424B3 1 c57273_424b3.htm

Filed pursuant to Rule 424B3
Registration No. 333-131356

The information in the preliminary prospectus supplement (as supplemented by this supplement) is not complete and may be changed. We may not sell the notes described in the preliminary prospectus supplement (as supplemented by this supplement) until we deliver a final prospectus supplement and attached prospectus. The preliminary prospectus supplement (as supplemented by this supplement) is not an offer to sell these notes nor is it seeking an offer to buy these notes in any state where the laws in that state do not permit the seller to offer or sell these notes.

 

$1,125,889,000

USAA Auto Owner Trust 2009-1
Issuing Entity

USAA Acceptance, LLC
Depositor


USAA Federal Savings Bank
Sponsor, Seller and Servicer

 

Supplement, dated April 14, 2009 (subject to completion)

to

Preliminary Prospectus Supplement, dated April 10, 2009 (subject to completion)

to

Prospectus dated April 10, 2009

 

This Supplement should be read in conjunction with the Preliminary Prospectus Supplement, dated April 10, 2009, and the Prospectus, dated April 10, 2009.

Neither the Securities and Exchange Commission (the “SEC”) nor any state securities commission has approved or disapproved of these notes or determined if the prospectus supplement (as supplemented by this supplement) or the prospectus that accompanies the prospectus supplement is truthful or complete. Any representation to the contrary is a criminal offense.

The depositor has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor, the issuing entity, and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor, any underwriter or any dealer participating in the offering will arrange to send you the prospectus at your request by calling toll-free 1-800-294-1322.

The Preliminary Prospectus Supplement referenced above is hereby supplemented as follows:

Front Cover Page:

  • The total initial Note Balance indicated on the top of the front cover page should read: $1,125,889,000.

  • The row titled “Principal Amount” should read:

    Class A-1(1)   Class A-2   Class A-3   Class A-4   Class B(1)
    Notes       Notes       Notes       Notes       Notes
Principal Amount   $381,000,000   $271,000,000   $587,000,000   $267,889,000   $46,604,000

 
(1)       

The Class A-1 notes and the Class B notes are not being offered for sale by this prospectus supplement or the prospectus but will be entitled to certain amounts as described herein.

  • The third sentence in the fourth paragraph under footnote (2) should read: “The issuing entity will have a reserve account in the initial amount of $7,767,469.74 that will provide credit enhancement for the notes to the extent described in this prospectus supplement.”

Summary of Terms:

  • The table under “Summary of Terms of the Notes – Offered Notes” should read:
•             $271,000,000             Class A-2             %             asset-backed notes
•   $587,000,000   Class A-3   %   asset-backed notes
•   $267,889,000   Class A-4   %   asset-backed notes

  • The second sentence following the above table should read: “The issuing entity will also issue $381,000,000 of Class A-1 % asset backed notes and $46,604,000 of Class B % asset backed notes, none of which are being offered by this prospectus supplement.”

  • The first sentence of the first paragraph under “Summary of Terms of the Notes – Credit Enhancement – Reserve Account” should read: “On the closing date, the depositor will deposit $7,767,469.74 into the reserve account.”

  • The last sentence of the second paragraph under “Summary of Terms of the Notes – Composition of the Receivables” should read: “As of the cut-off date, the receivables sold to the issuing entity on the closing date are expected to have an aggregate principal balance of $1,553,493,948.46.”

The Issuing Entity:

  • The table under “The Issuing Entity – Capitalization of the Issuing Entity” should read:
Class A-1 Notes                                                                   $381,000,000  
Class A-2 Notes   $271,000,000  
Class A-3 Notes   $587,000,000  
Class A-4 Notes   $267,889,000  
Class B Notes   $46,604,000  
Total         $1,553,493,000      

 

S-1

The Receivables Pool:

  • The second sentence of the third paragraph should read: “As of the Cut-off Date, the receivables sold to the issuing entity on the closing date are expected to have an aggregate principal balance of $1,553,493,948.46.”

  • The second sentence of the paragraph following the first table under “The Receivables Pool – Criteria Applicable to Selection of Receivables” should read: “As of the Cut-off Date, the receivables sold to the issuing entity on the closing date are expected to have an aggregate principal balance of $1,553,493,948.46.”

