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; mark.risi@standardandpoors.com
Rahel Avigdor, New York (1) 212-438-4067; rahel.avigdor@standardandpoors.com
Secondary Contact:
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 Sehnert, New York (1) 212-438-2603; m.scott.sehnert@standardandpoors.com
Research Contributor:
Naveen B Jathan, Mumbai; naveen.jathan@standardandpoors.com
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
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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 (%)
Recoveries (%)
Delinquency 60+ (%)
2.83
3.83
2.70
1.78
1.56
1.50
2.04
2.29
44.23
41.05
49.97
52.88
61.55
55.74
50.47
54.15
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, While
Stable 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, While

Remaining 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 2013-2

Table 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 2013-3

Table 6
First Investors Auto Owner Trust 2013-3

Closing date
Nov. 14, 2013
Originator
First Investors Financial Services Inc.
Collateral
Subprime auto loan receivables

Class
Rating
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
AA (sf)
11.50
2.32
A (sf)
20.75
2.91
BBB (sf)
12.00
3.67
"Presale: First Investors Auto Owner Trust 2013-3," published Nov. 04, 2013.
Chrysler Capital Auto Receivables Trust 2013-B

Table 7
Chrysler Capital Auto Receivables Trust 2013-B

Closing date
Nov. 12, 2013
Originator
The Chrysler Capital Division of Santander Consumer USA Inc.
Collateral
Prime/nonprime auto loan receivables

Class
Rating
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
AA (sf)
18.05
1.78
A (sf)
20.76
2.24
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 2013-4

Table 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

Class
Rating
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
AA (sf)
50.94
2.06
A (sf)
48.26
2.67
BBB (sf)
42.90
3.22
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
2002
25
2003
32
22
2004
48
2005
87
2006
91
2007
116
2008
23
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Table 9
Historical Ratings Activity--U.S. ABS Auto

Loans (cont.)
2009
95
2010
62
2011
144
2012
138
2013 (through Novemer)
153
1,070
39
Total
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
2002
5.73
2003
5.12
2004
WA LTV (%)
20.26
8.96
707
21.01
14.45
718
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
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
Prime
Subprime
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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
11.50
13.59
14.42
8.97
8.13
5.18
2.88
N/A
N/A
N/A
N/A
N/A
15.64
10.86
12.91
14.63
14.23
9.22
4.79
3.87
1.69
Subprime
American Credit Acceptance
AmeriCredit
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
Santander
9.45
13.01
N/A
7.30
N/A
4.96
1.72
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
12.2(i)
14.16(i)
N/A
N/A
N/A
N/A
6.33
N/A
N/A
N/A
N/A
6.47
9.48
4.04
UACC
Westlake
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 (%)
No. of deals
Initial collateral balance (bil. $)
2005
2006
46
34
2007 2008
32
74.17 56.38 55.26
37
2009
2010
2011
2012
26
28
20
31
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
0.01
0.01
0.04
0.01
0.01
0.01
0.01
0.01
0.02
0.03
0.07
0.05
0.05
0.03
0.02
0.02
0.05
0.07
0.13
0.11
0.09
0.06
0.05
0.04
0.09
0.11
0.22
0.19
0.14
0.09
0.07
0.06
0.12
0.15
0.31
0.27
0.18
0.12
0.09
0.08
0.16
0.20
0.39
0.35
0.23
0.15
0.12
0.10
0.20
0.25
0.48
0.44
0.28
0.18
0.15
0.12
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
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
0.49
Table 13
Prime 60-Plus Day Delinquencies (%)
No. of deals
2005
2006
2007
2008
2009
2010
2011
2012
46
34
32
37
26
28
20
31
74.17 56.38 55.26 53.20 41.25 33.45 22.77 40.72
Month
1
0.02
0.04
0.08
0.06
0.04
0.02
0.02
0.02
0.07
0.11
0.21
0.15
0.12
0.07
0.07
0.06
0.21
0.15
0.31
0.20
0.18
0.10
0.09
0.09
0.17
0.19
0.36
0.25
0.21
0.13
0.12
0.12
0.19
0.20
0.38
0.30
0.24
0.15
0.13
0.14
0.20
0.23
0.39
0.33
0.25
0.16
0.16
0.15
0.23
0.25
0.38
0.35
0.26
0.18
0.17
0.18
0.29
0.26
0.41
0.41
0.29
0.18
0.19
0.19
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 (%)
No. of deals
2005
2006
2007
26
23
19
2008 2009
4
23.27 25.00 17.35
2.52
1.10 10.83
6.82 14.03
2010 2011
14
15
2012
26
Month
1
0.00
0.01
0.00
0.00
0.01
0.02
0.01
0.01
0.03
0.03
0.03
0.04
0.07
0.05
0.03
0.04
0.10
0.13
0.11
0.14
0.31
0.15
0.12
0.13
0.30
0.38
0.38
0.40
0.73
0.50
0.37
0.43
0.61
0.73
0.83
0.86
1.16
0.77
0.63
0.79
0.96
1.17
1.39
1.41
1.59
1.03
0.85
1.08
1.31
1.61
1.91
1.99
2.07
1.34
1.09
1.41
1.66
1.98
2.43
2.54
2.42
1.65
1.32
1.75
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

