March's performance received a seasonal boost from tax refunds and extremely strong recovery rates, which were approximately one-third higher than March 2019. Losses were down month over month and up slightly year over year, but still remained significantly below prepandemic levels. Prime and subprime losses were 68% and 42% lower, respectively, than in March 2019.

Recovery rates rose significantly month over month (81.40% in prime and 63.59% in subprime) and were down slightly from year-ago levels, but comparisons to last year will be difficult given the rapid ascent in used vehicle values last year and spring/summer recovery rates that exceeded 100% for prime and 70% for subprime.

Although we're concerned that the consumer may have difficulty meeting their financial commitments given inflationary pressures and higher interest rates, we're not currently seeing such stress in the delinquency or extension numbers--often early warning signs.

Losses Decreased Month Over Month, Remaining Significantly Below Pre-COVID-19 Pandemic Levels

Prime net losses decreased month over month to 0.17% in March 2022 from 0.25% in February 2022 but were higher year over year from 0.13% in March 2021. Losses remained 68% lower than the March 2019 pre-COVID-19 pandemic rate of 0.54% (see table 1 and chart 1).

Subprime losses decreased month over month to 4.10% in March 2022 from 5.22% in February 2022 but as expected rose over the record low March level of 3.03% in 2021, which benefited from COVID-related stimulus payments in December 2020 and March 2021. Even with the increase, subprime losses remained 42% lower than the March 2019 level of 7.11%.

Table 1

Net Loss Rate Composite(i)
	Mar-13	Mar-14	Mar-15	Mar-16	Mar-17	Mar-18	Mar-19	Mar-20	Mar-21	Feb-22	Mar-22
Prime (%)	0.33	0.33	0.31	0.40	0.53	0.57	0.54	0.59	0.13	0.25	0.17
Subprime (%)	4.80	5.17	5.44	7.01	7.37	7.61	7.11	8.37	3.03	5.22	4.10
Subprime modified (%)(ii)	4.39	4.80	4.92	5.56	6.16	6.36	5.78	6.52	2.77	3.78	3.25
(i)Represents monthly annualized losses. (ii)Excludes American Credit Acceptance Receivables Trust, Exeter Automobile Receivables Trust, and Drive Auto Receivables Trust deals.

Prime And Subprime Recoveries Rose Month Over Month, Remaining Well Above Pre-COVID-19 Pandemic Levels

Prime recoveries increased to 81.40% in March 2022 from 74.41% in February 2022 but were below March 2021's extremely elevated levels of 91.24% (see table 2 and chart 2). Similarly, subprime recoveries also rose, increasing to 63.59% in March 2022 from 49.85% in February 2022, and they were slightly below March 2021's historically high level of 64.76% and much better than March 2020's rate of 39.46%.

Table 2

Recovery Rate Composite(i)
	Mar-13	Mar-14	Mar-15	Mar-16	Mar-17	Mar-18	Mar-19	Mar-20	Mar-21	Feb-22	Mar-22
Prime (%)	72.71	77.51	76.14	72.66	64.78	59.38	60.91	53.18	91.24	74.41	81.40
Subprime (%)	52.97	56.10	53.96	50.68	47.30	47.46	49.07	39.46	64.76	49.85	63.59
Subprime modified (%)(ii)	53.26	56.49	53.98	52.05	48.10	46.60	48.35	39.48	60.32	51.46	62.80
(i)Represents monthly recovery rates. (ii)Excludes American Credit Acceptance Receivables Trust, Exeter Automobile Receivables Trust, and Drive Auto Receivables Trust deals.

Delinquencies Fell Month Over Month, But Are Inching Closer To Pre-COVID-19 Pandemic Levels

The prime 60-plus-day delinquency rate fell to 0.33% in March 2022 from 0.39% in February 2022, but rose relative to 0.23% in March 2021 and are close to the pre-COVID-19 level of 0.34% recorded in March 2019 (see table 3 and chart 3). The subprime 60-plus-day delinquency rate fell to 3.82% in March 2022 from 4.43% in February 2022 and rose relative to March 2021's very low level of 2.65%. Even with the year-over-year increase, subprime delinquencies still remain slightly below March 2019's pre-pandemic rate of 4.34%.

Table 3

60-Plus-Day Delinquency Rate Composite(i)
	Mar-13	Mar-14	Mar-15	Mar-16	Mar-17	Mar-18	Mar-19	Mar-20	Mar-21	Feb-22	Mar-22
Prime (%)	0.29	0.32	0.32	0.38	0.36	0.35	0.34	0.41	0.23	0.39	0.33
Subprime (%)	2.60	3.08	3.40	3.81	4.04	4.28	4.34	5.01	2.65	4.43	3.82
Subprime modified (%)(ii)	2.35	2.88	3.00	3.10	3.03	3.18	3.15	3.55	1.79	2.99	2.58
(i)Represents 60+ day delinquencies. (ii)Excludes American Credit Acceptance Receivables Trust, Exeter Automobile Receivables Trust, and Drive Auto Receivables Trust deals.

We expect delinquencies to continue to normalize and approach pre-COVID-19 pandemic levels, especially as inflationary pressures continue to negatively affect consumers' take-home pay.

Extension Rates

Aided by tax refunds, extensions declined in March to their lowest levels since May 2021. Prime extensions declined to 0.29%, down from 0.30% in February and 0.34% a year earlier (see chart 4). Similarly, subprime extensions declined to 1.87% from 2.62% in February and 2.21% the prior year.

Although we're concerned that the consumer may have difficulty meeting their financial commitments given inflationary pressures and higher interest rates, we're not currently seeing such stress in the extension numbers, often an early warn sign. We believe that continued low levels of unemployment and continued access to credit should help to offset these budgetary concerns.

Issuer-specific extension rates are listed below in tables 4A and 4B.

Table 4A

Subprime Issuer Shelf Extension % (Based on $ Balance)
Shelf name	Feb-20	Mar-20	Apr-20	Mar-21	Feb-22	Mar-22
American Credit Acceptance Receivables Trust	2.84	3.66	5.15	1.91	1.49	1.32
AmeriCredit Automobile Receivables Trust	2.48	4.11	6.93	1.98	2.30	2.34
Avid Automobile Receivables Trust	2.88	3.43	2.82	3.47	3.50	3.35
CPS Auto Receivables Trust	3.71	6.18	10.21	2.47	3.63	3.22
DriveTime(i)	2.27	3.06	8.88	1.36	1.80	1.31
Exeter Automobile Receivables Trust	3.02	4.34	11.80	2.80	5.17	4.02
First Investors Auto Owner Trust	2.79	4.38	3.94	1.70	2.33	2.38
Flagship Credit Auto Trust	2.01	9.26	18.81	2.63	4.13	3.39
GLS Auto Receivables Issuer Trust	2.80	4.92	11.39	2.50	3.15	2.85
Prestige Auto Receivables Trust	2.69	2.85	6.24	2.19	2.71	2.75
Tidewater Auto Receivables Trust	0.96	1.59	8.36	2.35	1.40	1.56
United Auto Credit Securitization Trust	4.75	7.54	6.02	2.57	3.47	3.98
Westlake Automobile Receivables Trust	4.85	11.73	7.41	3.76	4.51	4.44
World Omni Select Auto Trust	1.58	14.72	19.58	1.28	1.30	1.31
(i)Extension rate for DriveTime for February and March 2022 includes only the 2021-3 and 2021-4 deals. These are the only deals with at least four months of performance in which the servicing reports provide extension info on a dollar basis (as opposed to account-based). The company previously provided dollar-based extensions through Dec. 31, 2021, for all of its outstanding deals, and this is reflected in the prior months' data.

Table 4B

Prime Issuer Shelf Extension % (Based on $ Balance)
Shelf Name	Feb-20	Mar-20	Apr-20	Mar-21	Feb-22	Mar-22
Ally Auto Receivables Trust	0.37	12.01	7.49	0.49	0.59	0.50
BMW Vehicle Owner Trust	0.17	2.00	7.58	0.19	0.11	0.01
Capital One Prime Auto Receivables Trust	0.01	0.82	1.94	0.08	0.07	0.07
CarMax Auto Owner Trust	0.38	3.33	7.33	0.40	0.38	0.39
Carvana Auto Receivables Trust	N/A	N/A	N/A	0.10	0.13	0.15
CRART	0.93	7.68	11.84	1.01	0.74	0.59
Fifth Third Auto Trust	0.12	0.97	4.91	0.07	0.10	0.11
Ford Credit Auto Owner Trust	0.75	6.30	6.35	0.95	0.74	0.74
Gm Financial Consumer Automobile Receivables Trust	0.32	0.81	2.27	0.27	0.30	0.30
Harley-Davidson Motorcycle Trust	0.20	1.85	4.00	0.31	0.34	0.27
Honda Auto Receivables Owner Trust	0.11	2.03	4.51	0.09	0.09	0.10
Hyundai Auto Receivables Trust	0.25	2.03	4.22	0.29	0.31	0.28
Mercedes-Benz Auto Receivables Trust	0.15	4.62	7.21	0.27	0.35	0.35
Nissan Auto Receivables Owner Trust	0.44	4.19	5.57	0.43	0.35	0.32
Toyota Auto Receivables Owner Trust	0.28	2.79	6.24	0.22	0.22	0.19
USAA Auto Owner Trust	0.41	2.27	4.80	0.30	0.19	0.23
Volkswagen Auto Loan Enhanced Trust	0.21	0.60	5.81	0.06	0.14	0.11
World Omni Auto Receivables Trust	0.38	5.85	8.82	0.27	0.33	0.35

Collateral Characteristics: Loan Terms Continued To Lengthen

Prime

The collateral characteristics for prime transactions issued in first-quarter 2022 were generally comparable to first-quarter and full-year 2021, except terms continued to lengthen and loan-to-value (LTV) ratios declined (see table 5A).

• The weighted average FICO score remained nearly unchanged at 750 compared to 751 in first-quarter 2021, but it was down from 754 and a record 757 in 2021 and 2020, respectively.
• The used vehicle percentage increased to 32.71% from 31.57%.
• Loans with original maturities greater than 60 months increased to 65.49% due to higher vehicle prices. Further, loans with original maturities of 73-75 months rose to 9.48% from 7.82% a year earlier and maturities of 76-84 months increased to 2.14% from 1.42% in first-quarter 2021.
• The weighted average LTV ratio decreased slightly to 95.39% from 97.08 in Q1 2021% and 96.16% in 2021.

The trend toward longer-term loans continued in earnest during the first few months of this year. Toyota Motor Credit Corp. increased the maximum allowable percentage of 76-84-month loans in its Toyota Auto Loan Extended Note Trust 2022-1 revolving transaction to 20% from 15%. GM Financial (GMF) increased the percentage of 76-84-month loans in its GM Financial Consumer Auto Receivables 2022-1 transaction to 12.3%, up from 8.5% in its 2021-4 transaction. GMF appears to be addressing the higher risk associated with these loans by providing them to strong obligors (weighted average FICO of 771). However, the weighted average LTVs on these loans (103%) is slightly higher than for loans with terms of 72 months or less (93%). Also, Ally Bank in its 2022-1 transaction, its first since 2019, included 10% with original terms of 76-84 months. Given the substantial increase in new vehicle prices and wage growth being offset by inflationary pressures, we expect 84-month loans to continue to grow in popularity. The collateral attributes associated with these revolving deals are not included in our aggregate collateral attributes table due to the dynamic nature of these deals.

Table 5A

Prime Collateral Trends(i)
Prime	WA APR (%)	Used (%)	Loans with 60+ month original terms (%)	Loans with 73-75-month original terms (%)(ii)	Loans with 76-84-month original terms (%)(ii)	WA original maturity (mos.)	WA FICO	WA LTV (%)
2015	3.44	32.30	51.00	-	-	64.90	746	97.48
2016	3.51	29.75	50.15	-	-	64.32	746	96.94
2017	3.59	28.38	55.92	-	-	65.52	749	95.94
2018	3.73	27.66	60.03	-	-	65.80	755	95.81
2019	4.50	29.66	60.51	7.01	0.95	66.16	754	95.64
2020	4.24	29.41	60.67	6.39	0.73	66.25	757	96.66
2021	4.29	36.40	63.06	8.46	1.04	66.73	754	96.16
First-quarter 2021	4.22	31.57	61.58	7.82	1.42	66.67	751	97.08
First-quarter 2022	4.25	32.71	65.49	9.48	2.14	67.09	750	95.39
(i)Collateral characteristics of revolving transactions are not included because of the dynamic nature of the collateral pools. The 2016-2020 vintages include most non-S&P Global Ratings-rated term transactions. (ii)Effective August 2019, we started reporting loans with 73-75-month and 76-84-month terms. WA--Weighted average. APR--Annual percentage rate. LTV--Loan to value. YTD--Year to date. N/A--Not applicable.

Subprime

In our view, subprime auto loan ABS offered in the first quarter of 2022 were similar in credit quality to first-quarter and full-year 2021.

• The weighted average FICO score remained nearly unchanged at 593 from 592 in first-quarter 2021, although this is up from 590 for all of 2021.
• The weighted average LTV increased to 110.86% from 110.76% in first-quarter 2021 and 109.80% for 2021.
• Loans with original terms of 76-84 months decreased to 0.59% from 1.75% in first-quarter 2021 and 1.46% in 2021.
• Loans with original maturities greater than 60 months decreased to 78.82% from 82.76% in first-quarter 2021 and 86.30% in 2021.
• Of particular note is the increase in the loans' weighted average annual percentage rate (APR) to 17.31% compared to 16.85% a year earlier and 17.07% for 2021. This reflects that the companies are trying to respond to higher ABS funding costs.

Table 5B

Subprime Collateral Trends(i)
Subprime	WA APR (%)	Used (%)	Loans with 60+ month original terms (%)	Loans with 73-75-month original terms (%)(ii)	Loans with 76-84-month original terms (%)(ii)	WA original maturity (mos.)	WA FICO	WA LTV (%)
2015	17.31	71.18	83.16	-		68.58	572	113.11
2016	16.85	68.25	83.27	-		68.52	575	112.55
2017	17.79	69.05	84.61	-		68.94	578	110.57
2018	17.97	66.53	83.03	-		68.65	587	110.28
2019	17.84	70.55	82.63	8.14		68.69	584	112.45
2020	17.72	75.51	81.57	6.20	0.43	68.41	586	113.83
2021	17.07	78.65	86.30	8.56	1.46	69.68	590	109.80
First-quarter 2021	16.85	75.83	82.76	7.18	1.75	69.00	592	110.76
First-quarter 2022	17.31	90.49	78.82	8.28	0.59	67.78	593	110.86
(i)From 2016 onwards, table includes the transactions we rated as well as most of the transactions we did not rate. (ii)Effective August 2019, we started reporting loans with 73-75-month and 76-84-month terms. WA--Weighted average. APR--Annual percentage rate. LTV--Loan to value. N/A--Not applicable.

