# EDGAR Filing Document

**Accession Number:** 0001569573
**File Stem:** 0001193125-23-011790
**Filing Date:** 2023-1
**Character Count:** 27883
**Document Hash:** 668a6aa8631963e14172071002bbb130
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-011790.hdr.sgml**: 20230120

**ACCESSION NUMBER**: 0001193125-23-011790

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

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20230120

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

**FILED AS OF DATE**: 20230120

**DATE AS OF CHANGE**: 20230120

**ABS RULE**: RULE-15GA2

**REGISTERED ENTITY**: N

**ABS ASSET CLASS**: Auto loans

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FC Funding LLC
- **CENTRAL INDEX KEY:** 0001569573
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **IRS NUMBER:** 273236770
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-01313
- **FILM NUMBER:** 23540157

**BUSINESS ADDRESS:**
- **STREET 1:** 3 CHRISTY DRIVE, SUITE 201
- **CITY:** CHADDS FORD
- **STATE:** PA
- **ZIP:** 19317
- **BUSINESS PHONE:** 6107171900

**MAIL ADDRESS:**
- **STREET 1:** 3 CHRISTY DRIVE, SUITE 201
- **CITY:** CHADDS FORD
- **STATE:** PA
- **ZIP:** 19317
**DEPOSITOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FC Funding LLC
- **CENTRAL INDEX KEY:** 0001569573
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **IRS NUMBER:** 273236770
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

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

**BUSINESS ADDRESS:**
- **STREET 1:** 3 CHRISTY DRIVE, SUITE 201
- **CITY:** CHADDS FORD
- **STATE:** PA
- **ZIP:** 19317
- **BUSINESS PHONE:** 6107171900

**MAIL ADDRESS:**
- **STREET 1:** 3 CHRISTY DRIVE, SUITE 201
- **CITY:** CHADDS FORD
- **STATE:** PA
- **ZIP:** 19317
**SECURITIZER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FC Funding LLC
- **CENTRAL INDEX KEY:** 0001569573
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **IRS NUMBER:** 273236770
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-01313

**BUSINESS ADDRESS:**
- **STREET 1:** 3 CHRISTY DRIVE, SUITE 201
- **CITY:** CHADDS FORD
- **STATE:** PA
- **ZIP:** 19317
- **BUSINESS PHONE:** 6107171900

**MAIL ADDRESS:**
- **STREET 1:** 3 CHRISTY DRIVE, SUITE 201
- **CITY:** CHADDS FORD
- **STATE:** PA
- **ZIP:** 19317

------

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**FORM ABS-15G** 

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**ASSET-BACKED SECURITIZER** 

**REPORT PURSUANT TO SECTION 15G OF** 

**THE SECURITIES EXCHANGE ACT OF 1934** 

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

☐ **Rule 15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1) for the reporting period _________ to _________** 

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**(Exact name of securitizer as specified in its charter)** 

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| | |
|:---|:---|
| **Date of Report (Date of earliest event reported)** | **<u> </u>** |
| **Commission File Number of securitizer:** | **<u> </u>** |
| **Central Index Key Number of securitizer:** | **<u> </u>** |

---

**Name and telephone number, including area code, of the person to** 

**contact in connection with this filing.** 

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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: Not applicable <br> Central Index Key Number of sponsor: 0001569573

## Flagship Credit Auto Trust 2023-1
**(Exact name of issuing entity as specified in its charter)** 

Central Index Key Number of issuing entity (if applicable): Not applicable <br> Central Index Key Number of underwriter (if applicable): Not applicable

**Salvatore Russo – Associate Counsel (484) 841-2048** 

**Name and telephone number, including area code, of the person to** 

**contact in connection with this filing.** 

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**PART II - FINDINGS AND CONCLUSIONS OF THIRD-PARTY DUE DILIGENCE REPORTS** 

**Item 2.01 Findings and Conclusions of a Third-Party Due Diligence Report Obtained by the Issuer** 

Attached as Exhibit 99.1 hereto is the Report of Independent Accountants on Applying Agreed-Upon Procedures, dated January 19, 2023, with respect to certain agreed-upon procedures performed by Ernst & Young LLP.

