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Premier Auto $1.7 Billion 1998-4 Notes Expected AAA Rating By Fitch IBCA

8 September 1998

Premier Auto $1.7 Billion 1998-4 Notes Expected AAA Rating By Fitch IBCA - Fitch IBCA -

    NEW YORK, Sept. 4 -- Premier Auto Trust's 1998-4 $550 million
5.56% class A-2, $470 million 5.69% class A-3, and $304 million 5.78%
class A-4 asset-backed notes are expected to be rated 'AAA' by Fitch IBCA.
Class A-1 notes and certificates are not being publicly offered.
    The expected 'AAA' ratings on the class A notes are based upon funds in
the reserve account, the subordination of the certificates, the initial
overcollateralization (OC) amount, and the availability of excess spread to
create additional OC.  In addition, the ratings reflect the high quality of
the retail auto receivables originated by Chrysler Financial Corp. (CFC) and
the sound legal and cash flow structures.  The transaction will be fully
funded at closing.
    Unlike previous Premier transactions, the certificates do not bear
interest in the Premier 1998-4 transaction.  By subordinating the certificates
and eliminating certificate interest, the structure assures that all
collections on the receivables first go to pay interest and principal to the
senior bonds.  Excess spread available to turbo the class A notes is also
increased under this structure.  Premier 1998-4 also contains a cash release
mechanism where cash generated from payments on the underlying receivables is
released during the cash release period (CRP), a feature seen in the last four
Premier securitizations.
    Credit enhancement for the class A notes, initially 8.25% grows as OC
builds through the use of excess spread.  The initial OC, 4.25% of the initial
securities principal balance (ISPB), is expected to increase to a target level
whereupon the CRP begins.  On each distribution date during the CRP, cash from
the underlying receivables is released to Premier Receivables, L.L.C.
    As seen in every Premier Auto transaction since 1994, 1998-4 utilizes a
full turbo structure to increase OC.  Since all excess spread is distributed
as principal to the class A notes before and after the CRP, OC increases over
time, providing substantial loss protection for each class of noteholders.  In
addition, the reserve account is based on the ISPB, which also increases
credit enhancement as the pool amortizes.
    Premier's credit enhancement levels continue to drop with each successive
securitization.  The decrease is due to decreasing losses and delinquencies on
CFC's retail auto portfolio.  The trends come as a result of CFC's improved
servicing and more rigid underwriting standards after loosening underwriting
standards in 1995 in response to increased competition. Despite the decrease
in credit enhancement, Fitch IBCA remains comfortable that credit enhancement
available is sufficient to sustain losses at our 'AAA' stress scenarios.
    Interest and principal on the class A notes will be distributed monthly,
beginning Oct. 8, 1998. Classes A-1 through A-4 are sequential pay note
classes.  No principal will be distributed to the certificateholders until all
the class A notes have been paid in full.