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
June 11, 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.
Item 5. Other Events.
In connection with the proposed offering of Premier Auto Trust
1999-3, 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-
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: June 11, 1999 By: /s/ B.C. Babbish
-----------------------------
B.C. Babbish
Assistant Secretary
-3-
EXHIBIT INDEX
Exhibit
No. Description of Exhibit
- ------- ----------------------
99 Material prepared by Chrysler Financial Company L.L.C. in
connection with Premier Auto Trust 1999-3 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 1999-3 Structural and Collateral Materials
[EXCLUSIVELY FOR SALOMON SMITH BARNEY INC.]
Computational Materials
Premier Auto Trust 1999-3 Retail Auto ABS
- -----------------------------------------------------------------------------
$1,170,684,000 Retail Auto Asset-Backed Notes
Chrysler Financial Company L.L.C.
Seller and Servicer
$480,000,000 Class A-2 [ ]% Asset-Backed Notes
$390,000,000 Class A-3 [ ]% Asset-Backed Notes
$300,684,000 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.
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.
2
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.
$1,170,684,000
Premier Auto Trust 1999-3
CHRYSLER FINANCIAL COMPANY L.L.C.
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.
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]
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.
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.
DAMILERCHRYSLER
Premier Auto Trust 1999-3
Chrysler Financial Company L.L.C., Seller and Servicer
Subject to Revision
Term Sheet dated June 11, 1999
Issuer .................... Premier Auto Trust 1999-3 (the "Trust" or the
"Issuer").
Seller..................... Chrysler Financial Company L.L.C. (the "Seller"
or "CFC"), a subsidiary of DaimlerChrysler
Corporation ("DaimlerChrysler").
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").
Closing Date .............. June 21, 1999 (the "Closing Date").
The Notes.................. (i) Class A-1 _____% Asset Backed Notes (the
"Class A-1 Notes") in the aggregate initial
principal amount of $280,000,000.00;
(ii) Class A-2 ____% Asset Backed Notes (the
"Class A-2 Notes") in the aggregate initial
principal amount of $480,000,000.00;
(iii) Class A-3 _____% Asset Backed Notes (the
"Class A-3 Notes") in the aggregate initial
principal amount of $390,000,000.00; 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 $300,684,000.00.
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
$56,520,000.00. 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") having an
aggregate principal balance of $1,567,492,512.67
(the "Initial Pool Balance") as of June 7, 1999
(the "Cutoff Date"). The "Pool Balance" will
represent the aggregate principal
1
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 Securities:
A. Payment Dates........... Interest and principal payments on the Notes
will generally be made on the eighth day of each
month (each, a "Payment Date"), beginning July
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 Accrual
Periods............... Interest on the Notes will accrue in the
following manner:
Initial Interest Subsequent Interest Day Count
Accrual Period Accrual Periods Convention
---------------- ------------------------ ----------
From To
(including) (excluding)
- -----------------------------------------------------------------------------
Class A-1 17 days prior current actual/360
Notes Payment Payment
Date Date
- -----------------------------------------------------------------------------
Class A-2, 17 days 8th of 8th of 30/360
Class A-3 prior current
and Class A- month month
4 Notes
- -----------------------------------------------------------------------------
D. Principal Payments...... The Trust will pay principal on the Notes
sequentially, starting with the Class A-1 Notes
until they are paid in full, then the Class A-2
Notes, Class A-3 Notes, Class A-4 Notes and
Certificates, respectively.
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 deposited 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 "Release of
Initial Overcollateralization Amount".
2
E. Legal Finals ........... The Trust must pay the outstanding principal
amount of each Class of Notes by the final
scheduled Payment Date (each, a "Legal Final")
indicated below:
Class Legal Final
----- -----------
A-1 March 8, 2000
A-2 February 8, 2002
A-3 April 8, 2003
A-4 March 8, 2004
F. 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.
Initial
Overcollateralization
Amount................... The Initial Pool Balance, $1,567,492,512.67,
will exceed the $1,507,204,000.00 initial
aggregate principal amount of the Securities
(the "Initial Securities Principal Balance"), by
an amount equal to $60,288,512.67 (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" on 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.
Release of Initial
Overcollateralization
Amount ................... The Trust will distribute principal and Excess
Interest Collections as principal on the Notes
until the Class A-1 Notes are paid in full.
Thereafter, the Trust may pay reduced principal
distributions on the outstanding Classes of
Notes each month and release any remaining
principal and Excess Interest Collections to
Premier Receivables L.L.C. (the "Company") to
repay the Initial Overcollateralization Amount.
The amount of principal to be distributed in
such months will be the excess of the
outstanding amount of the Securities as of the
prior Payment Date over 95.5% of the Related
Pool Balance, i.e., the amount required to
maintain the Overcollateralization Amount at
4.5% of the Related Pool Balance. Any remaining
collections will be released to the Company as a
"Cash Release Amount" until the Initial
Overcollateralization Amount has been released.
