RatingsDirect Commentary 1258093 Feb-18-2014!16!55

U.S. Auto Loan ABS Tracker: January2014

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]

ABS Term Surveillance:

Gary P Kochubka, Analytical Manager, New York (1) 212-438-2514;

[email protected]

ABS Term New Issuance:

M. Scott S Sehnert, Analytical Manager, New York (1) 212-438-2603;

[email protected]

Research Contributor:

Naveen B Jathan, Mumbai; [email protected]

Table Of Contents

Average Net Loss Rates Increased In Both The Prime And Subprime

Sectors In 2013, Marking A Reversal From The Prior Three Years

Recovery Rates Fell To Their Lowest Levels In The Past Three Years For

Both Prime And Subprime Sectors

Sixty-Plus-Day Delinquencies Increased For Both Prime And Subprime

Sectors

Auto Loan ABS New Issuance Summary

Recent ABS Auto Loan Rating Activity

U.S. ABS Auto Loan Historical Ratings

WWW.STANDARDANDPOORS.COM/RATINGSDIRECT FEBRUARY 12, 2014 1

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Table Of Contents (cont.)

Auto Loan Static Index And Collateral Trends Data

Issuer-Specific Cumulative Net Loss Index Data

Auto Loan Static Index Performance Data


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U.S. Auto Loan ABS Tracker: January 2014

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

portfolio increased to 2.57% in December, up from 2.28% in November. Losses had not been this high since January

2010, when the rate was 2.70%.

In addition to December's increase in losses, recovery rates fell to 48.16%, from 51.62% in November. Delinquencies

increased to 1.53%, up from 1.37% in November. (See table 1.)

Table 1

Auto Loan ABS Performance

Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Nov-13 Dec-13

Net loss rate (%) 3.21 3.93 2.90 1.76 1.63 1.74 2.28 2.57

Recoveries (%) 41.81 35.40 45.60 55.88 60.60 51.98 51.62 48.16

Delinquency 60+ (%) 1.63 1.71 1.34 1.02 1.02 1.16 1.37 1.53

ABS--Asset-backed securities.

In addition to the increase in losses in December month over month, both the prime and subprime segments saw

losses worsen for 2013 year over year. We believe the increase in losses is mainly attributable to a normalization of

lending standards following a period of extreme tightening.

Overview

Average net losses increased in 2013 for both the prime and subprime sectors compared to 2012, the trough

for each sector.

December losses, delinquencies, and recovery rates worsened in both the prime and subprime sectors when

compared to November.

We rated five new auto loan ABS transactions that closed in January 2014.

Average Net Loss Rates Increased In Both The Prime And Subprime Sectors In2013, Marking A Reversal From The Prior Three Years

Annualized net losses in the subprime sector have worsened in 2013: The 2013 average increased to 4.93%, up from

4.15% average for 2012, the lowest historical average net loss recorded. This reverses the trend observed since 2009:

The annual weighted average net loss rate had consistently improved over the past three years. From its peak of 9.39%

in 2009, the rate dropped to 5.80% in 2010, to 4.65% in 2011, and to 4.15% in 2012.

We saw a similar pattern emerge in the prime sector: Average annualized net losses increased in 2013 to 0.36%, up

from 0.32% in 2012, after average losses had decreased each year since 2009. Losses peaked at 1.52% in 2009 and

decreased to 0.85% in 2010, to 0.55% in 2011, and to a historical low of 0.32% in 2012. (See table 2 and chart 1.) (Also

see "Under The Hood: Captive Finance Companies And Banks Fueled Strong U.S. Prime Auto Loan ABS Performance


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In 2013; Similar To Slightly Worse Performance Expected For 2014," published Feb. 11, 2014).

Table 2

Net Loss Rate--Annual Average

2006 2007 2008 2009 2010 2011 2012 2013

Prime (%) 0.55 0.69 1.22 1.52 0.85 0.55 0.32 0.36

Subprime (%) 4.58 5.95 8.71 9.39 5.80 4.65 4.15 4.93

Chart 1

Net loss rates in both the prime and subprime sectors also increased in December from November. This is consistent

with historical trends: Typically, losses are higher in December and January.

The net loss rate in the prime sector peaked at 0.57% in December, up by approximately 19% from November (0.48%).

