Document:

<Page>

                                                                    EXHIBIT 10.1

                                                                  EXECUTION COPY

                               PURCHASE AGREEMENT

                                     BETWEEN

                                AFS SENSUB CORP.
                                    PURCHASER

                                       AND

                      AMERICREDIT FINANCIAL SERVICES, INC.
                                     SELLER

                          DATED AS OF OCTOBER 18, 2002

<Page>

                                TABLE OF CONTENTS

<Table>
<Caption>
                                                                                                         Page
                                                                                                         ----
<S>                                                                                                       <C>
ARTICLE I. DEFINITIONS.....................................................................................1

   SECTION 1.1  General....................................................................................1
   SECTION 1.2  Specific Terms.............................................................................1
   SECTION 1.3  Usage of Terms.............................................................................2
   SECTION 1.4  [Reserved].................................................................................2
   SECTION 1.5  No Recourse................................................................................2
   SECTION 1.6  Action by or Consent of Noteholders and Certificateholder..................................2
   SECTION 1.7  Material Adverse Effect....................................................................3

ARTICLE II. CONVEYANCE OF THE RECEIVABLES AND THE OTHER CONVEYED PROPERTY..................................3

   SECTION 2.1  Conveyance of the Receivables and the Other Conveyed Property..............................3
   SECTION 2.2  [Reserved].................................................................................3

ARTICLE III. REPRESENTATIONS AND WARRANTIES................................................................4

   SECTION 3.1  Representations and Warranties of Seller...................................................4
   SECTION 3.2  Representations and Warranties of Purchaser................................................5

ARTICLE IV. COVENANTS OF SELLER............................................................................7

   SECTION 4.1  Protection of Title of Purchaser...........................................................7
   SECTION 4.2  Other Liens or Interests...................................................................9
   SECTION 4.3  Costs and Expenses.........................................................................9
   SECTION 4.4  Indemnification............................................................................9

ARTICLE V. REPURCHASES....................................................................................11

   SECTION 5.1  Repurchase of Receivables Upon Breach of Warranty.........................................11
   SECTION 5.2  Reassignment of Purchased Receivables.....................................................12
   SECTION 5.3  Waivers...................................................................................12

ARTICLE VI. MISCELLANEOUS.................................................................................12

   SECTION 6.1  Liability of Seller.......................................................................12
   SECTION 6.2  Merger or Consolidation of Seller or Purchaser............................................12
   SECTION 6.3  Limitation on Liability of Seller and Others..............................................13
   SECTION 6.4  Seller May Own Notes or the Certificate...................................................13
   SECTION 6.5  Amendment.................................................................................13
   SECTION 6.6  Notices...................................................................................14
   SECTION 6.7  Merger and Integration....................................................................14
   SECTION 6.8  Severability of Provisions................................................................14
   SECTION 6.9  Intention of the Parties..................................................................15
   SECTION 6.10  Governing Law............................................................................15
   SECTION 6.11  Counterparts.............................................................................16
   SECTION 6.12  Conveyance of the Receivables and the Other Conveyed Property to the Issuer..............16
   SECTION 6.13  Nonpetition Covenant.....................................................................16
</Table>

                                        i
<Page>

<Table>
   <S>                                                                                                    <C>
   SECTION 6.14  Benefits of Purchase Agreement...........................................................16
</Table>

SCHEDULES

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

                                       ii
<Page>

                               PURCHASE AGREEMENT

          THIS PURCHASE AGREEMENT, dated as of October 18, 2002, executed among
AFS SenSub Corp., a Nevada corporation, as purchaser ("PURCHASER") and
AmeriCredit Financial Services, Inc., a Delaware corporation, as Seller
("SELLER").

                              W I T N E S S E T H :

          WHEREAS, Purchaser has agreed to purchase from the Seller, and the
Seller, pursuant to this Agreement, is transferring to Purchaser the Receivables
and Other Conveyed Property.

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

                                   ARTICLE I.

                                   DEFINITIONS

          SECTION 1.1  GENERAL. The specific terms defined in this Article
include the plural as well as the singular. The words "herein," "hereof" and
"hereunder" and other words of similar import refer to this Agreement as a whole
and not to any particular Article, Section or other subdivision, and Article,
Section, Schedule and Exhibit references, unless otherwise specified, refer to
Articles and Sections of and Schedules and Exhibits to this Agreement.
Capitalized terms used herein without definition shall have the respective
meanings assigned to such terms in the Sale and Servicing Agreement dated as of
October 18, 2002, by and among AFS SenSub Corp. (as Seller), AmeriCredit
Financial Services, Inc. (in its individual capacity and as Servicer),
AmeriCredit Automobile Receivables Trust 2002-E-M (as Issuer) and Bank One, NA,
as Backup Servicer and Trust Collateral Agent.

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

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

          "CLOSING DATE" means October 29, 2002.

          "ISSUER" means AmeriCredit Automobile Receivables Trust 2002-E-M.

          "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 Deutsche Bank Trust Company Delaware, as Owner
Trustee appointed and acting pursuant to the Trust Agreement.

<Page>

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

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

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

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

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

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

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

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

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

          SECTION 1.4  [RESERVED].

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

          SECTION 1.6  ACTION BY OR CONSENT OF NOTEHOLDERS AND
CERTIFICATEHOLDER. Whenever any provision of this Agreement refers to action to
be taken, or consented to, by

                                        2
<Page>

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

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

                                   ARTICLE II.

                          CONVEYANCE OF THE RECEIVABLES
                         AND THE OTHER CONVEYED PROPERTY

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

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

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

          SECTION 2.2  [RESERVED]

                                        3
<Page>

                                  ARTICLE III.

                         REPRESENTATIONS AND WARRANTIES

          SECTION 3.1  REPRESENTATIONS AND WARRANTIES OF SELLER. Seller makes
the following representations and warranties as of the date hereof, 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 Note Policy and the Swap Provider Policies. 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. Seller and Purchaser agree
that Purchaser will assign to Issuer all Purchaser's rights under this Agreement
and that the Trustee will thereafter be entitled to enforce this Agreement
against Seller in the Trustee's own name on behalf of the Noteholders.