1228249 | 301573851
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 (%)
No. of deals
2005
2006
26
23
2007 2008 2009

2
2010 2011
14
15
2012
19
23.27 25.00 17.35
2.52
1.10 10.83
6.82 14.03
26
Month
1
0.05
0.12
0.04
0.06
0.05
0.10
0.05
0.04
0.51
0.63
0.64
0.69
1.22
1.07
0.54
0.67
1.03
1.18
1.42
1.51
1.42
1.74
1.04
1.47
1.38
1.64
2.09
1.82
1.51
1.86
1.25
1.97
1.65
1.96
2.44
1.85
1.64
1.97
1.36
2.33
1.85
2.12
2.61
1.87
1.68
2.10
1.24
2.37
2.05
2.22
2.82
2.24
2.07
2.38
1.32
2.24
2.13
2.33
2.97
2.60
1.35
2.58
1.50
2.38
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

1228249 | 301573851
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

1228249 | 301573851
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U.S.

Auto Loan ABS Tracker:

DECEMBER 16, 2013 1

Table Of Contents (cont.)

DECEMBER 16, 2013 2

U.S. Auto Loan ABS Tracker: November 2013

Auto Loan ABS Performance

DECEMBER 16, 2013 3

U.S. Auto Loan ABS Tracker: November 2013

Net Loss Rate

Recovery Rate Rises For Both Subprime And Prime Sector

DECEMBER 16, 2013 4

U.S. Auto Loan ABS Tracker: November 2013

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

60-Plus Day Delinquency Rates

DECEMBER 16, 2013 5

U.S. Auto Loan ABS Tracker: November 2013

60-Plus Day Delinquency Rates (cont.)

Auto Loan ABS New Issuance Summary

Volkswagen Auto Loan Enhanced Trust 2013-2

Volkswagen Auto Loan Enhanced Trust 2013-2

Nov. 13, 2013

Prime auto loan receivables

Initial expected loss range (%) 0.80 - 0.90

DECEMBER 16, 2013 6

U.S. Auto Loan ABS Tracker: November 2013

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

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

First Investors Auto Owner Trust 2013-3

First Investors Auto Owner Trust 2013-3

Nov. 14, 2013

First Investors Financial Services Inc.

Subprime auto loan receivables

Initial expected loss range (%) 7.50 - 8.00

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

Chrysler Capital Auto Receivables Trust 2013-B

Chrysler Capital Auto Receivables Trust 2013-B

Nov. 12, 2013

The Chrysler Capital Division of Santander Consumer USA Inc.

Prime/nonprime auto loan receivables

Initial expected loss range (%) 3.50 - 4.00

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

DECEMBER 16, 2013 7

U.S. Auto Loan ABS Tracker: November 2013

Capital Auto Receivables Asset Trust 2013-4

Capital Auto Receivables Asset Trust 2013-4

Nov. 27, 2013

Ally Financial Inc.

Nonprime auto loan receivables

Initial receivable pool expected loss range (%)

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

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

Recent ABS Auto Loan Rating Activity

U.S. ABS Auto Loan Historical Ratings

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

DECEMBER 16, 2013 8

U.S. Auto Loan ABS Tracker: November 2013

Historical Ratings Activity--U.S. ABS Auto

2013 (through Novemer)

Auto Loan Static Index And Collateral Trends Data

WAOM > 60 (%)

DECEMBER 16, 2013 9

U.S. Auto Loan ABS Tracker: November 2013