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Fitch to Rate Ally Master Owner Trust, Series 2012-5; Presale Issued

NEW YORK--(BUSINESS WIRE)-- Link to Fitch Ratings' Report: Ally Master Owner Trust 2012-5 (US ABS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=691171

Fitch Ratings expects to assign the following ratings to Ally Master Owner Trust, Series 2012-5:

--$500,000,000 class A 'AAAsf'; Outlook Stable;

--$37,415,000 class B 'AAsf'; Outlook Stable;

--$27,211,000 class C 'Asf'; Outlook Stable;

--$20,408,000 class D 'BBBsf'; Outlook Stable.

Key Rating Drivers

Quality of Wholesale Receivables: The trust receivables backing this series have a high percentage of floorplan loans backing new vehicles (89.58%), strong aging distribution with only 5.06% inventory aged past 270 days, and are geographically diverse.

Asset Concentrations: Dealers are subject to concentration limits mitigating the risk of individual dealer defaults and losses. Exposure to individual vehicle types, manufacturers, or segments is mitigated with concentration limits in place.

Strength of Dealer Network: Based on a review of dealer financial metrics and Ally's internal dealer credit classifications, the financial health of Ally's dealer network in 2011 and 2012 is viewed as strong, with the majority of dealers profitable through 2Q12.

Strong Performance: AMOT is experiencing positive performance trends with strong monthly payment rates (MPRs) and asset yield, low agings, and minimal dealer defaults and trust losses.

Sufficient Credit Enhancement: Initial credit enhancement (CE) for the class A notes is 27.50% (26.50% subordination and 1.00% reserve account, both of initial note balance). Structural features, such as early amortization triggers, mitigate risks of dealer/manufacturer defaults/bankruptcies.

Consistent Origination and Servicing: Ally demonstrates adequate abilities as originator, underwriter, and servicer, as evidenced by the historical delinquency and loss performance of AMOT. Wells Fargo Bank, N.A. (Wells Fargo) is the backup servicer for this series.

Current Economic Conditions: The slow U.S. economic recovery and volatility therein could affect the performance of this series. This is mitigated by the conservative analysis, stress assumptions applied and resulting loss coverage, and the stable performance of AMOT and strong outlook on used vehicle values in 2012.

Legal Analysis: The legal structure of the transaction provides that a bankruptcy of Ally would not impair the timeliness of payments on the securities.

The presale report is available to all investors on Fitch's website at 'www.fitchratings.com'. For more information about Fitch's comprehensive subscription service FitchResearch, which includes all presale reports, surveillance, and credit reports on more than 20 asset classes, contact product sales at +1-212-908-0800 or at 'webmaster@fitchratings.com'.

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'Global Rating Criteria for Dealer Floorplan ABS' (Jan. 25, 2012);

--'Global Structured Finance Rating Criteria' (June 6, 2012).

Applicable Criteria and Related Research:

Global Rating Criteria for Dealer Floorplan ABS

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=666405

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923

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Fitch, Inc.
Primary Analyst
Juveria Mozaffar, +1-312-606-2335
Associate Director
70 W. Madison Street
Chicago, IL 60602
or
Secondary Analyst
Hylton Heard, +1-212-908-0214
Senior Director
or
Committee Chairperson
Bradley Sohl, +1-312-368-3127
Senior Director
or
Media Relations
Sandro Scenga, +1-212-908-0278
sandro.scenga@fitchratings.com

Source: Fitch Ratings