How To Rate An Australian Banks Auto Loan

U.S. Subprime Auto Loan ABS Tracker: June 2014 Primary Credit Analysts: Steve D Martinez, New York (1) 212-438-2881; steve.martinez@standardandpoors.com Rahel Avigdor, New York (1) 212-438-4067; rahel.avigdor@standardandpoors.com Secondary Contacts: Ines A Beato, New York (1) 212-438-9372; ines.beato@standardandpoors.com Mark M Risi, New York (1) 212-438-2588; mark.risi@standardandpoors.com Amy S Martin, New York (1) 212-438-2538; amy.martin@standardandpoors.com Analytical Manager, ABS Term Surveillance: Gary P Kochubka, New York (1) 212-438-2514; gary.kochubka@standardandpoors.com Analytical Manager, ABS Term New Issuance: M. Scott S Sehnert, New York (1) 212-438-2603; m.scott.sehnert@standardandpoors.com 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 WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 22, 2014 1

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 WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 22, 2014 2

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 2014. 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 2013. 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 2012. 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 2013. 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 2011. Recoveries in the first quarter of 2014 slightly softened to 48.69% from 53.45% in 2013. 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 115.04% from 114.28% in 2013; it has steadily increased since 111.81% in 2011. 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 2010. WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 22, 2014 3

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 (%) 6.11 7.50 3.80 3.32 2.81 3.20 3.96 4.27 Monthly recovery rate (%) 43.26 45.34 49.74 50.35 49.55 53.02 53.82 52.13 60-plus-day delinquencies (%) 3.49 4.18 2.80 2.03 2.21 2.30 2.91 3.16 ABS--Asset-backed securities. Table 2 ABS Subprime Auto Loan Performance--Yearly Averages 2008 2009 2010 2011 2012 2013 1Q 2013 1Q 2014 Net loss rate (%) 8.71 9.39 5.85 4.65 4.15 4.93 4.16 5.79 Recovery rate (%) 39.07 41.78 46.08 46.90 47.09 48.60 53.45 48.69 60-plus-day delinquencies (%) 4.18 4.62 3.25 2.49 2.53 2.98 2.61 3.23 ABS--Asset-backed securities. Table 3 Subprime Cumulative Net Losses (%) By Vintage 2005 2006 2007 2008 2009 2010 2011 2012 2013 No. of deals 26 23 19 4 2 14 15 26 26 Initial collateral balance (bil. $) 23.27 25.00 17.35 2.52 1.13 10.83 6.82 14.03 13.68 1 0.00 0.01 0.00 0.00 0.01 0.02 0.01 0.01 0.01 2 0.03 0.03 0.03 0.04 0.07 0.05 0.03 0.03 0.03 3 0.10 0.13 0.11 0.14 0.31 0.15 0.12 0.12 0.11 4 0.30 0.38 0.38 0.40 0.73 0.50 0.37 0.41 0.41 5 0.61 0.73 0.83 0.86 1.16 0.77 0.63 0.77 0.74 6 0.96 1.17 1.39 1.41 1.59 1.03 0.85 1.05 0.98 7 1.31 1.61 1.91 1.99 2.07 1.34 1.09 1.38 8 1.66 1.98 2.43 2.54 2.42 1.65 1.32 1.72 9 1.99 2.37 2.96 3.20 2.82 2.01 1.57 2.07 10 2.31 2.71 3.47 3.82 3.10 2.32 1.82 2.45 WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 22, 2014 4

Table 3 Subprime Cumulative Net Losses (%) By Vintage (cont.) 11 2.59 3.05 3.97 4.49 3.40 2.62 2.08 2.84 12 2.89 3.43 4.47 5.16 3.69 2.91 2.36 3.25 13 3.17 3.83 4.95 5.73 4.05 3.19 2.63 3.64 14 3.51 4.26 5.39 6.28 4.39 3.52 2.91 4.02 15 3.82 4.68 5.87 6.89 4.75 3.85 3.21 4.38 16 4.15 5.13 6.38 7.44 5.11 4.17 3.47 4.72 17 4.45 5.56 6.89 8.00 5.43 4.50 3.71 5.10 18 4.76 5.99 7.39 8.52 5.77 4.79 3.93 5.45 19 5.07 6.39 7.91 8.90 6.06 5.06 4.14 20 5.34 6.77 8.39 9.34 6.24 5.33 4.35 21 5.59 7.12 8.86 9.80 6.53 5.57 4.59 22 5.85 7.45 9.32 10.23 6.71 5.77 4.80 23 6.11 7.77 9.76 10.69 6.92 5.97 5.01 24 6.32 8.09 10.19 11.08 7.10 6.17 5.22 25 6.55 8.41 10.54 11.41 7.28 6.38 5.43 26 6.79 8.77 10.90 11.75 7.49 6.61 5.65 27 7.03 9.11 11.21 12.07 7.69 6.80 5.86 28 7.26 9.43 11.54 12.43 7.91 7.01 6.06 29 7.46 9.74 11.88 12.73 8.07 7.21 6.08 30 7.67 10.05 12.19 13.04 8.24 7.37 6.22 31 7.88 10.35 12.50 13.28 8.41 7.58 6.31 32 8.07 10.63 12.77 13.52 8.55 7.72 33 8.26 10.88 12.96 13.75 8.71 7.78 34 8.44 11.10 13.19 13.98 8.82 7.95 35 8.59 11.30 13.38 14.22 8.88 8.10 36 8.75 11.50 13.59 14.42 8.97 8.25 37 8.90 11.71 13.76 14.61 9.05 8.38 38 9.05 11.91 13.92 14.78 9.13 8.54 39 9.22 12.10 14.08 14.96 9.22 8.67 40 9.35 12.28 14.23 15.12 9.33 8.78 41 9.48 12.44 14.39 15.27 9.44 8.92 42 9.60 12.59 14.53 15.39 9.50 9.05 43 9.74 12.73 14.67 15.48 9.85 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. WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 22, 2014 5

Table 4 Standard & Poor's Subprime ALSI CNL Vs. Subprime CNL Performance By Issuer (Amounts in billions of $) Standard & Poor's Subprime ALSI* 2005 2006 2007 2008 2009 2010 2011 2012 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 23.27 25.00 17.35 2.52 1.13 10.83 6.82 14.03 4.46 4.22 CNL (%) 8.75 11.50 13.59 14.42 8.97 8.25 6.22 5.45 4.08 3.15 ACA Original amount N/A N/A N/A N/A N/A N/A 0.11 0.62 0.22 N/A CNL (%) N/A N/A N/A N/A N/A N/A 17.13 17.50 12.11 N/A Americredit CPS Original amount 5.93 5.56 5.59 2.21 0.98 3.47 3.77 4.75 1.06 1.16 CNL (%) 9.98 12.91 14.63 14.23 9.22 4.79 4.78 3.37 2.26 2.04 Original amount 0.61 0.97 0.93 0.31 N/A 0.1 0.38 0.60 0.19 0.21 CNL (%) 11.32 14.48 15.60 15.80 N/A 12.31 8.07 4.68 3.69 3.03 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 0.18 0.19 N/A N/A N/A N/A 0.25 0.33 0.19 0.2 CNL (%) 4.18 5.67 N/A N/A N/A N/A 5.63 4.16 3.14 2.34 Prestige Original amount 0.16 0.26 0.36 N/A 0.15 N/A 0.23 0.24 N/A 0.35 CNL (%) 7.32 9.45 13.01 N/A 7.30 N/A 6.03 3.40 N/A 2.44 Santander Original amount 1.60 1.83 2.63 N/A N/A 6.96 1.80 5.92 2.80 1.32 CNL (%) 18.16 22.97 23.49 N/A N/A 9.98 8.30 5.47 4.21 3.28 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 WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 22, 2014 6

Table 4 Standard & Poor's Subprime ALSI CNL Vs. Subprime CNL Performance By Issuer (cont.) UACC Original amount 0.46 0.53 0.54 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 10.33 N/A 8.75 Westlake Original amount N/A N/A N/A N/A N/A 0.17 0.28 0.42 N/A N/A CNL (%) N/A N/A N/A N/A N/A 6.47 10.22 7.25 N/A N/A Issuers not included in the index DriveTime Original amount 0.65 0.75 0.44 N/A N/A 0.30 0.88 0.60 N/A 0.3 CNL (%) 25.18 30.05 30.41 N/A N/A 19.01 21.09 20.15 N/A 10.75 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 16.27 N/A 15.57 *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) 438-9372, ines.beato@standardandpoors.com New Issue Credit Analyst: Timothy J Moran, (212) 438-2440, timothy.moran@standardandpoors.com 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 50 11.32 1.75 7.08 13.00-13.50 6.85-7.15 Better S&P performance expectation compared to initial(i) WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 22, 2014 7

Table 5 AmeriCredit Automobile Receivables Trust's Outstanding Transaction Pool Information (cont.) 2010-2 49 11.95 1.42 5.38 12.50-13.00 5.35-5.65 Better 2010-B 46 15.62 1.32 5.32 12.50-13.00 5.70-6.00 Better 2010-3 45 18.04 1.31 5.09 12.50-13.00 5.45-5.75 Better 2010-4 43 16.76 1.43 5.08 11.75-12.25 5.30-5.60 Better 2011-1 41 21.34 1.37 4.79 12.25-12.75 5.45-5.75 Better 2011-2 38 21.53 1.51 5.26 11.75-12.25 6.00-6.30 Better 2011-4 33 31.12 1.40 5.64 11.75-12.25 6.85-7.15 Better 2011-5 31 33.68 1.37 5.66 11.75-12.25 7.10-7.40 Better 2012-1 28 35.22 1.48 5.25 11.25-11.75 7.00-7.40 Better 2012-3 24 44.32 1.59 4.64 11.00-11.50 7.25-7.75 Better 2012-4 21 54.75 1.34 3.92 11.75-12.25 7.25-7.75 Better 2012-5 19 53.59 1.42 3.37 11.25-11.75 7.25-7.75 Better 2013-1 17 61.01 1.27 2.83 10.75-11.25 N/A Better 2013-2 14 65.05 1.28 2.37 10.25-10.75 N/A Better 2013-4 10 76.92 0.90 1.49 10.25-10.75 N/A N/A 2014-1 3 95.80 0.22 0.04 10.75-11.25 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 WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 22, 2014 8

