Fitch Upgrades 2 Classes of Wheels SPV2, LLC, Series 2014-1

--Class A-2 notes affirmed at 'AAAsf'; Outlook Stable;
--Class A-3 notes affirmed at 'AAAsf'; Outlook Stable;
--Class B notes upgraded to 'AAAsf' from 'AAsf'; Rating Outlook revised to Stable from Positive;
--Class C notes upgraded to 'Asf' from 'A-sf'; Outlook Positive.

The Wheels SPV2, LLC, Series 2014-1 pool has collateral characteristics and risks similar to corporate collateralized debt obligations (CDOs) and auto lease securitizations. As such, Fitch used elements of the rating methodologies detailed in the criteria for both of these asset classes which include 'Global Rating Criteria for Corporate CDOs' dated November 2015 and 'Criteria for Rating U.S. Auto Lease ABS' dated March 2016. For details regarding the application of these criteria, please refer to the Wheels SPV2, LLC, Series 2014-1 (US ABS) presale report available on 'www.fitchratings.com'.

KEY RATING DRIVERS
The affirmation of the notes reflects the stable performance of the underlying lease receivables as evidenced by low delinquency and loss rates, as well as increasing credit enhancement for all classes of notes. Fitch will continue to monitor economic conditions and their impact on trust level performance variables and update the ratings accordingly.

RATING SENSITIVITIES
Unanticipated increases in the frequency of defaults and transaction fees, or decreases in recovery rates, could produce loss levels higher than the base case and could result in potential rating actions on the notes. In Fitch's initial review of the transactions, the notes were found to have limited sensitivity to changes in obligor credit profiles and recovery rates associated with the high concentration of truck collateral in the pools. A material deterioration in performance would have to occur within the asset pool to have potential negative impact on the outstanding ratings.

DUE DILIGENCE USAGE
No third-party due diligence was provided or reviewed in relation to this rating action.