Document:

Purchase Agreement

 EXHIBIT 10.1 
 EXECUTION COPY 
 PURCHASE AGREEMENT 
 between 
 AFS SENSUB CORP. 
 Purchaser 
 and 
 AMERICREDIT FINANCIAL SERVICES, INC. 
 Seller 
 Dated as of October 6, 2008 

 TABLE OF CONTENTS 
  

					
	 	  	Page
	 ARTICLE I. DEFINITIONS
	  	1
			
	 SECTION 1.1
	  	General	  	1
	 SECTION 1.2
	  	Specific Terms	  	1
	 SECTION 1.3
	  	Usage of Terms	  	2
	 SECTION 1.4
	  	[Reserved]	  	2
	 SECTION 1.5
	  	No Recourse	  	2
	 SECTION 1.6
	  	Action by or Consent of Noteholders and Certificateholder	  	3
	 SECTION 1.7
	  	[Reserved]	  	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]	  	4
		
	 ARTICLE III. REPRESENTATIONS AND WARRANTIES
	  	4
			
	 SECTION 3.1
	  	Representations and Warranties of Seller	  	4
	 SECTION 3.2
	  	Representations and Warranties of Purchaser	  	6
		
	 ARTICLE IV. COVENANTS OF SELLER
	  	8
			
	 SECTION 4.1
	  	Protection of Title of Purchaser	  	8
	 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
	  	13
			
	 SECTION 6.1
	  	Liability of Seller	  	13
	 SECTION 6.2
	  	Merger or Consolidation of Seller or Purchaser	  	13
	 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	  	14
	 SECTION 6.6
	  	Notices	  	14
	 SECTION 6.7
	  	Merger and Integration	  	15
	 SECTION 6.8
	  	Severability of Provisions	  	15
	 SECTION 6.9
	  	Intention of the Parties	  	15
	 SECTION 6.10
	  	Governing Law	  	15
	 SECTION 6.11
	  	Counterparts	  	15
	 SECTION 6.12
	  	Conveyance of the Receivables and the Other Conveyed Property to the Issuer	  	15
	 SECTION 6.13
	  	Nonpetition Covenant	  	16
	 SECTION 6.14
	  	[Reserved]	  	16

  

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 SCHEDULES 
  

					
	Schedule A	 	—	 	Schedule of Receivables
	Schedule B	 	—	 	Representations and Warranties from the Seller as to the Receivables

  

 ii 

 PURCHASE AGREEMENT 
 THIS PURCHASE AGREEMENT, dated as of October 6, 2008, executed between 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 6, 2008, by and among AFS SenSub Corp. (as Seller), AmeriCredit Financial Services, Inc. (in its individual capacity and as Servicer), AmeriCredit Automobile Receivables Trust 2008-1 (as Issuer) and Wells Fargo Bank, National
Association (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 9, 2008.

 “Issuer” means AmeriCredit Automobile Receivables Trust 2008-1. 
 “Other Conveyed Property” means all property conveyed by the Seller to the Purchaser pursuant to Section 2.1(a)(2) through
(8) of this Agreement and by the Purchaser to the Trust pursuant to the Sale and Servicing Agreement. 
 “Owner
Trustee” means Wilmington Trust Company, as Owner Trustee appointed and acting pursuant to the Trust Agreement. 

 “Purchase Agreement Collateral” has the meaning specified in Section 6.9 of this
Agreement. 
 “Receivables” has the meaning assigned in the Sale and Servicing Agreement. 
 “Related Documents” means the Notes, the Certificate, the Custodian Agreement, the Sale and Servicing Agreement, the Indenture, the
Trust Agreement, the Lockbox Agreement, and the Hedge 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 AFS SenSub Corp., in its capacity as 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 Receivables” means the schedule of Receivables sold and transferred pursuant to this Agreement which is attached hereto as
Schedule A. 
 “Schedule of Representations” means the Schedule of Representations and Warranties attached hereto as
Schedule B. 
 “Trust Collateral Agent” means Wells Fargo Bank, National Association, as trust collateral agent and any
successor trust collateral agent appointed and acting pursuant to the Sale and Servicing Agreement. 
 “Trustee” means Wells
Fargo Bank, National Association, 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. 
  

