Document:

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                                                                    Exhibit 10.1

                                                                  EXECUTION COPY

                               PURCHASE AGREEMENT

                                     BETWEEN

                                AFS FUNDING CORP.
                                    PURCHASER

                      AMERICREDIT FINANCIAL SERVICES, INC.
                                     SELLER

                                       AND

                                CP FUNDING CORP.
                                     SELLER

                           DATED AS OF AUGUST 17, 2000

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                                TABLE OF CONTENTS

                                                                            PAGE

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(a)  Conveyance of the Initial Receivables and the
                    Initial Other Conveyed Property............................4
   SECTION 2.2(a)  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 AFS.........................5
   SECTION 3.2   Representations and Warranties of CP Funding..................7
   SECTION 3.3   Representations and Warranties of Purchaser...................8

ARTICLE IV. COVENANTS OF SELLERS..............................................10

   SECTION 4.1   Protection of Title of Purchaser.............................10
   SECTION 4.2   Other Liens or Interests.....................................12
   SECTION 4.3   Costs and Expenses...........................................12
   SECTION 4.4   Indemnification..............................................12

ARTICLE V. REPURCHASES........................................................14

   SECTION 5.1   Repurchase of Receivables Upon Breach of Warranty............14
   SECTION 5.2   Reassignment of Purchased Receivables........................15
   SECTION 5.3   Waivers......................................................15

ARTICLE VI. MISCELLANEOUS.....................................................15

   SECTION 6.1   Liability of Sellers.........................................15
   SECTION 6.2   Merger or Consolidation of Sellers or Purchaser..............15
   SECTION 6.3   Limitation on Liability of Sellers and Others................16
   SECTION 6.4   Sellers May Own Notes or the Certificate.....................16
   SECTION 6.5   Amendment....................................................16
   SECTION 6.6   Notices......................................................17
   SECTION 6.7   Merger and Integration.......................................17
   SECTION 6.8   Severability of Provisions...................................17
   SECTION 6.9   Intention of the Parties.....................................17
   SECTION 6.10  Governing Law................................................18
   SECTION 6.11  Counterparts.................................................18

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   SECTION 6.12  Conveyance of the Receivables and the Other Conveyed
                  Property to the Issuer......................................18
   SECTION 6.13  Nonpetition Covenant.........................................18

SCHEDULES

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

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                               PURCHASE AGREEMENT

            THIS PURCHASE AGREEMENT, dated as of August 17, 2000, executed among
AFS Funding Corp., a Nevada corporation, as purchaser ("Purchaser"), CP Funding
Corp., a Nevada corporation, as seller ("CP Funding") and AmeriCredit Financial
Services, Inc., a Delaware corporation, as seller ("AFS" and together with CP
Funding, the "Sellers").

                            W I T N E S S E T H :

            WHEREAS, Purchaser has agreed to purchase from the Sellers, and the
Sellers, pursuant to this Agreement, are 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 Sellers, 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
August 17, 2000, by and among AFS Funding Corp. (as Seller), AmeriCredit
Financial Services, Inc. (in its individual capacity and as Servicer),
AmeriCredit Automobile Receivables Trust 2000-C (as Issuer) and Bank One, N.A.,
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 August 23, 2000.

            "INITIAL OTHER CONVEYED PROPERTY" means all property conveyed by the
Sellers 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 2000-C.

            "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
Sellers' representations and warranties hereunder or any other event which
requires the repurchase of a Receivable by AFS 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 C.

            "SCHEDULES OF RECEIVABLES" means the schedules of Initial
Receivables sold and transferred pursuant to this Agreement which are attached
hereto as Schedules A and B.

            "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 Sellers to the Purchaser pursuant to the Subsequent Purchase Agreement other
than the Subsequent Receivables.

            "SUBSEQUENT PURCHASE AGREEMENT" means an agreement by and between
the Sellers 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 Schedules A and B 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, N.A., as trust collateral
agent and any successor trust collateral agent appointed and acting pursuant to
the Sale and Servicing Agreement.

            "TRUSTEE" means Bank One, N.A., 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 Sellers
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 Sellers,
or of any predecessor or successor of Sellers.

