Press Release

DBRS Confirms and Upgrades Ratings of U.S. ABS Transactions

Auto, Other

June 02, 2014

DBRS has conducted a review of 26 publicly rated U.S. structured finance asset-backed securities transactions that are currently outstanding. Of the 81 classes reviewed, 54 were confirmed, nine were upgraded, and 18 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 were reviewed:

-- Ally Master Owner Trust 2011-3
-- ARI Fleet Lease Trust 2012-A
-- CarNow Auto Receivables Trust 2012-1
-- Credit Acceptance Auto Loan Trust 2011-1
-- Credit Acceptance Auto Loan Trust 2012-1
-- Credit Acceptance Auto Loan Trust 2012-2
-- Credit Acceptance Auto Loan Trust 2013-1
-- Credit Acceptance Auto Loan Trust 2013-2
-- DT Auto Owner Trust 2011-3
-- DT Auto Owner Trust 2012-1
-- DT Auto Owner Trust 2012-2
-- DT Auto Owner Trust 2013-1
-- DT Auto Owner Trust 2013-2
-- JGW V, LLC
-- Santander Drive Auto Receivables Trust 2010-2
-- Santander Drive Auto Receivables Trust 2010-3
-- Santander Drive Auto Receivables Trust 2010-A
-- Santander Drive Auto Receivables Trust 2010-B
-- Santander Drive Auto Receivables Trust 2011-1
-- Santander Drive Auto Receivables Trust 2011-2
-- Santander Drive Auto Receivables Trust 2011-S2
-- SNAAC Auto Receivables Trust 2012-1
-- SNAAC Auto Receivables Trust 2013-1
-- United Auto Credit Securitization Trust 2012-1
-- United Auto Credit Securitization Trust 2013-1
-- Westgate Resorts 2013-1 LLC