Auto Loan Static Indexes

Prime

The 2018 through 2020 vintages are all performing sequentially better than their respective prior annual vintage, and the first-quarter 2021 vintage is performing even better, reporting lower losses than the 2015-2020 vintages (see chart 6). For example, the first-quarter 2021 vintage had a cumulative net loss (CNL) of 0.16% at month 13 compared to 0.21%-0.41% for the earlier vintages at the same month. While the second-quarter 2021 vintage had a CNL of 0.16% at month 10 compared to 0.11% for the first-quarter 2021 vintage, it is still performing better than the 2015-2020 vintages. The third-quarter 2021 vintage with a CNL of 0.17% at month seven is performing worse than the two prior quarterly vintages but is in line with the prepandemic 2015-2019 vintages.

In our opinion, third-quarter 2021's higher losses relative to the earlier 2021 vintages is attributable to composition as CarMax, which tends to have slightly higher losses than its peer counterparts, completed two securitizations.

Subprime

We're observing similar trends in subprime as the 2018-2020 vintages are all performing sequentially better than their respective prior annual vintage; however, normalization is starting to occur with the second- and third-quarter 2021 vintages (see chart 7). In fact, the third-quarter 2021 vintage is reporting a CNL of 2.07% through month seven, which exceeds 2015's, 2016's, 2018's and 2019's CNLs of 1.96%, 2.01%, 1.89%, and 1.96%, respectively. Only 2017's CNL of 2.16% was higher. A few subprime issuers like American Credit Acceptance, First Investors, and Santander's SDART platform are reporting higher losses on their third-quarter 2021 vintages at month seven compared to those in 2019 at the same month.

In addition to higher CNLs for the third-quarter 2021 vintage, we are also observing higher 60-plus-day delinquencies on a vintage basis. Sixty-plus-day delinquencies were 4.48% at month seven compared to 3.61% at the same month for the 2019 vintage (see table 15).

Issuer-Specific CNL Index Data

We track CNLs by vintage for a number of issuers and compare those losses to the prime and subprime Auto Loan Static Index (ALSI) (see tables 6A and 6B).

Table 6A

Prime Issuer CNL Performance Compared To The Prime ALSI
Issuer(i)	2017	2018	2019	2020	2021 Q1	2021 Q2	2021 Q3
	Month 39	Month 39	Month 28	Month 16	Month 12	Month 10	Month 7
Prime ALSI	0.86	0.70	0.54	0.24	0.15	0.16	0.17
Ally Auto Receivables Trust	0.87	0.81	0.56	N/A	N/A	N/A	N/A
Canadian Pacer (Bank of Montreal)	0.35	0.64	0.26	0.12	N/A	N/A	0.00
Capital One Prime	N/A	N/A	0.15	0.09	N/A	N/A	N/A
BMW	N/A	0.19	0.07	0.01	N/A	N/A	N/A
CarMax	1.80	1.58	1.17	0.52	0.41	0.39	0.38
Carvana P	N/A	N/A	N/A	0.50	0.32	0.24	0.17
Fifth Third	0.52	N/A	0.46	N/A	N/A	N/A	N/A
Ford Credit	0.70	0.63	0.46	0.14	0.05	N/A	N/A
GM Financial	0.66	0.53	0.40	0.16	0.09	0.08	0.05
GTE	N/A	N/A	0.71	N/A	N/A	N/A	N/A
Harley	N/A	N/A	N/A	0.32	0.26	N/A	N/A
Honda	0.24	0.17	0.14	0.09	0.04	0.05	0.02
Hyundai	1.21	0.85	0.90	0.57	N/A	0.23	0.19
Mercedes-Benz	N/A	0.43	0.33	0.12	N/A	N/A	0.11
Nissan	0.76	0.83	0.94	0.17	N/A	0.09	N/A
Securitized Term (Bank of Nova Scotia)	0.26	0.21	0.16	N/A	N/A	N/A	N/A
Silver Arrow (Mercedes Canada)	N/A	0.14	0.14	N/A	N/A	N/A	N/A
Toyota	0.41	0.35	0.28	0.12	0.07	0.10	0.08
Unify	N/A	N/A	N/A	N/A	0.22	N/A	N/A
USAA	0.22	N/A	0.15	N/A	N/A	N/A	N/A
Volkswagen	N/A	0.66	N/A	0.46	N/A	N/A	N/A
World Omni Auto Receivables Trust	1.94	1.00	0.78	0.28	0.19	0.14	0.24
(i)For vintages 2017 and after, we have included most transactions that we didn't rate to arrive at the issuer level CNLs. N/A--Not applicable. CNL--Cumulative net loss. ALSI--Auto Loan Static Index.

Table 6B

Subprime Issuer CNL Performance Compared To The Subprime ALSI
Issuer	2017	2018	2019	2020	2021 Q1	2021 Q2	2021 Q3
	Month 39	Month 39	Month 28	Month 16	Month 12	Month 10	Month 7
Subprime ALSI	12.93	10.22	7.23	3.16	2.30	2.62	2.07
ACA	23.03	20.31	14.66	8.24	6.82	6.77	6.05
AMCAR(ii)	6.74	5.26	3.62	1.18	0.66	0.62	N/A
Carvana NP	N/A	N/A	N/A	N/A	3.58	3.22	2.48
CPS	12.67	10.00	6.65	2.85	1.64	1.56	1.01
DRIVE	15.85	12.08	8.11	3.95	N/A	2.93	2.26
DriveTime(i)	26.29	19.98	13.47	6.25	5.34	4.34	2.65
Exeter	15.96	14.45	10.47	4.77	3.45	3.68	2.92
First Investors	9.38	6.33	4.13	2.19	1.38	N/A	1.75
Flagship	9.13	8.13	5.64	1.99	1.19	1.16	0.81
GLS	13.87	11.34	7.86	3.27	2.16	2.05	1.43
Prestige	11.22	10.60	8.45	2.93	N/A	N/A	N/A
SDART(ii)	9.89	7.88	5.30	2.28	1.90	2.17	1.59
Sierra	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Tidewater	N/A	9.99	N/A	2.48	N/A	N/A	N/A
UACC	19.36	19.46	16.76	8.36	5.15	N/A	N/A
Westlake	12.16	9.70	6.62	2.80	2.09	2.29	N/A
World Omni Select	N/A	4.46	2.90	1.15	N/A	N/A	0.40
(i)DriveTime is an integrated auto sales/finance business and is excluded from our subprime indexes. (ii)SDART and Americredit include deals not rated by S&P Global Ratings. CNL--Cumulative net loss. N/A--Not applicable. ALSI--Auto Loan Static Index.

Table 6C

Non-Prime Issuer CNL Performance
	2017	2018	2019	2020	2021 Q1	2021 Q2	2021 Q3
	Month 39	Month 39	Month 28	Month 16	Month 12	Month 10	Month 7
CARAT	4.15	3.57	N/A	N/A	N/A	N/A	N/A
SPAIN	2.04(ii)	3.07(i)	N/A	N/A	N/A	N/A	N/A
SCART	N/A	N/A	N/A	0.53	N/A	N/A	N/A
(i)Includes one deal (2018-A) rated by S&P Global Ratings. (ii)SPAIN 2017-A was retired at month 17. CNL--Cumulative net loss. N/A--Not applicable. SPAIN--Santander prime. SCART--Santander consumer.

Auto Loan ABS Rating Activity/Revised Loss Expectations

In March 2022, we revised our loss expectations and took the following rating actions:

• Affirmed five ratings on two Harley-Davidson Motorcycle Trust transactions (see "Five Ratings Affirmed On Harley-Davidson Motorcycle Trust 2020-A And 2021-A," published April 7, 2022).
• Raised our ratings on 30 classes and affirmed 8 ratings on 13 Exeter Automobile Receivables Trust Transactions (see "Thirty Ratings Raised And Eight Affirmed On 13 Exeter Automobile Receivables Trust Transactions," published April 13, 2022).
• Raised our ratings on 8 classes and affirmed two ratings on two Flagship Credit Auto Trust Transactions (see "Flagship Credit Auto Trust Ratings Raised On Eight Classes, Affirmed On Two From Two Transactions," published April 14, 2022).

These rating actions resulted in 38 upgrades and 15 affirmations in April 2022.

Table 7

Historical Ratings Activity--U.S. ABS Auto Loans
Period	Upgrades	Downgrades
2015	177	0
2016	357	0
2017	322	0
2018	335	2
2019	432	5
2020	332	8
2021	579	0
2022(i)	150	0
Total	2,684	15
(i)Year-to-date as of April 30, 2022.

Table 8

Historical Ratings Activity--Canadian ABS Auto Loans
Period	Upgrades	Downgrades
2021	8	0
2022(i)	0	0
Total	8	0
(i)Year-to-date as of April 30, 2022.

Table 9

Harley-Davidson Motorcycle Trust
Series	Initial expected net loss range (%)	Former expected lifetime CNL (%)	Revised/maintained expected lifetime CNL (%)(i)
2020-A	1.35-1.55	1.10-1.30	0.70-0.90
2021-A	1.45-1.65	N/A	1.00-1.20
(i)Revised March 2022. CNL--Cumulative net loss. N/A–-Not applicable.

Table 10

Exeter Automobile Receivables Trust
Series	Initial expected net loss range (%)	Former expected lifetime CNL (%)	Revised/maintained expected lifetime CNL (%)(i)
2017-3	20.00-21.00	17.75-18.75	Up to 16.75
2018-1	20.00-21.00	17.75-18.75	Up to 16.75
2018-2	20.50-21.50	18.25-19.25	Up to 16.75
2018-3	20.50-21.50	18.75-19.75	16.75-17.25
2018-4	20.50-21.50	17.75-18.75	15.75-16.25
2019-1	20.50-21.50	18.50-19.50	16.25-16.75
2019-2	20.50-21.50	19.00-20.00	16.75-17.25
2019-3	20.50-21.50	18.75-19.75	16.25-16.75
2019-4	20.50-21.50	19.00-20.00	15.75-16.25
2020-1	20.50-21.50	19.00-20.00	15.75-16.25
2020-2	23.75-24.75	19.00-20.00	15.25-15.75
2020-3	23.50-24.50	18.75-19.75	15.25-15.75
2021-1	23.00-24.00	N/A	15.75-16.25
(i)Revised March 2022. CNLCumulative net loss. N/A–-Not applicable.

Table 11

Flagship Credit Auto Trust
Series	Initial expected net loss range (%)	Former expected lifetime CNL (%)	Revised/maintained expected lifetime CNL (%) (Revised March., 2022)
2020-4	13.25-13.75	N/A	9.50-10.00
2021-1	13.00-13.50	N/A	9.50-10.00
(i)Revised March 2022. CNL exp.--Cumulative net loss expectation. N/A--Not applicable.

Appendix I: ALSI Performance Data

Table 12

Prime Cumulative Net Losses (%)(i)
	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016(ii)	2017(ii)	2018(ii)	2019 (ii)	2020	Q1 2021	Q2 2021	Q3 2021
No. of deals	32	37	26	28	20	31	23	32	21	29	33	35	39	31	8	8	9
Initial collateral balance (bil. $)	55.26	53.20	41.25	33.45	22.77	40.72	27.93	32.04	23.63	36.08	41.35	45.25	50.44	41.75	9.90	10.52	13.03
Month
1	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.01	0.01	0.01	0.00	0.00	0.00
2	0.04	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.02	0.02	0.01	0.01	0.01	0.01
3	0.07	0.05	0.05	0.03	0.02	0.02	0.03	0.03	0.03	0.04	0.04	0.04	0.04	0.03	0.02	0.02	0.02
4	0.13	0.11	0.09	0.06	0.05	0.04	0.05	0.05	0.07	0.07	0.07	0.08	0.07	0.05	0.03	0.03	0.05
5	0.22	0.19	0.14	0.09	0.07	0.06	0.08	0.08	0.10	0.11	0.11	0.11	0.11	0.08	0.04	0.05	0.09
6	0.31	0.27	0.18	0.12	0.09	0.08	0.11	0.11	0.13	0.15	0.15	0.15	0.15	0.11	0.05	0.07	0.13
7	0.39	0.35	0.23	0.15	0.12	0.10	0.14	0.14	0.16	0.19	0.18	0.18	0.19	0.13	0.07	0.10	0.17
8	0.48	0.44	0.28	0.18	0.15	0.12	0.17	0.17	0.20	0.23	0.22	0.21	0.22	0.15	0.08	0.13
9	0.57	0.53	0.33	0.21	0.17	0.15	0.20	0.20	0.23	0.26	0.25	0.24	0.25	0.17	0.09	0.14
10	0.66	0.63	0.37	0.24	0.19	0.17	0.22	0.22	0.26	0.30	0.29	0.27	0.28	0.18	0.11	0.16
11	0.77	0.72	0.41	0.26	0.22	0.19	0.25	0.24	0.29	0.34	0.32	0.30	0.31	0.19	0.13
12	0.87	0.81	0.45	0.29	0.24	0.21	0.28	0.27	0.32	0.38	0.35	0.33	0.34	0.20	0.15
13	0.96	0.90	0.48	0.31	0.27	0.23	0.30	0.29	0.35	0.41	0.39	0.36	0.37	0.21	0.16
14	1.06	0.98	0.51	0.34	0.29	0.26	0.33	0.32	0.38	0.45	0.42	0.39	0.39	0.22
15	1.16	1.07	0.54	0.36	0.31	0.28	0.36	0.34	0.41	0.48	0.45	0.42	0.41	0.23
16	1.27	1.14	0.58	0.38	0.33	0.30	0.38	0.37	0.43	0.51	0.48	0.45	0.43	0.24
17	1.38	1.22	0.61	0.40	0.35	0.32	0.40	0.39	0.46	0.54	0.50	0.48	0.45
18	1.48	1.29	0.64	0.42	0.37	0.33	0.43	0.42	0.48	0.57	0.53	0.50	0.46
19	1.58	1.36	0.67	0.44	0.39	0.35	0.45	0.44	0.51	0.60	0.55	0.53	0.48
20	1.68	1.43	0.69	0.46	0.41	0.37	0.47	0.46	0.53	0.62	0.58	0.55	0.49
21	1.79	1.49	0.72	0.47	0.43	0.38	0.49	0.48	0.55	0.65	0.60	0.58	0.50
22	1.88	1.55	0.74	0.49	0.44	0.40	0.50	0.50	0.57	0.67	0.62	0.60	0.51
23	1.96	1.60	0.76	0.50	0.46	0.41	0.52	0.52	0.60	0.70	0.64	0.61	0.51
24	2.03	1.65	0.77	0.51	0.47	0.43	0.54	0.54	0.62	0.72	0.66	0.63	0.52
25	2.11	1.69	0.79	0.53	0.49	0.44	0.55	0.55	0.64	0.74	0.68	0.64	0.52
26	2.17	1.73	0.80	0.54	0.50	0.45	0.57	0.57	0.65	0.76	0.70	0.65	0.53
27	2.23	1.76	0.82	0.55	0.52	0.46	0.58	0.58	0.67	0.78	0.71	0.67	0.53
28	2.30	1.79	0.83	0.56	0.53	0.47	0.59	0.60	0.69	0.80	0.73	0.68
29	2.36	1.82	0.84	0.57	0.54	0.48	0.61	0.62	0.70	0.81	0.74	0.68
30	2.41	1.85	0.85	0.57	0.55	0.49	0.62	0.63	0.72	0.83	0.76	0.69
31	2.45	1.88	0.86	0.58	0.56	0.50	0.63	0.65	0.73	0.84	0.78	0.69
32	2.48	1.91	0.87	0.59	0.57	0.50	0.64	0.66	0.74	0.85	0.79	0.69
33	2.52	1.95	0.89	0.52	0.58	0.51	0.65	0.67	0.75	0.86	0.81	0.70
34	2.55	1.97	0.90	0.53	0.59	0.52	0.66	0.68	0.76	0.87	0.82	0.70
35	2.58	1.98	0.91	0.53	0.60	0.52	0.66	0.70	0.77	0.88	0.83	0.70
36	2.60	2.01	0.92	0.54	0.61	0.53	0.67	0.71	0.77	0.89	0.84	0.70
37							0.68	0.71	0.78	0.90	0.85	0.70
38							0.68	0.72	0.79	0.92	0.86	0.70
39							0.69	0.73	0.79	0.93	0.86	0.70
(i)We have extended the reporting period for the prime 2013 and subsequent vintages to 39 months from 36 months to account for the lengthening of loan terms. (ii)Includes deals not rated by S&P Global Ratings.

