GM Financial Trust 2022-3 Reports Stable Servicing Amid Legal Risks

TL;DR

**This auto loan trust is running smoothly, but keep an eye on GM Financial's legal woes – they could indirectly hit your returns.**

AI Summary

GM Financial Consumer Automobile Receivables Trust 2022-3, a securitization entity, filed its 10-K for the fiscal year ended December 31, 2025, indicating no common equity or market value for non-affiliates. The trust, sponsored by AmeriCredit Financial Services, Inc. (dba GM Financial), reported no single obligor representing more than 10% of its pool assets, nor any external credit enhancement or derivative instruments altering cash flow characteristics. Key business changes include the continued servicing of automobile receivables by AmeriCredit Financial Services, Inc., which affirmed compliance with applicable servicing criteria for the year ended December 31, 2025. Risks primarily stem from the sponsor, AmeriCredit Financial Services, Inc., which faces uncertain outcomes from various legal and regulatory proceedings, including potential class actions, that could result in substantial damages, fines, or reputational harm. The strategic outlook remains focused on the performance of the underlying automobile receivables, with no significant changes in the trust's structure or operations reported for the fiscal year.

Why It Matters

This 10-K provides a critical, albeit limited, look into the health of a specific securitized auto loan pool, GM Financial Consumer Automobile Receivables Trust 2022-3. For investors holding notes in this trust, the confirmation of servicing compliance by AmeriCredit Financial Services, Inc. and the absence of significant obligor concentration or external credit enhancement changes are key stability indicators. However, the disclosure of ongoing legal and regulatory risks for the sponsor, AmeriCredit Financial Services, Inc., introduces potential indirect risks to the trust's operational continuity and servicer performance, which could impact cash flows to noteholders. This competitive context highlights the importance of sponsor stability in the asset-backed securities market.

Risk Assessment

Risk Level: medium — The risk level is medium due to the inherent uncertainty of legal proceedings facing the sponsor, AmeriCredit Financial Services, Inc. The filing explicitly states that the outcome of these proceedings is "inherently uncertain" and could result in "substantial damages, settlements, fines, penalties, diminished income or reputational harm," which could "materially and adversely affect the interests of the noteholders or the servicer's ability to perform its duties." While the trust itself has no direct financial risks disclosed, the servicer's stability is paramount.

Analyst Insight

Investors should monitor the legal and regulatory developments concerning AmeriCredit Financial Services, Inc., the sponsor and servicer, as adverse outcomes could indirectly impact the trust's performance and the servicer's ability to fulfill its obligations. While the trust itself shows no immediate red flags, the servicer's financial health and operational capacity are crucial for the continued performance of the automobile receivables.

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.)
• 0 — Number of external credit enhancement providers (There is no external credit enhancement or other support provider liable for payments.)
• 0 — Number of derivative instruments used to alter payment characteristics (No entity provides derivative instruments for altering cash flow characteristics.)
• 2025 — Year of Servicer Compliance Statement (AmeriCredit Financial Services, Inc. filed its Servicer Compliance Statement for the year ended December 31, 2025, affirming material compliance.)
• 2022-3 — Trust Series Designation (Identifies the specific securitization trust, GM Financial Consumer Automobile Receivables Trust 2022-3.)

Key Players & Entities

• GM Financial Consumer Automobile Receivables Trust 2022-3 (company) — Issuing entity
• AFS SENSUB CORP. (company) — Depositor
• AMERICREDIT FINANCIAL SERVICES, INC. (company) — Sponsor and Servicer
• Citibank, 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
• KPMG 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

• Legal and Regulatory Proceedings Against Sponsor [high — legal]: AmeriCredit Financial Services, Inc. (GM Financial) faces uncertain outcomes from various legal and regulatory proceedings. These include potential class actions that could result in substantial damages, fines, or significant reputational harm to the sponsor, which could indirectly impact the trust's operations and the performance of the receivables.
• Servicer Compliance and Performance [medium — operational]: The continued servicing of automobile receivables by AmeriCredit Financial Services, Inc. is critical. While the servicer affirmed compliance with applicable servicing criteria for the year ended December 31, 2025, any failure to meet these criteria or a decline in servicing performance could negatively affect the collection of receivables and the trust's ability to make payments.
• Underlying Automobile Receivables Performance [medium — market]: The trust's strategic outlook remains focused on the performance of the underlying automobile receivables. Economic downturns, increased unemployment, or a decline in the used car market could lead to higher-than-expected delinquencies and defaults on these receivables, impacting the cash flows available to the trust.

Industry Context

The automobile finance industry is characterized by intense competition among lenders, including captive finance companies, banks, and independent finance companies like GM Financial. Key trends include evolving consumer preferences for vehicle types, increasing adoption of electric vehicles, and fluctuating interest rate environments. Regulatory scrutiny remains a constant factor, impacting lending practices and compliance requirements.

