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Fitch IBCA To Rate Chase Manhattan Auto Owner Trust

12 June 1998

Fitch IBCA To Rate Chase Manhattan Auto Owner Trust 98-C $1 Billion Asset- Backed Notes - Fitch IBCA Financial Wire -

    NEW YORK, June 11 -- Chase Manhattan Auto Owner Trust's
1998-C $258,000,000 5.588% class A-1 money market asset-backed notes are
expected to be rated 'F1+' by Fitch IBCA.  In addition, the $195,000,000
5.747% class A-2 asset-backed notes, $325,000,000 5.800% class A-3 asset-
backed notes, and $283,900,000 5.850% class A-4 asset-backed notes are all
expected to be rated 'AAA.'  Finally, the $32,889,211.45 6.000% asset-backed
certificates are expected to be rated 'A+.'
    Total credit enhancement for 1998-C remains the same as for series 98-A
and 98-B. Protection for the notes amounts to 6.00%; consisting of
subordination provided by the certificates (3.00%) and the reserve account.
The reserve account will be funded with an initial deposit of 1.5%, which will
grow to 3.0% of the outstanding pool balance through cash collected from
excess spread. The certificates are supported by the reserve account and
excess spread.
    Although credit enhancement for the 1998-C transaction has not changed,
1998-C marks the return of the 1996-C cash flow structure. Once the class A-1
notes are paid in full, principal is distributed to the certificates on a pro
rata basis with the class A notes. The class A notes will continue to be paid
out on a sequential basis.  In more recent Chase auto transactions, the
certificates received no principal until the most subordinated class of notes
was paid in full. Payment of principal and interest will be monthly commencing
on July 15, 1998.
    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, 1996-C, and
1997-A, the net cumulative losses as of the May 1998 distribution date were
0.53%, 0.51% and 0.41%, respectively.  The 60-day and over delinquencies for
1996-B, 1996-C and 1997-A as of May 1998 distribution date were 0.87%, 0.91%,
and 0.84% respectively.