UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549










FORM 10-K










(Mark One)

x
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934 
For the fiscal year ended OCTOBER 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
issuing entity: 333-228964-02

Central Index Key Number of issuing entity: 0001802617



JOHN DEERE OWNER TRUST 2020

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



Commission File Number of depositor: 333-228964

Central Index Key Number of depositor: 0001762590



JOHN DEERE RECEIVABLES LLC

(Exact name of depositor as specified in its charter)



Central Index Key Number of sponsor: 0000027673



JOHN DEERE CAPITAL CORPORATION

(Exact name of sponsor as specified in its charter)



|Delaware                                     |  | 30-6676497                           
|-------------------------------------------- |  | -------------------------------------
|(State
    of incorporation or organization) |  | (IRS
    Employer Identification No.)



|c/o
    John Deere Capital Corporation
    10587 Double R Boulevard, Suite 100 |  |                |  |                       
|------------------------------------------------------------------------------ |  | -------------- |  | ----------------------
|Reno,
    Nevada                                                               |  | 89521          |  | (775)
    786-5527    
|(Address
    of principal executive offices)                                   |  | (Zip
    Code) |  | (Telephone
    Number)



SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE
ACT:

|Title
    of each class |  | Trading
    symbol |  | Name
    of each exchange on which registered
|----------------------- |  | ------------------ |  | ---------------------------------------------
|N/A                     |  | N/A                |  | N/A                                          



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  x
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  x 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 than the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

x
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 an 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 x   |  | 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  x 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.



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.
|------- | ------------------------



None.



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.          
|---------------------------------------------------- | ------------------------------------------------------------------------
|No
    other information.                           
|Item
    9C.                                         | Disclosure
    Regarding Foreign Jurisdictions that Prevent Inspections.
|Not
    Applicable.                                 



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.                                                            





1







PART IV



|Item
    15. | Exhibits
    and  Financial Statement Schedules.
|------------ | ------------------------------------------------
|             |                                                 
|             | (a)(1)                                          
|             |                                                 
|             | (a)(2)                                          



| | (a)(3) | The
    following documents are included as part of, or incorporated by reference to, this annual report.                                                                                                                                                                                                                                                                                                                                                 
| | ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |        |                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| |        | Exhibit No.                                                                                                                                                                                                                                                                                                                                                                                                                                               
| |        |                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| |        | 1.1  Underwriting
    Agreement, dated March 4, 2020, among John Deere Receivables LLC, John Deere Capital Corporation, and BofA Securities, Inc.,
    Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., and HSBC Securities (USA)
    Inc., as representatives of the underwriters named therein (incorporated by reference to Exhibit 1.1 to the Form 8-K
    of registrant filed March 6, 2020, Commission File No. 333-228964-02).
| |        |                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| |        | 3.1  Articles
    of Organization of John Deere Receivables LLC (incorporated by reference to Exhibit 3.1 to registration statement on Form SF-3/A
    filed January 14, 2019, Commission File No. 333-228964).                                                                                                                                                                                                                                           
| |        |                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| |        | 3.2  Limited
    Liability Company Agreement of John Deere Receivables LLC (incorporated by reference to Exhibit 3.2 to registration statement
    on Form SF-3/A filed January 14, 2019, Commission File No. 333-228964).                                                                                                                                                                                                                                
| |        |                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| |        | 4.1  Indenture,
    dated March 11, 2020, between the registrant, as issuing entity, and U.S. Bank National Association, as indenture trustee (incorporated
    by reference to Exhibit 4.1 to the Form 8-K of registrant filed March 11, 2020, Commission File No. 333-228964-02).                                                                                                                                                                       
| |        |                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| |        | 31.1  Rule 13a-14(d)/15d-14(d) Certification.                                                                                                                                                                                                                                                                                                                                                                                                             
| |        |                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| |        | 33.1  John
    Deere Capital Corporation’s Report on Assessment of Compliance With Servicing Criteria.                                                                                                                                                                                                                                                                                                                                                    
| |        |                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| |        | 33.2  Trustee’s
    Report on Compliance With Servicing Criteria (U.S. Bank National Association).                                                                                                                                                                                                                                                                                                                                                        
| |        |                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| |        | 34.1  Report
    of Independent Registered Public Accounting Firm (Deloitte & Touche LLP).                                                                                                                                                                                                                                                                                                                                                                
| |        |                                                                                                                                                                                                                                                                                                                                                                                                                                                           
| |        | 34.2  Report
    of Independent Registered Public Accounting Firm (Ernst & Young LLP).                                                                                                                                                                                                                                                                                                                                                                    



