Form 10-D GM Financial Consumer For: Aug 31

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

FORM 10-D

 

 ASSET-BACKED ISSUER
DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

 

For the monthly distribution period from

August 1, 2021 to August 31, 2021

        

Commission File Number of issuing entity: 333-249515-01

 CIK number of issuing entity: 0001834699

 

GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST 2021-1

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

 

Commission File Number of depositor: 333-249515

 CIK number of depositor: 0001347185

 

AFS SenSub Corp.

(Exact name of depositor as specified in its charter)

 

CIK number of sponsor: 0001002761

 

 AMERICREDIT FINANCIAL SERVICES, INC.

(Exact name of sponsor as specified in its charter)

 

Randal L. Willis (817) 302-7000

(Name and telephone number of person to contact in connection with this filing)

 

Delaware		85-6748415
(State or other jurisdiction of incorporation or organization of the issuing entity)		(I.R.S. Employer Identification No.)
c/o AmeriCredit Financial Services, Inc. 801 Cherry Street, Suite 3500 Fort Worth, TX 76102		76102
(Address of principal executive offices of issuing entity)		(Zip Code)

 

(817) 302-7000

(Telephone number, including area code)

 

N/A

(Former name, former address, if changed since last report)

 

	Registered/reported pursuant to (check one)			Name of exchange
Title of Class	Section 12(b)	Section 12(g)	Section 15(d)	(If Section 12(b))
Class A-1	☐	☐	☒
Class A-2 Class A-3 Class A-4	☐ ☐ ☐	☐ ☐ ☐	☒ ☒ ☒
Class B	☐	☐	☒
Class C	☐	☐	☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  ☒     No  ☐ 

 

 

PART I – DISTRIBUTION INFORMATION

 

ITEM 1 – Distribution and Pool Performance Information.

 

The response to Item 1 is set forth in part herein and in part in Exhibit 99.1

 

The record date for distributions described in Exhibit 99.1 was September 15, 2021.

 

No assets securitized by AmeriCredit Financial Services, Inc. d/b/a GM Financial (the “Securitizer”) and held by GM Financial Consumer Automobile Receivables Trust 2021-1 were the subject of a demand to repurchase or replace for breach of the representations and warranties during the distribution period from August 1, 2021 to August 31, 2021.

 

The Securitizer (CIK # 0001002761) filed Form ABS-15G on February 1, 2021.

 

Item 1A. – Asset-Level Information.

 

The response to Item 1A is set forth in Exhibit 102.1 and Exhibit 103.1 each of which is incorporated by reference into this Form 10-D as described in Item 10.

 

Item 1B. – Asset Representations Reviewer and Investor Communication.

 

None

 

 

PART II – OTHER INFORMATION

 

ITEM 2 – Legal Proceedings.

 

None

 

ITEM 3 – Sales of Securities and Use of Proceeds.

 

None

 

ITEM 4 – Defaults Upon Senior Securities.

 

None

 

ITEM 5 – [Reserved]

 

ITEM 6 – Significant Obligors of Pool Assets.

 

None

 

ITEM 7 – Change in Sponsor Interest in the Securities.

 

None

 

ITEM 8 – Significant Enhancement Provider Information.

 

None

 

ITEM 9 – Other Information.

 

None

 

ITEM 10 – Exhibits.

 

(a)

Documents filed as part of this report:

 

99.1

Monthly Servicer’s Certificate

 

(b)

Exhibits required by this Form and Item 601 of Regulation S-K (17 CFR 229.601).

 

102.1

Asset Data File, dated as of September 21, 2021 for the reporting period August 1, 2021 to August 31, 2021 (See Exhibit 102.1 to Form ABS-EE filed by GM Financial Consumer Automobile Receivables Trust 2021-1 with the SEC on September 21, 2021, which is incorporated by reference herein).

 

103.1

Asset Related Document, dated as of September 21, 2021 for the reporting period August 1, 2021 to August 31, 2021 (See Exhibit 103.1 to Form ABS-EE filed by GM Financial Consumer Automobile Receivables Trust 2021-1 with the SEC on September 21, 2021, which is incorporated by reference herein).

