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DCR Rates FirstCity Auto Receivables Trust 1998-3

31 November 1998

DCR Rates FirstCity Auto Receivables Trust 1998-3

    NEW YORK, Nov. 30 -- Duff & Phelps Credit Rating Co. (DCR)
has assigned a 'AAA' (Triple-A) rating to the 6.35 percent $60 million Class A
asset-backed notes issued by FirstCity Auto Receivables Trust 1998-3.
    The rating is primarily based on the Class A Note Insurance Policy issued
by MBIA Insurance Corporation.  The rating is also based on other factors
including FirstCity Financial Corporation's (FirstCity) historical
performance, Chase Bank of Texas as backup servicer, and credit enhancement in
the form of a reserve fund and overcollateralization.
    FirstCity is a diversified financial services company with business
segments dedicated to portfolio acquisition, consumer lending, mortgage
banking, capital markets and asset servicing through approximately 50 offices
throughout the United States and Europe.  Through a new entity created in
September 1997, FirstCity originates auto loans to consumers in the nonprime
and subprime credit sector indirectly through dealers and directly through a
refinance program.  The transaction is FirstCity's fourth auto securitization
and the fourth rated by DCR.
    The placement agent for the transaction was ContiFinancial Services
Corporation.