Thereafter, the Trust will discontinue releasing
cash to the Company and resume paying the full
amount of principal and Excess Interest
Collections as principal on the Notes.
3
The Cash Release Amount shall be greater of:
(i) D - [S - (P x 95.5%)]
or
(ii) $0.00
where
D = the amount of principal and Excess
Interest Collections that is available to
be distributed to the Noteholders on the
current Payment Date
S = the aggregate outstanding amount of the
Securities as of the prior Payment Date
P = the Related Pool Balance
The Cash Release Amount is further subject to
and limited by the following:
(i) the cumulative amount to be released over
the life of the transaction is the Initial
Overcollateralization Amount;
(ii) no amount may be released until the Class
A-1 Notes are paid in full; and
(iii) no amount may be released unless the
Reserve Account is fully funded.
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 $3,768,010.00 (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 otherwise been paid in
full on its Legal Final 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.
4
Priority of Payments ...... On each Payment Date, Receivable Collections for
each Collection Period and other amounts will be
distributed in the following order of priority:
Servicing Fee and any unpaid Servicing Fees
----
accrued and unpaid interest on the Notes
----
required Reserve Account deposit,
if necessary
----
distribute up to the outstanding principal amount
of the Class A-1 Notes
----
Cash Release Amount to Company up to
Initial Overcollaterization Amount
(cumulative)
----
distribute up to the outstanding principal amount
of the Class A-2 Notes
----
distribute up to the outstanding principal
amount of the Class A-3 Notes
----
distribute up to the outstanding principal
amount of the Class A-4 Notes
----
distribute up to the outstanding principal amount
of the Certificates
----
distribute 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
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.
Premier Auto Trust 1999-3
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
- -------------- ----------------- ----------- --------- -------- --------
9.01% $1,567,492,512.67 98,397 56.10 58.61 $15,930.29
months months
Approximately 80.35% of the aggregate principal balance of the
Receivables, constituting 74.31% of the number of the Receivables, represent
new vehicles, and approximately 19.65% of the aggregate principal balance of
the Receivables, constituting 25.69% of the number of the Receivables,
represent used vehicles. Approximately 86% of the aggregate principal balance
of the Receivables represent vehicles manufactured by Chrysler Corporation,
now known as DaimlerChrysler Corporation, and approximately 14% of the
Initial Pool Balance represents financing of vehicles manufactured by vehicle
manufacturers other than DaimlerChrysler. All of the Receivables are Simple
Interest Receivables. Approximately 3.62% of the aggregate principal balance
of the Receivables are Fixed Value Receivables.
6
Premier Auto Trust 1999-3
Distribution by APR of the Receivables Pool
Percent of
Aggregate
Number of Aggregate Principal
APR Range Receivables Principal Balance Balance(1)
- --------- ----------- ----------------- ----------
0.00% to 5.00% ........ 8,149 $ 128,546,708.48 8.2%
5.01% to 6.00% ........ 5,346 97,433,552.65 6.2
6.01% to 7.00% ........ 8,904 147,736,553.13 9.4
7.01% to 8.00% ........ 16,378 290,429,581.30 18.5
8.01% to 9.00% ........ 13,405 233,074,262.54 14.9
9.01% to 10.00% ....... 13,487 215,001,884.33 13.7
10.01% to 11.00% ...... 8,999 137,853,994.18 8.8
11.01% to 12.00% ...... 6,210 90,266,357.17 5.8
12.01% to 13.00% ...... 5,073 70,538,221.17 4.5
13.01% to 14.00% ...... 3,134 39,573,218.26 2.5
14.01% to 15.00% ...... 2,537 31,457,193.32 2.0
15.01% to 16.00% ...... 1,651 21,812,892.17 1.4
16.01% to 17.00% ...... 1,353 17,904,435.62 1.1
17.01% to 18.00% ...... 2,176 28,260,059.06 1.8
18.01% to 19.00% ...... 370 4,260,633.19 0.3
19.01% to 20.00% ...... 1,146 12,461,886.53 0.8
Greater than 20.00% ... 79 881,079.57 0.1
------ ----------------- -----
Totals ................ 98,397 $1,567,492,512.67 100.0%
====== ================= =====
- ---------
(1) Percentages may not add to 100.0% because of rounding.
