ACAR LEASING LTD., as Borrower GM FINANCIAL, as Lender and Servicer and COMPUTERSHARE TRUST COMPANY, N.A., as Administrative Agent and Collateral Agent 2023-2 EXCHANGE NOTE SUPPLEMENT Dated as of April 2, 2023

Exhibit 4.5

Execution Version

ACAR LEASING LTD.,

as Borrower

GM FINANCIAL,

as Lender and Servicer

and

COMPUTERSHARE TRUST COMPANY, N.A.,

as Administrative Agent and Collateral Agent

2023-2 EXCHANGE NOTE SUPPLEMENT

Dated as of April 2, 2023

TABLE OF CONTENTS

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2023-2 EXCHANGE NOTE SUPPLEMENT, dated as of April 2, 2023 (as the same may be amended, restated, supplemented or otherwise modified from time to time, this “Supplement” or this “Agreement”), among ACAR LEASING LTD., a Delaware statutory trust, as Borrower (the “Borrower”), AMERICREDIT FINANCIAL SERVICES, INC. d/b/a GM Financial, a Delaware corporation (“GM Financial”), as lender (in such capacity, the “Lender”) and as servicer (in such capacity, the “Servicer”), and COMPUTERSHARE TRUST COMPANY, N.A., a national banking association, as administrative agent (in such capacity, the “Administrative Agent”) and as collateral agent (in such capacity, the “Collateral Agent”).

WHEREAS, Section 4.1 of the Third Amended and Restated Credit and Security Agreement, dated as of October 3, 2022 (as the same may be further amended, restated, supplemented or otherwise modified from time to time, the “Credit and Security Agreement”), among the Borrower, the Lender, the Servicer, the Administrative Agent and the Collateral Agent provides that the parties thereto may at any time and from time to time enter into a supplement to the Credit and Security Agreement for the purpose of authorizing the issuance, execution and authentication of one or more Exchange Notes; and

WHEREAS, the Lender enters into this Supplement with the other parties hereto as required by Section 4.2(e)(i) of the Credit and Security Agreement to provide for the issuance, authentication and delivery of the 2023-2 Exchange Note.

NOW, THEREFORE, the parties to this Supplement wish to create the 2023-2 Exchange Note and specify the principal terms thereof in accordance with the following terms and conditions.

ARTICLE I

USAGE AND DEFINITIONS

SECTION 1.1.    Usage and Definitions; Conflicts. Capitalized terms used in this Supplement that are not otherwise defined herein or in the Definitions Appendix hereto shall have the meanings assigned to them in Appendix A to the Credit and Security Agreement. The “Other Definitional Provisions” set forth in Section 1.2 of the Credit and Security Agreement are incorporated by reference into this Supplement. In the event of a conflict between the terms of the 2023-2 Exchange Note, the terms of the Credit and Security Agreement and the terms of this Supplement, this Supplement will prevail.

ARTICLE II

THE 2023-2 EXCHANGE NOTE

SECTION 2.1.    Creation and Designation.

(a)    An Exchange Note that is to be designated and known as the “2023-2 Exchange Note” is hereby created.

(b)    The terms of the 2023-2 Exchange Note are as follows:

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    (i)          the “Exchange Note Issuance Date” will be May 17, 2023;

   (ii)         the “Exchange Note Initial Principal Balance” will be $1,340,000,000;

  (iii)         the “Cutoff Date” will be the close of business on April 2, 2023;

  (iv)         the “Exchange Note Interest Rate” will be equal to 5.78%;

   (v)        the “Exchange Note Final Scheduled Payment Date” will be the Payment Date occurring on October 20, 2027;

  (vi)         the 2023-2 Exchange Note will be issued as a single class; and

 (vii)         the 2023-2 Exchange Note will not be rated.

SECTION 2.2.    Form of Execution, Authentication and Delivery of the 2023-2 Exchange Note; Delivery and Payment for the 2023-2 Exchange Note.

(a)    The 2023-2 Exchange Note, together with the Administrative Agent’s certificate of authentication on the 2023-2 Exchange Note, will be delivered in the form of a certificated note substantially in the form set forth as Exhibit A and will satisfy the requirements of Sections 4.1 and 4.2 of the Credit and Security Agreement. The 2023-2 Exchange Note may be transferred only in whole and not in part.

(b)    Following satisfaction of the conditions set forth in Section 4.2(e) of the Credit and Security Agreement, the Administrative Agent will (i) acknowledge this Supplement, and (ii) authenticate and deliver the 2023-2 Exchange Note in accordance with Section 4.2(f) of the Credit and Security Agreement.

