Document:

<Page>

                                                                    EXHIBIT 10.1

                                                                  EXECUTION COPY

                               PURCHASE AGREEMENT

                                     BETWEEN

                                AFS FUNDING TRUST
                                    PURCHASER

                                       AND

                      AMERICREDIT FINANCIAL SERVICES, INC.
                                     SELLER

                           DATED AS OF AUGUST 9, 2002

<Page>

                                TABLE OF CONTENTS

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

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

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

  SECTION 2.1  Conveyance of the Receivables and the Other Conveyed Property..............................3
  SECTION 2.2  [Reserved].................................................................................4

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

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

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

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

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

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

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

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

                                        i
<Page>

SCHEDULES

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

                                       ii
<Page>

                               PURCHASE AGREEMENT

          THIS PURCHASE AGREEMENT, dated as of August 9, 2002, executed among
AFS Funding Trust, a Delaware business trust, as purchaser ("PURCHASER") and
AmeriCredit Financial Services, Inc., a Delaware corporation, as Seller
("SELLER").

                              W I T N E S S E T H :

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

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

                                   ARTICLE I.

                                   DEFINITIONS

          SECTION 1.1 GENERAL. The specific terms defined in this Article
include the plural as well as the singular. The words "herein," "hereof" and
"hereunder" and other words of similar import refer to this Agreement as a whole
and not to any particular Article, Section or other subdivision, and Article,
Section, Schedule and Exhibit references, unless otherwise specified, refer to
Articles and Sections of and Schedules and Exhibits to this Agreement.
Capitalized terms used herein without definition shall have the respective
meanings assigned to such terms in the Sale and Servicing Agreement dated as of
August 9, 2002, by and among AFS Funding Trust (as Seller), AmeriCredit
Financial Services, Inc. (in its individual capacity and as Servicer),
AmeriCredit Automobile Receivables Trust 2002-C (as Issuer) and Bank One, NA, as
Backup Servicer and Trust Collateral Agent.

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

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

          "CLOSING DATE" means August 21, 2002.

          "ISSUER" means AmeriCredit Automobile Receivables Trust 2002-C.

          "OTHER CONVEYED PROPERTY" means all property conveyed by the Purchaser
to the Trust pursuant to Sections 2.1(b),(c),(d),(e),(f) and (h) of the Sale and
Servicing Agreement.

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

<Page>

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

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

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

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

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

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

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

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

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

          SECTION 1.4 [RESERVED].

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

                                        2
<Page>

          SECTION 1.6 ACTION BY OR CONSENT OF NOTEHOLDERS AND CERTIFICATEHOLDER.
Whenever any provision of this Agreement refers to action to be taken, or
consented to, by Noteholders or the Certificateholder, such provision shall be
deemed to refer to the Certificateholder or Noteholder, as the case may be, of
record as of the Record Date immediately preceding the date on which such action
is to be taken, or consent given, by Noteholders or the Certificateholder.
Solely for the purposes of any action to be taken, or consented to, by
Noteholders or the Certificateholder, any Note or Certificate registered in the
name of the Seller or any Affiliate thereof shall be deemed not to be
outstanding; provided, however, that, solely for the purpose of determining
whether the Trustee or the Trust Collateral Agent is entitled to rely upon any
such action or consent, only Notes or Certificates which the Owner Trustee, the
Trustee or the Trust Collateral Agent, respectively, knows to be so owned shall
be so disregarded.

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

                                   ARTICLE II.

                          CONVEYANCE OF THE RECEIVABLES
                         AND THE OTHER CONVEYED PROPERTY

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

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

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

                                        3
<Page>

          SECTION 2.2 [RESERVED]

                                  ARTICLE III.

                         REPRESENTATIONS AND WARRANTIES

          SECTION 3.1 REPRESENTATIONS AND WARRANTIES OF SELLER. Seller makes the
following representations and warranties as of the date hereof, on which
Purchaser relies in purchasing the Receivables and the Other Conveyed Property
and in transferring the Receivables and the Other Conveyed Property to the
Issuer under the Sale and Servicing Agreement and on which the Insurer will rely
in issuing the Policies. Such representations are made as of the execution and
delivery of this Agreement, but shall survive the sale, transfer and assignment
of the Receivables and the Other Conveyed Property hereunder, and the sale,
transfer and assignment thereof by Purchaser to the Issuer under the Sale and
Servicing Agreement. Seller and Purchaser agree that Purchaser will assign to
Issuer all Purchaser's rights under this Agreement and that the Trustee will
thereafter be entitled to enforce this Agreement against Seller in the Trustee's
own name on behalf of the Noteholders.

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

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

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

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

          (e) VALID SALE; BINDING OBLIGATIONS. This Agreement and Seller's
     Related Documents have been duly executed and delivered, shall effect a
     valid sale, transfer and assignment of the Receivables and the Other
     Conveyed Property to the Purchaser, enforceable against Seller and
     creditors of and purchasers from Seller; and this

                                        4
<Page>

     Agreement and Seller's Related Documents constitute legal, valid and
     binding obligations of Seller enforceable in accordance with their
     respective terms, except as enforceability may be limited by bankruptcy,
     insolvency, reorganization or other similar laws affecting the enforcement
     of creditors' rights generally and by equitable limitations on the
     availability of specific remedies, regardless of whether such
     enforceability is considered in a proceeding in equity or at law.

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

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

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

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

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

                                        5
<Page>

Property hereunder and the sale, transfer and assignment thereof by Purchaser to
the Issuer under the Sale and Servicing Agreement.

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

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

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

          (d) NO CONSENT REQUIRED. Purchaser is not required to obtain the
     consent of any other Person, or any consent, license, approval or
     authorization or registration or declaration with, any governmental
     authority, bureau or agency in connection with the execution, delivery or
     performance of this Agreement and the Related Documents, except for such as
     have been obtained, effected or made.

