Press Release

DBRS Confirms and Upgrades Ratings of US ABS Transactions

Auto, Other

June 24, 2013

DBRS, Inc. (DBRS) has conducted a review of several outstanding U.S. structured finance asset-backed securities transactions. Of the 11 publicly rated series reviewed, 24 outstanding classes were confirmed, 8 classes were upgraded, and 7 classes were discontinued due to full repayment of the notes.

The collateral supporting the transactions is performing within DBRS expectations. For the ratings that were confirmed, the transactions have exhibited stable performance trends and have credit enhancement for each class sufficient enough 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:
• California Republic Auto Receivables Trust 2012-1
• DT Auto Owner Trust 2010-1
• DT Auto Owner Trust 2011-1
• DT Auto Owner Trust 2011-2
• DT Auto Owner Trust 2011-3
• DT Auto Owner Trust 2012-2
• First Investors Auto Owner Trust 2012-2
• Gun Hill Road II LLC
• Navistar Financial 2012-A Owner Trust
• Rental Car Finance Corp.
• SNAAC Auto Receivables Trust 2012-1

Notes:
The applicable methodology is the 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

California Republic Auto Receivables Trust 2012-1

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
24-Jun-13	Class A	AA (sf)	--	Upgraded	US
24-Jun-13	Class B	A (high) (sf)	--	Upgraded	US
24-Jun-13	Class C	BBB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
24-Jun-13	Series 2010-1, Class D	BBB (sf)	--	Confirmed	US E
24-Jun-13	Series 2010-1, Class C	Discontinued	--	Disc.-Repaid	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
24-Jun-13	Series 2011-1 Notes, Class C	AAA (sf)	--	Upgraded	US E
24-Jun-13	Series 2011-1 Notes, Class D	BBB (sf)	--	Confirmed	US E
24-Jun-13	Series 2011-1 Notes, Class B	Discontinued	--	Disc.-Repaid	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
24-Jun-13	Series 2011-2 Notes, Class C	AAA (sf)	--	Upgraded	US E
24-Jun-13	Series 2011-2 Notes, Class D	BBB (sf)	--	Confirmed	US E
24-Jun-13	Series 2011-2 Notes, Class A	Discontinued	--	Disc.-Repaid	US
24-Jun-13	Series 2011-2 Notes, Class B	Discontinued	--	Disc.-Repaid	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
24-Jun-13	Series 2011-3 Notes, Class B	AAA (sf)	--	Upgraded	US E
24-Jun-13	Series 2011-3 Notes, Class C	A (sf)	--	Confirmed	US E
24-Jun-13	Series 2011-3 Notes, Class D	BBB (sf)	--	Confirmed	US E
24-Jun-13	Series 2011-3 Notes, Class A	Discontinued	--	Disc.-Repaid	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
24-Jun-13	Series 2012-2, Class A	AAA (sf)	--	Confirmed	US E
24-Jun-13	Series 2012-2, Class B	AA (sf)	--	Confirmed	US E
24-Jun-13	Series 2012-2, Class C	A (sf)	--	Confirmed	US E
24-Jun-13	Series 2012-2, Class D	BBB (sf)	--	Confirmed	US E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
24-Jun-13	Series 2012-2, Class A-1	Discontinued	--	Disc.-Repaid	US
24-Jun-13	Series 2012-2, Class A-2	AAA (sf)	--	Confirmed	US
24-Jun-13	Series 2012-2, Class B	AA (sf)	--	Confirmed	US
24-Jun-13	Series 2012-2, Class C	A (sf)	--	Confirmed	US
24-Jun-13	Series 2012-2, Class D	BBB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
24-Jun-13	$430 Million Class A Notes	BBB (sf)	--	Confirmed	US E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
24-Jun-13	Series 2012-A, Class A-1	Discontinued	--	Disc.-Repaid	US
24-Jun-13	Series 2012-A, Class A-2	AAA (sf)	--	Confirmed	US
24-Jun-13	Series 2012-A, Class A-3	AAA (sf)	--	Confirmed	US
24-Jun-13	Series 2012-A, Class B	AAA (sf)	--	Upgraded	US
24-Jun-13	Series 2012-A, Class C	AA (high) (sf)	--	Upgraded	US
24-Jun-13	Series 2012-A, Class D	A (high) (sf)	--	Upgraded	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
24-Jun-13	Series 2011-1, Class A	AAA (sf)	--	Confirmed	US
24-Jun-13	Rental Car Asset Backed Variable Funding Notes, Series 2010-3	AA (sf)	--	Confirmed	US
24-Jun-13	Series 2011-1, Class B	A (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
24-Jun-13	Series 2012-1 Notes, Class A	AAA (sf)	--	Confirmed	US E
24-Jun-13	Series 2012-1 Notes, Class B	A (sf)	--	Confirmed	US E
24-Jun-13	Series 2012-1 Notes, Class C	BBB (sf)	--	Confirmed	US E
24-Jun-13	Series 2012-1 Notes, Class D	BB (sf)	--	Confirmed	US E

