EXHIBIT 99
CARCO Auto Loan Master Trust Floating Rate Auto Loan Asset Backed Certificates,
Series 2000-C Structural and Collateral Materials
The information contained in the attached materials is referred to as the
"Information".
The attached Term Sheet has been prepared by Chrysler Financial Company
L.L.C. ("CFC"). Neither Credit Suisse First Boston Corporation ("CSFB") nor
any of its affiliates makes any representation as to the accuracy or
completeness of the Information herein. The Information contained herein is
preliminary and will be superseded by the applicable prospectus supplement and
by any other information subsequently filed with the Securities and Exchange
Commission.
The Information contained herein will be superseded by the description of
the collateral pool contained in the prospectus supplement relating to the
securities.
The Information addresses only certain aspects of the applicable
security's characteristics and thus does not provide a complete assessment. As
such, the Information may not reflect the impact of all structural
characteristics of the security. The assumptions underlying the Information,
including structure and collateral, may be modified from time to time to
reflect changed circumstances.
Although a registration statement (including the prospectus) relating to
the securities discussed in this communication has been filed with the
Securities and Exchange Commission and is effective, the final prospectus
supplement relating to the securities discussed in this communication has not
been filed with the Securities and Exchange Commission. This communication
shall not constitute an offer to sell or the solicitation of an offer to buy
nor shall there be any offer or sale of the securities discussed in this
communication in any state in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of
any such state. Prospective purchasers are referred to the final prospectus
and prospectus supplement relating to the securities discussed in this
communication for definitive Information on any matter discussed in this
communication. Any investment decision should be based only on the data in the
prospectus and the prospectus supplement ("Offering Documents") and the then
current version of the Information. Offering Documents contain data that is
current as of their publication dates and after publication may no longer be
complete or current. A final prospectus and prospectus supplement may be
obtained by contacting the CSFB Trading Desk at 212-325-2747.
DAIMLERCHRYSLER
CARCO Auto Loan Master Trust
DAIMLERCHRYSLER WHOLESALE RECEIVABLES LLC,
Seller
CHRYSLER FINANCIAL COMPANY L.L.C., Servicer
Subject to Revision
Term Sheet dated December 6, 2000.
Issuer............................CARCO Auto Loan Master Trust (the "trust").
Seller............................DaimlerChrysler Wholesale Receivables LLC
("DCWR" or the "seller").
Servicer..........................Chrysler Financial Company L.L.C. ("CFC" or
the "servicer"), a wholly owned subsidiary
of DaimlerChrysler Corporation
("DaimlerChrysler").
Trustee...........................The Bank of New York (the "trustee").
Title of Securities...............$500,000,000 Floating Rate Auto Loan Asset
Backed Certificates, Series 2000-C (the
"Series 2000-C certificates").
The Series 2000-C Invested
Amount.........................The total principal amount of the Series
2000-C certificates invested in receivables
on the date they are issued is expected to
be $500,000,000. This invested amount may
increase or decrease depending on principal
collections deposited into or released from
the excess funding account, principal
distributed to or accumulated for Series
2000-C certificateholders and losses on the
receivables and the reimbursement of those
losses.
Series Issuance Date..............December 11, 2000.
Series Cut-Off Date...............December 8, 2000.
Interest Payment Dates............Interest will be payable on the 15th of each
month, unless the 15th is not a business
day, in which case the payment will be made
on the following business day. The first
payment will be on January 15, 2001.
Per Annum Interest Rate...........0.07% above one-month LIBOR or, if lower,
the assets receivables rate, which rate is
based primarily on the interest rates on the
receivables. Interest will be calculated on
the basis of the actual number of days in
the applicable interest period divided by
360.
Interest Periods..................Each period from and including a
distribution date to but excluding the
following distribution date, except that the
first interest period will be 35 days.
Principal Payments................We expect to pay the principal of the Series
2000-C certificates in full on November 17,
2003. However, under some circumstances we
may pay principal earlier or later or in
reduced amounts.
Series 2000-C Termination Date....We will be obligated to pay the outstanding
principal amount of the Series 2000-C
certificates, to the extent not previously
paid, by November 15, 2005.
Excess Funding Account............The excess funded amount is the amount, if
any, of the Series 2000-C certificates not
invested in receivables and, except as
described below, will be maintained in an
excess funding account established with the
trustee.
