FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
/X/ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934.
For the quarterly period ended September 30, 1994
OR
/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934.
For the transition period from __________ to __________
Commission file number 1-5966
Chrysler Financial Corporation
(Exact name of registrant as specified in its charter)
State of Michigan 38-0961430
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
27777 Franklin Road, Southfield, Michigan 48034-8286
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (810) 948-3060
---------------------------
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
Yes _X_ No ___
APPLICABLE ONLY TO ISSUERS
INVOLVED IN BANKRUPTCY PROCEEDINGS
DURING THE PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court. Yes ___ No ___
APPLICABLE ONLY TO CORPORATE ISSUERS
The registrant had 250,000 shares of common stock outstanding as of September
30, 1994.
The registrant meets the conditions set forth in General Instruction H(1)(a)
and (b) of Form 10-Q and is therefore filing this Form with the reduced
disclosure format.
<PAGE>
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements - The interim financial data presented herein are
unaudited, but in the opinion of management reflect all adjustments necessary
for a fair presentation of such information. Results for interim periods
should not be considered indicative of results for a full year. Reference
should be made to the financial statements contained in the registrant's
Annual Report on Form 10-K for the year ended December 31, 1993 (the "10-K
Report").
<PAGE>
ITEM 1. FINANCIAL STATEMENTS - CONTINUED
<TABLE>
<CAPTION>
CHRYSLER FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF NET EARNINGS
(in millions of dollars)
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>
ITEM 1. FINANCIAL STATEMENTS - CONTINUED
<TABLE>
<CAPTION>
CHRYSLER FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
(in millions of dollars)
September 30, December 31, September 30,
1994 1993 1993
Assets: -------- -------- --------
(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>
ITEM 1. FINANCIAL STATEMENTS - CONTINUED
<TABLE>
<CAPTION>
CHRYSLER FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(in millions of dollars)
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>
ITEM 1. FINANCIAL STATEMENTS - CONTINUED
CHRYSLER FINANCIAL CORPORATION AND SUBSIDIARIES
NOTES TO UNAUDITED 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>
ITEM 1. FINANCIAL STATEMENTS - CONTINUED
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
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>
ITEM 1. FINANCIAL STATEMENTS - CONTINUED
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
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>
ITEM 1. FINANCIAL STATEMENTS - CONTINUED
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS - CONTINUED
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>
CHRYSLER FINANCIAL CORPORATION AND SUBSIDIARIES
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Financial Condition
Chrysler Financial's receivables managed and total assets increased from
year-end 1993 levels reflecting continued growth in automotive financing
volume. The Company's portfolio of receivables managed, which includes
receivables owned and receivables serviced for others, totaled $30.1 billion
at September 30, 1994, compared to $28.3 billion at December 31, 1993, and
$26.3 billion at September 30, 1993.
Receivables serviced for others primarily represent sold receivables which the
Company services for a fee. Receivables serviced for others totaled $20.9
billion at September 30, 1994, compared to $19.4 billion at December 31, 1993,
and $17.2 billion at September 30, 1993.
Total assets at September 30, 1994 were $15.4 billion, compared to $14.3
billion at December 31, 1993, and $13.8 billion a year ago. The Company's
total allowance for credit losses, including receivables sold subject to
limited recourse provisions, totaled $526 million, $494 million, and $515
million at September 30, 1994, December 31, 1993, and September 30, 1993,
respectively. The total allowance for credit losses as a percentage of related
finance receivables managed was 1.85 percent, 1.78 percent, and 1.97 percent
at September 30, 1994, December 31, 1993, and September 30, 1993,
respectively.
Total debt outstanding at September 30, 1994 was $9.5 billion, compared to
$8.4 billion at December 31, 1993 and $7.5 billion a year ago. The Company's
debt-to-equity ratio was 2.92 to 1 at September 30, 1994 compared to 2.69 to 1
at December 31, 1993, and 2.44 to 1 at September 30, 1993.
Results of Operations
Earnings before taxes were $82 million and $226 million for the three and nine
months ended September 30, 1994, which compares to $64 million and $176
million for the comparable periods of 1993, before the cumulative effect of
changes in accounting principles. The increase in 1994 earnings before taxes
and accounting changes resulted from higher levels of automotive financing and
lower costs of bank facilities, partially offset by reduced retail automotive
margins.
<PAGE>
CHRYSLER FINANCIAL CORPORATION AND SUBSIDIARIES
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Results of Operations (continued)
The Company's net earnings were $50 million and $141 million for the three and
nine months ended September 30, 1994 compared to $22 million and $73 million
in the comparable periods of 1993. Net earnings for the nine months ended
September 30, 1993 included charges totaling $30 million from the adoption of
Statement of Financial Accounting Standard ("SFAS") No. 106, "Employers'
Accounting for Postretirement Benefits Other Than Pensions," and SFAS No. 112,
"Employers' Accounting for Postemployment Benefits." Net earnings for the
three and nine months ended September 30, 1993 were reduced by a $16 million
charge related to the recognition of the retroactive increase in the U.S.
corporate tax rate.
Automotive financing volume totaled $16.3 billion and $51.4 billion for the
third quarter and first nine months of 1994, compared with $13.7 billion and
$43.4 billion in 1993. Financing support provided in the United States for new
Chrysler vehicle retail deliveries (including fleet), and wholesale vehicle
sales to dealers and the number of vehicles financed for the three and nine
months ended September 30, 1994, and 1993, respectively, were as follows:
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
------------------- -------------------
1994 1993 1994 1993
------ ------ ------ ------
<S> <C> <C> <C> <C>
United States Penetration:
Retail 23% 24% 24% 24%
Wholesale 76% 77% 74% 74%
Number of New Chrysler Vehicles
Financed in the United States
(in thousands of units):
Retail 113 117 399 365
Wholesale 371 332 1,216 1,105
</TABLE>
Interest margin totaled $151 million and $428 million for the three and nine
months ended September 30, 1994, compared to $168 million and $463 million for
the comparable periods of 1993. Automotive financing income totaled $259
million and $768 million for the three and nine months ended September 30,
1994 compared to $237 million and $734 million in the comparable periods of
1993.
Interest income from the Company's nonautomotive financing operations totaled
$70 million and $216 million for the three and nine months ending September
30, 1994.
<PAGE>
CHRYSLER FINANCIAL CORPORATION AND SUBSIDIARIES
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Results of Operations (continued)
This represents a decline of 40 percent and 37 percent, respectively, for the
comparable periods of 1993. These nonautomotive operations had finance
receivables outstanding of $2.5 billion at September 30, 1994 compared with
$3.0 billion at September 30, 1993. The decline in nonautomotive interest
income and receivables outstanding is a result of liquidations of the
Company's nonautomotive portfolios.
Service fee income increased $11 million and $29 million for the three and
nine months ended September 30, 1994 from the same periods a year ago, due to
higher levels of receivables serviced for others.
Investment and other income totaled $67 million and $179 million for the three
and nine months ended September 30, 1994 compared to $71 million and $220
million in the comparable periods ended September 30, 1993. The decline in
investment and other income is primarily due to reduced gains on receivable
sales reflecting lower retail margins.
The Company's average effective cost of borrowings improved in the first nine
months of 1994 as compared to the comparable period a year ago, reflecting
lower term debt and bank facility costs, partially offset by higher short-term
interest rates.
A comparison of borrowing costs is shown in the following table:
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
September 30, September 30,
------------------- -------------------
1994 1993 1994 1993
------ ------ ------ ------
(dollars in millions)
<S> <C> <C> <C> <C>
Interest expense $ 178 $ 186 $ 556 $ 613
Average borrowings $9,179 $8,334 $9,098 $9,407
Average effective cost
of borrowings 7.72% 8.94% 8.16% 8.70%
</TABLE>
Depreciation and other expenses totaled $26 million and $86 million for the
three and nine months ended September 30, 1994, compared to $50 million and
$156 million for the comparable periods of 1993. The decrease is a result of
the 1993 nonautomotive asset sales and the continued downsizing of
nonautomotive portfolios.
<PAGE>
CHRYSLER FINANCIAL CORPORATION AND SUBSIDIARIES
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Results of Operations (continued)
Net credit loss experience, including net losses on receivables sold subject
to limited recourse provisions, for the first nine months of 1994 and 1993 was
as follows:
<TABLE>
<CAPTION>
Net Credit Losses
------------------
1994 1993
----- -----
(in millions of dollars)
<S> <C> <C>
Automotive financing $ 76 $ 75
Nonautomotive financing 30 72
----- -----
Total $ 106 $ 147
===== =====
<CAPTION>
Net Credit Losses to
Average Receivables
Outstanding
-------------------
1994 1993
---- ----
<S> <C> <C>
Automotive financing 0.37% 0.40%
Nonautomotive financing 1.01% 1.80%
Total 0.45% 0.65%
</TABLE>
Liquidity and Capital Resources
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.
Receivable sales continued to be a significant source of funding in the first
nine months of 1994 as the Company realized $5.2 billion of net proceeds from
the sale of automotive retail receivables, compared to $5.7 billion of net
proceeds in the same period of 1993. In addition, revolving wholesale
receivable sale arrangements provided funding which aggregated $3.6 billion
and $4.1 billion at September 30, 1994 and 1993, respectively.
<PAGE>
CHRYSLER FINANCIAL CORPORATION AND SUBSIDIARIES
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Liquidity and Capital Resources (continued)
At September 30, 1994, the Company had contractual debt maturities of $4.1
billion during the remainder of 1994 (including $3.1 billion of short-term
notes), $.6 billion in 1995, and $1.1 billion in 1996.
During the third quarter of 1994, the Company paid a $16 million dividend on
its common stock, reflecting the relaxation of dividend restrictions under its
new revolving credit facilities.
The Company believes that cash provided by operations, receivable sales, and
the issuance of term debt and commercial paper will be sufficient to enable it
to meet its funding requirements.
New Accounting Standard
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.
Review by Independent Public Accountants
DELOITTE & TOUCHE LLP, the Company's independent certified public accountants,
performed a review of the financial statements for the three and nine months
ended September 30, 1994 and 1993 in accordance with the standards for such
reviews 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. Refer to the
Independent Accountants' Report included in Exhibit 15-A.
<PAGE>
CHRYSLER FINANCIAL CORPORATION AND SUBSIDIARIES
PART II. OTHER INFORMATION
ITEM 2. CHANGES IN SECURITIES
(Omitted in accordance with general instruction H)
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
(Omitted in accordance with general instruction H)
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
(Omitted in accordance with general instruction H)
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) The following exhibits are filed as a part of this report.
Exhibit No.
3-A Copy of the Restated Articles of Incorporation of Chrysler
Financial Corporation as adopted and filed with the Corporation
Division of the Michigan Department of Treasury on October 1,
1971. Filed as Exhibit 3-A to Registration No. 2-43097 of
Chrysler Financial Corporation, and incorporated herein by
reference.
3-B Copies of amendments to the Restated Articles of Incorporation
of Chrysler Financial Corporation filed with the Department of
Commerce of the State of Michigan on December 26, 1975, April
23, 1985 and June 21, 1985, respectively. Filed as Exhibit 3-B
to the Annual Report of Chrysler Financial Corporation on Form
10-K for the year ended December 31, 1985, and incorporated
herein by reference.
