CONFORMED
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-K
/X/ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934.
For the fiscal year ended December 31, 1996
-------------------
OR
/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934.
For the transition period from to
----------- -----------
Commission file number -
----------
PREMIER AUTO TRUST 1996-3
- -----------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
State of Delaware 38-3298626
- -----------------------------------------------------------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
27777 Franklin Road, Southfield, Michigan 48034
- -----------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (810) 948-3058
--------------------------
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. Yes x No
------- -------
Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to
the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. [X]
<PAGE>
PART I.
ITEM 1. BUSINESS
The Trust was formed under the laws of Delaware pursuant to an Amended and
Restated Trust Agreement (the "Trust Agreement") dated as of June 1, 1996,
among Premier Auto Receivables Company ("PARCO"), Chrysler Financial
Corporation ("CFC"), and Chemical Bank Delaware, acting thereunder not in its
individual capacity but solely as trustee of the Trust.
Chemical Bank Delaware is now known as Chase Manhattan Bank Delaware.
Pursuant to an Assignment and Assumption Agreement, PARCO assigned all of its
rights and delegated all of its duties in regard to the Trust Agreement and
the Purchase Agreement dated as of June 1, 1996, between CFC and PARCO,
effective as of June 30, 1996, to Premier Receivables L.L.C., a Michigan
limited liability company.
On June 18, 1996, the Trust issued $250,000,000 aggregate principal amount of
5.575% Asset Backed Notes, Class A-1, (which were retained by CFC),
$600,000,000 aggregate principal amount of Floating Rate Asset Backed Notes,
Class A-2, $370,000,000 aggregate principal amount of 6.50% Asset Backed
Notes, Class A-3 and $223,736,000 aggregate principal amount of 6.75% Asset
Backed Notes, Class A-4 (collectively, the "Notes"). The Notes were issued
pursuant to an Indenture dated as of June 1, 1996, between the Trust and The
Bank of New York, as Indenture Trustee. The Trust also issued $56,249,563.80
aggregate principal amount of 6.95% Asset Backed Certificates (the
"Certificates"). The Certificates represent fractional undivided interests in
the Trust. The assets of the Trust include a pool of motor vehicle retail
installment sale contracts, secured by security interests in the motor
vehicles financed thereby and including certain monies due or received
thereunder on or after June 4, 1996, transferred to the Trust by CFC on
June 18, 1996. The Notes are secured by the assets of the Trust pursuant to
the Indenture.
During October 1996, the Indenture Trustee used certain monies on deposit in
the trust reserve account (the "Reserve Fund") to purchase from CFC
approximately $60,000,000 of Receivables secured by security interests in the
motor vehicles financed thereby. Cash proceeds from the liquidation of these
Receivables are returned to the Reserve Fund. The aggregate principal balance
of these Receivables was approximately $56,200,000 as of December 31, 1996.
The Trust has no employees.
ITEM 2. PROPERTIES
There is nothing to report with regard to this item.
ITEM 3. LEGAL PROCEEDINGS
There is nothing to report with regard to this item.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
There is nothing to report with regard to this item.
2
<PAGE>
PART II.
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY
AND RELATED STOCKHOLDER MATTERS
There is nothing to report with regard to this item.
ITEM 6. SELECTED FINANCIAL DATA
The selected financial data has been omitted since the required information
is included in the financial statements or the notes thereto.
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATION
The Trust was formed under the laws of Delaware pursuant to an Amended and
Restated Trust Agreement (the "Trust Agreement") dated as of June 1, 1996,
among Premier Auto Receivables Company ("PARCO"), Chrysler Financial
Corporation ("CFC"), and Chemical Bank Delaware, acting thereunder not in its
individual capacity but solely as trustee of the Trust.
Chemical Bank Delaware is now known as Chase Manhattan Bank Delaware.
Pursuant to an Assignment and Assumption Agreement, PARCO assigned all of its
rights and delegated all of its duties in regard to the Trust Agreement and
the Purchase Agreement dated as of June 1, 1996, between CFC and PARCO,
effective as of June 30, 1996, to Premier Receivables L.L.C., a Michigan
limited liability company.
