RatingsDirect Commentary 1228249 Jan-02-2014!16!14

U.S. Auto Loan ABS Tracker:November 2013

Primary Credit Analysts:

Mark M Risi, New York (1) 212-438-2588; [email protected]

Rahel Avigdor, New York (1) 212-438-4067; [email protected]

Secondary Contact:

Amy S Martin, New York (1) 212-438-2538; [email protected]

Analytical Manager, ABS Term Surveillance:

Gary P Kochubka, New York (1) 212-438-2514; [email protected]

Analytical Manager, ABS Term New Issuance:

M. Scott Sehnert, New York (1) 212-438-2603; [email protected]

Research Contributor:

Naveen B Jathan, Mumbai; [email protected]

Table Of Contents

The Net Loss Rate Is At A Three-Year High For The Subprime Sector,

While Stable In The Prime Sector

Recovery Rate Rises For Both Subprime And Prime Sector

Sixty-Plus-Day Delinquencies Increased Moderately For Subprime, While

Remaining Stable for Prime

Auto Loan ABS New Issuance Summary

Recent ABS Auto Loan Rating Activity

U.S. ABS Auto Loan Historical Ratings

Auto Loan Static Index And Collateral Trends Data

Issuer-Specific Cumulative Net Loss Index Data

WWW.STANDARDANDPOORS.COM/RATINGSDIRECT DECEMBER 16, 2013 1

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Table Of Contents (cont.)

Auto Loan Static Index Performance Data


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U.S. Auto Loan ABS Tracker: November 2013

U.S. auto loan asset backed securities (ABS) performance weakened in October 2013. Net losses for the overall

portfolio increased to 2.29%, from 2.04% in September, representing the highest net loss month since January 2010,

when losses were at 2.70%. While losses increased, recovery rates improved to 54.15% in October from 50.47% in

September, while delinquencies remained steady. (See table 1.)

Overview

Losses and delinquencies increased in the subprime sector in October from September, but remained stable in

the prime sector.

Recovery rates increased in both the prime and subprime sectors.

Standard & Poor's rated four new issuance auto loan ABS transactions that closed in November.

Table 1

Auto Loan ABS Performance

Oct-07 Oct-08 Oct-09 Oct-10 Oct-11 Oct-12 Sep-13 Oct-13

Net loss rate (%) 2.83 3.83 2.70 1.78 1.56 1.50 2.04 2.29

Recoveries (%) 44.23 41.05 49.97 52.88 61.55 55.74 50.47 54.15

Delinquency 60+ (%) 1.39 1.49 1.28 0.96 0.91 0.95 1.27 1.26

ABS--Asset-backed securities.

The Net Loss Rate Is At A Three-Year High For The Subprime Sector, WhileStable In The Prime Sector

The net loss rate in the subprime sector peaked at 6.65% in October 2013, up by approximately 17% from September

2013 (5.66%). (See table 2 and chart 1.) The subprime sector had not seen a level of losses this high since March 2010,

when it was 6.76%.

The average net loss rate for 2013 through October is 4.54%. While this is higher than the average net loss rate for the

first 10 months of 2012 (3.96%), it is comparable to the average for the first 10 months of 2011 (4.59%) and lower than

the average for the first 10 months of 2010 (5.86%). In addition, the average October net loss rate in the subprime

sector has been 6.98% since 2006--above the 6.65% rate in October 2013.

The net loss rate in the prime sector was 0.40% in October, unchanged from September. The average net loss rate for

2013 through October is 0.33%. This is comparable to the average net loss rate for the first 10 months of 2012 (0.30%),

and significantly lower than the average for the first 10 months of 2011 and 2010 (0.55% and 0.85%, respectively).

We calculate the net loss rate as a percentage of the collateral balance at the beginning of the month, which we then

annualize.