Upon the earlier of (a) the commencement of
any early amortization period and (b) the
May 2003 distribution date, some or all of
the funds on deposit in the excess funding
account will be distributed to the Series
2000-C certificateholders or deposited in
the principal funding account.
Revolving Period..................During the revolving period, we will not pay
principal on the Series 2000-C certificates
or accumulate principal for that purpose.
Instead, we will use the Series 2000-C share
of principal collections to make principal
distributions to other series or pay them to
the seller. The revolving period will begin
at the close of business on the Series
Cut-Off Date and end when the accumulation
period begins. The revolving period will
also end if an early amortization period
that is not terminated begins.
Series 2000-C Accumulation
Period..........................We will accumulate principal for the Series
2000-C certificates during an accumulation
period between one and five months long
unless an early amortization period that is
not terminated begins before the start of
the accumulation period. The latest date on
which the accumulation period will commence
is October 1, 2000. During the accumulation
period we will accumulate the Series 2000-C
share of principal collections for payment
on November 17, 2003.
Early Amortization Period.........If an early amortization event occurs and is
not cured, you will begin to receive
payments of principal. We refer to this
period after the occurrence of an early
amortization event as the early amortization
period. Early amortization events are events
that might adversely affect the trust's
ability to make payments on the Series
2000-C certificates as originally expected.
Early Amortization Events.........The early amortization events with respect
to the Series 2000-C certificates will
include each of the following events:
1. failure on the part of DCWR, the servicer
or CFC, as applicable,
o to make any payment required by the
Pooling and Servicing Agreement or the
Receivables Purchase Agreement, or
o to deliver a Distribution Date Statement
required by the Pooling and Servicing
Agreement, or
o to comply with its covenant not to create
any lien on a receivable or
o to observe or perform in any material
respect any other covenant or agreement set
forth in the Pooling and Servicing
Agreement or the Receivables Purchase
Agreement beyond any applicable grace
period;
2. any representation or warranty made
by CFC, as seller of the receivables to
DCWR, in the Receivables Purchase Agreement
or by DCWR in the Pooling and Servicing
Agreement or any information required to be
given by DCWR to the trustee to identify the
accounts proves to have been incorrect in
any material respect when made and continues
to be incorrect in any material respect for
a period of 60 days after written notice and
as a result the interests of the
certificateholders are materially and
adversely affected. An early amortization
event, however, shall not be deemed to occur
if DCWR has repurchased the related
receivables or all of the receivables, if
applicable, during that period in accordance
with the provisions of the Pooling and
Servicing Agreement;
3. the occurrence of events of bankruptcy,
insolvency or receivership relating to CFC,
DaimlerChrysler, the trust or the seller;
4. a failure by DCWR to convey receivables
in additional accounts to the trust when
required;
5. on any determination date, the
available subordinated amount for the next
distribution date will be reduced to an
amount less than the required subordinated
amount on that determination date after
giving effect to the distributions to be
made on the next distribution date;
6. any service default with respect to the
Series 2000-C certificates occurs;
7. on any distribution date, as of the last
day of the preceding collection period, the
aggregate amount of principal receivables
relating to used vehicles exceeds 20% of the
pool balance on that last day;
8. on any determination date, the average of
the monthly payment rates for the three
preceding collection periods is less than
20%;
9. any carry-over amount is outstanding on
six consecutive distribution dates;
10. the outstanding principal amount of the
Series 2000-C certificates is not repaid by
the Series 2000-C expected payment date.
Subordination of the Seller's
Interest.......................The interest collections, investment
proceeds, amounts in the reserve fund,
amounts on deposit in the yield supplement
account and other amounts allocable to the
Series 2000-C certificateholders for any
collection period may not be sufficient to
cover the interest payable with respect
to the Series 2000-C certificates on the
next distribution date, plus any overdue
interest and interest thereon, the monthly
servicing fee for that distribution date,
any investor default amount for that
distribution date and other amounts. In that
case, the available subordinated amount will
be applied to make up that deficiency.
