Document:

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                                                                    EXHIBIT 10.1

                                                                  EXECUTION COPY

                               PURCHASE AGREEMENT

                                     BETWEEN

                                AFS FUNDING CORP.
                                    PURCHASER

                                       AND

                      AMERICREDIT FINANCIAL SERVICES, INC.
                                     SELLER

                          DATED AS OF OCTOBER 17, 2001

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                                TABLE OF CONTENTS

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                                                                                                             PAGE
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ARTICLE I. DEFINITIONS.........................................................................................1

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

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

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

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

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

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

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

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

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

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

   SECTION 6.1      Liability of Seller.......................................................................13
   SECTION 6.2      Merger or Consolidation of Seller or Purchaser............................................14
   SECTION 6.3      Limitation on Liability of Seller and Others..............................................14
   SECTION 6.4      Seller May Own Notes or the Certificate...................................................14
   SECTION 6.5      Amendment.................................................................................15
   SECTION 6.6      Notices...................................................................................15
   SECTION 6.7      Merger and Integration....................................................................16
   SECTION 6.8      Severability of Provisions................................................................16
   SECTION 6.9      Intention of the Parties..................................................................16
   SECTION 6.10     Governing Law.............................................................................17
   SECTION 6.11     Counterparts..............................................................................17
   SECTION 6.12     Conveyance of the Receivables and the Other Conveyed Property to the Issuer...............17
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   SECTION 6.13     Nonpetition Covenant......................................................................18
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SCHEDULES

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

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                               PURCHASE AGREEMENT

            THIS PURCHASE AGREEMENT, dated as of October 17, 2001, executed
among AFS Funding Corp., a Nevada corporation, as purchaser ("PURCHASER") and
AmeriCredit Financial Services, Inc., a Delaware corporation, as Seller
("SELLER").

                              W I T N E S S E T H :
                              - - - - - - - - - -

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

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

                                   ARTICLE I.

                                   DEFINITIONS

            SECTION 1.1 GENERAL. The specific terms defined in this Article
include the plural as well as the singular. The words "herein," "hereof" and
"hereunder" and other words of similar import refer to this Agreement as a whole
and not to any particular Article, Section or other subdivision, and Article,
Section, Schedule and Exhibit references, unless otherwise specified, refer to
Articles and Sections of and Schedules and Exhibits to this Agreement.
Capitalized terms used herein without definition shall have the respective
meanings assigned to such terms in the Sale and Servicing Agreement dated as of
October 17, 2001, by and among AFS Funding Corp. (as Seller), AmeriCredit
Financial Services, Inc. (in its individual capacity and as Servicer),
AmeriCredit Automobile Receivables Trust 2001-D (as Issuer) and Bank One, NA, as
Backup Servicer and Trust Collateral Agent.

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

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

            "CLOSING DATE" means October 24, 2001.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

            "TRUSTEE" means Bank One, NA, as trustee and any successor Trustee
appointed and acting pursuant to the Indenture.

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

            SECTION 1.4 [RESERVED].

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

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

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

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                                   ARTICLE II.

                          CONVEYANCE OF THE RECEIVABLES
                         AND THE OTHER CONVEYED PROPERTY

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

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

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

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

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

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

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

                                  ARTICLE III.

                         REPRESENTATIONS AND WARRANTIES

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

                                   ARTICLE IV.

                               COVENANTS OF SELLER

            SECTION 4.1 PROTECTION OF TITLE OF PURCHASER.

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

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      have required. At or prior to any Subsequent Transfer Date, Seller shall
      file or cause to be filed a UCC-1 financing statement naming Seller as
      seller or debtor, naming the Purchaser as purchaser or secured party and
      describing the Subsequent Receivables and the Subsequent Other Conveyed
      Property being sold by it to the Purchaser as collateral, with the office
      of the Secretary of State of the State of Delaware and in such other
      locations as Purchaser shall require. From time to time thereafter, Seller
      shall execute and file such financing statements and cause to be executed
      and filed such continuation statements, all in such manner and in such
      places as may be required by law fully to preserve, maintain and protect
      the interest of Purchaser under this Agreement, of the Issuer under the
      Sale and Servicing Agreement and of the Trust Collateral Agent under the
      Indenture in the Receivables and the Other Conveyed Property and in the
      proceeds thereof. Seller shall deliver (or cause to be delivered) to
      Purchaser, the Trust Collateral Agent and the Insurer file-stamped copies
      of, or filing receipts for, any document filed as provided above, as soon
      as available following such filing. In the event that Seller fails to
      perform its obligations under this subsection, Purchaser, Issuer or the
      Trust Collateral Agent may do so, at the expense of such Seller. In
      furtherance of the foregoing, the Seller hereby authorizes the Purchaser,
      the Issuer or the Trust Collateral Agent to file a record or records (as
      defined in the applicable UCC), including, without limitation, financing
      statements, in all jurisdictions and with all filing offices as each may
      determine, in its sole discretion, are necessary or advisable to perfect
      the security interest granted to the Purchaser pursuant to Section 6.9 of
      this Agreement. Such financing statements may describe the collateral in
      the same manner as described herein or may contain an indication or
      description of collateral that describes such property in any other manner
      as such party may determine, in its sole discretion, is necessary,
      advisable or prudent to ensure the perfection of the security interest in
      the collateral granted to the Purchaser herein.

            (b) Seller shall not change its name, identity, state of
      incorporation or corporate structure in any manner that would, could or
      might make any financing statement or continuation statement filed by
      Seller (or by Purchaser, Issuer or the Trust Collateral Agent on behalf of
      Seller) in accordance with paragraph (a) above seriously misleading within
      the meaning ofss.9-506 of the applicable UCC, unless they shall have given
      Purchaser, Issuer and the Trust Collateral Agent at least 60 days' prior
      written notice thereof, and shall promptly file appropriate amendments to
      all previously filed financing statements and continuation statements.

