Document:

<PAGE>

       SECOND AMENDMENT TO SECURITY AGREEMENT AND NOTE PURCHASE AGREEMENT

                  SECOND AMENDMENT (this "AMENDMENT"), dated as of September
27, 2000, to: (i) the Security Agreement, dated as of September 30, 1999 (as
amended or modified the "Security Agreement") by and among AMERICREDIT BOA
TRUST, a Delaware business trust, as debtor (in such capacity, the "DEBTOR"),
AMERICREDIT FINANCIAL SERVICES, INC., a Delaware corporation ("AMERICREDIT"),
individually and in its capacity as collection agent (in such capacity, the
"COLLECTION AGENT"), AMERICREDIT FUNDING CORP. II, a Delaware  corporation
("AFC II"), individually, KITTY HAWK FUNDING CORPORATION, a Delaware
corporation (the "COMPANY") and BANK OF AMERICA,N.A., a national banking
association ("BANK OF AMERICA"), individually and as collateral agent for the
Secured Parties (in such capacity, the "COLLATERAL AGENT") and (ii) the Note
Purchase Agreement, dated as of September 30, 1999 (as amended or modified, the
"NOTE PURCHASE AGREEMENT) dated as of September 30, 1999, among the Company,
the Debtor and Bank of America, as agent for the Company and the Bank Investors
named therein (in such capacity, together with its successors, the "AGENT"), as
administrative agent for the Company (the "ADMINISTRATIVE AGENT") and as a Bank
Investor (in such capacity, a "BANK INVESTOR").

                             PRELIMINARY STATEMENTS

                  WHEREAS, by Amendment to the Security Agreement and Note
Purchase Agreement dated as of May 1, 2000, certain amendments were made to the
Security Agreement and Note Purchase Agreement; and

                  WHEREAS, the parties hereto are party to the Security
Agreement and the Note Purchase Agreement and the Debtor, AFC II and the
Collection Agent have requested that the Company, the Bank Investor, the
Collateral Agent and the Agent agree to make certain additional changes and
amendments to the Security Agreement and Note Purchase Agreement; and

                  WHEREAS, subject to the terms and conditions set forth
herein, the Company, the Bank Investor, the Collateral Agent and the Agent are
willing to make such additional changes and amendments to the Security
Agreement and Note Purchase Agreement.

                  NOW, THEREFORE, the parties hereby agree as follows:

                  1.       DEFINED TERMS.  Except as otherwise set forth
herein, capitalized terms used but not defined herein shall have the respective
meanings assigned to such terms in the Security Agreement.

                  2.       AMENDMENT TO THE SECURITY AGREEMENT AND NOTE
PURCHASE AGREEMENT.

                           (a) Section 1.1 of the Security Agreement is hereby
amended by amending and restating the definition of "COMMITMENT TERMINATION
DATE" in its entirety as follows:

<PAGE>

                           "COMMITMENT TERMINATION DATE" shall mean September
                           26, 2001, or such later date to which the Commitment
                           Termination Date may be extended by the Debtor, the
                           Agent and the Bank Investors not later than 30 days
                           prior to the then current Commitment Termination
                           Date."

                           (b) Section 1.1 of the Security Agreement is hereby
amended by amending and restating the definition of "Facility Limit" in its
entirety as follows:

                           "FACILITY LIMIT" shall mean $275,000,000: PROVIDED
                           that such amount may not at any time exceed the
                           aggregate Commitments at any time in effect; and
                           PROVIDED FURTHER that if Bank of America, in its
                           capacity as Bank Investor under the Note Purchase
                           Agreement, shall not have assigned at least
                           $25,000,000 of its Commitment on or prior to October
                           27, 2000, the Facility Limit shall be automatically
                           reduced to $250,000,000 on October 27, 2000."

                           (c) Section 1.1 of the Security Agreement is hereby
amended by amending and restating the definition of "Net Receivables Balance"
in its entirety as follows:

                           "NET RECEIVABLES BALANCE" means at any time the
                           Outstanding Balance of the Eligible Receivables (in
                           the aggregate) at such time reduced by the aggregate
                           Outstanding Balance of all Eligible Receivables (i)
                           which are Defaulted Receivables and (ii) with respect
                           to which 180 days or more have elapsed since the date
                           of transfer to the Collateral Agent for the benefit
                           of the Secured Parties of such Receivable."

