EXHIBIT 10.12

                                     WAIVER

                                February 28, 2003

To the Parties on the
 Attached Exhibit A

     Re: AmeriCredit MTN Receivables Trust III

     Reference is made to that certain Security Agreement dated as of February
25, 2002, (the "Security Agreement") among the AmeriCredit MTN Receivables Trust
III, as Debtor (the "Debtor"), AmeriCredit Financial Services, Inc.,
individually and as servicer (the "Servicer"), AmeriCredit MTN Corp. III,
individually, and The Chase Manhattan Bank, as Collateral Agent and as
Securities Intermediary (the "Collateral Agent) and the Servicing and Custodian
Agreement (the "Servicing and Custodian Agreement") dated as of February 25,
2002, by and among the Servicer, the Debtor and the Collateral Agent.
Capitalized terms used herein but not defined herein shall have the meanings
ascribed to such terms in the Security Agreement or the Servicing and Custodian
Agreement, as the case may be.

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



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

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

                                              MBIA INSURANCE CORPORATION

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

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



                                    EXHIBIT A

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

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

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

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

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