3-C Copies of amendments to the Restated Articles of Incorporation
of Chrysler Financial Corporation filed with the Department of
Commerce of the State of Michigan on August 12, 1987 and August
14, 1987, respectively. Filed as Exhibit 3 to the Quarterly
Report of Chrysler Financial Corporation on Form 10-Q for the
quarter ended September 30, 1987, and incorporated herein by
reference.
3-D Copies of amendments to the Restated Articles of Incorporation
of Chrysler Financial Corporation filed with the Department of
Commerce of the State of Michigan on December 11, 1987 and
January 25, 1988, respectively. Filed as Exhibit 3-D to the
Annual Report of Chrysler Financial Corporation on Form 10-K
for the year ended December 31, 1987, and incorporated herein
by reference.
3-E Copies of amendments to the Restated Articles of Incorporation
of Chrysler Financial Corporation filed with the Department of
Commerce of the State of Michigan on June 13, 1989 and June 23,
1989, respectively. Filed as Exhibit 3-E to the Quarterly
Report of Chrysler Financial Corporation on Form 10-Q for the
quarter ended June 30, 1989, and incorporated herein by
reference.
3-F Copies of amendments to the Restated Articles of Incorporation
of Chrysler Financial Corporation filed with the Department of
Commerce of the State of Michigan on September 13, 1989,
January 31, 1990 and March 8, 1990, respectively. Filed as
Exhibit 3-E to the Annual Report of Chrysler Financial
Corporation on Form 10-K for the year ended December 31, 1989,
and incorporated herein by reference.
3-G Copy of amendments to the Restated Articles of Incorporation of
Chrysler Financial Corporation filed with the Department of
Commerce of the State of Michigan on March 29, 1990 and May 10,
1990. Filed as Exhibit 3-G to the Quarterly Report of Chrysler
Financial Corporation on Form 10-Q for the quarter ended March
31, 1990, and incorporated herein by reference.
3-H Copy of the By-Laws of Chrysler Financial Corporation as
amended to March 2, 1987. Filed as Exhibit 3-C to the Annual
Report of Chrysler Financial Corporation on Form 10-K for the
year ended December 31, 1986, and incorporated herein by
reference.
3-I Copy of the By-Laws of Chrysler Financial Corporation as
amended to August 1, 1990. Filed as Exhibit 3-I to the
Quarterly Report of Chrysler Financial Corporation on Form 10-Q
for the quarter ended September 30, 1990, and incorporated
herein by reference.
3-J Copy of By-Laws of Chrysler Financial Corporation as amended to
January 1, 1992, and presently in effect. Filed as Exhibit 3-H
to the Annual Report of Chrysler Financial Corporation on Form
10-K for the year ended December 31, 1991, and incorporated
herein by reference.
4-A Copy of Indenture, dated as of June 15, 1984, between Chrysler
Financial Corporation and Manufacturers Hanover Trust Company,
as Trustee, United States Trust Company of New York, as
successor Trustee, related to Senior Debt Securities of
Chrysler Financial Corporation. Filed as Exhibit (1) to the
Current Report of Chrysler Financial Corporation on Form 8-K,
dated June 26, 1984, and incorporated herein by reference.
4-B Copy of Indenture, dated as of September 15, 1986, between
Chrysler Financial Corporation and Manufacturers Hanover Trust
Company, Trustee, United States Trust Company of New York, as
successor Trustee, related to Chrysler Financial Corporation
Senior Debt Securities. Filed as Exhibit 4-E to the Quarterly
Report of Chrysler Financial Corporation on Form 10-Q for the
quarter ended September 30, 1986, and incorporated herein by
reference.
4-C Copy of Amended and Restated Indenture, dated as of September
15, 1986, between Chrysler Financial Corporation and
Manufacturers Hanover Trust Company, Trustee, United States
Trust Company of New York, as successor Trustee, related to
Chrysler Financial Corporation Senior Debt Securities. Filed
as Exhibit 4-H to the Quarterly Report of Chrysler Financial
Corporation on Form 10-Q for the quarter ended June 30, 1987,
and incorporated herein by reference.
4-D Copy of Indenture, dated as of February 15, 1988, between
Chrysler Financial Corporation and Manufacturers Hanover Trust
Company, Trustee, United States Trust Company of New York, as
successor Trustee, related to Chrysler Financial Corporation
Senior Debt Securities. Filed as Exhibit 4-A to Registration
No. 33-23479 of Chrysler Financial Corporation, and
incorporated herein by reference.
4-E Copy of First Supplemental Indenture, dated as of March 1,
1988, between Chrysler Financial Corporation and Manufacturers
Hanover Trust Company, Trustee, United States Trust Company of
New York, as successor Trustee, to the Indenture, dated as of
February 15, 1988, between such parties, related to Chrysler
Financial Corporation Senior Debt Securities. Filed as Exhibit
4-L to the Annual Report of Chrysler Financial Corporation on
Form 10-K for the year ended December 31, 1987, and
incorporated herein by reference.
4-F Copy of Second Supplemental Indenture, dated as of September 7,
1990, between Chrysler Financial Corporation and Manufacturers
Hanover Trust Company, Trustee, United States Trust Company of
New York, as successor Trustee, to the Indenture, dated as of
February 15, 1988, between such parties, related to Chrysler
Financial Corporation Senior Debt Securities. Filed as Exhibit
4-M to the Quarterly Report of Chrysler Financial Corporation
on Form 10-Q for the quarter ended September 30, 1990, and
incorporated herein by reference.
4-G Copy of Third Supplemental Indenture, dated as of May 4, 1992,
between Chrysler Financial Corporation and United States Trust
Company of New York, as successor Trustee, to the Indenture,
dated as of February 15, 1988 between such parties, relating to
Chrysler Financial Corporation Senior Debt Securities. Filed
as Exhibit 4-N to the Quarterly Report of Chrysler Financial
Corporation on Form 10-Q for the quarter ended June 30, 1992,
and incorporated herein by reference.
4-H Copy of Indenture, dated as of February 15, 1988, between
Chrysler Financial Corporation and IBJ Schroder Bank & Trust
Company, Trustee, related to Chrysler Financial Corporation
Subordinated Debt Securities. Filed as Exhibit 4-B to
Registration No. 33-23479 of Chrysler Financial Corporation,
and incorporated herein by reference.
4-I Copy of First Supplemental Indenture, dated as of September 1,
1989, between Chrysler Financial Corporation and IBJ Schroder
Bank & Trust Company, Trustee, to the Indenture, dated as of
February 15, 1988, between such parties, related to Chrysler
Financial Corporation Subordinated Debt Securities. Filed on
September 13, 1989 as Exhibit 4-N to the Current Report of
Chrysler Financial Corporation on Form 8-K dated September 1,
1989, and incorporated herein by reference.
4-J Copy of Indenture, dated as of February 15, 1988, between
Chrysler Financial Corporation and Irving Trust Company,
Trustee, related to Chrysler Financial Corporation Junior
Subordinated Debt Securities. Filed as Exhibit 4-C to
Registration No. 33-23479 of Chrysler Financial Corporation,
and incorporated herein by reference.
4-K Copy of First Supplemental Indenture, dated as of September 1,
1989, between Chrysler Financial Corporation and Irving Trust
Company, Trustee, to the Indenture, dated as of February 15,
1988, between such parties, related to Chrysler Financial
Corporation Junior Subordinated Debt Securities. Filed on
September 13, 1989 as Exhibit 4-O to the Current Report of
Chrysler Financial Corporation on Form 8-K dated September 1,
1989, and incorporated herein by reference.
10-A Copy of Income Maintenance Agreement, made December 20, 1968,
among Chrysler Financial Corporation, Chrysler Corporation and
Chrysler Motors Corporation. Filed as Exhibit 13-D to
Registration Statement No. 2-32037 of Chrysler Financial
Corporation, and incorporated herein by reference.
10-B Copy of Agreement, made April 19, 1971, among Chrysler
Financial Corporation, Chrysler Corporation and Chrysler Motors
Corporation, amending the Income Maintenance Agreement among
such parties. Filed as Exhibit 13-B to Registration Statement
No. 2-40110 of Chrysler Financial Corporation and Chrysler
Corporation, and incorporated herein by reference.
10-C Copy of Agreement, made May 29, 1973, among Chrysler Financial
Corporation, Chrysler Corporation and Chrysler Motors
Corporation, further amending the Income Maintenance Agreement
among such parties. Filed as Exhibit 5-C to Registration
Statement No. 2-49615 of Chrysler Financial Corporation, and
incorporated herein by reference.
10-D Copy of Agreement, made as of July 1, 1975, among Chrysler
Financial Corporation, Chrysler Corporation and Chrysler Motors
Corporation, further amending the Income Maintenance Agreement
among such parties. Filed as Exhibit D to the Annual Report of
Chrysler Financial Corporation on Form 10-K for the year ended
December 31, 1975, and incorporated herein by reference.
10-E Copy of Agreement, made June 4, 1976, between Chrysler
Financial Corporation and Chrysler Corporation further amending
the Income Maintenance Agreement between such parties. Filed
as Exhibit 5-H to Registration Statement No. 2-56398 of
Chrysler Financial Corporation, and incorporated herein by
reference.
10-F Copy of Agreement, made March 27, 1986, between Chrysler
Financial Corporation, Chrysler Holding Corporation (now known
as Chrysler Corporation) and Chrysler Corporation (now known as
Chrysler Motors Corporation) further amending the Income
Maintenance Agreement among such parties. Filed as Exhibit
10-F to the Annual Report of Chrysler Financial Corporation on
Form 10-K for the year ended December 31, 1986, and
incorporated herein by reference.
10-G Copy of Revolving Credit Agreement, dated as of May 23, 1994,
among Chrysler Financial Corporation, Chemical Bank, as Agent,
the several commercial banks party thereto as Co-Agents, and
Chemical Securities Inc., as Arranger. Filed as Exhibit 10-A
to the Current Report on Form 8-K of Chrysler Financial
Corporation dated May 23, 1994, and incorporated herein by
reference.
10-H Copy of Fourth Amended and Restated Commitment Transfer
Agreement, dated as of May 23, 1994, among Chrysler Financial
Corporation, the several financial institutions parties thereto
and Chemical Bank, as agent. Filed as exhibit 10-B to the
Current Report on Form 8-K of Chrysler Financial Corporation
dated May 23, 1994, and incorporated herein by reference.
10-I Copy of Guarantee Agreement, dated as of May 23, 1994, made by
Chrysler Financial Corporation to and in favor of Guaranteed
Parties as defined therein. Filed as Exhibit 10-C to the
Current Report on Form 8-K of Chrysler Financial Corporation
dated May 23, 1994, and incorporated herein by reference.
10-J Copy of Revolving Credit Agreement, dated as of May 23, 1994,
among Chrysler Credit Canada Ltd., Royal Bank of Canada, as
agent, Canadian Imperial Bank of Commerce and Bank of Nova
Scotia, as co-agents, and the Lenders parties thereto. Filed
as Exhibit 10-D to the Current Report on Form 8-K of Chrysler
Financial Corporation dated May 23, 1994, and incorporated
herein by reference.
10-K Copy of Short Term Receivables Purchase Agreement, dated as of
May 23, 1994, among Chrysler Financial Corporation, Chrysler
Credit Corporation, U.S. Auto Receivables Company, American
Auto Receivables Company, Chemical Bank, as agent, the several
commercial banks parties thereto, and Chemical Bank Agency
Services Corporation, as Administrative Agent. Filed as
Exhibit 10-E to the Current Report on Form 8-K of Chrysler
Financial Corporation dated May 23, 1994, and incorporated
herein by reference.