Table 13

Subprime Cumulative Net Losses (%)
	2007	2008	2009	2010	2011	2012(i)	2013	2014(ii)	2015	2016(iii)	2017	2018(iii)	2019	2020	Q1 2021	Q2 2021	Q3 2021
No. of deals	19	4	2	14	15	26	26	29	29	38	33	42	39	35	11	10	10
Initial collateral balance (bil. $)	17.35	2.52	1.13	10.83	6.82	14.03	13.68	14.53	18.62	22.44	20.42	27.42	25.75	25.14	8.56	10.52	10.01
Month
1	0.00	0.00	0.01	0.02	0.01	0.01	0.01	0.00	0.01	0.01	0.01	0.01	0.00	0.00	0.01	0.01	0.01
2	0.03	0.04	0.07	0.05	0.03	0.03	0.03	0.03	0.03	0.06	0.06	0.03	0.03	0.02	0.04	0.03	0.03
3	0.11	0.14	0.31	0.15	0.12	0.12	0.11	0.13	0.13	0.20	0.19	0.13	0.12	0.09	0.12	0.14	0.10
4	0.38	0.40	0.73	0.50	0.37	0.41	0.41	0.41	0.44	0.55	0.52	0.39	0.42	0.29	0.28	0.41	0.45
5	0.83	0.86	1.16	0.77	0.63	0.77	0.74	0.79	0.86	0.96	0.95	0.76	0.83	0.57	0.49	0.73	0.93
6	1.39	1.41	1.59	1.03	0.85	1.05	0.98	1.21	1.39	1.47	1.51	1.26	1.34	0.86	0.72	1.13	1.51
7	1.91	1.99	2.07	1.34	1.09	1.38	1.34	1.67	1.96	2.02	2.16	1.89	1.96	1.15	0.98	1.53	2.07
8	2.43	2.54	2.42	1.65	1.32	1.72	1.70	2.13	2.52	2.57	2.72	2.49	2.53	1.41	1.22	1.91
9	2.96	3.20	2.82	2.01	1.57	2.07	2.07	2.60	3.06	3.11	3.24	3.00	3.01	1.64	1.47	2.27
10	3.47	3.82	3.10	2.32	1.82	2.45	2.45	3.04	3.61	3.66	3.75	3.47	3.45	1.87	1.73	2.62
11	3.97	4.49	3.40	2.62	2.08	2.84	2.85	3.49	4.17	4.19	4.26	3.95	3.86	2.11	2.01
12	4.47	5.16	3.69	2.91	2.36	3.25	3.28	3.92	4.68	4.70	4.77	4.40	4.20	2.33	2.30
13	4.95	5.73	4.05	3.19	2.63	3.64	3.68	4.35	5.16	5.20	5.28	4.85	4.54	2.55
14	5.39	6.28	4.39	3.52	2.91	4.02	4.04	4.75	5.61	5.70	5.76	5.30	4.86	2.77
15	5.87	6.89	4.75	3.85	3.21	4.38	4.40	5.16	6.07	6.19	6.22	5.75	5.15	2.96
16	6.38	7.44	5.11	4.17	3.47	4.72	4.77	5.54	6.57	6.65	6.67	6.20	5.44	3.16
17	6.89	8.00	5.43	4.50	3.71	5.10	5.14	5.96	7.08	7.08	7.10	6.63	5.68
18	7.39	8.52	5.77	4.79	3.93	5.45	5.53	6.34	7.54	7.49	7.53	7.06	5.87
19	7.91	8.90	6.06	5.06	4.14	5.79	5.88	6.70	8.00	7.88	7.96	7.45	6.06
20	8.39	9.34	6.24	5.33	4.35	6.11	6.20	7.06	8.42	8.27	8.35	7.80	6.22
21	8.86	9.80	6.53	5.57	4.59	6.42	6.52	7.41	8.82	8.65	8.73	8.11	6.37
22	9.32	10.23	6.71	5.77	4.80	6.70	6.81	7.72	9.19	9.03	9.07	8.40	6.51
23	9.76	10.69	6.92	5.97	5.01	6.98	7.08	8.04	9.55	9.37	9.41	8.63	6.65
24	10.19	11.08	7.10	6.17	5.22	7.27	7.34	8.33	9.88	9.72	9.74	8.83	6.79
25	10.54	11.41	7.28	6.38	5.43	7.49	7.56	8.63	10.19	10.05	10.06	9.04	6.91
26	10.90	11.75	7.49	6.61	5.65	7.76	7.80	8.93	10.48	10.37	10.35	9.21	7.02
27	11.21	12.07	7.69	6.80	5.86	7.99	8.06	9.20	10.77	10.68	10.64	9.38	7.13
28	11.54	12.43	7.91	7.01	6.06	8.14	8.29	9.44	11.06	10.97	10.92	9.53	7.23
29	11.88	12.73	8.07	7.21	6.08	8.36	8.53	9.56	11.35	11.26	11.19	9.66	7.33
30	12.19	13.04	8.24	7.37	6.22	8.35	8.79	9.81	11.51	11.45	11.45	9.77
31	12.50	13.28	8.41	7.58	6.36	8.57	8.93	10.04	11.77	11.54	11.64	9.86
32	12.77	13.52	8.55	7.72	6.49	8.77	9.16	10.24	12.03	11.81	11.87	9.95
33	12.96	13.75	8.71	7.78	6.61	8.95	9.38	10.46	12.26	12.07	12.09	9.89
34	13.19	13.98	8.82	7.95	6.58	8.61	9.60	10.67	12.48	12.32	12.28	9.95
35	13.38	14.22	8.88	8.10	6.71	8.77	9.80	10.92	12.70	12.54	12.44	10.01
36	13.59	14.42	8.97	8.25	6.84	8.92	9.98	11.13	12.91	12.77	12.60	10.06
37	13.76	14.61	9.05	8.38	6.99	9.07	10.16	11.31	13.10	12.97	12.72	10.12
38	13.92	14.78	9.13	8.54	7.11	9.21	10.32	11.50	13.31	13.17	12.83	10.17
39	14.08	14.96	9.22	8.67	7.24	9.36	10.50	11.67	13.49	13.36	12.93	10.22
40	14.23	15.12	9.33	8.78	7.37	9.50	10.66	11.60	13.70	13.54	13.03	10.27
41	14.39	15.27	9.44	8.92	7.44	9.64	10.82	11.10	13.90	13.73	13.10
42	14.53	15.39	9.50	9.05	7.53	9.77	10.98	11.21	14.10	13.90	13.18
43	14.67	15.48	9.85	9.16	7.59	9.91	11.16	11.09	13.70	14.06	13.18
(i)CNL declined in month 34 as two transactions with relatively high losses paid off in month 33. (ii)CNL declined in months 40 and 41 as some high loss transactions paid off in months 39 and 40. (iii)Includes deals not rated by S&P Global Ratings.

Table 14

Prime 60-Plus Day Delinquencies (%)(i)
	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016(ii)	2017(ii)	2018(ii)	2019(ii)	2020	Q1 2021	Q2 2021	Q3 2021
No. of deals	32	37	26	28	20	31	23	32	21	29	33	35	39	31	8	8	9
Initial collateral balance (bil. $)	55.26	53.20	41.25	33.45	22.77	40.72	27.93	32.04	23.63	36.08	41.35	45.25	50.44	41.75	9.90	10.52	13.03
Month
1	0.08	0.06	0.04	0.02	0.02	0.02	0.03	0.03	0.04	0.03	0.03	0.04	0.05	0.04	0.03	0.02	0.02
2	0.21	0.15	0.12	0.07	0.07	0.06	0.08	0.09	0.10	0.11	0.10	0.11	0.11	0.09	0.06	0.07	0.13
3	0.31	0.20	0.18	0.10	0.09	0.09	0.13	0.13	0.15	0.17	0.15	0.15	0.16	0.13	0.08	0.12	0.23
4	0.36	0.25	0.21	0.13	0.12	0.12	0.18	0.15	0.19	0.20	0.19	0.17	0.19	0.14	0.08	0.15	0.31
5	0.38	0.30	0.24	0.15	0.13	0.14	0.20	0.18	0.21	0.23	0.22	0.20	0.22	0.16	0.10	0.19	0.38
6	0.39	0.33	0.25	0.16	0.16	0.15	0.22	0.20	0.22	0.24	0.23	0.22	0.24	0.17	0.13	0.22	0.42
7	0.38	0.35	0.26	0.18	0.17	0.17	0.24	0.22	0.24	0.26	0.26	0.23	0.26	0.17	0.15	0.28	0.43
8	0.41	0.41	0.29	0.18	0.19	0.19	0.25	0.24	0.27	0.28	0.26	0.25	0.27	0.19	0.18	0.30
9	0.43	0.43	0.31	0.20	0.19	0.21	0.27	0.25	0.30	0.31	0.28	0.26	0.29	0.18	0.21	0.33
10	0.44	0.43	0.32	0.21	0.23	0.23	0.29	0.26	0.31	0.33	0.32	0.28	0.30	0.19	0.28	0.33
11	0.48	0.45	0.33	0.22	0.26	0.26	0.32	0.26	0.33	0.34	0.33	0.30	0.31	0.20	0.32
12	0.53	0.50	0.33	0.25	0.26	0.27	0.34	0.28	0.34	0.35	0.33	0.32	0.33	0.20	0.36
13	0.54	0.52	0.37	0.26	0.26	0.28	0.35	0.31	0.37	0.36	0.34	0.35	0.32	0.22	0.37
14	0.59	0.54	0.39	0.26	0.26	0.29	0.38	0.32	0.37	0.37	0.37	0.36	0.33	0.24
15	0.65	0.57	0.40	0.28	0.28	0.32	0.40	0.35	0.38	0.39	0.38	0.37	0.33	0.25
16	0.69	0.60	0.43	0.31	0.30	0.34	0.42	0.38	0.42	0.41	0.39	0.37	0.32	0.26
17	0.72	0.62	0.44	0.31	0.33	0.35	0.46	0.37	0.44	0.44	0.41	0.38	0.32
18	0.74	0.64	0.46	0.32	0.33	0.35	0.45	0.39	0.44	0.44	0.42	0.42	0.33
19	0.78	0.66	0.48	0.33	0.35	0.37	0.46	0.40	0.45	0.44	0.42	0.42	0.33
20	0.82	0.70	0.50	0.35	0.37	0.37	0.50	0.44	0.49	0.45	0.42	0.41	0.34
21	0.86	0.66	0.52	0.35	0.38	0.41	0.49	0.45	0.51	0.45	0.43	0.43	0.34
22	0.87	0.65	0.55	0.38	0.42	0.45	0.51	0.43	0.52	0.49	0.45	0.40	0.33
23	0.86	0.66	0.55	0.40	0.44	0.47	0.56	0.45	0.55	0.51	0.46	0.40	0.34
24	0.91	0.69	0.55	0.42	0.46	0.47	0.58	0.45	0.55	0.50	0.46	0.41	0.34
25	0.91	0.71	0.58	0.43	0.46	0.46	0.60	0.48	0.55	0.50	0.47	0.40	0.35
26	0.95	0.71	0.60	0.44	0.46	0.48	0.62	0.49	0.59	0.51	0.48	0.42	0.36
27	0.99	0.75	0.64	0.48	0.47	0.51	0.65	0.52	0.60	0.52	0.48	0.43	0.36
28	1.02	0.76	0.66	0.49	0.51	0.54	0.73	0.55	0.67	0.56	0.51	0.40
29	1.03	0.80	0.66	0.51	0.52	0.54	0.74	0.56	0.68	0.58	0.53	0.41
30	0.98	0.83	0.69	0.52	0.48	0.55	0.72	0.57	0.66	0.56	0.55	0.40
31	1.00	0.86	0.73	0.55	0.55	0.56	0.77	0.58	0.68	0.57	0.55	0.40
32	1.03	0.89	0.63	0.53	0.58	0.57	0.78	0.59	0.70	0.58	0.55	0.42
33	1.05	0.91	0.69	0.57	0.62	0.62	0.79	0.62	0.72	0.60	0.56	0.39
34	1.06	0.89	0.70	0.59	0.66	0.64	0.80	0.63	0.75	0.64	0.55	0.40
35	1.05	0.92	0.72	0.63	0.68	0.67	0.86	0.63	0.77	0.64	0.54	0.42
36	1.12	0.87	0.72	0.67	0.65	0.66	0.87	0.65	0.78	0.64	0.55	0.41
37							0.90	0.69	0.78	0.64	0.55	0.44
38							0.93	0.68	0.81	0.68	0.55	0.46
39							0.96	0.72	0.74	0.71	0.56	0.45
(i)We have extended the reporting period for the prime 2013 and subsequent vintages to 39 months from 36 to account for the lengthening of loan terms. (ii)Includes deals not rated by S&P Global Ratings.

