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DCR Assigns Ratings to Premier Auto Trust 1998-5

27 October 1998

DCR Assigns Ratings to Premier Auto Trust 1998-5

    NEW YORK, Oct. 26 -- Duff & Phelps Credit Rating Co. (DCR)
has assigned the following ratings to the Notes issued by Premier Auto Trust
1998-5:

    Security             DCR                    Amount            Final
                                                                  Maturity

    5.14 percent         D-1+ (D-One-Plus)     $380,000,000       July 1999
    Class A-1 Notes

    5.07 percent         AAA (Triple-A)        $640,000,000       April 2001
    Class A-2 Notes

    5.07 percent         AAA (Triple-A)        $450,000,000       July 2002
    Class A-3 Notes

    5.19 percent         AAA (Triple-A)        $214,375,000       April 2003
    Class A-4 Notes

    Certificates         N/R                    $65,625,000

    Rating Rationale
    The ratings on the Notes are based on the following:  credit enhancement
in the form of overcollateralization, the subordination of the
noninterest-bearing Certificates, and a reserve account supporting the 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.
    DCR's ratings on the Premier Auto Trust 1998-5 Notes are comparable to
those on the previous CFC transactions, with the only significant difference
being that the Certificates were retained as in Premier Auto Trust 1998-4 and
the credit enhancement levels were reduced to reflect the inclusion of
collateral, which DCR believes will result in lower loss levels as compared to
previous Premier transactions.
    The 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 noninterest-bearing Certificates.
Furthermore, overcollateralization will initially be 3.0 percent
($52,523,447.71), 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.
    The overcollateralization for this transaction has been reduced from the
initial 4.25 percent overcollateralization in Premier Auto Trust 1998-4 to
3.00 percent.  The reduction results from the inclusion of Chrysler's
receivables originated under the Gold Key Plus program.  The Gold Key Plus
program is an installment loan product used to finance the purchase of
vehicles by consumers, as the product is similar to a lease because the
obligor has the option to make a balloon payment or sell back to Chrysler the
vehicle for a predetermined amount at the maturity of the amortization
schedule.  DCR believes that the receivables originated under the Gold Key
Plus program will result in lower losses as compared to other receivables
included in this transaction because only the monthly installment payments
have been sold to the trust although the loan is supported by the entire value
of the collateral.  Liquidation proceeds will be paid through to the trust up
to the remaining amount of the principal financed of the respective loan; the
remainder of the liquidation proceeds will be retained by Chrysler.
    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.