10-L Copy of Short Term Participation and Servicing Agreement, dated
as of May 23, 1994, among American Auto Receivables Company,
Chrysler Credit Corporation, the banks and other financial
institutions named as purchasers therein, Chemical Bank, as
Agent, and Chemical Bank Agency Services Corporation, as
Administrative Agent. Filed as Exhibit 10-F to the Current
Report on Form 8-K of Chrysler Financial Corporation dated May
23, 1994, and incorporated herein by reference.
10-M Copy of Short Term Bank Supplement, dated as of May 23, 1994,
among U.S. Auto Receivables Company, Chrysler Credit
Corporation and Manufacturers and Traders Trust Company, as
Trustee, to the Pooling and Servicing Agreement dated as of May
31, 1991 with Respect to CARCO Auto Loan Master Trust Short
Term Bank Series. Filed as Exhibit 10-G to the Current Report
on Form 8-K of Chrysler Financial Corporation dated May 23,
1994, and incorporated herein by reference.
10-N Copy of Long Term Receivables Purchase Agreement, dated as of
May 23, 1994, among Chrysler Financial Corporation, Chrysler
Credit Corporation, U.S. Auto Receivables Company, American
Auto Receivables Company, the several commercial banks parties
thereto, Chemical Bank, as Agent, and Chemical Bank Agency
Services Corporation, as Administrative Agent. Filed as
Exhibit 10-H to the Current Report on Form 8-K of Chrysler
Financial Corporation dated May 23, 1994, and incorporated
herein by reference.
10-O Copy of Long Term Participation and Servicing Agreement, dated
as of May 23, 1994, among American Auto Receivables Company,
Chrysler Credit Corporation, the banks and other financial
institutions named as purchasers therein, Chemical Bank, as
Agent, and Chemical Bank Agency Services Corporation, as
Administrative Agent. Filed as Exhibit 10-I to the Current
Report on Form 8-K of Chrysler Financial Corporation dated May
23, 1994, and incorporated herein by reference.
10-P Copy of Long Term Bank Supplement, dated as of May 23, 1994,
among U.S. Auto Receivables Company, Chrysler Credit
Corporation and Manufacturers and Traders Trust Company, as
Trustee, to the Pooling and Servicing Agreement dated as of May
31, 1991 with respect to CARCO Auto Loan Master Trust Bank
Series. Filed as Exhibit 10-J to the Current Report on Form
8-K of Chrysler Financial Corporation dated May 23, 1994, and
incorporated herein by reference.
10-Q Copy of Short Term Receivables Purchase Agreement, dated May
23, 1994, among Chrysler Financial Corporation, Chrysler Credit
Canada Ltd., the chartered banks named therein as purchasers,
and Royal Bank of Canada, as Agent. Filed as Exhibit 10-K to
the Current Report on Form 8-K of Chrysler Financial
Corporation dated May 23, 1994, and incorporated herein by
reference.
10-R Copy of Short Term Retail Purchase and Servicing Agreement,
dated May 23, 1994, among Chrysler Credit Canada Ltd., the
chartered banks named therein as parties thereto, and Royal
Bank of Canada, as Agent. Filed as Exhibit 10-L to the Current
Report on Form 8-K of Chrysler Financial Corporation dated May
23, 1994, and incorporated herein by reference.
10-S Copy of Long Term Receivables Purchase Agreement, dated May 23,
1994, among Chrysler Financial Corporation, Chrysler Credit
Canada Ltd., the chartered banks named therein as purchasers,
and Royal Bank of Canada, as Agent. Filed as Exhibit 10-M to
the Current Report on Form 8-K of Chrysler Financial
Corporation dated May 23, 1994, and incorporated herein by
reference.
10-T Copy of Long Term Retail Purchase and Servicing Agreement,
dated May 23, 1994, among Chrysler Credit Canada Ltd., the
chartered banks named therein as parties thereto, and Royal
Bank of Canada, as Agent. Filed as Exhibit 10-N to the Current
Report on Form 8-K of Chrysler Financial Corporation dated May
23, 1994, and incorporated herein by reference.
10-U Copy of Bank Series 1994-1 Supplement, dated as of May 23,
1994, among Chrysler Credit Canada Ltd., Royal Bank of Canada,
as Agent, the several banks parties thereto, and The Royal
Trust Company, as Custodian, to the Master Custodial and
Servicing Agreement, dated as of September 1, 1992. Filed as
Exhibit 10-O to the Current Report on Form 8-K of Chrysler
Financial Corporation dated May 23, 1994, and incorporated
herein by reference.
10-V Copy of Bank Series 1994-2 Supplement, dated as of May 23,
1994, among Chrysler Credit Canada Ltd., Royal Bank of Canada,
as Agent, the several banks parties thereto, and The Royal
Trust Company, as Custodian, to the Master Custodial and
Servicing Agreement, dated as of September 1, 1992. Filed as
Exhibit 10-P to the Current Report on Form 8-K of Chrysler
Financial Corporation dated May 23, 1994, and incorporated
herein by reference.
10-W Copy of Loan Asset Purchase Agreement by and between
NationsBank of Texas, N.A. and Chrysler First Inc., and the
Subsidiaries of Chrysler First Inc. named therein, dated as of
November 17, 1992, with respect to the sale of certain loan
assets of Chrysler First Inc. and its subsidiaries. Filed as
Exhibit 10-VVVVV to the Registration Statement on Form S-2 of
Chrysler Financial Corporation (Registration Statement No.
33-51302) on November 24, 1992, and incorporated herein by
reference.
10-X Copy of Business Asset Purchase Agreement by and among
NationsBanc Financial Services Corporation and the Purchasers
named therein and Chrysler First Inc. and the Sellers named
therein, dated as of November 17, 1992, with respect to the
sale of certain business assets of Chrysler First Inc. and its
subsidiaries. Filed as Exhibit 10-WWWWW to the Registration
Statement on Form S-2 of Chrysler Financial Corporation
(Registration Statement No. 33-51302) on November 24, 1992, and
incorporated herein by reference.
10-Y Copy of Securitization Closing Agreement, dated as of February
1, 1993, among Chrysler Financial Corporation, certain Sellers,
certain Purchasers, and certain Purchaser Parties. Filed as
Exhibit 2-E to the Current Report of Chrysler Financial
Corporation on Form 8-K dated February 1, 1993, and
incorporated herein by reference.
10-Z Copy of First Amendment to Loan Asset Purchase Agreement, dated
December 30, 1992, among NationsBank of Texas, N.A. and
Chrysler Financial Corporation, for and on behalf of Chrysler
First Inc. and the Asset Sellers parties thereto. Filed as
Exhibit 2-B to the Current Report of Chrysler Financial
Corporation on Form 8-K dated February 1, 1993, and
incorporated herein by reference.
10-AA Copy of First Amendment to Business Asset Purchase Agreement
dated as of January 29, 1993 among NationsBank Financial
Services Corporation, the other Purchasers parties thereto and
the Sellers parties thereto and Chrysler Financial Corporation.
Filed as Exhibit 2-D to the Current Report of Chrysler
Financial Corporation on Form 8-K dated February 1, 1993, and
incorporated herein by reference.
10-BB Copy of Asset Purchase Agreement, dated as of December 18,
1992, among Chrysler Rail Transportation Corporation,
Greenbrier Transportation Limited Partnership and Greenbrier
Capital Corporation. Filed as Exhibit 10-HHHHHH to the Annual
Report of Chrysler Financial Corporation on Form 10-K for the
year ended December 31, 1992, and incorporated herein by
reference.
10-CC Copy of Asset Purchase Agreement, dated as of February 1, 1993,
among Chrysler Rail Transportation Corporation, Chrysler
Capital Transportation Services, Inc. and United States Rail
Services, a division of United States Leasing International,
Inc. Filed as Exhibit 10-IIIIII to the Annual Report of
Chrysler Financial Corporation on Form 10-K for the year ended
December 31, 1992, and incorporated herein by reference.
10-DD Copy of Asset Purchase Agreement between Chrysler Leaserve,
Inc. (a subsidiary of General Electric Capital Auto Lease,
Inc.), Chrysler Financial Corporation and Chrysler Credit
Corporation, dated as of October 20, 1992, with respect to the
sale of Gold Key Leases. Filed as Exhibit 10-XXXXX to the
Registration Statement on Form S-2 of Chrysler Financial
Corporation (Registration Statement No. 33-51302) on November
24, 1992, and incorporated herein by reference.
10-EE Copy of Servicing Agreement, dated as of October 20, 1992,
between Chrysler Leaserve, Inc. (a subsidiary of General
Electric Capital Auto Lease, Inc.) and Chrysler Credit
Corporation, with respect to the sale of Gold Key Leases.
Filed as Exhibit 10-YYYYY to the Registration Statement on Form
S-2 of Chrysler Financial Corporation (Registration Statement
No. 33-51302) on November 24, 1992, and incorporated herein by
reference.
10-FF Copy of Sale and Servicing Agreement, dated as of November 1,
1992, among Premier Auto Receivables Company, as Seller,
Chrysler Credit Corporation, as Servicer, and Premier Auto
Trust 1992-6, as Purchaser, with respect to Premier Auto Trust
1992-6. Filed as Exhibit 10-PPPPPP to the Annual Report of
Chrysler Financial Corporation on Form 10-K for the year ended
December 31, 1992, and incorporated herein by reference.
10-GG Copy of Trust Agreement, dated as of November 1, 1992, among ML
Asset Backed Corporation, Premier Auto Receivables Company and
Chemical Bank Delaware as Owner Trustee, with respect to
Premier Auto Trust 1992-6. Filed as Exhibit 10-QQQQQQ to the
Annual Report of Chrysler Financial Corporation on Form 10-K
for the year ended December 31, 1992, and incorporated herein
by reference.
10-HH Copy of Sale and Servicing Agreement, dated as of January 1,
1993, among Premier Auto Receivables Company, as Seller,
Chrysler Credit Corporation, as Servicer, and Premier Auto
Trust 1993-1, as Purchaser, with respect to Premier Auto Trust
1993-1. Filed as Exhibit 10-RRRRRR to the Annual Report of
Chrysler Financial Corporation on Form 10-K for the year ended
December 31, 1992, and incorporated herein by reference.
10-II Copy of Trust Agreement, dated as of January 1, 1993, among ML
Asset Backed Corporation, Premier Auto Receivables Company and
Chemical Bank Delaware, as Owner Trustee, with respect to
Premier Auto Trust 1993-1. Filed as Exhibit 10-SSSSSS to the
Annual Report of Chrysler Financial Corporation on Form 10-K
for the year ended December 31, 1992, and incorporated herein
by reference.
10-JJ Copy of Receivables Purchase Agreement, dated as of November
25, 1992, between Chrysler Credit Canada Ltd., Chrysler
Financial Corporation and Associated Assets Acquisitions Inc.
with respect to Canadian Auto Receivables Securitization
1992-3. Filed as Exhibit 10-TTTTTT to the Annual Report of
Chrysler Financial Corporation on Form 10-K for the year ended
December 31, 1992, and incorporated herein by reference.
10-KK Copy of Purchase Agreement, dated as of January 25, 1993, among
Chrysler Credit Canada Ltd., Chrysler Canada Ltd., Auto 1
Limited Partnership and Chrysler Financial Corporation, with
respect to Auto 1 Trust. Filed as Exhibit 10-UUUUUU to the
Annual Report of Chrysler Financial Corporation on Form 10-K
for the year ended December 31, 1992, and incorporated herein
by reference.