Weighted Average Lives of the Notes:

  • The fifth bullet point under the fourth paragraph under “Maturity and Prepayment Considerations – Weighted Average Lives of the Notes” should read: “the receivables have an initial aggregate principal balance of $1,553,493,948.46;”

  • The table following the sixth paragraph under “Maturity and Prepayment Considerations – Weighted Average Lives of the Notes” should read:

              Weighted Average   Weighted Average
          Weighted Average   Original   Remaining
          Contract   Term to Maturity   Term to Maturity
Pool
 
Principal Balance
      Rate of Interest       (in Months)       (in Months)
1   $ 701,738.65   6.538%   21   10
2     7,303,779.09   6.916%   31   20
3     54,487,707.18   6.708%   40   31
4     178,081,853.74   6.649%   51   43
5     790,505,191.29   6.500%   60   55
6     522,413,678.51   7.016%   72   66
Total                                  
$
1,553,493,948.46            

  • The “ABS Tables” referred to in “Maturity and Prepayment Considerations – Weighted Average Lives of the Notes” should read as set forth in Appendix A to this Supplement.

Reserve Account:

  • Under “Description of the Sale and Servicing Agreement – Reserve Account – Deposits to the Reserve Account” the first sentence should read: “The Reserve Account will be funded by a deposit by the depositor on the closing date in an amount of $7,767,469.74.”

Underwriting:

  • The “Total” line at the bottom of the first table under “Underwriting” should read:
    Principal Amount of   Principal Amount of   Principal Amount of
        Class A-2 Notes       Class A-3 Notes       Class A-4 Notes
Total                                      $271,000,000   $587,000,000   $267,889,000

Glossary of Terms:

  • The definition of “Reserve Initial Deposit” under “Glossary of Terms” should read: “means an amount equal to $7,767,469.74, which will initially be deposited into the Reserve Account.”

 

S-2

Back Cover Page:

  • The table on the back cover page should read:

$1,125,889,000

USAA AUTO

OWNER TRUST 2009-1

$381,000,000   %
Asset-Backed Notes, Class A-1(1)

$271,000,000   %
Asset-Backed Notes, Class A-2

$587,000,000   %
Asset-Backed Notes, Class A-3

$267,889,000   %
Asset-Backed Notes, Class A-4

$46,604,000   %
Asset-Backed Notes, Class B(1)

 

 
(1)       

The Class A-1 notes and the Class B notes are not being offered for sale by this prospectus supplement or the prospectus.
 

 

 

 

 

 

S-3

Appendix A

ABS Tables

 

 

 

 

 

 

 

 

 

 