(c)    The Borrower represents and warrants that upon satisfaction of the conditions set forth in Sections 2.2(a) and (b), the 2023-2 Exchange Note will have been duly authorized, executed and delivered under this Supplement.

(d)    The 2023-2 Exchange Note will state that (i) if an Insolvency Event occurs with respect to the Borrower, any claim that the 2023-2 Exchange Noteholder may seek to enforce at any time against the Borrower will be limited in recourse to the 2023-2 Designated Pool, (ii) if, notwithstanding clause (i), the 2023-2 Exchange Noteholder is deemed to have any claim against the assets of the Borrower other than the assets included in the 2023-2 Designated Pool, such claim will be subordinate to the payment in full, including post-petition interest, of the claims of the Lender and to the holders of (A) all other Exchange Notes, and (B) in the case of assets allocated to a Specified Interest other than the Series CSA Interest, all other asset-backed securities, the payments on which are derived primarily from collections on designated assets of the Borrower and all related hedging arrangements, and (iii) such recitation constitutes an enforceable subordination agreement for purposes of Section 510(a) of the Bankruptcy Code.

SECTION 2.3.    Transfer Restrictions with Respect to the 2023-2 Exchange Note. By acceptance of the 2023-2 Exchange Note, the 2023-2 Exchange Noteholder agrees to comply with the transfer restrictions set forth in Section 4.4 of the Credit and Security Agreement.

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SECTION 2.4.    Interest Payments on the 2023-2 Exchange Note. For each Payment Date, the amount of interest due on the 2023-2 Exchange Note (the “Exchange Note Interest Payment Amount”) will be an amount equal to the sum of (a) the sum of the amounts calculated for each day during the related Interest Accrual Period equal to the product of (i) the Exchange Note Balance as of such day, times (ii) the Exchange Note Interest Rate on such day, times (iii) 30/360 (or, in the case of the first Payment Date, a fraction equal to the number of days from and including the Closing Date through and excluding June 20, 2023, over 360), plus (b) the portion of the Exchange Note Interest Payment Amount, if any, that was not paid on any prior Payment Date plus interest on such unpaid amount, to the extent permissible by law, at the Exchange Note Interest Rate.

SECTION 2.5.    Payments of Principal on the 2023-2 Exchange Note. For each Payment Date, the amount of principal payable on the 2023-2 Exchange Note (the “Exchange Note Principal Payment Amount”) will be an amount equal to the sum of (a) the difference between (i) the Designated Pool Balance as of the close of business on the last day of the immediately preceding Collection Period, minus (ii) the Designated Pool Balance as of the close of business on the last day of the related Collection Period, plus (b) the portion of the Exchange Note Principal Payment Amount, if any, that was not paid on any prior Payment Date; provided, that, for each Payment Date occurring on or after the Exchange Note Final Scheduled Payment Date, the Exchange Note Principal Payment Amount will equal the entire outstanding 2023-2 Exchange Note Balance as of such Payment Date; provided, further, that, for each Payment Date occurring on or after the acceleration of the 2023-2 Exchange Note following an Exchange Note Default, the Exchange Note Principal Payment Amount will equal the entire unpaid Exchange Note Balance as of such Payment Date.

SECTION 2.6.    Decreases in the Exchange Note Balance; Cancellation of the 2023-2 Exchange Note.

(a)    At any time the Note Principal Balance of the Notes is reduced to zero, the Exchange Note Balance will be reduced to zero at such time.

(b)    GM Financial may not effect the cancellation of the 2023-2 Exchange Note pursuant to Section 4.7 of the Credit and Security Agreement unless the 2023-2 Exchange Note has been released from the lien of the Indenture pursuant to Section 8.4 thereof or unless it has purchased such 2023-2 Exchange Note in accordance with an Optional Purchase.

ARTICLE III

THE 2023-2 DESIGNATED POOL

SECTION 3.1.    The 2023-2 Designated Pool.

(a)    The Collateral Lease Agreements and the Collateral Leased Vehicles listed on Schedule A hereto (the “Schedule of 2023-2 Lease Agreements and 2023-2 Leased Vehicles”), will constitute the 2023-2 Designated Pool as of the Cutoff Date. The 2023-2 Exchange Note will be payable solely from Collections on the Collateral Assets included in the 2023-2 Designated Pool in accordance with the priorities in Section 5.1. For purposes of determining

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the Collections that are applicable to the 2023-2 Designated Pool, the Collateral Assets included in the 2023-2 Designated Pool will be deemed to have been included in the 2023-2 Designated Pool from and after the Cutoff Date.