            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 Sellers 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 (A) CONVEYANCE OF THE INITIAL RECEIVABLES AND THE
INITIAL OTHER CONVEYED PROPERTY. Subject to the terms and conditions of this
Agreement, Sellers hereby sell, transfer, assign, and otherwise convey to
Purchaser without recourse (but without limitation of its obligations in this
Agreement), and Purchaser hereby purchases, all right, title and interest of
Sellers in and to the Initial Receivables and the Initial Other Conveyed
Property. It is the intention of Sellers 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 Sellers 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 Sellers' estates in the event of the filing of a
bankruptcy petition by or against Sellers 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 (i) CP Funding an amount
      equal to the book value of the Initial Receivables sold by CP Funding, as
      set forth on the books and records of CP Funding, by wire transfer of
      immediately available funds, and (ii) AFS, an amount equal to the book
      value of the Initial Receivables sold by AFS, as set forth on the books
      and records of AFS, a portion by wire transfer of immediately available
      funds and the remainder as a contribution to the capital of the Purchaser
      (a wholly-owned subsidiary of AFS).

            SECTION 2.2 (A) CONVEYANCE OF THE SUBSEQUENT RECEIVABLES AND THE
SUBSEQUENT OTHER CONVEYED PROPERTY. On each Subsequent Transfer Date and
simultaneously with the execution and delivery of the related Subsequent
Purchase Agreement, the Sellers 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 Sellers in and to the Subsequent Receivables and the Subsequent Other
Conveyed Property. It is the intention of Sellers 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
Sellers 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 Sellers' estates in the
event of the filing of a bankruptcy petition by or against Sellers 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 (i) CP Funding an amount
      equal to the book value of the Subsequent Receivables sold by CP Funding,
      as set forth on the books and records of CP Funding, by wire transfer of
      immediately available funds, and (ii) AFS, an amount equal to the book
      value of the Subsequent Receivables sold by AFS, as set forth on the books
      and records of AFS, a portion by wire transfer of immediately available
      funds and the

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      remainder as a contribution to the capital of the Purchaser (a wholly-
      owned subsidiary of AFS).

                                  ARTICLE III.

                         REPRESENTATIONS AND WARRANTIES

            SECTION 3.1 REPRESENTATIONS AND WARRANTIES OF AFS. AFS 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. AFS 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 AFS 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. AFS 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. AFS 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. AFS 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; AFS 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 AFS's Related
            Documents have been duly authorized by AFS by all necessary
            corporate action.

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                        (e) VALID SALE; BINDING OBLIGATIONS. This Agreement and
            AFS'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
            AFS and creditors of and purchasers from AFS; and this Agreement and
            AFS's Related Documents constitute legal, valid and binding
            obligations of AFS 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 AFS, or any indenture, agreement,
            mortgage, deed of trust or other instrument to which AFS 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 AFS of any court or of
            any federal or state regulatory body, administrative agency or other
            governmental instrumentality having jurisdiction over AFS or any of
            its properties.

                        (g) NO PROCEEDINGS. There are no proceedings or
            investigations pending or, to AFS's knowledge, threatened against
            AFS, before any court, regulatory body, administrative agency or
            other tribunal or governmental instrumentality having jurisdiction
            over AFS 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 AFS 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 AFS'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 AFS is located at 801 Cherry Street, Suite 3900, Fort Worth,
            Texas 76102.

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            SECTION 3.2 REPRESENTATIONS AND WARRANTIES OF CP FUNDING. CP Funding
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. CP Funding 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 CP Funding in the Trustee's own name on behalf of the
Noteholders.

                        (a) ORGANIZATION AND GOOD STANDING. CP Funding has been
            duly organized and is validly existing as a corporation in good
            standing under the laws of the State of Nevada, 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.

                        (b) POWER AND AUTHORITY. CP Funding 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;
            CP Funding 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 CP Funding's Related Documents have been duly
            authorized by CP Funding by all necessary corporate action.

                        (c) DUE QUALIFICATION. CP Funding 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) VALID SALE; BINDING OBLIGATIONS. This Agreement and
            CP Funding'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 CP Funding and creditors of and purchasers from
            CP Funding; and this Agreement and CP Funding's Related Documents
            constitute legal, valid and binding obligations of CP Funding
            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.

