How To Rate An Australian Banks Auto Loan

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1 U.S. Subprime Auto Loan ABS Tracker: June 2014 Primary Credit Analysts: Steve D Martinez, New York (1) ; [email protected] Rahel Avigdor, New York (1) ; [email protected] Secondary Contacts: Ines A Beato, New York (1) ; [email protected] Mark M Risi, New York (1) ; [email protected] Amy S Martin, New York (1) ; [email protected] Analytical Manager, ABS Term Surveillance: Gary P Kochubka, New York (1) ; [email protected] Analytical Manager, ABS Term New Issuance: M. Scott S Sehnert, New York (1) ; [email protected] Research Contributor: Naveen George, CRISIL Global Analytical Center, an S&P affiliate, Mumbai Table Of Contents Net losses And Delinquencies Continue To Increase As Expected Collateral Characteristics Continue To Soften Ratings To Remain Stable Due To Increased Credit Enhancement And Strong Structures ABS Subprime Auto Loan Performance Subprime Issuer Snapshots Appendix I: Auto Loan Subprime ABS New Issuance Summary Appendix II: U.S. Subprime ABS Auto Loan Historical Ratings Appendix III: Recent Subprime Auto Loan Rating Activity JULY 22,

2 Table Of Contents (cont.) Appendix IV: Outstanding Ratings And Hard Credit Enhancement Appendix V: ABS Net Loss Rate And Subprime ALSI Methodology Frequently Asked Questions JULY 22,

3 Standard & Poor's Rating Services' U.S. Subprime Auto Loan ABS Tracker provides a periodic review of the subprime auto loan asset-backed securities (ABS) market, which includes securitization performance and collateral information for the overall sector, as well as by issuer. Overview Subprime auto loan ABS performance continues to weaken as evidenced by increased net losses and delinquencies in first quarter of We expect ratings to remain stable due to increased credit enhancement and to strong structures. Subprime auto loan ABS performance continues to weaken as subprime lending approaches pre-crisis levels, competition increases, and trends such as higher loan-to-value (LTV) ratios and longer loan terms remain prevalent. Weakening collateral trends, which began a few years ago, and their continued negative impact on collateral performance, remain. Net losses And Delinquencies Continue To Increase As Expected Net loss rates have continued to rise as we expected. Annualized net losses increased in the first quarter of 2014 to 5.79%, from 4.16% in the first quarter of While losses are trending higher, they are still significantly lower than the 10.72% losses experienced in the first quarter of 2010, shortly after the recession. Annualized monthly net losses in May 2014 also increased to 4.27% from 3.20% in May 2013; they have steadily increased since May Delinquencies have followed a similar weakening trend. Year-over-year 60-plus-day delinquencies increased to 3.23% in the first quarter of 2014, from 2.61% in the same period in Sixty-plus-day delinquencies increased in May 2014 as well to 3.16%, from 2.30% in May 2013; they have steadily increased since May Recoveries in the first quarter of 2014 slightly softened to 48.69% from 53.45% in We have long expected a decline in recovery rates given the high used vehicle prices over the last few years, and we expect them to continue to trend lower over the next year as used vehicle values face downward pressure. For more detailed information on these metrics, see tables 1-3 below. Collateral Characteristics Continue To Soften Credit quality continues to deteriorate as well. The average LTV ratio year-to-date increased to % from % in 2013; it has steadily increased since % in In addition, although the year-to-date percentage of loans with original maturities greater than 60 days is slightly lower at 80.03% compared to 81.30% in 2013, this level has generally steadily increased since its 73.57% trough in JULY 22,

4 Ratings To Remain Stable Due To Increased Credit Enhancement And Strong Structures Due to the decline in credit quality and resulting increase in losses, credit enhancement in many new securitizations has increased to offset the additional risk. Further, outstanding securitizations benefit from their strong structures. Despite the deterioration in performance, the increase in credit enhancement and strong structures lead us to expect ratings, specifically 'BBB' and higher, to remain stable. For more information on these and other current trends in subprime auto loan ABS, please see, "As Subprime Auto Lending Heats Up, ABS Transactions Remain Adequately Protected Against Increasing Credit Risk," published July 22, 2014, on RatingsDirect. ABS Subprime Auto Loan Performance Table 1 ABS Subprime Auto Loan Performance--Monthly May-08 May-09 May-10 May-11 May-12 May-13 Apr-14 May-14 Annualized net loss rate (%) Monthly recovery rate (%) plus-day delinquencies (%) ABS--Asset-backed securities. Table 2 ABS Subprime Auto Loan Performance--Yearly Averages Q Q 2014 Net loss rate (%) Recovery rate (%) plus-day delinquencies (%) ABS--Asset-backed securities. Table 3 Subprime Cumulative Net Losses (%) By Vintage No. of deals Initial collateral balance (bil. $) JULY 22,

5 Table 3 Subprime Cumulative Net Losses (%) By Vintage (cont.) Standard & Poor's Auto Loan Static Index (ALSI) tracks the performance of subprime retail auto loan ABS transactions rated since 2000 (see table 4 for the cumulative net losses to date by issuer, compared with the ALSI subprime cumulative net losses). The ALSI monitors the credit performance of static pools or securitizations that were originated in the same vintage or defined time period on a weighted average. We determine the number of months displayed for each vintage or cohort based on the last point in which all securitizations have a data point. JULY 22,

6 Table 4 Standard & Poor's Subprime ALSI CNL Vs. Subprime CNL Performance By Issuer (Amounts in billions of $) Standard & Poor's Subprime ALSI* Q1:13 Q2:13 Mo. 36 Mo. 36 Mo. 36 Mo. 36 Mo. 36 Mo. 36 Mo.30 Mo.18 Mo. 14 Mo. 12 Original amount CNL (%) ACA Original amount N/A N/A N/A N/A N/A N/A N/A CNL (%) N/A N/A N/A N/A N/A N/A N/A Americredit CPS Original amount CNL (%) Original amount N/A CNL (%) N/A Exeter Original amount N/A N/A N/A N/A N/A N/A N/A 0.51 N/A 0.41 CNL (%) N/A N/A N/A N/A N/A N/A N/A 8.33 N/A 4.66 Flagship Original amount N/A N/A N/A N/A N/A N/A N/A 0.11 N/A 0.23 CNL (%) N/A N/A N/A N/A N/A N/A N/A 5.16 N/A 2.16 First Investors Original amount N/A N/A N/A N/A CNL (%) N/A N/A N/A N/A Prestige Original amount N/A 0.15 N/A N/A 0.35 CNL (%) N/A 7.30 N/A N/A 2.44 Santander Original amount N/A N/A CNL (%) N/A N/A SNAAC Original amount N/A N/A N/A N/A N/A N/A N/A 0.16 N/A 0.19 CNL (%) N/A N/A N/A N/A N/A N/A N/A 6.30 N/A 4.71 Tidewater Original amount N/A N/A N/A N/A N/A 0.13 N/A 0.17 N/A N/A CNL (%) N/A N/A N/A N/A N/A 5.85 N/A 5.18 N/A N/A JULY 22,

7 Table 4 Standard & Poor's Subprime ALSI CNL Vs. Subprime CNL Performance By Issuer (cont.) UACC Original amount N/A N/A N/A N/A 0.20 N/A 0.16 CNL (%) 9.75(i) 12.2(i) 14.16(i) N/A N/A N/A N/A N/A 8.75 Westlake Original amount N/A N/A N/A N/A N/A N/A N/A CNL (%) N/A N/A N/A N/A N/A N/A N/A Issuers not included in the index DriveTime Original amount N/A N/A N/A 0.3 CNL (%) N/A N/A N/A CarNow (Byrider) Original amount N/A N/A N/A N/A N/A N/A N/A 0.17 N/A 0.13 CNL (%) N/A N/A N/A N/A N/A N/A N/A N/A *Credit Acceptance, DriveTime, and Byrider are excluded from Standard & Poor's Subprime ALSI Index. Each of these issuers employs a different business model than the indirect lenders that make up the subprime ALSI, and therefore, we do not believe they are good comparisons from a performance and collateral quality standpoint. (i)in 2005, 2006 and 2007, UACC completed securitizations under the UPFC name. ALSI--Auto Loan Static Index. CNL--Cumulative net loss. N/A--Not applicable. Subprime Issuer Snapshots For this edition of the U.S. Subprime Auto Loan ABS Tracker, we updated our performance expectations for each transaction. The revised expected lifetime cumulative net loss ranges reflect our most recent published view. RECEIVABLES TRUST Surveillance Credit Analyst: Ines A Beato, (212) , [email protected] New Issue Credit Analyst: Timothy J Moran, (212) , [email protected] Issuer profile AmeriCredit Financial Services Inc. (AmeriCredit), a subsidiary of General Motors Financial Co. Inc. (GM Financial, formerly known as AmeriCredit Corp.), was founded in 1992 and is headquartered in Fort Worth, Texas. AmeriCredit was acquired by General Motors Co. in 2010 and has since provided captive financing for GM vehicles while continuing to finance non-gm vehicles. AmeriCredit originates auto loan contracts from franchised and select independent auto dealerships. Performance Table 5 AmeriCredit Automobile Receivables Trust's Outstanding Transaction Pool Information Series month Pool factor 60-plus-days delinq. (%) CNL (%) Initial expected lifetime CNL (%) Revised expected lifetime CNL (%) 2010-A Better S&P performance expectation compared to initial(i) JULY 22,