10-LL Copy of Master Lease Agreement, dated as of January 25, 1993,
among Chrysler Credit Canada Ltd., Chrysler Canada Ltd. and
Auto 1 Limited Partnership, with respect to Auto 1 Trust.
Filed as Exhibit 10-VVVVVV to the Annual Report of Chrysler
Financial Corporation on Form 10-K for the year ended December
31, 1992, and incorporated herein by reference.
10-MM Copy of Amended and Restated Trust Agreement, dated as of April
1, 1993, among Premier Auto Receivables Company, Chrysler
Financial Corporation and Chemical Bank Delaware, as Owner
Trustee, with respect to Premier Auto Trust 1993-2. Filed as
Exhibit 4.1 to the Quarterly Report of Premier Auto Trust
1993-2 on Form 10-Q for the quarter ended June 30, 1993, and
incorporated herein by reference.
10-NN Copy of Indenture, dated as of April 1, 1993, between Premier
Auto Trust 1993-2 and Bankers Trust Company, as Indenture
Trustee, with respect to Premier Auto Trust 1993-2. Filed as
Exhibit 4.2 of the Quarterly Report of Premier Auto Trust
1993-2 on Form 10-Q for the quarter ended June 30, 1993, and
incorporated herein by reference.
10-OO Copy of Amended and Restated Trust Agreement, dated as of June
1, 1993, among Premier Auto Receivables Company, Chrysler
Financial Corporation and Chemical Bank Delaware, as Owner
Trustee, with respect to Premier Auto Trust 1993-3. Filed as
Exhibit 4.1 to the Quarterly Report of Premier Auto Trust
1993-3 on Form 10-Q for the quarter ended June 30, 1993, and
incorporated herein by reference.
10-PP Copy of Indenture, dated as of June 1, 1993, between Premier
Auto Trust 1993-3 and Bankers Trust Company, as Indenture
Trustee. Filed as Exhibit 4.2 to the Quarterly Report of
Premier Auto Trust 1993-3 on Form 10-Q for the quarter ended
June 30, 1993, and incorporated herein by reference.
10-QQ Copy of Series 1993-1 Supplement, dated as of February 1, 1993,
among U.S. Auto Receivables Company, as Seller, Chrysler Credit
Corporation, as Servicer, and Manufacturers and Traders Trust
Company, as Trustee, with respect to CARCO Auto Loan Master
Trust. Filed as Exhibit 3 to the Trust's Registration
Statement on Form 8-A dated March 15, 1993, and incorporated
herein by reference.
10-RR Copy of Receivables Purchase Agreement, made as of April 7,
1993, among Chrysler Credit Canada Ltd., Chrysler Financial
Corporation and Association Assets Acquisition Inc., with
respect to CARS 1993-1. Filed as Exhibit 10-OOOO to the
Quarterly Report on Form 10-Q of Chrysler Financial Corporation
for the quarter ended September 30, 1993, and incorporated
herein by reference.
10-SS Copy of Receivables Purchase Agreement, made as of June 29,
1993, among Chrysler Credit Canada Ltd., Chrysler Financial
Corporation and Associated Assets Acquisition Inc., with
respect to CARS 1993-2. Filed as Exhibit 10-PPPP to the
Quarterly Report on Form 10-Q of Chrysler Financial Corporation
for the quarter ended September 30, 1993, and incorporated
herein by reference.
10-TT Copy of Pooling and Servicing Agreement, dated as of August 1,
1993, among Auto Receivables Corporation, Chrysler Credit
Canada Ltd., Montreal Trust Company of Canada and Chrysler
Financial Corporation, with respect to CARCO 1993-1. Filed as
Exhibit 10-QQQQ to the Quarterly Report on Form 10-Q of
Chrysler Financial Corporation for the quarter ended September
30, 1993, and incorporated herein by reference.
10-UU Copy of Standard Terms and Conditions of Agreement, dated as of
August 1, 1993, among Auto Receivables Corporation, Chrysler
Credit Canada Ltd. and Chrysler Financial Corporation, with
respect to CARCO 1993-1. Filed as Exhibit 10-RRRR to the
Quarterly Report on Form 10-Q of Chrysler Financial Corporation
for the quarter ended September 30, 1993, and incorporated
herein by reference.
10-VV Copy of Purchase Agreement, dated as of August 1, 1993, between
Chrysler Credit Canada Ltd., and Auto Receivables Corporation,
with respect to CARCO 1993-1. Filed as Exhibit 10-SSSS to the
Quarterly Report on Form 10-Q of Chrysler Financial Corporation
for the quarter ended September 30, 1993, and incorporated
herein by reference.
10-WW Copy of Lease Receivables Purchase Agreement, dated as of
December 23, 1992, among Chrysler Systems Leasing Inc.,
Chrysler Financial Corporation and Sanwa Business Credit
Corporation. Filed as Exhibit 10-TTTT to the Quarterly Report
on Form 10-Q of Chrysler Financial Corporation for the quarter
ended September 30, 1993, and incorporated herein by reference.
10-XX Copy of Lease Receivables Purchase Agreement, dated September
3, 1993, among CXC Incorporated, Chrysler Systems Inc., and
Chrysler Financial Corporation. Filed as Exhibit 10-UUUU to
the Quarterly Report on Form 10-Q of Chrysler Financial
Corporation for the quarter ended September 30, 1993, and
incorporated herein by reference.
10-YY Copy of Lease Receivables Purchase Agreement, dated September
22, 1993, among the CIT Group/Equipment Financing, Inc.,
Chrysler Systems Inc., and Chrysler Financial Corporation.
Filed as Exhibit 10-VVVV to the Quarterly Report on Form 10-Q
of Chrysler Financial Corporation for the quarter ended
September 30, 1993, and incorporated herein by reference.
10-ZZ Copy of Asset Purchase Agreement, dated as of July 31, 1993,
between Chrysler Rail Transportation Corporation and General
Electric Railcar Leasing Services Corporation. Filed as
Exhibit 10-WWWW to the Quarterly Report on Form 10-Q of
Chrysler Financial Corporation for the quarter ended September
30, 1993, and incorporated herein by reference.
10-AAA Copy of Amended and Restated Loan Agreement, dated as of June
1, 1993, between Chrysler Realty Corporation and Chrysler
Credit Corporation. Filed as Exhibit 10-XXXX to the Quarterly
Report on Form 10-Q of Chrysler Financial Corporation for the
quarter ended September 30, 1993, and incorporated herein by
reference.
10-BBB Copy of Loan Agreement, dated as of March 31, 1993, between
Manatee Leasing, Inc. and Chrysler Credit Corporation. Filed
as Exhibit 10-YYYY to the Quarterly Report on Form 10-Q of
Chrysler Financial Corporation for the quarter ended September
30, 1993, and incorporated herein by reference.
10-CCC Copy of Origination and Servicing Agreement, dated as of June
4, 1993, among Chrysler Leaserve, Inc., General Electric
Capital Auto Lease, Inc., Chrysler Credit Corporation and
Chrysler Financial Corporation. Filed as Exhibit 10-ZZZZ to
the Quarterly Report on Form 10-Q of Chrysler Financial
Corporation for the quarter ended September 30, 1993, and
incorporated herein by reference.
10-DDD Copy of Amended and Restated Trust Agreement, dated as of
September 1, 1993, among Premier Auto Receivables Company,
Chrysler Financial Corporation and Chemical Bank Delaware, as
Trustee, with respect to Premier Auto Trust 1993-5. Filed as
Exhibit 4.1 to the Quarterly Report of Premier Auto Trust
1993-5 on Form 10-Q for the quarter ended September 30, 1993,
and incorporated herein by reference.
10-EEE Copy of Indenture, dated as of September 1, 1993, between
Premier Auto Trust 1993-5 and Bankers Trust Company, as
Indenture Trustee, with respect to Premier Auto Trust 1993-5.
Filed as Exhibit 4.2 to the Quarterly Report of Premier Auto
Trust 1993-5 on From 10-Q for the quarter ended September 30,
1993, and incorporated herein by reference.
10-FFF Copy of Asset Purchase Agreement, dated as of October 29, 1993,
between Marine Asset Management Corporation and Trico Marine
Assets, Inc.. Filed as Exhibit 10-CCCCC to the Quarterly
Report on Form 10-Q of Chrysler Financial Corporation for the
quarter ended September 30, 1993, and incorporated herein by
reference.
10-GGG Copy of Asset Purchase Agreement, dated as of December 3, 1993,
between Chrysler Rail Transportation Corporation and Allied
Railcar Company. Filed as Exhibit 1O-OOOO to the Annual Report
on Form 10-K of Chrysler Financial Corporation for the year
ended December 31, 1993, and incorporated herein by reference.
10-HHH Copy of Secured Loan Purchase Agreement, dated as of December
15, 1993, among Chrysler Credit Canada Ltd., Leaf Trust and
Chrysler Financial Corporation. Filed as Exhibit 10-PPPP to
the Annual Report on Form 10-K of Chrysler Financial
Corporation for the year ended December 31, 1993, and
incorporated herein by reference.
10-III Copy of Series 1993-2 Supplement, dated as of November 1, 1993,
among U.S. Auto Receivables Company, as Seller, Chrysler Credit
Corporation, as Servicer, and Manufacturers and Traders Trust
Company, as Trustee, with respect to CARCO Auto Loan Master
Trust. Filed as Exhibit 3 to the Registration Statement on
Form 8-A of CARCO Auto Loan Master Trust dated December 6,
1993, and incorporated herein by reference.
10-JJJ Copy of Amended and Restated Trust Agreement, dated as of
November 1, 1993, among Premier Auto Receivables Company,
Chrysler Financial Corporation and Chemical Bank Delaware, as
Owner Trustee, with respect to Premier Auto Trust 1993-6.
Filed as Exhibit 4-A to the Annual Report on Form 10-K of
Premier Auto Trust 1993-6 for the year ended December 31, 1993,
and incorporated herein by reference.
10-KKK Copy of Indenture, dated as of November 1, 1993, between
Premier Auto Trust 1993-6 and The Fuji Bank and Trust Company,
as Indenture Trustee, with respect to Premier Auto trust
1993-6. Filed as Exhibit 4-B to the Annual Report on Form 10-K
of Premier Auto Trust 1993-6 for the year ended December 31,
1993, and incorporated herein by reference.
10-LLL Copy of Secured Loan Purchase Agreement, dated as of March 29,
1994, among Chrysler Credit Canada Ltd., Leaf Trust and
Chrysler Financial Corporation. Filed as Exhibit 10-ZZZ to the
Quarterly Report of Chrysler Financial Corporation on Form 10-Q
for the quarter ended March 31, 1994, and incorporated herein
by reference.
10-MMM Copy of Amended and Restated Trust Agreement, dated as of
February 1, 1994, among Premier Auto Receivables Company,
Chrysler Financial Corporation and Chemical Bank Delaware, as
Owner Trustee, with respect to Premier Auto Trust 1994-1.
Filed as Exhibit 4.1 to the Quarterly Report on Form 10-Q of
Premier Auto Trust 1994-1 for the quarter ended March 31, 1994,
and incorporated herein by reference.