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

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

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

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

          (e) VALID SALE; BINDING OBLIGATIONS. This Agreement and Seller's
     Related Documents have been duly executed and delivered, shall effect a
     valid sale, transfer and assignment of the Receivables and the Other
     Conveyed Property to the Purchaser, enforceable against Seller and
     creditors of and purchasers from Seller; and this Agreement and Seller's
     Related Documents constitute legal, valid and binding obligations of Seller
     enforceable in accordance with their respective terms, except as
     enforceability

                                        4
<Page>

     may be limited by bankruptcy, insolvency, reorganization or other similar
     laws affecting the enforcement of creditors' rights generally and by
     equitable limitations on the availability of specific remedies, regardless
     of whether such enforceability is considered in a proceeding in equity or
     at law.

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

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

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

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

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

                                        5
<Page>

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

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

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

                                        6
<Page>

     Account Agreement), or violate any law, order, rule or regulation,
     applicable to Purchaser or its properties, of any federal or state
     regulatory body, any court, administrative agency, or other governmental
     instrumentality having jurisdiction over Purchaser or any of its
     properties.

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

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

                                  ARTICLE IV.

                               COVENANTS OF SELLER

          SECTION 4.1  PROTECTION OF TITLE OF PURCHASER.

          (a) At or prior to the Closing Date, Seller shall have filed or caused
     to be filed a UCC-1 financing statement, naming Seller as seller or debtor,
     naming Purchaser as purchaser or secured party and describing the
     Receivables and the Other Conveyed Property being sold by it to Purchaser
     as collateral, with the office of the Secretary of State of the State of
     Delaware and in such other locations as Purchaser shall have required. From
     time to time thereafter, Seller shall execute and file such financing
     statements and cause to be executed and filed such continuation statements,
     all in such manner and in such places as may be required by law fully to
     preserve, maintain and protect the interest of Purchaser under this
     Agreement, of the Issuer under the Sale and Servicing Agreement and of the
     Trust Collateral Agent under the Indenture in the Receivables and the Other
     Conveyed Property and in the proceeds thereof. Seller shall deliver (or
     cause to be delivered) to Purchaser, the Trust Collateral Agent and the
     Insurer file-stamped copies of, or filing receipts for, any document filed
     as provided above, as

                                        7
<Page>

     soon as available following such filing. In the event that Seller fails to
     perform its obligations under this subsection, Purchaser, Issuer or the
     Trust Collateral Agent may do so, at the expense of such Seller. In
     furtherance of the foregoing, the Seller hereby authorizes the Purchaser,
     the Issuer or the Trust Collateral Agent to file a record or records (as
     defined in the applicable UCC), including, without limitation, financing
     statements, in all jurisdictions and with all filing offices as each may
     determine, in its sole discretion, are necessary or advisable to perfect
     the security interest granted to the Purchaser pursuant to Section 6.9 of
     this Agreement. Such financing statements may describe the collateral in
     the same manner as described herein or may contain an indication or
     description of collateral that describes such property in any other manner
     as such party may determine, in its sole discretion, is necessary,
     advisable or prudent to ensure the perfection of the security interest in
     the collateral granted to the Purchaser herein.

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

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

          (d) Prior to the Closing Date, Seller has maintained accounts and
     records as to each Receivable accurately and in sufficient detail to permit
     (i) the reader thereof to know at any time as of or prior to the Closing
     Date, 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. Seller shall maintain its
     computer systems so that, from and after the time of sale under this
     Agreement of the Receivables to Purchaser, and the conveyance of the
     Receivables by Purchaser to the Issuer, Seller's master computer records
     (including archives) that shall refer to a Receivable indicate clearly that
     such Receivable has been sold to Purchaser and has been conveyed by
     Purchaser to the Issuer. Indication of the Issuer's ownership of a
     Receivable shall be deleted from or modified on Seller's computer systems
     when, and only when, the Receivable shall become a Purchased Receivable or
     shall have been paid in full.

          (e) If at any time Seller shall propose to sell, grant a security
     interest in, or otherwise transfer any interest in any motor vehicle
     receivables to any prospective purchaser, lender or other transferee,
     Seller shall give to such prospective purchaser,

                                        8
<Page>

     lender, or other transferee computer tapes, records, or print-outs
     (including any restored from archives) that, if they shall refer in any
     manner whatsoever to any Receivable (other than a Purchased Receivable),
     shall indicate clearly that such Receivable has been sold to Purchaser,
     sold by Purchaser to Issuer, and is owned by the Issuer.

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

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

          SECTION 4.4  INDEMNIFICATION.

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

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

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

          (d) Seller agrees to pay, and shall defend, indemnify and hold
     harmless Purchaser, the Issuer, the Trust Collateral Agent, the Trustee,
     the Backup Servicer, the Owner Trustee, the Security Insurer, 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 Security
     Insurer, 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

                                        9
<Page>

     Purchaser and by Purchaser to the Issuer or the issuance and original sale
     of the Notes or issuance of the Certificate, or asserted with respect to
     ownership of the Receivables and Other Conveyed Property which shall be
     indemnified by Seller pursuant to clause (e) below, or federal, state or
     other income taxes, arising out of distributions on the Notes or the
     Certificate or transfer taxes arising in connection with the transfer of
     the Notes or the Certificate) and costs and expenses in defending against
     the same, arising by reason of the acts to be performed by Seller under
     this Agreement or imposed against such Persons.

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

          (f) Seller shall defend, indemnify, and hold harmless Purchaser, the
     Issuer, the Trust Collateral Agent, the Trustee, the Backup Servicer, the
     Owner Trustee, the Noteholders and the Certificateholder from and against
     any and all costs, expenses, losses, claims, damages, and liabilities to
     the extent that such cost, expense, loss, claim, damage, or liability arose
     out of, or was imposed upon Purchaser, the Issuer, the Trust Collateral
     Agent, the Trustee, the Backup Servicer, the Owner Trustee, the Noteholders
     or the Certificateholder through the negligence, willful misfeasance, or
     bad faith of Seller in the performance of its duties under this Agreement
     or by reason of reckless disregard of Seller's obligations and duties under
     this Agreement.

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

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

                                       10
<Page>

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

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

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

                                   ARTICLE V.