Table 15

Subprime 60-Plus Day Delinquencies (%)
	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016(i)	2017	2018(i)	2019	2020	Q1 2021	Q2 2021	Q3 2021
No. of deals	19	4	2	14	15	26	26	29	29	38	33	42	39	35	11	10	10
Initial collateral balance (bil. $)	17.35	2.52	1.13	10.83	6.82	14.03	13.68	14.53	18.62	22.44	20.42	27.42	25.75	25.14	8.56	10.52	10.01
Month
1	0.04	0.06	0.05	0.10	0.05	0.04	0.04	0.11	0.06	0.10	0.17	0.11	0.10	0.12	0.26	0.24	0.15
2	0.64	0.69	1.22	1.07	0.54	0.67	0.61	0.89	1.07	1.09	1.30	1.04	0.84	0.69	0.60	0.94	1.17
3	1.42	1.51	1.42	1.74	1.04	1.47	1.47	1.78	2.29	2.06	2.72	2.52	2.06	1.47	0.96	1.81	2.61
4	2.09	1.82	1.51	1.86	1.25	1.97	2.08	2.29	2.97	2.64	3.44	3.30	2.83	1.93	1.26	2.47	3.58
5	2.44	1.85	1.64	1.97	1.36	2.33	2.49	2.59	3.20	2.91	3.70	3.52	3.24	2.00	1.63	2.90	4.22
6	2.61	1.87	1.68	2.10	1.24	2.37	2.58	2.87	3.24	3.04	3.68	3.67	3.52	2.10	1.90	3.28	4.62
7	2.82	2.24	2.07	2.38	1.32	2.24	2.47	3.03	3.36	3.29	3.61	3.76	3.61	2.18	2.14	3.66	4.48
8	2.97	2.60	1.35	2.58	1.50	2.38	2.59	3.27	3.61	3.48	3.69	3.84	3.58	2.29	2.44	4.07
9	3.03	2.79	1.04	2.61	1.72	2.62	2.92	3.46	3.99	3.78	3.91	3.94	3.58	2.44	2.81	4.21
10	3.13	2.75	1.24	2.54	1.93	2.98	3.26	3.60	4.24	4.00	4.19	4.12	3.59	2.54	3.22	3.85
11	3.25	2.57	1.52	2.50	2.04	3.34	3.45	3.83	4.37	4.00	4.58	4.31	3.70	2.72	3.50
12	3.32	2.45	1.76	2.75	2.14	3.47	3.58	4.01	4.30	4.16	4.90	4.53	3.74	2.93	3.63
13	3.34	2.55	1.75	3.05	2.40	3.43	3.66	4.19	4.45	4.42	4.97	4.84	3.78	3.10
14	3.65	2.57	2.40	3.30	2.41	3.52	3.79	4.27	4.78	4.43	4.99	5.07	3.78	3.29
15	4.00	2.84	1.75	3.52	2.56	3.71	3.94	4.58	5.14	4.49	5.18	5.15	3.81	3.43
16	4.15	2.82	1.74	3.58	2.58	3.88	4.30	4.75	5.44	4.79	5.34	5.28	3.74	3.55
17	4.37	2.30	1.86	3.64	2.49	4.14	4.53	4.79	5.54	4.70	5.49	5.36	3.63
18	4.45	2.25	1.88	3.73	2.35	4.13	4.52	4.85	5.57	4.79	5.62	5.35	3.52
19	4.55	2.42	2.47	3.94	2.40	4.16	4.47	4.80	5.49	4.88	5.72	5.33	3.56
20	4.47	2.64	1.56	4.04	2.57	4.19	4.47	4.89	5.54	4.93	5.82	5.15	3.62
21	4.66	2.82	1.23	4.03	2.80	4.28	4.57	5.00	5.69	5.09	5.83	4.99	3.61
22	4.74	2.53	1.26	3.92	3.00	4.46	4.62	5.03	5.74	5.28	5.89	4.79	3.63
23	4.57	2.30	1.43	4.08	2.97	4.58	4.57	5.15	5.71	5.22	5.97	4.66	3.65
24	4.56	2.11	1.66	4.42	3.17	4.63	4.62	5.34	5.56	5.23	6.06	4.49	3.75
25	4.42	2.22	1.77	4.71	3.30	4.67	4.88	5.34	5.60	5.44	6.13	4.38	3.78
26	4.54	2.33	2.16	4.94	3.32	4.62	4.98	5.38	5.74	5.41	6.16	4.36	3.97
27	4.62	2.60	1.72	5.00	3.43	4.64	5.00	5.50	6.13	5.39	6.21	4.35	4.08
28	4.77	2.70	1.70	5.10	3.29	4.84	5.26	5.55	6.31	5.40	6.31	4.28	4.35
29	4.93	2.04	2.00	5.29	3.21	4.90	5.53	5.80	6.26	5.38	6.40	4.11	4.55
30	4.80	1.99	1.96	5.40	2.90	5.05	5.58	5.84	6.44	5.28	6.48	4.03
31	4.82	2.20	2.69	5.56	2.84	5.18	5.63	5.87	6.31	5.67	6.60	3.98
32	4.73	2.41	1.60	5.66	3.14	5.24	5.70	6.18	6.24	5.83	6.42	4.05
33	4.69	2.83	1.25	5.65	3.48	4.98	5.96	6.24	6.32	6.11	6.18	4.09
34	4.73	2.48	1.30	5.57	3.66	5.23	5.92	6.27	6.52	6.08	5.94	4.03
35	4.49	2.26	1.68	5.67	3.64	5.31	5.96	6.51	6.51	6.05	5.73	4.12
36	4.41	2.12	1.81	5.99	3.73	5.47	5.86	6.56	6.50	6.05	5.54	4.17
37	4.34	2.29	2.02	6.46	3.77	5.55	6.17	6.57	6.51	6.22	5.22	4.30
38	4.30	2.31	2.90	6.67	3.79	5.74	6.36	6.62	6.60	6.31	5.18	4.52
39	4.40	2.69	2.48	6.70	3.97	5.99	6.57	6.69	6.81	6.35	5.17	4.71
40	4.52	2.80	2.17	6.76	4.03	5.90	6.89	6.61	7.23	6.41	4.83	4.96
41	4.71	1.97	2.24	7.10	4.04	6.12	7.16	7.14	7.57	6.66	4.65
42	4.62	2.03	2.09	6.96	3.62	6.23	7.30	7.01	7.22	6.68	4.67
43	4.76	2.28	3.12	7.32	3.53	6.31	7.21	7.07	7.47	6.68	4.95
(i)Includes deals not rated by S&P Global Ratings.

Table 16

Prime Cumulative Recoveries (%)(i)
	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016(ii)	2017(ii)	2018(ii)	2019(ii)	2020	Q1 2021	Q2 2021	Q3 2021
No. of deals	32	37	26	28	20	31	23	32	21	29	33	35	39	31	8	8	9
Initial collateral balance (bil. $)	55.26	53.20	41.25	33.45	22.77	40.72	27.93	32.04	23.63	36.08	41.35	45.25	50.44	41.75	9.90	10.52	13.03
Month
1	29.50	-2.06	23.32	19.68	21.47	20.28	18.61	31.98	26.35	25.57	16.46	26.76	34.52	27.48	16.33	31.19	28.39
2	47.93	43.02	40.43	47.24	65.16	59.19	57.05	54.08	40.70	43.19	41.64	49.03	44.20	46.40	42.75	33.59	55.60
3	47.02	41.67	42.50	48.71	63.52	56.24	53.60	54.69	39.78	42.03	42.47	47.08	47.25	46.98	41.36	46.36	51.32
4	44.91	40.73	42.09	48.33	60.04	54.66	47.95	50.42	41.08	39.93	41.61	44.95	44.77	43.16	54.25	47.08	40.93
5	45.01	41.42	44.01	48.39	60.63	55.15	46.94	50.07	42.86	41.09	42.14	46.63	43.77	42.55	60.93	46.82	38.39
6	45.39	41.72	46.10	50.04	60.98	56.11	48.71	50.38	43.52	42.71	43.46	47.21	43.66	45.18	60.36	46.20	42.10
7	45.92	42.13	47.29	51.74	61.48	56.68	49.14	52.08	44.53	44.07	44.74	48.13	44.21	47.60	60.27	43.27	44.05
8	46.76	42.85	48.22	52.86	61.96	57.18	51.82	52.89	45.68	45.80	45.71	49.07	45.58	49.53	60.20	45.48
9	46.85	43.53	49.09	54.60	62.30	56.80	53.33	53.37	47.04	46.85	46.86	49.77	46.37	51.78	61.04	47.61
10	46.78	44.19	49.84	55.52	62.95	56.76	53.60	53.88	47.38	47.08	47.48	50.24	47.96	54.04	60.84	49.20
11	46.56	44.99	50.88	56.31	63.01	57.42	54.19	54.71	47.57	47.94	48.63	50.74	47.69	55.44	60.59
12	46.60	45.26	51.66	57.02	63.29	57.98	54.79	55.30	48.51	48.28	49.22	51.41	47.94	56.90	60.48
13	46.60	45.79	52.29	57.84	63.54	58.55	54.89	56.05	49.68	49.01	49.57	51.83	49.02	58.24	61.73
14	46.55	46.48	52.97	58.10	64.16	58.60	54.94	56.21	50.05	49.64	49.98	52.11	49.43	59.07
15	46.34	47.11	53.61	58.77	64.35	58.85	55.21	56.22	50.34	50.27	50.61	52.42	50.42	60.20
16	46.28	47.66	54.07	59.25	64.55	59.19	55.55	56.48	50.95	50.25	50.96	52.44	51.24	60.87
17	46.16	48.18	54.70	59.83	64.73	59.23	55.70	56.73	51.38	50.66	51.49	52.67	51.99
18	46.26	48.71	55.17	60.24	64.53	59.45	55.73	56.79	51.70	50.62	51.90	52.88	52.93
19	46.33	49.10	55.65	60.93	64.42	59.81	55.97	56.84	51.84	51.04	52.24	52.95	53.79
20	46.59	49.47	56.09	61.35	64.75	59.98	56.51	56.96	52.19	51.48	52.66	53.00	54.65
21	46.68	49.90	56.45	61.72	65.07	60.09	56.81	57.03	52.26	51.77	52.87	53.06	55.35
22	46.94	50.36	56.99	61.92	65.23	60.42	57.17	57.22	52.61	52.00	53.09	53.06	56.03
23	47.09	50.69	57.43	62.29	65.24	60.56	57.23	57.44	52.70	52.19	53.24	53.50	56.62
24	47.42	51.11	58.01	62.61	65.43	60.57	57.45	57.63	52.86	52.32	53.41	53.66	57.37
25	47.70	51.48	58.47	62.81	65.61	60.77	57.42	58.02	53.21	52.60	53.57	54.01	57.93
26	47.99	51.86	58.82	63.14	65.61	60.97	57.66	58.23	53.48	52.77	53.80	54.30	58.41
27	48.27	52.25	59.11	63.35	65.67	61.26	58.02	58.47	53.52	53.09	54.02	54.63	59.05
28	48.50	52.56	59.44	63.71	65.84	61.47	58.17	58.64	53.80	53.27	54.26	54.94
29	48.76	52.83	59.74	63.90	66.03	61.69	58.18	58.74	53.95	53.46	54.49	55.38
30	49.00	53.12	60.09	64.11	66.12	61.88	58.38	58.84	54.20	53.69	54.46	55.96
31	49.39	53.39	60.47	64.33	66.38	62.19	58.55	58.95	54.34	53.88	54.62	56.54
32	49.74	53.67	60.84	64.40	66.49	62.39	58.87	59.14	54.63	54.21	54.68	57.03
33	50.00	53.80	61.06	65.35	66.55	62.71	59.05	59.18	54.91	54.47	54.72	57.43
34	50.28	54.07	61.23	65.65	66.71	62.79	59.50	59.20	55.25	54.70	54.77	57.83
35	50.51	54.34	61.51	65.95	66.75	62.96	59.61	59.29	55.66	54.83	54.90	58.28
36	50.73	54.56	61.61	66.11	66.85	63.12	59.85	59.52	56.00	55.03	55.15	58.62
37							59.98	59.72	56.35	55.25	55.31	59.00
38							60.22	59.85	56.61	55.51	55.56	59.40
39							60.74	60.10	56.87	55.71	55.78	59.80
(i)We have extended the reporting period for the prime 2013 and subsequent vintages to 39 months from 36 to account for the lengthening of loan terms. (ii)Includes deals not rated by S&P Global Ratings.

Table 17

Subprime Cumulative Recoveries (%)
	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016(i)	2017	2018(i)	2019	2020	Q1 2021	Q2 2021	Q3 2021
No. of deals	19	4	2	14	15	26	26	29	29	38	33	42	39	35	11	10	10
Initial collateral balance (bil. $)	17.35	2.52	1.13	10.83	6.82	14.03	13.68	14.53	18.62	22.44	20.42	27.42	25.75	25.14	8.56	10.52	10.01
Month
1	50.45	4.68	26.37	13.24	38.17	34.26	48.95	26.51	19.69	15.31	-68.84	-30.54	-10.35	-11.42	3.60	19.85	0.44
2	52.67	16.20	33.03	40.00	48.39	49.13	50.63	44.56	42.02	31.03	27.83	35.96	37.44	29.67	36.85	38.30	39.10
3	46.95	29.34	37.37	41.47	47.18	52.07	55.86	45.53	43.70	36.43	33.14	40.47	39.22	32.00	40.66	32.54	39.51
4	38.89	27.91	35.33	35.15	42.05	42.02	42.71	38.13	37.37	33.69	29.36	36.65	33.89	25.97	38.98	30.99	27.45
5	36.34	28.40	35.45	37.94	42.98	41.06	42.01	37.93	36.74	33.14	30.12	37.61	34.14	28.38	38.47	32.34	27.85
6	35.89	31.83	34.81	38.97	44.45	43.35	45.07	38.11	36.19	33.10	31.12	37.15	34.19	30.99	39.67	33.51	29.37
7	36.19	32.88	35.59	39.61	45.43	44.30	45.17	38.54	36.08	33.42	31.38	36.10	33.25	34.05	40.43	35.49	31.99
8	36.63	32.92	36.98	40.39	45.82	44.39	45.00	39.35	36.71	34.28	32.76	36.08	33.64	36.84	42.00	37.16
9	36.59	33.43	38.30	40.34	45.82	44.24	44.87	40.07	37.59	34.93	33.89	37.20	34.78	39.38	43.03	38.98
10	37.35	33.91	39.23	41.16	45.64	44.21	44.88	40.84	38.47	35.49	34.95	38.37	35.64	41.54	43.61	41.21
11	37.65	34.37	39.72	42.06	45.70	43.96	45.01	41.31	39.06	36.15	35.81	39.08	36.39	41.80	44.21
12	37.83	34.69	40.13	42.55	45.90	43.85	44.95	41.62	39.64	36.59	36.41	39.88	37.48	43.16	44.69
13	38.19	35.11	39.93	42.96	46.14	44.19	45.17	42.03	40.32	36.96	37.06	40.16	38.36	44.36
14	38.40	35.30	40.10	43.14	46.16	44.42	45.56	42.36	40.82	37.36	37.60	40.58	39.03	45.56
15	38.47	35.64	40.15	43.33	46.12	44.69	45.88	42.70	41.22	37.65	38.14	40.97	39.64	46.52
16	38.35	35.95	40.70	43.63	46.41	45.00	46.05	42.98	41.28	37.84	38.57	41.20	40.13	47.22
17	38.27	36.44	40.81	43.76	46.81	45.04	46.08	43.02	41.35	38.19	39.01	41.38	40.94
18	38.16	36.70	40.95	44.05	47.14	45.32	46.09	43.18	41.54	38.39	39.30	41.38	41.92
19	37.99	36.91	40.97	44.45	47.36	45.45	46.14	43.34	41.59	38.66	39.54	41.43	42.81
20	37.93	37.02	41.29	44.79	47.45	45.62	46.34	43.41	41.72	38.84	39.88	41.51	43.64
21	37.81	37.20	41.68	45.16	47.46	45.73	46.46	43.46	41.88	38.95	40.18	41.68	44.41
22	37.72	37.29	42.01	45.63	47.53	45.84	46.65	43.59	41.96	39.04	40.49	41.85	45.16
23	37.74	37.47	42.00	45.90	47.68	45.98	46.82	43.67	42.06	39.20	40.70	42.10	45.80
24	37.70	37.64	42.24	46.11	47.83	46.01	47.01	43.72	42.17	39.31	40.86	42.35	46.35
25	37.87	37.79	42.37	46.21	47.84	46.95	47.64	43.78	42.27	39.39	41.01	42.56	46.89
26	38.04	37.90	42.49	46.36	47.84	47.04	47.83	43.73	42.40	39.48	41.20	42.85	47.40
27	38.23	38.01	42.68	46.60	47.82	47.13	47.84	43.79	42.45	39.53	41.37	43.09	47.84
28	38.31	38.06	42.66	46.73	47.85	47.36	47.97	43.89	42.46	39.62	41.47	43.31	48.26
29	38.38	38.21	42.78	46.80	47.99	47.41	47.92	44.03	42.48	39.66	41.52	43.63	48.67
30	38.49	38.38	42.85	47.11	48.18	47.67	47.85	44.04	42.68	39.86	41.57	44.00
31	38.58	38.45	42.90	47.40	48.31	47.63	47.93	44.06	42.67	40.13	41.71	44.34
32	38.79	38.54	43.03	47.68	48.44	47.66	47.90	44.24	42.66	40.18	41.71	44.71
33	38.98	38.59	43.16	48.11	48.52	47.76	47.84	44.23	42.67	40.20	41.72	45.37
34	39.07	38.62	43.26	48.17	49.68	48.08	47.76	44.21	42.67	40.25	41.75	45.70
35	39.20	38.75	43.50	48.19	49.72	48.18	47.73	44.40	42.67	40.32	41.84	46.05
36	39.33	38.86	43.59	48.22	49.72	48.23	47.74	44.33	42.87	40.33	41.92	46.38
37	39.49	38.94	43.69	48.27	49.68	48.24	47.73	44.33	42.91	40.34	42.05	46.63
38	39.63	39.01	43.77	48.22	49.70	48.34	47.72	44.26	42.92	40.34	42.18	46.88
39	39.74	39.06	43.81	48.29	49.70	48.28	47.68	44.24	43.09	40.35	42.26	47.15
40	39.95	39.14	43.85	48.39	49.72	48.38	47.04	44.33	43.11	40.38	42.37	47.37
41	40.04	39.24	43.88	48.38	49.85	48.37	47.60	44.58	43.29	40.50	42.51
42	40.13	39.35	43.95	48.38	49.90	48.37	47.53	44.68	43.25	40.67	43.05
43	40.21	39.48	44.88	48.38	50.22	48.34	47.42	44.76	43.49	40.90	43.73
(i)Includes deals not rated by S&P Global Ratings.

