8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 7, 2006

AmeriCredit Corp.

(Exact name of registrant as specified in its charter)

Texas	1-10667	75-2291093
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

801 Cherry Street, Suite 3900, Fort Worth, Texas 76102

(Address of principal executive offices, including Zip Code)

(817) 302-7000

(Registrant’s telephone number, including area code)

(Not Applicable)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 2.02. Results of Operations and Financial Condition

On August 7, 2006, AmeriCredit Corp. (the “Company”) issued a press release announcing the results of operations for the quarter and fiscal year ended June 30, 2006. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.

The Company will conduct its fourth quarter and fiscal year end conference call August 7, 2006, at 5:30 p.m. EDT. Interested persons may register to listen to the call at the Company’s website, www.americredit.com, under “Investors,” “Conference Calls.” The call will also be available on demand at this website.

Also on August 7, 2006, AmeriCredit Financial Services, Inc., a subsidiary of the Company, released its asset-backed certificate data for the month ended July 31, 2006. The information is located on the Company’s website, www.americredit.com, under “Investors,” “Asset Backed Information,” “AmeriCredit ABS Information.”

The information in this Item 2.02, including the Exhibit attached hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing.

ITEM 9.01. Financial Statements and Exhibits

(c) Exhibits

Exhibit No.	Description of Exhibit
99.1	Press Release dated August 7, 2006, entitled “AmeriCredit Reports Fourth Quarter and Fiscal Year 2006 Operating Results”

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		AmeriCredit Corp.
		(Registrant)
Date: August 7, 2006	By:	/s/ CHRIS A. CHOATE
		Chris A. Choate
		Executive Vice President, Chief Financial Officer and Treasurer

INDEX TO EXHIBITS

Exhibit No.	Exhibit
99.1	Press Release dated August 7, 2006, entitled “AmeriCredit Reports Fourth Quarter and Fiscal Year 2006 Operating Results”

EX-99.1

Exhibit 99.1

AMERICREDIT REPORTS FOURTH QUARTER AND FISCAL YEAR 2006

OPERATING RESULTS

• 4^th Quarter earnings of $79 million, $0.55 per share

• Loan originations increased to $1.73 billion

• Charge-offs declined to 3.9%

• FY07 earnings per share guidance updated

FORT WORTH, TEXAS August 7, 2006 – AMERICREDIT CORP. (NYSE: ACF) today announced net income of $79 million, or $0.55 per share, for its fiscal fourth quarter ended June 30, 2006. AmeriCredit reported net income of $77 million, or $0.48 per share, for the same period a year earlier. Net income for the quarter ended June 30, 2006, included a $6 million after-tax loss ($9 million pre-tax), or $0.04 per share, related to the redemption of the 9 ¹/4 Senior Notes due in May 2009. For the fiscal year ended June 30, 2006, AmeriCredit reported net income of $306 million, or $2.08 per share, versus earnings of $286 million, or $1.73 per share, for the fiscal year ended June 30, 2005.

Automobile loan purchases increased to $1.73 billion for the fourth quarter of fiscal year 2006, compared to $1.45 billion for the June 2005 quarter. Loan purchases for the fiscal year ended June 30, 2006, were $6.21 billion compared to $5.03 billion for fiscal year 2005. Managed auto receivables totaled $12.20 billion at June 30, 2006.

Annualized net charge-offs totaled 3.9% of average managed auto receivables for the June 2006 quarter compared to 4.2% for the June 2005 quarter. Net charge-offs for the fiscal year ended June 30, 2006, were 5.2% compared to 5.7% for fiscal year 2005.

Managed auto receivables 31-to-60 days delinquent were 5.1% of the portfolio at June 30, 2006, compared to 5.2% at June 30, 2005. Accounts more than 60 days delinquent were 2.1% of the portfolio at June 30, 2006, compared to 2.2% at June 30, 2005.

