Fitch Rates DaimlerChrysler Master Owner Trust, Series 2004-A 'AAA'

NEW YORK--Jan. 1, 20046, 2004--Fitch rates DaimlerChrysler Master Owner Trust (DCMOT) series 2004-A as follows:

Series 2004-A:

-- $1,000,000,000 Class A Floating-Rate Asset-Backed Notes 'AAA'.

The rating on the notes is based upon its specified credit enhancement consisting of overcollateralization. The rating reflect the transaction's sound legal structure, the high quality of the dealer floor plan receivables generated under the revolving credit agreements between DaimlerChrysler Services North America LLC (DCS) and US retail motor dealers, and the strength of DCS as servicer.

Initial credit enhancement of series 2004-A for the AAA notes as a percentage of the total principal balance, is 9.89% of overcollateralization. The overcollateralization percentage would increase to 11.11% following a rating downgrade below 'BBB-' of DaimlerChrysler AG.

Concentration limits on dealers and product types are established to ensure diversification of the trust receivables and to limit over-exposure to individual dealer bankruptcies. The two largest dealers, namely AutoNation, Inc. (AN) and United Auto group, Inc. (UAG), cannot exceed 4% each, the same as the previous three transactions, while all other dealers cannot exceed 1.50% each. Any balance in excess of the aggregate amount of the trust's principal receivables will result in an increase of the require participation amount to 104% from an initial 103%.

Based on the loss statistics of DCS's U.S. portfolio performance, Fitch Ratings expects consistent performance from the pool of receivables in the 2004-A pool. For the nine months ended September 30, 2003, DCS's incurred net losses of 0.01%, down from 0.11% and 0.02% at year end December 31, 2002, and 2001 respectively. The US wholesale receivables portfolio had an current outstanding balance of approximately $11.50 billion, as of September 30, 2003.