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Presale: DT Auto Owner Trust 2021-1

The preliminary ratings assigned to DT Auto Owner Trust 2021-1's (DTAOT 2021-1) asset-backed notes series 2021-1 reflect our view of: The availability of approximately 62.8%, 58.4%, 49.3%, 42.7%, and 39.7% credit support for the class A, B, C, D, and E notes, respectively, based on stressed break-even cash flow scenarios (including excess spread). These credit support levels provide approximately 1.92x, 1.75x, 1.44x, 1.27x, and 1.17x coverage of our expected net loss range of 31.50%-32.50% for the class A, B, C, D, and E notes, respectively.

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