SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934.
For the quarterly period ended September 30, 1995
--------------------
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 0-19044
-----------
MONEY MARKET AUTO LOAN TRUST 1990-1
- ------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
State of New York Not Applicable
- ------------------------------------------------------------------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
27777 Franklin Road, Southfield, Michigan 48034
- ------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (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 _____
<PAGE>
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
The information to be furnished under this item is contained in the financial
statements of Money Market Auto Loan Trust 1990-1 (the "Trust") and the notes
to such financial statements filed as Exhibit 99 hereto, and such material is
incorporated herein by reference.
The unaudited financial statements of the Trust for the nine months ended
September 30, 1995 reflect all adjustments which are, in the opinion of
management, necessary to present a fair statement of the results for the
interim period.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The Trust was formed on October 29, 1990 pursuant to the Pooling and Servicing
Agreement among Chrysler Auto Receivables Company, a Delaware corporation, as
Seller (the "Seller"), Chrysler Credit Corporation, a Delaware corporation, as
Servicer (the "Servicer"), and The Fuji Bank and Trust Company, a New York
banking corporation, as Trustee.
During October 1990, the Trust acquired wholesale receivables (the
"Receivables") generated from time to time in a portfolio of revolving
financing arrangements with automobile dealers to finance their automobile and
light truck inventory, collections on the Receivables and certain other
property from the Seller and issued in exchange therefor Floating Rate
Renewable Auto Loan Asset Backed Certificates (the "Certificates") evidencing
undivided interests in certain assets of the Trust. The Servicer will continue
to service the Receivables for a fee.
The Trust has begun making principal payments on the Certificates. The first
such payment was made on July 17, 1995. The Certificates will mature on May
15, 1996.
The Seller and the Servicer are wholly-owned subsidiaries of Chrysler
Financial Corporation.
The Trust has no employees.
1
<PAGE>
PART II. OTHER INFORMATION
ITEMS 1, 2, 3, 4, and 5.
There is nothing to report with regard to these items.
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 Certificate of Incorporation of Chrysler Auto Receivables
Company. Filed as Exhibit 3.1 to Registration Statement No. 33-35295
and incorporated herein by reference.
3-B Amendment to Certificate of Incorporation of Chrysler Auto
Receivables Company. Filed as Exhibit 3.2 to Registration Statement
No. 33-35295 and incorporated herein by reference.
3-C By-laws of Chrysler Auto Receivables Company. Filed as Exhibit 3-C to
the Trust's Annual Report on Form 10-K for the year ended December
31, 1991, and incorporated herein by reference.
4-A Pooling and Servicing Agreement, dated as of October 1, 1990,
among Chrysler Auto Receivables Company, as Seller, Chrysler Credit
Corporation, as Servicer, and The Fuji Bank and Trust Company, as
Trustee. Filed as Exhibit 2 to Money Market Auto Loan Trust 1990-1's
Registration Statement on Form 8-A, and incorporated herein by
reference.
4-B Amendment No. 1 to the Pooling and Servicing Agreement, made
as of June 29, 1992, among Chrysler Auto Receivables Company, as
Seller, Chrysler Credit Corporation, as Servicer, and The Fuji Bank
and Trust Company, as Trustee. Filed as Exhibit 4-B to Money Market
Auto Loan Trust 1990-1's Quarterly Report on Form 10-Q for the period
ended June 30, 1992, and incorporated herein by reference.
4-C Amendment No. 2 to the Pooling and Servicing Agreement, made
as of November 15, 1993, among Chrysler Auto Receivables Company,
Seller, Chrysler Credit Corporation, Servicer, and The Fuji Bank and
Trust Company, as Trustee. Filed as Exhibit 4-C to Money Market Auto
Loan Trust 1990-1's Annual Report on Form 10-K for the year ended
December 31, 1993, and incorporated herein by reference.
27 Financial Data Schedule
99 Financial statements of Money Market Auto Loan Trust 1990-1 for
the nine months ended September 30, 1995.
(b) No reports on Form 8-K were filed by the Trust during the quarter for
which this report is filed.
2
<PAGE>
MONEY MARKET AUTO LOAN TRUST 1990-1
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Money Market Auto Loan Trust 1990-1 (Registrant)
By: Chrysler Credit Corporation, as Servicer
------------------------------------------------
Date: November 8, 1995 By: s/D. M. Cantwell
------------------------------------------------
D. M. Cantwell
Vice President -
Corporate Finance
3
<PAGE>
MONEY MARKET AUTO LOAN TRUST 1990-1
EXHIBIT INDEX
Exhibit
Number Description of Exhibit
- ------- ----------------------
3-A Certificate of Incorporation of Chrysler Auto Receivables Company.