            (c) Seller shall give Purchaser, the Issuer, the Insurer (so long as
      an Insurer Default shall not have occurred and be continuing) and the
      Trust Collateral Agent at least 60 days' prior written notice of any
      relocation that would result in a change of location of the debtor within
      the meaning of Section 9-307 of the applicable UCC. Seller shall at all
      times maintain each office from which it services Receivables and its
      principal executive office within the United States of America.

            (d) Prior to the Closing Date and with respect to Subsequent
      Receivables, the Subsequent Transfer Date, Seller has maintained accounts
      and records as to each Receivable accurately and in sufficient detail to
      permit (i) the reader thereof to know at any time as of or prior to the
      Closing Date and with respect to Subsequent Receivables,

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      the Subsequent Transfer Date, the status of such Receivable, including
      payments and recoveries made and payments owing (and the nature of each)
      and (ii) reconciliation between payments or recoveries on (or with respect
      to) each Receivable and the Principal Balance as of the Closing Date and
      with respect to Subsequent Receivables, the Subsequent Transfer Date.
      Seller shall maintain its computer systems so that, from and after the
      time of sale under this Agreement of the Receivables to Purchaser, and the
      conveyance of the Receivables by Purchaser to the Issuer, Seller's master
      computer records (including archives) that shall refer to a Receivable
      indicate clearly that such Receivable has been sold to Purchaser and has
      been conveyed by Purchaser to the Issuer. Indication of the Issuer's
      ownership of a Receivable shall be deleted from or modified on Seller's
      computer systems when, and only when, the Receivable shall become a
      Purchased Receivable or shall have been paid in full.

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

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

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

            SECTION 4.4 INDEMNIFICATION.

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

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

                                       10
<Page>

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

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

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

            (f) Seller shall defend, indemnify, and hold harmless Purchaser, the
      Issuer, the Trust Collateral Agent, the Trustee, the Backup Servicer, the
      Owner Trustee, the Noteholders and the Certificateholder from and against
      any and all costs, expenses, losses, claims, damages, and liabilities to
      the extent that such cost, expense, loss, claim, damage, or liability
      arose out of, or was imposed upon Purchaser, the Issuer, the Trust
      Collateral Agent, the Trustee, the Backup Servicer, the Owner Trustee, the
      Noteholders or the Certificateholder through the negligence, willful
      misfeasance, or bad faith of Seller

                                       11
<Page>

      in the performance of its duties under this Agreement or by reason of
      reckless disregard of Seller's obligations and duties under this
      Agreement.

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

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

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

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

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

                                   ARTICLE V.

                                   REPURCHASES

            SECTION 5.1 REPURCHASE OF RECEIVABLES UPON BREACH OF WARRANTY. Upon
the occurrence of a Repurchase Event, Seller shall, unless the breach which is
the subject of such Repurchase Event shall have been cured in all material
respects, repurchase the Receivable relating thereto from the Issuer and,
simultaneously with the repurchase of the Receivable, Seller shall deposit the
Purchase Amount in full, without deduction or offset, to the Collection Account,
pursuant to Section 3.2 of the Sale and Servicing Agreement. It is understood
and agreed that, except as set forth in Section 6.1 hereof, the obligation of
Seller to repurchase any Receivable, as to which a breach occurred and is
continuing, shall, if such obligation is fulfilled, constitute the sole remedy
against Seller for such breach available to Purchaser, the Issuer, the Insurer,
the Backup Servicer, the Noteholders, the Certificateholder, the Trust
Collateral Agent on behalf of

                                       12
<Page>

the Noteholders or the Owner Trustee on behalf of the Certificateholder. The
provisions of this Section 5.1 are intended to grant the Issuer and the Trust
Collateral Agent a direct right against Seller to demand performance hereunder,
and in connection therewith, Seller waives any requirement of prior demand
against Purchaser with respect to such repurchase obligation. Any such
repurchase shall take place in the manner specified in Section 3.2 of the Sale
and Servicing Agreement. Notwithstanding any other provision of this Agreement
or the Sale and Servicing Agreement to the contrary, the obligation of Seller
under this Section shall not terminate upon a termination of Seller as Servicer
under the Sale and Servicing Agreement and shall be performed in accordance with
the terms hereof notwithstanding the failure of the Servicer or Purchaser to
perform any of their respective obligations with respect to such Receivable
under the Sale and Servicing Agreement.

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

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

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

                                   ARTICLE VI.