                                   REPURCHASES

          SECTION 5.1  REPURCHASE OF RECEIVABLES UPON BREACH OF WARRANTY. Upon
the occurrence of a Repurchase Event, Seller shall, unless the breach which is
the subject of such Repurchase Event shall have been cured in all material
respects, repurchase the Receivable relating thereto from the Issuer and,
simultaneously with the repurchase of the Receivable, Seller shall deposit the
Purchase Amount in full, without deduction or offset, to the Collection Account,
pursuant to Section 3.2 of the Sale and Servicing Agreement. It is understood
and agreed that, except as set forth in Section 6.1 hereof, the obligation of
Seller to repurchase any Receivable, as to which a breach occurred and is
continuing, shall, if such obligation is fulfilled, constitute the sole remedy
against Seller for such breach available to Purchaser, the Issuer, the Insurer,
the Backup Servicer, the Noteholders, the Certificateholder, the Trust
Collateral Agent on behalf of the Noteholders or the Owner Trustee on behalf of
the Certificateholder. The provisions of this Section 5.1 are intended to grant
the Issuer, the Insurer and the Trust Collateral Agent a direct right against
Seller to demand performance hereunder, and in connection therewith, Seller
waives any requirement of prior demand against Purchaser with respect to such
repurchase obligation. Any such repurchase shall take place in the manner
specified in Section 3.2 of the Sale and Servicing Agreement. Notwithstanding
any other provision of this Agreement or the Sale and Servicing Agreement to the
contrary, the obligation of Seller under this Section shall not terminate upon a
termination of Seller as Servicer under the Sale and Servicing Agreement and
shall be performed in accordance with the terms hereof notwithstanding the
failure of the Servicer or Purchaser to perform any of their respective
obligations with respect to such Receivable under the Sale and Servicing
Agreement.

          In addition to the foregoing and notwithstanding whether the related
Receivable shall have been purchased by Seller, Seller shall indemnify the
Issuer, the Trust Collateral Agent, the Trustee, the Backup Servicer, the Owner
Trustee, the Insurer, the Noteholders and the Certificateholder from and against
all costs, expenses, losses, damages, claims and liabilities, including
reasonable fees and expenses of counsel, which may be asserted against or
incurred by

                                       11
<Page>

any of them as a result of third party claims arising out of the events or facts
giving rise to such Repurchase Events.

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

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

                                   ARTICLE VI.
                                  MISCELLANEOUS

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

          SECTION 6.2  MERGER OR CONSOLIDATION OF SELLER OR PURCHASER. Any
corporation or other entity (i) into which Seller or Purchaser may be merged or
consolidated, (ii) resulting from any merger or consolidation to which Seller or
Purchaser is a party or (iii) succeeding to the business of Seller or Purchaser,
in the case of Purchaser, which corporation has a certificate of incorporation
containing provisions relating to limitations on business and other matters
substantively identical to those contained in Purchaser's certificate of
incorporation, provided that in any of the foregoing cases such corporation
shall execute an agreement of assumption to perform every obligation of Seller
or Purchaser, as the case may be, under this Agreement and, whether or not such
assumption agreement is executed, shall be the successor to Seller or Purchaser,
as the case may be, hereunder (without relieving Seller or Purchaser of their
responsibilities hereunder, if it survives such merger or consolidation) without
the execution or filing of any document or any further action by any of the
parties to this Agreement. Notwithstanding the foregoing, so long as an Insurer
Default shall not have occurred and be continuing, Purchaser shall not merge or
consolidate with any other Person or permit any other Person to become the
successor to Purchaser's business without the prior written consent of the
Insurer. Seller or Purchaser shall promptly inform the other party, the Issuer,
the Trust Collateral Agent, the Owner Trustee and, so long as an Insurer Default
shall not have occurred and be

                                       12
<Page>

continuing, the Insurer of such merger, consolidation or purchase and
assumption. Notwithstanding the foregoing, as a condition to the consummation of
the transactions referred to in clauses (i), (ii) and (iii) above, (x)
immediately after giving effect to such transaction, no representation or
warranty made pursuant to Sections 3.1 and 3.2 of this Agreement shall have been
breached (for purposes hereof, such representations and warranties shall speak
as of the date of the consummation of such transaction) and no event that, after
notice or lapse of time, or both, would become an event of default under the
Insurance Agreement, shall have occurred and be continuing, (y) Seller or
Purchaser, as applicable, shall have delivered written notice of such
consolidation, merger or purchase and assumption to the Rating Agencies prior to
the consummation of such transaction and shall have delivered to the Issuer, the
Insurer and the Trust Collateral Agent an Officer's Certificate and an Opinion
of Counsel each stating that such consolidation, merger or succession and such
agreement of assumption comply with this Section 6.2 and that all conditions
precedent, if any, provided for in this Agreement relating to such transaction
have been complied with, and (z) Seller or Purchaser, as applicable, shall have
delivered to the Issuer, the Insurer and the Trust Collateral Agent an Opinion
of Counsel, stating, in the opinion of such counsel, either (A) all financing
statements and continuation statements and amendments thereto have been executed
and filed that are necessary to preserve and protect the interest of the Issuer
and the Trust Collateral Agent in the Receivables and reciting the details of
the filings or (B) no such action shall be necessary to preserve and protect
such interest.

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

          SECTION 6.4  SELLER MAY OWN NOTES OR THE CERTIFICATE. Subject to the
provisions of the Sale and Servicing Agreement, Seller and any Affiliate of
Seller may in their individual or any other capacity become the owner or pledgee
of Notes or the Certificate with the same rights as they would have if they were
not Seller or an Affiliate thereof.

          SECTION 6.5  AMENDMENT.

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

          (b) This Agreement may also be amended from time to time by Seller and
     Purchaser, with the prior written consent of the Insurer (so long as an
     Insurer Default shall not have occurred and be continuing) and with the
     consent of the Trust Collateral Agent and, if required, the
     Certificateholder and the Noteholders, in accordance with the

                                       13
<Page>

     Sale and Servicing Agreement, for the purpose of adding any provisions to
     or changing in any manner or eliminating any of the provisions of this
     Agreement, or of modifying in any manner the rights of the
     Certificateholder or Noteholders; PROVIDED, HOWEVER, the Seller provides
     the Trust Collateral Agent with an Opinion of Counsel, (which may be
     provided by the Seller's internal counsel) that no such amendment shall
     increase or reduce in any manner the amount of, or accelerate or delay the
     timing of, collections of payments on Receivables or distributions that
     shall be required to be made on any Note or Certificate.

