Document:

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                                                                    EXHIBIT 10.8

                                 AMENDMENT NO. 2

                          dated as of February 1, 2003

                                      among

                      AMERICREDIT MTN RECEIVABLES TRUST II,

                                   as Debtor,

                      AMERICREDIT FINANCIAL SERVICES, INC.,

                          Individually and as Servicer,

                           MBIA INSURANCE CORPORATION,

                                   as Insurer

                                       and

                         MERIDIAN FUNDING COMPANY, LLC,

                                  as Purchaser

                              to SECURITY AGREEMENT

                            dated as of June 12, 2001

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        AMENDMENT NO. 2, dated as of February 1, 2003 (the "Amendment"), among
AMERICREDIT MTN RECEIVABLES TRUST II (the "Debtor"), AMERICREDIT FINANCIAL
SERVICES, INC., individually and in its capacity as Servicer ("AFS"), MBIA
INSURANCE CORPORATION, as Insurer ("MBIA"), and MERIDIAN FUNDING COMPANY, LLC,
as Purchaser ("Meridian"), to the Security Agreement dated as of June 12, 2001
(the "Security Agreement"), among the Debtor, AFS, AmeriCredit MTN Corp. II and
the Chase Manhattan Bank (predecessor to JPMorgan Chase Bank), as Collateral
Agent and Securities intermediary.

        WHEREAS, Section 9.2(b) of the Security Agreement permits amendment of
the Security Agreement by the Debtor, AFS, MBIA and Meridian (the "Parties")
upon the terms and conditions specified therein;

        WHEREAS, the Security Agreement has previously been amended by that
certain Amendment No. 1, dated as of December 1, 2002, among the Parties;

        WHEREAS, the Parties wish to amend the Security Agreement.

        NOW, THEREFORE, the Parties agree that the Security Agreement is hereby
amended effective as of the date hereof as follows:

        Section 1. Definitions. Each term used herein but not defined herein
shall have the meaning assigned to such term in the Security Agreement.

        Section 2. Amendment to Section 5.1 (Affirmative Covenants of the Debtor
and AmeriCredit).

        Section 5.1 is hereby amended by adding the following Clause (m):

                (m)     Public Use of "MBIA". The Debtor and AFS agree not to
        use MBIA's name in any public document including, without limitation, a
        press release or presentation, announcement or forum without MBIA's
        prior consent. In the event that either of the Debtor or AFS is advised
        by counsel that the Debtor or AFS has a legal obligation to disclose
        MBIA's name in any press release, public announcement or other public
        document, the Debtor or AFS, whichever has been so advised, shall
        provide MBIA with at least three business days prior written notice of
        its intent to use MBIA's name together with a copy of the proposed use
        of MBIA's name and of any description of a transaction with MBIA and
        shall obtain MBIA's prior consent as to the form and substance of the
        proposed use of MBIA's name and any such description.

        Section 3. Amendment to Section 6.1 (Termination and Amortization
Events).

        Clause (z) of Section 6.1 is deleted in its entirety and replaced with
        the following:

                (z)     the ratio of AmeriCredit Corp.'s EBITDA (plus any loss
        provision minus net charge-offs and excluding in the calculation a
        one-time, non-cash impairment charge to the credit enhancement assets
        related to the present value

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        effect of the expected delay in receiving cash distributions from FSA
        insured securitization trusts) for the financial quarter ended December
        31, 2002 to its Interest Expense for the financial quarter ended
        December 31, 2002 shall be less than 1.5x. The ratio of AmeriCredit
        Corp.'s EBITDA (plus any loss provision minus net charge-offs) for the
        financial quarter ended March 31, 2003 to its Interest Expense for the
        financial quarter ended March 31, 2003 shall be less than 1.8x. The
        average of the ratios of AmeriCredit Corp.'s EBITDA to Interest Expense
        for the two most recent financial quarters ended June 30, 2003 shall be
        less than 1.0x. The average of the ratios of AmeriCredit Corp.'s EBITDA
        to Interest Expense for the two most recent financial quarters ended
        September 30, 2003 or December 31, 2003 shall be less than 1.1x. The
        average of the ratios of AmeriCredit Corp.'s EBITDA to Interest Expense
        for the two most recent financial quarters ended March 31, 2004 and any
        two consecutive financial quarters thereafter shall be less than 1.2x;
        or

                   [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
                             SIGNATURE PAGE FOLLOWS]

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        IN WITNESS WHEREOF, the parties hereto have executed this Amendment as
of the date set forth on the first page hereof.

