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: 333-228632-05

CIK
number of issuing entity: 0001814917



AMERICREDIT
AUTOMOBILE RECEIVABLES TRUST 2020-2

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



Commission
File Number of depositor: 333-228632

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                                                 |  | 85-6285185             
|-------------------------------------------------------- |  | -----------------------
|(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 July 22, 2020, between AmeriCredit
    Automobile Receivables Trust 2020-2 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 AmeriCredit Automobile Receivables Trust 2020-2 (File No. 333-228632-05)
    with the SEC on July 27, 2020).                                                                                                 
|                   |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|Exhibit 4.2        |  | Amended and Restated Trust Agreement, dated as of July
    22, 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 AmeriCredit Automobile Receivables Trust 2020-2 (File No. 333-228632-05) with the
    SEC on July 27, 2020).                                                                                                                 
|                   |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|Exhibit 4.3        |  | Sale and Servicing Agreement, dated as of July 22,
    2020, among AmeriCredit Automobile Receivables Trust 2020-2, as Issuer, AmeriCredit Financial Services, Inc., 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 AmeriCredit Automobile Receivables Trust 2020-2 (File No. 333-228632-05) with the SEC on July 27, 2020).
|                   |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|Exhibit 10.1       |  | Purchase Agreement, dated as of July 22, 2020, 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 2020-2 (File No. 333-228632-05) with the SEC on
    July 27, 2020).                                                                                                                           
|                   |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
|Exhibit 10.6       |  | Asset Representations Review Agreement, dated as of
    July 22, 2020, among AmeriCredit Automobile Receivables Trust 2020-2, AmeriCredit Financial Services, Inc., 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 AmeriCredit Automobile Receivables Trust 2020-2 (File No. 333-228632-05) with the SEC on July 27, 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.