The available subordinated amount for a
determination date is equal to
(a) the lesser of
(i) the available subordinated amount for
the preceding determination date,
minus, with some limitations, the
draw amount for that preceding
determination date, minus funds from
the reserve fund applied to cover any
portion of the investor default
amount, plus the excess, if any, of
the required subordinated amount for
that determination date over the
required subordinated amount for the
immediately preceding determination
date due to an increase in the
subordination factor, plus the amount
of excess servicing available to be
paid to the seller and
(ii) the product of the fractional
equivalent of the subordinated
percentage and the invested amount
minus
(b) in the case of clause (a)(i), the
incremental subordinated amount for that
preceding determination date, plus
(c) the incremental subordinated amount for
the current determination date, plus
(d) the subordinated percentage of funds to
be withdrawn from the excess funding
account on the succeeding distribution
date and paid to the seller or allocated
to one or more series.
However, (x) from and after the commencement
of the Series 2000-C accumulation period
until the Series 2000-C certificates are
paid in full and (y) from and after any
early amortization period that is not
terminated begins until the payment in full
of the Series 2000-C certificates, the
available subordinated amount shall be
calculated based on the invested amount as
of the close of business on the day
preceding that Series 2000-C accumulation
period or early amortization period, as
applicable. The available subordinated
amount for the first determination date is
equal to the required subordinated amount.
The required subordinated amount shall mean,
as of any date of determination, the sum of
(a) the product of the initial subordinated
percentage, as adjusted from time to time
other than as a result of an increase at the
option of the seller, and the invested
amount and (b) the incremental subordinated
amount.
The incremental subordinated amount on any
determination date will equal the result
obtained by multiplying
(a) a fraction, the numerator of which is
the sum of the invested amount on the
last day of the immediately preceding
collection period and the available
subordinated amount for that
determination date, calculated without
adding the incremental subordinated
amount for such determination date as
described in clause (c) above, and the
denominator of which is the pool balance
on that last day times
(b) the excess, if any, of (x) the sum of
the overconcentration amount, the
installment balance amount and the
aggregate amount of ineligible
receivables on such determination date
over (y) the aggregate amount of
ineligible receivables, receivables in
accounts containing dealer
overconcentrations and receivables in
installment balances, in each case that
became defaulted receivables during the
preceding collection period and are not
subject to reassignment from the trust,
unless insolvency events relating to the
seller or CFC have occurred.
The subordinated percentage will initially
equal the percentage equivalent of a
fraction, the numerator of which is the
subordination factor and the denominator of
which will be the excess of 100% over the
subordination factor. The subordination
factor will initially be 10%, but will be
subject to increase to 11% in the event that
the rating of CFC's long-term unsecured debt
is lowered below BBB- by Standard & Poor's
or withdrawn by Standard & Poor's, unless
the seller receives written confirmation
from Standard & Poor's that the failure to
so increase the subordination factor would
not result in that rating agency lowering or
withdrawing its rating of the Series 2000-C
certificates. The seller may, in its sole
discretion, increase at any time the
available subordinated amount for so long as
the cumulative amount of those discretionary
increases does not exceed the lesser of (i)
$5,555,555.50 or (ii) 1.11% of the invested
amount. The seller is not under any
obligation to increase the available
subordinated amount at any time, except as
described in this term sheet. If the
available subordinated amount were reduced
to less than the required subordinated
amount, an early amortization event would
occur. The seller could elect to increase
the available subordinated amount at the
time that early amortization event would
otherwise occur, thus preventing or delaying
the occurrence of the early amortization
event.
Yield Supplement Account..........On the Series 2000-C issuance date, the
seller will deposit $2,000,000 in the yield
supplement account for the Series 2000-C
certificates. The yield supplement account
required amount for any distribution date
will equal 0.40% of the outstanding
principal balance of the Series 2000-C
certificates for that distribution date,
after giving effect to any change in the
outstanding principal balance on that
distribution date. Amounts on deposit in the
yield supplement account will be available
to pay carry-over amounts. A carry-over
amount is the excess, if any, of interest on
the Series 2000-C certificates at the
applicable LIBOR rate over interest on the
Series 2000-C certificates at the assets
receivables rate.
Reserve Fund......................On the Series 2000-C issuance date, the
Seller will deposit $1,750,000 into the
reserve fund for the Series 2000-C
certificates. The reserve fund required
amount for any distribution date will equal
0.35% of the outstanding principal balance
of the Series 2000-C certificates for that
distribution date, after giving effect to
any change in the outstanding principal
balance on that distribution date. Amounts
on deposit in the reserve fund will be
available to pay monthly interest, the
monthly servicing fee and investor default
amounts and, on the final payment date,
carry-over amounts.