8 Table 5 AmeriCredit Automobile Receivables Trust's Outstanding Transaction Pool Information (cont.) Better 2010-B Better Better Better Better Better Better Better Better Better Better Better N/A Better N/A Better N/A N/A N/A N/A (i)see Appendix V for Standard & Poor's performance expectation methodology. CNL--Cumulative net loss. N/A--Not applicable. Chart 1 JULY 22,

9 Table 6 Collateral Comparison By Series 2010-A B Weighted avg. original term (mos.) Weighted avg. remaining term (mos.) Weighted avg. seasoning (mos.) Loans with original terms of mos. (%) Weighted avg. LTV (%) Weighted avg. credit bureau score AmeriCredit's weighted avg. proprietary internal credit score Weighted avg. original term (mos.) Weighted avg. remaining term (mos.) Weighted avg. seasoning (mos.) Loans with original terms of mos. (%) Weighted avg. LTV (%) Weighted avg. credit bureau score AmeriCredit's weighted avg. proprietary internal credit score AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST Surveillance Credit Analyst: Peter Chang, (212) , [email protected] New Issue Credit Analyst: Sunny Park, (212) , [email protected] Issuer profile American Credit Acceptance (ACA) is headquartered in Spartanburg, S.C. and was founded in ACA provides financing to independent and franchised automobile dealerships and underwrites two lines of auto loans: ACA Indirect and Auto Finance (AF). ACA Indirect buys contracts from franchise, independent, and Carmax-affiliated dealerships. AF buys contracts from franchise and independent dealerships as well, but it originates contracts that typically have higher LTVs. Performance Table 7 American Credit Acceptance Receivables Trust's Outstanding Transaction Pool Information Series month Pool factor 60-plus-days delinq. (%) CNL (%) Initial expected lifetime CNL (%) Revised expected lifetime CNL (%) Worse Worse N/A Worse N/A Worse S&P performance expectation compared to initial(i) JULY 22,

10 Table 7 American Credit Acceptance Receivables Trust's Outstanding Transaction Pool Information (cont.) N/A N/A N/A N/A N/A N/A (i)see Appendix V for Standard & Poor's performance expectation methodology. CNL--Cumulative net loss. N/A--Not applicable. Chart 2 Table 8 Collateral Comparison By Series Weighted avg. original term (mos.) Weighted avg. remaining term (mos.) Weighted avg. seasoning (mos.) Loans with original terms of mos. (%) Weighted avg. credit bureau score JULY 22,

11 CARFINANCE CAPITAL AUTO TRUST Surveillance Credit Analyst: Rahel Avigdor, (212) , New Issue Credit Analyst: Sunny Park, (212) , Issuer profile CarFinance Capital LLC (CFC) was founded in March 2011 and is headquartered in Irvine, Calif. CFC provides direct and indirect lending to borrowers with FICO scores ranging from The direct lending accounts for 30%-35% of CFC's monthly origination. Performance Table 9 CarFinance Capital Auto Trust's Outstanding Transaction Pool Information Series month Pool factor 60-plus-days delinq. (%) CNL (%) Initial expected lifetime CNL (%) Revised expected lifetime CNL (%) N/A N/A N/A N/A (i)see Appendix V for Standard & Poor's performance expectation methodology. CNL--Cumulative net loss. N/A--Not applicable. Chart 3 S&P performance expectation compared to initial(i) JULY 22,

12 Table 10 Collateral Comparison By Series Weighted avg. original term (mos.) Weighted avg. remaining term (mos.) Weighted avg. seasoning (mos.) Loans with original terms of mos. (%) Weighted avg. LTV (%) Weighted avg. credit bureau score LTV--Loan to value. CARNOW AUTO RECEIVABLES TRUST Surveillance Credit Analyst: Steve D Martinez, (212) , [email protected] New Issue Credit Analyst: Timothy J. Moran, (212) , [email protected] Issuer profile Byrider Finance LLC (Byrider) conducts business as CarNow Acceptance Co. and sponsors and services securitizations at its Carmel, Ind. headquarters. The company consists of company-owned stores located in Indiana, Ohio, Pennsylvania, Kentucky, Tennessee, and Georgia, as well as franchisee-owned stores located across 30 U.S. states. Byrider only securitizes auto loans that the company-owned stores originate. Performance Table 11 CarNow Auto Receivables Trust's Outstanding Transaction Pool Information Series month Pool factor 60-plus- days delinq. (%) CNL (%) Initial expected lifetime CNL (%) Revised expected lifetime CNL (%) In line/better N/A Worse (i)see Appendix V for Standard & Poor's performance expectation methodology. CNL--Cumulative net loss. N/A--Not applicable. S&P performance expectation compared to initial(i) JULY 22,

13 Chart 4 Table 12 Collateral Comparison By Series Weighted avg. original term (mos.) Weighted avg. remaining term (mos.) Weighted avg. seasoning (mos.) Weighted avg. credit bureau score Percentage of loans with no FICO (%) Surveillance Credit Analyst: Srabani Chandra Lal, (212) , [email protected] New Issue Credit Analyst: Jennie Lam, (212) , [email protected] Issuer profile Consumer Portfolio Services Inc. (CPS) was founded in 1991 and is headquartered in Irvine, Calif. The company JULY 22,

14 provides indirect automobile financing to individuals with past credit problems, low incomes, or limited credit histories. CPS also purchases auto loans from franchised automobile dealerships secured by late model used vehicles and, to a lesser extent, new vehicles. The company maintains dealer relationships in 47 states across the U.S. Issuer update In July 2013, the U.S. Federal Trade Commission (FTC) initiated a lawsuit against CPS for alleged unfair trading practices. On May 29, 2014, CPS simultaneously consented to and settled with the FTC. The settlement requires CPS to change its business practices and refrain from certain allegedly unfair trade practices, pay an agreed penalty, and make restitution payments to certain past and present customers. In addition, CPS will be required to implement procedural changes to comply with fair debt collection practices and credit reporting, retain an independent third party to monitor its compliance, and provide the FTC with periodic reports for 10 years. Performance Table 13 CPS Auto Receivables Trust's Outstanding Transaction Pool Information Series month Pool factor 60-plus-days delinq. (%) CNL (%) Initial expected lifetime CNL (%) Revised expected lifetime CNL (%) 2011-A Better 2011-B Better 2011-C Better 2012-A Better 2012-B Worse 2012-C Worse 2012-D In line 2013-A In line 2013-B N/A N/A 2013-C N/A N/A 2013-D N/A N/A 2014-A N/A N/A Page Five Funding LLC Better (i)see Appendix V for Standard & Poor's performance expectation methodology. CNL--Cumulative net loss. N/A--Not applicable. S&P performance expectation compared to initial(i) JULY 22,

15 Chart 5 Table 14 Collateral Comparison By Series 2011-A 2011-B 2011-C 2012-A 2012-B 2012-C 2012-D Weighted avg. original term (mos.) Weighted avg. remaining term (mos.) Weighted avg. seasoning (mos.) Loans with original terms of mos. (%) Weighted avg. LTV (%) Weighted avg. credit bureau score N.A. N.A A 2013-B 2013-C 2013-D 2014-A 2014-B Page Five Funding LLC Weighted avg. original term (mos.) Weighted avg. remaining term (mos.) Weighted avg. seasoning (mos.) Loans with original terms of mos. (%) Weighted avg. LTV (%) N/A Weighted avg. credit bureau score N.A. LTV--Loan to value. N.A.--Not available. N/A--Not applicable. JULY 22,