          (e) BINDING OBLIGATION. This Agreement constitutes a legal, valid and
     binding obligation of Purchaser, enforceable against Purchaser in
     accordance with its terms, subject, as to enforceability, to applicable
     bankruptcy, insolvency, reorganization, conservatorship, receivership,
     liquidation and other similar laws and to general equitable principles.

          (f) NO VIOLATION. The execution, delivery and performance by Purchaser
     of this Agreement, the consummation of the transactions contemplated by
     this Agreement and the Related Documents and the fulfillment of the terms
     of this Agreement and the Related Documents do not and will not conflict
     with, result in any breach of any of the terms and provisions of, or
     constitute (with or without notice or lapse of time) a default under, the
     trust agreement of Purchaser, or conflict with or breach any of the terms
     or provisions of, or constitute (with or without notice or lapse of time) a
     default under, any indenture, agreement, mortgage, deed of trust or other
     instrument to which Purchaser is a party or by which Purchaser is bound or
     to which any of its properties are subject, or result in the creation or
     imposition of any Lien upon any of its properties pursuant to the

                                        6
<Page>

     terms of any such indenture, agreement, mortgage, deed of trust or other
     instrument (other than the Sale and Servicing Agreement and the Spread
     Account Agreement), or violate any law, order, rule or regulation,
     applicable to Purchaser or its properties, of any federal or state
     regulatory body, any court, administrative agency, or other governmental
     instrumentality having jurisdiction over Purchaser or any of its
     properties.

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

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

                                   ARTICLE IV.

                               COVENANTS OF SELLER

          SECTION 4.1 PROTECTION OF TITLE OF PURCHASER.

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

                                        7
<Page>

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

          (b) Seller shall not change its name, identity, state of incorporation
     or corporate structure in any manner that would, could or might make any
     financing statement or continuation statement filed by Seller (or by
     Purchaser, Issuer or the Trust Collateral Agent on behalf of Seller) in
     accordance with paragraph (a) above seriously misleading within the meaning
     of Section9-506 of the applicable UCC, unless they shall have given
     Purchaser, Issuer and the Trust Collateral Agent at least 60 days' prior
     written notice thereof, and shall promptly file appropriate amendments to
     all previously filed financing statements and continuation statements.

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

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

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

                                        8
<Page>

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

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

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

          SECTION 4.4 INDEMNIFICATION.

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

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

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

          (d) Seller agrees to pay, and shall defend, indemnify and hold
     harmless Purchaser, the Issuer, the Trust Collateral Agent, the Trustee,
     the Backup Servicer, the Owner Trustee, the Noteholders and the
     Certificateholder from and against any taxes that may at any time be
     asserted against Purchaser, the Issuer, the Trust Collateral Agent, the
     Trustee, the Backup Servicer, the Owner Trustee, the Noteholders and the
     Certificateholder with respect to the transactions contemplated in this
     Agreement, including, without limitation, any sales, gross receipts,
     general corporation, tangible or intangible personal property, privilege,
     or license taxes (but not including any taxes asserted with respect to, and
     as of the date of, the sale, transfer and assignment of the

                                        9
<Page>

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

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

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

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

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

                                       10
<Page>

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

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

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

                                   ARTICLE V.

                                   REPURCHASES

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

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

                                       11
<Page>

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

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

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

                                   ARTICLE VI.
                                  MISCELLANEOUS

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

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

                                       12
<Page>

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

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

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

          SECTION 6.5 AMENDMENT.

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

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

                                       13
<Page>

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

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

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

          SECTION 6.6 NOTICES. All demands, notices and communications to Seller
or Purchaser hereunder shall be in writing, personally delivered, or sent by
telecopier (subsequently confirmed in writing), reputable overnight courier or
mailed by certified mail, return receipt requested, and shall be deemed to have
been given upon receipt (a) in the case of Seller, to AmeriCredit Financial
Services, Inc., 801 Cherry Street, Suite 3900, Fort Worth, Texas 76102,
Attention: Chief Financial Officer, or (b) in the case of Purchaser, to AFS
Funding Trust, c/o Deutsche Bank Trust Company Delaware, as Owner Trustee, E.A.
Delle Donne Corporate Center, Montgomery Building, 1011 Centre Road, Suite 200,
Wilmington Delaware, 19805-1266, Attention: Corporate Trust, with a copy to AFS
Funding Trust, c/o AmeriCredit Financial Services, Inc., as Administrator, 801
Cherry Street, Suite 3900, Fort Worth, Texas 76102, Attention: Chief Financial
Officer,, or such other address as shall be designated by a party in a written
notice delivered to the other party or to the Issuer, Owner Trustee or the Trust
Collateral Agent, as applicable.

          SECTION 6.7 MERGER AND INTEGRATION. Except as specifically stated
otherwise herein, this Agreement and Related Documents set forth the entire
understanding of the parties relating to the subject matter hereof, and all
prior understandings, written or oral, are superseded by this Agreement and the
Related Documents. This Agreement may not be modified, amended, waived or
supplemented except as provided herein.

                                       14
<Page>

          SECTION 6.8 SEVERABILITY OF PROVISIONS. If any one or more of the
covenants, provisions or terms of this Agreement shall be for any reason
whatsoever held invalid, then such covenants, provisions or terms shall be
deemed severable from the remaining covenants, provisions or terms of this
Agreement and shall in no way affect the validity or enforceability of the other
provisions of this Agreement.

          SECTION 6.9 INTENTION OF THE PARTIES.

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

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

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

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

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

                                       15
<Page>

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

          SECTION 6.10 GOVERNING LAW. This Agreement shall be construed in
accordance with the laws of the State of New York without regard to the
principles of conflicts of laws thereof and the obligations, rights and remedies
of the parties under this Agreement shall be determined in accordance with such
laws.

