AmeriCredit Trust 2024-1 Reports Servicing Compliance, Warns on Sponsor Legal Risks

TL;DR

**AmeriCredit 2024-1's 10-K confirms solid servicing but flags sponsor's legal woes as a potential drag on future performance and investor confidence.**

AI Summary

AmeriCredit Automobile Receivables Trust 2024-1, a securitization entity, filed its 10-K for the fiscal year ended December 31, 2025, indicating no significant changes in its core business of holding automobile receivables. The trust reported no single obligor representing more than 10% of its pool assets, nor any external credit enhancement or derivative instruments altering cash flow characteristics. AmeriCredit Financial Services, Inc., operating as GM Financial, served as the servicer, and both its management and Computershare Trust Company, N.A. asserted compliance with applicable servicing criteria for the year ended December 31, 2025. Ernst & Young LLP and PricewaterhouseCoopers LLP provided independent registered public accounting firm reports. The sponsor, AmeriCredit Financial Services, Inc., disclosed ongoing legal and regulatory proceedings, including potential class actions, which could result in substantial damages or reputational harm, potentially affecting noteholders' interests or the servicer's ability to perform its duties. The trust omitted detailed financial statements and management's discussion and analysis in reliance on General Instruction J to Form 10-K, typical for asset-backed securities.

Why It Matters

This 10-K provides crucial transparency for investors in AmeriCredit Automobile Receivables Trust 2024-1, an asset-backed security. While the trust itself is a passive entity, the compliance assertions by AmeriCredit Financial Services, Inc. (GM Financial) as servicer are vital for assessing the health of the underlying auto loan portfolio and the reliability of cash flows to noteholders. The disclosure of ongoing legal and regulatory risks faced by the sponsor, AmeriCredit Financial Services, Inc., could impact its financial stability and, by extension, its ability to effectively service the receivables, potentially affecting the trust's performance and competitive standing against other auto ABS issuers. Employees of GM Financial are indirectly affected by the company's legal exposures, while customers of the underlying auto loans rely on consistent servicing.

Risk Assessment

Risk Level: medium — The risk level is medium due to the explicit disclosure of the sponsor, AmeriCredit Financial Services, Inc., being subject to 'various pending and potential legal and regulatory proceedings,' including 'class actions.' An 'adverse outcome in one or more of these proceedings could result in substantial damages, settlements, fines, penalties, diminished income or reputational harm,' directly impacting the servicer's ability to perform its duties and potentially affecting noteholders' interests.

Analyst Insight

Investors in AmeriCredit Automobile Receivables Trust 2024-1 should monitor news and future filings regarding the legal and regulatory proceedings involving AmeriCredit Financial Services, Inc. (GM Financial). While servicing compliance is affirmed, the sponsor's legal risks could indirectly impair the servicer's operational capacity or financial health, warranting a closer look at the servicer's financial condition beyond this trust-specific filing.

Financial Highlights

debt To Equity

N/A

revenue

N/A

operating Margin

N/A

total Assets

N/A

total Debt

N/A

net Income

N/A

eps

N/A

gross Margin

N/A

cash Position

N/A

revenue Growth

N/A

Key Numbers

• 10% — maximum percentage of pool assets represented by a single obligor (No single obligor represents more than 10% of the pool assets, indicating diversification.)
• 2026-03-23 — filing date of the 10-K (The report was filed on March 23, 2026, for the fiscal year ended December 31, 2025.)
• 333-261851-04 — Commission file number of the issuing entity (Identifies the specific SEC registration for AmeriCredit Automobile Receivables Trust 2024-1.)