A-1

Percent of the Initial Note Balance at Various ABS Percentages

   
Class A-1 Notes
Payment Date   1.00%   1.20%  
1.30%
 
1.40%
  1.50%  
1.70%
Closing Date               100.00                     100.00                     100.00                     100.00                     100.00                     100.00      
May 2009   89.28     88.37     87.90     87.42     86.94     85.97  
June 2009   78.67     76.86     75.94     75.01     74.07     72.14  
July 2009   68.15     65.49     64.14     62.76     61.37     58.53  
August 2009   57.75     54.26     52.48     50.68     48.86     45.14  
September 2009   47.44     43.16     40.98     38.76     36.52     31.95  
October 2009   37.25     32.20     29.62     27.02     24.38     18.99  
November 2009   27.16     21.37     18.43     15.44     12.42     6.25  
December 2009   17.18     10.69     7.38     4.03     0.64     0.00  
January 2010   7.31     0.15     0.00     0.00     0.00     0.00  
February 2010   0.00     0.00     0.00     0.00     0.00     0.00  
March 2010   0.00     0.00     0.00     0.00     0.00     0.00  
April 2010   0.00     0.00     0.00     0.00     0.00     0.00  
May 2010   0.00     0.00     0.00     0.00     0.00     0.00  
June 2010   0.00     0.00     0.00     0.00     0.00     0.00  
July 2010   0.00     0.00     0.00     0.00     0.00     0.00  
August 2010   0.00     0.00     0.00     0.00     0.00     0.00  
September 2010   0.00     0.00     0.00     0.00     0.00     0.00  
October 2010   0.00     0.00     0.00     0.00     0.00     0.00  
November 2010   0.00     0.00     0.00     0.00     0.00     0.00  
December 2010   0.00     0.00     0.00     0.00     0.00     0.00  
January 2011   0.00     0.00     0.00     0.00     0.00     0.00  
February 2011   0.00     0.00     0.00     0.00     0.00     0.00  
March 2011   0.00     0.00     0.00     0.00     0.00     0.00  
April 2011   0.00     0.00     0.00     0.00     0.00     0.00  
May 2011   0.00     0.00     0.00     0.00     0.00     0.00  
June 2011   0.00     0.00     0.00     0.00     0.00     0.00  
July 2011   0.00     0.00     0.00     0.00     0.00     0.00  
August 2011   0.00     0.00     0.00     0.00     0.00     0.00  
September 2011   0.00     0.00     0.00     0.00     0.00     0.00  
October 2011   0.00     0.00     0.00     0.00     0.00     0.00  
November 2011   0.00     0.00     0.00     0.00     0.00     0.00  
December 2011   0.00     0.00     0.00     0.00     0.00     0.00  
January 2012   0.00     0.00     0.00     0.00     0.00     0.00  
February 2012   0.00     0.00     0.00     0.00     0.00     0.00  
March 2012   0.00     0.00     0.00     0.00     0.00     0.00  
April 2012   0.00     0.00     0.00     0.00     0.00     0.00  
May 2012   0.00     0.00     0.00     0.00     0.00     0.00  
June 2012   0.00     0.00     0.00     0.00     0.00     0.00  
July 2012   0.00     0.00     0.00     0.00     0.00     0.00  
August 2012   0.00     0.00     0.00     0.00     0.00     0.00  
September 2012   0.00     0.00     0.00     0.00     0.00     0.00  
October 2012   0.00     0.00     0.00     0.00     0.00     0.00  
November 2012   0.00     0.00     0.00     0.00     0.00     0.00  
December 2012   0.00     0.00     0.00     0.00     0.00     0.00  
January 2013   0.00     0.00     0.00     0.00     0.00     0.00  
February 2013   0.00     0.00     0.00     0.00     0.00     0.00  
March 2013   0.00     0.00     0.00     0.00     0.00     0.00  
April 2013   0.00     0.00     0.00     0.00     0.00     0.00  
May 2013   0.00     0.00     0.00     0.00     0.00     0.00  
June 2013   0.00     0.00     0.00     0.00     0.00     0.00  
July 2013   0.00     0.00     0.00     0.00     0.00     0.00  
August 2013   0.00     0.00     0.00     0.00     0.00     0.00  
September 2013   0.00     0.00     0.00     0.00     0.00     0.00  
October 2013   0.00     0.00     0.00     0.00     0.00     0.00  
November 2013   0.00     0.00     0.00     0.00     0.00     0.00  
December 2013   0.00     0.00     0.00     0.00     0.00     0.00  
January 2014   0.00     0.00     0.00     0.00     0.00     0.00  
February 2014   0.00     0.00     0.00     0.00     0.00     0.00  
March 2014   0.00     0.00     0.00     0.00     0.00     0.00  
April 2014   0.00     0.00     0.00     0.00     0.00     0.00  
May 2014   0.00     0.00     0.00     0.00     0.00     0.00  
June 2014   0.00     0.00     0.00     0.00     0.00     0.00  
July 2014   0.00     0.00     0.00     0.00     0.00     0.00  
August 2014   0.00     0.00     0.00     0.00     0.00     0.00  
September 2014   0.00     0.00     0.00     0.00     0.00     0.00  
October 2014   0.00     0.00     0.00     0.00     0.00     0.00  
Weighted Average Life(1)   0.42     0.39     0.38     0.36     0.35     0.33  

 
(1)          

The weighted average life of a note is determined by (a) multiplying the amount of each principal payment on a note by the number of years from the date of the issuance of the note to the related payment date, (b) adding the results and (c) dividing the sum by the related initial principal amount of the note.

               This ABS Table has been prepared based on the assumptions described above (including the assumptions regarding the characteristics and performance of the receivables which will differ from the actual characteristics and performance thereof) and should be read in conjunction therewith.

 