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

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

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

                                       16
<Page>

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

                               AFS FUNDING TRUST, as Purchaser,

                               By:  AMERICREDIT FINANCIAL SERVICES, INC.,
                                    as Administrator

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

                               AMERICREDIT FINANCIAL SERVICES,
                                 INC., as Seller

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

Accepted:

BANK ONE, NA,
as Trustee and Trust Collateral Agent

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

                              [Purchase Agreement]

<Page>

                                   SCHEDULE A

                             SCHEDULE OF RECEIVABLES

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

<Page>

                                   SCHEDULE B

                        REPRESENTATIONS AND WARRANTIES OF

              AMERICREDIT FINANCIAL SERVICES, INC. ("AMERICREDIT")

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

     2. NO FRAUD OR MISREPRESENTATION. Each Receivable was originated (i) by
AmeriCredit, (ii) by a Dealer and was sold by the Dealer to AmeriCredit, or
(iii) by a Third-Party Lender and was sold by the Third-Party Lender to
AmeriCredit, and was sold by AmeriCredit to AFS Funding Trust without any fraud
or misrepresentation on the part of such Dealer or Third-Party Lender in any
case.

     3. COMPLIANCE WITH LAW. All requirements of applicable federal, state and
local laws, and regulations thereunder (including, without limitation, usury
laws, the Federal Truth-in-Lending Act, the Equal Credit Opportunity Act, the
Fair Credit Billing Act, the Fair Credit Reporting Act, the Fair Debt Collection
Practices Act, the Federal Trade Commission Act, the Moss-Magnuson Warranty Act,
the Federal Reserve Board's Regulations "B" and "Z" (including amendments to the
Federal Reserve's Official Staff Commentary to Regulation Z, effective October
1, 1998, concerning negative equity loans), the Soldiers' and Sailors' Civil
Relief Act of 1940, each applicable state Motor Vehicle Retail Installment Sales
Act, and state adaptations of the National Consumer Act and of the Uniform
Consumer Credit Code and other consumer credit laws and equal credit opportunity
and disclosure laws) in respect of the Receivables and the Financed Vehicles,
have been complied with in all material respects, and each Receivable and the
sale of the Financed Vehicle evidenced by each Receivable complied at the time
it was

<Page>

originated or made and now complies in all material respects with all applicable
legal requirements.

     4. ORIGINATION. Each Receivable was originated in the United States.

     5. BINDING OBLIGATION. Each Receivable represents the genuine, legal, valid
and binding payment obligation of the Obligor thereon, enforceable by the holder
thereof in accordance with its terms, except (A) as enforceability may be
limited by bankruptcy, insolvency, reorganization or similar laws affecting the
enforcement of creditors' rights generally and by equitable limitations on the
availability of specific remedies, regardless of whether such enforceability is
considered in a proceeding in equity or at law and (B) as such Receivable may be
modified by the application after the Cutoff Date of the Soldiers' and Sailors'
Civil Relief Act of 1940, as amended; and all parties to each Receivable had
full legal capacity to execute and deliver such Receivable and all other
documents related thereto and to grant the security interest purported to be
granted thereby.

     6. NO GOVERNMENT OBLIGOR. No Obligor is the United States of America or any
State or any agency, department, subdivision or instrumentality thereof.

     7. OBLIGOR BANKRUPTCY. At the Cutoff Date no Obligor had been identified on
the records of AmeriCredit as being the subject of a current bankruptcy
proceeding.

     8. SCHEDULES OF RECEIVABLES. The information set forth in the Schedules of
Receivables has been produced from the Electronic Ledger and was true and
correct in all material respects as of the close of business on the Cutoff Date.

     9. MARKING RECORDS. By the Closing Date, AmeriCredit will have caused the
portions of the Electronic Ledger relating to the Receivables to be clearly and
unambiguously marked to show that the Receivables have been sold to AFS Funding
Trust by AmeriCredit and resold by the AFS Funding Trust to the Trust in
accordance with the terms of the Sale and Servicing Agreement.

     10. COMPUTER TAPE. The Computer Tape made available by AmeriCredit to AFS
Funding Trust and to the Trust on the Closing Date was complete and accurate as
of the Cutoff Date and includes a description of the same Receivables that are
described in the Schedule of Receivables.

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

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

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

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

                                       B-2
<Page>

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

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

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

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

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

                                       B-3
<Page>

     19. ALL FILINGS MADE. All filings (including, without limitation, UCC
filings) required to be made by any Person and actions required to be taken or
performed by any Person in any jurisdiction to give AFS Funding Trust a first
priority perfected lien on, or ownership interest in, the Receivables and the
proceeds thereof and the Other Conveyed Property have been made, taken or
performed.

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

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

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

     23. NO DEFAULT. There has been no default, breach, violation or event
permitting acceleration under the terms of any Receivable (other than payment
delinquencies of not more than 30 days), and no condition exists or event has
occurred and is continuing that with notice, the lapse of time or both would
constitute a default, breach, violation or event permitting acceleration under
the terms of any Receivable, and there has been no waiver of any of the
foregoing. As of the Cutoff Date no Financed Vehicle had been repossessed.

     24. INSURANCE. At the time of origination of a Receivable by AmeriCredit or
a purchase of a Receivable by AmeriCredit from a Dealer or Third-Party Lender,
each Financed Vehicle is required to be covered by a comprehensive and collision
insurance policy (i) in an amount at least equal to the lesser of (a) its
maximum insurable value or (b) the principal amount due from the Obligor under
the related Receivable, (ii) naming AmeriCredit as loss payee and (iii) insuring
against loss and damage due to fire, theft, transportation, collision and other
risks generally covered by comprehensive and collision coverage. Each Receivable
requires the Obligor to maintain physical loss and damage insurance, naming
AmeriCredit and its successors and assigns as additional insured parties, and
each Receivable permits the holder thereof to obtain physical loss and damage
insurance at the expense of the Obligor if the Obligor fails to do so. No
Financed Vehicle is insured under a policy of Force-Placed Insurance on the
Cutoff Date.