Filed as Exhibit 3.1 to Registration Statement No. 33-35295 and
incorporated herein by reference.
3-B Amendment to Certificate of Incorporation of Chrysler Auto
Receivables Company. Filed as Exhibit 3.2 to Registration Statement
No. 33-35295 and incorporated herein by reference.
3-C By-laws of Chrysler Auto Receivables Company. Filed as Exhibit 3-C to
the Trust's Annual Report on Form 10-K for the year ended December
31, 1991, and incorporated herein by reference.
4-A Pooling and Servicing Agreement, dated as of October 1, 1990, among
Chrysler Auto Receivables Company, as Seller, Chrysler Credit
Corporation, as Servicer, and The Fuji Bank and Trust Company, as
Trustee. Filed as Exhibit 2 to Money Market Auto Loan Trust 1990-1's
Registration Statement on Form 8-A, and incorporated herein by
reference.
4-B Amendment No. 1 to the Pooling and Servicing Agreement, made as of
June 29, 1992, among Chrysler Auto Receivables Company, as Seller,
Chrysler Credit Corporation, as Servicer, and The Fuji Bank and Trust
Company, as Trustee. Filed as Exhibit 4-B to Money Market Auto Loan
Trust 1990-1's Quarterly Report on Form 10-Q for the period ended
June 30, 1992, and incorporated herein by reference.
4-C Amendment No. 2 to the Pooling and Servicing Agreement made as of
November 15, 1993, among Chrysler Auto Receivables Company, Seller,
Chrysler Credit Corporation, Servicer, and The Fuji Bank and Trust
Company, as Trustee. Filed as Exhibit 4-C to Money Market Auto Loan
Trust 1990-1's Annual Report on Form 10-K for the year ended December
31, 1993, and incorporated herein by reference.
27 Financial Data Schedule
99 Financial statements of Money Market Auto Loan Trust 1990-1 for the
nine months ended September 30, 1995.
E-1
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1,000,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-END> SEP-30-1995
<CASH> $ 0
<SECURITIES> 160
<RECEIVABLES> 480
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 640
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 640
<CURRENT-LIABILITIES> 0
<BONDS> 640
<COMMON> 0
0
0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 640
<SALES> 0
<TOTAL-REVENUES> 0
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 0
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
Exhibit 99
<TABLE>
<CAPTION>
MONEY MARKET AUTO LOAN TRUST 1990-1
STATEMENT OF ASSETS, LIABILITIES AND EQUITY
(in millions of dollars)
September 30,
--------------------
1995 1994
-------- --------
(unaudited)
<S> <C> <C>
ASSETS
Short-term Investments (Note 2) $ 159.3 $ 109.1
Receivables (Note 4) 479.4 606.4
-------- --------
TOTAL ASSETS $ 638.7 $ 715.5
======== ========
LIABILITIES AND EQUITY
Amounts Held for Future Distribution (Note 2) $ 159.3 $ 109.1
Asset Backed Certificates (Notes 4 and 5) 479.4 606.4
-------- --------
TOTAL LIABILITIES AND EQUITY $ 638.7 $ 715.5
======== ========
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
MONEY MARKET AUTO LOAN TRUST 1990-1
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
(in millions of dollars)
Nine Months Ended
September 30,
--------------------
1995 1994
-------- --------
(unaudited)
<S> <C> <C>
CASH RECEIPTS
Collections of Principal $ 200.0 $ --
Collections of Interest 41.8 $ 33.9
-------- --------
TOTAL CASH RECEIPTS 241.8 33.9
-------- --------
CASH DISBURSEMENTS
Distribution of Interest 38.1 29.4
Distribution of Principal 150.0 --
Servicer Fees 3.7 3.7
-------- --------
TOTAL CASH DISBURSEMENTS 191.8 33.1
-------- --------
CASH RECEIPTS IN EXCESS OF CASH DISBURSEMENTS 50.0 0.8
SHORT-TERM INVESTMENTS AT BEGINNING OF PERIOD 109.3 108.3
-------- --------
SHORT-TERM INVESTMENTS AT END OF PERIOD $ 159.3 $ 109.1
======== ========
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
MONEY MARKET AUTO LOAN TRUST 1990-1
NOTES TO FINANCIAL STATEMENTS
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting
The financial statements are prepared on the basis of cash receipts and
disbursements, which is a comprehensive basis of accounting other than
generally accepted accounting principles.