(b)    Any Collateral Assets reallocated from the 2023-2 Designated Pool, including following a sale of the related Leased Vehicle or upon an Optional Purchase of the Notes, will be deemed to have been reallocated to the Lending Facility Pool as of the date of such sale.

(c)    At any time that Collateral Assets are included in the 2023-2 Designated Pool they will not be included in the Lending Facility Pool or in any other Designated Pool. Collateral Assets that are included in the Lending Facility Pool or any other Designated Pool as of the Cutoff Date will not be included in the 2023-2 Designated Pool.

(d)    At any time the Exchange Note Balance is reduced to zero, the Collateral Assets included in the 2023-2 Designated Pool at such time will be reallocated to the Lending Facility Pool.

(e)    Upon repayment in full of the 2023-2 Exchange Note, the 2023-2 Designated Pool will be deemed to be terminated and all Collateral Assets included in the 2023-2 Designated Pool at the time of such termination will be reallocated to the Lending Facility Pool.

ARTICLE IV

EXCHANGE NOTE DEFAULTS AND REMEDIES

SECTION 4.1.    2023-2 Exchange Note Defaults. Any of the following events or occurrences shall constitute the “Exchange Note Defaults” with respect to the 2023-2 Exchange Note: (a) the events set forth in Section 6.3(a) of the Credit and Security Agreement, or (b) the acceleration of the Notes under the Indenture following the occurrence of an Event of Default set forth in Section 5.1 thereof; provided, that, with respect to Section 6.3(a)(ii) of the Credit and Security Agreement, the reference to a “Facility Servicer Event of Default” shall be read to mean the occurrence of either a “Lending Facility Servicer Default” (as defined in Section 4.1 of the Basic Servicing Agreement) or an “Exchange Note Servicer Default.”

SECTION 4.2.    Exchange Note Remedies.

(a)    If an Exchange Note Default has occurred, the 2023-2 Exchange Noteholder may take the actions set forth in Section 6.4(a) of the Credit and Security Agreement.

(b)    Any Secured Party may submit a bid with respect to any such liquidation or sale of the Collateral included in the 2023-2 Designated Pool pursuant to Section 6.4(a)(ii)(z) of the Credit and Security Agreement.

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ARTICLE V

APPLICATION OF COLLECTIONS ON THE 2023-2 DESIGNATED POOL

SECTION 5.1.    Application of Collections on the 2023-2 Designated Pool when No Exchange Note Default Has Occurred. On each Payment Date (unless an Exchange Note Default has occurred prior to such Payment Date and the Exchange Note Balance has been accelerated), the Indenture Trustee will, with respect to the 2023-2 Designated Pool (based on the information contained in the Servicer Report delivered with respect to such Payment Date), withdraw from the 2023-2 Exchange Note Collections Account an amount equal to the 2023-2 Designated Pool Collections for such Payment Date and apply such amounts in accordance with the following order of priority:

(a)    to the Servicer, the Designated Pool Servicing Fee for the related Collection Period, to the extent that such amounts have not been paid from 2023-2 Designated Pool Collections that have been retained by the Servicer in a manner permitted by any other Program Document;

(b)      to the 2023-2 Exchange Noteholder, the Exchange Note Interest Payment Amount;

(c)      to the 2023-2 Exchange Noteholder, the Exchange Note Principal Payment Amount, as a payment of principal of the 2023-2 Exchange Note until the Exchange Note Balance has been reduced to zero;

(d)    to the 2023-2 Exchange Noteholder, the amount, if any by which the amounts that it is obligated to pay pursuant to Sections 8.3(a)(i) through (xvii) of the Indenture on such Payment Date exceed the amounts received by it pursuant to clauses (b) and (c), above, on such Payment Date; and

(e)       all remaining funds, to the 2023-2 Exchange Noteholder as Excess Exchange Note Payments.

All amounts payable to the 2023-2 Exchange Noteholder pursuant to this Section 5.1 will be deposited by the Indenture Trustee into the Indenture Collections Account, and the Borrower will apply all amounts remitted to it by the Certificateholder as Excess Exchange Note Payments as Collections on the Lending Facility Pool in the manner and in the priority set forth in Section 10.2 of the Credit and Security Agreement.