Table 6 Collateral Comparison By Series 2010-A 2010-2 2010-B 2010-3 2010-4 2011-1 2011-2 2011-4 2011-5 Weighted avg. original term (mos.) 68 68 69 69 69 69 69 70 70 Weighted avg. remaining term (mos.) 65 60 65 66 59 66 60 66 67 Weighted avg. seasoning (mos.) 3 8 4 3 10 3 9 4 3 Loans with original terms of 61-72 mos. (%) 73.20 74.50 76.20 77.80 79.90 81.23 81.41 86.24 86.61 Weighted avg. LTV (%) 113 112 110 109 110 109 109 109 110 Weighted avg. credit bureau score 586 582 579 579 580 580 574 573 572 AmeriCredit's weighted avg. proprietary internal credit score 248 244 246 246 245 246 243 242 240 2012-1 2012-3 2012-4 2012-5 2013-1 2013-2 2013-4 2014-1 Weighted avg. original term (mos.) 70 70 70 70 71 71 71 70 Weighted avg. remaining term (mos.) 63 64 69 63 66 64 66 70 Weighted avg. seasoning (mos.) 7 6 1 7 4 7 5 1 Loans with original terms of 61-72 mos. (%) 88.00 89.05 89.45 87.45 89.99 89.91 91.66 89.20 Weighted avg. LTV (%) 111 110 110 111 111 110 111 110 Weighted avg. credit bureau score 571 569 564 569 566 565 564 563 AmeriCredit's weighted avg. proprietary internal credit score 240 241 240 241 240 240 239 239 AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST Surveillance Credit Analyst: Peter Chang, (212) 438-1505, peter.chang@standardandpoors.com New Issue Credit Analyst: Sunny Park, (212) 438-4718, sunny.park@standardandpoors.com Issuer profile American Credit Acceptance (ACA) is headquartered in Spartanburg, S.C. and was founded in 2007. 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 (%) 2012-1 28 20.54 8.46 24.49 21.50-22.00 27.50-28.50 Worse 2012-2 23 34.84 8.38 19.88 21.50-22.00 27.25-28.25 Worse 2012-3 18 46.03 8.15 16.95 21.65-22.15 N/A Worse 2013-1 14 60.45 8.58 12.11 21.15-21.65 N/A Worse S&P performance expectation compared to initial(i) WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 22, 2014 9

Table 7 American Credit Acceptance Receivables Trust's Outstanding Transaction Pool Information (cont.) 2013-2 10 71.73 7.10 8.66 22.70-23.20 N/A N/A 2014-1 5 88.60 7.04 2.49 26.40-26.90 N/A N/A 2014-2 2 97.72 1.63 0.01 27.00-28.00 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 2012-1 2012-2 2012-3 2013-1 2013-2 2014-1 2014-2 Weighted avg. original term (mos.) 50.08 55.35 56.40 60.32 59.82 61.98 59.75 Weighted avg. remaining term (mos.) 46.12 51.35 54.72 59.41 58.47 60.65 57.40 Weighted avg. seasoning (mos.) 3.96 4.00 1.68 0.91 1.35 1.33 2.35 Loans with original terms of 61-72 mos. (%) 12.81 36.35 41.95 56.79 53.76 60.70 51.48 Weighted avg. credit bureau score 522 528 536 537 542 543 534 WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 22, 2014 10

CARFINANCE CAPITAL AUTO TRUST Surveillance Credit Analyst: Rahel Avigdor, (212) 438-4067, rahel.avigdor@standardandpoors.com New Issue Credit Analyst: Sunny Park, (212) 438-4718, sunny.park@standardandpoors.com 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 525-675. 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 (%) 2013-2 8 80.51 2.08 1.29 12.00-12.50 N/A N/A 2014-1 3 96.11 0.70 0.02 12.00-12.50 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) WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 22, 2014 11

Table 10 Collateral Comparison By Series 2013-2 2014-1 Weighted avg. original term (mos.) 70.16 69.57 Weighted avg. remaining term (mos.) 63.10 67.33 Weighted avg. seasoning (mos.) 7.06 2.24 Loans with original terms of 61-72 mos. (%) 88.27 85.24 Weighted avg. LTV (%) 116 118 Weighted avg. credit bureau score 601 601 LTV--Loan to value. CARNOW AUTO RECEIVABLES TRUST Surveillance Credit Analyst: Steve D Martinez, (212) 438-2881, steve.martinez@standardandpoors.com New Issue Credit Analyst: Timothy J. Moran, (212) 438-2440, timothy.moran@standardandpoors.com 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 (%) 2012-1 25 11.09 2.28 18.51 21.75-22.25 21.25-21.75 In line/better 2013-1 12 52.58 2.01 15.57 21.75-22.25 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) WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 22, 2014 12

Chart 4 Table 12 Collateral Comparison By Series 2012-1 2013-1 Weighted avg. original term (mos.) 46.1 46.4 Weighted avg. remaining term (mos.) 32.0 37.8 Weighted avg. seasoning (mos.) 14.1 8.5 Weighted avg. credit bureau score 550 550 Percentage of loans with no FICO (%) 29.1 24.9 Surveillance Credit Analyst: Srabani Chandra Lal, (212) 438-5036, srabani.chandra-lal@standardandpoors.com New Issue Credit Analyst: Jennie Lam, (212) 438-2524, jennie.lam@standardandpoors.com Issuer profile Consumer Portfolio Services Inc. (CPS) was founded in 1991 and is headquartered in Irvine, Calif. The company WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 22, 2014 13

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 38 19.95 6.31 7.82 15.00-17.00 9.10-9.20 Better 2011-B 33 31.19 6.20 9.26 14.25-14.75 11.50-12.00 Better 2011-C 30 36.85 6.21 9.47 13.75-14.50 12.75-13.25 Better 2012-A 27 33.60 5.83 7.33 11.75-12.25 9.75-10.25 Better 2012-B 24 49.53 6.45 8.68 13.00-13.50 14.00-14.50 Worse 2012-C 21 51.72 5.78 7.26 12.50-13.00 13.10-13.60 Worse 2012-D 18 57.08 5.96 5.55 12.50-13.00 12.50-13.00 In line 2013-A 15 69.33 5.02 4.05 13.00-13.50 13.00-13.50 In line 2013-B 12 75.00 4.35 3.03 13.00-13.50 N/A N/A 2013-C 9 83.63 3.79 1.76 13.25-13.75 N/A N/A 2013-D 6 90.71 2.73 0.69 13.65-14.15 N/A N/A 2014-A 3 96.45 0.54 0.00 15.00-15.40 N/A N/A Page Five Funding LLC 36 0.16 5.42 8.03 14.50-15.50 9.40-9.50 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) WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 22, 2014 14

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.) 62.76 62.93 63.17 65.03 62.69 63.10 62.94 Weighted avg. remaining term (mos.) 55.92 60.15 61.38 44.02 62.13 56.70 56.82 Weighted avg. seasoning (mos.) 6.84 2.78 1.79 21.01 0.56 6.38 6.12 Loans with original terms of 61-72 mos. (%) 38.47 46.35 47.28 57.22 44.36 48.02 46.59 Weighted avg. LTV (%) 114.10 113.50 115.00 113.80 112.80 114.50 115.60 Weighted avg. credit bureau score N.A. N.A. 561 546 560 557 558 2013-A 2013-B 2013-C 2013-D 2014-A 2014-B Page Five Funding LLC Weighted avg. original term (mos.) 62.48 63.96 63.13 62.89 62.84 64.48 62.53 Weighted avg. remaining term (mos.) 61.94 60.19 62.59 62.36 62.40 63.98 48.72 Weighted avg. seasoning (mos.) 0.54 3.77 0.54 0.53 0.44 0.50 13.81 Loans with original terms of 61-72 mos. (%) 44.15 54.96 50.06 50.40 50.73 58.28 34.95 Weighted avg. LTV (%) 114.70 113.60 114.30 114.28 113.37 112.91 N/A Weighted avg. credit bureau score 562 558 563 561 566 569 N.A. LTV--Loan to value. N.A.--Not available. N/A--Not applicable. WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 22, 2014 15

CREDIT ACCEPTANCE AUTO LOAN TRUST Surveillance Credit Analyst: Srabani Chandra Lal, (212) 438-5036, srabani.chandra-lal@standardandpoors.com New Issue Credit Analyst: Timothy J Moran, (212) 438-2440, timothy.moran@standardandpoors.com 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) 438-1505, peter.chang@standardandpoors.com New Issue Credit Analyst: Elizabeth T Fitzpatrick, (212) 438-2686, elizabeth.fitzpatrick@standardandpoors.com 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 2013. 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 (%) 2011-3 31 16.69 7.69 22.55 22.00-23.50 23.50-24.50 In line/worse 2012-1 26 28.80 7.60 24.68 25.00-26.50 27.25-28.25 Worse 2012-2 23 36.35 5.87 22.55 24.00-26.00 26.50-27.50 Worse 2013-1 12 65.28 5.00 10.75 27.00-29.00 N/A N/A 2013-2 9 79.03 3.57 7.83 27.00-29.00 N/A N/A 2014-1 5 88.38 3.27 3.49 27.00-29.00 N/A N/A 2014-2 2 97.12 0.32 0.24 27.00-29.00 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) WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 22, 2014 16

Chart 6 Table 16 Collateral Comparison By Series 2011-3 2012-1 2012-2 2013-1 2013-2 2014-1 2014-2 Weighted avg. original term (mos.) 56 57 58 62 63 65 65 Weighted avg. remaining term (mos.) 46 51 53 58 59 61.5 63 Weighted avg. seasoning (mos.) 11 6 5 5 5 4 2 Loans with original terms of 61-72 mos. (%) 23.28 31.83 36.03 64.62 71.43 82.28 85.56 Weighted avg. credit bureau score 524 527 529 531 537 542 544 EXETER AUTOMOBILE RECEIVABLES TRUST Surveillance Credit Analyst: Steve D. Martinez, (212) 438-2881, steve.martinez@standardandpoors.com New Issue Credit Analyst: Sunny Park, (212) 438-4718, sunny.park@standardandpoors.com Issuer profile Exeter Finance Corp. (Exeter) is headquartered in Irving, Texas, and was founded in 2006. Exeter originates auto loans WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 22, 2014 17

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 (%) 2012-1 28 32.98 7.77 12.05 14.00-15.00 16.50-17.50 Worse 2012-2 21 49.11 10.82 9.92 14.50-15.50 18.00-19.00 Worse 2013-1 13 67.99 7.76 5.12 17.00-18.00 N/A In Line 2013-2 9 78.96 5.64 2.72 17.00-18.00 N/A N/A 2014-1 4 92.50 2.54 0.28 17.00-18.00 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) WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 22, 2014 18