     25. PAST DUE. At the Cutoff Date no Receivable was more than 30 days past
due.

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

     27. CERTAIN CHARACTERISTICS OF RECEIVABLES. (A) Each Receivable had a
remaining maturity, as of the Cutoff Date, of not more than 72 months; (B) each
Receivable had an original maturity of not more than 72 months; (C) not more
than 40% of Receivables (calculated by Aggregate Principal Balance) shall have
an original term to maturity of 72 months; (D) each Receivable had a remaining
Principal Balance as of the Cutoff Date of at least $250 and not

                                       B-4
<Page>

more than $60,000; (E) each Receivable has an Annual Percentage Rate of at least
7% and not more than 33%; (F) no Receivable was more than 30 days past due as of
the Cutoff Date and (G) no funds had been advanced by AmeriCredit, any Dealer,
any Third-Party Lender, or anyone acting on behalf of any of them in order to
cause any Receivable to qualify under clause (F) above.

                                       B-5<Page>

                                                                    Exhibit 10.2
                                                                  EXECUTION COPY

                            INDEMNIFICATION AGREEMENT

                                      among

                       FINANCIAL SECURITY ASSURANCE INC.,

                                AFS FUNDING TRUST

                                       and

                     CREDIT SUISSE FIRST BOSTON CORPORATION

                           Dated as of August 9, 2002

                $235,000,000 Class A-1 1.7125% Asset Backed Notes
                 $315,000,000 Class A-2 1.94% Asset Backed Notes
             $480,000,000 Class A-3 Floating Rate Asset Backed Notes
                 $270,000,000 Class A-4 3.55% Asset Backed Notes

<Page>

                                TABLE OF CONTENTS

<Table>
<Caption>
                                                                                                  Page
                                                                                                  ----
<S>         <C>                                                                                     <C>
Section 1.  Definitions.............................................................................1

Section 2.  Representations, Warranties and Agreements of Financial Security........................3

Section 3.  Representations, Warranties and Agreements of the Underwriters..........................5

Section 4.  Indemnification.........................................................................6

Section 5.  Indemnification Procedures..............................................................6

Section 6.  Contribution............................................................................7

Section 7.  Miscellaneous...........................................................................8

EXHIBIT A -- Opinion of Assistant General Counsel
</Table>

<Page>

                            INDEMNIFICATION AGREEMENT

     INDEMNIFICATION AGREEMENT dated as of August 9, 2002, among FINANCIAL
SECURITY ASSURANCE INC. ("FINANCIAL SECURITY"), AFS FUNDING TRUST, (the
"SELLER") and CREDIT SUISSE FIRST BOSTON CORPORATION, as the Representative (as
defined below):

     Section 1.   DEFINITIONS. For purposes of this Agreement, the following
terms shall have the meanings provided below:

     "AGREEMENT" means this Indemnification Agreement, as amended from time to
time.

     "FEDERAL SECURITIES LAWS" means the Securities Act, the Securities Exchange
Act of 1934, the Trust Indenture Act of 1939, the Investment Company Act of
1940, the Investment Advisers Act of 1940 and the Public Utility Holding Company
Act of 1935, each as amended from time to time, and the rules and regulations in
effect from time to time under such Acts.

     "FINANCIAL SECURITY AGREEMENTS" means this Agreement, the Spread Account
Agreement, the Spread Account Agreement Supplement and the Insurance Agreement.

     "FINANCIAL SECURITY INFORMATION" has the meaning provided in Section 2(g)
hereof.

     "FINANCIAL SECURITY PARTY" means any of Financial Security, its parent,
subsidiaries and affiliates, and any shareholder, director, officer, employee,
agent or "controlling person" (as such term is used in the Securities Act) of
any of the foregoing.

     "INDEMNIFIED PARTY" means any party entitled to any indemnification
pursuant to Section 4 hereof.

     "INDEMNIFYING PARTY" means any party required to provide indemnification
pursuant to Section 4 hereof.

     "INSURANCE AGREEMENT" means the Insurance and Indemnity Agreement, dated as
of August 9, 2002 among Financial Security, the Trust, AmeriCredit Financial
Services, Inc., AmeriCredit Corp. and AFS Funding Trust.

     "LOSSES" means (a) any actual out-of-pocket damages incurred by the party
entitled to indemnification or contribution hereunder, (b) any actual
out-of-pocket costs or expenses incurred by such party, including reasonable
fees or expenses of its counsel and other expenses incurred in connection with
investigating or defending any claim, action or other proceeding which entitle
such party to be indemnified hereunder (subject to the limitations set forth in
Section 5 hereof), to the extent not paid, satisfied or reimbursed from funds
provided by any other Person other than an affiliate of such party (provided
that the foregoing shall not create or imply any obligation to pursue recourse
against any such other Person), plus (c) interest on the amount paid by the
party entitled to indemnification or contribution from the date of such payment
to the date of payment by the party who is obligated to indemnify or contribute
hereunder at the statutory rate applicable to judgments for breach of contract.

<Page>

     "OFFERING DOCUMENT" means the Prospectus and any other material or
documents delivered by the Underwriters to any Person in connection with the
offer or sale of the Securities.

     "PERSON" means any individual, partnership, joint venture, corporation,
trust, unincorporated organization or other organization or entity (whether
governmental or private).

     "POLICY" means the financial guaranty insurance policy delivered by
Financial Security with respect to the Securities.

     "PROSPECTUS" means, collectively, the Prospectus relating to the Securities
dated January 25, 2002 and the Prospectus Supplement dated August 8, 2002 (the
"Prospectus Supplement") relating to the Securities.

     "REPRESENTATIVE" means Credit Suisse First Boston Corporation, as
representative of the Underwriters.

     "SECURITIES" means the Trust's $235,000,000 Class A-1 1.7125% Asset Backed
Notes, $315,000,000 Class A-2 1.94% Asset Backed Notes, $480,000,000 Class A-3
Floating Rate Asset Backed Notes and $270,000,000 Class A-4 3.55% Asset Backed
Notes issued pursuant to the Series 2002-B Indenture.

