Ally Auto Receivables Trust 2012-5 Ally Auto Assets Llc
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Prospectus Supplement to Prospectus dated October 12, 2012. ALLY AUTO RECEIVABLES TRUST 2012-5 Issuing Entity $1,260,260,000 Asset Backed Notes, Class A ALLY AUTO ASSETS LLC Depositor ALLY BANK Sponsor ALLY FINANCIAL INC. Servicer You should consider The issuing entity is offering the following classes of notes: carefully the risk factors beginning on Class A-1 Class A-2 Class A-3 Class A-4 page S-7 in this Notes Notes Notes Notes prospectus Principal Balance $300,000,000 $393,000,000 $400,000,000 $167,260,000 supplement and on page 2 in the Interest Rate 0.25000% 0.45% 0.62% 0.85% prospectus. Initial Distribution Date November 15, November 15, November 15, November 15, The notes represent 2012 2012 2012 2012 obligations of the Final Scheduled November 15, July 15, March 15, January 16, issuing entity only. Distribution Date 2013 2015 2017 2018 The notes do not represent obligations Distribution Frequency Monthly Monthly Monthly Monthly of or interests in, and Price to Public are not guaranteed by, 100.00000% 99.98852% 99.97787% 99.98383% Ally Auto Assets Underwriting Discount 0.050% 0.200% 0.250% 0.300% LLC, Ally Bank, Ally Financial Inc. or any Proceeds to the Depositor 99.95000% 99.78852% 99.72787% 99.68383% of their affiliates. Neither the notes nor the receivables are The interest rate for each class of notes will be a fixed rate. insured or guaranteed by any governmental The aggregate principal amount of the securities being offered under this entity. prospectus supplement is $1,260,260,000. This prospectus The primary assets of the issuing entity will be a pool of fixed rate retail supplement may be instalment sale contracts and direct purchase money loans used to finance the used to offer and sell the notes only if purchase of new and used cars and light trucks. accompanied by the prospectus. Credit Enhancement and Liquidity • Reserve account, with an initial deposit of $3,358,905.43. • Overcollateralization in the initial amount of $2,682,170.50. • Class B Asset Backed Notes, with a principal balance of $40,310,000. • Class C Asset Backed Notes, with a principal balance of $26,870,000. • Class D Asset Backed Notes, with a principal balance of $13,440,000. • The Class B Notes, the Class C Notes and the Class D Notes are not being offered under this prospectus supplement and instead will be retained by the depositor or its affiliate initially. • The Class D Notes are subordinated to the Class A Notes, the Class B Notes and the Class C Notes. • The Class C Notes are subordinated to the Class A Notes and the Class B Notes. • The Class B Notes are subordinated to the Class A Notes. Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved these securities or determined if this prospectus supplement or the prospectus is truthful or complete. Any representation to the contrary is a criminal offense. BofA Merrill Lynch Citigroup RBC Capital Markets BMO Capital Markets National Bank of Canada Financial Natixis Scotiabank SOCIETE GENERALE The date of this prospectus supplement is October 17, 2012 IMPORTANT NOTICE ABOUT INFORMATION PRESENTED IN THIS PROSPECTUS SUPPLEMENT AND THE ACCOMPANYING PROSPECTUS We provide information to you about the notes in two separate documents: • the prospectus, which provides general information and terms of the notes, some of which may not apply to a particular series of notes, including your series, and • this prospectus supplement, which provides information regarding the pool of receivables held by the issuing entity and specifies the terms of your series of notes. You should rely only on the information provided in the accompanying prospectus, this prospectus supplement, and any pricing supplement hereto, including the information incorporated by reference in the accompanying prospectus and this prospectus supplement. We have not authorized anyone to provide you with other or different information. We are not offering the notes in any state where the offer is not permitted. You can find definitions of the capitalized terms used in this prospectus supplement in the “Glossary of Terms to Prospectus Supplement,” which appears at the end of this prospectus supplement and in the “Glossary of Terms to Prospectus,” which appears at the end of the accompanying prospectus. The term “Ally Bank,” when used in connection with Ally Bank’s capacity as acquirer of the receivables or seller of the receivables to the depositor, includes any successors or assigns of Ally Bank in such capacity permitted pursuant to the transaction documents. The term “Ally Financial,” when used in connection with Ally Financial Inc.’s capacity as servicer of the receivables, includes any successors or assigns of Ally Financial Inc. in such capacity permitted pursuant to the transaction documents. TABLE OF CONTENTS Prospectus Supplement SUMMARY ............................................................................. S-1 RISK FACTORS .......................................................................... S-7 SUMMARY OF TRANSACTION PARTIES ................................................... S-11 AFFILIATIONS AND RELATIONSHIPS AMONG TRANSACTION PARTIES ...................... S-12 Summary of Monthly Deposits to and Withdrawals From Accounts ................................. S-13 THE TRUST ............................................................................. S-14 Capitalization of the Trust .................................................................. S-14 The Owner Trustee ........................................................................ S-14 THE SPONSOR .......................................................................... S-15 REPURCHASE HISTORY ................................................................. S-15 THE RECEIVABLES POOL ................................................................ S-15 Criteria Applicable to the Selection of Receivables ............................................... S-15 Composition of the Receivables Pool—(Total: New and Used) ..................................... S-17 Composition of the Receivables Pool—(New) .................................................. S-17 Composition of the Receivables Pool—(Used) .................................................. S-18 Distribution of the Receivables Pool by Annual Percentage Rate—Aggregate ......................... S-18 Distribution of the Receivables Pool by State ................................................... S-19 Distribution of the Receivables Pool by Loan-to-Value Ratio ....................................... S-19 Distribution of the Receivables Pool by FICO Score .............................................. S-20 Distribution of the Receivables Pool by Vehicle Make ............................................ S-20 Distribution of the Receivables Pool by Vehicle Model ........................................... S-21 Depositor Review of the Receivables Pool ..................................................... S-21 Exceptions to Underwriting Guidelines ........................................................ S-23 THE SPONSOR’S PORTFOLIO DATA ....................................................... S-24 Delinquencies, Repossessions, Bankruptcies and Net Losses ....................................... S-24 THE SERVICER .......................................................................... S-26 STATIC POOL INFORMATION ............................................................ S-26 WEIGHTED AVERAGE LIFE OF THE NOTES ................................................ S-27 Percent of Initial Note Principal Balance Outstanding at Various ABS Percentages ..................... S-30 THE NOTES ............................................................................. S-34 Payments of Interest ....................................................................... S-34 Payments of Principal ...................................................................... S-35 Redemption .............................................................................. S-36 Delivery of Notes ......................................................................... S-36 Controlling Class .......................................................................... S-36 THE TRANSFER AGREEMENTS AND THE SERVICING AGREEMENT .......................... S-36 Servicing Compensation and Payment of Expenses .............................................. S-37 Distributions ............................................................................. S-37 Reserve Account .......................................................................... S-39 Overcollateralization ....................................................................... S-39 Investment of Funds ....................................................................... S-39 Distribution of Assets Following Payment in Full of the Notes ..................................... S-40 CERTAIN FEES AND EXPENSES .......................................................... S-40 Other Fees and Expenses ................................................................... S-40 MONEY MARKET INVESTMENTS ......................................................... S-41 ERISA CONSIDERATIONS ................................................................ S-41 LEGAL PROCEEDINGS ................................................................... S-42 FEDERAL INCOME TAX CONSEQUENCES ................................................. S-42 UNDERWRITING ........................................................................ S-42 Aggregate Principal