Table 18

Prime Auto Loan Static Index Composition
Cohort	Issue name	Yearly factor (%)	Original issuance amount ($)
Q1 2022	CarMax Auto Owner Trust 2022-1	15.51	1,604,011,099.07
	Carvana Auto Receivables Trust 2022-P1	10.05	1,039,515,050.84
	Ford Credit Auto Owner Trust 2022-A	11.08	1,146,189,073.03
	GM Financial Consumer Automobile Receivables Trust 2022-1	12.03	1,244,538,358.54
	Honda Auto Receivables 2022-1 Owner Trust	15.66	1,619,433,199.26
	Hyundai Auto Receivables Trust 2022-A	15.31	1,583,031,004.06
	Nissan Auto Receivables 2022-A Owner Trust	11.04	1,142,065,005.32
	World Omni Auto Receivables Trust 2022-A	9.32	964,210,703.53
Year 2021	Capital One Prime Auto Receivables Trust 2021-1	3.01	1,356,483,994.50
	CarMax Auto Owner Trust 2021-1	3.34	1,505,270,560.78
	CarMax Auto Owner Trust 2021-2	3.46	1,558,897,246.06
	CarMax Auto Owner Trust 2021-3	3.89	1,754,385,994.70
	CarMax Auto Owner Trust 2021-4	3.11	1,403,509,094.50
	Carvana Auto Receivables Trust 2021-P1	0.92	415,000,001.42
	Carvana Auto Receivables Trust 2021-P2	1.72	775,000,002.49
	Carvana Auto Receivables Trust 2021-P3	2.30	1,035,000,000.42
	Carvana Auto Receivables Trust 2021-P4	2.34	1,055,000,000.79
	Ford Credit Auto Owner Trust 2021-A	3.14	1,415,499,059.21
	GM Financial Consumer Automobile Receivables Trust 2021-1	3.68	1,658,343,697.52
	GM Financial Consumer Automobile Receivables Trust 2021-2-(NR)	2.95	1,329,408,247.18
	GM Financial Consumer Automobile Receivables Trust 2021-3	2.86	1,287,305,122.04
	GM Financial Consumer Automobile Receivables Trust 2021-4	2.87	1,294,931,938.00
	Honda Auto Receivables 2021 - 4 Owner Trust(i)	3.59	1,619,491,676.76
	Honda Auto Receivables 2021-1 Owner Trust(i)	3.59	1,619,466,674.78
	Honda Auto Receivables 2021-2 Owner Trust	3.59	1,619,437,928.90
	Honda Auto Receivables 2021-3 Owner Trust	3.59	1,619,434,213.76
	Hyundai Auto Receivables Trust 2021-A	3.00	1,352,165,787.16
	Hyundai Auto Receivables Trust 2021-B	3.11	1,399,973,720.80
	Hyundai Auto Receivables Trust 2021-C	3.50	1,577,990,687.37
	Mercedes-Benz Auto Receivables Trust 2021-1	3.68	1,657,814,898.58
	Nissan Auto Receivables 2021-A Owner Trust	2.47	1,113,826,202.14
	Toyota Auto Receivables 2021-A Owner Trust(i)	4.04	1,822,777,183.25
	Toyota Auto Receivables 2021-B Owner Trust	3.70	1,666,956,330.13
	Toyota Auto Receivables 2021-C Owner Trust	3.70	1,666,028,014.87
	Toyota Auto Receivables 2021-D Owner Trust	3.70	1,667,553,462.91
	UNIFY Auto Receivables Trust 2021-1	0.67	302,931,694.06
	Volkswagen Auto Loan Enhanced Trust 2021-1	4.18	1,882,301,798.00
	World Omni Auto Receivables Trust 2021-B	2.45	1,102,919,763.19
	World Omni Auto Receivables Trust 2021-A	2.57	1,157,521,164.95
	World Omni Auto Receivables Trust 2021-C	2.67	1,202,898,752.29
	World Omni Auto Receivables Trust 2021-D	2.63	1,183,996,579.97
Year 2020	BMW Vehicle Owner Trust 2020-A	2.53	1,054,601,016.73
	Capital One Prime Auto Receivables Trust 2020-1	3.25	1,356,484,236.72
	CarMax Auto Owner Trust 2020-1	3.72	1,553,875,032.29
	CarMax Auto Owner Trust 2020-2	2.77	1,156,941,680.84
	CarMax Auto Owner Trust 2020-3	3.25	1,358,148,893.81
	CarMax Auto Owner Trust 2020-4	3.61	1,506,024,109.27
	Carvana Auto Receivables Trust 2020-P1	0.97	405,000,000.11
	Ford Credit Auto Owner Trust 2020-A(i)	2.19	914,193,806.49
	Ford Credit Auto Owner Trust 2020-B	5.40	2,254,021,429.53
	Ford Credit Auto Owner Trust 2020-C	3.42	1,429,578,316.37
	GM Financial Consumer Automobile Receivables Trust 2020-1	3.12	1,304,237,246.29
	GM Financial Consumer Automobile Receivables Trust 2020-2	2.02	841,444,376.13
	GM Financial Consumer Automobile Receivables Trust 2020-3(i)	4.01	1,673,619,560.70
	GM Financial Consumer Automobile Receivables Trust 2020-4	3.77	1,574,013,675.07
	Honda Auto Receivables 2020-1 Owner Trust(i)	3.88	1,619,433,198.00
	Honda Auto Receivables 2020-2 Owner Trust	3.23	1,349,527,666.91
	Honda Auto Receivables 2020-3 Owner Trust	5.17	2,159,298,062.37
	Hyundai Auto Receivables Trust 2020-C	3.17	1,324,207,677.37
	Hyundai Auto Receivables Trust 2020-A	2.97	1,238,223,758.71
	Hyundai Auto Receivables Trust 2020-B	2.86	1,194,414,188.47
	Mercedes-Benz Auto Receivables Trust 2020-1	2.69	1,124,777,926.44
	Nissan Auto Receivables 2020-A Owner Trust	2.68	1,119,632,940.81
	Nissan Auto Receivables 2020-B Owner Trust	3.37	1,405,095,871.07
	Toyota Auto Receivables 2020-A Owner Trust	4.45	1,855,904,868.20
	Toyota Auto Receivables 2020-B Owner Trust	3.06	1,275,392,995.27
	Toyota Auto Receivables 2020-C Owner Trust	3.98	1,659,837,859.33
	Toyota Auto Receivables 2020-D Owner Trust	3.96	1,652,997,849.97
	Volkswagen Auto Loan Enhanced Trust 2020-1(i)	3.09	1,290,803,105.57
	World Omni Auto Receivables Trust 2020-A	2.09	874,456,597.95
	World Omni Auto Receivables Trust 2020-B	2.15	895,761,839.35
	World Omni Auto Receivables Trust 2020-C	3.16	1,318,405,815.29
Year 2019	Ally Auto Receivables Trust 2019-1(i)	2.22	1,119,999,920.00
	Ally Auto Receivables Trust 2019-2	2.22	1,120,998,037.60
	Ally Auto Receivables Trust 2019-3	2.22	1,120,998,467.00
	Ally Auto Receivables Trust 2019-4	2.08	1,050,522,784.44
	Bank of the West Auto Trust 2019-1	1.53	769,857,130.18
	BMW Vehicle Owner Trust 2019-A	2.68	1,350,116,131.40
	Capital One Prime Auto Receivables Trust 2019-1	2.48	1,250,000,000.97
	Capital One Prime Auto Receivables Trust 2019-2	2.80	1,410,746,433.50
	CarMax Auto Owner Trust 2019-1	2.99	1,506,024,108.99
	CarMax Auto Owner Trust 2019-2	2.71	1,368,421,077.86
	CarMax Auto Owner Trust 2019-3	2.98	1,503,759,540.65
	CarMax Auto Owner Trust 2019-4	2.98	1,503,750,003.50
	Fifth Third Auto Trust 2019-1	2.84	1,433,531,134.87
	Ford Credit Auto Owner Trust 2019-A(i)	3.54	1,786,699,020.71
	Ford Credit Auto Owner Trust 2019-B	2.26	1,142,066,659.36
	Ford Credit Auto Owner Trust 2019-C	2.83	1,424,799,288.20
	Gm Financial Consumer Automobile Receivables Trust 2019-1(i)	2.61	1,318,455,649.37
	GM Financial Consumer Automobile Receivables Trust 2019-2	2.57	1,294,890,402.16
	GM Financial Consumer Automobile Receivables Trust 2019-3	2.06	1,039,361,021.73
	GM Financial Consumer Automobile Receivables Trust 2019-4(i)	2.06	1,039,585,663.00
	GTE Auto Receivables Trust 2019-1	0.37	184,889,790.46
	Honda Auto Receivables 2019-1 Owner Trust	2.78	1,400,006,654.62
	Honda Auto Receivables 2019-2 Owner Trust(i)	3.21	1,619,433,198.61
	Honda Auto Receivables 2019-3 Owner Trust	2.68	1,349,537,390.88
	Honda Auto Receivables 2019-4 Owner Trust	3.21	1,619,436,122.52
	Hyundai Auto Receivables Trust 2019-A	2.18	1,101,337,156.89
	Hyundai Auto Receivables Trust 2019-B	2.31	1,165,566,589.33
	Mercedes-Benz Auto Receivables Trust 2019-1	3.20	1,615,006,230.09
	Nissan Auto Receivables 2019-A Owner Trust(i)	2.77	1,394,407,179.62
	Nissan Auto Receivables 2019-B Owner Trust(i)	2.73	1,378,201,975.60
	Nissan Auto Receivables 2019-C Owner Trust	2.71	1,364,914,302.27
	Toyota Auto Receivables 2019-A Owner Trust	3.83	1,930,929,363.46
	Toyota Auto Receivables 2019-B Owner Trust	3.78	1,907,216,811.97
	Toyota Auto Receivables 2019-C Owner Trust	2.67	1,344,769,909.63
	Toyota Auto Receivables 2019-D Owner Trust	3.71	1,872,859,970.50
	USAA Auto Owner Trust 2019-1	1.00	503,778,340.17
	World Omni Auto Receivables Trust 2019-A	2.20	1,110,735,192.75
	World Omni Auto Receivables Trust 2019-B	1.74	879,483,109.18
	World Omni Auto Receivables Trust 2019-C	2.23	1,125,526,442.29
Year 2018	Ally Auto Receivables Trust 2018-1	2.53	1,119,773,433.38
	Ally Auto Receivables Trust 2018-2(i)	0.27	118,470,195.45
	Ally Auto Receivables Trust 2018-3	2.53	1,119,013,479.86
	Bank of the West Auto Trust 2018-1	1.69	750,015,859.63
	Bmw Vehicle Owner Trust 2018-A(i)	3.21	1,422,530,958.50
	CarMax Auto Owner Trust 2018-1	3.07	1,356,783,926.27
	CarMax Auto Owner Trust 2018-2	3.02	1,336,359,077.55
	CarMax Auto Owner Trust 2018-3	3.25	1,440,087,231.83
	CarMax Auto Owner Trust 2018-4	3.41	1,507,545,086.26
	Ford Credit Auto Owner Trust 2018-A	3.90	1,727,999,801.00
	Ford Credit Auto Owner Trust 2018-B(i)	2.62	1,161,498,793.26
	GM Financial Consumer Automobile Receivables Trust 2018-1(i)	3.04	1,346,226,236.00
	GM Financial Consumer Automobile Receivables Trust 2018-2	3.07	1,357,996,691.26
	GM Financial Consumer Automobile Receivables Trust 2018-3	3.07	1,357,918,658.42
	GM Financial Consumer Automobile Receivables Trust 2018-4	3.04	1,347,098,324.21
	Honda Auto Receivables 2018-1 Owner Trust	3.05	1,349,538,461.69
	Honda Auto Receivables 2018-2 Owner Trust	3.05	1,349,575,737.54
	Honda Auto Receivables 2018-3 Owner Trust(i)	3.05	1,349,529,325.00
	Honda Auto Receivables 2018-4 Owner Trust	2.68	1,187,584,345.94
	Hyundai Auto Receivables Trust 2018-A	2.22	980,222,708.55
	Hyundai Auto Receivables Trust 2018-B	1.75	773,633,388.30
	Mercedes-Benz Auto Receivables Trust 2018-1	3.41	1,508,391,985.09
	Nissan Auto Receivables 2018-A Owner Trust	2.52	1,114,467,625.30
	Nissan Auto Receivables 2018-B Owner Trust	2.55	1,128,824,647.21
	Nissan Auto Receivables 2018-C Owner Trust	2.59	1,146,026,063.89
	Toyota Auto Receivables 2018-A Owner Trust	4.33	1,914,792,886.79
	Toyota Auto Receivables 2018-B Owner Trust	3.99	1,767,851,358.52
	Toyota Auto Receivables 2018-C Owner Trust	4.75	2,101,423,565.52
	Toyota Auto Receivables 2018-D Owner Trust	3.14	1,390,010,109.85
	Volkswagen Auto Loan Enhanced Trust 2018-1	3.27	1,444,931,385.44
	Volkswagen Auto Loan Enhanced Trust 2018-2	2.48	1,096,083,727.57
	World Omni Auto Receivables Trust 2018-A	2.44	1,079,641,523.35
	World Omni Auto Receivables Trust 2018-B	1.99	881,240,341.17
	World Omni Auto Receivables Trust 2018-C	2.49	1,103,449,170.74
	World Omni Auto Receivables Trust 2018-D	2.52	1,115,466,187.84
Year 2017	Ally Auto Receivables Trust 2017-1(i)	2.70	1,116,603,712.29
	Ally Auto Receivables Trust 2017-2(i)	2.47	1,019,852,295.52
	Ally Auto Receivables Trust 2017-3	2.56	1,057,998,087.93
	Ally Auto Receivables Trust 2017-4	2.68	1,107,866,076.72
	Ally Auto Receivables Trust 2017-5	1.35	559,999,919.78
	Bank Of The West Auto Trust 2017-1	1.81	750,015,106.66
	CarMax Auto Owner Trust 2017-1(i)	3.17	1,310,000,025.92
	CarMax Auto Owner Trust 2017-2	2.42	1,000,000,007.91
	CarMax Auto Owner Trust 2017-3	3.33	1,375,000,017.71
	CarMax Auto Owner Trust 2017-4	3.10	1,280,000,020.80
	Fifth Third Auto Trust 2017-1	2.56	1,058,536,341.66
	Ford Credit Auto Owner Trust 2017-A(i)	4.16	1,718,023,629.80
	Ford Credit Auto Owner Trust 2017-B	3.41	1,410,368,510.87
	Ford Credit Auto Owner Trust 2017-C	4.83	1,997,343,293.47
	GM Financial Consumer Automobile Receivables Trust 2017-1-207-1	2.60	1,073,193,720.21
	GM Financial Consumer Automobile Receivables Trust 2017-2	2.60	1,074,225,436.40
	GM Financial Consumer Automobile Receivables Trust 2017-3	2.59	1,070,192,078.70
	Honda Auto Receivables 2017-1 Owner Trust(i)	3.10	1,282,051,282.20
	Honda Auto Receivables 2017-2 Owner Trust	3.18	1,316,625,779.29
	Honda Auto Receivables 2017-3 Owner Trust	2.42	1,000,000,001.37
	Honda Auto Receivables 2017-4 Owner Trust(i)	3.10	1,282,056,233.88
	Hyundai Auto Receivables Trust 2017-A	3.14	1,297,276,907.15
	Hyundai Auto Receivables Trust 2017-B	2.47	1,022,326,580.78
	Nissan Automobile Receivables 2017-A Owner Trust(i)	2.69	1,112,068,200.74
	Nissan Automobile Receivables 2017-B Owner Trust(i)	3.73	1,543,518,690.50
	Nissan Automobile Receivables 2017-C Owner Trust(i)	4.02	1,662,304,331.51
	Toyota Auto Receivables 2017-A Owner Trust	3.90	1,610,505,281.69
	Toyota Auto Receivables 2017-B Owner Trust	4.56	1,884,099,090.55
	Toyota Auto Receivables 2017-C Owner Trust	4.57	1,889,438,548.44
	Toyota Auto Receivables 2017-D Owner Trust	4.60	1,903,254,414.00
	USAA Auto Owner Trust 2017-1	1.18	485,898,957.57
	World Omni Auto Receivables Trust 2017-A	3.32	1,371,460,827.67
	World Omni Auto Receivables Trust 2017-B	1.70	704,748,719.14
Year 2016	Ally Auto Receivables Trust 2016-1(i)	2.96	1,066,738,356.26
	Ally Auto Receivables Trust 2016-2	2.87	1,034,838,477.00
	Ally Auto Receivables Trust 2016-3	1.43	516,182,818.00
	BMW Vehicle Owner Trust 2016-A(i)	3.75	1,353,937,519.02
	CarMax Auto Owner Trust 2016-1	3.16	1,140,000,000.00
	CarMax Auto Owner Trust 2016-2	3.26	1,175,000,014.00
	CarMax Auto Owner Trust 2016-3	3.46	1,250,000,036.00
	CarMax Auto Owner Trust 2016-4(i)	3.60	1,300,000,031.51
	Ford Credit Auto Owner Trust 2016-A	3.17	1,144,164,175.00
	Ford Credit Auto Owner Trust 2016-B	3.94	1,420,298,372.00
	Ford Credit Auto Owner Trust 2016-C(i)	3.96	1,429,998,202.51
	Honda Auto Receivables 2016-1 Owner Trust	2.84	1,025,648,881.00
	Honda Auto Receivables 2016-2 Owner Trust(i)	4.26	1,538,461,538.88
	Honda Auto Receivables 2016-3 Owner Trust	4.26	1,538,461,649.83
	Honda Auto Receivables 2016-4 Owner Trust	4.26	1,538,464,271.26
	Huntington Auto Trust 2016-1	4.16	1,500,000,000.43
	Hyundai Auto Receivables Trust 2016-A	2.83	1,019,892,645.00
	Hyundai Auto Receivables Trust 2016-B	3.49	1,260,473,580.72
	Mercedes-Benz Auto Receivables Trust 2016-1	4.41	1,591,275,988.02
	Nissan Auto Receivables 2016-A Owner Trust(i)	3.01	1,087,017,856.54
	Nissan Automobile Receivables 2016-B Owner Trust(i)	4.59	1,656,592,636.57
	Nissan Automobile Receivables 2016-C Owner Trust(i)	3.78	1,365,082,527.70
	Toyota Auto Receivables 2016-A Owner Trust	3.69	1,331,797,103.00
	Toyota Auto Receivables 2016-B Owner Trust	4.72	1,702,881,152.00
	Toyota Auto Receivables 2016-C Owner Trust	3.68	1,327,630,184.94
	Toyota Auto Receivables 2016-D Owner Trust	3.68	1,327,874,627.72
	USAA Auto Owner Trust 2016-1	1.40	503,778,663.77
	World Omni Auto Receivables Trust 2016-A	2.55	918,505,675.00
	World Omni Auto Receivables Trust 2016-B	2.80	1,010,382,244.86
Year 2015	Ally Auto Receivables Trust 2015-1	4.31	1,035,896,145.00
	Ally Auto Receivables Trust 2015-2	4.55	1,094,598,444.00
	Bank of the West Auto Trust 2015-1	3.12	750,000,928.20
	CarMax Auto Owner Trust 2015-1	4.16	1,000,000,003.00
	CarMax Auto Owner Trust 2015-4	4.37	1,050,000,018.00
	Ford Credit Auto Owner Trust 2015-C	4.68	1,124,319,860.00
	Honda Auto Receivables 2015-1 Owner Trust	5.33	1,282,051,840.00
	Honda Auto Receivables 2015-2 Owner Trust	5.79	1,390,820,584.00
	Honda Auto Receivables 2015-4 Owner Trust	5.09	1,222,568,788.00
	Huntington Auto Trust 2015-1	3.12	750,000,000.00
	Hyundai Auto Receivables Trust 2015-A	5.41	1,300,588,454.00
	Hyundai Auto Receivables Trust 2015-B	5.14	1,235,672,536.00
	Hyundai Auto Receivables Trust 2015-C	4.42	1,061,790,025.00
	Mercedes-Benz Auto Receivables Trust 2015-1	6.73	1,616,945,465.00
	SunTrust Auto Receivables Trust 2015-1	4.18	1,005,530,385.00
	Toyota Auto Receivables 2015-A Owner Trust	6.65	1,598,310,293.00
	Toyota Auto Receivables 2015-B Owner Trust	5.52	1,325,639,344.00
	Toyota Auto Receivables 2015-C Owner Trust	7.71	1,852,012,326.00
	USAA Auto Owner Trust 2015-1	2.10	503,778,687.30
	World Omni Auto Receivables Trust 2015-A	3.13	753,141,610.60
	World Omni Auto Receivables Trust 2015-B	4.50	1,080,585,329.00
Year 2014	Ally Auto Receivables Trust 2014-1	6.56	2,048,927,617.00
	Ally Auto Receivables Trust 2014-2	4.90	1,530,928,681.00
	Ally Auto Receivables Trust 2014-3	3.28	1,025,037,244.00
	Ally Auto Receivables Trust 2014-A	3.60	1,125,020,623.00
	Bank of the West Auto Trust 2014-1	2.40	750,016,833.50
	California Republic Auto Receivables Trust 2014-1	0.72	223,378,128.10
	CarMax Auto Owner Trust 2014-2	3.16	987,000,009.10
	CarMax Auto Owner Trust 2014-3	3.20	1,000,000,012.00
	CarMax Auto Owner Trust 2014-4	3.73	1,165,000,006.00
	Fifth Third Auto Trust 2014-1	4.15	1,295,426,188.00
	Fifth Third Auto Trust 2014-2	5.05	1,574,861,457.00
	Fifth Third Auto Trust 2014-3	3.34	1,041,691,751.00
	Ford Credit Auto Owner Trust 2014-A	5.27	1,646,197,310.00
	Ford Credit Auto Owner Trust 2014-C	5.36	1,673,565,407.00
	Honda Auto Receivables 2014-2 Owner Trust	3.29	1,025,658,848.00
	Honda Auto Receivables 2014-3 Owner Trust	3.29	1,025,655,641.00
	Hyundai Auto Receivables Trust 2014-A	3.83	1,194,774,929.00
	Hyundai Auto Receivables Trust 2014-B	4.37	1,364,737,772.00
	MMCA Auto Owner Trust 2014-A	0.73	228,717,595.70
	Porsche Financial Auto Securitization Trust 2014-1	1.63	507,874,603.70
	Susquehanna Auto Receivables Trust 2014-1	0.80	251,180,477.70
	TCF Auto Receivables Owner Trust 2014-1	0.80	250,151,298.90
	Toyota Auto Receivables 2014-A Owner Trust	5.91	1,845,073,346.00
	Toyota Auto Receivables 2014-B Owner Trust	5.07	1,583,044,330.00
	Toyota Auto Receivables 2014-C Owner Trust	4.23	1,321,305,071.00
	USAA Auto Owner Trust 2014-1	1.61	503,778,943.60
	Volkswagen Auto Loan Enhanced Trust 2014-2	3.44	1,074,364,169.00
	World Omni Auto Receivables Trust 2014-A	2.85	888,543,023.50
	World Omni Auto Receivables Trust 2014-B	3.41	1,063,161,651.00
Year 2013	Ally Auto Receivables Trust 2013-1	4.63	1,291,999,805.00
	CarMax Auto Owner Trust 2013-1	3.74	1,045,000,033.00
	CarMax Auto Owner Trust 2013-2	3.29	920,000,013.40
	CarMax Auto Owner Trust 2013-3	3.58	1,000,000,001.00
	Fifth Third Auto Trust 2013-1	4.66	1,301,538,958.00
	Fifth Third Auto Trust 2013-A	1.79	500,012,609.80
	Ford Credit Auto Owner Trust 2013-1	3.15	879,999,511.80
	Ford Credit Auto Owner Trust 2013-A	4.84	1,353,406,582.00
	Ford Credit Auto Owner Trust 2013-B	4.84	1,353,141,753.00
	Ford Credit Auto Owner Trust 2013-C	4.88	1,363,983,257.00
	Honda Auto Receivables 2013-1 Owner Trust	4.59	1,282,051,293.00
	Honda Auto Receivables 2013-3 Owner Trust	5.51	1,538,461,539.00
	Honda Auto Receivables 2013-4 Owner Trust	5.51	1,538,465,261.00
	Hyundai Auto Receivables Trust 2013-A	5.57	1,555,688,378.00
	Hyundai Auto Receivables Trust 2013-B	5.54	1,547,772,943.00
	Hyundai Auto Receivables Trust 2013-C	4.80	1,341,935,074.00
	Mercedes-Benz Auto Receivables Trust 2013-1	3.72	1,038,796,554.00
	M&T Bank Auto Receivables Trust 2013-1	5.01	1,400,000,200.00
	Toyota Auto Receivables 2013-A Owner Trust	4.66	1,301,545,574.00
	Toyota Auto Receivables 2013-B Owner Trust	3.77	1,054,454,801.00
	Volkswagen Auto Loan Enhanced Trust 2013-2	5.71	1,594,182,494.00
	World Omni Auto Receivables Trust 2013-A	3.37	940,556,049.10
	World Omni Auto Receivables Trust 2013-B	2.83	791,491,997.60
(i)Not rated by S&P Global Ratings.