10-NNN Copy of Indenture, dated as of February 1, 1994, between
Premier Auto Trust 1994-1 and The Fuji Bank and Trust Company,
as Indenture Trustee, with respect to Premier Auto Trust
1994-1. Filed as Exhibit 4.2 to the Quarterly Report on Form
10-Q of Premier Auto Trust 1994-1 for the quarter ended March
31, 1994, and incorporated herein by reference.
10-OOO Copy of Secured Loan Purchase Agreement, dated as of July 6,
1994, among Chrysler Credit Canada Ltd., Leaf Trust and
Chrysler Financial Corporation. Filed as Exhibit 10-BBBB to
the Quarterly Report on Form 10-Q of Chrysler Financial
Corporation for the quarter ended June 30, 1994, and
incorporated herein by reference.
10-PPP Copy of Amended and Restated Trust Agreement, dated as of May
1, 1994, among Premier Auto Receivables Company, Chrysler
Financial Corporation and Chemical Bank, Delaware, as Owner
Trustee, with respect to Premier Auto Trust 1994-2. Filed as
Exhibit 4.1 to the Quarterly Report on Form 10-Q of Premier
Auto Trust 1994-2 for the Quarter ended June 30, 1994, and
incorporated herein by reference.
10-QQQ Copy of Indenture, dated as of May 1, 1994, between Premier
Auto Trust 1994-2 and The Fuji Bank and Trust Company, as
Indenture Trustee, with respect to Premier Auto Trust 1994-2.
Filed as Exhibit 4.2 to the Quarterly Report on Form 10-Q of
Premier Auto Trust 1994-2 for the quarter ended June 30, 1994,
and incorporated herein by reference.
10-RRR Copy of Amended and Restated Trust Agreement, dated as of June
1, 1994, among Premier Auto Receivables Company, Chrysler
Financial Corporation and Chemical Bank, Delaware, with respect
to Premier Auto Trust 1994-3. Filed as Exhibit 4.1 to the
Quarterly Report on Form 10-Q of Premier Auto Trust 1994-3 for
the quarter ended June 30, 1994, and incorporated herin by
reference.
10-SSS Copy of Indenture, dated as of June 1, 1994, between Premier
Auto Trust 1994-3 and The Fuji Bank and Trust Company, as
Indenture Trustee, with respect to Premier Auto Trust 1994-3.
Filed as Exhibit 4.2 to the Quarterly Report on Form 10-Q of
Premier Auto Trust 1994-3 for the quarter ended June 30, 1994,
and incorporated herein by reference.
12-A Chrysler Financial Corporation and Subsidiaries Computations of
Ratios of Earnings to Fixed Charges.
12-B Chrysler Corporation Enterprise as a Whole Computations of
Ratios of Earnings to Fixed Charges and Preferred Stock
Dividend Requirements.
15-A Letter regarding unaudited interim financial information.
15-B Independent Accountants' Letter in lieu of Consent.
Copies of instruments defining the rights of holders of long-term
debt of the registrant and its consolidated subsidiaries, other than
the instruments copies of which are filed with this report as Exhibit
4-A, 4-B, 4-C, 4-D, 4-E, 4-F, 4-G, 4-H, 4-I, 4-J and 4-K thereto,
have not been filed as exhibits to this report since the amount of
securities authorized under any one of such instruments does not
exceed 10% of the total assets of the registrant and its subsidiaries
on a consolidated basis. The registration agrees to furnish to the
Commission a copy of each such instrument upon request.
(b) The registrant filed the following reports on Form 8-K during the quarter
ended September 30, 1994.
Date of Report Date Filed Item Reported
-------------- ---------- -------------
July 14, 1994 July 14, 1994 5
Financial Statements Filed
Copy of the unaudited financial statements for Chrysler Financial
Corporation and subsidiaries for the quarter ended September 30, 1994,
and the related Independent Accountant's Report.
<PAGE>
CHRYSLER FINANCIAL CORPORATION AND SUBSIDIARIES
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Chrysler Financial Corporation
------------------------------
(Registrant)
Date: October 14, 1994 By: /s/ T. P. Dykstra
------------------------------
T. P. Dykstra
Vice President & Controller
Principal Accounting Officer
<PAGE>
CHRYSLER FINANCIAL CORPORATION AND SUBSIDIARIES
EXHIBIT INDEX
Exhibit No.
3-A Copy of the Restated Articles of Incorporation of Chrysler
Financial Corporation as adopted and filed with the Corporation
Division of the Michigan Department of Treasury on October 1,
1971. Filed as Exhibit 3-A to Registration No. 2-43097 of
Chrysler Financial Corporation, and incorporated herein by
reference.
3-B Copies of amendments to the Restated Articles of Incorporation
of Chrysler Financial Corporation filed with the Department of
Commerce of the State of Michigan on December 26, 1975, April
23, 1985 and June 21, 1985, respectively. Filed as Exhibit 3-B
to the Annual Report of Chrysler Financial Corporation on Form
10-K for the year ended December 31, 1985, and incorporated
herein by reference.
3-C Copies of amendments to the Restated Articles of Incorporation
of Chrysler Financial Corporation filed with the Department of
Commerce of the State of Michigan on August 12, 1987 and August
14, 1987, respectively. Filed as Exhibit 3 to the Quarterly
Report of Chrysler Financial Corporation on Form 10-Q for the
quarter ended September 30, 1987, and incorporated herein by
reference.
3-D Copies of amendments to the Restated Articles of Incorporation
of Chrysler Financial Corporation filed with the Department of
Commerce of the State of Michigan on December 11, 1987 and
January 25, 1988, respectively. Filed as Exhibit 3-D to the
Annual Report of Chrysler Financial Corporation on Form 10-K
for the year ended December 31, 1987, and incorporated herein
by reference.
3-E Copies of amendments to the Restated Articles of Incorporation
of Chrysler Financial Corporation filed with the Department of
Commerce of the State of Michigan on June 13, 1989 and June 23,
1989, respectively. Filed as Exhibit 3-E to the Quarterly
Report of Chrysler Financial Corporation on Form 10-Q for the
quarter ended June 30, 1989, and incorporated herein by
reference.
3-F Copies of amendments to the Restated Articles of Incorporation
of Chrysler Financial Corporation filed with the Department of
Commerce of the State of Michigan on September 13, 1989,
January 31, 1990 and March 8, 1990, respectively. Filed as
Exhibit 3-E to the Annual Report of Chrysler Financial
Corporation on Form 10-K for the year ended December 31, 1989,
and incorporated herein by reference.
3-G Copy of amendments to the Restated Articles of Incorporation of
Chrysler Financial Corporation filed with the Department of
Commerce of the State of Michigan on March 29, 1990 and May 10,
1990. Filed as Exhibit 3-G to the Quarterly Report of Chrysler
Financial Corporation on Form 10-Q for the quarter ended March
31, 1990, and incorporated herein by reference.
3-H Copy of the By-Laws of Chrysler Financial Corporation as
amended to March 2, 1987. Filed as Exhibit 3-C to the Annual
Report of Chrysler Financial Corporation on Form 10-K for the
year ended December 31, 1986, and incorporated herein by
reference.
3-I Copy of the By-Laws of Chrysler Financial Corporation as
amended to August 1, 1990. Filed as Exhibit 3-I to the
Quarterly Report of Chrysler Financial Corporation on Form 10-Q
for the quarter ended September 30, 1990, and incorporated
herein by reference.
3-J Copy of By-Laws of Chrysler Financial Corporation as amended to
January 1, 1992, and presently in effect. Filed as Exhibit 3-H
to the Annual Report of Chrysler Financial Corporation on Form
10-K for the year ended December 31, 1991, and incorporated
herein by reference.
4-A Copy of the Indenture, dated as of June 15, 1984, between
Chrysler Financial Corporation and Manufacturers Hanover Trust
Company, as Trustee, United States Trust Company of New York,
as successor Trustee, related to Senior Debt Securities of
Chrysler Financial Corporation. Filed as Exhibit (1) to the
current Report of Chrysler Financial Corporation on Form 8-K,
dated June 26, 1984, and incorporated herein by reference.
4-B Copy of Indenture, dated as of September 15, 1986, between
Chrysler Financial Corporation and Manufacturers Hanover Trust
Company, Trustee, United States Trust Company of New York, as
successor Trustee, related to Chrysler Financial Corporation
Senior Debt Securities. Filed as Exhibit 4-E to the Quarterly
Report of Chrysler Financial Corporation on Form 10-Q for the
quarter ended September 30, 1986, and incorporated herein by
reference.
4-C Copy of Amended and Restated Indenture, dated as of September
15, 1986, between Chrysler Financial Corporation and
Manufacturers Hanover Trust Company, Trustee, United States
Trust Company of New York, as successor Trustee, related to
Chrysler Financial Corporation Senior Debt Securities. Filed
as Exhibit 4-H to the Quarterly Report of Chrysler Financial
Corporation on Form 10-Q for the quarter ended June 30, 1987,
and incorporated herein by reference.
4-D Copy of Indenture, dated as of February 15, 1988, between
Chrysler Financial Corporation and Manufacturers Hanover Trust
Company, Trustee, United States Trust Company of New York, as
successor Trustee, related to Chrysler Financial Corporation
Senior Debt Securities. Filed as Exhibit 4-A to Registration
No. 33-23479 of Chrysler Financial Corporation, and
incorporated herein by reference.
4-E Copy of First Supplemental Indenture, dated as of March 1,
1988, between Chrysler Financial Corporation and Manufacturers
Hanover Trust Company, Trustee, United States Trust Company of
New York, as successor Trustee, to the Indenture, dated as of
February 15, 1988, between such parties, related to Chrysler
Financial Corporation Senior Debt Securities. Filed as Exhibit
4-L to the Annual Report of Chrysler Financial Corporation on
Form 10-K for the year ended December 31, 1987, and
incorporated herein by reference.
4-F Copy of Second Supplemental Indenture, dated as of September 7,
1990, between Chrysler Financial Corporation and Manufacturers
Hanover Trust Company, Trustee, United States Trust Company of
New York, as successor Trustee, to the Indenture, dated as of
February 15, 1988, between such parties, related to Chrysler
Financial Corporation Senior Debt Securities. Filed as Exhibit
4-M to the Quarterly Report of Chrysler Financial Corporation
on Form 10-Q for the quarter ended September 30, 1990, and
incorporated herein by reference.
4-G Copy of Third Supplemental Indenture, dated as of May 4, 1992,
between Chrysler Financial Corporation and United States Trust
Company of New York, as successor Trustee, to the Indenture,
dated as of February 15, 1988 between such parties, relating to
Chrysler Financial Corporation Senior Debt Securities. Filed
as Exhibit 4-N to the Quarterly Report of Chrysler Financial
Corporation on Form 10-Q for the quarter ended June 30, 1992,
and incorporated herein by reference.
4-H Copy of Indenture, dated as of February 15, 1988, between
Chrysler Financial Corporation and IBJ Schroder Bank & Trust
Company, Trustee, related to Chrysler Financial Corporation
Subordinated Debt Securities. Filed as Exhibit 4-B to
Registration No. 33-23479 of Chrysler Financial Corporation,
and incorporated herein by reference.
4-I Copy of First Supplemental Indenture, dated as of September 1,
1989, between Chrysler Financial Corporation and IBJ Schroder
Bank & Trust Company, Trustee, to the Indenture, dated as of
February 15, 1988, between such parties, related to Chrysler
Financial Corporation Subordinated Debt Securities. Filed on
September 13, 1989 as Exhibit 4-N to the Current Report of
Chrysler Financial Corporation on Form 8-K dated September 1,
1989, and incorporated herein by reference.
