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Presale: First Investors Auto Owner Trust 2021-1

The preliminary ratings assigned to First Investors Auto Owner Trust 2021-1's (FIAOT 2021-1's) asset-backed notes reflect: The availability of approximately 38.7%, 33.2%, 26.2%, 22.7%, 18.3%, and 14.8% credit support for the class A, B, C, D, E, and F notes, respectively, based on stressed cash flow scenarios (including excess spread). These credit support levels provide approximately 3.10x, 2.65x, 2.05x, 1.75x, 1.40x, and 1.10x coverage of our 11.75%-12.25% expected cumulative net loss (CNL) range for the class A, B, C, D, E, and F notes, respectively (see the Cash Flow Modeling Assumptions And Results section). The timely interest and principal payments by the legal final maturity date made under stressed cash flow modeling scenarios that we deem appropriate for the assigned