A-2

Percent of the Initial Note Balance at Various ABS Percentages

   
Class A-2 Notes
Payment Date  
1.00%
 
1.20%
 
1.30%
 
1.40%
 
1.50%
 
1.70%
Closing Date               100.00                     100.00                     100.00                     100.00                     100.00                     100.00      
May 2009   100.00     100.00     100.00     100.00     100.00     100.00  
June 2009   100.00     100.00     100.00     100.00     100.00     100.00  
July 2009   100.00     100.00     100.00     100.00     100.00     100.00  
August 2009   100.00     100.00     100.00     100.00     100.00     100.00  
September 2009   100.00     100.00     100.00     100.00     100.00     100.00  
October 2009   100.00     100.00     100.00     100.00     100.00     100.00  
November 2009   100.00     100.00     100.00     100.00     100.00     100.00  
December 2009   100.00     100.00     100.00     100.00     100.00     91.18  
January 2010   100.00     100.00     95.08     89.88     84.62     73.89  
February 2010   96.55     85.58     79.99     74.34     68.60     56.92  
March 2010   83.00     71.18     65.16     59.06     52.88     40.29  
April 2010   69.61     56.99     50.55     44.03     37.43     23.98  
May 2010   56.39     42.99     36.17     29.26     22.26     7.99  
June 2010   43.32     29.21     22.02     14.74     7.37     0.00  
July 2010   30.41     15.63     8.10     0.47     0.00     0.00  
August 2010   17.67     2.26     0.00     0.00     0.00     0.00  
September 2010   5.09     0.00     0.00     0.00     0.00     0.00  
October 2010   0.00     0.00     0.00     0.00     0.00     0.00  
November 2010   0.00     0.00     0.00     0.00     0.00     0.00  
December 2010   0.00     0.00     0.00     0.00     0.00     0.00  
January 2011   0.00     0.00     0.00     0.00     0.00     0.00  
February 2011   0.00     0.00     0.00     0.00     0.00     0.00  
March 2011   0.00     0.00     0.00     0.00     0.00     0.00  
April 2011   0.00     0.00     0.00     0.00     0.00     0.00  
May 2011   0.00     0.00     0.00     0.00     0.00     0.00  
June 2011   0.00     0.00     0.00     0.00     0.00     0.00  
July 2011   0.00     0.00     0.00     0.00     0.00     0.00  
August 2011   0.00     0.00     0.00     0.00     0.00     0.00  
September 2011   0.00     0.00     0.00     0.00     0.00     0.00  
October 2011   0.00     0.00     0.00     0.00     0.00     0.00  
November 2011   0.00     0.00     0.00     0.00     0.00     0.00  
December 2011   0.00     0.00     0.00     0.00     0.00     0.00  
January 2012   0.00     0.00     0.00     0.00     0.00     0.00  
February 2012   0.00     0.00     0.00     0.00     0.00     0.00  
March 2012   0.00     0.00     0.00     0.00     0.00     0.00  
April 2012   0.00     0.00     0.00     0.00     0.00     0.00  
May 2012   0.00     0.00     0.00     0.00     0.00     0.00  
June 2012   0.00     0.00     0.00     0.00     0.00     0.00  
July 2012   0.00     0.00     0.00     0.00     0.00     0.00  
August 2012   0.00     0.00     0.00     0.00     0.00     0.00  
September 2012   0.00     0.00     0.00     0.00     0.00     0.00  
October 2012   0.00     0.00     0.00     0.00     0.00     0.00  
November 2012   0.00     0.00     0.00     0.00     0.00     0.00  
December 2012   0.00     0.00     0.00     0.00     0.00     0.00  
January 2013   0.00     0.00     0.00     0.00     0.00     0.00  
February 2013   0.00     0.00     0.00     0.00     0.00     0.00  
March 2013   0.00     0.00     0.00     0.00     0.00     0.00  
April 2013   0.00     0.00     0.00     0.00     0.00     0.00  
May 2013   0.00     0.00     0.00     0.00     0.00     0.00  
June 2013   0.00     0.00     0.00     0.00     0.00     0.00  
July 2013   0.00     0.00     0.00     0.00     0.00     0.00  
August 2013   0.00     0.00     0.00     0.00     0.00     0.00  
September 2013   0.00     0.00     0.00     0.00     0.00     0.00  
October 2013   0.00     0.00     0.00     0.00     0.00     0.00  
November 2013   0.00     0.00     0.00     0.00     0.00     0.00  
December 2013   0.00     0.00     0.00     0.00     0.00     0.00  
January 2014   0.00     0.00     0.00     0.00     0.00     0.00  
February 2014   0.00     0.00     0.00     0.00     0.00     0.00  
March 2014   0.00     0.00     0.00     0.00     0.00     0.00  
April 2014   0.00     0.00     0.00     0.00     0.00     0.00  
May 2014   0.00     0.00     0.00     0.00     0.00     0.00  
June 2014   0.00     0.00     0.00     0.00     0.00     0.00  
July 2014   0.00     0.00     0.00     0.00     0.00     0.00  
August 2014   0.00     0.00     0.00     0.00     0.00     0.00  
September 2014   0.00     0.00     0.00     0.00     0.00     0.00  
October 2014   0.00     0.00     0.00     0.00     0.00     0.00  
Weighted Average Life(1)   1.15     1.07     1.03     0.99     0.96     0.89  

 
(1)          

The weighted average life of a note is determined by (a) multiplying the amount of each principal payment on a note by the number of years from the date of the issuance of the note to the related payment date, (b) adding the results and (c) dividing the sum by the related initial principal amount of the note.