“AmeriCredit experienced a strong finish to fiscal year 2006 as loan originations increased and charge-offs declined this quarter,” said President and Chief Executive Officer Dan Berce. “We continued executing our growth strategies, and we are still benefiting from a favorable economic environment.”

Unrestricted cash totaled $513 million at June 30, 2006. During the June 2006 quarter, the Company repurchased $106 million of its common stock. The Company has repurchased a total of $923 million of its common stock since inception of its stock repurchase program in April 2004. At June 30, 2006, the Company had $77 million remaining under its board approved stock repurchase plan. Shareholders’ equity was $2.01 billion at June 30, 2006, resulting in a managed assets-to-equity ratio of 6.1 at June 30, 2006.

“During the June quarter, our primary uses of excess cash were the repurchase of additional shares of stock, the redemption of outstanding unsecured debt, and the acquisition of Bay View Acceptance Corporation,” said Chief Financial Officer Chris Choate. “Growth in our managed receivables combined with deployment of excess capital helped us improve our return on equity to 15.3% in fiscal year 2006 compared to 13.4% last year.”

Regulation FD

Pursuant to Regulation FD, the Company provides its expectations regarding future business trends to the public via a press release or 8-K filing. The Company anticipates some risks and uncertainties with its business.

The following net income forecast remains unchanged from guidance provided on April 24, 2006. The earnings per share forecast has been updated to reflect stock repurchased through June 30, 2006.

Net income and EPS forecasts

	Fiscal year ending June 30, 2007
Net income ($ millions)	$	305 - $335
Earnings per share	$	2.15 - $2.35

The forecasts include the results of Bay View Acceptance Corporation for fiscal year 2007. The Company completed this acquisition on May 1, 2006. Bay View Acceptance Corporation provides specialized auto financing options to customers with prime credit scores. Therefore, its net interest margin and credit losses are historically lower than AmeriCredit’s. The forecasts for fiscal year 2007 incorporate, but are not limited to, the following assumptions:

• New loan origination volume of $7.2 to $7.8 billion;

• Net interest margin of 12.0 to 13.0 percent of average receivables;

• Operating expenses of 2.8 to 3.2 percent of the portfolio;

• Net charge-offs to average between 4.5 and 5.5 percent overall for the fiscal year, but varying seasonally by quarter; and

• Annualized provision for loan losses as a percent of average receivables to range between 5.0 and 6.0 percent.

These forecasts do not include any future share repurchase activity or future disposition of all or a portion of the Company’s investment in DealerTrack.

AmeriCredit will host a conference call for analysts and investors today at 5:30 P.M. Eastern Daylight Time. For a live Internet broadcast of this conference call, please go to the Company’s Web site to register, download and install any necessary audio software. For those who cannot listen to the live broadcast, a replay will be available shortly after the call.

About AmeriCredit

AmeriCredit Corp. is a leading independent automobile finance company that provides financing solutions indirectly through auto dealers and directly to consumers in the United States and Canada. AmeriCredit has approximately one million customers and $12 billion in managed auto receivables. The Company was founded in 1992 and is headquartered in Fort Worth, Texas. For more information, visit www.americredit.com.

Except for the historical information contained herein, the matters discussed in this news release include forward-looking statements that involve risks and uncertainties detailed from time to time in the Company’s filings and reports with the Securities and Exchange Commission including the Company’s annual report on Form 10-K/A for the year ended June 30, 2005. Such risks include – but are not limited to – variable economic conditions, adverse portfolio performance, volatile wholesale values, reliance on warehouse financing and capital markets, the ability to continue to securitize its loan portfolio, the continued availability of credit enhancement for its securitization transactions on acceptable terms, fluctuating interest rates, increased competition, regulatory changes and exposure to litigation. These forward-looking statements are based on the beliefs of the Company’s management as well as assumptions made by and information currently available to Company management. Actual events or results may differ materially.

AmeriCredit Corp.

