CONFORMED COPY
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
March 2, 1999
Date of Report ............................................................
(Date of earliest event reported)
CHRYSLER FINANCIAL COMPANY L.L.C.
...........................................................................
(Exact name of registrant as specified in its charter)
State of Michigan 333-71169 38-2997412
...........................................................................
(State or other jurisdiction (Commission) (IRS Employer
of incorporation) File No.) Identification No.)
27777 Franklin Rd., Southfield, Michigan 48034
..............................................
(Address of principal executive offices)
(248) 948-3067
Registrant's telephone number, including area code.........................
This filing relates to Registration Statement No. 333-71169.
<PAGE>
Item 5. Other Events.
In connection with the proposed offering of Premier Auto Trust
1999-1, Asset Backed Notes, Class A-2, Class A-3 and Class A-4, attached as
Exhibit 99 are certain materials prepared by Chrysler Financial Company
L.L.C. that are required to be filed pursuant to the no-action letter dated
May 20, 1994 issued by the staff of the Securities and Exchange Commission
(the "Commission") to Kidder, Peabody Acceptance Corporation-1, Kidder,
Peabody & Co. Incorporated and Kidder Structured Asset Corporation and the
no-action letter dated February 15, 1995 issued by the staff of the
Commission to the Public Securities Association.
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits.
Listed below are the financial statements, pro forma financial
information and exhibits, if any, filed as a part of this Report:
(a) Financial statements of businesses acquired;
None
(b) Pro forma financial information:
None
(c) Exhibits:
Exhibit 99
- 2 -
<PAGE>
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 hereunto duly authorized.
CHRYSLER FINANCIAL COMPANY L.L.C.
Date: March 2, 1999 By: /s/ B.C. Babbish
-----------------------------
B.C. Babbish
Assistant Secretary
- 3 -
<PAGE>
EXHIBIT INDEX
Exhibit
No. Description of Exhibit
- ------- ----------------------
99 Material prepared by Chrysler Financial Company L.L.C. in
connection with Premier Auto Trust 1999-1 pursuant to the
no-action letter dated May 20, 1994 issued by the staff of
the Securities and Exchange Commission (the "Commission")
to Kidder, Peabody Acceptance Corporation-1, Kidder,
Peabody & Co. Incorporated and Kidder Structured Asset
Corporation and the no-action letter dated February 15,
1995 issued by the staff of the Commission to the Public
Securities Association.
- 4 -
EXHIBIT 99
Premier Auto Trust 1999-1 Structural and Collateral Materials
<PAGE>
The information contained in the attached materials is referred to
as the "Information".
The attached Term Sheet has been prepared by Chrysler Financial
Company L.L.C. ("CFC"). Neither Merrill Lynch, Pierce, Fenner & Smith
Incorporated ("Merrill Lynch") nor any of its affiliates makes any
representation as to the accuracy or completeness of the Information herein.
The Information contained herein is preliminary and will be superseded by the
applicable prospectus supplement and by any other information subsequently
filed with the Securities and Exchange Commission.
The Information contained herein will be superseded by the
description of the collateral pool contained in the prospectus supplement
relating to the securities.
The Information addresses only certain aspects of the applicable
security's characteristics and thus does not provide a complete assessment.
As such, the Information may not reflect the impact of all structural
characteristics of the security. The assumptions underlying the Information,
including structure and collateral, may be modified from time to time to
reflect changed circumstances.
Although a registration statement (including the prospectus)
relating to the securities discussed in this communication has been filed
with the Securities and Exchange Commission and is effective, the final
prospectus supplement relating to the securities discussed in this
communication has not been filed with the Securities and Exchange Commission.
This communication shall not constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any offer or sale of the securities
discussed in this communication in any state in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such state. Prospective purchasers are
referred to the final prospectus and prospectus supplement relating to the
securities discussed in this communication for definitive Information on any
matter discussed in this communication. Any investment decision should be
based only on the data in the prospectus and the prospectus supplement
("Offering Documents") and the then current version of the Information.
Offering Documents contain data that is current as of their publication dates
and after publication may no longer be complete or current. A final
prospectus and prospectus supplement may be obtained by contacting the
Merrill Lynch Trading Desk at 212-449-3659.