Table 18 Collateral Comparison By Series 2012-1 2012-2 2013-1 2013-2 2014-1 2014-2 Weighted avg. original term (mos.) 66 66 68 69 70 69 Weighted avg. remaining term (mos.) 60 62 65 65 67 66 Weighted avg. seasoning (mos.) 6 4 3 4 3 3 Loans with original terms of 61-72 mos. (%) 71.78 71.23 80.89 82.26 89.27 81.49 Weighted avg. LTV (%) 111.12 111.30 111.85 112.51 113.00 110.87 Weighted avg. credit bureau score 556 557 559 561 569 570 LTV--Loan to value. OWNER TRUST Surveillance Credit Analyst: Rahel Avigdor, (212) 438-4067, rahel.avigdor@standardandpoors.com New Issue Credit Analysts: Elizabeth T Fitzpatrick, 212-438-2686, elizabeth.fitzpatrick@standardandpoors.com; Toms Zachariah, (212) 438-1622, toms.zachariah@standardandpoors.com Issuer profile First Investors Financial Services Inc. is headquartered in Houston and was founded in 1989. 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 (%) 2011-2 32 24.38 3.19 6.69 8.60-9.10 7.85-8.15 Better 2012-1 28 28.81 2.40 6.12 8.00-8.50 7.75-8.25 Better 2012-2 22 44.90 2.66 4.96 8.00-8.50 8.00-8.50 In line 2013-1 17 54.35 1.69 3.51 8.00-8.50 8.00-8.50 In line 2013-2 12 68.60 1.64 2.34 7.75-8.25 N/A N/A 2013-3 7 82.48 1.08 1.27 7.50-8.00 N/A N/A 2014-1 2 96.19 0.42 0.02 7.50-8.00 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) WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 22, 2014 19

Chart 8 Table 20 Collateral Comparison By Series 2011-2 2012-1 2012-2 2013-1 2013-2 2013-3 2014-1 Weighted avg. original term (mos.) 67.82 68.05 68.24 67.91 68.35 67.45 68.38 Weighted avg. remaining term (mos.) 58.90 60.38 66.05 65.95 66.50 66.71 66.65 Weighted avg. seasoning (mos.) 8.92 7.67 2.19 1.96 1.85 0.74 1.73 Loans with original terms of 61-72 mos. (%) 81.35 82.33 83.30 82.18 83.82 81.24 84.83 Weighted avg. LTV (%) 123.13 123.33 123.37 129.02 127.29 129.08 129.64 Weighted avg. credit bureau score 584 582 584 587 585 584 582 LTV--Loan to value. FLAGSHIP CREDIT AUTO TRUST Surveillance Credit Analyst: Rahel Avigdor, (212) 438-4067, rahel.avigdor@standardandpoors.com WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 22, 2014 20

New Issue Credit Analyst: Jennie Lam, (212) 438-2524, jennie.lam@standardandpoors.com 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) 2014-1's notes. The 'AA (sf)' rating on FCAT 2014-1's class A notes is higher than the 'A+ (sf)' rating on the class A notes from prior Flagship transactions issued since 2012. 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 2014-1," published April 4, 2014. On April 14, 2014, we reviewed the outstanding FCAT transactions and took rating actions on the outstanding notes of series 2012-1 and 2013-1, 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 (%) 2012-1 23 45.40 4.88 6.06 13.75-14.25 12.25-12.75 Better 2013-1 14 67.23 5.18 2.61 12.80-13.30 12.25-12.75 Better 2013-2 8 85.05 3.18 0.61 12.50-13.00 N/A N/A 2014-1 2 97.21 0.49 0.00 12.75-13.25 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) WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 22, 2014 21

Chart 9 Table 22 Collateral Comparison By Series 2012-1 2013-1 2013-2 2014-1 Weighted avg. original term (mos.) 68.04 68.09 68.68 69.11 Weighted avg. remaining term (mos.) 63.62 64.35 66.66 67.41 Weighted avg. seasoning (mos.) 4.43 3.74 2.03 1.70 Loans with original terms of 61-72 mos. (%) 78.94 77.71 84.70 87.20 Weighted avg. LTV (%) 118.15 118.78 118.40 118.73 Weighted avg. credit bureau score 595 593 594 594 LTV--Loan to value. PRESTIGE AUTO RECEIVABLES TRUST Surveillance Credit Analyst: Peter Chang, (212) 438-1505, peter.chang@standardandpoors.com WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 22, 2014 22

New Issue Credit Analyst: Timothy J Moran, (212) 438-2440, timothy.moran@standardandpoors.com 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 (%) 2011-1 39 14.80 3.37 6.98 9.00-9.30 7.25-7.50 Better 2012-1 27 35.94 3.16 6.22 6.85-7.15 7.75-8.25 Worse 2013-1 14 68.71 2.37 3.03 7.10-7.40 N/A Worse 2014-1 3 95.04 0.57 0.02 8.50-9.00 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) WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 22, 2014 23

Table 24 Collateral Comparison By Series 2011-1 2012-1 2013-1 2014-1 Weighted avg. original term (mos.) 70 70 69 70 Weighted avg. remaining term (mos.) 55 60 66 65 Weighted avg. seasoning (mos.) 15 10 4 5 Loans with original terms of 61-72 mos. (%) 90.6 89.3 88.1 89.9 Weighted avg. LTV (%) 128.9 129.3 130.7 131.9 LTV--Loan to value. RECEIVABLES TRUST Surveillance Credit Analyst: Ines A Beato, (212) 438-9372, ines.beato@standardandpoors.com New Issue Credit Analyst: Rahul Prabhu, (212) 438-1866, rahul.prabhu@standardandpoors.com 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 2006. 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 2010. 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 2013-5 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 2013-5 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) 48 10.03 10.20 12.22 20.00-21.00 12.45-12.55 Better 2010-2 46 12.71 8.43 10.35 17.50-18.50 10.70-10.80 Better 2010-3 43 15.20 7.14 8.94 17.00-17.30 9.40-9.60 Better S&P performance expectation compared to initial(ii) WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 22, 2014 24

Table 25 Santander Drive Auto Receivables Trust's Outstanding Transaction Pool Information (cont.) 2010-B 42 17.57 7.13 10.12 16.75-17.00 10.70-10.90 Better 2011-3/2014-S1(i) 33 27.73 5.95 8.33 12.50-13.50 10.00-11.00 Better 2011-4/2014-S2(i) 32 32.60 5.75 8.94 12.50-13.50 11.00-12.00 Better 2012-1/2014-S3(i) 29 35.75 5.18 7.84 11.00-13.00 10.60-11.60 In line/better 2012-2/2014-S4(i) 27 38.82 5.71 8.32 12.00-13.50 11.60-12.60 In line/better 2012-3/2014-S5(i) 25 43.65 5.53 8.02 13.50-14.50 12.00-13.00 Better 2012-4/2014-S6(i) 23 46.70 5.00 7.49 12.00-13.00 N/A N/A 2012-5 22 50.68 4.44 7.08 13.00-14.00 11.00-12.00 Better 2012-A 19 55.27 4.51 5.85 13.25-14.25 11.00-12.00 Better 2013-1 17 60.69 4.31 5.29 13.50-14.50 13.50-14.50 Better 2013-2 15 65.50 3.56 4.14 13.50-14.50 N/A N/A 2013-3 13 69.67 3.77 3.65 13.50-14.50 N/A N/A 2013-4 11 74.02 3.26 2.93 13.50-14.50 N/A N/A 2013-A 10 76.49 3.11 2.04 13.50-14.50 N/A N/A 2014-1 5 87.69 2.15 0.46 13.00-14.00 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 WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 22, 2014 25

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 61-75 mos. (%) Weighted avg. credit bureau score 2010-A/ 2011-S2(i) 2010-2 2010-3 2010-B 2011-3/ 2014-S1(i) 2011-4/ 2014-S2(i) 2012-1/ 2014-S3(i) 2012-2/ 2014-S4(i) 2012-3/ 2014-S5(i) 2012-4/ 2014-S6(i) 68 69 69 69 69 69 69 69 69 70 50 53 51 51 56 62 61 61 63 66 18 16 18 18 13 7 8 8 6 4 68.05 76.79 77.96 76.92 80.95 82.11 83.22 82.82 83.40 85.57 561 584 582 584 586 586 592 583 578 589 2012-5 2012-A 2013-1 2013-2 2013-3 2013-4 2013-A 2014-1 2014-3 Weighted avg. original term (mos.) Weighted avg. remaining term (mos.) Weighted avg. seasoning (mos.) Loans with original terms of 61-75 mos. (%) Weighted avg. credit bureau score 70 69 69 70 70 70 70 70 69 68 66 68 69 69 68 69 63 64 2 3 1 1 1 2 1 7 5 85.76 85.50 85.36 90.78 87.59 87.43 86.68 89.83 81.58 593 593 591 593 591 593 593 589 593 (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) 438-2881, steve.martinez@standardandpoors.com New Issue Credit Analyst: Sunny Park, (212) 438-4718, sunny.park@standardandpoors.com WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 22, 2014 26

Issuer profile Security National Automotive Acceptance Co. LLC (SNAAC) is headquartered in Mason, Ohio, and was founded in 1986. 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 2014-1's notes. The 'AAA (sf)' rating on SNAAC 2014-1's class A notes is higher than the 'AA (sf)' rating on the class A notes from prior SNAAC transactions issued since 2012. 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 2014-1," published March 31, 2014. On April 15, 2014, we reviewed the outstanding SNAAC transactions and upgrading all eight classes of outstanding notes from series 2012-1 and 2013-1. 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 (%) 2012-1 24 20.58 1.79 7.74 11.00-12.00 9.75-10.25 Better 2013-1 14 48.74 1.98 5.39 10.50-11.50 10.50-11.50 In line 2014-1 2 92.73 0.46 0.05 10.50-11.50 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) WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 22, 2014 27

Chart 12 Table 28 Collateral Comparison By Series 2012-1 2013-1 2014-1 Weighted avg. original term (mos.) 58.0 61.5 65.2 Weighted avg. remaining term (mos.) 47.2 53.1 58.7 Weighted avg. seasoning (mos.) 10.8 8.5 6.5 Loans with original terms of 61-72 mos. (%) 42.56 70.45 89.50 Weighted avg. LTV (%) 109.05 110.82 111.20 Weighted avg. credit bureau score 560 558 557 LTV--Loan to value. TIDEWATER AUTO RECEIVABLES TRUST Surveillance Credit Analyst: Rahel Avigdor, (212) 438-4067, rahel.avigdor@standardandpoors.com WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 22, 2014 28

New Issue Credit Analyst: Timothy J Moran, (212) 438-2440, timothy.moran@standardandpoors.com 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 19 39.25 7.70 5.49 9.75-10.25 7.25-7.75 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) WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 22, 2014 29

Table 30 Collateral Comparison By Series 2012-A 2014-A Weighted avg. original term (mos.) 65 68 Weighted avg. remaining term (mos.) 54 60 Weighted avg. seasoning (mos.) 11 8 Loans with original terms of 61-72 mos. (%) 71.40 81.65 UNITED AUTO CREDIT SECURITIZATION TRUST Surveillance Credit Analyst: Srabani Chandra Lal, (212) 438-5036, srabani.chandra-lal@standardandpoors.com New Issue Credit Analyst: Elizabeth T Fitzpatrick, (212) 438-2686, elizabeth.fitzpatrick@standardandpoors.com Issuer profile United Auto Credit Corp. (UACC) is headquartered in Newport Beach, Calif. and was founded in 1996. 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 401-700. The vehicles financed are approximately six-to-eight years old, have between 100,000 and 130,00 miles, and have original contract terms of 33-48 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 (%) 2012-1 21 24.99 2.84 11.39 11.75-12.25 14.00-14.50 Worse 2013-1 13 54.79 2.69 9.52 14.50-15.00 14.50-15.00 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) WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 22, 2014 30