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We generally categorize prime ABS transactions as those backed by loan pools with initial expected cumulative net

losses of 3% or less, average FICO scores of 680 or higher, and annual percentage rates (APRs) of 0% to 5%. We

generally expect loan pools backing subprime ABS transactions to have cumulative net losses of at least 7.5%, average

FICO scores of less than 620, and APRs exceeding 14%.

Table 2

Net Loss Rate


Prime (%) 0.81 1.64 1.44 0.81 0.54 0.34 0.40 0.40

Subprime (%) 7.51 10.92 8.70 6.19 5.27 5.05 5.66 6.65

Chart 1

Recovery Rate Rises For Both Subprime And Prime Sector

Recovery rates rose in both the subprime and prime sectors (see table 3 and chart 2). In the subprime sector, the

recovery rate was 43.56% in October, up by approximately 5% from the 41.31% September rate. Recoveries also

increased in the prime sector to 59.50% in October, up 9% from the 54.68% rate in September.


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We calculate the recovery rate as the percentage of a defaulted loan's total value that is recovered through liquidation

of the collateral or post disposition.

Table 3

Recovery Rate


Prime (%) 48.18 43.36 52.80 54.47 66.67 58.71 54.68 59.50

Subprime (%) 36.96 34.31 41.98 43.89 42.34 46.28 41.31 43.56

Chart 2

Sixty-Plus-Day Delinquencies Increased Moderately For Subprime, WhileRemaining Stable for Prime

The delinquency rate in the subprime sector was 3.39% in October, up slightly from 3.30% in September. The

delinquency rate in the prime sector was 0.33% in October, unchanged from September. (See table 4 and chart 3.)

Table 4

60-Plus Day Delinquency Rates


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Table 4

60-Plus Day Delinquency Rates (cont.)


Prime (%) 0.46 0.54 0.60 0.52 0.47 0.29 0.33 0.33

Subprime (%) 3.70 4.80 4.78 3.14 2.50 2.93 3.30 3.39

Chart 3

Auto Loan ABS New Issuance Summary

Standard & Poor's rated four new ABS auto loan transactions that closed in November:

Volkswagen Auto Loan Enhanced Trust 2013-2Table 5

Volkswagen Auto Loan Enhanced Trust 2013-2

Closing date Nov. 13, 2013

Originator VW Credit Inc.

Collateral Prime auto loan receivables

Initial expected loss range (%) 0.80 - 0.90


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Table 5

Volkswagen Auto Loan Enhanced Trust 2013-2 (cont.)

Class Rating Initial amount (mil. $) Coupon rate (%)

A-1 A-1+ (sf) 304.00 0.23

A-2 AAA (sf) 502.00 0.42

A-3 AAA (sf) 530.00 0.70

A-4 AAA (sf) 164.00 1.16

"Presale: Volkswagen Auto Loan Enhanced Trust 2013-2," published Nov. 04, 2013.

First Investors Auto Owner Trust 2013-3Table 6

First Investors Auto Owner Trust 2013-3


Originator First Investors Financial Services Inc.

Collateral Subprime auto loan receivables



A-1 A-1+ (sf) 35.40 0.33

A-2 AAA (sf) 96.00 0.89

A-3 AAA (sf) 74.35 1.44

B AA (sf) 11.50 2.32

C A (sf) 20.75 2.91

D BBB (sf) 12.00 3.67

"Presale: First Investors Auto Owner Trust 2013-3," published Nov. 04, 2013.

Chrysler Capital Auto Receivables Trust 2013-BTable 7

Chrysler Capital Auto Receivables Trust 2013-B


Originator The Chrysler Capital Division of Santander Consumer USA Inc.

Collateral Prime/nonprime auto loan receivables



A-1 A-1+ (sf) 73.00 0.27

A-2 AAA (sf) 132.76 0.56

A-3 AAA (sf) 115.45 0.85

A-4 AAA (sf) 65.35 1.27

B AA (sf) 18.05 1.78

C A (sf) 20.76 2.24

D BBB (sf) 20.31 2.89

"Presale: Chrysler Capital Auto Receivables Trust 2013-B," published Nov. 05, 2013.