Key Players & Entities

• AmeriCredit Automobile Receivables Trust 2024-1 (company) — issuing entity
• AFS SENSUB CORP. (company) — depositor
• AMERICREDIT FINANCIAL SERVICES, INC. (company) — sponsor and servicer, dba GM Financial
• Computershare Trust Company, N.A. (company) — Trustee and Trust Collateral Agent
• Wilmington Trust Company (company) — Owner Trustee
• Clayton Fixed Income Services LLC (company) — Asset Representation Reviewer
• Ernst & Young LLP (company) — Independent Registered Public Accounting Firm
• PricewaterhouseCoopers LLP (company) — Independent Registered Public Accounting Firm
• Richard A. Gokenbach, Jr. (person) — Executive Vice President and Chief Financial Officer of AFS SenSub Corp.
• December 31, 2025 (date) — fiscal year end

FAQ

Risk Factors

• Ongoing Legal and Regulatory Proceedings [high — legal]: The sponsor, AmeriCredit Financial Services, Inc., is involved in ongoing legal and regulatory proceedings, including potential class actions. These proceedings could result in substantial damages and reputational harm, potentially impacting the servicer's ability to fulfill its duties and affecting noteholders' interests.
• Servicing Compliance [medium — operational]: Both AmeriCredit Financial Services, Inc. (GM Financial) management and Computershare Trust Company, N.A. asserted compliance with applicable servicing criteria for the year ended December 31, 2025. However, any failure in servicing could impact the trust's operations and investor returns.

Industry Context

The automobile finance industry is characterized by intense competition among lenders and a reliance on securitization to fund loan portfolios. Trends include evolving consumer credit preferences, increasing adoption of technology in loan origination and servicing, and ongoing regulatory scrutiny. The market is sensitive to interest rate changes and economic conditions affecting consumer spending and loan repayment capabilities.

Regulatory Implications

The trust operates within a framework governed by regulations like Regulation AB, which mandates disclosures for asset-backed securities. The sponsor's ongoing legal proceedings highlight potential risks related to compliance and litigation that could indirectly affect the trust's operations and investor confidence.

What Investors Should Do

1. Review Sponsor's Legal Filings
2. Understand Reliance on General Instruction J
3. Assess Servicing Risk

Key Dates

• 2025-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K filing.
• 2026-03-23: 10-K Filing Date — Indicates the date the annual report was submitted to the SEC, providing investors with updated information.
• 2024-05-29: Indenture and Sale and Servicing Agreement Execution — These agreements establish the terms and conditions for the securitization trust and its operations, crucial for understanding the structure and cash flows.

Glossary

Securitization Entity

A legal entity created to pool assets and issue securities backed by the cash flows from those assets. (AmeriCredit Automobile Receivables Trust 2024-1 is a securitization entity holding automobile receivables.)

Obligor

A party that owes an obligation, typically a debt, to another party. (In this context, obligors are the borrowers of the automobile loans within the trust's pool.)

Servicer

The entity responsible for managing and collecting payments on the underlying assets (automobile receivables) in a securitization. (AmeriCredit Financial Services, Inc. (GM Financial) acts as the servicer for this trust.)

External Credit Enhancement

Third-party guarantees or support mechanisms designed to reduce the credit risk of the securities issued by a securitization trust. (The trust has no external credit enhancement, meaning investors bear the full credit risk of the receivables.)

Derivative Instruments

Financial contracts whose value is derived from an underlying asset, index, or rate, used to alter cash flow characteristics. (The trust does not utilize derivative instruments, simplifying its cash flow structure.)

General Instruction J to Form 10-K

An instruction allowing certain asset-backed securities issuers to omit detailed financial statements and MD&A if specific conditions are met. (The trust relies on this instruction, meaning detailed financial performance is not provided in the standard format.)

Year-Over-Year Comparison

As this is the first 10-K filing for AmeriCredit Automobile Receivables Trust 2024-1, a direct comparison to a previous filing is not applicable. However, the structure and disclosures reflect standard practices for new asset-backed securitization issuances, with key agreements like the Indenture and Sale and Servicing Agreement established in May 2024.

