Fitch Expects to Rate DaimlerChrysler Auto Trust 2004-A 'AAA'

NEW YORK--Feb. 2, 20045, 2004--Fitch Ratings expects to rate DaimlerChrysler Auto Trust 2004-A as follows:

-- $380,000,000 Class A-1 1.0725% Asset-Backed Notes 'F1+';

-- $427,000,000 Class A-2 1.41% Asset-Backed Notes 'AAA';

-- $366,000,000 Class A-3 2.00% Asset-Backed Notes 'AAA';

-- $282,000,000 Class A-4 2.58% Asset-Backed Notes 'AAA';

-- $45,000,000 Class B 2.85% Asset-Backed Notes 'A'.

The securities are backed by a pool of retail installment sales contracts secured by new and used automobiles and light-duty trucks originated by DaimlerChrysler Corp. The ratings of the notes reflect the high quality of the underlying retail installment sales contracts, available credit enhancement, the sound legal and cash flow structure, and the underwriting strength and servicing experience of DaimlerChrysler Services North America LLC (DCS). The class A notes have initial credit enhancement of 5.00% consisting of the 3.00% class B notes, 1.75% over-collateralization, and the 0.25% initial deposit to the reserve account (non-declining). The class B notes are supported by initial credit enhancement of 2.00% consisting of 1.75% over-collateralization, and the 0.25% reserve. Enhancement is expected to grow to 8.25% for the class A notes, and 5.25% for the class B notes through the application of excess spread to fund the over-collateralization target level of 5.00%. Additionally, 2004-A incorporates a yield supplement over-collateralization account (YSOA) to compensate for loans with low contract rates at closing.

As of the statistical cutoff date, the receivables had a weighted average APR of 6.03%. The weighted average original maturity of the pool was 63.01 months and the weighted average remaining term was 53.32 months resulting in approximately 9.69 months of collateral seasoning. The pool is well diversified geographically, with the largest state concentrations in Texas (11.4%), California (7.5%), Florida (6.0%), and Pennsylvania (5.9%). No other state accounts for more than 5.0% of the pool. Geographic diversification helps insulate the transaction against regional economic downturns.

Based on DCS's prime retail portfolio performance, Fitch Ratings expects strong performance from the pool of receivables in the 2004-A securitization. As of December 31, 2003, DCS's retail portfolio of approximately $39.49 billion had total delinquencies of 1.95%, and average annualized net losses were 1.07%. This compared to total delinquencies as of December 31, 2002, of 3.06%, and average annualized net losses of 1.00%.