Table 19

Subprime Auto Loan Static Index Composition
Cohort	Issue name	Yearly factor (%)	Original issuance amount ($)
Q1 2022	American Credit Acceptance Receivables Trust 2022-1	6.78	448,500,048.11
	Carvana Auto Receivables Trust 2022-N1	5.67	375,000,000.00
	CPS Auto Receivables Trust 2022-A	3.29	217,846,708.45
	Exeter Automobile Receivables Trust 2022-1	13.18	871,804,507.17
	First Investors Auto Owner Trust 2022-1	3.77	249,318,679.69
	Flagship Credit Auto Trust 2022-1	4.25	281,276,865.59
	GLS Auto Receivables Issuer Trust 2022-1	7.93	524,535,883.25
	Santander Drive Auto Receivables Trust 2022-1(i)	27.41	1,813,527,877.00
	United Auto Credit Securitization Trust 2022-1	4.81	318,464,461.05
	Westlake Automobile Receivables Trust 2022-1	22.92	1,516,683,518.71
Year 2021	American Credit Acceptance Receivables Trust 2021-1	0.94	358,800,016.61
	American Credit Acceptance Receivables Trust 2021-2	1.38	526,500,000.00
	American Credit Acceptance Receivables Trust 2021-3	1.38	526,500,000.00
	American Credit Acceptance Receivables Trust 2021-4	0.93	354,545,523.11
	AmeriCredit Automobile Receivables Trust 2021-1	4.17	1,594,287,961.90
	AmeriCredit Automobile Receivables Trust 2021-2	3.06	1,169,198,644.55
	Americredit Automobile Receivables Trust 2021-3(i)	2.50	956,519,582.97
	Carvana Auto Receivables Trust 2021-N1	1.05	400,000,003.21
	Carvana Auto Receivables Trust 2021-N2	1.05	400,000,003.48
	Carvana Auto Receivables Trust 2021-N3	1.10	420,000,002.09
	Carvana Auto Receivables Trust 2021-N4	1.20	460,000,002.43
	CPS Auto Receivables Trust 2021-A	0.48	184,372,900.70
	CPS Auto Receivables Trust 2021-B(i)	0.41	155,514,959.00
	CPS Auto Receivables Trust 2021-C	0.55	211,614,128.95
	CPS Auto Receivables Trust 2021-D(i)	0.67	256,502,151.00
	Drive Auto Receivables Trust 2021-1	5.06	1,934,846,855.31
	Drive Auto Receivables Trust 2021-2	5.62	2,150,541,592.57
	Drive Auto Receivables Trust 2021-3-(NR)	4.16	1,591,646,652.82
	Exeter Automobile Receivables Trust 2021-1	3.08	1,179,763,578.39
	Exeter Automobile Receivables Trust 2021-2	3.23	1,237,144,340.47
	Exeter Automobile Receivables Trust 2021-3	3.49	1,336,895,223.07
	Exeter Automobile Receivables Trust 2021-4	2.73	1,045,279,734.01
	First Investors Auto Owner Trust 2021-1	0.44	167,251,090.72
	First Investors Auto Owner Trust 2021-2	0.68	260,449,723.00
	Flagship Credit Auto Trust 2021-1	0.43	162,677,411.99
	Flagship Credit Auto Trust 2021-2	0.77	295,639,898.95
	Flagship Credit Auto Trust 2021-3	0.79	303,907,017.90
	Flagship Credit Auto Trust 2021-4	0.65	248,488,427.77
	GLS Auto Receivables Issuer Trust 2021-2	1.51	577,821,252.00
	GLS Auto Receivables Issuer Trust 2021-3	1.54	591,082,634.68
	GLS Auto Receivables Issuer Trust 2021-4	1.49	568,590,583.59
	GLS Auto Receivables Trust 2021-1	0.56	213,072,773.13
	Prestige Auto Receivables Trust 2021-1	0.61	232,390,352.00
	Santander Drive Auto Receivables Trust 2021-1(i)	6.34	2,425,347,381.75
	Santander Drive Auto Receivables Trust 2021-2(i)	6.04	2,312,647,394.00
	Santander Drive Auto Receivables Trust 2021-3(i)	7.45	2,849,018,039.06
	Santander Drive Auto Receivables Trust 2021-4(i)	5.49	2,098,958,577.81
	United Auto Credit Securitization Trust 2021-1	0.47	179,852,965.92
	Westlake Auto Receivables Trust 2021-3	5.16	1,975,517,689.00
	Westlake Automobile Receivables Trust 2021-1	4.35	1,664,743,996.79
	Westlake Automobile Receivables Trust 2021-2	4.23	1,618,794,826.84
	World Omni Select Auto Trust 2021-A	2.77	1,061,120,455.52
Year 2020	American Credit Acceptance Receivables Trust 2020-1	1.21	304,200,373.16
	American Credit Acceptance Receivables Trust 2020-2	1.46	366,667,145.48
	American Credit Acceptance Receivables Trust 2020-3	2.33	582,520,000.00
	American Credit Acceptance Receivables Trust 2020-4	2.00	499,832,050.28
	Americredit Automobile Receivables Trust 2020-1(i)	3.91	979,421,114.93
	AmeriCredit Automobile Receivables Trust 2020-2	4.41	1,105,208,590.10
	Americredit Automobile Receivables Trust 2020-3(i)	4.79	1,199,940,245.00
	CPS Auto Receivables Trust 2020-A(i)	1.04	259,999,924.34
	CPS Auto Receivables Trust 2020-B	0.89	221,867,556.39
	CPS Auto Receivables Trust 2020-C(i)	0.78	196,290,738.00
	Drive Auto Receivables Trust 2020-1	5.18	1,298,944,568.69
	Drive Auto Receivables Trust 2020-2	5.08	1,271,513,437.74
	Exeter Automobile Receivables Trust 2020-1	3.18	797,927,461.42
	Exeter Automobile Receivables Trust 2020-2	3.72	932,538,738.14
	Exeter Automobile Receivables Trust 2020-3	2.83	708,603,517.04
	First Investors Auto Owner Trust 2020-1	0.58	145,000,428.25
	Flagship Credit Auto Trust 2020-1	1.14	285,428,056.74
	Flagship Credit Auto Trust 2020-2	1.16	289,877,654.07
	Flagship Credit Auto Trust 2020-3	0.72	180,000,023.50
	Flagship Credit Auto Trust 2020-4	0.75	186,840,501.10
	GLS Auto Receivables Issuer Trust 2020-1	1.53	382,571,776.24
	GLS Auto Receivables Issuer Trust 2020-2	1.14	285,860,226.04
	GLS Auto Receivables Issuer Trust 2020-3	1.37	344,290,195.31
	GLS Auto Receivables Issuer Trust 2020-4	0.98	246,528,838.10
	Prestige Auto Receivables Trust 2020-1	1.29	322,554,213.99
	Santander Drive Auto Receivables Trust 2020-1	4.98	1,247,660,639.54
	Santander Drive Auto Receivables Trust 2020-2(i)	6.69	1,676,630,557.29
	Santander Drive Auto Receivables Trust 2020-3(i)	8.69	2,178,347,989.02
	Santander Drive Auto Receivables Trust 2020-4(i)	7.02	1,759,547,956.45
	Tidewater Auto Receivables Trust 2020-A	0.62	154,448,837.73
	United Auto Credit Securitization Trust 2020-1	1.07	267,623,234.41
	Westlake Automobile Receivables Trust 2020-1	3.41	855,130,784.71
	Westlake Automobile Receivables Trust 2020-2	4.77	1,195,717,188.02
	Westlake Automobile Receivables Trust 2020-3	5.82	1,458,333,895.35
	World Omni Select Auto Trust 2020-A	3.46	865,949,696.84
Year 2019	American Credit Acceptance Receivables Trust 2019-1	0.88	218,400,258.46
	American Credit Acceptance Receivables Trust 2019-2	0.94	234,000,021.26
	American Credit Acceptance Receivables Trust 2019-3	1.03	257,425,871.00
	American Credit Acceptance Receivables Trust 2019-4	1.08	269,100,009.59
	AmeriCredit Automobile Receivables Trust 2019-1	5.20	1,295,278,088.87
	AmeriCredit Automobile Receivables Trust 2019-2(i)	3.50	870,551,703.00
	AmeriCredit Automobile Receivables Trust 2019-3	3.50	870,598,400.10
	Avid Automobile Receivables Trust 2019-1	0.46	115,298,783.83
	CPS Auto Receivables Trust 2019-A	1.06	264,999,933.84
	CPS Auto Receivables Trust 2019-B	0.92	229,999,906.15
	CPS Auto Receivables Trust 2019-C	0.65	161,124,068.86
	CPS Auto Receivables Trust 2019-D	1.10	274,999,632.50
	Drive Auto Receivables Trust 2019-1	5.16	1,284,910,630.00
	Drive Auto Receivables Trust 2019-2	5.25	1,306,759,250.97
	Drive Auto Receivables Trust 2019-3	6.23	1,550,251,005.00
	Drive Auto Receivables Trust 2019-4	5.94	1,477,898,386.00
	Exeter Automobile Receivables Trust 2019-1	2.33	578,947,370.97
	Exeter Automobile Receivables Trust 2019-2	2.93	729,166,666.77
	Exeter Automobile Receivables Trust 2019-3	3.56	885,416,667.26
	Exeter Automobile Receivables Trust 2019-4	3.54	880,829,111.31
	First Investors Auto Owner Trust 2019-1	0.50	125,589,014.59
	First Investors Auto Owner Trust 2019-2	0.72	179,328,483.30
	Flagship Credit Auto Trust 2019-1	0.69	172,681,606.99
	Flagship Credit Auto Trust 2019-2	1.10	273,519,959.09
	Flagship Credit Auto Trust 2019-3	1.08	269,266,808.11
	Flagship Credit Auto Trust 2019-4	1.29	320,554,171.57
	GLS Auto Receivables Issuer Trust 2019-1	1.17	291,000,013.69
	GLS Auto Receivables Issuer Trust 2019-2	1.52	379,406,000.00
	GLS Auto Receivables Issuer Trust 2019-3	1.61	400,000,001.93
	GLS Auto Receivables Issuer Trust 2019-4	1.47	366,749,206.51
	Prestige Auto Receivables Trust 2019-1	1.57	391,692,182.82
	Santander Drive Auto Receivables Trust 2019-1	4.47	1,113,309,233.00
	Santander Drive Auto Receivables Trust 2019-2(i)	4.68	1,166,174,584.26
	Santander Drive Auto Receivables Trust 2019-3	4.70	1,169,220,162.26
	United Auto Credit Securitization Trust 2019-1	0.81	201,612,903.23
	Westlake Automobile Receivables Trust 2019-1	4.12	1,025,641,025.65
	Westlake Automobile Receivables Trust 2019-2	4.94	1,230,790,553.96
	Westlake Automobile Receivables Trust 2019-3	5.30	1,319,802,675.66
	World Omni Select Auto Trust 2019-A	2.99	744,382,102.38
Year 2018	American Credit Acceptance Receivables Trust 2018-1	0.83	218,400,851.72
	American Credit Acceptance Receivables Trust 2018-2	0.82	215,547,752.21
	American Credit Acceptance Receivables Trust 2018-3	0.83	218,400,000.00
	American Credit Acceptance Receivables Trust 2018-4	0.76	198,900,169.11
	AmeriCredit Automobile Receivables Trust 2018-1	4.55	1,196,987,845.53
	AmeriCredit Automobile Receivables Trust 2018-3(i)	4.14	1,088,999,608.00
	Avid Automobile Receivables Trust 2018-1	0.36	95,041,897.00
	CPS Auto Receivables Trust 2018-A	0.46	121,303,205.64
	CPS Auto Receivables Trust 2018-B	0.51	134,859,653.39
	CPS Auto Receivables Trust 2018-C	0.64	168,870,630.26
	CPS Auto Receivables Trust 2018-D	0.32	84,539,619.23
	Drive Auto Receivables Trust 2018-1	4.42	1,161,713,631.00
	Drive Auto Receivables Trust 2018-2	6.18	1,625,505,005.00
	Drive Auto Receivables Trust 2018-3	6.25	1,643,374,873.00
	Drive Auto Receivables Trust 2018-4	6.15	1,617,751,847.00
	Drive Auto Receivables Trust 2018-5	4.96	1,302,590,076.00
	Exeter Automobile Receivables Trust 2018-1	2.21	580,781,426.60
	Exeter Automobile Receivables Trust 2018-2	2.21	580,781,501.06
	Exeter Automobile Receivables Trust 2018-3	2.16	567,010,607.83
	Exeter Automobile Receivables Trust 2018-4	2.21	580,781,628.17
	First Investors Auto Owner Trust 2018-1	0.51	132,822,432.00
	First Investors Auto Owner Trust 2018-2	0.63	165,965,976.00
	Flagship Credit Auto Trust 2018-1	0.46	121,705,458.86
	Flagship Credit Auto Trust 2018-2	0.69	180,704,066.45
	Flagship Credit Auto Trust 2018-3	0.92	240,838,432.18
	Flagship Credit Auto Trust 2018-4	0.91	239,965,922.06
	GLS Auto Receivables Issuer Trust 2018-2	1.24	327,199,011.16
	GLS Auto Receivables Issuer Trust 2018-3	0.94	248,230,082.00
	GLS Auto Receivables Trust 2018-1	1.13	297,718,940.83
	Prestige Auto Receivables Trust 2018-1	1.66	437,349,826.58
	Santander Drive Auto Receivables Trust 2018-1(i)	5.06	1,329,807,616.00
	Santander Drive Auto Receivables Trust 2018-2(i)	4.53	1,189,966,410.05
	Santander Drive Auto Receivables Trust 2018-3	4.96	1,303,839,445.00
	Santander Drive Auto Receivables Trust 2018-4	4.33	1,137,912,495.35
	Santander Drive Auto Receivables Trust 2018-5	4.80	1,260,396,693.00
