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, 1998
OR
____ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934.
For the transition period from to
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Commission file number 333-31093-01
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PREMIER AUTO TRUST 1998-1
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(Exact name of registrant as specified in its charter)
State of Delaware 52-2098434
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(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
27777 Franklin Road, Southfield, Michigan 48034
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (248) 948-3067
---------------------------
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. FINANCIAL INFORMATION
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 February 1,
1998, among Premier Receivables L.L.C.("Premier L.L.C."), Chrysler Financial
Company L.L.C. ("CFC"), and Chase Manhattan Bank Delaware, acting thereunder
not in its individual capacity but solely as trustee of the Trust.
On February 26, 1998, the Trust issued $225,000,000 aggregate principal
amount of 5.545% Asset Backed Notes, Class A-1 (the "Class A-1 Notes"),
$400,000,000 aggregate principal amount of 5.61% Asset Backed Notes, Class
A-2 (the "Class A-2 Notes"), $270,000,000 aggregate principal amount of 5.63%
Asset Backed Notes, Class A-3 (the "Class A-3 Notes"), and $308,125,000
aggregate principal amount of 5.70% 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 Trust also issued $46,875,000
aggregate principal amount of 5.92% Asset Backed Notes, Class B (the "Class B
Notes" and, together with the Class A Notes, the "Notes"). The Notes were
issued pursuant to an Indenture dated as of February 1, 1998, between the
Trust and The Bank of New York, as Indenture Trustee. 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
February 11, 1998, transferred to the Trust by CFC on February 26, 1998. The
Notes are secured by the assets of the Trust pursuant to the Indenture.
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 COMMOM 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 dated (the "Trust Agreement") as of February 1,
1998, among Premier Receivables L.L.C. ("Premier L.L.C."), Chrysler Financial
Company L.L.C. ("CFC"),and Chase Manhattan Bank Delaware, acting thereunder
not in its individual capacity but solely as trustee of the Trust.
On February 26, 1998, the Trust issued $225,000,000 aggregate principal
amount of 5.545% Asset Backed Notes, Class A-1 (the "Class A-1 Notes"),
$400,000,000 aggregate principal amount of 5.61% Asset Backed Notes, Class
A-2 (the "Class A-2 Notes"), $270,000,000 aggregate principal amount of 5.63%
Asset Backed Notes, Class A-3 (the "Class A-3 Notes"), and $308,125,000
aggregate principal amount of 5.70% 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 Trust also issued $46,875,000
aggregate principal amount of 5.92% Asset Backed Notes, Class B (the "Class B
Notes" and, together with the Class A Notes, the "Notes"). The Notes were
issued pursuant to an Indenture dated as of February 1, 1998, between the
Trust and The Bank of New York, as Indenture Trustee. 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
February 11, 1998, transferred to the Trust by CFC on February 26, 1998. The
Notes are secured by the assets of the Trust pursuant to the Indenture.
The Trust has no employees.
Year 2000
The Trust relies on the servicer's computer systems. CFC, as servicer, has
conducted an evaluation of the actions necessary to ensure that its business
critical computer systems will function without disruption with respect to
the application of dating systems in the Year 2000. As a result of this
evaluation, CFC is engaged in the process of upgrading, replacing and testing
certain of its information and other computer systems. CFC's remedial actions
are scheduled to be completed during the third quarter of 1999 and, based
upon information currently available, CFC does not anticipate that the costs
of its remedial actions will be material to the consolidated results of
operations and financial position of CFC and are being expensed as incurred.
However, there can be no assurance that the remedial actions being
implemented by CFC will be completed in time to avoid dating systems problems
or that the cost will not be material to CFC. If CFC is unable to complete its
remedial actions in the planned timeframe, contingency plans will be
developed to address those business critical systems that may not be Year
2000 compliant.
3
<PAGE>
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATION (CONTINUED)
In addition, disruptions with respect to vendor or customer computer systems,
which are outside the control of CFC, could impair the ability of CFC to
obtain necessary services or to provide services to their customers.
