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): October 24, 2007

AmeriCredit Corp.

(Exact name of registrant as specified in its charter)

Texas	1-10667	75-2291093
(State or other jurisdiction	(Commission File Number)	(IRS Employer
of incorporation)		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 October 24, 2007, AmeriCredit Corp. (the “Company”) issued a press release announcing the results of operations for the quarter ended September 30, 2007. 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 quarterly conference call October 24, 2007, at 5:30 p.m. Eastern Time. 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.

This information furnished 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

(d) Exhibits

The following exhibit is filed herewith:

Exhibit No.	Description of Exhibit
99.1	Press Release dated October 24, 2007, entitled “AmeriCredit Reports First Quarter 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: October 24, 2007	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 October 24, 2007, entitled “AmeriCredit Reports First Quarter Operating Results”

EX-99.1

Exhibit 99.1

AMERICREDIT REPORTS FIRST QUARTER OPERATING RESULTS

•     1^st Quarter earnings of $62 million, $0.49 per share

•     Credit results showed primarily seasonal deterioration

•     Originations totaled $2.38 billion for the quarter

•     FY08 earnings guidance updated

FORT WORTH, TEXAS October 24, 2007 – AMERICREDIT CORP. (NYSE: ACF) today announced net income of $62 million, or $0.49 per share, for its fiscal first quarter ended September 30, 2007. AmeriCredit reported net income of $74 million, or $0.54 per share, for the same period a year earlier. Operating results include Long Beach Acceptance Corp. since its acquisition on January 1, 2007.

Automobile loan purchases increased to $2.38 billion for the first quarter of fiscal year 2008, compared to $1.68 billion for the same quarter last fiscal year. Managed receivables totaled $16.40 billion at September 30, 2007, compared to $12.33 billion at September 30, 2006.

Annualized net charge-offs were 5.4% of average managed receivables for both the September 2007 and September 2006 quarters.

Managed receivables 31-to-60 days delinquent were 5.5% of the portfolio at September 30, 2007, compared to 6.0% at September 30, 2006. Accounts more than 60 days delinquent were 2.6% of the portfolio compared to 2.5% a year ago.

“While we saw normal seasonal credit deterioration during the September quarter, we also experienced weaker than expected results primarily from loans originated in 2006. As a result of this underperformance and a potentially softer economy in the near term, we have boosted the provision for loan losses for the quarter, which reduced our net income,” said AmeriCredit President and Chief Executive Officer Dan Berce.

During the quarter, the Company repurchased $128 million of its common stock and has $172 million remaining under its board- approved stock repurchase plan. Shareholders’ equity was $2.01 billion at September 30, 2007, resulting in a book value of $17.61 per share and tangible book value of $15.78 per share.

“From a funding perspective, we were pleased with our execution in the capital markets. We have completed $3.5 billion in securitization transactions and obtained $2.0 billion in warehouse funding commitments since July 1, 2007. Our liquidity position remains solid with over $637 million in unrestricted cash at September 30, 2007,” said Chief Financial Officer Chris Choate.

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 and earnings per share forecasts and the related assumptions have been updated from guidance provided on August 8, 2007, to reflect changes in the Company’s current business outlook and the impact of stock repurchased through September 30, 2007.

Net income and EPS forecasts

	Revised Fiscal year ending June 30, 2008		Previous Fiscal year ending June 30, 2008
Net income ($ millions)	$	295 - $320	$	320 - $350
Earnings per share	$	2.30 - $2.50	$	2.50 - $2.75

The forecasts for fiscal year 2008 incorporate, but are not limited to, the following assumptions:

• New loan origination volume of $9.0 to $9.5 billion;

• Net interest margin of 10.5% to 11.0% of average receivables;

• Operating expenses excluding leased vehicles depreciation of 2.5% to 2.7% of the portfolio;

• Credit losses of between 4.5% and 5.0%; and

• Provision for loan losses as a percent of average receivables of between 5.0% and 5.5%.

These forecasts do not include any future share repurchase activity.