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 SECTION 1.6 Action by or Consent of Noteholders and Certificateholder. Whenever any provision of
this Agreement refers to action to be taken, or consented to, by Noteholders or the Certificateholder, such provision shall be deemed to refer to the Certificateholder or Noteholder, as the case may be, of record as of the Record Date immediately
preceding the date on which such action is to be taken, or consent given, by Noteholders or the Certificateholder. Solely for the purposes of any action to be taken, or consented to, by Noteholders or the Certificateholder, any Note or Certificate
registered in the name of the Seller or any Affiliate thereof shall be deemed not to be outstanding; provided, however, that, solely for the purpose of determining whether the Trustee or the Trust Collateral Agent is entitled to rely upon any such
action or consent, only Notes or Certificates which the Owner Trustee, the Trustee or the Trust Collateral Agent, respectively, knows to be so owned shall be so disregarded. 
 SECTION 1.7 [Reserved]. 
 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 following described property (Collectively, the
“Receivables and the Other Conveyed Property.” 
 (1) the Receivables and all moneys received thereon after the
Cutoff Date; 
 (2) 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; 
 (3) any proceeds and the right to receive proceeds with respect to
the Receivables from claims on any physical damage, credit life or disability insurance policies covering Financed Vehicles or Obligors and any proceeds from the liquidation of the Receivables; 
 (4) any proceeds from any Receivable repurchased by a Dealer pursuant to a Dealer Agreement or 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 Dealer Agreement or Auto Loan Purchase and Sale Agreement; 
  

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

(6) the related Receivable Files; 
 (7) all of the Seller’s (i) Accounts, (ii) Chattel Paper, (iii) Documents, (iv) Instruments and (v) General Intangibles (as such terms are defined in the UCC) relating to the property
described in (1) through (6); and 
 (8) all proceeds and investments with respect to items (1) through (7).

 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, 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]. 
 ARTICLE
III. 
 REPRESENTATIONS AND WARRANTIES 
 SECTION 3.1 Representations and Warranties of Seller. Seller makes the following representations and warranties as of the date hereof and as of the Closing Date 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. 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, and the Closing Date, are true and correct. 
  

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 (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 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 by-laws 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 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. 
  

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 (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. 
 (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. 
  

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 (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), 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. 
  

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 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 and the Trust Collateral Agent file-stamped
copies of, or filing receipts for, any document filed as provided above, as soon as available following such filing. In the event that Seller fails to perform its obligations under this subsection, Purchaser, Issuer or the Trust Collateral Agent may
do so, at the expense of the 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 §9-506 of the applicable UCC, unless they shall have given Purchaser, Issuer and the
Trust Collateral Agent at least 60 days’ prior written notice thereof, and shall promptly file appropriate amendments to all previously filed financing statements and continuation statements. 
  

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 (c) Seller shall give Purchaser, the Issuer and the Trust Collateral Agent at least 60
days prior written notice of any relocation that would result in a change of the location of the debtor within the meaning of Section 9-307 of the applicable UCC. Seller shall at all times maintain (i) each office from which it services
Receivables within the United States of America or Canada and (ii) 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 Cut-off 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 a Sold Receivable or shall have been paid in full or sold pursuant to the terms of the Sale and
Servicing Agreement. 
 (e) If at any time Seller shall propose to sell, grant a security interest in, or otherwise transfer
any interest in any motor vehicle receivables to any prospective purchaser, lender or other transferee, Seller shall give to such prospective purchaser, lender, or other transferee computer tapes, records, or print-outs (including any restored from
archives) that, if they shall refer in any manner whatsoever to any Receivable (other than a Purchased Receivable or a Sold 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. 
  

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 (b) Seller shall defend, indemnify and hold harmless Purchaser, the Issuer, the Trust
Collateral Agent, the Trustee, the Backup Servicer, the Owner Trustee, the Noteholders and the Certificateholder from and against any and all costs, expenses, losses, damages, claims, and liabilities, arising out of or resulting from the use,
ownership or operation by Seller or any affiliate thereof of a Financed Vehicle. 
 (c) Seller shall defend, indemnify and
hold harmless Purchaser, the Issuer, the Trust Collateral Agent, the Trustee, the Backup Servicer, the Owner Trustee, the Noteholders and the Certificateholder from and against any and all costs, expenses, losses, damages, claims and liabilities
arising out of or resulting from any action taken, or failed to be taken, by it in respect of any portion of the Receivables other than in accordance with this Agreement or the Sale and Servicing Agreement. 
 (d) Seller agrees to pay, and shall defend, indemnify and hold harmless Purchaser, the Issuer, the Trust Collateral Agent, the Trustee,
the Backup Servicer, the Owner Trustee, the Noteholders and the Certificateholder from and against any taxes that may at any time be asserted against Purchaser, the Issuer, the Trust Collateral Agent, the Trustee, the Backup Servicer, the Owner
Trustee, the Noteholders and the Certificateholder with respect to the transactions contemplated in this Agreement, including, without limitation, any sales, gross receipts, general corporation, tangible or intangible personal property, privilege,
or license taxes (but not including any taxes asserted with respect to, and as of the date of, the sale, transfer and assignment of the Receivables and the Other Conveyed Property to Purchaser and by Purchaser to the Issuer or the issuance and
original sale of the Notes or issuance of the Certificate, or asserted with respect to ownership of the Receivables and Other Conveyed Property which shall be indemnified by Seller pursuant to clause (e) below, or federal, state or other income
taxes, arising out of distributions on the Notes or the Certificate or transfer taxes arising in connection with the transfer of the Notes or the Certificate) and costs and expenses in defending against the same, arising by reason of the acts to be
performed by Seller under this Agreement or imposed against such Persons. 
 (e) Seller agrees to pay, and to indemnify,
defend and hold harmless Purchaser, the Issuer, the Trust Collateral Agent, the Trustee, the Backup Servicer, the Owner Trustee, the Noteholders and the Certificateholder from, any taxes which may at any time be asserted against such Persons with
respect to, and as of the date of, the conveyance or ownership of the Receivables or the Other Conveyed Property hereunder and 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. 
  

