GM Financial Auto Trust 2024-3 Files 10-K, Highlights Servicing Compliance

TL;DR

**This 10-K is a compliance check, not a growth story; watch GM Financial's legal woes, not the trust's non-existent revenue.**

AI Summary

The GM Financial Consumer Automobile Receivables Trust 2024-3, a securitization entity, filed its 10-K for the fiscal year ended December 31, 2025. This filing primarily details compliance with servicing criteria and legal structures rather than traditional financial performance metrics like revenue or net income, as it is a pass-through entity. Key business changes include the establishment of the trust on July 10, 2024, with AmeriCredit Financial Services, Inc. (dba GM Financial) acting as Servicer and Sponsor, and AFS SenSub Corp. as Depositor. The trust holds consumer automobile receivables, with no single obligor representing more than 10% of the pool assets. Risks include potential adverse outcomes from legal and regulatory proceedings faced by the sponsor, AmeriCredit Financial Services, Inc., which could result in substantial damages, fines, or reputational harm, impacting noteholders. The strategic outlook focuses on continued compliance with regulatory requirements, as evidenced by management's assertion and independent auditor reports (Ernst & Young LLP and KPMG LLP) confirming material compliance with applicable servicing criteria for the year ended December 31, 2025.

Why It Matters

This 10-K is crucial for investors in the GM Financial Consumer Automobile Receivables Trust 2024-3 as it confirms the operational health and compliance of the underlying securitized assets. The absence of external credit enhancement means investors rely heavily on the servicer's performance and the quality of the receivables. Any significant legal or regulatory issues faced by AmeriCredit Financial Services, Inc. could directly impact the cash flow and value of these asset-backed securities, potentially affecting the broader auto loan securitization market and competitive landscape for other financial institutions. Employees of GM Financial and its subsidiaries are indirectly affected by the sponsor's legal risks, which could impact the company's stability and future operations.

Risk Assessment

Risk Level: medium — The risk level is medium due to the sponsor, AmeriCredit Financial Services, Inc., being subject to various pending and potential legal and regulatory proceedings, including class actions. An adverse outcome in these proceedings could result in substantial damages, fines, or reputational harm, directly affecting the servicer's ability to perform its duties and potentially impacting the interests of the noteholders, as stated in Item 1117 of Regulation AB.

Analyst Insight

Investors should scrutinize the legal and regulatory disclosures of AmeriCredit Financial Services, Inc. (GM Financial) for any developments that could impair its servicing capabilities or financial stability. Given the lack of external credit enhancement, monitoring the performance of the underlying auto loan pool and the servicer's operational integrity is paramount for holders of the trust's notes.

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

N/A

Key Numbers

• 2025 — Fiscal Year End (The period covered by this 10-K filing.)
• 2024-3 — Trust Series (Identifies the specific securitization trust.)
• 10% — Maximum Single Obligor Concentration (No single obligor represents more than 10% of the pool assets, indicating diversification.)
• July 10, 2024 — Indenture and Trust Agreement Date (Date key legal agreements for the trust were established.)
• March 3, 2026 — Signing Date (Date the 10-K was signed by AFS SenSub Corp.)

Key Players & Entities

• GM Financial Consumer Automobile Receivables Trust 2024-3 (company) — Issuing Entity
• AFS SenSub Corp. (company) — Depositor and Seller
• AmeriCredit Financial Services, Inc. (company) — Sponsor, Servicer, and Originator
• 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.
• SEC (regulator) — Securities and Exchange Commission

FAQ

Risk Factors

• Sponsor Legal and Regulatory Proceedings [high — legal]: AmeriCredit Financial Services, Inc. (dba GM Financial), the sponsor, faces potential adverse outcomes from legal and regulatory proceedings. These could result in substantial damages, fines, or reputational harm, which could negatively impact the value of the notes issued by the trust.
• Servicing Compliance Risk [medium — operational]: The trust's operations are dependent on the servicer, AmeriCredit Financial Services, Inc., adhering to applicable servicing criteria. Any failure to comply could lead to operational disruptions or breaches of trust agreements, affecting noteholder returns.
• Consumer Credit Risk [high — market]: The trust holds consumer automobile receivables, meaning its performance is directly tied to the creditworthiness of individual borrowers. Economic downturns or increased unemployment could lead to higher delinquency and default rates, impacting the cash flows available to noteholders.

