S&P Global Ratings' preliminary ratings assigned to GM Financial Consumer Automobile Receivables Trust 2023-2's (GMCAR 2023-2) auto loan asset-backed notes reflect: The availability of approximately 8.4%, 7.0%, and 5.9% (both base and upsize) credit support for the class A (classes A-1, A-2, A-3, and A-4, collectively), B, and C notes, respectively (based on stressed cash flow scenarios including excess spread). These credit support levels provide coverage of at least 5.0x, 4.5x, and 4.0x our 1.2% expected cumulative net loss (ECNL) for the class A, B, and C notes, respectively, and are commensurate with the assigned preliminary 'A-1+ (sf)' and 'AAA (sf)', 'AA+ (sf)', and 'AA (sf)' ratings (see the S&P Global Ratings' Expected Loss and Cash Flow Modeling sections). The