the Collection
               Account pursuant to Section 5.5 on such Monthly Payment Date an
               amount equal to the aggregate Purchase Amount for the Receivables
               (including Liquidated Receivables) plus the appraised value of
               any such other Related Collateral and shall succeed to all
               interests in, to and under the Related Collateral, other than the
               Series Accounts.

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                                       51

9.2      EVENT OF DEFAULT SALE.

Upon any sale or other disposition of the Related Collateral pursuant to Section
8.2 of the Indenture (an "Event of Default Sale"), the Servicer shall instruct
the Indenture Trustee to deposit the proceeds of such disposition (the "Event of
Default Proceeds") into the Collection Account.

                                   ARTICLE 10
                            MISCELLANEOUS PROVISIONS

10.1     AMENDMENT

The Agreement may be amended from time to time by a written amendment duly
executed and delivered by the Seller, the Servicer, the Backup Servicer and the
Issuer, with the written consent of the Indenture Trustee, but without the
consent of any of the Series C2002-1 Debtholders or other Related Specified
Creditors, to cure any ambiguity, to correct or supplement any provisions in
this Agreement or for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions in this Agreement or of modifying in
any manner the rights of the Series C2002-1 Debtholders or other Related
Specified Creditors; provided, however, that such action shall not, as evidenced
by an Opinion of Counsel delivered to the Issuer and the Indenture Trustee,
adversely affect in any material respect the interests of any Series C2002-1
Debtholders or other Related Specified Creditor.

This Agreement may also be amended from time to time by the Seller, the
Servicer, the Backup Servicer and the Issuer, with the written consent of the
Indenture Trustee, but without the consent of any of the Series C2002-1
Debtholders or other Related Specified Creditors, to: (x) replace the Reserve
Account with another form of credit enhancement as long as the Rating Agency
Condition is satisfied with respect thereto and the Class VPN Lenders consent
thereto, such consent not to be unreasonably withheld or (y) add credit
enhancement for the benefit of any Class of Series C2002-1 Debt Obligations.

This Agreement may also be amended from time to time by the Seller, the
Servicer, the Backup Servicer and the Issuer, with the written consent of (a)
the Indenture Trustee, and (b) Series C2002-1 Debtholders or other Related
Specified Creditors holding Series C2002-1 Debt Obligations evidencing not less
than a majority of the Outstanding Amount 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 Series C2002-1
Debtholders or other Related Specified Creditors; 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 Series
C2002-1 Debtholders or other Related Specified Creditors or (b) reduce the
aforesaid percentage of the Series C2002-1 Debt Obligations that are required to
consent to any such amendment, in the case of (a) or (b), without the consent of
the holders of all the outstanding Series C2002-1 Debt Obligations or (c)
adversely affect the interests of any other Related Specified Creditor without
the consent of that affected Related Specified Creditor.

Promptly after the execution of any such amendment or consent (or, in the case
of the Rating Agencies, 10 days prior thereto), the Issuer shall furnish written
notification of the substance of such amendment or consent to the Indenture
Trustee and each of the Rating Agencies.

<PAGE>

                                       52

It shall not be necessary for the consent of the Series C2002-1 Debtholders or
other Related Specified Creditors 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.

Prior to the execution of any amendment to this Agreement, the Issuer and the
Indenture Trustee shall be entitled to receive and rely upon: (i) an Opinion of
Counsel stating that the execution of such amendment is authorized or permitted
by this Agreement and that all conditions precedent to such execution and
delivery by the Issuer and the Indenture Trustee have been satisfied and (ii)
the Opinion of Counsel referred to in Section 10.2(i)(i). The Issuer and the
Indenture Trustee may, but shall not be obligated to, enter into any such
amendment that affects the Issuer's or the Indenture Trustee's, as applicable,
own rights, duties or immunities under this Agreement or otherwise.

10.2     PROTECTION OF TITLE TO RECEIVABLES AND THE RELATED COLLATERAL.

         (a)   Subject to the last sentence of this Section 10.2(a), the Seller
               and the Servicer shall execute and file such financing
               statements, Forms RG, assignments and other documents and cause
               to be executed, delivered and filed such financing statements,
               financing change statements, Forms UCC-1 or other statements,
               assignments and other documents (collectively, "Financing
               Statements") all at such times, in such manner and in such places
               as may be required by any applicable PPSA to fully preserve,
               maintain, and protect the right, title and interest of the Issuer
               and the interests of the Indenture Trustee in the Receivables,
               the other property sold hereunder, the Related Collateral and in
               the proceeds thereof. The Seller shall deliver (or cause to be
               delivered) to the Issuer and Indenture Trustee duplicate
               registered copies of, or filing receipts for, any document filed
               as provided above, as soon as available following such filing.
               The Issuer and the Indenture Trustee shall co-operate fully with
               the Seller and the Servicer in connection with the obligations
               set forth above and will execute any and all documents reasonably
               required to fulfil the intent of this paragraph.

         (b)   Neither the Seller nor the Servicer shall change its name,
               identity, or corporate structure in any manner that would, could,
               or might make any Financing Statement filed by the Seller or the
               Servicer in accordance with paragraph (a) above misleading or
               ineffective within the meaning of any PPSA, unless it shall have
               given the Issuer and Indenture Trustee at least five days' prior
               written notice thereof and shall have promptly filed appropriate
               Financing Statements amending or validating previously filed
               Financing Statements.

         (c)   Each of the Seller and the Servicer shall give the Issuer and the
               Indenture Trustee at least 60 days' prior written notice of any
               relocation of its chief executive office if, as a result of such
               relocation, the applicable provisions of the PPSA would require
               the filing of any amendment of any previously filed Financing
               Statement or of any new Financing Statement and shall promptly
               file any such amendment or Financing Statement.

<PAGE>

                                       53

         (d)   The Servicer shall maintain accounts and records as to each
               Receivable accurately and in sufficient detail to permit: (i) the
               reader thereof to know at any time the status of such Receivable,
               including payments and recoveries made and payments owing (and
               the nature of each) and (ii) reconciliation between payments or
               recoveries on (or with respect to) each Receivable and the
               amounts from time to time deposited in the Collection Account in
               respect of such Receivable.

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

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

         (g)   The Seller shall not (i) create, incur or suffer to exist, or
               agree to create, incur or suffer to exist, or consent to cause or
               permit in the future (upon the happening of a contingency or
               otherwise) the creation, incurrence or existence of any Lien or
               restriction on transferability of the Receivables except for the
               Lien in favour of the Indenture Trustee for the benefit of the
               Series C2002-1 Debtholders and the restrictions on
               transferability imposed by this Agreement or (ii) sign or file
               under the PPSA of any jurisdiction any financing statement which
               names the Seller as a debtor, or sign any security agreement
               authorizing any secured party thereunder to file such financing
               statement, with respect to the Receivables, except in each case
               any such instrument solely securing the rights and interests of
               the Issuer or the rights and preserving the Lien of the Indenture
               Trustee, for the benefit of the Series C2002-1 Debtholders and
               the other Related Specified Creditors.

         (h)   The Servicer shall permit the Indenture Trustee and its agents at
               any time during normal business hours to inspect, audit and make
               copies of and abstracts from the Servicer's records regarding any
               Receivable provided, however that nothing in this Section 10.2
               shall affect the obligation of the Servicer to observe any
               applicable law prohibiting disclosure of information regarding
               the Obligors, and the failure of the Servicer to provide access
               to information as a result of such obligation shall not
               constitute a breach of this Section.

<PAGE>

                                       54

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

         (j)   The Servicer shall deliver to the Issuer and the Indenture
               Trustee:

               (i)    promptly after the execution and delivery of each
                      amendment hereto, an Opinion of Counsel either: (A)
                      stating that, in the opinion of such counsel, all
                      Financing Statements have been executed and filed that are
                      necessary fully to preserve and protect the interest of
                      the Issuer and the Indenture Trustee in the Receivables
                      (except as otherwise contemplated by the last sentence of
                      Section 10.2(a)), and reciting the details of such filings
                      or referring to prior Opinions of Counsel in which such
                      details are given, or (B) stating that, in the opinion of
                      such counsel, no such action shall be necessary to
                      preserve and protect such interest; and

               (ii)   within 90 days after the beginning of each calendar year
                      beginning with the first calendar year beginning more than
                      three months after the Initial Cut-Off Date, an Opinion of
                      Counsel, dated as of a date during such 90-day period,
                      either: (A) stating that, in the opinion of such counsel,
                      all Financing Statements have been executed and filed that
                      are necessary fully to preserve and protect the interest
                      of the Issuer and the Indenture Trustee in the Receivables
                      (except as otherwise contemplated by the last sentence of
                      Section 10.2(a)), and reciting the details of such filings
                      or referring to prior Opinions of Counsel in which such
                      details are given, or (B) stating that, in the opinion of
                      such counsel, no such action shall be necessary to
                      preserve and protect such interest.

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

10.3     NOTICES

All demands, notices, directions, instructions and communications upon or to the
Seller, the Servicer, the Issuer, the Indenture Trustee or any Rating Agency
under this Agreement shall be in writing, personally delivered or mailed by
certified mail, return receipt requested, or sent by facsimile or other similar
electronic communication and shall be deemed to have been duly given upon
receipt, or in the case of any facsimile or other similar electronic
communication, upon receipt of confirmation of successful transmission (a) in
the case of the Seller, to AmeriCredit Financial Services of Canada Ltd., 801
Cherry Street, Suite 3900, Fort Worth, Texas, 76102, Attention of Executive
Vice-President and Treasurer, (b) in the case of the Servicer, to AmeriCredit
Financial Services of Canada Ltd., 801 Cherry Street, Suite 3900, Fort Worth,
Texas, 76102; Attention of Executive Vice-President and Treasurer (c) in the
case of the Issuer at the Corporate Trust Office of the Trustee, (d) in the case
of the Indenture Trustee, at the

<PAGE>

                                       55

Corporate Trust Office of the Indenture Trustee, (e) in the case of the Backup
Servicer, to Bank One, NA, 1111 Polaris Parkway, Ste IK, Columbus, OH 43240,
Attention of Global Trust Corporate Servicers (f) in the case of DBRS, to
Dominion Bond Rating Service Limited, Suite 1304, Sun Life Centre, West Tower,
200 King Street West, Toronto, Ontario, M5H 3T4, Attention of President
(facsimile (416) 593-8432); (g) in the case of Standard & Poor's, to Standard &
Poor's Ratings Services, a division of The McGraw-Hill Companies, Inc., 55 Water
Street, 40th Floor, New York, New York, 10041 Attention: Asset Backed
Surveillance Department, and (h) in the case of Moody's, to Moody's Investor
Service, Inc., ABS Monitoring Department, 99 Church Street, New York, New York,
10007 or, as to each of the foregoing, at such other address as shall be
designated by written notice to the other parties. Any notice required or
permitted to be mailed to a Noteholder shall be given by first class mail,
postage prepaid, at the address of such Holder as shown in the applicable Note
Register. Any notice so mailed within the time prescribed in this Agreement
shall be conclusively presumed to have been duly given, whether or not the
Noteholder shall receive such notice. Any notice required or permitted to be
mailed to any other Related Specified Creditor shall be given in any manner
permitted by the related Basic Document.

10.4     ASSIGNMENT

Notwithstanding anything to the contrary contained herein, except as provided in
Sections 6.3 and 7.3 and as provided in the provisions of this Agreement
concerning the resignation of the Servicer, this Agreement may not be assigned
by the Seller or the Servicer.

10.5     LIMITATIONS ON RIGHTS OF OTHERS

The provisions of this Agreement are solely for the benefit of the Seller, the
Servicer, the Issuer, the Indenture Trustee, the Backup Servicer, the Series
C2002-1 Debtholders and the other Related Specified Creditors, 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 Related
Collateral or under or in respect of this Agreement or any covenants, conditions
or provisions contained herein.

10.6     SEVERABILITY

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

10.7     SEPARATE COUNTERPARTS

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

10.8     HEADINGS

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

<PAGE>

                                       56

10.9     GOVERNING LAW

This Agreement shall be construed in accordance with the laws of the Province of
Ontario, 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 and each of the parties hereby attorns to the
non-exclusive jurisdiction of the courts of the Province of Ontario.

10.10    ASSIGNMENT TO INDENTURE TRUSTEE

The Seller and the Servicer hereby acknowledge and consent to any mortgage,
pledge, assignment and grant of a security interest by the Issuer to the
Indenture Trustee pursuant to the Indenture for the benefit of the Series
C2002-1 Debtholders and the other Related Specified Creditors of all right,
title and interest of the Issuer in, to and under the Receivables and this
Agreement (including the benefit of all covenants, agreements and indemnities of
the Seller or Servicer made or contained herein) and/or the assignment of any or
all of the Issuer's rights and obligations under this Agreement (including the
benefit of all covenants, agreements and indemnities of the Seller or Servicer
made or contained herein) to the Indenture Trustee, and agrees that the
Indenture Trustee may enforce any right or remedy of the Issuer hereunder for
the benefit of the Related Specified Creditors and enforcement of a right or
remedy hereunder by the Indenture Trustee shall have the same force and effect
as if the right or remedy had been enforced or executed by the Issuer.

10.11    NON-PETITION COVENANTS

Notwithstanding any prior termination of this Agreement, the Servicer, the
Backup Servicer and the Seller shall not, prior to the date that is one year and
one day after the termination of the Issuer, with respect to the Issuer,
acquiesce, petition or otherwise invoke or cause the Issuer to invoke the
process of any court or governmental authority for the purpose of commencing or
sustaining an application, case or proceeding by or against the Issuer under any
applicable bankruptcy, insolvency or similar law or for the appointment of a
receiver, interim receiver, receiver and manager, liquidator, assignee, trustee,
custodian, sequestrator or other similar official of the Issuer or any
substantial part of its property, or ordering the winding up or liquidation of
the affairs of the Issuer. The foregoing shall not limit the right of the
Servicer, the Backup Servicer and the Seller to file any claim in or otherwise
take any action with respect to any such insolvency proceeding that was
instituted against the Issuer by any Person other than the Servicer, the Backup
Servicer or the Seller.

10.12    LIMITATION OF LIABILITY OF ISSUER AND INDENTURE TRUSTEE

         (a)   Notwithstanding anything contained herein to the contrary, this
               Agreement has been executed by CIBC Mellon Trust Company, not in
               its individual capacity but solely in its capacity as Issuer, and
               in no event shall CIBC Mellon Trust Company, in its individual
               capacity or, except as expressly provided in the Declaration of
               Trust, any beneficial owner of the Issuer have any liability for
               the representations, warranties, covenants, agreements or other
               obligations of the Issuer hereunder or in any of the
               certificates, notices or agreements delivered pursuant hereto, as
               to all of which recourse shall be had solely to the Related
               Collateral; provided, however, that nothing contained in this
               Section 10.12(a) shall relieve the Trustee from any liability for
               its own negligence or wilful

<PAGE>

                                       57

               misconduct or the negligence or wilful misconduct of its
               officers, representatives, employees or agents.

         (b)   Notwithstanding anything contained herein to the contrary, this
               Agreement has been acknowledged and accepted by BNY Trust Company
               of Canada, not in its individual capacity but solely as Indenture
               Trustee, and in no event shall BNY Trust Company of Canada have
               any liability for the representations, warranties, covenants,
               agreements or other obligations of the Indenture Trustee
               hereunder or in any of the certificates, notices or agreements
               delivered pursuant hereto, as to all of which recourse shall be
               had solely to the Related Collateral.

<PAGE>
                                       58

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

                                       AMERICREDIT FINANCIAL SERVICES
                                       OF CANADA LTD., as Seller and Servicer

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

                                       CIBC MELLON TRUST COMPANY in its
                                       capacity as trustee of AMERICREDIT
                                       CANADA AUTOMOBILE RECEIVABLES TRUST,
                                       as Issuer, by its Administrator
                                       AMERICREDIT FINANCIAL SERVICES
                                       OF CANADA LTD.