               This ABS Table has been prepared based on the assumptions described above (including the assumptions regarding the characteristics and performance of the receivables which will differ from the actual characteristics and performance thereof) and should be read in conjunction therewith.

 

A-3

Percent of the Initial Note Balance at Various ABS Percentages

   
Class A-3 Notes
Payment Date      
1.00%
 
1.20%
 
1.30%
 
1.40%
 
1.50%
 
1.70%
Closing Date           100.00                     100.00                     100.00                     100.00                     100.00                     100.00      
May 2009   100.00     100.00     100.00     100.00     100.00     100.00  
June 2009   100.00     100.00     100.00     100.00     100.00     100.00  
July 2009   100.00     100.00     100.00     100.00     100.00     100.00  
August 2009   100.00     100.00     100.00     100.00     100.00     100.00  
September 2009   100.00     100.00     100.00     100.00     100.00     100.00  
October 2009   100.00     100.00     100.00     100.00     100.00     100.00  
November 2009   100.00     100.00     100.00     100.00     100.00     100.00  
December 2009   100.00     100.00     100.00     100.00     100.00     100.00  
January 2010   100.00     100.00     100.00     100.00     100.00     100.00  
February 2010   100.00     100.00     100.00     100.00     100.00     100.00  
March 2010   100.00     100.00     100.00     100.00     100.00     100.00  
April 2010   100.00     100.00     100.00     100.00     100.00     100.00  
May 2010   100.00     100.00     100.00     100.00     100.00     100.00  
June 2010   100.00     100.00     100.00     100.00     100.00     96.46  
July 2010   100.00     100.00     100.00     100.00     96.65     89.38  
August 2010   100.00     100.00     97.42     93.75     90.04     82.46  
September 2010   100.00     94.97     91.21     87.41     83.55     75.69  
October 2010   96.62     89.00     85.11     81.18     77.20     69.08  
November 2010   90.97     83.12     79.13     75.08     70.98     62.63  
December 2010   85.39     77.35     73.25     69.10     64.90     56.34  
January 2011   79.94     71.72     67.53     63.29     59.00     50.24  
February 2011   74.58     66.20     61.93     57.60     53.23     44.30  
March 2011   69.29     60.77     56.43     52.04     47.59     38.53  
April 2011   64.08     55.45     51.06     46.60     42.10     32.91  
May 2011   58.95     50.23     45.79     41.30     36.74     27.46  
June 2011   53.91     45.12     40.64     36.11     31.53     22.18  
July 2011   48.94     40.11     35.61     31.06     26.45     17.06  
August 2011   44.06     35.21     30.70     26.14     21.52     12.11  
September 2011   39.26     30.41     25.91     21.35     16.73     7.33  
October 2011   34.54     25.73     21.24     16.69     12.09     2.71  
November 2011   29.91     21.15     16.69     12.17     7.60     0.00  
December 2011   25.58     16.87     12.43     7.94     3.39     0.00  
January 2012   21.33     12.69     8.29     3.84     0.00     0.00  
February 2012   17.16     8.61     4.26     0.00     0.00     0.00  
March 2012   13.07     4.65     0.36     0.00     0.00     0.00  
April 2012   9.06     0.78     0.00     0.00     0.00     0.00  
May 2012   5.14     0.00     0.00     0.00     0.00     0.00  
June 2012   1.30     0.00     0.00     0.00     0.00     0.00  
July 2012   0.00     0.00     0.00     0.00     0.00     0.00  
August 2012   0.00     0.00     0.00     0.00     0.00     0.00  
September 2012   0.00     0.00     0.00     0.00     0.00     0.00  
October 2012   0.00     0.00     0.00     0.00     0.00     0.00  
November 2012   0.00     0.00     0.00     0.00     0.00     0.00  
December 2012   0.00     0.00     0.00     0.00     0.00     0.00  
January 2013   0.00     0.00     0.00     0.00     0.00     0.00  
February 2013   0.00     0.00     0.00     0.00     0.00     0.00  
March 2013   0.00     0.00     0.00     0.00     0.00     0.00  
April 2013   0.00     0.00     0.00     0.00     0.00     0.00  
May 2013   0.00     0.00     0.00     0.00     0.00     0.00  
June 2013   0.00     0.00     0.00     0.00     0.00     0.00  
July 2013   0.00     0.00     0.00     0.00     0.00     0.00  
August 2013   0.00     0.00     0.00     0.00     0.00     0.00  
September 2013   0.00     0.00     0.00     0.00     0.00     0.00  
October 2013   0.00     0.00     0.00     0.00     0.00     0.00  
November 2013   0.00     0.00     0.00     0.00     0.00     0.00  
December 2013   0.00     0.00     0.00     0.00     0.00     0.00  
January 2014   0.00     0.00     0.00     0.00     0.00     0.00  
February 2014   0.00     0.00     0.00     0.00     0.00     0.00  
March 2014   0.00     0.00     0.00     0.00     0.00     0.00  
April 2014   0.00     0.00     0.00     0.00     0.00     0.00  
May 2014   0.00     0.00     0.00     0.00     0.00     0.00  
June 2014   0.00     0.00     0.00     0.00     0.00     0.00  
July 2014   0.00     0.00     0.00     0.00     0.00     0.00  
August 2014   0.00     0.00     0.00     0.00     0.00     0.00  
September 2014   0.00     0.00     0.00     0.00     0.00     0.00  
October 2014   0.00     0.00     0.00     0.00     0.00     0.00  
Weighted Average Life(1)   2.28     2.14     2.07     2.00     1.93     1.80  