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Capital Auto Receivables Asset Trust 2013-4Table 8

Capital Auto Receivables Asset Trust 2013-4

Closing Date Nov. 27, 2013

Originator Ally Financial Inc.

Collateral Nonprime auto loan receivables

Initial receivable pool expected loss range (%) 3.80 - 4.10

Additional receivable pool expected loss range (%)(i) 6.50 - 6.90


A-1 AAA (sf) 273.00 LIB1M + 0.38

A-2 AAA (sf) 240.00 0.85

A-3 AAA (sf) 271.00 1.09

A-4 AAA (sf) 73.94 1.47

B AA (sf) 50.94 2.06

C A (sf) 48.26 2.67

D BBB (sf) 42.90 3.22

E BB (sf) 37.53 3.83

(i) This assumes the additional pool's quality is the worst possible under the pool composition limits.

"Presale: Capital Auto Receivables Asset Trust 2013-4," published Nov. 18, 2013.

Recent ABS Auto Loan Rating Activity

Standard & Poor's reviewed eight Hyundai Auto Receivables Trust ABS transactions in November 2013. The reviews

resulted in two upgrades and 32 affirmations; we did not downgrade any deals. (See "Review Of Eight Hyundai Auto

Receivables Trust Transactions Yields Two Upgrades, 32 Affirmations," published Nov. 19, 2013.)

U.S. ABS Auto Loan Historical Ratings

Upgrades on U.S. ABS auto loans outweigh downgrades by 27 to one since the start of 2001. We have upgraded 153

U.S. auto loan ABS classes year to date and downgraded none (see table 9).

Table 9

Historical Ratings Activity--U.S. ABS Auto Loans

Period Upgrades Downgrades

2001 56 0

2002 25 1

2003 32 22

2004 48 0

2005 87 0

2006 91 0

2007 116 2

2008 23 0


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Table 9

Historical Ratings Activity--U.S. ABS AutoLoans (cont.)

2009 95 7

2010 62 5

2011 144 2

2012 138 0

2013 (through Novemer) 153 0

Total 1,070 39

ABS--Asset-backed securities.

Auto Loan Static Index And Collateral Trends Data

Standard & Poor's Auto Loan Static Index (ALSI) tracks the performance of most prime and subprime retail auto loan

ABS transactions that Standard & Poor's has rated since 2000 (see tables 12 to 15). 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. The number of months displayed for each vintage or cohort is determined by the last point in which

all securitizations have a data point.

In addition, Standard & Poor's aggregates the initial collateral characteristics of the transactions it rates (see table 10).

Table 10

Collateral Trends

WA APR (%) Used (%) WAOM > 60 (%) WA FICO WA LTV (%)

Prime

2002 5.73 20.26 8.96 707

2003 5.12 21.01 14.45 718

2004 5.18 28.42 30.02 720

2005 5.62 24.60 31.23 721

2006 5.64 22.09 39.52 716

2007 6.25 21.63 39.49 706 101.69

2008 5.92 25.70 41.81 724 99.03

2009 5.62 28.08 41.58 741 95.74

2010 5.09 25.56 43.37 742 95.12

2011 4.45 17.78 43.40 735 97.48

2012 4.00 24.55 44.90 745 94.48

2013 (YTD) 3.98 27.96 46.93 740 96.72

Subprime

2002 17.28 69.41 35.89 579

2003 16.29 68.11 44.05 588

2004 16.07 62.39 47.98 590

2005 15.78 68.99 59.66 586

2006 15.78 72.72 69.46 587


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Table 10

Collateral Trends (cont.)

