By Michelle Krebs

General Motors announced Thursday morning that it has signed an agreement to acquire AmeriCredit, one of the nation's leading independent auto finance companies, for $3.5 billion to provide automotive financing for its vehicles.

AmeriCredit becomes GM's captive financing, a function that GMAC used to perform before GM solds its controlling interest in the finance company in 2006.

"This acquisition supports our efforts to design, build and sell the world's best vehicles by expanding the financing options we can offer to consumers who want to buy GM vehicles," said GM Chairman and  CEO Ed Whitacre in a press release issued Thursday. "Adding AmeriCredit to our team will improve our competitiveness in auto financing offerings."

The two companies hold a joint press conference call Thursday morning.