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

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

                                       BANK ONE, NA

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

Acknowledged and accepted as of the 15th day of November, 2002.

                                       BNY TRUST COMPANY OF CANADA, as
                                       Indenture Trustee

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

<PAGE>

                                   EXHIBIT "A"

                        FORM OF ASSIGNMENT OF RECEIVABLES

                                   ASSIGNMENT

THIS ASSIGNMENT is made as of November ., 2002 by AMERICREDIT FINANCIAL SERVICES
OF CANADA LTD., a Canadian corporation (the "SELLER"), as Seller and Servicer,
(the "Seller") in favour of CIBC MELLON TRUST COMPANY, in its capacity as
trustee of AmeriCredit Canada Automobile Receivables Trust (in such capacity,
the "ISSUER") pursuant to, in accordance with and subject to the Sale and
Servicing Agreement dated as of November 15, 2002 between the Seller, the Issuer
and Bank One, NA (as amended, restated, supplemented or otherwise modified, the
"SALE AND SERVICING AGREEMENT").

WHEREAS the Seller wishes to transfer certain specific, identified existing and
future receivables and certain related assets to the Issuer and the Issuer is
willing to accept such transfer;

AND WHEREAS capitalized terms used in this Assignment shall have the respective
meanings specified in Section 5;

NOW THEREFORE THIS ASSIGNMENT WITNESSES that, in consideration of the sum of
$2.00 in the lawful currency of Canada now paid by the Issuer to the Seller and
for other good and valuable consideration (the receipt and sufficiency of which
are hereby acknowledged by the Seller):

1. The Seller hereby:

         (a)   sells, assigns, transfers, sets over and otherwise conveys unto
               the Issuer, without recourse, all of its right, title and
               interest in and to:

               (i)    the Initial Receivables, including all documents
                      constituting chattel paper included therewith, and all
                      obligations of the Obligors thereunder including all
                      moneys paid thereunder after the Initial Cut-Off Date;

               (ii)   the security interests in the Financed Vehicles granted by
                      Obligors pursuant to the Initial Receivables and any other
                      interest of the Seller in the Financed Vehicles;

               (iii)  any proceeds with respect to the Initial Receivables from
                      claims on insurance policies covering Financed Vehicles or
                      Obligors;

               (iv)   any proceeds from recourse to Dealers with respect to the
                      Initial Receivables;

               (v)    any rights under Service Contracts relating to the
                      Financed Vehicles;

               (vi)   the related Receivables Files; and

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

<PAGE>

                                      - 2 -

         (b)   sells, transfers, assign, sets over and otherwise conveys to the
               Issuer, without recourse, all of its right, title and interest in
               and to:

               (i)    the Subsequent Receivables listed on the supplement and
                      amendment to the Schedule of Receivables delivered by the
                      Seller to the Issuer on the related Subsequent Transfer
                      Date including all documents constituting chattel paper
                      included therewith, and all obligations of the Obligors
                      thereunder including all moneys paid thereunder after the
                      related Cut-Off Date;

               (ii)   the security interests in the Financed Vehicle granted by
                      Obligors pursuant to such Subsequent Receivables and any
                      other interest of the Seller in such Financed Vehicle;

               (iii)  any proceeds with respect to such Subsequent Receivables
                      from claims on insurance policies covering Financed
                      Vehicle or Obligors;

               (iv)   any proceeds from recourse to Dealers with respect to such
                      Subsequent Receivables;

               (v)    any rights under Service Contracts relating to the
                      Financed Vehicles

               (vi)   the related Receivables Files; and

               (vii)  the proceeds of any and all of the foregoing.

2.       The foregoing sale does not constitute and is not intended to result in
         any assumption by the Issuer of any obligation of the undersigned to
         the Obligors, insurers or any other person in connection with the
         Receivables, the Receivables Files, any insurance policies or any
         agreement or instrument relating to any of them.

3.       This Assignment is made pursuant to and upon the representations,
         warranties and agreements on the part of the undersigned contained in
         the Sale and Servicing Agreement and is to be governed in all respects
         by the Sale and Servicing Agreement.

4.       In addition, the Seller hereby represents and warrants with respect to
         the Initial Receivables as of the Closing Date and with respect to the
         Subsequent Receivables as of the applicable Subsequent Transfer Date
         that:

         (a)   notwithstanding anything to the contrary contained herein, (i)
               all of such Receivables are Retail Instalment Contracts, and (ii)
               all of the Financed Vehicles securing such Receivables are
               automobiles, light-duty trucks, vans or mini-vans;

         (b)   the Receivables owing by each Obligor on each such date
               constitute all of the Eligible Receivables owing by such Obligor
               to the Seller as of the applicable Cut-Off Date and owned by
               Seller on the Closing Date or applicable Subsequent Transfer
               Date.

<PAGE>

                                      - 3 -

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

"AmeriCredit Canada" means AmeriCredit Financial Services of Canada Ltd., and
its successors and assigns.

"Business Day" means any day other than a Saturday, a Sunday or a day on which
banking institutions or trust companies in Toronto, Ontario and Fort Worth,
Texas are authorized or obligated by law, regulation or executive order to
remain closed.

"Closing Date" means November 22, 2002, or such other date as the Seller, the
Issuer and the Underwriter shall agree.

"Contract" means a motor vehicle retail instalment sales contract.

"Cut-Off Date" means with respect to the Initial Receivables, the Initial
Cut-Off Date, and with respect to Subsequent Receivables, the Subsequent Cut-Off
Date determined by the Seller with respect to such Subsequent Receivables.

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

"Dealer Agreement" means the agreement between the applicable Dealer and the
Seller which governs the terms of sales of Receivables from that Dealer to the
Seller.

"Dealer Assignment" means, with respect to a Receivable, the executed assignment
conveying such Receivable to the Seller.

"Eligible Receivable" means a Contract, as of the related Cut-Off Date:

         (a)   which had an initial principal balance of not more than $100,000
               and not less than $250;

         (b)   which had an annual percentage rate of at least 7% and no more
               than 33%;

         (c)   which was not more than 60 days overdue;

         (d)   which has a remaining term to maturity of not more than 72
               months;

         (e)   which had an original term of not more than 72 months;

         (f)   which was not in a repossessed status and the related Obligor was
               not the subject of any voluntary or involuntary bankruptcy
               proceeding;

         (g)   which is denominated and payable in Canadian dollars; and

         (h)   which is due from an Obligor that has a billing address located
               in Canada.

<PAGE>

                                      - 4 -

"Financed Vehicles" means property, including an automobile, light-duty truck,
van or mini-van, together with all accessions thereto, securing an Obligor's
indebtedness under the respective Receivable.

"Initial Cut-Off Date" means November 15, 2002.

"Initial Receivables" means any and all Contracts listed on the Schedule of
Receivables (which Schedule may be in the form of microfiche) on the Closing
Date.

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

"PPSA" means (a) the personal property security legislation, as amended,
supplemented or replaced from time to time, as in effect in each Province of
Canada (other than Quebec) and (b) the Civil Code of Quebec, as amended,
supplemented or replaced from time to time, as in effect in Quebec.

"Receivables" means the Contracts listed on the Schedule of Receivables (which
Schedule may be in the form of a microfiche).

"Receivables Files" means the documents specified in Section 3.3 of the Sale and
Servicing Agreement.

"Retail Instalment Contract" means a fixed rate retail instalment sale contract
secured by a Financed Vehicle.

"Sale and Servicing Agreement" means the Sale and Servicing Agreement, dated as
of November 15, 2002, among the Issuer, the Seller, the Servicer and Bank One,
NA, as the same may be amended, restated, supplemented or otherwise modified
from time to time.

"Schedule of Receivables" means the listing of the Receivables delivered by the
Seller to the Issuer on the Closing Date pursuant to the Sale and Servicing
Agreement and this Assignment with respect to the Initial Receivables to be
transferred, assigned, set over and conveyed by the Seller to the Issuer on the
Closing Date attached as Schedule A to the Assignment, as supplemented and
amended as of each Subsequent Transfer Date by each Subsequent Transfer
Amendment to reflect the sale to the Issuer of Subsequent Receivables.

"Seller" means AmeriCredit Canada, as the seller of the Receivables, and each
successor to AmeriCredit Canada (in the same capacity) pursuant to the Sale and
Servicing Agreement.

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

"Servicer" means AmeriCredit Canada, as the Servicer of the Receivables, and
each successor to AmeriCredit Canada (in the same capacity) pursuant to the Sale
and Servicing Agreement.

"Subsequent Cut-Off Date" means, with respect to any Subsequent Receivables, the
close of business on the last day of the calendar month immediately preceding
the related Subsequent Transfer Date.

<PAGE>

                                      - 5 -

"Subsequent Receivables" means any and all Receivables transferred to the Issuer
pursuant to Section 1(b) and listed on a supplement and amendment to the
Schedule of Receivables delivered by the Seller to the Issuer on such Subsequent
Transfer Date pursuant to a written agreement between the Seller and the Issuer
with respect to the Subsequent Receivables to be transferred, assigned, set over
and conveyed by the Seller to the Issuer on such Subsequent Transfer Date.

"Subsequent Transfer Amendment" means a supplement and amendment to the Schedule
of Receivables executed and delivered by the Seller to the Issuer on a
Subsequent Transfer Date.

"Subsequent Transfer Date" means each Business Day during the period from and
including the Closing Date to and including the January 6, 2003 on which
Subsequent Receivables are to be transferred to the Issuer and a Subsequent
Transfer Amendment to the Schedule of Receivables is executed and delivered by
the Seller to the Issuer with respect to the Subsequent Receivables to be
transferred, assigned, set over and conveyed by the Seller to the Issuer on such
date.

"Underwriter" means Merrill Lynch Canada Inc.

         IN WITNESS WHEREOF, the undersigned has caused this Assignment to be
duly executed as of November [o], 2002.

                                       AMERICREDIT FINANCIAL SERVICES
                                       OF CANADA LTD.

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

<PAGE>

                                   EXHIBIT A-1

                         SUBSEQUENT TRANSFER AMENDMENT #__

This Subsequent Transfer #__ and the listing of Receivables attached hereto is a
supplement and amendment to the Schedule of Receivables executed and delivered
by the undersigned, as Seller, to CIBC MELLON TRUST COMPANY, in its capacity as
trustee of AmeriCredit Canada Automobile Receivables Trust (in such capacity,
the "ISSUER") on the Closing Date pursuant to, in accordance with and subject to
the Sale and Servicing Agreement dated as of November 15, 2002 (as amended,
restated, supplemented or otherwise modified, the "SALE AND SERVICING
AGREEMENT") between the undersigned, as Seller and Servicer, and the Issuer, as
purchaser, and Bank One, NA and the Assignment dated November [.] , 2002 between
the Seller and the Issuer (the "Assignment").

         1.    Defined Terms. Capitalized terms used herein shall have the
meanings ascribed to them in the Sale and Servicing Agreement unless otherwise
defined herein.

               "Subsequent Cutoff Date" shall mean, with respect to the
Subsequent Receivables conveyed hereby, _______________, 2002.

               "Subsequent Transfer Date" shall mean, with respect to the
Subsequent Receivables conveyed hereby, _____________, 2002.

         2.    Schedule of Receivables. Annexed hereto is a supplement to the
Sale and Servicing Agreement and the Assignment listing the Receivables that
constitute the Subsequent Receivables to be conveyed pursuant to the Sale and
Servicing Agreement and the Assignment on the Subsequent Transfer Date.

         3.    Representations and Warranties of the Seller. The Seller hereby
represents and warrants to the Issuer as of the Subsequent Transfer Date that:

         (a)   Schedule of Representations. The representations and warranties
of the Seller set forth in the Sale and Servicing Agreement (including those
made in the Schedule of Representations attached as Schedule A thereto with
respect to the Subsequent Receivables) are true and correct.

         (b)   Principal Balance. The Aggregate Principal Balance of the
Receivables listed on the supplement to Schedule A annexed hereto and conveyed
to the Issuer pursuant to this Subsequent Transfer Amendment # , the Sale and
Servicing Agreement and the Assignment as of the Subsequent Cutoff Date is
$____________.

         (c)   Sale and Servicing Agreement Conditions. Each of the conditions
set forth in Section 2.5(b) to the Sale and Servicing Agreement has been
satisfied.

         4.    Ratification of Agreement. As supplemented by this Subsequent
Transfer Amendment #__, each of the Sale and Servicing Agreement and the
Assignment is in all respects ratified and confirmed and the Sale and Servicing
Agreement and the Assignment, as so supplemented by this Subsequent Transfer
Amendment #__, shall be read, taken and construed as one and the same
instrument.

<PAGE>

                                      - 2 -

All terms used herein shall have the respective meanings ascribed thereto in the
Sale and Servicing Agreement.

Dated this [.] day of [.]   , 200[.].

         IN WITNESS WHEREOF, the undersigned has executed this Schedule of
Receivables as of [.], 200[.].

                                       AMERICREDIT FINANCIAL SERVICES
                                       OF CANADA LTD.

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

<PAGE>

                                  EXHIBIT "A-2"

                    FORM OF QUEBEC ASSIGNMENT OF RECEIVABLES

                                QUEBEC ASSIGNMENT

THIS QUEBEC ASSIGNMENT is made as of November 22, 2002 by AMERICREDIT FINANCIAL
SERVICES OF CANADA LTD., a Canadian corporation (the "SELLER"), as Seller and
Servicer, (the "Seller") in favour of CIBC MELLON TRUST COMPANY, in its capacity
as trustee of AmeriCredit Canada Automobile Receivables Trust (in such capacity,
the "ISSUER") pursuant to, in accordance with and subject to the Sale and
Servicing Agreement dated as of November 15, 2002 between the Seller, the Issuer
and Bank One, NA (as amended, restated, supplemented or otherwise modified, the
"SALE AND SERVICING AGREEMENT").

WHEREAS the Seller wishes to transfer certain existing and future receivables
and certain related assets to the Issuer and the Issuer is willing to accept
such transfer;

AND WHEREAS capitalized terms used in this Quebec Assignment shall have the
respective meanings specified in Section 6;

NOW THEREFORE THIS QUEBEC ASSIGNMENT WITNESSES that, in consideration of the sum
of $2.00 in the lawful currency of Canada now paid by the Issuer to the Seller
and for other good and valuable consideration (the receipt and sufficiency of
which are hereby acknowledged by the Seller):

1. The Seller hereby:

         (a)   sells, assigns, transfers, sets over and otherwise conveys unto
               the Issuer, without recourse, all of its right, title and
               interest in and to:

               (i)    the Eligible Receivables, including all documents
                      constituting chattel paper included therewith, and all
                      obligations of the Obligors thereunder including all
                      moneys paid thereunder after the Cut-Off Date;

               (ii)   the security interests in the Financed Vehicles granted by
                      Obligors pursuant to the Eligible Receivables and any
                      other interest of the Seller in the Financed Vehicles;

               (iii)  any proceeds with respect to the Eligible Receivables from
                      claims on insurance policies covering Financed Vehicles or
                      Obligors;

               (iv)   any proceeds from recourse to Dealers with respect to the
                      Eligible Receivables;

               (v)    any rights under Service Contracts relating to the
                      Financed Vehicles;

               (vi)   the related Receivables Files; and

               (vii)  the proceeds of any and all of the foregoing, and

<PAGE>

                                     - 4 -

         (i)   sells, assigns, transfers, sets over and otherwise conveys unto
               the Issuer, without recourse, all of its right, title and
               interest in and to:

               (i)    the Subsequent Eligible Receivables, including all
                      documents constituting chattel paper included therewith,
                      and all obligations of the Obligors thereunder including
                      all moneys paid thereunder after the related Subsequent
                      Cut-Off Date;

               (ii)   the security interests in the Financed Vehicle granted by
                      Obligors pursuant to such Subsequent Eligible Receivables
                      and any other interest of the Seller in such Financed
                      Vehicle;

               (iii)  any proceeds with respect to such Subsequent Eligible
                      Receivables from claims on insurance policies covering
                      Financed Vehicles or Obligors;

               (iv)   any proceeds from recourse to Dealers with respect to such
                      Subsequent Eligible Receivables;

               (v)    any rights under Service Contracts relating to the
                      Financed Vehicles;

               (vi)   the related Receivables Files; and

               (vii)  the proceeds of any and all of the foregoing.