2007 16.33 72.52 68.99 594 120.17

2008 16.66 76.73 80.65 594 121.33

2009 16.55 73.39 85.53 594 114.00

2010 17.76 76.24 73.57 574 111.94

2011 16.31 68.74 77.51 575 111.81

2012 17.01 72.11 76.90 573 113.15

2013 (YTD) 16.59 69.80 81.72 578 114.28

WA--Weighted average. APR--Annual percentage rate. WAOM--Weighted average original maturity. WA LTV--Weighted average loan-to-value.

YTD--Year to date. N/A--Not applicable.

Issuer-Specific Cumulative Net Loss Index Data

Table 11 tracks cumulative net losses by vintage for a number of issuers we rate.

Table 11

Cumulative Net Losses By Vintage (%)

2006 2007 2008 2009 2010 2011 2012

Issuer Month 36 Month 36 Month 36 Month 36 Month 36 Month 24 Month 11

Prime 1.56 2.60 2.01 0.92 0.54 0.47 0.19

Ally N/A N/A N/A 0.42 0.25 0.24 0.11

Bank of America N/A N/A 0.98 0.78 0.39 N/A 0.10

Carmax 2.38 3.37 3.10 2.01 1.15 0.98 0.54

Ford 1.57 1.88 1.89 1.06 0.68 0.44 0.18

Honda 1.03 0.83 0.91 0.68 0.39 N/A 0.12

Huntington 5.00 2.86 2.51 1.91 N/A 0.30 0.16

Hyundai 2.63 3.43 2.35 1.29 0.77 0.54 0.33

Mercedes-Benz N/A N/A N/A 0.68 0.40 N/A 0.11

Mitsubishi N/A 2.82 1.93 1.89 1.93 1.48 0.58

Toyota N/A N/A N/A N/A 0.25 0.17 0.14

USAA 1.00 0.79 0.52 0.41 0.30 N/A 0.10

Volkswagen N/A 1.42 1.98 N/A 0.88 0.45 0.18

World Omni 1.66 2.59 3.43 1.24 0.51 0.73 0.41

Subprime 11.50 13.59 14.42 8.97 8.13 5.18 2.88

American Credit Acceptance N/A N/A N/A N/A N/A 15.64 10.86

AmeriCredit 12.91 14.63 14.23 9.22 4.79 3.87 1.69

CarNow (Byrider) N/A N/A N/A N/A N/A N/A 11.83

CPS 14.48 15.60 15.80 N/A 12.31 6.13 2.16

Drivetime 30.05 30.41 N/A N/A 19.01 19.70 13.16

Exeter N/A N/A N/A N/A N/A N/A 5.09

First Investors 5.67 N/A N/A N/A N/A 4.68 2.13

Flagship N/A N/A N/A N/A N/A N/A 2.94


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Table 11

Cumulative Net Losses By Vintage (%) (cont.)

Prestige 9.45 13.01 N/A 7.30 N/A 4.96 1.72

Santander 22.97 23.49 N/A N/A 10.10 6.57 2.72

SNAAC N/A N/A N/A N/A N/A N/A 3.80

Tidewater N/A N/A N/A N/A 5.85 N/A 2.41

UACC 12.2(i) 14.16(i) N/A N/A N/A N/A 6.33

Westlake N/A N/A N/A N/A 6.47 9.48 4.04

N/A--Not applicable, as there was no issuance rated by Standard & Poor's during the year. (i)In 2006 and 2007, UACC completed securitizations

under the UPFC name.

