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Presale: American Credit Acceptance Receivables Trust 2021-1

The preliminary ratings assigned to American Credit Acceptance Receivables Trust 2021-1's (ACAR 2021-1) asset-backed notes reflect: The availability of approximately 64.67%, 57.93%, 48.70%, 42.17%, 38.65%, and 37.48% credit support, including excess spread, for the class A, B, C, D, E, and F notes, respectively, based on stressed cash flow scenarios. These credit support levels provide more than 2.08x, 1.85x, 1.50x, 1.30x, 1.17x, and 1.10x coverage of our expected net loss range of 30.50%-31.50% for the class A, B, C, D, E, and F notes, respectively (see the Cash Flow Modeling section below for more information). The hard credit enhancement in the form of subordination, overcollateralization, and a reserve account in addition to excess spread (see the Credit Enhancement Summary table

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