Document:

<PAGE>

                                                                   Exhibit 10.66

                                                                  EXECUTION COPY

                 AMERICREDIT FINANCIAL SERVICES OF CANADA LTD.,

                             as Seller and Servicer

                                       and

                       AMERICREDIT CANADA FUNDING TRUST I,

                                   as Borrower

                                 by its trustee

                            CIBC MELLON TRUST COMPANY

                                       and

                    CONGRESS FINANCIAL CORPORATION (CANADA),

                         as Lender and Collateral Agent

                               SECURITY AGREEMENT

                          Osler, Hoskin & Harcourt LLP

                             Barristers & Solicitors

                                Toronto, Ontario

<PAGE>

                               TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                    Page
<S>                                                                                  <C>
ARTICLE 1
     DEFINITIONS                                                                     1
     1.1      Defined Terms ....................................................     1
     1.2      Definitions ......................................................     1

ARTICLE 2
     SECURITY INTERESTS ........................................................     2
     2.1      Security Interest ................................................     2
     2.2      Fixed Nature of Security Interests ...............................     2
     2.3      Attachment .......................................................     2
     2.4      Obligations Secured ..............................................     2
     2.5      Borrower's Rights before Default .................................     3
     2.6      Default ..........................................................     3
     2.7      Rights and Remedies ..............................................     3
     2.8      Power of Attorney ................................................     4
     2.9      Payment of Deficiency ............................................     5
     2.10     Assemble the Collateral ..........................................     5
     2.11     Allocation of proceeds ...........................................     5
     2.12     Waivers and Extensions ...........................................     5

ARTICLE 3
     REPRESENTATIONS AND WARRANTIES ............................................     6
     3.1      Representations and Warranties of the Borrower and AmeriCredit
              Canada ...........................................................     6
     3.2      Representations and Warranties of the Servicer ...................     9
     3.3      Survival .........................................................     9
     3.4      Deemed Warranties ................................................     9

ARTICLE 4
     COVENANTS .................................................................     9
     4.1      Affirmative Covenants of AmeriCredit Canada ......................     9
     4.2      Negative Covenants of AmeriCredit Canada .........................    12
     4.3      Hedging Arrangements .............................................    13

ARTICLE 5
     ACCOUNTS ..................................................................    14
     5.1      Accounts .........................................................    14
     5.2      General Provisions Regarding Trust Accounts ......................    15

ARTICLE 6
     COLLECTIONS; DISTRIBUTIONS AND PAYMENTS ...................................    16
     6.1      Collections ......................................................    16
     6.2      Application of Collections .......................................    17
     6.3      Additional Deposits ..............................................    17
</TABLE>

                                      -i-

<PAGE>

                                TABLE OF CONTENTS
                                  (continued)
<TABLE>
<CAPTION>

                                                                                Page

<S>                                                                              <C>
     6.4      Distributions ...................................................  17
     6.5      Cash Reserve Account ............................................  20
     6.6      Proceeds of Realization. ........................................  21
     6.7      Release .........................................................  21
     6.8      Assignment by Seller ............................................  22
     6.9      Borrowing Base Adjustment Loans .................................  22

ARTICLE 7

     THE COLLATERAL AGENT .....................................................  22
     7.1      Duties of the Collateral Agent ..................................  22
     7.2      Indemnification of Collateral Agent .............................  23
     7.3      Liability of the Collateral Agent ...............................  23

ARTICLE 8

     MISCELLANEOUS ............................................................  25
     8.1      Waivers; Amendments .............................................  25
     8.2      Notices .........................................................  25
     8.3      Governing Law; Submission to Jurisdiction .......................  27
     8.4      Counterparts ....................................................  28
     8.5      Successors and Assigns ..........................................  28
     8.6      Confidentiality Agreement .......................................  28
     8.7      Further Assurances ..............................................  29
     8.8      Headings ........................................................  29
     8.9      Limitation of Liability .........................................  29
</TABLE>

                                      -ii-

<PAGE>

                               Security AGREEMENT

THIS SECURITY AGREEMENT dated as of April 30, 2002, among CONGRESS FINANCIAL
CORPORATION (CANADA), as lender and collateral agent (together with its
permitted successors and assigns, the "Lender" or "Collateral Agent", as
applicable), AMERICREDIT CANADA FUNDING TRUST I, a trust established under the
laws of the Province of Ontario (the "Trust" and, together with its successor
and permitted assigns, the "Borrower") by its trustee CIBC MELLON TRUST COMPANY
and AMERICREDIT FINANCIAL SERVICES OF CANADA LTD., as Servicer and Seller
("AmeriCredit Canada").

PRELIMINARY STATEMENTS. Subject to the terms and conditions of this Agreement,
the Borrower desires to grant a security interest in and to the Collateral,
including the Borrower's interest in the Receivables and related property, that
includes the Borrower's interest in certain retail automotive installment sales
contracts secured by automobiles.

Pursuant to the Loan Agreement, the Lender has provided certain loans to the
Borrower and the Borrower will be obligated to pay the principal of and interest
on the loans in accordance with the terms of the Loan Agreement.

The Borrower is granting a security interest in the Collateral to the Collateral
Agent, for the benefit of the Lender, to secure the payment and performance of
the Borrower of its obligations under this Agreement, the Loan Note and the Loan
Agreement.

In consideration of the mutual agreements, provisions and covenants contained
herein, the parties hereto agree as follows:

                                    ARTICLE 1
                                   DEFINITIONS

1.1  Defined Terms

Unless the context otherwise requires or unless otherwise specified, all the
terms used in this Agreement without initial capitals which are defined in the
PPSA (Ontario) have the same meanings in this Agreement as in the PPSA
(Ontario).

1.2  Definitions

In this Agreement, the following terms shall have the meanings set out below:

"Agreement" means this agreement entitled "Security Agreement" including any
recitals and schedules to this Agreement, as may be modified, amended, restated,
replaced or supplemented from time to time;

"Obligations" has the meaning specified therefor in Section 2.4;

"Loan Agreement" means the Loan Agreement, dated as of the date hereof, among
the Borrower, AmeriCredit Canada, as Seller, Servicer and individually, the
Lender and the Collateral Agent, as amended, supplemented or otherwise modified
from time to time.

<PAGE>

                                      -2-

"Master Receivables Purchase Agreement" means the master receivables purchase
agreement, dated as of the date hereof, among the Seller, the Purchaser and the
Collateral Agent, as such agreement may be amended, supplemented or otherwise
modified from time to time.

"Security Interest" means the Lien granted under Section 2.1.

All other capitalized terms not otherwise defined shall have the respective
meanings set out in the Master Receivables Purchase Agreement and the Loan
Agreement, as the case may be.

                                   ARTICLE 2
                               SECURITY INTERESTS

2.1  Security Interest

As general and continuing security for the payment, repayment and the
performance of each of the Obligations of the Borrower to the Lender, the
Borrower hereby grants to the Collateral Agent on behalf of the Lender and the
Collateral Agent a continuing, specific and fixed security interest in all of
the Collateral provided that once the Collateral Agent has released its interest
in a Receivable and the Related Security pursuant to and in accordance with this
Agreement, such Receivable and Related Security shall no longer be part of the
Collateral.

2.2  Fixed Nature of Security Interests

The Security Interest is intended to operate as a fixed and specific charge of
all of the Collateral presently existing, and with respect to all future
Collateral, to operate as a fixed and specific charge of such future Collateral.

2.3  Attachment

The Borrower acknowledges that value has been given. The Security Interest is
intended to attach, as to all of the Collateral, upon the execution by the
Borrower of this Agreement.

2.4  Obligations Secured

The Collateral constitutes and will constitute continuing security for the
following obligations (the "Obligations") of the Borrower to the Lender:

     (a)   Indebtedness - The prompt payment, as and when due and payable, of
           all amounts now or hereafter owing by the Borrower to the Lender and
           the Collateral Agent under the Loan Agreement, the Loan Note, this
           Agreement and the other Transaction Documents whether now existing or
           hereafter incurred, matured or unmatured, direct, indirect or
           contingent, including any amendments, restatements, supplements,
           extensions, renewals and replacements thereof; and

     (b)   Performance of Agreements - The strict performance and observance by
           the Borrower of all agreements, warranties, representations,
           covenants and conditions of the Borrower in favour of the Lender and
           the Collateral Agent made pursuant to the Loan Agreement, the Loan
           Note, this Agreement and the other Transaction Documents, in each
           case, as now in effect or as hereafter entered into, amended,
           restated, supplemented, renewed, extended or replaced from time to
           time.

<PAGE>

                                      -3-

2.5  Borrower's Rights before Default

Until the occurrence of a Termination Event and subject to the terms of this
Agreement and the other Transaction Documents, the Borrower is entitled to deal
with the Collateral in the ordinary course of business in accordance with the
terms and provisions of the Master Receivables Purchase Agreement, the Loan
Agreement, the Loan Note and the other Transaction Documents.

2.6  Default

The Borrower shall be in default under this Agreement upon the occurrence of any
Termination Event.

2.7  Rights and Remedies

Should the Obligations be accelerated pursuant to Section 3.2 of the Loan
Agreement, the Collateral Agent may exercise any or all of the rights and
remedies contained in this Agreement or otherwise afforded by law, in equity or
otherwise. The Collateral Agent shall have the right to enforce one or more
remedies successively or concurrently in accordance with applicable law and the
Collateral Agent expressly retains all rights and remedies not inconsistent with
the provisions in this Agreement including all the rights it may have under the
PPSA. Without limiting the generality of the foregoing, the Collateral Agent
may, upon acceleration of the Obligations and to the extent permitted by
applicable law:

     (a)   Collection of Purchased Interest - (i) on written notice to the
           Borrower and the Administrator, exercise (in whole or in part) any
           and all rights, remedies, powers and privileges of the Borrower
           pursuant to the Master Receivables Purchase Agreement and the other
           Transaction Documents (including the appointment of a successor
           Servicer) to the extent that they constitute or relate to the
           Collateral in the place and stead and to the exclusion of the
           Borrower and the Administrator, and upon such notice the
           Administrator shall cease to have any powers to act as agent and
           administrator for and on behalf of the Trustee under the Master
           Receivables Purchase Agreement, or (ii) notify and direct the
           Obligors under any Receivable to make all payments whatever to the
           Collateral Agent or its agent or designee and the Collateral Agent or
           its agent or designee shall be entitled to hold such amounts received
           and any proceeds thereof as part of the Collateral. Any amounts
           received by the Borrower after such notification shall be deemed to
           be held in trust for the Collateral Agent (in the same medium
           received) and shall be turned over to the Collateral Agent or its
           agent or designee at the request of the Collateral Agent;

     (b)   Retain the Collateral - Retain and administer the Collateral in the
           Collateral Agent's sole and unfettered discretion, which discretion
           the Borrower hereby acknowledges is commercially reasonable, and may
           exercise the Borrower's rights and remedies under the Master
           Receivables Purchase Agreement, the Servicing Agreement, the Hedging
           Arrangements and the Assignments;

     (c)   Dispose of the Collateral - Dispose of any Collateral with or without
           notice, advertising or any other formality, all of which is hereby
           waived by the Borrower to the extent permitted by law. The Collateral
           Agent may, to the extent permitted

<PAGE>

                                      -4-

           by law, at their discretion establish the terms of such disposition.
           All payments made pursuant to such dispositions shall be credited
           against the Obligations only as they are actually received. The
           Collateral Agent may, to the extent permitted by law, enter into,
           rescind or vary any contract for the disposition of any Collateral
           and may dispose of any Collateral again without being answerable for
           any loss occasioned thereby;

     (d)   Payment of Encumbrances - Pay any encumbrance, lien, claim or charge
           that may exist or be threatened against the Collateral. Any amount so
           paid together with costs, charges and expenses incurred in connection
           therewith shall be added to the Obligations;

     (e)   Dealing with Collateral - Subject to applicable law, seize, collect,
           realize, borrow money on the security of, release to third parties,
           sell or otherwise deal with the Collateral in such manner, upon such
           terms and conditions, at such time or times and place or places and
           for such consideration as may seem to the Collateral Agent advisable
           and without notice to the Borrower. The Collateral Agent may charge
           on its own behalf and pay to others sums for expenses incurred and
           for services rendered (expressly including without limitation, legal,
           consulting, broker, management, receivership and accounting fees) in
           or in connection with seizing, collecting, realizing, borrowing on
           the security of, selling or obtaining payment of the Collateral and
           may add all such sums to the Obligations;

     (f)   Possession - Immediately take possession of all of the Collateral or
           any part or parts thereof by action or otherwise, with power, among
           other things, to exclude the Borrower, to preserve and maintain the
           Collateral and make additions and replacements thereto and pay
           therefrom all reasonable expenses and charges of maintaining,
           preserving, protecting and operating the Collateral (payment of which
           may be necessary to preserve or protect the Collateral) and all sums
           expended shall be added to the Obligations;

     (g)   Proofs of Claim - File proofs of claim and other documents to
           establish its claim in any proceedings relative to the Borrower;

     (h)   Actions or Proceedings - With or without taking possession of all or
           any part of the Collateral and at the Borrower's expense, take any
           action or proceedings to observe or perform or cause to be observed
           or performed any covenant, agreement, proviso or stipulation relating
           to any of the Collateral, when and to the extent the Collateral Agent
           deems advisable; and

     (i)   Other Remedies - exercise or pursue any other remedy or proceeding
           which the Collateral Agent is entitled, authorized or permitted
           hereby or by law or in equity in order to enforce the security
           constituted by this Agreement.

2.8  Power of Attorney

Upon the occurrence, and during the continuance of, a Termination Event, or a
Potential Termination Event, and, in respect of the execution of the Purchaser
Assignment referred to in Sections 1.7(e)(i) and 1.10(e)(iii) of the Master
Receivables Purchase Agreement, the fulfillment

<PAGE>

                                      -5-

of the transactions contemplated in Sections 1.7(e)(i) and 1.10(e)(iii) of the
Master Receivables Purchase Agreement and the execution of documents referred to
in Section 6.7(b) hereof, the Borrower hereby constitutes and appoints any agent
or representative from the Collateral Agent from time to time, or any receiver
appointed of the Borrower as provided for in this Agreement, the true and lawful
attorney of the Borrower irrevocably with full power of substitution to do, make
and execute all such documents, acts, matters or things with the right to use
the name of the Borrower whenever and wherever it may be deemed necessary or
expedient in connection with the exercise of its rights and remedies set forth
in this Agreement or in Section 1.7(e)(i) of the Master Receivables Purchase
Agreement, respectively. Without limiting the generality of the foregoing, the
Collateral Agent or its agent is authorized to sign any financing statements and
similar forms which may be necessary or desirable to perfect the Security
Interest in any jurisdiction on behalf of the Borrower. The Borrower hereby
declares that the irrevocable power of attorney granted hereby, being coupled
with an interest, is given for valuable consideration.

2.9  Payment of Deficiency

If the proceeds of realization are insufficient to pay all monetary Obligations,
the Borrower shall forthwith pay or cause to be paid to the Collateral Agent any
deficiency and the Collateral Agent may sue the Borrower to collect the amount
of such deficiency.

2.10 Assemble the Collateral

To assist the Collateral Agent in the implementation of such rights and
remedies, the Borrower will, at its own risk and expense and immediately upon
the Collateral Agent's request, assemble and prepare for removal such items of
the Collateral as are selected by the Collateral Agent as shall, in the
Collateral Agent's sole judgment, have a value sufficient to cover all the
Obligations.

2.11 Allocation of proceeds

All monies collected or received by the Collateral Agent in respect of the
Collateral may be held by the Collateral Agent and will be applied in accordance
with the Master Receivables Purchase Agreement or Article 6 of this Agreement.

2.12 Waivers and Extensions

The Collateral Agent or the Lender may waive any default or breach by the
Borrower of any of the provisions contained in this Agreement. No waiver shall
extend to a subsequent breach or default, whether or not the subsequent breach
or default is the same as, or similar to, the breach or default waived and no
act or omission of the Collateral Agent shall extend to or be taken in any
manner whatsoever to affect any subsequent breach or default of the Borrower or
the rights of the Collateral Agent or the Lender resulting therefrom. Any such
waiver must be in writing and signed by the Collateral Agent or the Lender to be
effective.

Either the Collateral Agent or the Lender may also grant extensions of time and
other indulgences, accept compositions, grant releases and discharges, release
the Collateral to third parties and otherwise deal with the Borrower's
guarantors or sureties and others and with the Collateral and other securities
as they may see fit without prejudice to the liability of the Borrower to the
Lender or the Collateral Agent, or the Lender's or Collateral Agent's rights,

<PAGE>

                                      -6-

remedies and powers under this Agreement. No extension of time, forbearance,
indulgence or other accommodation now, heretofore or hereafter given by the
Lender or the Collateral Agent to the Borrower shall operate as a waiver,
alteration or amendment of the rights of the Lender or the Collateral Agent or
otherwise preclude the Lender or the Collateral Agent from enforcing such
rights.

                                   ARTICLE 3
                         REPRESENTATIONS AND WARRANTIES

3.1  Representations and Warranties of the Borrower and AmeriCredit Canada

On each Purchase Date, Determination Date, Settlement Date and Funding Date, the
Borrower, the Servicer and AmeriCredit Canada jointly and severally represent
and warrant to the Lender, the Administrator and the Collateral Agent that:

     (a)   Existence and Power. The Borrower is a trust duly organized, validly
           existing and in good standing under the laws of Ontario and has all
           power and all material governmental licenses, authorizations,
           consents and approvals required to carry on its business in each
           jurisdiction in which its business is now conducted. The Borrower is
           duly qualified to do business in, and is in good standing in, every
           other jurisdiction in which the nature of its business requires it to
           be so qualified.

     (b)   Authorization; Contravention. The execution, delivery and performance
           by the Borrower of this Agreement and the other Transaction Documents
           are within the Borrower's trust powers, have been duly authorized by
           all necessary trust action, require no action by or in respect of, or
           require the consent or approval of, or the filing of any notice or
           other documentation with, any Governmental Authority or other Person
           and do not contravene, or constitute a default under, any provision
           of applicable law or regulation or of the Trust Declaration or of any
           agreement, judgment, injunction, order, decree or other instrument
           binding upon the Borrower or result in the creation or imposition of
           any Adverse Claim on the assets of the Borrower.

     (c)   Binding Effect. Each of this Agreement and the other Transaction
           Documents has been duly executed and delivered and constitutes the
           legal, valid and binding obligation of the Borrower, enforceable in
           accordance with its terms, subject to applicable bankruptcy,
           insolvency, moratorium or other similar laws affecting the rights of
           creditors generally.

     (d)   Perfection. Both immediately preceding and after giving effect to
           each Funding, the Borrower shall be the legal and beneficial owner of
           all of the Receivables, Related Security and Collections, free and
           clear of all Adverse Claims. On or prior to each Funding and each day
           on which a Receivable is sold to the Borrower by AmeriCredit Canada
           pursuant to the Master Receivables Purchase Agreement, all financing
           statements and other documents required to be recorded or filed in
           order to perfect and protect (subject to any security interests
           perfected by possession) (i) the Borrower's interest in the
           Receivables, the Related Security with respect thereto and all
           Proceeds thereof against all Persons and (ii) the interest of the
           Lender in the Collateral against all Persons and the Borrower will

<PAGE>

                                       -7-

           have been duly filed in each filing office necessary for such
           purpose, and all filing fees and taxes, if any, payable in connection
           with such filings shall have been paid in full.