Auto Loan Static Index Performance Data

Table 12

Prime Cumulative Net Losses (%)

2005 2006 2007 2008 2009 2010 2011 2012

No. of deals 46 34 32 37 26 28 20 31

Initial collateral balance (bil. $) 74.17 56.38 55.26 53.2 41.25 33.45 22.77 40.72

Month

1 0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.00

2 0.01 0.01 0.04 0.01 0.01 0.01 0.01 0.01

3 0.02 0.03 0.07 0.05 0.05 0.03 0.02 0.02

4 0.05 0.07 0.13 0.11 0.09 0.06 0.05 0.04

5 0.09 0.11 0.22 0.19 0.14 0.09 0.07 0.06

6 0.12 0.15 0.31 0.27 0.18 0.12 0.09 0.08

7 0.16 0.20 0.39 0.35 0.23 0.15 0.12 0.10

8 0.20 0.25 0.48 0.44 0.28 0.18 0.15 0.12

9 0.23 0.29 0.57 0.53 0.33 0.21 0.17 0.14

10 0.27 0.34 0.66 0.63 0.37 0.24 0.19 0.17

11 0.31 0.38 0.77 0.72 0.41 0.26 0.22 0.19

12 0.34 0.42 0.87 0.81 0.45 0.29 0.24 0.21

13 0.38 0.47 0.96 0.90 0.48 0.31 0.27 0.23

14 0.41 0.52 1.06 0.98 0.51 0.34 0.29

15 0.45 0.57 1.16 1.07 0.54 0.36 0.31

16 0.48 0.62 1.27 1.14 0.58 0.38 0.33

17 0.51 0.67 1.38 1.22 0.61 0.40 0.35

18 0.54 0.72 1.48 1.29 0.64 0.42 0.37

19 0.57 0.77 1.58 1.36 0.67 0.44 0.39

20 0.60 0.82 1.68 1.43 0.69 0.46 0.41

21 0.62 0.87 1.79 1.49 0.72 0.47 0.43

22 0.65 0.92 1.88 1.55 0.74 0.49 0.44

23 0.68 0.97 1.96 1.60 0.76 0.50 0.46

24 0.70 1.02 2.03 1.65 0.77 0.51 0.47


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Table 12

Prime Cumulative Net Losses (%) (cont.)

25 0.72 1.08 2.11 1.69 0.79 0.53 0.49

26 0.75 1.13 2.17 1.73 0.80 0.54

27 0.77 1.18 2.23 1.76 0.82 0.55

28 0.80 1.23 2.30 1.79 0.83 0.56

29 0.82 1.28 2.36 1.82 0.84 0.57

30 0.84 1.33 2.41 1.85 0.85 0.57

31 0.86 1.37 2.45 1.88 0.86 0.58

32 0.88 1.42 2.48 1.91 0.87 0.59

33 0.91 1.46 2.52 1.95 0.89 0.52

34 0.93 1.50 2.55 1.97 0.90 0.53

35 0.95 1.53 2.58 1.98 0.91 0.53

36 0.96 1.56 2.60 2.01 0.92 0.54

Table 13

Prime 60-Plus Day Delinquencies (%)

