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Chase Auto 98-A $1.013B ABS Expected to be Rated by Fitch IBCA - Fitch IBCA Financial Wire -

10 February 1998

Chase Auto 98-A $1.013B ABS Expected to be Rated by Fitch IBCA - Fitch IBCA Financial Wire -

    NEW YORK, Feb. 10 -- Chase Manhattan Auto Owner Trust's 1998-
A $238,000,000 5.549% class A-1 money market asset-backed notes are expected
to be rated 'F1+' by Fitch IBCA. In addition, the $204,000,000 5.679% class A-
2 asset-backed notes, $294,000,000 5.70% class A-3, and $246,000,000 5.80%
class A-4, are all expected to be rated 'AAA' and the $30,620,164.79 6.12%
asset-backed certificates 'A+'.
    Similar to the recent Chase Auto Owner Trust transactions, total credit
enhancement for the notes is 6.02%; consisting of subordination provided by
the certificates (3.02%) and the reserve account, which initially will be
funded with a deposit of 1.5% and grow to 3.0% of the outstanding pool balance
through cash collected from excess spread. The owner trust structure provides
for monthly interest to be paid to the notes and certificates . Principal will
be distributed sequentially to the notes, and no principal will be distributed
to the certificates until all the notes have been paid in full. Consequently,
the credit enhancement available to the notes will increase over time. Credit
enhancement for the certificates consists of the reserve account and excess
spread.
    Fitch IBCA expects excellent performance from the pool of loans in the
trust, based on the bank's prudent underwriting standards, strong servicing
capabilities, and historical performance. For the series 1996-B issued in
September 1996 and 1996-C issued in December 1996, the net cumulative losses
as of Dec. 31, 1997 are 0.38% and 0.37%, respectively. As of Dec. 31, 1997,
the 60 day and over delinquencies for 1996-B are 0.84% and for 1996-C 0.81%.

SOURCE  Fitch IBCA, Inc.