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 (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. 
 (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 

  

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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 Backup Servicer, the Noteholders, the
Certificateholder, the Trust Collateral Agent on behalf of the Noteholders or the Owner Trustee on behalf of the Certificateholder. The provisions of this Section 5.1 are intended to grant the Issuer and the Trust Collateral Agent a direct
right against 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 Noteholders and the Certificateholder from and against all costs, expenses, losses, damages,
claims and liabilities, including reasonable fees and expenses of counsel, which may be asserted against or incurred by any of them as a result of third party claims arising out of the events or facts giving rise to such Repurchase Events.

 SECTION 5.2 Reassignment of Purchased Receivables. Upon deposit in the Collection Account of the Purchase Amount of any Receivable
repurchased by Seller under Section 5.1 hereof, Purchaser and the Issuer shall take such steps as may be reasonably requested by Seller in order to assign to Seller all of Purchaser’s and the Issuer’s right, title and interest in and
to such Receivable and all security and documents and all Other Conveyed Property conveyed to Purchaser and the Issuer directly relating thereto, without recourse, representation or warranty, except as to the absence of Liens created by or arising
as a result of actions of Purchaser or the Issuer. Such assignment shall be a sale and assignment outright, and not for security. If, following the reassignment of a Purchased Receivable, in any enforcement suit or legal proceeding, it is held that
Seller may not enforce any such Receivable on the ground that it shall not be a real party in interest or a holder entitled to enforce the Receivable, Purchaser and the Issuer shall, at the expense of Seller, take such steps as Seller deems
reasonably necessary to enforce the Receivable, including bringing suit in Purchaser’s or in the Issuer’s name. 
 SECTION 5.3
Waivers. No failure or delay on the part of Purchaser, or the Issuer as assignee of Purchaser, 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. 
  

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 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. Seller or Purchaser shall promptly inform the other party, the Issuer, the Trust Collateral
Agent and the Owner Trustee and, 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 be continuing, (y) Seller or
Purchaser, as applicable, shall have delivered written notice of such consolidation, merger or purchase and assumption to the Rating Agencies prior to the consummation of such transaction and shall have delivered to the Issuer and the Trust
Collateral Agent an Officer’s Certificate of the Seller or a certificate signed by or on behalf of the Purchaser, as applicable, and an Opinion of Counsel each stating that such consolidation, merger or succession and such agreement of
assumption comply with this Section 6.2 and that all conditions precedent, if any, provided for in this Agreement relating to such transaction have been complied with, and (z) Seller or Purchaser, as applicable, shall have delivered to the
Issuer, and the Trust Collateral Agent an Opinion of Counsel, stating, in the opinion of such counsel, either (A) all financing statements and continuation statements and amendments thereto have been executed and filed that are necessary to
preserve and protect the interest of the Issuer and the Trust Collateral Agent in the Receivables and reciting the details of the filings or (B) no such action shall be necessary to preserve and protect such interest. 
 SECTION 6.3 Limitation on Liability of Seller and Others. Seller and any director, officer, employee or agent thereof may rely in good faith on
the advice of counsel or on any document of any kind prima facie properly executed and submitted by any Person respecting any matters arising under this Agreement. Seller shall not be under any obligation to appear in, prosecute or defend any legal
action that is not incidental to its obligations under this Agreement or its Related Documents and that in its opinion may involve it in any expense or liability. 
 SECTION 6.4 Seller May Own Notes or the Certificate. Subject to the provisions of the Sale and Servicing Agreement, Seller and any Affiliate of Seller may in their 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. 
  

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 SECTION 6.5 Amendment. 
 (a) This Agreement may be amended by Seller and Purchaser 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, and with the consent of the Trust Collateral Agent and, if required, the Certificateholder and the Noteholders, in accordance with the
Sale and Servicing Agreement, for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement, or of modifying in any manner the rights of the Certificateholder or Noteholders;
provided, however, the Seller provides the Trust Collateral Agent with an Opinion of Counsel, (which may be provided by the Seller’s internal counsel) that no such amendment shall increase or reduce in any manner the amount of, or
accelerate or delay the timing of, collections of payments on Receivables or distributions that shall be required to be made on any Note or Certificate. 
 (c) Prior to the execution of any such amendment or consent, Seller shall have furnished written notification of the substance of such amendment or consent to each Rating Agency. 
 (d) It shall not be necessary for the consent of Certificateholder or Noteholders pursuant to this Section to approve the particular form
of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents and of evidencing the authorization of the execution thereof by Certificateholder or
Noteholders shall be subject to such reasonable requirements as the Trust Collateral Agent may prescribe, including the establishment of record dates. The consent of a Holder of a Certificate or a Note given pursuant to this Section or pursuant to
any other provision of this Agreement shall be conclusive and binding on such Holder and on all future Holders of such Certificate or Note and of any Certificate or Note issued upon the transfer thereof or in exchange thereof or in lieu thereof
whether or not notation of such consent is made upon the Certificate or Note. 
 SECTION 6.6 Notices. All demands, notices and
communications to Seller or Purchaser hereunder shall be in writing, personally delivered, or sent by telecopier (subsequently confirmed in writing), reputable overnight courier or mailed by certified mail, return receipt 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., 2265 B Renaissance Drive, Suite 17, Las Vegas, Nevada 89119, 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. 
  