4-J Copy of Indenture, dated as of February 15, 1988, between
Chrysler Financial Corporation and Irving Trust Company,
Trustee, related to Chrysler Financial Corporation Junior
Subordinated Debt Securities. Filed as Exhibit 4-C to
Registration No. 33-23479 of Chrysler Financial Corporation,
and incorporated herein by reference.
4-K Copy of First Supplemental Indenture, dated as of September 1,
1989, between Chrysler Financial Corporation and Irving Trust
Company, Trustee, to the Indenture, dated as of February 15,
1988, between such parties, related to Chrysler Financial
Corporation Junior Subordinated Debt Securities. Filed on
September 13, 1989 as Exhibit 4-O to the Current Report of
Chrysler Financial Corporation on Form 8-K dated September 1,
1989, and incorporated herein by reference.
10-A Copy of Income Maintenance Agreement, made December 20, 1968,
among Chrysler Financial Corporation, Chrysler Corporation and
Chrysler Motors Corporation. Filed as Exhibit 13-D to
Registration Statement No. 2-32037 of Chrysler Financial
Corporation, and incorporated herein by reference.
10-B Copy of Agreement, made April 19, 1971, among Chrysler
Financial Corporation, Chrysler Corporation and Chrysler Motors
Corporation, amending the Income Maintenance Agreement among
such parties. Filed as Exhibit 13-B to Registration Statement
No. 2-40110 of Chrysler Financial Corporation and Chrysler
Corporation, and incorporated herein by reference.
10-C Copy of Agreement, made May 29, 1973, among Chrysler Financial
Corporation, Chrysler Corporation and Chrysler Motors
Corporation, further amending the Income Maintenance Agreement
among such parties. Filed as Exhibit 5-C to Registration
Statement No. 2-49615 of Chrysler Financial Corporation, and
incorporated herein by reference.
10-D Copy of Agreement, made as of July 1, 1975, among Chrysler
Financial Corporation, Chrysler Corporation and Chrysler Motors
Corporation, further amending the Income Maintenance Agreement
among such parties. Filed as Exhibit D to the Annual Report of
Chrysler Financial Corporation on Form 10-K for the year ended
December 31, 1975, and incorporated herein by reference.
10-E Copy of Agreement, made June 4, 1976, between Chrysler
Financial Corporation and Chrysler Corporation further amending
the Income Maintenance Agreement between such parties. Filed
as Exhibit 5-H to Registration Statement No. 2-56398 of
Chrysler Financial Corporation, and incorporated herein by
reference.
10-F Copy of Agreement, made March 27, 1986, between Chrysler
Financial Corporation, Chrysler Holding Corporation (now known
as Chrysler Corporation) and Chrysler Corporation (now known as
Chrysler Motors Corporation) further amending the Income
Maintenance Agreement among such parties. Filed as Exhibit
10-F to the Annual Report of Chrysler Financial Corporation on
Form 10-K for the year ended December 31, 1986, and
incorporated herein by reference.
10-G Copy of Revolving Credit Agreement, dated as of May 23, 1994,
among Chrysler Financial Corporation, Chemical Bank, as Agent,
the several commercial banks party thereto as Co-Agents, and
Chemical Securities Inc., as Arranger. Filed as Exhibit 10-A
to the Current Report on Form 8-K of Chrysler Financial
Corporation dated May 23, 1994, and incorporated herein by
reference.
10-H Copy of Fourth Amended and Restated Commitment Transfer
Agreement, dated as of May 23, 1994, among Chrysler Financial
Corporation, the several financial institutions parties thereto
and Chemical Bank, as agent. Filed as exhibit 10-B to the
Current Report on Form 8-K of Chrysler Financial Corporation
dated May 23, 1994, and incorporated herein by reference.
10-I Copy of Guarantee Agreement, dated as of May 23, 1994, made by
Chrysler Financial Corporation to and in favor of Guaranteed
Parties as defined therein. Filed as Exhibit 10-C to the
Current Report on Form 8-K of Chrysler Financial Corporation
dated May 23, 1994, and incorporated herein by reference.
10-J Copy of Revolving Credit Agreement, dated as of May 23, 1994,
among Chrysler Credit Canada Ltd., Royal Bank of Canada, as
agent, Canadian Imperial Bank of Commerce and Bank of Nova
Scotia, as co-agents, and the Lenders parties thereto. Filed
as Exhibit 10-D to the Current Report on Form 8-K of Chrysler
Financial Corporation dated May 23, 1994, and incorporated
herein by reference.
10-K Copy of Short Term Receivables Purchase Agreement, dated as of
May 23, 1994, among Chrysler Financial Corporation, Chrysler
Credit Corporation, U.S. Auto Receivables Company, American
Auto Receivables Company, Chemical Bank, as agent, the several
commercial banks parties thereto, and Chemical Bank Agency
Services Corporation, as Administrative Agent. Filed as
Exhibit 10-E to the Current Report on Form 8-K of Chrysler
Financial Corporation dated May 23, 1994, and incorporated
herein by reference.
10-L Copy of Short Term Participation and Servicing Agreement, dated
as of May 23, 1994, among American Auto Receivables Company,
Chrysler Credit Corporation, the banks and other financial
institutions named as purchasers therein, Chemical Bank, as
Agent, and Chemical Bank Agency Services Corporation, as
Administrative Agent. Filed as Exhibit 10-F to the Current
Report on Form 8-K of Chrysler Financial Corporation dated May
23, 1994, and incorporated herein by reference.
10-M Copy of Short Term Bank Supplement, dated as of May 23, 1994,
among U.S. Auto Receivables Company, Chrysler Credit
Corporation and Manufacturers and Traders Trust Company, as
Trustee, to the Pooling and Servicing Agreement dated as of May
31, 1991 with Respect to CARCO Auto Loan Master Trust Short
Term Bank Series. Filed as Exhibit 10-G to the Current Report
on Form 8-K of Chrysler Financial Corporation dated May 23,
1994, and incorporated herein by reference.
10-N Copy of Long Term Receivables Purchase Agreement, dated as of
May 23, 1994, among Chrysler Financial Corporation, Chrysler
Credit Corporation, U.S. Auto Receivables Company, American
Auto Receivables Company, the several commercial banks parties
thereto, Chemical Bank, as Agent, and Chemical Bank Agency
Services Corporation, as Administrative Agent. Filed as
Exhibit 10-H to the Current Report on Form 8-K of Chrysler
Financial Corporation dated May 23, 1994, and incorporated
herein by reference.
10-O Copy of Long Term Participation and Servicing Agreement, dated
as of May 23, 1994, among American Auto Receivables Company,
Chrysler Credit Corporation, the banks and other financial
institutions named as purchasers therein, Chemical Bank, as
Agent, and Chemical Bank Agency Services Corporation, as
Administrative Agent. Filed as Exhibit 10-I to the Current
Report on Form 8-K of Chrysler Financial Corporation dated May
23, 1994, and incorporated herein by reference.
10-P Copy of Long Term Bank Supplement, dated as of May 23, 1994,
among U.S. Auto Receivables Company, Chrysler Credit
Corporation and Manufacturers and Traders Trust Company, as
Trustee, to the Pooling and Servicing Agreement dated as of May
31, 1991 with respect to CARCO Auto Loan Master Trust Bank
Series. Filed as Exhibit 10-J to the Current Report on Form
8-K of Chrysler Financial Corporation dated May 23, 1994, and
incorporated herein by reference.
10-Q Copy of Short Term Receivables Purchase Agreement, dated May
23, 1994, among Chrysler Financial Corporation, Chrysler Credit
Canada Ltd., the chartered banks named therein as purchasers,
and Royal Bank of Canada, as Agent. Filed as Exhibit 10-K to
the Current Report on Form 8-K of Chrysler Financial
Corporation dated May 23, 1994, and incorporated herein by
reference.
10-R Copy of Short Term Retail Purchase and Servicing Agreement,
dated May 23, 1994, among Chrysler Credit Canada Ltd., the
chartered banks named therein as parties thereto, and Royal
Bank of Canada, as Agent. Filed as Exhibit 10-L to the Current
Report on Form 8-K of Chrysler Financial Corporation dated May
23, 1994, and incorporated herein by reference.
10-S Copy of Long Term Receivables Purchase Agreement, dated May 23,
1994, among Chrysler Financial Corporation, Chrysler Credit
Canada Ltd., the chartered banks named therein as purchasers,
and Royal Bank of Canada, as Agent. Filed as Exhibit 10-M to
the Current Report on Form 8-K of Chrysler Financial
Corporation dated May 23, 1994, and incorporated herein by
reference.
10-T Copy of Long Term Retail Purchase and Servicing Agreement,
dated May 23, 1994, among Chrysler Credit Canada Ltd., the
chartered banks named therein as parties thereto, and Royal
Bank of Canada, as Agent. Filed as Exhibit 10-N to the Current
Report on Form 8-K of Chrysler Financial Corporation dated May
23, 1994, and incorporated herein by reference.
10-U Copy of Bank Series 1994-1 Supplement, dated as of May 23,
1994, among Chrysler Credit Canada Ltd., Royal Bank of Canada,
as Agent, the several banks parties thereto, and The Royal
Trust Company, as Custodian, to the Master Custodial and
Servicing Agreement, dated as of September 1, 1992. Filed as
Exhibit 10-O to the Current Report on Form 8-K of Chrysler
Financial Corporation dated May 23, 1994, and incorporated
herein by reference.
10-V Copy of Bank Series 1994-2 Supplement, dated as of May 23,
1994, among Chrysler Credit Canada Ltd., Royal Bank of Canada,
as Agent, the several banks parties thereto, and The Royal
Trust Company, as Custodian, to the Master Custodial and
Servicing Agreement, dated as of September 1, 1992. Filed as
Exhibit 10-P to the Current Report on Form 8-K of Chrysler
Financial Corporation dated May 23, 1994, and incorporated
herein by reference.
10-W Copy of Loan Asset Purchase Agreement by and between
NationsBank of Texas, N.A. and Chrysler First Inc., and the
Subsidiaries of Chrysler First Inc. named therein, dated as of
November 17, 1992, with respect to the sale of certain loan
assets of Chrysler First Inc. and its subsidiaries. Filed as
Exhibit 10-VVVVV to the Registration Statement on Form S-2 of
Chrysler Financial Corporation (Registration Statement No.
33-51302) on November 24, 1992, and incorporated herein by
reference.
10-X Copy of Business Asset Purchase Agreement by and among
NationsBanc Financial Services Corporation and the Purchasers
named therein and Chrysler First Inc. and the Sellers named
therein, dated as of November 17, 1992, with respect to the
sale of certain business assets of Chrysler First Inc. and its
subsidiaries. Filed as Exhibit 10-WWWWW to the Registration
Statement on Form S-2 of Chrysler Financial Corporation
(Registration Statement No. 33-51302) on November 24, 1992, and
incorporated herein by reference.
10-Y Copy of Securitization Closing Agreement, dated as of February
1, 1993, among Chrysler Financial Corporation, certain Sellers,
certain Purchasers, and certain Purchaser Parties. Filed as
Exhibit 2-E to the Current Report of Chrysler Financial
Corporation on Form 8-K dated February 1, 1993, and
incorporated herein by reference.
