# EDGAR Filing Document

**Accession Number:** 0001115252
**File Stem:** 0001104659-25-066309
**Filing Date:** 2025-7
**Character Count:** 32182
**Document Hash:** c0cf6bdf846cbdaf11b6291d2e1d6a46
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-066309.hdr.sgml**: 20250708

**ACCESSION NUMBER**: 0001104659-25-066309

**CONFORMED SUBMISSION TYPE**: ABS-15G

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250708

**ITEM INFORMATION**: Findings and Conclusions of the Third Party Due Diligence Provider Obtained by the Issuer

**FILED AS OF DATE**: 20250708

**DATE AS OF CHANGE**: 20250708

**ABS RULE**: RULE-15GA2

**REGISTERED ENTITY**: N

**ABS ASSET CLASS**: Equipment loans

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CNH CAPITAL RECEIVABLES LLC
- **CENTRAL INDEX KEY:** 0001115252
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 391995297
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-02146
- **FILM NUMBER:** 251109771

**BUSINESS ADDRESS:**
- **STREET 1:** 5729 WASHINGTON AVENUE
- **CITY:** RACINE
- **STATE:** WI
- **ZIP:** 53406
- **BUSINESS PHONE:** 262-636-6011

**MAIL ADDRESS:**
- **STREET 1:** 5729 WASHINGTON AVENUE
- **CITY:** RACINE
- **STATE:** WI
- **ZIP:** 53406

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CNH CAPITAL RECEIVABLES INC
- **DATE OF NAME CHANGE:** 20000523
**DEPOSITOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CNH CAPITAL RECEIVABLES LLC
- **CENTRAL INDEX KEY:** 0001115252
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 391995297
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act

**BUSINESS ADDRESS:**
- **STREET 1:** 5729 WASHINGTON AVENUE
- **CITY:** RACINE
- **STATE:** WI
- **ZIP:** 53406
- **BUSINESS PHONE:** 262-636-6011

**MAIL ADDRESS:**
- **STREET 1:** 5729 WASHINGTON AVENUE
- **CITY:** RACINE
- **STATE:** WI
- **ZIP:** 53406

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CNH CAPITAL RECEIVABLES INC
- **DATE OF NAME CHANGE:** 20000523
**SECURITIZER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CNH CAPITAL RECEIVABLES LLC
- **CENTRAL INDEX KEY:** 0001115252
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 391995297
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-02146

**BUSINESS ADDRESS:**
- **STREET 1:** 5729 WASHINGTON AVENUE
- **CITY:** RACINE
- **STATE:** WI
- **ZIP:** 53406
- **BUSINESS PHONE:** 262-636-6011

**MAIL ADDRESS:**
- **STREET 1:** 5729 WASHINGTON AVENUE
- **CITY:** RACINE
- **STATE:** WI
- **ZIP:** 53406

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CNH CAPITAL RECEIVABLES INC
- **DATE OF NAME CHANGE:** 20000523

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION** **<br> Washington, D.C. 20549**

**FORM ABS-15G**

**ASSET-BACKED SECURITIZER<br> REPORT PURSUANT TO SECTION 15G OF<br> THE SECURITIES EXCHANGE ACT OF 1934**

Check the appropriate box to indicate the filing obligation which this form is intended to satisfy:

---

| | |
|:---|:---|
| □ | Rule 15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1) for the reporting period |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to |
|  | Date of Report (Date of earliest event reported) |
|  | Commission File Number of securitizer: |
|  | Central Index Key Number of securitizer: |

---

Name and telephone number, including area code, of the person to<br> contact in connection with this filing

Indicate by check mark whether the securitizer has no activity to report for the initial period pursuant to Rule 15Ga-1(c)(1) □

Indicate by check mark whether the securitizer has no activity to report for the quarterly period pursuant to Rule 15Ga-1(c)(2)(i) □

Indicate by check mark whether the securitizer has no activity to report for the annual period pursuant to Rule 15Ga-1(c)(2)(ii) □

⌧ Rule 15Ga-2 under the Exchange Act (17 CFR 240.15Ga-2)

Central Index Key Number of depositor: 0001115252

**CNH EQUIPMENT TRUST 2025-B**

(Exact name of issuing entity as specified in its charter)

Central Index Key Number of issuing entity (if applicable): 0002075168

Central Index Key Number of underwriter (if applicable): **Not applicable**

**Jeffrey Molinski, General Counsel, (262) 598-7349**

Name and telephone number, including area code,<br> of the person to contact in connection with this filing

**Item 2.01 <u>Findings and Conclusions of a Third Party Due Diligence Report Obtained by the Issuer</u>.**

Attached as <u>Exhibit 99.1</u> hereto is the Report of Independent Accountants on Applying Agreed-Upon Procedures, dated July 7, 2025, of Ernst & Young LLP, obtained by the depositor, with respect to certain agreed-upon procedures performed by Ernst & Young LLP.