On June 18, 1996, the Trust issued $250,000,000 aggregate principal amount of
5.575% Asset Backed Notes, Class A-1, (which were retained by CFC),
$600,000,000 aggregate principal amount of Floating Rate Asset Backed Notes,
Class A-2, $370,000,000 aggregate principal amount of 6.50% Asset Backed
Notes, Class A-3 and $223,736,000 aggregate principal amount of 6.75% Asset
Backed Notes, Class A-4 (collectively, the "Notes"). The Notes were issued
pursuant to an Indenture dated as of June 1, 1996, between the Trust and The
Bank of New York, as Indenture Trustee. The Trust also issued $56,249,563.80
aggregate principal amount of 6.95% Asset Backed Certificates (the
"Certificates"). The Certificates represent fractional undivided interests
in the Trust. The assets of the Trust include a pool of motor vehicle retail
installment sale contracts, secured by security interests in the motor
vehicles financed thereby and including certain monies due or received
thereunder on or after June 4, 1996, transferred to the Trust by CFC on
June 18, 1996. The Notes are secured by the assets of the Trust pursuant
to the Indenture.
During October 1996, the Indenture Trustee used certain monies on deposit in
the trust reserve account (the "Reserve Fund") to purchase from CFC
approximately $60,000,000 of Receivables secured by security interests in the
motor vehicles financed thereby. Cash proceeds from the liquidation of these
Receivables are returned to the Reserve Fund. The aggregate principal balance
of these Receivables was approximately $56,200,000 as of December 31, 1996.
The Trust has no employees.
3
<PAGE>
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
<TABLE>
<CAPTION>
PREMIER AUTO TRUST 1996-3
STATEMENT OF ASSETS, LIABILITIES AND EQUITY
DECEMBER 31, 1996
(in millions of dollars)
<S> <C>
ASSETS
Cash and Cash Equivalents (Note 1) $ 81.6
Receivables (Note 3) 1,266.5
--------
TOTAL ASSETS $1,348.1
========
LIABILITIES AND EQUITY
Amounts Held for Future Distribution (Note 1) $ 128.3
Asset Backed Notes (Notes 3 and 4) 1,163.6
Asset Backed Certificates (Notes 3 and 4) 56.2
--------
TOTAL LIABILITIES AND EQUITY $1,348.1
========
<FN>
See Notes to Financial Statements.
</TABLE>
4
<PAGE>
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA (CONTINUED)
<TABLE>
<CAPTION>
PREMIER AUTO TRUST 1996-3
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
FOR THE PERIOD JUNE 1, 1996 (INCEPTION) THROUGH DECEMBER 31, 1996
(in millions of dollars)
<S> <C>
CASH RECEIPTS
Proceeds From Sale of Notes and Certificates $1,500.0
Collections of Principal & Interest, and Other 471.6
--------
TOTAL CASH RECEIPTS 1,971.6
--------
CASH DISBURSEMENTS
Purchases of Receivables 1,560.0
Distributions of Principal 280.1
Distributions of Interest 38.9
Distributions of Excess Reserves to Seller 3.1
Distributions of Service Fees 7.9
--------
TOTAL CASH DISBURSEMENTS 1,890.0
--------
CASH RECEIPTS IN EXCESS OF CASH DISBURSEMENTS $ 81.6
========
<FN>
See Notes to Financial Statements.
</TABLE>
5
<PAGE>
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA (CONTINUED)
PREMIER AUTO TRUST 1996-3
NOTES TO FINANCIAL STATEMENTS
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting
The financial statements of Premier Auto Trust 1996-3 (the "Trust") are
prepared on the basis of cash receipts and disbursements, which is a
comprehensive basis of accounting other than generally accepted accounting
principles.
Cash and Cash Equivalents
Short-term instruments with a maturity of less than three months when
purchased are considered to be cash equivalents. The Trust received certain
cash deposits from Chrysler Financial Corporation ("CFC") which are held as
liquidity and credit enhancement reserves and invested in short-term
instruments. Under the Sale and Servicing Agreement, the servicer is required
to convey principal and interest collections to the Trust within two business
days after their receipt. The Trust invests these collections in short-term
instruments pending distribution.
Amounts Held for Future Distribution
Amounts held for future distribution represent certain short-term investments
and receivables held for future distributions to Noteholders and
Certificateholders, and for liquidity and credit enhancement reserves.
Amounts held for liquidity and credit enhancement reserves which are not
utilized for future distributions to Noteholders and Certificateholders will
be distributed to Premier Receivables L.L.C. ("Premier L.L.C.").
NOTE 2 - RELATED PARTIES
Premier L.L.C. is a limited liability company controlled by CFC. Premier Auto
Receivables Company ("PARCO") is a wholly-owned subsidiary of CFC. The Class
A-1 Notes issued by the Trust, as described in Note 3, were retained by CFC.
NOTE 3 - SALE OF ASSET BACKED NOTES AND CERTIFICATES
The Trust was formed under the laws of Delaware pursuant to an Amended and
Restated Trust Agreement dated as of June 1, 1996, among PARCO, CFC, and
Chemical Bank Delaware, acting thereunder not in its individual capacity but
solely as trustee of the Trust.