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                        (e) 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 CP Funding, or any indenture, agreement, mortgage, deed of
            trust or other instrument to which CP Funding 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 CP Funding of any court or
            of any federal or state regulatory body, administrative agency or
            other governmental instrumentality having jurisdiction over CP
            Funding or any of its properties.

                        (f) NO PROCEEDINGS. There are no proceedings or
            investigations pending or, to CP Funding's knowledge, threatened
            against CP Funding, before any court, regulatory body,
            administrative agency or other tribunal or governmental
            instrumentality having jurisdiction over CP Funding 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 CP Funding 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.

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

                        (h) CHIEF EXECUTIVE OFFICE. The chief executive office
            of CP Funding is located at 639 Isbell Rd., Suite 390, Reno, Nevada
            85909.

            SECTION 3.3 REPRESENTATIONS AND WARRANTIES OF PURCHASER. Purchaser
makes the following representations and warranties, on which Sellers rely 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

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            all relevant times, and has, full power, authority and legal right
            to acquire and own the Receivables and the Other Conveyed Property,
            and to transfer the Receivables and the Other Conveyed Property to
            the Issuer pursuant to the Sale and Servicing Agreement.

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

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

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

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

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

                                       9
<PAGE>

                        (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, Sellers covenant and agree that they will not take any
action to pursue any remedy that they 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. Sellers 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 SELLERS

            SECTION 4.1 PROTECTION OF TITLE OF PURCHASER.

                        (a) At or prior to the Closing Date, each Seller shall
            have filed or caused to be filed a UCC-1 financing statement,
            executed by such Seller as seller or debtor, naming Purchaser as
            purchaser or secured party and describing the Initial Receivables
            and the Initial Other Conveyed Property being sold by it to
            Purchaser as collateral, with the office of the Secretary of State
            of the State of Texas and in such other locations as Purchaser shall
            have required. At or prior to any Subsequent Transfer Date, each
            Seller shall file or cause to be filed a UCC-1 financing statement
            executed by such Seller, as seller or debtor, naming the Purchaser
            as purchaser or secured party and describing the Subsequent
            Receivables and the Subsequent Other Conveyed Property being sold by
            it to the Purchaser as collateral, with the office of the Secretary
            of State of the State of Texas and in such other locations as
            Purchaser shall require. From time to time thereafter, Sellers 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. Sellers shall
            deliver (or cause to be delivered) to Purchaser, the Trust
            Collateral Agent and the Insurer file-stamped copies of, or filing
            receipts for,

                                       10
<PAGE>

            any document filed as provided above, as soon as available following
            such filing. In the event that either Seller fails to perform its
            obligations under this subsection, Purchaser, Issuer or the Trust
            Collateral Agent may do so, at the expense of such Seller.

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

                        (c) Sellers shall give Purchaser, the Issuer, the
            Insurer (so long as an Insurer Default shall not have occurred and
            be continuing) and the Trust Collateral Agent at least 60 days'
            prior written notice of any relocation of their principal executive
            offices, if as a result of such relocation, the applicable
            provisions of the UCC would require the filing of any amendment of
            any previously filed financing or continuation statement or of any
            new financing statement. AFS 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, AFS has
            maintained accounts and records as to each Receivable accurately and
            in sufficient detail to permit (i) the reader thereof to know at any
            time as of or prior to the Closing Date and with respect to
            Subsequent Receivables, the Subsequent Transfer Date, the status of
            such Receivable, including payments and recoveries made and payments
            owing (and the nature of each) and (ii) reconciliation between
            payments or recoveries on (or with respect to) each Receivable and
            the Principal Balance as of the Closing Date and with respect to
            Subsequent Receivables, the Subsequent Transfer Date. AFS 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, AFS'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 AFS'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 Sellers 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, Sellers 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.

                                       11
<PAGE>

            SECTION 4.2 OTHER LIENS OR INTERESTS. Except for the conveyances
hereunder, Sellers 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 Sellers
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 Sellers.

            SECTION 4.3 COSTS AND EXPENSES. Sellers 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) Sellers 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 Sellers' representations and
            warranties contained herein.