Other Series Issuances............As of the date of this term sheet, ten other
series issued by the trust are outstanding.
Allocations.......................Interest collections, principal collections
and defaulted receivables allocated to
Series 2000-C will be further allocated
between the Series 2000-C
certificateholders' interest and the
seller's interest as described below.
Interest collections and defaulted
receivables allocated to Series 2000-C will
be allocated at all times to the Series
2000-C certificateholders' interest based on
the floating allocation percentage
applicable during the related collection
period. The floating allocation percentage
for any collection period is the percentage
obtained by dividing the invested amount on
the last day of the immediately preceding
collection period by the product of (x) the
pool balance on the last day of the
immediately preceding collection period and
(y) the series allocation percentage for
that collection period. Principal
collections allocated to Series 2000-C will
be allocated to the Series 2000-C
certificateholders' interest based on the
floating allocation percentage during any
period (a "nonprincipal period") that is not
the Series 2000-C accumulation period or an
early amortization period and based on the
principal allocation percentage during the
Series 2000-C accumulation period and any
early amortization period. The principal
allocation percentage for any collection
period means the percentage equivalent
,which shall never exceed 100%, of a
fraction, the numerator of which is the
invested amount as of the last day of the
Series 2000-C revolving period, if that last
day has occurred or, if that last day has
not occurred, as of the last day of the
immediately preceding collection period or,
after the Series 2000-C certificates have
been paid in full, zero and the denominator
of which is the product of (x) the pool
balance as of that last day and (y) the
series allocation percentage for the
collection period in respect of which the
principal allocation percentage is being
calculated.
Excess Principal Collections......Principal collections allocable to other
series, to the extent not needed to make
payments in respect of the other series,
will be applied to make principal payments
in respect of the Series 2000-C certificates
and of other series of certificates entitled
to principal payments.
Registration of Series 2000-C
Certificates .................The Series 2000-C certificates will
initially be represented by one or more
certificates registered in the name of Cede
& Co., as the nominee of The Depository
Trust Company ("DTC"). No person acquiring
an interest in the Series 2000-C
certificates will be entitled to receive a
definitive certificate representing that
person's interest except under some
circumstances. Series 2000-C
certificateholders may only hold their
Series 2000-C certificates through DTC.
Series 2000-C certificates may not be held
through Clearstream, Luxembourg or the
Euroclear System.
Servicing Fee Rate ...............1/12 of 1.0% per month (on a 30/360 day
basis) or, if the servicer waives the
monthly servicing fee, 0.0% for the
distribution date in respect of which the
servicer has waived the monthly servicing
fee.
Optional Repurchase ..............The Series 2000-C certificateholder's
interest in the trust is subject to optional
repurchase by the servicer on any
distribution date after the invested amount
for the Series 2000-C certificates is
reduced to $50,000,000 or less.
ERISA Considerations .............Series 2000-C certificates may be eligible
for purchase by employee benefit plans.
Certificate Ratings ..............The trust will issue the Series 2000-C
certificates only if they are rated at the
time of issuance in the highest long-term
rating category by at least one nationally
recognized rating agency. A security rating
is not a recommendation to buy, sell or hold
securities and is subject to revision or
withdrawal in the future by the assigning
rating agency.
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THE DEALER FLOORPLAN FINANCING BUSINESS
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The receivables sold to the trust were or will be selected from
extensions of credit and advances made by DaimlerChrysler and CFC to
approximately 3,190 domestic motor vehicle dealers.
o CFC financed 57.6% of the total number of all DaimlerChrysler
franchised dealers as of September 30, 2000.
o CFC has extended credit lines to 1,173 DaimlerChrysler-franchised
dealers that also operate non-DaimlerChrysler franchises,
representing approximately 43% of the aggregate credit lines of
dealers in the U.S. Wholesale Portfolio as of September 30, 2000,
and 458 non-DaimlerChrysler dealers, representing approximately 19%
of such aggregate credit lines.
o As of September 30, 2000, the balance of principal receivables in
the accounts of the U.S. Wholesale Portfolio was approximately $10.8
billion.
o CFC currently services the U.S. Wholesale Portfolio through its
Southfield Support office and through a network of 25 zone offices
located throughout the United States.
o As of September 30, 2000, the average credit lines per dealer in the
U.S. Wholesale Portfolio for new and used vehicles, which includes
Auction Vehicles, were $3.76 million and $0.49 million,
respectively, and the average balance of principal receivables per
dealer was $3.39 million.
o As of September 30, 2000, the aggregate total receivables balance as
a percentage of the aggregate total credit line was approximately
79.8%.