     "SECURITIES ACT" means the Securities Act of 1933, as amended from time to
time.

     "SELLER PARTY" means any of the Seller, its parent, subsidiaries and
affiliates and any employee, agent or "controlling person" (as such term is used
in the Securities Act) of any of the foregoing.

     "SPREAD ACCOUNT AGREEMENT" means the Spread Account Agreement, as amended
and restated, dated as of May 11, 1998, as amended as of October 25, 1999, as
further amended as of May 22, 2000, as further amended as of November 29, 2000,
among Financial Security, AFS Funding Trust, the collateral agent named therein
and the trustees specified therein, as the same may be amended, supplemented or
otherwise modified in accordance with the terms thereof.

     "SPREAD ACCOUNT AGREEMENT SUPPLEMENT" means the Series 2002-C Supplement to
Spread Account Agreement, dated as of August 9, 2002, among Financial Security,
AFS Funding Trust, the collateral agent named therein and the trustees specified
therein.

     "TRUST" means AmeriCredit Automobile Receivables Trust 2002-C.

     "UNDERWRITER INFORMATION" has the meaning provided in Section 3(c) hereof.

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

     "UNDERWRITERS" means Credit Suisse First Boston Corporation, Barclays
Capital Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities Inc., Morgan
Stanley & Co. Incorporated, as underwriters.

                                        2
<Page>

     "UNDERWRITING AGREEMENT" means the Underwriting Agreement, dated as of
August 8, 2002 among the Seller, AmeriCredit Financial Services, Inc. and the
Representative.

     Section 2.   REPRESENTATIONS, WARRANTIES AND AGREEMENTS OF FINANCIAL
SECURITY. Financial Security represents, warrants and agrees as follows:

            (a) ORGANIZATION, ETC. Financial Security is a stock insurance
     company duly organized, validly existing and authorized to transact
     financial guaranty insurance business under the laws of the State of New
     York.

            (b) AUTHORIZATION, ETC. The Policy and the Financial Security
     Agreements have been duly authorized, executed and delivered by Financial
     Security.

            (c) VALIDITY, ETC. The Policy and the Financial Security Agreements
     constitute valid and binding obligations of Financial Security, enforceable
     against Financial Security in accordance with their terms, subject, as to
     the enforcement of remedies, to bankruptcy, insolvency, reorganization,
     rehabilitation, moratorium and other similar laws affecting the
     enforceability of creditors' rights generally applicable in the event of
     the bankruptcy or insolvency of Financial Security and to the application
     of general principles of equity and subject, in the case of this Agreement,
     to principles of public policy limiting the right to enforce the
     indemnification provisions contained herein.

            (d) EXEMPTION FROM REGISTRATION. The Policy is exempt from
     registration under the Securities Act.

            (e) NO CONFLICTS. Neither the execution or delivery by Financial
     Security of the Policy or the Financial Security Agreements, nor the
     performance by Financial Security of its obligations thereunder, will
     conflict with any provision of the certificate of incorporation or the
     bylaws of Financial Security nor result in a breach of, or constitute a
     default under, any material agreement or other instrument to which
     Financial Security is a party or by which any of its property is bound nor
     violate any judgment, order or decree applicable to Financial Security of
     any governmental or regulatory body, administrative agency, court or
     arbitrator having jurisdiction over Financial Security (except that, in the
     published opinion of the Securities and Exchange Commission, the
     indemnification provisions of this Agreement, insofar as they relate to
     indemnification for liabilities arising under the Securities Act, are
     against public policy as expressed in the Securities Act and are therefore
     unenforceable).

            (f) FINANCIAL INFORMATION. The consolidated balance sheets of
     Financial Security as of December 31, 2001 and December 31, 2000 and the
     related consolidated statements of income, changes in shareholder's equity
     and cash flows for the fiscal years then ended, and the interim
     consolidated balance sheet of Financial Security as of March 31, 2002
     (unaudited), and the related statements of income, changes in shareholder
     equity and cash flows for the interim period then ended, which are
     incorporated by reference in the Prospectus, fairly present in all material
     respects the financial condition of Financial Security as of such dates and
     for such periods in accordance with generally accepted accounting
     principles consistently applied (subject as to interim statements to normal

                                        3
<Page>

     year-end adjustments) and since the date of the most current interim
     consolidated balance sheet referred to above there has been no change in
     the financial condition of Financial Security which would materially and
     adversely affect its ability to perform its obligations under the Policy.

            (g) FINANCIAL SECURITY INFORMATION. The information in the
     Prospectus Supplement set forth under the caption "The Insurer" (as revised
     from time to time in accordance with the provisions hereof, the "FINANCIAL
     SECURITY INFORMATION") is limited and does not purport to provide the scope
     of disclosure required to be included in a prospectus with respect to a
     registrant in connection with the offer and sale of securities of such
     registrant registered under the Securities Act. Within such limited scope
     of disclosure, however, as of the date of the Prospectus Supplement and as
     of the date hereof, the Financial Security Information does not contain any
     untrue statement of a material fact, or omit to state a material fact
     necessary to make the statements contained therein, in the light of the
     circumstances under which they were made, not misleading.

            (h) ADDITIONAL INFORMATION. Financial Security will furnish to the
     Underwriters or the Seller, upon request of the Underwriters or the Seller,
     as the case may be, copies of Financial Security's most recent financial
     statements (annual or interim, as the case may be) which fairly present in
     all material respects the financial condition of Financial Security as of
     the dates and for the periods indicated, in accordance with generally
     accepted accounting principles consistently applied except as noted therein
     (subject, as to interim statements, to normal year-end adjustments). In
     addition, if the delivery of a Prospectus relating to the Securities is
     required at any time prior to the expiration of nine months after the time
     of issue of the Prospectus in connection with the offering or sale of the
     Securities, the Seller or the Underwriters will notify Financial Security
     of such requirement to deliver a Prospectus and Financial Security will
     promptly provide the Underwriters and the Seller with any revisions to the
     Financial Security Information that are in the judgment of Financial
     Security necessary to prepare an amended Prospectus or a supplement to the
     Prospectus.

