UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549





FORM 10-K







|☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
|- | -------------------------------------------------------------------------------------

For the fiscal year ended December 31, 2017

OR



|☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
|- | -----------------------------------------------------------------------------------------

For the transition period from to

Commission file number of the issuing entity: 333-194765-05

CIK number of the issuing entity: 0001649716





AMERICREDIT
AUTOMOBILE RECEIVABLES TRUST 2015-3

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





Commission File Number of depositor: 333-194765

CIK number of depositor: 0001347185





AFS SENSUB
CORP.

(Exact name of depositor as specified in its charter)





Commission File Number of sponsor: 001-13329

CIK number of sponsor: 0001002761





AMERICREDIT
FINANCIAL SERVICES, INC.

(Exact name of sponsor as specified in its charter)







|                                |  |                    
|------------------------------- |  | -------------------
|Delaware                        |  | 47-7110499         
|(State or other jurisdiction of |  | (I.R.S. Employer   
|incorporation or organization)  |  | Identification No.)



|                                                                                   |  |           
|---------------------------------------------------------------------------------- |  | ----------
|AmeriCredit Financial Services, Inc. (as originator)
801 Cherry Street, Suite 3500 |  |           
|Fort Worth, TX                                                                     |  | 76102     
|(Address of principal executive offices)                                           |  | (Zip Code)

Registrants telephone number, including area code (817) 302-7000

Securities Registered Pursuant to Section 12 (b) of the Act: None

Securities Registered Pursuant to Section 12 (g) of the Act: None





Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities
Act.    Yes  ☐    No  ☒

Indicate by check mark if the registrant is not required
to file reports pursuant to Section 13 or Section 15(d) of the Act.    Yes  ☐    No  ☒

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  ☐

Indicate by check mark whether the registrant has
submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter)
during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  ☒    No  ☐

Indicate by check mark if the disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of
this chapter) is not contained herein and will not be contained, to the best of the registrants knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form
10-K or any amendment to this Form 10-K.  ☒

Indicate by
check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See the definitions of large
accelerated filer, accelerated filer, smaller reporting company, and emerging growth company in Rule 12b-2 of the Exchange Act.



|                        |  |   |  |                                               |  |                           |  |  
|----------------------- |  | - |  | --------------------------------------------- |  | ------------------------- |  | -
|Large accelerated filer |  | ☐ |  |                                               |  | Accelerated filer         |  | ☐
|                        |  |   |  |                                              
|Non-accelerated filer   |  | ☒ |  | (Do not check if a smaller reporting company) |  | Smaller reporting company |  | ☐
|                        |  |   |  |                                              
|                        |  |   |  |                                               |  | Emerging growth company   |  | ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period
for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the
Act).     Yes  ☐    No  ☒

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common
equity, as of the last business day of the registrants most recently completed second fiscal quarter.

Not applicable to this registrant.









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DOCUMENTS INCORPORATED BY REFERENCE

List hereunder the following documents if incorporated by reference and the part of the Form 10-K
(e.g. Part I, Part II, etc.) into which the document is incorporated: (1) Any annual report to security holders; (2) Any proxy information statement; and (3) Any prospectus filed pursuant to Rule 424(b) or (c) under the
Securities Act of 1933. The listed documents should be clearly described for identification purposes (e.g., annual report to security holders for fiscal year ended December 24, 1980).

None.

PART I

The following Items have been omitted in accordance with General Instruction J to Form 10-K:



|ITEM 1. | BUSINESS
|------- | --------



|ITEM 1A. | RISK FACTORS
|-------- | ------------



|ITEM 2. | PROPERTIES
|------- | ----------



|ITEM 3. | LEGAL PROCEEDINGS
|------- | -----------------



|ITEM 1B. | UNRESOLVED STAFF COMMENTS
|-------- | -------------------------

None.



|ITEM 4. | MINE SAFETY DISCLOSURES
|------- | -----------------------

Not Applicable.



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PART II

The following Items have been omitted in accordance with General Instruction J to Form 10-K:



|ITEM 5. | MARKET FOR REGISTRANTS COMMON EQUITY AND RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
|------- | ---------------------------------------------------------------------------------------------------------------



|ITEM 6. | SELECTED FINANCIAL DATA
|------- | -----------------------



|ITEM 7. | MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|------- | -------------------------------------------------------------------------------------



|ITEM 7A. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|-------- | ----------------------------------------------------------



|ITEM 8. | FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
|------- | -------------------------------------------



|ITEM 9. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
|------- | ------------------------------------------------------------------------------------



|ITEM 9A. | CONTROLS AND PROCEDURES
|-------- | -----------------------



|ITEM 9B. | OTHER INFORMATION
|-------- | -----------------

None.