                           (d) Section 1.1 of the Security Agreement is hereby
amended by amending and restating the definition of "RESERVE ACCOUNT FLOOR" in
its entirety as follows:

                           "RESERVE ACCOUNT FLOOR" shall mean an amount equal to
                           1% of the Outstanding Balance of Eligible
                           Receivables."

                           (e) Section 6.1(l) of the Security Agreement is
hereby amended and restated as follows:

                           "(l) [reserved]; or".

                                      -2-

<PAGE>

                           (f) Section 6.1 (s) of the Security Agreement is
hereby amended and restated in its entirety as follows:

                           "(s) the weighted average AmeriCredit Score for all
                           Receivables shall at any time be less than 220; or".

                           (g) Section 6.1(u) of the Security Agreement is
hereby amended and restated in its entirety as follows:

                           "(u) the Tangible Net Worth of AmeriCredit Corp.
                           shall be less than $500,000,000 for any period of
                           twenty (20) consecutive days; or".

                           (h) Section 2.1(b) of the Note Purchase Agreement is
hereby amended by adding the following proviso at the end of the first sentence
thereof :

                           ";PROVIDED, HOWEVER, that if the Termination Date has
                           occurred solely due to the occurrence of an event
                           described in Section 6.1(i) or (j) of the Security
                           Agreement, the Bank Investors shall remain obligated
                           to effect Subsequent Fundings in accordance with the
                           terms hereof."

                  3.       REPRESENTATIONS AND WARRANTIES.  To induce the
Company, the Bank Investor, the Collateral Agent and the Agent to enter into
this Amendment, each of the Debtor, AFC II, AFC and the Collection Agent hereby
represents and warrants (each as to itself) as of the Closing Date (as
hereinafter defined) that:

                           (a) It has the power, authority and legal right to
make and deliver this Amendment and to perform its obligations under the
Security Agreement and the Note Purchase Agreement, as amended by this
Amendment, as applicable, without any notice, consent, approval or
authorization not already obtained, and it has taken all necessary action to
authorize the same.

                           (b) The making and delivery of this Amendment and
the performance of the Security Agreement and the Note Purchase Agreement, as
amended by this Amendment, do not violate any provision of law or any
regulation, or its charter or by-laws, or result in the breach of or constitute
a default under or require any consent under any indenture or other agreement
or instrument to which it is a party or by which it or any of its properties
may be bound or affected. Each of the Security Agreement and the Note Purchase
Agreement, as amended by this Amendment, as applicable, constitutes its legal,
valid and binding obligation, enforceable against it in accordance with its
terms, except as the enforceability thereof may be limited by any applicable
bankruptcy, reorganization, insolvency, moratorium or other laws affecting
creditors' rights generally.

                           (c) The representations and warranties made by it
contained in each Transaction Document are true and correct in all material
respects on and as of the date of this

                                      -3-

<PAGE>

Amendment and after giving effect hereto, except for those representations and
warranties that address matters only as of a particular prior date.

                           (d) No Termination Event or Potential Termination
Event has occurred and is continuing under the Security Agreement on and as of
the date of this Amendment and after giving effect to hereto.

                  4.       CONDITIONS PRECEDENT.  This Amendment shall become
effective, as of the date hereof, on the date (the "CLOSING DATE") on which the
following conditions precedent shall have been fulfilled, which Closing Date
shall be confirmed in writing by the Agent upon request:

                           (a) THIS AMENDMENT. The Agent shall have received
counterparts of this Amendment, duly executed and delivered by each of the
parties hereto.

                           (b) ADDITIONAL DOCUMENTS. The Agent shall have
received all additional approvals, legal opinions, documents, instruments and
items of information as the Agent may reasonably request and all of the
foregoing shall be in form and substance reasonably satisfactory to the Agent.

                           (c) LEGAL MATTERS. All instruments and legal and
corporate proceedings in connection with the transactions contemplated by this
Amendment shall be reasonably satisfactory in form and substance to the Agent
and its counsel.