     (e)   Accuracy of Information. All information heretofore furnished by the
           Borrower to the Collateral Agent, the Lender or any of the other
           Persons party hereto for purposes of or in connection with this
           Agreement, the other Transaction Documents or any transaction
           contemplated hereby or thereby is, and all such information hereafter
           furnished by the Borrower to any such Person will be, true and
           accurate in every material respect, and the Borrower has not omitted
           to disclose any information which is material to the transaction on
           the date such information is furnished.

     (f)   Tax Status. All tax returns (federal, provincial and local) required
           to be filed with respect to the Borrower have been filed and there
           has been paid or adequate provision made for the payment of all
           material taxes, assessments and other governmental charges in respect
           of the Borrower.

     (g)   Action, Suits. There are no actions, suits or proceedings pending, or
           to the knowledge of the Borrower threatened, against or affecting the
           Borrower or its properties in or before any court, arbitrator or
           other body. The Borrower is not in violation of any order of any
           Governmental Authority.

     (h)   Use of Proceeds. The proceeds of any Funding will be used by the
           Borrower to (i) acquire the Receivables and the Related Security from
           AmeriCredit Canada pursuant to the Master Receivables Purchase
           Agreement or (ii) as otherwise expressly permitted by the Transaction
           Documents.

     (i)   Place of Business. (i) The principal place of business and chief
           executive office (as such terms are defined in the PPSA) of the
           Borrower and the office where the Borrower keeps its records and (ii)
           the office where the Borrower keeps its Records concerning the
           Receivables and Related Security, respectively are located at:

           (i)   320 Bay Street
                 Toronto, Ontario  M5H 4A6; and

           (ii)  4001 Embarcadero Drive
                 Arlington, Texas  76014

     (j)   Good Title. Upon each Funding and on each day on which a Receivable
           and Related Security is sold to the Borrower by AmeriCredit Canada
           pursuant to the Master Receivables Purchase Agreement, the Collateral
           Agent on behalf of the Lender shall acquire a valid and perfected
           first priority security interest in each Receivable and Related
           Security that exists on the date of such Funding and sale and in the
           Collections with respect thereto free and clear of any Adverse Claim.

     (k)   Nature of Receivables. Each Receivable represented by the Borrower or
           Servicer (to the extent the Servicer is AmeriCredit Canada or any
           Subsidiary or Affiliate of

<PAGE>

                                      -8-

          AmeriCredit Canada) to be an Eligible Receivable (including in any
          report, document or instrument delivered hereunder or in connection
          with the other Transaction Documents) satisfies at the time of such
          representation or inclusion the definition of "Eligible Receivable"
          set forth in the Master Receivables Purchase Agreement.

     (l)  Collection and Servicing; Material Adverse Effect. Since October 10,
          2001, there has not been any material adverse change in the ability of
          the Servicer (to the extent the Servicer is AmeriCredit Canada or any
          Subsidiary or Affiliate of AmeriCredit Canada) to service and collect
          the Receivables.

     (m)  No Termination  Event. No event has occurred and is continuing and no
          condition exists which constitutes a Termination Event or a Potential
          Termination Event.

     (n)  Bulk Sales. No transaction  contemplated  hereby or by the Master
          Receivables Purchase Agreement requires compliance with any bulk sales
          act or similar law.

     (o)  Transfers Under Master Receivables Purchase Agreement. Each Receivable
          which has been transferred to the Borrower by AmeriCredit Canada has
          been purchased by the Borrower from AmeriCredit Canada pursuant to,
          and in accordance with, the terms of the Master Receivables Purchase
          Agreement.

     (p)  Insurance Policies. At the time of the sale of each Receivable and
          Related Security by AmeriCredit Canada to the Borrower pursuant to the
          Master Receivables Purchase Agreement, each Financed Vehicle is
          required to be covered by physical damage insurance obtained by the
          related Obligor at least in the amount required by the related
          Receivable, and each such required insurance policy is required to
          name AmeriCredit Canada as loss payee and is required to be in full
          force and effect.

     (q)  Not Non-Resident. The Borrower is not a non-resident of Canada within
          the meaning of the Income Tax Act (Canada).

     (r)  Name of Borrower; Trust Declaration. The Borrower has not changed its
          name and the Trust Declaration has neither been amended nor rescinded.

     (s)  Compliance. The Borrower has complied in all material respects with
          all Laws in respect of the conduct of its business and ownership of
          its property including the Receivables and the other Collateral.

     (t)  No Servicer Termination Event. No event has occurred and is continuing
          and no condition exists which constitutes a Servicer Termination Event
          or a Potential Servicer Termination Event.

     (u)  Preference; Voidability. With respect to each transfer of Receivables
          and Related Security from the Seller to the Borrower, the Borrower has
          given reasonably equivalent value to the Seller, in consideration for
          such transfer of Receivables and Related Security, and each such
          transfer has not been made for or on account of an antecedent debt
          owed by the Seller to the Borrower and no such transfer is

<PAGE>

                                      -9-

          or may be voidable under any Section of the Bankruptcy and Insolvency
          Act (Canada).

3.2  Representations and Warranties of the Servicer

On each Purchase Date, Determination Date, Settlement Date and Funding Date,
AmeriCredit Canada, in its capacity as the initial Servicer, represents and
warrants to the Lender and the Collateral Agent each of the representations and
warranties made by it under the Servicing Agreement as if each such
representation and warranty were specifically set out herein.

3.3  Survival

The representations and warranties set forth in Sections 3.1 and 3.2 will
survive the date hereof, each Purchase Date and each Funding Date and remain in
full force and effect for the benefit of the Lender and the Collateral Agent.

3.4  Deemed Warranties

Any document, instrument, certificate or notice delivered hereunder by the
Borrower to the Lender or the Collateral Agent shall be deemed a representation
and warranty by the Borrower.

                                   ARTICLE 4
                                   COVENANTS

4.1  Affirmative Covenants of AmeriCredit Canada

At all times from the date hereof to the later to occur of (i) the Facility
Termination Date or (ii) the date on which the Net Loan Investment has been
reduced to zero and all amounts owing under this Agreement, the Loan Agreement,
the Loan Note and the other Transaction Documents shall have been paid in full
in cash, unless the Collateral Agent and the Lender shall otherwise consent in
writing:

     (a)  Financial Reporting and Other Information. AmeriCredit Canada shall,
          and shall cause AmeriCredit Corp. (in respect of items (i) and (ii)
          only) to, maintain, for itself and each of its respective
          Subsidiaries, a system of accounting established and administered in
          accordance with GAAP, and furnish to the Collateral Agent:

          (i)  Annual Reporting. As soon as available and in any event within
               90 days (or the next succeeding Business Day if the last day of
               such period is not a Business Day) after the end of each fiscal
               year, a copy of the audited consolidated financial statements for
               such year for AmeriCredit Corp. and its consolidated Subsidiaries
               prepared in accordance with United States GAAP and any management
               letter (which letter shall be furnished as soon as available)
               prepared by independent certified public accountants acceptable
               to the Collateral Agent, certified, without qualification by such
               accountants and each other report or statement sent to
               shareholders or publicly filed by AmeriCredit Corp.

          (ii) Quarterly Reporting. As soon as available and in any event within
               45 days (or the next succeeding Business Day if the last day of
               such period is not a

<PAGE>

                                      -10-

               Business Day) after the end of each of the first three quarters
               of each fiscal year of AmeriCredit Corp., a consolidated balance
               sheet of AmeriCredit Corp. and its consolidated Subsidiaries as
               of the end of such quarter and including the prior comparable
               period, and a consolidated statement of income of AmeriCredit
               Corp. and its consolidated Subsidiaries for such quarter and for
               the period commencing at the end of the previous fiscal year and
               ending with the end of such quarter, certified by the chief
               financial officer or chief accounting officer of AmeriCredit
               Corp. identifying such documents as being the documents described
               in this Section 4.1(a)(ii) and stating that the information set
               forth therein fairly presents the financial condition of
               AmeriCredit Corp. and its consolidated Subsidiaries as of and for
               the periods then ended, subject to year-end adjustments
               consisting only of normal, recurring accruals.

         (iii) Notice of Termination Events or Potential Termination Events,
               Etc. (A) As soon as possible and in any event within two (2) days
               after the occurrence of each Termination Event, each Potential
               Termination Event or each Servicer Termination Event, a statement
               of the chief financial officer, chief accounting officer or
               treasurer of the Servicer (to the extent the Servicer is
               AmeriCredit Canada or any Subsidiary or Affiliate of AmeriCredit
               Canada) setting forth details of such Termination Event,
               Potential Termination Event or Servicer Termination Event and the
               action which the Borrower proposes to take with respect thereto,
               which information shall be updated promptly from time to time;
               (B) promptly after the Borrower or Administrator obtains
               knowledge thereof, notice of any litigation, investigation or
               proceeding that may exist at any time between the Servicer (to
               the extent the Servicer is AmeriCredit Canada or any Subsidiary
               or Affiliate of AmeriCredit Canada) and any Person that may
               result in a Material Adverse Effect or any litigation or
               proceeding relating to any Transaction Document; and (C) promptly
               after the occurrence thereof, notice of any event which could
               reasonably be expected to have a Material Adverse Effect.

         (iv)  Debt Rating Notification. Within five (5) days after the date of
               any change in AmeriCredit Corp.'s public or private debt ratings,
               if any, a written certification of AmeriCredit Corp.'s public and
               private debt ratings after giving effect to any such change.

         (v)   Other Information. Such other information (including non-
               financial information) with respect to the Borrower, AmeriCredit
               Corp. or AmeriCredit Canada or any of their respective Affiliates
               as the Collateral Agent or the Lender may from time to time
               reasonably request.

(b)      Conduct of Business.

         (i)   AmeriCredit Canada shall, and shall cause AmeriCredi Canada's
               Subsidiaries to, carry on and conduct its business in
               substantially the same manner and in substantially the same
               fields of enterprise as it is presently conducted and do all
               things necessary to remain duly organized, validly

<PAGE>

                                      -11-

               existing and in good standing as a domestic corporation in its
               jurisdiction of organization and maintain all requisite authority
               to conduct its business in each jurisdiction in which its
               business is conducted; and

         (ii)  AmeriCredit Canada shall cause the Borrower to do all things
               necessary to remain as a trust duly organized, validly existing
               and in good standing under the laws of Ontario and to maintain
               the Trust Declaration without amendment or rescission thereto.

(c)      Compliance with Laws. AmeriCredit Canada shall, and shall cause the
         Borrower and shall cause AmeriCredit Canada's Subsidiaries to, comply
         with all laws, rules, regulations, orders, writs, judgments,
         injunctions, decrees or awards to which it or its respective properties
         may be subject.

(d)      Furnishing of Information, Servicer's Report and Inspection of Records.
         AmeriCredit Canada shall, and shall cause the Borrower to, furnish to
         the Collateral Agent from time to time such information with respect to
         the Receivables as the Collateral Agent may reasonably request,
         including, without limitation, listings identifying the Obligor and the
         outstanding balance for each Receivable. The Servicer shall furnish to
         the Collateral Agent on each Determination Date a Servicer's Report.
         AmeriCredit Canada shall, and shall cause the Borrower to, at any time
         and from time to time, during regular business hours, on at least five
         Business Days' (or if a Termination Event or Potential Termination
         Event has occurred, one Business Day's) notice, permit the Collateral
         Agent or the Lender, or their agent or representatives, (i) to examine
         and make copies of and take abstracts from all Records and (ii) to
         visit the offices and properties of the Borrower and/or AmeriCredit
         Canada, as applicable, for the purpose of examining such Records, and
         to discuss matters relating to Receivables or the Borrower's or
         AmeriCredit Canada's performance hereunder and under the other
         Transaction Documents to which such Person is a party with any of the
         officers, directors, employees or chartered accountants of the Borrower
         or AmeriCredit Canada, as applicable, having knowledge of such matters.

(e)      Offices, Records and Books of Account. AmeriCredit Canada shall cause
         the Borrower (i) to keep its principal place of business and chief
         executive office (as such terms or similar terms are used in the PPSA)
         and the office where it keeps its records concerning the Receivables at
         the address of the Borrower set forth in Section 8.2 or at any other
         locations in a province in Canada other than Quebec where all actions
         requested by the Secured Parties to protect and perfect the interest of
         the Collateral Agent, in the Collateral have been taken and completed
         and (ii) to provide the Lender and the Collateral Agent with at least
         30 days' written notice before making any change in the Borrower's name
         or making any other change in the Borrower's location, identity or
         corporate structure that could render any Financing Statement filed in
         connection with the Transaction Documents ineffective to perfect the
         security interest with respect to which such Financing Statement was
         filed. Each notice to the Lender and the Collateral Agent pursuant to
         the foregoing sentence shall set forth the applicable change and the
         effective date thereof. AmeriCredit Canada shall maintain and implement
         administrative and operating procedures (including, without limitation,
         an ability

<PAGE>

                                      -12-

               to recreate records evidencing Receivables in the event of the
               destruction of the originals thereof), and keep and maintain, all
               documents, books, records and other information reasonably
               necessary or advisable for the collection of all Receivables
               (including, without limitation, records adequate to permit the
               daily identification of each new Receivable and all Collections
               of and adjustments to each existing Receivable). AmeriCredit
               Canada shall, and shall cause the Borrower to, give the
               Collateral Agent notice of any material change in the
               administrative and operating procedures of the Borrower or
               AmeriCredit Canada, as applicable, referred to in the previous
               sentence.

         (f)   Performance and Compliance with the Receivables. AmeriCredit
               Canada, at its expense, shall cause the Borrower to, timely and
               fully perform and comply with all material provisions, covenants
               and other promises required to be observed by the Borrower or
               AmeriCredit Canada in respect of the Receivables except where the
               failure to do so could not be reasonably expected to have a
               Material Adverse Effect.

         (g)   Credit and Collection Policies. AmeriCredit Canada shall, and
               shall cause the Borrower to, comply in all material respects with
               the Credit and Collection Policy in regard to each Receivable.

4.2      Negative Covenants of AmeriCredit Canada

At all times from the date hereof to the later to occur of (i) the Facility
Termination Date or (ii) the date on which the Net Loan Investment has been
reduced to zero and all amounts owing under this Agreement, the Loan Agreement,
the Loan Note and the other Transaction Documents shall have been paid in full
in cash, unless the Collateral Agent and the Lender shall otherwise consent in
writing:

         (a)   No Sales, Liens, Etc. Except as otherwise provided herein and in
               the Master Receivables Purchase Agreement, AmeriCredit Canada
               shall not, and shall not permit the Borrower to, sell, assign (by
               operation of law or otherwise) or otherwise dispose of, or create
               or suffer to exist any Adverse Claim (or the filing of any
               financing statement) upon or with respect to any of the
               Collateral, or any account to which any Collections of any
               Receivable are sent, or assign any right to receive income in
               respect thereof.

         (b)   No Extension or Amendment of Receivables. Except as otherwise
               permitted pursuant to the Servicing Agreement or the Credit and
               Collection Policy, AmeriCredit Canada shall not, and shall not
               permit the Borrower to, extend, amend, waive or otherwise modify
               any term or condition of any Receivable.

         (c)   No Amendment of Master Receivables Purchase Agreement.
               AmeriCredit Canada shall not, and shall not permit the Borrower
               to, amend, supplement or otherwise modify the Master Receivables
               Purchase Agreement or the Servicing Agreement or waive any
               provision thereof, in each case except with the prior written
               consent of the Collateral Agent and the Lender; nor shall
               AmeriCredit Canada take, or permit the Borrower to take, any
               other action under the Master Receivables

<PAGE>

                                      -13-

               Purchase Agreement or the Servicing Agreement that could be
               reasonably expected to have a Material Adverse Effect.

         (d)   No Amendment of Administration Agreement. AmeriCredit Canada
               shall not, in its capacity as Administrator, amend, supplement or
               otherwise modify the Administration Agreement without the prior
               written consent of the Collateral Agent and the Lender.

         (e)   Change of Name, Etc. AmeriCredit Canada shall not, and shall not
               permit the Borrower to, change its name, identity or structure or
               the location of its chief executive office or place of business,
               unless at least 30 days prior to the effective date of any such
               change the Borrower or AmeriCredit Canada, as applicable,
               delivers to the Lender and the Collateral Agent such documents,
               instruments or agreements, executed by AmeriCredit Canada, the
               Borrower or the Collateral Agent, as applicable, as are necessary
               to reflect such change and to continue the perfection of the
               Collateral Agent's security interest in the Collateral.
               AmeriCredit Canada shall not, and shall not permit the Borrower
               to, change the location of its chief executive office or place of
               business except to a province in Canada other than Quebec.

4.3      Hedging Arrangements

The Borrower shall (i) at or prior to the time of any Funding, provide to the
Lender and the Collateral Agent an Officer's Certificate stating that the
Borrower has Hedging Arrangements in place satisfying the conditions of this
Section 4.3 as set forth below, and (ii) in connection with any Servicer's
Certificate provided hereunder and to the extent not previously provided,
provide an executed copy of all existing Hedging Arrangements, which Hedging
Arrangements shall be satisfactory to the Collateral Agent and with respect to
which the Borrower shall be the beneficiary, in respect of an aggregate notional
amount at least equal to the Net Loan Investment, and if such Hedging
Arrangement is a swap, not greater than the Aggregate Outstanding Balance of
Eligible Receivables at such time related to such swap. On each Funding Date,
the notional balance of the Hedging Arrangement shall be in an amount at least
equal to the Net Loan Investment and, in the case of a swap, not exceeding the
Aggregate Outstanding Balance of Eligible Receivables at such time (including
any Receivables to be added in connection with such Funding). The form and
structure and counterparty to each Hedging Arrangement shall be acceptable to
the Collateral Agent and the Lender and each Hedging Arrangement must be in full
force and effect at all times during which the Net Loan Investment is greater
than zero. Any counterparty to a Hedging Arrangement shall have a long term
unsecured debt rating of at least A2 from Moody's and A from S&P. With respect
to each Funding, the related Hedging Arrangement shall provide that (a) the
strike rate, if such Hedging Arrangement is an interest rate cap agreement, and
(b) the fixed rate, if such Hedging Arrangement is a swap, is 11.25% less than
the weighted average Annual Percentage Rate on the Receivables related to such
Funding. The related amortization schedule of the Hedging Arrangement shall be
calculated using an ABS prepayment speed of no greater than (x) 0.75%, if such
Hedging Arrangement is an interest rate cap agreement and (y) 1.4%, if such
Hedging Arrangement is a swap. With respect to any Hedging Arrangement, (i) on
and after the Facility Termination Date or the occurrence of a Termination Event
or Potential Termination Event, the Collateral Agent shall have the right, in
its sole discretion, to direct the Borrower's actions with respect thereto and
(ii) the related amortization schedule shall be approved by the Collateral
Agent.

<PAGE>

                                      -14-

                                   ARTICLE 5
                                   ACCOUNTS

5.1      Accounts

         (a)   On or prior to the Closing Date, the Servicer shall establish
               and maintain, in the name of the Borrower for the benefit of the
               Borrower, the Collateral Agent and the Secured Parties, the
               following accounts:

               (i)   an Eligible Deposit Account (the "Collection Account"),
                     bearing a designation clearly indicating that the funds
                     deposited therein are held for the benefit of the Borrower,
                     and subject to the Security Interest in favour of the
                     Collateral Agent and the Secured Parties.

               (ii)  an Eligible Deposit Account (the "Cash Reserve Account"),
                     bearing a designation clearly indicating that the funds
                     deposited therein are held for the benefit of the Borrower,
                     and subject to the Security Interest in favour of the
                     Collateral Agent and the Secured Parties.

               (iii) Prior to the completion of the Registration Conditions the
                     Collection Account and the Cash Reserve Account shall be
                     established at Bank of Montreal and shall be administered
                     by the Collateral Agent in accordance with subsections (b)
                     and (c) below and following the completion of the
                     Registration Conditions such accounts shall be transferred
                     to The Bank of Nova Scotia and administered by the Servicer
                     in accordance with subsections (d) and (e) below.