| |  | 35.1  Servicer
    Compliance Statement of John Deere Capital Corporation.                                                                                                                                                                                                                                                                      
| |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |  |                                                                                                                                                                                                                                                                                                                                                 
| |  | 35.2  Servicer
    Compliance Statement of Deere Credit Services, Inc.                                                                                                                                                                                                                                                                          
| |  |                                                                                                                                                                                                                                                                                                                                                 
| |  | 99.1  Trust
    Agreement, dated March 10, 2020, between John Deere Receivables LLC, as depositor, and Wells Fargo Delaware Trust Company, N.A.,
    as owner trustee (incorporated by reference to Exhibit 99.1 to the Form 8-K of registrant filed March 11, 2020, Commission
    File No. 333-228964-02).                                    
| |  |                                                                                                                                                                                                                                                                                                                                                 
| |  | 99.2  Sale
    and Servicing Agreement, dated March 11, 2020, among John Deere Capital Corporation, as servicer, John Deere Receivables LLC,
    as seller, and the registrant, as issuing entity (incorporated by reference to Exhibit 99.2 to the Form 8-K of registrant
    filed March 11, 2020, Commission File No. 333-228964-02).        
| |  |                                                                                                                                                                                                                                                                                                                                                 
| |  | 99.3  Administration
    Agreement, dated March 11, 2020, among the registrant, as issuer, John Deere Capital Corporation, as administrator, and U.S.
    Bank National Association, as indenture trustee (incorporated by reference to Exhibit 99.3 to the Form 8-K of registrant
    filed March 11, 2020, Commission File No. 333-228964-02).





2







|             |     | 99.4  Asset
    Representations Review Agreement, dated March 11, 2020, among the registrant, as issuing entity, John Deere Capital Corporation,
    as servicer, and Clayton Fixed Income Services LLC, as asset representations reviewer (incorporated by reference to Exhibit 99.4
    to the Form 8-K of registrant filed March 11, 2020, Commission File No. 333-228964-02).
|------------ | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|             |     |                                                                                                                                                                                                                                                                                                                                                                                  
|             | (b) | See
    Item 15(a)(3) above.                                                                                                                                                                                                                                                                                                                                                     
|             |     |                                                                                                                                                                                                                                                                                                                                                                                  
|             | (c) | Not
    Applicable.                                                                                                                                                                                                                                                                                                                                                              
|             |     |                                                                                                                                                                                                                                                                                                                                                                                  
|Item
    16. |     | Form 10–K
    Summary.                                                                                                                                                                                                                                                                                                                                                           
|             |     | None.                                                                                                                                                                                                                                                                                                                                                                            



Substitute
information provided in accordance with General Instruction J to Form 10-K.



Item
1112(b) of Regulation AB, Significant Obligors of Pool Assets (Financial Information).



None.



Item
1114(b)(2) of Regulation AB, Credit Enhancement and Other Support, Except for Certain Derivative Instruments (Information Regarding
Significant Enhancement Provider (Financial Information)).



None.



Item
1115(b) of Regulation AB, Certain Derivative Instruments (Financial Information).



Not
applicable.



Item
1117 of Regulation AB, Legal Proceedings.



There
are no material legal proceedings pending, or any proceedings known to be contemplated by governmental authorities, against John Deere
Capital Corporation (“JDCC”), as sponsor or servicer, John Deere Receivables LLC (“JDR”), as depositor, Deere
Credit Services, Inc. (“DCS”), as sub-servicer, John Deere Owner Trust 2020, as the issuing entity, or any other parties
described in Item 1117 of Regulation AB, or any of the property of any of the foregoing, which, individually or in the aggregate, would
have a material adverse impact on investors in the offered Notes.



Item
1119 of Regulation AB, Affiliations and Certain Relationships and Related Transactions.



JDR,
the depositor and holder of a 100% ownership interest in John Deere Owner Trust 2020, the issuing entity, is a wholly-owned subsidiary
of JDCC, the sponsor, servicer, administrator, and originator. JDR, a Nevada limited liability company, is organized for the limited
purpose of purchasing retail receivables, transferring those receivables to third parties, and performing any activities incidental to,
and necessary or convenient for, the accomplishment of those purposes. JDCC, a Delaware corporation, is a wholly-owned subsidiary of
John Deere Financial Services, Inc., which is in turn a wholly-owned subsidiary of Deere & Company. The principal business
of JDCC and its subsidiaries is providing and administering financing for retail purchases of new equipment manufactured by Deere &
Company’s production and precision agriculture operations, small agriculture and turf operations,
and construction and forestry operations and used equipment taken in trade for this equipment. JDCC has designated DCS, a Delaware
corporation and an indirect wholly-owned subsidiary of Deere & Company and of JDCC, to serve as sub-servicer at the servicer’s
expense.



Item
1122 of Regulation AB, Compliance with Applicable Servicing Criteria.



| | (a) | The
    following documents are filed as part of this report.
| | --- | -------------------------------------------------------------
| |     |                                                              
| |     | Exhibit No.                                                  
| |     |                                                              
| |     | 33.1                                                         





3







| |  | 33.2 | Trustee’s
    Report on Compliance With Servicing Criteria (U.S. Bank National Association).
| |  | ---- | --------------------------------------------------------------------------------------------
| |  |      |                                                                                             
| |  | 34.1 | Report
    of Independent Registered Public Accounting Firm (Deloitte & Touche LLP).        
| |  |      |                                                                                             
| |  | 34.2 | Report
    of Independent Registered Public Accounting Firm (Ernst & Young LLP).            