Chart 14 Table 32 Collateral Comparison By Series 2012-1 2013-1 Weighted avg. original term (mos.) 41.28 39.75 Weighted avg. remaining term (mos.) 32.55 36.28 Weighted avg. seasoning (mos.) 8.73 3.47 Loans with original terms of 61-72 mos. (%) 0.00 0.00 Weighted avg. LTV (%) 114.50 118.06 Weighted avg. credit bureau score 559 553 LTV--Loan to value. WESTLAKE AUTOMOBILE RECEIVABLES TRUST Surveillance Credit Analyst: Ines A. Beato, (212) 438-9372, ines.beato@standardandpoors.com WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 22, 2014 31

New Issue Credit Analyst: Rahul Prabhu, (212) 438-1866, rahul.prabhu@standardandpoors.com 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 (%) 2012-1 21 25.59 1.65 7.60 9.50-10.50 9.50-10.00 In line 2013-1 9 62.81 1.27 3.63 10.00-11.00 N/A N/A 2014-1 1 96.28 0.00 0.01 11.00-12.00 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) WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 22, 2014 32

Table 34 Collateral Comparison By Series 2012-1 2013-1 2014-1 Weighted avg. original term (mos.) 39.53 40 42.7 Weighted avg. remaining term (mos.) 33.63 33.98 35.81 Weighted avg. seasoning (mos.) 5.90 6.02 6.89 Loans with original terms of 49-72 mos. (%) 3.66 7.64 17.2 Weighted avg. LTV (%) 101.48 101.37 104.41 Weighted avg. credit bureau score 576 579 582 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 2014-1 Table 35 SNAAC Auto receivables Trust 2014-1 Closing date April 9, 2014 Originator Initial expected loss range (%) 10.50-11.50 Security National Automotive Acceptance Co. LLC Class Rating Initial amount (mil. $) Coupon rate (%) A AAA(sf) 152.25 1.03 B AA(sf) 12.60 1.75 C A (sf) 17.85 2.21 D BBB (sf) 17.85 2.88 E BB (sf) 9.45 4.58 (See "Presale: SNAAC Auto receivables Trust 2014-1," published March 31, 2014.) First Investors Auto Owner Trust 2014-1 Table 36 First Investors Auto Owner Trust 2014-1 Closing date April 9, 2014 Originator Initial expected loss range (%) 7.50-8.00 First Investors Financial Services Inc. Class Rating Initial amount (mil. $) Coupon rate (%) A-1 A-1+ (sf) 31.35 0.28 A-2 AAA (sf) 85.00 0.80 A-3 AAA (sf) 63.00 1.49 WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 22, 2014 33

Table 36 First Investors Auto Owner Trust 2014-1 (cont.) B AA (sf) 10.65 2.26 C A (sf) 17.00 2.74 D BBB (sf) 13.00 3.28 (See "Presale: First Investors Auto Owner Trust 2014-1," 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) 47.20 1.42 SDART 2011-3 certificate BBB (sf) 45.20 1.43 SDART 2011-4 certificate BBB (sf) 57.80 1.43 SDART 2012-1 certificate BBB (sf) 80.60 1.43 SDART 2012-2 certificate BBB (sf) 90.80 1.43 SDART 2012-3 certificate BBB (sf) 87.80 1.43 SDART 2012-4 certificate expected lifetime CNL on the underlying trust (%) 10.00-11.00 11.00-12.00 10.60-11.60 11.60-12.60 12.00-13.00 12.00-13.00 (See "Presale: Santander Drive Auto Receivables Trust 2014-S1-S6," published April 8, 2014.) Credit Acceptance Auto Loan Trust 2014-1 Table 38 Credit Acceptance Auto Loan Trust 2014-1 Closing date April 16, 2014 Originator Initial expected loss range (%) 19.75-20.25 Credit Acceptance Corp. Class Rating Initial amount (mil. $) Coupon rate (%) A AAA (sf) 231.00 1.55 B AA (sf) 68.00 2.29 C NR 0.78 0.00 (See "Presale: Credit Acceptance Auto Loan Trust 2014-1," published April 2, 2014.) DT Auto Owner Trust 2014-2 WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 22, 2014 34

Table 39 DT Auto Owner Trust 2014-2 Closing date April 16, 2014 Originator Initial expected loss range (%) 27.00-29.00 DriveTime Car Sales Co. LLC Class Rating Initial amount (mil. $) Coupon rate (%) A AAA(sf) 140.63 0.68 B AA (sf) 37.50 1.34 C A (sf) 54.38 2.46 D BBB (sf) 56.25 3.68 (See "Presale: DT Auto Owner Trust 2014-2," published April 8, 2014.) Flagship Credit Auto Trust 2014-1 Table 40 Flagship Credit Auto Trust 2014-1 Closing date April 17, 2014 Originator Initial expected loss range (%) 12.75-13.25 Flagship Credit Acceptance LLC Class Rating Initial amount (mil. $) Coupon rate (%) A AA(sf) 193.42 1.21 B A (sf) 32.42 2.55 C BBB (sf) 23.77 3.34 D BB+ (sf) 9.08 4.83 E BB- (sf) 7.40 5.71 (See "Presale: Flagship Credit Auto Trust 2014-1," published April 4, 2014.) American Credit Acceptance Receivables Trust 2014-2 Table 41 American Credit Acceptance Receivables Trust 2014-2 Closing date April 24, 2014 Originator Initial expected loss range (%) 27.00-28.00 American Credit Acceptance LLC Class Rating Initial amount (mil. $) Coupon rate (%) A AA (sf) 149.29 0.99 B A (sf) 50.77 2.26 C BBB (sf) 44.71 3.59 D BB (sf) 14.40 4.96 (See "Presale: American Credit Acceptance Receivables Trust 2014-2," published April 14, 2014.) Exeter Automobile Receivables Trust 2014-2 WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 22, 2014 35

Table 42 Exeter Automobile Receivables Trust 2014-2 Closing date May 28, 2014 Originator Exeter Finance Corp. Initial expected net loss range (%) 17.25-18.25 Class Rating Initial amount (mil. $) Coupon rate (%) A AA (sf) 317.70 1.06 B A (sf) 72.92 2.17 C BBB (sf) 53.39 3.26 D BB (sf) 55.99 4.93 (See "Presale: Exeter Automobile Receivables Trust 2014-2," published May 19, 2014.) Westlake Automobile Receivables Trust 2014-1 Table 43 Westlake Automobile Receivables Trust 2014-1 Closing date May 28, 2014 Originator Initial expected net loss range (%) 11.0-12.0 Westlake Services LLC Class Rating Initial amount (mil. $) Coupon rate (%) A-1 A-1+ (sf) 113.60 0.35 A-2 AAA (sf) 116.14 0.7 B AA (sf) 26.36 1.24 C A (sf) 34.01 1.7 D BBB (sf) 30.61 2.2 (See "Presale: Westlake Automobile Receivables Trust 2014-1," 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 (%) 13.25-13.75 Class Rating Initial amount (mil. $) Coupon rate (%) A-1 A-1+ (sf) 26.50 0.40 A-2 AAA (sf) 43.50 0.96 A-3 AAA (sf) 25.77 1.40 B AA (sf) 15.41 1.85 C A (sf) 19.20 2.56 D BBB- (sf) 19.62 3.57 (See "Presale: Tidewater Auto Receivables Trust 2014-A," published June 9, 2014.) WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 22, 2014 36

CPS Auto Receivables Trust 2014-B Table 45 CPS Auto Receivables Trust 2014-B Closing date June 18, 2014 Originator Initial expected loss range (%) 14.80-15.20 Consumer Portfolio Services Inc. Class Rating Initial amount (mil. $) Coupon rate (%) A AA- (sf) 141.24 1.11 B A (sf) 26.83 2.32 C BBB (sf) 18.73 3.23 D BB (sf) 10.13 4.62 E B+ (sf) 5.57 5.85 (See "Presale: CPS Auto Receivables Trust 2014-B," published June 4, 2014.) Santander Drive Auto Receivables Trust 2014-3 Table 46 Santander Drive Auto Receivables Trust 2014-3 Closing date June 18, 2014 Originator Initial expected loss range (%) 15.00-16.00 Santander Consumer USA Inc. Class Rating Initial amount (mil. $) Coupon rate (%) A-1 A-1+ (sf) 256.25 0.25 A-2-A AAA (sf) 225.75 0.54 A-2-B AAA (sf) 168.00 1M LIBOR +0.28 A-3 AAA (sf) 140.40 0.81 B AA (sf) 154.40 1.45 C A (sf) 191.18 2.13 D BBB+ (sf) 114.03 2.65 E BB (sf) 73.53 3.49 (See "Presale: Santander Drive Auto Receivables Trust 2014-3," 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 2004 6 0 2005 0 0 2006 4 0 2007 13 0 2008 5 0 WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 22, 2014 37

Table 47 Subprime Auto Loan Rating Actions (Long-Term Ratings) (cont.) 2009 29 0 2010 4 0 2011 34 0 2012 50 0 2013 133 0 2014 (through 6/30) 45 0 Total 323 0 (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 2014. 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, 2014. Appendix IV: Outstanding Ratings And Hard Credit Enhancement Table 48 Outstanding Ratings And Credit Enhancement As of June 2014 CUSIP Issuer Class Rating 02528QAG6 02528QAJ0 02528RAA7 02528RAC3 02528RAE9 02528RAG4 AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST 2012-1 AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST 2012-1 AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST 2012-2 AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST 2012-2 AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST 2012-2 AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST 2012-2 Initial hard credit enhancement (% of initial pool balance)(i) hard credit enhancement (% of current pool balance)(ii) C A+ (sf) 19.80 68.53 D BB (sf) 10.50 23.24 A AA (sf) 33.37 84.88 B AA- (sf) 29.10 72.63 C BBB+ (sf) 19.80 45.94 D BB (sf) 10.50 19.24 WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 22, 2014 38