         (b)   Prior to the completion of the Registration Conditions and
               subject to Section 5.2, funds on deposit in the Trust Accounts
               shall be invested or reinvested by the Collateral Agent in
               Eligible Investments selected by and directed in writing by the
               Servicer (which written direction may be in the form of standing
               instructions); provided, however, it is understood and agreed
               that the Collateral Agent shall not be liable for the selection
               of, or any loss arising from such investment in, Eligible
               Investments. All such Eligible Investments shall be held by the
               Collateral Agent for the benefit of the Borrower, and subject to
               the Security Interest in favour of the Collateral Agent and the
               Secured Parties, provided that on the Business Day prior to each
               Settlement Date all Investment Earnings on funds on deposit
               therein shall be deposited into the Collection Account and shall
               be deemed to constitute a portion of the Available Funds for such
               Settlement Date. Funds on deposit in the Trust Accounts shall be
               invested in Eligible Investments that will mature so that such
               funds will be available at the close of business on the Business
               Day preceding each Settlement Date. Funds deposited in a Trust
               Account on the Business Day that precedes a Settlement Date upon
               the maturity of any Eligible Investments are not required to be
               invested overnight.

         (c)   Prior to the completion of the Registration Conditions, the
               Collateral Agent shall possess all right, title and interest in
               all funds on deposit from time to time in the Trust Accounts and
               in all proceeds thereof (including all income thereon) and all
               such funds, investments, proceeds and income shall be part of the
               Collateral. The

<PAGE>

                                      -15-

               Trust Accounts shall be under the sole dominion and control of
               the Collateral Agent for the benefit of the Lender. If, at any
               time, any of the Trust Accounts ceases to be an Eligible Deposit
               Account, the Collateral Agent (or the Servicer on its behalf)
               shall within 10 Business Days establish a new Trust Account as an
               Eligible Deposit Account and shall transfer any cash and/or any
               investments to such new Trust Account.

         (d)   Following the completion of the Registration Conditions and
               subject to Section 5.2, funds on deposit in the Trust Accounts
               shall be invested or reinvested by the Servicer in Eligible
               Investments selected by the Servicer. All such Eligible
               Investments shall be held by the Borrower, and subject to the
               Security Interest in favour of the Collateral Agent and the
               Secured Parties, provided that on the Business Day prior to each
               Settlement Date all Investment Earnings on funds on deposit
               therein shall be deposited into the Collection Account and shall
               be deemed to constitute a portion of the Available Funds for such
               Settlement Date. Funds on deposit in the Trust Accounts shall be
               invested in Eligible Investments that will mature so that such
               funds will be available at the close of business on the Business
               Day preceding each Settlement Date. Funds deposited in a Trust
               Account on the Business Day that precedes a Settlement Date upon
               the maturity of any Eligible Investments are not required to be
               invested overnight.

         (e)   Following the completion of the Registration Conditions, the
               Borrower shall possess all right, title and interest in all funds
               on deposit from time to time in the Trust Accounts and in all
               proceeds thereof (including all income thereon) and all such
               funds, investments, proceeds and income shall be part of the
               Collateral. Subject to the terms of the Account Control Agreement
               being entered into with The Bank of Nova Scotia in respect of the
               Trust Accounts, the Trust Accounts shall be under the sole
               dominion and control of the Borrower for the benefit of
               Collateral Agent and the Lender with access to be provided to the
               Servicer solely for the purpose of complying with the terms of
               this Agreement and the other Transaction Documents until such
               time as the Collateral Agent provides the Borrower and the
               Servicer with a copy of a notice provided to The Bank of Nova
               Scotia in accordance with the terms of the above referenced
               Account Control Agreement. If, at any time, any of the Trust
               Accounts ceases to be an Eligible Deposit Account, the Servicer
               shall within 10 Business Days establish a new Trust Account as an
               Eligible Deposit Account and shall transfer any cash and/or any
               investments to such new Trust Account.

         (f)   If the Collateral Agent or the Lender reasonably believes that
               the deposit of funds into the Depository Account in connection
               with the transactions described in the Transaction Documents are
               in jeopardy of being misdirected to another Person and have
               provided written notice to that effect to the Servicer and
               AmeriCredit Canada then the Servicer or AmeriCredit Canada shall
               use their reasonable commercial efforts to arrange for all
               Persons with an interest in the funds on deposit in the
               Depository Account to enter into an intercreditor agreement in
               form and substance satisfactory to the Collateral Agent as to the
               relative priorities of such Persons with respect to such funds.
               In addition, if the Borrower, the Servicer or AmeriCredit Canada
               enters into any type of intercreditor arrangement with any

<PAGE>

                                      -16-

               other Person with respect to the Depository Account the Servicer
               shall notify the Collateral Agent of same and shall use its
               reasonable commercial efforts to provide similar arrangements to
               the Collateral Agent upon the Collateral Agent's request to do
               so.

5.2      General Provisions Regarding Trust Accounts

         (a)   Prior to the completion of the Registration Conditions, so long
               as no Termination Event shall have occurred and be continuing,
               all or a portion of the funds in the Trust Accounts shall be
               invested in Eligible Investments and reinvested by the Collateral
               Agent subject to the provisions of Section 5.1(b) of this
               Agreement. All income or other gain from investments of moneys
               deposited in the Trust Accounts shall be deposited by the
               Collateral Agent into the Collection Account, and any loss or
               expenses resulting from such investments shall be charged to such
               account. The Servicer or Borrower will not direct the Collateral
               Agent to make any investment of any funds or to sell any
               investment held in any of the Trust Accounts unless the security
               interest granted and perfected in such account will continue to
               be perfected in such investment or the proceeds of such sale, in
               either case without any further action by any Person.

         (b)   Prior to the completion of the Registration Conditions, if: (i)
               the Borrower or Servicer shall have failed to give investment
               directions for any funds on deposit in the Trust Accounts to the
               Collateral Agent by 11:00 a.m. (Toronto time) (or such other time
               as may be agreed by the Servicer and the Collateral Agent) on any
               Business Day; or (ii) a Termination Event shall have occurred and
               be continuing then the Collateral Agent shall, to the fullest
               extent practicable, invest and reinvest funds in the Trust
               Accounts in one or more Eligible Investments selected by the
               Collateral Agent.

         (c)   Following the completion of the Registration Conditions, all or a
               portion of the funds in the Trust Accounts shall be invested in
               Eligible Investments and reinvested by the Servicer subject to
               the provisions of Section 5.1(b) of this Agreement. All income or
               other gain from investments of moneys deposited in the Trust
               Accounts shall be deposited by the Servicer into the Collection
               Account, and any loss or expenses resulting from such investments
               shall be charged to such account. The Servicer or Borrower will
               not make any investment of any funds or sell any investment held
               in any of the Trust Accounts unless the security interest granted
               and perfected in such account will continue to be perfected in
               such investment or the proceeds of such sale, in either case
               without any further action by any Person.

                                   ARTICLE 6
                     COLLECTIONS; DISTRIBUTIONS AND PAYMENTS

6.1      Collections

         (a)   Each of the Borrower, AmeriCredit Canada and the Servicer shall,
               and the Servicer shall cause any subservicer to, remit within two
               Business Days of receipt thereof to the Collection Account all
               payments by or on behalf of the Obligors

<PAGE>

                                      -17-

               with respect to the Receivables, and all Liquidation Proceeds and
               other recoveries, both as collected during the Monthly Period.
               Notwithstanding the foregoing, for so long as: (i) AmeriCredit
               Canada remains the Servicer, (ii) no Servicer Termination Event
               shall have occurred and be continuing, and (iii) AmeriCredit
               Canada maintains a long term rating of at least A (low) by DBRS
               and AmeriCredit maintains a short term rating of at least A-1 by
               S&P, the Servicer shall remit such collections with respect to
               each Monthly Period to the Collection Account on the Business Day
               preceding the related Settlement Date. For purposes of this
               Article 6, the phrase "payments by or on behalf of the Obligors"
               shall mean payments made with respect to the Receivables by
               Persons other than the Servicer or the Seller.

         (b)   Collections shall not include any amounts paid by Obligors during
               such Collection Period that (i) were collected in the Depository
               Account and (ii) did not relate to the Receivables. On each
               Settlement Date the Servicer shall pay or distribute to the
               Seller all amounts on deposit in the Collection Account for the
               related Collection Period that do not relate to the amounts
               described in clauses (i) and (ii) above in accordance with the
               instructions contained in the Servicer's Certificate for such
               Settlement Date.

         (c)   The Servicer will also be entitled to be reimbursed from amounts
               on deposit in the Collection Account with respect to a Collection
               Period for amounts previously deposited in the Collection Account
               but later determined by the Seller to have resulted from mistaken
               deposits or postings or cheques returned for insufficient funds.
               The amount to be reimbursed hereunder shall be paid to the
               Servicer on the related Settlement Date pursuant to Section
               6.4(b)(iii) upon certification by the Servicer of such amounts in
               the related Servicer's Certificate and the provision of such
               information to the Collateral Agent as may be necessary in the
               opinion of the Collateral Agent to verify the accuracy of such
               certification; provided, however, that the Servicer must provide
               such clarification within 3 months of such mistaken deposit,
               posting, or returned cheque, provided that such reimbursement
               shall not be made following the distribution of related funds
               pursuant to Section 6.4 hereof.

6.2      Application of Collections

         (a)   With respect to each Receivable, all Collections for the Monthly
               Period shall be applied to the related Scheduled Receivables
               Payment.

         (b)   All Liquidation Proceeds shall be applied to the related
               Receivable.

6.3      Additional Deposits

The Servicer and the Seller shall deposit or cause to be deposited in the
Collection Account the Aggregate Outstanding Balance with respect to Receivables
and any Monthly Period on the Business Day preceding the Settlement Date for the
Monthly Period in which the obligation to pay any Outstanding Balance arose. The
Servicer will deposit the Aggregate Outstanding Balance with respect to
Purchased Receivables when such obligations are due, unless the Servicer shall
not be required to make daily deposits pursuant to Section 6.1.

<PAGE>

                                      -18-

6.4      Distributions

         (a)   On each Determination Date with respect to the prior Monthly
               Period and the related Settlement Date, the Servicer shall
               calculate the Monthly Collections, the Available Funds, the
               Servicing Fee, the Administration Fee, the Trust Expenses, the
               Targeted Monthly Principal Payment, the Targeted Additional
               Monthly Principal Payment, the Loan Note Funding Costs, the net
               amount, if any, payable by the Borrower under the Hedging
               Arrangements, the Investment Earnings, the accrued and unpaid
               interest on the Seller Loan Note Balance, the Targeted Seller
               Loan Principal Payment and all other amounts required to
               determine the amounts, if any, to be deposited in or paid from
               each of the Trust Accounts on or before the related Settlement
               Date (or, in the case of payments, if any, due under the Hedging
               Arrangements, on the Business Day preceding the Settlement Date).
               Based on such calculations, the Servicer shall deliver to the
               Collateral Agent a Servicer's Certificate specifying such amounts
               and, depending upon whether the Registration Conditions have been
               satisfied, either instucting the Collateral Agent to make, or
               advising the Collateral Agent that the Servicer is making,
               withdrawals, deposits and payments of the amounts necessary to
               make the distributions and payments provided for in Sections 6.4
               and 6.5 on or before such Settlement Date and the Borrower
               irrevocably consents to the giving of such instructions or
               advice, as the case may be, and the making of such withdrawals,
               deposits and payments.

         (b)   On each Settlement Date (or in the case of payments to the
               counterparties under the Hedging Arrangements pursuant to clause
               (i) below, if any, on the Business Day preceding such Settlement
               Date), all Available Funds for such date shall be applied,
               without duplication, by the Servicer or the Collateral Agent,
               respectively, as follows and in the following priority:

               (i)    to pay any amounts due to any counterparty under any
                      Hedging Arrangement on or for such Settlement Date
                      (exclusive of payments due to such counterparty in
                      connection with any Early Termination Date under (and as
                      defined in) the Hedging Arrangements);

               (ii)   to pay the Administrator and the Trustee, as applicable,
                      pro rata, to pay the Administration Fee and the Trust
                      Expenses (to the extent that such Trust Expenses do not
                      exceed $50,000 per annum) for such Settlement Date and any
                      previous Settlement Dates to the extent not previously
                      paid;

               (iii)  to pay the Servicer, the Servicing Fee, if any, for the
                      immediately preceding Settlement Period and any previous
                      Settlement Dates to the extent not previously paid;

               (iv)   to pay to (A) the Collateral Agent, for the account of the
                      Lender, an amount equal to all accrued and unpaid Loan
                      Note Funding Costs for such Settlement Date and any
                      previous Settlement Dates to the extent not previously
                      paid and any amounts due in respect of the non-utilization
                      fee referred to in paragraph 2 of the Fee Letter and (B)
                      the counterparties under the Hedging Arrangements any
                      amounts due under any Hedging

<PAGE>

                                      -19-

               Arrangements on or for such Settlement Date (and any previous
               Settlement Dates to the extent not previously paid) in respect of
               or in connection with any Early Termination Date under (and as
               defined in) the Hedging Arrangements, pro rata, based on the
               proportion that each amount owing under (A) and (B) above, as
               applicable, bears to the sum of the amounts owing under (A) and
               (B) above;

        (v)    to pay the Collateral Agent, for the account of the Lenders, an
               amount equal to the lesser of (A) the Targeted Monthly Principal
               Payment for such Settlement Date and (B) the Net Loan Investment
               for such Settlement Date;

        (vi)   if such Settlement Date is prior to the occurrence of a
               Termination Event, to pay or deposit to the Cash Reserve Account
               an amount equal to the positive difference, if any, between (A)
               the Cash Reserve Account Required Amount for such Settlement Date
               and (B) the amount on deposit in the Cash Reserve Account on such
               date;

        (vii)  to pay the Collateral Agent, for the account of the Lender, an
               amount equal to the Targeted Additional Monthly Principal Payment
               for such Settlement Date;

        (viii) to pay the Collateral Agent, for the account of the Persons
               entitled thereto, an amount equal to all other Aggregate Unpaids
               for such date described in clauses (iii) and (v) of the
               definition thereof payable to the Lender or the Collateral Agent
               and not paid from distributions made under clauses (b)(ii) to
               (v), both inclusive, above;

        (ix)   an amount equal to all other Aggregate Unpaids for such date
               described in clause (i) of the definition thereof;

        (x)    to pay the Seller (or any transferee or assign pursuant to
               Section 4.9 of the Master Receivables Purchase Agreement) the
               accrued and unpaid interest (including interest on overdue
               interest) on the Seller Loan Note Balance for such Settlement
               Date and any previous Settlement Dates to the extent not
               previously paid;

        (xi)   to pay the Trustee, the Trust Expenses, to the extent not paid
               under clause (b)(ii) for such Settlement Date and any previous
               Settlement Dates to the extent not previously paid;

        (xii)  to retain for the Borrower, the sum of $100 for distribution to
               the beneficiaries of the Borrower;

        (xiii) to pay the Seller (or any transferee or assign pursuant to
               Section 4.9 of the Master Receivables Purchase Agreement), in
               repayment of the outstanding Seller Loan Note Balance, an amount
               equal to the lesser of:

<PAGE>

                                      -20-

               (A) the Targeted Seller Loan Principal Payment for such
                   Settlement Date, and

               (B) the outstanding Seller Loan Note Balance; and

         (xiv) the balance, if any, after application of clauses (i) through
               (xiii) above, shall be paid to the Seller (or any transferee or
               assignee pursuant to Section 4.9 of the Master Receivables
               Purchase Agreement) as part of the Monthly Residual Purchase
               Price Amount.

    (c)  On each Settlement Date the Servicer shall pay, or shall instruct the
         Collateral Agent to pay, to the Seller (or any transferee or assign
         pursuant to Section 4.9 of the Master Receivables Purchase Agreement)
         the Monthly Residual Purchase Price Amount for such date from the
         Monthly Collections for such date after all amounts under Section
         6.4(b) above due to the Lender or Collateral Agent on such date are
         paid. Notwithstanding the foregoing, if there is a Subordinated Loan
         for any Settlement Date under Section 1.6(c) or (e) of the Master
         Receivables Purchase Agreement, the portion of the Monthly Residual
         Purchase Price Amount, if any, otherwise payable to the Seller under
         this Section 6.4(c) and which is set off and netted in accordance with
         the Master Receivables Purchase Agreement against the obligation of the
         Seller to make such Subordinated Loans on such date, shall be included
         in the Monthly Net Collections and the Available Funds for such
         Settlement Date and applied to satisfy the payments to be made pursuant
         to clauses (b)(ii) to (b)(xiii), both inclusive, of this Section
         6.4(c).

6.5 Cash Reserve Account

    (a)  The Seller hereby directs the Borrower to, and the Borrower shall,
         retain in or deposit into the Cash Reserve Account, all Subordinated
         Loans made by the Seller to the Borrower pursuant to Section 1.6(b) and
         (c) of the Master Receivables Purchase Agreement.

    (b)  If the Available Funds for any Settlement  Date (other than the amounts
         on deposit in the Cash Reserve Account) are or will be insufficient to
         provide for the payment in full of the amounts described in Section
         6.4(b)(i) through (viii) hereof, the Collateral Agent shall make a
         withdrawal from the Cash Reserve Account in the amount of such
         deficiency and the proceeds from such withdrawal shall be deposited
         into the Collection Account and applied by the Servicer or the
         Collateral Agent to Available Funds to make the distributions and
         payments required by Section 6.4(b)(i) through (viii), as applicable;
         provided, however that on the first Settlement Date on or after the
         occurrence of a Termination Event the Collateral Agent shall transfer
         all amounts then on deposit in the Cash Reserve Account to the
         Collection Account for application in accordance with Section 6.4(b)
         and thereafter no further amounts shall be deposited to the Cash
         Reserve Account.

    (c)  If on any Settlement Date prior to the occurrence of a Termination
         Event or a Potential Termination Event, the amount on deposit in the
         Cash Reserve Account exceeds the Cash Reserve Account Required Amount
         for such Settlement Date

<PAGE>

                                      -21-

               (after giving effect to all deposits to and withdrawals from the
               Cash Reserve Account on such Settlement Date otherwise than
               pursuant to this Section 6.5(c)), the Collateral Agent shall
               distribute the amount of the excess to the Seller in payment of
               the outstanding Seller Loan Note Balance.

         (d)   If on any Optional Repurchase Date, the amount on deposit in the
               Cash Reserve Account (calculated as of the Optional Repurchase
               Date and after giving effect to the Optional Repurchase and
               Section 6.4(b) above (if applicable on such date)) exceeds the
               Cash Reserve Account Required Amount, the Servicer shall (x) if
               no Termination Event or a Potential Termination Event shall have
               occurred, release to the Seller as an adjustment to the Purchase
               Price an amount equal to the excess of the amount on deposit in
               the Cash Reserve Account over the Cash Reserve Account Required
               Amount and (y) if a Termination Event or a Potential Termination
               Event shall have occurred, retain the amount on deposit in the
               Cash Reserve Account for application as part of Available Funds
               pursuant to Section 6.5 hereof on the next succeeding Settlement
               Date.

