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, 2021



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: 333-220233-09

CIK number of issuing entity: 0001795772



GM FINANCIAL
CONSUMER AUTOMOBILE RECEIVABLES TRUST 2020-1

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



Commission File
Number of depositor: 333-220233

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                                             |  | 84-6846759         
|---------------------------------------------------- |  | -------------------
|(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
every Interactive Data File required to be submitted 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 such files).



Yes ☒     No ☐



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 ☒   | 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
has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting
under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its
audit report. ☐



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.


















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 or 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.











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, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
|-------- | ------------------------------------------------------------------------------------------------------------
|ITEM 6.  | [RESERVED]                                                                                                  
|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.



|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:



|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 ACCOUNTANT FEES AND SERVICES                                                        













PART IV



| | 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 4.1    |  | Indenture, dated as of January 15, 2020, between GM Financial Consumer Automobile Receivables Trust 2020-1 and The Bank of New York Mellon, 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 2020-1 (File No. 333-220233-09) with the SEC on January 17, 2020).                                                                                                                     
|               |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|Exhibit 4.2    |  | Amended and Restated Trust Agreement, dated as of January 15, 2020, 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 2020-1 (File No. 333-220233-09) with the SEC on January 17, 2020).                                                                                                                                               
|               |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|Exhibit 4.3    |  | Sale and Servicing Agreement, dated as of January 15, 2020, among GM Financial Consumer Automobile Receivables Trust 2020-1, as Issuer, AmeriCredit Financial Services, Inc., d/b/a GM Financial, as Servicer, AFS SenSub Corp., as Seller, and The Bank of New York Mellon, 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 2020-1 (File No. 333-220233-09) with the SEC on January 17, 2020).
|               |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|Exhibit 10.1   |  | Purchase Agreement, dated as of January 15, 2020, between AmeriCredit Financial Services, Inc., d/b/a GM Financial, 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 GM Financial Consumer Automobile Receivables Trust 2020-1 (File No. 333-220233-09) with the SEC on January 17, 2020).                                                                                                                                     
|               |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|Exhibit 10.6   |  | Asset Representations Review Agreement, dated as of January 15, 2020, among GM Financial Consumer Automobile Receivables Trust 2020-1, AmeriCredit Financial Services, Inc., d/b/a GM Financial, and Clayton Fixed Income Services LLC, as Asset Representation Reviewer (incorporated by reference from Exhibit 10.6 of the Current Report on Form 8-K filed by GM Financial Consumer Automobile Receivables Trust 2020-1 (File No. 333-220233-09) with the SEC on January 17, 2020).                             
|               |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|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, 2021.                                                                                                                                                                                                                                                                                              
|               |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|Exhibit 33.2   |  | Assessment of Compliance with Applicable Servicing Criteria (The Bank of New York Mellon).                                                                                                                                                                                                                                                                                                                                                                                                                         
|               |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|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).                                                                                                                                                                                                                                                                                                                                                                                                                                                
|               |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
|Exhibit 35.1   |  | Servicer Compliance Statement of AmeriCredit Financial Services, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                              



| | (c) | Not applicable.
| | --- | ---------------











|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 (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.



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.



ITEM 1117 OF REGULATION AB. LEGAL PROCEEDINGS



The Sponsor and the Servicer



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 the sponsor cannot confidently predict 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 Trustee and the Trust Collateral Agent



In the ordinary course of business, The Bank of
New York Mellon is named as a defendant in legal actions. In connection with its role as trustee of certain residential mortgage-backed
securitization, or RMBS, transactions, The Bank of New York Mellon has been named as a defendant in a number of legal actions brought
by RMBS investors. These lawsuits allege that the trustee had expansive duties under the governing agreements, including the duty to investigate
and pursue breach of representation and warranty claims against other parties to the RMBS transactions. While it is inherently difficult
to predict the eventual outcomes of pending actions, The Bank of New York Mellon denies liability and intends to defend the litigations
vigorously.



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.











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, 2021.
|               |  |                                                                                                                                                                                                                  
|Exhibit 33.2   |  | Assessment of Compliance with Applicable Servicing Criteria (The Bank of New York Mellon).                                                                                                                       
|               |  |                                                                                                                                                                                                                  
|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.



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



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/ Susan B. Sheffield                                      | 
| |     | Name: Susan B. Sheffield                                    | 
| |     | Title: Executive Vice President and Chief Financial Officer
| |     | Dated: March 4, 2022                                        | 



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.