 
(1)          

The weighted average life of a note is determined by (a) multiplying the amount of each principal payment on a note by the number of years from the date of the issuance of the note to the related payment date, (b) adding the results and (c) dividing the sum by the related initial principal amount of the note.

               This ABS Table has been prepared based on the assumptions described above (including the assumptions regarding the characteristics and performance of the receivables which will differ from the actual characteristics and performance thereof) and should be read in conjunction therewith.

 

A-4

Percent of the Initial Note Balance at Various ABS Percentages

   
Class A-4 Notes
Payment Date  
1.00%
 
1.20%
 
1.30%
 
1.40%
 
1.50%
 
1.70%
Closing Date               100.00                     100.00                     100.00                     100.00                     100.00                     100.00      
May 2009   100.00     100.00     100.00     100.00     100.00     100.00  
June 2009   100.00     100.00     100.00     100.00     100.00     100.00  
July 2009   100.00     100.00     100.00     100.00     100.00     100.00  
August 2009   100.00     100.00     100.00     100.00     100.00     100.00  
September 2009   100.00     100.00     100.00     100.00     100.00     100.00  
October 2009   100.00     100.00     100.00     100.00     100.00     100.00  
November 2009   100.00     100.00     100.00     100.00     100.00     100.00  
December 2009   100.00     100.00     100.00     100.00     100.00     100.00  
January 2010   100.00     100.00     100.00     100.00     100.00     100.00  
February 2010   100.00     100.00     100.00     100.00     100.00     100.00  
March 2010   100.00     100.00     100.00     100.00     100.00     100.00  
April 2010   100.00     100.00     100.00     100.00     100.00     100.00  
May 2010   100.00     100.00     100.00     100.00     100.00     100.00  
June 2010   100.00     100.00     100.00     100.00     100.00     100.00  
July 2010   100.00     100.00     100.00     100.00     100.00     100.00  
August 2010   100.00     100.00     100.00     100.00     100.00     100.00  
September 2010   100.00     100.00     100.00     100.00     100.00     100.00  
October 2010   100.00     100.00     100.00     100.00     100.00     100.00  
November 2010   100.00     100.00     100.00     100.00     100.00     100.00  
December 2010   100.00     100.00     100.00     100.00     100.00     100.00  
January 2011   100.00     100.00     100.00     100.00     100.00     100.00  
February 2011   100.00     100.00     100.00     100.00     100.00     100.00  
March 2011   100.00     100.00     100.00     100.00     100.00     100.00  
April 2011   100.00     100.00     100.00     100.00     100.00     100.00  
May 2011   100.00     100.00     100.00     100.00     100.00     100.00  
June 2011   100.00     100.00     100.00     100.00     100.00     100.00  
July 2011   100.00     100.00     100.00     100.00     100.00     100.00  
August 2011   100.00     100.00     100.00     100.00     100.00     100.00  
September 2011   100.00     100.00     100.00     100.00     100.00     100.00  
October 2011   100.00     100.00     100.00     100.00     100.00     100.00  
November 2011   100.00     100.00     100.00     100.00     100.00     96.22  
December 2011   100.00     100.00     100.00     100.00     100.00     87.13  
January 2012   100.00     100.00     100.00     100.00     98.53     78.40  
February 2012   100.00     100.00     100.00     99.70     89.93     70.03  
March 2012   100.00     100.00     100.00     91.27     81.64     62.01  
April 2012   100.00     100.00     92.47     83.12     73.65     54.37  
May 2012   100.00     93.48     84.43     75.26     65.99     47.09  
June 2012   100.00     85.49     76.64     67.70     58.64     40.18  
July 2012   94.63     77.73     69.13     60.42     51.61     33.65  
August 2012   86.59     70.21     61.87     53.44     44.90     27.50  
September 2012   78.74     62.94     54.89     46.75     38.51     21.73  
October 2012   71.08     55.91     48.18     40.37     32.45     16.34  
November 2012   63.62     49.12     41.75     34.28     26.73     11.34  
December 2012   57.25     43.31     36.22     29.04     21.77     6.97  
January 2013   51.05     37.71     30.92     24.04     17.09     2.92  
February 2013   45.02     32.32     25.85     19.31     12.69     0.00  
March 2013   39.15     27.14     21.02     14.84     8.57     0.00  
April 2013   33.44     22.17     16.43     10.62     4.74     0.00  
May 2013   27.91     17.42     12.08     6.67     1.20     0.00  
June 2013   22.55     12.89     7.97     2.99     0.00     0.00  
July 2013   17.36     8.58     4.10     0.00     0.00     0.00  
August 2013   12.34     4.48     0.48     0.00     0.00     0.00  
September 2013   7.49     0.62     0.00     0.00     0.00     0.00  
October 2013   2.83     0.00     0.00     0.00     0.00     0.00  
November 2013   0.00     0.00     0.00     0.00     0.00     0.00  
December 2013   0.00     0.00     0.00     0.00     0.00     0.00  
January 2014   0.00     0.00     0.00     0.00     0.00     0.00  
February 2014   0.00     0.00     0.00     0.00     0.00     0.00  
March 2014   0.00     0.00     0.00     0.00     0.00     0.00  
April 2014   0.00     0.00     0.00     0.00     0.00     0.00  
May 2014   0.00     0.00     0.00     0.00     0.00     0.00  
June 2014   0.00     0.00     0.00     0.00     0.00     0.00  
July 2014   0.00     0.00     0.00     0.00     0.00     0.00  
August 2014   0.00     0.00     0.00     0.00     0.00     0.00  
September 2014   0.00     0.00     0.00     0.00     0.00     0.00  
October 2014   0.00     0.00     0.00     0.00     0.00     0.00  
Weighted Average Life(1)   3.82     3.65     3.55     3.45     3.34     3.11  
Weighted Average Life to Call (years)(1)(2)   3.69     3.51     3.42     3.30     3.20     2.98  
Earliest Optional Call Date  
Mar-13
 