10-Z Copy of First Amendment to Loan Asset Purchase Agreement, dated
December 30, 1992, among NationsBank of Texas, N.A. and
Chrysler Financial Corporation, for and on behalf of Chrysler
First Inc. and the Asset Sellers parties thereto. Filed as
Exhibit 2-B to the Current Report of Chrysler Financial
Corporation on Form 8-K dated February 1, 1993, and
incorporated herein by reference.
10-AA Copy of First Amendment to Business Asset Purchase Agreement
dated as of January 29, 1993 among NationsBank Financial
Services Corporation, the other Purchasers parties thereto and
the Sellers parties thereto and Chrysler Financial Corporation.
Filed as Exhibit 2-D to the Current Report of Chrysler
Financial Corporation on Form 8-K dated February 1, 1993, and
incorporated herein by reference.
10-BB Copy of Asset Purchase Agreement, dated as of December 18,
1992, among Chrysler Rail Transportation Corporation,
Greenbrier Transportation Limited Partnership and Greenbrier
Capital Corporation. Filed as Exhibit 10-HHHHHH to the Annual
Report of Chrysler Financial Corporation on Form 10-K for the
year ended December 31, 1992, and incorporated herein by
reference.
10-CC Copy of Asset Purchase Agreement, dated as of February 1, 1993,
among Chrysler Rail Transportation Corporation, Chrysler
Capital Transportation Services, Inc. and United States Rail
Services, a division of United States Leasing International,
Inc. Filed as Exhibit 10-IIIIII to the Annual Report of
Chrysler Financial Corporation on Form 10-K for the year ended
December 31, 1992, and incorporated herein by reference.
10-DD Copy of Asset Purchase Agreement between Chrysler Leaserve,
Inc. (a subsidiary of General Electric Capital Auto Lease,
Inc.), Chrysler Financial Corporation and Chrysler Credit
Corporation, dated as of October 20, 1992, with respect to the
sale of Gold Key Leases. Filed as Exhibit 10-XXXXX to the
Registration Statement on Form S-2 of Chrysler Financial
Corporation (Registration Statement No. 33-51302) on November
24, 1992, and incorporated herein by reference.
10-EE Copy of Servicing Agreement, dated as of October 20, 1992,
between Chrysler Leaserve, Inc. (a subsidiary of General
Electric Capital Auto Lease, Inc.) and Chrysler Credit
Corporation, with respect to the sale of Gold Key Leases.
Filed as Exhibit 10-YYYYY to the Registration Statement on Form
S-2 of Chrysler Financial Corporation (Registration Statement
No. 33-51302) on November 24, 1992, and incorporated herein by
reference.
10-FF Copy of Sale and Servicing Agreement, dated as of November 1,
1992, among Premier Auto Receivables Company, as Seller,
Chrysler Credit Corporation, as Servicer, and Premier Auto
Trust 1992-6, as Purchaser, with respect to Premier Auto Trust
1992-6. Filed as Exhibit 10-PPPPPP to the Annual Report of
Chrysler Financial Corporation on Form 10-K for the year ended
December 31, 1992, and incorporated herein by reference.
10-GG Copy of Trust Agreement, dated as of November 1, 1992, among ML
Asset Backed Corporation, Premier Auto Receivables Company and
Chemical Bank Delaware as Owner Trustee, with respect to
Premier Auto Trust 1992-6. Filed as Exhibit 10-QQQQQQ to the
Annual Report of Chrysler Financial Corporation on Form 10-K
for the year ended December 31, 1992, and incorporated herein
by reference.
10-HH Copy of Sale and Servicing Agreement, dated as of January 1,
1993, among Premier Auto Receivables Company, as Seller,
Chrysler Credit Corporation, as Servicer, and Premier Auto
Trust 1993-1, as Purchaser, with respect to Premier Auto Trust
1993-1. Filed as Exhibit 10-RRRRRR to the Annual Report of
Chrysler Financial Corporation on Form 10-K for the year ended
December 31, 1992, and incorporated herein by reference.
10-II Copy of Trust Agreement, dated as of January 1, 1993, among ML
Asset Backed Corporation, Premier Auto Receivables Company and
Chemical Bank Delaware, as Owner Trustee, with respect to
Premier Auto Trust 1993-1. Filed as Exhibit 10-SSSSSS to the
Annual Report of Chrysler Financial Corporation on Form 10-K
for the year ended December 31, 1992, and incorporated herein
by reference.
10-JJ Copy of Receivables Purchase Agreement, dated as of November
25, 1992, between Chrysler Credit Canada Ltd., Chrysler
Financial Corporation and Associated Assets Acquisitions Inc.
with respect to Canadian Auto Receivables Securitization
1992-3. Filed as Exhibit 10-TTTTTT to the Annual Report of
Chrysler Financial Corporation on Form 10-K for the year ended
December 31, 1992, and incorporated herein by reference.
10-KK Copy of Purchase Agreement, dated as of January 25, 1993, among
Chrysler Credit Canada Ltd., Chrysler Canada Ltd., Auto 1
Limited Partnership and Chrysler Financial Corporation, with
respect to Auto 1 Trust. Filed as Exhibit 10-UUUUUU to the
Annual Report of Chrysler Financial Corporation on Form 10-K
for the year ended December 31, 1992, and incorporated herein
by reference.
10-LL Copy of Master Lease Agreement, dated as of January 25, 1993,
among Chrysler Credit Canada Ltd., Chrysler Canada Ltd. and
Auto 1 Limited Partnership, with respect to Auto 1 Trust.
Filed as Exhibit 10-VVVVVV to the Annual Report of Chrysler
Financial Corporation on Form 10-K for the year ended December
31, 1992, and incorporated herein by reference.
10-MM Copy of Amended and Restated Trust Agreement, dated as of April
1, 1993, among Premier Auto Receivables Company, Chrysler
Financial Corporation and Chemical Bank Delaware, as Owner
Trustee, with respect to Premier Auto Trust 1993-2. Filed as
Exhibit 4.1 to the Quarterly Report of Premier Auto Trust
1993-2 on Form 10-Q for the quarter ended June 30, 1993, and
incorporated herein by reference.
10-NN Copy of Indenture, dated as of April 1, 1993, between Premier
Auto Trust 1993-2 and Bankers Trust Company, as Indenture
Trustee, with respect to Premier Auto Trust 1993-2. Filed as
Exhibit 4.2 of the Quarterly Report of Premier Auto Trust
1993-2 on Form 10-Q for the quarter ended June 30, 1993, and
incorporated herein by reference.
10-OO Copy of Amended and Restated Trust Agreement, dated as of June
1, 1993, among Premier Auto Receivables Company, Chrysler
Financial Corporation and Chemical Bank Delaware, as Owner
Trustee, with respect to Premier Auto Trust 1993-3. Filed as
Exhibit 4.1 to the Quarterly Report of Premier Auto Trust
1993-3 on Form 10-Q for the quarter ended June 30, 1993, and
incorporated herein by reference.
10-PP Copy of Indenture, dated as of June 1, 1993, between Premier
Auto Trust 1993-3 and Bankers Trust Company, as Indenture
Trustee. Filed as Exhibit 4.2 to the Quarterly Report of
Premier Auto Trust 1993-3 on Form 10-Q for the quarter ended
June 30, 1993, and incorporated herein by reference.
10-QQ Copy of Series 1993-1 Supplement, dated as of February 1, 1993,
among U.S. Auto Receivables Company, as Seller, Chrysler Credit
Corporation, as Servicer, and Manufacturers and Traders Trust
Company, as Trustee, with respect to CARCO Auto Loan Master
Trust. Filed as Exhibit 3 to the Trust's Registration
Statement on Form 8-A dated March 15, 1993, and incorporated
herein by reference.
10-RR Copy of Receivables Purchase Agreement, made as of April 7,
1993, among Chrysler Credit Canada Ltd., Chrysler Financial
Corporation and Association Assets Acquisition Inc., with
respect to CARS 1993-1. Filed as Exhibit 10-OOOO to the
Quarterly Report on Form 10-Q of Chrysler Financial Corporation
for the quarter ended September 30, 1993, and incorporated
herein by reference.
10-SS Copy of Receivables Purchase Agreement, made as of June 29,
1993, among Chrysler Credit Canada Ltd., Chrysler Financial
Corporation and Associated Assets Acquisition Inc., with
respect to CARS 1993-2. Filed as Exhibit 10-PPPP to the
Quarterly Report on Form 10-Q of Chrysler Financial Corporation
for the quarter ended September 30, 1993, and incorporated
herein by reference.
10-TT Copy of Pooling and Servicing Agreement, dated as of August 1,
1993, among Auto Receivables Corporation, Chrysler Credit
Canada Ltd., Montreal Trust Company of Canada and Chrysler
Financial Corporation, with respect to CARCO 1993-1. Filed as
Exhibit 10-QQQQ to the Quarterly Report on Form 10-Q of
Chrysler Financial Corporation for the quarter ended September
30, 1993, and incorporated herein by reference.
10-UU Copy of Standard Terms and Conditions of Agreement, dated as of
August 1, 1993, among Auto Receivables Corporation, Chrysler
Credit Canada Ltd. and Chrysler Financial Corporation, with
respect to CARCO 1993-1. Filed as Exhibit 10-RRRR to the
Quarterly Report on Form 10-Q of Chrysler Financial Corporation
for the quarter ended September 30, 1993, and incorporated
herein by reference.
10-VV Copy of Purchase Agreement, dated as of August 1, 1993, between
Chrysler Credit Canada Ltd., and Auto Receivables Corporation,
with respect to CARCO 1993-1. Filed as Exhibit 10-SSSS to the
Quarterly Report on Form 10-Q of Chrysler Financial Corporation
for the quarter ended September 30, 1993, and incorporated
herein by reference.
10-WW Copy of Lease Receivables Purchase Agreement, dated as of
December 23, 1992, among Chrysler Systems Leasing Inc.,
Chrysler Financial Corporation and Sanwa Business Credit
Corporation. Filed as Exhibit 10-TTTT to the Quarterly Report
on Form 10-Q of Chrysler Financial Corporation for the quarter
ended September 30, 1993, and incorporated herein by reference.
10-XX Copy of Lease Receivables Purchase Agreement, dated September
3, 1993, among CXC Incorporated, Chrysler Systems Inc., and
Chrysler Financial Corporation. Filed as Exhibit 10-UUUU to
the Quarterly Report on Form 10-Q of Chrysler Financial
Corporation for the quarter ended September 30, 1993, and
incorporated herein by reference.
10-YY Copy of Lease Receivables Purchase Agreement, dated September
22, 1993, among the CIT Group/Equipment Financing, Inc.,
Chrysler Systems Inc., and Chrysler Financial Corporation.
Filed as Exhibit 10-VVVV to the Quarterly Report on Form 10-Q
of Chrysler Financial Corporation for the quarter ended
September 30, 1993, and incorporated herein by reference.
10-ZZ Copy of Asset Purchase Agreement, dated as of July 31, 1993,
between Chrysler Rail Transportation Corporation and General
Electric Railcar Leasing Services Corporation. Filed as
Exhibit 10-WWWW to the Quarterly Report on Form 10-Q of
Chrysler Financial Corporation for the quarter ended September
30, 1993, and incorporated herein by reference.
10-AAA Copy of Amended and Restated Loan Agreement, dated as of June
1, 1993, between Chrysler Realty Corporation and Chrysler
Credit Corporation. Filed as Exhibit 10-XXXX to the Quarterly
Report on Form 10-Q of Chrysler Financial Corporation for the
quarter ended September 30, 1993, and incorporated herein by
reference.
