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

April 1, 2022 to April 30, 2022

        

Commission File Number of issuing entity: 333-249515-04

 CIK number of issuing entity: 0001882961

 

GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUST 2021-4

(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   87-6599534
(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 May 13, 2022.

 

No assets securitized by AmeriCredit Financial Services, Inc. d/b/a GM Financial (the “Securitizer”) and held by GM Financial Consumer Automobile Receivables Trust 2021-4 were the subject of a demand to repurchase or replace for breach of the representations and warranties during the distribution period from April 1, 2022 to April 30, 2022.

 

The Securitizer (CIK # 0001002761) filed Form ABS-15G on February 1, 2022.

 

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 May 20, 2022 for the reporting period April 1, 2022 to April 30, 2022 (See Exhibit 102.1 to Form ABS-EE filed by GM Financial Consumer Automobile Receivables Trust 2021-4 with the SEC on May 20, 2022, which is incorporated by reference herein).

 

  103.1 Asset Related Document, dated as of May 20, 2022 for the reporting period April 1, 2022 to April 30, 2022 (See Exhibit 103.1 to Form ABS-EE filed by GM Financial Consumer Automobile Receivables Trust 2021-4 with the SEC on May 20, 2022, 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 2021-4

(Issuing Entity)

 

Dated: May 23, 2022

 

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 2021-4

Class A-1 0.09375 % Asset Backed Notes

Class A-2 0.28 % Asset Backed Notes

Class A-3 0.68 % Asset Backed Notes

Class A-4 0.99 % Asset Backed Notes

Class B 1.25 % Asset Backed Notes

Class C 1.37 % 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 2021-4, 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 October 21, 2021. Defined terms have the meanings assigned to them in the Sale and Servicing Agreement or in other Transaction Documents.

 

Monthly Period Beginning: 04/01/2022
Monthly Period Ending: 04/30/2022
Prev. Distribution/Close Date: 04/18/2022
Distribution Date: 05/16/2022
Days of Interest for Period:  28
Days in Collection Period:  30
Transaction Month:  7

 

             Original   Original Adjusted 
Purchases  Units   Start Date  Closing Date  Pool Balance   Pool Balance 
Initial Purchase   41,537   09/14/2021  10/21/2021  $1,294,931,938   $1,269,336,889 
                      
Total   41,537         $1,294,931,938   $1,269,336,889 

 

MONTHLY PERIOD RECEIVABLES PRINCIPAL BALANCE CALCULATION:

 

{1}  Beginning of period Aggregate Principal Balance      {1}   $1,032,726,775 
                 
   Monthly Principal Amounts             
                 
   {2}  Collections on Receivables outstanding at end of period  {2}   20,155,280      
   {3}  Collections on Receivables paid off during period  {3}   16,806,839      
   {4}  Receivables becoming Liquidated Receivables during period  {4}   115,187      
   {5}  Receivables becoming Purchased Receivables during period  {5}   0      
   {6}  Other Receivables adjustments  {6}   1      
                    
   {7}  Total Monthly Principal Amounts      {7}    37,077,307 
                    
{8}  End of period Aggregate Principal Balance      {8}   $995,649,468 
                    
{9}  Pool Factor      {9}    76.8881699%

 

1

 

 

MONTHLY AGGREGATE ADJUSTED PRINCIPAL BALANCE CALCULATION:

 

{10}  Beginning of period Aggregate Principal Balance  {10}   1,032,726,775      
{11}  Beginning of period Yield Supplement Overcollateralization Amount  {11}   19,496,025      
   {12}  Beginning of period Aggregate Adjusted Principal Balance      {12}   $1,013,230,750 
                    
{13}  End of period Aggregate Principal Balance  {13}   995,649,468      
{14}  End of period Yield Supplement Overcollateralization Amount  {14}   18,611,969      
   {15}  End of period Aggregate Adjusted Principal Balance      {15}   $977,037,499 
                    
{16}  Reduction in Aggregate Adjusted Principal Balance      {16}    36,193,251 

 

MONTHLY PERIOD NOTE BALANCE CALCULATION:

 

         Class A-1   Class A-2   Class A-3   Class A-4 
{17}  Original Note Balance  {17}  $230,000,000   $427,500,000   $427,500,000   $110,110,000 
                           
{18}  Beginning of period Note Balance  {18}  $0   $395,024,013   $427,500,000   $110,110,000 
                           
{19}  Priority Principal Amount  {19}   0    10,806,514    0    0 
{20}  Noteholder’s Principal Distributable Amount  {20}   0    25,386,737    0    0 
                           
{21}  End of period Note Balance  {21}  $0   $358,830,762   $427,500,000   $110,110,000 
                           
{22}  Note Pool Factors  {22}   0.0000000%   83.9370204%   100.0000000%   100.0000000%
                           
         Class B   Class C   Class D   TOTAL 
         $20,310,000   $19,030,000   $15,870,000   $1,250,320,000 
                           