Jan-13
 
Dec-12
 
Oct-12
 
Sep-12
 
Jun-12

 
(1)           The weighted average life of a note is determined by (a) multiplying the amount of each principal payment on a note by the number of years from the date of the issuance of the note to the related payment date, (b) adding the results and (c) dividing the sum by the related initial principal amount of the note.
(2)           This calculation assumes the servicer purchases the receivables on the earliest payment date on which it is permitted to do so.

           This ABS Table has been prepared based on the assumptions described above (including the assumptions regarding the characteristics and performance of the receivables which will differ from the actual characteristics and performance thereof) and should be read in conjunction therewith.

 

A-5

Percent of the Initial Note Balance at Various ABS Percentages

   
Class B Notes
Payment Date  
1.00%
 
1.20%
 
1.30%
 
1.40%
 
1.50%
 
1.70%
Closing Date               100.00                     100.00                     100.00                     100.00                     100.00                     100.00      
May 2009   100.00     100.00     100.00     100.00     100.00     100.00  
June 2009   100.00     100.00     100.00     100.00     100.00     100.00  
July 2009   100.00     100.00     100.00     100.00     100.00     100.00  
August 2009   100.00     100.00     100.00     100.00     100.00     100.00  
September 2009   100.00     100.00     100.00     100.00     100.00     100.00  
October 2009   100.00     100.00     100.00     100.00     100.00     100.00  
November 2009   100.00     100.00     100.00     100.00     100.00     100.00  
December 2009   100.00     100.00     100.00     100.00     100.00     100.00  
January 2010   100.00     100.00     100.00     100.00     100.00     100.00  
February 2010   100.00     100.00     100.00     100.00     100.00     100.00  
March 2010   100.00     100.00     100.00     100.00     100.00     100.00  
April 2010   100.00     100.00     100.00     100.00     100.00     100.00  
May 2010   100.00     100.00     100.00     100.00     100.00     100.00  
June 2010   100.00     100.00     100.00     100.00     100.00     100.00  
July 2010   100.00     100.00     100.00     100.00     100.00     100.00  
August 2010   100.00     100.00     100.00     100.00     100.00     100.00  
September 2010   100.00     100.00     100.00     100.00     100.00     100.00  
October 2010   100.00     100.00     100.00     100.00     100.00     100.00  
November 2010   100.00     100.00     100.00     100.00     100.00     100.00  
December 2010   100.00     100.00     100.00     100.00     100.00     100.00  
January 2011   100.00     100.00     100.00     100.00     100.00     100.00  
February 2011   100.00     100.00     100.00     100.00     100.00     100.00  
March 2011   100.00     100.00     100.00     100.00     100.00     100.00  
April 2011   100.00     100.00     100.00     100.00     100.00     100.00  
May 2011   100.00     100.00     100.00     100.00     100.00     100.00  
June 2011   100.00     100.00     100.00     100.00     100.00     100.00  
July 2011   100.00     100.00     100.00     100.00     100.00     100.00  
August 2011   100.00     100.00     100.00     100.00     100.00     100.00  
September 2011   100.00     100.00     100.00     100.00     100.00     100.00  
October 2011   100.00     100.00     100.00     100.00     100.00     100.00  
November 2011   100.00     100.00     100.00     100.00     100.00     100.00  