Chemical Bank Delaware is now known as Chase Manhattan Bank Delaware.
Pursuant to an Assignment and Assumption Agreement, PARCO assigned all of its
rights and delegated all of its duties in regard to the Trust Agreement and
the Purchase Agreement dated as of June 1, 1996, between CFC and PARCO,
effective as of June 30, 1996, to Premier L.L.C.
6
<PAGE>
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA (CONTINUED)
PREMIER AUTO TRUST 1996-3
NOTES TO FINANCIAL STATEMENTS
NOTE 3 - SALE OF ASSET BACKED NOTES AND CERTIFICATES - continued
On June 18, 1996, the Trust issued $250,000,000 aggregate principal amount of
5.575% Asset Backed Notes, Class A-1 (the "Class A-1 Notes"), $600,000,000
aggregate principal amount of Floating Rate Asset Backed Notes, Class A-2
(the "Class A-2 Notes"), $370,000,000 aggregate principal amount of 6.50%
Asset Backed Notes, Class A-3 (the "Class A-3 Notes"), and $223,736,000
aggregate principal amount of 6.75% Asset Backed Notes, Class A-4 (the "Class
A-4 Notes" and, together with the Class A- 1 Notes, the Class A-2 Notes and
the Class A-3 Notes, the "Notes"). The Notes were issued pursuant to an
Indenture dated as of June 1, 1996, between the Trust and The Bank of New
York, as Indenture Trustee. The Trust also issued $56,249,563.80 aggregate
principal amount of 6.95% Asset Backed Certificates (the "Certificates"). The
Certificates represent fractional undivided interests in the Trust.
The assets of the Trust include a pool of motor vehicle retail installment
sale contracts ("Receivables"), secured by security interests in the motor
vehicles financed thereby and including certain monies due or received
thereunder on or after June 4, 1996, transferred to the Trust by CFC on June
18, 1996. The Notes are secured by the assets of the Trust pursuant to the
Indenture.
During October 1996, the Indenture Trustee used certain monies on deposit in
the trust reserve account (the "Reserve Fund") to purchase from CFC
approximately $60,000,000 of Receivables secured by security interests in the
motor vehicles financed thereby. Cash proceeds from the liquidation of these
Receivables are returned to the Reserve Fund. The aggregate principal balance
of these Receivables was approximately $56,200,000 as of December 31, 1996.
NOTE 4 - PRINCIPAL AND INTEREST PAYMENTS
Interest on the Class A-1 Notes, the Class A-3 Notes and the Class A-4 Notes
will accrue at the respective fixed per annum interest rates specified above.
The per annum rate of interest on the Class A-2 Notes for each monthly
interest period will equal one-month LIBOR plus 0.045%, subject to a maximum
rate of 12% per annum. Interest on the Notes will generally be payable on the
sixth day of each month or, if any such day is not a Business Day, on the
next succeeding Business Day (each, a "Distribution Date"), commencing July
8, 1996. Principal of the Notes will be payable on each Distribution Date to
the extent described in the Prospectus Supplement dated June 11, 1996, and
the Prospectus dated March 21, 1996 (collectively, the "Prospectus");
however, no principal payments will be made (i) on the Class A-2 Notes until
the Class A-1 Notes have been paid in full, (ii) on the Class A-3 Notes until
the Class A-2 Notes have been paid in full, or (iii) on the Class A-4 Notes
until the Class A-3 Notes have been paid in full.
7
<PAGE>
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA (CONTINUED)
PREMIER AUTO TRUST 1996-3
NOTES TO FINANCIAL STATEMENTS
NOTE 4 - PRINCIPAL AND INTEREST PAYMENTS - continued
Interest on the Certificates will accrue at the fixed per annum interest rate
specified above and will be distributed to the Certificateholders on each
Distribution Date. No distributions of principal on the Certificates will be
made until all the Notes have been paid in full.
Each class of the Notes and the Certificates will be payable in full on the
applicable final scheduled Distribution Date as set forth in the Prospectus.
However, payment in full of a class of Notes or of the Certificates could
occur earlier than such dates as described in the Prospectus. In addition,
the Class A-4 Notes will be subject to redemption in whole, but not in part,
and the Certificates will be subject to prepayment in whole, but not in part,
on any Distribution Date on which CFC exercises its option to purchase the
Receivables. CFC may purchase the Receivables when the aggregate principal
balance of the Receivables shall have declined to 10% or less of the initial
aggregate principal balance of the Receivables purchased by the Trust.
