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
October 11, 1994
Date of Report ........................................................
(Date of earliest event reported)
CHRYSLER FINANCIAL CORPORATION
.......................................................................
(Exact name of registrant as specified in its charter)
State of Michigan 1-5966 38-0961430
.......................................................................
(State or other jurisdiction (Commission) (IRS Employer
of incorporation) File No.) Identification No.)
27777 Franklin Rd., Southfield, Michigan 48034
..............................................
(Address of principal executive offices)
(810) 948-3060
Registrant's telephone number, including area code....................
<PAGE>
Item 5. Other Events.
On October 11, 1994, the registrant released its financial
statements for nine months ended September 30, 1994. A copy of such
financial statements and review report by independent public
accountants is annexed as Exhibit 99 to this Report and by this
reference incorporated herein and made a part hereof.
Deloitte & Touche LLP, the Company's independent public
accountants, performed a review of the financial statements for the
nine months ended September 30, 1994 in accordance with the standards
for such review established by the American Institute of Certified
Public Accountants. The review did not constitute an audit, and
accordingly, Deloitte & Touche LLP did not express an opinion on the
aforementioned data. Based on their review, Deloitte & Touche LLP was
not aware of any material modifications that should have been made to
the consolidated financial statements for them to be in conformity
with generally accepted accounting principles.
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:
15 Letter re unaudited interim financial information.
27 Financial Data Schedule.
99 Copy of financial statements of Chrysler Financial
Corporation for the quarter ended September 30, 1994.
<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 CORPORATION
Date: October 11, 1994 By:/s/Robert A. Link
----------------------------
Robert A. Link
Secretary
<PAGE>
EXHIBIT INDEX
Exhibit
No. Description of Exhibit
- ------- ----------------------
Exhibit
15 Letter re unaudited interim financial information.
27 Financial Data Schedule.
99 Copy of financial statements of Chrysler Financial
Corporation for the nine months ended September 30,
1994.
Exhibit 15
[Letterhead of Deloitte & Touche LLP]
Deloitte &
Touche LLP
____________ _________________________________________
Suite 900 Telephone (313) 396-3000
600 Renaissance Center
Detroit, Michigan 48243-1704
October 11, 1994
Chrysler Financial Corporation
27777 Franklin Road
Southfield, Michigan
We have made a review, in accordance with standards established by the
American Institute of Certified Public Accountants, of the unaudited
interim financial information of Chrysler Financial Corporation (a
subsidiary of Chrysler Corporation) and its consolidated subsidiaries for
the periods ended September 30, 1994 and 1993, as indicated in our report
dated October 11, 1994; because we did not perform an audit, we expressed
no opinion on that information.
We are aware that our report referred to above, which is included in your
Form 8-K dated October 11, 1994, is incorporated by reference in
Registration Statement No. 33-50285 on Form S-3 and Registration Statement
No. 33-52421 on Form S-3.
We also are aware that the aforementioned report, pursuant to Rule 436(c)
under the Securities Act of 1933, is not considered a part of the
Registration Statement prepared or certified by an accountant or a report
prepared or certified by an accountant within the meaning of Sections 7 and
11 of that Act.
/s/ Deloitte & Touche LLP
_______________
Deloitte Touche
Tohmatsu
International
_______________
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THE SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
CHRYSLER FINANCIAL CORPORATION'S UNAUDITED FINANCIAL STATEMENTS FOR
THE NINE MONTHS ENDED SEPTEMBER 30, 1994, AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> SEP-30-1994
<CASH> $ 170
<SECURITIES> 337
<RECEIVABLES> 14,205
<ALLOWANCES> 526
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 807
<DEPRECIATION> 251
<TOTAL-ASSETS> 15,361
<CURRENT-LIABILITIES> 1,063
<BONDS> 9,478
0
0
<COMMON> 25
<OTHER-SE> 3,223
<TOTAL-LIABILITY-AND-EQUITY> 15,361
<SALES> 0
<TOTAL-REVENUES> 1,449
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 505
<LOSS-PROVISION> 162
<INTEREST-EXPENSE> 556
<INCOME-PRETAX> 226
<INCOME-TAX> 85
<INCOME-CONTINUING> 141
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 141
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
Exhibit 99
CONTACT: John R. Ferry
FOR IMMEDIATE RELEASE
---------------------
SOUTHFIELD, Mich., October 11, 1994 -- Chrysler Financial Corporation
(CFC) today reported net earnings of $50 million for the third quarter of
1994, compared to net earnings of $22 million for the third quarter of
1993.