AmeriCredit will host a conference call for analysts and investors today at 5:30 P.M. Eastern 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 over one million customers and more than $16 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 for the year ended June 30, 2007. Such risks include – but are not limited to – variable economic conditions, adverse portfolio performance, volatile wholesale vehicle 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, the high degree of risk associated with subprime borrowers, acquisition integration 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 September 30,
	2007			2006
Revenue:
Finance charge income	$	611,858		$	484,357
Servicing income		376			7,459
Other income		40,440			31,805
		652,674			523,621
Costs and expenses:
Operating expenses		104,965			88,288
Leased vehicles depreciation		5,585			—
Provision for loan losses		244,645			173,905
Interest expense		211,261			143,471
Restructuring charges		(130	)		309
		566,326			405,973
Income before income taxes		86,348			117,648
Income tax provision		24,529			43,412
Net income	$	61,819		$	74,236
Earnings per share:
Basic	$	0.53		$	0.59
Diluted	$	0.49		$	0.54
Weighted average shares		115,550,318			125,278,738
Weighted average shares and assumed incremental shares		128,111,826			139,718,283

Consolidated Balance Sheets

(Unaudited, Dollars in Thousands)

	September 30, 2007		June 30, 2007		September 30, 2006
Cash and cash equivalents	$	637,070	$	910,304	$	840,767
Finance receivables, net		15,532,786		15,102,370		11,520,531
Restricted cash – securitization notes payable		994,813		1,014,353		1,350,602
Restricted cash – credit facilities		374,378		166,884		759,411
Credit enhancement assets		5,833		5,919		24,075
Property and equipment, net		58,717		58,572		55,509
Leased vehicles, net		169,701		33,968		—
Deferred income taxes		239,812		151,704		95,625
Goodwill		209,417		208,435		8,914
Other assets		205,696		158,511		243,481
Total assets	$	18,428,223	$	17,811,020	$	14,898,915
Credit facilities	$	2,212,780	$	2,541,702	$	1,971,095
Securitization notes payable		12,881,613		11,939,447		10,081,115
Senior notes		200,000		200,000		—
Convertible debt		750,000		750,000		750,000
Funding payable		70,438		87,474		196,089
Accrued taxes and expenses		265,435		199,059		166,506
Other liabilities		37,564		18,188		10,964
Total liabilities		16,417,830		15,735,870		13,175,769
Shareholders’ equity		2,010,393		2,075,150		1,723,146
Total liabilities and shareholders’ equity	$	18,428,223	$	17,811,020	$	14,898,915

Consolidated Statements of Cash Flows

(Unaudited, Dollars in Thousands)

	Three Months Ended September 30,
	2007			2006
Cash flows from operating activities:
Net income	$	61,819		$	74,236
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		16,955			6,078
Accretion and amortization of fees		4,688			(7,487	)
Provision for loan losses		244,645			173,905
Deferred income taxes		24,529			43,412
Stock-based compensation expense		7,032			3,886
Other		438			(3,343	)
Changes in assets and liabilities:
Other assets		(39,057	)		(35,822	)
Accrued taxes and expenses		(40,810	)		(38,528	)
Net cash provided by operating activities		280,239			216,337
Cash flows from investing activities:
Purchase of receivables		(2,290,411	)		(1,790,828	)
Principal collections and recoveries on receivables		1,585,813			1,331,107
Distributions from gain on sale Trusts		173			76,017
Net purchases of property and equipment		(2,877	)		(1,064	)
Net purchases of leased vehicles		(131,713	)		—
Net change in restricted cash and other		(196,244	)		(1,104,797	)
Net cash used by investing activities		(1,035,259	)		(1,489,565	)
Cash flows from financing activities:
Net change in credit facilities		(333,457	)		(135,187	)
Net change in securitization notes payable		940,327			1,561,410
Proceeds from issuance of convertible debt		—			497,376
Repurchase of common stock		(127,901	)		(323,964	)
Proceeds from issuance of common stock		10,199			14,020
Other net changes		(9,064	)		(12,799	)
Net cash provided by financing activities		480,104			1,600,856
Net (decrease) increase in cash and cash equivalents		(274,916	)		327,628
Effect of Canadian exchange rate changes on cash and cash equivalents		1,682			(101	)
Cash and cash equivalents at beginning of period		910,304			513,240
Cash and cash equivalents at end of period	$	637,070		$	840,767

Other Financial Data

(Unaudited, Dollars in Thousands)