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**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.

Dated: January 20, 2023

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| | |
|:---|:---|
| **FCA ASSET SECURITIES LLC** | **FCA ASSET SECURITIES LLC** |
| (Depositor) | (Depositor) |
| By: | /s/ Kenneth J. Sicinski |
| Name: | Kenneth J. Sicinski |
| Title: | Authorized Signer |
|  | (Senior Officer in Charge of Securitization) |

---

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**EXHIBIT INDEX** 

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| | |
|:---|:---|
| **Exhibit 99.1** | [Report of Independent Accountants on Applying Agreed-Upon Procedures, dated January 19, 2023](d452854dex991.htm) |

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## Exhibit 99.1

**Exhibit 99.1** 

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| | | |
|:---|:---|:---|
| ![LOGO](g452854dsp04.jpg) | Ernst & Young LLP<br> One Manhattan West<br> New York, NY 10001 | Tel: +1 212 773 3000<br> Fax: +1 212 773 6350<br> ey.com |

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

FCA Asset Securities LLC FC Funding LLC 3 Christy Drive, Suite 201 Chadds Ford, Pennsylvania 19317 19 January 2023

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| | |
|:---|:---|
| **Re:** | **Flagship Credit Auto Trust 2023-1 (the "Issuing Entity")**  |

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**Automobile Receivables Backed Notes (the "Notes")** 

**Sample Automobile Loan Contract Agreed-Upon Procedures** 

We have performed the procedures enumerated in Attachment A, which were agreed to and acknowledged as appropriate by FCA Asset Securities LLC (the "Depositor"), FC Funding LLC (the "Sponsor"), Wells Fargo Securities, LLC ("Wells Fargo Securities") and Barclays Capital Inc. ("Barclays," together with the Depositor, Sponsor and Wells Fargo Securities, 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 sub-prime automobile loan contracts secured by new and used automobiles, light duty trucks, minivans and sport utility vehicles (the "Automobile Loan Contracts") 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.

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| | |
|:---|:---|
| ![LOGO](g452854dsp04.jpg) | Page 2 of 4 |

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For the purpose of the procedures described in this report, the Sponsor, on behalf of the Depositor, provided us with:

a. An electronic data file labeled "RA_Pool_2023-1_Datatape_CutOff_12.31.2022 (No Summary).xlsx" and the corresponding record layout and decode information, as applicable (the "Statistical Data File"), that the Sponsor,
on behalf of the Depositor, indicated contains information relating to certain sub-prime automobile loan contracts secured by new and used automobiles, light duty trucks, minivans and sport utility vehicles
(the "Statistical Automobile Loan Contracts") as of 31 December 2022 (the "Statistical Calculation Date") that are expected to be representative of the Automobile Loan Contracts,

b. Imaged copies of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The retail installment sale(s) contract, motor vehicle retail installment sale(s) contract, simple interest
vehicle contract, note and security agreement, assignment of installment contract and amendment, correction letter and/or re-amortization letter (collectively and as applicable, the "Contract"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Certain printed screen shots from the Sponsor's (or an affiliate's of the Sponsor) servicing system
(the "Servicing System Screen Shots"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The certificate of title or other related documents (collectively and as applicable,
the "Title") and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. The usury adjustment tool screen shot, as applicable (the "Usury Adjustment Tool," together with the
Contract, Servicing System Screen Shots and Title, the "Source Documents")

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

c. A servicing and origination system extraction file labeled "FCAT 2023-1 Random Sample Loan Report File.xlsx" and the corresponding record layout and decode information, as applicable (the "Supplemental Sample Query," together with the Source Documents,
the "Sources"), that the Sponsor, on behalf of the Depositor, indicated contains information relating to the Sample Automobile Loan Contracts as of the Statistical Calculation Date,

d. The list of relevant characteristics (the "Sample Characteristics") on the Statistical Data File,
which is shown on Exhibit 1 to Attachment A, and

e. 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 Statistical Data File is the "Subject Matter" as of the date of this report.