	Tidewater Auto Receivables Trust 2018-A	0.59	156,072,529.43
	United Auto Credit Securitization Trust 2018-1	0.53	140,000,000.00
	United Auto Credit Securitization Trust 2018-2	0.57	150,000,000.00
	Westlake Automobile Receivables Trust 2018-1	3.92	1,030,927,835.46
	Westlake Automobile Receivables Trust 2018-2	3.92	1,030,965,917.91
	Westlake Automobile Receivables Trust 2018-3	4.30	1,131,109,302.50
	World Omni Select Auto Trust 2018-1	2.40	629,617,794.25
Year 2017	American Credit Acceptance Receivables Trust 2017-1	0.98	194,072,626.57
	American Credit Acceptance Receivables Trust 2017-2	1.04	205,000,129.04
	American Credit Acceptance Receivables Trust 2017-3	1.08	214,209,099.39
	American Credit Acceptance Receivables Trust 2017-4	0.93	184,070,796.55
	AmeriCredit Automobile Receivables Trust 2017-1	5.11	1,011,969,929.28
	AmeriCredit Automobile Receivables Trust 2017-4	7.15	1,414,654,756.48
	CPS Auto Receivables Trust 2017-A	1.06	209,999,919.00
	CPS Auto Receivables Trust 2017-B	1.16	229,999,997.00
	CPS Auto Receivables Trust 2017-C	0.82	161,695,294.62
	CPS Auto Receivables Trust 2017-D	1.01	199,999,966.00
	Drive Auto Receivables Trust 2017-1	6.99	1,382,670,256.53
	Drive Auto Receivables Trust 2017-2	5.96	1,180,452,151.05
	Drive Auto Receivables Trust 2017-3	7.76	1,534,751,067.00
	Drive Auto Receivables Trust 2017-A	6.78	1,342,298,460.18
	Drive Auto Receivables Trust 2017-B	6.89	1,363,027,661.00
	Exeter Automobile Receivables Trust 2017-1	2.14	423,282,215.19
	Exeter Automobile Receivables Trust 2017-2	2.39	472,447,167.90
	Exeter Automobile Receivables Trust 2017-3	2.93	578,958,060.51
	First Investors Auto Owner Trust 2017-1	1.01	200,000,001.63
	First Investors Auto Owner Trust 2017-2	1.15	226,937,286.14
	First Investors Auto Owner Trust 2017-3	0.65	129,373,300.64
	Flagship Credit Auto Trust 2017-1	1.27	250,612,597.05
	Flagship Credit Auto Trust 2017-2	1.02	202,379,281.00
	Flagship Credit Auto Trust 2017-3	0.94	185,209,840.40
	Flagship Credit Auto Trust 2017-4	1.10	218,099,504.38
	GLS Auto Receivables Trust 2017-1	1.18	233,902,180.64
	Prestige Auto Receivables Trust 2017-1	1.45	286,826,878.64
	Santander Drive Auto Receivables Trust 2017-1	6.19	1,224,015,127.29
	Santander Drive Auto Receivables Trust 2017-2	7.60	1,503,674,883.82
	Santander Drive Auto Receivables Trust 2017-3	5.51	1,091,197,678.65
	United Auto Credit Securitization Trust 2017-1	0.63	125,000,000.40
	Westlake Automobile Receivables Trust 2017-1	3.78	748,701,855.60
	Westlake Automobile Receivables Trust 2017-2	4.35	860,215,053.76
Year 2016	American Credit Acceptance Receivables Trust 2016-1	0.98	220,503,617.00
	American Credit Acceptance Receivables Trust 2016-2	1.15	257,703,200.00
	American Credit Acceptance Receivables Trust 2016-3	1.20	269,233,436.90
	American Credit Acceptance Receivables Trust 2016-4	1.12	250,001,002.60
	AmeriCredit Automobile Receivables Trust 2016-1	5.80	1,298,698,994.00
	AmeriCredit Automobile Receivables Trust 2016-2	5.83	1,305,762,931.00
	AmeriCredit Automobile Receivables Trust 2016-3	6.31	1,414,581,983.00
	AmeriCredit Automobile Receivables Trust 2016-4	5.83	1,305,999,471.00
	CPS Auto Receivables Trust 2016-A	1.52	339,997,079.50
	CPS Auto Receivables Trust 2016-B	1.52	339,999,991.40
	CPS Auto Receivables Trust 2016-C	1.45	324,999,995.40
	CPS Auto Receivables Trust 2016-D	0.94	209,999,959.20
	Drive Auto Receivables Trust 2016-A	4.30	964,475,130.80
	Drive Auto Receivables Trust 2016-B	7.07	1,584,988,186.00
	Drive Auto Receivables Trust 2016-C	7.29	1,633,986,932.00
	Exeter Automobile Receivables Trust 2016-1	1.68	376,749,329.00
	Exeter Automobile Receivables Trust 2016-2	1.45	325,205,229.00
	Exeter Automobile Receivables Trust 2016-3	2.10	471,206,346.20
	First Investors Auto Owner Trust 2016-1	0.89	199,828,794.70
	First Investors Auto Owner Trust 2016-2	1.03	230,000,013.00
	Foursight Capital Automobile Receivables Trust 2016-1	1.02	228,297,917.00
	Flagship Credit Auto Trust 2016-1	2.05	459,183,895.00
	Flagship Credit Auto Trust 2016-2	1.82	408,163,270.00
	Flagship Credit Auto Trust 2016-3	2.00	448,979,792.60
	Flagship Credit Auto Trust 2016-4	1.55	346,939,001.50
	Honor Automobile Trust Securitization 2016-1	0.50	112,359,549.70
	Prestige Auto Receivables Trust 2016-1	1.46	326,790,103.00
	Prestige Auto Receivables Trust 2016-2	1.65	369,461,263.70
	Sierra Auto Receivables Securitization Trust 2016-1	0.70	156,069,364.00
	Tidewater Auto Receivables Trust 2016-A	0.64	143,951,233.90
	United Auto Credit Securitization Trust 2016-1	0.81	181,958,972.80
	United Auto Credit Securitization Trust 2016-2	0.74	164,848,455.00
	Westlake Automobile Receivables Trust 2016-1	2.09	468,750,000.00
	Westlake Automobile Receivables Trust 2016-2	2.58	578,952,799.00
	Westlake Automobile Receivables Trust 2016-3	2.97	664,897,325.90
	Santander Drive Auto Receivables Trust 2016-1(i)	5.25	1,177,234,998.23
	Santander Drive Auto Receivables Trust 2016-2(i)	6.02	1,348,321,616.20
	Santander Drive Auto Receivables Trust 2016-3(i)	6.68	1,496,270,942.22
Year 2015	American Credit Acceptance Receivables Trust 2015-1	1.37	255,000,564.90
	American Credit Acceptance Receivables Trust 2015-2	1.31	244,892,800.70
	American Credit Acceptance Receivables Trust 2015-3	1.34	250,014,579.70
	AmeriCredit Automobile Receivables Trust 2015-2	6.83	1,271,999,977.00
	AmeriCredit Automobile Receivables Trust 2015-3	6.82	1,269,999,869.00
	AmeriCredit Automobile Receivables Trust 2015-4	5.68	1,058,499,668.00
	CarFinance Capital Auto Trust 2015-1	1.45	270,000,000.00
	CPS Auto Receivables Trust 2015-B	1.34	250,000,107.50
	CPS Auto Receivables Trust 2015-C	1.61	299,997,413.50
	Drive Auto Receivables Trust 2015-A	5.10	949,363,492.20
	Drive Auto Receivables Trust 2015-B	7.16	1,333,333,323.00
	Drive Auto Receivables Trust 2015-C	4.76	886,316,248.40
	Drive Auto Receivables Trust 2015-D	6.98	1,300,556,735.00
	Exeter Automobile Receivables Trust 2015-1	2.81	523,567,510.10
	Exeter Automobile Receivables Trust 2015-2	3.07	572,916,668.10
	Exeter Automobile Receivables Trust 2015-3	1.67	310,884,073.50
	First Investors Auto Owner Trust 2015-1	1.21	225,002,300.20
	First Investors Auto Owner Trust 2015-2	1.13	210,524,321.70
	Flagship Credit Auto Trust 2015-1	1.53	285,000,657.20
	Flagship Credit Auto Trust 2015-2	2.44	454,545,470.00
	Flagship Credit Auto Trust 2015-3	2.45	456,852,817.90
	Prestige Auto Receivables Trust 2015-1	2.22	414,507,722.70
	Santander Drive Auto Receivables Trust 2015-1	7.89	1,471,012,640.00
	Santander Drive Auto Receivables Trust 2015-2	7.38	1,375,682,633.00
	Santander Drive Auto Receivables Trust 2015-5	6.69	1,246,431,922.00
	United Auto Credit Securitization Trust 2015-1	1.10	204,608,655.70
	Westlake Automobile Receivables Trust 2015-1	2.27	423,733,600.40
	Westlake Automobile Receivables Trust 2015-2	2.47	459,887,583.20
	Westlake Automobile Receivables Trust 2015-3	1.92	357,690,342.80
Year 2014	American Credit Acceptance Receivables Trust 2014-1	1.62	234,747,802.00
	American Credit Acceptance Receivables Trust 2014-2	2.09	303,143,522.50
	American Credit Acceptance Receivables Trust 2014-3	1.59	229,914,178.10
	American Credit Acceptance Receivables Trust 2014-4	1.45	210,257,324.50
	AmeriCredit Automobile Receivables Trust 2014-1	5.46	791,579,989.00
	AmeriCredit Automobile Receivables Trust 2014-3	7.28	1,055,419,697.00
	AmeriCredit Automobile Receivables Trust 2014-4	7.30	1,058,204,959.00
	CarFinance Capital Auto Trust 2014-1	1.66	240,000,000.00
	CarFinance Capital Auto Trust 2014-2	1.61	234,000,000.00
	CPS Auto Receivables Trust 2014-A	1.24	179,999,850.00
	CPS Auto Receivables Trust 2014-B	1.40	202,499,986.60
	CPS Auto Receivables Trust 2014-C	1.88	272,999,830.10
	Exeter Automobile Receivables Trust 2014-1	4.67	677,095,313.80
	Exeter Automobile Receivables Trust 2014-2	3.59	520,837,479.80
	Exeter Automobile Receivables Trust 2014-3	3.59	520,859,969.70
	First Investors Auto Owner Trust 2014-1	1.52	220,000,000.40
	First Investors Auto Owner Trust 2014-2	1.55	225,000,003.20
	First Investors Auto Owner Trust 2014-3	1.31	190,000,001.80
	Flagship Credit Auto Trust 2014-1	1.87	271,520,502.90
	Flagship Credit Auto Trust 2014-2	2.31	335,000,224.50
	Prestige Auto Receivables Trust 2014-1	2.73	396,383,477.80
	Santander Drive Auto Receivables Trust 2014-1	12.02	1,742,163,645.00
	Santander Drive Auto Receivables Trust 2014-3	10.14	1,470,587,003.00
	Santander Drive Auto Receivables Trust 2014-4	10.95	1,588,270,067.00
	SNAAC Auto Receivables Trust 2014-1	1.47	213,197,970.70
	Tidewater Auto Receivables Trust 2014-A	1.14	164,835,164.90
	United Auto Credit Securitization Trust 2014-1	1.29	186,875,929.90
	Westlake Automobile Receivables Trust 2014-1	2.35	340,109,091.40
	Westlake Automobile Receivables Trust 2014-2	2.93	424,178,154.80
Year 2013	American Credit Acceptance Receivables Trust 2013-1	1.64	224,081,927.30
	American Credit Acceptance Receivables Trust 2013-2	1.60	218,490,544.90
	AmeriCredit Automobile Receivables Trust 2013-1	7.72	1,055,419,936.00
	AmeriCredit Automobile Receivables Trust 2013-2	8.49	1,160,958,131.00
	AmeriCredit Automobile Receivables Trust 2013-4	6.95	949,889,980.00
	CarFinance Capital Auto Trust 2013-2	2.27	310,000,000.40
	CPS Auto Receivables Trust 2013-A	1.35	184,999,928.50
	CPS Auto Receivables Trust 2013-B	1.50	204,999,998.40
	CPS Auto Receivables Trust 2013-C	1.50	204,999,990.70
	CPS Auto Receivables Trust 2013-D	1.34	182,999,877.20
	Exeter Automobile Receivables Trust 2013-1	3.02	412,376,656.80
	Exeter Automobile Receivables Trust 2013-2	3.81	520,847,217.40
	First Investors Auto Owner Trust 2013-1	1.37	187,000,000.40
	First Investors Auto Owner Trust 2013-2	1.46	200,000,004.10
	First Investors Auto Owner Trust 2013-3	1.83	250,009,325.50
	Flagship Credit Auto Trust 2013-1	1.66	226,692,566.90
	Flagship Credit Auto Trust 2013-2	1.71	233,780,173.60
	Prestige Auto Receivables Trust 2013-1	2.59	353,535,347.00
	Santander Drive Auto Receivables Trust 2013-1	10.33	1,412,429,377.00
	Santander Drive Auto Receivables Trust 2013-2	10.17	1,391,304,348.00
	Santander Drive Auto Receivables Trust 2013-3	9.64	1,317,633,630.00
	Santander Drive Auto Receivables Trust 2013-4	7.14	976,611,686.90
	Santander Drive Auto Receivables Trust 2013-A	6.41	876,715,207.30
	SNAAC Auto Receivables Trust 2013-1	1.38	188,775,573.00
	United Auto Credit Securitization Trust 2013-1	1.14	155,866,902.50
	Westlake Automobile Receivables Trust 2013-1	2.01	274,735,876.00
(i)Not rated by S&P Global Ratings.

