Fitch to Rate Ally Master Owner Trust, Series 2012-1; Presale Issued

Link to Fitch Ratings' Report: Ally Master Owner Trust, Series 2012-1 (U.S. ABS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=670710

Fitch Ratings expects to assign the following ratings to Ally Master Owner Trust, Series 2012-1:

--$750,000,000 class A-1/A-2 'AAAsf'; Outlook Stable;

--$36,970,000 class B 'AAsf'; Outlook Stable;

--$58,099,000 class C 'Asf'; Outlook Stable;

--$42,254,000 class D 'BBBsf'; Outlook Stable.

Key Rating Drivers

Quality of Wholesale Receivables: The trust receivables backing 2012-1 have a high percentage of floorplan loans backing new vehicles (88.97%), strong aging distribution with only 3.00% inventory aged past 270 days, and are geographically diverse.

Asset concentrations: Dealers are subject to concentration limits mitigating the risk of individual dealer defaults and losses. Exposure to individual vehicle types, manufacturers, or segments is mitigated with concentration limits in place.

Strength of Dealer Network: Based on a review of dealer financial metrics and Ally's internal dealer credit classifications, the financial health of Ally's dealer network in 2011 is viewed as strong, with the majority of dealers profitable through 2011.

Strong Trust Performance: AMOT is currently experiencing positive performance trends, such as strong monthly payment rates (MPRs) and asset yield, low agings, minimal dealer defaults and trust losses.

Sufficient Credit Enhancement (CE): Initial CE for the class A notes is 30.00% (29.00% subordination and 1.00% reserve account, both of initial note balance. Structural features, such as early amortization triggers, mitigate risks of dealer/manufacturer defaults/bankruptcies.

Consistent Origination and Servicing: Ally demonstrates adequate abilities as originator, underwriter, and servicer, as evidenced by the historical delinquency and loss performance of AMOT. Wells Fargo Bank N.A. (Wells Fargo) is the backup servicer for 2012-1.

Current Economic Conditions: The slow U.S. economic recovery and volatility therein, could affect performance of 2012-1. This concern is mitigated by the conservative analysis and stress assumptions applied to 2012-1, and resulting loss coverage, consistent with Fitch's criteria, and stable performance of AMOT and strong outlook on used vehicles values for 2012.

Legal Analysis: The legal structure of the transaction provides that a bankruptcy of Ally would not impair the timeliness of payments on the securities.

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'Global Rating Criteria for Dealer Floorplan ABS' (Jan. 25, 2012).

--'Global Structured Finance Rating Criteria' (Aug. 11, 2011).

Applicable Criteria and Related Research:

Global Rating Criteria for Dealer Floorplan ABS

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=666405

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=646569

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