Consolidated Income Statements

(Unaudited, Dollars in Thousands, Except Per Share Amounts)

	Three Months Ended June 30,				Fiscal Year Ended June 30,
	2006		2005		2006		2005
Revenue:
Finance charge income	$	458,874	$	344,224	$	1,641,125	$	1,217,696
Servicing income		13,417		33,026		75,209		177,585
Other income		15,552		16,949		95,004		55,565
		487,843		394,199		1,811,338		1,450,846
Costs and expenses:
Operating expenses		84,683		77,825		336,153		312,637
Provision for loan losses		157,051		114,792		567,545		418,711
Interest expense		120,804		79,756		419,360		264,276
Restructuring charges		919		82		3,045		2,823
		363,457		272,455		1,326,103		998,447
Income before income taxes		124,386		121,744		485,235		452,399
Income tax provision		45,542		44,802		179,052		166,490
Net income	$	78,844	$	76,942	$	306,183	$	285,909
Earnings per share:
Basic	$	0.61	$	0.52	$	2.29	$	1.88
Diluted	$	0.55	$	0.48	$	2.08	$	1.73
Weighted average shares		129,139,155		146,885,157		133,837,116		152,184,740
Weighted average shares and assumed incremental shares		144,286,513		162,669,064		148,824,916		167,242,658

Consolidated Balance Sheets

(Unaudited, Dollars in Thousands)

	June 30, 2006		March 31, 2006		June 30, 2005
Cash and cash equivalents	$	513,240	$	700,800	$	663,501
Finance receivables, net		11,097,008		9,770,018		8,297,750
Interest-only receivables from Trusts		3,645		5,891		29,905
Investments in Trust receivables		41,018		98,374		239,446
Restricted cash – gain on sale Trusts		59,961		98,943		272,439
Restricted cash – securitization notes payable		860,935		803,110		633,900
Restricted cash – warehouse credit facilities		140,042		101,981		455,426
Property and equipment, net		57,225		58,343		92,000
Deferred income taxes		78,789		60,795		53,759
Other assets		216,002		209,981		208,912
Total assets	$	13,067,865	$	11,908,236	$	10,947,038
Warehouse credit facilities	$	2,106,282	$	1,435,134	$	990,974
Securitization notes payable		8,518,849		7,867,074		7,166,028
Senior notes		—		153,869		166,755
Convertible debt		200,000		200,000		200,000
Funding payable		54,623		54,559		158,210
Accrued taxes and expenses		155,799		160,899		133,736
Other liabilities		23,426		20,998		9,419
Total liabilities		11,058,979		9,892,533		8,825,122
Shareholders’ equity		2,008,886		2,015,703		2,121,916
Total liabilities and shareholders’ equity	$	13,067,865	$	11,908,236	$	10,947,038

Consolidated Statements of Cash Flows

(Unaudited, Dollars in Thousands)