                        (b) Sellers 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 Sellers or any
            affiliate thereof of a Financed Vehicle.

                        (c) Sellers 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) Sellers agree 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 Sellers 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

                                       12
<PAGE>

            the same, arising by reason of the acts to be performed by Sellers
            under this Agreement or imposed against such Persons.

                        (e) Sellers agree 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 Sellers under
            this Agreement or imposed against such Persons.

                        (f) Sellers 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 Sellers in the performance of their
            duties under this Agreement or by reason of reckless disregard of
            Sellers' obligations and duties under this Agreement.

                        (g) Sellers 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 Sellers of federal or state
            securities laws in connection with the registration or the sale of
            the Notes.

                        (h) Sellers 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) Sellers 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 Sellers' trusts and duties as
            Servicer under the Sale and Servicing Agreement, except to the
            extent that such cost, expense,

                                       13
<PAGE>

            loss, claim, damage, or liability shall be due to the willful
            misfeasance, bad faith, or negligence (except for errors in
            judgment) of Purchaser.

                        (j) Sellers 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 Sellers may otherwise have.

                                   ARTICLE V.

                                   REPURCHASES

                        SECTION 5.1 REPURCHASE OF RECEIVABLES UPON BREACH OF
            WARRANTY. Upon the occurrence of a Repurchase Event, AFS 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, AFS 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 AFS to repurchase any
            Receivable, as to which a breach occurred and is continuing, shall,
            if such obligation is fulfilled, constitute the sole remedy against
            AFS for such breach available to Purchaser, the Issuer, the Insurer,
            the Backup Servicer, the Noteholders, the Certificateholder, the
            Trust Collateral Agent on behalf of the Noteholders or the Owner
            Trustee on behalf of the Certificateholder. The provisions of this
            Section 5.1 are intended to grant the Issuer and the Trust
            Collateral Agent a direct right against AFS to demand performance
            hereunder, and in connection therewith, AFS 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 AFS under
            this Section shall not terminate upon a termination of AFS 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 AFS, AFS 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.

                                       14
<PAGE>

            SECTION 5.2 REASSIGNMENT OF PURCHASED RECEIVABLES. Upon deposit in
the Collection Account of the Purchase Amount of any Receivable repurchased by
AFS under Section 5.1 hereof, Purchaser and the Issuer shall take such steps as
may be reasonably requested by AFS in order to assign to AFS 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 AFS 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 AFS, take such steps as AFS
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 SELLERS. Sellers shall be liable in
accordance herewith only to the extent of the obligations in this Agreement
specifically undertaken by Sellers and the representations and warranties of
Sellers.

            SECTION 6.2 MERGER OR CONSOLIDATION OF SELLERS OR PURCHASER. Any
corporation or other entity (i) into which Sellers or Purchaser may be merged or
consolidated, (ii) resulting from any merger or consolidation to which Sellers
or Purchaser is a party or (iii) succeeding to the business of Sellers 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 Sellers or Purchaser, as the case may be, under this Agreement and, whether
or not such assumption agreement is executed, shall be the successor to Sellers
or Purchaser, as the case may be, hereunder (without relieving Sellers 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. Sellers 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

                                       15
<PAGE>

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,
3.2 and 3.3 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) Sellers 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) Sellers
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 SELLERS AND OTHERS. Sellers
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. Sellers 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 SELLERS MAY OWN NOTES OR THE CERTIFICATE. Subject to the
provisions of the Sale and Servicing Agreement, Sellers and any Affiliate of
Sellers may in their individual or any other capacity become the owner or
pledgee of Notes or the Certificate with the same rights as they would have if
they were not Sellers or an Affiliate thereof.

            SECTION 6.5 AMENDMENT.

