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Americredit earnings high

FORT WORTH, Texas - AmeriCredit Corp. is bracing for tough times.

In a Thursday, Oct. 11, conference call, CEO Michael Barrington warned that for planning purposes, the company considers that the economy is "already in a recession."

The rapidly growing subprime auto lender earned a record $78.7 million in the quarter that ended Sept. 30, 2001, the first quarter of the company's 2002 fiscal year. That was an increase of 86.3 percent compared with the year-ago quarter.

But Barrington warned that tougher economic times may cause an uptick in losses, to the "mid to high 4 percent range."

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