Disruptions of CFC's computer systems, or the computer systems of CFC's
vendors or customers, as well as the cost of avoiding such disruption, could
have a material adverse effect upon the financial condition and results of
operations of CFC. CFC has a process in place to assess the Year 2000 readiness
of its business critical vendors and customers. CFC believes that the most
likely worst case scenario is that a small number of vendors will be unable
to supply service for a short time after January 1, 2000. As part of the
assessment process, CFC will develop contingency plans for those business
critical vendors who are either unable or unwilling to develop remediation
plans to become Year 2000 compliant. Although these plans have yet to be
developed, CFC expects that these plans will include selective resourcing of
services to Year 2000 compliant vendors. CFC expects that vendors in this
category will represent an insignificant part of its total service base. It
is expected that these plans will be in place by the third quarter of 1999.
Any inability to complete the remedial actions referred to in the preceding
two paragraghs in a timely manner could result in delays in collections on
the Receivables and payments on the Notes.
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
There is nothing to report with regard to this item.
4
<PAGE>
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
PREMIER AUTO TRUST 1998-1
STATEMENT OF ASSETS, LIABILITIES AND EQUITY
DECEMBER 31, 1998
(in millions of dollars)
ASSETS
Cash and Cash Equivalents (Note 1) $ 12.6
Receivables (Note 3) 953.8
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TOTAL ASSETS $966.4
======
LIABILITIES AND EQUITY
Amounts Held for Future Distribution (Note 1) $ 29.9
Asset Backed Notes (Notes 3 and 4) 936.5
------
TOTAL LIABILITIES AND EQUITY $966.4
======
See Notes to Financial Statements.
5
<PAGE>
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA (CONTINUED)
PREMIER AUTO TRUST 1998-1
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
FOR THE PERIOD FEBRUARY 1, 1998 (INCEPTION) THROUGH DECEMBER 31, 1998
(in millions of dollars)
CASH RECEIPTS
Proceeds from Sale of Notes $1,250.0
Collections of Principal & Interest, and Other 413.1
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TOTAL CASH RECEIPTS 1,663.1
========
CASH DISBURSEMENTS
Purchase of Receivables 1,250.0
Distribution of Principal & Interest, and Other 400.5
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TOTAL CASH DISBURSEMENTS 1,650.5
--------
CASH RECEIPTS IN EXCESS OF CASH DISBURSEMENTS $ 12.6
========
See Notes to Financial Statements.
6
<PAGE>
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA - (CONTINUED)
PREMIER AUTO TRUST 1998-1
NOTES TO FINANCIAL STATEMENTS
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting
The financial statements of Premier Auto Trust 1998-1 (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. The primary difference from the accrual basis to this basis is
that the financial statements do not record accrued interest receivable on
the Receivables or accrued interest payable on the Notes from the most recent
Distribution Date to the balance sheet date.
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 Company L.L.C. ("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. If CFC maintains a short-term rating of at
least A-1 by Standard & Poor's and P-1 by Moody's the servicer may convey the
principal and interest collections to the Trust on a monthly basis. In May
1998, CFC met the rating requirements and the servicer began to convey
collections to the Trust on a monthly basis.
Amounts Held for Future Distribution
Amounts held for future distribution represent certain short-term investments
held for future distributions to Noteholders and for liquidity and credit
enhancement reserves. Amounts held for liquidity and credit enhancement
reserves which are not utilized for future distributions to Noteholders 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. On November
12, 1998, CFC's parent, Chrysler Corporation, became a wholly owned
subsidiary of DaimlerChrysler Aktiengesellscchaft ("Daimler") and on November
17, 1998, Chrysler Corporation changed its name to DaimlerChrysler
Corporation ("DaimlerChrysler").
7
<PAGE>
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA - (CONTINUED)
PREMIER AUTO TRUST 1998-1
NOTES TO FINANCIAL STATEMENTS
NOTE 3 - SALE OF ASSET BACKED NOTES
The Trust was formed under the laws of Delaware pursuant to an Amended and
Restated Trust Agreement dated as of February 1, 1998, among Premier L.L.C.,
CFC, and Chase Manhattan Bank Delaware, acting thereunder not in its
individual capacity but solely as trustee of the Trust.