2005 2006 2007 2008 2009 2010 2011 2012

No. of deals 46 34 32 37 26 28 20 31


Month

1 0.02 0.04 0.08 0.06 0.04 0.02 0.02 0.02

2 0.07 0.11 0.21 0.15 0.12 0.07 0.07 0.06

3 0.21 0.15 0.31 0.20 0.18 0.10 0.09 0.09

4 0.17 0.19 0.36 0.25 0.21 0.13 0.12 0.12

5 0.19 0.20 0.38 0.30 0.24 0.15 0.13 0.14

6 0.20 0.23 0.39 0.33 0.25 0.16 0.16 0.15

7 0.23 0.25 0.38 0.35 0.26 0.18 0.17 0.18

8 0.29 0.26 0.41 0.41 0.29 0.18 0.19 0.19

9 0.30 0.30 0.43 0.43 0.31 0.20 0.19 0.21

10 0.31 0.32 0.44 0.43 0.32 0.21 0.23 0.23

11 0.34 0.35 0.48 0.45 0.33 0.22 0.26 0.26

12 0.35 0.36 0.53 0.50 0.33 0.25 0.26 0.27

13 0.38 0.38 0.54 0.52 0.37 0.26 0.26 0.28

14 0.40 0.43 0.59 0.54 0.39 0.26 0.26

15 0.39 0.44 0.65 0.57 0.40 0.28 0.28

16 0.40 0.44 0.69 0.60 0.43 0.31 0.30

17 0.40 0.44 0.72 0.62 0.44 0.31 0.33

18 0.43 0.47 0.74 0.64 0.46 0.32 0.33

19 0.44 0.50 0.78 0.66 0.48 0.33 0.35

20 0.48 0.53 0.82 0.70 0.50 0.35 0.37

21 0.50 0.55 0.86 0.66 0.52 0.35 0.38

22 0.51 0.59 0.87 0.65 0.55 0.38 0.42

23 0.53 0.64 0.86 0.66 0.55 0.40 0.44


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Table 13

Prime 60-Plus Day Delinquencies (%) (cont.)

24 0.56 0.64 0.91 0.69 0.55 0.42 0.46

25 0.60 0.67 0.91 0.71 0.58 0.43 0.47

26 0.63 0.70 0.95 0.71 0.60 0.44

27 0.61 0.70 0.99 0.75 0.64 0.48

28 0.66 0.75 1.02 0.76 0.66 0.49

29 0.67 0.77 1.03 0.80 0.66 0.51

30 0.69 0.78 0.98 0.83 0.69 0.52

31 0.72 0.85 1.00 0.86 0.73 0.55

32 0.74 0.90 1.03 0.89 0.63 0.53

33 0.83 0.92 1.05 0.91 0.69 0.57

34 0.84 0.95 1.06 0.89 0.70 0.59

35 0.82 1.04 1.05 0.92 0.72 0.63

36 0.88 1.03 1.12 0.87 0.72 0.68

Table 14

Subprime Cumulative Net Losses (%)

2005 2006 2007 2008 2009 2010 2011 2012

No. of deals 26 23 19 4 2 14 15 26


Month

1 0.00 0.01 0.00 0.00 0.01 0.02 0.01 0.01

2 0.03 0.03 0.03 0.04 0.07 0.05 0.03 0.04

3 0.10 0.13 0.11 0.14 0.31 0.15 0.12 0.13

4 0.30 0.38 0.38 0.40 0.73 0.50 0.37 0.43

5 0.61 0.73 0.83 0.86 1.16 0.77 0.63 0.79

6 0.96 1.17 1.39 1.41 1.59 1.03 0.85 1.08

7 1.31 1.61 1.91 1.99 2.07 1.34 1.09 1.41

8 1.66 1.98 2.43 2.54 2.42 1.65 1.32 1.75

9 1.99 2.37 2.96 3.20 2.82 2.01 1.57 2.11

10 2.31 2.71 3.47 3.82 3.10 2.32 1.82 2.48

11 2.59 3.05 3.97 4.49 3.40 2.62 2.08 2.88

12 2.89 3.43 4.47 5.16 3.69 2.91 2.36

13 3.17 3.83 4.95 5.73 4.05 3.19 2.63

14 3.51 4.26 5.39 6.28 4.39 3.52 2.91

15 3.82 4.68 5.87 6.89 4.75 3.85 3.21

16 4.15 5.13 6.38 7.44 5.11 4.17 3.47

17 4.45 5.56 6.89 8.00 5.43 4.50 3.71

18 4.76 5.99 7.39 8.52 5.77 4.79 3.93

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


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Table 14

Subprime Cumulative Net Losses (%) (cont.)