<PAGE>
$1,359,367,000
Premier Auto Trust 1999-1
CHRYSLER FINANCIAL CORPORATION
Seller and Servicer
COMPUTATIONAL MATERIALS
The following 11 pages only may be distributed to potential purchasers
The Computational Materials form MUST accompany every Computational Materials
package.
BEAR, STEARNS & CO. INC.
<PAGE>
The information contained in the attached materials is referred to
as the "Information".
The attached Term Sheet has been prepared by Chrysler Financial
Company L.L.C. ("CFC"). Neither Bear, Stearns & Co. Inc. ("Bear Stearns") nor
any of its affiliates makes any representation as to the accuracy or
completeness of the Information herein. The Information contained herein is
preliminary and will be superseded by the applicable prospectus supplement
and by any other information subsequently filed with the Securities and
Exchange Commission.
The Information contained herein will be superseded by the
description of the collateral pool contained in the prospectus supplement
relating to the securities.
The Information addresses only certain aspects of the applicable
security's characteristics and thus does not provide a complete assessment.
As such, the Information may not reflect the impact of all structural
characteristics of the security. The assumptions underlying the Information,
including structure and collateral, may be modified from time to time to
reflect changed circumstances.
Although a registration statement (including the prospectus)
relating to the securities discussed in this communication has been filed
with the Securities and Exchange Commission and is effective, the final
prospectus supplement relating to the securities discussed in this
communication has not been filed with the Securities and Exchange Commission.
This communication shall not constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any offer or sale of the securities
discussed in this communication in any state in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such state. Prospective purchasers are
referred to the final prospectus and prospectus supplement relating to the
securities discussed in this communication for definitive Information on any
matter discussed in this communication. Any investment decision should be
based only on the data in the prospectus and the prospectus supplement
("Offering Documents") and the then current version of the Information.
Offering Documents contain data that is current as of their publication dates
and after publication may no longer be complete or current. A final
prospectus and prospectus supplement may be obtained by contacting the Bear
Stearns Trading Desk at 212-272-4955.
General Information: The data underlying the Information has been
obtained from sources that we believe are reliable, but we do not guarantee
the accuracy of the underlying data or computations based thereon. Bear
Stearns and/or individuals thereof may have positions in these securities
while the Information is circulating or during such period may engage in
transactions with the issuer or its affiliates. We act as principal in
transactions with you, and accordingly, you must determine the
appropriateness for you of such transactions and address any legal, tax or
accounting considerations applicable to you. Bear Stearns shall not be a
fiduciary or advisor unless we have agreed in writing to receive compensation
specifically to act in such capacities. If you are subject to ERISA, the
Information is being furnished on the condition that it will not form a
primary basis for any investment decision. The Information is not a
solicitation of any transaction in securities which may be made only by
prospectus when required by law, in which event you may obtain such
prospectus from Bear Stearns by calling the telephone number listed above.
[Bear Sterns Logo]
<PAGE>
The information contained in the attached materials is referred to
as the "Information".
The attached Term Sheet has been prepared by Chrysler Financial
Company L.L.C. ("CFC"). Neither Chase Securities Inc. ("Chase Securities")
nor any of its affiliates makes any representation as to the accuracy or
completeness of the Information herein. The Information contained herein is
preliminary and will be superseded by the applicable prospectus supplement
and by any other information subsequently filed with the Securities and
Exchange Commission.
The Information contained herein will be superseded by the
description of the collateral pool contained in the prospectus supplement
relating to the securities.
The Information addresses only certain aspects of the applicable
security's characteristics and thus does not provide a complete assessment.
As such, the Information may not reflect the impact of all structural
characteristics of the security. The assumptions underlying the Information,
including structure and collateral, may be modified from time to time to
reflect changed circumstances.
Although a registration statement (including the prospectus)
relating to the securities discussed in this communication has been filed
with the Securities and Exchange Commission and is effective, the final
prospectus supplement relating to the securities discussed in this
communication has not been filed with the Securities and Exchange Commission.
This communication shall not constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any offer or sale of the securities
discussed in this communication in any state in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such state. Prospective purchasers are
referred to the final prospectus and prospectus supplement relating to the
securities discussed in this communication for definitive Information on any
matter discussed in this communication. Any investment decision should be
based only on the data in the prospectus and the prospectus supplement
("Offering Documents") and the then current version of the Information.
