KBRA Assigns Preliminary Ratings to OneMain Direct Auto Receivables Trust 2018-1

Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to four
classes of notes issued by OneMain Direct Auto Receivables Trust 2018-1
(“ODART 2018-1”) an auto loan ABS transaction.

The collateral in the ODART 2018-1 deal will include approximately
$535.69 million of loans at closing. The preliminary ratings reflect the
initial credit enhancement levels ranging from 27.75% for the Class A
notes to 2.25% for the Class D notes, which build over time. Credit
enhancement is comprised of overcollateralization, subordination of
junior note classes, a cash reserve account and excess spread. The
transaction will also include a two-year revolving period, during which
additional loans may be funded as long as they comply with certain
eligibility criteria.

This transaction represents the fourth auto loan ABS securitization that
KBRA has rated for OneMain Financial Holdings, LLC (collectively, with
OneMain Financial Group, LLC and its subsidiaries and affiliates,
“OneMain” or the “Company”) and third auto loan ABS securitization
sponsored by Springleaf Finance Corporation (“SFC”). OneMain has issued
eighteen consumer loan term securitizations through its subsidiaries
since 2013.

KBRA applied its Global Auto Loan ABS methodology as part of its
analysis of the transaction’s underlying collateral pool, the proposed
capital structure and OneMain’s historical static pool data. KBRA also
conducted an operational assessment on the originator and servicer, as
well as a review of the transaction’s legal structure and transaction
documents. KBRA will also review the operative agreements and legal
opinions for the transaction prior to closing.

For complete details on the analysis, please see KBRA’s Pre-Sale Report, OneMain
Direct Auto Receivables Trust 2018-1, which was published today
at www.kbra.com.

Preliminary Ratings Assigned: OneMain Direct Auto Receivables
Trust 2018-1

Representations & Warranties Disclosure

All Nationally Recognized Statistical Rating Organizations are required,
pursuant to SEC Rule 17g-7, to provide a description of a transaction’s
representations, warranties and enforcement mechanisms that are
available to investors when issuing credit ratings. KBRA’s disclosure
for this transaction can be found in the report entitled ODART
2018-1 Representations and Warranties.

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About KBRA and KBRA Europe

KBRA is a full service credit rating agency registered with the U.S.
Securities and Exchange Commission as an NRSRO. In addition, KBRA is
recognized by the National Association of Insurance Commissioners as a
Credit Rating Provider and a certified Credit Rating Agency (CRA) by the
European Securities and Markets Authority (ESMA). Kroll Bond Rating
Agency Europe Limited is registered with ESMA as a CRA.

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