2.       The foregoing sale does not constitute and is not intended to result in
         any assumption by the Issuer of any obligation of the undersigned to
         the Obligors, insurers or any other person in connection with the
         Eligible Receivables, the Subsequent Eligible Receivables, the
         Receivables Files, any insurance policies or any agreement or
         instrument relating to any of them.

3.       This Quebec Assignment is made pursuant to and upon the
         representations, warranties and agreements on the part of the
         undersigned contained in the Sale and Servicing Agreement and is to be
         governed in all respects by the Sale and Servicing Agreement. This
         Quebec Assignment shall be governed by the laws of the Province of
         Ontario and the laws of Canada applicable therein.

4.       In addition, the Seller hereby represents and warrants with respect to
         the Eligible Receivables as of the Closing Date and with respect to the
         Subsequent Eligible Receivables as of the applicable Subsequent
         Transfer Date that:

         (a)   notwithstanding anything to the contrary contained herein, (i)
               all of such Eligible Receivables or Subsequent Eligible
               Receivables, as applicable, are Retail Instalment Contracts, and
               (ii) all of the Financed Vehicles securing such Eligible
               Receivables or Subsequent Eligible Receivables, as applicable,
               are automobiles, light-duty trucks, vans or mini-vans;

         (b)   There are no other Eligible Receivables or Subsequent Eligible
               Receivables, as applicable, owing by such Obligor to the Seller
               as of the Cut-Off Date or Subsequent Cut-Off Date, as applicable,
               and owned by Seller on the Closing Date

<PAGE>

                                     - 5 -

               or the Subsequent Transfer Date, as applicable, that are not
               listed on the Schedule of Receivables.

5.       The Seller hereby agrees to deliver to the Issuer on the Closing Date
         the Schedule of Receivables and on each Subsequent Transfer Date, a
         supplement thereto.

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

"AmeriCredit Canada" means AmeriCredit Financial Services of Canada Ltd., and
its successors and assigns.

"Business Day" means any day other than a Saturday, a Sunday or a day on which
banking institutions or trust companies in Toronto, Ontario and Fort Worth,
Texas are authorized or obligated by law, regulation or executive order to
remain closed.

"Closing Date" means November 22, 2002.

"Contract" means a motor vehicle retail instalment sales contract.

"Cut-Off Date" means November 15, 2002.

"Dealer" means the dealer who sold a Financed Vehicle and who originated and
assigned the respective Eligible Receivable or Subsequent Eligible Receivable to
the Seller under a Dealer Agreement or a Dealer Assignment.

"Dealer Agreement" means the agreement between the applicable Dealer and the
Seller which governs the terms of sales of Eligible Receivables or Subsequent
Eligible Receivable from that Dealer to the Seller.

"Dealer Assignment" means, with respect to an Eligible Receivable or Subsequent
Eligible Receivable, the executed assignment conveying such Eligible Receivable
or Subsequent Eligible Receivable to the Seller.

"Eligible Receivable" means a Contract, as of the Cut-Off Date:

         (a)   which had an initial principal balance of not more than $100,000
               and not less than $250;

         (b)   which had an annual percentage rate of at least 7% and no more
               than 33%;

         (c)   which was not more than 60 days overdue;

         (d)   which has a remaining term to maturity of not more than 72
               months;

         (e)   which had an original term of not more than 72 months;

         (f)   which was not in a repossessed status and the related Obligor was
               not the subject of any voluntary or involuntary bankruptcy
               proceeding;

<PAGE>

                                      - 6 -

         (g)   which is denominated and payable in Canadian dollars;

         (h)   which (a) is due from an Obligor that is domiciled in Quebec or
               has a billing address located in Quebec or (b) is payable in
               Quebec; and

         (i)   which is secured by a duly registered reservation of ownership in
               respect of the Financed Vehicle.

"Financed Vehicles" means property, including an automobile, light-duty truck,
van or mini-van, together with all accessions thereto, securing an Obligor's
indebtedness under the respective Eligible Receivable or Subsequent Eligible
Receivable.

 "Obligor" on an Eligible Receivable or Subsequent Eligible Receivable means the
purchaser or co-purchasers of the related Financed Vehicle and any other Person
who owes payments under the Eligible Receivable or Subsequent Eligible
Receivable.

"PPSA" means (a) the personal property security legislation, as amended,
supplemented or replaced from time to time, as in effect in each Province of
Canada (other than Quebec) and (b) the Civil Code of Quebec, as amended,
supplemented or replaced from time to time, as in effect in Quebec.

"Receivables Files" means the documents specified in Section 3.3 of the Sale and
Servicing Agreement.

"Retail Instalment Contract" means a fixed rate retail instalment sale contract
secured by a Financed Vehicle.

"Sale and Servicing Agreement" means the Sale and Servicing Agreement, dated as
of November 15, 2002, among the Issuer, the Seller, the Servicer and Bank One,
NA, as the same may be amended, restated, supplemented or otherwise modified
from time to time.

"Schedule of Receivables" means the listing of the Eligible Receivables executed
and delivered by the Seller to the Issuer on the Closing Date pursuant to the
Sale and Servicing Agreement and this Quebec Assignment with respect to the
Eligible Receivables to be transferred, assigned, set over and conveyed by the
Seller to the Issuer on the Closing Date, as supplemented and amended as of each
Subsequent Transfer Date by each Subsequent Quebec Transfer Supplement to
reflect the sale to the Issuer of Subsequent Eligible Receivables.

"Seller" means AmeriCredit Canada, as the seller of the Eligible Receivables and
Subsequent Eligible Receivables, and each successor to AmeriCredit Canada (in
the same capacity) pursuant to the Sale and Servicing Agreement.

<PAGE>

                                      - 7 -

"Service Contract" means, with respect to a Financed Vehicle, the agreement, if
any, financed under the related Eligible Receivable or Subsequent Eligible
Receivable that provides for the repair of such Financed Vehicle.

"Servicer" means AmeriCredit Canada, as the Servicer of the Eligible Receivables
and Subsequent Eligible Receivables, and each successor to AmeriCredit Canada
(in the same capacity) pursuant to the Sale and Servicing Agreement.
"Subsequent Cut-Off Date" means with respect to any Subsequent Eligible
Receivables, the close of business on the last day of the calendar month
immediately preceding the related Subsequent Transfer Date.

"Subsequent Eligible Receivables" means a Contract, as of the related Subsequent
Cut-Off Date:

         (a)   which had an initial principal balance of not more than $100,000
               and not less than $250;

         (b)   which had an annual percentage rate of at least 7% and no more
               than 33%;

         (c)   which was not more than 60 days overdue;

         (d)   which has a remaining term to maturity of not more than 72
               months;

         (e)   which had an original term of not more than 72 months;

         (f)   which was not in a repossessed status and the related Obligor was
               not the subject of any voluntary or involuntary bankruptcy
               proceeding;

         (g)   which is denominated and payable in Canadian dollars;

         (h)   which (i) is due from an Obligor that is domiciled in Quebec or
               has a billing address located in Quebec or (ii) is payable in
               Quebec; and

         (i)   which is secured by a duly registered reservation of ownership in
               respect of the Financed Vehicle.

"Subsequent Quebec Transfer Supplement" means a supplement to this Quebec
Assignment executed and delivered by the Seller to the Issuer on a Subsequent
Transfer Date.

"Subsequent Transfer Date" means each Business Day during the period from and
including the Closing Date to and including the January 6, 2003 on which
Subsequent Eligible Receivables are to be transferred to the Issuer and a
Subsequent Quebec Transfer Supplement to this Quebec Assignment is executed and
delivered by the Seller to the Issuer with respect to the Subsequent Eligible
Receivables to be transferred, assigned, set over and conveyed by the Seller to
the Issuer on such date.

"Underwriter" means Merrill Lynch Canada Inc.

<PAGE>
                                      - 8 -

         IN WITNESS WHEREOF, the undersigned has caused this Quebec Assignment
to be duly executed as of o, 2002.

                                       AMERICREDIT FINANCIAL SERVICES
                                       OF CANADA LTD.

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

Read and Accepted by:

                                       CIBC MELLON TRUST COMPANY, in its
                                       capacity as trustee of AMERICREDIT
                                       CANADA AUTOMOBILE RECEIVABLES TRUST,
                                       by its Administrator, AMERICREDIT
                                       FINANCIAL SERVICES OF CANADA LTD.

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

<PAGE>

                                   EXHIBIT A-3

                     SUBSEQUENT QUEBEC TRANSFER SUPPLEMENT #

This Subsequent Quebec Transfer Supplement # and the listing of Subsequent
Eligible Receivables attached hereto is a supplement to the Quebec Assignment
executed and delivered by the undersigned, as Seller, to CIBC MELLON TRUST
COMPANY, in its capacity as trustee of AmeriCredit Canada Automobile Receivables
Trust (in such capacity, the "ISSUER") on the Closing Date pursuant to, in
accordance with and subject to the Sale and Servicing Agreement dated as of
November 15, 2002 between the Seller, the Issuer and Bank One, NA (as amended,
restated, supplemented or otherwise modified, the "SALE AND SERVICING
AGREEMENT").

         5.    Defined Terms. Capitalized terms used herein shall have the
meanings ascribed to them in the Sale and Servicing Agreement unless otherwise
defined herein.

               "Subsequent Cutoff Date" shall mean, with respect to the
Subsequent Eligible Receivables conveyed hereby, _______________, 2002.

               "Subsequent Transfer Date" shall mean, with respect to the
Subsequent Eligible Receivables conveyed hereby, _____________, 2002.

         6.    Subsequent Eligible Receivables. The Schedule of Receivables
attached hereto as Schedule A represents all of the Subsequent Eligible
Receivables conveyed to the Issuer on the Subsequent Transfer Date in accordance
with the Sale and Servicing Agreement and the Quebec Assignment.

         7.    Representations and Warranties of the Seller. The Seller hereby
represents and warrants to the Issuer as of the Subsequent Transfer Date that:

         (d)   Schedule of Representations. The representations and warranties
of the Seller set forth in the Sale and Servicing Agreement (including those
made in the Schedule of Representations attached as Schedule A thereto with
respect to the Subsequent Eligible Receivables) are true and correct.

         (e)   Principal Balance. The Aggregate Principal Balance of the
Subsequent Eligible Receivables listed on the Schedule of Receivables attached
hereto and all other Receivables conveyed to the Issuer on the Subsequent
Transfer Date pursuant to the Sale and Servicing Agreement and the Assignment as
of the Subsequent Cut-Off Date is $_________.

         (f)   Sale and Servicing Agreement Conditions. Each of the conditions
set forth in Section 2.5(b) to the Sale and Servicing Agreement has been
satisfied.

         8.    Ratification of Agreement. As supplemented by this Subsequent

Quebec Transfer Supplement #__, each of the Sale and Servicing Agreement and the
Quebec Assignment is in all respects ratified and confirmed and the Sale and
Servicing Agreement and the Quebec Assignment, as so supplemented by this
Subsequent Quebec Transfer Supplement #____, shall be read, taken and construed
as one and the same instrument.

<PAGE>

                                      - 2 -

All terms used herein shall have the respective meanings ascribed thereto in the
Sale and Servicing Agreement.

Dated this [.] day of [.]   , 200[.].

         IN WITNESS WHEREOF, the undersigned has executed this Subsequent Quebec
Transfer Supplement as of [.], 200[.].

                                       AMERICREDIT FINANCIAL SERVICES
                                       OF CANADA LTD.

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

Read and Accepted by:

                                       CIBC MELLON TRUST COMPANY, in its
                                       capacity as trustee of AMERICREDIT
                                       CANADA AUTOMOBILE RECEIVABLES TRUST,
                                       by its Administrator, AMERICREDIT
                                       FINANCIAL SERVICES OF CANADA LTD.

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

<PAGE>

                                   EXHIBIT "B"

       FORM OF SERVICER'S CERTIFICATE AND MONTHLY STATEMENT TO NOTEHOLDERS

                         MONTHLY SERVICER'S CERTIFICATE

TO:            CIBC Mellon Trust Company, as Trustee

AND TO:        BNY Trust Company of Canada, as Indenture Trustee

AND TO:        [Seller, if other than Servicer]

AND TO:        Dominion Bond Rating Service Limited

AND TO:        Standard & Poor's Rating Service

AND TO:        Moody's Investor Service, Inc.

Monthly Payment Date: [Date]                    Collection Period Ending: [Date]

The undersigned, a duly appointed officer of AmeriCredit Financial Services of
Canada Ltd. ("AFSC"), as Servicer pursuant to the Sale and Servicing Agreement
dated as of November [o], 2002 (as amended, restated, supplemented or otherwise
modified, the "Sale and Servicing Agreement") among AFSC, as seller and
servicer, and CIBC Mellon Trust Company, in its capacity as trustee of
AmeriCredit Canada Automobile Receivables Trust, and Bank One, NA do hereby
certify as follows:

1.       Capitalized terms used in this Officer's Certificate have their
         respective meanings set forth in the Sale and Servicing Agreement.

2.       The undersigned officer of AFSC, in such capacity and not in [his]
         personal capacity, hereby certifies that

         (a)   The undersigned is an officer of AFSC duly appointed to the
               office set forth below his name.

         (b)   Attached hereto is a true copy of (i) the statement required to
               be delivered by the Servicer to the Issuer, the Indenture Trustee
               and the Seller (if other than the Servicer) on the date of this
               Officer's Certificate pursuant to Section 4.9 of the Sale and
               Servicing Agreement and (ii) the statement required to be
               delivered by the Servicer to the Indenture Trustee on the date of
               this Officer's Certificate pursuant to Section 5.10 of the Sale
               and Servicing Agreement.

         (c)   As of the date hereof, no Servicer Termination Event has occurred
               or is continuing.

<PAGE>

                                      - 2 -

In witness whereof, the undersigned has duly executed and delivered this
Officer's Certificate this   day of    , 2002.

                                       AMERICREDIT FINANCIAL SERVICES OF
                                       CANADA LTD., as Servicer
                                       By:
                                          --------------------------------------
                                           Name:
                                           Title:

<PAGE>

                                  SCHEDULE "A"
              REPRESENTATIONS AND WARRANTIES AS TO THE rECEIVABLES

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

2.       Schedule of Receivables. The information set forth on Schedule A to the
         Assignment delivered on the Closing Date or the Subsequent
         Determination Date, as applicable, is true and correct in all material
         respects as of the opening of business on the related Cut-Off Date. The
         computer tape regarding the Receivables made available to the Issuer
         and its assigns is true and correct in all respects.

3.       Compliance With Law. Each Receivable and the sale or lease of the
         related Financed Vehicles complied in all material respects at the time
         it was originated or made and at the execution of this Agreement and
         the Assignment and Schedule of Receivables complies in all material
         respects with all requirements of applicable federal, provincial and
         local laws and regulations thereunder, including consumer protection
         and cost of credit disclosure laws and regulations.

4.       Binding Obligation. Each Receivable represents the genuine, legal,
         valid and binding payment obligation in writing of the Obligor,
         enforceable by the holder thereof in accordance with its terms.