	Three Months Ended June 30,						Fiscal Year Ended June 30,
	2006			2005			2006			2005
Cash flows from operating activities:
Net income	$	78,844		$	76,942		$	306,183		$	285,909
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		7,669			10,133			35,304			38,267
Accretion and amortization of loan fees		(7,527	)		347			(20,062	)		16,962
Provision for loan losses		157,051			114,792			567,545			418,711
Deferred income taxes		(15,293	)		(38,412	)		(37,405	)		(31,220	)
Accretion of present value discount		(9,466	)		(14,693	)		(40,153	)		(78,066	)
Impairment of credit enhancement assets		—			—			457			1,122
Stock-based compensation expense		3,896			5,114			16,586			11,468
Other		2,539			(153	)		(6,451	)		214
Changes in assets and liabilities:
Other assets		34,355			(21,712	)		117,650			(25,578	)
Accrued taxes and expenses		(6,785	)		7,083			21,677			(23,827	)
Net cash provided by operating activities		245,283			139,441			961,331			613,962
Cash flows from investing activities:
Purchase of receivables		(2,053,660	)		(1,583,509	)		(7,147,471	)		(5,447,444	)
Principal collections and recoveries on receivables		1,263,928			924,877			4,373,044			3,202,788
Distributions from gain on sale Trusts, net of swap payments		108,395			201,705			454,531			547,011
Net (purchases) sales of property and equipment		(1,320	)		(1,169	)		29,234			(7,676	)
Acquisition of Bay View, net of cash acquired		(61,764	)					(61,764	)
Net change in restricted cash and other		(64,039	)		(461,070	)		135,787			(363,585	)
Net cash used by investing activities		(808,460	)		(919,166	)		(2,216,639	)		(2,068,906	)
Cash flows from financing activities:
Net change in warehouse credit facilities		443,270			(270,283	)		887,430			490,974
Net change in securitization notes payable		184,085			1,292,565			884,069			1,559,762
Net change in senior notes and other		(155,849	)		(8,584	)		(174,573	)		(34,853	)
Repurchase of common stock		(106,024	)		(161,676	)		(528,070	)		(362,570	)
Proceeds from issuance of common stock		8,319			11,421			32,467			42,201
Net cash provided by financing activities		373,801			863,443			1,101,323			1,695,514
Net (decrease) increase in cash and cash equivalents		(189,376	)		83,718			(153,985	)		240,570
Effect of Canadian exchange rate changes on cash and cash equivalents		1,816			(214	)		3,724			1,481
Cash and cash equivalents at beginning of period		700,800			579,997			663,501			421,450
Cash and cash equivalents at end of period	$	513,240		$	663,501		$	513,240		$	663,501

Other Financial Data

(Unaudited, Dollars in Thousands)

	Three Months Ended June 30,						Fiscal Year Ended June 30,
	2006			2005			2006			2005
Loan originations	$	1,734,065		$	1,452,275		$	6,208,004		$	5,031,325
Loans securitized		1,297,300			2,255,216			5,000,007			4,913,319
Average on-book receivables	$	11,248,944		$	8,439,498		$	9,993,061		$	7,653,875
Average gain on sale receivables		560,251			2,537,068			1,223,469			3,586,581
Average managed receivables	$	11,809,195		$	10,976,566		$	11,216,530		$	11,240,456
	June 30, 2006			March 31, 2006			June 30, 2005
On-book receivables	$	11,775,665		$	10,382,505		$	8,838,968
Gain on sale receivables		421,037			750,637			2,163,941
Managed receivables	$	12,196,702		$	11,133,142		$	11,002,909
	Three Months Ended June 30,						Fiscal Year Ended June 30,
	2006			2005			2006			2005
Operating expenses	$	84,683		$	77,825		$	336,153		$	312,637
Operating expenses as a percent of average managed receivables		2.9	%		2.8	%		3.0	%		2.8	%
Tax rate		36.61	%		36.80	%		36.90	%		36.80	%
	June 30, 2006			March 31, 2006			June 30, 2005
Loan delinquency:
On-book:
(% of ending on-book receivables)
31 - 60 days		5.0	%		4.5	%		4.3	%
Greater than 60 days		2.0			1.5			1.8
Total		7.0	%		6.0	%		6.1	%
Gain on sale:
(% of ending gain on sale receivables)
31 - 60 days		9.2	%		7.0	%		8.8	%
Greater than 60 days		3.8			3.3			3.9
Total		13.0	%		10.3	%		12.7	%
Total portfolio:
(% of ending managed receivables)
31 - 60 days		5.1	%		4.7	%		5.2	%
Greater than 60 days		2.1			1.6			2.2
Total		7.2	%		6.3	%		7.4	%