6.6      Proceeds of Realization.

         (a)   If the Collateral Agent collects any money or property pursuant
               to Article 2 hereof with respect to the Collateral upon any sale
               or other disposition of the Collateral pursuant to this
               Agreement, it shall pay out the money or property in the
               following order:

               (i)    first: to the Collateral Agent for unpaid fees expenses
                      and other amounts due to the Collateral Agent in
                      connection with such sale or disposition and then to the
                      Trustee for unpaid fees, expenses and other amounts due to
                      the Trustee (not including amounts due for payments to the
                      beneficiaries of the Trust) in connection with such sale
                      or disposition under the Trust Declaration or the Master
                      Receivables Purchase Agreement; and

               (ii)   second: to the Collection Account, for distribution
                      pursuant to the terms and provisions of Section 6.4,
                      Section 6.5 and this Section 6.6.

         (b)   Upon any Termination Event, the Servicer shall, or shall instruct
               the Collateral Agent to, distribute or pay the proceeds of such
               disposition (the "Event of Default Proceeds") deposited into the
               Collection Account under Section 6.6(a)(ii) on the Settlement
               Date on which the Event of Default Proceeds are deposited in the
               Collection Account (or, if such proceeds are not so deposited on
               a Settlement Date, on the Settlement Date immediately following
               such deposit), to make the payments or deposits specified in
               Sections 6.4 and 6.5 of this Agreement (after the application on
               such Settlement Date of the Available Funds, funds on deposit in
               the Cash Reserve Account) from the Event of Default Proceeds and
               any funds remaining on deposit in the Cash Reserve Account.

6.7      Release

         (a)   The Collateral Agent shall be deemed to have (i) released from
               the security interest granted herein to the Collateral Agent any
               Repurchased Receivables and

<PAGE>

                                      -22-

               Related Assets and any other Receivables and the Related Security
               and Collections repurchased by the Seller or purchased by the
               Servicer in accordance with the Master Receivables Purchase
               Agreement or the Servicing Agreement, as applicable, in each
               case, immediately upon satisfaction of the related Purchase Price
               in accordance with the terms of Section 1.7 or Section 1.10 of
               the Master Receivables Purchase Agreement, including, where
               applicable, the deposit to the Collection Account of the Optional
               Repurchase Price or Outstanding Balance of such Repurchased
               Receivables and Related Assets or other Receivables and (ii)
               reassigned to the Seller or assigned to the Servicer all of the
               Collateral Agent's rights under the Master Receivables Purchase
               Agreement or the Servicing Agreement, as applicable, with respect
               to such Receivable.

         (b)   Notwithstanding the foregoing, the Collateral Agent shall execute
               and deliver to the Seller, at the Seller's request and expense,
               such documents or instruments as are necessary to sell, transfer
               and assign and/or release to the Seller all right title and
               interest of each of the Borrower, the Collateral Agent and the
               Secured Parties in the Repurchased Receivables and Related Assets
               and proceeds thereof.

         (c)   Amounts properly distributed to the Seller (or any transferee or
               assign pursuant to Section 4.9 of the Master Receivables Purchase
               Agreement) pursuant to Section 6.4 shall be deemed released from
               the security interest granted herein to the Collateral Agent, and
               the Seller (and such transferees and assignees) or the Borrower
               shall in no event thereafter be required to refund any such
               distributed amounts.

6.8      Assignment by Seller

The Seller may at any time, with the consent of the Borrower and the Lender or
Collateral Agent which consent shall not be unreasonably withheld or delayed,
sell, transfer, convey or assign in any manner its rights to and interests in
the Seller Loan Note, the principal of, and interest accrued or accruing on, and
any other amounts in respect of, the Seller Loan Note Balance or any other
distributions from the Cash Reserve Account, including interest and other
investment earnings thereon.

6.9      Borrowing Base Adjustment Loans

The proceeds of all Borrowing Base Adjustment Loans made by the Seller to the
Borrower and deposited to the Collection Account pursuant to the Master
Receivables Purchase Agreement shall be applied by the Servicer on behalf of the
Collateral Agent or by the Collateral Agent, as applicable to repay or reduce
the Net Loan Investment on the date such Borrowing Base Adjustment Loans are
made by the Seller and deposited to the Collection Account.

                                   ARTICLE 7
                              THE COLLATERAL AGENT

7.1      Duties of the Collateral Agent

The Lender hereby appoints Congress Financial Corporation (Canada) to act solely
on its behalf as Collateral Agent hereunder and under the other Transaction
Documents, and Congress

<PAGE>

                                      -23-

Financial Corporation (Canada) hereby accepts such appointment. The Collateral
Agent, both prior to the occurrence of a Termination Event hereunder and after a
Termination Event shall have been cured or waived, shall undertake to perform
such duties and only such duties as are specifically set forth in this Agreement
and the other Transaction Documents to which it is a party. The Collateral Agent
shall at all times after the occurrence of a Termination Event which has not
been cured or waived exercise such of the rights and powers vested in it
pursuant to this Agreement using the same degree of care and skill as a prudent
person would exercise or use in the conduct of his or her own affairs.

All Collections received by the Collateral Agent will, pending remittance to the
Lender and the other parties entitled thereto, be held in trust by the
Collateral Agent for the benefit of such parties and together with all other
payment obligations of the Borrower hereunder shall be payable in accordance
with the provisions of Article 6 hereof.

7.2      Indemnification of Collateral Agent

Each of the Borrower and AmeriCredit Canada shall indemnify the Collateral
Agent, its officers, directors, employees and agents as set out in Section 4.1
of the Loan Agreement. This obligation shall survive termination of this
Agreement.

7.3      Liability of the Collateral Agent

         (a)   The Collateral Agent shall be liable in accordance herewith only
               to the extent of the obligations specifically undertaken by the
               Collateral Agent in such capacity herein. No implied covenants or
               obligations shall be read into this Agreement or any other
               Transaction Documents against the Collateral Agent and, in the
               absence of bad faith on the part of the Collateral Agent, the
               Collateral Agent may conclusively rely on the truth of the
               statements and the correctness of the opinions expressed in any
               certificates or opinions furnished to the Collateral Agent and
               conforming to the requirements of this Agreement or any other
               Transaction Document.

         (b)   The Collateral Agent shall not be liable for an error of
               judgment made in good faith by an authorized officer, unless
               it shall be conclusively proved in a judicial proceeding that
               the Collateral Agent shall have been grossly negligent in
               ascertaining the pertinent facts of which the Collateral Agent
               is required by the terms of this Agreement or any other
               Transaction Documents to make itself aware.

         (c)   The Collateral Agent shall not be liable with respect to any
               action taken, suffered or omitted to be taken in good faith in
               accordance with this Agreement or any other Transaction
               Document or at the direction of a Secured Party relating to
               the exercise of any power conferred upon the Collateral Agent
               under this Agreement or any other Transaction Document.

         (d)   The Collateral Agent shall not be charged with knowledge of any
               Termination Event unless an authorized officer obtains actual
               knowledge of such event or the Collateral Agent receives written
               notice of such event from the Borrower or the Lender, as the case
               may be.

<PAGE>

                                      -24-

         (e)  Without limiting the generality of this Section 7.3, the
              Collateral Agent shall have no duty (i) to see to any recording,
              filing or depositing of this Agreement or any other Transaction
              Document or any financing statement or continuation statement
              evidencing a security interest in the Receivables or the Financed
              Vehicles, or to see to the maintenance of any such recording or
              filing or depositing or to any recording, refiling or
              redepositing of any thereof, (ii) to see to any insurance of the
              Financed Vehicles or Obligors or to effect or maintain any such
              insurance, (iii) to see to the payment or discharge of any tax,
              assessment or other governmental charge or any Lien or
              encumbrance of any kind owing with respect to, assessed or levied
              against, any part of the Receivables, (iv) to confirm or verify
              the contents of any reports or certificates of the Borrower
              delivered to the Collateral Agent pursuant to this Agreement or
              any other Transaction Document believed by the Collateral Agent
              to be genuine and to have been signed or presented by the proper
              party or parties or (v) to inspect the Financed Vehicles at any
              time or ascertain or inquire as to the performance or observance
              of any of the Borrower's representations, warranties or
              covenants.

         (f)  The Collateral Agent shall not be required to expend or risk its
              own funds or otherwise incur financial liability in the
              performance of any of its duties hereunder, or in the exercise of
              any of its rights or powers, if there shall be reasonable ground
              for believing that the repayment of such funds or adequate
              indemnity against such risk or liability shall not be reasonably
              assured to it, and none of the provisions contained in this
              Agreement shall in any event require the Collateral Agent to
              perform, or be responsible for the manner of performance of, any
              of the obligations of the Borrower under this Agreement.

         (g)  The Collateral Agent may rely and shall be protected in acting or
              refraining from acting upon any resolution, officer's certificate,
              any Servicer's Certificate, certificate of auditors, or any other
              certificate, statement, instrument, opinion, report, notice,
              request, consent, order, appraisal, bond or other paper or
              document reasonably believed by it to be genuine and to have been
              signed or presented by the proper party or parties.

         (h)  The Collateral Agent may consult with counsel and any opinion of
              such counsel shall be full and complete authorization and
              protection in respect of any action taken or suffered or omitted
              by it under this Agreement or any other Transaction Document in
              good faith and in accordance with such opinion of counsel.

         (i)  The Collateral Agent shall not be liable for any action taken,
              suffered or omitted by it in good faith and believed by it to be
              authorized or within the discretion or rights or powers conferred
              upon it by this Agreement or any other Transaction Document;
              nothing contained in this Agreement, however, shall relieve the
              Collateral Agent of its obligations, upon the occurrence of a
              Termination Event (that shall not have been cured or waived), to
              exercise such of the rights and powers vested in it by this
              Agreement, and to use the same degree of care and skill in their
              exercise as a prudent person would exercise or use under the
              circumstances in the conduct of his or her own affairs.

<PAGE>

                                      -25-

         (j)  The Collateral Agent shall not be bound to make any investigation
              into the facts of matters stated in any resolution, certificate,
              statement, instrument, opinion, report, notice, request, consent,
              order, approval, bond or other paper or document, unless requested
              in writing so to do by the Lender; provided, however, that if the
              payment within a reasonable time to the Collateral Agent of the
              costs, expenses or liabilities likely to be incurred by it in the
              making of such investigation shall be, in the opinion of the
              Collateral Agent, not reasonably assured by the Borrower, the
              Collateral Agent may require reasonable indemnity against such
              cost, expense or liability as a condition to so proceeding. The
              reasonable expense of every such examination shall be paid by the
              Borrower or, if paid by the Collateral Agent, shall be reimbursed
              by the Borrower upon demand.

         (k)  The Collateral Agent may execute any of the trusts or powers
              hereunder or perform any duties under this Agreement either
              directly or by or through the Lender or attorneys or a custodian.
              The Collateral Agent shall not be responsible for any misconduct
              or negligence of any such agent or custodian appointed with due
              care by it hereunder.

                                   ARTICLE 8
                                  MISCELLANEOUS

8.1      Waivers; Amendments

         (a)  No failure or delay on the part of the Collateral Agent or the
              Lender 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 further exercise thereof or the exercise of any other
              power, right or remedy. The rights and remedies herein provided
              shall be cumulative and nonexclusive of any rights or remedies
              provided by law.

         (b)  The following steps may only be taken by or with the written
              consent of the Collateral Agent and the Lender:

              (i)    an amendment to, or waiver under, this Agreement or any
                     other Transaction Document;

              (ii)   the waiver of any Termination Event or Servicer Termination
                     Event;

              (iii)  after the occurrence of a Termination Event, declaring the
                     Facility Termination Date to have occurred; and

              (iv)   replacing AmeriCredit Canada as Servicer and AmeriCredit US
                     as the Custodian after the occurrence of a Servicer
                     Termination Event.

8.2      Notices

Except as provided below, all communications, reports and notices provided for
hereunder shall be in writing (including telecopy or electronic facsimile
transmission or similar writing) and shall be given to the other party at its
address or telecopy number set forth below or at such other

<PAGE>

                                      -26-

address or telecopy number as such party may hereafter specify for the purposes
of notice to such party. Each such notice or other communication shall be
effective (i) if given by telecopy, when such telecopy is transmitted to the
telecopy number specified in this Section 8.2 and confirmation is received, (ii)
if given by mail, three (3) Business Days following such posting, if postage
prepaid, or if sent via U.S. certified or registered mail, (iii) if given by
overnight courier, one (1) Business Day after deposit thereof with a national
overnight courier service, or (iv) if given by any other means, when received at
the address specified in this Section 8.2.

If to the Lender or the Collateral Agent:

         Congress Financial Corporation (Canada)
         141 Adelaide Street West
         Suite 1500
         Toronto, Ontario
         M5H 3L9

         Attention:  Enza Augusta

         Telephone: (416) 364-6401
         Telecopy:  (416) 364-8165

         with a copy to:

         Wachovia Securities
         Asset-Backed Finance - Investment Management
         301 S. College St.
         Charlotte, NC 28288-0610

         Attention:  Tim MacPhail

         Telephone: (704) 383-5127
         Facsimile: (704) 383-6162

         If to the Borrower:

         AmeriCredit Canada Funding Trust I
         c/o AmeriCredit Financial Services of Canada Ltd, as Administrator
         1 Robert Speck Parkway, Suite 1420
         Mississauga, Ontario  L4Z 3M3

         Attention:  Treasurer

         Telephone: (905) 804-8258
         Telecopy:  (905) 804-8095

<PAGE>
                                      -27-

         with a copy to:

         CIBC Mellon Trust Company, as Trustee
         320 Bay Street
         P.O. Box 1
         Toronto, Ontario
         M5H 4A6

         Attention: Manager, Corporate Trust Services

         Telecopy:  (416) 643-5570

         Payment Information:

         [BANK]
         ABA _________
         Account __________
         Reference __________

         with a copy to:

         AmeriCredit Financial Services of Canada Ltd.
         801 Cherry Street
         Suite 3900
         Fort Worth, Texas 76102

         Attention:  Treasurer

         Telephone:  (817) 302-7022
         Telecopy:   (817) 302-7942

         If to AmeriCredit Canada:

         AmeriCredit Financial Services of Canada Ltd.
         1 Robert Speck Parkway
         Suite 1420
         Mississauga, Ontario
         L4Z 3M3

         Attention:  Treasurer

         Telephone:  (905) 804-8258
         Telecopy:   (905) 804-8095

         with a copy to:

         AmeriCredit Financial Services of Canada Ltd.

<PAGE>

                                      -28-

         801 Cherry Street
         Suite 3900
         Fort Worth, Texas 76102

         Attention:  Treasurer

         Telephone:  (817) 302-7022
         Telecopy:   (817) 302-7942

8.3      Governing Law; Submission to Jurisdiction

         (a)  This Agreement shall be governed by, and construed in accordance
              with, the law of the Province of Ontario (without giving effect to
              the conflict of laws principles thereof).

         (b)  Any legal action or proceeding with respect to this agreement may
              be brought in the courts of the Province of Ontario and by
              execution and delivery of this Agreement, each of the Borrower,
              the Collateral Agent, the Lender, the Seller, the Servicer and the
              Administrator consents, for itself and in respect of its property,
              to the non-exclusive jurisdiction of those courts. Each of the
              Borrower, the Lender, the Seller, the Servicer and the
              Administrator irrevocably waives, to the maximum extent permitted
              by law, any objection, including any objection to the laying of
              venue or based on the grounds of forum non convenience, which it
              may now or hereafter have to the bringing of any action or
              proceeding in such jurisdiction in respect of this Agreement or
              any document related hereto. The Borrower, the Collateral Agent,
              the Lender, the Seller, the Servicer and the Administrator each
              waive personal service of any claim, notice of motion or
              application, summons, complaint or other process, which may be
              made by any other means permitted by Ontario law.

8.4      Counterparts

This Agreement may be executed in any number of counterparts and by different
parties hereto in separate counterparts, each of which when so executed shall be
deemed to be an original and all of which when taken together shall constitute
one and the same Agreement.

8.5      Successors and Assigns

         (a)  This Agreement shall be binding on, and inure to the benefit of
              the Borrower and AmeriCredit Canada, and their respective
              successors and assigns; provided, however, that neither
              AmeriCredit Canada, nor the Borrower may assign any of its rights
              or delegate any of its duties hereunder or under the Master
              Receivables Purchase Agreement or under any of the other
              Transaction Documents to which it is a party without the prior
              written consent of the Lender.

         (b)  Neither the Collateral Agent nor the Lender may assign its rights
              and obligations under or in this Agreement or the other
              Transaction Documents to any Person other than an Eligible
              Institution without the prior written consent of the

<PAGE>

                                      -29-

              Borrower, the Seller, the Servicer and AmeriCredit Canada,
              provided, however that after the occurrence of a Termination
              Event, the assignee may be any Person and no such consent shall be
              required.

         (c)  The Lender may at any time grant to one or more Persons which
              shall be Eligible Institutions (each a "Participant")
              participating interests in this Agreement; provided however that
              participations may be granted to any Person after the occurrence
              of a Termination Event. In the event of any such grant by the
              Lender of a participating interest to a Participant, the Lender
              shall remain responsible for the performance of its obligations
              hereunder and neither the Borrower nor AmeriCredit Canada shall
              have any obligation to deal with any Participant hereunder. The
              Borrower and AmeriCredit Canada each agree that each Participant
              shall be entitled to the benefits of all representations,
              warranties, covenants, agreements and indemnities of the Borrower
              or AmeriCredit Canada made or contained in this Agreement, all of
              which may be enforced by the Lender for the benefit of itself and
              such participants.

8.6      Confidentiality Agreement

         (a)  Each of the Borrower and AmeriCredit Canada hereby agrees that it
              will not disclose the contents of this Agreement or any other
              proprietary or confidential information of the Lender or the
              Collateral Agent to any other Person except (i) its auditors and
              attorneys, employees or financial advisors (other than any
              commercial bank which is not an Affiliate of the Lender) and any
              nationally recognized rating agency, provided such auditors,
              attorneys, employees, financial advisors or rating agencies are
              informed of the highly confidential nature of such information or
              (ii) as otherwise required (x) by applicable law, (y) under any
              applicable securities legislation, in connection with an offering
              of securities issued by the Borrower or an Affiliate thereof, or
              (z) by order of a court of competent jurisdiction.

         (b)  Each of the Lender and Collateral Agent hereby agrees that it will
              not disclose the contents of this Agreement or any other
              proprietary or confidential information of the Borrower or
              AmeriCredit to any other Person except (i) its auditors and
              attorneys, employees or financial advisors (other than any
              commercial bank which is not an Affiliate of the Lender) and any
              nationally recognized rating agency, provided such auditors,
              attorneys, employees, financial advisors or rating agencies are
              informed of the highly confidential nature of such information or
              (ii) as otherwise required (x) by applicable law or (y) by order
              of a court of competent jurisdiction.

8.7      Further Assurances

Each of the Borrower and AmeriCredit Canada agrees to do such further acts and
things and to execute and deliver to the Lender or the Collateral Agent such
additional assignments, agreements, powers and instruments as are required by
the Lender to carry into effect the purposes of this Agreement, the Loan
Agreement, the Loan Note or the other Transaction Documents or to better assure
and confirm unto the Lender or the Collateral Agent its rights, powers and
remedies hereunder or thereunder.

<PAGE>

                                      -30-

8.8      Headings

Section headings used in this Agreement are for convenience of reference only
and shall not affect the construction or interpretation of this Agreement.

