The preliminary ratings assigned to GLS Auto Receivables Issuer Trust 2025-2's (GCAR 2025-2) automobile receivables-backed notes reflect: The availability of approximately 56.17%, 47.49%, 37.06%, 28.33%, and 24.37% of credit support (hard credit enhancement and haircut to excess spread) for the class A (classes A-1, A-2, and A-3, collectively), B, C, D, and E notes, respectively, based on stressed cash flow scenarios. These credit support levels provide at least 3.20x, 2.70x, 2.10x, 1.60x, and 1.38x of our 17.50% expected cumulative net loss (ECNL) for the class A, B, C, D, and E notes, respectively (see the Credit Enhancement And Collateral and the Cash Flow Modeling Assumptions And Results sections). The expectation that under a moderate ('BBB') stress scenario (1.60x our expected