	Three Months Ended June 30,						Fiscal Year Ended June 30,
	2006			2005			2006			2005
Contracts receiving a payment deferral as an average quarterly percentage of average receivables outstanding:
On-book (% of average on-book receivables)		6.2	%		5.2	%		6.1	%		5.0	%
Gain on sale (% of average gain on sale receivables)		6.7	%		9.0	%		8.6	%		9.4	%
Total portfolio (% of average managed receivables)		6.2	%		6.1	%		6.4	%		6.4	%
	Three Months Ended June 30,						Fiscal Year Ended June 30,
	2006			2005			2006			2005
Net charge-offs:
On-book	$	107,751		$	71,805		$	467,386		$	320,037
Gain on sale		7,584			44,070			111,243			326,114
	$	115,335		$	115,875		$	578,629		$	646,151
Net charge-offs as a percent of average receivables:
On-book		3.8	%		3.4	%		4.7	%		4.2	%
Gain on sale		5.4	%		7.0	%		9.1	%		9.1	%
Total portfolio		3.9	%		4.2	%		5.2	%		5.7	%
Net recoveries as a percent of gross repossession charge-offs:
On-book		50.3	%		51.4	%		49.3	%		47.1	%
Gain on sale		45.8	%		43.7	%		41.8	%		39.2	%
Total portfolio		49.9	%		48.3	%		47.8	%		43.1	%
	June 30, 2006			March 31, 2006			June 30, 2005
On-book receivables:
Principal	$	11,775,665		$	10,382,505		$	8,838,968
Allowance for loan losses and nonaccretable acquisition fees		(678,657	)		(612,487	)		(541,218	)
	$	11,097,008		$	9,770,018		$	8,297,750
Allowance as a percentage of on-book receivables		5.8	%		5.9	%		6.1	%

The Company’s net margin as reflected on the consolidated statements of income, excluding a $9 million pre-tax gain on the partial sale of the Company’s investment in DealerTrack Holdings, Inc., realized during the year ended June 30, 2006, as well as a $9 million pre-tax loss on the redemption of the Company’s 9 ¹/4% Senior Notes due 2009, realized during the quarter and year ended June 30, 2006, is as follows:

	Three Months Ended June 30,						Fiscal Year Ended June 30,
	2006			2005			2006			2005
Finance charge income	$	458,874		$	344,224		$	1,641,125		$	1,217,696
Other income		24,759			16,949			95,364			55,565
Interest expense		(120,804	)		(79,756	)		(419,360	)		(264,276	)
Net margin	$	362,829		$	281,417		$	1,317,129		$	1,008,985
	Three Months Ended June 30,						Fiscal Year Ended June 30,
	2006			2005			2006			2005
Finance charge income		16.4	%		16.4	%		16.4	%		15.9	%
Other income		0.9			0.8			1.0			0.7
Interest expense		(4.3	)		(3.8	)		(4.2	)		(3.4	)
Net margin as a percent of average on-book receivables		13.0	%		13.4	%		13.2	%		13.2	%

The following table provides additional information for comparative purposes related to the Company’s acquisition on May 1, 2006:

	Three Months Ended June 30, 2006
	AmeriCredit Core			Total Portfolio
Originations	$	1,655,765		$	1,734,065
Average managed receivables	$	11,272,893		$	11,809,195
Net charge-offs	$	114,353		$	115,335
Net charge-offs as a percent of average receivables		4.1	%		3.9	%
Contracts receiving a payment deferral as an average quarterly percentage of average receivables outstanding		6.5	%		6.2	%
Net margin	$	358,102		$	362,829
Net margin as a percent of average on-book receivables		13.3	%		13.0	%
	June 30, 2006
	AmeriCredit Core			Total Portfolio
Managed receivables	$	11,391,037		$	12,196,702
Loan delinquency:
(% of ending managed receivables)
31 - 60 days		5.5	%		5.1	%
Greater than 60 days		2.2			2.1
Total		7.7	%		7.2	%
Allowance as a percentage of on-book receivables		6.1	%		5.8	%

Contact:

Investor Relations	Media Relations
Debbie Vestal	John Hoffmann
(817) 302-7210	(817) 302-7627