 

 

SIGNATURES

  

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

 

GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST 2021-1

(Issuing Entity)

 

Dated: September 23, 2021

 

By: AmeriCredit Financial Services, Inc. d/b/a GM Financial, as Servicer
By:	/s/ Randal L. Willis
Name:	Randal L. Willis
Title:	Senior Vice President, Securitization & Conduit Reporting

 

Exhibit 99.1

 

GM Financial Consumer Automobile Receivables Trust 2021-1

Class A-1 0.15333 % Asset Backed Notes

Class A-2 0.23 % Asset Backed Notes

Class A-3 0.35 % Asset Backed Notes

Class A-4 0.54 % Asset Backed Notes

Class B 0.75 % Asset Backed Notes

Class C 1.04 % Asset Backed Notes

Class D 0.00 % Asset Backed Notes

Servicer’s Certificate

 

This Servicer’s Certificate has been prepared pursuant to Section 4.9 of the Sale and Servicing Agreement among GM Financial Consumer Automobile Receivables Trust 2021-1, as Issuer, GM Financial, as Servicer, AFS SenSub Corp., as Seller, and The Bank Of New York Mellon., as the Trust Collateral Agent, dated as of January 20, 2021. Defined terms have the meanings assigned to them in the Sale and Servicing Agreement or in other Transaction Documents.

 

Monthly Period Beginning:	08/01/2021
Monthly Period Ending:	08/31/2021
Prev. Distribution/Close Date:	08/16/2021
Distribution Date:	09/16/2021
Days of Interest for Period:	31
Days in Collection Period:	31
Transaction Month:	8

 

										Original				Original Adjusted
Purchases		Units				Start Date		Closing Date		Pool Balance				Pool Balance
Initial Purchase			56,890			12/04/2020		01/20/2021		$	1,658,343,698			$	1,642,892,246
Total			56,890							$	1,658,343,698			$	1,642,892,246

 

MONTHLY PERIOD RECEIVABLES PRINCIPAL BALANCE CALCULATION:

 

{1}

Beginning of period Aggregate Principal Balance

{1}

$

1,242,165,032

Monthly Principal Amounts

{2}

Collections on Receivables outstanding at end of period

{2}

25,743,698

{3}

Collections on Receivables paid off during period

{3}

21,025,525

{4}

Receivables becoming Liquidated Receivables during period

{4}

243,566

{5}

Receivables becoming Purchased Receivables during period

{5}

0

{6}

Other Receivables adjustments

{6}

0

{7}

Total Monthly Principal Amounts

{7}

47,012,789

{8}

End of period Aggregate Principal Balance

{8}

$

1,195,152,243

{9}

Pool Factor

{9}

72.0690316

%

 

 

MONTHLY AGGREGATE ADJUSTED PRINCIPAL BALANCE CALCULATION:

 

{10}

Beginning of period Aggregate Principal Balance

{10}

1,242,165,032

{11}

Beginning of period Yield Supplement Overcollateralization Amount

{11}

10,809,604

{12}

Beginning of period Aggregate Adjusted Principal Balance

{12}

$

1,231,355,428

{13}

End of period Aggregate Principal Balance

{13}

1,195,152,243

{14}

End of period Yield Supplement Overcollateralization Amount

{14}

10,289,016

{15}

End of period Aggregate Adjusted Principal Balance

{15}

$

1,184,863,227

{16}

Reduction in Aggregate Adjusted Principal Balance

{16}

46,492,201

 

MONTHLY PERIOD NOTE BALANCE CALCULATION:

 

						Class A-1				Class A-2				Class A-3				Class A-4
{17}		Original Note Balance		{17}		$	251,000,000			$	578,070,000			$	578,070,000			$	139,690,000
{18}		Beginning of period Note Balance		{18}		$	0			$	409,257,584			$	578,070,000			$	139,690,000
{19}		Priority Principal Amount		{19}			0				13,634,357				0				0
{20}		Noteholder’s Principal Distributable Amount		{20}			0				32,857,844				0				0
{21}		End of period Note Balance		{21}		$	0			$	362,765,383			$	578,070,000			$	139,690,000
{22}		Note Pool Factors		{22}			0.0000000	%			62.7545770	%			100.0000000	%			100.0000000	%
						Class B				Class C				Class D				TOTAL
						$	26,290,000			$	24,640,000			$	20,550,000			$	1,618,310,000
{23}		Beginning of period Note Balance		{23}		$	26,290,000			$	24,640,000			$	20,550,000			$	1,198,497,584
{24}		Priority Principal Amount		{24}			0				0				0				13,634,357
{25}		Noteholder’s Principal Distributable Amount		{25}			0				0				0				32,857,844
{26}		End of period Note Balance		{26}		$	26,290,000			$	24,640,000			$	20,550,000			$	1,152,005,383
{27}		Note Pool Factors		{27}			100.0000000	%			100.0000000	%			100.0000000	%			71.1857050	%

 

 

CALCULATION OF INTEREST DISTRIBUTABLE AMOUNT:

 