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the reporting entity has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| CNH CAPITAL RECEIVABLES LLC | CNH CAPITAL RECEIVABLES LLC |
| (Depositor) | (Depositor) |
| By: | /s/ Douglas MacLeod |
| Name: | Douglas MacLeod |
| Title: | President (senior officer in charge of securitization of the depositor) |

---

Date: July 8, 2025

**<u>EXHIBIT INDEX</u>**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [Exhibit 99.1](tm2518245d7_ex99-1.htm) | [Report of Independent Accountants on Applying Agreed-Upon Procedures, dated July 7, 2025.](tm2518245d7_ex99-1.htm) |

---

## Exhibit 99.1

**Exhibit 99.1**

---

| | | |
|:---|:---|:---|
| ![](tm2518245d7_ex99-1img001.jpg) | Ernst & Young LLP<br> One Manhattan West<br> New York, NY 10001 | Tel: +1 212 773 3000<br> ey.com<br>|

---

**Report of Independent Accountants on Applying Agreed-Upon Procedures**

CNH Industrial Capital America LLC (the "Sponsor") CNH Capital Receivables LLC (the "Depositor") 5729 Washington Avenue Racine, Wisconsin 53406 7 July 2025

---

| | |
|:---|:---|
| **Re:** | **CNH Equipment Trust 2025-B (the "Issuing Entity")**<br> **Asset Backed Notes (the "Notes")**<br> **Sample Receivable Agreed-Upon Procedures** |

---

We have performed the procedures enumerated in Attachment A, which were agreed to and acknowledged as appropriate by the Sponsor, Depositor, Wells Fargo Securities, LLC, Citigroup Global Markets Inc., Rabo Securities USA, Inc. and SG Americas Securities, LLC (collectively, the "Specified Parties"), for the intended purpose of assisting the Specified Parties in evaluating the accuracy of certain information with respect to a pool of fixed rate retail installment sale contracts and retail installment loans secured by new or used agricultural or construction equipment (the "Receivables") relating to the Issuing Entity's securitization transaction. This report may not be suitable for any other purpose. The procedures performed may not address all of the items of interest to a user of the report and may not meet the needs of all users of the report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes. The appropriateness of these procedures is solely the responsibility of the Specified Parties identified in this report. No other party acknowledged the appropriateness of the procedures. Consequently, we make no representation regarding the appropriateness of the procedures described in Attachment A, either for the purpose for which this report has been requested or for any other purpose.

The procedures performed and our associated findings are included in Attachment A.

---

| | |
|:---|:---|
| ![](tm2518245d7_ex99-1img001.jpg) | Page 2 of 4 |

---

For the purpose of the procedures described in this report, the Sponsor, on behalf of the Depositor, provided us with, or instructed us to obtain, as applicable:

a. Electronic data files (collectively, the "Provided Data Files"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Labeled "CNHET 2025-B Virtual_Contract Summary_05312025_with
 Adv Rate New.xlsx" and the corresponding record layout and decode information, as applicable
 (the "Preliminary Collateral Data File"), that the Sponsor, on behalf of
 the Depositor, indicated contains information as of 31 May 2025 (the "Preliminary
 Cutoff Date") relating to a pool of fixed rate retail installment sale contracts and
 retail installment loans secured by new or used agricultural or construction equipment (the "Preliminary
 Cutoff Date Receivables"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Labeled "CNHET 2025-B Virtual_CashFlowsGPV_05312025.xlsx"
 and the corresponding record layout and decode information, as applicable (the "Preliminary
 Payment Data File"), that the Sponsor, on behalf of the Depositor, indicated contains
 information as of the Preliminary Cutoff Date relating to the past and future scheduled payments
 for the Preliminary Cutoff Date Receivables,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Labeled "CNHET 2025-B Virtual Receivables Listing.xlsx"
 with a tab labeled "Base" and the corresponding record layout and decode
 information, as applicable (the "Preliminary Receivables Schedule"), that
 the Sponsor, on behalf of the Depositor, indicated contains a list of contract identification
 numbers (each, a "Receivable ID") corresponding to certain Preliminary Cutoff
 Date Receivables (the "Preliminary Receivables") that are expected to be
 representative of the Receivables,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Labeled "CNHET 2025-B Final Contract Summary_06302025.xlsx"
 and the corresponding record layout and decode information, as applicable (the "Collateral
 Data File"), that the Sponsor, on behalf of the Depositor, indicated contains information
 as of 30 June 2025 (the "Cutoff Date") relating to a pool
 of fixed rate retail installment sale contracts and retail installment loans secured by new
 or used agricultural or construction equipment (the "Cutoff Date Receivables")
 that are expected to be representative of the Receivables,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Labeled "CNHET 2025-B Final CashFlowsGPV_06302025.xlsx"
 and the corresponding record layout and decode information, as applicable (the "Payment
 Data File"), that the Sponsor, on behalf of the Depositor, indicated contains information
 as of the Cutoff Date relating to the past and future scheduled payments for the Cutoff Date
 Receivables and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Labeled "CNHET 2025-B Receivables Listing_FINAL.xlsx"
 with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A tab labeled "Base" and the corresponding record layout
 and decode information, as applicable (the "Base Receivables Schedule"), that
 the Sponsor, on behalf of the Depositor, indicated contains a list of Receivable IDs corresponding
 to certain Cutoff Date Receivables (the "Base Receivables") that are expected
 to be representative of the Receivables and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A tab labeled "Upsize" and the corresponding record layout
 and decode information, as applicable (the "Upsize Receivables Schedule"), that
 the Sponsor, on behalf of the Depositor, indicated contains a list of Receivable IDs corresponding
 to certain Cutoff Date Receivables (the "Upsize Receivables") that are expected
 to be representative of the Receivables,

---

| | |
|:---|:---|
| ![](tm2518245d7_ex99-1img001.jpg) | Page 3 of 4 |

---

b. Imaged copies of the following items (collectively, the "Source
 Documents"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The fixed rate retail installment sale contract and security agreement,
 note and security agreement, multiple unit addendum, multiple payment schedule addendum,
 default manager activity log address change screen shots, default manager activity log maturity
 date change screen shots, contract restructured maturity date change screen shots or other
 related documents (collectively and as applicable, the "Contract"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Certain payment schedule screen shots from the Sponsor's servicing
 system (the "Payment Schedule Screen Shots") that the Sponsor, on behalf
 of the Depositor, indicated contain certain information relating to the payment schedule
 that supersedes the corresponding information contained in the Contract, as applicable,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. A completed credit application and corresponding applicant name and
 address verification form (collectively and as applicable, the "Credit Application"),
 as applicable,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Certain credit scoring and decision screen shots from the Sponsor's
 servicing system (the "Credit Score System Screen Shots"), as applicable,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Certain customer score screen shots from the Sponsor's underwriting
 system (the "Customer Score System Screen Shots"), as applicable, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. The uniform commercial code filing, confirmed record or acknowledgement
 of filing (collectively and as applicable, the "UCC Filing")

that the Sponsor, on behalf of the Depositor, indicated relate to each Sample Receivable (as defined in Attachment A),

c. The list of relevant characteristics (the "Sample Characteristics")
 on the Preliminary Data File, Base Data File and Upsize Data File (all as defined in Attachment
 A), which is shown on Exhibit 1 to Attachment A, and

d. Instructions, assumptions and methodologies, which are described in Attachment
 A.

For the purpose of the procedures described in this report, certain information contained on the Preliminary Data File, Base Data File and Upsize Data File is collectively the "Subject Matter" as of the date of this report.

The procedures included in Attachment A were limited to comparing, recalculating or observing, as applicable, certain information that is further described in Attachment A. The Depositor is responsible for the Subject Matter, Provided Data Files, Source Documents, Sample Characteristics and the determination of the instructions, assumptions and methodologies that are described herein. We were not requested to perform, and we have not performed, any procedures other than those listed in Attachment A. We have not verified, and we make no representation as to, the accuracy, completeness or reasonableness of the Provided Data Files, Source Documents or any other information provided to us, or that we were instructed to obtain, as applicable, by the Sponsor, on behalf of the Depositor, upon which we relied in forming our findings. Accordingly, we make no representation and express no opinion or conclusion as to (a) the existence of the Preliminary Cutoff Date Receivables, Preliminary Receivables, Cutoff Date Receivables, Base Receivables, Upsize Receivables or Receivables, (b) questions of legal or tax interpretation or (c) the appropriateness, accuracy, completeness or reasonableness of any instructions, assumptions and methodologies provided to us by the Sponsor, on behalf of the Depositor, that are described in this report. We undertake no responsibility to update this report for events and circumstances occurring after the date hereof.

