DBRS Assigns Provisional Ratings to DT Auto Owner Trust 2015-3

DBRS, Inc. (DBRS) has today assigned provisional ratings to the following classes issued by DT Auto Owner Trust 2015-3:

-- Series 2015-3 Notes, Class A rated AAA (sf)
-- Series 2015-3 Notes, Class B rated AA (sf)
-- Series 2015-3 Notes, Class C rated A (sf)
-- Series 2015-3 Notes, Class D rated BBB (sf)

The ratings are based on a review by DBRS of the following analytical considerations:
-- Transaction capital structure, proposed ratings and form and sufficiency of available credit enhancement.
-- DTAOT 2015-3 provides for Class A, Class B, Class C and Class D coverage multiples slightly below the DBRS range of multiples set forth in the criteria for this asset class. DBRS believes that this is warranted given the magnitude of expected loss and structural features of the transaction.
-- The transaction parties’ capabilities with regards to originations, underwriting and servicing.
-- The quality and consistency of provided historical static pool data for DriveTime originations and performance of the DriveTime auto loan portfolio.
-- The November 19, 2014, settlement of the Consumer Financial Protection Bureau inquiry relating to allegedly unfair trade practices.
-- Review of the legal structure and presence of legal opinions (to be provided), which address the true sale of the assets to the issuer, the non-consolidation of the special-purpose vehicle with DriveTime, that the trust has a valid first-priority security interest in the assets and the consistency with the DBRS “Legal Criteria for U.S. Structured Finance” methodology.

Notes:
The applicable methodology is Rating U.S. Retail Auto Loan Securitizations, which can be found on our website under Methodologies.

These ratings are endorsed by DBRS Ratings Limited for use in the European Union.