 14 

 SECTION 6.7 Merger and Integration. Except as specifically stated otherwise herein, this Agreement
and Related Documents set forth the entire understanding of the parties relating to the subject matter hereof, and all prior understandings, written or oral, are superseded by this Agreement and the Related Documents. This Agreement may not be
modified, amended, waived or supplemented except as provided herein. 
 SECTION 6.8 Severability of Provisions. If any one or more of
the covenants, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such covenants, provisions or terms shall be deemed severable from the remaining covenants, provisions or terms of this Agreement and shall in
no way affect the validity or enforceability of the other provisions of this Agreement. 
 SECTION 6.9 Intention of the Parties.

 The execution and delivery of this Agreement shall constitute an acknowledgment by 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 estate 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 Seller hereby grants to Purchaser a security interest in all of Seller’s right, title and interest in and to the Receivables, the Other Conveyed Property and all other property conveyed to the Purchaser by the
Seller pursuant to Section 2.1 hereof, in each case, whether now owned or existing or hereafter acquired or arising, and this Agreement shall constitute a security agreement under applicable law. 
 SECTION 6.10 Governing Law. This Agreement shall be construed in accordance with, and this Agreement and all matters arising out of or relating in
any way to this Agreement shall be governed by, the law of the State of New York, without giving effect to its conflict of law provisions (other than Sections 5-1401 and 5-1402 of the New York General Obligations Law). 
 SECTION 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 acknowledges that Purchaser intends, pursuant to
the Sale and Servicing Agreement, to convey the Receivables and the Other Conveyed Property, together with 

  

 15 

 
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 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 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 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
[Reserved]. 
 [Remainder of page intentionally left blank] 
  

 16 

 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/ Sheli Fitzgerald
		 	Name:	 	Sheli Fitzgerald
		 	Title:	 	Vice President, Structured Finance

  

					
	 AMERICREDIT FINANCIAL SERVICES, INC.,
 as Seller

		
	By:	 	/s/ Susan B. Sheffield
		 	Name:	 	Susan B. Sheffield
		 	Title:	 	Executive Vice President, Structured Finance

 Accepted: 
  

					
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee and Trust Collateral Agent
		
	By:	 	/s/ Melissa Philibert
		 	Name:	 	Melissa Philibert
		 	Title:	 	Vice President

 [Purchase Agreement] 

 SCHEDULE A 
 SCHEDULE OF RECEIVABLES 
 [On File with AmeriCredit, the Trustee and Dewey & LeBoeuf LLP]

 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 or the Servicer’s electronic records 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 Servicemembers Civil Relief Act, 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 originated or made and now complies in all material respects with all applicable legal requirements.

  

 B-2 

 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 Servicemembers Civil
Relief Act, 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. Schedule of Receivables. The information set forth in the Schedule 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 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 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 “tangible chattel paper” within the meaning of the UCC as in effect in the States of Texas, New York, Nevada and Delaware. 
 13. One Original. There is only one original executed copy of each Receivable. 
  

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 14. Receivable Files Complete. There exists a Receivable File pertaining to each Receivable and
such Receivable File contains a fully executed original of the Receivable and the original Lien Certificate or a copy of the 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 or the Servicer’s electronic records. 
 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 (or a Titled Third-Party Lender which first priority security interest has been assigned to AmeriCredit) in the Financed Vehicle. The Lien Certificate for each Financed Vehicle shows, 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 (or a Titled Third-Party Lender) 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, the Issuer or a Titled Third-Party Lender, as applicable, as first lienholder has been applied for and any Titled Third-Party
Lender’s security interest has been validly assigned by the Titled Third-Party Lender to AmeriCredit and AmeriCredit’s security interest has been validly assigned by AmeriCredit to AFS SenSub Corp. pursuant to this Agreement. This
Agreement creates a valid and continuing security interest (as defined in the UCC) in the Receivables in favor of the Purchaser, which security interest is prior to all other Liens, and is enforceable as such against creditors of and purchasers from
the Seller. Immediately after the sale, transfer and assignment thereof by AmeriCredit to AFS SenSub Corp., each Receivable will be secured by an enforceable and 

  