The
Servicer has complied, in all material respects, with the Applicable Servicing Criteria.



Item
1123 of Regulation AB, Servicer Compliance Statement.



| | (a) | The
    following documents are filed as part of this report.
| | --- | -------------------------------------------------------------
| |     |                                                              
| |     | Exhibit No.                                                  
| |     |                                                              
| |     | 35.1                                                         
| |     |                                                              
| |     | 35.2                                                         



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.





4







EXHIBIT INDEX



|Exhibit No. |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|----------- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|            |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|1.1         |  | Underwriting
    Agreement, dated March 4, 2020, among John Deere Receivables LLC, John Deere Capital Corporation, and BofA Securities, Inc.,
    Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., and HSBC Securities (USA)
    Inc., as representatives of the underwriters named therein (incorporated by reference to Exhibit 1.1 to the Form 8-K
    of registrant filed March 6, 2020, Commission File No. 333-228964-02).
|            |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|3.1         |  | Articles
    of Organization of John Deere Receivables LLC (incorporated by reference to Exhibit 3.1 to registration statement on Form SF-3/A
    filed January 14, 2019, Commission File No. 333-228964).                                                                                                                                                                                                                                           
|            |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|3.2         |  | Limited
    Liability Company Agreement of John Deere Receivables LLC (incorporated by reference to Exhibit 3.2 to registration statement
    on Form SF-3/A filed January 14, 2019, Commission File No. 333-228964).                                                                                                                                                                                                                                
|            |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|4.1         |  | Indenture,
    dated March 11, 2020, between the registrant, as issuing entity, and U.S. Bank National Association, as indenture trustee (incorporated
    by reference to Exhibit 4.1 to the Form 8-K of registrant filed March 11, 2020, Commission File No. 333-228964-02).                                                                                                                                                                       
|            |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|31.1        |  | Rule 13a-14(d)/15d-14(d) Certification.                                                                                                                                                                                                                                                                                                                                                                                                              
|            |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|33.1        |  | John
    Deere Capital Corporation’s Report on Assessment of Compliance With Servicing Criteria.                                                                                                                                                                                                                                                                                                                                                     
|            |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|33.2        |  | Trustee’s
    Report on Compliance With Servicing Criteria (U.S. Bank National Association).                                                                                                                                                                                                                                                                                                                                                         
|            |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|34.1        |  | Report
    of Independent Registered Public Accounting Firm (Deloitte & Touche LLP).                                                                                                                                                                                                                                                                                                                                                                 
|            |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|34.2        |  | Report
    of Independent Registered Public Accounting Firm (Ernst & Young LLP).                                                                                                                                                                                                                                                                                                                                                                     
|            |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                      
|35.1        |  | Servicer
    Compliance Statement of John Deere Capital Corporation.                                                                                                                                                                                                                                                                                                                                                                                 



|35.2 |  | Servicer
    Compliance Statement of Deere Credit Services, Inc.                                                                                                                                                                                                                                                                                                           
|---- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |  |                                                                                                                                                                                                                                                                                                                                                                            
|99.1 |  | Trust
    Agreement, dated March 10, 2020, between John Deere Receivables LLC, as depositor, and Wells Fargo Delaware Trust Company, N.A.,
    as owner trustee (incorporated by reference to Exhibit 99.1 to the Form 8-K of registrant filed March 11, 2020, Commission
    File No. 333-228964-02).                                                                     
|     |  |                                                                                                                                                                                                                                                                                                                                                                            
|99.2 |  | Sale
    and Servicing Agreement, dated March 11, 2020, among John Deere Capital Corporation, as servicer, John Deere Receivables LLC,
    as seller, and the registrant, as issuing entity (incorporated by reference to Exhibit 99.2 to the Form 8-K of registrant
    filed March 11, 2020, Commission File No. 333-228964-02).                                         
|     |  |                                                                                                                                                                                                                                                                                                                                                                            
|99.3 |  | Administration
    Agreement, dated March 11, 2020, among the registrant, as issuer, John Deere Capital Corporation, as administrator, and U.S.
    Bank National Association, as indenture trustee (incorporated by reference to Exhibit 99.3 to the Form 8-K of registrant
    filed March 11, 2020, Commission File No. 333-228964-02).                                 
|     |  |                                                                                                                                                                                                                                                                                                                                                                            
|99.4 |  | Asset
    Representations Review Agreement, dated March 11, 2020, among the registrant, as issuing entity, John Deere Capital Corporation,
    as servicer, and Clayton Fixed Income Services LLC, as asset representations reviewer (incorporated by reference to Exhibit 99.4
    to the Form 8-K of registrant filed March 11, 2020, Commission File No. 333-228964-02).





5







SIGNATURE



Pursuant
to the requirements of Section 13 or 15(d) 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.



|                            | JOHN DEERE
    OWNER TRUST 2020
|--------------------------- | -------------------------------
|                            |                                
|                            | By:                            
|                            |                                
|                            |                                
|                            | By:                            
|                            |                                
|                            |                                
|Dated: January 21,
    2022





6