8.9      Limitation of Liability

It is expressly understood and agreed by the parties hereto that this Agreement
will be conclusively deemed to have been executed by the Trustee only in its
capacity as trustee of the Borrower and that (i) any and all of the
representations, warranties, undertakings, covenants, indemnities, agreements
and other obligations made on the part of the Trustee herein are made and
intended not as personal representations, warranties, undertakings, covenants,
indemnities, agreements and other obligations by the Trustee or for the purpose
or with the intention of binding the Trustee in its personal capacity, but are
made and intended for the purpose of binding only the property and assets of the
Borrower or a specific portion thereof; (ii) no property or assets of the
Trustee, whether owned beneficially by it in its personal capacity or otherwise
(other than the Trust Fund, as such term is defined in the Trust Declaration),
will be subject to levy, execution or other enforcement procedures with regard
to any of the representations, warranties, undertakings, covenants, indemnities,
agreements and other obligations of the Borrower or the Trustee hereunder; and
(iii) no recourse may be had or taken, directly or indirectly against the
Trustee in its personal capacity, any beneficiary of the Borrower or any
incorporator, Affiliate, shareholder, director, officer, representative,
employee or agent of the Trustee or any predecessor or successor of the Trustee
with regard to the representations, warranties, undertakings, covenants,
indemnities, agreements and other obligations of the Borrower or the Trustee
hereunder.

<PAGE>

                                      -31-

         IN WITNESS OF WHICH, the parties hereto have caused this Security
Agreement to be executed by their respective officers thereunto duly authorized
as of the day and year first above written.

                                      AMERICREDIT CANADA FUNDING TRUST I,
                                      by its Trustee, CIBC MELLON TRUST COMPANY,
                                      by AMERICREDIT FINANCIAL SERVICES OF
                                      CANADA LTD. as Administrator

                                         By:____________________________________
                                            Name:
                                            Title:

                                         By:____________________________________
                                            Name:
                                            Title:

                                      AMERICREDIT FINANCIAL SERVICES OF CANADA
                                      LTD., as Seller and initial Servicer

                                         By:____________________________________
                                            Name:
                                            Title:

                                         By:____________________________________
                                            Name:
                                            Title:

                                      CONGRESS FINANCIAL CORPORATION (CANADA),in
                                      its capacity as Lender and as Collateral
                                      Agent

                                       By:______________________________________
                                          Name:
                                          Title:

                                       By:______________________________________
                                          Name:
                                          Title:<PAGE>

                                                                   Exhibit 10.67
                                                                  EXECUTIVE COPY

                 AMERICREDIT FINANCIAL SERVICES OF CANADA LTD.,

                                   as Servicer

                                       and

                      AMERICREDIT FINANCIAL SERVICES, INC.

                                  as Custodian

                                       and

                       AMERICREDIT CANADA FUNDING TRUST I,

                                  as Purchaser

                                 by its trustee

                            CIBC MELLON TRUST COMPANY

                                       and

                    CONGRESS FINANCIAL CORPORATION (CANADA),

                               as Collateral Agent

                        SERVICING AND CUSTODIAN AGREEMENT

                          Osler, Hoskin & Harcourt LLP

                             Barristers & Solicitors

                                Toronto, Ontario

<PAGE>

                               TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                                      Page
<S>                                                                                                                   <C>
ARTICLE 1
     DEFINITIONS ..............................................................................................        1
     1.1   Definitions ........................................................................................        1
     1.2   Other Terms ........................................................................................        2
     1.3   References to Sections, Articles and Exhibits ......................................................        2
     1.4   Number and Gender ..................................................................................        2
     1.5   Currency ...........................................................................................        2
     1.6   Actions on Days Other Than Business Days ...........................................................        2

ARTICLE 2
     ADMINISTRATION AND SERVICING OF RECEIVABLES ..............................................................        2
     2.1   Duties of the Servicer .............................................................................        2
     2.2   Collection of Receivable Payments; Modifications of Receivables; ...................................        3
     2.3   Realization upon Receivables .......................................................................        5
     2.4   Insurance ..........................................................................................        6
     2.5   Maintenance of Security Interests in Vehicles ......................................................        7
     2.6   Covenants, Representations, and Warranties of Servicer .............................................        7
     2.7   Purchase of Receivables Upon Breach of Covenant or Representation and Warranty .....................       12
     2.8   Servicing Fee; Payment of Certain Expenses by Servicer .............................................       13
     2.9   Servicer's Certificate .............................................................................       13
     2.10  Annual Statement as to Compliance, Notice of Servicer Termination Event ............................       13
     2.11  Access to Certain Documentation and Information Regarding Receivables ..............................       14

ARTICLE 3
      THE SERVICER ............................................................................................       14
      3.1  Liability of Servicer; Indemnities .................................................................       14
      3.2  Merger or Consolidation of, or Assumption of the Obligations of the Servicer .......................       15
      3.3  Limitation on Liability of Servicer and Others .....................................................       16
      3.4  Delegation of Duties ...............................................................................       16
      3.5  Servicer Not to Resign .............................................................................       17

ARTICLE 4
     SERVICER TERMINATION .....................................................................................       17
      4.1  Servicer Termination Event .........................................................................       17
      4.2  Consequences of a Servicer Termination Event .......................................................       18
      4.3  Appointment of Successor ...........................................................................       18
      4.4  Notification to Secured Parties ....................................................................       19
      4.5  Waiver of Past Defaults ............................................................................       19

ARTICLE 5
     THE CUSTODIAN ............................................................................................       19
</TABLE>

                                      -i-

<PAGE>

                               TABLE OF CONTENTS
                                  (continued)

<TABLE>
<CAPTION>
                                                                                                                     Page
<S>                                                                                                                  <C>
     5.1   Appointment of Custodian; Acknowledgement of Receipt ................................................      19
     5.2   Maintenance of Records at Office ....................................................................      20
     5.3   Duties of Custodian .................................................................................      20
     5.4   Instructions; Authority to Act ......................................................................      21
     5.5   Indemnification by the Custodian ....................................................................      21
     5.6   Advice of Counsel ...................................................................................      21
     5.7   Effective Period, Termination, and Amendment; Interpretative and Additional Provisions ..............      22
     5.8   Representations, Warranties and Covenants of Custodian ..............................................      22
     5.9   Interim and Temporary Custodian Agreements ..........................................................      24

ARTICLE 6
     MISCELLANEOUS .............................................................................................      24
     6.1   Waivers; Amendments .................................................................................      24
     6.2   Notices .............................................................................................      24
     6.3   Governing Law; Submission to Jurisdiction ...........................................................      26
     6.4   Counterparts ........................................................................................      27
     6.5   Successors and Assigns ..............................................................................      27
     6.6   Confidentiality Agreement ...........................................................................      27
     6.7   Headings ............................................................................................      28
     6.8   No Recourse .........................................................................................      28
</TABLE>

SCHEDULE A FORM OF CUSTODIAN'S ACKNOWLEDGEMENT

EXHIBIT A FORM OF SERVICER'S CERTIFICATE

EXHIBIT B FORM OF SERVICER GUARANTEE

                                      -ii-

<PAGE>

THIS SERVICING AND CUSTODIAN AGREEMENT, dated as of April 30, 2002, is among
AMERICREDIT FINANCIAL SERVICES OF CANADA LTD., as servicer (in such capacity,
the "Servicer"), AMERICREDIT FINANCIAL SERVICES, INC. as custodian (in such
capacity, the "Custodian"), AMERICREDIT CANADA FUNDING TRUST I, a trust
established under the laws of the Province of Ontario (the "Trust" and, together
with its successors and permitted assigns, the "Purchaser") by its trustee CIBC
MELLON TRUST COMPANY and CONGRESS FINANCIAL CORPORATION (CANADA) as collateral
agent (in such capacity, the "Collateral Agent").

PRELIMINARY STATEMENTS. AmeriCredit Canada, the Collateral Agent, and the
Purchaser have entered into a Master Receivables Purchase Agreement, dated as of
the date hereof (the "Master Receivables Purchase Agreement"), pursuant to which
the Seller agrees to sell, transfer and assign to the Purchaser all of its
right, title and interest in and to the Receivables on the terms described
therein.

Pursuant to the Master Receivables Purchase Agreement, the Seller and the
Purchaser will enter into Assignments from time to time (each an "Assignment"),
whereby the Seller will sell, transfer and assign to the Purchaser on the
applicable Receivables Purchase Date all of its right, title and interest in and
to Receivables listed on the Schedules of Receivables attached to such
Assignments and the Related Security.

Pursuant to the Security Agreement, the Purchaser will pledge to the Collateral
Agent for the benefit of the Secured Parties all of its right, title and
interest in the Collateral, including, but not limited to, the Receivables and
the Related Security.

The Servicer is willing to service the Receivables.

The Collateral Agent wishes to appoint the Custodian to hold the Receivable
Files as the custodian on behalf of the Collateral Agent.

In consideration of the mutual agreements, provisions and covenants contained
herein, the parties hereto agree as follows:

                                   ARTICLE 1
                                  DEFINITIONS

1.1     Definitions

In this Agreement, the following terms shall have the meanings set out below:

"Agreement" means this Agreement, as the same may be amended and supplemented
from time to time.

"AmeriCredit US" means AmeriCredit Financial Services, Inc.

"AmeriCredit Canada" means AmeriCredit Financial Services of Canada Ltd.

"Collateral Insurance" has the meaning specified therefor in Section 2.4(a).

"Servicer Termination Event" has the meaning specified therefor in Section 4.1.

<PAGE>

                                      -2-

All other capitalized terms not otherwise defined shall have the respective
meanings set out in the Master Receivables Purchase Agreement and the Loan
Agreement, as the case may be.

1.2   Other Terms

All accounting terms not specifically defined herein shall be construed in
accordance with generally accepted accounting principles. All terms used in the
PPSA of Ontario, and not specifically defined herein, are used herein as defined
in such PPSA. Unless the context otherwise requires, "or" means "and/or," and
"including" (and with correlative meaning "include" and "includes") means
including without limiting the generality of any description preceding such
term.

1.3   References to Sections, Articles and Exhibits

Unless otherwise provided, all references herein to Sections, Articles or
Exhibits are references to Sections, Articles and Exhibits of or to the
Agreement.

1.4   Number and Gender

Words importing the singular include the plural and vice versa, and words
importing gender include all genders.

1.5   Currency

Unless otherwise indicated, all amounts stated herein are in Canadian Dollars.

1.6   Actions on Days Other Than Business Days

Where any payment is required to be made or any other action is required to be
taken on a particular day and such day is not a Business Day and, as a result,
such payment cannot be made or action cannot be taken on such day, then such
payment shall be made or such action shall be taken on the first Business Day
after such day.

                                   ARTICLE 2
                  ADMINISTRATION AND SERVICING OF RECEIVABLES

2.1   Duties of the Servicer

      (a)    The Servicer is hereby appointed by and authorized to act as agent
             for the Purchaser and in such capacity shall manage, service,
             administer and make collections on the Receivables, and perform the
             other actions required by the Servicer under this Agreement. The
             Servicer agrees that its servicing of the Receivables shall be
             carried out in accordance with the Credit and Collection Policy and
             with customary and usual procedures of institutions which service
             motor vehicle retail installment sales contracts and, to the extent
             more exacting, the degree of skill and attention that the Servicer
             exercises from time to time with respect to all comparable motor
             vehicle receivables that it services for itself or others. The
             Servicer's duties shall include, without limitation, collection and
             posting of all payments, responding to inquiries of Obligors on the
             Receivables, investigating delinquencies, sending payment coupons
             to Obligors, reporting any

<PAGE>

                                      -3-

             required tax information to Obligors, monitoring the collateral,
             accounting for collections and furnishing monthly and annual
             statements to the Collateral Agent with respect to distributions,
             monitoring the status of Insurance Policies with respect to the
             Financed Vehicles and performing the other duties specified herein.

      (b)    The Servicer shall also administer and enforce all rights and
             responsibilities of the holder of the Receivables and the Related
             Security provided for in the Dealer Agreements (and shall maintain
             possession of the Dealer Agreements, to the extent it is necessary
             to do so), the Dealer Assignments and the Insurance Policies, to
             the extent that such Dealer Agreements, Dealer Assignments and
             Insurance Policies relate to the Receivables, the Financed Vehicles
             or the Obligors. The Servicer shall follow the Credit and
             Collection Policy and the Servicer's customary standards, policies,
             and procedures and shall have full power and authority, acting
             alone, to do any and all things in connection with such managing,
             servicing, administration and collection that it may deem necessary
             or desirable. Without limiting the generality of the foregoing, the
             Servicer is hereby authorized and empowered by the Purchaser to
             execute and deliver, on behalf of the Purchaser, any and all
             instruments of satisfaction or cancellation, or of partial or full
             release or discharge, and all other comparable instruments, with
             respect to the Receivables and with respect to the Financed
             Vehicles; provided, however, that notwithstanding the foregoing,
             the Servicer shall not, except pursuant to an order from a court of
             competent jurisdiction, release an Obligor from payment of any
             unpaid amount under any Receivable or waive the right to collect
             the unpaid balance of any Receivable from the Obligor.

      (c)    The Servicer is hereby authorized to commence, in its own name or
             in the name of the Purchaser or its assignees, a legal proceeding
             to enforce a Receivable pursuant to Section 2.3 or to commence or
             participate in any other legal proceeding (including, without
             limitation, a bankruptcy proceeding) relating to or involving a
             Receivable, an Obligor or a Financed Vehicle. If the Servicer
             commences or participates in such a legal proceeding in its own
             name, the Purchaser shall thereupon be deemed to have automatically
             assigned such Receivable (subject to security interests in favour
             of the Collateral Agent and the Seller) to the Servicer solely for
             purposes of commencing or participating in any such proceeding as a
             party or claimant, and the Servicer is authorized and empowered by
             the Purchaser to execute and deliver in the Servicer's name any
             notices, demands, claims, complaints, responses, affidavits or
             other documents or instruments in connection with any such
             proceeding. The Collateral Agent may, in its reasonable discretion,
             furnish the Servicer with any limited powers of attorney and other
             documents which the Servicer may reasonably request and which the
             Servicer deems necessary or appropriate and take any other steps
             which the Servicer may deem necessary or appropriate to enable the
             Servicer to carry out its servicing and administrative duties under
             this Agreement.

2.2   Collection of Receivable Payments; Modifications of Receivables;

      (a)    Consistent with the standards, policies and procedures required by
             this Agreement and the Credit and Collection Policy, the Servicer
             shall make reasonable efforts to collect all payments called for
             under the terms and provisions of the Receivables

<PAGE>

                                       -4-

             as and when the same shall become due, and shall follow such
             collection procedures as it follows with respect to all comparable
             automobile receivables that it services for itself or others and
             otherwise act with respect to the Receivables, the Dealer
             Agreements, the Dealer Assignments, the Insurance Policies and the
             Related Security in such manner as will, in the reasonable judgment
             of the Servicer, maximize the amount to be received by the
             Purchaser with respect thereto. The Servicer is authorized in its
             reasonable discretion to waive any prepayment charge, late payment
             charge or any other similar fees that may be collected in the
             ordinary course of servicing any Receivable.

       (b)   So long as no Servicer Termination Event shall have occurred and be
             continuing, and in accordance with the Credit and Collection
             Policy, the Servicer may at any time agree to a modification or
             amendment of a Receivable in order to (i) change the Obligor's
             regular due date to a date within the Settlement Period in which
             such due date occurs or (ii) re-amortize the Scheduled Receivables
             Payments on the Receivable following a partial prepayment of
             principal, in accordance with its customary procedures if the
             Servicer believes in good faith that such extension, modification
             or amendment is necessary to avoid a default on such Receivable,
             will maximize Collections with respect to such Receivable, and is
             otherwise in the best interests of the Purchaser.

       (c)   So long as no Servicer Termination Event shall have occurred and be
             continuing, and in accordance with the Credit and Collection
             Policy, the Servicer may grant payment extensions on, or other
             modifications or amendments to, a Receivable (in addition to those
             modifications permitted by Section 2.2(b)) in accordance with the
             Credit and Collection Policy if the Servicer believes in good faith
             that such extension, modification or amendment is necessary to
             avoid a default on such Receivable, will maximize Collections with
             respect to such Receivable and is otherwise in the best interests
             of the Purchaser; provided, that to the extent that documentation
             exists for any such amendment, modification or extension, such
             documentation shall be delivered by the Servicer to the Custodian
             promptly after execution thereof.

             The Servicer shall notify or direct Obligors to make all payments
             on the Receivables, whether by cheque or by direct debit of the
             Obligor's bank account, to be made directly to the following
             account held in the name of the Servicer: SWIFT address: NOSCCATT,
             Financial Institution code: 002 Account # 0163511, transit # 80002
             (the "Depository Account") held at The Bank of Nova Scotia (the
             "Depository Bank"). The Servicer shall notify or direct the
             Depository Bank to deposit all payments on the Receivables into the
             Depository Account no later than the Business Day after receipt,
             and to cause all amounts credited to the Depository Account on
             account of such payments to be transferred to the Collection
             Account no later than the second Business Day after receipt of such
             payments.

             The Servicer shall be obligated and liable to the Purchaser, the
             Collateral Agent and Secured Parties for servicing and
             administering the Receivables and the Related Security in
             accordance with the provisions of this Agreement without diminution
             of such obligation or liability by virtue thereof.

<PAGE>

                                      -5-

           In the event of a termination of the Servicer, the successor Servicer
           shall assume all of the rights and obligations of the outgoing
           Servicer under this Agreement. The outgoing Servicer shall, upon
           request of the Collateral Agent, but at the expense of the outgoing
           Servicer, deliver to the successor Servicer all documents and records
           relating to the Depository Account, if any, and an accounting of
           amounts collected and held in such account.

      (d)  Servicer shall remit all payments by or on behalf of the Obligors
           received directly by the Servicer to the Depository Bank for further
           deposit into the Collection Account, as soon as practicable, but in
           no event later than two Business Days after receipt thereof and shall
           use its best efforts to ensure that any payments that should have
           been deposited to the Collection Account but which, in error, were
           deposited to another account are promptly deposited into the
           Collection Account.

2.3   Realization upon Receivables

      (a)  Consistent with the standards, policies and procedures required by
           this Agreement and the Credit and Collection Policy, the Servicer
           shall use its best efforts to repossess (or otherwise comparably
           convert the ownership of) and liquidate any Financed Vehicle securing
           a Receivable with respect to which the Servicer has determined that
           payments thereunder are not likely to be resumed, as soon as is
           practicable after default on such Receivable but in no event later
           than the date on which all or any portion of a Scheduled Receivables
           Payment has become 91 days delinquent; provided, however, that the
           Servicer may elect not to repossess a Financed Vehicle within such
           time period if in its good faith judgment it determines that the
           proceeds ultimately recoverable with respect to such Receivable would
           be increased by forbearance. The Servicer is authorized to follow
           such customary practices and procedures as it shall deem necessary or
           advisable, consistent with the standard of care required by Section
           2.1, which practices and procedures may include reasonable efforts to
           realize upon any recourse to Dealers, the sale of the related
           Financed Vehicle at public or private sale, the submission of claims
           under an Insurance Policy and other actions by the Servicer in order
           to realize upon such a Receivable. The foregoing is subject to the
           provision that, in any case in which the Financed Vehicle shall have
           suffered damage, the Servicer shall not expend funds in connection
           with any repair or towards the repossession of such Financed Vehicle
           unless it shall determine in its reasonable discretion that such
           repair and/or repossession shall increase the proceeds of liquidation
           of the related Receivable by an amount greater than the amount of
           such expenses. The Servicer shall be entitled to recover all
           reasonable expenses incurred by it in the course of repossessing and
           liquidating a Financed Vehicle into cash proceeds, but only out of
           the cash proceeds of such Financed Vehicle, any deficiency obtained
           from the Obligor with respect to such Financed Vehicle or any amounts
           received from the related Dealer with respect to such Financed
           Vehicle, which amounts in reimbursement may be retained by the
           Servicer to the extent of such expenses. The Servicer shall pay on
           behalf of the Purchaser any personal property taxes assessed on
           repossessed Financed Vehicles.

