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Presale: CPS Auto Receivables Trust 2021-A

The preliminary ratings assigned to CPS Auto Receivables Trust 2021-A's (CPSART 2021-A) asset-backed notes reflect: The availability of approximately 59.7%, 50.7%, 41.7%, 34.5%, and 29.3% of credit support for the class A, B, C, D, and E notes, respectively, based on stressed cash flow scenarios (including excess spread). These credit support levels provide coverage of approximately 2.85x, 2.35x, 1.90x, 1.55x, and 1.22x our 20.25%-21.25% expected cumulative net loss (CNL) range for the class A, B, C, D, and E notes, respectively (see the S&P Global Ratings' Expected Loss section below). Additionally, credit enhancement, including excess spread, for classes A, B, C, D, and E covers break-even cumulative gross losses of approximately 95%, 81%, 70%, 57%, and 50%, respectively. The expectations