John P. Tierney, Chairman of CFC, said the third quarter net earnings
were favorably impacted by the company's larger automotive financing
portfolio and lower costs of bank facilities. These factors were partially
offset by reduced retail automotive margins. The 1993 third quarter
earnings were reduced by the recognition of the retroactive increase in the
U.S. corporate tax rate.
CFC's net earnings were $141 million for the first nine months of
1994, compared to net earnings of $73 million for the same period a year
ago.
At September 30, 1994, CFC was managing $30.1 billion in receivables,
up $3.8 billion from a year ago. The increase in receivables managed was
caused by a higher volume of automotive financing. The company's total
assets at the end of the third quarter were $15.4 billion, up $1.6 billion
from a year ago.
Chrysler Credit, CFC's core automotive finance operation, had
receivables managed of $27.2 billion at September 30, 1994, compared to
$22.8 billion a year ago.
During the third quarter of 1994, retail automotive financing volume
was 113,000 new passenger cars, trucks and minivans, representing 23
percent of Chrysler's U.S. new retail deliveries, compared to 117,000 new
retail vehicles or 24 percent in the third quarter of 1993.
(more)
(2894)
<PAGE>
- 2 -
In the third quarter of 1994, Chrysler Credit also financed at
wholesale 371,000 vehicles representing 76 percent of Chrysler's U.S.
factory shipments, compared to 332,000 or 77 percent in the third quarter
of 1993.
CFC's nonautomotive operations, consisting of Chrysler Capital, a
commercial leasing and lending unit, and Chrysler First Business Credit, a
small business loan operation, were managing $2.9 billion in receivables at
September 30, 1994, compared to $3.5 billion in receivables a year ago.
Chrysler Insurance, an automotive-related insurance operation, had
direct insurance premiums written of $133 million during the first nine
months of 1994, compared to $112 million for the same period a year ago.
In 1994 third quarter capital markets activity, CFC received net
proceeds of $1.6 billion from the sale of U.S. and Canadian automotive
receivables, and sold $73 million of medium term notes. At the end of the
third quarter, CFC had commercial paper outstanding of $3.1 billion,
compared to $2.5 billion a year ago.
Shortly after the close of the third quarter, Tierney, 63, announced
he would retire December 31, 1994, after 31 years in the automotive
industry, the last seven as Chairman of CFC. The Chrysler Board of
Directors on October 6 announced that Thomas W. Sidlik, 44, a Chrysler Vice
President, will become Chairman of CFC effective November 7, 1994.
- 0 -
<PAGE>
Chrysler Financial Corporation and Subsidiaries
Highlights
(in millions of dollars)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
1994 1993 1994 1993
(unaudited) (unaudited)
<S> <C> <C> <C> <C>
After-Tax Earnings:
Earnings before changes
in accounting principles ............... $ 50 $ 22 $ 141 $ 103
Cumulative effect of changes
in accounting principles ............... -- -- -- (30)
Net earnings ........................ $ 50 $ 22 $ 141 $ 73
Automotive Financing Volume:
Retail .................................. $12,350 $ 9,960
Wholesale and other ..................... 39,005 33,400
Total automotive financing volume ... $51,355 $43,360
<CAPTION>
___________________________________________________________________________________________
September 30,
1994 1993
(unaudited)
<S> <C> <C>
Finance Receivables Managed:
(Including Receivables Serviced for Others)
Automotive financing:
Retail .................................................... $18,789 $15,249
Wholesale and other ....................................... 8,418 7,586
Total automotive financing .............................. 27,207 22,835
Nonautomotive financing ..................................... 2,857 3,450
Total finance receivables managed ....................... $30,064 $26,285
Debt Payable Within One Year .................................. $ 4,430 $ 3,344
Debt Payable After One Year ................................... $ 5,048 $ 4,148
Shareholder's Investment ...................................... $ 3,248 $ 3,071
<FN>
Prior periods reclassified to conform to current classifications.