NOTE 5 - FEDERAL INCOME TAXES
In the opinion of outside legal counsel, for federal income tax purposes, the
Class A-2 Notes, Class A-3 Notes, and Class A-4 Notes will be characterized
as debt, and the Trust will not be characterized as an association (or a
publicly traded partnership) taxable as a corporation.
NOTE 6 - FINANCIAL INSTRUMENTS
The estimated fair value of financial instruments have been determined using
available market information and valuation methodologies as described below.
However, considerable judgment is required in interpreting market data to
develop the estimates of fair value. Accordingly, the estimates presented
herein are not necessarily indicative of the amounts that could be realized
in a current market exchange. The use of different market assumptions or
valuation methodologies may have a material effect on the estimated fair
value amounts.
8
<PAGE>
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA (CONTINUED)
PREMIER AUTO TRUST 1996-3
NOTES TO FINANCIAL STATEMENTS
NOTE 6 - FINANCIAL INSTRUMENTS - continued
The carrying amounts and estimated fair values of the Trust's financial
instruments at December 31, 1996 were as follows:
<TABLE>
<CAPTION>
Carrying Fair
Amount Value
-------- -----
(in millions of dollars)
<S> <C> <C>
Cash and Cash Equivalents $ 81.6 $ 81.6
Receivables $1,266.5 $1,263.5
Amounts Held for Future Distribution $ 128.3 $ 117.9
Asset Backed Notes $1,163.6 $1,170.0
Asset Backed Certificates $ 56.2 $ 57.2
</TABLE>
Assumptions and Methodologies
The carrying value of cash and cash equivalents approximates market value due
to the short maturity of these instruments.
The fair value of receivables was estimated by discounting expected cash
flows using rates of loans with similar maturities at December 31, 1996.
The fair value of Asset Backed Notes and Certificates was estimated using
quoted market prices.
The fair value of Amounts Held for Future Distribution was estimated at
carrying value for amounts with short-term maturities and at net realizable
value for remaining amounts due Premier L.L.C.
9
<PAGE>
Deloitte &
Touche LLP
- ---------- ------------------------------------------
Suite 900 Telephone (313) 396-3000
600 Renaissance Center
Detroit, Michigan 48243-1704
INDEPENDENT AUDITORS' REPORT
Shareholder and Board of Directors
Chrysler Financial Corporation
Southfield, Michigan
We have audited the accompanying statement of assets, liabilities and equity
arising from cash transactions of the Premier Auto Trust 1996-3 as of
December 31, 1996, and the related statement of cash receipts and
disbursements for the period June 1, 1996 (inception) through December 31,
1996. These financial statements are the responsibility of the management of
Chrysler Financial Corporation. Our responsibility is to express an opinion
on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
As described in Note 1, these financial statements were prepared on the basis
of cash receipts and disbursements, which is a comprehensive basis of
accounting other than generally accepted accounting principles.
In our opinion, such financial statements present fairly, in all material
respects, the assets, liabilities and equity arising from cash transactions
of the Premier Auto Trust 1996-3 as of December 31, 1996, and its cash
receipts and disbursements for the period June 1, 1996 (inception) through
December 31, 1996 on the basis of accounting described in Note 1.
/s/ Deloitte & Touche LLP
January 21, 1997
- --------------------
Deloitte Touche
Tohmatsu
International
- --------------------
10
<PAGE>
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
ON ACCOUNTING AND FINANCIAL DISCLOSURE
There is nothing to report with regard to this item.
PART III.
ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
There is nothing to report with regard to this item.
ITEM 11. EXECUTIVE COMPENSATION
There is nothing to report with regard to this item.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
There is nothing to report with regard to this item.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
There is nothing to report with regard to this item.
PART IV.
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES,
AND REPORTS ON FORM 8-K
(a) The following documents are filed as a part of this report:
1. Financial Statements
Financial statements for Premier Auto Trust 1996-3 as follows:
Statement of Assets, Liabilities and Equity - December 31, 1996 (page 4
of this report)
Statement of Cash Receipts and Disbursements for the period June 1,
1996 (inception) through December 31, 1996 (page 5 of this report)
Notes to financial statements (pages 6, 7, 8 and 9 of this report)
Independent Auditors' Report (page 10 of this report)
11
<PAGE>
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES,
AND REPORTS ON FORM 8-K (CONTINUED)
2. Financial Statement Schedules
All financial statement schedules have been omitted because the
information to be provided therein is included in the financial
statements or the notes thereto.