SECTION 5.2.    Modified Priorities Following Liquidation. Notwithstanding Section 5.1, on each Payment Date following the acceleration of the 2023-2 Exchange Note following an Exchange Note Default, the Indenture Trustee will, with respect to the 2023-2 Designated Pool (based on the information contained in the Servicer Report delivered with respect to such Payment Date), withdraw from the 2023-2 Exchange Note Collections Account an amount equal to the 2023-2 Designated Pool Collections for such Payment Date and apply such amounts, together with the proceeds of the sale or liquidation of any portion of the Collateral included in

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the 2023-2 Designated Pool pursuant to Section 6.4(a)(ii)(z) of the Credit and Security Agreement, in accordance with the following priorities:

(a)    to pay to the Collateral Agent any amounts due with respect to the 2023-2 Exchange Note or the 2023-2 Designated Pool under Section 3.1(c) or Article VIII of the Credit and Security Agreement to the extent such amounts have not been paid by the Borrower, but not to exceed $100,000 in any consecutive twelve (12) month period;

(b)    to pay to the Administrative Agent any amounts due with respect to the 2023-2 Exchange Note or the 2023-2 Designated Pool under Section 7.5 or Article VIII of the Credit and Security Agreement to the extent such amounts have not been paid by the Borrower, but not to exceed $100,000 in any consecutive twelve (12) month period;

(c)    to make the payments described in Section 5.1(a);

(d)    to make payments to the 2023-2 Exchange Noteholder, to the extent necessary to pay all accrued and unpaid interest on the 2023-2 Exchange Note and any interest on such accrued and unpaid interest at the Exchange Note Interest Rate;

(e)    to make payments to the 2023-2 Exchange Noteholder, to the extent necessary to reduce the Exchange Note Balance to zero;

(f)    to the 2023-2 Exchange Noteholder, the amount, if any, by which the amounts that it is obligated to pay pursuant to Sections 5.4(c)(FIRST) through (TENTH) of the Indenture on such Payment Date exceed the amounts received by it pursuant to clauses (d) and (e), above, on such Payment Date; and

(g)    to make payments in the manner described in Section 5.1(e).

All amounts payable to the 2023-2 Exchange Noteholder pursuant to this Section 5.2 will be deposited by the Indenture Trustee into the Indenture Collections Account.

ARTICLE VI

SECURITY INTEREST

SECTION 6.1.    Security Interest.

(a)    The Borrower hereby confirms its Grant under the Credit and Security Agreement of a security interest in the Collateral to the Collateral Agent. In addition, the Borrower hereby Grants to the Collateral Agent on behalf of the 2023-2 Secured Parties a security interest in the Collateral and acknowledges and agrees that such Grant includes (but is not limited to) a Grant to the Collateral Agent on behalf of the 2023-2 Exchange Noteholder a security interest in the Collateral Assets included in the 2023-2 Designated Pool.

(b)    For so long as the 2023-2 Exchange Note is outstanding, the Collateral Agent agrees to deliver a copy of each opinion received by it pursuant to Section 5.5 of the Credit and Security Agreement to each Noteholder promptly after its receipt thereof.

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ARTICLE VII

MISCELLANEOUS

SECTION 7.1.    Amendments.

(a)    Subject to Sections 7.1(c) and (d) of this Supplement, this Supplement may only be amended in accordance with Article IX of the Credit and Security Agreement.

(b)    Promptly upon the execution of any such amendment, (i) the Servicer will send a copy of such amendment to the Indenture Trustee, and (ii) the Indenture Trustee will notify each 2023-2 Exchange Noteholder of the substance of such amendment.

(c)    Notwithstanding Article IX of the Credit and Security Agreement, the parties hereto agree that they shall not amend the Credit and Security Agreement or this Supplement pursuant to Section 9.1 of the Credit and Security Agreement without the consent of the 2023-2 Exchange Noteholder unless the 2023-2 Exchange Noteholder shall have received an Opinion of Counsel to the effect that such amendment will not materially adversely affect the interests of the 2023-2 Exchange Noteholder.

(d)    In the case of any amendment pursuant to Section 9.2 of the Credit and Security Agreement, the consent of the 2023-2 Exchange Noteholder shall be deemed to have been granted only upon receipt of the consent thereto by the Majority Noteholders.

SECTION 7.2.    2023-2 Exchange Noteholders Entitled to Benefits of this Supplement. GM Financial Automobile Leasing Trust 2023-2, as transferee of GM Financial, as Lender, will be the initial 2023-2 Exchange Noteholder. Any subsequent 2023-2 Exchange Noteholder, by accepting the 2023-2 Exchange Note, will be deemed to have agreed to the terms and conditions of the Credit and Security Agreement and this Supplement and will be entitled to the benefits of the Credit and Security Agreement and this Supplement with the same effect as if such 2023-2 Exchange Noteholder had been a party thereto or hereto.

