Fitch to Rate Ally Master Owner Trust, Series 2014-1; Presale Issued

Fitch Ratings expects to assign the following ratings to Ally Master Owner Trust, Series 2014-1:

--$250,000,000 class A-1 'AAAsf'; Outlook Stable;

--$250,000,000 class A-2 'AAAsf'; Outlook Stable.

Key Rating Drivers

Quality of Wholesale Receivables: The trust receivables backing this series have a high percentage of floorplan loans backing new vehicles (90.3%) and strong aging distribution, with only 3.5% of inventory aged past 270 days. The receivables are geographically diverse.

Asset Concentrations: Dealers are subject to concentration limits pertaining to certain vehicle types, manufacturers, and segments, mitigating the risk of individual dealer defaults and losses.

Strength of Dealer Network: Based on a review of dealer financial metrics, the financial health of Ally's dealer network in 2014 is stable, with the majority of dealers profitable through 3Q'13.

Strong Performance: AMOT is experiencing positive performance trends with strong monthly payment rates (MPRs) and asset yield, low agings, and minimal dealer defaults.

Sufficient Credit Enhancement: Initial credit enhancement (CE) for the class A notes is 26.5% (25.5% subordination and 1.0% reserve account, both of initial note balance), down 1.0% from 2013-3. 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 this series.

Current Economic Conditions: The slow U.S. economic recovery and volatility therein could affect the performance of this series. This is mitigated by the conservative analysis, stress assumptions applied and resulting loss coverage, and stable performance to date of AMOT.

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

The presale report is available to all investors on Fitch's website at 'www.fitchratings.com'. For more information about Fitch's comprehensive subscription service FitchResearch, which includes all presale reports, surveillance, and credit reports on more than 20 asset classes, contact product sales at [phone] or at '[e-mail]'.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research:

--'Global Rating Criteria for Dealer Floorplan ABS' (Jan. 22, 2013);

--'Global Structured Finance Rating Criteria' (May 24, 2013).

Applicable Criteria and Related Research: Ally Master Owner Trust, Series 2014-1 (US ABS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=732075

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661

Global Rating Criteria for Dealer Floorplan ABS

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=728236

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=817277

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