Offering Documents contain data that is current as of their publication dates
and after publication may no longer be complete or current. A final
prospectus and prospectus supplement may be obtained by contacting the Chase
Securities Trading Desk at 212-834-3720.
<PAGE>
The information contained in the attached materials is referred to
as the "Information".
The attached Term Sheet has been prepared by Chrysler Financial
Company L.L.C. ("CFC"). Neither Morgan Stanley & Co. Incorporated ("Morgan
Stanley") nor any of its affiliates makes any representation as to the
accuracy or completeness of the Information herein. The Information contained
herein is preliminary and will be superseded by the applicable prospectus
supplement and by any other information subsequently filed with the
Securities and Exchange Commission.
The Information contained herein will be superseded by the
description of the collateral pool contained in the prospectus supplement
relating to the securities.
The Information addresses only certain aspects of the applicable
security's characteristics and thus does not provide a complete assessment.
As such, the Information may not reflect the impact of all structural
characteristics of the security. The assumptions underlying the Information,
including structure and collateral, may be modified from time to time to
reflect changed circumstances.
Although a registration statement (including the prospectus)
relating to the securities discussed in this communication has been filed
with the Securities and Exchange Commission and is effective, the final
prospectus supplement relating to the securities discussed in this
communication has not been filed with the Securities and Exchange Commission.
This communication shall not constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any offer or sale of the securities
discussed in this communication in any state in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such state. Prospective purchasers are
referred to the final prospectus and prospectus supplement relating to the
securities discussed in this communication for definitive Information on any
matter discussed in this communication. Any investment decision should be
based only on the data in the prospectus and the prospectus supplement
("Offering Documents") and the then current version of the Information.
Offering Documents contain data that is current as of their publication dates
and after publication may no longer be complete or current. A final
prospectus and prospectus supplement may be obtained by contacting the Morgan
Stanley Trading Desk at 212-761-2248.
<PAGE>
[EXCLUSIVELY FOR SALOMON SMITH BARNEY INC.]
Computational Materials
Premier Auto Trust 1999-1 Retail Auto ABS
-----------------------------------------
$1,359,367,000 Retail Auto Asset-Backed Notes
Chrysler Financial Company L.L.C.
Seller and Servicer
$520,000,000 Class A-2 [ ]% Asset-Backed Notes
$510,000,000 Class A-3 [ ]% Asset-Backed Notes
$329,367,000 Class A-4 [ ]% Asset-Backed Notes
Computational
Materials
Neither the Issuer of the Notes nor any of its affiliates make any
representation as to the accuracy or completeness of the information herein.
The information herein is preliminary, and will be superseded by the
applicable prospectus supplement and by any other information subsequently
filed with the Securities and Exchange Commission. The information addresses
only certain aspects of the applicable security's characteristics and thus
does not provide a complete assessment. As such, the information may not
reflect the impact of all structural characteristics of the security. The
assumptions underlying the information, including structure and collateral,
may be modified from time to time to reflect changed circumstances. The
attached term sheet is not intended to be a prospectus and any investment
decision with respect to the Notes should be made by you based solely upon
all of the information contained in the final prospectus. Under no
circumstances shall the information presented constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sale of the
securities in any jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the securities
laws of such jurisdiction. The securities may not be sold nor may an offer to
buy be accepted prior to the delivery of a final prospectus relating to the
securities. All information described herein is preliminary, limited in
nature and subject to completion or amendment. No representation is made that
the above referenced securities will actually perform as described in any
scenario presented. The Depositors have not prepared, reviewed or
participated in the preparation hereof, are not responsible for the accuracy
hereof and have not authorized the dissemination hereof. A final prospectus
and prospectus supplement may be obtained by contacting the Salomon Smith
Barney Syndicate Desk at (212) 783-3727.
<PAGE>
The information contained in the attached materials is referred to
as the "Information".
The attached Term Sheet has been prepared by Chrysler Financial
Company L.L.C. ("CFC"). Neither Salomon Smith Barney Inc. ("Salomon") nor any
of its affiliates makes any representation as to the accuracy or completeness
of the Information herein. The Information contained herein is preliminary
and will be superseded by the applicable prospectus supplement and by any
other information subsequently filed with the Securities and Exchange
Commission.