                        (a) This Agreement may be amended by Sellers 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 Sellers 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

                                       16
<PAGE>

            any manner the rights of the Certificateholder or Noteholders;
            PROVIDED, HOWEVER, the Sellers provide the Trust Collateral Agent
            with an Opinion of Counsel, (which may be provided by the Sellers'
            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, Sellers 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
Sellers or Purchaser hereunder shall be in writing, personally delivered, or
sent by telecopier (subsequently confirmed in writing), reputable overnight
courier or mailed by certified mail, return receipt requested, and shall be
deemed to have been given upon receipt (a) in the case of Sellers, 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. The execution and delivery of
this Agreement shall constitute an acknowledgment by Sellers and Purchaser that
they intend that the

                                       17
<PAGE>

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 Sellers
to Purchaser, and that the Receivables and the Other Conveyed Property shall not
be a part of Sellers' 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 Sellers. 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 Sellers, the parties intend that Sellers
shall have granted to Purchaser a security interest in all of Sellers' right,
title and interest in and to the Receivables and the Other Conveyed Property
conveyed pursuant to Section 2.1 hereof, and that this Agreement shall
constitute a security agreement under applicable law.

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

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

            SECTION 6.12 CONVEYANCE OF THE RECEIVABLES AND THE OTHER CONVEYED
PROPERTY TO THE ISSUER. Sellers 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. Sellers acknowledge and consent to such conveyance and pledge and
waive any further notice thereof and covenant and agree that the representations
and warranties of Sellers 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, Sellers covenant and agree to perform their
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, Sellers 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 their respective duties and obligations
hereunder or under Related Documents) and that the Trust Collateral Agent may
enforce the duties and obligations of Sellers under this Agreement against
Sellers for the benefit of the Insurer, the Owner Trustee, the Trust Collateral
Agent, the Noteholders and the Certificateholder.

            SECTION 6.13 NONPETITION COVENANT. Neither Purchaser nor Sellers
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,

                                       18
<PAGE>

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.

                                       19
<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/ Connie Coffey
                                       -----------------------------------------
                                       Name:  Connie Coffey
                                       Title: Vice President, Structured
                                              Finance and Reporting

                                    AMERICREDIT FINANCIAL SERVICES,
                                       INC., as Seller

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

                                    CP FUNDING CORP., as Seller

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

Accepted:

BANK ONE, N.A.,
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 FROM AFS

                    [On File with Trust Collateral Agent.]

<PAGE>

                                   SCHEDULE B

                   SCHEDULE OF RECEIVABLES FROM CP FUNDING

                  [On File with Trust Collateral Agent]

<PAGE>

                     SCHEDULE C (TO THE PURCHASE AGREEMENT)

                        REPRESENTATIONS AND WARRANTIES OF

             AMERICREDIT FINANCIAL SERVICES, INC. ("AMERICREDIT")

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

     2. NO FRAUD OR MISREPRESENTATION. Each Receivable was originated (i) by
AmeriCredit, (ii) by a Dealer and was sold by the Dealer to AmeriCredit, or
(iii) by a Third-Party Lender and was sold by the Third-Party Lender to
AmeriCredit, and was sold by AmeriCredit either (A) to AFS Funding Corp. ("AFS
Funding") or (B) to CP Funding Corp. ("CP Funding") and by CP Funding 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 either AmeriCredit or CP
Funding 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 Schedules 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 either AmeriCredit or CP Funding which met the selection criteria
contained in the Sale and Servicing Agreement.

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

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

                                       2
<PAGE>

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

     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, either AmeriCredit or CP Funding 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 both AmeriCredit and CP Funding, 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. Neither
AmeriCredit nor CP Funding has 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 either AmeriCredit or CP Funding 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 either
(A) to AFS Funding or (B) to CP Funding and by CP Funding to AFS Funding
pursuant to this Agreement. Immediately after the sale, transfer and assignment
thereof by either AmeriCredit or CP Funding 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

                                       3
<PAGE>

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 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. Neither AmeriCredit nor CP Funding have 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.

                                       4
<PAGE>

     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.

     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 Receivable had an original maturity of not more than 72
months; (C) each Initial Receivable had a remaining Principal Balance as of the
Initial Cutoff Date of at least $250 and not more than $60,000; (D) each Initial
Receivable has an Annual Percentage Rate of at least 9% and not more than 30%;
(E) no Initial Receivable was more than 30 days past due as of the Initial
Cutoff Date and (F) no funds have been advanced by AmeriCredit, any Dealer, any
Third-Party Lender, or anyone acting on behalf of any of them in order to cause
any Initial Receivable to qualify under clause (E) above.