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| | |
|:---|:---|
| ![LOGO](g452854dsp04.jpg) | Page 3 of 4 |

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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, Statistical Data File, Sources, 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 Sources 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 Statistical Automobile Loan Contracts or Automobile Loan Contracts, (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.

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 Automobile Loan Contracts 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 Automobile Loan Contracts,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Whether the originator(s) of the Automobile Loan Contracts 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 Automobile Loan Contracts 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.

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|:---|:---|
| ![LOGO](g452854dsp04.jpg) | Page 4 of 4 |

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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 procedure 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

19 January 2023

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| | |
|:---|:---|
| ![LOGO](g452854dsp04.jpg) | **Attachment A** |

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

1. As instructed by the Sponsor, on behalf of the Depositor, we randomly selected a sample
of 200 Statistical Automobile Loan Contracts from the Statistical Data File (the "Sample Automobile Loan Contracts"). 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 Automobile Loan Contracts or the methodology they instructed us to use to select the Sample Automobile Loan Contracts from the Statistical Data File.

For the purpose of the procedures described in this report, the 200 Sample Automobile Loan Contracts are referred to as Sample Automobile Loan Contract Numbers 1 through 200.

2. For each Sample Automobile Loan Contract, we compared the Sample Characteristics listed on Exhibit 1 to
Attachment A, as shown on the Statistical Data File, to the corresponding information located in, or to the corresponding information we recalculated using information located in, the Sources, 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(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.

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**Exhibit 1 to Attachment A** 

Page 1 of 6

**<u>Sample Characteristics and Sources</u>**

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| | | | |
|:---|:---|:---|:---|
| **Sample Characteristic** | **Statistical**<br> **Data File Field Name** | **Source(s)** | **Note(s)** |
| Application ID | Application ID | Supplemental Sample Query | i. |
| Platform | org | Contract or Title | ii. |
| Note date | Contract Date | Contract, Title or Supplemental Sample Query | iii. |
| Vehicle identification number | VIN | Contract, Title or Servicing System Screen Shots | ii., iv. |
| Original amount financed | Original Amt Financed | Contract or Servicing System Screen Shots | v. |
| Original interest rate/APR | Original Rate | Contract, Usury Adjustment Tool or Servicing System Screen Shots | vi., vii. |
| Original monthly payment amount | Original Payment | Contract, Usury Adjustment Tool or Servicing System Screen Shots | vi., viii. |
| Original term (months) | Original Term | Contract |  |
| Model year | Model Yr | Contract |  |
| Model | Model | Contract or Supplemental Sample Query | ix. |
| Customer state | Customer State | Supplemental Sample Query |  |
| Current principal balance | Current Principal Balance | Supplemental Sample Query |  |
| Number of deferred payments (extensions) | Number Of Extensions | Supplemental Sample Query |  |
| Number of times delinquent 30 days | NTD 30_59 | Supplemental Sample Query |  |
| Maturity date | Maturity Date | Supplemental Sample Query |  |
| FICO score | High Fico | Supplemental Sample Query | x. |
| Original loan-to-value ratio | Book LTV | (a) Contract, Supplemental Sample Query and recalculation or | xi. |

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**Exhibit 1 to Attachment A** 

Page 2 of 6

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| | | | |
|:---|:---|:---|:---|
| **Sample Characteristic** | **Statistical**<br> **Data File Field Name** | **Source(s)** | **Note(s)** |
|  |  | (b) Servicing System Screen Shots, Supplemental Sample Query and recalculation |  |
| Remaining term (months) | Remaining Term | Contract, Supplemental Sample Query and recalculation | xii. |
| Bankruptcy and repossession | BKRepo_Flag | Supplemental Sample Query |  |
| Product type | Product | Supplemental Sample Query |  |

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**<u>Notes:</u>**

i. For identification purposes only.

ii. For the purpose of comparing the indicated Sample Characteristics for each Sample Automobile Loan Contract, the
Sponsor, on behalf of the Depositor, instructed us to note agreement if the value on the Statistical Data File agreed with the corresponding information in at least one of the Contract or Title, subject to the additional instruction(s) described in
the succeeding paragraph(s) of this note (and in accordance with any other applicable note(s)). We performed no procedures to reconcile any differences that may exist relating to the information shown in the Contract and Title.