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

ARI Fleet Lease Trust 2012-A

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
02-Jun-14	Class A	AAA (sf)	--	Confirmed	US E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
02-Jun-14	Series 2011-3 Notes, Class A-1	AAA (sf)	--	Confirmed	US E
02-Jun-14	Series 2011-3 Notes, Class A-2	AAA (sf)	--	Confirmed	US E
02-Jun-14	Series 2011-3 Notes, Class B	AA (sf)	--	Confirmed	US E
02-Jun-14	Series 2011-3 Notes, Class C	A (sf)	--	Confirmed	US E
02-Jun-14	Series 2011-3 Notes, Class D	BBB (sf)	--	Confirmed	US E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
02-Jun-14	Series 2012-1 Notes, Class C	AA (sf)	--	Upgraded	US E
02-Jun-14	Series 2012-1 Notes, Class D	A (sf)	--	Upgraded	US E
02-Jun-14	Series 2012-1 Notes, Class A	Discontinued	--	Disc.-Repaid	US
02-Jun-14	Series 2012-1 Notes, Class B	Discontinued	--	Disc.-Repaid	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
02-Jun-14	Class A Notes	AAA (sf)	--	Confirmed	US E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
02-Jun-14	Class A	AAA (sf)	--	Confirmed	US E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
02-Jun-14	Series 2012-2, Class A	AAA (sf)	--	Confirmed	US E
02-Jun-14	Series 2012-2, Class B	AA (sf)	--	Confirmed	US E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
02-Jun-14	Class A	AAA (sf)	--	Confirmed	US E
02-Jun-14	Class B	AA (sf)	--	Confirmed	US E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
02-Jun-14	Series 2013-2 Notes, Class A	AAA (sf)	--	Confirmed	US
02-Jun-14	Series 2013-2 Notes, Class B	AA (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
02-Jun-14	Series 2011-3 Notes, Class D	BBB (sf)	--	Confirmed	US E
02-Jun-14	Series 2011-3 Notes, Class B	Discontinued	--	Disc.-Repaid	US
02-Jun-14	Series 2011-3 Notes, Class C	Discontinued	--	Disc.-Repaid	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
02-Jun-14	Series 2012-1, Class C	AAA (sf)	--	Upgraded	US E
02-Jun-14	Series 2012-1, Class D	BBB (sf)	--	Confirmed	US E
02-Jun-14	Series 2012-1, Class A	Discontinued	--	Disc.-Repaid	US
02-Jun-14	Series 2012-1, Class B	Discontinued	--	Disc.-Repaid	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
02-Jun-14	Series 2012-2, Class B	AAA (sf)	--	Upgraded	US E
02-Jun-14	Series 2012-2, Class C	A (sf)	--	Confirmed	US E
02-Jun-14	Series 2012-2, Class D	BBB (sf)	--	Confirmed	US E
02-Jun-14	Series 2012-2, Class A	Discontinued	--	Disc.-Repaid	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
02-Jun-14	Series 2013-1 Notes, Class A	AAA (sf)	--	Confirmed	US
02-Jun-14	Series 2013-1 Notes, Class B	AA (sf)	--	Confirmed	US
02-Jun-14	Series 2013-1 Notes, Class C	A (sf)	--	Confirmed	US
02-Jun-14	Series 2013-1 Notes, Class D	BBB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
02-Jun-14	Class A	AAA (sf)	--	Confirmed	US
02-Jun-14	Class B	AA (sf)	--	Confirmed	US
02-Jun-14	Class C	A (sf)	--	Confirmed	US
02-Jun-14	Class D	BBB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
02-Jun-14	Class A Variable Rate Loans	AA (low) (sf)	--	Confirmed	US U E
02-Jun-14	Class B Variable Rate Loans	A (low) (sf)	--	Confirmed	US U E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
02-Jun-14	Series 2012-1 Notes, Class B	AAA (sf)	--	Upgraded	US E
02-Jun-14	Series 2012-1 Notes, Class C	AA (sf)	--	Upgraded	US E
02-Jun-14	Series 2012-1 Notes, Class D	BB (sf)	--	Confirmed	US E
02-Jun-14	Series 2012-1 Notes, Class A	Discontinued	--	Disc.-Repaid	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
02-Jun-14	Class A	AAA (sf)	--	Confirmed	US
02-Jun-14	Class B	A (sf)	--	Confirmed	US
02-Jun-14	Class C	BBB (sf)	--	Confirmed	US
02-Jun-14	Class D	BB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
02-Jun-14	Series 2010-2, Class C	AAA (sf)	--	Confirmed	US E
02-Jun-14	Series 2010-2, Class B	Discontinued	--	Disc.-Repaid	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
02-Jun-14	Series 2010-3 Notes, Class C	AAA (sf)	--	Confirmed	US E
02-Jun-14	Series 2010-3 Notes, Class B	Discontinued	--	Disc.-Repaid	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
02-Jun-14	Class A-4	AAA (sf)	--	Confirmed	US E
02-Jun-14	Class A-3	Discontinued	--	Disc.-Repaid	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
02-Jun-14	Class C	AAA (sf)	--	Confirmed	US E
02-Jun-14	Class D	A (sf)	--	Confirmed	US E
02-Jun-14	Class B	Discontinued	--	Disc.-Repaid	US

Show More Issuers

ARI Fleet Lease Trust 2012-A

Class A

Date Issued:Jun 2, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Ally Master Owner Trust 2011-3

Series 2011-3 Notes, Class A-1

Date Issued:Jun 2, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2011-3 Notes, Class A-2

Date Issued:Jun 2, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2011-3 Notes, Class B

Date Issued:Jun 2, 2014
Rating Action:Confirmed
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2011-3 Notes, Class C

Date Issued:Jun 2, 2014
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2011-3 Notes, Class D

Date Issued:Jun 2, 2014
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:USE

CarNow Auto Receivables Trust 2012-1

Series 2012-1 Notes, Class C

Date Issued:Jun 2, 2014
Rating Action:Upgraded
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2012-1 Notes, Class D

Date Issued:Jun 2, 2014
Rating Action:Upgraded
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2012-1 Notes, Class A

Date Issued:Jun 2, 2014
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Series 2012-1 Notes, Class B

Date Issued:Jun 2, 2014
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Credit Acceptance Auto Loan Trust 2011-1

Class A Notes

Date Issued:Jun 2, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Credit Acceptance Auto Loan Trust 2012-1

Class A

Date Issued:Jun 2, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Credit Acceptance Auto Loan Trust 2012-2

