DriveTime Automotive Group is planning a $267.75 million subprime auto loan securitization, DT Auto Owner Trust 2014-1, according to a presale report from Kroll Bond Rating Agency.

Kroll has a preliminary ‘AAA’ rating to a $131.2 million class of notes with credit enhancement of 64%; ‘to be issued by the trust; a $35 million class with credit enhancement of 54% is rated ‘AA’; a $48 million class with credit enhancement of 40.3% is rated ‘A’ and a $53.55 million class with credit enhancement of 25% is rated ‘BBB.’

The notes are backed by $350 million of receivables.

This is the third subprime auto securitization that Kroll has rated for DriveTime. The used car retailer issued a total of two deals in 2013, two in 2012 and three in 2011.

Kroll said the collateral in the latest deal is comprised of a lower portion of better quality loans than recent previous deals, as 66% of the loans in the A+, A or B categories compared to 69.3% in the 2013-2 transaction. In addition, DriveTime has included a higher percentage of loans over 60 months: 82.3% versus 72.1% in the 2013-2 transaction.

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