16 CREDIT ACCEPTANCE AUTO LOAN TRUST Surveillance Credit Analyst: Srabani Chandra Lal, (212) , New Issue Credit Analyst: Timothy J Moran, (212) , [email protected] Issuer profile Credit Acceptance Corp. (Credit Acceptance) was founded in 1972 and is headquartered in Southfield, Mich. The company provides financing to auto dealerships through both its portfolio and purchase loan lending programs. Under the portfolio program, which holds the majority of new originations, Credit Acceptance makes direct dealer loans that are collateralized by installment sales contracts with underlying obligors to members of its dealer-partner network. Credit Acceptance also purchases auto loan contracts directly from dealers under its purchase loan program. Performance Credit Acceptance projects a forecasted collection rate for each auto loan as a basis for its advance rate. Historically, Credit Acceptance's actual collections on its securitized pools have exceeded its forecasts. DT AUTO OWNER TRUST Surveillance Credit Analyst: Peter Chang, (212) , [email protected] New Issue Credit Analyst: Elizabeth T Fitzpatrick, (212) , [email protected] Issuer profile DriveTime Car Sales Co. LLC (DriveTime) was founded in 1992 is headquartered in Phoenix. The company is an integrated used car sales and finance company that operates 110 dealerships (as of Dec. 31, 2013) across the U.S. DriveTime provides its dealerships financing to purchase used vehicles, primarily at auctions, that are typically five years old with approximately 80,000 miles, to be reconditioned for subsequent sale. DriveTime also offers a 36-month/36,000-mile warranty for its vehicles for major repairs, which is sold separately from the vehicle, as of October Performance Table 15 DT Auto Owner Trust's Outstanding Transaction Pool Information Series month Pool factor 60-plus-days delinq. (%) CNL (%) Initial expected lifetime CNL (%) Revised expected lifetime CNL (%) In line/worse Worse Worse N/A N/A N/A N/A N/A N/A N/A N/A (i)see Appendix V for Standard & Poor's performance expectation methodology. CNL--Cumulative net loss. N/A--Not applicable. S&P performance expectation compared to initial(i) JULY 22,

17 Chart 6 Table 16 Collateral Comparison By Series Weighted avg. original term (mos.) Weighted avg. remaining term (mos.) Weighted avg. seasoning (mos.) Loans with original terms of mos. (%) Weighted avg. credit bureau score EXETER AUTOMOBILE RECEIVABLES TRUST Surveillance Credit Analyst: Steve D. Martinez, (212) , [email protected] New Issue Credit Analyst: Sunny Park, (212) , [email protected] Issuer profile Exeter Finance Corp. (Exeter) is headquartered in Irving, Texas, and was founded in Exeter originates auto loans JULY 22,

18 indirectly through franchised and independent dealerships. The company's portfolio has top concentrations in Texas, Florida, and California. Performance Table 17 Exeter Automobile Receivables Trust's Outstanding Transaction Pool Information Series month Pool factor 60-plus-days delinq. (%) CNL (%) Initial expected lifetime CNL (%) Revised expected lifetime CNL (%) Worse Worse N/A In Line N/A N/A N/A N/A (i)see Appendix V for Standard & Poor's performance expectation methodology. CNL--Cumulative net loss. N/A--Not applicable. Chart 7 S&P performance expectation compared to initial(i) JULY 22,

19 Table 18 Collateral Comparison By Series Weighted avg. original term (mos.) Weighted avg. remaining term (mos.) Weighted avg. seasoning (mos.) Loans with original terms of mos. (%) Weighted avg. LTV (%) Weighted avg. credit bureau score LTV--Loan to value. OWNER TRUST Surveillance Credit Analyst: Rahel Avigdor, (212) , [email protected] New Issue Credit Analysts: Elizabeth T Fitzpatrick, , [email protected]; Toms Zachariah, (212) , [email protected] Issuer profile First Investors Financial Services Inc. is headquartered in Houston and was founded in The company originates both auto loans sourced by automobile dealers (indirect auto loans) and makes auto loans directly to consumers to refinance existing automobile loans(direct auto loans). The company specializes in lending to consumers with impaired credit profiles, a high percentage of which have previously filed for bankruptcy. Performance Table 19 First Investors Auto Owner Trust's Outstanding Transaction Pool Information Series month Pool factor 60+ Days delinq. (%) CNL (%) Initial expected lifetime CNL (%) Revised expected lifetime CNL (%) Better Better In line In line N/A N/A N/A N/A N/A N/A (i)see Appendix V for Standard & Poor's performance expectation methodology. CNL--Cumulative net loss. N/A--Not applicable. S&P performance expectation compared to initial(i) JULY 22,

20 Chart 8 Table 20 Collateral Comparison By Series Weighted avg. original term (mos.) Weighted avg. remaining term (mos.) Weighted avg. seasoning (mos.) Loans with original terms of mos. (%) Weighted avg. LTV (%) Weighted avg. credit bureau score LTV--Loan to value. FLAGSHIP CREDIT AUTO TRUST Surveillance Credit Analyst: Rahel Avigdor, (212) , [email protected] JULY 22,

21 New Issue Credit Analyst: Jennie Lam, (212) , Issuer profile Flagship Credit Acceptance LLC (Flagship) is headquartered in Chadds Ford, Pa. and founded in 2010 (its predecessor, Flagship Credit Corp., was founded in 2005). The company provides financing to mid-tier buyers of new and used vehicles primarily at franchised or independent dealerships. Issuer update On April 17, 2014, we assigned our ratings to Flagship Credit Auto Trust (FCAT) 's notes. The 'AA (sf)' rating on FCAT 's class A notes is higher than the 'A+ (sf)' rating on the class A notes from prior Flagship transactions issued since This reflects our recently revised view of the strengths and limitations in Flagship Credit Acceptance LLC's and FC Funding LLC's operations. For further details see "Presale: Flagship Credit Auto Trust ," published April 4, On April 14, 2014, we reviewed the outstanding FCAT transactions and took rating actions on the outstanding notes of series and , upgrading five classes and affirming six others. Performance Table 21 Flagship Credit Auto Trust's Outstanding Transaction Pool Information Series month Pool factor 60-plus-days delinq. (%) CNL (%) Initial expected lifetime CNL (%) Revised expected lifetime CNL (%) Better Better N/A N/A N/A N/A (i)see Appendix V for Standard & Poor's performance expectation methodology. CNL--Cumulative net loss. N/A--Not applicable. S&P performance expectation compared to initial(i) JULY 22,

22 Chart 9 Table 22 Collateral Comparison By Series Weighted avg. original term (mos.) Weighted avg. remaining term (mos.) Weighted avg. seasoning (mos.) Loans with original terms of mos. (%) Weighted avg. LTV (%) Weighted avg. credit bureau score LTV--Loan to value. PRESTIGE AUTO RECEIVABLES TRUST Surveillance Credit Analyst: Peter Chang, (212) , [email protected] JULY 22,

23 New Issue Credit Analyst: Timothy J Moran, (212) , [email protected] Issuer profile Prestige Financial Services Inc. (Prestige) is headquartered in Salt Lake City, was founded in 1994, and is part of the Larry H. Miller Group of Companies (Miller Group). Prestige provides financing to franchised automobile dealerships by acquiring auto loans from both Miller Group and non-miller Group dealerships. Prestige's target market consists of credit-impaired buyers, many of whom have had a previous bankruptcy, but also have offsetting strengths, such as relatively stable employment, income, and residential history, as well as a history of paying previous debts as agreed. Performance Table 23 Prestige Auto Receivables Trust's Outstanding Transaction Pool Information Series month Pool factor 60-plus- day delinq. (%) CNL (%) Initial expected lifetime CNL (%) Revised expected lifetime CNL (%) Better Worse N/A Worse N/A N/A (i)see Appendix V for Standard & Poor's performance expectation methodology. CNL--Cumulative net loss. N/A--Not applicable. Chart 10 S&P performance expectation compared to initial(i) JULY 22,