	Three Months Ended September 30,
	2007			2006
Origination volume	$	2,381,217		$	1,683,969
Loans securitized		2,688,182			2,373,941
Average on-book receivables	$	16,188,641		$	11,953,970
Average gain on sale receivables		21,810			304,795
Average managed receivables	$	16,210,451		$	12,258,765
	September 30, 2007			June 30, 2007			September 30, 2006
On-book receivables	$	16,377,528		$	15,922,458		$	12,218,713
Gain on sale receivables		19,844			24,091			107,314
Managed receivables	$	16,397,372		$	15,946,549		$	12,326,027
	Three Months Ended September 30,
	2007			2006
Operating expenses	$	104,965		$	88,288
Annualized operating expenses as a percent of average managed receivables		2.6	%		2.9	%
Tax rate		28.4	%		36.9	%
	September 30, 2007			June 30, 2007			September 30, 2006
Loan delinquency:
On-book:
(% of ending on-book receivables)
31 - 60 days		5.5	%		4.7	%		6.0	%
Greater than 60 days		2.6			2.1			2.5
Total		8.1	%		6.8	%		8.5	%
Managed portfolio:
(% of ending managed receivables)
31- 60 days		5.5	%		4.7	%		6.0	%
Greater than 60 days		2.6			2.1			2.5
Total		8.1	%		6.8	%		8.5	%

	Three Months Ended September 30,
	2007			2006
Contracts receiving a payment deferral as an average quarterly percentage of average receivables outstanding:
On-book (% of average on-book receivables)		6.0	%		6.3	%
Managed portfolio (% of average managed receivables)		6.0	%		6.3	%
	Three Months Ended September 30,
	2007			2006
Net charge-offs:
On-book	$	219,991		$	161,864
Managed portfolio:	$	220,013		$	166,396
Annualized net charge-offs as a percent of average receivables:
On-book		5.4	%		5.4	%
Managed portfolio:		5.4	%		5.4	%
Annualized net recoveries as a percent of gross repossession charge-offs:
On-book		48.8	%		48.8	%
Managed portfolio:		48.8	%		48.6	%
	September 30, 2007			June 30, 2007			September 30, 2006
On-book receivables:
Principal	$	16,377,528		$	15,922,458		$	12,218,713
Allowance for loan losses and nonaccretable acquisition fees		(844,742	)		(820,088	)		(698,182	)
	$	15,532,786		$	15,102,370		$	11,520,531
Allowance as a percentage of on-book receivables		5.2	%		5.2	%		5.7	%

The Company’s net margin as reflected on the consolidated statements of income is as follows:

	Three Months Ended September 30,
	2007			2006
Finance charge income	$	611,858		$	484,357
Other income		40,440			31,805
Interest expense		(211,261	)		(143,471	)
Net margin	$	441,037		$	372,691
	Three Months Ended September 30,
	2007			2006
Finance charge income		15.0	%		16.1	%
Other income		1.0			1.1
Interest expense		(5.2	)		(4.8	)
Annualized net margin as a percent of average on-book receivables		10.8	%		12.4	%

The following table provides additional information for comparative purposes related to the Company’s acquisition of Long Beach Acceptance Corp. (“LBAC”) on January 1, 2007:

	Three Months Ended September 30, 2007
	Total Company Excluding LBAC			Total
Origination volume	$	2,108,982		$	2,381,217
Average managed receivables	$	14,140,562		$	16,210,451
Net charge-offs	$	203,377		$	220,013
Annualized net charge-offs as a percent of average receivables		5.7	%		5.4	%
Contracts receiving a payment deferral as an average quarterly percentage of average receivables outstanding		6.5	%		6.0	%
Net margin	$	408,451		$	441,037
Annualized net margin as a percent of average on-book receivables		11.5	%		10.8	%

	September 30, 2007
	Total Company Excluding LBAC			Total
Managed receivables	$	14,302,421		$	16,397,372
Loan delinquency:
(% of ending managed receivables)
31 - 60 days		6.0	%		5.5	%
Greater than 60 days		2.8			2.6
Total		8.8	%		8.1	%
Allowance as a percentage of on-book receivables		5.5	%		5.2	%

Contact:

Investor Relations	Media Relations
Caitlin DeYoung	John Hoffmann
(817) 302-7394	(817) 302-7627