      (b)  If the Servicer elects to commence a legal proceeding to enforce a
           Dealer Agreement or Dealer Assignment, the act of commencement shall
           be deemed to

<PAGE>

                                      -6-

           be an automatic assignment (subject to security interests in favour
           of the Collateral Agent and the Seller) from the Purchaser to the
           Servicer of the rights under such Dealer Agreement and Dealer
           Assignment for purposes of collection only. If, however, in any
           enforcement suit or legal proceeding it is held that the Servicer may
           not enforce a Dealer Agreement or Dealer Assignment on the grounds
           that it is not a real party in interest or a Person entitled to
           enforce the Dealer Agreement or Dealer Assignment, the Seller, at the
           Seller's expense, shall take such steps as the Servicer deems
           reasonably necessary to enforce the Dealer Agreement or Dealer
           Assignment, including, subject to the provisions of this Section
           2.3(b), bringing suit in its name or the name of the Seller or of the
           Purchaser or the Purchaser's assignees. All amounts recovered in any
           legal proceeding shall be remitted directly by the Servicer to the
           Collection Account as provided in Section 2.2(d). Notwithstanding
           anything to the contrary contained herein, (i) the Collateral Agent
           may, in its reasonable discretion, direct the Servicer (whether the
           Servicer is AmeriCredit Canada or any other Person) to commence or
           settle any legal action to enforce collection of any Receivable or to
           foreclose upon or repossess any Related Security and (ii) the
           Servicer shall not make the Collateral Agent, the Purchaser or any
           Secured Party a party to any litigation without the prior written
           consent of such Person; provided, however, that in the case of
           subsection (i) of this sentence, the Servicer may decline or refuse
           to act on instructions provided by the Collateral Agent if, in the
           reasonable determination of the Servicer, such action is not
           consistent with any requirements of law or the Credit and Collection
           Policy, or could result in legal or regulatory action against the
           Servicer.

2.4  Insurance

     (a)   Each Receivable requires the Obligor to maintain physical loss and
           damage insurance, naming the Servicer and its successors and assigns
           as loss payees and permits the holder of such Receivable to obtain
           physical loss and damage insurance at the expense of the Obligor if
           the Obligor fails to maintain such insurance. The Servicer shall
           monitor the status of such physical loss and damage insurance
           coverage thereafter, in accordance with its customary servicing
           procedures. If the Servicer shall determine that an Obligor has
           failed to obtain or maintain a physical loss and damage Insurance
           Policy covering the related Financed Vehicle (including, without
           limitation, during the repossession of such Financed Vehicle) the
           Servicer may enforce the rights of the holder of the Receivable under
           the Receivable to require the Obligor to obtain such physical loss
           and damage insurance in accordance with its customary servicing
           policies and procedures. The Servicer may maintain a vendor's single
           interest or other collateral protection insurance policy with respect
           to all Financed Vehicles ("Collateral Insurance") which policy shall
           by its terms insure against physical loss and damage in the event any
           Obligor fails to maintain physical loss and damage insurance with
           respect to the related Financed Vehicle. All policies of Collateral
           Insurance shall be endorsed with clauses providing for loss payable
           to the Servicer. Costs incurred by the Servicer in maintaining such
           Collateral Insurance shall be paid by the Servicer.

<PAGE>

                                      -7-

      (b)  The Servicer may sue to enforce or collect upon the Insurance
           Policies, in its own name, if possible, or as agent of the Purchaser.
           If the Servicer elects to commence a legal proceeding to enforce an
           Insurance Policy, the act of commencement shall be deemed to be an
           automatic assignment (subject to security interests in favour of the
           Collateral Agent and the Seller) of the rights of the Purchaser under
           such Insurance Policy to the Servicer for purposes of collection
           only. If, however, in any enforcement suit or legal proceeding it is
           held that the Servicer may not enforce an Insurance Policy on the
           grounds that it is not a real party in interest or a holder entitled
           to enforce the Insurance Policy, the Seller, at the Seller's expense,
           shall take such steps as the Servicer deems necessary to enforce such
           Insurance Policy, including bringing suit in its name or the name of
           the Purchaser.

2.5   Maintenance of Security Interests in Vehicles

Consistent with the policies and procedures required by this Agreement, the
Servicer shall take such steps on behalf of the Purchaser and its assignees as
are necessary to maintain perfection of the security interest created by each
Contract in the related Financed Vehicle, including, but not limited to,
obtaining the execution by the Obligors and the recording, registering, filing,
re-recording, re-filing, and re-registering of all security agreements,
financing statements and continuation statements as are necessary to maintain
the security interest granted by the Obligors under the respective Receivables.
The Servicer shall take all necessary action with respect to the notation of
Receivables and the marking of records of the Purchaser. The Collateral Agent
hereby authorizes the Servicer, and the Servicer agrees, to take any and all
steps necessary to re-perfect such security interest on behalf of the Purchaser
as necessary because of the relocation of a Financed Vehicle or for any other
reason.

2.6   Covenants, Representations, and Warranties of Servicer

      (a)  The Servicer covenants as follows:

           (i)   Liens in Force. The Financed Vehicle securing each Receivable
                 shall not be released in whole or in part from the security
                 interest granted by the related Contract, except upon payment
                 in full of the Receivable or as otherwise contemplated herein
                 or by the other Transaction Documents;

           (ii)  No Impairment. The Servicer shall do nothing to impair the
                 rights of the Purchaser or the Secured Parties in the
                 Receivables, the Dealer Agreements, the Dealer Assignments, the
                 Insurance Policies or the Related Security except as otherwise
                 expressly provided herein or in the Master Receivables Purchase
                 Agreement;

           (iii) No Amendments. The Servicer shall not take or permit any action
                 to extend or otherwise amend the terms of any Receivable,
                 except in accordance with Section 2.2 and the other Transaction
                 Documents;

           (iv)  Conduct of Business. The Servicer shall not make any change in
                 the character of its business except to the extent that such a
                 change would not have a Material Adverse Effect and shall do
                 all things necessary to remain duly incorporated, validly
                 existing and in good standing as a domestic

<PAGE>

                                      -8-

                 corporation in its jurisdiction of incorporation and maintain
                 all requisite authority to conduct its business in each
                 jurisdiction in which its business is conducted;

           (v)   Compliance with Laws. The Servicer shall, and shall cause each
                 of its Subsidiaries to, comply with all laws, rules,
                 regulations, orders, writs, judgments, injunctions, decrees or
                 awards to which it or its respective properties may be subject
                 where the failure to so comply could reasonably be expected to
                 have a Material Adverse Effect;

           (vi)  Furnishing of Information and Inspection of Records. The
                 Servicer and the Custodian shall furnish to the Administrator
                 and the Collateral Agent from time to time such information
                 with respect to the Receivables and the Related Security as the
                 Administrator or the Collateral Agent may reasonably request
                 (at the Servicer's or Custodian's expense, respectively),
                 including, without limitation, listings identifying the Obligor
                 and the outstanding balance for each Receivable. The Servicer
                 and the Custodian shall, at any time and from time to time
                 during regular business hours and on at least five Business
                 Days' (or if a Termination Event or Potential Termination Event
                 has occurred, one Business Day's) notice, permit the Collateral
                 Agent or the Lender, or their agent or representatives, (i) to
                 examine and make copies of and take abstracts from all Records
                 and (ii) to visit the offices and properties of the Servicer or
                 Custodian, respectively, for the purpose of examining such
                 Records, and to discuss matters relating to Receivables and the
                 Related Security or its performance hereunder and under the
                 other Transaction Documents to which it is a party with any of
                 the officers, directors, employees or chartered accountants of
                 the Servicer or Custodian, respectively, having knowledge of
                 such matters;

           (vii) Keeping of Records and Books of Account. The Servicer and the
                 Custodian shall maintain and implement administrative and
                 operating procedures (including, without limitation, an ability
                 to recreate records evidencing Receivables in the event of the
                 destruction of the originals thereof), and keep and maintain,
                 all documents, books, records and other information reasonably
                 necessary or advisable for the collection of all Receivables
                 (including, without limitation, records adequate to permit the
                 daily identification of each new Receivable and all Collections
                 of and adjustments to each existing Receivable). The Servicer
                 shall give the Collateral Agent notice of any material change
                 in its administrative and operating procedures referred to in
                 the previous sentence. As soon as practicable and in any event
                 not later than March 31, 2003 and each annual anniversary
                 thereof, the Servicer shall deliver or cause to be delivered to
                 the Collateral Agent a report, prepared by a mutually agreed
                 upon independent accounting firm, stating that the independent
                 accountant has performed certain agreed upon procedures
                 including obtaining the monthly Servicer Reports for three
                 randomly selected months with respect to the immediately
                 preceding twelve months and for such monthly

<PAGE>

                                      -9-

                  Servicer Reports the independent accountant shall (i)
                  reconcile the amounts in the monthly Servicer Reports to the
                  Servicer's computer, accounting and other records which will
                  include in such report any amounts not reconciled and (ii)
                  determine compliance with underwriting guidelines and
                  documentation requirements;

           (viii) Credit and Collection Policy.

                  (A)   The Servicer shall comply in all material respects with
                        the Credit and Collection Policy with respect to each
                        Receivable and the related Contract;

                  (B)   Within 10 days after the date of any material change in,
                        or amendment to, the Credit and Collection Policy, the
                        Servicer will deliver to the Collateral Agent a copy of
                        the amended Credit and Collection Policy then in effect
                        indicating such change or amendment or will deliver a
                        copy of such change or amendment;

                  (C)   The Servicer shall not change the Credit and Collection
                        Policy in any way that would have a Material Adverse
                        Effect; and

                  (D)   On each anniversary of the Initial Commitment Expiry
                        Date the Servicer shall deliver to the Collateral Agent
                        a copy of the Credit and Collection Policy.

           (ix)   Change in Accountants or Accounting Policies. The Servicer
                  shall promptly notify the Collateral Agent of any change in
                  its accountants or material change in its accounting policy;

           (x)    No Sales or Liens. Except as otherwise provided herein and in
                  the Master Receivables Purchase Agreement, the Servicer shall
                  not sell, assign (by operation of law or otherwise) or
                  otherwise dispose of, or create or suffer to exist any Adverse
                  Claim (or the filing of any financing statements) upon or with
                  respect to any of the Collateral or any Depository Account;

           (xi)   Interim Custodian Agreement. The Servicer shall not amend or
                  terminate the Interim Custodian Agreement without the consent
                  of the Collateral Agent; provided that such consent shall not
                  be required following the satisfaction of the Registration
                  Conditions;

           (xii)  Interim Custodian. The Servicer shall ensure that the Interim
                  Custodian maintains continuous possession of the Receivables
                  in accordance with the terms of the Interim Custodian
                  Agreement until such agreement is terminated in accordance
                  with its terms and subject to (xi) above.

           (xiii) Temporary Custodian Agreement. The Servicer shall not amend or
                  terminate the Temporary Custodian Agreement without the
                  consent of the Collateral Agent; provided that such consent
                  shall not be required following the satisfaction of the
                  Registration Conditions;

<PAGE>

                                      -10-

           (xiv) Temporary Custodian. The Servicer shall ensure that the
                 Temporary Custodian maintains continuous possession of the
                 Receivables in accordance with the terms of the Temporary
                 Custodian Agreement until such agreement is terminated in
                 accordance with its terms and subject to (xiii) above.

      (b)  The Servicer represents and warrants as follows:

           (i)   Receivables. Each Receivable represented by the Servicer to be
                 an Eligible Receivable (including in any report, document or
                 instrument delivered hereunder or in connection with the other
                 Transaction Documents) satisfies at the time of such
                 representation or inclusion the definition of "Eligible
                 Receivable" set forth in the Master Receivables Purchase
                 Agreement;

           (ii)  Organization and Good Standing. The Servicer has been duly
                 organized and is validly existing and in good standing under
                 the laws of its jurisdiction of organization, with power,
                 authority and legal right 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, all power, authority and legal right required to
                 enter into and perform its obligations under this Agreement and
                 each of the other Transaction Documents to which it is a party;

           (iii) Due Qualification. The Servicer is duly qualified to do
                 business, is in good standing and has obtained all necessary
                 licenses and approvals, in all jurisdictions in which the
                 ownership or lease of property or the conduct of its business
                 (including the servicing of the Receivables as required by this
                 Agreement) requires or shall require such qualification except
                 to the extent where the failure to have obtained such licenses
                 and approvals or to be so qualified could not reasonably be
                 expected to have a Material Adverse Effect;

           (iv)  Power and Authority. The Servicer has the full power and
                 authority to execute and deliver this Agreement and the other
                 Transaction Documents to which it is a party and to carry out
                 its terms and their terms, respectively, and the execution,
                 delivery and performance of this Agreement and the other
                 Transaction Documents to which it is a party have been duly
                 authorized by the Servicer by all necessary corporate action;

           (v)   Binding Obligation. This Agreement and the other Transaction
                 Documents to which the Servicer is a party shall constitute
                 legal, valid and binding obligations of the Servicer
                 enforceable against it 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;

<PAGE>

                                      -11-

           (vi)   No Violation. The consummation of the transactions
                  contemplated by this Agreement and the other Transaction
                  Documents to which the Servicer is a party, and the fulfilment
                  of the terms of this Agreement and the Transaction Documents
                  to which the Servicer is a party, shall 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 articles of incorporation or bylaws of the
                  Servicer, or any indenture, agreement, mortgage, deed of trust
                  or other instrument to which the Servicer 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, or violate any
                  law, order, rule or regulation applicable to the Servicer of
                  any court or of any federal or provincial regulatory body,
                  administrative agency or other governmental instrumentality
                  having jurisdiction over the Servicer or any of its properties
                  and do not require any action by or require the consent of or
                  the filing of any notice with any Governmental Authority or
                  other Person;

           (vii)  No Proceedings. There are no proceedings or investigations
                  pending or, to the Servicer's knowledge, threatened against
                  the Servicer, before any court, regulatory body,
                  administrative agency or other tribunal or governmental
                  instrumentality having jurisdiction over the Servicer or its
                  properties (A) asserting the invalidity of this Agreement or
                  any of the Transaction Documents, (B) seeking to prevent the
                  consummation of any of the transactions contemplated by this
                  Agreement or any of the Transaction Documents, or (C) seeking
                  any determination or ruling that might materially and
                  adversely affect the performance by the Servicer of its
                  obligations under, or the validity or enforceability of, this
                  Agreement or any of the Transaction Documents or (D) that
                  could be reasonably expected to have a Material Adverse
                  Effect;

           (viii) No Consents. The Servicer is not required to obtain the
                  consent of any other party or any consent, license, approval
                  or authorization, or registration or declaration with, any
                  governmental authority, bureau or agency in connection with
                  the execution, delivery, performance, validity or
                  enforceability of this Agreement which has not already been
                  obtained or where the failure to be so obtained could not
                  reasonably be expected to have a Material Adverse Effect;

           (ix)   Accuracy of Information. All information heretofore furnished
                  by the Servicer to the Borrower, the Lender, the Collateral
                  Agent or any other Persons for purposes of or in connection
                  with this Agreement or any transaction contemplated hereby is,
                  and all such information hereafter furnished by the Servicer
                  to the Borrower, the Lender, the Collateral Agent or such
                  other Person will be, true and accurate in every material
                  respect, and the Servicer has not omitted, and will not omit,
                  to disclose any information which is material to the
                  transactions contemplated by this Agreement on the date such
                  information was or is furnished;

<PAGE>

                                      -12-

           (x)    Chief Executive Office. The Servicer's chief executive office
                  is located in Ontario;

           (xi)   Credit and Collection Policy. Since October 10, 2001, there
                  have been no material changes in the Credit and Collection
                  Policy other than those made in accordance with the terms of
                  this Agreement;

           (xii)  Collections and Servicing. Since October 10, 2001, there has
                  not been any material adverse change in the ability of the
                  Servicer to service and collect the Receivables and there has
                  not been any other change relating to the Servicer that could
                  reasonably be expected to have a Material Adverse Effect; and

           (xiii) Representations and Warranties of the Seller. Each of the
                  representations and warranties of the Seller set forth in
                  Section 4.1 of the Master Receivables Purchase Agreement are
                  true and correct in all material respects as at the time made
                  and the Seller hereby makes all such representations and
                  warranties for the benefit of the Collateral Agent and the
                  Lender.

2.7   Purchase of Receivables Upon Breach of Covenant or Representation and
      Warranty

      (a)  Upon discovery by either of the Servicer or a Responsible Officer of
           the Collateral Agent of a breach of any of the representations,
           warranties or covenants set forth in Sections 2.5, 2.6(a), 5.1, 5.2,
           5.3 or 5.8, the party discovering such breach shall give prompt
           written notice to all of the parties hereto; provided, however, that
           the failure to give any such notice shall not affect any obligation
           of the Servicer under this Section. As of the last day of the Monthly
           Period following its discovery or receipt of notice of any breach of
           any covenant set forth in Sections 2.5, 2.6(a), 5.1, 5.2, 5.3 or 5.8
           which materially and adversely affects the interests of the
           Collateral Agent in any Receivable (including any Defaulted
           Receivable) or any Related Security (or, at AmeriCredit Canada's
           election, the last day of the preceding Monthly Period so following)
           or the related Financed Vehicle, AmeriCredit Canada shall, unless
           such breach shall have been cured in all material respects by the
           last day of the second Monthly Period after such breach, purchase
           from the Purchaser the Receivable affected by such breach and, on the
           related Determination Date, the Servicer shall pay the related
           Outstanding Balance to the Purchaser. It is understood and agreed
           that the obligation of the Servicer to purchase any Receivable
           (including any Defaulted Receivable) with respect to which such a
           breach has occurred and is continuing shall, if such obligation is
           fulfilled, constitute the sole remedy against the Servicer for such
           breach available to the Purchaser, the Secured Parties or the
           Collateral Agent; provided, however, that the Servicer shall
           indemnify the Purchaser, the Collateral Agent and the Secured Parties
           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 breach.

<PAGE>

                                      -13-

     (b)  Subject to the netting and setoff provisions in Sections 1.7 and 1.10
          of the Master Receivables Purchase Agreement, all Outstanding Balances
          payable by the Seller or the Servicer to the Purchaser as a result of
          any Repurchase Event or any breach of the representations or
          warranties of the Servicer made or contained in this Agreement shall
          be deposited by the Seller or the Servicer, as applicable, into the
          Collection Account as required by Section 2.7 of this Agreement and
          Section 4.7 of the Master Receivables Purchase Agreement, as
          applicable, and such Outstanding Balances shall be allocated and
          applied by the Servicer as a Collection allocable to the Net Loan
          Investment in accordance with this Agreement and the other Transaction
          Documents, as applicable. The Net Loan Investment shall be reduced by
          the amount of such payment applied to the reduction of the Net Loan
          Investment and actually received by the Collateral Agent or the
          Servicer on behalf of the Borrower.

2.8  Servicing Fee; Payment of Certain Expenses by Servicer

On each Settlement Date, the Servicer shall to the extent provided in the
Security Agreement be entitled to receive out of the Collection Account the
Servicing Fee for the related Settlement Period. The Servicer shall be required
to pay all expenses incurred by it in connection with its activities under this
Agreement (including taxes imposed on the Servicer, expenses incurred in
connection with distributions and reports made by the Servicer to the Secured
Parties, except taxes levied or assessed against the Purchaser, and claims
against the Purchaser in respect of indemnification, which taxes and claims in
respect of indemnification against the Purchaser are expressly stated to be for
the account of the Servicer subject to the terms of the Master Receivables
Purchase Agreement) without reimbursement pursuant to Section 6.4 of the
Security Agreement.

2.9  Servicer's Certificate

No later than 5:00 p.m. Eastern time on each Determination Date, the Servicer
shall deliver (facsimile delivery being acceptable) to the Purchaser and the
Collateral Agent a Servicer's Certificate executed by a Responsible Officer of
the Servicer in the form attached hereto as Exhibit A.