                                       5<PAGE>

                                                                    Exhibit 10.2

                                                                  EXECUTION COPY

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

                            INDEMNIFICATION AGREEMENT

                                      among

                       FINANCIAL SECURITY ASSURANCE INC.,

                                AFS FUNDING CORP.

                                       and

                              CHASE SECURITIES INC.

                           Dated as of August 17, 2000

               $170,000,000 Class A-1 6.732% Asset Backed Notes
               $370,000,000 Class A-2 6.970% Asset Backed Notes
               $262,000,000 Class A-3 7.050% Asset Backed Notes
           $298,000,000 Class A-4 Floating Rate Asset Backed Notes

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

<PAGE>

                                TABLE OF CONTENTS

                                                                            PAGE

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........................................6

Section 6. Contribution......................................................7

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

EXHIBIT A -- Opinion of Assistant General Counsel

<PAGE>

                            INDEMNIFICATION AGREEMENT

      INDEMNIFICATION  AGREEMENT  dated as of August 17, 2000 among  FINANCIAL
SECURITY  ASSURANCE  INC.  ("FINANCIAL  SECURITY"),  AFS FUNDING  CORP.,  (the
"SELLER") and CHASE 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 August 17, 2000 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 September 16, 1999 and the Prospectus Supplement dated August
8, 2000 (the "Prospectus Supplement") relating to the Securities.

      "REPRESENTATIVE"  means Chase Securities Inc. as  representative  of the
Underwriters.

      "SECURITIES" means the Trust's $170,000,000 Class A-1 6.732% Asset Backed
Notes, $370,000,000 Class A-2 6.970% Asset Backed Notes, $262,000,000 Class A-3
7.050% Asset Backed Notes, and $298,000,000 Class A-4 Floating Rate Asset Backed
Notes issued pursuant to the Series 2000-C 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 among Financial Security, AFS Funding Corp.,
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 2000-C Supplement
to Spread Account Agreement, dated as of August 17, 2000, 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 2000-C.

      "UNDERWRITERS"  means Chase Securities Inc., Banc of America  Securities
LLC,  Barclays  Capital  Inc.,  Bear,  Stearns & Co. Inc.  and  Deutsche  Bank
Securities Inc., as underwriters.

      "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.

      "UNDERWRITING AGREEMENT" means the Underwriting Agreement, dated as of
August 8, 2000 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).

            (f) FINANCIAL INFORMATION. The consolidated balance sheets of
      Financial Security as of December 31, 1999 and December 31, 1998 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, 2000, and
      the related statements of income, changes in shareholder equity and cash

                                       3
<PAGE>

      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 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

                                       4
<PAGE>

      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, Inc., 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 information 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 information:

            "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 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

                                       5
<PAGE>

            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 in the table containing the price to the public, the
      underwriting discount and the proceeds to the Seller with respect to the
      Securities and (ii) in the paragraphs immediately following the tables
      under the caption "Underwriting".

      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 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

                                       6
<PAGE>

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.

      Section 6. CONTRIBUTION.

            (a) To provide for just and equitable contribution if the
      indemnification provided by any Indemnifying Party is determined to be
      unavailable for any Indemnified Party (other than due to application of
      this Section), each Indemnifying Party shall

                                       7
<PAGE>

      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.

      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
                                2000-C
                                Confirmation:  (212) 826-0100

                                       8
<PAGE>

                                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:   Chase Securities Inc.
                                270 Park Avenue, 7th Floor
                                New York, NY 10017
                                Attention:  Global Securitized Finance
                                Confirmation:  (212) 834-5136
                                Telecopy No.:  (212) 834-6562

            (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.

            (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]

                                       9
<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 Castiglioni
                                     ------------------------------------------
                                     Name:   Mark Castiglioni
                                     Title:  Authorized Officer

                                  AFS FUNDING CORP.

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

                                  CHASE SECURITIES INC.

                                  By: /s/ Deborah Murnin
                                     ------------------------------------------
                                     Name:   Deborah Murnin
                                     Title:  Vice President

                                       10
<PAGE>

                                    EXHIBIT A

                      OPINION OF ASSISTANT 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

                                      A-1
<PAGE>

public offer and sale of securities of such registrant. Within such limited
scope of disclosure, 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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