 B-4 

 
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. 
 19. All Filings Made. All filings (including, without limitation, UCC filings (including, without limitation, the filing by the Seller of all appropriate financing statements in the proper filing office in the
State of Delaware under applicable law in order to perfect the security interest in the Receivables granted to the Purchaser hereunder)) required to be made by any Person and actions required to be taken or performed by any Person in any
jurisdiction to give the Trust and the Trust Collateral Agent 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 Receivables or otherwise to impair the rights of the Trust, the Trustee, the Trust Collateral Agent and the Noteholders in any Receivable or the proceeds thereof. Other than the security interest granted to the Purchaser pursuant to
this Agreement and except any other security interests that have been fully released and discharged as of the Closing Date, the Seller has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Receivables. The
Seller has not authorized the filing of and is not aware of any financing statements against the Seller that include a description of collateral covering the Receivables other than any financing statement relating to the security interest granted to
the Purchaser hereunder or that has been terminated. The Seller is not aware of any judgment or tax lien filings against it. 
 21.
Receivable Not Assumable. No Receivable is assumable by another Person in a manner which would release the Obligor thereof from such Obligor’s obligations to AmeriCredit with respect to such Receivable. 
 22. No Defenses. No Receivable is subject to any right of rescission, setoff, counterclaim or defense and no such right has been asserted or
threatened with respect to any Receivable. 
 23. No Default. There has been no default, breach, violation or event permitting
acceleration under the terms of any Receivable (other than payment delinquencies of not more than 30 days) and no condition exists or event has occurred and is continuing that with notice, the lapse of time or both would constitute a default,
breach, violation or event permitting acceleration under the terms of any Receivable, and there has been no waiver of any of the foregoing. As of the Cutoff Date no Financed Vehicle had been repossessed. 
 24. Insurance. At the time of an 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 

  

 B-5 

 
due from the Obligor under the related Receivable, (ii) naming AmeriCredit or a Titled Third-Party Lender 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. 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 Schedule of
Receivables is true and accurate in all material respects. 
 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) as of the Cutoff Date, not more than 50% of Receivables
(calculated by Aggregate Principal Balance) had an original term to maturity of 72 months; (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 1% and not more than 33%; (F) not more than 35% of the Obligors reside in Texas and California (based on the Obligor’s mailing address as of the Cutoff Date); (G) no Receivable was more than 30 days
past due as of the Cutoff Date; and (H) 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 (G) above,
(I) 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, (J) each Receivable is denominated in, and each
Contract provides for payment in United States dollars (K) each Receivable is identified on the Servicer’s master servicing records as an automobile installment sales contract or installment note; and (L) 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. 
  

 B-6 

 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. 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 
 33. 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. 
 34. Perfection. The Seller has taken all steps
necessary to perfect its security interest against the related Obligors in the property securing the Receivables and will take all necessary steps on behalf of the Trust to maintain the Trust’s perfection of the security interest created by
each Receivable in the related Financed Vehicle. 
  

 B-7Custodian Agreement

 EXHIBIT 10.3 
 EXECUTION COPY 
 CUSTODIAN AGREEMENT 
 among 
 AMERICREDIT FINANCIAL SERVICES, INC., 
 as Custodian, 
 and 

WELLS FARGO BANK, NATIONAL ASSOCIATION, 
 as Trust Collateral Agent 
 Dated as of October 6, 2008 

 THIS CUSTODIAN AGREEMENT, dated as of October 6, 2008, is made with respect to the issuance of Notes
and a Certificate by AmeriCredit Automobile Receivables Trust 2008-1 (the “Issuer”), and is between AMERICREDIT FINANCIAL SERVICES, INC., as custodian (in such capacity, the “Custodian”) and WELLS FARGO BANK,
NATIONAL ASSOCIATION, a national banking association, as trust collateral agent (the “Trust Collateral Agent”). Capitalized terms used herein which are not defined herein shall have the meanings set forth in the Sale and Servicing
Agreement (as hereinafter defined). 
 W I T N E S S E T H: 

