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DCR Rates Premier Auto Trust 1999-1 Asset-Backed Securities

10 March 1999

DCR Rates Premier Auto Trust 1999-1 Asset-Backed Securities

    NEW YORK, March 9 -- Duff & Phelps Credit Rating Co. (DCR)
has assigned preliminary ratings of `D-1+` (D-One-Plus) to the $325 million
Class A-1 notes, `AAA` (Triple-A) to the $520 million Class A-2 notes,
$510 million Class A-3 notes, and $329,367,000 Class A-4 notes issued by
Premier Auto Trust 1999-1. The Class B certificates are unrated.  Chrysler
Financial Corporation (CFC) is the seller and servicer for this transaction
and Merrill Lynch is the lead underwriter.
    The ratings on the notes are based on credit enhancement in the form of
overcollateralization, the subordination of the Class B Certificates, and a
reserve account supporting Class A Notes, full turbo structure that uses
excess spread to fast pay the notes, creating further overcollateralization;
CFC's considerable experience in servicing the receivables; and the strong
legal structure of the transaction.
    DCR's ratings on the Premier Auto Trust 1999-1 notes are comparable to
those on the previous CFC transactions, with the only significant difference
being that the Class B certificates (retained by CFC) do not bear interest and
principal distributions are subordinated until all of the Class A notes are
paid in full.  This feature offers more protection for the Class A notes by
making available all monthly collections to the Class A notes until the Class
A notes are paid in full.
    Credit enhancement for the Class A notes is provided by subordination,
overcollateralization, and a reserve account.  The Class A notes depend on the
approximately 3.75 percent subordination of the Class B certificates.  In
addition, overcollateralization will initially be 4.00 percent of the initial
security balance (approximately $70 million), but will grow as the notes are
turboed.  As long as excess spread is maintained, credit enhancement in the
form of overcollateralization, will grow throughout the life of the
transaction.  Furthermore, a cash reserve account with an initial deposit of
approximately $4.4 million will be available to cover losses.
    The overcollateralization for this transaction has been increased from the
initial 3.00 percent overcollateralization in Premier Auto Trust 1998-5 to
4.00 percent of the initial security balance in the current transaction.
Series 1998-5 had a significant percentage of loans originated under
Chrysler's Gold Key Plus program (21 percent in 1998-5 versus 6 percent in
1999-1).  The Gold Key Plus program is an installment loan product used to
finance the purchase of vehicles by consumers, but 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.  The current transaction, 1999-1, is more similar to
Series 1998-4 and prior transactions.
    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.