                                  MISCELLANEOUS

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

                                       13
<Page>

            SECTION 6.2 MERGER OR CONSOLIDATION OF SELLER OR PURCHASER. Any
corporation or other entity (i) into which Seller or Purchaser may be merged or
consolidated, (ii) resulting from any merger or consolidation to which Seller or
Purchaser is a party or (iii) succeeding to the business of Seller or Purchaser,
in the case of Purchaser, which corporation has a certificate of incorporation
containing provisions relating to limitations on business and other matters
substantively identical to those contained in Purchaser's certificate of
incorporation, provided that in any of the foregoing cases such corporation
shall execute an agreement of assumption to perform every obligation of Seller
or Purchaser, as the case may be, under this Agreement and, whether or not such
assumption agreement is executed, shall be the successor to Seller or Purchaser,
as the case may be, hereunder (without relieving Seller or Purchaser of their
responsibilities hereunder, if it survives such merger or consolidation) without
the execution or filing of any document or any further action by any of the
parties to this Agreement. Notwithstanding the foregoing, so long as an Insurer
Default shall not have occurred and be continuing, Purchaser shall not merge or
consolidate with any other Person or permit any other Person to become the
successor to Purchaser's business without the prior written consent of the
Insurer. Seller or Purchaser shall promptly inform the other party, the Issuer,
the Trust Collateral Agent, the Owner Trustee and, so long as an Insurer Default
shall not have occurred and be continuing, the Insurer of such merger,
consolidation or purchase and assumption. Notwithstanding the foregoing, as a
condition to the consummation of the transactions referred to in clauses (i),
(ii) and (iii) above, (x) immediately after giving effect to such transaction,
no representation or warranty made pursuant to Sections 3.1 and 3.2 of this
Agreement shall have been breached (for purposes hereof, such representations
and warranties shall speak as of the date of the consummation of such
transaction) and no event that, after notice or lapse of time, or both, would
become an event of default under the Insurance Agreement, shall have occurred
and be continuing, (y) Seller or Purchaser, as applicable, shall have delivered
written notice of such consolidation, merger or purchase and assumption to the
Rating Agencies prior to the consummation of such transaction and shall have
delivered to the Issuer and the Trust Collateral Agent an Officer's Certificate
and an Opinion of Counsel each stating that such consolidation, merger or
succession and such agreement of assumption comply with this Section 6.2 and
that all conditions precedent, if any, provided for in this Agreement relating
to such transaction have been complied with, and (z) Seller or Purchaser, as
applicable, shall have delivered to the Issuer and the Trust Collateral Agent an
Opinion of Counsel, stating, in the opinion of such counsel, either (A) all
financing statements and continuation statements and amendments thereto have
been executed and filed that are necessary to preserve and protect the interest
of the Issuer and the Trust Collateral Agent in the Receivables and reciting the
details of the filings or (B) no such action shall be necessary to preserve and
protect such interest.

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

            SECTION 6.4 SELLER MAY OWN NOTES OR THE CERTIFICATE. Subject to the
provisions of the Sale and Servicing Agreement, Seller and any Affiliate of
Seller may in their

                                       14
<Page>

individual or any other capacity become the owner or pledgee of Notes or the
Certificate with the same rights as they would have if they were not Seller or
an Affiliate thereof.

            SECTION 6.5 AMENDMENT.

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

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

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

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

            SECTION 6.6 NOTICES. All demands, notices and communications to
Seller or Purchaser hereunder shall be in writing, personally delivered, or sent
by telecopier (subsequently confirmed in writing), reputable overnight courier
or mailed by certified mail, return receipt

                                       15
<Page>

requested, and shall be deemed to have been given upon receipt (a) in the case
of Seller, to AmeriCredit Financial Services, Inc., 801 Cherry Street, Suite
3900, Fort Worth, Texas 76102, Attention: Chief Financial Officer, or (b) in the
case of Purchaser, to AFS Funding Corp., 639 Isbell Rd., Suite 390, Reno, Nevada
85909, Attention: Chief Financial Officer, or such other address as shall be
designated by a party in a written notice delivered to the other party or to the
Issuer, Owner Trustee or the Trust Collateral Agent, as applicable.

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

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

            SECTION 6.9 INTENTION OF THE PARTIES.

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

                  (1) the Initial Receivables, the Subsequent Receivables and
      all moneys received thereon after the Initial Cutoff Date,

                  (2) the Initial Other Conveyed Property and the Subsequent
      Other Conveyed Property conveyed to Purchaser by Seller pursuant to this
      Agreement including (a) an assignment of the security interests in the
      Financed Vehicles granted by Obligors pursuant to the Initial Receivables,
      the Subsequent Receivables and any other interest of the Seller in such
      Financed Vehicles, (b) any proceeds and the right to receive any proceeds
      with respect to the Initial Receivables and the Subsequent Receivables
      from claims on any physical damage, credit life or disability insurance
      policies covering Financed Vehicles or Obligors and any proceeds from the
      liquidation of the Initial Receivables, (c) any proceeds from any Initial
      Receivable and Subsequent Receivable repurchased by a Dealer, pursuant to
      a Dealer Agreement, as a result of a breach of

                                       16
<Page>

      representation or warranty in the related Dealer Agreement, (d) any
      proceeds from any Initial Receivable and Subsequent Receivable repurchased
      by a Third-Party Lender, pursuant to an Auto Loan Purchase and Sale
      Agreement, as a result of a breach of representation or warranty in the
      related Auto Loan Purchase and Sale Agreement, (e) all rights under any
      Service Contracts on the related Financed Vehicles, (f) the related
      Receivables Files and (g) the proceeds of any and all of the foregoing,

                  (3) all of the Seller's (a) Accounts, (b) Chattel Paper, (c)
      Documents, (d) Instruments, and (e) General Intangibles (as such terms are
      defined in the applicable UCC) relating to the property described in items
      (1) and (2), and

                  (4) all proceeds and investments with respect to items (1),
      (2), and (3) above.

            (b) This Agreement shall constitute a security agreement under
      applicable law.

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

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

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

                                       17
<Page>

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

                                       18
<Page>

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

                                    AFS FUNDING CORP., as Purchaser

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

                                    AMERICREDIT FINANCIAL SERVICES,
                                       INC., as Seller

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

Accepted:

BANK ONE, NA,
as Trustee and Trust Collateral Agent

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

                              [Purchase Agreement]

<Page>

                                   SCHEDULE A

                             SCHEDULE OF RECEIVABLES

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

<Page>

                                   SCHEDULE B

                        REPRESENTATIONS AND WARRANTIES OF

              AMERICREDIT FINANCIAL SERVICES, INC. ("AMERICREDIT")

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

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

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

<Page>

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

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

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

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

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

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

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

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

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

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

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

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

                                       2
<Page>

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

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

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

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

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

                                       3
<Page>

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

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

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

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

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

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

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

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

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

                                       4
<Page>

      27. CERTAIN CHARACTERISTICS OF INITIAL RECEIVABLES. (A) Each Initial
Receivable had a remaining maturity, as of the Initial Cutoff Date, of not more
than 72 months; (B) each Initial Receivable had an original maturity of not more
than 72 months; (C) not more than 40% of Receivables (calculated by Aggregate
Principal Balance) shall have an original term to maturity of 72 months; (D)
each Initial Receivable had a remaining Principal Balance as of the Initial
Cutoff Date of at least $250 and not more than $60,000; (E) each Initial
Receivable has an Annual Percentage Rate of at least 8% and not more than 30%;
(F) no Initial Receivable was more than 30 days past due as of the Initial
Cutoff Date and (G) no funds had been advanced by AmeriCredit, any Dealer, any
Third-Party Lender, or anyone acting on behalf of any of them in order to cause
any Initial Receivable to qualify under clause (F) above.