Table 48 Outstanding Ratings And Credit Enhancement As of June 2014 (cont.) 02528TAA3 02528TAB1 02528TAC9 02528TAD7 02528VAA8 02528VAC4 02528VAE0 02528VAG5 02528WAA6 02528WAC2 02528WAE8 02528WAG3 02528XAA4 02528XAC0 02528XAE6 02528XAG1 02528YAA2 02528YAC8 AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST 2012-3 AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST 2012-3 AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST 2012-3 AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST 2012-3 AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST 2013-1 AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST 2013-1 AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST 2013-1 AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST 2013-1 AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST 2013-2 AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST 2013-2 AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST 2013-2 AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST 2013-2 AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST 2014-1 AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST 2014-1 AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST 2014-1 AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST 2014-1 AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST 2014-2 AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST 2014-2 A A+ (sf) 33.37 67.53 B A (sf) 29.12 58.30 C BBB (sf) 19.81 38.07 D BB (sf) 10.50 17.85 A A+ (sf) 32.37 51.98 B A (sf) 27.01 43.12 C BBB (sf) 18.53 29.10 D BB (sf) 10.50 15.81 A AA (sf) 48.25 66.82 B A (sf) 31.75 43.82 C BBB (sf) 21.50 29.53 D BB (sf) 12.00 16.29 A AA (sf) 50.88 59.79 B A (sf) 34.05 40.79 C BBB (sf) 20.71 25.74 D BB (sf) 14.75 19.01 A AA (sf) 52.75 56.09 B A (sf) 36.00 38.96 WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 22, 2014 39

Table 48 Outstanding Ratings And Credit Enhancement As of June 2014 (cont.) 02528YAE4 02528YAG9 03064EAF3 03064EAH9 03063PAE2 03063PAF9 03064FAT0 03064FAW3 03064FAC7 03061LAC7 03064GAC5 03064MAE8 03064MAF5 03064MAG3 03064NAE6 03064NAF3 03064NAG1 03064NAA4 03064RAC1 03064RAD9 03064RAE7 03064RAF4 03064RAG2 03064TAC7 03064TAD5 AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST 2014-2 AMERICAN CREDIT ACCEPTANCE RECEIVABLES TRUST 2014-2 RECEIVABLES TRUST 2010-2 RECEIVABLES TRUST 2010-2 RECEIVABLES TRUST 2010-3 RECEIVABLES TRUST 2010-3 RECEIVABLES TRUST 2010-4 RECEIVABLES TRUST 2010-4 RECEIVABLES TRUST 2010-4 RECEIVABLES TRUST 2010-A RECEIVABLES TRUST 2010-B RECEIVABLES TRUST 2011-1 RECEIVABLES TRUST 2011-1 RECEIVABLES TRUST 2011-1 RECEIVABLES TRUST 2011-2 RECEIVABLES TRUST 2011-2 RECEIVABLES TRUST 2011-2 RECEIVABLES TRUST 2011-2 RECEIVABLES TRUST 2011-4 RECEIVABLES TRUST 2011-4 RECEIVABLES TRUST 2011-4 RECEIVABLES TRUST 2011-4 RECEIVABLES TRUST 2011-4 RECEIVABLES TRUST 2011-5 RECEIVABLES TRUST 2011-5 C BBB (sf) 21.25 23.86 D BB (sf) 16.50 19.00 D AA+ (sf) 10.50 39.73 E AA (sf) 8.25 20.91 C AA+ (sf) 19.80 70.75 D AA (sf) 10.50 19.20 C AA+ (sf) 18.95 81.72 D AA (sf) 10.10 28.93 E AA- (sf) 7.75 14.91 A-3 AAA (sf) 18.00 38.17 A-3 AAA (sf) 17.00 33.30 C AA+ (sf) 18.95 67.22 D AA (sf) 10.10 25.76 E AA- (sf) 7.75 14.75 B AAA (sf) 27.95 108.59 C AA+ (sf) 18.95 66.78 D AA (sf) 10.10 25.66 E AA- (sf) 7.75 14.75 A-3 AAA (sf) 35.20 102.94 B AA+ (sf) 27.95 79.65 C AA (sf) 18.95 50.73 D AA- (sf) 10.10 22.30 E A+ (sf) 7.75 14.75 A-3 AAA (sf) 35.20 96.26 B AA+ (sf) 27.95 74.73 WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 22, 2014 40

Table 48 Outstanding Ratings And Credit Enhancement As of June 2014 (cont.) 03064TAE3 03064TAF0 03064TAG8 03064UAC4 03064UAD2 03064UAE0 03064UAF7 03064UAG5 03061UAC7 03061UAD5 03061UAE3 03061UAF0 03061UAH6 03063XAC9 03063XAD7 03063XAE5 03063XAF2 03063XAG0 03063XAA3 03064XAB0 03064XAC8 03064XAD6 03064XAE4 03064XAF1 03064XAG9 RECEIVABLES TRUST 2011-5 RECEIVABLES TRUST 2011-5 RECEIVABLES TRUST 2011-5 RECEIVABLES TRUST 2012-1 RECEIVABLES TRUST 2012-1 RECEIVABLES TRUST 2012-1 RECEIVABLES TRUST 2012-1 RECEIVABLES TRUST 2012-1 RECEIVABLES TRUST 2012-3 RECEIVABLES TRUST 2012-3 RECEIVABLES TRUST 2012-3 RECEIVABLES TRUST 2012-3 RECEIVABLES TRUST 2012-3 RECEIVABLES TRUST 2012-4 RECEIVABLES TRUST 2012-4 RECEIVABLES TRUST 2012-4 RECEIVABLES TRUST 2012-4 RECEIVABLES TRUST 2012-4 RECEIVABLES TRUST 2012-4 RECEIVABLES TRUST 2012-5 RECEIVABLES TRUST 2012-5 RECEIVABLES TRUST 2012-5 RECEIVABLES TRUST 2012-5 RECEIVABLES TRUST 2012-5 RECEIVABLES TRUST 2012-5 C AA (sf) 18.95 48.00 D AA- (sf) 10.10 21.73 E A+ (sf) 7.75 14.75 A-3 AAA (sf) 35.20 92.68 B AA+ (sf) 27.95 72.10 C AA (sf) 18.95 46.55 D AA- (sf) 10.10 21.42 E A+ (sf) 7.75 14.75 A-3 AAA (sf) 34.70 76.18 B AA+ (sf) 27.45 59.82 C AA (sf) 18.45 39.52 D AA- (sf) 9.60 19.55 E A+ (sf) 7.25 14.25 A-2 AAA (sf) 34.70 64.39 A-3 AAA (sf) 34.70 64.39 B AA+ (sf) 27.45 51.15 C AA (sf) 18.45 34.71 D AA- (sf) 9.60 18.54 E A+ (sf) 7.25 14.25 A-2 AAA (sf) 34.70 65.47 A-3 AAA (sf) 34.70 65.47 B AA+ (sf) 27.45 51.94 C AA (sf) 18.45 35.15 D A+ (sf) 9.60 18.64 E BBB+ (sf) 7.25 14.25 WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 22, 2014 41

Table 48 Outstanding Ratings And Credit Enhancement As of June 2014 (cont.) 03064YAB8 03064YAC6 03064YAD4 03064YAE2 03064YAF9 03064YAG7 03064JAB1 03064JAC9 03064JAD7 03064JAE5 03064JAF2 03064JAH8 03065CAB5 03065CAC3 03065CAD1 03065CAE9 03065CAF6 03064KAA0 03064LAA8 03064LAB6 03064LAC4 03064LAD2 03064LAE0 03064LAF7 03064LAG5 RECEIVABLES TRUST 2013-1 RECEIVABLES TRUST 2013-1 RECEIVABLES TRUST 2013-1 RECEIVABLES TRUST 2013-1 RECEIVABLES TRUST 2013-1 RECEIVABLES TRUST 2013-1 RECEIVABLES TRUST 2013-2 RECEIVABLES TRUST 2013-2 RECEIVABLES TRUST 2013-2 RECEIVABLES TRUST 2013-2 RECEIVABLES TRUST 2013-2 RECEIVABLES TRUST 2013-2 RECEIVABLES TRUST 2013-4 RECEIVABLES TRUST 2013-4 RECEIVABLES TRUST 2013-4 RECEIVABLES TRUST 2013-4 RECEIVABLES TRUST 2013-4 RECEIVABLES TRUST 2013-4 RECEIVABLES TRUST 2014-1 RECEIVABLES TRUST 2014-1 RECEIVABLES TRUST 2014-1 RECEIVABLES TRUST 2014-1 RECEIVABLES TRUST 2014-1 RECEIVABLES TRUST 2014-1 RECEIVABLES TRUST 2014-1 A-2 AAA (sf) 34.70 59.24 A-3 AAA (sf) 34.70 59.24 B AA+ (sf) 27.45 47.36 C A+ (sf) 18.45 32.61 D BBB+ (sf) 9.60 18.10 E BBB- (sf) 7.25 14.25 A-2 AAA (sf) 34.70 56.45 A-3 AAA (sf) 34.70 56.45 B AA+ (sf) 27.45 45.30 C A+ (sf) 18.45 31.47 D BBB+ (sf) 9.60 17.86 E BBB (sf) 7.25 14.25 A-2 AAA (sf) 34.70 49.94 A-3 AAA (sf) 34.70 49.94 B AA+ (sf) 27.45 40.51 C A+ (sf) 18.45 28.81 D BBB+ (sf) 9.60 17.31 E BBB (sf) 7.25 14.25 A-1 A-1+ (sf) 34.70 38.37 A-2 AAA (sf) 34.70 38.37 A-3 AAA (sf) 34.70 38.37 B AA+ (sf) 27.45 30.80 C A+ (sf) 18.45 21.41 D BBB+ (sf) 9.60 12.17 E BB+ (sf) 7.25 9.72 WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 22, 2014 42

