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Presale: GLS Auto Receivables Issuer Trust 2021-2

The preliminary ratings assigned to GLS Auto Receivables Issuer Trust 2021-2's (GCAR 2021-2) automobile receivables-backed notes series 2021-2 reflect our view of: The availability of approximately 56.7%, 49.0%, 40.0%, 31.1%, and 26.1% 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 2.90x, 2.47x, 1.98x, 1.51x, and 1.25x our 19.00%-20.00% expected cumulative net loss (CNL) for the class A, B, C, D, and E notes, respectively (see the S&P Global Ratings' Expected Cumulative Net Loss section below). These break-even scenarios withstand cumulative gross losses (CGLs) of approximately 90.7%, 78.4%, 66.6%, 51.9%, and 43.5%, respectively. Our expectations that under a

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