The Information contained herein will be superseded by the
description of the collateral pool contained in the prospectus supplement
relating to the securities.
The Information addresses only certain aspects of the applicable
security's characteristics and thus does not provide a complete assessment.
As such, the Information may not reflect the impact of all structural
characteristics of the security. The assumptions underlying the Information,
including structure and collateral, may be modified from time to time to
reflect changed circumstances.
Although a registration statement (including the prospectus)
relating to the securities discussed in this communication has been filed
with the Securities and Exchange Commission and is effective, the final
prospectus supplement relating to the securities discussed in this
communication has not been filed with the Securities and Exchange Commission.
This communication shall not constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any offer or sale of the securities
discussed in this communication in any state in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such state. Prospective purchasers are
referred to the final prospectus and prospectus supplement relating to the
securities discussed in this communication for definitive Information on any
matter discussed in this communication. Any investment decision should be
based only on the data in the prospectus and the prospectus supplement
("Offering Documents") and the then current version of the Information.
Offering Documents contain data that is current as of their publication dates
and after publication may no longer be complete or current. A final
prospectus and prospectus supplement may be obtained by contacting the
Salomon Smith Barney Syndicate Desk at 212-783-3727.
<PAGE>
Premier Auto Trust 1999-1
Chrysler Financial Company L.L.C., Seller and Servicer
Subject to Revision
Term Sheet dated March 2, 1999
Issuer ...................... Premier Auto Trust 1999-1 (the "Trust" or the
"Issuer").
Seller....................... Chrysler Financial Company L.L.C. (the "Seller"
or "CFC").
Servicer..................... CFC (in such capacity, the "Servicer").
Indenture Trustee ........... The First National Bank of Chicago, as trustee
under the Indenture (the "Indenture Trustee").
Owner Trustee ............... Chase Manhattan Bank Delaware, as trustee under
the Trust Agreement (the "Owner Trustee").
The Notes.................... (i) Class A-1 _____% Asset Backed Notes (the
"Class A-1 Notes") in the aggregate initial
principal amount of $325,000,000.00;
(ii) Class A-2 ____% Asset Backed Notes (the
"Class A-2 Notes") in the aggregate initial
principal amount of $520,000,000.00;
(iii) Class A-3 _____% Asset Backed Notes (the
"Class A-3 Notes") in the aggregate initial
principal amount of $510,000,000.00; and
(iv) Class A-4 _____% Asset Backed Notes (the
"Class A-4 Notes" and, together with the Class
A-1 Notes, Class A-2 Notes and Class A-3 Notes,
the "Notes") in the aggregate initial principal
amount of $329,367,000.00.
The Certificates ............ The Trust will also issue Asset Backed
Certificates (the "Certificates" and, together
with the Notes, the "Securities") with an
aggregate initial Certificate Balance of
$65,625,000.00. The Certificates will represent
fractional undivided interests in the Trust and
will be issued pursuant to the Trust Agreement.
The Certificates will not bear interest. No
principal will be paid on the Certificates
until the Notes have been paid in full.
The Receivables.............. On the Closing date, the Trust will purchase a
pool of motor vehicle retail installment sale
contracts (the "Receivables")
<PAGE>
having an aggregate principal balance of
$1,819,991,785.21 (the "Initial Pool Balance")
as of February 24, 1999 (the "Cutoff Date").
The "Pool Balance" will represent the aggregate
principal balance of the Receivables at the end
of a calendar month (the "Collection Period"),
after giving effect to all payments received
from obligors, purchase amounts to be remitted
by the Servicer or the Seller, as the case may
be, all for such Collection Period, and all
losses realized on Receivables liquidated
during such Collection Period.
Terms of the Notes:
A. Payment Dates............. Interest and principal payments on the Notes
will be made on the eighth day of each month
(each, a "Payment Date"), beginning April 8,
1999. If the eighth is not a business day, then
the payments will be made on the following
business day.
