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DCR Rates Capital Auto Receivables Asset Trust 1999-1

29 February 1999

DCR Rates Capital Auto Receivables Asset Trust 1999-1

    NEW YORK, Feb. 26 -- Duff & Phelps Credit Rating Co. (DCR)
has assigned the following preliminary ratings to the asset-backed notes
issued by Capital Auto Receivable Asset Trust 1999-1:

    Class      Amount       Coupon        Final Maturity  Prelim. Rating
    Class A-1  $735,000,000 5.364 percent 5/15/01         N/R
    Class A-2  $403,000,000 5.580 percent 6/17/02        `AAA` (Triple-A)
    Class A-3  $137,981,417 5.680 percent 8/16/04        `AAA` (Triple-A)
    Series 1998-1 Ctf. $1,352,200,000  6.090 percent   Privately Placed
    Privately Placed

    The servicer for this transaction is General Motors Acceptance Corp.
(GMAC) and the trustee is The First National Bank of Chicago. The transaction
underwriters are Credit Suisse First Boston, Merrill Lynch & Co., Bear Stearns
& Co. Inc., J.P. Morgan & Co., Lehman Brothers, Morgan Stanley Dean Witter and
Salomon Smith Barney.
    The ratings of the 1999-1 asset-backed notes are based on GMAC`s extensive
origination and servicing experience in consumer auto loans, the sound legal
structure of the transaction, and credit enhancement available for the Class A
Notes.
    The 1999-1 trust will be the third auto securitization issued by GMAC;
the last transaction was issued in 1997.  In this structure, prime retail
installment sales contracts secured by new automobiles and light trucks were
purchased by GMAC.  GMAC will sell the receivables to the seller and the
seller will sell all its rights and interests to Capital Auto Receivables
Asset Trust 1999-1 (the issuer).  The issuer will sell the receivables to the
trust which will issue the notes to investors.  The enhancement for the notes
relies upon the subordinated certificates, the overcollateralization amount
and the reserve account.  The preliminary ratings assigned to the Class A-2
and Class A-3 notes address the timely payment of interest and the ultimate
payment of principal by the respective scheduled maturity date for such class.
    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.