Filing Documents

• a10-k_amcar2024x1x2025.htm (10-K) — 72KB
• exhibit311_amcar2024-1x2025.htm (EX-31.1) — 7KB
• exhibit331_amcar2024-1x2025.htm (EX-33.1) — 125KB
• exhibit332_amcar2024-1x2025.htm (EX-33.2) — 74KB
• exhibit341_amcar2024-1x2025.htm (EX-34.1) — 9KB
• exhibit342_amcar2024-1x2025.htm (EX-34.2) — 13KB
• exhibit351_amcar2024-1x2025.htm (EX-35.1) — 6KB
• image_0.jpg (GRAPHIC) — 17KB
• image_0a.jpg (GRAPHIC) — 24KB
• 0002020251-26-000013.txt ( ) — 367KB

RISK FACTORS

ITEM 1A. RISK FACTORS

CYBERSECURITY

ITEM 1C. CYBERSECURITY

LEGAL PROCEEDINGS

ITEM 3. LEGAL PROCEEDINGS

UNRESOLVED STAFF COMMENTS

ITEM 1B. UNRESOLVED STAFF COMMENTS None.

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES Not applicable. PART II The following Items have been omitted in accordance with General Instruction J to Form 10-K

MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

CONTROLS AND PROCEDURES

ITEM 9A. CONTROLS AND PROCEDURES

OTHER INFORMATION

ITEM 9B. OTHER INFORMATION None.

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS None. PART III The following Items have been omitted in accordance with General Instruction J to Form 10-K

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

EXECUTIVE COMPENSATION

ITEM 11. EXECUTIVE COMPENSATION

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

PRINCIPAL ACCOUNTANT FEES AND SERVICES

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES PART IV

EXHIBIT AND FINANCIAL STATEMENT SCHEDULES

ITEM 15. EXHIBIT AND FINANCIAL STATEMENT SCHEDULES (a) (1) Not applicable (2) Not applicable (3) As reported under clause (b) (b) Exhibit Number Description Exhibit 3.1 Amended and Restated Articles of Incorporation, dated as of March 1, 2023, of AFS SenSub Corp. (incorporated by reference from Exhibit 3.1 of the Form SF-3 filed by AFS SenSub Corp. (File No. 333-275606) with the SEC on November 16, 2023). Exhibit 3.2 Amended and Restated Bylaws, dated as of March 1, 2023, of AFS SenSub Corp. (incorporated by reference from Exhibit 3.2 of the Form SF-3 filed by AFS SenSub Corp. (File No. 333-275606) with the SEC on November 16, 2023). Exhibit 4.1 Indenture, dated as of May 29, 2024, between AmeriCredit Automobile Receivables Trust 2024-1 and Computershare Trust Company, N.A., as Trustee and Trust Collateral Agent (incorporated by reference from Exhibit 4.1 of the Current Report on Form 8-K filed by AmeriCredit Automobile Receivables Trust 2024-1 (File No. 333-261851-04) with the SEC on May 31, 2024). Exhibit 4.2 Amended and Restated Trust Agreement, dated as of May 29, 2024, between AFS SenSub Corp., as Seller, and Wilmington Trust Company, as Owner Trustee (incorporated by reference from Exhibit 4.2 of the Current Report on Form 8-K filed by AmeriCredit Automobile Receivables Trust 2024-1 (File No. 333-261851-04) with the SEC on May 31, 2024). Exhibit 4.3 Sale and Servicing Agreement, dated as of May 29, 2024, among AmeriCredit Automobile Receivables Trust 2024-1, as Issuer, AmeriCredit Financial Services, Inc., dba GM Financial, as Servicer, AFS SenSub Corp., as Seller, and Computershare Trust Company, N.A., as Trust Collateral Agent (incorporated by reference from Exhibit 4.3 of the Current Report on Form 8-K filed by AmeriCredit Automobile Receivables Trust 2024-1 (File No. 333-261851-04) with the SEC on May 31, 2024). Exhibit 10.1 Purchase Agreement, dated as of May 29, 2024, between AmeriCredit Financial Services, Inc., dba GM Financial

FORM 10-K SUMMARY

ITEM 16. FORM 10-K SUMMARY None. SUBSTITUTE INFORMATION INCLUDED IN ACCORDANCE WITH GENERAL INSTRUCTION J TO FORM 10-K

(b) OF REGULATION AB. SIGNIFICANT OBLIGORS OF POOL ASSETS (FINANCIAL INFORMATION)