B. Interest Rates ........... The Notes will have fixed interest rates.
C. Interest ................. Interest on the outstanding principal amount of
any Class of Notes, other than the Class A-1
Notes, will accrue at the applicable Interest
Rate from the Closing Date (in the case of the
first Payment Date) or from the eighth day of
the month preceding the month of a Payment Date
to and including the seventh day of the month
of such Payment Date (each, an "Interest
Accrual Period"). Interest on the outstanding
principal amount of the Class A-1 Notes will
accrue at the applicable Interest Rate from the
Closing Date (in the case of the first Payment
Date) or from the m ost recent Payment Date on
which interest has been paid to but excluding
the following Payment Date (each, a "Class A-1
Interest Accrual Period"). Interest on each
class of Notes, other than the Class A-1 Notes,
will be calculated on the basis of a 360-day
year consisting of twelve 30-day months.
Interest on the Class A-1 Notes will be
calculated on the basis of the actual number of
days in the Class A-1 Interest Accrual Period
divided by 360.
D. Principal................. 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.
The outstanding principal amount of the Class
A-1 Notes, to the extent not previously paid,
will be payable on the December 1999 Payment
Date (the "Class A-1 Final Scheduled Payment
Date"); the outstanding principal amount of the
Class A-2 Notes, to the extent not previously
paid, will be payable on the July 2001 Payment
Date (the "Class A-2 Final Scheduled Payment
Date"); the outstanding principal amount of the
Class A-3 Notes,
2
<PAGE>
to the extent not previously paid, will be
payable on the November 2002 Payment Date (the
"Class A-3 Final Scheduled Payment Date"); and
the outstanding principal amount of the Class
A-4 Notes, to the extent not previously paid,
will be payable on the October 2003 Payment
Date (the "Class A-4 Final Scheduled Payment
Date").
The principal of the Notes payable on each
Payment Date shall generally equal (i) the
amount of principal that was collected on the
Receivables during the calendar month and (ii)
Excess Interest Collections. "Excess Interest
Collections" are the interest collections on
the Receivables that remain after payment of
(a) the Servicing Fee (together with any
portion of the Servicing Fee that remains
unpaid from prior Payment Dates), (b) the
interest due on the Notes, and (c) the amount,
if any, required to be d eposited in the
Reserve Account on such Payment Date. During
the Release Period, the principal available to
be paid on the Notes on each Payment Date shall
be reduced by the Cash Release Amount as
described under "Overcollateralization and
Release of Initial Overcollateralization
Amount".
E. Optional Redemption ...... The outstanding Class A-4 Notes will be subject
to redemption in whole, but not in part, on any
Payment Date by the Servicer when the Pool
Balance has declined to 10% or less of the
Initial Pool Balance.
Overcollateralization
and Release of
Initial
Overcollateralization
Amount..................... The Initial Pool Balance, $1,819,991,785.21,
will exceed the $1,749,992,000.00 initial
aggregate principal amount of the Securities
(the "Initial Securities Principal Balance"),
by an amount equal to $69,999,785.21 (the
"Initial Overcollateralization Amount"), which
amount is approximately 4.00% of the Initial
Securities Principal Balance. Unless offset by
losses on the Receivables or the release of
cash during the Release Period as described
below, the distribution of the Excess Interest
Collections, if any, on a Payment Date is
expected to cause the aggregate principal
amount of the Notes to decrease faster than the
Pool Balance decreases, thereby increasing the
Overcollateralization Amount. The
"Overcollateralization Amount" in respect of a
Payment Date is equal to (a) the Pool Balance
as of the end of the related Collection Period
(the "Related Pool Balance") minus (b) the
aggregate outstanding amount of Securities
after giving effect to payments made on the
Securities on such Payment Date.
Subject to the conditions set forth below, on
each Payment Date during the Release Period (as
defined below), an amount (the "Cash Release
Amount") will be released to Premier
Receivables
3
<PAGE>
L.L.C. (the "Company"). The Cash Release Amount
shall be the greater of:
(i) (A x 95.5%) + B - C
or
(ii) $0.00
where
A = the Related Pool Balance
B = the amount of principal and Excess Interest
Collections that is available to be
distributed to Noteholders on the current
Payment Date
C = the aggregate outstanding amount of
Securities before giving effect to payments
made on such Payment Date
The effect of such requirement is to maintain
the Overcollateralization percentage at or
above 4.50% during the Release Period.