                                       5<PAGE>

                                                                 EXHIBIT 10.2

                                                               EXECUTION COPY

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

                            INDEMNIFICATION AGREEMENT

                                      among

                       FINANCIAL SECURITY ASSURANCE INC.,

                                AFS FUNDING CORP.

                                       and

                           J.P. MORGAN SECURITIES INC.

                          Dated as of October 24, 2001

               $234,000,000 Class A-1 2.39125% Asset Backed Notes
             $610,000,000 Class A-2 Floating Rate Asset Backed Notes
             $481,000,000 Class A-3 Floating Rate Asset Backed Notes
                 $475,000,000 Class A-4 4.41% Asset Backed Notes

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

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                             PAGE
                                                                                                             ----
<S>             <C>                                                                                          <C>

Section 1.      Definitions......................................................................................1

Section 2.      Representations, Warranties and Agreements of Financial Security.................................3

Section 3.      Representations, Warranties and Agreements of the Underwriters...................................5

Section 4.      Indemnification..................................................................................6

Section 5.      Indemnification Procedures.......................................................................7

Section 6.      Contribution.....................................................................................8

Section 7.      Miscellaneous....................................................................................8

EXHIBIT A -- Opinion of Assistant General Counsel

</TABLE>

<PAGE>
                            INDEMNIFICATION AGREEMENT

                  INDEMNIFICATION AGREEMENT dated as of October 24, 2001, among
FINANCIAL SECURITY ASSURANCE INC. ("FINANCIAL SECURITY"), AFS FUNDING CORP.,
(the "SELLER") and J.P. MORGAN SECURITIES INC., as the Representative (as
defined below):

                  Section 1. DEFINITIONS. For purposes of this Agreement, the
following terms shall have the meanings provided below:

                  "AGREEMENT" means this Indemnification Agreement, as amended
from time to time.

                  "FEDERAL SECURITIES LAWS" means the Securities Act, the
Securities Exchange Act of 1934, the Trust Indenture Act of 1939, the Investment
Company Act of 1940, the Investment Advisers Act of 1940 and the Public Utility
Holding Company Act of 1935, each as amended from time to time, and the rules
and regulations in effect from time to time under such Acts.

                  "FINANCIAL SECURITY AGREEMENTS" means this Agreement, the
Stock Pledge Agreement, the Spread Account Agreement, the Spread Account
Agreement Supplement and the Insurance Agreement.

                  "FINANCIAL SECURITY INFORMATION" has the meaning provided in
Section 2(g) hereof.

                  "FINANCIAL SECURITY PARTY" means any of Financial Security,
its parent, subsidiaries and affiliates, and any shareholder, director, officer,
employee, agent or "controlling person" (as such term is used in the Securities
Act) of any of the foregoing.

                  "INDEMNIFIED PARTY" means any party entitled to any
indemnification pursuant to Section 4 hereof.

                  "INDEMNIFYING PARTY" means any party required to provide
indemnification pursuant to Section 4 hereof.

                  "INSURANCE AGREEMENT" means the Insurance and Indemnity
Agreement, dated as of October 17, 2001 among Financial Security, the Trust,
AmeriCredit Financial Services, Inc., AFS Funding Corp. and AmeriCredit Corp.

                  "LOSSES" means (a) any actual out-of-pocket damages incurred
by the party entitled to indemnification or contribution hereunder, (b) any
actual out-of-pocket costs or expenses incurred by such party, including
reasonable fees or expenses of its counsel and other expenses incurred in
connection with investigating or defending any claim, action or other proceeding
which entitle such party to be indemnified hereunder (subject to the limitations
set forth in Section 5 hereof), to the extent not paid, satisfied or reimbursed
from funds provided by any other Person other than an affiliate of such party
(provided that the foregoing shall not create or imply any obligation to pursue
recourse against any such other Person), plus (c) interest on the amount paid by
the party entitled to indemnification or contribution from the date of such
payment to the date of payment by the party who is obligated to indemnify or
contribute hereunder at the statutory rate applicable to judgments for breach of
contract.

<PAGE>

                  "OFFERING DOCUMENT" means the Prospectus and any other
material or documents delivered by the Underwriters to any Person in connection
with the offer or sale of the Securities.

                  "PERSON" means any individual, partnership, joint venture,
corporation, trust, unincorporated organization or other organization or entity
(whether governmental or private).

                  "POLICY" means the financial guaranty insurance policy
delivered by Financial Security with respect to the Securities.

                  "PROSPECTUS" means, collectively, the Prospectus relating to
the Securities dated January 17, 2001 and the Prospectus Supplement dated
October 17, 2001 (the "Prospectus Supplement") relating to the Securities.

                  "REPRESENTATIVE" means J.P. Morgan Securities Inc., as
representative of the Underwriters.

                  "SECURITIES" means the Trust's $234,000,000 Class A-1 2.39125%
Asset Backed Notes, $610,000,000 Class A-2 Floating Rate Asset Backed Notes,
$481,000,000 Class A-3 Floating Rate Asset Backed Notes and $475,000,000 Class
A-4 4.41% Asset Backed Notes issued pursuant to the Series 2001-D Indenture.

                  "SECURITIES ACT" means the Securities Act of 1933, as amended
from time to time.

