Press Release

DBRS Confirms and Upgrades Ratings on U.S. Auto Asset-Backed Securities

Auto

December 21, 2012

DBRS Inc. (DBRS) has reviewed several of its outstanding U.S. structured finance auto asset-backed securities transactions. The review included both prime and subprime auto loans securitizations. Of the 8 publicly rated series reviewed, 21 classes were confirmed, 10 classes were upgraded and 2 classes were discontinued due to repayment of the rated obligations.

The collateral supporting the transactions is performing within DBRS expectations and available credit enhancement for each class is sufficient to cover DBRS expected losses. For the ratings that were upgraded, the transactions have exhibited positive performance trends and experienced increases in credit support sufficient to withstand stresses at their new rating level.

The following public transactions have been reviewed:

• Auto Loan Acquisition 2011-A LLC
• Auto Loan Acquisition 2011-B LLC
• Chrysler Financial Auto Securitization Trust, Series 2010-A
• First Investors Auto Owner Trust 2011-1
• Ford Credit Auto Owner Trust 2009-D
• Santander Consumer Acquired Receivables Trust 2011-WO
• Santander Drive Auto Receivables Trust 2010-2
• Santander Drive Auto Receivables Trust 2010-3

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

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

Ratings

Auto Loan Acquisition 2011-A LLC

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
21-Dec-12	Class A	AAA (sf)	--	Confirmed	US E
21-Dec-12	Class B	AA (sf)	--	Confirmed	US E
21-Dec-12	Class C	A (sf)	--	Confirmed	US E
21-Dec-12	Class D	BBB (sf)	--	Confirmed	US E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
21-Dec-12	Class A	AAA (sf)	--	Confirmed	US E
21-Dec-12	Class B	AA (sf)	--	Confirmed	US E
21-Dec-12	Class C	A (sf)	--	Confirmed	US E
21-Dec-12	Class D	BBB (sf)	--	Confirmed	US E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
21-Dec-12	Series 2010-A, Class B	AAA (sf)	--	Confirmed	US E
21-Dec-12	Series 2010-A, Class C	AAA (sf)	--	Upgraded	US E
21-Dec-12	Series 2010-A, Class D	AA (sf)	--	Upgraded	US E
21-Dec-12	Series 2010-A, Class A-3	Discontinued	--	Disc.-Repaid	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
21-Dec-12	Series 2011-1, Class A-2	AAA (sf)	--	Confirmed	US E
21-Dec-12	Series 2011-1, Class B	AAA (sf)	--	Confirmed	US E
21-Dec-12	Series 2011-1, Class C	AAA (sf)	--	Upgraded	US E
21-Dec-12	Series 2011-1, Class D	AA (sf)	--	Upgraded	US E
21-Dec-12	Series 2011-1, Class E	A (sf)	--	Upgraded	US E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
21-Dec-12	Class A-4	AAA (sf)	--	Confirmed	US E
21-Dec-12	Class B	AAA (sf)	--	Confirmed	US E
21-Dec-12	Class C	AAA (sf)	--	Confirmed	US E
21-Dec-12	Class D	AAA (sf)	--	Upgraded	US E
21-Dec-12	Class A-3	Discontinued	--	Disc.-Repaid	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
21-Dec-12	Series 2011-WO Notes, Class A-3	AAA (sf)	--	Confirmed	US E
21-Dec-12	Series 2011-WO Notes, Class A-4	AAA (sf)	--	Confirmed	US E
21-Dec-12	Series 2011-WO Notes, Class B	AAA (sf)	--	Confirmed	US E
21-Dec-12	Series 2011-WO Notes, Class C	AAA (sf)	--	Upgraded	US E
21-Dec-12	Series 2011-WO Notes, Class D	AA (high) (sf)	--	Upgraded	US E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
21-Dec-12	Series 2010-2, Class A-3	AAA (sf)	--	Confirmed	US E
21-Dec-12	Series 2010-2, Class B	AAA (sf)	--	Confirmed	US E
21-Dec-12	Series 2010-2, Class C	AA (sf)	--	Upgraded	US E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
21-Dec-12	Series 2010-3 Notes, Class A-3	AAA (sf)	--	Confirmed	US E
21-Dec-12	Series 2010-3 Notes, Class B	AAA (sf)	--	Confirmed	US E
21-Dec-12	Series 2010-3 Notes, Class C	AAA (sf)	--	Upgraded	US E

Auto Loan Acquisition 2011-A LLC

Class A

Date Issued:Dec 21, 2012
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Class B

Date Issued:Dec 21, 2012
Rating Action:Confirmed
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:USE

Class C

Date Issued:Dec 21, 2012
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:USE

Class D

Date Issued:Dec 21, 2012
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:USE

Auto Loan Acquisition 2011-B LLC

Class A

Date Issued:Dec 21, 2012
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Class B

Date Issued:Dec 21, 2012
Rating Action:Confirmed
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:USE

Class C

Date Issued:Dec 21, 2012
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:USE

Class D

Date Issued:Dec 21, 2012
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:USE

Chrysler Financial Auto Securitization Trust, Series 2010-A

Series 2010-A, Class B

Date Issued:Dec 21, 2012
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2010-A, Class C

Date Issued:Dec 21, 2012
Rating Action:Upgraded
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2010-A, Class D

Date Issued:Dec 21, 2012
Rating Action:Upgraded
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2010-A, Class A-3

Date Issued:Dec 21, 2012
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

First Investors Auto Owner Trust 2011-1

Series 2011-1, Class A-2

Date Issued:Dec 21, 2012
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2011-1, Class B

Date Issued:Dec 21, 2012
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2011-1, Class C

Date Issued:Dec 21, 2012
Rating Action:Upgraded
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2011-1, Class D

Date Issued:Dec 21, 2012
Rating Action:Upgraded
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2011-1, Class E

Date Issued:Dec 21, 2012
Rating Action:Upgraded
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:USE

Ford Credit Auto Owner Trust 2009-D

Class A-4

Date Issued:Dec 21, 2012
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Class B

Date Issued:Dec 21, 2012
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Class C

Date Issued:Dec 21, 2012
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Class D

Date Issued:Dec 21, 2012
Rating Action:Upgraded
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Class A-3

Date Issued:Dec 21, 2012
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Santander Consumer Acquired Receivables Trust 2011-WO

Series 2011-WO Notes, Class A-3

Date Issued:Dec 21, 2012
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2011-WO Notes, Class A-4

Date Issued:Dec 21, 2012
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2011-WO Notes, Class B

Date Issued:Dec 21, 2012
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2011-WO Notes, Class C

Date Issued:Dec 21, 2012
Rating Action:Upgraded
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2011-WO Notes, Class D

Date Issued:Dec 21, 2012
Rating Action:Upgraded
Ratings:AA (high) (sf)
Trend:--
Rating Recovery:
Issued:USE

Santander Drive Auto Receivables Trust 2010-2

Series 2010-2, Class A-3

Date Issued:Dec 21, 2012
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2010-2, Class B

Date Issued:Dec 21, 2012
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2010-2, Class C

Date Issued:Dec 21, 2012
Rating Action:Upgraded
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:USE

Santander Drive Auto Receivables Trust 2010-3

Series 2010-3 Notes, Class A-3

Date Issued:Dec 21, 2012
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2010-3 Notes, Class B

Date Issued:Dec 21, 2012
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2010-3 Notes, Class C

Date Issued:Dec 21, 2012
Rating Action:Upgraded
Ratings:AAA (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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