See Consolidated Financial Statements.
</TABLE>
<PAGE>
Chrysler Financial Corporation and Subsidiaries
Consolidated Statement of Net Earnings
(in millions of dollars)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
1994 1993 1994 1993
(unaudited) (unaudited)
<S> <C> <C> <C> <C>
Interest income:
Automotive financing:
Retail .............................. $ 138 $ 139 $ 404 $ 385
Wholesale and other ................. 121 98 364 349
Nonautomotive financing ............... 70 117 216 342
Total interest income ............... 329 354 984 1,076
Interest expense ........................ 178 186 556 613
Interest margin ..................... 151 168 428 463
Other revenues:
Servicing fee income .................. 63 52 184 155
Insurance premiums earned ............. 34 30 102 99
Investment and other income ........... 67 71 179 220
Interest margin and other
revenues ........................... 315 321 893 937
Costs and expenses:
Operating expenses .................... 108 121 338 348
Provision for credit losses ........... 71 57 162 169
Insurance losses and adjustment
expenses ............................. 28 29 81 88
Depreciation and other expenses ....... 26 50 86 156
Total costs and expenses ............ 233 257 667 761
Earnings before income taxes and
cumulative effect of changes in
accounting principles .................. 82 64 226 176
Provision for income taxes (Note 5) ..... 32 42 85 73
Earnings before cumulative effect
of changes in accounting principles .... 50 22 141 103
Cumulative effect of changes in
accounting principles (Note 4) ......... -- -- -- (30)
Net Earnings ............................ $ 50 $ 22 $ 141 $ 73
<CAPTION>
Consolidated Statement of Nine Months Ended
Shareholder's Investment September 30,
(in millions of dollars) 1994 1993
(unaudited)
<S> <C> <C>
Balance at beginning of period ........................ $ 3,131 $ 2,998
Net earnings .......................................... 141 73
Common stock dividend ................................. (16) --
Net unrealized holding losses on securities (Note 4)... (8) --
Balance at end of period .............................. $ 3,248 $ 3,071
<FN>
Prior periods reclassified to conform to current classifications.
See Notes to Consolidated Financial Statements.
</TABLE>
<PAGE>
Chrysler Financial Corporation and Subsidiaries
Consolidated Balance Sheet
(in millions of dollars)
<TABLE>
<CAPTION>
September 30, December 31, September 30,
Assets: 1994 1993 1993
(unaudited) (unaudited)
<S> <C> <C> <C>
Finance receivables-net (Note 1) ...... $ 8,956 $ 8,659 $ 8,863
Retained interests in sold
receivables and other related
amounts - net (Note 1) ............... 4,723 3,587 2,884
Total finance receivables and
retained interests - net ......... 13,679 12,246 11,747
Cash and cash equivalents ............. 170 265 254
Marketable securities (Note 4) ........ 337 348 339
Dealership properties leased - net .... 409 423 431
Equipment leased to others - net ...... 121 176 299
Repossessed collateral ................ 240 269 241
Other assets .......................... 405 524 500
Total Assets .......................... $15,361 $14,251 $13,811
Liabilities:
Debt (Note 3) ......................... $ 9,478 $ 8,435 $ 7,492
Accounts payable, accrued
expenses and other ................... 1,048 1,147 1,154
Amounts due to affiliated companies ... 15 24 570
Deferred income taxes ................. 1,572 1,514 1,524
Total Liabilities ................. 12,113 11,120 10,740
Shareholder's Investment .............. 3,248 3,131 3,071
Total Liabilities and
Shareholder's Investment ............. $15,361 $14,251 $13,811
<FN>
Prior periods reclassified to conform to current classifications.
See Notes to Consolidated Financial Statements.
