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DCR Assigns Ratings to Premier Auto Trust 1998-4

16 September 1998

DCR Assigns Ratings to Premier Auto Trust 1998-4

    NEW YORK, Sept. 15 -- Duff & Phelps Credit Rating Co. (DCR)
has assigned the following ratings to the notes issued by Premier Auto Trust
1998-4

    Security                    DCR Rating     Amount       Final Maturity
    5.45 percent Class A-1 Notes  D-1+      $360,000,000     June 1999
    5.56 percent Class A-2 Notes  AAA       $550,000,000     April 2001
    5.69 percent Class A-3 Notes  AAA       $470,000,000     June 2002
    5.78 percent Class A-4 Notes  AAA       $304,375,000     April 2003
    6.14 percent Class B Cert.    N/R        $65,625,000     September 2004

    DCR's ratings are based on credit enhancement in the form of
overcollateralization and a reserve account supporting Class A Notes, full
turbo structure which uses excess spread to fast-pay the notes creating
further overcollateralization, Chrysler's considerable experience in servicing
the receivables and the strong legal structure of the transaction.  The seller
and servicer for the transaction is Chrysler Financial Corporation and the
lead underwriter is Morgan Stanley Dean Witter.
    DCR's ratings on the Premier Auto Trust 1998-4 notes are comparable to
those on the previous CFC transactions, with the only significant difference
being that the Class B certificates were retained.  Full turbo structure of
the transaction uses excess spread to sequentially fast-pay the notes,
creating further overcollateralization.
    Credit enhancement for the Class A notes is provided by subordination and
overcollateralization.  The Class A notes depend on the approximately
3.75 percent subordination of the Class B certificates.  Furthermore,
overcollateralization will initially be 4.25 percent ($74,391,444.13), but
will grow as the notes are fast paid.  So long as excess spread is maintained,
credit enhancement in the form of overcollateralization, will grow throughout
the life of the transaction.
    For a copy of the New Financing Report Summary on this transaction, please
call the DCR Hotline at 312-368-3198 or e-mail hotline@dcrco.com.