GM Financial Trust 2023-4 Confirms Servicing Compliance, Faces Sponsor Legal Risks

TL;DR

**This auto loan securitization trust is ticking along, but keep an eye on the sponsor's legal woes – they could indirectly hit your returns.**

AI Summary

GM Financial Consumer Automobile Receivables Trust 2023-4, a securitization entity, filed its 10-K for the fiscal year ended December 31, 2025, indicating no revenue or net income as it is a pass-through trust. The filing confirms the trust's operational stability, with AmeriCredit Financial Services, Inc. (dba GM Financial) as the Servicer, and AFS SenSub Corp. as the Depositor. Key business changes include the continued servicing of consumer automobile receivables, with no single obligor representing more than 10% of the pool assets, ensuring diversification. Risks primarily stem from potential legal and regulatory proceedings against the sponsor, AmeriCredit Financial Services, Inc., which could result in substantial damages or reputational harm, and similar litigation faced by The Bank of New York Mellon as Trustee. The strategic outlook emphasizes compliance, as evidenced by management's assertion and independent auditor reports from Ernst & Young LLP and KPMG LLP confirming compliance with applicable servicing criteria for the year ended December 31, 2025.

Why It Matters

This 10-K filing is crucial for investors in the GM Financial Consumer Automobile Receivables Trust 2023-4 as it confirms the operational health and compliance of the securitized auto loan portfolio. While the trust itself has no direct financial performance, the compliance of its servicer, AmeriCredit Financial Services, Inc., is paramount for the consistent cash flow to noteholders. The disclosed legal risks facing the sponsor and trustee highlight potential indirect impacts on the trust's stability and could influence investor confidence in similar asset-backed securities, especially given the competitive landscape in auto loan securitization where operational integrity is a key differentiator.

Risk Assessment

Risk Level: medium — The risk level is medium due to the disclosed legal proceedings against the sponsor, AmeriCredit Financial Services, Inc., and the trustee, The Bank of New York Mellon. The filing states that an adverse outcome in 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." This indirect risk to the trust's underlying assets and servicing capabilities elevates the overall risk profile.

Analyst Insight

Investors should monitor the legal proceedings involving AmeriCredit Financial Services, Inc. and The Bank of New York Mellon closely, as adverse outcomes could impact the servicer's financial health and, by extension, the performance of the securitized auto loans. Consider diversifying exposure within the auto ABS market to mitigate concentration risk related to a single sponsor's legal challenges.

Financial Highlights

debt To Equity

N/A

revenue

$0

operating Margin

N/A

total Assets

$0

total Debt

$0

net Income

$0

eps

$0

gross Margin

N/A

cash Position

$0

revenue Growth

+0%

Key Numbers

• 10% — Maximum percentage of pool assets represented by a single obligor (Indicates diversification and no concentration risk from individual borrowers.)
• 2026-03-23 — Filing date of the 10-K (Indicates timely submission of annual report.)
• October 11, 2023 — Date of Indenture, Trust Agreement, Sale and Servicing Agreement, and Purchase Agreement (Establishes the foundational legal documents for the trust's operation.)

Key Players & Entities

• GM Financial Consumer Automobile Receivables Trust 2023-4 (company) — Issuing Entity
• AFS SenSub Corp. (company) — Depositor and Seller
• AmeriCredit Financial Services, Inc. (company) — Sponsor, Servicer, and Originator
• The Bank of New York Mellon (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]: Potential legal and regulatory proceedings against AmeriCredit Financial Services, Inc. (dba GM Financial) could result in substantial damages or reputational harm. The specific nature and potential financial impact of these proceedings are not detailed but represent a significant risk to the trust's sponsor.
• Litigation Against Trustee [medium — legal]: The Bank of New York Mellon, acting as Trustee, faces potential litigation. While the specifics are not disclosed, any adverse outcomes could impact the trust's operational stability and the trustee's ability to fulfill its duties.
• Servicing Compliance Risk [medium — operational]: While management asserts compliance with applicable servicing criteria for the year ended December 31, 2025, and auditors (Ernst & Young LLP and KPMG LLP) have confirmed this, any future failure to meet these criteria could lead to operational disruptions or investor dissatisfaction.

Industry Context

The consumer automobile receivables market is characterized by significant competition among lenders, with a strong reliance on technology for loan origination and servicing. Trends include evolving consumer preferences for vehicle financing, increasing regulatory scrutiny on lending practices, and the impact of economic conditions on loan performance. Securitization remains a key funding mechanism for originators like GM Financial to manage balance sheets and access capital markets.

Regulatory Implications

The trust operates under the purview of SEC regulations, particularly Regulation AB, which mandates specific disclosures for asset-backed securities. Compliance with servicing criteria, as asserted by management and audited by Ernst & Young LLP and KPMG LLP, is crucial. Potential legal and regulatory actions against the sponsor or trustee represent significant compliance risks that could have financial and reputational consequences.

What Investors Should Do

1. Monitor legal and regulatory developments concerning AmeriCredit Financial Services, Inc. and The Bank of New York Mellon.
2. Review auditor reports for any qualifications or concerns regarding servicing compliance.
3. Assess the diversification of the underlying auto loan pool.

