The preliminary ratings assigned to American Credit Acceptance Receivables Trust 2025-2's (ACAR 2025-2) automobile receivables-backed notes reflect: The availability of approximately 64.74%, 58.15%, 46.85%, 37.90%, and 34.06% credit support (hard credit enhancement and haircut to excess spread) for the class A, B, C, D, and E notes, respectively, based on stressed cash flow scenarios. These credit support levels provide at least 2.35x, 2.10x, 1.70x, 1.37x, and 1.20x coverage of our expected cumulative net loss (ECNL) of 27.25% for the class A, B, C, D, and E notes, respectively (see the Credit Enhancement And Collateral and Cash Flow Modeling Assumptions And Results sections). The expectation that under a moderate ('BBB') stress scenario (1.37x our expected loss level), all else being equal,