Regulatory Implications

The trust operates within a framework governed by regulations like Regulation AB, which mandates disclosures regarding securitized assets and servicing. The sponsor, AmeriCredit Financial Services, Inc., is subject to various consumer protection laws and financial regulations, and any adverse findings in legal or regulatory proceedings could have indirect implications for the trust.

What Investors Should Do

1. Monitor Sponsor's Legal and Regulatory Proceedings
2. Assess Servicer Performance and Compliance
3. Evaluate Underlying Asset Quality and Economic Sensitivity

Key Dates

• 2022-07-13: Indenture, Trust Agreement, Sale and Servicing Agreement, and Purchase Agreement executed — These agreements establish the foundational legal and operational framework for the GM Financial Consumer Automobile Receivables Trust 2022-3, including the roles of the issuer, servicer, seller, and trustee.
• 2025-12-31: Servicer Compliance Statement for the fiscal year — AmeriCredit Financial Services, Inc. affirmed compliance with applicable servicing criteria, providing assurance to investors regarding the operational integrity of the servicing function.

Glossary

Securitization Entity

A legal entity created to pool assets and issue securities backed by the cash flows from those assets. (GM Financial Consumer Automobile Receivables Trust 2022-3 is a securitization entity, meaning its primary function is to hold automobile receivables and facilitate their financing through the issuance of notes or certificates.)

Obligor

A party that owes an obligation, typically a debt, to another party. (In this context, obligors are the individual borrowers who have financed their automobile purchases through loans that form the pool of assets for the trust. The diversification of obligors is a key risk mitigation factor.)

External Credit Enhancement

Third-party guarantees or support mechanisms designed to protect investors from losses in a securitization. (The absence of external credit enhancement means that investors in the trust's securities bear the full risk of loss from defaults on the underlying automobile receivables.)

Derivative Instruments

Financial contracts whose value is derived from an underlying asset, group of assets, or benchmark. In securitizations, they can be used to alter cash flow characteristics. (The absence of derivative instruments indicates that the cash flows from the receivables are passed through to investors without modification or hedging through complex financial products.)

Servicing Criteria

A set of standards and procedures that a servicer must adhere to when managing the assets underlying a securitization, including collection, payment processing, and reporting. (The servicer's compliance with these criteria, as affirmed by AmeriCredit Financial Services, Inc., is crucial for the proper functioning and performance of the trust.)

Year-Over-Year Comparison

This filing pertains to the GM Financial Consumer Automobile Receivables Trust 2022-3, established in July 2022. As this is a specific securitization trust, a direct year-over-year comparison of financial metrics like revenue or net income is not applicable in the same way as for an operating company. The focus remains on the structural integrity, servicer compliance, and the performance of the underlying pool of automobile receivables, with no significant changes in the trust's structure or operations reported for the fiscal year ending December 31, 2025, compared to its inception.

Filing Documents

• a10-k_gmcar2022x3x2025.htm (10-K) — 72KB
• exhibit311_gmcar2022-3x2025.htm (EX-31.1) — 8KB
• exhibit331_gmcar2022-3x2025.htm (EX-33.1) — 125KB
• exhibit332_gmcar2022-3x2025.htm (EX-33.2) — 25KB
• exhibit341_gmcar2022-3x2025.htm (EX-34.1) — 9KB
• exhibit342_gmcar2022-3x2025.htm (EX-34.2) — 9KB
• exhibit351_gmcar2022-3x2025.htm (EX-35.1) — 6KB
• image_0.jpg (GRAPHIC) — 6KB
• 0001932377-26-000012.txt ( ) — 263KB

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 July 13, 2022, between GM Financial Consumer Automobile Receivables Trust 2022-3 and Citibank, 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 GM Financial Consumer Automobile Receivables Trust 2022-3 (File No. 333-249515-07) with the SEC on July 19, 2022). Exhibit 4.2 Amended and Restated Trust Agreement, dated as of July 13, 2022, 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 GM Financial Consumer Automobile Receivables Trust 2022-3 (File No. 333-249515-07) with the SEC on July 19, 2022). Exhibit 4.3 Sale and Servicing Agreement, dated as of July 13, 2022, among GM Financial Consumer Automobile Receivables Trust 2022-3, as Issuer, AmeriCredit Financial Services, Inc., dba GM Financial, as Servicer, AFS SenSub Corp., as Seller, and Citibank, N.A., as Trust Collateral Agent (incorporated by reference from Exhibit 4.3 of the Current Report on Form 8-K filed by GM Financial Consumer Automobile Receivables Trust 2022-3 (File No. 333-249515-07) with the SEC on July 19, 2022). Exhibit 10.1 Purchase Agreement, dated as of July 13, 2022, between AmeriCredit Financial Services, Inc

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 (Citibank, 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 (KPMG 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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