5.       No Government Obligor. None of the Receivables is due from the
         Government of Canada or any province thereof or from any Canadian,
         federal or provincial agency, department or instrumentality.

6.       Security Interest in Financed Vehicles. Each Receivable creates or
         shall create a valid, binding and enforceable first priority security
         interest in favour of the Seller in the Financed Vehicle in favour of
         the Seller as secured party. Immediately after the sale, transfer and
         assignment thereof by the Seller to the Issuer, each Receivable will be
         secured by an enforceable and perfected first priority security
         interest in the Financed Vehicle in favour of the Issuer as secured
         party, which security interest is prior to all other Liens upon and
         security interests in such Financed Vehicle which now exist or may

<PAGE>

                                      - 2 -

         hereafter arise or be created (except, as to priority, for any lien for
         taxes, labour or materials affecting a Financed Vehicle). As of the
         related Cut-Off Date there were no Liens or claims for taxes, work,
         labour or materials affecting a Financed Vehicle which are or may be
         Liens prior or equal to the Liens of the related Receivable.

7.       Receivables in Force. No Receivable has been satisfied, subordinated or
         rescinded, nor has any Financed Vehicles been released from the Lien
         granted by the related Receivable in whole or in part.

8.       No Amendment or Waiver. No provision of a Receivable has been waived,
         altered or modified in any respect, except pursuant to a document,
         instrument or writing included in the Receivable Files.

9.       No Defences. No right of rescission, set off, counterclaim or defence
         has been asserted or threatened or exists with respect to any
         Receivable.

10.      No Default. No Receivable is a non-performing Receivable or has a
         payment that is more than 90 days overdue as of the related Cut-Off
         Date and, except for a payment default continuing for a period of not
         more than 90 days, no default, breach, violation or event permitting
         acceleration under the terms of any Receivable has occurred and is
         continuing; and no continuing condition that with notice or the lapse
         of time or both would constitute such a default, breach, violation or
         event permitting acceleration under the terms of any Receivable has
         arisen; and the Seller has not waived and shall not waive any of the
         foregoing.

11.      Title. No Receivable or portion thereof has been sold, transferred,
         assigned, conveyed or pledged by the Seller to any Person other than
         the Issuer. Immediately prior to the transfer and assignment herein
         contemplated, the Seller had good title to each Receivable, free and
         clear of all Liens, encumbrances, claims, security interests and rights
         of others and, immediately upon the transfer thereof, the Issuer shall
         have good title to each such Receivable, free and clear of all Liens,
         encumbrances, security interests and rights of others; and the transfer
         and assignment of the Receivables to the Issuer has been perfected,
         recorded or published, as the case may be, under the applicable PPSA.

12.      Lawful Assignment. No Receivable has been originated in, or is subject
         to the laws of, any jurisdiction under which the sale, transfer and
         assignment of such Receivable or any Receivable under this Agreement,
         the Purchase Agreement, or the Indenture is unlawful, void or voidable.

13.      All Filings Made. All filings (including PPSA filings) necessary in any
         all applicable jurisdictions necessary or desirable to give the Issuer
         a first priority perfected ownership and/or security interest in the
         Receivables and to give the Indenture Trustee a first priority
         perfected security interest therein have been made.

14.      One Original. There is only one original executed copy of each
         Receivable.

15.      No Default: There has been no default, breach, violation or event
         permitting acceleration under the terms of any Receivable (other than
         payment delinquencies of not more than 30 days), and no condition
         exists or event has occurred and is continuing that with notice,

<PAGE>

                                      - 3 -

         the lapse of time or both would constitute a default, breach, violation
         or event permitting acceleration under the terms of any Receivable, and
         there has been no waiver of any of the foregoing. As of the related
         Cut-Off Date no Financed Vehicle had been repossessed.

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

17.      Remaining Principal Balance. At the related Cut-Off Date the Principal
         Balance of each Receivable set forth in the Schedule of Receivables is
         true and accurate in all material respects.

18.      Certain Characteristics of Receivables. (A) Each Receivable had a
         remaining maturity, as of the related Cut-Off Date, of not more than 72
         months; (B) each Receivable had an original maturity of not more than
         72 months; (C) each Receivable had a Principal Balance as of the
         related Cut-Off Date of not more than $100,000 and not less than $250;
         (D) each Receivable has an Annual Percentage Rate of at least 7% and
         not more than 33%; (E) no Receivable was in a repossessed status and no
         related Obligor was the subject of any voluntary or involuntary
         bankruptcy or insolvency proceeding as of the related Cut-Off Date; (F)
         no Receivable was more than 60 days past due as of the related Cut-Off
         Date (and if any Receivable was past due as of the related Cut-Off
         Date, such Receivable was not one which caused the percentage of the
         Pool Balance, determined as of the Statistical Calculation Date (in the
         case of the Initial Receivables) and the related Cut-Off Date and,
         which is comprised of Receivables which are 31 to 60 days past due, to
         exceed 5%); and (G) no funds have been advanced by the Seller, any
         Dealer, or anyone acting on behalf of any of them in order to cause any
         Receivable to qualify under clause (F) above.

19.      No Bankruptcies. No Obligor on any Receivable as of the related Cut-Off
         Date was noted in the related Receivable File as being the subject of a
         bankruptcy proceeding.

20.      No Repossessions. None of the Financed Vehicles securing any Receivable
         is in repossession status.

21.      Chattel Paper. Each Receivable constitutes "chattel paper" as defined
         in the PPSA of the provincial law of which governs the perfection of
         the interest granted in it.

22.      Canadian Obligors. None of the Receivables is denominated and payable
         in any currency other than Canadian Dollars or is due from any Person
         that does not have a mailing address in one of the Provinces of Canada.

<PAGE>

                                      - 4 -

23.      Receivable Not Assumable. No Receivable is assumable by any other
         Person in a manner which would release the Obligor thereof from such
         Obligor's obligations to the Seller with respect to such Receivable.

24.      Marking Records. By the Closing Date, the Seller will have caused the
         portions of the Electronic Ledger relating to the Receivables to be
         clearly and unambiguously marked to show that the Receivables have been
         sold by the Seller to the Issuer in accordance with the terms of the
         Agreement.

25.      Computer Tape. The Computer Tape made available by the Seller to the
         Issuer on the Closing Date and on each Subsequent Transfer Date was
         complete and accurate as of the related Cut-off Date and includes a
         description of the same Receivables that are described in the Schedule
         of Receivables.

26.      Adverse Selection. No selection procedures adverse to the Series
         C2002-1 Debtholders were utilized in selecting the Receivables from
         those receivables owned by the Seller.

27.      Receivables Files Complete. There exists an Receivable File pertaining
         to each Receivable and such Receivable File contains (a) a fully
         executed original of the Receivable and (b) the original executed
         credit application, or a paper or electronic copy thereof. Each of such
         documents which is required to be signed by the Obligor has been signed
         by the Obligor in the appropriate spaces. All blanks on any form have
         been properly filled in and each form has otherwise been correctly
         prepared. The complete Receivable File for each Receivable currently is
         in the possession of the Custodian.

28.      No Impairment. The Seller has not done anything to convey any right to
         any Person that would result in such Person having a right to payments
         due under the Receivable or otherwise to impair the rights of the
         Issuer, the Indenture Trustee and the Series C2002-1 Debtholders in any
         Receivable or the proceeds thereof

<PAGE>

                                  APPENDIX "A"

                      DEFINITIONS AND RULES OF CONSTRUCTION

PART I - DEFINITIONS

All terms defined in this Appendix shall have the defined meanings when used in
the Basic Documents, unless otherwise defined therein or the context otherwise
requires. All terms used herein or in the Agreement that are defined in the
Series Supplement (but not in this Appendix A) shall have the defined meanings
contained in the Series Supplement, unless otherwise defined herein or the
context otherwise requires.

"Accelerated Principal Payment Amount" for any Monthly Payment Date will equal
the lesser of:

         (a)   the excess, if any, of (i) the Total Available Funds for such
               Monthly Payment Date over (ii) the sum of the amounts payable on
               such Monthly Payment Date pursuant to clauses (i) through (x) of
               Section 5.6(c) on such Monthly Payment Date; and

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

"Accountant's Report" is defined in Section 4.11 of the Agreement.

"Accounting Date" means, with respect to any Collection Period, the last day of
such Collection Period.

"Accumulation Account" means the account designated as such, established and
maintained pursuant to Section 5.1 of the Agreement.

"Accumulation Amount" means, for any Monthly Payment Date, the aggregate of the
amounts on deposit on the Accumulation Account as of the opening of business on
such Monthly Payment Date; provided, however that for any Monthly Payment Date
which is a Targeted Final Payment Date for a Class of Offered Notes (except
during a Sequential Amortization Period or a Non-Sequential Amortization
Period), the Accumulation Amount shall not be greater than the excess of (i) the
aggregate of the Outstanding Amount for such Class of Offered Notes and the
Class VPN Loans, in each case, for such Monthly Payment Date over (ii) the sum
of (x) the Aggregate Principal Distributable Amount for such Monthly Payment
Date and (y) the Class VPN Loan Proceeds, if any, for such Monthly Payment Date.

"Addition Notice" means, with respect to any transfer of Subsequent Receivables
to the Issuer pursuant to Section 2.2 of this Agreement, notice of the Seller's
election to transfer Subsequent Receivables to the Issuer, such notice to
designate the related Subsequent Cut-Off Date, Subsequent Transfer Date and the
approximate principal amount of Subsequent Receivables to be transferred on such
Subsequent Transfer Date.

<PAGE>

                                     - 2 -

"Additional Class VPN Loan Amounts" means, for any Monthly Payment Date, the
aggregate amounts of increased costs, taxes and indemnity amounts due and
payable by the Issuer on such Monthly Payment Date pursuant to the Class VPN
Loan Agreements in respect of the Class VPN Loans which are not paid by the
Seller on or before such date.

"Administration Agreement" means the Administration Agreement, dated as of
September 30, 2002, among the Administrator and the Issuer.

"Administration and Trustee Fees" means (i) the fee payable to the Administrator
pursuant to Section 4 of the Administration Agreement in respect of the Series
C2002-1 Notes, and (ii) the Trust Expenses.

"Administrative Receivable" means, with respect to any Collection Period, a
Receivable which the Servicer is required to purchase pursuant to Section 4.7 or
which the Servicer has elected to purchase pursuant to Section 4.3(c) on the
Determination Date with respect to such Collection Period.

"Administrator" means AmeriCredit Canada, or any successor Administrator under
the Administration Agreement.

"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. The term "Affiliated"
has a correlative meaning.

"Aggregate Noteholders' Interest Distributable Amount" means, for any Monthly
Payment Date, the sum of the Noteholders' Interest Distributable Amounts for all
Classes of Offered Notes and Class VPN Loans for such Monthly Payment Date.

"Aggregate Noteholders' Principal Distributable Amount" means, for any Monthly
Payment Date, the sum of (i) the Noteholders' Principal Distributable Amounts
for all Classes of Offered Notes and Class VPN Loans for such Monthly Payment
Date and (ii) the Noteholders' Principal Carryover Shortfall for such Monthly
Payment Date.

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

"Aggregate Principal Distributable Amount" means, with respect to any Monthly
Payment Date, the sum of the Principal Distributable Amount and the Principal
Distributable Carryover Amount, in each case, for such Monthly Payment Date.

<PAGE>

                                      - 3 -

"AmeriCredit Canada" means AmeriCredit Financial Services of Canada Ltd., and
its successors and assigns.

"Amortization Period" means a Sequential Amortization Period or a Non-Sequential
Amortization Period.

"Amount Financed" with respect to a Receivable means the aggregate amount
advanced under such Receivable toward the purchase price of the Financed Vehicle
and any related costs, including amounts advanced at the time the Receivable is
originated in respect of accessories, insurance premiums, service, car club and
warranty contracts and other items customarily financed as part of retail
automobile instalment sale contracts and related costs.

"Annual Percentage Rate" or "APR" of a Receivable means the annual rate of
finance charges or service charges stated in the related Contract.

"Assignment" means the document of assignment attached to the Agreement as
Exhibit A.

"Available Funds" means, with respect to any Monthly Payment Date, the sum of
(i) the Collected Funds for the related Collection Period, (ii) all Purchase
Amounts deposited in the Collection Account on that Monthly Payment Date for or
in respect of the related Collection Period, (iii) the Investment Earnings with
respect to the Series Accounts for such Monthly Payment Date, (iv) the Monthly
Capitalized Interest Amount with respect to such Monthly Payment Date, (v) the
net amount, if any, paid by the Class VPN Swap Counterparty to the Issuer
pursuant to the Class VPN Swap on such Monthly Payment Date, (vi) the net
amount, if any, payable by the Class A-1 Swap Counterparty to the issuer
pursuant to the Class A-1 Swap or such Monthly Payment Date; (vii) following the
acceleration of the Offered Notes and Class VPN Loans pursuant to the Trust
Indenture, the amount of money or property collected from any realization upon
the Collateral pursuant to the Trust Indenture since the preceding Monthly
Payment Date by the Indenture Trustee for distribution pursuant to the Trust
Indentures and (viii) the proceeds of any purchase or sale of the assets of the
Issuer upon any optional purchase of the Receivables and other Collateral by the
Servicer as described herein; provided, however, that the Available Funds for
any Monthly Payment Date shall not include (x) all payments and proceeds
(including Liquidation Proceeds) of any Receivables that are Purchased
Receivables for such Monthly Payment Date or a prior Monthly Payment Date, (y)
amounts previously deposited in the Collection Account but later determined by
the Servicer to have resulted from mistaken deposits or postings or cheques
returned for insufficient funds and in respect of which the Servicer is entitled
to reimbursement, and (z) any amounts paid by Obligors and deposited to the
Collection Account during the preceding Collection Period that did not relate to
principal and interest payments due on the Receivables or fees or expenses
related to extensions due on the Receivables.

"BA 1 Month Rate" for any Monthly Payment Date and any Class VPN Loan shall mean
that per annum rate (based on a year of 365 days) expressed as a percentage,
equal to the average "BA 1 Month" interest rates for Canadian dollar bankers
acceptances displayed and identified as such on the "Reuters Screen CDOR Page"
(as defined in the 2000 ISDA Definitions, as published by The International
Swaps and Derivatives Association, Inc., as modified, amended or replaced from
time to time) as of 10:00 a.m., Toronto time, on the preceding Monthly Payment
Date (or the date of advance of that Class VPN Loan, in the case of the initial
Monthly Payment Date for that Class VPN Loan). If such rates do not appear on
the Reuters Screen

<PAGE>

                                      - 4 -

CDOR Page as contemplated, then the "BA 1 Month Rate" for such Monthly Payment
Date shall be calculated based upon the arithmetic mean of the applicable rates
for 30 day Canadian dollar bankers acceptances quoted by four major Canadian
Schedule I chartered banks as of 10:00 a.m., Toronto time, on the preceding
Monthly Payment Date or date of advance, as applicable: (initially the following
(i) Bank of Montreal, (ii) Canadian Imperial Bank of Commerce, (iii) Royal Bank
of Canada and (iv) The Toronto-Dominion Bank). If less than four such quotations
are available, then the "BA 1 Month Rate" will be the arithmetic mean (rounded
upwards as provided below) of such available quotations; provided, however, that
if fewer than two quotations are available, the "BA 1 Month Rate" will be the BA
1 Month Rate in effect for the previous Monthly Payment Date or date of advance,
as applicable. The arithmetic average of any rates or quotations to be
calculated hereunder shall be rounded, if necessary, to the nearest 1/100,000 of
one per cent (.00001%), with five one millionths of one percent being rounded
upwards. All dollar amounts used in or resulting from any calculation based on
the BA 1 Month Rate will be rounded to the nearest cent (with one-half of one
cent being rounded upwards).