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

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

          SECTION 6.6  NOTICES. All demands, notices and communications to
Seller or Purchaser hereunder shall be in writing, personally delivered, or sent
by telecopier (subsequently confirmed in writing), reputable overnight courier
or mailed by certified mail, return receipt requested, and shall be deemed to
have been given upon receipt (a) in the case of Seller, to AmeriCredit Financial
Services, Inc., 801 Cherry Street, Suite 3900, Fort Worth, Texas 76102,
Attention: Chief Financial Officer, or (b) in the case of Purchaser, to AFS
SenSub 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.

                                       14
<Page>

          SECTION 6.9  INTENTION OF THE PARTIES.

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

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

               (2) the Other Conveyed Property conveyed to Purchaser by Seller
     pursuant to this Agreement including (a) an assignment of the security
     interests in the Financed Vehicles granted by Obligors pursuant to the
     Receivables and any other interest of the Seller in such Financed Vehicles,
     (b) any proceeds and the right to receive any proceeds with respect to the
     Receivables and the Receivables from claims on any physical damage, credit
     life or disability insurance policies covering Financed Vehicles or
     Obligors and any proceeds from the liquidation of the Receivables, (c) any
     proceeds from any Receivable repurchased by a Dealer, pursuant to a Dealer
     Agreement, as a result of a breach of representation or warranty in the
     related Dealer Agreement, (d) any proceeds from any Receivable repurchased
     by a Third-Party Lender, pursuant to an Auto Loan Purchase and Sale
     Agreement, as a result of a breach of representation or warranty in the
     related Auto Loan Purchase and Sale Agreement, (e) all rights under any
     Service Contracts on the related Financed Vehicles, (f) the related
     Receivables Files and (g) the proceeds of any and all of the foregoing,

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

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

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

          SECTION 6.10 GOVERNING LAW. This Agreement shall be construed in
accordance with and governed by the law of the State of New York, without giving
effect to its

                                       15
<Page>

conflict of law provisions (other than Sections 5-1401 and 5-1402 of the New
York General Obligations Law).

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

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

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

          SECTION 6.14 BENEFITS OF PURCHASE AGREEMENT. The Insurer and its
successors and assigns shall be a third-party beneficiary to the provisions of
this Purchase Agreement and shall be entitled to rely upon and directly enforce
the provisions of this Purchase Agreement so long as no Insurer Default shall
have occurred and be continuing.

                                       16
<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 SENSUB CORP., as Purchaser

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

                                 AMERICREDIT FINANCIAL SERVICES,
                                    INC., as Seller

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

Accepted:

BANK ONE, NA,
as Trustee and Trust Collateral Agent

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

                              [Purchase Agreement]

                                       17
<Page>

                                   SCHEDULE A

                             SCHEDULE OF RECEIVABLES

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

<Page>

                                   SCHEDULE B

                        REPRESENTATIONS AND WARRANTIES OF

              AMERICREDIT FINANCIAL SERVICES, INC. ("AMERICREDIT")

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

     2.  NO FRAUD OR MISREPRESENTATION. Each Receivable was originated (i) by
AmeriCredit, (ii) by a Dealer and was sold by the Dealer to AmeriCredit, or
(iii) by a Third-Party Lender and was sold by the Third-Party Lender to
AmeriCredit, and was sold by AmeriCredit to AFS SenSub Corp. 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 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 Cutoff Date.

     9.  MARKING RECORDS. By the Closing Date, 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 SenSub
Corp. by AmeriCredit and resold by the AFS SenSub Corp. 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
SenSub Corp. and to the Trust on the Closing Date was complete and accurate as
of the Cutoff Date and includes a description of the same Receivables that are
described in the Schedule of Receivables.

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

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

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

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

                                       B-2
<Page>

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

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

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

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

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

                                       B-3
<Page>

     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 SenSub Corp. a first
priority perfected lien on, or ownership interest in, the Receivables and the
proceeds thereof and the Other Conveyed Property have been made, taken or
performed.

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

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

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

     23. NO DEFAULT. There has been no default, breach, violation or event
permitting acceleration under the terms of any Receivable (other than payment
delinquencies of not more than 30 days or, in the case of certain Receivables
that have an aggregate Principal Balance of up to 2% of the initial principal
amount of the Notes, payment delinquencies of not more than 60 days), and no
condition exists or event has occurred and is continuing that with notice, the
lapse of time or both would constitute a default, breach, violation or event
permitting acceleration under the terms of any Receivable, and there has been no
waiver of any of the foregoing. As of the Cutoff Date no Financed Vehicle had
been repossessed.

     24. INSURANCE. At the time of 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
Cutoff Date.

     25. PAST DUE. Except for certain Receivables that have an aggregate
Principal Balance of up to 2% of the initial principal amount of the Notes and
which may have been between 31 and 60 days past due, at the Cutoff Date no
Receivable was more than 30 days past due.

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

                                      B-4
<Page>

     27. CERTAIN CHARACTERISTICS OF RECEIVABLES.

(A) Each Receivable had a remaining maturity, as of the Cutoff Date, of not more
than 72 months.

(B) Each Receivable had an original maturity, as of the Cutoff Date, of not more
than 72 months.

(C) Not more than 40% of the Receivables (calculated by Aggregate Principal
Balance) has an original term to maturity of 61 to 72 months. The original term
to maturity of 61 to 72 month Receivables in the Trust is 34% as of the Cutoff
Date.

(D) Each Receivable had a remaining Principal Balance as of the Cutoff Date of
at least $250 and not more than $80,000.

(E) Each Receivable has an Annual Percentage Rate of at least 6% and not more
than 33%.

(F) The Receivables' weighted average Annual Percentage Rate is not less than
17%. The weighted average Annual Percentage Rate of the Receivables in the Trust
is 17.10% as of the Cutoff Date.

(H) Except for certain Receivables that have an aggregate Principal Balance of
up to 2% of the initial principal amount of the Notes and which may have been
between 31 and 60 days past due as of the Cutoff Date (and for none of which did
the Obligor fail to make its first Scheduled Receivables Payment or did the
Servicer make any extensions or modifications except as permitted by Section
4.2(b), no Receivable was more than 30 days past due as of the Cutoff Date.

(I) No funds have been advanced by AmeriCredit, any Dealer, any Third-Party
Lender, or anyone acting on behalf of any of them in order to cause any
Receivable to qualify under clause (H) above.

(J) Not more than 35% of the Obligors reside in Texas and California (based on
the Obligor's mailing address). As of the Cutoff Date, 28% of the Obligors
(based in the Obligor's mailing address) reside in Texas and California.