Industry Context

The automobile finance industry is characterized by intense competition among lenders, including captive finance companies like GM Financial, banks, and independent finance companies. Key trends include the increasing use of technology for loan origination and servicing, evolving consumer preferences for vehicle ownership models (e.g., leasing, subscriptions), and ongoing regulatory scrutiny of lending practices. The market is sensitive to interest rate fluctuations and overall economic conditions affecting consumer spending and credit availability.

Regulatory Implications

The trust's operations are subject to Regulation AB, requiring detailed disclosures regarding the securitized assets and servicing compliance. The sponsor, GM Financial, is also subject to broader financial regulations and potential enforcement actions, which could indirectly impact the trust. Management's assertion and auditor reports on servicing criteria compliance are critical for investor confidence and regulatory adherence.

What Investors Should Do

1. Review Sponsor's Legal and Regulatory Filings
2. Assess Servicing Compliance Reports
3. Monitor Economic Indicators

Key Dates

• 2024-07-10: Indenture and Trust Agreement Date — Marks the establishment of the core legal framework for the securitization trust and its operations.
• 2024-07-11: Form 8-K Filing — Public disclosure of key agreements including the Indenture, Trust Agreement, Sale and Servicing Agreement, and Purchase Agreement, providing transparency to investors.
• 2023-03-01: AFS SenSub Corp. Articles of Incorporation and Bylaws Amended — Establishes the corporate governance structure for the Depositor entity prior to the trust's formation.
• 2025-12-31: Fiscal Year End — The period for which the servicing compliance criteria are reported in this 10-K.
• 2026-03-03: 10-K Signing Date — Indicates the completion and submission of the annual report by the Depositor.

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 2024-3 is a securitization entity holding automobile receivables.)

Pass-through entity

An entity that passes income, gains, losses, deductions, and credits through to its investors for tax purposes, typically without being taxed itself. (This describes the nature of the trust, meaning it does not generate its own revenue or net income in the traditional sense.)

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 for the automobile receivables.)

Sponsor

The entity that initiates the securitization process, typically by originating or acquiring the assets to be securitized and arranging for their transfer to the securitization entity. (AmeriCredit Financial Services, Inc. (dba GM Financial) is the sponsor of this trust.)

Depositor

The entity that transfers the assets into the securitization trust. (AFS SenSub Corp. is the depositor for this trust.)

Servicing Criteria

A set of standards and requirements that a servicer must meet when managing securitized assets, as outlined by regulations like Regulation AB. (The 10-K primarily reports on the trust's compliance with these criteria.)

Consumer Automobile Receivables

Loans made to consumers to finance the purchase of automobiles. (These are the underlying assets held by the trust.)

Regulation AB

SEC rules governing the disclosure and reporting requirements for asset-backed securities. (The filing adheres to requirements under Regulation AB, particularly concerning servicing criteria and asset disclosures.)

Year-Over-Year Comparison

As this is the first 10-K filing for the GM Financial Consumer Automobile Receivables Trust 2024-3, a direct comparison of financial metrics to a prior year is not applicable. The filing establishes the baseline for servicing compliance and legal structure, with key dates such as the Indenture and Trust Agreement dating back to July 10, 2024. New risks identified would be specific to this trust's structure and the current operating environment of its sponsor.

Filing Documents

• a10-k_gmcar2024x3x2025.htm (10-K) — 72KB
• exhibit311_gmcar2024-3x2025.htm (EX-31.1) — 8KB
• exhibit331_gmcar2024-3x2025.htm (EX-33.1) — 125KB
• exhibit332_gmcar2024-3x2025.htm (EX-33.2) — 25KB
• exhibit341_gmcar2024-3x2025.htm (EX-34.1) — 9KB
• exhibit342_gmcar2024-3x2025.htm (EX-34.2) — 9KB
• exhibit351_gmcar2024-3x2025.htm (EX-35.1) — 6KB
• image_0.jpg (GRAPHIC) — 6KB
• 0002026197-26-000012.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 10, 2024, between GM Financial Consumer Automobile Receivables Trust 2024-3 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 2024-3 (File No. 333-275606-02) with the SEC on July 11, 2024). Exhibit 4.2 Amended and Restated Trust Agreement, dated as of July 10, 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 GM Financial Consumer Automobile Receivables Trust 2024-3 (File No. 333-275606-02) with the SEC on July 11, 2024). Exhibit 4.3 Sale and Servicing Agreement, dated as of July 10, 2024, among GM Financial Consumer Automobile Receivables Trust 2024-3, 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 2024-3 (File No. 333-275606-02) with the SEC on July 11, 2024). Exhibit 10.1 Purchase Agreement, dated as of July 10, 2024, 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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