Fitch Rates Ally Auto Receivables Trust 2014-3

Fitch Ratings assigns the following ratings and Rating Outlooks to the notes issued by Ally Auto Receivables Trust 2014-3 listed below:

--$215,000,000 class A-1 'F1+sf';

--$310,000,000 class A-2 'AAAsf'; Outlook Stable;

--$334,000,000 class A-3 'AAAsf'; Outlook Stable;

--$98,830,000 class A-4 'AAAsf'; Outlook Stable;

--$21,300,000 class B 'AAsf'; Outlook Stable;

--$17,550,000 class C 'Asf'; Outlook Stable;

--$16,430,000 class D 'BBBsf'; Outlook Stable.

KEY RATING DRIVERS

Weaker Collateral Quality: The 2014-3 collateral is weaker than that of recent transactions with a lower weighted average (WA) FICO and weaker internal credit-tier distributions; 60+ month loans, used vehicles and WA loan to value (LTV) are elevated and at the higher end of the range for AART transactions historically.

Credit Enhancement: Initial hard credit enhancement (CE) is unchanged from 2014-2 (not rated by Fitch). However, compared to 2013-2 is lower for the class A and D notes and higher for the class B and C notes.

Strong Portfolio/Securitization Performance: Ally's 2009-2014 portfolio and securitization delinquencies and losses continue to perform well and remain at very low levels historically through third-quarter 2014.

Evolving Wholesale Vehicle Market: The U.S. wholesale vehicle market (WVM) is normalizing following strong performance in recent years. Fitch expects increasing used vehicle supply from off-lease vehicles and trade-ins to pressure ABS recovery rates, leading to moderately higher loss severity. Fitch's analysis accounts for this risk by including periods of weak WVM performance in the derivation of its base case loss expectation.

Consistent Origination/Underwriting/Servicing: Fitch currently rates Ally Financial 'BB+'/Outlook Stable. Ally demonstrates solid capabilities as an originator, underwriter, and servicer, as evidenced by its historical portfolio and securitization performance. Fitch deems Ally capable to adequately service 2014-3.

Legal Structure Integrity: The legal structure of the transaction should provide that a bankruptcy of Ally would not impair the timeliness of payments on the securities.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults and loss severity on defaulted receivables could produce loss levels higher than the base case. This could result in potential rating actions on the notes. Fitch evaluated the sensitivity of the ratings assigned to all classes of 2014-3 to increased losses over the life of the transaction. Fitch's analysis found that the notes display limited sensitivity to increased defaults and losses, showing no expected impact on the rating of the notes under Fitch's moderate (1.5x base case loss) scenario. The notes could experience a downgrade of one rating category under Fitch's severe (2.5x base case loss) scenario.

Key Rating Drivers and Rating Sensitivities are further detailed in the presale report published today and available at 'www.fitchratings.com' or by clicking on the above link.

Fitch's analysis of the Representations and Warranties (R&W) of this transaction can be found in Ally Auto Receivables Trust 2014-3 -- Appendix'. These R&W are compared to those of typical R&W for the asset class as detailed in Fitch's Oct. 31 special report, 'Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions'.

Additional information is available at www.fitchratings.com.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (August 2014);

--'Rating Criteria for U.S. Auto Loan ABS' (April 2014);

--'Structured Finance Tranche Thickness Metrics' (July 2011);

--'Ally Auto Receivables Trust 2014-3 - Appendix' (December 2014);

--'Ally Auto Receivables Trust 2014-3' (December 2014).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=754389

Rating Criteria for U.S. Auto Loan ABS

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=738718

Structured Finance Tranche Thickness Metrics

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=646951

Ally Auto Receivables Trust 2014-3 (US ABS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=831008

Ally Auto Receivables Trust 2014-3 - Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=832808

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=955135

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