(K) Each Obligor had a billing address in the United States as of the date of
origination of the Receivable, is a natural person and is not an Affiliate of
any party to this Agreement.

(K) Each Receivable is denominated in, and each Contract provides for payment
in, United States Dollars.

(L) Each Receivable is identified on the Servicer's master servicing records as
an automobile installment sales contract or installment note.

(M) Each Receivable arises under a Contract which is assignable without the
consent of, or notice to, the Obligor thereunder, and does not contain a
confidentiality provision that purports to restrict the ability of the Servicer
to exercise its rights under the Sale and Servicing Agreement, including,
withiout limitation, its right to review the Contract.

                                      B-5
<Page>

(N) Each Receivable arises under a Contract with respect to which AmeriCredit
has performed all obligations required to be performed by it thereunder, and, in
the event such Contract is an installment sales contract, delivery of the
Financed Vehicle to the related Obligor has occurred.

          28 INTEREST CALCULATION. Each Contract provides for the calculation of
interest payable thereunder under either the "simple interest" method, the "Rule
of 78's" method or the "precomputed interest" method.

          29. LOCKBOX ACCOUNT. Each Obligor has been, or will be, directed to
make all payments on their related Receivable to the Lockbox Account.

          30. LIEN ENFORCEMENT. Each Receivable provides for enforcement of the
lien or the clear legal right of repossession, as applicable, on the Financed
Vehicle securing such Receivable.

          31. PROSPECTUS SUPPLEMENT DESCRIPTION. Each Receivable conforms, and
all Receivables in the aggregate conform, in all material respects to the
description thereof set forth in the Prospectus Supplement.

          32. OTHER AUTOMOBILE LOANS. Neither the Obligor on any Receivable nor
any of its Affiliates is the obligor on any automobile loan with an aggregate
principal amount greater than $80,000 the date of origination.

          33. RISK OF LOSS. Each Contract contains provisions requiring the
Obligor to assume all risk of loss or malfunction on the related Financed
Vehicle, requiring the Obligor to pay all sales, use, property, excise and other
similar taxes imposed on or with respect to the Financed Vehicle and making the
Obligor liable for all payments required to be made thereunder, without any
setoff, counterclaim or defense for any reason whatsoever, subject only to the
Obligor's right of quiet enjoyment.

          34. VEHICLE EXCHANGE. No Contract provides for the substitution,
exchange or addition of any Financed Vehicle subject to such Receivable.

          35. LEASING BUSINESS. To the best of the Seller's and the Servicer's
knowledge, as appropriate, no Obligor is a Person involved in the business of
leasing or selling equipment of a type similar to the Obligor's related Financed
Vehicle.

          36. CONSUMER LEASES. No Receivable constitutes a "consumer lease"
under either (a) the UCC as in effect in the jurisdiction the law of which
governs the Receivable or (b) the Consumer Leasing Act, 15 USC 1667.

                                      B-6<Page>

                                                                    Exhibit 10.2
                                                                  EXECUTION COPY

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

                           MBIA INSURANCE CORPORATION,
                                   as Insurer

                      AMERICREDIT FINANCIAL SERVICES, INC.

                                       and

                          DEUTSCHE BANK SECURITIES INC.

                    as the Representative of the Underwriters

                            INDEMNIFICATION AGREEMENT

                                 $1,700,000,000
                AmeriCredit Automobile Receivables Trust 2002-E-M
                       Automobile Receivables Backed Notes
                          $292,000,000 Class A-1 Notes
                         $140,000,000 Class A-2-A Notes
                         $267,000,000 Class A-2-B Notes
                         $100,000,000 Class A-3-A Notes
                         $540,000,000 Class A-3-B Notes
                         $160,000,000 Class A-4-A Notes
                         $201,000,000 Class A-4-B Notes

                          Dated as of October 18, 2002

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

<Page>

                                TABLE OF CONTENTS

<Table>
<Caption>
                                                                                                      Page

<S>                                                                                                     <C>
Section 1.        Definitions...........................................................................1

Section 2.        Representations and Warranties of the Insurer.........................................3

Section 3.        Agreements, Representations and Warranties of the Underwriters........................4

Section 4.        Agreements, Representations and Warranties of AmeriCredit.............................4

Section 5.        Indemnification.......................................................................4

Section 6.        Notice To Be Given....................................................................5

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

Section 8.        Notices...............................................................................8

Section 9.        Governing Law, Etc....................................................................9

Section 10.       Insurance Agreement; Underwriting Agreement; Sale and Servicing Agreement.............9

Section 11.       Limitations...........................................................................9

Section 12.       Counterparts..........................................................................9

Section 13.       Nonpetition...........................................................................9

TESTIMONIUM

SIGNATURES AND SEALS
</Table>

<Page>

                            INDEMNIFICATION AGREEMENT

     This Agreement, dated as of October 18, 2002, is by and among MBIA
INSURANCE CORPORATION (the "Insurer"), as the Insurer under the Note Guaranty
Insurance Policy (the "Policy") issued in connection with the Offered Notes
described below, AMERICREDIT FINANCIAL SERVICES, INC. ("AmeriCredit") and
DEUTSCHE BANK SECURITIES INC. as Representative of the Underwriters (the
"Representative").

     SECTION 1.  DEFINITIONS. As used in this Agreement, the following terms
shall have the respective meanings stated herein, unless the context clearly
requires otherwise, in both singular and plural form, as appropriate.
Capitalized terms used in this Agreement but not otherwise defined herein will
have the meanings ascribed to such terms in the Sale and Servicing Agreement (as
described below).

     "ACT" means the Securities Act of 1933, as amended, together with all
related rules and regulations.

     "AGREEMENT" means this Indemnification Agreement by and among the Insurer,
AmeriCredit and the Representative of the Underwriters.

     "AMERICREDIT PARTY" means AmeriCredit, each of its parents, subsidiaries
and affiliates and any shareholder, director, officer, employee, agent or any
"controlling person" (as such term is used in the Act) of any of the foregoing.

     "INDEMNIFIED PARTY" means any party entitled to any indemnification
pursuant to Section 5 below, as the context requires.

     "INDEMNIFYING PARTY" means any party required to provide indemnification
pursuant to Section 5 below, as the context requires.

     "INDENTURE" means the Indenture dated October 18, 2002 between the Issuer
and the Trustee and Trust Collateral Agent as the same may be amended or
supplemented from time to time in accordance with the terms thereof.