The following table sets forth the percentages of dealer account balances
by year of credit line origination for the U.S. Wholesale Portfolio.
Portfolio Percentages by Year
of Credit Line Origination
As of September 30, 2000
2000 1999 1998 1997 1996 1995 1994 Prior to 1994
6.00% 8.58% 7.05% 6.13% 3.49% 5.61% 3.31% 59.83%
As of September 30, 2000, the weighted average spread over the prime
rate charged to dealers in the U.S. Wholesale Portfolio was approximately
0.76%.
Used vehicles, which excludes Auction Vehicles, represented
approximately 3.08% of the aggregate principal amount of receivables in the
U.S. Wholesale Portfolio as of September 30, 2000. As of September 30, 2000,
Used Vehicles represented approximately 3.18% of the aggregate principal
amount of receivables in the trust, including Excluded Receivables.
The following table provides the percentage of dealers in the U.S.
Wholesale Portfolio that were subject to finance hold.
<TABLE>
<CAPTION>
Finance Hold Experience
As of
September 30, As of December 31,
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2000 1999 1998 1997 1996 1995 1994 1993 1992 1991
Percentage of Dealers 0.4% 0.4% 0.9% 2.1% 1.1% 1.8% 1.6% 3.2% 6.8% 9.4%
</TABLE>
The following table provides the number and percentage of dealers in
Dealer Trouble Status in the U.S. Wholesale Portfolio as of the dates
indicated.
<TABLE>
<CAPTION>
Dealer Trouble Experience
As of
September 30, As of December 31,
2000 1999 1998 1997 1996 1995 1994 1993 1992 1991
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Number of Dealers 19 27 21 24 20 6 12 21 56 100
Percentage of Dealers 0.6% 0.9% 0.7% 0.7% 0.6% 0.2% 0.3% 0.6% 1.8% 3.1%
</TABLE>
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THE ACCOUNTS
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As of September 30, 2000, with respect to the Accounts in the trust:
o there were approximately 2,960 Accounts and the principal receivables
balance was approximately $10.0 billion;
o the average credit lines per dealer for new and used vehicles, which
include Auction Vehicles, were approximately $3.73 million and $0.51 million,
respectively, and the average balance of principal receivables per dealer was
approximately $3.39 million; and
o the aggregate total receivables balance as a percentage of the
aggregate total credit line was approximately 79.9%.
Unless otherwise indicated, the statistics included in this paragraph, in the
table below and under " - Geographic Distribution" with respect to the
Accounts and the receivables in the trust give effect to approximately $8.6
million of principal receivables balances with respect to certain dealers (the
"Excluded Receivables" and the "Excluded Dealers", respectively) that are in
voluntary or involuntary bankruptcy proceedings or voluntary or involuntary
liquidation or that, subject to limitations, are being voluntarily removed by
the seller from the trust. A portion of those principal receivables was
created after those dealers entered into that status or were designated by the
seller, or the servicer on its behalf, for removal from the trust and, as a
result, are owned by CFC. Principal receivables balances created prior to
those dealers entering into that status or being designated for removal from
the trust are included in the principal receivables balance.
The following table sets forth the percentages of dealer account balances
by year of credit line origination for the accounts in the trust.
Portfolio Percentages by Year
of Credit Line Origination
As of September 30, 2000
Prior to
2000 1999 1998 1997 1996 1995 1994 1994
2.66% 9.04% 7.04% 6.04% 3.62% 4.55% 3.51% 63.54%
As of September 30, 2000, the weighted average spread over the prime rate
charged to dealers was approximately 0.76%.
Loss Experience
The following tables set forth the average principal receivables balance
and loss experience for each of the periods shown on the U.S. Wholesale
Portfolio. Because the eligible Accounts in the trust (the "Eligible
Accounts") will be only a portion of the entire U.S. Wholesale Portfolio,
actual loss experience with respect to the Eligible Accounts may be different.