Key Dates

• 2023-10-11: Execution of Indenture, Trust Agreement, Sale and Servicing Agreement, and Purchase Agreement — Establishes the foundational legal and operational framework for the GM Financial Consumer Automobile Receivables Trust 2023-4.
• 2023-11-16: Filing of Form SF-3 by AFS SenSub Corp. — Incorporated key corporate documents for the depositor, AFS SenSub Corp., providing insight into its structure.
• 2023-10-12: Filing of Form 8-K by GM Financial Consumer Automobile Receivables Trust 2023-4 — Reported the execution of critical agreements and provided initial public disclosure of the trust's structure and operational agreements.
• 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 timely submission of the annual report for the fiscal year ended December 31, 2025.

Glossary

Securitization Entity

A legal entity created to pool assets (like auto loans) and issue securities backed by the cash flows from those assets. (GM Financial Consumer Automobile Receivables Trust 2023-4 is a securitization entity, meaning its primary function is to facilitate the transfer of risk and cash flows from auto loans to investors.)

Pass-through Trust

A type of trust where the principal and interest payments collected from the underlying assets are passed directly to the security holders. (This trust operates as a pass-through, meaning it does not generate its own revenue or net income; it simply distributes payments from the auto receivables.)

Depositor

The entity that transfers assets into a trust for securitization. (AFS SenSub Corp. is the depositor, responsible for originating and transferring the consumer automobile receivables to the trust.)

Servicer

The entity responsible for managing the underlying assets, including collecting payments, handling delinquencies, and performing other administrative tasks. (AmeriCredit Financial Services, Inc. (dba GM Financial) acts as the servicer, managing the day-to-day operations of the automobile receivables.)

Obligor

An individual or entity that owes a debt or obligation. (In this context, obligors are the consumers who have taken out auto loans that are part of the securitized pool.)

Regulation AB

SEC rules governing the disclosure requirements for asset-backed securities. (The filing references specific items within Regulation AB, indicating compliance with disclosure standards for securitized assets.)

Indenture

A formal legal agreement that outlines the terms and conditions between a bond issuer and the bondholders, often involving a trustee. (The Indenture, dated October 11, 2023, governs the relationship between the trust and The Bank of New York Mellon as Trustee.)

Year-Over-Year Comparison

As this is the initial 10-K filing for GM Financial Consumer Automobile Receivables Trust 2023-4, a direct comparison of key metrics to a previous year's filing is not applicable. The filing establishes the trust's operational framework, confirms the absence of revenue and net income due to its pass-through structure, and outlines initial risk factors related to its sponsor and trustee. The key dates reflect the foundational agreements established in late 2023.

Filing Documents

• a10-k_gmcar2023x4x2025.htm (10-K) — 73KB
• exhibit311_gmcar2023-4x2025.htm (EX-31.1) — 8KB
• exhibit331_gmcar2023-4x2025.htm (EX-33.1) — 122KB
• exhibit332_gmcar2023-4x2025.htm (EX-33.2) — 87KB
• exhibit341_gmcar2023-4x2025.htm (EX-34.1) — 9KB
• exhibit342_gmcar2023-4x2025.htm (EX-34.2) — 12KB
• exhibit351_gmcar2023-4x2025.htm (EX-35.1) — 6KB
• capture.jpg (GRAPHIC) — 13KB
• capture1.jpg (GRAPHIC) — 13KB
• image.jpg (GRAPHIC) — 5KB
• imagea.jpg (GRAPHIC) — 3KB
• 0001991088-26-000012.txt ( ) — 356KB

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 October 11, 2023, between GM Financial Consumer Automobile Receivables Trust 2023-4 and The Bank of New York Mellon, 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 2023-4 (File No. 333-249515-12) with the SEC on October 12, 2023). Exhibit 4.2 Amended and Restated Trust Agreement, dated as of October 11, 2023, 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 2023-4 (File No. 333-249515-12) with the SEC on October 12, 2023). Exhibit 4.3 Sale and Servicing Agreement, dated as of October 11, 2023, among GM Financial Consumer Automobile Receivables Trust 2023-4, as Issuer, AmeriCredit Financial Services, Inc., dba GM Financial, as Servicer, AFS SenSub Corp., as Seller, and The Bank of New York Mellon, 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 2023-4 (File No. 333-249515-12) with the SEC on October 12, 2023). Exhibit 10.1 Purchase Agreement, dated as of October 11, 20

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 and the Servicer 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. The Trustee and the Trust Collateral Agent In the ordinary course of business, The Bank of New York Mellon is named as a defendant in legal actions. In connection with its role as trustee of certain residential mortgage-backed securitization, or RMBS, transactions, The Bank of New York Mellon has been named as a defendant in a number of legal actions brought by RMBS investors. These lawsuits allege that the trustee had expansive duties under the governing agreements, including the duty to investigate and pursue breach of representation and warranty claims against other parties to the RMBS transactions. While it is inherently difficult to predict the eventual outcomes of pending actions, The Bank of New York Mellon denies liability and intends to defend the litigations vigorously.

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 (The Bank of New York Mellon). 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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