				Beginning				Interest				Interest								Calculated
		Class		Note Balance				Carryover				Rate				Days		Days Basis		Interest
{28}		Class A - 1		$	0				0				0.15333	%		31		Actual days/360		$	0
{29}		Class A - 2		$	409,257,584				0				0.23000	%		30		30/360			78,442
{30}		Class A - 3		$	578,070,000				0				0.35000	%		30		30/360			168,604
{31}		Class A - 4		$	139,690,000				0				0.54000	%		30		30/360			62,861
{32}		Class B		$	26,290,000				0				0.75000	%		30		30/360			16,432
{33}		Class C		$	24,640,000				0				1.04000	%		30		30/360			21,355
{34}		Class D		$	20,550,000				0				0.00000	%		30		30/360			0

 

RECONCILIATION OF COLLECTION ACCOUNT:

 

Available Funds:

{35}

Principal Collections on Receivables during period (net of Liquidation Proceeds and Fees)

{35}

46,769,223

{36}

Interest Collections on Receivables during period (net of Liquidation Proceeds and Fees)

{36}

4,318,070

{37}

Liquidation Proceeds collected during period (net of Fees)

{37}

154,097

{38}

Purchase Amounts or amounts from Servicer deposited in Collection Account

{38}

0

{39}

Investment Earnings - Collection Account

{39}

972

{40}

From Reserve Acct - Investment Earnings, Reserve Acct Withdrawal, Excess Specified Reserve over Note Bal

{40}

81

{41}

Collection of Supplemental Servicing - Extension Fees

{41}

9,577

{42}

Collection of Supplemental Servicing - Repo and Recovery Fees Netted from Gross Liquidation Proceeds

{42}

21,781

{43}

Collection of Supplemental Servicing - Late Fees, Prepayment Penalty Fees & Force Placed Insurance

{43}

18,037

{44}

Total Available Funds

{44}

51,291,838

Distributions:

{45}

Base Servicing Fee

{45}

1,035,138

{46}

Repo and Recovery Fees - reimbursed to Servicer

{46}

21,781

{47}

Bank Service Charges - reimbursed to Servicer

{47}

0

{48}

Late Fees, Prepayment Penalty Fees & Force Placed Insurance - to Servicer

{48}

18,037

{49}

Trustee and Trust Collateral Agent Fees

{49}

417

{50}

Asset Representations Reviewer Fee

{50}

0

{51}

Owner Trustee Fee

{51}

208

{52}

Class A-1 Noteholders’ Interest Distributable Amount pari passu

{52}

0

{53}

Class A-2 Noteholders’ Interest Distributable Amount pari passu

{53}

78,442

{54}

Class A-3 Noteholders’ Interest Distributable Amount pari passu

{54}

168,604

{55}

Class A-4 Noteholders’ Interest Distributable Amount pari passu

{55}

62,861

{56}

First Priority Principal Distribution Amount

{56}

0

{57}

Class B Noteholders’ Interest Distributable Amount

{57}

16,432

{58}

Second Priority Principal Distribution Amount

{58}

0

{59}

Class C Noteholders’ Interest Distributable Amount

{59}

21,355

{60}

Third Priority Principal Distribution Amount

{60}

0

{61}

Class D Noteholders’ Interest Distributable Amount

{61}

0

{62}

Fourth Priority Principal Distribution Amount

{62}

13,634,357

{63}

To the Reserve Account, the Reserve Account Deposit Amount

{63}

0

{64}

To the Noteholders, Noteholder’s Principal Distributable Amount (as calculated below)

{64}

32,857,844

{65}

Add’l fees (Trustee, Owner Trustee, Trust Collateral Agent, Asset Representations Reviewer)

{65}

0

{66}

To the Certificateholders, the aggregate amount remaining

{66}

3,376,362

{67}

Total Distributions

{67}

$

51,291,838

 

 

CALCULATION OF PRIORITY PRINCIPAL DISTRIBUTION:

 

				(X)				(Y)
				Cumulative				Adjusted Pool				Excess of				Priority Principal
		Class		Note Balance				Balance				(X) - (Y)				Distribution
{68}		First Priority		$	1,127,017,584			$	1,184,863,227			$	0			$	0
{69}		Second Priority			1,153,307,584				1,184,863,227				0				0
{70}		Third Priority			1,177,947,584				1,184,863,227				0				0
{71}		Fourth Priority			1,198,497,584				1,184,863,227				13,634,357				13,634,357

 

CALCULATION OF NOTEHOLDERS’ PRINCIPAL DISTRIBUTABLE AMOUNT:

 

