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, 2016.

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: 333-206924-01

CIK number of issuing entity: 0001663133





AMERICREDIT
AUTOMOBILE RECEIVABLES TRUST 2016-1

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





Commission File Number of depositor: 333-194765

CIK number of depositor: 0001347185





AFS SENSUB
CORP.

(Exact name of depositor as specified in its charter)





Commission File Number of sponsor: 001-13329

CIK number of sponsor: 0001002761





AMERICREDIT
FINANCIAL SERVICES, INC.

(Exact name of sponsor as specified in its charter)







|                                                               |  |                                     
|-------------------------------------------------------------- |  | ------------------------------------
|Delaware                                                       |  | 81-6158858                          
|(State or other jurisdiction of
incorporation or organization) |  | (I.R.S. employer
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 Securities Exchange Act of 1934: None

Securities Registered Pursuant to Section 12 (g) of the Securities Exchange Act of 1934: None





Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities

Act. Yes  ☐    No  ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the

Act. Yes    ☐    No  ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes  ☒    No  ☐

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

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

Indicate by check mark whether the
registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer or a smaller reporting company. See definition of accelerated filer and large accelerated filer in Rule 12b-2 of the Exchange Act. (Check one):



|                        |  |   |  |                           |  |  
|----------------------- |  | - |  | ------------------------- |  | -
|Large accelerated filer |  | ☐ |  | Accelerated filer         |  | ☐
|                        |  |   | 
|Non-accelerated filer   |  | ☒ |  | Smaller reporting company |  | ☐

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









---

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

None.

PART I

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



|         |  |                  
|-------- |  | -----------------
|ITEM 1.  |  | BUSINESS         
|         | 
|ITEM 1A. |  | RISK FACTORS     
|         | 
|ITEM 2.  |  | PROPERTIES       
|         | 
|ITEM 3.  |  | LEGAL PROCEEDINGS

ITEM 1B. UNRESOLVED STAFF COMMENTS

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not Applicable.

PART II

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



|         |  |                                                                                      
|-------- |  | -------------------------------------------------------------------------------------
|ITEM 5.  |  | MARKET FOR REGISTRANTS COMMON EQUITY AND RELATED STOCKHOLDER MATTERS                
|         | 
|ITEM 6.  |  | SELECTED FINANCIAL DATA                                                              
|         | 
|ITEM 7.  |  | MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|         | 
|ITEM 7A. |  | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK                           



---

|         |  |                                                                                     
|-------- |  | ------------------------------------------------------------------------------------
|ITEM 8.  |  | FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA                                         
|         | 
|ITEM 9.  |  | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
|         | 
|ITEM 9A. |  | CONTROLS AND PROCEDURES                                                             

ITEM 9B. OTHER INFORMATION

None.

PART III

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



|         |  |                                                                                               
|-------- |  | ----------------------------------------------------------------------------------------------
|ITEM 10. |  | DIRECTORS AND 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                                                        

ITEM 15 EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

(a)(1) Not Applicable

(a)(2) Not Applicable

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



|(b) | 
|--- | 



|               |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|-------------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit Number |  | Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|               | 
|Exhibit 4.1    |  | Indenture, dated as of January 13, 2016, between AmeriCredit Automobile Receivables Trust 2016-1 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 AmeriCredit Automobile Receivables Trust 2016-1 (File No. 333-206924-01) with the SEC on January 27, 2016).                                                                                                 
|               | 
|Exhibit 4.2    |  | Amended and Restated Trust Agreement, dated as of January 13, 2016, 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 2016-1 (File No. 333-206924-01) with the SEC on January 27, 2016).                                                                                                                 
|               | 
|Exhibit 4.3    |  | Sale and Servicing Agreement, dated as of January 13, 2016, among AmeriCredit Automobile Receivables Trust 2016-1, 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 2016-1 (File No. 333-206924-01) with the SEC on January 27, 2016).