3. Exhibits
(a) The following exhibits are filed as a part of this report:
Exhibit No.
3 Certificate of Trust of Premier Auto Trust 1996-3. Filed as
Exhibit 3 to the Trust's Quarterly Report on Form 10-Q for
the period ended June 30, 1996, and incorporated herein by
reference.
4.1 Amended and Restated Trust Agreement, dated as of June 1,
1996, among Premier Auto Receivables Company, Chrysler
Financial Corporation and Chemical Bank Delaware, as Owner
Trustee. Filed as Exhibit 4.1 to the Trust's Quarterly
Report on Form 10-Q for the period ended June 30, 1996, and
incorporated herein by reference.
4.2 Indenture, dated as of June 1, 1996, between Premier Auto
Trust 1996-3 and The Bank of New York, as Indenture Trustee
(excluding Schedule A). Filed as Exhibit 4.2 to the Trust's
Quarterly Report on Form 10-Q for the period ended June 30,
1996, and incorporated herein by reference.
4.3 Sale and Servicing Agreement, dated as of June 1, 1996,
among Premier Auto Trust 1996-3, and Chrysler Financial
Corporation (excluding Schedules A and C). Filed as Exhibit
4.3 to the Trust's Quarterly Report on Form 10-Q for the
period ended June 30, 1996, and incorporated herein by
reference.
4.4 Assignment and Assumption Agreement, dated as of June 30,
1996, among Premier Auto Receivables Company, Premier
Receivables L.L.C. and each of the Premier Auto Trusts
parties thereto. Filed as Exhibit 4.4 to Premier Auto Trust
1996-1's Quarterly Report on Form 10-Q for the period ended
June 30, 1996 and incorporated herein by reference.
27 Financial Data Schedule
(b) No reports on Form 8-K were filed by the Trust during the last
quarter of the period covered by this report.
12
<PAGE>
PREMIER AUTO TRUST 1996-3
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.
Premier Auto Trust 1996-3 (Registrant)
By: Chrysler Financial Corporation, as Servicer
-------------------------------------------
Date: March 13, 1997 By: /s/ T. F. Gilman
-------------------------------------------
T. F. Gilman, Vice President and Controller
Principal Accounting Officer
SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO
SECTION 15(d) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES
PURSUANT TO SECTION 12 OF THE ACT.
No annual report or proxy material has been sent to security holders.
13
<PAGE>
PREMIER AUTO TRUST 1996-3
EXHIBIT INDEX
Exhibit
Number Description of Exhibit
- ------- ----------------------
3 Certificate of Trust of Premier Auto Trust 1996-3. Filed as Exhibit 3
to the Trust's Quarterly Report on Form 10-Q for the period ended June
30, 1996, and incorporated herein by reference.
4.1 Amended and Restated Trust Agreement, dated as of June 1, 1996, among
Premier Auto Receivables Company, Chrysler Financial Corporation and
Chemical Bank Delaware, as Owner Trustee. Filed as Exhibit 4.1 to the
Trust's Quarterly Report on Form 10-Q for the period ended June 30,
1996, and incorporated herein by reference.
4.2 Indenture, dated as of June 1, 1996, between Premier Auto Trust 1996-3
and The Bank of New York, as Indenture Trustee (excluding Schedule A).
Filed as Exhibit 4.2 to the Trust's Quarterly Report on Form 10-Q for
the period ended June 30, 1996, and incorporated herein by reference.
4.3 Sale and Servicing Agreement, dated as of June 1, 1996, among Premier
Auto Trust 1996-3, and Chrysler Financial Corporation (excluding
Schedules A and C). Filed as Exhibit 4.3 to the Trust's Quarterly
Report on Form 10-Q for the period ended June 30, 1996, and
incorporated herein by reference.
4.4 Assignment and Assumption Agreement, dated as of June 30, 1996 among
Premier Auto Receivables Company, Premier Receivables L.L.C. and each
of the Premier Auto Trusts parties thereto. Filed as Exhibit 4.4 to
Premier Auto Trust 1996-1's Quarterly Report on Form 10-Q for the
period ended June 30, 1996, and incorporated herein by reference.
27 Financial Data Schedule
E-1
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<CASH> $ 82
<SECURITIES> 0
<RECEIVABLES> 1,266
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 1,348
<CURRENT-LIABILITIES> 128
<BONDS> 1,164
<COMMON> 0
0
0
<OTHER-SE> 56
<TOTAL-LIABILITY-AND-EQUITY> 1,348
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 0
<EPS-PRIMARY> 0.00
<EPS-DILUTED> 0.00
</TABLE>