The release of cash to the Company, as
described above is subject to satisfaction of
all of the following conditions:
(1) the cumulative amount of all Cash Release
Amounts during the Release Period shall not
exceed the Initial Overcollateralization
Amount;
(2) no Cash Release Amount will be released
until the Class A-1 Notes have been repaid
in full; and
(3) the amount in the Reserve Account shall be
equal to the Specified Reserve Amount.
The "Release Period" is the period starting on
the Payment Date on which the Cash Release
Amount is first released to the Company and
ending on the Payment Date on which the
cumulative Cash Release Amounts equal the
Initial Overcollateralization Amount.
Reserve Account.............. The "Reserve Account" will be part of the
Collection Account. On the Closing Date cash or
Eligible Investments having a value at least
equal to $4,374,980.00 (the "Specified Reserve
Amount"), which is 0.25% of the Initial
Securities Principal Balance, will be allocated
to the Reserve Account.
Funds will be applied from the Reserve Account
to cover any shortfalls in the payment of
interest due on the Notes. In addition, the
funds in the Reserve Account will be applied to
the payment of principal on the Notes (i) if a
Class of Notes has not
4
<PAGE>
otherwise been paid in full on its Final
Scheduled Payment Date or (ii) if the aggregate
outstanding amount of the Notes on a Payment
Date exceeds the Related Pool Balance. On each
Payment Date, the Reserve Account will be
reinstated up to the Specified Reserve Amount
as set forth in "Priority of Payments" below.
Priority of Payments ........ Collections in respect of the Receivables for
each Collection Period will generally be
applied in the following order of priority: (i)
the Servicing Fee, together with any previously
unpaid Servicing Fees, to the Servicer, (ii)
interest on the Notes, to the holders of the
Notes, (iii) amounts, if any, to the Reserve
Account until it contains the Specified Reserve
Amount, (iv) principal to the Noteholders in
the amount and priority set forth herein, (v)
during the Release Period, the Cash Release
Amount, to the Company, (vi) after the Notes
have been paid in full, to the
Certificateholders until the Certificate
Balance has been reduced to zero and (vii) the
remaining balance, if any, to the Company.
Rating of the Notes.......... The Notes will be rated in the highest
investment rating category by at least two
nationally recognized rating agencies.
5
<PAGE>
The Receivables Pool
As of the Cutoff Date, each Receivable (i) had a principal balance of
at least $300.00 and (ii) was not more than 30 days past due (an account is
not considered past due if the amount past due is less than 10.00% of the
scheduled monthly payment). As of the Cutoff Date, no Obligor on any
Receivable was noted in the related records of the Seller as being the
subject of a bankruptcy proceeding, and no Obligor on any Receivable financed
a Financed Vehicle under the Seller's "New-Finance Buyer Plan" program. No
selection procedures believed by the Seller to be adverse to Noteholders were
used in selecting the Receivables.
Set forth in the following tables is information concerning the
composition, distribution by annual percentage rate ("APR") and the
geographic distribution of the Receivables Pool as of the Cutoff Date.
<TABLE>
<CAPTION>
Premier Auto Trust 1999-1
Composition of the Receivables Pool
Weighted Weighted
Weighted Average Average Average
Average APR of Aggregate Number of Remaining Original Principal
Receivables Principal Balance Receivables Term Term Balance
- -------------- ----------------- ----------- --------- -------- ---------
<S> <C> <C> <C> <C> <C>
9.11% $1,819,991,785.21 111,776 56.69 months 58.03 months $16,282.49
</TABLE>
Approximately 78.39% of the aggregate principal balance of the
Receivables, constituting 73.23% of the number of the Receivables, represent
new vehicles, and approximately 21.61% of the aggregate principal balance of
the Receivables, constituting 26.77% of the number of the Receivables,
represent used vehicles. Approximately 86% of the aggregate principal balance
of the Receivables represent vehicles manufactured by Chrysler and
approximately 14% of the Initial Pool Balance represents financing of
vehicles manufactured by vehicle manufacturers other than Chrysler. All of
the Receivables are Si mple Interest Receivables. Approximately 6.24% of the
aggregate principal balance of the Receivables are Fixed Value Receivables.