            (i) OPINION OF COUNSEL. Financial Security will furnish to the
     Underwriters and the Seller on the closing date for the sale of the
     Securities an opinion of its Assistant General Counsel, to the effect set
     forth in Exhibit A attached hereto, dated such closing date and addressed
     to the Seller and the Underwriters.

            (j) CONSENTS AND REPORTS OF INDEPENDENT ACCOUNTANTS. Financial
     Security will furnish to the Underwriters and the Seller, upon request, as
     comfort from its independent accountants in respect of its financial
     condition, (i) at the expense of the Person specified in the Insurance
     Agreement, a copy of the Prospectus, including either a manually signed
     consent or a manually signed report of Financial Security's independent
     accountants and (ii) the quarterly review letter by Financial Security's
     independent accountants in respect of the most recent interim financial
     statements of Financial Security.

Nothing in this Agreement shall be construed as a representation or warranty by
Financial Security concerning the rating of its insurance financial strength by
Moody's Investors Service, its insurer financial strength by Standard & Poor's
Ratings Services and Standard & Poor's

                                        4
<Page>

(Australia) Pty. Ltd., its claims-paying ability by Fitch IBCA, Inc. and Japan
Rating and Investment Information, Inc. or any other rating assigned by a rating
agency (collectively, the "RATING AGENCIES"). The Rating Agencies, in assigning
such ratings, take into account facts and assumptions not described in the
Prospectus and the facts and assumptions which are considered by the Rating
Agencies, and the ratings issued thereby, are subject to change over time.

     Section 3.   REPRESENTATIONS, WARRANTIES AND AGREEMENTS OF THE
UNDERWRITERS. Each of the Underwriters represents, warrants and agrees as
follows:

            (a) COMPLIANCE WITH LAWS. Such Underwriter will comply in all
     material respects with all legal requirements in connection with offers and
     sales of the Securities and make such offers and sales in the manner
     provided in the Prospectus.

            (b) OFFERING DOCUMENT. Such Underwriter will not use, or distribute
     to other broker-dealers for use, any Offering Document in connection with
     the offer and sale of the Securities unless such Offering Document includes
     such information as has been furnished by Financial Security for inclusion
     therein and the information therein concerning Financial Security has been
     approved by Financial Security in writing. Financial Security hereby
     consents to the information in respect of Financial Security included in
     the Prospectus. Each Offering Document will include the following
     statement:

            "The Policy is not covered by the Property/Casualty
            Insurance Security Fund specified in Article 76 of the New
            York Insurance Law".

     Each Offering Document including financial statements with respect to
     Financial Security prepared in accordance with generally accepted
     accounting principles (but excluding any Offering Document in which such
     financial statements are incorporated by reference) will include the
     following statement immediately preceding such financial statements:

            "The New York State Insurance Department recognizes only
            statutory accounting practices for determining and
            reporting the financial condition and results of
            operations of an insurance company, for determining its
            solvency under the New York Insurance Law, and for
            determining whether its financial condition warrants the
            payment of a dividend to its stockholders. No
            consideration is given by the New York State Insurance
            Department to financial statements prepared in accordance
            with generally accepted accounting principles in making
            such determinations."

            (c) UNDERWRITER INFORMATION. All material provided by the
     Underwriters for inclusion in the Prospectus (as revised from time to time,
     the "UNDERWRITER INFORMATION"), insofar as such information relates to the
     Underwriters, is true and correct in all material respects. In respect of
     the Prospectus Supplement, the Underwriter Information is limited

                                        5
<Page>

     to the information set forth in the body of the Prospectus Supplement and
     within the "Underwriting" section, the first, the third and final (i.e.
     SIXTH) paragraphs immediately following the Class A-4 Notes Underwriter
     commitment table.

     Section 4.   INDEMNIFICATION.

            (a) Financial Security agrees, upon the terms and subject to the
     conditions provided herein, to indemnify, defend and hold harmless each
     Seller Party and each Underwriter Party against (i) any and all Losses
     incurred by them with respect to the offer and sale of the Securities and
     resulting from Financial Security's breach of any of its representations,
     warranties or agreements set forth in Section 2 hereof and (ii) any and all
     Losses to which any Seller Party or Underwriter Party may become subject,
     under the Securities Act or otherwise, insofar as such Losses arise out of
     or result from an untrue statement of a material fact contained in any
     Offering Document or the omission to state therein a material fact required
     to be stated therein or necessary to make the statements therein not
     misleading, in each case to the extent, but only to the extent, that such
     untrue statement or omission was made in the Financial Security Information
     included therein in accordance with the provisions hereof.

            (b) Each of the Underwriters, agrees, severally but not jointly,
     upon the terms and subject to the conditions provided herein, to indemnify,
     defend and hold harmless each Financial Security Party and each Seller
     Party against (i) any and all Losses incurred by them with respect to the
     offer and sale of the Securities and resulting from the Underwriters'
     breach of any of its representations, warranties or agreements set forth in
     Section 3 hereof and (ii) any and all Losses to which any Financial
     Security Party or Seller Party may become subject, under the Securities Act
     or otherwise, insofar as such Losses arise out of or result from an untrue
     statement of a material fact contained in any Offering Document or the
     omission to state therein a material fact required to be stated therein or
     necessary to make the statements therein not misleading, in each case to
     the extent, but only to the extent, that such untrue statement or omission
     was made in the Underwriter Information included therein.

            (c) Upon the incurrence of any Losses for which a party is entitled
     to indemnification hereunder, the Indemnifying Party shall reimburse the
     Indemnified Party promptly upon establishment by the Indemnified Party to
     the Indemnifying Party of the Losses incurred.