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

                  "SPREAD ACCOUNT AGREEMENT" means the Spread Account Agreement,
as amended and restated, dated as of May 11, 1998, as amended as of October 25,
1999, as further amended as of May 22, 2000, as further amended as of November
29, 2000, among Financial Security, AFS Funding Trust, the collateral agent
named therein and the trustees specified therein, as the same may be amended,
supplemented or otherwise modified in accordance with the terms thereof.

                  "SPREAD ACCOUNT AGREEMENT SUPPLEMENT" means the Series 2001-D
Supplement to Spread Account Agreement, dated as of October 17, 2001, among
Financial Security, AFS Funding Corp., the collateral agent named therein and
the trustees specified therein.

                  "STOCK PLEDGE AGREEMENT" means the Stock Pledge Agreement,
dated as of May 1, 1996 among Financial Security, AmeriCredit Financial
Services, Inc. and the collateral agent named therein, as the same may be
amended, supplemented or otherwise modified in accordance with the terms
thereof.

                  "TRUST" means AmeriCredit Automobile Receivables Trust 2001-D.

                  "UNDERWRITER INFORMATION" has the meaning provided in Section
3(c) hereof.

                                       2
<PAGE>

                  "UNDERWRITER PARTY" means any of the Underwriters, its
respective parent, subsidiaries and affiliates and any shareholder, director,
officer, employee, agent or "controlling person" (as such item is used in the
Securities Act) of any of the foregoing.

                  "UNDERWRITERS" means J.P. Morgan Securities Inc., Deutsche
Banc Alex. Brown Inc., Bank of America Securities LLC, Credit Suisse First
Boston Corporation, Merrill Lynch and Pierce, Fenner & Smith Incorporated, as
underwriters.

                  "UNDERWRITING AGREEMENT" means the Underwriting Agreement,
dated as of October 17, 2001 among the Seller, AmeriCredit Financial Services,
Inc. and the Representative.

                  Section 2. REPRESENTATIONS, WARRANTIES AND AGREEMENTS OF
FINANCIAL SECURITY. Financial Security represents, warrants and agrees as
follows:

                  (a) ORGANIZATION, ETC. Financial Security is a stock insurance
         company duly organized, validly existing and authorized to transact
         financial guaranty insurance business under the laws of the State of
         New York.

                  (b) AUTHORIZATION, ETC. The Policy and the Financial Security
         Agreements have been duly authorized, executed and delivered by
         Financial Security.

                  (c) VALIDITY, ETC. The Policy and the Financial Security
         Agreements constitute valid and binding obligations of Financial
         Security, enforceable against Financial Security in accordance with
         their terms, subject, as to the enforcement of remedies, to bankruptcy,
         insolvency, reorganization, rehabilitation, moratorium and other
         similar laws affecting the enforceability of creditors' rights
         generally applicable in the event of the bankruptcy or insolvency of
         Financial Security and to the application of general principles of
         equity and subject, in the case of this Agreement, to principles of
         public policy limiting the right to enforce the indemnification
         provisions contained herein.

                  (d) EXEMPTION FROM REGISTRATION. The Policy is exempt from
         registration under the Securities Act.

                  (e) NO CONFLICTS. Neither the execution or delivery by
         Financial Security of the Policy or the Financial Security Agreements,
         nor the performance by Financial Security of its obligations
         thereunder, will conflict with any provision of the certificate of
         incorporation or the bylaws of Financial Security nor result in a
         breach of, or constitute a default under, any material agreement or
         other instrument to which Financial Security is a party or by which any
         of its property is bound nor violate any judgment, order or decree
         applicable to Financial Security of any governmental or regulatory
         body, administrative agency, court or arbitrator having jurisdiction
         over Financial Security (except that, in the published opinion of the
         Securities and Exchange Commission, the indemnification provisions of
         this Agreement, insofar as they relate to indemnification for
         liabilities arising under the Securities Act, are against public policy
         as expressed in the Securities Act and are therefore unenforceable).

                                       3
<PAGE>

                  (f) FINANCIAL INFORMATION. The consolidated balance sheets of
         Financial Security as of December 31, 2000 and December 31, 1999 and
         the related consolidated statements of income, changes in shareholder's
         equity and cash flows for the fiscal years then ended, and the interim
         consolidated balance sheet of Financial Security as of June 30, 2001,
         and the related statements of income, changes in shareholder equity and
         cash flows for the interim period then ended, which are incorporated by
         reference in the Prospectus, fairly present in all material respects
         the financial condition of Financial Security as of such dates and for
         such periods in accordance with generally accepted accounting
         principles consistently applied (subject as to interim statements to
         normal year-end adjustments) and since the date of the most current
         interim consolidated balance sheet referred to above there has been no
         change in the financial condition of Financial Security which would
         materially and adversely affect its ability to perform its obligations
         under the Policy.

                  (g) FINANCIAL SECURITY INFORMATION. The information in the
         Prospectus Supplement set forth under the caption "The Insurer" (as
         revised from time to time in accordance with the provisions hereof, the
         "FINANCIAL SECURITY INFORMATION") is limited and does not purport to
         provide the scope of disclosure required to be included in a prospectus
         with respect to a registrant in connection with the offer and sale of
         securities of such registrant registered under the Securities Act.
         Within such limited scope of disclosure, however, as of the date of the
         Prospectus Supplement and as of the date hereof, the Financial Security
         Information does not contain any untrue statement of a material fact,
         or omit to state a material fact necessary to make the statements
         contained therein, in the light of the circumstances under which they
         were made, not misleading.