                  5.       REFERENCE TO AND EFFECT ON THE TRANSACTION
DOCUMENTS.  (a) On and after the Closing Date: (i) each reference in the
Security Agreement to "this Agreement," "hereunder," "hereof" or words of like
import, and each reference in the Note, Note Purchase Agreement or any other
Transaction Document to "the Security Agreement," "thereunder," "thereof" or
words of like import referring to the Security Agreement, shall mean and be a
reference to the Security Agreement as amended hereby and (ii) each reference
in the Note Purchase Agreement to "this Agreement," "hereunder," "hereof" or
words of like import, and each reference in the Note, the Security Agreement or
any other Transaction Document to "the Note Purchase Agreement," "thereunder,"
"thereof" or words of like import referring to the Note Purchase Agreement,
shall mean and be a reference to the Note Purchase Agreement as amended hereby.

                  6.       Except as specifically amended hereby, each
Transaction Document shall continue to be in full force and effect and is
hereby in all respects ratified and confirmed.

                           (a) The execution, delivery and effectiveness of
this Amendment shall not, except as expressly provided herein, operate as a
waiver of any right, power or remedy of the Company, any Bank Investor, the
Collateral Agent or the Agent under any Transaction Document, nor constitute a
waiver of any provision of any Transaction Document.

                  7.       COUNTERPARTS.  This Amendment may be signed in any
number of counterparts, each of which shall be an original and all of which
taken together shall constitute a single instrument with the same effect as
if the signatures thereto and hereto were upon the same instrument.

                                      -4-

<PAGE>

                  8.       GOVERNING LAW.  This Amendment shall be governed by
and construed in accordance with the laws of the State of New York without
regard to the conflict of law principles thereof.

                                      -5-

<PAGE>

                  IN WITNESS WHEREOF, the parties have caused this Amendment to
be duly executed and delivered by their proper and duly authorized officers as
of the day and year first above written.

                                  KITTY HAWK FUNDING CORPORATION,
                                    as Company

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

                                  AMERICREDIT BOA TRUST, as Debtor

                                  By: Bankers Trust (Delaware), not in its
                                    individual capacity but solely as Trustee

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

                                  AMERICREDIT FINANCIAL SERVICES, INC.,
                                    individually and as Collection Agent

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

                                  AMERICREDIT FUNDING CORP. II,
                                    individually

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

                                  BANK OF AMERICA, N.A.,
                                   as Collateral Agent, Agent,
                                   Administrative Agent and Bank
                                   Investor

                                  By:
                                      -------------------------------
                                      Name:<PAGE>

EXECUTION COPY

                               THIRD AMENDMENT TO
                         RECEIVABLES FINANCING AGREEMENT

                  THIRD AMENDMENT TO RECEIVABLES FINANCING AGREEMENT  (this
"AMENDMENT"), dated as of October 5, 2000 (the "AMENDMENT EFFECTIVE  DATE"),
among AmeriCredit Financial Services, Inc., individually ("AFS") and as
Servicer (such term and other capitalized terms used in this Amendment without
definition being used as defined in or for purposes of the Receivables
Financing Agreement referred to below) and Custodian, AmeriCredit Warehouse
Trust (the "BORROWER"), AmeriCredit Funding Corp. ("AFC"), AmeriCredit
Corporation of California ("ACC"), Bank One, N.A., as Backup Servicer and
Collateral Agent, and Credit Suisse First Boston, New York Branch, as Agent,
and the Lenders (together, the "LENDERS") from time to time parties to that
certain Receivables Financing Agreement, dated as of March 31, 1999 (such
Receivables Financing Agreement as from time to time amended, supplemented or
otherwise modified in accordance with the terms thereof, the "ORIGINAL
AGREEMENT" and, as further amended by this Amendment, the "RECEIVABLES
FINANCING AGREEMENT") by and among AFS, individually and as Servicer and
Custodian, the Borrower, AFC, ACC, the Lenders, the Backup Servicer and
Collateral Agent, and the Agent.

                              W I T N E S S E T H:

                  WHEREAS, the Borrower, the Servicer and the Agent (on behalf
of itself and the Lenders) entered into a Commitment Extension Agreement, dated
as of March 29, 2000, which extended the Commitment Termination Date under the
Original Agreement from March 29, 2000 to March 27, 2001; and

                  WHEREAS, the Borrower and the Servicer have requested that
the Lenders and the Agent amend the Original Agreement in certain respects, and
the Lenders and the Agent are willing to do so on the terms and conditions
herein set forth;

                  NOW THEREFORE, in consideration of the mutual covenants
herein contained, and other good and valuable consideration, the receipt and
adequacy of which are hereby expressly acknowledged, the parties hereto agree
as follows:

                  Section 1. AMENDMENT TO ORIGINAL AGREEMENT. Section 1.1 of
the Original Agreement is hereby amended by deleting the definition of "MAXIMUM
INTEREST RATE CAP STRIKE PRICE" in its entirety and substituting, in lieu
thereof, the following:

                           "MAXIMUM INTEREST RATE CAP STRIKE PRICE" means, at
                  any time, a rate per annum equal to (a) the weighted average
                  APR of the Transferred Receivables at such time minus (b) the
                  sum of: (i) 8.75%, (ii) the Total Expense Percentage at such
                  time, and (iii) 1.25%.