This is the highest loss rate observed in the prime sector since December 2011, when the rate was 0.60%.

The net loss rate in the subprime sector rose to 7.19% in December, up by approximately 10% from November

(6.51%). This is the highest loss rate in the subprime sector since March 2010, when the rate was 6.76%. (See table 3

and chart 2.)


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Table 3

Net Loss Rates


Prime (%) 0.98 1.92 1.50 0.86 0.60 0.43 0.48 0.57

Subprime (%) 8.63 10.63 10.33 5.44 5.11 5.30 6.51 7.19

Chart 2

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

annualize.

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%.

Recovery Rates Fell To Their Lowest Levels In The Past Three Years For BothPrime And Subprime Sectors


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Recovery rates fell in both the prime and subprime sectors. (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.)

The average recovery rate in 2013 for the prime sector was 62.85%. While the average recovery rate has been

decreasing since its peak of 68.46% in 2011 and the 2012 level of 66.90%, it remains higher than the averages for 2006

through 2010, which ranged from 47.65% in 2008 to 57.89% in 2010.

The average recovery rate in 2013 for the subprime sector was 48.54%, up from 47.09% in 2012. The average recovery

rate has been improving since 2008, when the average was 39.07%. The average increased to 41.78% in 2009, 44.82%

in 2010, 46.91% in 2011, and 47.09% in 2012. (See table 4 and chart 3.)

Table 4

Recovery Rates--Annual Average

2006 2007 2008 2009 2010 2011 2012 2013

Prime (%) 53.47 53.55 47.65 50.16 57.89 68.46 66.90 62.85

Subprime (%) 46.41 43.08 39.07 41.78 44.82 46.91 47.09 48.54

Chart 3

In December, the recovery rate was 50.71% for the prime sector, down by approximately 9% from November's


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55.67%. The prime sector hasn't seen a level of recovery this low since January 2010, when it was 47.36%.

Recoveries also decreased in the subprime sector, to 40.52% in December, down 3% from the 41.76% in November.

December's recovery rate is the lowest since November 2010, when it was at 29.22%. (See table 5 and chart 4.)

Table 5

Recovery Rates


Prime (%) 44.77 36.49 47.08 58.63 65.12 55.58 55.67 50.71

Subprime (%) 35.07 30.90 39.18 41.88 44.63 41.64 41.76 40.52

Chart 4

Sixty-Plus-Day Delinquencies Increased For Both Prime And Subprime Sectors

The delinquency rate continued to worsen in both the prime and subprime sectors.

The average delinquency rate for 2013 was 0.32% in the prime sector. This is comparable to the average delinquency

rate for 2012 and continues the downward trend started after the peak of 0.60% in 2009. The average delinquency rate

dropped to 0.52% in 2010, to 0.47% in 2011, and to 0.34% in 2012.


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In the subprime sector, the average delinquency rate for 2013 was 2.98%, up from 2.53% in 2012. The average

delinquency rate reached 4.62% in 2009, and dropped to 3.23% in 2010 and 2.49% in 2011. (See table 6 and chart 5.)

Table 6

60-Plus-Day Delinquency Rates--Annual Average

2006 2007 2008 2009 2010 2011 2012 2013

Prime (%) 0.38 0.43 0.49 0.60 0.52 0.47 0.34 0.32

Subprime (%) 2.24 3.02 4.18 4.62 3.23 2.49 2.53 2.98

Chart 5

For December, the delinquency rate in the prime sector was 0.41%, up by approximately 11% from 0.37% in

November. The delinquency rate has increased for the past two months after being relatively stable from June to

October.

The delinquency rate in the subprime sector increased to 4.13% in December, from 3.71% in November--up by

approximately 11%. The delinquency rate had been steadily increasing since May 2013. (See table 7 and chart 6.)


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Table 7

60-Plus-Day Delinquency Rates


Prime (%) 0.57 0.67 0.65 0.55 0.48 0.38 0.37 0.41

Subprime (%) 4.33 5.43 5.18 2.95 2.85 3.20 3.71 4.13

Chart 6

Auto Loan ABS New Issuance Summary

Standard & Poor's Ratings Services rated five new ABS auto loan transactions that closed in January:

American Credit Acceptance Receivables Trust 2014-1Table 8

American Credit Acceptance Receivables Trust 2014-1

Closing date Jan. 15, 2014

Originator American Credit Acceptance LLC

Collateral Subprime auto loan receivables

Initial expected loss range (%) 26.40 - 26.90


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Table 8

American Credit Acceptance Receivables Trust 2014-1 (cont.)