     "INSURANCE AGREEMENT" means the Insurance Agreement, dated as of October
18, 2002, by and among the Insurer, the Issuer, AmeriCredit, the Seller, the
Back-up Servicer, the Trustee, the Trust Collateral Agent and the Collateral
Agent.

     "INSURER PARTY" means the Insurer and its respective parents, subsidiaries
and affiliates and any shareholder, director, officer, employee, agent or any
"controlling person" (as such term is used in the Act) of any of the foregoing.

<Page>

     "LOSSES" means (i) any actual out-of-pocket loss paid by the party entitled
to indemnification or contribution hereunder and (ii) any actual out-of-pocket
costs and expenses paid by such party, including reasonable fees and expenses of
its counsel, to the extent not paid, satisfied or reimbursed from funds provided
by any other Person (provided that the foregoing shall not create or imply any
obligation to pursue recourse against any such other Person).

     "OFFERED NOTES" means the $1,700,000,000 AmeriCredit Automobile Receivables
Trust 2002-E-M Automobile Receivables Backed Notes $292,000,000 Class A-1 Notes,
$140,000,000 Class A-2-A Notes, $267,000,000 Class A-2-B Notes, $100,000,000
Class A-3-A Notes, $540,000,000 Class A-3-B Notes, $160,000,000 Class A-4-A
Notes, $201,000,000 Class A-4-B Notes, issued pursuant to the Indenture.

     "PERSON" means any individual, partnership, joint venture, corporation,
trust or unincorporated organization or any government or agency or political
subdivision thereof.

     "PROSPECTUS" means the form of final Prospectus included in the
Registration Statement on each date that the Registration Statement and any post
effective amendment or amendments thereto became effective.

     "PROSPECTUS SUPPLEMENT" means the form of final Prospectus Supplement,
dated October 18, 2002, and filed with the Securities and Exchange Commission on
October 28, 2002.

     "REGISTRATION STATEMENT" means the registration statement on Form S-3 of
AmeriCredit relating to the Offered Notes.

     "SALE AND SERVICING AGREEMENT" means the Sale and Servicing Agreement,
dated as of October 18, 2002, by and among the Issuer, the Seller, the Servicer,
the Back-up Servicer and the Trust Collateral Agent.

     "SERVICER" means AmeriCredit Financial Services, Inc., as Servicer.

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

     "UNDERWRITERS" means Deutsche Bank Securities Inc., Credit Suisse First
Boston Corporation, Bank One Capital Markets, Inc.; Lehman Brothers, Inc.,
Merrill Lynch, Pierce, Fenner & Smith Incorporated and Wachovia Securities, Inc.

     "UNDERWRITING AGREEMENT" means the Underwriting Agreement by and between
AmeriCredit and the Underwriters, dated October 18, 2002.

                                        2
<Page>

     SECTION 2.  REPRESENTATIONS AND WARRANTIES OF THE INSURER. The Insurer
represents and warrants to the Underwriters and AmeriCredit as follows:

            (a)     ORGANIZATION AND LICENSING. The Insurer is a duly
     incorporated and existing New York stock insurance company licensed to do
     business in the State of New York and is in good standing under the laws of
     such state.

            (b)     CORPORATE POWER. The Insurer has the corporate power and
     authority to issue the Policy and execute and deliver this Agreement and
     the Insurance Agreement and to perform all of its obligations hereunder and
     thereunder.

            (c)     AUTHORIZATION; APPROVALS. The issuance of the Policy and the
     execution, delivery and performance of this Agreement and the Insurance
     Agreement have been duly authorized by all necessary corporate proceedings.
     No further approvals or filings of any kind, including, without limitation,
     any further approvals of or further filings with any governmental agency or
     other governmental authority, or any approval of the Insurer's board of
     directors or stockholders, are necessary for the Policy, this Agreement and
     the Insurance Agreement to constitute the legal, valid and binding
     obligations of the Insurer.

            (d)     ENFORCEABILITY. The Policy, when issued, and this Agreement
     and the Insurance Agreement will each constitute legal, valid and binding
     obligations of the Insurer, enforceable in accordance with their terms,
     subject to applicable laws affecting the enforceability of creditors'
     rights generally and general equitable principles and public policy
     considerations as to rights of indemnification for violations of federal
     securities laws.

            (e)     FINANCIAL INFORMATION. The consolidated financial statements
     of the Insurer as of December 31, 2001 and December 31, 2000 and for the
     three years ended December 31, 2001 incorporated by reference in the
     Prospectus Supplement (the "Insurer Audited Financial Statements") fairly
     present in all material respects the financial condition of the Insurer as
     of such date and for the period covered by such statements in accordance
     with generally accepted accounting principles consistently applied. The
     consolidated financial statements of the Insurer and its subsidiaries as of
     June 30, 2002 incorporated by reference in the Prospectus Supplement (the
     "Insurer Unaudited Financial Statements") present fairly in all material
     respects the financial condition of the Insurer as of such date and for the
     period covered by such statements in accordance with generally accepted
     accounting principles applied in a manner consistent with the accounting
     principles used in preparing the Insurer Audited Financial Statements, and,
     since June 30, 2002 there has been no material change in such financial
     condition of the Insurer which would materially and adversely affect its
     ability to perform its obligations under the Policy.

                                        3
<Page>

            (f)     INSURER INFORMATION. The information in the Prospectus
     Supplement as of the date hereof under the captions "THE POLICY" and "THE
     INSURER" (the "Insurer Information") is limited and does not purport to
     provide the scope of disclosure required to be included in a prospectus for
     a registrant under the Securities Act of 1933, in connection with the
     public offer and sale of securities of such registrant. Within such limited
     scope of disclosure, the Insurer Information does not contain any untrue
     statement of a material fact or omit to state a material fact necessary to
     make the statements therein, in light of the circumstances under which they
     were made, not misleading.

            (g)     NO LITIGATION. There are no actions, suits, proceedings or
     investigations pending or, to the best of the Insurer's knowledge,
     threatened against it at law or in equity or before or by any court,
     governmental agency, board or commission or any arbitrator which, if
     decided adversely, would materially and adversely affect its condition
     (financial or otherwise) or its operations or would materially and
     adversely affect its ability to perform its obligations under this
     Agreement, the Policy or the Insurance Agreement.