7
Premier Auto Trust 1999-3
Geographic Distribution of the Receivables Pool(1)(2)
Percent of Percent of
Aggregate Aggregate
Principal Principal
State Balance State Balance
- ----- ---------- ----- ----------
Alabama ................ 1.2% Montana .... ........... 0.2%
Alaska ................. 0.2 Nebraska ............... 0.7
Arizona ................ 1.6 Nevada ................. 0.5
Arkansas ............... 1.7 New Hampshire .......... 1.2
California ............. 7.5 New Jersey ............. 2.6
Colorado ............... 1.0 New Mexico ............. 0.6
Connecticut ............ 1.2 New York ............... 4.3
Delaware ............... 0.4 North Carolina ......... 3.1
District of Columbia ... 0.0 North Dakota ........... 0.3
Florida ................ 6.6 Ohio ................... 2.0
Georgia ................ 3.6 Oklahoma ............... 1.0
Hawaii ................. 0.1 Oregon ................. 1.2
Idaho .................. 0.2 Pennsylvania ........... 5.8
Illinois ............... 6.3 Rhode Island ........... 0.3
Indiana ................ 2.8 South Carolina ......... 1.4
Iowa ................... 1.0 South Dakota ........... 0.3
Kansas ................. 1.6 Tennessee .............. 2.0
Kentucky ............... 1.0 Texas .................. 8.6
Louisiana .............. 1.1 Utah ................... 0.1
Maine .................. 0.6 Vermont ................ 0.3
Maryland ............... 4.3 Virginia ............... 2.6
Massachusetts .......... 2.2 Washington ............. 0.8
Michigan ............... 5.2 West Virginia .......... 0.6
Minnesota .............. 2.6 Wisconsin .............. 1.6
Mississippi ............ 0.6 Wyoming ................ 0.1
Missouri ............... 3.3 -----
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
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. 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 March 31, At December 31,
----------------------------------------- ---------------------------------------
1999 1998 1998 1997
------------------- ------------------- ------------------ ------------------
Number of Number of Number of Number of
Contracts Amount Contracts Amount Contracts Amount Contracts Amount
--------- ------ --------- ------ --------- ------ --------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Portfolio ............ 1,805,152 $25,427 1,708,879 $22,404 1,788,062 $24,854 1,697,755 $21,879
Period of
Delinquency
31-60 Days ....... 32,171 $ 361 40,777 $ 485 48,916 $ 565 58,421 $ 708
61 Days or More .. 2,716 33 4,158 58 3,751 48 7,360 102
--------- ------- --------- ------- --------- ------- --------- -------
Total Delinquencies .. 34,887 $ 394 44,935 $ 543 52,667 $ 613 65,781 $ 810
========= ======= ========= ======= ========= ======= ========= =======
Total Delinquencies as
a Percent of the
Portfolio .......... 1.93% 1.55% 2.63% 2.42% 2.95% 2.47% 3.87% 3.70%
<CAPTION>
At December 31,
--------------------------------------------------------------
1996 1995 1994
------------------- ------------------- ------------------
Number of Number of Number of
Contracts Amount Contracts Amount Contracts Amount
--------- ------ --------- ------ --------- ------
<S> <C> <C> <C> <C> <C> <C>
Portfolio ............ 1,679,880 $21,197 1,653,533 $20,913 1,444,736 $16,977
Period of Delinquency
31-60 Days ....... 65,297 $ 843 55,507 $ 720 25,888 $ 293
61 Days or More .. 8,175 118 6,792 100 2,085 27
--------- ------- --------- ------- --------- --------
Total Delinquencies .. 73,472 $ 961 62,299 $ 820 27,973 $ 320
========= ======= ========= ======= ========= =======
Total Delinquencies as
a Percent of the
Portfolio .......... 4.37% 4.53% 3.77% 3.92% 1.94% 1.88%
(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
<TABLE>
<CAPTION>
Credit Loss/Repossion Experience (1)
(Dollars in Millions)
Three-Months
Ended March 31, Year Ended December 31,
----------------- -----------------------------------------------------
1999 1998 1998 1997 1996 1995 1994
---- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C>
Average Amount Outstanding
During the Period .................. $ 25,083 $ 22,119 $ 23,581 $ 21,485 $ 21,062 $ 19,486 $ 15,517
Average Number of Contracts
Outstanding During the Period ...... 1,795,422 1,702,837 1,747,846 1,688,525 1,671,405 1,572,963 1,396,497
Percent of Contracts Acquired
During the Period with Recourse
to the Dealer ...................... 8.05% 7.76% 8.83% 10.91% 9.05% 14.80% 17.00%
Repossessions as a Percent of
Average Number of Contracts
Outstanding(2) ..................... 2.36% 3.14% 2.77% 3.40% 3.82% 3.05% 2.36%
Net Losses as a Percent of
Liquidations(3)(4) ................. 2.16% 3.45% 2.77% 3.36% 3.17% 2.25% 1.38%
Net Losses as a Percent of
Average Amount Outstanding(2)(3) ... 1.08% 1.72% 1.39% 1.80% 1.68% 1.16% 0.73%
- ---------
(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) Percentages have been annualized for the three months ended March 31,
1999 and 1998 and are not necessarily indicative of the experience for
the year.
(3) 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.
(4) 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 and
1999, 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 retail sellers of new and used automobiles and light duty trucks
(the "Dealers") on a portion of its retail installment sale contracts. By
aggregate principal balance, approximately 1.35% of the Receivables represent
contracts with recourse to Dealers.
10