                  (h) ADDITIONAL INFORMATION. Financial Security will furnish to
         the Underwriters or the Seller, upon request of the Underwriters or the
         Seller, as the case may be, copies of Financial Security's most recent
         financial statements (annual or interim, as the case may be) which
         fairly present in all material respects the financial condition of
         Financial Security as of the dates and for the periods indicated, in
         accordance with generally accepted accounting principles consistently
         applied except as noted therein (subject, as to interim statements, to
         normal year-end adjustments). In addition, if the delivery of a
         Prospectus relating to the Securities is required at any time prior to
         the expiration of nine months after the time of issue of the Prospectus
         in connection with the offering or sale of the Securities, the Seller
         or the Underwriters will notify Financial Security of such requirement
         to deliver a Prospectus and Financial Security will promptly provide
         the Underwriters and the Seller with any revisions to the Financial
         Security Information that are in the judgment of Financial Security
         necessary to prepare an amended Prospectus or a supplement to the
         Prospectus.

                  (i) OPINION OF COUNSEL. Financial Security will furnish to the
         Underwriters and the Seller on the closing date for the sale of the
         Securities an opinion of its Assistant General Counsel, to the effect
         set forth in Exhibit A attached hereto, dated such closing date and
         addressed to the Seller and the Underwriters.

                  (j) CONSENTS AND REPORTS OF INDEPENDENT ACCOUNTANTS. Financial
         Security will furnish to the Underwriters and the Seller, upon request,
         as comfort from its

                                       4
<PAGE>

         independent accountants in respect of its financial condition, (i) at
         the expense of the Person specified in the Insurance Agreement, a copy
         of the Prospectus, including either a manually signed consent or a
         manually signed report of Financial Security's independent accountants
         and (ii) the quarterly review letter by Financial Security's
         independent accountants in respect of the most recent interim financial
         statements of Financial Security.

Nothing in this Agreement shall be construed as a representation or warranty by
Financial Security concerning the rating of its insurance financial strength by
Moody's Investors Service, its insurer financial strength by Standard & Poor's
Ratings Services and Standard & Poor's (Australia) Pty. Ltd., its claims-paying
ability by Fitch IBCA, Inc. and Japan Rating and Investment Information, Inc. or
any other rating assigned by a rating agency (collectively, the "RATING
AGENCIES"). The Rating Agencies, in assigning such ratings, take into account
facts and assumptions not described in the Prospectus and the facts and
assumptions which are considered by the Rating Agencies, and the ratings issued
thereby, are subject to change over time.

                  Section 3. REPRESENTATIONS, WARRANTIES AND AGREEMENTS OF THE
UNDERWRITERS. Each of the Underwriters represents, warrants and agrees as
follows:

                  (a) COMPLIANCE WITH LAWS. Such Underwriter will comply in all
         material respects with all legal requirements in connection with offers
         and sales of the Securities and make such offers and sales in the
         manner provided in the Prospectus.

                  (b) OFFERING DOCUMENT. Such Underwriter will not use, or
         distribute to other broker-dealers for use, any Offering Document in
         connection with the offer and sale of the Securities unless such
         Offering Document includes such information as has been furnished by
         Financial Security for inclusion therein and the information therein
         concerning Financial Security has been approved by Financial Security
         in writing. Financial Security hereby consents to the information in
         respect of Financial Security included in the Prospectus. Each Offering
         Document will include the following statement:

                  "The Policy is not covered by the Property/Casualty Insurance
                  Security Fund specified in Article 76 of the New York
                  Insurance Law".

         Each Offering Document including financial statements with respect to
         Financial Security prepared in accordance with generally accepted
         accounting principles (but excluding any Offering Document in which
         such financial statements are incorporated by reference) will include
         the following statement immediately preceding such financial
         statements:

                  "The New York State Insurance Department recognizes only
                  statutory accounting practices for determining and reporting
                  the financial condition and results of operations of an
                  insurance company, for determining its solvency under the New
                  York Insurance Law, and for determining whether its financial
                  condition

                                       5
<PAGE>

                  warrants the payment of a dividend to its stockholders. No
                  consideration is given by the New York State Insurance
                  Department to financial statements prepared in accordance with
                  generally accepted accounting principles in making such
                  determinations."

                  (c) UNDERWRITER INFORMATION. All material provided by the
         Underwriters for inclusion in the Prospectus (as revised from time to
         time, the "UNDERWRITER INFORMATION"), insofar as such information
         relates to the Underwriters, is true and correct in all material
         respects. In respect of the Prospectus Supplement, the Underwriter
         Information is limited to the information set forth (i) on the cover
         page of the Prospectus Supplement, the information in the bottom table
         under the categories entitled "Price to Public", "Underwriting
         Discounts" and "Proceeds to Seller" and (ii) in the body of the
         Prospectus Supplement and within the "Underwriting" section, the first,
         third and final (i.e., sixth) paragraphs immediately following the
         Class A-4 Notes Underwriter commitment table.

         Section 4. INDEMNIFICATION.

                  (a) Financial Security agrees, upon the terms and subject to
         the conditions provided herein, to indemnify, defend and hold harmless
         each Seller Party and each Underwriter Party against (i) any and all
         Losses incurred by them with respect to the offer and sale of the
         Securities and resulting from Financial Security's breach of any of its
         representations, warranties or agreements set forth in Section 2 hereof
         and (ii) any and all Losses to which any Seller Party or Underwriter
         Party may become subject, under the Securities Act or otherwise,
         insofar as such Losses arise out of or result from an untrue statement
         of a material fact contained in any Offering Document or the omission
         to state therein a material fact required to be stated therein or
         necessary to make the statements therein not misleading, in each case
         to the extent, but only to the extent, that such untrue statement or
         omission was made in the Financial Security Information included
         therein in accordance with the provisions hereof.