10-BBB Copy of Loan Agreement, dated as of March 31, 1993, between
Manatee Leasing, Inc. and Chrysler Credit Corporation. Filed
as Exhibit 10-YYYY to the Quarterly Report on Form 10-Q of
Chrysler Financial Corporation for the quarter ended September
30, 1993, and incorporated herein by reference.
10-CCC Copy of Origination and Servicing Agreement, dated as of June
4, 1993, among Chrysler Leaserve, Inc., General Electric
Capital Auto Lease, Inc., Chrysler Credit Corporation and
Chrysler Financial Corporation. Filed as Exhibit 10-ZZZZ to
the Quarterly Report on Form 10-Q of Chrysler Financial
Corporation for the quarter ended September 30, 1993, and
incorporated herein by reference.
10-DDD Copy of Amended and Restated Trust Agreement, dated as of
September 1, 1993, among Premier Auto Receivables Company,
Chrysler Financial Corporation and Chemical Bank Delaware, as
Trustee, with respect to Premier Auto Trust 1993-5. Filed as
Exhibit 4.1 to the Quarterly Report of Premier Auto Trust
1993-5 on Form 10-Q for the quarter ended September 30, 1993,
and incorporated herein by reference.
10-EEE Copy of Indenture, dated as of September 1, 1993, between
Premier Auto Trust 1993-5 and Bankers Trust Company, as
Indenture Trustee, with respect to Premier Auto Trust 1993-5.
Filed as Exhibit 4.2 to the Quarterly Report of Premier Auto
Trust 1993-5 on From 10-Q for the quarter ended September 30,
1993, and incorporated herein by reference.
10-FFF Copy of Asset Purchase Agreement, dated as of October 29, 1993,
between Marine Asset Management Corporation and Trico Marine
Assets, Inc.. Filed as Exhibit 10-CCCCC to the Quarterly
Report on Form 10-Q of Chrysler Financial Corporation for the
quarter ended September 30, 1993, and incorporated herein by
reference.
10-GGG Copy of Asset Purchase Agreement, dated as of December 3, 1993,
between Chrysler Rail Transportation Corporation and Allied
Railcar Company. Filed as Exhibit 1O-OOOO to the Annual Report
on Form 10-K of Chrysler Financial Corporation for the year
ended December 31, 1993, and incorporated herein by reference.
10-HHH Copy of Secured Loan Purchase Agreement, dated as of December
15, 1993, among Chrysler Credit Canada Ltd., Leaf Trust and
Chrysler Financial Corporation. Filed as Exhibit 10-PPPP to
the Annual Report on Form 10-K of Chrysler Financial
Corporation for the year ended December 31, 1993, and
incorporated herein by reference.
10-III Copy of Series 1993-2 Supplement, dated as of November 1, 1993,
among U.S. Auto Receivables Company, as Seller, Chrysler Credit
Corporation, as Servicer, and Manufacturers and Traders Trust
Company, as Trustee, with respect to CARCO Auto Loan Master
Trust. Filed as Exhibit 3 to the Registration Statement on
Form 8-A of CARCO Auto Loan Master Trust dated December 6,
1993, and incorporated herein by reference.
10-JJJ Copy of Amended and Restated Trust Agreement, dated as of
November 1, 1993, among Premier Auto Receivables Company,
Chrysler Financial Corporation and Chemical Bank Delaware, as
Owner Trustee, with respect to Premier Auto Trust 1993-6.
Filed as Exhibit 4-A to the Annual Report on Form 10-K of
Premier Auto Trust 1993-6 for the year ended December 31, 1993,
and incorporated herein by reference.
10-KKK Copy of Indenture, dated as of November 1, 1993, between
Premier Auto Trust 1993-6 and The Fuji Bank and Trust Company,
as Indenture Trustee, with respect to Premier Auto trust
1993-6. Filed as Exhibit 4-B to the Annual Report on Form 10-K
of Premier Auto Trust 1993-6 for the year ended December 31,
1993, and incorporated herein by reference.
10-LLL Copy of Secured Loan Purchase Agreement, dated as of March 29,
1994, among Chrysler Credit Canada Ltd., Leaf Trust and
Chrysler Financial Corporation. Filed as Exhibit 10-ZZZ to the
Quarterly Report of Chrysler Financial Corporation on Form 10-Q
for the quarter ended March 31, 1994, and incorporated herein
by reference.
10-MMM Copy of Amended and Restated Trust Agreement, dated as of
February 1, 1994, among Premier Auto Receivables Company,
Chrysler Financial Corporation and Chemical Bank Delaware, as
Owner Trustee, with respect to Premier Auto Trust 1994-1.
Filed as Exhibit 4.1 to the Quarterly Report on Form 10-Q of
Premier Auto Trust 1994-1 for the quarter ended March 31, 1994,
and incorporated herein by reference.
10-NNN Copy of Indenture, dated as of February 1, 1994, between
Premier Auto Trust 1994-1 and The Fuji Bank and Trust Company,
as Indenture Trustee, with respect to Premier Auto Trust
1994-1. Filed as Exhibit 4.2 to the Quarterly Report on Form
10-Q of Premier Auto Trust 1994-1 for the quarter ended March
31, 1994, and incorporated herein by reference.
10-OOO Copy of Secured Loan Purchase Agreement, dated as of July 6,
1994, among Chrysler Credit Canada Ltd., Leaf Trust and
Chrysler Financial Corporation. Filed as Exhibit 10-BBBB to
the Quarterly Report on Form 10-Q of Chrysler Financial
Corporation for the quarter ended June 30, 1994, and
incorporated herein by reference.
10-PPP Copy of Amended and Restated Trust Agreement, dated as of May
1, 1994, among Premier Auto Receivables Company, Chrysler
Financial Corporation and Chemical Bank, Delaware, as Owner
Trustee, with respect to Premier Auto Trust 1994-2. Filed as
Exhibit 4.1 to the Quarterly Report on Form 10-Q of Premier
Auto Trust 1994-2 for the quarter ended June 30, 1994, and
incorporated herein by reference.
10-QQQ Copy of Indenture, dated as of May 1, 1994, between Premier
Auto Trust 1994-2 and The Fuji Bank and Trust Company, as
Indenture Trustee, with respect to Premier Auto Trust 1994-2.
Filed as Exhibit 4.2 to the Quarterly Report on Form 10-Q of
Premier Auto Trust 1994-2 for the quarter ended June 30, 1994,
and incorporated herein by reference.
10-RRR Copy of Amended and Restated Trust Agreement, dated as of June
1, 1994, among Premier Auto Receivables Company, Chrysler
Financial Corporation and Chemical Bank, Delaware, with respect
to Premier Auto Trust 1994-3. Filed as Exhibit 4.1 to the
Quarterly Report on Form 10-Q of Premier Auto Trust 1994-3 for
the quarter ended June 30, 1994, and incorporated herin by
reference.
10-SSS Copy of Indenture, dated as of June 1, 1994, between Premier
Auto Trust 1994-3 and The Fuji Bank and Trust Company, as
Indenture Trustee, with respect to Premier Auto Trust 1994-3.
Filed as Exhibit 4.2 to the Quarterly Report on Form 10-Q of
Premier Auto Trust 1994-3 for the quarter ended June 30, 1994,
and incorporated herein by reference.
12-A Chrysler Financial Corporation and Subsidiaries Computations of
Ratios of Earnings to Fixed Charges.
12-B Chrysler Corporation Enterprise as a Whole Computations of
Ratios of Earnings to Fixed Charges and Preferred Stock
Dividend Requirements.
15-A Letter regarding unaudited interim financial information.
15-B Independent Accountants' Letter in lieu of Consent.
Exhibit 12-A
CHRYSLER FINANCIAL CORPORATION AND SUBSIDIARIES
COMPUTATIONS OF RATIOS OF EARNINGS TO FIXED CHARGES
<TABLE>
<CAPTION>
Nine Months Ended
September 30,
(Unaudited)
----------------
1994 1993
----- -----
(dollars in millions)
<S> <C> <C>
Net Earnings before cumulative effect
of changes in accounting principles $ 141 $ 103
Add back:
Taxes on income 85 73
Fixed charges 569 628
----- -----
Earnings available for fixed charges $ 795 $ 804
===== =====
Fixed charges:
Interest expense $ 556 $ 613
Rent 13 15
----- -----
Total fixed charges $ 569 $ 628
===== =====
Ratio of earnings to fixed charges 1.40 1.28
===== =====
</TABLE>
The ratios of earnings to fixed charges have been computed by dividing
earnings before income taxes and fixed charges by fixed charges. Fixed charges
consist of interest, amortization of debt discount and expense, and rentals.
Rentals included in fixed charges are the portion of total rent expense
representative of the interest factor (deemed to be one-third).
Exhibit 12-B
CHRYSLER CORPORATION ENTERPRISE AS A WHOLE
COMPUTATIONS OF RATIOS OF EARNINGS TO FIXED CHARGES
AND PREFERRED STOCK DIVIDEND REQUIREMENTS
<TABLE>
<CAPTION>
Nine Months Ended
September 30,
(Unaudited)
--------------------
1994 1993
------- -------
(dollars in millions)
<S> <C> <C>
Net earnings from continuing operations
before cumulative effect of changes
in accounting principles $ 2,545 $ 1,638
Add back:
Taxes on income 1,654 976
Fixed charges 944 1,105
Amortization of previously
capitalized interest 66 71
Deduct:
Capitalized interest 131 130
Undistributed earnings from
less than fifty-percent owned
affiliates 11 4
------- -------
Earnings available for fixed charges $ 5,067 $ 3,656
Fixed charges:
Interest expense $ 697 $ 863
Interest expense of unconsolidated
subsidiaries 0 0
Capitalized interest 131 130
Credit line commitment fees 8 7
Interest portion of rent expense 108 105
Gross up of preferred stock dividends of
majority-owned subsidiaries (CFC) to a
pre-tax basis 0 0
------- -------
Total fixed charges $ 944 $ 1,105
Ratio of earnings to fixed charges 5.37 3.31
Preferred stock dividend requirements 99 95
Ratio of earnings to fixed charges and
preferred stock dividend requirements 4.86 3.05
Equity taken up in earnings of less than
fifty-percent owned affiliates $ 11 $ 4
Deduct - Dividends paid by affiliates 0 0
------- -------
Undistributed earnings from
less than fifty-percent owned affiliates $ 11 $ 4
</TABLE>
For the purpose of computing the ratios of earnings to fixed charges and
preferred stock dividends, earnings are determined by adding back fixed
charges to consolidated earnings from continuing operations (including equity
in net earnings of unconsolidated subsidiaries) before taxes on income and
excluding undistributed earnings from less than fifty-percent owned
affiliates. Fixed charges consist of interest expense, credit line commitment
fees, interest portion of rental expense and the preferred stock dividend
requirements of its majority-owned subsidiaries increased to an amount
representing the pre-tax earnings that would be required to cover such
dividend requirements.
Exhibit 15-A
[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
_______________
Exhibit 15-B
[Letterhead of Deloitte & Touche LLP]
Deloitte &
Touche LLP
____________ _________________________________________
Suite 900 Telephone (313) 396-3000
600 Renaissance Center
Detroit, Michigan 48243-1704
October 14, 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 10-Q for the quarter ended September 30, 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
_______________