---

| | |
|:---|:---|
| ![](tm2518245d7_ex99-1img001.jpg) | Page 4 of 4 |

---

This agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants (the "AICPA"). An agreed-upon procedures engagement involves the practitioner performing specific procedures that the Specified Parties have agreed to and acknowledged to be appropriate for the purpose of the engagement and reporting on findings based on the procedures performed. We were not engaged to, and did not, conduct an examination to express an opinion or a review to express a conclusion in accordance with attestation standards established by the AICPA on any of the items referred to herein. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.

The agreed-upon procedures described in this report were not performed for the purpose of:

a. Satisfying any criteria for due diligence published by a nationally recognized
 statistical rating organization (a "rating agency") or

b. Making any findings with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Whether the origination of the Receivables conformed to, or deviated
 from, stated underwriting or credit extension guidelines, standards, criteria, or other requirements,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The value of the collateral securing the Receivables,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Whether the originator(s) of the Receivables complied with federal,
 state or local laws or regulations or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Any other factor or characteristic of the Receivables that would be
 material to the likelihood that the issuer of the Notes will pay interest and principal in
 accordance with applicable terms and conditions.

We are required to be independent of the Depositor and to meet our other ethical responsibilities, as applicable, for agreed-upon procedures engagements set forth in the Preface: Applicable to All Members and Part 1 – Members in Public Practice of the Code of Professional Conduct established by the AICPA. Independence requirements for agreed-upon procedures engagements are less restrictive than independence requirements for audit and other attestation services.

This report is intended solely for the information and use of the Specified Parties and is not intended to be, and should not be, used by anyone other than the Specified Parties. It is not intended to be, and should not be, used by any other person or entity, including investors and rating agencies, who are not identified in the report as Specified Parties but who may have access to this report as required by law or regulation.

/s/ Ernst & Young LLP

7 July 2025

---

| | |
|:---|:---|
| ![](tm2518245d7_ex99-1img001.jpg) | **Attachment A**<br> Page 1 of 3 |

---

**<u>Procedures performed and our associated findings</u>**

1. As instructed by the Sponsor, on behalf of the Depositor, we combined the
 information on the Preliminary Collateral Data File and Preliminary Payment Data File. The
 Preliminary Collateral Data File and Preliminary Payment Data File, as combined, are hereinafter
 referred to as the "Preliminary Cutoff Date Data File."

2. As instructed by the Sponsor, on behalf of the Depositor, we deleted the
 Preliminary Cutoff Date Receivables from the Preliminary Cutoff Date Data File that were
 not Preliminary Receivables, as shown on the Preliminary Receivables Schedule. The Preliminary
 Cutoff Date Data File, as adjusted, is hereinafter referred to as the "Preliminary
 Data File."

3. As instructed by the Sponsor, on behalf of the Depositor, we randomly selected
 a sample of 100 Preliminary Receivables from the Preliminary Data File (the "Sample
 Receivables"). For the purpose of this procedure, the Sponsor, on behalf of the Depositor,
 did not inform us as to the basis for how they determined the number of Sample Receivables
 or the methodology they instructed us to use to select the Sample Receivables from the Preliminary
 Data File.

For the purpose of the procedures described in this report, the 100 Sample Receivables are referred to as Sample Receivable Numbers 1 through 100.

4. For each Sample Receivable, we:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Compared the Sample Characteristics listed on Exhibit 1 to Attachment
 A, as shown on the Preliminary Data File, to the corresponding information located in, or
 to the corresponding information we recalculated using information located in, the corresponding
 Source Documents, subject to the instructions, assumptions and methodologies provided by
 the Sponsor, on behalf of the Depositor, described in the notes to Exhibit 1 to Attachment
 A. The Source Document(s) that we were instructed by the Sponsor, on behalf of the Depositor,
 to use for each Sample Characteristic are shown on Exhibit 1 to Attachment A. All such
 compared information was found to be in agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Observed the existence of one of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. A Credit Application,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. A credit score in the Credit Score System Screen Shots or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. A customer score in the Customer Score System Screen Shots.

We performed no procedures to determine if a credit review was performed or to determine the accuracy, completeness, reasonableness or source of any credit score or customer score information contained in the Credit Application, Credit Score System Screen Shots or Customer Score System Screen Shots, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Observed evidence of a UCC Filing, which was made to secure the Sponsor's
 interest in the equipment that is shown in the Contract. We performed no procedures to determine
 the enforcement or standing of such UCC Filing.

