Press Release

DBRS Confirms Ratings 18 ABS Auto Tranches, Discontinues 2 Due to Repayment

Auto

February 10, 2012

DBRS has confirmed ratings on 18 tranches from 4 ABS Auto loan transactions and discontinued ratings for 2 tranches that have been repaid in full. Asset performance and overall credit enhancement levels for the confirmed securities are within DBRS expectations at the securities’ respective rating levels.

Notes:
The applicable methodology is DBRS Master U.S. ABS Surveillance Methodology, which can be found on our website under Methodologies.

Ratings

DT Auto Owner Trust 2011-1

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
10-Feb-12	Series 2011-1 Notes, Class A	AAA (sf)	--	Confirmed	US E
10-Feb-12	Series 2011-1 Notes, Class B	AA (sf)	--	Confirmed	US E
10-Feb-12	Series 2011-1 Notes, Class C	A (sf)	--	Confirmed	US E
10-Feb-12	Series 2011-1 Notes, Class D	BBB (sf)	--	Confirmed	US E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
10-Feb-12	Series 2011-1, Class A-1	Discontinued	--	Disc.-Repaid	US
10-Feb-12	Series 2011-1, Class A-2	AAA (sf)	--	Confirmed	US E
10-Feb-12	Series 2011-1, Class B	AA (sf)	--	Confirmed	US E
10-Feb-12	Series 2011-1, Class C	A (sf)	--	Confirmed	US E
10-Feb-12	Series 2011-1, Class D	BBB (sf)	--	Confirmed	US E
10-Feb-12	Series 2011-1, Class E	BB (sf)	--	Confirmed	US E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
10-Feb-12	Series 2011-WO Notes, Class A-1	Discontinued	--	Disc.-Repaid	US
10-Feb-12	Series 2011-WO Notes, Class A-2	AAA (sf)	--	Confirmed	US E
10-Feb-12	Series 2011-WO Notes, Class A-3	AAA (sf)	--	Confirmed	US E
10-Feb-12	Series 2011-WO Notes, Class A-4	AAA (sf)	--	Confirmed	US E
10-Feb-12	Series 2011-WO Notes, Class B	AA (high) (sf)	--	Confirmed	US E
10-Feb-12	Series 2011-WO Notes, Class C	A (high) (sf)	--	Confirmed	US E
10-Feb-12	Series 2011-WO Notes, Class D	BBB (high) (sf)	--	Confirmed	US E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
10-Feb-12	Series 2011-S1 Notes, Class B	AA (sf)	--	Confirmed	US E
10-Feb-12	Series 2011-S1 Notes, Class C	A (sf)	--	Confirmed	US E
10-Feb-12	Series 2011-S1 Notes, Class D	BBB (sf)	--	Confirmed	US E

DT Auto Owner Trust 2011-1

Series 2011-1 Notes, Class A

Date Issued:Feb 10, 2012
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2011-1 Notes, Class B

Date Issued:Feb 10, 2012
Rating Action:Confirmed
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2011-1 Notes, Class C

Date Issued:Feb 10, 2012
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2011-1 Notes, Class D

Date Issued:Feb 10, 2012
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:USE

First Investors Auto Owner Trust 2011-1

Series 2011-1, Class A-1

Date Issued:Feb 10, 2012
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Series 2011-1, Class A-2

Date Issued:Feb 10, 2012
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2011-1, Class B

Date Issued:Feb 10, 2012
Rating Action:Confirmed
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2011-1, Class C

Date Issued:Feb 10, 2012
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2011-1, Class D

Date Issued:Feb 10, 2012
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2011-1, Class E

Date Issued:Feb 10, 2012
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:USE

Santander Consumer Acquired Receivables Trust 2011-WO

Series 2011-WO Notes, Class A-1

Date Issued:Feb 10, 2012
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Series 2011-WO Notes, Class A-2

Date Issued:Feb 10, 2012
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2011-WO Notes, Class A-3

Date Issued:Feb 10, 2012
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2011-WO Notes, Class A-4

Date Issued:Feb 10, 2012
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2011-WO Notes, Class B

Date Issued:Feb 10, 2012
Rating Action:Confirmed
Ratings:AA (high) (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2011-WO Notes, Class C

Date Issued:Feb 10, 2012
Rating Action:Confirmed
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2011-WO Notes, Class D

Date Issued:Feb 10, 2012
Rating Action:Confirmed
Ratings:BBB (high) (sf)
Trend:--
Rating Recovery:
Issued:USE

Santander Drive Auto Receivables Trust 2011-S1

Series 2011-S1 Notes, Class B

Date Issued:Feb 10, 2012
Rating Action:Confirmed
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2011-S1 Notes, Class C

Date Issued:Feb 10, 2012
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2011-S1 Notes, Class D

Date Issued:Feb 10, 2012
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:USE

ALL MORNINGSTAR DBRS RATINGS ARE SUBJECT TO DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AND ADDITIONAL INFORMATION REGARDING MORNINGSTAR DBRS RATINGS, INCLUDING DEFINITIONS, POLICIES, RATING SCALES AND METHODOLOGIES.

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