                  Section 2. CONDITIONS PRECEDENT. The amendment to the
Original Agreement set forth in Section 1 hereof shall become effective as of
the Amendment Effective Date, when (a) each of the parties hereto shall have
executed a counterpart hereof and delivered the same to

<PAGE>

the Agent and (b) each of S&P and Moody's shall have confirmed that such
amendment shall not result in a withdrawal or reduction in its "A" or "A2"
rating of the Receivables Financing Agreement and the Advances. Complete sets
of counterparts hereof shall be lodged with the Servicer and the Agent.

                  Section 3. REPRESENTATIONS AND WARRANTIES. Each of AFS
(individually or as Servicer or Custodian), the Borrower, AFC and ACC,
severally represents and warrants to the Lenders and the Agent that, both
before and immediately after giving effect to the amendment to the Original
Agreement set forth herein, its representations and warranties contained in the
Receivables Financing Agreement or in any other Transaction Document are true
and correct in all material respects on the Amendment Effective Date or, in the
case of such representations and warranties which specifically relate to an
earlier date, as of such earlier date. Each of AFS (individually or as Servicer
or Custodian), the Borrower, AFC and ACC each severally further represent that,
both before and immediately after giving effect to the amendment set forth
herein, no event has occurred which constitutes or with the giving of notice or
lapse of time, or both, would constitute a Facility Termination Event or
Unmatured Facility Termination Event.

                  Section 4. MISCELLANEOUS.

                          (a)      Except as expressly amended hereby, all of
the representations, warranties, terms, covenants and conditions of the
Original Agreement shall remain unamended and shall continue to be, and shall
remain, in full force and effect in accordance with their respective terms, and
except as expressly provided herein, this Amendment shall not constitute or be
deemed to be a waiver of or compliance with or a consent to noncompliance with
any term or condition of the Original Agreement or any other Transaction
Document. This Amendment shall not constitute a novation of the Original
Agreement, but shall constitute an amendment thereof. The parties hereto agree
to be bound by the terms and conditions of the Original Agreement, as amended
by this Amendment, as though the terms and conditions of the Original Agreement
were set forth herein. From and after the effectiveness hereof, all references
to the Original Agreement in any Transaction Document shall be deemed to mean
the Original Agreement, as amended by this Amendment and as such Original
Agreement may be further amended, supplemented, extended, modified or restated
from time to time in accordance with its terms. Section headings used herein
are for convenience of reference only, are not part of this Amendment and are
not to affect the construction of, or to be taken into consideration in
interpreting, this Amendment.

                          (b)      This Amendment may be executed in several
counterparts, each of which shall be regarded as the original and all of which
shall constitute one and the same agreement.

                          (c)      THIS AMENDMENT AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

                            [Signature pages follow]

                                      -2-

<PAGE>

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

                                 AMERICREDIT WAREHOUSE TRUST

                                 By:   Bankers Trust (Delaware), not in its
                                       individual capacity but solely as Trustee

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

                                 AMERICREDIT FINANCIAL SERVICES, INC.,
                                   individually and as Servicer and Custodian

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

                                 AMERICREDIT FUNDING CORP.

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

                                 AMERICREDIT CORPORATION OF CALIFORNIA

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

                                      -3-

<PAGE>

                                  GRAMERCY CAPITAL CORPORATION,
                                    as Noncommitted Lender

                                  By Credit Suisse First Boston, New
                                     York Branch, as attorney-in-fact

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

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

                                  CREDIT SUISSE FIRST BOSTON, NEW
                                     YORK BRANCH, as Committed Lender
                                     and Agent

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

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

                                  BANK ONE, N.A., as Backup Servicer and
                                  Collateral Agent

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

                                      -4-

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