On February 26, 1998, the Trust issued $225,000,000 aggregate principal
amount of 5.545% Asset Backed Notes, Class A-1 (the "Class A-1 Notes"),
$400,000,000 aggregate principal amount of 5.61% Asset Backed Notes, Class
A-2 (the "Class A-2 Notes"), $270,000,000 aggregate principal amount of 5.63%
Asset Backed Notes, Class A-3 (the "Class A-3 Notes"), and $308,125,000
aggregate principal amount of 5.70% 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 "Class A Notes"). The Trust also issued $46,875,000
aggregate principal amount of 5.92% Asset Backed Notes, Class B (the "Class B
Notes" and, together with the Class A Notes, the "Notes"). The Notes were
issued pursuant to an Indenture dated as of February 1, 1998, between the
Trust and The Bank of New York, as Indenture Trustee. 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
February 11, 1998, transferred to the Trust by CFC on February 26, 1998. The
Notes are secured by the assets of the Trust pursuant to the Indenture.
NOTE 4 - PRINCIPAL AND INTEREST PAYMENTS
Interest on the Notes will accrue at the respective fixed per annum interest
rates specified above. 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 March
6, 1998. Principal of the Notes will be payable on each Distribution Date to
the extent described in the Prospectus Supplement dated February 18, 1998,
and the Prospectus dated September 10, 1997 (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, (iii) on the Class A-4 Notes
until the Class A-3 Notes have been paid in full or (iv) on the Class B Notes
until the Class A-4 Notes have been paid in full. Each class of the Notes
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
could occur earlier than such dates as described in the Prospectus. In
addition, the Class A-4 Notes and Class B Notes will be subject to redemption
in whole, but not in part, on any Distribution Date on which the servicer
exercises its option to purchase the Receivables. The servicer 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.
8
<PAGE>
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA - (CONTINUED)
PREMIER AUTO TRUST 1998-1
NOTES TO FINANCIAL STATEMENTS
NOTE 5 - FEDERAL INCOME TAXES
In the opinion of outside legal counsel, for federal income tax purposes, the
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.
The carrying amounts and estimated fair values of the Trust's financial
instruments at December 31, 1998 were as follows:
Carrying Fair
Amount Value
-------- -----
(in millions of dollars)
Cash and Cash Equivalents $ 12.6 $ 12.6
Receivables $953.8 $958.1
Amounts Held for Future Distribution $ 29.9 $ 29.7
Asset Backed Notes $936.5 $941.0
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, 1998.
The fair value of Asset Backed Notes 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>
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA - (CONTINUED)
PREMIER AUTO TRUST 1998-1
NOTES TO FINANCIAL STATEMENTS
NOTE 7 - RECENT EVENTS
Chrysler Financial Corporation converted from a corporation to a limited
liability company ("LLC") on October 25, 1998. The conversion to an LLC did
not have, and will continue not to have, an effect on day-to-day operations
of the servicer. The new LLC is the surviving legal entity of a merger
between Chrysler Financial Company L.L.C., a newly created Michigan limited
liability company, and Chrysler Financial Corporation. Chrysler Corporation
owned all of the capital stock of Chrysler Financial Corporation.
DaimlerChrysler Corporation (formerly known as Chrysler Corporation) is the
sole member (owner) of Chrysler Financial Company L.L.C. Chrysler Financial
Company L.L.C. succeeded to the operations of Chrysler Financial Corporation
upon the completion of the merger and acquired its assets and assumed debt
and other obligations.
