IRVINE, Calif., December 3, 2002 –Kia Motors America (KMA) today announced the formation of two new alliances, one with Chase Manhattan Bank USA, N.A., and the other with AmeriCredit Financial Services, Inc., to provide a range of financial services to Kia’s retail customers. The alliances will go into effect on January 3, 2003.

Chase will serve as Kia’s exclusive prime retail financial service provider, while AmeriCredit will serve as Kia’s exclusive non-prime provider.

“We’re very pleased to announce these new alliances with Chase and AmeriCredit,” said Peter M. Butterfield, Kia’s chief operating officer. “In researching the finance options available to our dealers and customers, we were most impressed with Chase and AmeriCredit’s service, excellent reputation and competitive rates. We think this is going to translate into increased customer satisfaction at our retail level.”

“Chase prides itself on the ability to foster strong, strategic relationships with dealers, manufacturers and finance companies nationwide,” said Norman Buchan, president, Chase Manhattan Automotive Finance Corporation, “and we look forward to providing our full range of products and services to Kia dealers and their customers.”

“AmeriCredit’s business is based on strong relationships. We’re pleased that this new Kia relationship includes Chase, with whom we’ve had a strong alliance over the last few years,” said Mark Floyd, president of Dealer Services at AmeriCredit. “While we have enjoyed working with Kia dealers and customers for years, we’re very excited to be taking this next important step.”

About Kia Motors America

Kia Motors America is the U.S. sales, marketing and service arm of Kia Motors Corp. in Seoul, South Korea. Known for its high-value vehicles, Kia Motors America currently markets the Rio sub-compact sedan, Rio Cinco five-door sedan, Spectra compact sedan and hatchback, Optima midsize sedan, Sportage small SUV, Sorento midsize SUV and Sedona minivan.

About Chase Manhattan Automotive Finance Corporation

Chase Manhattan Automotive Finance Corporation, together with its affiliates, is the largest bank originator of automotive retail installment contracts and leases in the U.S. With a network of more than 12,000 affiliated car dealers and two million customers nationwide, Chase Auto Finance has a portfolio in excess of $37 billion.

JPMorgan Chase Bank is a subsidiary of J.P. Morgan Chase & Co. (NYSE: JPM, www.jpmorganchase.com), a leading global financial services firm with assets of $742 billion and operations in more than 50 countries. The firm is a leader in investment banking, asset management, private banking, private equity, custody and transaction services, and retail and middle market financial services. A component of the Dow Jones Industrial Average, JPMorgan Chase is headquartered in New York and serves more than 30 million consumer customers and the world's most prominent corporate, institutional and government clients.

About AmeriCredit

AmeriCredit Corp. (NYSE:ACF) is the largest independent middle-market auto finance company in North America. Using its branch network and strategic alliances with auto groups and banks, the company makes auto loans to consumers who are typically unable to obtain financing from traditional sources. AmeriCredit has more than one million active loan customers throughout the United States and Canada and more than $15 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.

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