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

A AA (sf) 120.00 1.14

B A (sf) 39.50 2.39

C BBB (sf) 31.32 3.83

D BB (sf) 14.00 5.20

"Presale: American Credit Acceptance Receivables Trust 2014-1," published Jan. 6, 2014

Santander Drive Auto Receivables Trust 2014-1Table 9

Santander Drive Auto Receivables Trust 2014-1


Originator Santander Consumer USA Inc.




A-1 A-1+ (sf) 334.00 0.27

A-2-A AAA (sf) 346.00 0.66

A-2-B AAA (sf) 160.00 LIB1M + 0.37

A-3 AAA (sf) 139.10 0.87

B AA (sf) 207.31 1.59

C A (sf) 209.93 2.36

D BBB+ (sf) 103.66 2.91

E BB+ (sf) 89.72 3.92

"Presale: Santander Drive Auto Receivables Trust 2014-1," published Jan. 6, 2014

Ford Credit Auto Owner Trust 2014-ATable 10

Ford Credit Auto Owner Trust 2014-A


Originator Ford Motor Credit Co. LLC

Collateral Prime auto loan receivables



A-1 A-1+ (sf) 348.00 0.23

A-2 AAA (sf) 539.90 0.48

A-3 AAA (sf) 474.90 0.79

A-4 AAA (sf) 136.78 1.29

B AA+ (sf) 47.35 1.71

C AA (sf) 31.57 1.90

D NR 31.57 2.40

NR--Not rated.


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"Presale: Ford Credit Auto Owner Trust 2014-A," published Jan. 13, 2014

Capital Auto Receivables Asset Trust 2014-1Table 11

Capital Auto Receivables Asset Trust 2014-1


Originator Ally Financial Inc.

Collateral Nonprime auto loan receivables

Initial receivable pool expected loss range (%) 3.80 - 4.20

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


A-1a AAA (sf) 171.00 0.68

A-1b AAA (sf) 171.00 LIB1M + 0.35

A-2 AAA (sf) 300.00 0.96

A-3 AAA (sf) 338.00 1.32

A-4 AAA (sf) 92.40 1.69

B AA (sf) 63.67 2.22

C A (sf) 60.32 2.84

D BBB (sf) 53.62 3.39

E NR 46.92 4.09

(i) This assumes the additional pool's quality is the worst possible under the pool composition limits. NR--Not rated.

"Presale: Capital Auto Receivables Asset Trust 2014-1," published Jan. 14, 2013

DT Auto Owner Trust 2014-1Table 12

DT Auto Owner Trust 2014-1


Originator DriveTime Car Sales Co. LLC




A AAA (sf) 131.20 0.66

B AA (sf) 35.00 1.43

C A (sf) 48.00 2.64

D BBB (sf) 53.55 3.98

"Presale: DT Auto Owner Trust 2014-1," published Jan. 14, 2014

Recent ABS Auto Loan Rating Activity

In January 2014, we reviewed nine auto loan ABS transactions from one issuer. The review resulted in six upgrades

and 39 affirmations; we did not downgrade any deals. For more information, see: "Six Ratings Raised On Nine CarMax

Auto Owner Trusts Following Review; 39 Affirmed," published Jan. 27, 2014.


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U.S. ABS Auto Loan Historical Ratings

Since the start of 2001, upgrades of U.S. ABS auto loans outweigh downgrades by more than 28 to one. We have

upgraded six U.S. auto loan ABS classes year to date and downgraded none (see table 13).

Table 13

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

2009 95 7

2010 62 5

2011 144 2

2012 138 0

2013 185 0

2014 6 0

Total 1,108 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 16 to 19 below). 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 14).

Table 14

Collateral Trends

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

Prime

2002 5.73 20.26 8.96 707 N/A

2003 5.12 21.01 14.45 718 N/A

2004 5.18 28.42 30.02 720 N/A

2005 5.62 24.60 31.23 721 N/A


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Table 14

Collateral Trends (cont.)