{23}  Beginning of period Note Balance  {23}  $20,310,000   $19,030,000   $15,870,000   $987,844,013 
                           
{24}  Priority Principal Amount  {24}   0    0    0    10,806,514 
{25}  Noteholder’s Principal Distributable Amount  {25}   0    0    0    25,386,737 
                           
{26}  End of period Note Balance  {26}  $20,310,000   $19,030,000   $15,870,000   $951,650,762 
                           
{27}  Note Pool Factors  {27}   100.0000000%   100.0000000%   100.0000000%   76.1125761%

 

2

 

 

CALCULATION OF INTEREST DISTRIBUTABLE AMOUNT:

 

      Beginning   Interest   Interest         Calculated 
   Class  Note Balance   Carryover   Rate   Days  Days Basis  Interest 
{28}  Class A - 1  $0           0    0.09375%  28  Actual days/360  $0 
{29}  Class A - 2  $395,024,013    0    0.28000%  30  30/360   92,173 
{30}  Class A - 3  $427,500,000    0    0.68000%  30  30/360   242,250 
{31}  Class A - 4  $110,110,000    0    0.99000%  30  30/360   90,841 
{32}  Class B  $20,310,000    0    1.25000%  30  30/360   21,157 
{33}  Class C  $19,030,000    0    1.37000%  30  30/360   21,726 
{34}  Class D  $15,870,000    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}   36,962,119      
    {36}  Interest Collections on Receivables during period (net of Liquidation Proceeds and Fees)  {36}   3,175,817      
    {37}  Liquidation Proceeds collected during period (net of Fees)  {37}   98,259      
    {38}  Purchase Amounts or amounts from Servicer deposited in Collection Account  {38}   0      
    {39}  Investment Earnings - Collection Account  {39}   6,778      
    {40}  Accel. of Notes pursuant to Section 5.2 of the Indenture, the amount of money or property collected pursuant to Section 5.3 of the Indenture.  {40}   0      
    {41}  From Reserve Acct - Investment Earnings, Reserve Acct Withdrawal, Excess Specified Reserve over Note Bal  {41}   518      
    {42}  Collection of Supplemental Servicing - Extension Fees  {42}   7,751      
    {43}  Collection of Supplemental Servicing - Repo and Recovery Fees Netted from Gross Liquidation Proceeds  {43}   7,685      
    {44}  Collection of Supplemental Servicing - Late Fees, Prepayment Penalty Fees & Force Placed Insurance  {44}   12,586      
    {45}  Total Available Funds  {45}        40,271,513 
                     
    Distributions:             
    {46}  Base Servicing Fee  {46}   860,606      
    {47}  Repo and Recovery Fees - reimbursed to Servicer  {47}   7,685      
    {48}  Bank Service Charges - reimbursed to Servicer  {48}   0      
    {49}  Late Fees, Prepayment Penalty Fees & Force Placed Insurance - to Servicer  {49}   12,586      
    {50}  Trustee and Trust Collateral Agent Fees  {50}   417      
    {51}  Asset Representations Reviewer Fee  {51}   0      
    {52}  Owner Trustee Fee  {52}   208      
    {53}  Class A-1 Noteholders’ Interest Distributable Amount pari passu  {53}   0      
    {54}  Class A-2 Noteholders’ Interest Distributable Amount pari passu  {54}   92,173      
    {55}  Class A-3 Noteholders’ Interest Distributable Amount pari passu  {55}   242,250      
    {56}  Class A-4 Noteholders’ Interest Distributable Amount pari passu  {56}   90,841      
    {57}  First Priority Principal Distribution Amount  {57}   0      
    {58}  Class B Noteholders’ Interest Distributable Amount  {58}   21,157      
    {59}  Second Priority Principal Distribution Amount  {59}   0      
    {60}  Class C Noteholders’ Interest Distributable Amount  {60}   21,726      
    {61}  Third Priority Principal Distribution Amount  {61}   0      
    {62}  Class D Noteholders’ Interest Distributable Amount  {62}   0      
    {63}  Fourth Priority Principal Distribution Amount  {63}   10,806,514      
    {64}  To the Reserve Account, the Reserve Account Deposit Amount  {64}   0      
    {65}  To the Noteholders, Noteholder’s Principal Distributable Amount (as calculated below)  {65}   25,386,737      
    {66}  Add’l fees (Trustee, Owner Trustee, Trust Collateral Agent, Asset Representations Reviewer)  {66}   0      
    {67}  To the Certificateholders, the aggregate amount remaining  {67}   2,728,613      
    {68}  Total Distributions  {68}       $40,271,513 

 

3

 

 

CALCULATION OF PRIORITY PRINCIPAL DISTRIBUTION:

 

      (X)   (Y)       Priority 
      Cumulative   Adjusted Pool   Excess of   Principal 
   Class  Note Balance   Balance   (X) - (Y)   Distribution 
{69}  First Priority  $932,634,013   $977,037,499   $0   $0 
{70}  Second Priority   952,944,013    977,037,499    0    0 
{71}  Third Priority   971,974,013    977,037,499    0    0 
{72}  Fourth Priority   987,844,013    977,037,499    10,806,514    10,806,514 