"BA 3 Month Rate" for any Monthly Payment Date and the Class A-1 Notes shall
mean that per annum rate (based on a year of 365 days) expressed as a
percentage, equal to the average "BA 3 Month" interest rates for Canadian dollar
bankers acceptances displayed and identified as such on the "Reuters Screen CDOR
Page" (as defined in the 2000 ISDA Definitions, as published by The
International Swaps and Derivatives Association, Inc., as modified, amended or
replaced from time to time) as of 10:00 a.m., Toronto time, on the immediately
preceding Class A Note Payment Date (or the Closing Date, in the case of the
initial Class A Note Payment Date for the Class A-1 Notes). If such rates do not
appear on the Reuters Screen CDOR Page as contemplated, then the "BA 3 Month
Rate" for such Class A Note Payment Date shall be calculated based upon the
arithmetic mean of the applicable rates for 90 day Canadian dollar bankers
acceptances quoted by four major Canadian Schedule I chartered banks as of 10:00
a.m., Toronto time, on the preceding Class A Note Payment Date or the Closing
Date, as applicable: (initially the following (i) Bank of Montreal, (ii)
Canadian Imperial Bank of Commerce, (iii) Royal Bank of Canada and (iv) The
Toronto-Dominion Bank). If less than four such quotations are available, then
the "BA 3 Month Rate" will be the arithmetic mean (rounded upwards as provided
below) of such available quotations; provided, however, that if fewer than two
quotations are available, the "BA 3 Month Rate" will be the BA 3 Month Rate in
effect for the previous Class A Note Payment Date or Closing Date, as
applicable. The arithmetic average of any rates or quotations to be calculated
hereunder shall be rounded, if necessary, to the nearest 1/100,000 of one per
cent (.00001%), with five one millionths of one percent being rounded upwards.
All dollar amounts used in or resulting from any calculation based on the BA 3
Month Rate will be rounded to the nearest cent (with one-half of one cent being
rounded upwards).

"Basic Documents" means the Declaration of Trust, the Agreement, the Indenture,
the Series Supplement, the Class VPN Loan Agreements, the Class VPN Swap, the
Class A-1 Swap, the Administration Agreement, Custodian Agreement and other
documents and certificates delivered in connection therewith.

"Business Day" means any day other than a Saturday, a Sunday or a day on which
banking institutions or trust companies in Toronto, Ontario and Fort Worth,
Texas are authorized or obligated by law, regulation or executive order to
remain closed.

"Capitalized Interest Account" means the account designated as such, established
and maintained pursuant to the Sale and Servicing Agreement.

<PAGE>

                                      - 5 -

"Capitalized Interest Account Initial Deposit" means $6,526 deposited into the
Capitalized Interest Account on the Closing Date from the proceeds of the
Initial Class VPN Loan.

`Capitalized Interest Amount" means an amount for each Collection Period
calculated by the Servicer as the difference (if positive) between (a) the
product of (i) the Noteholders' Interest Distributable Amount multiplied by (ii)
the Pre-Funded Percentage minus (b) the Pre-Funding Account Investment Earnings.

"Class" means (a) each class of Class A Notes, (b) each Class VPN Loan having
the same date of advance and (c) the Class B Notes, the Class C Notes and the
Class D Notes.

"Class A Note Payment Date" means, for each Outstanding Class of Class A Notes
(i) in the case of the Class A-1 Notes, the Monthly Payment Date in March, June,
September and December of each year commencing March 6, 2003, (ii) in the case
of the Class A-2 Notes, the Monthly Payment Date in June and December of each
year commencing June 6, 2003 on their respective Targeted Final Payment Dates
or, if any such date is not a Business Day, on the next succeeding Business Day,
(iv) during a Sequential Amortization Period, each Monthly Payment Date
(including the Targeted Final Payment Date for the Class) on which principal is
payable on such Class, and (v) during a Non-Sequential Amortization Period, each
Monthly Payment Date.

"Class A Note Percentage" means, with respect to the Class A Notes and any
Monthly Payment Date, the quotient (expressed as a percentage) of (i) the sum of
the Outstanding Amounts of the Class A Notes divided by (ii) the sum of the
Outstanding Amounts of the Class A Notes and the Class VPN Loans, in each case,
as of the close of the immediately preceding Monthly Payment Date.

"Class A Notes" means the Class A-1 Notes and the Class A-2 Notes created and
issued pursuant to the Series Supplement.

"Class A-1 Notes" means the Class A-1 Notes created and issued Pursuant to the
Series Supplement.

"Class A-1 Swap" means the interest rate swap entered into between the Class A-1
Swap Counterparty and the Issue on the Closing Date relating to the Class A-1
Notes.

"Class A-1 Swap Counterparty" means Merill Lynch Capital Services Inc. in its
capacity as swap counterparty pursuant to the Class A-1 Swap.

"Class A-2 Notes" means the Class A-2 Notes created and issued pursuant to the
Series Supplement.

"Class B Notes" means the Class B Notes created and issued pursuant to the
Series Supplement.

"Class B/C Note Payment Date" means, for each Outstanding Class of Class B and
Class C Notes, (i) the Monthly Payment Date in June and December of each year
commencing June 6, 2003, (ii) the Final Scheduled Payment Date for the Class or,
if any such date is not a Business Day, on the next succeeding Business Day,
(iii) during a Sequential Amortization Period for such Class, on each Monthly
Payment Date on which principal is payable on such Class, and (iv) during a
Non-Sequential Amortization Period, each Monthly Payment Date.

<PAGE>

                                      - 6 -

"Class C Notes" means the Class C Notes created and issued pursuant to the
Series Supplement.

"Class D Notes" means the Class D Notes created and issued pursuant to the
Series Supplement.

"Class VPN Lender" means each Person (which may include the Seller or the
Servicer) party to a Class VPN Loan Agreement, as lender, together with its
successors and assigns in such capacity.

"Class VPN Loan" means each loan made by a Class VPN Lender to the Issuer
pursuant to a Class VPN Loan Agreement to partially fund the acquisition of the
Receivables on the Closing Date or fund the repayment of the Outstanding Amount
of a Class of Class A Notes on its Targeted Final Payment Date or any subsequent
Class A Note Payment Date for the Class.

"Class VPN Loan Agreement" means any Class VPN Loan Agreement entered into by
the Issuer, AmeriCredit Canada and any Person as lender.

"Class VPN Loan Percentage" means, with respect to the Class VPN Loans and any
Monthly Payment Date, 100% minus the Class A Note Percentage for such Monthly
Payment Date.

"Class VPN Loan Proceeds" means, with respect to any Monthly Payment Date, the
proceeds of any Class VPN Loan received by the Issuer for that Monthly Payment
Date.

"Class VPN Swap" means the interest rate swap entered into between the Class VPN
Swap Counterparty and the Issuer on the Closing Date relating to the Class VPN
Loans.

"Class VPN Swap Counterparty" means Merill Lynch Capital Services Inc., in its
capacity as interest rate swap counterparty pursuant to the Class VPN Swap.

"Clearing Agency" means an organization registered as a "clearing agency"
pursuant to the Securities Act (Ontario).

"Closing Date" means November 22, 2002, or such other date as the Seller, the
Issuer and the Underwriter shall agree but not later than November 29, 2002.

"Collateral Insurance" is defined in Section 4.4(a) of the Agreement.

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

"Collection Account" means the account designated as such, established and
maintained pursuant to Section 5.1 of the Agreement.

"Collection Period" means, with respect to any Monthly Payment Date, the
calendar month preceding the calendar month in which the Monthly Payment Date
occurs; provided, however, that the first Collection Period shall begin on the
day after the Initial Cut-Off Date. Any amount stated "as of the close of
business of the last day of a Collection Period" shall give effect to the
following calculations as determined as of the end of the day on such last day:
(i) all applications of collections and (ii) all distributions.

<PAGE>

                                      - 7 -

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

"Computer Tape" means the computer tapes or other electronic media furnished by
the Seller to the Issuer and its assigns describing certain characteristics of
the Initial Receivables as of the Initial Cut-Off Date and of Subsequent
Receivables as of the related Cut-off Date.

"Contract" means a motor vehicle retail instalment sales contract.

"Corporate Trust Office" means, (a) with respect to the Indenture Trustee, the
principal office of the Indenture Trustee located at BNY Trust Company of
Canada, 1101-4 King Street West, Toronto, Ontario, M5H 1B6, Attention: Senior
Trust Officer, Facsimile No.: (416) 360-1711/1722; or at such other address as
the Indenture Trustee may designate from time to time by notice to the Series
C2002-1 Debtholders, the other Related Specified Creditors, the Servicer, the
Issuer and the Seller, or the principal corporate trust office of any successor
Indenture Trustee (the address of which the successor Indenture Trustee will
notify the Series C2002-1 Debtholders, the other Related Specified Creditors,
the Servicer, the Issuer and the Seller); and (b) with respect to the Trustee,
the principal corporate trust office of the Trustee located at CIBC Mellon Trust
Company, 320 Bay Street, Toronto, Ontario, M5H 4A6, Attention: Director,
Corporate Trust, Facsimile No.: (416) 643-5570; or at such other address as the
Trustee may designate from time to time by notice to the Series C2002-1
Debtholders, the other Related Specified Creditors, the Servicer, the Indenture
Trustee and the Seller, or the principal corporate trust office of any successor
Trustee (the address of which the successor Issuer will notify the Series
C2002-1 Debtholders, the other Related Specified Creditors, the Servicer, the
Indenture Trustee and the Seller).

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

"Curable Sequential Amortization Period" means a Sequential Amortization Period
which is not, or has not become, an Extended Sequential Amortization Period.

"Custodian" means AmeriCredit Financial Services, Inc. and any other Person
named from time to time as custodian in any Custodian Agreement acting as agent
for the Indenture Trustee.

"Custodian Agreement" means the Custodian Agreement dated as of November 15,
2002 between the Custodian named therein, the Servicer and the Indenture Trustee
and includes any other Custodian Agreement from time to time in effect between
the Custodian named therein, the Servicer and the Indenture Trustee, in each
case, as the same may be amended, supplemented or otherwise modified from time
to time in accordance with the terms thereof.

<PAGE>

                                      - 8 -

"Cut-Off Date" means with respect to the Initial Receivables, the Initial
Cut-Off Date, and with respect to Subsequent Receivables, the Subsequent Cut-Off
Date determined by the Seller with respect to such Subsequent Receivables.

"DBRS" means Dominion Bond Rating Service Limited, or its successor.

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

"Dealer Agreement" means the agreement between the applicable Dealer and the
Seller which governs the terms of sales of Receivables from that Dealer to the
Seller.

"Dealer Assignment" means, with respect to a Receivable, the executed assignment
conveying such Receivable to the Seller.

"Declaration of Trust" means the declaration of trust dated as of September 30,
2002, made by the Trustee, as the same may be amended, supplemented or restated
from time to time.

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

"Delivery" when used with respect to Series Account Property means:

         (a)   with respect to Series Account Property consisting of bankers'
               acceptances, commercial paper, negotiable notes of deposit and
               other obligations that constitute "instruments" within the
               meaning of the PPSA as in effect in the Province of Ontario and
               are susceptible of physical delivery, transfer thereof to the
               Issuer or its nominee or custodian by physical delivery to the
               Issuer or its nominee or custodian endorsed to, or registered in
               the name of, the Issuer or its nominee or custodian or endorsed
               in blank; and

         (b)   with respect to Series Account Property consisting of a
               certificated security (as defined in the PPSA as in effect in the
               Province of Ontario) transfer thereof by delivery of such
               certificated security endorsed to, or registered in the name of,
               the Issuer or its nominee or custodian or endorsed in blank to a
               financial intermediary and the making by such financial
               intermediary of entries on its books and records identifying such
               certificated securities as belonging to the Issuer or its nominee
               or custodian and the sending by such financial intermediary of a
               confirmation of the purchase of such certificated security by the
               Issuer or its nominee or custodian; and

         (c)   with respect to Series Account Property consisting of a
               certificated security or an uncertificated security (within the
               meaning of the PPSA as in effect in the Province of Ontario) in
               the custody or registered in the name of a "clearing agency" (as
               defined in Section 53(1) of the Business Corporations Act
               (Ontario)), by the making by such clearing agency of appropriate
               entries on its books reducing the appropriate securities account
               of the transferor and increasing the appropriate securities
               account of the transferee by the amount of such certificated or
               uncertificated security, the identification by the clearing
               agency of the

<PAGE>

                                      - 9 -

               certificated securities for the sole and exclusive account of the
               transferee, the maintenance of such certificated securities by
               such clearing agency or its nominee or custodian subject to the
               clearing agency's exclusive control, the sending of a
               confirmation by the transferee of the purchase by the Issuer or
               its nominee or custodian of such securities and the making by
               such transferee of entries on its books and records identifying
               such certificated securities as belonging to the Issuer or its
               nominee or custodian (all of the foregoing, "Physical Property"),
               and, in any event, any such Physical Property in registered form
               shall be in the name of the Issuer or its nominee or custodian;
               and such additional or alternative procedures as may hereafter
               become appropriate to effect the complete transfer of ownership
               of any such Series Account Property to the Issuer or its nominee
               or custodian, consistent with changes in applicable law or
               regulations or the interpretation thereof; and

         (d)   with respect to any item of Series Account Property that is an
               uncertificated security under the PPSA as in effect in the
               Province of Ontario and that is not governed by clause (c) above,
               registration on the books and records of the issuer thereof in
               the name of (i) the Issuer or its nominee or custodian, or (ii) a
               financial intermediary, the sending of a confirmation by the
               financial intermediary of the purchase by the Issuer or its
               nominee or custodian of such uncertificated security, and the
               making by such financial intermediary of entries on its books and
               records identifying such uncertificated securities as belonging
               to the Issuer or its nominee or custodian.

"Depository Account" means an account maintained on behalf of the Seller and
Servicer by the Depository Bank pursuant to Section 4.2(d).

"Depository Account Agreement" means the Account Control Agreement by and among
AmeriCredit Canada and the Depository Bank, as such agreement may be amended,
supplemented or replaced from time to time, and entered into by the Servicer and
the Depository Bank with respect to the Depository Account.

"Depository Bank" means the bank, trust company or other financial or depository
institution named by the Servicer to be party to the Depository Agreement.

"Determination Date" means, with respect to any Monthly Payment Date, the second
Business Day immediately preceding such Monthly Payment Date.

"Early Termination Date" has the meaning specified in the Class VPN Swap or the
Class A-1 Swap, as applicable.

"Eligible Deposit Account" means either: (a) a segregated trust account with the
corporate trust department of the Indenture Trustee or (b) segregated account
with an Eligible Institution.

"Eligible Hedge Counterparty" means any Canadian chartered bank, financial
institution or other person (including the Seller) satisfactory to the
Administrator and having (i) a short-term credit rating of at least R-1 (middle)
by DBRS, P-1 by Moody's and A-1 by S&P and (ii) a long-term credit rating of at
least A1 by Moody's.

<PAGE>

                                     - 10 -

"Eligible Institution" means (a) for any purpose other than a Hedging Contract,
(i) a bank or trust company incorporated under the laws of Canada or any
province thereof or (ii) a domestic Canadian branch of an authorized foreign
bank (as defined in the Bank Act (Canada)) and which bank or trust company at
all times has (A) a long-term unsecured debt rating acceptable to the Rating
Agency or (B) a short-term unsecured debt rating or certificate of deposit
rating acceptable to the Rating Agency and (b) for the purposes of a Hedging
Contract, an Eligible Hedge Counterparty. Notwithstanding the previous sentence
any institution the appointment of which satisfies the Rating Agency Condition
will be considered an Eligible Institution.