10
<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 Company, LLC
Southfield, Michigan
We have audited the accompanying statement of assets, liabilities and equity
arising from cash transactions of the Premier Auto Trust 1998-1 as of
December 31, 1998, and the related statement of cash receipts and
disbursements for the period February 1, 1998 (inception) through December
31, 1998. These financial statements are the responsibility of the management
of Chrysler Financial Company, LLC. 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 1998-1 as of December 31, 1998, and its cash
receipts and disbursements for the period February 1, 1998 (inception)
through December 31, 1998 on the basis of accounting described in Note 1.
/s/ Deloitte & Touche LLP
January 22, 1999
- -----------------
Deloitte & Touche
Tohmatsu
International
- -----------------
11
<PAGE>
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCCOUNTING
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 1998-1 as follows:
Statement of Assets, Liabilities and Equity - December 31, 1998 (page 5
of this report)
Statement of Cash Receipts and Disbursements for the period February 1,
1998 (inception) through December 31, 1998 (page 6 of this report)
Notes to Financial Statements (pages 7, 8, 9, and 10 of this report)
Independent Auditors' Report (page 11 of this report)
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.
12
<PAGE>
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K -
(CONTINUED)
3. Exhibits
(a) The following exhibits are filed as a part of this report:
Exhibit No.
-----------
3 Certificate of Trust of Premier Auto Trust 1998-1. Filed as
Exhibit 3 to the Trust's Quarterly Report on Form 10-Q for the
period ended March 31, 1998, and incorporated herein by
reference.
4.1 Amended and Restated Trust Agreement, dated as of
February 1, 1998, among Premier Receivables L.L.C.,
Chrysler Financial Corporation and Chase Manhattan Bank
Delaware, as Owner Trustee. Filed as Exhibit 4.2 to the
Trust's Quarterly Report on Form 10-Q for the period
ended March 31, 1998, and incorporated herein by
reference.
4.2 Indenture, dated as of February 1, 1998, between
Premier Auto Trust 1998-1 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 March 31, 1998, and
incorporated herein by reference.
4.3 Sale and Servicing Agreement, dated as of March 1,
1998, between Premier Auto Trust 1998-1 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 March 31, 1998,
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.
13
<PAGE>
PREMIER AUTO TRUST 1998-1
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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 1998-1 (Registrant)
By: Chrysler Financial Company L.L.C.,
as Servicer
--------------------------------------
Date: March 5, 1999 By: /s/ David H. Olsen
--------------------------------------
David H. Olsen, 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.
14
<PAGE>
PREMIER AUTO TRUST 1998-1
EXHIBIT INDEX
Exhibit
Number Description of Exhibit
3 Certificate of Trust of Premier Auto Trust 1998-1. Filed
as Exhibit 3 to the Trust's Quarterly Report on Form
10-Q for the period ended March 31, 1998, and
incorporated herein by reference.
4.1 Amended and Restated Trust Agreement, dated as of
February 1, 1998, among Premier Receivables L.L.C.,
Chrysler Financial Corporation and Chase Manhattan
Bank Delaware, as Owner Trustee. Filed as Exhibit 4.1 to
the Trust's Quarterly Report on Form 10-Q for the period
ended March 31, 1998, and incorporated herein by
reference.
4.2 Indenture, dated as of February 1, 1998, between Premier
Auto Trust 1998-1 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 March 31, 1998, and incorporated herein by
reference.
4.3 Sale and Servicing Agreement, dated as of February 1,
1998, between Premier Auto Trust 1998-1 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 March 31, 1998, and
incorporated herein by reference.
27 Financial Data Schedule
E-1
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
PREMIER AUTO TRUST 1998-1
FOR THE PERIOD FEBRUARY 1, 1998 (INCEPTION) THROUGH DECEMBER 31, 1998
FINANCIAL DATA SCHEDULE
PURSUANT TO ARTICLE 5 OF REGULATION S-X
$ Millions
</LEGEND>
<MULTIPLIER> 1,000,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-START> FEB-01-1998
<PERIOD-END> DEC-31-1998
<CASH> $ 12
<SECURITIES> 0
<RECEIVABLES> 954
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 966
<CURRENT-LIABILITIES> 30
<BONDS> 936
<COMMON> 0
0
0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 966
<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>