</TABLE>
<PAGE>
Chrysler Financial Corporation and Subsidiaries
Consolidated Statement of Cash Flows
(in millions of dollars)
<TABLE>
<CAPTION>
Nine Months Ended
September 30,
1994 1993
(unaudited)
<S> <C> <C>
Cash Flows From Operating Activities:
Net earnings .............................................. $ 141 $ 73
Adjustments to reconcile net earnings to
net cash provided by operating activities:
Cumulative effect of changes in accounting principles ... -- 30
Net gains from receivable sales ......................... (55) (104)
Provision for credit losses ............................. 162 169
Depreciation and amortization of intangibles ............ 56 96
Change in deferred income taxes ......................... 62 47
Change in accounts payable, accrued
expenses and other ..................................... 34 (122)
Net cash provided by operating activities ................. 400 189
Cash Flows From Investing Activities:
Acquisitions of finance receivables ....................... (48,118) (42,364)
Collections of finance receivables ........................ 12,612 13,809
Proceeds from sales of receivables ........................ 34,298 29,424
Proceeds from sales of nonautomotive assets ............... -- 2,267
Other ..................................................... (306) 198
Net cash (used in) provided by investing activities ....... (1,514) 3,334
Cash Flows From Financing Activities:
Change in short-term notes and affiliated borrowings ...... 334 2,704
Borrowings under revolving credit facilities:
Proceeds ................................................. -- 4,593
Payments ................................................. -- (10,340)
Proceeds from issuance of term debt ....................... 1,011 1,304
Repayment of term debt .................................... (432) (1,868)
Payment of dividends ...................................... (16) --
Other ..................................................... 122 (95)
Net cash provided by (used in) financing activities ....... 1,019 (3,702)
Change in cash and cash equivalents ......................... (95) (179)
Cash and cash equivalents at beginning of period ............ 265 433
Cash and Cash Equivalents at End of Period .................. $ 170 $ 254
<FN>
Prior period reclassified to conform to current classifications.
See Notes to Consolidated Financial Statements.
</TABLE>
<PAGE>
Chrysler Financial Corporation and Subsidiaries
Notes to Consolidated Financial Statements
Note 1 - Finance Receivables and Retained Interests
Outstanding balances of "Finance receivables - net" were as follows:
<TABLE>
<CAPTION>
September 30, December 31, September 30,
1994 1993 1993
(unaudited) (unaudited)
(in millions of dollars)
<S> <C> <C> <C>
Automotive:
Retail $ 4,337 $ 3,536 $ 3,720
Wholesale and other 2,290 2,520 2,395
Total automotive 6,627 6,056 6,115
Nonautomotive 2,542 2,803 2,985
Total finance receivables 9,169 8,859 9,100
Less allowance for credit losses (213) (200) (237)
Total finance receivables - net $ 8,956 $ 8,659 $ 8,863
</TABLE>
The following is a summary of amounts included in "Retained interests in
sold receivables and other related amounts - net":
<TABLE>
<CAPTION>
September 30, December 31, September 30,
1994 1993 1993
(unaudited) (unaudited)
(in millions of dollars)
<S> <C> <C> <C>
Cash and investments $ 709 $ 586 $ 583
Senior interests in receivables 2,032 967 387
Subordinated interests in
receivables 1,842 1,783 1,591
Excess servicing 158 200 213
Other restricted and securitized
assets 295 345 388
Less allowance for credit losses (313) (294) (278)
Total retained interests in sold
receivables and other related
amounts - net $ 4,723 $ 3,587 $ 2,884
</TABLE>
<PAGE>
Chrysler Financial Corporation and Subsidiaries
Note 1 - Finance Receivables and Retained Interests (Continued)
The Company's total allowance for credit losses including receivables sold
subject to limited recourse is as follows:
<TABLE>
<CAPTION>
September 30, December 31, September 30,
1994 1993 1993
(unaudited) (unaudited)
(in millions of dollars)
<S> <C> <C> <C>
Allowance for losses deducted from:
Finance receivables $213 $200 $237
Retained interests in sold
receivables and other
related amounts 313 294 278
Total $526 $494 $515
</TABLE>
Note 2 - Sales of Receivables
Outstanding balances of sold finance receivables subject to limited
recourse provisions, are as follows:
<TABLE>
<CAPTION>
September 30, December 31, September 30,
1994 1993 1993
(unaudited) (unaudited)
(in millions of dollars)
<S> <C> <C> <C>
Automotive:
Retail $12,828 $12,027 $11,367
Wholesale and other 6,098 6,356 5,191
Nonautomotive 315 449 465
Total $19,241 $18,832 $17,023
</TABLE>
Gains or losses from the sale of retail receivables are recognized in the
period in which such sales occur. Provisions for expected credit losses
are generally provided during the period in which such receivables are
acquired. Since the allowance for credit losses is separately provided
prior to the receivable sales, gains from receivable sales are not reduced
for expected credit losses. Included in "Investment and other income" are
gains before expected credit losses totaling $55 million and $104 million
for the nine months ended September 30, 1994 and 1993, respectively. The
provision for credit losses related to such sales amounted to $105 million
and $97 million for the nine months ended September 30, 1994 and 1993,
respectively.