PART III

The following Items have been omitted in
accordance with General Instruction J to Form 10-K:



|ITEM 10. | DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
|-------- | ------------------------------------------------------



|ITEM 11. | EXECUTIVE COMPENSATION
|-------- | ----------------------



|ITEM 12. | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
|-------- | ----------------------------------------------------------------------------------------------



|ITEM 13. | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE
|-------- | ------------------------------------------------------------------------



|ITEM 14. | PRINCIPAL ACCOUNTING FEES AND SERVICES
|-------- | --------------------------------------



|ITEM 15. | EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
|-------- | ------------------------------------------

(a)(1) Not Applicable

(a)(2) Not Applicable

(a)(3) As reported under clause (b)

(b)



|               |  |                                                                                                                                                                                                                                                                                                                                                             
|-------------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit Number |  | Description                                                                                                                                                                                                                                                                                                                                                 
|               | 
|Exhibit 4.1    |  | Indenture, dated as of August 
5, 2015, between AmeriCredit Automobile Receivables Trust 2015-3 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 AmeriCredit Automobile Receivables Trust 2015-3 (File No. 
333-194765-05) with the SEC on August 14, 2015).
|               | 
|Exhibit 4.2    |  | Amended and Restated Trust Agreement, dated as of August 
5, 2015, 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 AmeriCredit Automobile Receivables
 Trust 2015-3 (File No. 333-194765-05) with the SEC on August 14, 2015).   



---

|             |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|------------ |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit 4.3  |  | Sale and Servicing Agreement, dated as of August 
5, 2015, among AmeriCredit Automobile Receivables Trust 2015-3, as Issuer, AmeriCredit Financial Services, Inc., 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 AmeriCredit Automobile Receivables Trust 2015-3 (File No. 333-194765-05) with the SEC on August 14, 2015).
|             | 
|Exhibit 10.1 |  | Purchase Agreement, dated as of August 
5, 2015, between AmeriCredit Financial Services, Inc., as Seller and AFS SenSub Corp., as Purchaser (incorporated by reference from Exhibit 10.1 of the Current Report on Form 8-K filed by AmeriCredit Automobile Receivables
Trust 2015-3 (File No. 333-194765-05) with the SEC on August 14, 2015).                                                                                                               
|             | 
|Exhibit 10.2 |  | Lockbox Account Agreement, dated as of August 
5, 2015, among JPMorgan Chase Bank, N.A., as Processor, AmeriCredit Financial Services, Inc., and Citibank, N.A., as Trustee (incorporated by reference from Exhibit 10.2 of the Current Report on Form 8-K filed by
 AmeriCredit Automobile Receivables Trust 2015-3 (File No. 333-194765-05) with the SEC on August 14, 2015).                                                                              
|             | 
|Exhibit 10.3 |  | Lockbox Processing Agreement, dated as of August 
5, 2015, among AmeriCredit Financial Services, Inc., Citibank, N.A., as Trustee, and Regulus Group II LLC, as Processor (incorporated by reference from Exhibit 10.3 of the Current Report on Form 8-K filed by AmeriCredit
 Automobile Receivables Trust 2015-3 (File No. 333-194765-05) with the SEC on August 14, 2015).                                                                                
|             | 
|Exhibit 31.1 |  | Rule 13a-14(a)/15d-14(a) Certification (Section 302 Certification).                                                                                                                                                                                                                                                                                                                                                                                          
|             | 
|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,
 2017.                                                                                                                                                                                                                                           
|             | 
|Exhibit 33.2 |  | Assessment of Compliance with Applicable Servicing Criteria (Citibank, N.A.).                                                                                                                                                                                                                                                                                                                                                                                
|             | 
|Exhibit 34.1 |  | Report of Independent Registered Public Accounting Firm (Deloitte & Touche LLP).                                                                                                                                                                                                                                                                                                                                                                             
|             | 
|Exhibit 34.2 |  | Report of Independent Registered Public Accounting Firm (KPMG LLP).                                                                                                                                                                                                                                                                                                                                                                                          
|             | 
|Exhibit 35.1 |  | Servicer Compliance Statement of AmeriCredit Financial Services, Inc.                                                                                                                                                                                                                                                                                                                                                                                        



|(c) | Not Applicable.
|--- | ---------------



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|ITEM 16. | FORM 10-K SUMMARY
|-------- | -----------------

None.

SUBSTITUTE INFORMATION INCLUDED IN ACCORDANCE WITH GENERAL INSTRUCTION J TO FORM 10-K:

ITEM 1112(b) OF REGULATION AB. (SIGNIFICANT OBLIGORS OF POOL ASSETS)

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 DERIVATIVES 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.

ITEM 1115(b) OF REGULATION AB. (CERTAIN DERIVATIVE INFORMATION (FINANCIAL INFORMATION))

No entity provides any derivative instruments that are used to alter the payment characteristics of the cash flows from the Issuing Entity.

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 outcomes of these proceedings are inherently uncertain, and thus no prediction can be confidently given on how or when these 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 interest of the noteholders or the servicers
ability to perform its duties under the transaction documents. The proceedings identified below are those in connection with which the sponsor believes a material loss is reasonably possible or probable.