For the purpose of this procedure, the Sponsor, on behalf of the Depositor, instructed us to ignore differences due to abbreviation or truncation.

iii. For the purpose of comparing the note date Sample Characteristic for each Sample Automobile Loan Contract, the
Sponsor, on behalf of the Depositor, instructed us to note agreement if the value on the Statistical Data File agreed with the corresponding information in at least one of the Contract, Title or Supplemental Sample Query. We performed no procedures
to reconcile any differences that may exist relating to the information shown in the Contract, Title and Supplemental Sample Query.

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**Exhibit 1 to Attachment A** 

Page 3 of 6

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

iv. For the purpose of comparing the vehicle identification number Sample Characteristic for each Sample Automobile
Loan Contract (except for Sample Automobile Loan Contract Number 61), the Sponsor, on behalf of the Depositor, instructed us to use the Contract or Title as the Source (and in accordance with any other applicable note(s)).

For the purpose of comparing the vehicle identification number Sample Characteristic for Sample Automobile Loan Contract Number 61, the Sponsor, on behalf of the Depositor, instructed us to use the Servicing System Screen Shots as the Source.

v. For the purpose of comparing the original amount financed Sample Characteristic for each Sample Automobile Loan
Contract (except for (a) the Sample FCA Direct Automobile Loan Contracts (as defined in the succeeding paragraph(s) of this note) and (b) Sample Automobile Loan Contract Number 80), the Sponsor, on behalf of the Depositor, instructed us to
use the amount financed, as shown in the Contract.

For the purpose of comparing the original amount financed Sample Characteristic for each Sample Automobile Loan Contract with a:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Platform value of "FCA" and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Product type value of "Direct Auto Retail,"

both as shown on the Statistical Data File (each, a "Sample FCA Direct Automobile Loan Contract") (except for Sample Automobile Loan Contract Number 71), the Sponsor, on behalf of the Depositor, instructed us to use the principal amount, as shown in the Contract.

For the purpose of comparing the original amount financed Sample Characteristic for Sample Automobile Loan Contract Numbers 71 and 80, the Sponsor, on behalf of the Depositor, instructed us to use the Servicing System Screen Shots as the Source.

vi. For the purpose of comparing the indicated Sample Characteristics for each Sample Automobile Loan Contract
(except for Sample FCA Direct Automobile Loan Contracts), the Sponsor, on behalf of the Depositor, instructed us to use the Usury Adjustment Tool as the Source if either the original interest rate/APR value or original monthly payment amount value,
both as shown on the Statistical Data File, is different than either the annual percentage rate or original monthly payment amount, respectively, both as shown in the Contract (and in accordance with any other applicable note(s)).

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**Exhibit 1 to Attachment A** 

Page 4 of 6

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

vii. For the purpose of comparing the original interest rate/APR Sample Characteristic for each Sample Automobile
Loan Contract (except for Sample FCA Direct Automobile Loan Contracts), the Sponsor, on behalf of the Depositor, instructed us to use the annual percentage rate, as shown in the Contract or Usury Adjustment Tool (and in accordance with any other
applicable note(s)).

For the purpose of comparing the original interest rate/APR Sample Characteristic for each Sample FCA Direct Automobile Loan Contract (except for Sample Automobile Loan Contract Numbers 35, 62, 120, 126 and 153), the Sponsor, on behalf of the Depositor, instructed us to use the contract rate, as shown in the Contract.