Table 48 Outstanding Ratings And Credit Enhancement As of June 2014 (cont.) 14179BAA9 14179BAC5 14179BAE1 14179BAG6 14179BAJ0 14178UAA8 14178UAC4 14178UAE0 14178UAG5 14178UAJ9 14366UAC6 14366UAD4 14366TAA3 14366TAB1 14366TAC9 14366TAD7 14366TAE5 126186AA3 126186AB1 126195AA4 126195AB2 126195AC0 126195AD8 12623NAA9 12623NAB7 CARFINANCE CAPITAL AUTO TRUST 2013-2 CARFINANCE CAPITAL AUTO TRUST 2013-2 CARFINANCE CAPITAL AUTO TRUST 2013-2 CARFINANCE CAPITAL AUTO TRUST 2013-2 CARFINANCE CAPITAL AUTO TRUST 2013-2 CARFINANCE CAPITAL AUTO TRUST 2014-1 CARFINANCE CAPITAL AUTO TRUST 2014-1 CARFINANCE CAPITAL AUTO TRUST 2014-1 CARFINANCE CAPITAL AUTO TRUST 2014-1 CARFINANCE CAPITAL AUTO TRUST 2014-1 CARNOW AUTO RECEIVABLES TRUST 2012-1 CARNOW AUTO RECEIVABLES TRUST 2012-1 CARNOW AUTO RECEIVABLES TRUST 2013-1 CARNOW AUTO RECEIVABLES TRUST 2013-1 CARNOW AUTO RECEIVABLES TRUST 2013-1 CARNOW AUTO RECEIVABLES TRUST 2013-1 CARNOW AUTO RECEIVABLES TRUST 2013-1 2011-A 2011-A 2011-B 2011-B 2011-B 2011-B 2011-C 2011-C A A (sf) 37.00 50.47 B A- (sf) 17.50 26.25 C BBB (sf) 11.50 18.80 D BB (sf) 8.00 14.45 E B (sf) 4.00 9.48 A A (sf) 32.00 35.30 B A- (sf) 16.00 18.60 C BBB (sf) 10.45 12.81 D BB (sf) 6.25 8.42 E BB- (sf) 4.00 6.07 C BBB (sf) 21.65 100.57 D BB (sf) 17.15 60.00 A AA (sf) 40.30 69.10 B A (sf) 29.05 47.71 C BBB (sf) 19.15 28.88 D BB (sf) 15.25 21.46 E B (sf) 10.75 12.90 A AA (sf) 23.00 32.00 B AA- (sf) 16.75 25.06 A AA (sf) 20.00 36.41 B AA- (sf) 12.00 26.41 C A+ (sf) 7.00 17.41 D A (sf) 3.00 12.82 A A+ (sf) 20.00 32.43 B A (sf) 12.00 22.43 WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 22, 2014 43

Table 48 Outstanding Ratings And Credit Enhancement As of June 2014 (cont.) 12623NAC5 12623NAD3 126185AA5 126185AB3 126185AC1 126185AD9 12624GAA3 12624GAB1 12624GAC9 12624GAD7 126176AA4 126176AB2 126176AC0 126176AD8 126176AE6 12624VAA0 12624VAB8 12624VAC6 12624VAD4 12624VAE2 12625AAA5 12625AAB3 12625AAC1 12625AAD9 12625AAE7 2011-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) 7.00 14.43 D BBB+ (sf) 2.50 10.64 A AA (sf) 17.00 31.95 B AA- (sf) 11.00 21.95 C A+ (sf) 6.00 14.95 D A (sf) 2.00 11.91 A A (sf) 16.00 28.02 B BBB (sf) 10.00 18.02 C BB (sf) 5.00 11.02 D B+ (sf) 1.00 6.99 A AA- (sf) 25.00 36.93 B A (sf) 16.00 27.93 C BBB (sf) 10.00 17.93 D BB (sf) 5.00 10.93 E B+ (sf) 1.00 6.77 A AA- (sf) 24.50 36.75 B A (sf) 15.50 27.75 C BBB+ (sf) 9.50 17.75 D BB (sf) 4.50 10.75 E BB- (sf) 1.00 6.13 A AA- (sf) 24.25 36.19 B A (sf) 15.25 27.19 C BBB (sf) 9.25 18.54 D BB (sf) 4.25 11.33 E BB- (sf) 1.00 6.63 WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 22, 2014 44

Table 48 Outstanding Ratings And Credit Enhancement As of June 2014 (cont.) 12625JAA6 12625JAB4 12625JAC2 12625JAD0 12625JAE8 22411KAA0 22411KAB8 22411KAC6 22411KAD4 22411KAE2 12626VAA8 12626VAB6 12626VAC4 12626VAD2 12626VAE0 12631BAA5 12631BAB3 12631BAC1 12631BAD9 12631BAE7 22532JAB5 22532VAA0 22532VAC6 22533CAA1 22533CAC7 2013-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 2011-1 CREDIT ACCEPTANCE AUTO LOAN TRUST 2012-1 CREDIT ACCEPTANCE AUTO LOAN TRUST 2012-1 CREDIT ACCEPTANCE AUTO LOAN TRUST 2012-2 CREDIT ACCEPTANCE AUTO LOAN TRUST 2012-2 A AA- (sf) 23.75 35.58 B A (sf) 14.75 26.58 C BBB (sf) 8.75 18.58 D BB (sf) 3.75 11.92 E BB- (sf) 1.00 8.25 A AA- (sf) 26.50 36.69 B A (sf) 14.75 22.64 C BBB (sf) 8.75 15.46 D BB (sf) 3.75 9.49 E B+ (sf) 1.00 6.20 A AA- (sf) 26.50 34.22 B A (sf) 14.75 21.26 C BBB (sf) 8.75 14.65 D BBB- (sf) 3.75 9.14 E BB- (sf) 1.00 6.10 A AA- (sf) 29.50 33.87 B A (sf) 18.00 21.95 C BBB (sf) 8.75 12.36 D BB+ (sf) 3.75 7.17 E B+ (sf) 1.00 4.32 B AA (sf) 21.66 78.94 A AAA (sf) 37.43 37.43 B AA (sf) 21.64 21.64 A AAA (sf) 34.64 34.64 B AA (sf) 21.63 21.63 WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 22, 2014 45

Table 48 Outstanding Ratings And Credit Enhancement As of June 2014 (cont.) 22533FAA4 22533FAC0 22533NAA7 22533NAC3 22533PAA2 22533PAC8 CREDIT ACCEPTANCE AUTO LOAN TRUST 2013-1 CREDIT ACCEPTANCE AUTO LOAN TRUST 2013-1 CREDIT ACCEPTANCE AUTO LOAN TRUST 2013-2 CREDIT ACCEPTANCE AUTO LOAN TRUST 2013-2 CREDIT ACCEPTANCE AUTO LOAN TRUST 2014-1 CREDIT ACCEPTANCE AUTO LOAN TRUST 2014-1 A AAA (sf) 38.67 38.67 B AA (sf) 26.82 26.82 A AAA (sf) 40.42 40.42 B AA (sf) 22.51 22.51 A AAA (sf) 39.95 39.95 B AA (sf) 21.80 21.80 23336MAD0 DT AUTO OWNER TRUST 2011-3 D AA- (sf) 19.20 31.44 23336PAC5 DT AUTO OWNER TRUST 2012-1 C AA (sf) 44.00 103.53 23336PAD3 DT AUTO OWNER TRUST 2012-1 D A+ (sf) 23.15 31.16 23336TAB9 DT AUTO OWNER TRUST 2012-2 B AA+ (sf) 45.17 98.34 23336TAC7 DT AUTO OWNER TRUST 2012-2 C AA (sf) 38.50 80.00 23336TAD5 DT AUTO OWNER TRUST 2012-2 D A- (sf) 19.10 26.63 23339QAA4 DT AUTO OWNER TRUST 2013-1 A AAA (sf) 64.25 91.26 23339QAB2 DT AUTO OWNER TRUST 2013-1 B AA (sf) 52.50 73.26 23339QAC0 DT AUTO OWNER TRUST 2013-1 C A (sf) 40.50 54.87 23339QAD8 DT AUTO OWNER TRUST 2013-1 D BBB (sf) 22.50 27.30 23339XAA9 DT AUTO OWNER TRUST 2013-2 A AAA (sf) 64.15 79.40 23339XAB7 DT AUTO OWNER TRUST 2013-2 B AA (sf) 52.30 64.40 23339XAC5 DT AUTO OWNER TRUST 2013-2 C A (sf) 42.50 52.00 23339XAD3 DT AUTO OWNER TRUST 2013-2 D BBB (sf) 24.20 28.85 23339UAA5 DT AUTO OWNER TRUST 2014-1 A AAA (sf) 64.01 72.79 23339UAB3 DT AUTO OWNER TRUST 2014-1 B AA (sf) 54.01 61.48 23339UAC1 DT AUTO OWNER TRUST 2014-1 C A (sf) 40.30 45.96 23339UAD9 DT AUTO OWNER TRUST 2014-1 D BBB (sf) 25.00 28.65 23339YAA7 DT AUTO OWNER TRUST 2014-2 A AAA (sf) 64.00 68.04 23339YAB5 DT AUTO OWNER TRUST 2014-2 B AA (sf) 54.00 57.75 23339YAC3 DT AUTO OWNER TRUST 2014-2 C A (sf) 39.50 42.81 23339YAD1 DT AUTO OWNER TRUST 2014-2 D BBB (sf) 24.50 27.37 301655AA4 301655AC0 301655AE6 301655AG1 301658AA8 301658AC4 EXETER AUTOMOBILE RECEIVABLES TRUST 2012-1 EXETER AUTOMOBILE RECEIVABLES TRUST 2012-1 EXETER AUTOMOBILE RECEIVABLES TRUST 2012-1 EXETER AUTOMOBILE RECEIVABLES TRUST 2012-1 EXETER AUTOMOBILE RECEIVABLES TRUST 2012-2 EXETER AUTOMOBILE RECEIVABLES TRUST 2012-2 A AA (sf) 32.42 101.00 B AA- (sf) 20.91 66.08 C A+ (sf) 12.33 40.08 D BB (sf) 4.00 14.81 A AA (sf) 31.77 67.62 B AA- (sf) 20.01 43.67 WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 22, 2014 46

Table 48 Outstanding Ratings And Credit Enhancement As of June 2014 (cont.) 301658AE0 301658AG5 301657AA0 301657AC6 301657AE2 301657AG7 30165PAA0 30165PAC6 30165PAE2 30165PAG7 30165QAA8 30165QAB6 30165QAC4 30165QAD2 32057YAD2 32057YAG5 32057YAK6 32057YAN0 32057YAR1 32058CAC1 32058CAE7 32058CAG2 32058CAJ6 32058CAL1 32057WAC8 EXETER AUTOMOBILE RECEIVABLES TRUST 2012-2 EXETER AUTOMOBILE RECEIVABLES TRUST 2012-2 EXETER AUTOMOBILE RECEIVABLES TRUST 2013-1 EXETER AUTOMOBILE RECEIVABLES TRUST 2013-1 EXETER AUTOMOBILE RECEIVABLES TRUST 2013-1 EXETER AUTOMOBILE RECEIVABLES TRUST 2013-1 EXETER AUTOMOBILE RECEIVABLES TRUST 2013-2 EXETER AUTOMOBILE RECEIVABLES TRUST 2013-2 EXETER AUTOMOBILE RECEIVABLES TRUST 2013-2 EXETER AUTOMOBILE RECEIVABLES TRUST 2013-2 EXETER AUTOMOBILE RECEIVABLES TRUST 2014-1 EXETER AUTOMOBILE RECEIVABLES TRUST 2014-1 EXETER AUTOMOBILE RECEIVABLES TRUST 2014-1 EXETER AUTOMOBILE RECEIVABLES TRUST 2014-1 OWNER TRUST 2011-2 OWNER TRUST 2011-2 OWNER TRUST 2011-2 OWNER TRUST 2011-2 OWNER TRUST 2011-2 OWNER TRUST 2012-1 OWNER TRUST 2012-1 OWNER TRUST 2012-1 OWNER TRUST 2012-1 OWNER TRUST 2012-1 OWNER TRUST 2012-2 C BBB (sf) 9.88 23.05 D BB (sf) 4.00 11.07 A AA (sf) 36.00 57.54 B A (sf) 25.25 41.73 C BBB (sf) 13.00 23.71 D BB (sf) 5.00 11.94 A AA (sf) 41.00 58.64 B A (sf) 28.00 42.18 C BBB (sf) 18.75 30.46 D BB (sf) 6.00 14.32 A AA (sf) 41.00 48.11 B A (sf) 28.00 34.06 C BBB (sf) 18.75 24.06 D BB (sf) 6.00 10.28 A-2 AAA (sf) 26.00 103.45 B AAA (sf) 20.75 81.93 C AA+ (sf) 12.75 49.11 D AA (sf) 5.25 18.37 E A+ (sf) 3.25 10.15 A-2 AAA (sf) 23.50 84.57 B AA+ (sf) 16.83 61.43 C AA (sf) 8.83 33.66 D A+ (sf) 2.83 12.83 E BBB+ (sf) 1.50 8.21 A-2 AAA (sf) 20.60 46.65 WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 22, 2014 47