     Section 5.   INDEMNIFICATION PROCEDURES. Except as provided below in
Section 6 with respect to contribution, the indemnification provided herein by
an Indemnifying Party shall be the exclusive remedy of any and all Indemnified
Parties for the breach of a representation, warranty or agreement hereunder by
an Indemnifying Party; PROVIDED, HOWEVER, that each Indemnified Party shall be
entitled to pursue any other remedy at law or in equity for any such breach so
long as the damages sought to be recovered shall not exceed the Losses incurred
thereby resulting from such breach. In the event that any action or regulatory
proceeding shall be commenced or claim asserted which may entitle an Indemnified
Party to be indemnified under this Agreement, such party shall give the
Indemnifying Party written or telegraphic notice of such action or claim
reasonably promptly after receipt of written notice thereof. The

                                        6
<Page>

Indemnifying Party shall be entitled to participate in and, upon notice to the
Indemnified Party, assume the defense of any such action or claim in reasonable
cooperation with, and with the reasonable cooperation of, the Indemnified Party.
The Indemnified Party will have the right to employ its own counsel in any such
action in addition to the counsel of the Indemnifying Party, but the fees and
expenses of such counsel will be at the expense of such Indemnified Party,
unless (a) the employment of counsel by the Indemnified Party at its expense has
been authorized in writing by the Indemnifying Party, (b) the Indemnifying Party
has not in fact employed counsel to assume the defense of such action within a
reasonable time after receiving notice of the commencement of the action, or (c)
the named parties to any such action or proceeding (including any impleaded
parties) include both the Indemnifying Party and one or more Indemnified
Parties, and the Indemnified Parties shall have been advised by counsel that (A)
there may be one or more legal defenses available to them which are different
from or additional to those available to the Indemnifying Party and (B) the
representation of the Indemnifying Party and such Indemnified Parties by the
same counsel would be inappropriate or contrary to prudent practice (in which
case, if such Indemnified Parties notify the Indemnifying Party in writing that
they elect to employ separate counsel at the expense of the Indemnifying Party,
the Indemnifying Party shall not have the right to assume the defense of such
action or proceeding on behalf of such Indemnified Parties, it being understood,
however, that the Indemnifying Party shall not, in connection with any one such
action or proceeding or separate but substantially similar or related actions or
proceedings in the same jurisdiction arising out of the same general allegations
or circumstances, be liable for the reasonable fees and expenses of more than
one separate firm of attorneys at any time for all Seller Parties, one such firm
for all Underwriter Parties and one such firm for all Financial Security
Parties, as the case may be, which firm shall be designated in writing by the
Seller in respect of the Seller Parties, by the Underwriters in respect of the
Underwriter Parties and by Financial Security in respect of the Financial
Security Parties), in each of which cases the fees and expenses of counsel will
be at the expense of the Indemnifying Party and all such fees and expenses will
be reimbursed promptly as they are incurred. The Indemnifying Party shall not be
liable for any settlement of any such claim or action unless the Indemnifying
Party shall have consented thereto or be in default in its obligations
hereunder. Any failure by an Indemnified Party to comply with the provisions of
this Section shall relieve the Indemnifying Party of liability only if such
failure is prejudicial to the position of the Indemnifying Party and then only
to the extent of such prejudice.

     Section 6.   CONTRIBUTION.

            (a) To provide for just and equitable contribution if the
     indemnification provided by any Indemnifying Party is determined to be
     unavailable or insufficient for any Indemnified Party (other than due to
     application of this Section), each Indemnifying Party shall contribute to
     the Losses arising from any breach of any of its representations,
     warranties or agreements contained in this Agreement on the basis of the
     relative fault of each of the parties as set forth in Section 6(b) below;
     PROVIDED, HOWEVER, that an Indemnifying Party shall in no event be required
     to contribute to all Indemnified Parties an aggregate amount in excess of
     the Losses incurred by such Indemnified Parties resulting from the breach
     of representations, warranties or agreements contained in this Agreement.

                                        7
<Page>

            (b) The relative fault of each Indemnifying Party, on the one hand,
     and of each Indemnified Party, on the other, shall be determined by
     reference to, among other things, whether the breach of, or alleged breach
     of, any representations, warranties or agreements contained in this
     Agreement relates to information supplied by, or action within the control
     of, the Indemnifying Party or the Indemnified Party and the parties'
     relative intent, knowledge, access to information and opportunity to
     correct or prevent such breach.

            (c) The parties agree that Financial Security shall be solely
     responsible for the Financial Security Information and the Underwriters
     shall be solely responsible for the Underwriter Information and that the
     balance of each Offering Document shall be the responsibility of the
     Seller.

            (d) Notwithstanding anything in this Section 6 to the contrary, the
     Underwriters shall not be required to contribute an amount in excess of the
     amount by which the total price of the Securities underwritten by the
     Underwriters exceeds the amount of any damages that the Underwriters have
     otherwise been required to pay in respect of such untrue statement or
     omission.

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

            (f) Upon the incurrence of any Losses entitled to contribution
     hereunder, the contributor shall reimburse the party entitled to
     contribution promptly upon establishment by the party entitled to
     contribution to the contributor of the Losses incurred.

     Section 7.   MISCELLANEOUS.

            (a) NOTICES. All notices and other communications provided for under
     this Agreement shall be delivered to the address set forth below or to such
     other address as shall be designated by the recipient in a written notice
     to the other party or parties hereto.

