Fueled by new conduit facilities and a monoline surety diversification strategy, AmeriCredit Corp. has nearly completed the turnaround of the year. At a time when the capital markets were unreceptive to a non-prime auto lender, AmeriCredit's discipline in trimming originations, innovative use of conduit facilities and opportunistic surety selection have made it the darling of the financial world and more than quadrupled its stock price since February.

Back in the first quarter, things did not look so bright for the Fort Worth, Tx.-based AmeriCredit and it took evasive action. With its stock price reaching a 52-week low of $1.55 per share, the company needed liquidity and securitization was the only avenue through which it could access the capital markets.

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