Fitch Expects to Rate Chase Auto Owner Trust 2005-B 'AAA'

NEW YORK--Nov. 15, 2005--Fitch Ratings expects to rate Chase Auto Owner Trust 2005-B as follows:

-- $395,000,000 class A-1 4.41% asset-backed notes 'AAA';

-- $302,000,000 class A-2 4.77% asset-backed notes 'AAA';

-- $415,000,000 class A-3 4.84% asset-backed notes 'AAA';

-- $256,880,000 class A-4 4.88% asset-backed notes 'AAA';

-- $31,750,000 4.97% asset-backed certificates 'AA-'.

The securities are backed by a pool of retail installment sales contracts secured by new and used automobiles and light-duty trucks originated by Chase Bank USA, NA. The ratings of the notes and certificates reflect the high quality of the underlying retail installment sales contracts, available credit enhancement (CE), the sound legal and cash flow structure, and the underwriting strength and servicing experience of Chase Bank USA, N.A. (Chase USA). The class A notes have initial credit enhancement of 3.25% consisting of the 2.25% asset-backed certificates and the 0.25% initial deposit to the reserve account, and initial overcollateralization (OC) of 0.75%. The asset-backed certificates are supported by initial CE of 1.00% comprising 0.25% in reserve and the initial OC of 0.75%.

Enhancement is expected to grow to 7.00% for the class A notes through the increase of subordination to a target of 5.00% and the application of excess spread to increase target OC to 2.00% less the percentage amount in the reserve, and for the certificates to a 2.00% target in the form of the application of excess spread to increase target OC to 2.00% less the percentage amount in the reserve. The reserve account is fully funded at closing and non-declining with a floor of 0.25% of the initial adjusted pool balance. Additionally, the 2005-B securitization incorporates a yield supplement amount to compensate for loans with low contract rates, allowing for synthetic yield to be created boosting excess spread in the transaction.

As of the statistical cutoff date, the receivables had a weighted average APR of 5.73%. The weighted average original maturity of the pool was 62 months and the weighted average remaining term was 48 months resulting in approximately 14 months of collateral seasoning, the highest seasoning recorded in a Chase Auto securitization. The pool is well-diversified geographically, with the largest state concentrations in California (10.45%), Ohio (9.91%), New York (8.07%), Texas (5.81%), Illinois (5.75%), and New Jersey (5.30%).

Interest and principal are payable monthly, beginning Dec. 1, 20055, 2005. The class A notes receive all principal payments sequentially amongst themselves until target subordination levels are met, at which time the payment waterfall switches to pro-rata for all classes of notes and certificates, where 93% of principal distributable is allocated sequentially among the remaining class A notes, and 7.0% of principal is distributed to the certificates.

Based on Chase USA's prime retail portfolio performance, Fitch expects performance similar to recent securitizations. As of Sept. 30, 2005, Chase USA's retail portfolio of approximately $38.59 billion had total delinquencies and repossessions of 1.21%, and average annualized net losses were 0.32%.

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