WHEREAS, AmeriCredit Financial Services, Inc. (“AFS”) and AFS SenSub Corp. (“AFS SenSub”) have entered into a
Purchase Agreement dated as of October 6, 2008 (the “Purchase Agreement”), pursuant to which AFS has sold, transferred and assigned to AFS SenSub all of its right, title and interest in and to the Receivables; 
 WHEREAS, the Issuer, AFS, as Servicer (the “Servicer”), AFS SenSub and Wells Fargo Bank, National Association, as Trust Collateral Agent
and Backup Servicer, have entered into a Sale and Servicing Agreement, dated as of October 6, 2008 (the “Sale and Servicing Agreement”), pursuant to which AFS SenSub has sold, transferred and assigned to the Issuer all of AFS
SenSub’s right, title and interest in and to the Receivables; 
 WHEREAS, the Trust Collateral Agent wishes to appoint the Custodian to
hold the Receivable Files as the custodian on behalf of the Issuer and the Trust Collateral Agent; 
 NOW, THEREFORE, in consideration of the
mutual agreements herein contained and other good and valuable consideration the receipt and adequacy of which are hereby acknowledged, the parties agree as follows: 
 1. Appointment of Custodian; Acknowledgement of Receipt. Subject to the terms and conditions hereof, the Trust Collateral Agent hereby revocably appoints the Custodian, but shall not be responsible for the acts
or omissions of the Custodian, and the Custodian hereby accepts such appointment, as custodian and bailee on behalf of the Issuer and the Trust Collateral Agent, to maintain exclusive custody of the Receivable Files relating to the Receivables from
time to time pledged to the Trust Collateral Agent as part of the Other Conveyed Property. In performing its duties hereunder, the Custodian agrees to act with reasonable care, using that degree of skill and attention that a commercial bank acting
in the capacity of a custodian would exercise with respect to files relating to comparable automotive or other receivables that it services or holds for itself or others. The Custodian hereby, as of the Closing Date, acknowledges receipt of the
Receivable File for each Receivable listed in the Schedule of Receivables attached as Schedule A to the Sale and Servicing Agreement subject to any exceptions noted on the Custodian’s Acknowledgement (as defined below). As evidence of its
acknowledgement of such receipt of such Receivables, the Custodian shall execute and deliver on the Closing Date the Custodian’s Acknowledgement attached hereto as Exhibit A, (the “Custodian’s Acknowledgement”). 
  

 1 

 2. Maintenance of Receivables Files at Office. The Custodian agrees to maintain the
Receivable Files at its office located at 4001 Embarcadero, Suite 200, Arlington, Texas 76014 or at such other office as shall from time to time be identified to the Trust Collateral Agent upon prior written notice and the Custodian will hold the
Receivable Files in such office on behalf of the Issuer and the Trust Collateral Agent, clearly identified as being separate from any other instruments and files on its records, including other instruments and files held by the Custodian and in
compliance with Section 3(c) hereof. 
 3. Duties of Custodian. 
 (a) [Reserved]. 
 (b) Safekeeping. The Custodian shall hold the Receivable Files on behalf of the Trust Collateral Agent clearly identified as being separate from all other files or records maintained by the Custodian at the same location and
shall maintain such accurate and complete accounts, records and computer systems pertaining to each Receivable File as will enable the Trust Collateral Agent to comply with the terms and conditions of the Sale and Servicing Agreement. Each
Receivable representing tangible chattel paper (as such term is defined in the UCC) shall be stamped on both of the first page and the signature page (if different) to indicate the assignment and/or pledge of each such Receivable. Each Receivable
shall be identified on the books and records of the Custodian in a manner that (i) is consistent with the practices of a commercial bank acting in the capacity of custodian with respect to similar receivables, (ii) indicates that the
Receivables are held by the Custodian on behalf of the Trust Collateral Agent and (iii) is otherwise necessary, as reasonably determined by the Custodian, to comply with the terms of this Custodian Agreement. The Custodian shall conduct, or
cause to be conducted, periodic physical inspections of the Receivable Files held by it under this Custodian Agreement, and of the related accounts, records and computer systems, in such a manner as shall enable the Trust Collateral Agent and the
Custodian to verify the accuracy of the Custodian’s inventory and recordkeeping. Such inspections shall be conducted at such times, in such manner and by such persons including, without limitation, independent accountants, as the Trust
Collateral Agent may request and the cost of such inspections shall be borne directly by the Custodian and not by the Trust Collateral Agent. The Custodian shall promptly report to the Trust Collateral Agent any failure on its part to hold the
Receivable Files and maintain its accounts, records and computer systems as herein provided and promptly take appropriate action to remedy any such failure. Upon request, the Custodian shall make copies or other electronic file records (e.g.
diskettes, CD’s, etc.) (the “Copies”) of the Receivable Files and shall deliver such Copies to the Trust Collateral Agent and the Trust Collateral Agent shall hold such Copies on behalf of the Noteholders. Subject to
Section 3(d) hereof, the Custodian shall at all times (i) maintain the original or with respect to “electronic chattel paper” as such term is defined in the UCC, and authoritative copy of the fully executed original retail
installment sales contract or promissory note and (ii) maintain the original of the Lien Certificate or application therefore (if no such Lien Certificate has yet been issued), in each case relating to each Receivable in a fireproof vault;
provided, however, the Lien Certificate may be maintained electronically by the Registrar of Titles of the applicable state pursuant to applicable state laws, with confirmation thereof maintained by the Custodian or a third party
service provider. 
  

