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Fitch IBCA rates Premier Auto

21 October 1998

Fitch IBCA Expects To Rate $1.68 Billion Premier 1998-5 A/B Notes AAA - Fitch IBCA -

    NEW YORK, Oct. 21 -- Premier Auto Trust's 1998-5 $640 million
5.07% class A-2, $450 million 5.07% class A-3, and $214.375 million 5.19%
class A-4 asset-backed notes are expected to be rated `AAA' by Fitch IBCA. The
$380 class 5.14% A-1 notes, rated `F1+', and the 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 amount (initial O/C), and the availability of excess
spread to create additional overcollateralization. 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.
    Credit enhancement for the class A notes, initially 7.00%, grows as
overcollateralization builds through the use of excess spread. The initial
O/C, 3.00% of the initial securities principal balance (ISPB), is expected to
increase to a target dollar amount whereupon the cash release period (CRP)
begins. On each distribution date during the CRP, cash from the underlying
receivables is released to Premier Receivables L.L.C., a feature seen in the
last five Premier securitizations. Since all excess spread is distributed as
principal to the class A notes before and after the CRP, overcollateralization
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. Fitch gained comfort with the reduced levels of credit
enhancement due to the continuing trend of low losses and delinquencies on
Chrysler's retail auto portfolio, and the incorporation of Chrysler's Gold Key
Plus Program into the receivables pool. Despite the decrease in credit
enhancement, Fitch IBCA, Inc. remains comfortable that credit enhancement
available is sufficient to sustain losses at our `AAA' stress scenarios.
    Chrysler's Gold Key Plus Program constitutes approximately 21% of the
pool. Similar to a lease, contracts originated under this program provide for
a stream of fixed monthly payments with a final fixed payment at the end of
the contract term. The final payment is equal to the residual value of the
vehicle that is set at the beginning of the vehicle contract. The obligor pays
the fixed monthly payments, and at the end of the contract's term has the
option of returning the vehicle to Chrysler, purchasing the vehicle by payment
in full of the vehicle's final fixed payment, or refinancing the final fixed
payment. The trust will receive only the fixed monthly payments pertaining to
the vehicle contract. However, in the event of an obligor default on such
receivable, all proceeds from the sale of the vehicle backing such receivable
will go first to pay off the principal balance of the fixed monthly payments
due plus any interest accrued up to the date of default.
    Similar to the Premier 1998-4 transaction, the certificates do not bear
interest. 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.
    Interest and principal on the class A notes will be distributed monthly,
beginning Nov. 9, 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.