For the purpose of comparing the original interest rate/APR Sample Characteristic for Sample Automobile Loan Contract Numbers 35, 62, 120, 126 and 153, the Sponsor, on behalf of the Depositor, instructed us to use the Servicing System Screen Shots as the Source.

viii. For the purpose of comparing the original monthly payment amount Sample Characteristic for each Sample
Automobile Loan Contract (except for (a) the Sample FCA Direct Automobile Loan Contracts and (b) Sample Automobile Loan Contract Numbers 9 and 80), the Sponsor, on behalf of the Depositor, instructed us to use the original monthly payment
amount, as shown in the Contract or Usury Adjustment Tool (and in accordance with any other applicable note(s)).

For the purpose of comparing the original monthly payment amount Sample Characteristic for each Sample FCA Direct Automobile Loan Contract (except for Sample Automobile Loan Contract Numbers 1, 2, 3, 7, 8, 11, 15, 17, 20, 35, 36, 38, 39, 48, 52, 59, 62, 65, 71, 90, 102, 103, 107, 113, 116, 117, 120, 121, 126, 131, 133, 137, 142, 150, 152, 153, 154, 158, 167 and 169), the Sponsor, on behalf of the Depositor, instructed us to use the original monthly payment amount, as shown in the Contract.

For the purpose of comparing the original monthly payment amount Sample Characteristic for Sample Automobile Loan Contract Numbers 1, 2, 3, 7, 8, 9, 11, 15, 17, 20, 35, 36, 38, 39, 48, 52, 59, 62, 65, 71, 80, 90, 102, 103, 107, 113, 116, 117, 120, 121, 126, 131, 133, 137, 142, 150, 152, 153, 154, 158, 167 and 169, the Sponsor, on behalf of the Depositor, instructed us to use the Servicing System Screen Shots as the Source.

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**Exhibit 1 to Attachment A** 

Page 5 of 6

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

ix. For the purpose of comparing the model Sample Characteristic for each Sample Automobile Loan Contract, the
Sponsor, on behalf of the Depositor, instructed us to note agreement if the value on the Statistical Data File agreed with the corresponding information in at least one of the Contract or Supplemental Sample Query, subject to the additional
instruction(s) described in the succeeding paragraph(s) of this note. We performed no procedures to reconcile any differences that may exist relating to the information shown in the Contract and Supplemental Sample Query.

For the purpose of this procedure, the Sponsor, on behalf of the Depositor, instructed us to ignore differences due to abbreviation or truncation.

x. The Sponsor, on behalf of the Depositor, instructed us not to compare the FICO score Sample Characteristic for
any Sample Automobile Loan Contract with a FICO score value of "0," as shown on the Statistical Data File.

xi. For the purpose of comparing the original loan-to-value ratio Sample Characteristic for each Sample Automobile Loan Contract, the Sponsor, on behalf of the Depositor, instructed us to recalculate the original loan-to-value ratio by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Dividing the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Original amount financed, as shown in the Contract or Servicing System Screen Shots (and in accordance with any
other applicable note(s)),

by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Market value, as shown in the Supplemental Sample Query,

and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Rounding the resulting percentage obtained above to the second decimal place (XX.XX%), subject to the
additional instruction(s) described in the succeeding paragraph(s) of this note.

For the purpose of this procedure, the Sponsor, on behalf of the Depositor, instructed us to ignore absolute differences of +/- 0.01% or less.

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**Exhibit 1 to Attachment A** 

Page 6 of 6

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

xii. For the purpose of comparing the remaining term (months) Sample Characteristic for each Sample Automobile Loan
Contract, the Sponsor, on behalf of the Depositor, instructed us to recalculate the remaining term (months) by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Subtracting the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Number of payments, as shown in the Supplemental Sample Query, from

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Original term (months), as shown in the Contract,

and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Adding the number of deferred payments (extensions), as shown in the Supplemental Sample Query, to the result
obtained above.

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.