---

|             |  |                                                                                                                                                                                                                                                                                                                                                                                                                                               
|------------ |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|             | 
|Exhibit 10.1 |  | Purchase Agreement, dated as of January 13, 2016, 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 2016-1 (File No. 333-206924-01) with the SEC on January 27, 2016).                                                                                              
|             | 
|Exhibit 10.2 |  | Lockbox Account Agreement, dated as of January 13, 2016, among JPMorgan Chase Bank, N.A., as Processor, AmeriCredit Financial Services, Inc., and The Bank of New York Mellon, as Trustee (incorporated by reference from Exhibit 10.2
of the Current Report on Form 8-K filed by AmeriCredit Automobile Receivables Trust 2016-1 (File No. 333-206924-01) with the SEC on January 27, 2016).                                                 
|             | 
|Exhibit 10.3 |  | Lockbox Processing Agreement, dated as of January 13, 2016, among AmeriCredit Financial Services, Inc., The Bank of New York Mellon, as Trustee, and Regulus Group II LLC, as Processor (incorporated by reference from Exhibit 10.3 of
the Current Report on Form 8-K filed by AmeriCredit Automobile Receivables Trust 2016-1 (File No. 333-206924-01) with the SEC on January 27, 2016).                                                   
|             | 
|Exhibit 10.6 |  | Asset Representations Review Agreement, dated as of January 13, 2016, among AmeriCredit Automobile Receivables Trust 2016-1, 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 2016-1 (File No. 333-206924-01) with the SEC on January 27, 2016).
|             | 
|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, 2016.                                                                                                                                                                                                                             
|             | 
|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 (Deloitte & Touche LLP).                                                                                                                                                                                                                                                                                                                                                              
|             | 
|Exhibit 34.2 |  | Report of Independent Registered Public Accounting Firm (KPMG LLP).                                                                                                                                                                                                                                                                                                                                                                           
|             | 
|Exhibit 35.1 |  | Servicer Compliance Statement of AmeriCredit Financial Services, Inc.                                                                                                                                                                                                                                                                                                                                                                         



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



---

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

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

There is no single obligor that represents more than 10% of the pool assets.

ITEM 1114(b)(2) OF REGULATION AB. (CREDIT ENHANCEMENT AND OTHER SUPPORT, EXCEPT FOR CERTAIN DERIVATIVES INSTRUMENTS (FINANCIAL INFORMATION))

There is no external credit enhancement or other support provider that is liable to provide payments supporting any notes or certificates issued by the Issuing
Entity.

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

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

ITEM 1117 OF REGULATION AB. (LEGAL PROCEEDINGS)

As
a consumer finance company, the sponsor is subject to various consumer claims and litigation seeking damages and statutory penalties, based upon, among other things, usury, disclosure inaccuracies, wrongful repossession, violations of bankruptcy
stay provisions, certificate of title disputes, fraud, breach of contract and discriminatory treatment of credit applicants. Some litigation against the sponsor could take the form of class action complaints by consumers and certain legal actions
include claims for substantial compensatory and/or punitive damages or claims for indeterminate amounts of damages.

In July 2014, in connection with an
investigation by the U.S. Department of Justice in contemplation of a civil proceeding for potential violations of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, General Motors Financial Company, Inc. (General Motors
Financial), immediate parent of the sponsor, was served with a subpoena by the U.S. Department of Justice directing it to produce certain documents relating to its and its subsidiaries and affiliates origination and securitization
of subprime automobile loans since 2007. Among other matters, the subpoena requests information relating to the underwriting criteria used to originate these automobile loans and the representations and warranties relating to those underwriting
criteria that were made in connection with the securitization of the automobile loans. General Motors Financial has subsequently been served with additional investigative subpoenas to produce documents from state attorneys general and other
governmental offices relating to its consumer auto loan business and securitization of auto loans. General Motors Financial is investigating these matters internally and believes it is cooperating with all requests. Such investigations could in the
future result in the imposition of damages, fines or civil or criminal claims and/or penalties.

No assurance can be given that the ultimate outcome of
the investigations or any resulting proceedings would not materially and adversely affect General Motors Financial or any of its subsidiaries and affiliates, including the servicer, or the interests of the noteholders or the servicers ability
to perform its duties under the transaction documents.