24 Table 24 Collateral Comparison By Series Weighted avg. original term (mos.) Weighted avg. remaining term (mos.) Weighted avg. seasoning (mos.) Loans with original terms of mos. (%) Weighted avg. LTV (%) LTV--Loan to value. RECEIVABLES TRUST Surveillance Credit Analyst: Ines A Beato, (212) , [email protected] New Issue Credit Analyst: Rahul Prabhu, (212) , [email protected] Issuer profile Santander Consumer USA Inc. (Santander) is headquartered in Dallas and began originating indirect subprime auto loans in 1997 as Drive Financial Services. Drive Financial Services was eventually acquired by Santander in Since 2008, the company has experienced significant growth through acquisition. This includes buying Triad Financial Services' assets in two phases (in August 2008 and November 2009), acquiring HSBC Auto Finance Inc.'s auto portfolio in March 2010, and purchasing a part of the auto portfolio from CitiFinancial Auto Ltd. (CFA) and entering into a third-party agreement to service CFA's remaining auto portfolio in September Santander originates both indirect and direct auto loans and it entered into an agreement with Chrysler Group LLC on May 1, 2013, to form Chrysler Capital, which serves as the automaker's preferred lender. Issuer update Santander revealed in a recent 10-D filing that it made an error amounting to approximately $71 million in allocating principal to class A notes for the SDART transaction. The error was related to the misallocation of principal to the class A-2-A and A-2-B notes. Instead of receiving principal ratably, principal payments were instead paid solely to the class A-2-A noteholders. Santander rectified the error after its discovery by amending the trust documents and depositing the deficiency into the trust to equilibrate the relevant class' parity ratios. We did not assign ratings to the SDART transaction. Performance Table 25 Santander Drive Auto Receivables Trust's Outstanding Transaction Pool Information Series month Pool factor 60-plus-days delinq. (%) CNL (%) Initial expected lifetime CNL (%) Revised expected lifetime CNL (%) 2010-A/2011-S2(i) Better Better Better S&P performance expectation compared to initial(ii) JULY 22,

25 Table 25 Santander Drive Auto Receivables Trust's Outstanding Transaction Pool Information (cont.) 2010-B Better /2014-S1(i) Better /2014-S2(i) Better /2014-S3(i) In line/better /2014-S4(i) In line/better /2014-S5(i) Better /2014-S6(i) N/A N/A Better 2012-A Better Better N/A N/A N/A N/A N/A N/A 2013-A N/A N/A N/A N/A (i)sdart 2011-S2,SDART 2014-S1, SDART 2014-S2, SDART 2014-S3, SDART 2014-S4, SDART 2014-S5 and SDART 2014-S6 are resecuritizations and share the same performance information as the series listed next to them in the table. (ii)see Appendix V for Standard & Poor's performance expectation methodology. CNL--Cumulative net loss. N/A--Not applicable. Chart 11 JULY 22,

26 Table 26 Collateral Comparison By Series Weighted avg. original term (mos.) Weighted avg. remaining term (mos.) Weighted avg. seasoning (mos.) Loans with original terms of mos. (%) Weighted avg. credit bureau score 2010-A/ 2011-S2(i) B / 2014-S1(i) / 2014-S2(i) / 2014-S3(i) / 2014-S4(i) / 2014-S5(i) / 2014-S6(i) A A Weighted avg. original term (mos.) Weighted avg. remaining term (mos.) Weighted avg. seasoning (mos.) Loans with original terms of mos. (%) Weighted avg. credit bureau score (i)sdart 2011-S2,SDART 2014-S1, SDART 2014-S2, SDART 2014-S3, SDART 2014-S4, SDART 2014-S5 and SDART 2014-S6 are resecuritizations and share the same performance information as the series listed next to them in the table. SNAAC AUTO RECEIVABLES TRUST Surveillance Credit Analyst: Steve D. Martinez, (212) , [email protected] New Issue Credit Analyst: Sunny Park, (212) , [email protected] JULY 22,

27 Issuer profile Security National Automotive Acceptance Co. LLC (SNAAC) is headquartered in Mason, Ohio, and was founded in SNAAC is a specialty finance company that purchases and services retail sales finance contracts from auto dealers primarily for new and used automobiles sold to active military personnel. The company's portfolio has top concentrations in Texas and Georgia. Issuer update On April 9, 2014, S&P assigned its ratings to SNAAC 's notes. The 'AAA (sf)' rating on SNAAC 's class A notes is higher than the 'AA (sf)' rating on the class A notes from prior SNAAC transactions issued since This reflects our recently revised view of Security National Automotive Acceptance Co. LLC's operational strengths. For further details, see "Presale: SNAAC Auto receivables Trust ," published March 31, On April 15, 2014, we reviewed the outstanding SNAAC transactions and upgrading all eight classes of outstanding notes from series and Performance Table 27 SNAAC Auto Receivables Trust's Outstanding Transaction Pool Information Series month Pool factor 60-[lus-days delinq. (%) CNL (%) Initial expected lifetime CNL (%) Revised expected lifetime CNL (%) Better In line N/A N/A (i)see Appendix V for Standard & Poor's performance expectation methodology. CNL--Cumulative net loss. N/A--Not applicable. S&P performance expectation compared to initial(i) JULY 22,

28 Chart 12 Table 28 Collateral Comparison By Series Weighted avg. original term (mos.) Weighted avg. remaining term (mos.) Weighted avg. seasoning (mos.) Loans with original terms of mos. (%) Weighted avg. LTV (%) Weighted avg. credit bureau score LTV--Loan to value. TIDEWATER AUTO RECEIVABLES TRUST Surveillance Credit Analyst: Rahel Avigdor, (212) , JULY 22,

29 New Issue Credit Analyst: Timothy J Moran, (212) , [email protected] Issuer profile Tidewater Finance Co. (Tidewater) was founded in 1992 by the Sandler Family and is headquartered in Virginia Beach, Va. The Sandler Family holds 90% of the company, and Nathan Benson, the CEO, owns the remaining 10%. Tidewater originates auto loans to finance auto purchases from franchised and independent automobile dealers. The company targets consumers who have recently entered or have been discharged from Chapter 7 bankruptcy. Performance Table 29 Tidewater Auto Receivables Trust's Outstanding Transaction Pool Information Series month Pool factor 60-plus-days delinq. (%) CNL (%) Initial expected lifetime CNL (%) Revised expected lifetime CNL (%) 2012-A In line/better (i)see Appendix V for Standard & Poor's performance expectation methodology. CNL--Cumulative net loss. N/A--Not applicable. Chart 13 S&P performance expectation compared to initial(i) JULY 22,

30 Table 30 Collateral Comparison By Series 2012-A 2014-A Weighted avg. original term (mos.) Weighted avg. remaining term (mos.) Weighted avg. seasoning (mos.) 11 8 Loans with original terms of mos. (%) UNITED AUTO CREDIT SECURITIZATION TRUST Surveillance Credit Analyst: Srabani Chandra Lal, (212) , [email protected] New Issue Credit Analyst: Elizabeth T Fitzpatrick, (212) , [email protected] Issuer profile United Auto Credit Corp. (UACC) is headquartered in Newport Beach, Calif. and was founded in The company provides financing to franchised and independent dealerships. UACC designed its lending programs primarily to serve consumers that generally have credit bureau scores ranging from The vehicles financed are approximately six-to-eight years old, have between 100,000 and 130,00 miles, and have original contract terms of months. Performance Table 31 United Auto Credit Securitization Trust's Outstanding Transaction Pool Information Series month Pool factor 60-plus-days delinq. (%) CNL (%) Initial expected lifetime CNL (%) Revised expected lifetime CNL (%) Worse Worse (i)see Appendix V for Standard & Poor's performance expectation methodology. CNL--Cumulative net loss. N/A--Not applicable. S&P performance expectation compared to initial(i) JULY 22,

31 Chart 14 Table 32 Collateral Comparison By Series Weighted avg. original term (mos.) Weighted avg. remaining term (mos.) Weighted avg. seasoning (mos.) Loans with original terms of mos. (%) Weighted avg. LTV (%) Weighted avg. credit bureau score LTV--Loan to value. WESTLAKE AUTOMOBILE RECEIVABLES TRUST Surveillance Credit Analyst: Ines A. Beato, (212) , JULY 22,

32 New Issue Credit Analyst: Rahul Prabhu, (212) , Issuer profile Westlake Services LLC is headquartered in Los Angeles and was founded in 1978 by Don Hankey, who primarily owns the company along with his family, certain executives, and Marubeni Corp. (a Japanese conglomerate). The company provides financing to a network of more than17,000 affiliated independent and franchised dealerships across all 50 states. Performance Table 33 Westlake Automobile Receivables Trust's Outstanding Transaction Pool Information Series month Pool factor 60-plus-days delinq. (%) CNL (%) Initial expected lifetime CNL (%) Revised expected lifetime CNL (%) In line N/A N/A N/A N/A (i)see Appendix V for Standard & Poor's performance expectation methodology. CNL--Cumulative net loss. N/A--Not applicable. Chart 15 S&P performance expectation compared to initial(i) JULY 22,