 2 

 (c) Access to Records. The Custodian shall, subject only to the Custodian’s security
requirements applicable to its own employees having access to similar records held by the Custodian, which requirements shall be consistent with the practices of a commercial bank acting in the capacity of custodian with respect to similar files or
records, and at such times as may be reasonably imposed by the Custodian, permit only the Noteholders and the Trust Collateral Agent or their duly authorized representatives, attorneys or auditors to inspect, at the Servicer’s expense, the
Receivable Files and the related accounts, records, and computer systems maintained by the Custodian pursuant hereto at such times as the Noteholders or the Trust Collateral Agent may reasonably request. 
 (d) Release of Documents. Consistent with the practices of a commercial bank acting in the capacity of custodian with respect to similar
files or records, the Custodian may release any Receivable in the Receivable Files to the Servicer, if appropriate, under the circumstances provided in Section 3.3(b) of the Sale and Servicing Agreement. 
 (e) Administration; Reports. The Custodian shall, in general, attend to all non-discretionary details in connection with maintaining custody of
the Receivable Files on behalf of the Trust Collateral Agent. In addition, the Custodian shall assist the Trust Collateral Agent generally in the preparation of any routine reports to Noteholders or to regulatory bodies, to the extent necessitated
by the Custodian’s custody of the Receivable Files. 
 (f) Review of Lien
Certificates. On or before the Closing Date, the Custodian shall deliver to the Trust Collateral Agent a listing in the form attached hereto as Schedule II of Exhibit A, of all Receivables with respect to which a Lien Certificate, showing AFS
(or an Originating Affiliate or a Titled Third-Party Lender) as secured party, was not included in the related Receivable File as of such date. In addition, the Custodian shall deliver to the Trust Collateral Agent an exception report in the form
attached hereto as Schedule II of Exhibit A, (i) no later than the last Business Day of the calendar month during which the 90th day after the
Closing Date occurred, (ii) no later than the last Business Day of the calendar month during which the 180th day after the Closing Date
occurred and (iii) no later than the last Business Day of the calendar month during which the 240th day after the Closing Date occurred.

 4. Instructions; Authority to Act. The Custodian shall be deemed to have received proper instructions with respect to the
Receivable Files upon its receipt of written instructions signed by a Responsible Officer of the Trust Collateral Agent. Such instructions may be general or specific in terms. A copy of any such instructions shall be furnished by the Trust
Collateral Agent to the Trustee and the Issuer. 
 5. Custodian Fee. For its services under this Agreement, the Custodian shall
be entitled to reasonable compensation to be paid by the Servicer. 
 6. Indemnification by the Custodian. The Custodian agrees
to indemnify the Issuer, the Owner Trustee, the Trust Collateral Agent, the Backup Servicer and the Trustee for any and all liabilities, obligations, losses, damage, payments, costs or expenses of any kind whatsoever (including the fees and expenses
of counsel) that may be imposed on, incurred or asserted against the Issuer, the Owner Trustee, the Trust Collateral Agent, the Backup Servicer and the Trustee and their respective officers, directors, employees, agents, attorneys and successors and
assigns as the result of any act or omission in any way relating to the maintenance and custody by the Custodian of the Receivable Files; provided, however, that the Custodian shall not be liable for any portion of any such
liabilities, obligations, losses, damages, payments 

  

 3 

 
or costs or expenses due to the willful misfeasance, bad faith or gross negligence of the Issuer, the Owner Trustee, the Trust Collateral Agent, the Backup
Servicer or the Trustee or the officers, directors, employees and agents thereof. In no event shall the Custodian be liable to any third party for acts or omissions of the Custodian. 
 7. Advice of Counsel. The Custodian and the Trust Collateral Agent further agree that the Custodian shall be entitled to rely and act upon
advice of counsel with respect to its performance hereunder as custodian and shall be without liability for any action reasonably taken pursuant to such advice, provided that such action is not in violation of applicable Federal or state law.

 8. Effective Period, Termination, and Amendment; Interpretive and Additional Provisions. This Custodian Agreement shall become
effective as of the date hereof and shall continue in full force and effect until terminated as hereinafter provided. This Custodian Agreement may be amended at any time by mutual agreement of the parties hereto with the prior written consent of the
Backup Servicer and the Controlling Party, and may be terminated by any party by giving written notice to the other parties, such termination to take effect no sooner than thirty (30) days after the date of such notice. So long as AFS is
serving as Custodian, any termination of AFS as Servicer under the Sale and Servicing Agreement shall terminate AFS as Custodian under this Agreement. Upon any termination or amendment of this Custodian Agreement, the Trust Collateral Agent, in the
case of amendments, and the party seeking termination, in the case of terminations, shall give written notice to Standard & Poor’s, a division of the McGraw-Hill Companies, Inc. (“Standard & Poor’s”), and
Moody’s Investors Service (“Moody’s”) (collectively, the “Rating Agencies”). Immediately after receipt of notice of termination of this Custodian Agreement, the Custodian shall deliver the Receivable Files to the
Trust Collateral Agent on behalf of the Noteholders and at the Custodian’s expense, at such place or places as the Trust Collateral Agent may designate, and the Trust Collateral Agent, or its agent, as the case may be, shall act as custodian
for such Receivables Files on behalf of the Noteholders until such time as a successor custodian has been appointed. If, within seventy-two (72) hours after the termination of this Custodian Agreement, the Custodian has not delivered the
Receivable Files in accordance with the preceding sentence, the Trust Collateral Agent may enter the premises of the Custodian and remove the Receivable Files from such premises. In connection with the administration of this Agreement, the parties
may agree from time to time upon the interpretation of the provisions of this Agreement as may in their joint opinion be consistent with the general tenor and purposes of this Agreement, any such interpretation to be signed by all parties and
annexed hereto. 
 9. Governing Law. This Custodian Agreement shall be governed by and construed in accordance with the laws of
the State of New York, without regard to the conflict of law provisions thereof (other than Sections 5-1401 and 5-1402 of the New York General Obligations Law). 
 10. Notices. All demands, notices and communications hereunder shall be in writing, electronically delivered or mailed, and shall be deemed to have been duly given upon receipt (a) in the case of the
Custodian, at the following address: AmeriCredit Financial Services, Inc., 801 Cherry Street, Suite 3900, Fort Worth, Texas 76102, Attention: Chief Financial Officer, (b) in the case of the Trust Collateral Agent, at the following address:
Wells 