California Republic Auto Receivables Trust 2012-1

Class A

Date Issued:Jun 24, 2013
Rating Action:Upgraded
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Class B

Date Issued:Jun 24, 2013
Rating Action:Upgraded
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Class C

Date Issued:Jun 24, 2013
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

DT Auto Owner Trust 2010-1

Series 2010-1, Class D

Date Issued:Jun 24, 2013
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2010-1, Class C

Date Issued:Jun 24, 2013
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

DT Auto Owner Trust 2011-1

Series 2011-1 Notes, Class C

Date Issued:Jun 24, 2013
Rating Action:Upgraded
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2011-1 Notes, Class D

Date Issued:Jun 24, 2013
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2011-1 Notes, Class B

Date Issued:Jun 24, 2013
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

DT Auto Owner Trust 2011-2

Series 2011-2 Notes, Class C

Date Issued:Jun 24, 2013
Rating Action:Upgraded
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2011-2 Notes, Class D

Date Issued:Jun 24, 2013
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2011-2 Notes, Class A

Date Issued:Jun 24, 2013
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Series 2011-2 Notes, Class B

Date Issued:Jun 24, 2013
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

DT Auto Owner Trust 2011-3

Series 2011-3 Notes, Class B

Date Issued:Jun 24, 2013
Rating Action:Upgraded
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2011-3 Notes, Class C

Date Issued:Jun 24, 2013
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2011-3 Notes, Class D

Date Issued:Jun 24, 2013
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2011-3 Notes, Class A

Date Issued:Jun 24, 2013
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

DT Auto Owner Trust 2012-2

Series 2012-2, Class A

Date Issued:Jun 24, 2013
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2012-2, Class B

Date Issued:Jun 24, 2013
Rating Action:Confirmed
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2012-2, Class C

Date Issued:Jun 24, 2013
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2012-2, Class D

Date Issued:Jun 24, 2013
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:USE

First Investors Auto Owner Trust 2012-2

Series 2012-2, Class A-1

Date Issued:Jun 24, 2013
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Series 2012-2, Class A-2

Date Issued:Jun 24, 2013
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-2, Class B

Date Issued:Jun 24, 2013
Rating Action:Confirmed
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-2, Class C

Date Issued:Jun 24, 2013
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-2, Class D

Date Issued:Jun 24, 2013
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Gun Hill Road II LLC

$430 Million Class A Notes

Date Issued:Jun 24, 2013
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:USE

Navistar Financial 2012-A Owner Trust

Series 2012-A, Class A-1

Date Issued:Jun 24, 2013
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Series 2012-A, Class A-2

Date Issued:Jun 24, 2013
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-A, Class A-3

Date Issued:Jun 24, 2013
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-A, Class B

Date Issued:Jun 24, 2013
Rating Action:Upgraded
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-A, Class C

Date Issued:Jun 24, 2013
Rating Action:Upgraded
Ratings:AA (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2012-A, Class D

Date Issued:Jun 24, 2013
Rating Action:Upgraded
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Rental Car Finance Corp.

Series 2011-1, Class A

Date Issued:Jun 24, 2013
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Rental Car Asset Backed Variable Funding Notes, Series 2010-3

Date Issued:Jun 24, 2013
Rating Action:Confirmed
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2011-1, Class B

Date Issued:Jun 24, 2013
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

SNAAC Auto Receivables Trust 2012-1

Series 2012-1 Notes, Class A

Date Issued:Jun 24, 2013
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2012-1 Notes, Class B

Date Issued:Jun 24, 2013
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2012-1 Notes, Class C

Date Issued:Jun 24, 2013
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2012-1 Notes, Class D

Date Issued:Jun 24, 2013
Rating Action:Confirmed
Ratings:BB (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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