---

| | |
|:---|:---|
| ![](tm2518245d7_ex99-1img001.jpg) | **Attachment A**<br> Page 2 of 3 |

---

5. As instructed by the Sponsor, on behalf of the Depositor, we combined the
 information on the Collateral Data File and Payment Data File. The Collateral Data File and
 Payment Data File, as combined, are hereinafter referred to as the "Data File."

6. As instructed by the Sponsor, on behalf of the Depositor, we deleted the
 Cutoff Date Receivables from the Data File that were not Base Receivables, as shown on the
 Base Receivables Schedule. The Data File, as adjusted, is hereinafter referred to as the "Base
 Data File."

7. For each fixed rate retail installment sale contract and retail installment
 loan on the Preliminary Data File and Base Data File, we compared the Receivable ID,
 as shown on the Preliminary Data File, to the corresponding Receivable ID, as shown on the
 Base Data File, and noted that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. 345 of the Base Receivables included on the Base Data File were not
 included on the Preliminary Data File,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. 618 of the Preliminary Receivables included on the Preliminary Data
 File were not included on the Base Data File (the "Removed Base Preliminary Receivables")
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Six of the Removed Base Preliminary Receivables were Sample Receivables
 (the "Removed Base Sample Receivables").

The Removed Base Sample Receivables are Sample Receivable Numbers 9, 20, 29, 40, 42 and 79. The Sponsor, on behalf of the Depositor, instructed us not to perform any further procedures on the Removed Base Sample Receivables.

8. For the 94 Sample Receivables included on the Base Data File, we compared
 the Sample Characteristics listed on Exhibit 1 to Attachment A (except for the payment
 schedule Sample Characteristic, which the Sponsor, on behalf of the Depositor, instructed
 us not to compare due to the passage of time between the Preliminary Cutoff Date and Cutoff
 Date), all as shown on the Preliminary Data File, to the corresponding information, as shown
 on the Base Data File. All such compared information was found to be in agreement.

9. As instructed by the Sponsor, on behalf of the Depositor, we deleted the
 Cutoff Date Receivables from the Data File that were not Upsize Receivables, as shown on
 the Upsize Receivables Schedule. The Data File, as adjusted, is hereinafter referred to as
 the "Upsize Data File."

---

| | |
|:---|:---|
| ![](tm2518245d7_ex99-1img001.jpg) | **Attachment A**<br> Page 3 of 3 |

---

10. For each fixed rate retail installment sale contract and retail installment
 loan on the Preliminary Data File and Upsize Data File, we compared the Receivable ID,
 as shown on the Preliminary Data File, to the corresponding Receivable ID, as shown on the
 Upsize Data File, and noted that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. 3,752 of the Upsize Receivables included on the Upsize Data File were
 not included on the Preliminary Data File,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. 618 of the Preliminary Receivables included on the Preliminary Data
 File were not included on the Upsize Data File (the "Removed Upsize Preliminary
 Receivables") and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Six of the Removed Upsize Preliminary Receivables were Sample Receivables
 (the "Removed Upsize Sample Receivables").

The Removed Upsize Sample Receivables are Sample Receivable Numbers 9, 20, 29, 40, 42 and 79. The Sponsor, on behalf of the Depositor, instructed us not to perform any further procedures on the Removed Upsize Sample Receivables.

11. For the 94 Sample Receivables included on the Upsize Data File, we compared
 the Sample Characteristics listed on Exhibit 1 to Attachment A (except for the payment
 schedule Sample Characteristic, which the Sponsor, on behalf of the Depositor, instructed
 us not to compare due to the passage of time between the Preliminary Cutoff Date and Cutoff
 Date), all as shown on the Preliminary Data File, to the corresponding information, as shown
 on the Upsize Data File. All such compared information was found to be in agreement.

