Fitch Rates AmeriCredit Automobile Receivables Trust 2014-4

Fitch Ratings has assigned the following ratings and Outlooks for the notes issued by AmeriCredit Automobile Receivables Trust (AMCAR) 2014-4:

--$182,000,000 Class A-1 notes 'F1+sf';

--$166,000,000 Class A-2A notes 'AAAsf'; Outlook Stable;

--$166,000,000 Class A-2B notes 'AAAsf'; Outlook Stable;

--$198,170,000 Class A-3 notes 'AAAsf'; Outlook Stable;

--$76,710,000 Class B notes 'AAsf'; Outlook Stable;

--$95,230,000 Class C notes 'Asf'; Outlook Stable;

--$91,000,000 Class D notes 'BBBsf'; Outlook Stable;

--$24,890,000 Class E notes 'BBsf'; Outlook Stable.

--Note: Classes A-2A and A-2B were previously labeled A-2A/B when the expected ratings had been assigned on Nov. 7, 2014.

KEY RATING DRIVERS

Marginally Stronger Credit Quality: The 2014-4 pool displays stronger credit quality relative to the prior 2014 and 2013 pools based on the WA Fair Isaac Corp. (FICO) score and Internal Credit Tiers. However, extended term contracts continue to comprise the majority of the pool at 89.9%. New vehicles total 48.0% of the pool, relatively consistent with prior AMCAR transactions.

Sufficient Credit Enhancement: The cash flow distribution is a sequential-pay structure. Initial hard credit enhancement (CE) is consistent for Classes A, B and C although slightly higher for Classes D and E relative to the prior 11 transactions. The reserve is 2.00% (nondeclining) and initial overcollateralization (OC) is 5.50%, growing to a target of 14.50% of the outstanding pool balance (less the required reserve amount for the distributing period). Excess spread has decreased to 8.13% per annum.

Stable Portfolio/Securitization Performance: Losses on GM Financial's managed portfolio and securitizations are stable and relatively low, supported by the gradual economic recovery and stable used vehicle values. The cumulative base case loss proxy for this pool is 12.00%.

Stable Corporate Health: Fitch rates GM and GM Financial Company Inc. 'BB+' with a Positive Rating Outlook. Fitch assessed the potential impact of GM/GM-affiliated brand vehicle recalls in relation to this transaction; Fitch expects this to have limited to no impact on the 2014-4 pool.

Consistent Origination/Underwriting/Servicing: AFSI demonstrates adequate abilities as originator, underwriter, and servicer as evidenced by historical portfolio and securitization performance. Fitch deems AFSI capable of adequately servicing this series.

Legal Structure Integrity: The legal structure of the transaction should provide that a bankruptcy of GM Financial would not impair the timeliness of payments on the securities.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults and loss severity on defaulted receivables could produce loss levels higher than the base case and could result in potential rating actions on the notes. Fitch evaluated the sensitivity of the ratings assigned to each class of AmeriCredit Automobile Receivables Trust 2014-4 to increased losses over the life of the transaction. Fitch's analysis found that each class of notes displays some sensitivity to increased defaults and losses, with some classes showing potential downgrades of up to two rating categories under Fitch's moderate (1.5x base case loss) scenario. Some classes of notes could experience downgrades of more than three rating categories under Fitch's severe (2.5x base case loss) scenario.

Key rating drivers and rating sensitivities are further detailed in the accompanying presale report at 'www.fitchratings.com' or by clicking on the above link.

Fitch's analysis of the Representation and Warranties (R&W) of this transaction can be found in 'AmeriCredit Automobile Receivables Trust 2014-4 --Appendix'. These R&W are compared to those of typical R&W for the asset class as detailed in Fitch's April 17, 2012 special report, 'Representations, Warranties, and Enforcement Mechanisms in the Global Structured Finance Transactions'.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'U.S. Auto Loan ABS Rating Criteria' (April 2014);

--'Global Structured Finance Rating Criteria'(May 2014);

--'AmeriCredit Automobile Receivables Trust 2014-4 -- Presale' (November 2014).

--'AmeriCredit Automobile Receivables Trust 2014-4 -- Appendix' (November 2014).

Applicable Criteria and Related Research:

U.S. Auto Loan ABS Rating Criteria ￢ﾀﾓ Effective Apr. 20, 2011 to Apr. 10, 2013

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=614367

AmeriCredit Automobile Receivables Trust 2014-4 (US ABS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=800789

AmeriCredit Automobile Receivables Trust 2014-4 -- Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=801768

Global Structured Finance Rating Criteria - Effective from 24 May 2013 - 20 May 2014

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=930175

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