Table 48 Outstanding Ratings And Credit Enhancement As of June 2014 (cont.) 32057WAE4 32057WAG9 32057WAJ3 32058EAC7 32058EAE3 32058EAG8 32058EAJ2 32058DAC9 32058DAE5 32058DAG0 32058DAJ4 32058BAB5 32058BAC3 32058BAD1 32058BAE9 32058BAF6 32058FAA8 32058FAC4 32058FAE0 32058FAG5 32058FAJ9 32058FAL4 33843BAC1 33843BAE7 33843BAG2 OWNER TRUST 2012-2 OWNER TRUST 2012-2 OWNER TRUST 2012-2 OWNER TRUST 2013-1 OWNER TRUST 2013-1 OWNER TRUST 2013-1 OWNER TRUST 2013-1 OWNER TRUST 2013-2 OWNER TRUST 2013-2 OWNER TRUST 2013-2 OWNER TRUST 2013-2 OWNER TRUST 2013-3 OWNER TRUST 2013-3 OWNER TRUST 2013-3 OWNER TRUST 2013-3 OWNER TRUST 2013-3 OWNER TRUST 2014-1 OWNER TRUST 2014-1 OWNER TRUST 2014-1 OWNER TRUST 2014-1 OWNER TRUST 2014-1 OWNER TRUST 2014-1 FLAGSHIP CREDIT AUTO TRUST 2012-1 FLAGSHIP CREDIT AUTO TRUST 2012-1 FLAGSHIP CREDIT AUTO TRUST 2012-1 B AA+ (sf) 15.51 35.32 C AA (sf) 7.59 17.68 D BBB+ (sf) 2.50 6.34 A-2 AAA (sf) 19.90 39.11 B AA+ (sf) 14.55 29.27 C A+ (sf) 6.53 14.51 D BBB (sf) 1.50 5.26 A-2 AAA (sf) 19.50 30.93 B AA (sf) 14.50 23.64 C A (sf) 7.00 12.70 D BBB (sf) 1.50 4.69 A-2 AAA (sf) 19.20 26.08 A-3 AAA (sf) 19.20 26.08 B AA (sf) 14.60 20.50 C A (sf) 6.30 10.44 D BBB (sf) 1.50 4.62 A-1 A-1+ (sf) 19.98 22.57 A-2 AAA (sf) 19.98 22.57 A-3 AAA (sf) 19.98 22.57 B AA (sf) 15.14 17.54 C A (sf) 7.41 9.51 D BBB (sf) 1.50 3.37 B AA (sf) 22.69 49.21 C A (sf) 13.19 28.29 D BB+ (sf) 7.00 14.66 WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 22, 2014 48

Table 48 Outstanding Ratings And Credit Enhancement As of June 2014 (cont.) 33843CAA3 33843CAC9 33843CAE5 33843CAG0 33843DAA1 33843DAC7 33843DAE3 33843DAG8 33843HAA2 33843HAC8 33843HAE4 33843HAG9 33843HAJ3 FLAGSHIP CREDIT AUTO TRUST 2013-1 FLAGSHIP CREDIT AUTO TRUST 2013-1 FLAGSHIP CREDIT AUTO TRUST 2013-1 FLAGSHIP CREDIT AUTO TRUST 2013-1 FLAGSHIP CREDIT AUTO TRUST 2013-2 FLAGSHIP CREDIT AUTO TRUST 2013-2 FLAGSHIP CREDIT AUTO TRUST 2013-2 FLAGSHIP CREDIT AUTO TRUST 2013-2 FLAGSHIP CREDIT AUTO TRUST 2014-1 FLAGSHIP CREDIT AUTO TRUST 2014-1 FLAGSHIP CREDIT AUTO TRUST 2014-1 FLAGSHIP CREDIT AUTO TRUST 2014-1 FLAGSHIP CREDIT AUTO TRUST 2014-1 A AA (sf) 25.24 43.07 B A+ (sf) 18.85 33.56 C BBB (sf) 9.58 19.78 D BB (sf) 4.00 11.47 A A+ (sf) 24.79 35.00 B A (sf) 17.95 26.96 C BBB (sf) 9.13 16.60 D BB (sf) 4.25 10.85 A AA (sf) 30.76 35.87 B A (sf) 18.82 22.49 C BBB (sf) 10.07 12.69 D BB+ (sf) 6.73 8.94 E BB- (sf) 4.00 5.89 695505AB3 PAGE FIVE FUNDING LLC A AA (sf) 30.00 56.46 695505AC1 PAGE FIVE FUNDING LLC B AA- (sf) 20.00 53.93 74112TAN6 74112TAR7 74112VAE1 74112VAG6 74112VAJ0 74112WAC3 74112WAE9 74112WAG4 74112WAJ8 74112WAL3 74113AAA4 PRESTIGE AUTO RECEIVABLES TRUST 2011-1 PRESTIGE AUTO RECEIVABLES TRUST 2011-1 PRESTIGE AUTO RECEIVABLES TRUST 2012-1 PRESTIGE AUTO RECEIVABLES TRUST 2012-1 PRESTIGE AUTO RECEIVABLES TRUST 2012-1 PRESTIGE AUTO RECEIVABLES TRUST 2013-1 PRESTIGE AUTO RECEIVABLES TRUST 2013-1 PRESTIGE AUTO RECEIVABLES TRUST 2013-1 PRESTIGE AUTO RECEIVABLES TRUST 2013-1 PRESTIGE AUTO RECEIVABLES TRUST 2013-1 PRESTIGE AUTO RECEIVABLES TRUST 2014-1 C AA+ (sf) 8.75 54.40 D AA (sf) 2.75 13.86 A-3 AAA (sf) 19.25 50.06 B AA+ (sf) 12.25 30.59 C AA (sf) 7.00 15.98 A-2 AAA (sf) 19.82 31.39 A-3 AAA (sf) 19.82 31.39 B AA+ (sf) 13.60 22.33 C A+ (sf) 7.66 13.69 D BBB (sf) 2.00 5.46 A-1 A-1+ (sf) 22.41 26.98 WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 22, 2014 49

Table 48 Outstanding Ratings And Credit Enhancement As of June 2014 (cont.) 74113AAC0 74113AAE6 74113AAG1 74113AAJ5 74113AAL0 80282GAE5 80282HAE3 80282FAG2 80281UAE5 80281UAF2 80282TAE7 80282TAF4 80282TAG2 80282JAD1 80282JAE9 80282JAF6 80282JAG4 80282NAA8 80281AAD1 80281AAE9 80281AAF6 80281AAG4 80282VAD4 80282VAE2 80282VAF9 PRESTIGE AUTO RECEIVABLES TRUST 2014-1 PRESTIGE AUTO RECEIVABLES TRUST 2014-1 PRESTIGE AUTO RECEIVABLES TRUST 2014-1 PRESTIGE AUTO RECEIVABLES TRUST 2014-1 PRESTIGE AUTO RECEIVABLES TRUST 2014-1 RECEIVABLES TRUST 2010-2 RECEIVABLES TRUST 2010-3 RECEIVABLES TRUST 2010-A RECEIVABLES TRUST 2010-B RECEIVABLES TRUST 2010-B RECEIVABLES TRUST 2011-3 RECEIVABLES TRUST 2011-3 RECEIVABLES TRUST 2011-3 RECEIVABLES TRUST 2011-4 RECEIVABLES TRUST 2011-4 RECEIVABLES TRUST 2011-4 RECEIVABLES TRUST 2011-4 RECEIVABLES TRUST 2011-S2 RECEIVABLES TRUST 2012-1 RECEIVABLES TRUST 2012-1 RECEIVABLES TRUST 2012-1 RECEIVABLES TRUST 2012-1 RECEIVABLES TRUST 2012-2 RECEIVABLES TRUST 2012-2 RECEIVABLES TRUST 2012-2 A-2 AAA (sf) 22.41 26.98 A-3 AAA (sf) 22.41 26.98 B AA (sf) 16.21 20.45 C A+ (sf) 8.66 12.51 D BBB (sf) 2.61 6.14 C AA+ (sf) 24.00 50.74 C AA+ (sf) 23.25 47.41 A-4 AAA (sf) 42.25 68.44 C AAA (sf) 23.25 98.42 D AA+ (sf) 12.00 34.38 C AA (sf) 19.50 65.48 D AA- (sf) 10.50 33.03 E A+ (sf) 7.50 22.21 B AA+ (sf) 31.50 94.75 C AA (sf) 19.50 57.94 D AA- (sf) 10.50 30.34 E A+ (sf) 7.50 21.13 B AA+ (sf) 40.71 52.73 B AA+ (sf) 34.50 87.72 C AA (sf) 22.50 54.15 D AA- (sf) 13.50 28.98 E A (sf) 10.50 20.59 B AA+ (sf) 34.50 81.98 C AA (sf) 22.50 51.07 D AA- (sf) 14.50 30.46 WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 22, 2014 50