 

CALCULATION OF NOTEHOLDERS’ PRINCIPAL DISTRIBUTABLE AMOUNT:

 

{73}  Excess Total Available Funds           {73}    28,115,350      
                           
{74}  Beginning Note Balance  {74}   987,844,013                
{75}  Principal payments  {75}   10,806,514                
{76}  Pro Forma Note Balance      {76}    977,037,499           
                           
{77}  Adjusted Pool Balance  {77}   977,037,499                
{78}  2% of Original Adjusted Pool Balance ($25,386,737)  {78}   25,386,737                
{79}  Required Pro Forma Note Balance {77} minus {78}      {79}    951,650,762           
                           
{80}  Excess of Pro Forma Note Balance over Required Pro Forma Balance {76} minus {79}           {80}    25,386,737      
                           
{81}  Noteholder’s Principal Distributable Amount (Lesser of {73} and {80})                {81}   $25,386,737 

 

RECONCILIATION OF RESERVE ACCOUNT:

 

             Current 
{82}  Specified Reserve Balance          $3,173,342 
                 
{83}  Beginning of period Reserve Account balance  {83}       $3,173,342 
                 
{84}  The Reserve Account Deposit, from Collection Account  {84}   0      
{85}  Investment Earnings  {85}   518      
{86}  Investment Earnings - transferred to Collection Account Available Funds  {86}   (518)     
{87}  Reserve Account Withdrawal Amount  {87}   0      
                 
{88}  End of period Reserve Account balance  {88}       $3,173,342 

 

CALCULATION OF TOTAL OVERCOLLATERALIZATION:

 

{89}  Aggregate Principal Balance  {89}  $995,649,468      
{90}  End of Period Note Balance  {90}   951,650,762      
{91}  Overcollateralization  {91}   43,998,706      
{92}  Overcollateralization %  {92}        4.42%

 

CALCULATION OF TOTAL OVERCOLLATERALIZATION (ADJUSTED PRINCIPAL BALANCE):

 

{93}  Aggregate Adjusted Principal Balance  {93}  $977,037,499      
{94}  End of Period Note Balance  {94}   951,650,762      
{95}  Overcollateralization  {95}   25,386,737      
{96}  Overcollateralization %  {96}        2.60%

 

4

 

 

MONTHLY PERIOD AND CUMULATIVE NUMBER OF RECEIVABLES CALCULATION:

 

         Cumulative   Monthly 
{97}  Original Number of Receivables  {97}   41,537      
{98}  Beginning of period number of Receivables  {98}   0    36,779 
{99}  Number of Receivables becoming Liquidated Receivables during period  {99}   44    5 
{100}  Number of Receivables becoming Purchased Receivables during period  {100}   10    0 
{101}  Number of Receivables paid off during period  {101}   5,392    683 
{102}  End of period number of Receivables  {102}   36,091    36,091 

 

STATISTICAL DATA: (CURRENT AND HISTORICAL):

 

         Original   Prev. Month   Current 
{103}  Weighted Average APR of the Receivables  {103}   3.75%   3.67%   3.65%
{104}  Weighted Average Remaining Term of the Receivables  {104}   64.00    57.40    56.45 
{105}  Weighted Average Original Term of Receivables  {105}   71.00    71.00    71.00 
{106}  Average Receivable Balance  {106}  $31,175   $28,079   $27,587 
{107}  Net Losses in Period  {107}  $0   $83,702   $16,928 
{108}  Aggregate Realized Losses  {108}  $0   $316,598   $333,526 
{109}  Aggregate Realized Loss Percentage  {109}        0.024%   0.025%
{110}  ABS Prepay Speed  {110}        1.7675    1.5885 

 

DELINQUENCY:

 

    Receivables with Scheduled Payment delinquent     Units   Dollars   Percentage 
    {111}  31-60 days  {111}   100   $2,786,495    0.28%
    {112}  61-90 days  {112}   24    651,250    0.07%
    {113}  91-120 days  {113}   5    109,271    0.01%
    {114}  Total  {114}   129   $3,547,016    0.36%

 

ASSET REPRESENTATIONS REVIEW DELINQUENCY TRIGGER:

 

         Dollars   Percentage 
{115}  Receivables with Scheduled Payment delinquent 61 days or more  {115}  $760,521    0.08%
                 
{116}  Compliance (Trigger Violation is a Delinquency Rate Greater Than 1.10% )  {116}         Yes 

 

EXTENSIONS:

 

    {117}  Principal Balance of Receivables extended during current period  {117}  $1,835,142      
    {118}  Beginning of Period Aggregate Principal Balance  {118}   1,032,726,775      
    {119}  Extension Rate {117} divided by {118}  {119}        0.18%

 

By: /s/ Randal L. Willis  
Name:  Randal L. Willis  
Title: Senior Vice President, Securitization & Conduit Reporting  
Date: May 11, 2022  

 

5