---

In the ordinary course of business, The Bank of New York Mellon is named as a defendant in or made a party to
pending and potential 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, 2016.
|               | 
|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 (Deloitte & Touche LLP).                                                                                                                                 
|               | 
|Exhibit 34.2   |  | Report of Independent Registered Public Accounting Firm (KPMG LLP).                                                                                                                                              

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

ITEM 1123 OF REGULATION AB, SERVICER COMPLIANCE STATEMENT

The following documents are filed as part of this report.



|               |  |                                                                      
|-------------- |  | ---------------------------------------------------------------------
|Exhibit Number |  | Description                                                          
|               | 
|Exhibit 35.1   |  | Servicer Compliance Statement of AmeriCredit Financial Services, Inc.



---

SIGNATURES

Pursuant to the requirements of Section 13 or 15 (d) of the Securities Exchange Act of 1934, AFS SenSub Corp. has duly caused this
report to be signed on its behalf by the undersigned, thereunto duly authorized.



| |  |     |  |                                                             |  | 
| |  | --- |  | ----------------------------------------------------------- |  | 
| |  | By: |  | AFS SENSUB CORP.,                                           |  | 
| |  |     |  | as Depositor                                                |  | 
| |  |     | 
| |  | By: |  | /s/ Chris A. Choate                                         |  | 
| |  |     |  | Name: Chris A. Choate                                       |  | 
| |  |     |  | Title: Executive Vice President and Chief Financial Officer |  | 
| |  |     |  | Dated: March 15, 2017                                       |  | 

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.



---

EXHIBIT INDEX

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2016-1



|               |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
|-------------- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit Number |  | Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                
|               | 
|Exhibit 4.1    |  | Indenture, dated as of January 13, 2016, between AmeriCredit Automobile Receivables Trust 2016-1 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 AmeriCredit Automobile Receivables Trust 2016-1 (File No. 333-206924-01) with the SEC on January 27, 2016).                                                                                                 
|               | 
|Exhibit 4.2    |  | Amended and Restated Trust Agreement, dated as of January 13, 2016, 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 2016-1 (File No. 333-206924-01) with the SEC on January 27, 2016).                                                                                                                 
|               | 
|Exhibit 4.3    |  | Sale and Servicing Agreement, dated as of January 13, 2016, among AmeriCredit Automobile Receivables Trust 2016-1, 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 2016-1 (File No. 333-206924-01) with the SEC on January 27, 2016).
|               | 
|Exhibit 10.1   |  | Purchase Agreement, dated as of January 13, 2016, 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 2016-1 (File No. 333-206924-01) with the SEC on January 27, 2016).                                                                                                                           
|               | 
|Exhibit 10.2   |  | Lockbox Account Agreement, dated as of January 13, 2016, among JPMorgan Chase Bank, N.A., as Processor, AmeriCredit Financial Services, Inc., and The Bank of New York Mellon, as Trustee (incorporated by reference from Exhibit 10.2
of the Current Report on Form 8-K filed by AmeriCredit Automobile Receivables Trust 2016-1 (File No. 333-206924-01) with the SEC on January 27, 2016).                                                                              
|               | 
|Exhibit 10.3   |  | Lockbox Processing Agreement, dated as of January 13, 2016, among AmeriCredit Financial Services, Inc., The Bank of New York Mellon, as Trustee, and Regulus Group II LLC, as Processor (incorporated by reference from Exhibit 10.3 of
the Current Report on Form 8-K filed by AmeriCredit Automobile Receivables Trust 2016-1 (File No. 333-206924-01) with the SEC on January 27, 2016).                                                                                



---

|             |  |                                                                                                                                                                                                                                                                                                                                                                                                                                               
|------------ |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|             | 
|Exhibit 10.6 |  | Asset Representations Review Agreement, dated as of January 13, 2016, among AmeriCredit Automobile Receivables Trust 2016-1, 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 2016-1 (File No. 333-206924-01) with the SEC on January 27, 2016).
|             | 
|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, 2016.                                                                                                                                                                                                                             
|             | 
|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 (Deloitte & Touche LLP).                                                                                                                                                                                                                                                                                                                                                              
|             | 
|Exhibit 34.2 |  | Report of Independent Registered Public Accounting Firm (KPMG LLP).                                                                                                                                                                                                                                                                                                                                                                           
|             | 
|Exhibit 35.1 |  | Servicer Compliance Statement of AmeriCredit Financial Services, Inc.