2.10 Annual Statement as to Compliance, Notice of Servicer Termination Event

     (a)  The Servicer shall deliver to the Purchaser and the Collateral Agent,
          on or before September 30 (or 90 days after the end of the Servicer's
          fiscal year, if other than June 30) of each year, beginning on
          September 30, 2002, an officer's certificate signed by any Responsible
          Officer of the Servicer, dated as of June 30 (or other applicable
          date) of such year, stating that (i) a review of the activities of the
          Servicer during the preceding 12-month period (or such other period as
          shall have elapsed from the Closing Date to the date of the first such
          certificate) and of its performance under this Agreement has been made
          under such officer's supervision, and (ii) to such officer's
          knowledge, based on such review, the Servicer has fulfilled all its
          obligations under this Agreement throughout such period, or, if there
          has been a default in the fulfillment of any such obligation,
          specifying each such default known to such officer and the nature and
          status thereof.

<PAGE>

                                      -14-

     (b)  The Servicer shall deliver to the Purchaser and the Collateral Agent,
          promptly after the occurrence thereof, but in no event later than two
          (2) Business Days thereafter, written notice in an officer's
          certificate of any event which with the giving of notice or lapse of
          time, or both, would become a Servicer Termination Event under Section
          4.1(a). The Servicer shall, and shall cause the Seller to, deliver to
          the Purchaser, the Collateral Agent and the Servicer promptly after
          the occurrence thereof, but in no event later than two (2) Business
          Days thereafter, written notice in an Officer's Certificate of any
          event which with the giving of notice or lapse of time, or both, would
          become a Servicer Termination Event under any other clause of Section
          4.1.

2.11 Access to Certain Documentation and Information Regarding Receivables

The Servicer shall provide to representatives of the Collateral Agent and of the
Secured Parties reasonable access to the documentation regarding the
Receivables. In each case, such access shall be afforded without charge but only
upon reasonable request and on at least five Business Days' (or if a Termination
Event or Potential Termination Event has occurred, one Business Day's) notice
and during normal business hours. Nothing in this Section shall affect the
obligation of the Servicer to observe any applicable law prohibiting disclosure
of information regarding the Obligors, and the failure of the Servicer to
provide access as provided in this Section as a result of such obligation shall
not constitute a breach of this Section.

                                   ARTICLE 3
                                  THE SERVICER

3.1  Liability of Servicer; Indemnities

     (a)  The Servicer (in its capacity as such) shall be liable hereunder only
          to the extent of the obligations in this Agreement and the other
          Transaction Documents to which it is a party specifically undertaken
          by the Servicer and the representations made by the Servicer herein
          and the other Transaction Documents to which it is a party.

     (b)  The Servicer shall defend, indemnify and hold harmless the Purchaser,
          the Collateral Agent, the Secured Parties and their respective
          officers, directors, agents and employees, from and against any and
          all costs, expenses, losses, damages, claims and liabilities,
          including reasonable fees and expenses of counsel and expenses of
          litigation arising out of or resulting from the use, ownership or
          operation by the Servicer or any Affiliate thereof of any Financed
          Vehicle;

     (c)  The Servicer shall indemnify, defend and hold harmless the Purchaser,
          the Collateral Agent, the Secured Parties and their respective
          officers, directors, agents and employees from and against any taxes
          that may at any time be asserted against any of such parties with
          respect to the transactions contemplated in this Agreement, including,
          without limitation, any sales, gross receipts, tangible or intangible
          personal property, privilege or license taxes (but not including any
          capital taxes, federal or other income taxes, including franchise
          taxes asserted with respect to, and as of the date of, the sale of the
          Receivables and the Related

<PAGE>

                                      -15-

          Security to the Purchaser and withholding taxes) and costs and
          expenses in defending against the same;

     (d)  The Servicer shall be liable to the Purchaser, the Collateral Agent
          and the Secured Parties (collectively, the "Indemnified Parties") to
          the extent of the following, without limiting any other rights which
          the Indemnified Parties may have hereunder or under applicable law,
          the Servicer hereby agrees to indemnify the Indemnified Parties from
          and against any and all costs, expenses, losses, claims, damages or
          liabilities suffered by or imposed upon any Indemnified Party arising
          out of or resulting from (whether directly or indirectly) (a) the
          failure of any information contained in any Servicer's Certificate to
          be true and correct in any material respect, or the failure of any
          other information provided to any Indemnified Party by, or on behalf
          of, the Servicer to be true and correct in any material respect, (b)
          the failure of any representation, warranty or statement made or
          deemed made by the Servicer (or any of their officers) under or in
          connection with this Agreement to have been true and correct in any
          material respect as of the date made or deemed made, (c) the failure
          by the Servicer to comply with any applicable Law with respect to any
          Receivable or the related Contract, (d) any dispute, claim, offset or
          defense of the Obligor to the payment of any Receivable resulting from
          or related to the collection activities in respect of such Receivable,
          or (e) any failure of the Servicer to materially perform its duties or
          obligations in accordance with the provisions hereof or the other
          Transaction Documents;

     (e)  The Servicer shall indemnify the Collateral Agent, the Purchaser and
          their officers, directors, agents and employees thereof against any
          and all loss, liability or expense, (other than overhead and expenses
          incurred in the normal course of business) incurred by each of them in
          connection with the acceptance or administration of the Purchaser and
          the performance of their duties under the Transaction Documents other
          than if such loss, liability or expense is conclusively determined by
          a judicial proceeding to have been incurred by the Collateral Agent as
          a result of any such entity's wilful misconduct, bad faith or
          negligence; and

     (f)  Indemnification under this Article shall survive the termination of
          the Transaction Documents or the resignation and removal of the
          Servicer and shall include, without limitation, reasonable fees and
          expenses of counsel and expenses of litigation. If the Servicer has
          made any indemnity payments pursuant to this Article and the recipient
          thereafter collects any of such amounts from others, the recipient
          shall promptly repay such amounts collected to the Servicer, without
          interest.

3.2  Merger or Consolidation of, or Assumption of the Obligations of the
     Servicer

Any corporation (i) into which AmeriCredit Canada may be merged or consolidated,
(ii) resulting from any amalgamation, merger or consolidation to which
AmeriCredit Canada shall be a party, (iii) which acquires by conveyance,
transfer, or lease substantially all of the assets of AmeriCredit Canada, or
(iv) succeeding to the business of AmeriCredit Canada, in any of the foregoing
cases shall execute an agreement of assumption to perform every obligation of
AmeriCredit Canada under this Agreement and, whether or not such assumption
agreement is executed, shall be the successor to AmeriCredit Canada under this
Agreement without the

<PAGE>

                                      -16-

execution or filing of any document or any further act on the part of any of the
parties to this Agreement, anything in this Agreement to the contrary
notwithstanding; provided, however, that nothing contained herein shall be
deemed to release AmeriCredit Canada from any obligation as initial Servicer
hereunder. AmeriCredit Canada shall provide notice of any amalgamation, merger,
consolidation, acquisition or succession pursuant to this Section to the
Collateral Agent and the Secured Parties. Notwithstanding the foregoing,
AmeriCredit Canada shall not amalgamate, merge or consolidate with any other
Person or permit any other Person to become a successor to AmeriCredit Canada's
business, unless (x) immediately after giving effect to such transaction, no
representation, warranty or covenant made pursuant to Section 2.6 shall have
been breached (for purposes hereof, such representations and warranties shall
speak as of the date of the consummation of such transaction) there is no
Material Adverse Effect as a result of such succession, amalgamation, merger or
consolidation and no Termination Event or Potential Termination Event shall have
occurred and be continuing, (y) AmeriCredit Canada shall have delivered to the
Collateral Agent and the Purchaser an Officer's Certificate and an Opinion of
Counsel each stating that such amalgamation, consolidation, merger or succession
and such agreement of assumption comply with this Section and that all
conditions precedent, if any, provided for in this Agreement relating to such
transaction have been complied with, and (z) AmeriCredit Canada shall have
delivered to the Collateral Agent and the Purchaser 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 Purchaser in the
Receivables and the Related Security and reciting the details of the filings or
(B) no such action shall be necessary to preserve and protect such interest.

3.3  Limitation on Liability of Servicer and Others

None of the directors or officers or employees or agents of AmeriCredit Canada
or, subject to Section 3.1 hereof, AmeriCredit Canada (to the extent AmeriCredit
Canada or any Subsidiary or Affiliate of AmeriCredit Canada is the Servicer),
shall be under any liability to the Purchaser, the Collateral Agent or the
Secured Parties, except as provided in this Agreement, for any action taken or
for refraining from the taking of any action pursuant to this Agreement;
provided, however, that this provision shall not protect AmeriCredit Canada or
any such person against any liability that would otherwise be imposed by reason
of their breach of this Agreement or wilful misfeasance, bad faith or negligence
in the performance of duties; provided further that this provision shall not
affect any liability to indemnify the Collateral Agent for costs, taxes,
expenses, claims, liabilities, losses or damages paid by the Collateral Agent,
in its individual capacity. AmeriCredit Canada and any director, officer,
employee or agent of AmeriCredit Canada may rely in good faith on the written
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.

3.4  Delegation of Duties

The Servicer may delegate duties under this Agreement to an Affiliate of
AmeriCredit Canada. The Servicer also may at any time perform through
sub-contractors the specific duties of (i) repossession of Financed Vehicles,
(ii) tracking Financed Vehicles' insurance and (iii) pursuing the collection of
deficiency balances on certain Defaulted Receivables, in each case, without the
consent of the Collateral Agent and may perform other specific duties through
such sub-contractors in accordance with Servicer's customary servicing policies
and procedures, with the

<PAGE>

                                      -17-

prior consent of the Collateral Agent. No delegation or sub-contracting duties
by the Servicer shall relieve the Servicer of its responsibility with respect to
such duties. Neither AmeriCredit Canada nor any party acting as Servicer
hereunder shall appoint any subservicer (other than an Affiliate) hereunder
without the prior written consent of the Collateral Agent.

3.5  Servicer Not to Resign

Subject to the provisions of Section 3.2, the Servicer shall not resign from the
obligations and duties imposed on it by this Agreement as Servicer except upon a
determination that by reason of a change in legal requirements the performance
of its duties under this Agreement would cause it to be in violation of such
legal requirements in a manner which would have a material adverse effect on the
Servicer and the Collateral Agent does not elect to waive the obligations of the
Servicer to perform the duties which render it legally unable to act or to
delegate those duties to another Person. Any such determination permitting the
resignation of the Servicer shall be evidenced by an Opinion of Counsel to such
effect delivered and acceptable to the Collateral Agent. No resignation of the
Servicer shall become effective until a successor Servicer that is an eligible
servicer as approved by the Collateral Agent, shall have assumed the
responsibilities and obligations of the Servicer.

                                   ARTICLE 4
                              SERVICER TERMINATION

4.1  Servicer Termination Event

For purposes of this Agreement, each of the following shall constitute a
"Servicer Termination Event":

     (a)  Any failure by the Servicer or the Custodian to make any payment or
          deposit to be made by it when required under the terms of the
          Transaction Documents;

     (b)  Failure on the part of the Servicer or the Custodian to duly observe
          or perform in any material respect any covenant or agreement set forth
          in this Agreement or any other Transaction Document to which it is a
          party, which failure continues unremedied for a period of 3 Business
          Days after the occurrence thereof;

     (c)  Any representation, warranty, certification or statement made by the
          Servicer (including AmeriCredit Canada, if it is the Servicer), the
          Custodian, or the Purchaser, any Seller or any Affiliate of the
          Purchaser or any Seller (in the event that the Purchaser, any Seller
          or such Affiliate is then acting as the Servicer) in this Agreement,
          the Master Receivables Purchase Agreement or in any of the other
          Transaction Documents or in any certificate or report delivered by it
          pursuant to any of the foregoing shall prove to have been incorrect or
          misleading in any material respect when made or deemed made and such
          incorrectness, if capable of being remedied or cured, is not remedied
          or cured within three (3) Business Days after the date when it was
          made or deemed made;

     (d)  The occurrence of a Termination Event listed in Section 3.1 of the
          Master Receivables Purchase Agreement other than items (o), (p), (q),
          (r) and (s); and

<PAGE>

                                      -18-

     (e)  Any Insolvency Event shall occur with respect to the Servicer, any of
          its Subsidiaries or the Custodian.

4.2  Consequences of a Servicer Termination Event

If a Servicer Termination Event shall occur and be continuing, the Collateral
Agent, by notice given in writing to the Servicer and the Custodian may
terminate all of the rights and obligations of AmeriCredit Canada as Servicer
and AmeriCredit US as Custodian under this Agreement. On or after the receipt by
such Servicer and such Custodian of such written notice or upon termination of
the term of such Servicer and such Custodian, all authority, power, obligations
and responsibilities of such Servicer and such Custodian under this Agreement,
whether with respect to the Receivables or the Related Security or otherwise,
automatically shall pass to, be vested in and become obligations and
responsibilities of a successor Servicer and a successor Custodian appointed by
the Collateral Agent); provided, however, that the successor Servicer and the
successor Custodian, respectively, shall have no liability with respect to any
obligation which was required to be performed by the terminated Servicer and
Custodian prior to the date that the successor Servicer and the successor
Custodian become the Servicer and the Custodian or any claim of a third party
based on any alleged action or inaction of the terminated Servicer and
Custodian. The successor Servicer and the successor Custodian are authorized and
empowered by this Agreement to execute and deliver, on behalf of the terminated
Servicer and terminated Custodian, as attorney-in-fact or otherwise, any and all
documents and other instruments and to do or accomplish all other acts or things
necessary or appropriate to effect the purposes of such notice of termination.
The terminated Servicer and terminated Custodian agree to cooperate with the
successor Servicer and successor Custodian in effecting the termination of the
responsibilities and rights of the terminated Servicer and terminated Custodian
under this Agreement, including, without limitation, the transfer to the
successor Servicer for administration by it of all cash amounts that shall at
the time be held by the terminated Servicer for deposit, or have been deposited
by the terminated Servicer, in the Collection Account or thereafter received
with respect to the Receivables and the delivery to the successor Servicer of
all Receivable Files, Monthly Records and Collection Records and a computer tape
in readable form as of the most recent Business Day containing all information
necessary to enable the successor Servicer and successor Custodian to service
the Receivables and the Related Security. The terminated Servicer and terminated
Custodian shall grant the Collateral Agent, the successor Servicer, the
successor Custodian and the Purchaser reasonable access to the terminated
Servicer's and terminated Custodian's premises at the terminated Servicer's and
Custodian's expense provided that at least one Business Day's notice has been
given.

4.3  Appointment of Successor.

     (a)  On and after the time the Servicer receives a notice of termination
          pursuant to Section 4.2, or upon the resignation of the Servicer, the
          Collateral Agent shall appoint an alternate successor Servicer who
          shall be a resident of Canada for purposes of the Income Tax Act
          (Canada) and shall be subject to all the rights, responsibilities,
          restrictions, duties, liabilities and termination provisions relating
          thereto placed on the Servicer by the terms and provisions of this
          Agreement except as otherwise stated herein. The Collateral Agent and
          such successor shall take such action, consistent with this Agreement,
          as shall be necessary to effectuate any such succession. If a
          successor Servicer is acting as Servicer

<PAGE>

                                      -19-

          hereunder, it shall be subject to termination under Section 4.2 upon
          the occurrence of any Servicer Termination Event applicable to it as
          Servicer.

     (b)  Any successor Servicer shall be entitled to such compensation (whether
          payable out of the Collection Account or otherwise) as the Servicer
          would have been entitled to under this Agreement if the Servicer had
          not resigned or been terminated hereunder. The Collateral Agent and
          such successor Servicer may agree on additional compensation to be
          paid to such successor Servicer. In addition, any successor Servicer
          shall be entitled to reasonable transition expenses incurred in acting
          as successor Servicer.

4.4  Notification to Secured Parties

Upon any termination of, or appointment of a successor to, the Servicer, the
Collateral Agent shall give prompt written notice thereof to the Purchaser and
each Secured Party.

4.5  Waiver of Past Defaults

The Collateral Agent may, on behalf of all Secured Parties, waive any default by
the Servicer or the Custodian in the performance of its obligations hereunder
and its consequences. Upon any such waiver of a past default, such default shall
cease to exist, and any Servicer Termination Event arising therefrom shall be
deemed to have been remedied for every purpose of this Agreement. No such waiver
shall extend to any subsequent or other default or impair any right consequent
thereto.

                                    ARTICLE 5
                                  THE CUSTODIAN

5.1  Appointment of Custodian; Acknowledgement of Receipt

Subject to the terms and conditions hereof (including Section 5.9 hereof), the
Collateral Agent hereby revocably appoints the Custodian and the Custodian
hereby accepts such appointment, as custodian and bailee on behalf of the
Collateral Agent (for the benefit of the Secured Parties) to maintain exclusive
custody of the Receivable Files relating to the Receivables from time to time
held as part of the Collateral; provided, however, that neither the Collateral
Agent nor any Secured Party shall be responsible for the acts or omissions of
the Custodian. In performing its duties hereunder, the Custodian agrees to act
with that degree of care, 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, and, in any event, to exercise at least that degree of care, skill
and attention that it exercises with respect to its own assets. The Custodian,
as of each Receivables Purchase Date with respect to the Receivables sold on
such date, hereby acknowledges receipt of the Receivable File for each
Receivable listed in the Schedules of Receivables attached to the related
Assignment, subject to any exceptions noted on the applicable Custodian's
Acknowledgement. As evidence of its acknowledgement of such receipt of such
Records, the Custodian shall execute and deliver on each Receivables Purchase
Date with respect to the Receivables sold on such date, the Custodian's
Acknowledgement in the form attached hereto as Schedule A.

<PAGE>

                                      -20-

5.2  Maintenance of Records at Office

The Custodian agrees to maintain the Receivable Files at 4001 Embarcadero Drive,
Arlington, Texas 76014 or at such other office as shall from time to time be
identified to the Collateral Agent and the Purchaser, and the Custodian will
hold the Receivable Files in such office on behalf of the Collateral Agent (for
the benefit of the Secured Parties), clearly identified on its records as being
separate from any other instruments and files, including other instruments and
files held by the Custodian, and in compliance with Section 5.3(b) hereof.

5.3  Duties of Custodian

     (a)  Safekeeping. The Custodian shall hold the Receivable Files on behalf
          of the Collateral Agent (for the benefit of the Secured Parties),
          whether at the same or any other location, and shall maintain such
          accurate and complete accounts, records or computer systems pertaining
          to each Receivable File as are required to comply with the terms and
          conditions of the Loan Agreement and the Security Agreement. Each
          Contract shall be stamped to indicate that: "All right, title and
          interest in the foregoing finance contract has been assigned to a
          financial institution in its capacity as agent or collateral agent for
          the secured parties in connection with a credit facility." 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 Collateral Agent and (iii) is otherwise
          necessary, as reasonably determined by the Custodian, to comply with
          the terms of this Agreement. The Custodian shall conduct, or cause to
          be conducted, periodic physical inspections of the Receivable Files
          held by it under this Agreement, and of the related accounts, records
          and computer systems, in such a manner as shall enable the 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 Collateral Agent may
          request and the cost of such inspections shall be borne by the
          Custodian. The Custodian shall promptly report to the Collateral Agent
          any failure on the Custodian's part to hold the Receivable Files and
          maintain its accounts, records and computer systems as herein provided
          and the Custodian shall promptly take appropriate action to remedy any
          such failure. Notwithstanding the above, upon a Servicer Termination
          Event, on or prior to each Receivables Purchase Date, with respect to
          the Receivables sold on such dates, 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
          Collateral Agent and the Collateral Agent shall hold such Copies on
          behalf of the Secured Parties. Subject to Section 5.3(c) hereof, the
          Custodian shall at all times maintain the original of the fully
          executed original Contract relating to each Receivable in a fire proof
          vault.