33 Table 34 Collateral Comparison By Series Weighted avg. original term (mos.) Weighted avg. remaining term (mos.) Weighted avg. seasoning (mos.) Loans with original terms of mos. (%) Weighted avg. LTV (%) Weighted avg. credit bureau score LTV--Loan to value. Appendix I: Auto Loan Subprime ABS New Issuance Summary Standard & Poor's rated eleven new subprime ABS auto loan transactions and six resecuritizations that closed between April and June. SNAAC Auto Receivables Trust Table 35 SNAAC Auto receivables Trust Closing date April 9, 2014 Originator Initial expected loss range (%) Security National Automotive Acceptance Co. LLC Class Rating Initial amount (mil. $) Coupon rate (%) A AAA(sf) B AA(sf) C A (sf) D BBB (sf) E BB (sf) (See "Presale: SNAAC Auto receivables Trust ," published March 31, 2014.) First Investors Auto Owner Trust Table 36 First Investors Auto Owner Trust Closing date April 9, 2014 Originator Initial expected loss range (%) First Investors Financial Services Inc. Class Rating Initial amount (mil. $) Coupon rate (%) A-1 A-1+ (sf) A-2 AAA (sf) A-3 AAA (sf) JULY 22,

34 Table 36 First Investors Auto Owner Trust (cont.) B AA (sf) C A (sf) D BBB (sf) (See "Presale: First Investors Auto Owner Trust ," published April 2, 2014.) Santander Drive Auto Receivables Trust 2014-S1-S6 Table 37 Santander Drive Auto Receivables Trust 2014-S1-S6 Closing date April 14, 2014 Originator Santander Consumer USA Inc. Issuing entity SDART 2014-S1 SDART 2014-S2 SDART 2014-S3 SDART 2014-S4 SDART 2014-S5 SDART 2014-S6 Rating Initial amount (mil. $) Coupon rate (%) Underlying certificate BBB (sf) SDART certificate BBB (sf) SDART certificate BBB (sf) SDART certificate BBB (sf) SDART certificate BBB (sf) SDART certificate BBB (sf) SDART certificate expected lifetime CNL on the underlying trust (%) (See "Presale: Santander Drive Auto Receivables Trust 2014-S1-S6," published April 8, 2014.) Credit Acceptance Auto Loan Trust Table 38 Credit Acceptance Auto Loan Trust Closing date April 16, 2014 Originator Initial expected loss range (%) Credit Acceptance Corp. Class Rating Initial amount (mil. $) Coupon rate (%) A AAA (sf) B AA (sf) C NR (See "Presale: Credit Acceptance Auto Loan Trust ," published April 2, 2014.) DT Auto Owner Trust JULY 22,

35 Table 39 DT Auto Owner Trust Closing date April 16, 2014 Originator Initial expected loss range (%) DriveTime Car Sales Co. LLC Class Rating Initial amount (mil. $) Coupon rate (%) A AAA(sf) B AA (sf) C A (sf) D BBB (sf) (See "Presale: DT Auto Owner Trust ," published April 8, 2014.) Flagship Credit Auto Trust Table 40 Flagship Credit Auto Trust Closing date April 17, 2014 Originator Initial expected loss range (%) Flagship Credit Acceptance LLC Class Rating Initial amount (mil. $) Coupon rate (%) A AA(sf) B A (sf) C BBB (sf) D BB+ (sf) E BB- (sf) (See "Presale: Flagship Credit Auto Trust ," published April 4, 2014.) American Credit Acceptance Receivables Trust Table 41 American Credit Acceptance Receivables Trust Closing date April 24, 2014 Originator Initial expected loss range (%) American Credit Acceptance LLC Class Rating Initial amount (mil. $) Coupon rate (%) A AA (sf) B A (sf) C BBB (sf) D BB (sf) (See "Presale: American Credit Acceptance Receivables Trust ," published April 14, 2014.) Exeter Automobile Receivables Trust JULY 22,

36 Table 42 Exeter Automobile Receivables Trust Closing date May 28, 2014 Originator Exeter Finance Corp. Initial expected net loss range (%) Class Rating Initial amount (mil. $) Coupon rate (%) A AA (sf) B A (sf) C BBB (sf) D BB (sf) (See "Presale: Exeter Automobile Receivables Trust ," published May 19, 2014.) Westlake Automobile Receivables Trust Table 43 Westlake Automobile Receivables Trust Closing date May 28, 2014 Originator Initial expected net loss range (%) Westlake Services LLC Class Rating Initial amount (mil. $) Coupon rate (%) A-1 A-1+ (sf) A-2 AAA (sf) B AA (sf) C A (sf) D BBB (sf) (See "Presale: Westlake Automobile Receivables Trust ," published May 19, 2014.) Tidewater Auto Receivables Trust 2014-A Table 44 Tidewater Auto Receivables Trust 2014-A Closing date June 13, 2014 Originator Tidewater Finance Co. Initial expected loss range (%) Class Rating Initial amount (mil. $) Coupon rate (%) A-1 A-1+ (sf) A-2 AAA (sf) A-3 AAA (sf) B AA (sf) C A (sf) D BBB- (sf) (See "Presale: Tidewater Auto Receivables Trust 2014-A," published June 9, 2014.) JULY 22,

37 CPS Auto Receivables Trust 2014-B Table 45 CPS Auto Receivables Trust 2014-B Closing date June 18, 2014 Originator Initial expected loss range (%) Consumer Portfolio Services Inc. Class Rating Initial amount (mil. $) Coupon rate (%) A AA- (sf) B A (sf) C BBB (sf) D BB (sf) E B+ (sf) (See "Presale: CPS Auto Receivables Trust 2014-B," published June 4, 2014.) Santander Drive Auto Receivables Trust Table 46 Santander Drive Auto Receivables Trust Closing date June 18, 2014 Originator Initial expected loss range (%) Santander Consumer USA Inc. Class Rating Initial amount (mil. $) Coupon rate (%) A-1 A-1+ (sf) A-2-A AAA (sf) A-2-B AAA (sf) M LIBOR A-3 AAA (sf) B AA (sf) C A (sf) D BBB+ (sf) E BB (sf) (See "Presale: Santander Drive Auto Receivables Trust ," published June 9, 2014.) Appendix II: U.S. Subprime ABS Auto Loan Historical Ratings Table 47 Subprime Auto Loan Rating Actions (Long-Term Ratings) No.(i) Year Upgrades Downgrades JULY 22,

38 Table 47 Subprime Auto Loan Rating Actions (Long-Term Ratings) (cont.) (through 6/30) 45 0 Total (i)the upgrades/downgrades do not include those based on rating changes on the bond insurer, if any. All rating actions in the table are credit-related. Appendix III: Recent Subprime Auto Loan Rating Activity Standard & Poor's reviewed six First Investors Auto Owner Trust transactions, 12 CPS Auto Receivables Trust transactions, two SNAAC Auto Receivables Trust transactions, and five Flagship Credit Auto Trust transactions during April-June of The reviews resulted in 35 upgrades and 62 affirmations; we took no downgrades. For more information, see "First Investors Auto Owner Trust Ratings Raised And Affirmed On Six Series," published June 16, 2014; "Review Of 12 CPS-Related Auto Loan ABS Transactions Prompts 10 Upgrades And 41 Affirmations," published May 14, 2014; "Review Of Two SNAAC Auto Receivables Trust Transactions Yields Eight Upgrades," published April 15, 2014; and "Five Flagship Credit Auto Trust Ratings Raised, Six Affirmed," published April 14, Appendix IV: Outstanding Ratings And Hard Credit Enhancement Table 48 Outstanding Ratings And Credit Enhancement As of June 2014 CUSIP Issuer Class Rating 02528QAG QAJ RAA RAC RAE RAG4 AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST Initial hard credit enhancement (% of initial pool balance)(i) hard credit enhancement (% of current pool balance)(ii) C A+ (sf) D BB (sf) A AA (sf) B AA- (sf) C BBB+ (sf) D BB (sf) JULY 22,