In 2014 and 2015, General Motors Financial Company, Inc. was served with investigative subpoenas from various state attorneys general and other governmental
offices to produce documents and data relating to its automobile loan and lease business and securitization of loans and leases. General Motors Financial Company, Inc. believes that it has cooperated fully with all reasonable requests for
information.

On June 18, 2014, a civil action was filed against Citibank in the Supreme Court of the State of New York by a group of investors in 48
private-label RMBS trusts for which Citibank allegedly serves or did serve as trustee, asserting claims for purported violations of the Trust Indenture Act of 1939 (the Trust Indenture Act), breach of contract, breach of fiduciary duty
and negligence based on Citibanks alleged failure to perform its duties as trustee for the 48 RMBS trusts. On November 24, 2014, plaintiffs sought leave to withdraw this action. On the same day, a smaller subset of similar
plaintiff investors in 27 private-label RMBS trusts for which Citibank allegedly serves or did serve as trustee, filed a new civil action against Citibank in the United States District Court for the Southern District of New York asserting similar
claims as the prior action filed in state court. In January 2015, the court closed plaintiffs original state court action. Citibanks motion to dismiss the federal complaint was fully briefed as of May 13, 2015. On September 8,
2015, the federal court dismissed all claims as to 24 of the 27 trusts and allowed certain of the claims to proceed as to the other three trusts. Subsequently, plaintiffs voluntarily dismissed all claims with respect to two of the three trusts. On
April 7, 2017, Citibank filed a motion for summary judgment. Plaintiffs filed its consolidated opposition brief and cross motion for partial summary judgment on May 22, 2017. Briefing on those motions was completed on August 4, 2017.





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On November 24, 2015, the same investors that brought the federal case brought a new civil action in the
Supreme Court of the State of New York related to 25 private-label RMBS trusts for which Citibank allegedly serves or did serve as trustee. This case includes the 24 trusts previously dismissed in the federal action, and one additional trust. The
investors assert claims for breach of contract, breach of fiduciary duty, breach of duty to avoid conflicts of interest, and violation of New Yorks Streit Act (the Streit Act). Following oral argument on Citibanks motion to
dismiss, Plaintiffs filed an amended complaint on August 5, 2016. On June 27, 2017, the state court issued a decision, dismissing the Event of Default claims, mortgage-file-related claims, the fiduciary duty claims, and the conflict of
interest claims. The decision sustained certain breach of contract claims including the claim alleging discovery of breaches of representations and warranties, a claim related to robo-signing, and the implied covenant of good faith claim. Citibank
appealed the lower courts decision, and on January 16, 2018, the Appellate Division, First Department, dismissed the claims related to robo-signing and the implied covenant of good faith, but allowed plaintiffs claim alleging
discovery of breaches of representations and warranties to proceed.

On August 19, 2015, the Federal Deposit Insurance Corporation (FDIC) as Receiver
for a failed financial institution filed a civil action against Citibank in the Southern District of New York. This action relates to one private-label RMBS trust for which Citibank formerly served as trustee. FDIC asserts claims for breach of
contract, violation of the Streit Act, and violation of the Trust Indenture Act. Citibank jointly briefed a motion to dismiss with The Bank of New York Mellon and U.S. Bank, N.A., entities that have also been sued by FDIC in their capacity as
trustee, and these cases have been consolidated in front of Judge Carter. On September 30, 2016, the Court granted Citibanks motion to dismiss the complaint without prejudice for lack of subject matter jurisdiction. On October 14,
2016, FDIC filed a motion for reargument or relief from judgment from the Courts dismissal order. On July 11, 2017, Judge Carter ruled on the motion for reconsideration regarding his dismissal of the action. He denied reconsideration of
his decision on standing, but granted leave to amend the complaint by October 9, 2017. The FDIC subsequently requested an extension of time to file its amended complaint, which was granted. The FDIC filed its amended complaint on
December 8, 2017.

There can be no assurances as to the outcome of litigation or the possible impact of litigation on the trustee or the RMBS
trusts. However, Citibank denies liability and continues to vigorously defend against these litigations. Furthermore, neither the above-disclosed litigations nor any other pending legal proceeding involving Citibank will materially
affect Citibanks ability to perform its duties as Trustee under the Indenture for this ABS transaction.

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.



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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, 2017.
|               | 
|Exhibit 33.2   |  | Assessment of Compliance with Applicable Servicing Criteria (Citibank, N.A.).                                                                                                                                    
|               | 
|Exhibit 34.1   |  | Report of Independent Registered Public Accounting Firm (Deloitte & Touche 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.

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.



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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/ Chris A. Choate                                        
| |  |     |  | Name: Chris A. Choate                                      
| |  |     |  | Title: Executive Vice President and Chief Financial Officer
| |  |     |  | Dated: March 15, 2018                                      

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.