**Exhibit 1 to Attachment A**

Page 1 of 3

**<u>Sample Characteristics and Source Documents</u>**

---

| | | | |
|:---|:---|:---|:---|
| **<br> **Sample Characteristic**  | **Preliminary**<br> **Data File Field Name**  | **<br> **Source Document(s)**  | **<br> **Note(s)**  |
| Receivable ID | Contract Id | Contract | i. |
| Contract APR | Rateafterwaiver | Contract |  |
| Customer billing state | CustomerState | Contract |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collateral type (agricultural/construction/<br> other) | Usage | Contract | ii. |
| Interest start date | InterestStartDate | Contract |  |
| Origination date | ContractStartDate | Contract |  |
| Equipment type (new/used) | EquipmentNew Used | Contract | iii. |
| Original principal | AmountFinanced | Contract |  |
| Payment schedule | /<br>| (a) Contract,<br> (b) Payment Schedule Screen Shots or<br> (c) Contract and Payment Schedule Screen Shots | iv., v. |
| Maturity date | ContractMaturityDate | (a) Contract or<br> (b) Contract and recalculation | vi. |
| Original term | MonthToMaturityOriginal | Contract and recalculation | vii. |

---

#### Notes :
i. For identification purposes only.

**Exhibit 1 to Attachment A**

Page 2 of 3

**<u>Notes</u>:** (continued)

ii. For the purpose of comparing the collateral type (agricultural/construction/other)
 Sample Characteristic for each Sample Receivable, the Sponsor, on behalf of the Depositor,
 instructed us to note agreement if the collateral type (agricultural/construction/other)
 value, as shown on the Preliminary Data File, agreed with the collateral type (agricultural/construction/other),
 as shown in the Contract, in accordance with the decode table shown below, as applicable:

---

| | |
|:---|:---|
| **Preliminary Data File Value** | **Contract Value** |
| A | Agricultural use |
| I | Business use or commercial/business use |

---

iii. For the purpose of comparing the equipment type (new/used) Sample Characteristic
 for each Sample Receivable that is secured by more than one piece of equipment, as shown
 in the Contract, the Sponsor, on behalf of the Depositor, instructed us to use the piece
 of equipment with the highest cash sale price listed in the Contract. We performed no procedures
 to reconcile any differences that may exist relating to any information contained in the
 Contract.

iv. For the purpose of comparing the payment schedule Sample Characteristic
 for each Sample Receivable, the Sponsor, on behalf of the Depositor, instructed us to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Only compare payments scheduled after the Preliminary Cutoff Date
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Ignore differences of +/- 5% or less (expressed as a percentage of
 the payment amount, as shown in the Payment Schedule Screen Shots and/or Contract, as applicable
 (and in accordance with any other applicable note(s)), for any individual payment.

v. For the purpose of comparing the payment schedule Sample Characteristic
 for each Sample Receivable (except for Sample Receivable Numbers 4, 6, 10, 15, 16, 19, 28,
 34, 47, 50, 52, 61, 67, 76, 77, 81, 85, 87, 89, 90 and 92), the Sponsor, on behalf of the
 Depositor, instructed us to use the Contract as the Source Document (and in accordance with
 any other applicable note(s)).

For the purpose of comparing the payment schedule Sample Characteristic for Sample Receivable Numbers 4, 6, 10, 15, 16, 19, 28, 34, 47, 50, 52, 61, 67, 76, 77, 81, 85, 87, 89, 90 and 92, the Sponsor, on behalf of the Depositor, instructed us to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Use information shown in the Contract and/or Payment Schedule Screen
 Shots, as applicable (and in accordance with any other applicable note(s)) and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Ignore any released unallocated late fees, as shown in the Payment
 Schedule Screen Shots.

**Exhibit 1 to Attachment A**

Page 3 of 3

**<u>Notes</u>:** (continued)

vi. For the purpose of comparing the maturity date Sample Characteristic for
 each Sample Receivable, the Sponsor, on behalf of the Depositor, instructed us to use the
 Contract as the Source Document. If the maturity date was not specifically stated in the
 Contract, the Sponsor, on behalf of the Depositor, instructed us to recalculate the maturity
 date by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subtracting 1 from the number of payments or the number of payments
 in the final payment installment, as applicable,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Multiplying the value calculated in (a) by the period of payments
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Adding the number of months represented by the result of (b) to
 the beginning payment date,

all as shown in the Contract.

vii. For the purpose of comparing the original term Sample Characteristic
 for each Sample Receivable, the Sponsor, on behalf of the Depositor, instructed us to recalculate
 the original term by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculating the number of days from the maturity date, as shown in
 the Contract (and in accordance with any other applicable note(s)), to the origination date,
 as shown in the Contract, including both the maturity date and origination date as days within
 this period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Dividing the value calculated in (a) by 30.4375 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Rounding the value calculated in (b) to the nearest integer.

We performed no procedures to determine the accuracy, completeness or reasonableness of the instructions, assumptions and methodologies provided by the Sponsor, on behalf of the Depositor, described in the notes above.