The preliminary ratings assigned to Wheels SPV 2 LLC's asset-backed notes series 2020-1 reflect our view of: The availability of 7.00% initial hard credit support for the class A-1, A-2, and A-3 notes in the form of overcollateralization, subordination, and a cash reserve (not including the yield supplement account [YSA]). A credit enhancement floor equal to 2.00% of the initial pool balance, comprising the sum of 1.00% floor each for the reserve fund and overcollateralization. The combination of this floor level, along with the subordination, is sufficient to cover the net amount of top obligor concentrations throughout the transaction's life, assuming amortization of obligor balances under a zero-loss and zero-prepayment scenario. The transaction's ability to withstand losses consistent with our