     If to Financial Security:   Financial Security Assurance Inc.
                                 350 Park Avenue
                                 New York, NY 10022
                                 Attention: Senior Vice President
                                 Transaction Oversight Department (with a copy
                                 to the attention of the General Counsel)
                                 Re: AmeriCredit Automobile Receivables Trust
                                 2002-C
                                 Confirmation: (212) 826-0100
                                 Telecopy Nos.: (212) 339-3518,
                                                (212) 339-3529

                                        8
<Page>

     If to the Seller:           AFS Funding Trust
                                 c/o Deutsche Bank Trust Company Delaware
                                 (f/k/a Bankers Trust (Delaware))
                                 E.A. Delle Donne Corporate Center
                                 Montgomery Building
                                 1011 Centre Road
                                 Wilmington, DE 19805-1266
                                 Attention: Corporate Trust Administration
                                 Confirmation: (302) 636-3305

     With a copy to:             AmeriCredit Financial Services, Inc.
                                 Administrator of AFS Funding Trust
                                 801 Cherry Street, Suite 3900
                                 Fort Worth, TX 76102
                                 Attn: Chief Financial Officer
                                 Confirmation: (817) 302-7000
                                 Telecopy No.: (817) 302-7942

     If to the Underwriters:     Credit Suisse First Boston Corporation
                                 11 Madison Avenue
                                 New York, NY 10010
                                 Attention: Transaction Advisory Group
                                 Confirmation:(212) 325-2000
                                 Telecopy No.(212) 325-4296

            (b) GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE
     WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK, WITHOUT GIVING
     EFFECT TO ITS CONFLICT OF LAW PROVISIONS (OTHER THAN SECTIONS 5-1401 AND
     5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

            (c) ASSIGNMENTS. This Agreement may not be assigned by any party
     without the express written consent of each other party. Any assignment
     made in violation of this Agreement shall be null and void.

            (d) AMENDMENTS. Amendments of this Agreement shall be in writing
     signed by each party hereto.

            (e) SURVIVAL, ETC. The indemnity and contribution agreements
     contained in this Agreement shall remain operative and in full force and
     effect, regardless of (i) any investigation made by or on behalf of any
     Indemnifying Party, (ii) the issuance of the Securities or (iii) any
     termination of this Agreement or the Policy. The indemnification provided
     in this Agreement will be in addition to any liability which the parties
     may otherwise have and shall in no way limit any obligations of the Seller
     under the Underwriting Agreement or the Insurance Agreement.

                                        9
<Page>

            (f) COUNTERPARTS. This Agreement may be executed in counterparts by
     the parties hereto, and all such counterparts shall constitute one and the
     same instrument.

              [THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

                                       10
<Page>

     IN WITNESS WHEREOF, the parties hereto have caused this Indemnification
Agreement to be duly executed and delivered as of the date first above written.

                                  FINANCIAL SECURITY ASSURANCE INC.

                                  By: /s/ Raymond Galkowski
                                     -------------------------------------------
                                     Name:  Raymond Galkowski
                                            ------------------------------------
                                     Title: Authorized Officer

                                  AFS FUNDING TRUST
                                  By:  AmeriCredit Financial Services, Inc., as
                                       Administrator

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

                                  CREDIT SUISSE FIRST BOSTON CORPORATION

                                  By: /s/ John L. Mcwilliams, IV
                                     -------------------------------------------
                                     Name:  John L. McWilliams, IV
                                     Title: Director

<Page>

                                    EXHIBIT A

                      OPINION OF ASSOCIATE GENERAL COUNSEL

     Based upon the foregoing, I am of the opinion that:

     1.     Financial Security is a stock insurance company duly organized,
validly existing and authorized to transact financial guaranty insurance
business under the laws of the State of New York.

     2.     The Policy and the Financial Security Agreements have been duly
authorized, executed and delivered by Financial Security.

     3.     The Policy and the Financial Security Agreements constitute valid
and binding obligations of Financial Security, enforceable against Financial
Security in accordance with their terms, subject, as to the enforcement of
remedies, to bankruptcy, insolvency, reorganization, rehabilitation, moratorium
and other similar laws affecting the enforceability of creditors' rights
generally applicable in the event of the bankruptcy or insolvency of Financial
Security and to the application of general principles of equity and subject, in
the case of the Indemnification Agreement, to principles of public policy
limiting the right to enforce the indemnification provisions contained therein
insofar as they relate to indemnification for liabilities arising under
applicable securities laws.

     4.     The Policy is exempt from registration under the Securities Act of
1933, as amended (the "ACT").

     5.     Neither the execution or delivery by Financial Security of the
Policy or the Financial Security Agreements, nor the performance by Financial
Security of its obligations thereunder, will conflict with any provision of the
certificate of incorporation or the bylaws of Financial Security or violate any
law or regulation, which violation would impair the binding effect or
enforceability of the Policy or any of the Agreements or, to the best of my
knowledge, result in a breach of, or constitute a default under, any agreement
or other instrument to which Financial Security is a party or by which it or any
of its property is bound or, to the best of my knowledge, violate any judgment,
order or decree applicable to Financial Security of any governmental or
regulatory body, administrative agency, court or arbitrator having jurisdiction
over Financial Security (except that in the published opinion of the Securities
and Exchange Commission the indemnification provisions of the Indemnification
Agreement, insofar as they relate to indemnification for liabilities arising
under the Act, are against public policy as expressed in the Act and are
therefore unenforceable).

     In addition, please be advised that I have reviewed the description of
Financial Security under the caption "The Insurer" in the Prospectus (the
"OFFERING DOCUMENT") of the Seller with respect to the Securities. The
information provided in the Offering Document with respect to Financial Security
is limited and does not purport to provide the scope of disclosure required to
be included in a prospectus with respect to a registrant under the Act in
connection with the public offer and sale of securities of such registrant.
Within such limited scope of disclosure,

                                       A-1
<Page>

however, there has not come to my attention any information which would cause me
to believe that the description of Financial Security referred to above, as of
the date of the Offering Document or as of the date of this opinion, contained
or contains any untrue statement of a material fact or omitted or omits to state
a material fact necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading (except that I express
no opinion with respect to any financial statements or other financial
information contained or referred to therein).

                                       A-2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00042-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00042-of-00352.parquet"}]]