IRVING, Texas — Specialty auto finance company Exeter
Finance Corp. announced the completion of its second rated term securitization
late last week, issuing $300 million in notes backed by subprime auto
installment receivables.

The company indicated the notes were purchased by qualified
institutional buyers, and accredited investors in a private placement offering
pursuant to Rule 144A of the Securities Act.

Officials pointed out the four note classes carried ratings
ranging from AAA/AA through BB/BB from DBRS and Standard & Poor's,
respectively. The weighted average coupon was 2.3 percent.

Exeter added Wells Fargo Securities and Citigroup acted as
lead managers, while Deutsche Bank Securities and Goldman, Sachs & Co. acted
as co-managers.

"All notes included in this securitization have been sold.
This announcement of their sale appears as a matter of record only," Exeter explained.