NOTE 2 - SHORT-TERM INVESTMENTS
Chrysler Credit Corporation (the "Servicer"), is required to remit collections
within two business days of receipt to one or more accounts in the name of the
Trustee. On a daily basis, all funds remitted are invested by Money Market
Auto Loan Trust 1990-1 (the "Trust"). The funds remain invested until
distributed.
NOTE 3 - RELATED PARTIES
Chrysler Auto Receivables Company ("CARCO") and the Servicer are wholly-owned
subsidiaries of Chrysler Financial Corporation.
NOTE 4 - SALE OF CERTIFICATES
In October 1990, the Trust acquired wholesale receivables (the "Receivables")
generated from time to time in a portfolio of revolving financing arrangements
with automobile dealers to finance their automobile and light truck inventory,
collections on the Receivables and certain other property from CARCO and
issued Floating Rate Renewable Auto Loan Asset Backed Certificates in exchange
therefor (the "Certificates").
Receivables in excess of investors certificates outstanding at September 30,
1995 and 1994, are represented by Certificates issued to CARCO.
NOTE 5 - PRINCIPAL AND INTEREST PAYMENTS
Interest with respect to the Certificates is payable on the fifteenth day of
each month (or if such day is not a business day, on the next succeeding
business day) (each, a "Distribution Date"), commencing on November 15, 1990.
The per annum rate of interest with respect to the Certificates for each
monthly interest period will be set on the business day immediately preceding
the first day of such interest period and will be the Commercial Paper Rate
(as defined in the related prospectus) plus 0.175% subject to the limitations
described in the related prospectus. Principal is payable on each Certificate
monthly on each Distribution Date commencing on the third Distribution Date
unless the revolving period with respect to such Certificate is automatically
extended. The holder of each Certificate, except those held by CARCO (see Note
4), will have the option to elect not to extend the revolving period with
respect to such Certificate by delivering an election notice during a
specified period in each month. If the
<PAGE>
MONEY MARKET AUTO LOAN TRUST 1990-1
NOTES TO FINANCIAL STATEMENTS
NOTE 5 - PRINCIPAL AND INTEREST PAYMENTS (Continued)
Certificateholder does not so elect, the revolving period will be
automatically extended from month to month. The Trust has begun making
principal payments on the Certificates. The first such payment was made on
July 17, 1995. The Certificates will mature on May 15, 1996.
NOTE 6 - FEDERAL INCOME TAXES
The Certificates, in the opinion of outside legal counsel, will not be
characterized as debt of CARCO for federal income tax purposes.
Certificateholders will be subject to income tax on interest earned with
respect to the Certificates.
NOTE 7 - TRUST AMENDMENTS
Beginning on October 26, 1993, CARCO solicited consents of the registered
holders of the Floating Rate Renewable Auto Loan Asset Backed Certificates
(the "Investor Certificates") (the "Investor Certificateholders") at the close
of business on October 22, 1993 (the "Record Date") to the execution and
delivery of two proposed amendments ("Amendment One" and "Amendment Two",
respectively, and, together, the "Amendments") amending the Pooling and
Servicing Agreement dated as of October 1, 1990 among CARCO, as Seller,
Credit, as Servicer, and The Fuji Bank and Trust Company, as Trustee, and
previously amended as of June 29, 1992 (as so amended, the "Agreement").
Amendment One would have added the mechanism of an "Excess Funding Account" to
the Agreement, the effect of which is, generally, to avoid an Early
Amortization Event (as defined in the Agreement) due to a decrease in the
amount of the Receivables in the Trust and therefore avoid the commencement of
the amortization of the Investor Certificates that was not voluntarily elected
by the Investor Certificateholders. Amendment Two would have changed the
method of removing Receivables from the Trust to a method that is
administratively easier.
Approval of an amendment requires the consent (the "Consent") of the holders
of Investor Certificates representing not less than 66 2/3% of the undivided
interest in the Trust represented by the Investor Certificates (the
"Certificateholders' Interest"). As Consents to such Amendments were timely
obtained from the requisite Investor Certificateholders as of the Record Date,
an amendment was entered into putting into effect the Amendments.