39 Table 48 Outstanding Ratings And Credit Enhancement As of June 2014 (cont.) 02528TAA TAB TAC TAD VAA VAC VAE VAG WAA WAC WAE WAG XAA XAC XAE XAG YAA YAC8 AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST A A+ (sf) B A (sf) C BBB (sf) D BB (sf) A A+ (sf) B A (sf) C BBB (sf) D BB (sf) A AA (sf) B A (sf) C BBB (sf) D BB (sf) A AA (sf) B A (sf) C BBB (sf) D BB (sf) A AA (sf) B A (sf) JULY 22,

40 Table 48 Outstanding Ratings And Credit Enhancement As of June 2014 (cont.) 02528YAE YAG EAF EAH PAE PAF FAT FAW FAC LAC GAC MAE MAF MAG NAE NAF NAG NAA RAC RAD RAE RAF RAG TAC TAD5 AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST 2010-A RECEIVABLES TRUST 2010-B RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST C BBB (sf) D BB (sf) D AA+ (sf) E AA (sf) C AA+ (sf) D AA (sf) C AA+ (sf) D AA (sf) E AA- (sf) A-3 AAA (sf) A-3 AAA (sf) C AA+ (sf) D AA (sf) E AA- (sf) B AAA (sf) C AA+ (sf) D AA (sf) E AA- (sf) A-3 AAA (sf) B AA+ (sf) C AA (sf) D AA- (sf) E A+ (sf) A-3 AAA (sf) B AA+ (sf) JULY 22,

41 Table 48 Outstanding Ratings And Credit Enhancement As of June 2014 (cont.) 03064TAE TAF TAG UAC UAD UAE UAF UAG UAC UAD UAE UAF UAH XAC XAD XAE XAF XAG XAA XAB XAC XAD XAE XAF XAG9 RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST C AA (sf) D AA- (sf) E A+ (sf) A-3 AAA (sf) B AA+ (sf) C AA (sf) D AA- (sf) E A+ (sf) A-3 AAA (sf) B AA+ (sf) C AA (sf) D AA- (sf) E A+ (sf) A-2 AAA (sf) A-3 AAA (sf) B AA+ (sf) C AA (sf) D AA- (sf) E A+ (sf) A-2 AAA (sf) A-3 AAA (sf) B AA+ (sf) C AA (sf) D A+ (sf) E BBB+ (sf) JULY 22,

42 Table 48 Outstanding Ratings And Credit Enhancement As of June 2014 (cont.) 03064YAB YAC YAD YAE YAF YAG JAB JAC JAD JAE JAF JAH CAB CAC CAD CAE CAF KAA LAA LAB LAC LAD LAE LAF LAG5 RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST A-2 AAA (sf) A-3 AAA (sf) B AA+ (sf) C A+ (sf) D BBB+ (sf) E BBB- (sf) A-2 AAA (sf) A-3 AAA (sf) B AA+ (sf) C A+ (sf) D BBB+ (sf) E BBB (sf) A-2 AAA (sf) A-3 AAA (sf) B AA+ (sf) C A+ (sf) D BBB+ (sf) E BBB (sf) A-1 A-1+ (sf) A-2 AAA (sf) A-3 AAA (sf) B AA+ (sf) C A+ (sf) D BBB+ (sf) E BB+ (sf) JULY 22,

43 Table 48 Outstanding Ratings And Credit Enhancement As of June 2014 (cont.) 14179BAA BAC BAE BAG BAJ UAA UAC UAE UAG UAJ UAC UAD TAA TAB TAC TAD TAE AA AB AA AB AC AD NAA NAB7 CARFINANCE CAPITAL AUTO TRUST CARFINANCE CAPITAL AUTO TRUST CARFINANCE CAPITAL AUTO TRUST CARFINANCE CAPITAL AUTO TRUST CARFINANCE CAPITAL AUTO TRUST CARFINANCE CAPITAL AUTO TRUST CARFINANCE CAPITAL AUTO TRUST CARFINANCE CAPITAL AUTO TRUST CARFINANCE CAPITAL AUTO TRUST CARFINANCE CAPITAL AUTO TRUST CARNOW AUTO RECEIVABLES TRUST CARNOW AUTO RECEIVABLES TRUST CARNOW AUTO RECEIVABLES TRUST CARNOW AUTO RECEIVABLES TRUST CARNOW AUTO RECEIVABLES TRUST CARNOW AUTO RECEIVABLES TRUST CARNOW AUTO RECEIVABLES TRUST A 2011-A 2011-B 2011-B 2011-B 2011-B 2011-C 2011-C A A (sf) B A- (sf) C BBB (sf) D BB (sf) E B (sf) A A (sf) B A- (sf) C BBB (sf) D BB (sf) E BB- (sf) C BBB (sf) D BB (sf) A AA (sf) B A (sf) C BBB (sf) D BB (sf) E B (sf) A AA (sf) B AA- (sf) A AA (sf) B AA- (sf) C A+ (sf) D A (sf) A A+ (sf) B A (sf) JULY 22,

44 Table 48 Outstanding Ratings And Credit Enhancement As of June 2014 (cont.) 12623NAC NAD AA AB AC AD GAA GAB GAC GAD AA AB AC AD AE VAA VAB VAC VAD VAE AAA AAB AAC AAD AAE C 2011-C 2012-A 2012-A 2012-A 2012-A 2012-B 2012-B 2012-B 2012-B 2012-C 2012-C 2012-C 2012-C 2012-C 2012-D 2012-D 2012-D 2012-D 2012-D 2013-A 2013-A 2013-A 2013-A 2013-A C A- (sf) D BBB+ (sf) A AA (sf) B AA- (sf) C A+ (sf) D A (sf) A A (sf) B BBB (sf) C BB (sf) D B+ (sf) A AA- (sf) B A (sf) C BBB (sf) D BB (sf) E B+ (sf) A AA- (sf) B A (sf) C BBB+ (sf) D BB (sf) E BB- (sf) A AA- (sf) B A (sf) C BBB (sf) D BB (sf) E BB- (sf) JULY 22,

45 Table 48 Outstanding Ratings And Credit Enhancement As of June 2014 (cont.) 12625JAA JAB JAC JAD JAE KAA KAB KAC KAD KAE VAA VAB VAC VAD VAE BAA BAB BAC BAD BAE JAB VAA VAC CAA CAC B 2013-B 2013-B 2013-B 2013-B 2013-C 2013-C 2013-C 2013-C 2013-C 2013-D 2013-D 2013-D 2013-D 2013-D 2014-A 2014-A 2014-A 2014-A 2014-A CREDIT ACCEPTANCE AUTO LOAN TRUST CREDIT ACCEPTANCE AUTO LOAN TRUST CREDIT ACCEPTANCE AUTO LOAN TRUST CREDIT ACCEPTANCE AUTO LOAN TRUST CREDIT ACCEPTANCE AUTO LOAN TRUST A AA- (sf) B A (sf) C BBB (sf) D BB (sf) E BB- (sf) A AA- (sf) B A (sf) C BBB (sf) D BB (sf) E B+ (sf) A AA- (sf) B A (sf) C BBB (sf) D BBB- (sf) E BB- (sf) A AA- (sf) B A (sf) C BBB (sf) D BB+ (sf) E B+ (sf) B AA (sf) A AAA (sf) B AA (sf) A AAA (sf) B AA (sf) JULY 22,