                  (b) Each of the Underwriters, agrees, upon the terms and
         subject to the conditions provided herein, to indemnify, defend and
         hold harmless each Financial Security Party and each Seller Party
         against (i) any and all Losses incurred by them with respect to the
         offer and sale of the Securities and resulting from the Underwriters'
         breach of any of its representations, warranties or agreements set
         forth in Section 3 hereof and (ii) any and all Losses to which any
         Financial Security Party or Seller Party may become subject, under the
         Securities Act or otherwise, insofar as such Losses arise out of or
         result from an untrue statement of a material fact contained in any
         Offering Document or the omission to state therein a material fact
         required to be stated therein or necessary to make the statements
         therein not misleading, in each case to the extent, but only to the
         extent, that such untrue statement or omission was made in the
         Underwriter Information included therein.

                  (c) Upon the incurrence of any Losses for which a party is
         entitled to indemnification hereunder, the Indemnifying Party shall
         reimburse the Indemnified

                                       6
<PAGE>

         Party promptly upon establishment by the Indemnified Party to the
         Indemnifying Party of the Losses incurred.

                  Section 5. INDEMNIFICATION PROCEDURES. Except as provided
below in Section 6 with respect to contribution, the indemnification provided
herein by an Indemnifying Party shall be the exclusive remedy of any and all
Indemnified Parties for the breach of a representation, warranty or agreement
hereunder by an Indemnifying Party; PROVIDED, HOWEVER, that each Indemnified
Party shall be entitled to pursue any other remedy at law or in equity for any
such breach so long as the damages sought to be recovered shall not exceed the
Losses incurred thereby resulting from such breach. In the event that any action
or regulatory proceeding shall be commenced or claim asserted which may entitle
an Indemnified Party to be indemnified under this Agreement, such party shall
give the Indemnifying Party written or telegraphic notice of such action or
claim reasonably promptly after receipt of written notice thereof. The
Indemnifying Party shall be entitled to participate in and, upon notice to the
Indemnified Party, assume the defense of any such action or claim in reasonable
cooperation with, and with the reasonable cooperation of, the Indemnified Party.
The Indemnified Party will have the right to employ its own counsel in any such
action in addition to the counsel of the Indemnifying Party, but the fees and
expenses of such counsel will be at the expense of such Indemnified Party,
unless (a) the employment of counsel by the Indemnified Party at its expense has
been authorized in writing by the Indemnifying Party, (b) the Indemnifying Party
has not in fact employed counsel satisfactory to Financial Security to assume
the defense of such action within a reasonable time after receiving notice of
the commencement of the action, or (c) the named parties to any such action or
proceeding (including any impleaded parties) include both the Indemnifying Party
and one or more Indemnified Parties, and the Indemnified Parties shall have been
advised by counsel that (A) there may be one or more legal defenses available to
them which are different from or additional to those available to the
Indemnifying Party and (B) the representation of the Indemnifying Party and such
Indemnified Parties by the same counsel would be inappropriate or contrary to
prudent practice (in which case, if such Indemnified Parties notify the
Indemnifying Party in writing that they elect to employ separate counsel at the
expense of the Indemnifying Party, the Indemnifying Party shall not have the
right to assume the defense of such action or proceeding on behalf of such
Indemnified Parties, it being understood, however, that the Indemnifying Party
shall not, in connection with any one such action or proceeding or separate but
substantially similar or related actions or proceedings in the same jurisdiction
arising out of the same general allegations or circumstances, be liable for the
reasonable fees and expenses of more than one separate firm of attorneys at any
time for all Seller Parties, one such firm for all Underwriter Parties and one
such firm for all Financial Security Parties, as the case may be, which firm
shall be designated in writing by the Seller in respect of the Seller Parties,
by the Underwriters in respect of the Underwriter Parties and by Financial
Security in respect of the Financial Security Parties), in each of which cases
the fees and expenses of counsel will be at the expense of the Indemnifying
Party and all such fees and expenses will be reimbursed promptly as they are
incurred. The Indemnifying Party shall not be liable for any settlement of any
such claim or action unless the Indemnifying Party shall have consented thereto
or be in default in its obligations hereunder. Any failure by an Indemnified
Party to comply with the provisions of this Section shall relieve the
Indemnifying Party of liability only if such failure is prejudicial to the
position of the Indemnifying Party and then only to the extent of such
prejudice.

                                       7
<PAGE>

         Section 6. CONTRIBUTION.

                  (a) To provide for just and equitable contribution if the
         indemnification provided by any Indemnifying Party is determined to be
         unavailable or insufficient for any Indemnified Party (other than due
         to application of this Section), each Indemnifying Party shall
         contribute to the Losses arising from any breach of any of its
         representations, warranties or agreements contained in this Agreement
         on the basis of the relative fault of each of the parties as set forth
         in Section 6(b) below; PROVIDED, HOWEVER, that an Indemnifying Party
         shall in no event be required to contribute to all Indemnified Parties
         an aggregate amount in excess of the Losses incurred by such
         Indemnified Parties resulting from the breach of representations,
         warranties or agreements contained in this Agreement.

                  (b) The relative fault of each Indemnifying Party, on the one
         hand, and of each Indemnified Party, on the other, shall be determined
         by reference to, among other things, whether the breach of, or alleged
         breach of, any representations, warranties or agreements contained in
         this Agreement relates to information supplied by, or action within the
         control of, the Indemnifying Party or the Indemnified Party and the
         parties' relative intent, knowledge, access to information and
         opportunity to correct or prevent such breach.

                  (c) The parties agree that Financial Security shall be solely
         responsible for the Financial Security Information and the Underwriters
         shall be solely responsible for the Underwriter Information and that
         the balance of each Offering Document shall be the responsibility of
         the Seller.

                  (d) Notwithstanding anything in this Section 6 to the
         contrary, the Underwriters shall not be required to contribute an
         amount in excess of the amount by which the total price of the
         Securities underwritten by the Underwriters exceeds the amount of any
         damages that the Underwriters have otherwise been required to pay in
         respect of such untrue statement or omission.

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

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

         Section 7. MISCELLANEOUS.

                  (a) NOTICES. All notices and other communications provided for
         under this Agreement shall be delivered to the address set forth below
         or to such other address as shall be designated by the recipient in a
         written notice to the other party or parties hereto.