     SECTION 3.  AGREEMENTS, REPRESENTATIONS AND WARRANTIES OF THE UNDERWRITERS.
The Underwriters represent and warrant to and agree with AmeriCredit and the
Insurer that the statements in the Prospectus Supplement made in reliance upon
and in conformity with written information relating to the Underwriters
furnished to AmeriCredit specifically for use in the preparation of the
Prospectus Supplement, and acknowledged in writing (referred to herein as the
"Underwriter Information"), are true and correct in all material respects.

     SECTION 4.  AGREEMENTS, REPRESENTATIONS AND WARRANTIES OF AMERICREDIT.
AmeriCredit represents, warrants to and agrees with the Insurer and the
Underwriters that:

            (a)     REGISTRATION STATEMENT. The information in the Registration
     Statement, the Prospectus and the Prospectus Supplement, other than the
     Insurer Information and the Underwriter Information, is true and correct in
     all material respects and does not contain any untrue statement of a fact
     that is material or omit to state a material fact necessary to make the
     statements therein, in light of the circumstances under which they were
     made, not misleading.

            (b)     REPRESENTATIONS AND WARRANTIES. Each of the representations
     and warranties of AmeriCredit contained in the Insurance Agreement is true
     and correct in all material respects, and AmeriCredit hereby makes each
     such representation and warranty to, and for the benefit of, the Insurer as
     if the same were set forth in full herein.

     SECTION 5.  INDEMNIFICATION.

            (a)     The Insurer hereby agrees, upon the terms and subject to the
     conditions of this Agreement, to indemnify, defend and hold harmless each
     AmeriCredit Party and each Underwriter Party against any and all Losses
     incurred by them with

                                        4
<Page>

     respect to the offer and sale of any of the Offered Notes and resulting
     from the Insurer's breach of any of its representations and warranties set
     forth in Section 2 of this Agreement.

            (b)     The Representative, on behalf of the Underwriters, hereby
     agrees, upon the terms and subject to the conditions of this Agreement, to
     indemnify, defend and hold harmless each Insurer Party and each AmeriCredit
     Party against any and all Losses incurred by it with respect to the offer
     and sale of any of the Offered Notes and resulting from the
     Repsresentative's breach of any of its representations and warranties set
     forth in Section 3 of this Agreement.

            (c)     AmeriCredit hereby agrees, upon the terms and subject to the
     conditions of this Agreement, to indemnify, defend and hold harmless each
     Insurer Party against any and all Losses incurred by it with respect to the
     offer and sale of any of the Offered Notes and resulting from AmeriCredit's
     breach of any of its representations and warranties set forth in Section 4
     of this Agreement.

            (d)     Upon the incurrence of any Losses 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 6.  NOTICE TO BE GIVEN.

            (a)     Except as provided in Section 7 below with respect to
     contribution, the indemnification provided herein by the Indemnifying Party
     shall be the exclusive remedy of each Indemnified Party for the Losses
     resulting from the Indemnifying Party's breach of a representation,
     warranty or agreement hereunder; 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.

            (b)     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 facsimile notice of such action or claim reasonably
     promptly after receipt of written notice thereof.

            (c)     Upon request of the Indemnified Party, the Indemnifying
     Party shall retain counsel reasonably satisfactory to the Indemnified Party
     to represent the Indemnified Party and any others the Indemnifying Party
     may designate in such proceeding and shall pay the fees and disbursements
     of such counsel related to such proceeding. The Indemnifying Party may, at
     its option, at any time upon written notice to the Indemnified Party,
     assume the defense of any proceeding and may designate counsel reasonably
     satisfactory to the Indemnified Party in connection therewith, provided
     that the

                                        5
<Page>

     counsel so designated would have no actual or potential conflict of
     interest in connection with such representation. Unless it shall assume the
     defense of any proceeding the Indemnifying Party shall not be liable for
     any settlement of any proceeding, effected without its written consent, but
     if settled with such consent or if there be a final judgment for the
     plaintiff, the Indemnifying Party agrees to indemnify the Indemnified Party
     from and against any loss or liability by reason of such settlement or
     judgment. The Indemnifying Party shall be entitled to participate in the
     defense of any such action or claim in reasonable cooperation with, and
     with the reasonable cooperation of, each Indemnified Party.

            (d)     The Indemnified Party will have the right to employ its own
     counsel in any such action, but the fees and expenses of such counsel will
     be at the expense of such Indemnified Party unless (i) the employment of
     counsel by the Indemnified Party at the Indemnifying Party's expense has
     been authorized in writing by the Indemnifying Party, (ii) the Indemnifying
     Party has not in fact employed counsel to assume the defense of such action
     within a reasonable time after receiving notice of the commencement of the
     action or (iii) the named parties to any such action include the
     Indemnifying Party on the one hand and, on the other hand, the Indemnified
     Party, and representation of both parties by the same counsel would be
     inappropriate due to actual or potential differing interests between them
     (in which case if such Indemnified Party notifies the Indemnifying Party in
     writing that it elects 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 such Indemnified Party's
     behalf), in each of which cases the reasonable fees and expenses of counsel
     (including local counsel) will be at the expense of the Indemnifying Party,
     and all such fees and expenses will be reimbursed promptly as they are
     incurred. In the event that any expenses so paid by the Indemnifying Party
     are subsequently determined not to be required to be borne by the
     Indemnifying Party hereunder, the party which received such payment shall
     promptly refund to the Indemnifying Party the amount so paid by such
     Indemnifying Party. Notwithstanding the foregoing, in connection with any
     one action or separate but substantially similar or related actions in the
     same jurisdiction arising out of the same general allegations or
     circumstances, the Indemnifying Party shall not be liable for the fees and
     expenses of more than one counsel for all AmeriCredit Parties, more than
     one counsel for all Underwriter Parties and more than one counsel for all
     Insurer Parties, as applicable.

            (e)     The Indemnified Parties shall cooperate with the
     Indemnifying Parties in resolving any event which would give rise to an
     indemnity obligation pursuant to Section 5 hereof in the most efficient
     manner.

            (f)     No settlement of any such claim or action shall be entered
     into without the consent of each Indemnified Party who is subject to such
     claim or action, on the one hand, and each Indemnifying Party who is
     subject to such claim or action, on the other

                                        6
<Page>

     hand; provided, however, that the consent of such Indemnified Party shall
     not be required if such settlement fully discharges, with prejudice against
     the plaintiff, the claim or action against such Indemnified Party.