46 Table 48 Outstanding Ratings And Credit Enhancement As of June 2014 (cont.) 22533FAA FAC NAA NAC PAA PAC8 CREDIT ACCEPTANCE AUTO LOAN TRUST CREDIT ACCEPTANCE AUTO LOAN TRUST CREDIT ACCEPTANCE AUTO LOAN TRUST CREDIT ACCEPTANCE AUTO LOAN TRUST CREDIT ACCEPTANCE AUTO LOAN TRUST CREDIT ACCEPTANCE AUTO LOAN TRUST A AAA (sf) B AA (sf) A AAA (sf) B AA (sf) A AAA (sf) B AA (sf) MAD0 DT AUTO OWNER TRUST D AA- (sf) PAC5 DT AUTO OWNER TRUST C AA (sf) PAD3 DT AUTO OWNER TRUST D A+ (sf) TAB9 DT AUTO OWNER TRUST B AA+ (sf) TAC7 DT AUTO OWNER TRUST C AA (sf) TAD5 DT AUTO OWNER TRUST D A- (sf) QAA4 DT AUTO OWNER TRUST A AAA (sf) QAB2 DT AUTO OWNER TRUST B AA (sf) QAC0 DT AUTO OWNER TRUST C A (sf) QAD8 DT AUTO OWNER TRUST D BBB (sf) XAA9 DT AUTO OWNER TRUST A AAA (sf) XAB7 DT AUTO OWNER TRUST B AA (sf) XAC5 DT AUTO OWNER TRUST C A (sf) XAD3 DT AUTO OWNER TRUST D BBB (sf) UAA5 DT AUTO OWNER TRUST A AAA (sf) UAB3 DT AUTO OWNER TRUST B AA (sf) UAC1 DT AUTO OWNER TRUST C A (sf) UAD9 DT AUTO OWNER TRUST D BBB (sf) YAA7 DT AUTO OWNER TRUST A AAA (sf) YAB5 DT AUTO OWNER TRUST B AA (sf) YAC3 DT AUTO OWNER TRUST C A (sf) YAD1 DT AUTO OWNER TRUST D BBB (sf) AA AC AE AG AA AC4 EXETER AUTOMOBILE RECEIVABLES TRUST EXETER AUTOMOBILE RECEIVABLES TRUST EXETER AUTOMOBILE RECEIVABLES TRUST EXETER AUTOMOBILE RECEIVABLES TRUST EXETER AUTOMOBILE RECEIVABLES TRUST EXETER AUTOMOBILE RECEIVABLES TRUST A AA (sf) B AA- (sf) C A+ (sf) D BB (sf) A AA (sf) B AA- (sf) JULY 22,

47 Table 48 Outstanding Ratings And Credit Enhancement As of June 2014 (cont.) AE AG AA AC AE AG PAA PAC PAE PAG QAA QAB QAC QAD YAD YAG YAK YAN YAR CAC CAE CAG CAJ CAL WAC8 EXETER AUTOMOBILE RECEIVABLES TRUST EXETER AUTOMOBILE RECEIVABLES TRUST EXETER AUTOMOBILE RECEIVABLES TRUST EXETER AUTOMOBILE RECEIVABLES TRUST EXETER AUTOMOBILE RECEIVABLES TRUST EXETER AUTOMOBILE RECEIVABLES TRUST EXETER AUTOMOBILE RECEIVABLES TRUST EXETER AUTOMOBILE RECEIVABLES TRUST EXETER AUTOMOBILE RECEIVABLES TRUST EXETER AUTOMOBILE RECEIVABLES TRUST EXETER AUTOMOBILE RECEIVABLES TRUST EXETER AUTOMOBILE RECEIVABLES TRUST EXETER AUTOMOBILE RECEIVABLES TRUST EXETER AUTOMOBILE RECEIVABLES TRUST OWNER TRUST OWNER TRUST OWNER TRUST OWNER TRUST OWNER TRUST OWNER TRUST OWNER TRUST OWNER TRUST OWNER TRUST OWNER TRUST OWNER TRUST C BBB (sf) D BB (sf) A AA (sf) B A (sf) C BBB (sf) D BB (sf) A AA (sf) B A (sf) C BBB (sf) D BB (sf) A AA (sf) B A (sf) C BBB (sf) D BB (sf) A-2 AAA (sf) B AAA (sf) C AA+ (sf) D AA (sf) E A+ (sf) A-2 AAA (sf) B AA+ (sf) C AA (sf) D A+ (sf) E BBB+ (sf) A-2 AAA (sf) JULY 22,

48 Table 48 Outstanding Ratings And Credit Enhancement As of June 2014 (cont.) 32057WAE WAG WAJ EAC EAE EAG EAJ DAC DAE DAG DAJ BAB BAC BAD BAE BAF FAA FAC FAE FAG FAJ FAL BAC BAE BAG2 OWNER TRUST OWNER TRUST OWNER TRUST OWNER TRUST OWNER TRUST OWNER TRUST OWNER TRUST OWNER TRUST OWNER TRUST OWNER TRUST OWNER TRUST OWNER TRUST OWNER TRUST OWNER TRUST OWNER TRUST OWNER TRUST OWNER TRUST OWNER TRUST OWNER TRUST OWNER TRUST OWNER TRUST OWNER TRUST FLAGSHIP CREDIT AUTO TRUST FLAGSHIP CREDIT AUTO TRUST FLAGSHIP CREDIT AUTO TRUST B AA+ (sf) C AA (sf) D BBB+ (sf) A-2 AAA (sf) B AA+ (sf) C A+ (sf) D BBB (sf) A-2 AAA (sf) B AA (sf) C A (sf) D BBB (sf) A-2 AAA (sf) A-3 AAA (sf) B AA (sf) C A (sf) D BBB (sf) A-1 A-1+ (sf) A-2 AAA (sf) A-3 AAA (sf) B AA (sf) C A (sf) D BBB (sf) B AA (sf) C A (sf) D BB+ (sf) JULY 22,

49 Table 48 Outstanding Ratings And Credit Enhancement As of June 2014 (cont.) 33843CAA CAC CAE CAG DAA DAC DAE DAG HAA HAC HAE HAG HAJ3 FLAGSHIP CREDIT AUTO TRUST FLAGSHIP CREDIT AUTO TRUST FLAGSHIP CREDIT AUTO TRUST FLAGSHIP CREDIT AUTO TRUST FLAGSHIP CREDIT AUTO TRUST FLAGSHIP CREDIT AUTO TRUST FLAGSHIP CREDIT AUTO TRUST FLAGSHIP CREDIT AUTO TRUST FLAGSHIP CREDIT AUTO TRUST FLAGSHIP CREDIT AUTO TRUST FLAGSHIP CREDIT AUTO TRUST FLAGSHIP CREDIT AUTO TRUST FLAGSHIP CREDIT AUTO TRUST A AA (sf) B A+ (sf) C BBB (sf) D BB (sf) A A+ (sf) B A (sf) C BBB (sf) D BB (sf) A AA (sf) B A (sf) C BBB (sf) D BB+ (sf) E BB- (sf) AB3 PAGE FIVE FUNDING LLC A AA (sf) AC1 PAGE FIVE FUNDING LLC B AA- (sf) TAN TAR VAE VAG VAJ WAC WAE WAG WAJ WAL AAA4 PRESTIGE AUTO RECEIVABLES TRUST PRESTIGE AUTO RECEIVABLES TRUST PRESTIGE AUTO RECEIVABLES TRUST PRESTIGE AUTO RECEIVABLES TRUST PRESTIGE AUTO RECEIVABLES TRUST PRESTIGE AUTO RECEIVABLES TRUST PRESTIGE AUTO RECEIVABLES TRUST PRESTIGE AUTO RECEIVABLES TRUST PRESTIGE AUTO RECEIVABLES TRUST PRESTIGE AUTO RECEIVABLES TRUST PRESTIGE AUTO RECEIVABLES TRUST C AA+ (sf) D AA (sf) A-3 AAA (sf) B AA+ (sf) C AA (sf) A-2 AAA (sf) A-3 AAA (sf) B AA+ (sf) C A+ (sf) D BBB (sf) A-1 A-1+ (sf) JULY 22,

50 Table 48 Outstanding Ratings And Credit Enhancement As of June 2014 (cont.) 74113AAC AAE AAG AAJ AAL GAE HAE FAG UAE UAF TAE TAF TAG JAD JAE JAF JAG NAA AAD AAE AAF AAG VAD VAE VAF9 PRESTIGE AUTO RECEIVABLES TRUST PRESTIGE AUTO RECEIVABLES TRUST PRESTIGE AUTO RECEIVABLES TRUST PRESTIGE AUTO RECEIVABLES TRUST PRESTIGE AUTO RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST 2010-A RECEIVABLES TRUST 2010-B RECEIVABLES TRUST 2010-B RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST 2011-S2 RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST A-2 AAA (sf) A-3 AAA (sf) B AA (sf) C A+ (sf) D BBB (sf) C AA+ (sf) C AA+ (sf) A-4 AAA (sf) C AAA (sf) D AA+ (sf) C AA (sf) D AA- (sf) E A+ (sf) B AA+ (sf) C AA (sf) D AA- (sf) E A+ (sf) B AA+ (sf) B AA+ (sf) C AA (sf) D AA- (sf) E A (sf) B AA+ (sf) C AA (sf) D AA- (sf) JULY 22,