Table 48 Outstanding Ratings And Credit Enhancement As of June 2014 (cont.) 80282VAG7 80282WAC4 80282WAD2 80282WAE0 80282WAF7 80282WAG5 80282UAC8 80282UAD6 80282UAE4 80282UAF1 80282UAG9 80283BAC9 80283BAD7 80283BAE5 80283BAF2 80283BAG0 80283FAC0 80283FAD8 80283FAE6 80283FAF3 80283FAG1 80283DAB7 80283DAC5 80283DAD3 80283DAE1 RECEIVABLES TRUST 2012-2 RECEIVABLES TRUST 2012-3 RECEIVABLES TRUST 2012-3 RECEIVABLES TRUST 2012-3 RECEIVABLES TRUST 2012-3 RECEIVABLES TRUST 2012-3 RECEIVABLES TRUST 2012-5 RECEIVABLES TRUST 2012-5 RECEIVABLES TRUST 2012-5 RECEIVABLES TRUST 2012-5 RECEIVABLES TRUST 2012-5 RECEIVABLES TRUST 2012-A RECEIVABLES TRUST 2012-A RECEIVABLES TRUST 2012-A RECEIVABLES TRUST 2012-A RECEIVABLES TRUST 2012-A RECEIVABLES TRUST 2013-1 RECEIVABLES TRUST 2013-1 RECEIVABLES TRUST 2013-1 RECEIVABLES TRUST 2013-1 RECEIVABLES TRUST 2013-1 RECEIVABLES TRUST 2013-2 RECEIVABLES TRUST 2013-2 RECEIVABLES TRUST 2013-2 RECEIVABLES TRUST 2013-2 E A+ (sf) 10.50 20.15 A-3 AAA (sf) 44.00 96.34 B AA+ (sf) 34.50 74.57 C AA (sf) 22.50 47.08 D AA- (sf) 13.50 26.46 E A+ (sf) 10.50 19.58 A-3 AAA (sf) 44.00 85.04 B AA (sf) 33.25 63.83 C A (sf) 21.25 40.15 D BBB (sf) 13.50 24.86 E BB+ (sf) 10.50 18.95 A-3 AAA (sf) 43.00 77.42 B AA (sf) 33.25 59.78 C A (sf) 21.25 38.07 D BBB (sf) 13.50 24.05 E BB+ (sf) 10.50 18.62 A-3 AAA (sf) 43.00 71.84 B AA (sf) 33.25 55.78 C A (sf) 21.25 36.01 D BBB (sf) 13.50 23.24 E BB+ (sf) 10.50 18.30 A-2 AAA (sf) 43.00 67.29 A-3 AAA (sf) 43.00 67.29 B AA (sf) 33.25 52.40 C A (sf) 21.25 34.08 WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 22, 2014 51

Table 48 Outstanding Ratings And Credit Enhancement As of June 2014 (cont.) 80283DAF8 80283DAG6 80283GAB0 80283GAC8 80283GAD6 80283GAE4 80283GAF1 80283GAG9 80283HAB8 80283HAC6 80283HAD4 80283HAE2 80283HAF9 80283HAH5 80283JAB4 80283JAC2 80283JAD0 80283JAE8 80283JAF5 80283JAG3 80283NAA7 80283NAB5 80283NAC3 80283NAD1 80283NAE9 RECEIVABLES TRUST 2013-2 RECEIVABLES TRUST 2013-2 RECEIVABLES TRUST 2013-3 RECEIVABLES TRUST 2013-3 RECEIVABLES TRUST 2013-3 RECEIVABLES TRUST 2013-3 RECEIVABLES TRUST 2013-3 RECEIVABLES TRUST 2013-3 RECEIVABLES TRUST 2013-4 RECEIVABLES TRUST 2013-4 RECEIVABLES TRUST 2013-4 RECEIVABLES TRUST 2013-4 RECEIVABLES TRUST 2013-4 RECEIVABLES TRUST 2013-4 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 2014-1 RECEIVABLES TRUST 2014-1 RECEIVABLES TRUST 2014-1 RECEIVABLES TRUST 2014-1 RECEIVABLES TRUST 2014-1 D BBB (sf) 15.75 25.69 E BB+ (sf) 10.75 18.05 A-2 AAA (sf) 43.00 64.16 A-3 AAA (sf) 43.00 64.16 B AA (sf) 33.25 50.17 C A (sf) 21.25 32.94 D BBB+ (sf) 15.75 25.05 E BB+ (sf) 10.75 17.87 A-2 AAA (sf) 43.00 61.27 A-3 AAA (sf) 43.00 61.27 B AA (sf) 33.25 48.10 C A (sf) 21.25 31.89 D BBB+ (sf) 15.75 24.46 E BB+ (sf) 10.75 17.70 A-2 AAA (sf) 43.00 59.78 A-3 AAA (sf) 43.00 59.78 B AA (sf) 33.25 47.03 C A (sf) 21.25 31.34 D BBB+ (sf) 15.75 24.15 E BB+ (sf) 10.75 17.61 A-1 A-1+ (sf) 45.80 57.00 A-2A AAA (sf) 45.80 57.00 A-2B AAA (sf) 45.80 57.00 A-3 AAA (sf) 45.80 57.00 B AA (sf) 33.90 43.43 WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 22, 2014 52

Table 48 Outstanding Ratings And Credit Enhancement As of June 2014 (cont.) 80283NAF6 80283NAG4 80283NAH2 80283PAA2 80283RAA8 80283QAA0 80283UAA1 80283TAA4 80283VAA9 78459TAC2 78459TAE8 78459TAG3 78392NAA9 78392NAC5 78392NAE1 78392NAG6 78459WAA9 78459WAB7 78459WAC5 78459WAD3 78459WAE1 88641UAC7 88641UAD5 88641UAE3 909439AE1 RECEIVABLES TRUST 2014-1 RECEIVABLES TRUST 2014-1 RECEIVABLES TRUST 2014-1 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 2012-1 SNAAC AUTO RECEIVABLES TRUST 2012-1 SNAAC AUTO RECEIVABLES TRUST 2012-1 SNAAC AUTO RECEIVABLES TRUST 2013-1 SNAAC AUTO RECEIVABLES TRUST 2013-1 SNAAC AUTO RECEIVABLES TRUST 2013-1 SNAAC AUTO RECEIVABLES TRUST 2013-1 SNAAC AUTO RECEIVABLES TRUST 2014-1 SNAAC AUTO RECEIVABLES TRUST 2014-1 SNAAC AUTO RECEIVABLES TRUST 2014-1 SNAAC AUTO RECEIVABLES TRUST 2014-1 SNAAC AUTO RECEIVABLES TRUST 2014-1 TIDEWATER AUTO RECEIVABLES TRUST 2012-A TIDEWATER AUTO RECEIVABLES TRUST 2012-A TIDEWATER AUTO RECEIVABLES TRUST 2012-A UNITED AUTO CREDIT SECURITIZATION TRUST 2012-1 C A (sf) 21.85 29.68 D BBB+ (sf) 15.90 22.90 E BB+ (sf) 10.75 17.03 S1-R BBB (sf) 6.92 9.30 S2-R BBB (sf) 6.26 8.02 S3-R BBB (sf) 7.96 10.14 S4-R BBB (sf) 7.34 9.38 S5-R BBB (sf) 6.63 9.19 S6-R BBB (sf) 8.76 11.01 B AAA (sf) 20.08 84.65 C AA+ (sf) 11.12 41.10 D BBB+ (sf) 6.00 16.22 A AAA (sf) 26.94 57.66 B AA+ (sf) 17.40 38.10 C A- (sf) 8.45 19.73 D BBB (sf) 4.00 10.60 A AAA (sf) 30.59 34.97 B AA (sf) 24.68 28.60 C A (sf) 16.31 19.57 D BBB (sf) 7.93 10.54 E BB (sf) 3.50 5.76 A-3 AAA (sf) 24.30 56.34 B AA (sf) 19.40 43.86 C A- (sf) 7.50 13.55 B AA+ (sf) 27.39 98.50 WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 22, 2014 53

Table 48 Outstanding Ratings And Credit Enhancement As of June 2014 (cont.) 909439AG6 909439AJ0 90943PAB1 90943PAC9 90943PAD7 90943PAE5 90943PAF2 96041XAC0 96041XAE6 96041XAG1 96041UAB8 96041UAC6 96041UAD4 96041QAA9 96041QAB7 96041QAC5 96041QAD3 96041QAE1 UNITED AUTO CREDIT SECURITIZATION TRUST 2012-1 UNITED AUTO CREDIT SECURITIZATION TRUST 2012-1 UNITED AUTO CREDIT SECURITIZATION TRUST 2013-1 UNITED AUTO CREDIT SECURITIZATION TRUST 2013-1 UNITED AUTO CREDIT SECURITIZATION TRUST 2013-1 UNITED AUTO CREDIT SECURITIZATION TRUST 2013-1 UNITED AUTO CREDIT SECURITIZATION TRUST 2013-1 WESTLAKE AUTOMOBILE RECEIVABLES TRUST 2012-1 WESTLAKE AUTOMOBILE RECEIVABLES TRUST 2012-1 WESTLAKE AUTOMOBILE RECEIVABLES TRUST 2012-1 WESTLAKE AUTOMOBILE RECEIVABLES TRUST 2013-1 WESTLAKE AUTOMOBILE RECEIVABLES TRUST 2013-1 WESTLAKE AUTOMOBILE RECEIVABLES TRUST 2013-1 WESTLAKE AUTOMOBILE RECEIVABLES TRUST 2014-1 WESTLAKE AUTOMOBILE RECEIVABLES TRUST 2014-1 WESTLAKE AUTOMOBILE RECEIVABLES TRUST 2014-1 WESTLAKE AUTOMOBILE RECEIVABLES TRUST 2014-1 WESTLAKE AUTOMOBILE RECEIVABLES TRUST 2014-1 C AA- (sf) 16.52 55.00 D BBB (sf) 7.65 19.50 A-2 AAA (sf) 43.50 83.06 B AA (sf) 33.35 64.54 C A+ (sf) 25.55 50.30 D BBB+ (sf) 17.20 35.06 E BB (sf) 5.25 13.25 A-2 AAA (sf) 29.51 92.19 B AA+ (sf) 20.39 56.55 C AA- (sf) 11.00 19.86 A-2 AAA (sf) 28.70 44.25 B AA (sf) 22.20 33.90 C A (sf) 12.15 17.89 A-1 A-1+ (sf) 33.45 36.10 A-2 AAA (sf) 33.45 36.10 B AA (sf) 25.70 28.05 C A (sf) 15.70 17.66 D BBB (sf) 6.70 8.32 (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 WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 22, 2014 54

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. WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 22, 2014 55

Copyright 2014 Standard & Poor's Financial Services LLC, a part of McGraw Hill Financial. All rights reserved. No content (including ratings, credit-related analyses and data, valuations, model, software or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor's Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an "as is" basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT'S FUNCTIONING WILL BE UNINTERRUPTED, OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages. Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&P's opinions, analyses, and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. S&P does not act as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw, or suspend such acknowledgement at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal, or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof. S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain nonpublic information received in connection with each analytical process. S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, www.standardandpoors.com (free of charge), and www.ratingsdirect.com and www.globalcreditportal.com (subscription) and www.spcapitaliq.com (subscription) and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at www.standardandpoors.com/usratingsfees. WWW.STANDARDANDPOORS.COM/RATINGSDIRECT JULY 22, 2014 56