Press Release

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

Auto, Other, Equipment

February 26, 2016

DBRS, Inc. (DBRS) has conducted a review of 15 publicly rated U.S. structured finance asset-backed securities transactions that are currently outstanding. Of the 49 securities reviewed, DBRS has today confirmed 40, upgraded four and discontinued five due to repayment in full.

For the ratings that were confirmed, performance trends are such that credit enhancement levels are sufficient to cover DBRS’s expected losses at their current respective rating levels. For the upgraded securities, performance trends are such that credit enhancement levels are sufficient to cover DBRS’s expected losses at their new respective rating levels.

The following public transactions were reviewed:

-- Ascentium Equipment Receivables 2015-1 LLC
-- Ascentium Funding I LLC
-- California Republic Auto Receivables Trust 2012-1
-- Credit Acceptance Auto Loan Trust 2013-1
-- Credit Acceptance Auto Loan Trust 2013-2
-- Credit Acceptance Auto Loan Trust 2014-1
-- Exeter Automobile Receivables Trust 2014-3
-- First Investors Receivables Funding, LLC
-- Prestige Auto Receivables Trust 2012-1
-- Prestige Auto Receivables Trust 2013-1
-- Prestige Auto Receivables Trust 2014-1
-- Prestige Auto Receivables Trust 2015-1
-- Westgate Resorts 2013-1 LLC
-- Westgate Resorts 2014-1 LLC
-- Westgate Resorts 2015-1 LLC

Please see the attached appendix for additional information regarding the assumptions used in the rating process and related performance that could impact rating sensitivity.

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.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.

Ratings

Ascentium Equipment Receivables 2015-1 LLC

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
26-Feb-16	Class A-1	R-1 (high) (sf)	--	Confirmed	US
26-Feb-16	Class A-2	AAA (sf)	--	Confirmed	US
26-Feb-16	Class A-3	AAA (sf)	--	Confirmed	US
26-Feb-16	Class B	AAA (sf)	--	Confirmed	US
26-Feb-16	Class C	A (high) (sf)	--	Confirmed	US
26-Feb-16	Class D	BBB (high) (sf)	--	Confirmed	US
26-Feb-16	Class E	BB (high) (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
26-Feb-16	Facility	AA (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
26-Feb-16	Class B	AAA (sf)	--	Confirmed	US
26-Feb-16	Class C	AA (sf)	--	Upgraded	US
26-Feb-16	Class A	Discontinued	--	Disc.-Repaid	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
26-Feb-16	Class B	AAA (sf)	--	Upgraded	US E
26-Feb-16	Class A	Discontinued	--	Disc.-Repaid	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
26-Feb-16	Series 2013-2 Notes, Class A	AAA (sf)	--	Confirmed	US
26-Feb-16	Series 2013-2 Notes, Class B	AA (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
26-Feb-16	Series 2014-1 Notes, Class A	AAA (sf)	--	Confirmed	US
26-Feb-16	Series 2014-1 Notes, Class B	AA (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
26-Feb-16	Series 2014-3, Class A	AAA (sf)	--	Confirmed	US
26-Feb-16	Series 2014-3, Class B	A (sf)	--	Confirmed	US
26-Feb-16	Series 2014-3, Class C	BBB (sf)	--	Confirmed	US
26-Feb-16	Series 2014-3, Class D	BB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
26-Feb-16	Class A	A (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
26-Feb-16	Class B	AAA (sf)	--	Confirmed	US
26-Feb-16	Class C	A (sf)	--	Confirmed	US
26-Feb-16	Class A-3	Discontinued	--	Disc.-Repaid	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
26-Feb-16	Class A-3	AAA (sf)	--	Confirmed	US
26-Feb-16	Class B	AA (high) (sf)	--	Confirmed	US
26-Feb-16	Class C	A (high) (sf)	--	Confirmed	US
26-Feb-16	Class D	BBB (high) (sf)	--	Confirmed	US
26-Feb-16	Class A-2	Discontinued	--	Disc.-Repaid	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
26-Feb-16	Series 2014-1 Notes, Class A-2	AAA (sf)	--	Confirmed	US
26-Feb-16	Series 2014-1 Notes, Class A-3	AAA (sf)	--	Confirmed	US
26-Feb-16	Series 2014-1 Notes, Class B	AA (high) (sf)	--	Confirmed	US
26-Feb-16	Series 2014-1 Notes, Class C	A (high) (sf)	--	Confirmed	US
26-Feb-16	Series 2014-1 Notes, Class D	BBB (high) (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
26-Feb-16	Series 2015-1 Notes, Class A-1	Discontinued	--	Disc.-Repaid	US
26-Feb-16	Series 2015-1 Notes, Class A-2	AAA (sf)	--	Confirmed	US
26-Feb-16	Series 2015-1 Notes, Class A-3	AAA (sf)	--	Confirmed	US
26-Feb-16	Series 2015-1 Notes, Class B	AA (sf)	--	Confirmed	US
26-Feb-16	Series 2015-1 Notes, Class C	A (sf)	--	Confirmed	US
26-Feb-16	Series 2015-1 Notes, Class D	BBB (sf)	--	Confirmed	US
26-Feb-16	Series 2015-1 Notes, Class E	BB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
26-Feb-16	Class A	AA (low) (sf)	--	Upgraded	US
26-Feb-16	Class B	A (low) (sf)	--	Upgraded	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
26-Feb-16	Timeshare Collateralized Notes, Series 2014-1, Class A	A (sf)	--	Confirmed	US
26-Feb-16	Timeshare Collateralized Notes, Series 2014-1, Class B	BBB (sf)	--	Confirmed	US
26-Feb-16	Timeshare Collateralized Notes, Series 2014-1, Class C	BB (sf)	--	Confirmed	US