51 Table 48 Outstanding Ratings And Credit Enhancement As of June 2014 (cont.) 80282VAG WAC WAD WAE WAF WAG UAC UAD UAE UAF UAG BAC BAD BAE BAF BAG FAC FAD FAE FAF FAG DAB DAC DAD DAE1 RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST 2012-A RECEIVABLES TRUST 2012-A RECEIVABLES TRUST 2012-A RECEIVABLES TRUST 2012-A RECEIVABLES TRUST 2012-A RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST E A+ (sf) A-3 AAA (sf) B AA+ (sf) C AA (sf) D AA- (sf) E A+ (sf) A-3 AAA (sf) B AA (sf) C A (sf) D BBB (sf) E BB+ (sf) A-3 AAA (sf) B AA (sf) C A (sf) D BBB (sf) E BB+ (sf) A-3 AAA (sf) B AA (sf) C A (sf) D BBB (sf) E BB+ (sf) A-2 AAA (sf) A-3 AAA (sf) B AA (sf) C A (sf) JULY 22,

52 Table 48 Outstanding Ratings And Credit Enhancement As of June 2014 (cont.) 80283DAF DAG GAB GAC GAD GAE GAF GAG HAB HAC HAD HAE HAF HAH JAB JAC JAD JAE JAF JAG NAA NAB NAC NAD NAE9 RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST 2013-A RECEIVABLES TRUST 2013-A RECEIVABLES TRUST 2013-A RECEIVABLES TRUST 2013-A RECEIVABLES TRUST 2013-A RECEIVABLES TRUST 2013-A RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST D BBB (sf) E BB+ (sf) A-2 AAA (sf) A-3 AAA (sf) B AA (sf) C A (sf) D BBB+ (sf) E BB+ (sf) A-2 AAA (sf) A-3 AAA (sf) B AA (sf) C A (sf) D BBB+ (sf) E BB+ (sf) A-2 AAA (sf) A-3 AAA (sf) B AA (sf) C A (sf) D BBB+ (sf) E BB+ (sf) A-1 A-1+ (sf) A-2A AAA (sf) A-2B AAA (sf) A-3 AAA (sf) B AA (sf) JULY 22,

53 Table 48 Outstanding Ratings And Credit Enhancement As of June 2014 (cont.) 80283NAF NAG NAH PAA RAA QAA UAA TAA VAA TAC TAE TAG NAA NAC NAE NAG WAA WAB WAC WAD WAE UAC UAD UAE AE1 RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST RECEIVABLES TRUST 2014-S1 RECEIVABLES TRUST 2014-S2 RECEIVABLES TRUST 2014-S3 RECEIVABLES TRUST 2014-S4 RECEIVABLES TRUST 2014-S5 RECEIVABLES TRUST 2014-S6 SNAAC AUTO RECEIVABLES TRUST SNAAC AUTO RECEIVABLES TRUST SNAAC AUTO RECEIVABLES TRUST SNAAC AUTO RECEIVABLES TRUST SNAAC AUTO RECEIVABLES TRUST SNAAC AUTO RECEIVABLES TRUST SNAAC AUTO RECEIVABLES TRUST SNAAC AUTO RECEIVABLES TRUST SNAAC AUTO RECEIVABLES TRUST SNAAC AUTO RECEIVABLES TRUST SNAAC AUTO RECEIVABLES TRUST SNAAC AUTO RECEIVABLES TRUST TIDEWATER AUTO RECEIVABLES TRUST 2012-A TIDEWATER AUTO RECEIVABLES TRUST 2012-A TIDEWATER AUTO RECEIVABLES TRUST 2012-A UNITED AUTO CREDIT SECURITIZATION TRUST C A (sf) D BBB+ (sf) E BB+ (sf) S1-R BBB (sf) S2-R BBB (sf) S3-R BBB (sf) S4-R BBB (sf) S5-R BBB (sf) S6-R BBB (sf) B AAA (sf) C AA+ (sf) D BBB+ (sf) A AAA (sf) B AA+ (sf) C A- (sf) D BBB (sf) A AAA (sf) B AA (sf) C A (sf) D BBB (sf) E BB (sf) A-3 AAA (sf) B AA (sf) C A- (sf) B AA+ (sf) JULY 22,

54 Table 48 Outstanding Ratings And Credit Enhancement As of June 2014 (cont.) AG AJ PAB PAC PAD PAE PAF XAC XAE XAG UAB UAC UAD QAA QAB QAC QAD QAE1 UNITED AUTO CREDIT SECURITIZATION TRUST UNITED AUTO CREDIT SECURITIZATION TRUST UNITED AUTO CREDIT SECURITIZATION TRUST UNITED AUTO CREDIT SECURITIZATION TRUST UNITED AUTO CREDIT SECURITIZATION TRUST UNITED AUTO CREDIT SECURITIZATION TRUST UNITED AUTO CREDIT SECURITIZATION TRUST WESTLAKE AUTOMOBILE RECEIVABLES TRUST WESTLAKE AUTOMOBILE RECEIVABLES TRUST WESTLAKE AUTOMOBILE RECEIVABLES TRUST WESTLAKE AUTOMOBILE RECEIVABLES TRUST WESTLAKE AUTOMOBILE RECEIVABLES TRUST WESTLAKE AUTOMOBILE RECEIVABLES TRUST WESTLAKE AUTOMOBILE RECEIVABLES TRUST WESTLAKE AUTOMOBILE RECEIVABLES TRUST WESTLAKE AUTOMOBILE RECEIVABLES TRUST WESTLAKE AUTOMOBILE RECEIVABLES TRUST WESTLAKE AUTOMOBILE RECEIVABLES TRUST C AA- (sf) D BBB (sf) A-2 AAA (sf) B AA (sf) C A+ (sf) D BBB+ (sf) E BB (sf) A-2 AAA (sf) B AA+ (sf) C AA- (sf) A-2 AAA (sf) B AA (sf) C A (sf) A-1 A-1+ (sf) A-2 AAA (sf) B AA (sf) C A (sf) D BBB (sf) (i)consists of a reserve account and overcollateralization, as well as subordination for the higher rated tranches, and excludes excess spread that can also provide additional enhancement. (ii)calculated as a percent of the total gross receivable pool balance. CE--Credit enhancement. Appendix V: ABS Net Loss Rate And Subprime ALSI Methodology Frequently Asked Questions How do you calculate the monthly net loss rate? The monthly net loss rate is annualized. It equals each transaction's net loss rate weighted by the transaction's beginning pool balance for the current month over the aggregate beginning pool balance of all transactions included in the index. The yearly and quarterly averages are a simple average of the monthly net loss rates for the year or for the JULY 22,

55 quarterly/semi-annual period. How do you calculate the delinquencies and recoveries? We calculate delinquencies by taking each transaction's 60-plus-day delinquency amount over the ending pool balance for the current month. We then weight each transaction's 60-plus-day delinquency percentage by the transaction's ending pool balance for the current month over the aggregate ending pool balance of all transactions included in the index. We calculate recoveries by taking the recovery amount reported over the gross loss amount for the current month. We then weight each transaction's recovery percentage by the transaction's beginning pool balance for the current month over the aggregate beginning pool balance of all transactions included in the index. How do you calculate the subprime ALSI cumulative net loss? We calculate the subprime ALSI cumulative net loss by taking the weighted average of the cumulative net losses of static pools or transactions that were originated in the same vintage or defined time period at the same point in time in the transaction's life. Each transaction's cumulative net loss is weighted by its initial pool balance over the aggregate initial pool balance of all the transactions included in the index. How are net losses defined? The net losses generally equal defaults less any recoveries realized. How do you determine if a transaction's performance is in line, better, worse, in line to worse, or in line to better than initial expectations? We compare a transaction's revised cumulative net loss range with the initial cumulative net loss range to determine whether the range is in line, better, or worse. To the extent the revised range overlaps the lower endpoint of the initial range of a transaction, we may view this as in line to better. Likewise, if the revised range overlaps the higher endpoint of the initial range of a transaction, we may view this as in line to worse. For transactions that do not have a revised range, we use other cumulative net loss projection methodologies to determine a transaction's performance compared with its initial cumulative net loss range. We will not opine on performance for transactions with limited performance data. What source do you use for each transaction's collateral pool stratifications? Each transaction collateral pool stratification is sourced from the data used in our most recent presale publication. In some instances, the collateral pool stratifications may change slightly from the presale to the closing date, though any changes should be minimal. JULY 22,

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