ABS-15G

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM ABS-15G

ASSET-BACKED SECURITIZER REPORT

Pursuant to Section 15G of the

Securities Exchange Act of 1934

Check the appropriate box to indicate the filing obligation to which this form is intended to satisfy:

☐ Rule 15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1) for the reporting period ____ to ____

Date of Report (Date of earliest event reported): ______

(Exact name of securitizer as specified in its charter)

(Commission File Number of securitizer) (Central Index Key Number of securitizer)

Name and telephone number, including area code, of the person

to contact in connection with this filing

Indicate by check mark whether the securitizer has no activity to report for the initial period pursuant to Rule 15Ga-1(c)(1)  ☐

Indicate by check mark whether the securitizer has no activity to report for the quarterly period pursuant to Rule 15Ga-1(c)(2)(i)  ☐

Indicate by check mark whether the securitizer has no activity to report for the annual period pursuant to Rule 15Ga-1(c)(2)(ii)  ☐

☒ Rule 15Ga-2 under the Exchange Act (17 CFR 240.15Ga-2)

AmeriCredit Automobile Receivables Trust 2022-2

(Exact name of issuing entity as specified in its charter)

Central Index Key Number of depositor: 0001347185

Central Index Key Number of issuing entity (if applicable): 0001929381

Central Index Key Number of underwriter (if applicable):                         

Frank E. Brown III, Esq. – Senior Vice President, Corporate Counsel and Secretary, (817) 302-7521

Name and telephone number, including area code, of the person to contact in connection with this filing

PART II – FINDINGS AND CONCLUSIONS OF THIRD-PARTY DUE DILIGENCE REPORTS

Item 2.01 Findings and Conclusions of a Third Party Due Diligence Report Obtained by the Issuer

Attached as Exhibit 99.1 hereto is the Report of Independent Accountants on Applying Agreed-Upon Procedures, dated June 3, 2022, with respect to certain agreed-upon procedures performed by a third-party due diligence provider.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the reporting entity has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

AFS SENSUB CORP.
(Depositor)
By:	/s/ Sheli Fitzgerald
	Name: Sheli Fitzgerald
	Title: Chief Executive Officer and President

Date: June 3, 2022

EX-99.1

Exhibit 99.1

	Ernst & Young LLP	Tel: +1 212 773 3000
	One Manhattan West	Fax: +1 212 773 6350
	New York, NY 10001	ey.com

Report of Independent Accountants on Applying Agreed-Upon Procedures

AmeriCredit Financial Services, Inc. AFS SenSub Corp. 801 Cherry Street, Suite 3500 Fort Worth, Texas 76102 3 June 2022

Re: AmeriCredit Automobile Receivables Trust 2022-2 (the “Issuing Entity”)

Automobile Receivables Backed Notes (the “Notes”)

Sample Automobile Loan Contract Agreed-Upon Procedures

We have performed the procedures enumerated in Attachment A, which were agreed to and acknowledged as appropriate by AmeriCredit Financial Services, Inc. (the “Sponsor”), AFS SenSub Corp. (the “Depositor”), J.P. Morgan Securities LLC (“J.P. Morgan”), Citigroup Global Markets Inc. (“Citigroup”), Morgan Stanley & Co. LLC (“Morgan Stanley”), RBC Capital Markets, LLC (“RBC Capital Markets”) and SG Americas Securities, LLC (“Societe Generale,” together with the Sponsor, Depositor, J.P. Morgan, Citigroup, Morgan Stanley and RBC Capital Markets, the “Specified Parties”), for the intended purpose of assisting the Specified Parties in evaluating the accuracy of certain information with respect to a pool of sub-prime automobile loan contracts secured by new and used automobiles, light duty trucks and vans (the “Automobile Loan Contracts”) relating to the Issuing Entity’s securitization transaction. This report may not be suitable for any other purpose. The procedures performed may not address all of the items of interest to a user of the report and may not meet the needs of all users of the report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes. The appropriateness of these procedures is solely the responsibility of the Specified Parties identified in this report. No other party acknowledged the appropriateness of the procedures. Consequently, we make no representation regarding the appropriateness of the procedures described in Attachment A, either for the purpose for which this report has been requested or for any other purpose.

The procedures performed and our associated findings are included in Attachment A.