                                        AMERICREDIT MTN RECEIVABLES TRUST II

                                        By:  DEUTSCHE BANK TRUST COMPANY
                                         DELAWARE, not in its individual
                                         capacity but solely as Owner Trustee
                                         on behalf of the Issuer

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

                                        AMERICREDIT FINANCIAL SERVICES, INC.,
                                         Individually and as Servicer,

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

                                        MBIA INSURANCE CORPORATION,
                                         as Insurer,

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

                                        MERIDIAN FUNDING COMPANY, LLC,
                                         as Purchaser

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

Signature Page for Amendment No. 2
to the Servicing Agreement dated as of June 12, 2001<PAGE>

                                                                    EXHIBIT 10.9

                                     WAIVER

                                February 28, 2003

To the Parties on the
 Attached Exhibit A

     Re:   AmeriCredit MTN Receivables Trust II

     Reference is made to that certain Security Agreement dated as of June 12,
2001, (the "Security Agreement") among the AmeriCredit MTN Receivables Trust, as
Debtor (the "Debtor"), AmeriCredit Financial Services, Inc., individually and as
servicer (the "Servicer"), AmeriCredit MTN Corp. II, individually, and The Chase
Manhattan Bank, as Collateral Agent and as Securities Intermediary (the
"Collateral Agent) and the Servicing and Custodian Agreement (the "Servicing and
Custodian Agreement") dated as of June 12, 2001, by and among the Servicer, the
Debtor and the Collateral Agent. Capitalized terms used herein but not defined
herein shall have the meanings ascribed to such terms in the Security Agreement
or the Servicing and Custodian Agreement, as the case may be.

     Section 6.1(r) of the Security Agreement provides that a Termination
and Amortization Event shall occur if the Cumulative Net Loss Ratio exceeds the
amount specified for the related Determination Date in Exhibit M to the Security
Agreement. MBIA Insurance Corporation ("MBIA") is aware that for the
Determination Date occurring in March 2003, the Cumulative Net Loss Ratio
exceeds the amount specified in Exhibit M to the Security Agreement, therefore a
Termination and Amortization Event pursuant to Section 6.1(r) of the Security
Agreement has occurred (the "March Termination and Amortization Event"). Section
4.1(e) of the Servicing and Custodian Agreement provides that a Servicer
Termination Event shall occur upon the occurrence of a Termination and
Amortization Event listed in Section 6.1 of the Security Agreement. As a result
of the March Termination and Amortization Event, a Servicer Termination Event
has occurred for March 2003 (the "March Servicer Termination Agreement").
Section 5.01 (c) and (h) of the Insurance Agreement provide that an Event of
Default under the Insurance Agreement shall occur upon the occurrence of a
Termination and Amortization Event or a Servicer Termination Event. As a result
of the March Termination and Amortization Event and the March Servicer
Termination Agreement, an Event of Default under the Insurance Agreement has
occurred for March 2003 (the "March Insurance Agreement Event of Default").

<PAGE>

     Pursuant to Section 6.2 of the Security Agreement, Section 4.5 of the
Servicing and Custodian Agreement, and Section 5.03 of the Insurance Agreement,
you are hereby notified that MBIA waives the March Termination and Amortization
Event, the March Servicer Termination Event and the March Insurance Agreement
Event of Default for all purposes under the Transaction Documents.

     Notwithstanding the foregoing or anything to the contrary herein, in the
Security Agreement, the Servicing and Custodian Agreement or the Transaction
Documents or in any other document in connection therewith, MBIA intends this
waiver to be limited to the event described herein and shall not constitute, and
shall not be construed to be, a waiver of any future Termination and
Amortization Event, Servicer Termination Event, the Event of Default under the
Insurance Agreement or any other event. This waiver is wholly without prejudice
to, and, other than as specifically set forth herein, shall not constitute a
waiver in any respect of, the rights of MBIA in respect of its rights under the
Transaction Documents and shall not in any way alter or affect the rights,
duties or obligations of MBIA under the Transaction Documents.

                                              MBIA INSURANCE CORPORATION

                                              By /s/ Rosemary Kelley
                                                --------------------------------

Signature Page to February 28, 2003
Waiver (MTN II)

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                                    EXHIBIT A

AmeriCredit Financial Services Inc.
801 Cherry Street
Suite 3900
Fort Worth, Texas 76102
Telecopy: (817) 302-7942

AmeriCredit MTN Corp. II
801 Cherry Street
Suite 4000
Fort Worth, Texas 76102
Attention: Treasury Department
Telecopy: (817) 302-7082

AmeriCredit MTN Receivables Trust II
C/o Deutsche Bank Trust Company Delaware,
formerly known as Bankers Trust (Delaware)
E.A. Delle Donne Corporate Center
Montgomery Building
1011 Centre Road, Suite 200
Wilmington, DE 19805
Telecopy:(302) 636-3222

JPMorgan Chase Bank, formerly
known as The Chase Manhattan Bank
450 West 33rd Street, 14th Floor
New York, NY 10001
Attention:  AmeriCredit MTN Receivables Trust II
Telecopy: (212) 946-8302

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