6
<PAGE>
Premier Auto Trust 1999-1
Distribution by APR of the Receivables Pool
Percent of
Aggregate
Number of Aggregate Principal Principal
APR Range Receivables Balance Balance(1)
--------- ----------- ------------------- -----------
0.00% to 5.00% .... 3,850 $ 60,312,072.48 3.3%
5.01% to 6.00% .... 6,878 124,213,076.19 6.8
6.01% to 7.00% .... 13,030 216,153,310.05 11.9
7.01% to 8.00% .... 22,596 389,091,477.23 21.4
8.01% to 9.00% .... 17,412 296,692,957.45 16.3
9.01% to 10.00% ... 15,559 254,314,695.56 14.0
10.01% to 11.00% .. 9,100 148,994,315.25 8.2
11.01% to 12.00% .. 6,508 99,601,349.36 5.5
12.01% to 13.00% .. 4,991 72,052,717.27 4.0
13.01% to 14.00% .. 3,023 41,113,760.66 2.3
14.01% to 15.00% .. 2,615 35,935,570.07 2.0
15.01% to 16.00% .. 1,446 19,604,261.39 1.1
16.01% to 17.00% .. 1,262 17,231,346.58 0.9
17.01% to 18.00% .. 1,986 27,955,571.92 1.5
18.01% to 19.00% .. 296 3,471,869.39 0.2
19.01% to 20.00% .. 1,162 12,615,985.94 0.7
Greater than 20.00% 62 637,448.42 0.0
------- ----------------- -----
Totals ......... 111,776 $1,819,991,785.21 100.0%
======= ================= =====
- ---------------
(1) Percentages may not add to 100.0% because of rounding.
7
<PAGE>
Premier Auto Trust 1999-1
Geographic Distribution of the Receivables Pool(1)(2)
Percent of Percent of
Aggregate Aggregate
Principal Principal
State Balance State Balance
- ----- ---------- ----- ----------
Alabama ...................... 1.3% Montana.................... 0.2%
Alaska........................ 0.3 Nebraska................... 0.7
Arizona....................... 1.5 Nevada..................... 0.5
Arkansas...................... 1.9 New Hampshire ............. 1.1
California.................... 7.9 New Jersey................. 2.5
Colorado...................... 0.8 New Mexico................. 0.6
Connecticut................... 1.1 New York .................. 3.5
Delaware...................... 0.4 North Carolina ............ 3.1
District of Columbia.......... 0.0 North Dakota .............. 0.3
Florida ...................... 7.0 Ohio....................... 1.2
Georgia....................... 4.0 Oklahoma .................. 1.3
Hawaii ....................... 0.1 Oregon..................... 1.4
Idaho......................... 0.2 Pennsylvania............... 4.3
Illinois ..................... 6.2 Rhode Island............... 0.3
Indiana....................... 2.7 South Carolina ............ 1.5
Iowa.......................... 1.2 South Dakota .............. 0.3
Kansas ....................... 1.5 Tennessee ................. 1.8
Kentucky...................... 1.0 Texas...................... 8.6
Louisiana .................... 1.1 Utah....................... 0.2
Maine ........................ 0.6 Vermont.................... 0.3
Maryland ..................... 5.8 Virginia .................. 3.4
Massachusetts ................ 2.5 Washington................. 1.3
Michigan...................... 4.1 West Virginia.............. 0.5
Minnesota .................... 2.4 Wisconsin ................. 1.3
Mississippi................... 0.5 Wyoming.................... 0.1
Missouri...................... 3.4 Total ................... 100.0%
- -------------------------------
(1) Based on physical addresses of the dealers originating the receivables.
(2) Percentages may not add to 100.0% because of rounding.
8
<PAGE>
Delinquencies, Repossessions and Net Losses
Set forth below is certain information concerning the experience of CFC
and its United States subsidiaries pertaining to retail new and used
automobile and light duty truck receivables, including those previously sold
which CFC continues to service. Fixed Value Receivables were first originated
in July 1991. There can be no assurance that the delinquency, repossession
and net loss experience on the Receivables will be comparable to that set
forth below.