December 2011   100.00     100.00     100.00     100.00     100.00     100.00  
January 2012   100.00     100.00     100.00     100.00     100.00     100.00  
February 2012   100.00     100.00     100.00     100.00     100.00     100.00  
March 2012   100.00     100.00     100.00     100.00     100.00     100.00  
April 2012   100.00     100.00     100.00     100.00     100.00     100.00  
May 2012   100.00     100.00     100.00     100.00     100.00     100.00  
June 2012   100.00     100.00     100.00     100.00     100.00     100.00  
July 2012   100.00     100.00     100.00     100.00     100.00     100.00  
August 2012   100.00     100.00     100.00     100.00     100.00     100.00  
September 2012   100.00     100.00     100.00     100.00     100.00     100.00  
October 2012   100.00     100.00     100.00     100.00     100.00     100.00  
November 2012   100.00     100.00     100.00     100.00     100.00     100.00  
December 2012   100.00     100.00     100.00     100.00     100.00     100.00  
January 2013   100.00     100.00     100.00     100.00     100.00     100.00  
February 2013   100.00     100.00     100.00     100.00     100.00     95.41  
March 2013   100.00     100.00     100.00     100.00     100.00     75.95  
April 2013   100.00     100.00     100.00     100.00     100.00     58.42  
May 2013   100.00     100.00     100.00     100.00     100.00     42.83  
June 2013   100.00     100.00     100.00     100.00     88.23     29.20  
July 2013   100.00     100.00     100.00     97.57     71.23     17.54  
August 2013   100.00     100.00     100.00     79.50     55.93     7.88  
September 2013   100.00     100.00     83.39     62.99     42.34     1.09  
October 2013   100.00     82.59     65.44     48.07     30.48     0.00  
November 2013   90.45     62.96     48.94     34.75     20.36     0.00  
December 2013   80.35     54.83     41.82     28.64     15.29     0.00  
January 2014   70.61     47.17     35.22     23.11     10.84     0.00  
February 2014   61.25     39.98     29.14     18.16     7.03     0.00  
March 2014   52.25     33.27     23.59     13.79     3.86     0.00  
April 2014   43.64     27.04     18.58     10.01     1.33     0.00  
May 2014   35.40     21.30     14.11     6.82     0.00     0.00  
June 2014   27.54     16.04     10.18     4.24     0.00     0.00  
July 2014   20.07     11.28     6.80     2.26     0.00     0.00  
August 2014   12.98     7.01     3.97     0.89     0.00     0.00  
September 2014   6.29     3.25     1.70     0.13     0.00     0.00  
October 2014   0.00     0.00     0.00     0.00     0.00     0.00  
Weighted Average Life(1)   4.98     4.82     4.72     4.59     4.44     4.09  
Weighted Average Life to Call (years)(1)(2)   3.90     3.73     3.65     3.48     3.40     3.15  
Earliest Optional Call Date  
Mar-13
 
Jan-13
 
Dec-12
 
Oct-12
 
Sep-12
 
Jun-12

 
(1)           The weighted average life of a note is determined by (a) multiplying the amount of each principal payment on a note by the number of years from the date of the issuance of the note to the related payment date, (b) adding the results and (c) dividing the sum by the related initial principal amount of the note.
(2)           This calculation assumes the servicer purchases the receivables on the earliest payment date on which it is permitted to do so.

           This ABS Table has been prepared based on the assumptions described above (including the assumptions regarding the characteristics and performance of the receivables which will differ from the actual characteristics and performance thereof) and should be read in conjunction therewith.

 

A-6