"Eligible Investments" at any time of determination, means book-entry
securities, negotiable instruments or securities represented by instruments in
bearer or registered form which evidence:

         (a)   direct obligations of, and obligations fully guaranteed as to
               timely payment by, the Government of Canada or any agency or
               instrumentality thereof the obligations of which are backed by
               the full faith and credit of the Government of Canada;

         (b)   demand deposits, time deposits or certificates of deposit of any
               chartered bank or trust company or credit union or co-operative
               credit society incorporated under the laws of Canada or any
               province thereof having a maturity date of 30 days or less and
               subject to supervision and examination by federal banking or
               depository institution authorities; provided, however, that at
               the time of the investment or contractual commitment to invest
               therein, the commercial paper or other short-term senior
               unsecured debt obligations (other than such obligations the
               rating of which is based on the credit of an entity other than
               such depository institution or trust company) of such depository
               institution or trust company shall have a credit rating of: (i)
               A-1+ from S&P, (ii) R-1 (high) from DBRS, and (iii) if such
               commercial paper or other short-term senior unsecured debt
               obligations are rated by Moody's, a rating of Prime-1 from
               Moody's;

         (c)   call loans and notes or banker's acceptances issued or accepted
               by any bank, trust company, credit union or co-operative credit
               society described in paragraph (b) above;

         (d)   commercial paper having, at the time of the investment or
               contractual commitment to invest therein, a rating of (i) A-1+
               from S&P, (ii) R-1 (high) from DBRS, and (iii) if such commercial
               paper is rated by Moody's, a rating of Prime-1 by Moody's;

         (e)   investments in money market funds (including funds for which the
               Indenture Trustee or the Issuer in its individual capacity or any
               of its affiliates is investment manager, controlling party or
               advisor) having a rating of: (i) AAA-m or AAAm-G from S&P, (ii)
               AAA from DBRS, and (iii) if such investments are rated by
               Moody's, a rating of Aaa by Moody's;

         (f)   securities subject to repurchase obligations (including tri-party
               repurchase obligations) where the security is a direct obligation
               of, or fully guaranteed by, the Government of Canada or any
               agency or instrumentality thereof the obligations of which are
               backed by the full faith and credit of the Government of Canada,
               in

<PAGE>

                                     - 11 -

               either case entered into with a bank or trust company (acting as
               principal) referred to in clause (b) above; and

         (g)   any other investment which would satisfy the Rating Agency
               Condition and is consistent with the ratings of the Offered
               Notes, or any other investment that by its terms converts to cash
               within a finite period, if the Rating Agency Condition is
               satisfied with respect thereto.

"Event of Default" is defined in Section 7.1 of the Indenture.

"Event of Default Proceeds" is defined in Section 9.2 of the Agreement.

"Event of Default Sale" is defined in Section 9.2 of the Agreement.

"Extended Sequential Amortization Period" means a Sequential Amortization Period
which (i) commenced as a result of the termination of the Class VPN Swap or (ii)
commenced as a result of the failure to pay the outstanding principal balance of
a Class of Class A Notes in full on its Targeted Final Payment Date and which
has continued beyond the Targeted Final Payment Date for the Class of Class A
Notes with the next highest numerical designation.

"Final Monthly Payment Date" means the earlier of (a) the Monthly Payment Date
upon which the Series C2002-1 Debt Obligations are paid in full, (b) the Monthly
Payment Date upon which the Seller exercises its option to repurchase the
Receivables, or (c) the date on which all Receivables are liquidated in full or
written off as uncollectible.

"Final Scheduled Payment Date" means, for each Class of Series C2002-1 Notes and
the Class VPN Loans, the December 2009 Payment Date:

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

"Financing Statements" is defined in Section 10.2(a) of the Agreement.

"Force-Placed Insurance" is defined in Section 4.4(b) of the Agreement.

"Hedging Contract" shall mean (i) any interest rate swap transaction, basis
swap, forward rate transaction, interest rate option, foreign exchange
transaction, cap transaction, floor transaction, collar transaction, currency
swap transaction, cross-currency rate swap transaction, currency option or
similar transaction, (ii) any option with respect to any transactions described
in clause (i), (iii) any combination of any transactions or agreements described
in clauses (i) or (ii), or (iv) any option to sell or buy marketable securities,
in each case, entered into from time to time by the Issuer and any Eligible
Hedge Counterparty in connection with or related to the Class VPN Loans or the
Class A-1 Notes.

"Indenture" means the Indenture, dated September 30, 2002, between the Issuer
and the Indenture Trustee, as the same may be amended, supplemented or restated
from time to time.

"Indenture Trustee" means BNY Trust Company of Canada, a federally incorporated
trust company, not in its individual capacity but solely as Indenture Trustee
under the Indenture, or any successor Indenture Trustee under the Indenture.

<PAGE>

                                     - 12 -

"Independent Accountants" is defined in Section 4.11 of the Agreement.

"Initial Class VPN Loan" means the Class VPN Loan made to the Issuer by the
Initial Class VPN Lender on the Closing Date pursuant to the Initial Class VPN
Loan Agreement.

"Initial Class VPN Loan Agreement" means the Class VPN Loan Agreement entered
into by the Issuer and the Initial Class VPN Lender on or before the Closing
Date.

"Initial Class VPN Lender" means The Trust Company of Bank of Montreal, in its
capacity of Gemini Trust, as lender under the Initial Class VPN Loan Agreement.

"Initial Cut-Off Date" means November 15, 2002.

"Initial Purchase Price" is defined in Section 2.4(a) of the Agreement.

"Initial Receivables" means any Contract listed on the Schedule of Receivables
on the Closing Date.

"Insolvency Event" is defined in the Indenture.

"Insurance Add-on Amount" means the premium charged to the Obligor in the event
that the Servicer obtains Force-Placed Insurance pursuant to Section 4.4.

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

"Interest Period" means, with respect to any Monthly Payment Date and any Class
of Notes or Class VPN Loans, the period from and including the immediately
preceding Monthly Payment Date (or in the case of the first Monthly Payment Date
for such Class, from and including the Closing Date or the date of advance of
such Class VPN Loans, as applicable) to, but excluding, that Monthly Payment
Date.

"Interest Rate" means, (a) with respect to the Class A-1 Notes and any Monthly
Payment Date for such Class, the BA 3 Month Rate for such Monthly Payment Date
plus 0.20% per annum (computed on the basis of a 365-day year and the actual
number of days elapsed in the applicable Interest Period), (b) with respect to
the Class A-2 Notes, the Class B Notes, the Class C Notes and the Class D Notes,
a rate equivalent to the annual rate of 4.084%, 7.395%, 8.539% and 15%,
respectively (computed on a semi-annual equivalent basis), (c) with respect to
VPN Loans and any Monthly Payment Date, the BA 1 Month Rate for such Monthly
Payment Date plus the fixed percentage spread (not exceeding 1.50% per annum)
determined pursuant to the related Class VPN Loan Agreement or at the time of
advance of the Class VPN Loan based on market conditions (computed on the basis
of a 365-day year and the actual number of days elapsed in the applicable
Interest Period). Notwithstanding the foregoing, (A) on each Monthly Payment
Date on or after the termination of the Class VPN Swap, the Interest Rate for
all Class VPN Loans shall be 4.43% per annum (being the fixed rate payable by
the Issuer under the Class VPN Swap) and (B) on each Monthly Payment Date after
the termination of the Class A-1 Swap, the Interest

<PAGE>

                                     - 13 -

Rate for the Class A-1 Notes shall be 3.21% per annum (being the fixed rate
payable by the issuer under the Class A-1 Swap).

"Investment Earnings" means, with respect to any Monthly Payment Date, the
interest and other investment earnings (net of losses and investment expenses)
on amounts on deposit in the Series Accounts to be deposited into the Collection
Account on the related Determination Date and applied as Available Funds
pursuant to the Agreement.

"Issuer" means CIBC Mellon Trust Company, in its capacity as trustee of the
Issuer, until a successor replaces it and, thereafter, means the successor.

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

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

"Limited Guarantee" means the limited guarantee executed by AmeriCredit Corp. in
favour of the Trustee on the Closing Date guaranteeing the servicing obligations
of the Servicer, and the repurchase obligations of AmeriCredit Canada, under
this Agreement.

"Liquidated Receivable" means, with respect to any Collection Period, a
Receivable (i) as to which 90 days have elapsed since the Servicer repossessed
the Financed Vehicle; provided, however, that in no case shall 5% or more of a
Scheduled Receivable Payment have become 210 or more days delinquent in the case
of a repossessed Financed Vehicle, and which is not a Sold Receivable (ii) as to
which the Servicer has determined in good faith that all amounts it expects to
recover have been received, and which is not a Sold Receivable, (iii) as to
which 5% or more of a Scheduled Receivables Payment shall have become 120 or
more days delinquent, except in the case of a repossessed Financed Vehicle, and
which is not a Sold Receivable, or (iv) that is a Sold Receivable.

 "Liquidation Proceeds" means, with respect to any Liquidated Receivable, all
moneys collected in respect thereof from whatever source (including the proceeds
of insurance policies with respect to the related Financed Vehicles or Obligor,
payments made by a Dealer pursuant to the related Dealer Agreement with respect
to such Receivable and Recoveries), net of the sum of any amounts expended by a
Servicer in connection with such liquidation and any amounts required by law to
be remitted to the Obligor on such Liquidated Receivable.

"Liquidity Advance" means an advance made by the Servicer in accordance with
Section 2.9(a)(i) of the Agreement.

"Maturity Advance" means an advance made by the Servicer in accordance with
Section 2.9(a)(ii) of the Agreement.

"Maximum Capitalized Interest Carry Amount" means the product of (i) the
difference between (a) the weighted average of the Interest Rates on the Offered
Notes and the Class VPN Loans (assuming the BA 1 Month and BA 3 Month Rate are
equal to the Fixed Rate under and as

<PAGE>

                                     - 14 -

defined in the Class VPN Swap and the A-1 Swap, respectively) minus (b) 1.25%,
multiplied by (ii) the amount on deposit in the Pre-Funding Account multiplied
by (iii) the fraction of a year represented by the number of days until the
January 2003 Monthly Payment Date (calculated on the basis of a 365-day year).

"Minimum Sale Price" means (i) with respect to a Receivable (x) that has become
60 to 210 days delinquent or (y) that has become greater than 210 days
delinquent and with respect to which the related Financed Vehicle has been
repossessed by the Servicer and has not yet been sold at auction, the greater of
(A) 55% multiplied by the Principal Balance of such Receivable and (B) the
product of the three month rolling average recovery rate (expressed as a
percentage) for the Servicer in its liquidation of all receivables for which it
acts as Servicer, either pursuant to this Agreement or otherwise, multiplied by
the Principal Balance of such Receivable or (ii) with respect to a Receivable
(x) with respect to which the related Financed Vehicle has been repossessed by
the Servicer and has been sold at auction or (y) that has become greater than
210 days delinquent and with respect to which the related Financed Vehicle has
not been repossessed by the Servicer, $1.00.

"Monthly Capitalized Interest Amount" means in the case of the January 2003
Monthly Payment Date, an amount equal to the difference between (i) the product
of (x) a fraction the numerator of which is the actual number of days elapsed in
the initial Interest Period and the denominator of which is 365, (y) the daily
weighted average of the Interest Rates for the Offered Notes and the Class VPN
Loans (calculated assuming that each of the BA 1 Month Rate and the BA 3 Month
Rate is equal to the fixed rate of interest payable by the Issuer under, and as
set forth in, the Class VPN Swap and the Class A-1 Swap, respectively) for the
initial Interest Period and (z) the difference between (A) the average daily
aggregate Outstanding Amount of the Offered Notes and the Class VPN Loans during
the intial Interest Period and (B) the excess of (1) the average daily Original
Pool Balance over (2) the average daily aggregate Outstanding Amount of the
Class D Notes, in each case, during the initial Interest Period and (ii) the sum
of the Pre-Funding Account Investment Earnings and Investment Earnings on
amounts on deposit in the Capitalized Interest Account for such Monthly Payment
Date.

"Monthly Payment Date" means the sixth day of each calendar month or if any such
day is not a Business Day, the next succeeding Business Day (with the first
Monthly Payment Date being January 6, 2003); provided, however, that the initial
Monthly Payment Date for any Class VPN Loan made after the Closing Date shall be
the second Monthly Payment Date following the date of advance of such Class VPN
Loan.

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

<PAGE>

                                     - 15 -

"Monthly Residual Purchase Price Amount" means, for any Monthly Payment Date,
the amount, if any, by which (i) the Available Funds for such Monthly Payment
Date exceeds (ii) the sum of the Servicing Fee, plus the Administration and
Trustee Fees, plus the Aggregate Noteholders' Interest Distributable Amount,
plus the Aggregate Principal Distributable Amount, plus the net amounts, if any,
payable by the Issuer under the Class VPN Swap and the Class A-1 Swap, plus the
Additional Class VPN Loan Amounts, if any, plus the accrued and unpaid interest
on the Subordinated Reserve Account Loans, in each case, for such Monthly
Payment Date, plus the sum of $100 plus the excess, if any, of (x) the Principal
Balance of all Receivables that became Liquidated Receivables during the
preceding Collection Period over (y) the Principal Balance of all Liquidated
Receivables for the preceding Collection Period described in clauses (ii) and
(iv) of the definition of Liquidated Receivables.

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

"Net Liquidation Proceeds" means, with respect to a Liquidated Receivable, all
amounts realized with respect to such Receivable (other than amounts withdrawn
from the Reserve Account) net of (i) reasonable expenses incurred by the
Servicer in connection with the collection of such Receivable and the
repossession and disposition of the Financed Vehicle and (ii) amounts that are
required to be refunded to the Obligor on such Receivable; provided, however,
that the Liquidation Proceeds with respect to any Receivable shall in no event
be less tan zero.

"Non-Sequential Amortization Commencement Date" means, if the Class A Notes and
Class VPN Loans have not been paid in full, the Monthly Payment Date on or after
the date on which the outstanding principal balances of the Class A Notes and
Class VPN Loans has been declared immediately due and payable following the
occurrence of an Event of Default under Sections 5.1(i), (ii) (iii) or (iv) of
the Series Supplement.

"Non-Sequential Amortization Period" means the period from and including a
Non-Sequential Amortization Commencement Date to and including the Final Monthly
Payment Date.

"Note Distribution Account" means the account designated as such, established
and maintained pursuant to Section 5.1 of the Agreement.

"Note Pool Factor" means, as of the close of business on any Payment Date with
respect to any Class of Series C2002-1 Notes, the Outstanding Amount of that
Class of Series C2002-1 Notes divided by the original Outstanding Amount of that
Class of Series C2002-1 Notes (carried out to the fifth decimal place). The Note
Pool Factor for each Class will be 1.00000 as of the Closing Date, and,
thereafter, will decline to reflect reductions in the Outstanding Amount of the
Series C2002-1 Notes.

"Note Register" and "Note Registrar" have, for the Series C2002-1 Notes, the
respective meanings specified in the Indenture.

"Noteholders' Deficit Amount" means, with respect to any Monthly Payment Date,
the excess, if any, of (x) the aggregate remaining principal balance of the
Offered Notes and the Class VPN Loans outstanding less the Accumulation Amount
(if any) on such Monthly Payment Date, after giving effect to all reductions in
such aggregate principal balance from sources other than the Reserve Account
over (y) the Pool Balance at the end of the related Collection Period.

<PAGE>

                                     - 16 -

"Noteholders' Distributable Amount" means, with respect to any Monthly Payment
Date, the sum of the Aggregate Noteholders' Principal Distributable Amount and
the Aggregate Noteholders' Interest Distributable Amount for that date.