<PAGE>
Chrysler Financial Corporation and Subsidiaries
Note 3 - Debt
<TABLE>
<CAPTION>
Weighted Average
Interest Rates at September 30, December 31, September 30,
Maturity September 30, 1994 1994 1993 1993
(unaudited) (unaudited)
(in millions of dollars)
<S> <C> <C> <C> <C>
Short-term notes placed
primarily in the open market:
United States $2,565 $2,513 $2,346
Canada 549 259 152
Total short-term notes
(primarily commercial paper) 3,114 2,772 2,498
Revolving bank borrowings
under credit facilities:
United States -- -- --
Canada -- -- 177
Total bank borrowings -- -- 177
Senior term debt:
United States, due
1993 -- -- 76
1994 8.8% 434 813 813
1995 5.8% 574 574 303
1996 6.0% 1,094 1,053 740
1997 5.6% 590 197 135
1998 6.2% 857 696 340
Thereafter 8.4% 2,181 1,766 1,766
Total United States 5,730 5,099 4,173
Canada, due 1993-1996 12.2% 40 42 43
Less unamortized discount 2 2 2
Total senior term debt 5,768 5,139 4,214
Subordinated term debt -
United States
Senior due 1994-1997 8.3% 27 77 77
Junior subordinated -- -- 165
Total subordinated 27 77 242
Mexico borrowings and other 569 447 361
Total debt $9,478 $8,435 $7,492
</TABLE>
Credit Facilities
The Company's credit facilities consist of $4.6 billion of U.S. and $.6
billion of Canadian credit facilities which expire in May 1998. The Company's
automotive receivable sale agreements consist of a $1.5 billion U.S. agreement
(of which $.5 billion expires in May 1995, and $1.0 billion expires in May 1998)
and a $.2 billion Canadian agreement (of which $.1 billion expires in May 1995,
and $.1 billion expires in May 1998). As of September 30, 1994 no amounts were
outstanding under the Company's revolving credit or receivable sale agreements.
The Company has contractual debt maturities of $4.1 billion during the
remainder of 1994 (including $3.1 billion of short-term notes), and $.6 billion
in 1995.
<PAGE>
Chrysler Financial Corporation and Subsidiaries
Note 4 - Accounting Changes
Investments in Debt and Equity Securities
Effective January 1, 1994, the Company adopted Statement of Financial
Accounting Standards ("SFAS") No. 115, "Accounting for Certain Investments in
Debt and Equity Securities." This new accounting standard specifies the
accounting and reporting requirements for changes in the fair values of
investments with readily determinable fair values.
At September 30, 1994, the Company had investments in securities with an
aggregate carrying value of $366 million, consisting primarily of commercial
paper, governmental securities and corporate debt. Of these securities, $342
million were categorized as available-for-sale, and $24 million were categorized
as held-to-maturity. The adjustment of available-for-sale securities to market
value at September 30, 1994 decreased Shareholder's Investment by $8 million.