            (g)     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 materially prejudicial to any legal
     pleadings, grounds, defenses or remedies in respect thereof or the
     Indemnifying Party's financial liability hereunder, and then only to the
     extent of such prejudice.

     SECTION 7.  CONTRIBUTION.

            (a)     To provide for just and equitable contribution if the
     indemnification provided by the Insurer is determined to be unavailable for
     an Underwriter Party (other than pursuant to Section 5 or 6 of this
     Agreement), or if the indemnification provided by any Underwriter is
     determined to be unavailable for any Insurer Party (other than pursuant to
     Section 5 or 6 of this Agreement), the Insurer and the Underwriters shall
     contribute to the aggregate costs of liabilities arising from any breach of
     their respective representations and warranties set forth in this Agreement
     on the basis of the relative fault of all Insurer Parties and all
     Underwriter Parties.

            (b)     To provide for just and equitable contribution if the
     indemnification provided by the Insurer is determined to be unavailable for
     any AmeriCredit Party (other than pursuant to Section 5 or 6 of this
     Agreement), or if the indemnification provided by AmeriCredit is determined
     to be unavailable for any Insurer Party (other than pursuant to Section 5
     or 6 of this Agreement), the Insurer and AmeriCredit shall contribute to
     the aggregate cost of liabilities arising from any breach of their
     respective representations and warranties set forth in this Agreement on
     the basis of the relative fault of all Insurer Parties and all AmeriCredit
     Parties.

            (c)     To provide for just and equitable contribution if the
     indemnification provided by the Underwriter is determined to be unavailable
     for any AmeriCredit Party (other than pursuant to Section 5 or 6 of this
     Agreement), the Underwriter and AmeriCredit shall contribute to the
     aggregate costs of liabilities arising from any breach of their respective
     representations and warranties set forth in this Agreement on the basis of
     the relative fault of all Underwriter Parties and all AmeriCredit Parties.

            (d)     The relative fault of each Indemnifying Party, on the one
     hand, and of each Indemnified Party, on the other hand, shall be determined
     by reference to, among other things, whether the breach of, or alleged
     breach of, any of its representations and warranties set forth in Section
     2, 3 or 4 of this Agreement relates to information supplied by, or action
     within the control of, the Indemnifying Party or the Indemnified Party and

                                        7
<Page>

     the Parties' relative intent, knowledge, access to information and
     opportunity to correct or prevent such breach.

            (e)     The parties agree that the Insurer shall be solely
     responsible for the Insurer Information and for the Insurer Financial
     Statements, that the Underwriters shall be solely responsible for the
     Underwriter Information provided by the Underwriters in writing for use in
     the Prospectus Supplement and that AmeriCredit shall be responsible for all
     other information in the Registration Statement and in the Prospectus
     Supplement.

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

            (g)     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 Underwriter Party, any
     AmeriCredit Party or any Insurer Party, (ii) the issuance of any Offered
     Notes or the Policy or (iii) any termination of this Agreement.

            (h)     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 8.  NOTICES. All notices and other communications provided for
under this Agreement shall be addressed to the address set forth below as to
each party or at such other address as shall be designated by a party in a
written notice to the other party.

     If to the Insurer:         MBIA Insurance Corporation
                                113 King Street
                                Armonk, NY  10504
                                Attention: Insured Portfolio
                                           Management--Structured
                                           Finance (IPM-SF)

     If to AmeriCredit:         AmeriCredit Financial Services, Inc.
                                801 Cherry Street, Suite 3900
                                Fort Worth, TX 76102
                                Attention: Chief Financial Officer

     If to the Representative:  Deutsche Bank Securities Inc.
                                31 West 52nd Street, 17th Floor
                                New York, NY 10019
                                Attention: General Counsel

                                        8
<Page>

     SECTION 9.  GOVERNING LAW, ETC. This Agreement shall be deemed to be a
contract under the laws of the State of New York and shall be governed by and
construed in accordance with the laws of the State of New York without regard to
its conflicts of laws provisions. This Agreement may not be assigned by any
party without the express written consent of each other party. Amendments of
this Agreement shall be in writing signed by each party. This Agreement shall
not be effective until executed by each of the Insurer, AmeriCredit and the
Underwriters.

     SECTION 10. INSURANCE AGREEMENT; UNDERWRITING AGREEMENT; SALE AND SERVICING
AGREEMENT. This Agreement in no way limits or otherwise affects the
indemnification obligations of AmeriCredit under (a) the Insurance Agreement,
(b) the Underwriting Agreement or (c) the Sale and Servicing Agreement. To the
extent that this Agreement conflicts with or does not address the relative
rights of the Underwriters and AmeriCredit as between themselves as set forth in
the Underwriting Agreement, the Underwriting Agreement shall govern.

     SECTION 11. LIMITATIONS. Nothing in this Agreement shall be construed as a
representation or undertaking by the Insurer concerning maintenance of the
rating currently assigned to its claims-paying ability by Moody's Investors
Service, Inc. ("Moody's") and/or Standard & Poor's Ratings Services, a division
of The McGraw-Hill Companies, Inc. ("S&P") or any other rating agency
(collectively, the "Rating Agencies").

     SECTION 12. COUNTERPARTS. This Agreement may be executed in any number of
counterparts, each of which shall together constitute but one and the same
instrument.

     SECTION 13. NONPETITION. So long as the Insurance Agreement is in effect,
and for one year following its termination, none of the parties hereto will file
any involuntary petition or otherwise institute any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceeding or other proceeding under any
federal or state bankruptcy or similar law against the Issuer.

               [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 by their respective officers
thereunto duly authorized, all as of the date first above written.

                                        MBIA INSURANCE CORPORATION

                                        By  /s/ Amy R. Gonch
                                            ------------------------------------
                                            Assistant Secretary

                                        AMERICREDIT FINANCIAL SERVICES, INC.

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

                                        DEUTSCHE BANK SECURITIES INC. for itself
                                        and as  representative  of the
                                        Underwriters

                                        By  /s/ Jay E. Steiner
                                            ------------------------------------
                                        Title Vice President
                                              ----------------------------------

                                        By  /s/ Richard V. Lawrence
                                            ------------------------------------
                                        Title Director
                                             -----------------------------------

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00044-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00044-of-00352.parquet"}]]