Page 2 of 4

For the purpose of the procedures described in this report, the Sponsor, on behalf of the Depositor, provided us with:

a. Electronic data files:

i. Labeled “AMCAR 2022-2 EY AUDIT TAPE.csv” and the corresponding record layout and decode information, as applicable (the “Pool A Base Data File”), that the Sponsor, on behalf of the Depositor, indicated contains information relating to certain sub-prime automobile loan contracts secured by new and used automobiles, light duty trucks and vans (the “Pool A Automobile Loan Contracts”) as of 15 May 2022 (the “Cutoff Date”) that are expected to be representative of the Automobile Loan Contracts and

ii. Labeled “EY Sample (AMCAR 2022-2).xlsx” and the corresponding record layout and decode information, as applicable (the “Identification Sample Data File,” together with the Pool A Base Data File, the “Provided Data Files”), that the Sponsor, on behalf of the Depositor, indicated contains information relating to the:

(a) Loan account number,

(b) Application number and

(c) Vehicle identification number

for each Sample Automobile Loan Contract (as defined in Attachment A),

b. A schedule and the corresponding record layout and decode information, as applicable (the “Application Status Decode Schedule”), that the Sponsor, on behalf of the Depositor, indicated contains information relating to the decision code descriptions corresponding to each Sample Automobile Loan Contract,

c. A schedule and the corresponding record layout and decode information, as applicable (the “Security Interest Mapping File”), that the Sponsor, on behalf of the Depositor, indicated contains information relating to the lien holder or owner corresponding to each Sample Automobile Loan Contract,

d. Imaged copies of:

i. The motor vehicle retail installment contract, contract cure or correction letter, guaranteed auto protection, debt waiver agreement/addendum to the financing agreement, amendment or other related documents (collectively and as applicable, the “Contract”),

ii. The certificate of title, application for title or guaranty of title, notice of lien, notice of security interest filing, vehicle ownership registration form, direct lien filing, electronic verification of title, title lien statement, notice of lien application, lien entry form, application for dealer assignment or other related documents (collectively and as applicable, the “Title”),

iii. The odometer disclosure statement, as applicable (the “Odometer Disclosure Statement”),

iv. Certain printed screen shots and payment histories from the Sponsor’s servicing systems (the “Servicing System Screen Shots”),

v. Certain printed screen shots and account summary information from the Sponsor’s loan origination systems (the “Origination System Screen Shots,” together with the Servicing System Screen Shots, the “System Screen Shots”),

vi. The borrower credit application or application for financing (collectively and as applicable, the “Credit Application”) and

Page 3 of 4

d. (continued)

vii. The agreement to provide insurance, binder of insurance, confirmation of accidental physical damage insurance, supplemental provisions, notice of requirement to provide insurance, insurance verification form, insurance coverage acknowledgement, agreement to furnish insurance policy, property insurance disclosure or other related documents (collectively and as applicable, the “Agreement to Provide Insurance,” together with the Contract, Title, Odometer Disclosure Statement, System Screen Shots and Credit Application, the “Source Documents”)

as applicable, that the Sponsor, on behalf of the Depositor, indicated relate to each Sample Automobile Loan Contract,

e. The list of relevant characteristics (the “Sample Characteristics”) on the Pool A Data File (as defined in Attachment A), which is shown on Exhibit 1 to Attachment A, and

f. Instructions, assumptions and methodologies, which are described in Attachment A.

For the purpose of the procedures described in this report, certain information contained on the Pool A Data File is the “Subject Matter” as of the date of this report.

The procedures included in Attachment A were limited to comparing, observing or recalculating certain information that is further described in Attachment A. The Depositor is responsible for the Subject Matter, Provided Data Files, Application Status Decode Schedule, Security Interest Mapping File, Source Documents, Sample Characteristics and the determination of the instructions, assumptions and methodologies that are described herein. We were not requested to perform, and we have not performed, any procedures other than those listed in Attachment A. We have not verified, and we make no representation as to, the accuracy, completeness or reasonableness of the Provided Data Files, Application Status Decode Schedule, Security Interest Mapping File, Source Documents or any other information provided to us, or that we were instructed to obtain, as applicable, by the Sponsor, on behalf of the Depositor, upon which we relied in forming our findings. Accordingly, we make no representation and express no opinion or conclusion as to (a) the existence of the Pool A Automobile Loan Contracts or Automobile Loan Contracts, (b) questions of legal or tax interpretation or (c) the appropriateness, accuracy, completeness or reasonableness of any instructions, assumptions and methodologies provided to us by the Sponsor, on behalf of the Depositor, that are described in this report. We undertake no responsibility to update this report for events and circumstances occurring after the date hereof.

Page 4 of 4

This agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants (the “AICPA”). An agreed-upon procedures engagement involves the practitioner performing specific procedures that the Specified Parties have agreed to and acknowledged to be appropriate for the purpose of the engagement and reporting on findings based on the procedures performed. We were not engaged to, and did not, conduct an examination to express an opinion or a review to express a conclusion in accordance with attestation standards established by the AICPA on any of the items referred to herein. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.

