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Fitch Rts DaimlerChrysler 2001-A Asset-Backed Notes `F1+/AAA'

    NEW YORK--March 14, 2001--Fitch rates DaimlerChrysler Auto Trust (DCAT) 2001-A asset-backed notes as follows: 

	   --  $300,000,000 5.095% class A-1 notes `F1+';
	   --  $790,000,000 4.98% class A-2 notes `AAA';
	   --  $370,000,000 5.16% class A-3 notes `AAA';
	   --  $340,000,000 5.40% class A-4 notes `AAA';
	   --  $60,466,000 certificates Unrated.

    The ratings on the class A notes are based upon funds in the reserve account, subordination of the certificates, initial overcollateralization amount (Initial O/C) and yield supplement overcollateralization amount (YSOA) as well as the availability of excess spread to create additional overcollateralization. The ratings also reflect the high quality of the retail auto receivables originated by Chrysler Financial Company, L.L.C. (CFC) and the sound legal and cash flow structures. Fitch ratings address the likelihood of noteholders receiving full and timely payments of interest and principal by each note's legal final payment date.
    Initial credit enhancement for the class A notes, equal to 7% of the initial securities principal balance (ISPB), is comprised of 3.25% subordination, 3.5% initial O/C and 0.25% reserve. The initial O/C is expected to increase to 4% of the current pool balance through the use of excess spread. On each distribution date, assuming the class A-1 notes have been paid in full, the reserve account is fully funded to its specified target, and the O/C amount is equal to 4% of the current outstanding balance, excess cash from the underlying receivables is released to DaimlerChrysler Retail Receivables LLC. Additionally, the reserve account is fully funded at closing to its target level of 0.25% of the ISPB, which increases credit enhancement as the pool amortizes. Reserve funds are used to cover any interest shortfalls, as well as retire any class of notes on its legal final distribution date if collections are not sufficient.
    The target enhancement level of 7.5% -- while the same as 2000-E -- represents a 175 basis point reduction from 2000-A. The change reflects the inclusion of the YSOA, ongoing performance and underwriting improvements in DaimlerChrysler's retail auto portfolio, modifications in securitization pool composition and more favorable cumulative loss expectations. Furthermore, 2001-A includes receivables generated under the Gold Key Plus Program. These receivables, as described below, further lower the pool's expected lifetime cumulative loss. Fitch anticipates strong performance from the pool of receivables in 2001-A and ran several business and credit cash flow scenarios to ensure the bond structure could support losses consistent with `AAA' assumptions.
    DCAT 2001-A receivables consist of new and used automobile and light-duty truck installment loans. The pool's weighted average APR of 6.74% points towards CFC's ongoing use of incentives. Incentive lending or loan subvention is common among captives and tends to attract more creditworthy borrowers resulting in lower loss frequencies. As with the 2000-E transaction, 2001-A incorporates a YSOA to compensate for loans with contract rates below 4.75%. The YSOA boosts the pool's effective APR to 8.04% and ensures collections are sufficient to cover debt service and build O/C under expected conditions.
    Gold Key Plus receivables constitute approximately 13% of the 2001-A pool. Similar to a lease, contracts originated under this program provide for a stream of fixed monthly payments with a final fixed payment at the end of the contract term. At the end of the contract's term, the obligor has the option of: 1) returning the vehicle to Chrysler, 2) purchasing the vehicle by payment in full of the vehicle's final fixed payment, or, 3) refinancing the final fixed payment. The final payment for a Gold Key receivable is equal to the residual value of the vehicle set at origination. The trust receives only the fixed monthly payments pertaining to each vehicle; the final payment is not securitized, eliminating turn-in and residual value risk. However, in the event of an obligor default, all proceeds from the sale of the vehicle backing the receivable will first go to pay off the principal balance of the fixed monthly payments due to the trust plus any interest accrued up to the date of default. As the balance of the fixed monthly payments is paid down, the residual value as a percentage of the outstanding loan balance grows, creating overcollateralization in the loan and effectively eliminating potential losses as liquidation proceeds on the vehicle outweigh remaining loan payments.
    Interest and principal on the class A notes is expected to be distributed monthly, beginning April, 2001. Classes A-1 through A-4 are paid sequentially with no principal distributed to the certificate holders until all the class A notes have been paid in full. Similar to the three previous DCAT transactions, the certificates do not bear interest. Subordinating the certificates and eliminating interest ensures that all collections on the receivables first go to pay interest and principal to the senior bonds. Excess spread available to turbo the class A notes is also increased under this structure.