  

 4 

 
Fargo Bank, National Association, Sixth and Marquette Avenue, MAC N9311–161, Minneapolis, Minnesota 55479 (facsimile number (612) 667-3464),
Attention: Corporate Trust Services/Asset Backed Administration, (c) in the case of Moody’s, at the following address: 7 World Trade Center at 250 Greenwich Street, Asset Finance Group, 24th Floor, New York, New York 10007, and (d) in the case of Standard & Poor’s via electronic delivery to Servicer_reports@sandp.com; for any information not available
in electronic format, hard copies should be sent to the following address: 55 Water Street, 41st floor, New York, New York 10041-0003, Attention: ABS Surveillance Group, or at such other address as shall be designated by such party in a written
notice to the other parties. 
 11. Binding Effect. This Custodian Agreement shall be binding upon and shall inure to the benefit
of the parties hereto and their respective successors and assigns. Concurrently with the appointment of a successor trustee under the Sale and Servicing Agreement, the parties hereto shall amend this Custodian Agreement to make said successor
trustee, the successor to the Trust Collateral Agent hereunder. 
 [Remainder of page intentionally left blank] 
  

 5 

 IN WITNESS WHEREOF, each of the parties hereto has caused this Custodian Agreement to be executed in its
name and on its behalf by a duly authorized officer on the day and year first above written. 
  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trust Collateral Agent
		
	By:	 	/s/ Melissa Philibert
		 	Name: Melissa Philibert
		 	Title: Vice President
	
	 AMERICREDIT FINANCIAL SERVICES, INC.,
 as
Custodian

		
	By:	 	/s/ Meredith Slack
		 	Name: Meredith Slack
		 	Title: Assistant Vice President, Structured Finance

 The foregoing Custodian Agreement 
 is hereby confirmed and accepted 
 as of the date first above written. 
  

			
	 AMERICREDIT AUTOMOBILE
 RECEIVABLES TRUST 2008-1,
 as Issuer

	
	 By: WILMINGTON TRUST COMPANY, not
 in its individual capacity but solely
 as Owner Trustee on behalf of the Trust,

		
	By:	 	/s/ Erik E. Overcash
		 	Name: Erik E. Overcash
		 	Title: Assistant Vice President

 [Custodian Agreement] 

 EXHIBIT A 
 CUSTODIAN’S ACKNOWLEDGEMENT 
 AmeriCredit Financial Services, Inc. (the
“Custodian”), acting as Custodian under a Custodian Agreement, dated as of October 6, 2008, between the Custodian and Wells Fargo Bank, National Association, as Trust Collateral Agent, pursuant to which the Custodian holds on
behalf of the Trust Collateral Agent for the benefit of the Noteholders certain “Receivable Files,” as defined in the Sale and Servicing Agreement, dated as of October 6, 2008 (the “Sale and Servicing Agreement”),
among AmeriCredit Automobile Receivables Trust 2008-1, AFS SenSub Corp., as Seller, AmeriCredit Financial Services, Inc., as Servicer, and Wells Fargo Bank, National Association as Trust Collateral Agent, and as Backup Servicer, hereby acknowledges
receipt of the Receivable File for each Receivable listed in the Schedule of Receivables attached as Schedule A to said Sale and Servicing Agreement except as noted in the Custodian Exception List attached as Schedule I and the Lien Perfection
Exception List attached as Schedule II hereto. 
 IN WITNESS WHEREOF, AmeriCredit Financial Services, Inc. has caused this acknowledgement to
be executed by its duly authorized officer as of this 9th day of October, 2008. 
  

			
	 AMERICREDIT FINANCIAL SERVICES, INC.,
 as
Custodian

		
	By:	 	 
	Name:	 	
	Title:	 	

 SCHEDULE I 
 Custodian Exception List 

 SCHEDULE II 
 Lien Perfection Exception List

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