The agreed-upon procedures described in this report were not performed for the purpose of:

a. Satisfying any criteria for due diligence published by a nationally recognized statistical rating organization (a “rating agency”) or

b. Making any findings with respect to:

i. Whether the origination of the Automobile Loan Contracts conformed to, or deviated from, stated underwriting or credit extension guidelines, standards, criteria, or other requirements,

ii. The value of the collateral securing the Automobile Loan Contracts,

iii. Whether the originator(s) of the Automobile Loan Contracts complied with federal, state or local laws or regulations or

iv. Any other factor or characteristic of the Automobile Loan Contracts that would be material to the likelihood that the issuer of the Notes will pay interest and principal in accordance with applicable terms and conditions.

We are required to be independent of the Depositor and to meet our other ethical responsibilities, as applicable for agreed-upon procedures engagements set forth in the Preface: Applicable to All Members and Part 1 – Members in Public Practice of the Code of Professional Conduct established by the AICPA. Independence requirements for agreed-upon procedure engagements are less restrictive than independence requirements for audit and other attestation services.

This report is intended solely for the information and use of the Specified Parties and is not intended to be, and should not be, used by anyone other than the Specified Parties. It is not intended to be, and should not be, used by any other person or entity, including investors and rating agencies, who are not identified in the report as Specified Parties but who may have access to this report as required by law or regulation.

/s/ Ernst & Young LLP

3 June 2022

Attachment A Page 1 of 3

Procedures performed and our associated findings

1. As instructed by the Sponsor, on behalf of the Depositor, we randomly selected a sample of 185 Pool A Automobile Loan Contracts from the Pool A Base Data File (the “Sample Automobile Loan Contracts”). For the purpose of this procedure, the Sponsor, on behalf of the Depositor, did not inform us as to the basis for how they determined the number of Sample Automobile Loan Contracts or the methodology they instructed us to use to select the Sample Automobile Loan Contracts from the Pool A Base Data File.

For the purpose of the procedures described in this report, the 185 Sample Automobile Loan Contracts are referred to as Sample Automobile Loan Contract Numbers 1 through 185.

2. As instructed by the Sponsor, on behalf of the Depositor, we appended the information for each Sample Automobile Loan Contract on the Pool A Base Data File with the corresponding loan account number, application number and vehicle identification number, all as shown on the Identification Sample Data File. The Pool A Base Data File, as adjusted, is hereinafter referred to as the “Pool A Data File.”

3. For each Sample Automobile Loan Contract, as applicable, we:

a. Compared the Sample Characteristics listed on Exhibit 1 to Attachment A, as shown on the Pool A Data File, to the corresponding information located in, or to the corresponding information we recalculated using information located in, the Source Documents, subject to the instructions, assumptions and methodologies provided by the Sponsor, on behalf of the Depositor, described in the notes to Exhibit 1 to Attachment A. The Source Document(s) that we were instructed by the Sponsor, on behalf of the Depositor, to use for each Sample Characteristic are shown on Exhibit 1 to Attachment A. Except for the information shown on Exhibit 2 to Attachment A, all such compared information was found to be in agreement.

b. Observed that the buyer and dealer are located in the United States or United States territories, as shown in the Contract.

c. Observed that the decision code, as shown in the Origination System Screen Shots, corresponded to a description of approved, conditionally approved or auto-approved, in accordance with the Application Status Decode Schedule.

d. Observed the existence of a Title.

Attachment A Page 2 of 3

3. (continued)

e. Observed that “General Motors Financial Company, Inc.” or the Sponsor was the named lien holder or owner, as shown in the Title, or that the lien holder has assigned the vehicle corresponding to such Sample Automobile Loan Contract to “General Motors Financial Company, Inc.” or the Sponsor, as shown in the Title, subject to the additional instruction(s) provided by the Sponsor, on behalf of the Depositor, described in the succeeding paragraph(s).

For the purpose of this procedure, the Sponsor, on behalf of the Depositor, instructed us to:

(i) Ignore differences due to abbreviation, truncation or spelling errors and

(ii) Note agreement in accordance with the decode information shown on the Security Interest Mapping File, as applicable.

f. Observed the existence of a Credit Application.

g. Observed that the Origination System Screen Shots contained a credit bureau report summary.

h. Observed that the Contract contained a truth-in-lending disclosure statement, subject to the additional instruction(s) provided by the Sponsor, on behalf of the Depositor, described in the succeeding paragraph(s).