Other Postretirement Benefits
Effective January 1, 1993, the Company adopted SFAS No. 106, "Employers'
Accounting for Postretirement Benefits Other Than Pensions," ("OPEB") which
requires the accrual of such benefits during the years the employees provide
services. The adoption of SFAS No. 106 resulted in an after-tax charge of $29
million in 1993, which represented the immediate recognition of the OPEB
transition obligation of $45 million, partially offset by $16 million of
estimated tax benefits. Implementation of SFAS No. 106 did not increase the
Company's cash expenditures for postretirement benefits. Recognition of on-going
expenses under OPEB will not materially affect the Company's results of
operations.
Postemployment Benefits
Effective January 1, 1993, the Company adopted SFAS No. 112, "Employers'
Accounting for Postemployment Benefits." This accounting standard requires the
accrual of benefits provided to former or inactive employees after employment
but prior to retirement. The adoption of this accounting standard resulted in
the recognition of an after-tax charge of $1 million in 1993. Adoption of SFAS
No. 112 has not materially increased the annual expense recognized for these
benefits, and there is no cash impact. Previously reported results for the nine
months ended September 30, 1993 have been restated to reflect the adoption of
SFAS No. 112, effective January 1, 1993.
Impairment of a Loan
In May 1993, the Financial Accounting Standards Board issued SFAS No. 114,
"Accounting by Creditors for Impairment of a Loan," which amends SFAS No. 5,
"Accounting for Contingencies," by requiring creditors to evaluate the
collectibility of both contractual interest and principal of receivables when
evaluating the need for a loss accrual. The Company plans to adopt SFAS No. 114
on or before January 1, 1995. Adoption of this standard is not expected to have
a material impact upon the Company's results of operations and financial
position.
Note 5 - Income Taxes
During the third quarter of 1993, the Omnibus Budget Reconciliation Act of
1993 was enacted. This legislation increased the federal maximum statutory tax
rate for corporations to thirty-five percent, retroactive to January 1, 1993.
The effect of adjusting to the higher tax rate was to reduce third quarter 1993
net earnings by $16 million as follows: (a) increase earnings before income
taxes by $9 million resulting from the adjustment of tax rate assumptions
associated with the Company's leveraged lease portfolio; and (b) increase the
provision for income taxes by $25 million primarily due to the adjustment of net
deferred tax liabilities.
<PAGE>
[Letterhead of Deloitte & Touche LLP]
Deloitte &
Touche LLP
____________ _________________________________________
Suite 900 Telephone (313) 396-3000
600 Renaissance Center
Detroit, Michigan 48243-1704
INDEPENDENT ACCOUNTANTS' REPORT
Shareholder and Board of Directors
Chrysler Financial Corporation
Southfield, Michigan
We have reviewed the accompanying consolidated balance sheet of Chrysler
Financial Corporation (a subsidiary of Chrysler Corporation) and its
consolidated subsidiaries as of September 30, 1994 and 1993, and the
related consolidated statements of net earnings and cash flows for the
three-months and nine-months ended September 30, 1994 and 1993. These
financial statements are the responsibility of the Company's management.
We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants. A review of interim
financial information consists principally of applying analytical
procedures to financial data and making inquiries of persons responsible
for financial and accounting matters. It is substantially less in scope
than an audit conducted in accordance with generally accepted auditing
standards, the objective of which is the expression of an opinion
regarding the financial statements taken as a whole. Accordingly, we do
not express such an opinion.
Based on our review, we are not aware of any material modifications that
should be made to the consolidated financial statements referred to above
for them to be in conformity with generally accepted accounting
principles.
We have previously audited, in accordance with generally accepted auditing
standards, the consolidated balance sheet of Chrysler Financial
Corporation and its consolidated subsidiaries as of December 31, 1993, and
the related consolidated statements of net earnings and cash flows for the
year then ended (not presented herein); and in our report dated January
18, 1994, we expressed an unqualified opinion on those consolidated
financial statements. In our opinion, the information set forth in the
accompanying condensed consolidated balance sheet as of December 31, 1993
is fairly presented, in all material respects, in relation to the
consolidated balance sheet from which it has been derived.
/s/ Deloitte & Touche LLP
October 11, 1994
_______________
Deloitte Touche
Tohmatsu
International
_______________