{72}

Excess Total Available Funds

{72}

36,234,206

{73}

Beginning Note Balance

{73}

1,198,497,584

{74}

Principal payments

{74}

13,634,357

{75}

Pro Forma Note Balance

{75}

1,184,863,227

{76}

Adjusted Pool Balance

{76}

1,184,863,227

{77}

2% of Original Adjusted Pool Balance ($32,857,844)

{77}

32,857,844

{78}

Required Pro Forma Note Balance {76} minus {77}

{78}

1,152,005,383

{79}

Excess of Pro Forma Note Balance over Required Pro Forma Balance {75} minus {78}

{79}

32,857,844

{80}

Noteholder’s Principal Distributable Amount (Lesser of {72} and {79})

{80}

$

32,857,844

 

RECONCILIATION OF RESERVE ACCOUNT:

 

Current

{81}

Specified Reserve Balance

$

4,107,231

{82}

Beginning of period Reserve Account balance

{82}

$

4,107,231

{83}

The Reserve Account Deposit, from Collection Account

{83}

0

{84}

Investment Earnings

{84}

81

{85}

Investment Earnings - transferred to Collection Account Available Funds

{85}

(81

)

{86}

Reserve Account Withdrawal Amount

{86}

0

{87}

End of period Reserve Account balance

{87}

$

4,107,231

 

CALCULATION OF TOTAL OVERCOLLATERALIZATION:

 

{88}

Aggregate Principal Balance

{88}

$

1,195,152,243

{89}

End of Period Note Balance

{89}

1,152,005,383

{90}

Overcollateralization

{90}

43,146,860

{91}

Overcollateralization %

{91}

3.61

%

 

CALCULATION OF TOTAL OVERCOLLATERALIZATION (ADJUSTED PRINCIPAL BALANCE):

 

{92}

Aggregate Adjusted Principal Balance

{92}

$

1,184,863,227

{93}

End of Period Note Balance

{93}

1,152,005,383

{94}

Overcollateralization

{94}

32,857,844

{95}

Overcollateralization %

{95}

2.77

%

 

MONTHLY PERIOD AND CUMULATIVE NUMBER OF RECEIVABLES CALCULATION:

 

Cumulative

Monthly

{96}

Original Number of Receivables

{96}

56,890

{97}

Beginning of period number of Receivables

{97}

0

48,349

{98}

Number of Receivables becoming Liquidated Receivables during period

{98}

107

8

{99}

Number of Receivables becoming Purchased Receivables during period

{99}

3

0

{100}

Number of Receivables paid off during period

{100}

9,480

1,041

{101}

End of period number of Receivables

{101}

47,300

47,300

 

 

STATISTICAL DATA: (CURRENT AND HISTORICAL):

 

						Original				Prev. Month				Current
{102}		Weighted Average APR of the Receivables		{102}			4.26	%			4.18	%			4.17	%
{103}		Weighted Average Remaining Term of the Receivables		{103}			62.00				54.01				53.05
{104}		Weighted Average Original Term of Receivables		{104}			70.00				70.00				70.00
{105}		Average Receivable Balance		{105}		$	29,150			$	25,692			$	25,267
{106}		Net Losses in Period		{106}		$	0			$	122,467			$	89,469
{107}		Aggregate Realized Losses		{107}		$	0			$	932,452			$	1,021,921
{108}		Aggregate Realized Loss Percentage		{108}							0.056	%			0.061	%
{109}		ABS Prepay Speed		{109}							1.7183				1.5921

 

DELINQUENCY:

 

		Receivables with Scheduled Payment delinquent						Units				Dollars				Percentage
		{110}		31-60 days		{110}			139			$	3,725,123				0.31	%
		{111}		61-90 days		{111}			22				578,652				0.05	%
		{112}		91-120 days		{112}			7				191,651				0.02	%
		{113}		Total		{113}			168			$	4,495,426				0.38	%

 

ASSET REPRESENTATIONS REVIEW DELINQUENCY TRIGGER:

 

Dollars

Percentage

{114}

Receivables with Scheduled Payment delinquent 61 days or more

{114}

$

770,303

0.06

%

{115}

Compliance (Trigger Violation is a Delinquency Rate Greater Than 1.10% )

{115}

Yes

 

EXTENSIONS:

 

{116}

Principal Balance of Receivables extended during current period

{116}

$

2,693,902

{117}

Beginning of Period Aggregate Principal Balance

{117}

1,242,165,032

{118}

Extension Rate {116} divided by {117}

{118}

0.22

%

 

By:	/s/ Randal L. Willis
Name:	Randal L. Willis
Title:	Senior Vice President, Securitization & Conduit Reporting
Date:	September 13, 2021

 

 

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