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Chase Manhattan Auto Owner Trust 98 Notes & Certificates Rated

18 June 1998

Standard & Poor's Rates Chase Manhattan Auto Owner Trust 98 Notes & Certificates

    NEW YORK, June 17 -- Standard & Poor's today assigned its
ratings to Chase Manhattan Auto Owner Trust 1998-C's asset backed notes
classes A-1 through A-4 and asset backed certificates (see list below).
    The ratings are based primarily on:
    -- A 3.0% subordination for the notes provided by the certificates;
    -- A 3.0% cash reserve account supporting both the notes and the
       certificates;
    -- Approximately 2.25% annual excess spread;
    -- Strong historical loss experience of Chase Auto Finance's (CAF)
       portfolio; and
    -- A sound legal structure.

    The reserve fund builds from 1.50% of the original pool balance to 3.0%
of the current balance and will amortize to a floor of 0.75% of the original
pool balance.  There are performance based triggers which would result in
increasing the reserve account requirement to 6.00% of the current balance
from 3.00%.  Principal on the notes is paid sequentially and after the class
A-1 notes have been paid in full, principal will be paid pro rata between the
notes and the certificates.
    The legal final maturity for the class A-1 notes is July 9, 1999 and these
notes benefit from collections and excess spread until retired.
    Chase Manhattan Bank USA N.A., purchases motor vehicle installment sales
contracts through CAF.  As of March 31, 1998 CAF's indirect auto loan
portfolio outstanding was $11.7 billion. Portfolio performance continues to be
excellent.  As of March 31, 1998, delinquencies including repossessed
inventory were 1.92% compared to 2.23% as of Dec. 31, 1997 (1.71% as of
March 31, 1997 and 2.02% as of Dec. 31, 1996).  Annualized net losses
increased to 0.51% as of March 31, 1998 compared to 0.44% as of Dec. 31, 1997
(0.42% as of March. 31, 1997 and 0.24% as of Dec. 31, 1996).  The increased
losses reflect economic conditions affecting consumer debt generally and for
the period ending Dec. 31, 1997 can be attributed to a slower growing
portfolio resulting in an increased portion of the portfolio being subject to
its peak loss curve.
    The 1998-C receivables pool is comprised of automobile installment sales
contracts to prime borrowers.  There has been a 6.00% increase in new financed
vehicles (57% total) compared to the last securitization.  Concentration in
Texas continues to be about 28% of the pool due to Chase's assumption of an
affiliate of relationships with a large number of dealers in Texas at year end
1997.  This increased concentration has been factored into Standard & Poor's
expected losses for Chase.  The top three state concentrations are in Texas
(28%), California (16%), and New York (9%).  Other pool characteristics are
very similar to previous securitizations.  The weighted average seasoning on
this pool is 1.05 months.  The average contract balance is $16,798 and the
weighted average contract rate of the receivables is 9.00%.
    The receivables were originated by CAF and were then purchased by Chase
Manhattan Bank N.A.  The receivables were then subsequently sold to Chase
Manhattan Auto Owner Trust 1998-C.  The receivables are serviced by Chase USA
(Delaware).  Series 1998-C is Chase's 12th term securitization of automobile
loans. -- CreditWire

    ASSIGNED RATINGS

    $258 million class A-1 5.588% asset backed notes    A-1+
    $195 million class A-2 5.747% asset backed notes    AAA
    $325 million class A-3 5.800% asset backed notes    AAA
    $283.9 million class A-4 5.850% asset backed notes  AAA
    $32.9 million 6.0% asset backed certificates        A+