For the purpose of this procedure, the Sponsor, on behalf of the Depositor, instructed us to observe that the Contract contained annual percentage rate, finance charge, amount financed, total of payments and total sale price information if the Contract did not contain a specified truth-in-lending section header.

i. Observed the existence of an Agreement to Provide Insurance or observed that the Contract contained a section titled “Insurance you must have on the vehicle.”

j. Observed that the Contract contained two buyer names or information in the co-buyer section for each Sample Automobile Loan Contract with a co-obligor present indicator value of “Y,” as shown on the Pool A Data File. We performed no procedures to determine the validity of any information in the co-buyer section of the Contract.

Attachment A Page 3 of 3

3. (continued)

k. Observed the following information, as applicable, in the Servicing System Screen Shots:

(i) There were no payment extensions noted in the account activity log if the number of deferred payments value was <blank> or “0,” as shown on the Pool A Data File, or

(ii) If there were payment extensions noted in the account activity log and the number of deferred payments value was greater than “0,” as shown on the Pool A Data File, the months extended value, as shown in the Servicing System Screen Shots, was equal to the number of deferred payments value, as shown on the Pool A Data File.

l. Observed the following information, as applicable, in the Servicing System Screen Shots:

(i) Bankruptcy was not noted in the account activity log if the bankruptcy indicator (yes/no) value was “N,” as shown on the Pool A Data File, or

(ii) If bankruptcy was noted in the account activity log and the bankruptcy indicator (yes/no) value was “N,” as shown on the Pool A Data File, the:

(1) Account was changed to active,

(2) Date of account’s active status was later than the date of bankruptcy and

(3) Date of account’s active status was prior to the Cutoff Date,

all as noted in the account activity log.

m. Observed the following information, as applicable, in the Servicing System Screen Shots:

(i) Repossession was not noted in the account activity log if the repossession indicator (yes/no) value was “N,” as shown on the Pool A Data File, or

(ii) If repossession was noted in the account activity log and the repossession indicator (yes/no) value was “N,” as shown on the Pool A Data File, the:

(1) Account was reinstated or changed to active,

(2) Date of reinstatement was later than the date of repossession and

(3) Date of reinstatement was prior to the Cutoff Date,

all as noted in the account activity log.

Exhibit 1 to Attachment A

Page 1 of 4

Sample Characteristics and Source Documents

Sample Characteristic	Source Document(s)	Note(s)
Loan account number	Contract and Servicing System Screen Shots	i.
Application number	Origination System Screen Shots	i.
Vehicle identification number	Contract and Title
Origination date	Contract	ii.
Original monthly P&I payment	Contract	iii.
Original amount financed	Contract
Original first payment date	Contract	iii.
Original term to maturity	Contract	iii.
Grace period	Contract and recalculation	iii., iv.
Current APR	Contract	v.
Model type (new/used)	Contract or Odometer Disclosure Statement	vi.
Model year	Contract
Vehicle make	Contract	vii.
Original APR	Contract	v.
Original loan-to-value ratio	Origination System Screen Shots	viii.
Vehicle value (as of origination)	Origination System Screen Shots	ix.
Payment to income ratio	Origination System Screen Shots	viii.
Current maturity date	Servicing System Screen Shots	x.
State/U.S. territory (current)	Servicing System Screen Shots	x.
Next payment date	Servicing System Screen Shots	x.
Number of times delinquent – 31 days	Servicing System Screen Shots	x.
Number of times delinquent – 61 days	Servicing System Screen Shots	x.
Number of times delinquent – 91 days	Servicing System Screen Shots	x.
Custom score	Origination System Screen Shots	xi.
Obligor credit score	Origination System Screen Shots	xii.
FICO score	Origination System Screen Shots
Remaining term to maturity	Servicing System Screen Shots and recalculation	x., xiii.

Exhibit 1 to Attachment A

Page 2 of 4

Notes:

i. For identification purposes only.

ii. For the purpose of comparing the origination date Sample Characteristic for each Sample Automobile Loan Contract, the Sponsor, on behalf of the Depositor, instructed us to use the origination date next to the borrower’s signature, as shown in the Contract.

iii. For the purpose of comparing the indicated Sample Characteristics for each Sample Automobile Loan Contract, the Sponsor, on behalf of the Depositor, instructed us to ignore any deferred downpayments payable to seller, as shown in the Contract.

iv. For the purpose of comparing the grace period Sample Characteristic for each Sample Automobile Loan Contract, the Sponsor, on behalf of the Depositor, instructed us to recalculate the grace period as the difference in months between the:

a. Origination date and

b. Original first payment date,

both as shown in the Contract (and in accordance with any other applicable note(s)).

v. For the purpose of comparing the indicated Sample Characteristics for each Sample Automobile Loan Contract, the Sponsor, on behalf of the Depositor, instructed us to use the annual percentage rate, as shown in the Contract.

vi. For the purpose of comparing the model type (new/used) Sample Characteristic for each Sample Automobile Loan Contract, the Sponsor, on behalf of the Depositor, instructed us to note agreement with a model type (new/used) value of “N,” as shown on the Pool A Data File, if the corresponding model type (new/used) value, as shown in the Contract, was “demonstrator” or “demo,” as applicable.