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
26-Feb-16	Timeshare Collateralized Notes, Series 2015-1, Class A	A (sf)	--	Confirmed	US
26-Feb-16	Timeshare Collateralized Notes, Series 2015-1, Class B	BBB (sf)	--	Confirmed	US

Ascentium Equipment Receivables 2015-1 LLC

Class A-1

Date Issued:Feb 26, 2016
Rating Action:Confirmed
Ratings:R-1 (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Class A-2

Date Issued:Feb 26, 2016
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class A-3

Date Issued:Feb 26, 2016
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class B

Date Issued:Feb 26, 2016
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class C

Date Issued:Feb 26, 2016
Rating Action:Confirmed
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Class D

Date Issued:Feb 26, 2016
Rating Action:Confirmed
Ratings:BBB (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Class E

Date Issued:Feb 26, 2016
Rating Action:Confirmed
Ratings:BB (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Ascentium Funding I LLC

Facility

Date Issued:Feb 26, 2016
Rating Action:Confirmed
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

California Republic Auto Receivables Trust 2012-1

Class B

Date Issued:Feb 26, 2016
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class C

Date Issued:Feb 26, 2016
Rating Action:Upgraded
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Class A

Date Issued:Feb 26, 2016
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Credit Acceptance Auto Loan Trust 2013-1

Class B

Date Issued:Feb 26, 2016
Rating Action:Upgraded
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:USE

Class A

Date Issued:Feb 26, 2016
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Credit Acceptance Auto Loan Trust 2013-2

Series 2013-2 Notes, Class A

Date Issued:Feb 26, 2016
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2013-2 Notes, Class B

Date Issued:Feb 26, 2016
Rating Action:Confirmed
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Credit Acceptance Auto Loan Trust 2014-1

Series 2014-1 Notes, Class A

Date Issued:Feb 26, 2016
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-1 Notes, Class B

Date Issued:Feb 26, 2016
Rating Action:Confirmed
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Exeter Automobile Receivables Trust 2014-3

Series 2014-3, Class A

Date Issued:Feb 26, 2016
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-3, Class B

Date Issued:Feb 26, 2016
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-3, Class C

Date Issued:Feb 26, 2016
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-3, Class D

Date Issued:Feb 26, 2016
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:US

First Investors Receivables Funding, LLC

Class A

Date Issued:Feb 26, 2016
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Prestige Auto Receivables Trust 2012-1

Class B

Date Issued:Feb 26, 2016
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class C

Date Issued:Feb 26, 2016
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Class A-3

Date Issued:Feb 26, 2016
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Prestige Auto Receivables Trust 2013-1

Class A-3

Date Issued:Feb 26, 2016
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Class B

Date Issued:Feb 26, 2016
Rating Action:Confirmed
Ratings:AA (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Class C

Date Issued:Feb 26, 2016
Rating Action:Confirmed
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Class D

Date Issued:Feb 26, 2016
Rating Action:Confirmed
Ratings:BBB (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Class A-2

Date Issued:Feb 26, 2016
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Prestige Auto Receivables Trust 2014-1

Series 2014-1 Notes, Class A-2

Date Issued:Feb 26, 2016
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-1 Notes, Class A-3

Date Issued:Feb 26, 2016
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-1 Notes, Class B

Date Issued:Feb 26, 2016
Rating Action:Confirmed
Ratings:AA (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-1 Notes, Class C

Date Issued:Feb 26, 2016
Rating Action:Confirmed
Ratings:A (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2014-1 Notes, Class D

Date Issued:Feb 26, 2016
Rating Action:Confirmed
Ratings:BBB (high) (sf)
Trend:--
Rating Recovery:
Issued:US

Prestige Auto Receivables Trust 2015-1

Series 2015-1 Notes, Class A-1

Date Issued:Feb 26, 2016
Rating Action:Disc.-Repaid
Ratings:Discontinued
Trend:--
Rating Recovery:
Issued:US

Series 2015-1 Notes, Class A-2

Date Issued:Feb 26, 2016
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-1 Notes, Class A-3

Date Issued:Feb 26, 2016
Rating Action:Confirmed
Ratings:AAA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-1 Notes, Class B

Date Issued:Feb 26, 2016
Rating Action:Confirmed
Ratings:AA (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-1 Notes, Class C

Date Issued:Feb 26, 2016
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-1 Notes, Class D

Date Issued:Feb 26, 2016
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Series 2015-1 Notes, Class E

Date Issued:Feb 26, 2016
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:US

Westgate Resorts 2013-1 LLC

Class A

Date Issued:Feb 26, 2016
Rating Action:Upgraded
Ratings:AA (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Class B

Date Issued:Feb 26, 2016
Rating Action:Upgraded
Ratings:A (low) (sf)
Trend:--
Rating Recovery:
Issued:US

Westgate Resorts 2014-1 LLC

Timeshare Collateralized Notes, Series 2014-1, Class A

Date Issued:Feb 26, 2016
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Timeshare Collateralized Notes, Series 2014-1, Class B

Date Issued:Feb 26, 2016
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

Timeshare Collateralized Notes, Series 2014-1, Class C

Date Issued:Feb 26, 2016
Rating Action:Confirmed
Ratings:BB (sf)
Trend:--
Rating Recovery:
Issued:US

Westgate Resorts 2015-1 LLC

Timeshare Collateralized Notes, Series 2015-1, Class A

Date Issued:Feb 26, 2016
Rating Action:Confirmed
Ratings:A (sf)
Trend:--
Rating Recovery:
Issued:US

Timeshare Collateralized Notes, Series 2015-1, Class B

Date Issued:Feb 26, 2016
Rating Action:Confirmed
Ratings:BBB (sf)
Trend:--
Rating Recovery:
Issued:US

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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