SECTION 7.3.    GOVERNING LAW. THIS SUPPLEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO OTHERWISE APPLICABLE PRINCIPLES OF CONFLICTS OF LAW (OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

SECTION 7.4.    Submission to Jurisdiction; Service of Process. The Administrative Agent submits to the nonexclusive jurisdiction of any United States District Court sitting in New York and of any New York state court for purposes of all legal proceedings arising out of or relating to this Supplement. The Administrative Agent irrevocably waives, to the fullest extent it may do so, any objection that it may now or hereafter have to the laying of the venue of any such proceeding brought in such a court and any claim that any such proceeding brought in such a court has been brought in an inconvenient forum. The Administrative Agent irrevocably appoints Computershare Trust Company, N.A., at its Corporate Trust Office, as its authorized agent on which any and all legal process may be served in any such legal proceeding brought in

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any such court. If for any reason such agent ceases to be available to act as such, the Administrative Agent agrees to designate a new agent in the State of New York for receipt of service of legal process.

SECTION 7.5.    Severability. If any one or more of the covenants, agreements, provisions or terms of this Supplement is held invalid, illegal or unenforceable, then such covenants, agreements, provisions and terms will be deemed severable from the remaining covenants, agreements, provisions and terms of this Supplement and will in no way affect the validity, legality or enforceability of the other covenants, agreements, provisions or terms of this Supplement.

SECTION 7.6.    Counterparts and Consent to Do Business Electronically. This Supplement may be executed in multiple counterparts, each of which shall be deemed to be an original, but together they shall constitute one and the same instrument. Facsimile and .pdf signatures shall be deemed valid and binding to the same extent as the original and the parties affirmatively consent to the use thereof, with no such consent having been withdrawn. Each party agrees that this Supplement and any documents to be delivered in connection with this Supplement may be executed by means of an electronic signature that complies with the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, in each case to the extent applicable. Any electronic signatures appearing on this Supplement and such other documents are the same as handwritten signatures for the purposes of validity, enforceability, and admissibility. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any electronic signature or faxed, scanned, or photocopied manual signature of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof.

SECTION 7.7.    Headings. The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof.

SECTION 7.8.    No Petition. Each party to this Supplement covenants that for a period of one (1) year and one (1) day (or, if longer, any applicable preference period) after payment in full of the Notes, all Exchange Notes, and all distributions to all Certificateholders the payments on which are derived in any material part from amounts received with respect to any Trust Assets, it will not institute against, or join any Person in instituting against, the Issuer, the Depositor, the Borrower, the Settlor or the Holder of the Series CSA Interest Certificate any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any United States federal or state bankruptcy or similar law in connection with any obligations relating to the 2023-2 Exchange Note, the Notes, this Supplement or any of the other Program Documents and agrees it will not cooperate with or encourage others to file a bankruptcy petition against the Issuer, the Depositor, the Borrower, the Settlor or the Holder of the Series CSA Interest Certificate during the same period.

SECTION 7.9.    Limitation of Liability. It is expressly understood and agreed by the parties hereto that (a) this Supplement is executed and delivered by Wilmington Trust Company, not individually or personally but solely as Owner Trustee, Administrative Trustee and Delaware Trustee of the Borrower, in the exercise of the powers and authority conferred and vested in it

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under the Titling Trust Agreement, (b) each of the representations, covenants, undertakings and agreements herein made on the part of the Borrower is made and intended not as personal representations, covenants, undertakings and agreements by Wilmington Trust Company but is made and intended for the purpose for binding only the Borrower, (c) nothing herein contained shall be construed as creating any liability on Wilmington Trust Company, individually or personally, to perform any covenant either express or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and any Person claiming by, through or under the parties hereto, (d) Wilmington Trust Company has not verified or made any investigation as to the accuracy or completeness of any representations and warranties made by the Borrower in this Agreement, and (e) under no circumstances shall Wilmington Trust Company be personally liable for the payment of any indebtedness or expenses of the Borrower or be liable for the breach or failure of any obligation, duty (including fiduciary duty, if any), representation, warranty or covenant made or undertaken by the Borrower under this Supplement or any other related documents.

[Remainder of Page Intentionally Left Blank]

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective officers duly authorized as of the day and year first above written.

[Signature Page to the 2023-2 Exchange Note Supplement]

Schedule A

Collateral Lease Agreements and Collateral Leased Vehicles in 2023-2 Designated Pool

See attached.

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