"Noteholders' Interest Carryover Amount" means, with respect to any Class of
Offered Notes or Class VPN Loans and any date of determination, the sum of (a)
the excess of (i) all or any portion of the Noteholders' Monthly Interest
Distributable Amount for such Class for the immediately preceding Monthly
Payment Date and any outstanding Noteholders' Interest Carryover Amount on such
immediately preceding Monthly Payment Date over (ii) the amount that was
actually deposited to the Note Distribution Account in respect of the
Noteholders' Interest Distributable Amount for the Class on such preceding
Monthly Payment Date plus (b) if such preceding Monthly Payment Date was a
Payment Date for such Class, an amount equal to interest on such excess at the
Interest Rate of the Class from and including such preceding Payment Date to but
excluding the date of determination.

"Noteholders' Interest Distributable Amount" means, with respect to any Monthly
Payment Date and Class of Offered Notes or Class VPN Loans, the sum of the
Noteholders' Monthly Interest Distributable Amount for such Monthly Payment Date
and such Class and the Noteholders' Interest Carryover Amount, if any, for such
Monthly Payment Date and such Class. Interest on the Offered Notes and the Class
VPN Loans shall be computed on the basis of a 365-day year.

"Noteholders' Monthly Interest Distributable Amount" means, for any Monthly
Payment Date and any Class of Offered Notes or Class VPN Loans, an amount equal
to:

         (a)   in the case of the Class A-2 Notes, the Class B Notes and the
               Class C Notes and (x) any Monthly Payment Date on or before the
               initial Payment Date for such Class, an amount equal to the
               product of (A) the outstanding principal amount of the Notes of
               that Class as of the close of the preceding Monthly Payment Date
               (or the Closing Date in the case of the first Monthly Payment
               Date) and (B) the Interest Rate of the Class and (C) the number
               of days in the related Interest Period for such Class divided by
               365, and (y) any Monthly Payment Date after the initial Payment
               Date for such Class, an amount equal to the product of (A) the
               outstanding principal amount of the Offered Notes of the Class as
               of the close of the preceding Monthly Payment Date and (B) one
               twelfth of the Interest Rate of the Class; provided, however,
               that for each Payment Date for the Class A Notes of a Class
               during an Amortization Period for that Class, the Noteholders'
               Interest Distributable Amount for such Class of Class A Notes
               will be equal to the product (A) the outstanding principal amount
               of the Notes of that Class as of the close of the preceding
               Monthly Payment Date and (B) the interest rate which is the
               monthly equivalent interest rate to the Interest Rate of the
               Class; and

         (b)   in the case of the Class A-1 Notes and the Class VPN Loans of any
               Class, an amount equal to the product of (x) the outstanding
               principal amount of those Notes or Class VPN Loans as of the
               close of the preceding Monthly Payment Date (or the date of
               advance of such Class VPN Loans in the case of the first Monthly
               Payment Date following that date of advance), (y) the Interest
               Rate of the Class for such Monthly Payment Date, and (z) a
               fraction, the numerator of

<PAGE>

                                     - 17 -

               which is the number of days in the related Interest Period for
               such Class and the denominator of which is 365.

"Noteholders' Principal Distributable Amount" means, with respect to:

(a) the Class A Notes and any Monthly Payment Date:

         (i)   except during a Sequential Amortization Period:

               (A)    for a Class of Class A Notes on its Targeted Final Monthly
                      Payment Date, the Noteholders' Principal Distributable
                      Amount for that Class of Class A Notes is the lesser of :

                      (1) the outstanding principal balance of that Class as of
                          the close of the immediately preceding Monthly Payment
                          Date; and

                      (2) the Total Noteholders' Principal Payment Amount; and

               (B)    if the Monthly Payment Date is not a Targeted Final
                      Payment Date for any Class of Class A Notes, the
                      Noteholders' Principal Distributable Amount for a Class of
                      Class A Notes is zero.

         (ii)  during a Sequential Amortization Period, the Noteholders'
               Principal Distributable Amount for a Monthly Payment Date for a
               Class of Class A Notes is the lesser of:

               (A)    the outstanding principal balance of that Class as of the
                      close of the immediately preceding Monthly Payment Date;
                      and

               (B)    the remainder of:

                      (1) the Class A Note Percentage of the Total Noteholders'
                          Principal Payment Amount for such Monthly Payment Date
                          minus,

                      (2) the outstanding principal balance for each Class of
                          Class A Notes with a lower numerical designation as of
                          the close of the immediately preceding Monthly Payment
                          Date.

(b) for the Class VPN Loans and any Monthly Payment Date,

         (i)   except during a Sequential Amortization Period:

               (A)    if the Monthly Payment Date is a Targeted Final Payment
                      Date for a Class of Class A Notes, the Noteholders'
                      Principal Distributable Amount for the Class VPN Loans is
                      the remainder of:

                      (1) the Total Noteholders' Principal Payment Amount for
                          that Monthly Payment Date, minus

<PAGE>

                                     - 18 -

                      (2) the Noteholders' Principal Distributable Amount for
                          the Class of Class A Notes that has its Targeted Final
                          Payment Date on such Monthly Payment Date determined
                          as described in (1) above,

         but in no event more than the outstanding principal balance of the
         Class VPN Loans as of the close of business on the immediately
         preceding Monthly Payment Date;

               (B)    if the Monthly Payment Date is not a Targeted Final
                      Payment Date for a Class of Class A Notes, the
                      Noteholders' Principal Distributable Amount for the Class
                      VPN Loans is the lesser of:

                      (1) the outstanding principal balance of the Class VPN
                          Loans as of the close of business on the immediately
                          preceding Monthly Payment Date; and

                      (2) the Total Noteholders' Principal Payment Amount for
                          such Monthly Payment Date.

         (ii)     during a Sequential Amortization Period, the Noteholders'
                  Principal Distributable Amount for the Class VPN Loans on a
                  Monthly Payment Date is the lesser of:

               (A)    the outstanding principal balance of the Class VPN Loans
                      as of the close of business on the immediately preceding
                      Monthly Payment Date; and

(B) the Class VPN Loan Percentage of the Total Noteholders' Principal Payment
Amount.

(c) the Class B Notes and any Monthly Payment Date:

         (i)   if (A) the Monthly Payment Date is on or after the Targeted Final
               Monthly Payment Date for the Class B Notes and prior to a
               Sequential Amortization Period, or (B) the Monthly Payment Date
               occurs during a Sequential Amortization Period, the Noteholders'
               Principal Distributable Amount for the Class B Notes is the
               lesser of :

               (1)    the outstanding principal balance of the Class B Notes as
                      of the close of the immediately preceding Monthly Payment
                      Date; and

               (2)    the remainder, if any, of:

                      A.  the Total Noteholders' Principal Payment Amount for
                          that Monthly Payment Date; minus

                      B.  the aggregate outstanding principal balance of the
                          Class A Notes and the Class VPN Loans as of the close
                          of the immediately preceding Monthly Payment Date.

               (ii)   if the Monthly Payment Date is not the Targeted Final
                      Payment Date for the Class B Notes and occurs prior to a
                      Sequential Amortization Period,, the Noteholders'
                      Principal Distributable Amount for the Class B Notes is
                      zero.

<PAGE>

                                     - 19 -

(d) the Class C Notes and any Monthly Payment Date:

         (i)   if (A) the Monthly Payment Date is on after the Targeted Final
               Monthly Payment Date for the Class C Notes and prior to a
               Sequential Amortization Period, or (B) the Monthly Payment Date
               occurs during a Sequential Amortization Period, the Noteholders'
               Principal Distributable Amount for the Class C Notes is the
               lesser of:

               (1)    the outstanding principal balance of the Class B Notes as
                      of the close of the immediately preceding Monthly Payment
                      Date; and

               (2)    the remainder, if any, of:

                      A.  the Total Noteholders' Principal Payment Amount for
                          that Monthly Payment Date; minus

                      B.  the aggregate outstanding principal balance of the
                          Class A Notes, the Class VPN Loans and the Class B
                          Notes as of the close of the immediately preceding
                          Monthly Payment Date.

         (ii)  if the Monthly Payment Date is not the Targeted Final Payment
               Date for the Class C Notes and occurs prior to a Sequential
               Amortization Period, the Noteholders' Principal Distributable
               Amount for the Class C Notes is zero.

Notwithstanding the foregoing, on the Final Scheduled Payment Date for any Class
of Offered Notes or Class VPN Loans, the Noteholders' Principal Distributable
Amount for such Class will equal the outstanding principal balance of such Class
as of the close of business on the immediately preceding Monthly Payment Date.

"Noteholders' Principal Carryover Amount" means, with respect to any Monthly
Payment Date, the excess of the Noteholders' Principal Distributable Amount for
the preceding Monthly Payment Date over the amount that was actually deposited
in the Note Distribution Account in respect of the Noteholders' Principal
Distributable Amount on such preceding Monthly Payment Date.

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

"Offered Notes" means the Class A Notes, Class B Notes and Class C Notes.

"Opinion of Counsel" means a written opinion of counsel satisfactory in form and
substance to the Indenture Trustee.

"Original Pool Balance" means the sum, as of any date, of the Pool Balance as of
the Initial Cut-Off Date, plus the aggregate Principal Balance of the Subsequent
Receivables, if any, sold to the Issuer, as of their respective Subsequent
Cut-Off Dates.

"Paying Agent" means, with respect to the Series C2002-1 Debt Obligations, the
Indenture Trustee or any other Person that meets the eligibility standards for
the Indenture Trustee

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                                     - 20 -

specified in Section 12.1(1) of the Indenture and authorized by the Issuer to
make the payments to and distributions from the Distribution Account, including
payment of principal of or interest on the Series C2002-1 Notes on behalf of the
Issuer.

"Payment Date" means (a) for any Class of Class A Notes, each Class A Note
Payment Date, (b) for the Class B Notes and the Class C Notes, each Class B/C
Note Payment Date, and (c) for the Class VPN Loans and the Class D Notes, each
Monthly Payment Date.

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

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

"PPSA" means (a) the personal property security legislation, as amended,
supplemented or replaced from time to time, as in effect in each Province of
Canada (other than Quebec), (b) the Uniform Commercial Code, as amended,
supplemented or replaced from time to time, as in effect in the State of Texas,
and (c) the Quebec Civil Code, as amended, supplemented or replaced from time to
time, as in effect in Quebec.

"Pre-Funded Amount" means, with respect to any date, the amount on deposit in
the Pre-Funding Account on such date.

"Pre-Funded Percentage" means, for each Collection Period, the quotient
(expressed as a percentage) of: (i) the Pre-Funded Amount divided by (ii) the
sum of the Pool Balance and the Pre-Funded Amount, after taking into account all
transfers of Subsequent Receivables during such Collection Period.

"Pre-Funding Account" means the account designated as such, established and
maintained pursuant to the Sale and Servicing Agreement.

"Pre-Funding Account Investment Earnings" means, with respect to any Monthly
Payment Date, the interest and other investment earnings (net of losses and
investment expenses) on amounts on deposit in the Pre-Funding Account to be
deposited into the Collection Account on the related Determination Date pursuant
to the Sale and Servicing Agreement.

"Pre-Funding Period" means the period from and including the Closing Date and
ending on the earliest of: (a) the Determination Date on which the amount on
deposit in the Pre-Funding Account (after giving effect to any transfers
therefrom in connection with the transfer of Subsequent Receivables to the
Issuer on or before such Determination Date) is less than $100,000, (b) the date
on which an Event of Default or a Servicer Termination Event occurs, (c) the
date on which an Insolvency Event occurs with respect to the Seller or the
Servicer and (d) January 6, 2003.

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

<PAGE>

                                     - 21 -

"Principal Distributable Amount" means, with respect to any Monthly Payment
Date, the amount equal to the excess, if any, of (a) the sum of (i) the
principal portion of all Collected Funds received during the immediately
preceding Collection Period (other than Sold Receivables, Liquidated Receivables
and Purchased Receivables), (ii) the Principal Balance of all Receivables that
became Liquidated Receivables during the related Collection Period (other than
Purchased Receivables and Sold Receivables), (iii) the principal portion of the
Purchase Amounts received with respect to all Receivables that became Purchased
Receivables during the related Collection Period, (iv) the aggregate amount of
Cram Down Losses that shall have occurred during the related Collection Period;
and (v) following the acceleration of the Offered Notes and the Class VPN Loans
pursuant to the Trust Indenture, the amount of money or property collected
pursuant to the Trust Indenture since the preceding Determination Date by the
Indenture Trustee for distribution pursuant to the Sale and Servicing Agreement
over (b) the Step-Down Amount, if any, for such Monthly Payment Date.

"Principal Distributable Carryover Amount" means, with respect to any Monthly
Payment Date, the excess of the Aggregate Principal Distributable Amount for the
preceding Monthly Payment Date over the amount that was actually deposited in
the Note Distribution Account in respect of the Aggregate Principal
Distributable Amount on such preceding Monthly Payment Date.

"Pro Forma Note Balance" means, with respect to any Monthly Payment Date, the
excess, if any, of (i) the aggregate remaining principal balance of the Offered
Notes and the Class VPN Loans outstanding as of the opening of such Monthly
Payment Date over (ii) the sum of (x) Accumulation Amount as of the opening of
such Monthly Payment Date and (y) the Aggregate Principal Distributable Amount
for such Monthly Payment Date.

"Prospectus" means the Short Form Prospectus of the Issuer dated November 18,
2002 relating to the Series C2002-1 Notes and includes all documents
incorporated therein by reference.

"Purchase Amounts" means, for any Purchased Receivable, the Principal Balance as
of the date of purchase and for any Sold Receivable, the Principal Balance as of
the date of sale.

"Purchase Price" is defined in Section 2.4(a) of the Agreement.

"Purchased Assets" means the Receivables and all other property conveyed to the
Issuer by the Seller pursuant to Sections 2.1 and 2.2 of the Agreement and the
Assignment.

"Purchased Receivable" means a Receivable purchased as of the close of business
on the last day of a Collection Period by the Servicer pursuant to Section 4.7
of the Agreement or by the Seller pursuant to Section 3.2 of the Agreement, or
as of the first day of a Collection Period by the Servicer pursuant to Section
9.1 of the Agreement.

"Quebec Assignment" means the Quebec Assignment attached to the Agreement as
Exhibit A-2.

"Rating Agency" means each of DBRS, Standard & Poor's and Moody's. If any of
such organizations or its successor is no longer in existence, the Administrator
shall designate a nationally recognized statistical rating organization or other
comparable Person as a substitute

<PAGE>

                                     - 22 -

Rating Agency, notice of which designation shall be given to the Indenture
Trustee, the Issuer and the Servicer.

"Rating Agency Condition" means, with respect to any action, that each Rating
Agency shall have been given 10 days' prior notice thereof and that each of the
Rating Agencies shall have notified the Seller, the Servicer, the Issuer and the
Indenture Trustee in writing that such action will not result in a reduction or
withdrawal of the then current rating of any Class of Series C2002-1 Notes.

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

"Receivable" means any Contract listed on the Schedule of Receivables, as such
Schedule of Receivables shall be amended to reflect the transfer of Subsequent
Receivables to the Issuer.

"Receivable Files" means the documents specified in Section 3.3 of the
Agreement.

"Record Date" means, with respect to a Payment Date or Redemption Date for the
Notes of any Class, the Business Day immediately preceding such Payment Date or
Redemption Date, or, if Definitive Notes of such Class are issued, the close of
business on the last day of the calendar month preceding the month of such
Payment Date or Redemption Date, whether or not such day is a Business Day, or
if Definitive Notes were not outstanding on such date, the date of issuance of
the Definitive Notes.

"Recoveries" means, with respect to any Liquidated Receivable, moneys collected
in respect thereof, from whatever source (other than from the sale or other
disposition of the related Financed Vehicle), after such Receivable became a
Liquidated Receivable.

"Redemption Date" means the Monthly Payment Date specified by the Servicer or
the Issuer pursuant to Section 9.1 of the Agreement and Section 4 of the Series
Supplement, as applicable.