2006 5.64 22.09 39.52 716 N/A

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 3.94 28.68 46.95 740 96.72

Subprime

2002 17.28 69.41 35.89 579 N/A

2003 16.29 68.11 44.05 588 N/A

2004 16.07 62.39 47.98 590 N/A

2005 15.78 68.99 59.66 586 N/A

2006 15.78 72.72 69.46 587 N/A

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 16.63 70.09 81.30 577 114.28

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

Table 15

Cumulative Net Losses By Vintage (%)

2006 2007 2008 2009 2010 2011 2012

Month 36 Month 36 Month 36 Month 36 Month 36 Month 26 Month 13

Issuer

Prime 1.56 2.60 2.01 0.92 0.54 0.50 0.23

Ally N/A N/A N/A 0.42 0.26 0.26 0.13

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 1.01 0.69

Ford 1.57 1.88 1.89 1.06 0.69 0.47 0.23

Honda 1.03 0.83 0.91 0.68 0.39 N/A 0.14

Huntington 5.00 2.86 2.51 1.91 N/A 0.33 0.20

Hyundai 2.63 3.43 2.35 1.29 0.77 0.58 0.41


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Table 15

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

Mercedes-Benz N/A N/A N/A 0.68 0.40 N/A 0.13

Mitsubishi N/A 2.82 1.93 1.89 1.93 1.56 0.78

Toyota N/A N/A N/A N/A 0.25 0.17 0.15

USAA 1.00 0.79 0.52 0.41 0.30 N/A 0.12

Volkswagen N/A 1.42 1.98 N/A 0.88 0.48 0.22

World Omni 1.66 2.59 3.43 1.24 0.51 0.77 0.49

Subprime 11.50 13.59 14.42 8.97 8.25 5.61 3.64

American Credit Acceptance N/A N/A N/A N/A N/A 16.36 13.00

AmeriCredit 12.91 14.63 14.23 9.22 4.79 4.20 2.14

CarNow (Byrider) N/A N/A N/A N/A N/A N/A 13.24

CPS 14.48 15.60 15.80 N/A 12.31 6.55 2.90

Drivetime 30.05 30.41 N/A N/A 19.01 20.29 15.19

Exeter N/A N/A N/A N/A N/A N/A 5.40

First Investors 5.67 N/A N/A N/A N/A 5.09 2.70

Flagship N/A N/A N/A N/A N/A N/A 3.63

Prestige 9.45 13.01 N/A 7.30 N/A 5.36 2.13

Santander 22.97 23.49 N/A N/A 9.98 7.24 3.61

SNAAC N/A N/A N/A N/A N/A N/A 4.51

Tidewater N/A N/A N/A N/A 5.85 N/A 3.33

UACC 12.2(i) 14.16(i) N/A N/A N/A N/A 7.59

Westlake N/A N/A N/A N/A 6.47 9.61 5.12

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 16

Prime Cumulative Net Losses (%)

2005 2006 2007 2008 2009 2010 2011 2012 2013 (i)

No. of deals 46 34 32 37 26 28 20 31 15

Initial collateral balance (bil. $) 74.17 56.38 55.26 53.2 41.25 33.45 22.77 40.72 17.91

Month

1 0.00 0.00 0.01 0.00 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 0.01

3 0.02 0.03 0.07 0.05 0.05 0.03 0.02 0.02 0.02

4 0.05 0.07 0.13 0.11 0.09 0.06 0.05 0.04 0.05

5 0.09 0.11 0.22 0.19 0.14 0.09 0.07 0.06 0.07

6 0.12 0.15 0.31 0.27 0.18 0.12 0.09 0.08 0.10

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


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Table 16

Prime Cumulative Net Losses (%) (cont.)

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 0.25

15 0.45 0.57 1.16 1.07 0.54 0.36 0.31 0.27

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

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 0.50

27 0.77 1.18 2.23 1.76 0.82 0.55 0.52

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

(i) Deals issued in 2013 with at least six months of performance.