     (b)  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

<PAGE>

                                      -21-

          files or records, and at such times as may be reasonably imposed by
          the Custodian, permit only the Secured Parties and the Collateral
          Agent or their duly authorized representatives, attorneys or auditors
          to inspect the Receivable Files and the related accounts, records, and
          computer systems maintained by the Custodian pursuant hereto at such
          times as any of the Secured Parties or the Collateral Agent may
          reasonably request provided that at least five Business Days' (or if a
          Termination Event or Potential Termination Event has occurred, one
          Business Day's) notice has been provided to the Custodian.

     (c)  Release of Documents. The Custodian shall release such Receivable
          Files to the Servicer only (1) upon payment in full of such Receivable
          or (2) as required from time to time as appropriate for servicing and
          enforcing any Receivable but, in the case of clause (1) or (2), only
          as is consistent with the terms of the Transaction Documents.

     (d)  Administration; Reports. The Custodian shall, in general, attend to
          all ministerial matters in connection with maintaining custody of the
          Receivable Files on behalf of the Collateral Agent. In addition, the
          Custodian shall assist the Collateral Agent or the Servicer, as the
          case may be, in the preparation of any routine reports to the Secured
          Parties or to regulatory bodies, to the extent necessitated by the
          Custodian's custody of the Receivable Files.

5.4  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 Collateral Agent. Such instructions may be general or
specific in terms.

5.5  Indemnification by the Custodian

The Custodian agrees to indemnify the Secured Parties, the Purchaser and the
Collateral Agent 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 any of
the Purchaser, the Secured Parties and/or the Collateral Agent as the result of
any act or omission in any way relating to the maintenance and custody by the
Custodian of the Receivable Files or any default by the Custodian of its
obligations hereunder; provided, however, that the Custodian shall not be liable
to any party indemnified hereunder for any portion of any such liabilities,
obligations, losses, damages, payments or costs or expenses as are due to the
wilful misfeasance, bad faith or gross negligence of such indemnified party.

5.6  Advice of Counsel

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 in good faith pursuant to such advice, provided
that such action is not in violation of applicable federal or state law.

<PAGE>

                                      -22-

5.7  Effective Period, Termination, and Amendment; Interpretative and Additional
     Provisions

The provisions of Article 5 of this Agreement shall become effective as of the
date hereof and shall continue in full force and effect until terminated as
hereinafter provided. The provisions of Article 5 of this Agreement may be
amended at any time by agreement of the Collateral Agent, the Purchaser and the
Custodian and may be terminated by either the Collateral Agent or the Custodian
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 in the case of a
termination by the Collateral Agent (which 30 day period may be shorter as set
forth in the notice of termination in the case of a Termination Event) or ninety
(90) days after the date of such notice in the case of a termination by the
Custodian; provided so long as AmeriCredit US is Custodian, the Custodian shall
not resign from the obligations and duties imposed on it by this Agreement,
except upon a determination that by reason of a change in legal requirements,
the performance of its duties under this Agreement would cause it to be in
violation of such legal requirements in a manner which would have a material
adverse effect on it and the Collateral Agent does not elect to waive the
obligations of the Custodian to perform the duties which render it legally
unable to act or to delegate those duties to another Person; provided, further,
that any such determination permitting the resignation of the Custodian shall be
evidenced by an Opinion of Counsel to such effect delivered to the Collateral
Agent that is acceptable to the Collateral Agent. So long as AmeriCredit US is
serving as Custodian, any termination of AmeriCredit Canada as Servicer under
this Agreement shall terminate AmeriCredit US as Custodian under this Agreement.
Immediately after receipt of notice of termination of this Agreement, the
Custodian shall deliver the Receivable Files to the Collateral Agent on behalf
of the Secured Parties, at such place or places as the Collateral Agent may
designate, and the Collateral Agent, or its agent, as the case may be, shall act
as custodian for such Records on behalf of the Secured Parties until such times
as a successor custodian has been appointed by the Collateral Agent. (For the
avoidance of doubt, during any such period, the Collateral Agent shall be acting
in its capacity as Collateral Agent, including the standard of care and
liability in such capacity, and not as a successor "Custodian" hereunder.) If,
within forty-eight (48) hours after the termination of this Agreement, the
Custodian has not delivered the Receivable Files in accordance with the
preceding sentence, the 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.

5.8  Representations, Warranties and Covenants of Custodian

     (a)  The Custodian hereby represents and warrants to, and covenants with,
          the Collateral Agent that as of the date hereof and as of each
          Receivable Purchase Date:

          (i)  The Custodian is duly organized, validly existing and in good
               standing under the laws of the state of its incorporation;

          (ii) The Custodian has the full power and authority to hold each
               Receivable File on behalf of the Collateral Agent, and to
               execute, deliver and perform, and to enter into and consummate
               all transactions contemplated by this

<PAGE>

                                      -23-

                Agreement, has duly authorized the execution, delivery and
                performance of this Agreement, has duly executed and delivered
                this Agreement, and this Agreement constitutes a legal, valid
                and binding obligation of the Custodian, enforceable against it
                in accordance with its terms, except as enforcement of such
                terms may be limited by bankruptcy, insolvency or similar laws
                affecting the enforcement of creditors' rights generally and by
                the availability of equitable remedies;

          (iii) The consummation of the transactions contemplated by this
                Agreement and the Transaction Documents to which the Custodian
                is a party, and the fulfilment of the terms of this Agreement
                and the Transaction Documents to which the Custodian is a party,
                shall 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 articles of incorporation
                or bylaws of the Custodian, or any indenture, agreement,
                mortgage, deed of trust or other instrument to which the
                Custodian 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, or violate any law, order, rule or regulation
                applicable to the Custodian of any court or of any federal or
                state regulatory body, administrative agency or other
                governmental instrumentality having jurisdiction over the
                Custodian or any of its properties and do not require any action
                by or require the consent of or the filing of any notice with
                any Governmental Authority or other Person;

          (iv)  There is no litigation pending or, to the Custodian's knowledge,
                threatened, which if determined adversely to the Custodian,
                would adversely affect the execution, delivery or enforceability
                of this Agreement, or any of the duties or obligations of the
                Custodian thereunder, or which would have a material adverse
                effect on the financial condition of the Custodian;

          (v)   No consent, approval, authorization or order of any court or
                governmental agency or body is required for the execution,
                delivery and performance by the Custodian of or compliance by
                the Custodian with this Agreement or the consummation of the
                transactions contemplated hereby or thereby;

          (vi)  Upon written request of the Collateral Agent, the Custodian
                shall take such steps as requested by the Collateral Agent to
                protect or maintain any interest in any Receivable; and

          (vii) The Custodian has not been notified by any party that any third
                party claims an interest in the Receivables or is requesting the
                Custodian to act as a bailee with respect to the Records, except
                such interests that are created under the Master Receivables
                Purchase Agreement, any Assignments and the Security Agreement.

<PAGE>

                                      -24-

          (b)  The Custodian covenants and warrants to the Collateral Agent and
               each of the Secured Parties that as of the date of each
               Custodian's Acknowledgement: (i) it holds no Adverse Claim, by
               way of security or otherwise, in any Receivable or Receivable
               File; and (ii) the execution of this Agreement and the creation
               of the custodial relationship hereunder does not create any
               Adverse Claim or any other interest, by way of security or
               otherwise, of the Custodian in or to any Receivable or Receivable
               File, other than the Custodian's rights as custodian hereunder.

5.9       Interim and Temporary Custodian Agreements

Notwithstanding any other provision contained in this Agreement, the rights and
obligations of the Custodian under this Agreement shall be suspended until the
Interim Custodian Agreement and the Temporary Custodian Agreement are terminated
in accordance with their terms and the terms of the Master Receivables Purchase
Agreement; provided that this Section 5.9 shall only apply if such agreements
are executed prior to the satisfaction of the Registration Conditions.

                                   ARTICLE 6
                                  MISCELLANEOUS

6.1       Waivers; Amendments

          (a)  No failure or delay on the part of the Collateral Agent 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
               further exercise thereof or the exercise of any other power,
               right or remedy. The rights and remedies herein provided shall be
               cumulative and nonexclusive of any rights or remedies provided by
               law.

          (b)  Subject to Section 5.7 hereof, the following steps may only be
               taken by or with the written consent of the Collateral Agent and
               the Lender:

               (i)   an amendment to, or waiver under, this Agreement or any
                     other Transaction Document;

               (ii)  the waiver of any Termination Event or Servicer Termination
                     Event; and

               (iii) replacing AmeriCredit Canada as Servicer and AmeriCredit US
                     as Custodian after the occurrence of a Servicer Termination
                     Event.

6.2       Notices

Except as provided below, all communications and notices provided for hereunder
shall be in writing (including telecopy or electronic facsimile transmission or
similar writing) and shall be given to the other party at its address or
telecopy number set forth below or at such other address or telecopy number as
such party may hereafter specify for the purposes of notice to such party. Each
such notice or other communication shall be effective (i) if given by telecopy,
when such telecopy is transmitted to the telecopy number specified in this
Section 6.2 and confirmation is received, (ii) if given by mail, three (3)
Business Days following such posting, if postage prepaid, or if sent via U.S.
certified or registered mail, (iii) if given by overnight courier, one (1)

<PAGE>

                                      -25-

Business Day after deposit thereof with a national overnight courier service, or
(iv) if given by any other means, when received at the address specified in this
Section 6.2.

         If to the Collateral Agent:

         Congress Financial Corporation (Canada)
         141 Adelaide Street West
         Suite 1500
         Toronto, Ontario
         M5H 3L9

         Attention:  Enza Augusta

         Telephone:  (416) 364-6401
         Telecopy:   (416) 364-8165

         with a copy to:

         Wachovia Securities
         Asset-Backed Finance - Investment Management
         301 S. College St.
         Charlotte, NC 28288-0610

         Attention:  Tim MacPhail

         Telephone:  (704) 383-5127
         Telecopy:   (704) 383-6162

         If to the Purchaser:

         AmeriCredit Canada Funding Trust I
         c/o AmeriCredit Financial Services of Canada Ltd., as Administrator
         1 Robert Speck Parkway, Suite 1420
         Mississauga, Ontario L4Z 3M3

         Attention:  Treasurer

         Telephone:  (905) 804-8258
         Telecopy:   (905) 804-8095

         with a copy to:

         CIBC Mellon Trust Company, as Trustee
         320 Bay Street
         P.O. Box 1
         Toronto, Ontario
         M5H 4A6

         Attention:  Manager, Corporate Trust Services

<PAGE>

                                      -26-

         Telecopy:   (416) 643-5570

         If to AmeriCredit Canada:

         AmeriCredit Financial Services of Canada Ltd.
         1 Robert Speck Parkway
         Suite 1420
         Mississauga, Ontario
         L4Z 3M3

         Attention:  Treasurer

         Telephone:  (905) 804-8258
         Telecopy:   (905) 804-8095

         with a copy to:

         AmeriCredit Financial Services of Canada Ltd.
         801 Cherry Street
         Suite 3900
         Fort Worth, Texas 76102

         Attention:  Treasurer

         Telephone:  (817) 302-7022
         Telecopy:   (817) 302-7942

         If to the Custodian:

         AmeriCredit Financial Services, Inc.
         801 Cherry Street
         Suite 3900
         Fort Worth, Texas 76102

         Telephone:  (817) 302-7022
         Telecopy:   (817) 302-7942

6.3      Governing Law; Submission to Jurisdiction

         (a)   This Agreement shall be governed by, and construed in accordance
               with, the law of the Province of Ontario (without giving effect
               to the conflict of laws principles thereof).

         (b)   Any legal action or proceeding with respect to this agreement may
               be brought in the courts of the Province of Ontario and by
               execution and delivery of this Agreement, each of the Purchaser,
               the Collateral Agent, AmeriCredit US, the Seller, the Servicer
               and the Administrator consents, for itself and in respect of its
               property, to the non-exclusive jurisdiction of those courts. Each
               of the Purchaser,

<PAGE>

                                      -27-

                  the Collateral Agent, AmeriCredit US, the Seller, the Servicer
                  and the Administrator irrevocably waives, to the maximum
                  extent permitted by law, any objection, including any
                  objection to the laying of venue or based on the grounds of
                  forum non convenience, which it may now or hereafter have to
                  the bringing of any action or proceeding in such jurisdiction
                  in respect of this Agreement or any document related hereto.
                  The Purchaser, the Collateral Agent, AmeriCredit US, the
                  Seller, the Servicer and the Administrator each waive personal
                  service of any claim, notice of motion or application,
                  summons, complaint or other process, which may be made by any
                  other means permitted by Ontario law.

6.4   Counterparts

This Agreement may be executed in any number of counterparts and by different
parties hereto in separate counterparts, each of which when so executed shall be
deemed to be an original and all of which when taken together shall constitute
one and the same Agreement.

6.5   Successors and Assigns

      (a)         This Agreement shall be binding on, and inure to the benefit
                  of the Purchaser and AmeriCredit US, AmeriCredit Canada, and
                  their respective successors and assigns; provided, however,
                  that none of AmeriCredit US, the Seller, the Servicer,
                  AmeriCredit Canada, or the Purchaser may assign any of its
                  rights or delegate any of its duties hereunder or under the
                  Master Receivables Purchase Agreement or under any of the
                  other Transaction Documents to which it is a party without the
                  prior written consent of the Collateral Agent except as may be
                  otherwise expressly provided in the Master Receivables
                  Purchase Agreement or the other Transaction Documents.

      (b)         The Collateral Agent may not assign its rights and obligations
                  under or in this Agreement or the other Transaction Documents
                  to any Person other than an Eligible Institution without the
                  prior written consent of the Purchaser, AmeriCredit US, the
                  Seller, the Servicer and AmeriCredit Canada provided, however
                  that after the occurrence of a Termination Event, the assignee
                  may be any Person and no such consent shall be required.

6.6   Confidentiality Agreement

      (a)         Each of the Purchaser, AmeriCredit US and AmeriCredit Canada
                  hereby agrees that it will not disclose the contents of this
                  Agreement or any other proprietary or confidential information
                  of the Collateral Agent to any other Person except (i) its
                  auditors and attorneys, employees or financial advisors (other
                  than any commercial bank which is not an Affiliate of the
                  Lender) and any nationally recognized rating agency, provided
                  such auditors, attorneys, employees, financial advisors or
                  rating agencies are informed of the highly confidential nature
                  of such information or (ii) as otherwise required (x) by
                  applicable law, (y) under any applicable securities
                  legislation, in connection with an offering of securities
                  issued by the Purchaser or an Affiliate thereof, or (z) by
                  order of a court of competent jurisdiction.

<PAGE>

                                      -28-

      (b)         The Collateral Agent hereby agrees that it will not disclose
                  the contents of this Agreement or any other proprietary or
                  confidential information of the Purchaser, AmeriCredit US or
                  AmeriCredit Canada to any other Person except (i) its auditors
                  and attorneys, employees or financial advisors (other than any
                  commercial bank which is not an Affiliate of the Lender) and
                  any nationally recognized rating agency, provided such
                  auditors, attorneys, employees, financial advisors or rating
                  agencies are informed of the highly confidential nature of
                  such information or (ii) as otherwise required (x) by
                  applicable law or (y) by order of a court of competent
                  jurisdiction.

6.7   Headings

Section headings used in this Agreement are for convenience of reference only
and shall not affect the construction or interpretation of this Agreement.

6.8   No Recourse

It is expressly understood and agreed by the parties hereto that this Agreement
will be conclusively deemed to have been executed by the Trustee only in its
capacity as trustee of the Purchaser and that (i) any and all of the
representations, warranties, undertakings, covenants, indemnities, agreements
and other obligations made on the part of the Trustee herein are made and
intended not as personal representations, warranties, undertakings, covenants,
indemnities, agreements and other obligations by the Trustee or for the purpose
or with the intention of binding the Trustee in its personal capacity, but are
made and intended for the purpose of binding only the property and assets of the
Purchaser or a specific portion thereof; (ii) no property or assets of the
Trustee, whether owned beneficially by it in its personal capacity or otherwise
(other than the Trust Fund, as such term is defined in the Trust Declaration),
will be subject to levy, execution or other enforcement procedures with regard
to any of the representations, warranties, undertakings, covenants, indemnities,
agreements and other obligations of the Purchaser or the Trustee hereunder; and
(iii) no recourse may be had or taken, directly or indirectly against the
Trustee in its personal capacity, any beneficiary of the Purchaser or any
incorporator, Affiliate, shareholder, director, officer, representative,
employee or agent of the Trustee or any predecessor or successor of the Trustee
with regard to the representations, warranties, undertakings, covenants,
indemnities, agreements and other obligations of the Purchaser or the Trustee
hereunder.

<PAGE>

                                      -29-

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

                                                AMERICREDIT CANADA FUNDING
                                                TRUST I, by its Trustee,
                                                CIBC MELLON TRUST COMPANY,
                                                by AMERICREDIT FINANCIAL
                                                SERVICES OF CANADA LTD. as
                                                Administrator

                                                By: ____________________________
                                                    Name:
                                                    Title:

                                                By: ____________________________
                                                    Name:
                                                    Title:

                                                AMERICREDIT FINANCIAL
                                                SERVICES OF CANADA LTD.,
                                                as Servicer

                                                By: ____________________________
                                                    Name:
                                                    Title:

                                                By: ____________________________
                                                    Name:
                                                    Title:

                                                AMERICREDIT FINANCIAL
                                                SERVICES, INC., as
                                                Custodian

                                                By: ____________________________
                                                    Name:
                                                    Title:

                                                By: ____________________________
                                                    Name:
                                                    Title:

<PAGE>

                                      -30-

                                                  CONGRESS FINANCIAL
                                                  CORPORATION (CANADA), as
                                                  Collateral Agent

                                                  By: __________________________
                                                      Name:
                                                      Title:

                                                  By: __________________________
                                                      Name:
                                                      Title:

<PAGE>

                                   SCHEDULE A
                       FORM OF CUSTODIAN'S ACKNOWLEDGEMENT

AmeriCredit Financial Services, Inc. (the "Custodian"), acting as Custodian
under a Servicing and Custodian Agreement, dated as of April 30, 2002 (the
"Servicing and Custodian Agreement"), between the Custodian, AmeriCredit
Financial Services of Canada Ltd., as Servicer, AmeriCredit Canada Funding Trust
I, as Purchaser and Congress Financial Corporation (Canada), as Collateral
Agent, pursuant to which the Custodian holds on behalf of the Secured Parties
certain Receivable Files (as defined in the Servicing and Custodian Agreement),
hereby acknowledges receipt of the Receivable File for each Receivable listed in
the Schedules of Receivables attached as Exhibits to the Assignments to the
Master Receivables Purchase Agreement, dated [insert date of the relevant
Assignment].

IN WITNESS WHEREOF, AmeriCredit Financial Services, Inc., has caused this
acknowledgement to be executed by its duly authorized officer as of this [ ] day
of [ ], [_____].

                                                AMERICREDIT FINANCIAL SERVICES,
                                                INC., as Custodian

                                                By:_____________________________
                                                    Name:
                                                    Title:

                                                By:_____________________________
                                                    Name:
                                                    Title:

<PAGE>

                                    EXHIBIT A
                         FORM OF SERVICER'S CERTIFICATE

<PAGE>

                                    EXHIBIT B
                           FORM OF SERVICER GUARANTEE

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00043-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00043-of-00352.parquet"}]]