"Redemption Price" means the unpaid principal amount of the Series C2002-1 Notes
redeemed or to be redeemed, plus accrued and unpaid interest thereon at the
applicable Interest Rate to but excluding the Redemption Date.

"Registered Holder" means the Person in whose name a Note is registered on the
Note Register on the applicable Record Date.

"Remaining Pre-Funded Amount" is defined in Section 5.8(c) of the Agreement.

"Required Overcollateralization Percentage" means, for any Monthly Payment Date,
the percentage equivalent of a fraction, the numerator of which is the excess of
(i) 20.50% of the Pool Balance as of the end of the related Collection Period
over (ii) the balance on deposit in the Reserve Account (after giving effect to
all deposits to and withdrawals from the Reserve Account on such Monthly Payment
Date) and the denominator of which is the Pool Balance as of the end of the
related Collection Period, provided, however, that on or after the date on which
the Pool Balance declines to 10% or less of the Original Pool Balance, the
Required Over-Collateralization Percentage shall be 100%.

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                                     - 23 -

"Required Pro Forma Note Balance" means, with respect to any Monthly Payment
Date, a dollar amount equal to the product of (i) the Pool Balance as of the end
of the related Collection Period and (ii) 100% minus the Required
Overcollateralization Percentage for the current Monthly Payment Date.

"Reserve Account" means the account designated as such, established and
maintained pursuant this Agreement.

"Reserve Account Deposit Amount" means, with respect to any Monthly Payment
Date, the lesser of (x) the excess of (i) the Specified Reserve Account Balance
over (ii) the amount on deposit in the Reserve Account on such Monthly Payment
Date, after taking into account the amount of any Reserve Account Withdrawal
Amount on such Monthly Payment Date and (y) the amount remaining in the
Collection Account after taking into account the distributions therefrom
described in clauses (i) through (ix) of Section 5.6(c) of the Agreement.

"Reserve Account Initial Deposit" means, initially, $4,900,000 and, with respect
to each Subsequent Transfer Date, cash or Eligible Investments having a value
approximately equal to 2.00% of the aggregate Principal Balance of the
Subsequent Receivables conveyed to the Issuer on such Subsequent Transfer Date.

"Reserve Account Withdrawal Amount" means, with respect to any Monthly Payment
Date, the lesser of (x) any shortfall in the amount of Available Funds available
to pay the amounts specified in clauses (i) through (vi) of Section 5.6(c) of
the Agreement (taking into account application of Available Funds to the
priority of payments specified in Section 5.6(c) of the Agreement and ignoring
any provision hereof which otherwise limits the amounts described in such
clauses to the amount of funds available) ) plus the Noteholders' Deficit Amount
and (y) the amount on deposit in the Reserve Account on such Monthly Payment
Date prior to any application of amounts on deposit therein on such date.

"Residual Purchase Price" has the meaning specified in Section 2.4(a) of the
Agreement.

"Responsible Officer" means, with respect to any Person, the chairman or
vice-chairman of the board of directors, any managing director, the chairman or
vice-chairman of the executive committee of the board of directors, the chief
executive officer, the president, any vice president, assistant vice president,
the secretary, any assistant secretary, the treasurer, any assistant treasurer,
or any other officer of such person customarily performing functions similar to
those performed by any of the above designated officers and also means, with
respect to a particular corporate trust matter, any other officer to whom such
matter is referred because of such officer's knowledge of and familiarity with
the particular subject.

"Schedule of Receivables" means the listing of the Receivables executed,
delivered and identified by the Seller on the Closing Date as the Schedule of
Receivables pursuant to this Agreement and the Assignment (which Schedule may be
in the form of a computer diskette, computer tape or microfiche), as
supplemented as of each Subsequent Transfer Date by a Subsequent Transfer
Amendment to reflect the sale and assignment to the Issuer of Subsequent
Receivables.

"Schedule of Representations" means the Schedule of Representations and
Warranties attached hereto as Schedule A.

<PAGE>

                                     - 24 -

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

"Seller" means AmeriCredit Canada in its capacity as Seller, and its successors
in interest to the extent permitted under the Agreement.

"Sequential Amortization Commencement Date" means the day following the Targeted
Final Payment Date for a Class of Class A Notes if the Outstanding Amount of
that Class is not paid in full on that Targeted Final Payment Date, unless that
Targeted Final Payment Date occurs during an Amortization Period.

"Sequential Amortization Period" means the period commencing on a Sequential
Amortization Commencement Date and ending on the Monthly Payment Date on which
there are paid in full the Outstanding Amounts of all Classes of Class A Notes
having consecutive numerical designations which were not paid in full on their
respective Targeted Final Payment Dates; provided, however that a Sequential
Amortization Period shall not so terminate on a Monthly Payment Date unless the
Issuer has received Class VPN Loan Proceeds (or Servicer Liquidity Advances) on
such Monthly Payment Date in a principal amount greater than or equal to 25% of
the initial Outstanding Amount of the Class of Class A Notes which was not paid
on its Targeted Final Payment Date and which has the highest numerical
designation on such Monthly Payment Date.

"Series C2002-1 Debtholders" or "Holder" means, with respect to a Series C2002-1
Note, the Person in whose name a Series C2202-1 Note is registered on the Note
Register, and with respect to a Class VPN Loan, the related Class VPN Lender as
specified in the related Class VPN Loan Agreement.

"Series C2002-1 Debt Obligations" means the Series C2002-1 Notes and the Class
VPN Loans. "Series C2002-1 Investor Notes" means the Class A Notes, the Class B
Notes and the Class C Notes.

"Series C2002-1 Notes" means the Class A Notes, the Class B Notes, the Class C
Notes and the Class D Notes.

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

"Series Accounts" has the meaning assigned thereto in Section 5.1(b) of the
Agreement.

"Series Supplement" means the Series C2002-1 Supplemental Indenture to the
Indenture dated the Closing Date made for the purposes of authorizing, creating
and issuing the Series C2002-1

<PAGE>

                                     - 25 -

Debt Obligations and the other Related Obligations for the purposes of financing
the Issuer's acquisition of the Receivables and other Related Collateral, as the
same may be amended and supplemented or restated from time to time.

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

"Servicer" means AmeriCredit Canada, in its capacity as the Servicer of the
Receivables.

"Servicer's Certificate" means an Officers' Certificate of the Servicer
delivered pursuant to Section 4.9 of the Agreement, substantially in the form of
Exhibit B thereto.

"Servicer Termination Event" means an event specified in Section 8.1 of the
Agreement.

"Servicing Fee" means, with respect to a Collection Period, the fee (inclusive
of goods and services taxes or other applicable taxes) payable to the Servicer
for services rendered during the respective Collection Period, which shall be
equal to one twelfth of the Servicing Fee Rate multiplied by the Pool Balance as
of the first day of the Collection Period; provided however, that so long as
AmeriCredit Canada or an Affiliate is the Servicer, the Servicing Fee shall be
zero.

"Servicing Fee Rate" means 2.25% or such lesser percentage as the Issuer and any
Successor Servicer shall agree.

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

"Sold Receivable" means a Receivable that was more than 60 days delinquent and
was sold to an unaffiliated third party by the Issuer, at the Servicer's
direction, as of the close of business on the last day of a Collection Period in
accordance with the terms of the Sale and Servicing Agreement.

"Specified Reserve Account Balance" means, with respect to any Monthly Payment
Date, the sum of (a) $4,900,000 plus (b) 2.00% of the aggregate Principal
Balance of all Subsequent Receivables sold to the Issuer as of their respective
Subsequent Cut-off Dates.

"Standard & Poor's" means Standard & Poor's Ratings Services, a division of The
McGraw-Hill Companies, Inc., or its successor.

"Step-Down Amount" means, with respect to any Monthly Payment Date, the excess,
if any, of (a) the Required Pro Forma Note Balance over (b) the Pro Forma Note
Balance on such Monthly Payment Date, calculated for this purpose only without
deduction for any Step-Down Amount (i.e., assuming that the entire amount
described in clause (x) of the definition of "Principal Distributable Amount" is
distributed as principal on the Offered Notes and the Class VPN Loans).

<PAGE>

                                     - 26 -

"Sub-Servicer" is defined in Section 7.5 of the Agreement.

"Subordinated Reserve Account Loan" is defined in Section 2.7(a) of the
Agreement.

"Subordinated Reserve Account Loan Balance" means, initially, $33,775,000 (being
the sum of (i) $28,875,000 in respect of the portion of the Purchase Price of
the Receivables referred to in Section 2.4(b)(ii) of the Sale and Servicing
Agreement and (ii) $4,900,000 in respect of the principal amount of the
Subordinated Reserve Account Loan made by the Seller to the Issuer on the
Closing Date pursuant to Section 2.9 of the Sale and Servicing Agreement) and
thereafter means the initial Subordinated Reserve Account Loan Balance plus all
Subordinated Reserve Account Loans made after the Closing Date minus all
payments to the Seller in respect of the principal amount of the Subordinated
Reserve Account Loan Balance pursuant to Section 5.7(c) of the Agreement.

"Subsequent Cut-Off Date" means the date specified as such in the related
Subsequent Transfer Amendment; provided, however, that such date shall be on or
before the Subsequent Transfer Date.

"Subsequent Purchase Price" is defined in Section 2.4(a) of the Agreement.

"Subsequent Quebec Transfer Supplement" means a supplement to the Quebec
Assignment executed and delivered by the Seller to the Issuer on a Subsequent
Transfer Date, substantially in the form of Exhibit A-3.

"Subsequent Receivables" means the Receivables transferred to the Issuer
pursuant to Section 2.2, which shall be listed in the related Subsequent
Transfer Amendment or, if applicable, the related Subsequent Quebec Transfer
Supplement.

"Subsequent Reserve Account Deposit" means, with respect to each Subsequent
Transfer Date, an amount equal to 2.0% of the aggregate principal balance of
Subsequent Receivables as of the related Subsequent Cut-Off Date transferred to
the Issuer on such Subsequent Transfer Date from amounts released from the
Pre-Funding Account.

"Subsequent Transfer Amendment" means a supplement and amendment to the Schedule
of Receivables executed and delivered by the Seller to the Issuer on a
Subsequent Transfer Date, substantially in the form of Exhibit A-1.

"Subsequent Transfer Date" means, with respect to Subsequent Receivables, any
date, occurring not more frequently than once a month, during the Pre-Funding
Period on which Subsequent Receivables are to be transferred to the Issuer
pursuant to the Agreement and (i) the Assignment and any related Subsequent
Transfer Amendment executed and delivered to the Trust or (ii) the Quebec
Assignment and any related Subsequent Quebec Transfer Supplement executed and
delivered to the Trust.

"Successor Servicer" is defined in Section 8.2(a) of the Agreement.

"Swap Counterparties" means, collectively, the Class VPN Swap Counterparty and
the Class A-1 Swap Counterparty.

<PAGE>

                                     - 27 -

"Targeted Final Payment Date" means, for each Class of Notes:

         (a)   in the case of the Class A-1 Notes, the June, 2003 Payment Date;

         (b)   in the case of the Class A-2 Notes, the December, 2004 Payment
               Date;

         (c)   in the case of the Class B Notes, the December, 2006 Payment
               Date; and

         (d)   in the case of the Class C Notes, the December, 2006 Payment
               Date.

"Total Noteholders' Principal Payment Amount" means, for any Monthly Payment
Date, the sum of (i) the Aggregate Principal Distributable Amount for such
Monthly Payment Date, plus (ii) the Accelerated Principal Payment Amount, if
any, for such Monthly Payment Date; plus (iii) (iii) the Class VPN Loan
Proceeds, if any, for such Monthly Payment Date, and, if such Monthly Payment
Date is the Targeted Final Payment Date for any Class of Class A Notes, the
Accumulation Amount, if any, for such Monthly Payment Date, plus (iv) on the
first Monthly Payment Date on or after (x) the Non-Sequential Amortization
Commencement Date or (y) the termination of the Class VPN Swap, the Accumulation
Amount for such Monthly Payment Date plus (v) on the first Monthly Payment Date
on or after the end of the Pre-Funding Period, the amount on deposit in the
Pre-Funding Account (after giving effect to all transfers of Subsequent
Receivables on that date) plus (vi) on the first Monthly Payment Date on or
after which the aggregate Outstanding Amount of the Series C2002-1 Debt
Obligations is less than or equal to the balance on deposit in the Reserve
Account on that date (after giving effect to all other withdrawals to be made
from the Reserve Account on such date), the amount on deposit in the Reserve
Account, plus (vii) the Liquidity Advances and Maturity Advances, if any, for
such date.

"Total Available Funds" means, for any Monthly Payment Date, the sum of (i) the
Available Funds for such Monthly Payment Date, plus (ii) the Reserve Account
Withdrawal Amount for such Monthly Payment Date (i.e. the amount of all funds
transferred by the Indenture Trustee from the Reserve Account to the Collection
Account immediately prior to such Monthly Payment Date).

"Trust Indenture" means, collectively, the Indenture and the Series Supplement.

"Trust Expenses" means, for any Monthly Payment Date, the aggregate amounts of
the fees and expenses of the Trustee and the Indenture Trustee, and all goods
and services or other sales taxes thereon, due and payable by the Issuer to the
Trustee and the Indenture Trustee, respectively, as Related Specified Creditors
of the Issuer in respect of the Series C2002-1 Notes, which are not paid by the
Seller or the Servicer to the Trustee or the Indenture Trustee in accordance
with arrangements made between the Seller and each of the Trustee and the Issuer
Trustee on or before the Closing Date or pursuant to Article 7 of the Agreement.

"Underwriting Agreement" means the Underwriting Agreement, dated November 18,
2002, among Merrill Lynch Canada Inc., as underwriter, the Issuer and
AmeriCredit Canada relating to the distribution and sale of the Offered Notes.

<PAGE>

                                     - 28 -

PART II - RULES OF CONSTRUCTION

1.       Accounting Terms. As used in this Appendix or the Basic Documents,
         accounting terms which are not defined, and accounting terms partly
         defined, herein or therein shall have the respective meanings given to
         them under generally accepted accounting principles. To the extent that
         the definitions of accounting terms in this Appendix or the Basic
         Documents are inconsistent with the meanings of such terms under
         generally accepted accounting principles, the definitions contained in
         this Appendix or the Basic Documents will control.

2.       "Hereof," etc. The words "hereof," "herein" and "hereunder" and words
         of similar import when used in this Appendix or any Basic Document will
         refer to this Appendix or such Basic Document as a whole and not to any
         particular provision of this Appendix or such Basic Document; and
         Section, Schedule and Exhibit references contained in this Appendix or
         any Basic Document are references to Sections, Schedules and Exhibits
         in or to this Appendix or such Basic Document unless otherwise
         specified. The word "or" is not exclusive.

3.       Reference To Monthly Payment Dates. With respect to any Monthly Payment
         Date, the "related Collection Period,", the "related Determination
         Date", the "related Determination Date", and the "related Record Date,"
         will mean the Collection Period, Determination Date, Determination Date
         and Record Date, respectively, immediately preceding such Monthly
         Payment Date, and the relationships among Collection Periods,
         Determination Dates, Determination Dates and Record Dates will be
         correlative to the foregoing relationships.

4.       Number and Gender. Each defined term used in this Appendix or the Basic
         Documents has a comparable meaning when used in its plural or singular
         form. Each gender-specific term used in this Appendix or the Basic
         Documents has a comparable meaning whether used in a masculine,
         feminine or gender-neutral form.

5.       Including. Whenever the term "including" (whether or not that term is
         followed by the phrase "but not limited to" or "without limitation" or
         words of similar effect) is used in this Appendix or the Basic
         Documents in connection with a listing of items within a particular
         classification, that listing will be interpreted to be illustrative
         only and will not be interpreted as a limitation on, or exclusive
         listing of, the items within that classification.

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