<TABLE>
<CAPTION>
Delinquency Experience(1)
(Dollars in Millions)
At December 31,
-------------------------------------------------------------------------
1998 1997 1996
--------------------- ---------------------- ---------------------
Number of Number of Number of
Contracts Amount Contracts Amount Contracts Amount
--------- ------ ---------- ------ --------- ------
<S> <C> <C> <C> <C> <C> <C>
Portfolio ............ 1,788,062 $ 24,854 1,697,755 $ 21,879 1,679,880 $ 21,197
Period of Delinquency
31-60 Days ........ 48,916 $ 565 58,421 $ 708 65,297 $ 843
61 Days or More ... 3,751 48 7,360 102 8,175 118
--------- --------- --------- --------- --------- ---------
Total Delinquencies .. 52,667 $ 613 65,781 $ 810 73,472 $ 961
========= ========= ========= ========= ========= =========
Total Delinquencies as
a Percent of the
Portfolio ......... 2.95% 2.47% 3.87% 3.70% 4.37% 4.53%
<CAPTION>
At December 31,
-------------------------------------------------------------------------
1995 1994 1993
--------------------- ---------------------- ---------------------
Number of Number of Number of
Contracts Amount Contracts Amount Contracts Amount
--------- ------ ---------- ------ --------- ------
<S> <C> <C> <C> <C> <C> <C>
Portfolio ............ 1,653,533 $ 20,913 1,444,736 $ 16,977 1,352,218 $ 14,116
Period of Delinquency
31-60 Days ........ 55,507 $ 720 25,888 $ 293 16,350 $ 153
61 Days or More ... 6,792 100 2,085 27 1,383 15
--------- --------- --------- --------- --------- ---------
Total Delinquencies .. 62,299 $ 820 27,973 $ 320 17,733 $ 168
========= ========= ========= ========= ========= =========
Total Delinquencies as
a Percent of the
Portfolio ......... 3.77% 3.92% 1.94% 1.88% 1.31% 1.19%
<FN>
- --------------------------
(1) All amounts and percentages are based on the principal balance and
estimated interest to be earned on each contract. The information in the
table includes an immaterial amount of retail installment sale contracts
on vehicles other than automobiles and light duty trucks and includes
previously sold contracts which CFC continues to service.
</TABLE>
9
<PAGE>
<TABLE>
<CAPTION>
Credit Loss/Repossession Experience(1)
(Dollars in Millions)
Year Ended December 31
-------------------------------------------------------------------------
1998 1997 1996 1995 1994 1993
---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Average Amount Outstanding
During the Period ......................... $23,581 $21,485 $21,062 $19,486 $15,517 $12,882
Average Number of Contracts
Outstanding During the Period ............. 1,747,846 1,688,525 1,671,405 1,572,963 1,396,497 1,341,084
Percent of Contracts Acquired
During the Period with Recourse
to the Dealer ............................. 8.83% 10.91% 9.05% 14.80% 17.00% 16.20%
Repossessions as a Percent of
Average Number of Contracts Outstanding ... 2.77% 3.40% 3.82% 3.05% 2.36% 2.15%
Net Losses as a Percent of
Liquidations(2)(3) ........................ 2.77% 3.36% 3.17% 2.25% 1.38% 1.34%
Net Losses as a Percent of
Average Amount Outstanding(2) ............. 1.39% 1.80% 1.68% 1.16% 0.73% 0.75%
<FN>
(1) Except as indicated, all amounts and percentages are based on the
principal balance and estimated interest to be earned on each contract.
The information in the table includes an immaterial amount of retail
installment sales contracts on vehicles other than automobiles and light
duty trucks and includes previously sold contracts that CFC continues to
service.
(2) Net losses are equal to the aggregate of the balances of all contracts
which are determined to be uncollectible in the period, less any
recoveries on contracts charged off in the period or any prior periods,
including any losses resulting from disposition expenses and any losses
resulting from the failure to recover commissions to dealers with respect
to contracts that are prepaid or charged off.
(3) Liquidations represent a reduction in the outstanding balances of the
contracts as a result of monthly cash payments and charge-offs.
</TABLE>
Notwithstanding the improvement in credit losses for 1998, higher credit
losses could be experienced in the near term. No assurance can be given as to
future results.
The net loss figures above reflect the fact that the Seller had recourse
to Dealers on a portion of its retail installment sale contracts. By
aggregate principal balance, approximately 1.45% of the Receivables represent
contracts with recourse to Dealers.
10