ITEM 1112(b) OF REGULATION AB. SIGNIFICANT OBLIGORS OF POOL ASSETS (FINANCIAL INFORMATION) There is no single obligor that represents more than 10% of the pool assets. ITEM 1114(b)(2) OF REGULATION AB. CREDIT ENHANCEMENT AND OTHER SUPPORT, EXCEPT FOR CERTAIN DERIVATIVE INSTRUMENTS (FINANCIAL INFORMATION) There is no external credit enhancement or other support provider that is liable to provide payments supporting any notes or certificates issued by the Issuing Entity.

(b) OF REGULATION AB. CERTAIN DERIVATIVE INSTRUMENTS (FINANCIAL INFORMATION)

ITEM 1115(b) OF REGULATION AB. CERTAIN DERIVATIVE INSTRUMENTS (FINANCIAL INFORMATION) No entity provides any derivative instruments that are used to alter the payment characteristics of the cash flows from the Issuing Entity.

OF REGULATION AB. LEGAL PROCEEDINGS

ITEM 1117 OF REGULATION AB. LEGAL PROCEEDINGS The sponsor is subject to various pending and potential legal and regulatory proceedings in the ordinary course of business, including litigation, arbitration, claims, investigations, examinations, subpoenas and enforcement proceedings. Some litigation against the sponsor could take the form of class actions. The outcome of these proceedings is inherently uncertain, and thus the sponsor cannot confidently predict how or when proceedings will be resolved. An adverse outcome in one or more of these proceedings could result in substantial damages, settlements, fines, penalties, diminished income or reputational harm to the sponsor, and could materially and adversely affect the interests of the noteholders or the servicer's ability to perform its duties under the Transaction Documents.

OF REGULATION AB. AFFILIATIONS AND CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

ITEM 1119 OF REGULATION AB. AFFILIATIONS AND CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS Information required by Item 1119 of Regulation AB has been omitted from this report on Form 10-K in reliance on the Instruction to Item 1119.

OF REGULATION AB. COMPLIANCE WITH APPLICABLE SERVICING CRITERIA

ITEM 1122 OF REGULATION AB. COMPLIANCE WITH APPLICABLE SERVICING CRITERIA. The following documents are filed as part of this report. Exhibit Number Description Exhibit 33.1 Management's Assertion Regarding Compliance with Applicable Servicing Criteria concerning servicing activities of AmeriCredit Financial Services, Inc. and its subsidiaries for the year ended December 31, 2025. Exhibit 33.2 Assessment of Compliance with Applicable Servicing Criteria (Computershare Trust Company, N.A.) Exhibit 34.1 Report of Independent Registered Public Accounting Firm (Ernst Young LLP). Exhibit 34.2 Report of Independent Registered Public Accounting Firm (PricewaterhouseCoopers LLP) The Servicer has complied, in all material respects, with the Applicable Servicing Criteria.

OF REGULATION AB. SERVICER COMPLIANCE STATEMENT

ITEM 1123 OF REGULATION AB. SERVICER COMPLIANCE STATEMENT The following documents are filed as part of this report. Exhibit Number Description Exhibit 35.1 Servicer Compliance Statement of AmeriCredit Financial Services, Inc.

SIGNATURES

SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, AFS SenSub Corp. has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. By AFS SENSUB CORP., as Depositor By s Richard A. Gokenbach, Jr. Name Richard A. Gokenbach, Jr. Title Executive Vice President and Chief Financial Officer Date March 3, 2026 Supplemental Information to be Furnished With Reports Filed Pursuant to Section 15(d) of the Act by Registrants Which Have Not Registered Securities Pursuant to Section 12 of the Act. No annual report, proxy statement, form of proxy or other proxy soliciting material has been sent to certificateholders, and the registrant does not presently contemplate sending any such materials subsequent to the filing of this report.

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