Series 2012-2, Class A

Date Issued:Jun 2, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2012-2, Class B

Date Issued:Jun 2, 2014
Rating Action:Confirmed
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:USE

Credit Acceptance Auto Loan Trust 2013-1

Class A

Date Issued:Jun 2, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Class B

Date Issued:Jun 2, 2014
Rating Action:Confirmed
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:USE

Credit Acceptance Auto Loan Trust 2013-2

Series 2013-2 Notes, Class A

Date Issued:Jun 2, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-2 Notes, Class B

Date Issued:Jun 2, 2014
Rating Action:Confirmed
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

DT Auto Owner Trust 2011-3

Series 2011-3 Notes, Class D

Date Issued:Jun 2, 2014
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2011-3 Notes, Class B

Date Issued:Jun 2, 2014
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Series 2011-3 Notes, Class C

Date Issued:Jun 2, 2014
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

DT Auto Owner Trust 2012-1

Series 2012-1, Class C

Date Issued:Jun 2, 2014
Rating Action:Upgraded
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2012-1, Class D

Date Issued:Jun 2, 2014
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2012-1, Class A

Date Issued:Jun 2, 2014
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Series 2012-1, Class B

Date Issued:Jun 2, 2014
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

DT Auto Owner Trust 2012-2

Series 2012-2, Class B

Date Issued:Jun 2, 2014
Rating Action:Upgraded
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2012-2, Class C

Date Issued:Jun 2, 2014
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2012-2, Class D

Date Issued:Jun 2, 2014
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2012-2, Class A

Date Issued:Jun 2, 2014
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

DT Auto Owner Trust 2013-1

Series 2013-1 Notes, Class A

Date Issued:Jun 2, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-1 Notes, Class B

Date Issued:Jun 2, 2014
Rating Action:Confirmed
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-1 Notes, Class C

Date Issued:Jun 2, 2014
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-1 Notes, Class D

Date Issued:Jun 2, 2014
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

DT Auto Owner Trust 2013-2

Class A

Date Issued:Jun 2, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class B

Date Issued:Jun 2, 2014
Rating Action:Confirmed
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Class C

Date Issued:Jun 2, 2014
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Class D

Date Issued:Jun 2, 2014
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

JGW V, LLC

Class A Variable Rate Loans

Date Issued:Jun 2, 2014
Rating Action:Confirmed
Ratings:AA (low) (sf)
Trend:--
Rating Recovery:
Issued:USUE

Class B Variable Rate Loans

Date Issued:Jun 2, 2014
Rating Action:Confirmed
Ratings:A (low) (sf)
Trend:--
Rating Recovery:
Issued:USUE

SNAAC Auto Receivables Trust 2012-1

Series 2012-1 Notes, Class B

Date Issued:Jun 2, 2014
Rating Action:Upgraded
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2012-1 Notes, Class C

Date Issued:Jun 2, 2014
Rating Action:Upgraded
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2012-1 Notes, Class D

Date Issued:Jun 2, 2014
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2012-1 Notes, Class A

Date Issued:Jun 2, 2014
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

SNAAC Auto Receivables Trust 2013-1

Class A

Date Issued:Jun 2, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class B

Date Issued:Jun 2, 2014
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Class C

Date Issued:Jun 2, 2014
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Class D

Date Issued:Jun 2, 2014
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:US

Santander Drive Auto Receivables Trust 2010-2

Series 2010-2, Class C

Date Issued:Jun 2, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2010-2, Class B

Date Issued:Jun 2, 2014
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Santander Drive Auto Receivables Trust 2010-3

Series 2010-3 Notes, Class C

Date Issued:Jun 2, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Series 2010-3 Notes, Class B

Date Issued:Jun 2, 2014
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Santander Drive Auto Receivables Trust 2010-A

Class A-4

Date Issued:Jun 2, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Class A-3

Date Issued:Jun 2, 2014
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Santander Drive Auto Receivables Trust 2010-B

Class C

Date Issued:Jun 2, 2014
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Class D

Date Issued:Jun 2, 2014
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:USE

Class B

Date Issued:Jun 2, 2014
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Show More Issuers

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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