Table 17

Prime 60-Plus Day Delinquencies (%)

2005 2006 2007 2008 2009 2010 2011 2012 2013 (i)

No. of deals 46 34 32 37 26 28 20 31 15


Month

1 0.02 0.04 0.08 0.06 0.04 0.02 0.02 0.02 0.03

2 0.07 0.11 0.21 0.15 0.12 0.07 0.07 0.06 0.07

3 0.21 0.15 0.31 0.20 0.18 0.10 0.09 0.09 0.11

4 0.17 0.19 0.36 0.25 0.21 0.13 0.12 0.12 0.15

5 0.19 0.20 0.38 0.30 0.24 0.15 0.13 0.14 0.19

6 0.20 0.23 0.39 0.33 0.25 0.16 0.16 0.15 0.22

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


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Table 17

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

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 0.29

15 0.39 0.44 0.65 0.57 0.40 0.28 0.28 0.32

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

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 0.46

26 0.63 0.70 0.95 0.71 0.60 0.44 0.46

27 0.61 0.70 0.99 0.75 0.64 0.48 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 0.67


Table 18

Subprime Cumulative Net Losses (%)

2005 2006 2007 2008 2009 2010 2011 2012 2013 (i)

No. of deals 26 23 19 4 2 14 15 26 16


Month

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 0.10

4 0.30 0.38 0.38 0.40 0.73 0.50 0.37 0.42 0.39

5 0.61 0.73 0.83 0.86 1.16 0.77 0.63 0.77 0.68

6 0.96 1.17 1.39 1.41 1.59 1.03 0.85 1.05 0.93


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Table 18

Subprime Cumulative Net Losses (%) (cont.)

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 1.75

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

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

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

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 5.61

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 8.25

37 8.90 11.71 13.76 14.61 9.05 8.38

38 9.05 11.91 13.92 14.78 9.13 8.41

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

(i) Deals issued in 2013 with at least 6 months of performance

Table 19

Subprime 60-Plus Day Delinquencies (%)

2005 2006 2007 2008 2009 2010 2011 2012 2013 (i)

No. of deals 26 23 19 4 2 14 15 26 16


1258093 | 301573851


Table 19

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


Month

1 0.05 0.12 0.04 0.06 0.05 0.10 0.05 0.04 0.03

2 0.51 0.63 0.64 0.69 1.22 1.07 0.54 0.67 0.58

3 1.03 1.18 1.42 1.51 1.42 1.74 1.04 1.47 1.41

4 1.38 1.64 2.09 1.82 1.51 1.86 1.25 2.00 1.97

5 1.65 1.96 2.44 1.85 1.64 1.97 1.36 2.33 2.37

6 1.85 2.12 2.61 1.87 1.68 2.10 1.24 2.37 2.49

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 2.41

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 3.47

13 2.66 3.50 3.34 2.55 1.75 3.05 2.40 3.43

14 2.89 3.81 3.65 2.57 2.40 3.30 2.41

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 3.17

25 3.99 4.76 4.42 2.22 1.77 4.71 3.30

26 4.22 4.88 4.54 2.33 2.16 4.94 3.25

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 5.99

37 5.00 5.45 4.34 2.29 2.02 6.46

38 5.16 5.66 4.30 2.31 2.90 6.51

39 5.24 5.65 4.40 2.69 2.48

40 5.20 5.62 4.52 2.80 2.17


1258093 | 301573851


Table 19

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

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



1258093 | 301573851


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1258093 | 301573851

Research:Average Net Loss Rates Increased In Both The Prime And Subprime Sectors In 2013, Marking A Reversal From The Prior Three YearsRecovery Rates Fell To Their Lowest Levels In The Past Three Years For Both Prime And Subprime SectorsSixty-Plus-Day Delinquencies Increased For Both Prime And Subprime SectorsAuto Loan ABS New Issuance SummaryAmerican Credit Acceptance Receivables Trust 2014-1Santander Drive Auto Receivables Trust 2014-1Ford Credit Auto Owner Trust 2014-ACapital Auto Receivables Asset Trust 2014-1DT Auto Owner Trust 2014-1

Recent ABS Auto Loan Rating Activity U.S. ABS Auto Loan Historical RatingsAuto Loan Static Index And Collateral Trends DataIssuer-Specific Cumulative Net Loss Index DataAuto Loan Static Index Performance Data

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RatingsDirect Commentary 1258093 Feb-18-2014!16!55