Additionally, for the purpose of comparing the model type (new/used) Sample Characteristic for each Sample Automobile Loan Contract with a model type (new/used), as shown on the Pool A Data File, that is different than the model type (new/used), as shown in the Contract (subject to the instruction(s) provided by the Sponsor, on behalf of the Depositor, described in the preceding paragraph(s) of this note), the Sponsor, on behalf of the Depositor, instructed us to note agreement with a model type (new/used):

a. Value of “N,” as shown on the Pool A Data File, if the corresponding odometer reading, as shown in the Contract or Odometer Disclosure Statement, is less than 5,000 miles and

b. Value of “U,” as shown on the Pool A Data File, if the corresponding odometer reading, as shown in the Contract or Odometer Disclosure Statement, is greater than or equal to 5,000 miles,

subject to the additional instruction(s) described in the succeeding paragraph(s) of this note.

Exhibit 1 to Attachment A

Page 3 of 4

Notes: (continued)

vi. (continued)

For the purpose of this procedure, the Sponsor, on behalf of the Depositor, instructed us to use either the Contract or Odometer Disclosure Statement. We performed no procedures to reconcile any differences that may exist relating to the information contained in the Contract and Odometer Disclosure Statement with regard to the odometer reading.

vii. For the purpose of comparing the vehicle make Sample Characteristic for each Sample Automobile Loan Contract, the Sponsor, on behalf of the Depositor, instructed us to ignore differences due to abbreviation, truncation or spelling errors.

viii. For the purpose of comparing the indicated Sample Characteristics for each Sample Automobile Loan Contract, the Sponsor, on behalf of the Depositor, instructed us to ignore absolute differences of 0.01% or less.

ix. For the purpose of comparing the vehicle value (as of origination) Sample Characteristic for each Sample Automobile Loan Contract, the Sponsor, on behalf of the Depositor, instructed us to ignore differences of +/- $1.00 or less.

x. The Sponsor, on behalf of the Depositor, indicated that certain of the Servicing System Screen Shots contained account activity that occurred after the Cutoff Date. For the purpose of comparing the indicated Sample Characteristics for each Sample Automobile Loan Contract, the Sponsor, on behalf of the Depositor, instructed us to only consider account activity shown in the Servicing System Screen Shots that occurred on or prior to the Cutoff Date.

xi. For the purpose of comparing the custom score Sample Characteristic for each Sample Automobile Loan Contract, the Sponsor, on behalf of the Depositor, instructed us to use the second custom score, as shown in the Origination System Screen Shots.

xii. For the purpose of comparing the obligor credit score Sample Characteristic for each Sample Automobile Loan Contract, the Sponsor, on behalf of the Depositor, instructed us to note agreement if the obligor credit score value, as shown in the Origination System Screen Shots, was “I” and the obligor credit score value, as shown on the Pool A Data File, was <blank>.

Exhibit 1 to Attachment A

Page 4 of 4

Notes: (continued)

xiii. For the purpose of comparing the remaining term to maturity Sample Characteristic for each Sample Automobile Loan Contract, the Sponsor, on behalf of the Depositor, instructed us to recalculate the remaining term to maturity by:

a. Calculating the number of days between the next payment date and current maturity date, both as shown in the Servicing System Screen Shots (and in accordance with any other applicable note(s)), assuming a 360-day year,

b. Dividing the result of a. above by 30,

c. Adding one to the result of b. above and

d. Rounding the result of c. above to the nearest integer.

We performed no procedures to determine the accuracy, completeness or reasonableness of the instructions, assumptions and methodologies provided by the Sponsor, on behalf of the Depositor, described in the notes above.

Exhibit 2 to Attachment A

Sample Characteristic Differences

Sample Automobile Loan Contract Number	Sample Characteristic	Pool A Data File Value	Source Document Value
7	Number of times delinquent – 31 days	8	9
44	Payment to income ratio	0.0997	8.74%
149	State/U.S. territory (current)	MA	MI