SCUSA corrected these errors today by making a capital contribution of
Under the priority of payments, after payment in full of the class A-1 notes which occurred in the
Additionally, the capital contribution increased the targeted overcollateralization (OC) amount to 19.98% from the initial OC target of 15.0%, resulting in an addition of 4.98% credit enhancement (CE) to all outstanding notes (class A, B, C, D and E notes) providing further protection against future losses. Total hard CE for the class A notes is currently 63.91%, up from 45.80% at closing.
The transaction is currently at an 84.3% pool factor through seven months, and to date is performing below Fitch's initial cumulative net loss (CNL) proxy of 16.60%. Through the May collection period, CNL were at 0.89% since closing in November last year.
Further, SCUSA will be implementing additional processes and will enhance controls to ensure future payment distributions will accurately reflect the legal documentation and transaction structure going forward. Fitch will review these intended changes and continue to closely monitor the performance and servicing of the transaction.
SDART 2013-5 Outstanding Ratings:
Class A-2-A notes: 'AAAsf' Outlook Stable
Class A-2-B notes: 'AAAsf' Outlook Stable
Class A-3 notes: 'AAAsf' Outlook Stable
Class A-4 notes: 'AAAsf' Outlook Stable
Class B notes: 'AAsf' Outlook Stable
Class C notes: 'Asf' Outlook Stable
Class D notes: 'BBBsf' Outlook Stable
Class E notes: 'BBsf' Outlook Stable
Additional information is available at 'www.fitchratings.com'.
--'U.S. Auto Loan ABS Rating Criteria' (
--'Global Structured Finance Rating Criteria'(
Rating Criteria for U.S. Auto Loan ABS - Effective
Global Structured Finance Rating Criteria
Source: Fitch Ratings
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