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DCR Assigns Preliminary Ratings to Flagship Auto Receivables Owner Trust 1999-2

19 November 1999

DCR Assigns Preliminary Ratings to Flagship Auto Receivables Owner Trust 1999-2

    NEW YORK, Nov. 19 -- Duff & Phelps Credit Rating Co. (DCR)
has assigned preliminary ratings to the asset-backed notes issued by Flagship
Auto Receivables Owner Trust 1999-2.  A summary of the ratings is included at
the end of this release.
    Flagship Auto Loan Funding LLC 1999-II is the seller for the transaction,
and Prudential Securities is the underwriter.
    The preliminary ratings of the 1999-2 asset-backed notes address the
timely interest and ultimate principal payments by the final maturity date and
are based on a financial guaranty insurance policy from MBIA Insurance Company
(MBIA); credit enhancement available for the Class A notes in the form of
overcollateralization, a cash reserve and excess spread; and the company's
history and experience with the asset type.
    For the Class A-1 through A-4 notes, the credit enhancement consists of
7.5 percent overcollateralization and a 3.0 percent cash reserve account.
Interest for the notes is to be paid pro rata on the 18th of each month,
commencing December 20, 1999.  The principal distributable amount will be
allocated to the Class A notes sequentially, beginning with Class A-1 until
Class A-1 is zero, then to Class A-2 until zero, then to the Class A-3 until
zero, then Class A-4.
    DCR is a leading global rating agency with 33 local market offices
providing ratings and research on debt issues and insurance claims paying
ability in more than 50 countries.  For more detailed information on this
transaction, DCR's New Financing Report Summary is available on our Web site
at http://www.dcrco.com.  DCR's research is also available on Bloomberg at
DCR and FirstCall's BondCall Direct/Research Direct at
http://www.firstcall.com, as well as through other third-party providers.

                   Amount    Coupon   Final Scheduled          Ratings
                                        Maturity

    Class A-1   $117,000,000  6.420%   November 18, 2002        'AAA'
                                                              (Triple-A)

    Class A-2   $60,000,000   6.705%   January 19, 2004         'AAA'
                                                              (Triple-A)

    Class A-3   $43,000,000   6.835%   November 18, 2004        'AAA'
                                                              (Triple-A)

    Class A-4   $30,000,0000  6.900%   May 18, 2006             'AAA'
                                                              (Triple-A)