Release of Security Interest

Exhibit 10.6


August 23, 2001


AMERICREDIT FINANCIAL SERVICES OF CANADA LTD.


- - and to -


AMERICREDIT CORP.


c/o AmeriCredit Corp. 801 Cherry Street Suite 3900 Fort Worth, Texas 76107


Attention: Mr. Preston A. Miller
Executive Vice-President, Treasurer - ---------------------------------------------------


Dear Sirs/Mesdames:


Re: Cancellation and Repayment of Existing Convertible Revolving
Term Credit Facility in Favour of AmeriCredit Financial
Services of Canada Ltd.
---------------------------------------------------------------


We refer to that certain letter loan agreement between AmeriCredit Financial Services of Canada Ltd. (the "Borrower") and The Bank of Nova Scotia
-------- (the "Bank") dated November 13, 1998, as amended to date (such agreement, as
---- amended, being the "Agreement"), whereby the Bank has made available to the
--------- Borrower a convertible revolving term credit facility, currently with a committed limit of $40,000,000 Cdn. (the "Credit") upon the terms and conditions
------ as described therein. All capitalized terms used and not otherwise defined in this letter shall have the respective meanings ascribed to them in the Agreement.


Further to discussions between the Borrower and the Bank, and at the mutual consent of the parties, the Bank wishes to confirm that the Credit shall be and is hereby cancelled, effective upon the later to occur of:


(i) the Bank's receipt of an original copy of this letter duly signed
without amendment by the respective authorized officers of the Borrower
and AmeriCredit Corp. (the "Parent Company");
--------------


(ii) the completion date for the term loan financing to be established by
Merrill Lynch Capital Canada Inc. ("Merrill Canada") in favour of the
--------------
Borrower subject to and in accordance with the terms and conditions of
the credit agreement by and among the Borrower, Merrill Canada and
AmeriCredit Financial Services, Inc. (a draft of which credit agreement
has been delivered to the Bank); and


(iii) the repayment on the date hereof of all indebtedness and liability of
the Borrower outstanding under or in connection with the Credit, the
Agreement and all other Loan Documents in the amounts specified in the
following paragraph, provided that if any indebtedness and liability of
-------------
the Borrower under or in connection with the Credit, the Agreement
and/or any other Loan Document shall remain outstanding after the
aforesaid date, then the Bank reserves its rights to issue a demand for
the immediate payment or other


TO: AMERICREDIT FINANCIAL SERVICES O ...