SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q/A
(Amendment 1)
/ X / QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934.
For the quarterly period ended September 30, 1998
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 333-31093-01
PREMIER AUTO TRUST 1998-1
- -----------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
State of Delaware
- -----------------------------------------------------------------------------
(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 (248) 948-3058
--------------------------
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 / / No /X /
<PAGE>
The purpose of this amendment is to add the year 2000 disclosure to
Part I Item 2 of the 10Q filed with the Securities and Exchange Commission on
October 23, 1998 for the quarterly period ended September 30, 1998.
PART I. FINANCIAL INFORMATION
- ------- ---------------------
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
- ------- ----------------------------------------
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
---------------------------------------------
Year 2000
The Trust 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 CFC is the
Servicer of the receivables sold to the Trust, the business critical computer
systems to the Trust are therefore those of CFC. CFC 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 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. 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.
In addition, disruptions with respect to the computer systems of vendors or
customers, 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. 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.
<PAGE>
PREMIER AUTO TRUST 1998-1
-------------------------
SIGNATURES
----------
Pursuant to the requirements 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 1998-1 (Registrant)
By: Chrysler Financial Corporation, as Servicer
Date: February 1, 1999 By: /s/ D. H. Olsen
--------------------------------------
D. H. Olsen, Vice President and Controller
and Chief Accounting Officer