Appendix II: Auto Tracker Methodology And Definitions--Frequently Asked Questions

How do you define prime auto loan ABS?

We generally categorize prime auto loan ABS transactions as those backed by loan pools with initial expected cumulative net losses (CNLs) of 3.00% or less, average FICO scores of 700 or higher, and annual percentage rates (APRs) of 0.00%-5.00%.

How do you define subprime auto loan ABS?

We generally categorize subprime auto loan ABS transactions as those backed by loan pools with initial expected CNLs of at least 7.50%, average FICO scores of less than 620, and APRs that exceed 14.00%.

How do you calculate the monthly net loss rate?

The monthly net loss rate is annualized. It equals each transaction's net loss rate weighted by the transaction's ending pool balance for the current month over the aggregate ending pool balance of all transactions included in the index.

We only allow a transaction to enter the composite starting in its fourth month outstanding. Transactions usually have zero or low losses during their first three months, which dilutes the composite figures.

How do you calculate the monthly recovery rate?

We calculate recoveries by taking the recovery amount reported (which typically includes all recoveries, including disposition proceeds, post-disposition proceeds, and any other reported recoveries) over the gross loss amount for the current month. We then weight each transaction's recovery percentage by the transaction's ending pool balance for the current month over the aggregate ending pool balance of all transactions included in the index.

We only allow a transaction to enter the index starting in its fourth month outstanding. During a transaction's first three months, unusually high or low recoveries are reported, leading to a spike in the composite figures.

How do you calculate the monthly 60-plus-day delinquency rate?

We calculate delinquencies by taking each transaction's 60-plus-day delinquency amount over the ending pool balance for the current month. We then weight each transaction's 60-plus-day delinquency percentage by the transaction's ending pool balance for the current month over the aggregate ending pool balance of all transactions included in the composite.

We only allow a transaction to enter the composite starting in its fourth month outstanding. During the transaction's first three months, zero or lower delinquencies are reported, which dilutes the composite figures.

What is the Auto Loan Static Index (ALSI)?

Our ALSI monitors the credit performance of securitizations that were originated in the same year on a weighted average basis. The number of months displayed for each vintage is generally determined by the last point that all securitizations for that time period have a data point. We calculate the prime and subprime ALSI CNLs by taking the weighted average of the CNLs of the transactions that were completed in the same time period (generally a year). Each transaction's CNL is weighted by its initial pool balance over the aggregate initial pool balance of all the transactions included in the index for that period. In the subprime ALSI, transactions from Byrider Finance LLC (doing business as CarNow Acceptance Corp.), Credit Acceptance Corp., and DriveTime Automotive Group Inc. are excluded because they do not have the typical indirect auto loan business model.

Which transactions are included in the prime, subprime, and modified subprime composites and indices?

For a list of the transactions included in our prime and subprime composites and indices, see Appendix tables 18 and 19 in this month's tracker.

Related Research

• Flagship Credit Auto Trust Ratings Raised On Eight Classes, Affirmed On Two From Two Transactions, April 14, 2022
• Thirty Ratings Raised And Eight Affirmed On 13 Exeter Automobile Receivables Trust Transactions, April 13, 2022
• Five Ratings Affirmed On Harley-Davidson Motorcycle Trust 2020-A And 2021-A, April 7, 2022
• Economic Outlook U.S. Q2 2022: Spring Chills, March 29, 2022
• S&P Global Ratings Expects The Russia-Ukraine Conflict To Have Limited Direct Impact On Global Structured Finance, March 3, 2022
• Global Structured Finance 2022 Outlook, Jan. 12, 2022
• Auto Loan ABS COVID-19 Loss Adjustment Reassessed After Better-Than-Expected Performance, July 8, 2021

Primary Credit Analyst:	Amy S Martin, New York + 1 (212) 438 2538; amy.martin@spglobal.com
Secondary Contacts:	Jennie P Lam, New York + 1 (212) 438 2524; jennie.lam@spglobal.com
	Steve D Martinez, New York + 1 (212) 438 2881; steve.martinez@spglobal.com
Research Contributor:	Shantanu Mishra, CRISIL Global Analytical Center, an S&P affiliate, Mumbai