                                       8
<PAGE>

         If to Financial Security:   Financial Security Assurance Inc.
                                     350 Park Avenue
                                     New York, NY  10022
                                     Attention:  Senior Vice President--
                                     Transaction Oversight Department (with a
                                     copy to the attention of the General
                                     Counsel)
                                     Re: AmeriCredit Automobile Receivables
                                         Trust 2001-D
                                     Confirmation:  (212) 826-0100
                                     Telecopy Nos.: (212) 339-3518,
                                                    (212) 339-3529

         If to the Seller:           AFS Funding Corp.
                                     639 Isbell Road, Suite 390
                                     Reno, Nevada  89509
                                     Attention: General Counsel
                                     Confirmation: (775) 823-3080

         If to the Underwriters:     J.P. Morgan Securities Inc.
                                     270 Park Avenue, 7th Floor
                                     New York, NY 10017
                                     Attention: James Y. Lee, Vice
                                                President-Legal
                                     Confirmation: (212) 270-6255
                                     Telecopy No.: (212) 270-7473

                  (b) GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND
         CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

                  (c) ASSIGNMENTS. This Agreement may not be assigned by any
         party without the express written consent of each other party. Any
         assignment made in violation of this Agreement shall be null and void.

                  (d) AMENDMENTS. Amendments of this Agreement shall be in
         writing signed by each party hereto.

                  (e) SURVIVAL, ETC. The indemnity and contribution agreements
         contained in this Agreement shall remain operative and in full force
         and effect, regardless of (i) any investigation made by or on behalf of
         any Indemnifying Party, (ii) the issuance of the Securities or (iii)
         any termination of this Agreement or the Policy. The indemnification
         provided in this Agreement will be in addition to any liability which
         the parties may otherwise have and shall in no way limit any
         obligations of the Seller under the Underwriting Agreement or the
         Insurance Agreement.

                                       9
<PAGE>

                  (f) COUNTERPARTS. This Agreement may be executed in
         counterparts by the parties hereto, and all such counterparts shall
         constitute one and the same instrument.

              [THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

                                       10
<PAGE>

                  IN WITNESS WHEREOF, the parties hereto have caused this
         Indemnification Agreement to be duly executed and delivered as of the
         date first above written.

                                          FINANCIAL SECURITY ASSURANCE INC.

                                          By:  /S/ MARK J. CASTIGLIONE
                                          ------------------------------------
                                          Name:   MARK J. CASTIGLIONE
                                                  ----------------------------
                                          Title:  Authorized Officer

                                          AFS FUNDING CORP.

                                          By:  /S/ PRESTON A. MILLER
                                               ------------------------------
                                               Name:   Preston A. Miller
                                               Title:  Executive Vice President
                                                       and Treasurer

                                          J.P. MORGAN SECURITIES INC.

                                          By:  /S/ WILLIAM J. HALEY
                                               ------------------------------
                                               Name: William J. Halley
                                               Title: Managing Director

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

                                       11

<PAGE>

                                    EXHIBIT A

                      OPINION OF ASSOCIATE GENERAL COUNSEL

         Based upon the foregoing, I am of the opinion that:

         1. Financial Security is a stock insurance company duly organized,
validly existing and authorized to transact financial guaranty insurance
business under the laws of the State of New York.

         2. The Policy and the Financial Security Agreements have been duly
authorized, executed and delivered by Financial Security.

         3. The Policy and the Financial Security Agreements constitute valid
and binding obligations of Financial Security, enforceable against Financial
Security in accordance with their terms, subject, as to the enforcement of
remedies, to bankruptcy, insolvency, reorganization, rehabilitation, moratorium
and other similar laws affecting the enforceability of creditors' rights
generally applicable in the event of the bankruptcy or insolvency of Financial
Security and to the application of general principles of equity and subject, in
the case of the Indemnification Agreement, to principles of public policy
limiting the right to enforce the indemnification provisions contained therein
insofar as they relate to indemnification for liabilities arising under
applicable securities laws.

         4. The Policy is exempt from registration under the Securities Act of
1933, as amended (the "ACT").

         5. Neither the execution or delivery by Financial Security of the
Policy or the Financial Security Agreements, nor the performance by Financial
Security of its obligations thereunder, will conflict with any provision of the
certificate of incorporation or the bylaws of Financial Security or violate any
law or regulation, which violation would impair the binding effect or
enforceability of the Policy or any of the Agreements or, to the best of my
knowledge, result in a breach of, or constitute a default under, any agreement
or other instrument to which Financial Security is a party or by which it or any
of its property is bound or, to the best of my knowledge, violate any judgment,
order or decree applicable to Financial Security of any governmental or
regulatory body, administrative agency, court or arbitrator having jurisdiction
over Financial Security (except that in the published opinion of the Securities
and Exchange Commission the indemnification provisions of the Indemnification
Agreement, insofar as they relate to indemnification for liabilities arising
under the Act, are against public policy as expressed in the Act and are
therefore unenforceable).

         In addition, please be advised that I have reviewed the description of
Financial Security under the caption "The Insurer" in the Prospectus (the
"OFFERING DOCUMENT") of the Seller with respect to the Securities. The
information provided in the Offering Document with respect to Financial Security
is limited and does not purport to provide the scope of disclosure required to
be included in a prospectus with respect to a registrant under the Act in
connection with the public offer and sale of securities of such registrant.
Within such limited scope of disclosure,

                                      A-1
<PAGE>

however, there has not come to my attention any information which would cause me
to believe that the description of Financial Security referred to above, as of
the date of the Offering Document or as of the date of this opinion, contained
or contains any untrue statement of a material fact or omitted or omits to state
a material fact necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading (except that I express
no opinion with respect to any financial statements or other financial
information contained or referred to therein).

                                      A-2

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