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 5.18

25 6.55 8.41 10.54 11.41 7.28 6.38

26 6.79 8.77 10.90 11.75 7.49 6.61

27 7.03 9.11 11.21 12.07 7.69 6.80

28 7.26 9.43 11.54 12.43 7.91 7.01

29 7.46 9.74 11.88 12.73 8.07 7.21

30 7.67 10.05 12.19 13.04 8.24 7.37

31 7.88 10.35 12.50 13.28 8.41 7.58

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 8.13

37 8.90 11.71 13.76 14.61 9.05

38 9.05 11.91 13.92 14.78 9.13

39 9.22 12.10 14.08 14.96 9.22

40 9.35 12.28 14.23 15.12 9.33

41 9.48 12.44 14.39 15.27 9.44

42 9.60 12.59 14.53 15.39 9.50

43 9.74 12.73 14.67 15.48 9.85

Table 15

Subprime 60-Plus Day Delinquencies (%)

2005 2006 2007 2008 2009 2010 2011 2012

No. of deals 26 23 19 4 2 14 15 26


Month

1 0.05 0.12 0.04 0.06 0.05 0.10 0.05 0.04

2 0.51 0.63 0.64 0.69 1.22 1.07 0.54 0.67

3 1.03 1.18 1.42 1.51 1.42 1.74 1.04 1.47

4 1.38 1.64 2.09 1.82 1.51 1.86 1.25 1.97

5 1.65 1.96 2.44 1.85 1.64 1.97 1.36 2.33

6 1.85 2.12 2.61 1.87 1.68 2.10 1.24 2.37

7 2.05 2.22 2.82 2.24 2.07 2.38 1.32 2.24

8 2.13 2.33 2.97 2.60 1.35 2.58 1.50 2.38

9 2.09 2.34 3.03 2.79 1.04 2.61 1.72 2.62

10 2.12 2.47 3.13 2.75 1.24 2.54 1.93 2.98

11 2.23 2.73 3.25 2.57 1.52 2.50 2.04 3.34

12 2.40 3.16 3.32 2.45 1.76 2.75 2.14

13 2.66 3.50 3.34 2.55 1.75 3.05 2.40

14 2.89 3.81 3.65 2.57 2.40 3.30 2.41


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Table 15

Subprime 60-Plus Day Delinquencies (%) (cont.)

15 2.99 3.93 4.00 2.84 1.75 3.52 2.56

16 2.96 4.11 4.15 2.82 1.74 3.58 2.58

17 2.99 4.21 4.37 2.30 1.86 3.64 2.49

18 3.11 4.17 4.45 2.25 1.88 3.73 2.35

19 3.35 4.19 4.55 2.42 2.47 3.94 2.40

20 3.47 4.21 4.47 2.64 1.56 4.04 2.57

21 3.38 4.13 4.66 2.82 1.23 4.03 2.80

22 3.41 4.15 4.74 2.53 1.26 3.92 3.00

23 3.57 4.25 4.57 2.30 1.43 4.08 2.97

24 3.76 4.55 4.56 2.11 1.66 4.42 3.10

25 3.99 4.76 4.42 2.22 1.77 4.71

26 4.22 4.88 4.54 2.33 2.16 4.94

27 4.26 4.84 4.62 2.60 1.72 5.00

28 4.26 5.08 4.77 2.70 1.70 5.10

29 4.23 5.18 4.93 2.04 2.00 5.29

30 4.37 5.06 4.80 1.99 1.96 5.40

31 4.64 5.11 4.82 2.20 2.69 5.56

32 4.68 5.02 4.73 2.41 1.60 5.66

33 4.52 4.90 4.69 2.83 1.25 5.65

34 4.49 4.81 4.73 2.48 1.30 5.57

35 4.48 4.96 4.49 2.26 1.68 5.67

36 4.70 5.19 4.41 2.12 1.81 5.74

37 5.00 5.45 4.34 2.29 2.02

38 5.16 5.66 4.30 2.31 2.90

39 5.24 5.65 4.40 2.69 2.48

40 5.20 5.62 4.52 2.80 2.17

41 5.19 5.56 4.71 1.97 2.24

42 5.35 5.31 4.62 2.03 2.09

43 8.13 5.41 4.76 2.28 3.12


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1228249 | 301573851

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RatingsDirect Commentary 1228249 Jan-02-2014!16!14