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Presale: Flagship Credit Auto Trust 2020-4

The preliminary ratings assigned to Flagship Credit Auto Trust 2020-4's (FCAT 2020-4) $303 million automobile receivables-backed notes reflect our view of: The availability of approximately 45.01%, 39.26%, 30.68%, 25.52% and 21.97% credit support (including excess spread) for the class A, B, C, D, and E notes, respectively, based on stressed cash flow scenarios. These credit support levels provide coverage of approximately 3.25x, 2.80x, 2.15x, 1.75x, and 1.45x of our 13.25%-13.75% expected cumulative net loss (CNL) range for the class A, B, C, D, and E notes, respectively.