We cannot assure you that the loss experience for the receivables in the
future will be similar to the historical experience set forth below with
respect to the U.S. Wholesale Portfolio. Also, the historical experience set
forth below reflects financial assistance provided by DaimlerChrysler or
Chrysler to DaimlerChrysler-franchised dealers. If DaimlerChrysler is not able
to or elects not to provide that assistance, the loss experience in respect of
the U.S. Wholesale Portfolio may be adversely affected.
<TABLE>
<CAPTION>
Loss Experience for the U.S. Wholesale Portfolio
Nine Months Ended
September 30, Year Ended December 31,
2000 1999 1999 1998 1997 1996 1995 1994 1993
(Dollars in millions)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Average Principal
Receivables
Balance(l) $11,552 $10,417 $10,430 $9,236 $8,877 $8,825 $8,256 $6,754 $6,271
Net Losses/(Net
Recoveries)(2) $ 0 $ (0) $ (0) $ 11 $ 4 $ (0) $ (1) $ (1) $ 12
Net Losses/(Net
Recoveries) as a
Percent of
Liquidations(3) 0.001% 0.000% (0.001)% 0.020% 0.007% (0.000)% (0.002)% (0.003)% 0.035%
Net Losses/(Net
Recoveries) as a
Percent of Average
Principal Receivables
Balance(3) 0.00% (0.00)% (0.00)% 0.12% 0.04% (0.00)% (0.01)% (0.01)% 0.19%
</TABLE>
<TABLE>
<CAPTION>
Loss Experience for the U.S. Wholesale Portfolio (Continued)
Year Ended December 31,
1992 1991 1990 1989 1988 1987
(Dollars in millions)
<S> <C> <C> <C> <C> <C> <C>
Average Principal Receivables
Balance(l) $ 5,344 $ 4,826 $ 4,726 $ 4,933 $ 4,129 $ 3,787
Net Losses/(Net
Recoveries)(2) $ 26 $ 36 $ 23 $ 13 $ 3 $ 2
Net Losses/(Net
Recoveries) as a Percent
of Liquidations(3) 0.098% 0.163% 0.117% 0.060% 0.015% 0.015%
Net Losses/(Net Recoveries)
as a Percent of Average
Principal Receivables
Balance(3) 0.49% 0.75% 0.49% 0.26% 0.07% 0.06%
(1) Average Principal Receivables Balance is the average of the month-end
principal balances for the thirteen months ending on the last day of the
period, except for the nine months ended September 30, 2000 and 1999
which are based on a ten-month average.
(2) Net losses in any period are gross losses less recoveries for such
period.
(3) Percentages for the nine months ended September 30, 2000 and 1999 are
expressed on an annualized basis and are not necessarily indicative for
the entire year.
</TABLE>
Aging Experience
The following table provides the age distribution of vehicle inventory
for all dealers in the U.S. Wholesale Portfolio, as a percentage of total
principal outstanding at the date indicated. Because the Eligible Accounts
will only be a portion of the entire U.S. Wholesale Portfolio, actual age
distribution with respect to the Eligible Accounts may be different.
<TABLE>
Age Distribution for the U.S. Wholesale Portfolio
As of
September 30, As of December 31,
Days 2000 1999 1998 1997 1996 1995 1994 1993 1992
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1-120 76.9% 81.7% 81.7% 80.1% 80.4% 82.2% 82.5% 82.4% 77.2%
121-180 10.6 12.1 11.0 10.8 10.0 9.3 10.1 9.6 13.8
181-270 8.3 3.6 4.1 4.2 5.0 3.8 4.0 4.6 4.8
over 270 4.2 2.6 3.2 4.9 4.6 4.7 3.4 3.4 4.2
</TABLE>
Geographic Distribution
The following table provides the geographic distribution of the vehicle
inventory for all dealers in the trust on the basis of receivables outstanding
and the number of dealers generating the portfolio. The percentages may not
add to 100.00% because of rounding.
<TABLE>
<CAPTION>
Geographic Distribution of Accounts in the Trust
As of September 30, 2000
Percentage of Percentage of
Receivables Receivables Total Number of Number of
Outstanding (2) Outstanding (2) Dealers (3) Dealers (3)
<S> <C> <C> <C> <C>
Texas $ 915,338,120.68 9.12% 185 6.25%
California 851,285,039.95 8.48 190 6.42
New York 631,670,381.29 6.29 181 6.11
Florida 544,302,535.44 5.42 120 4.05
New Jersey 534,949,765.43 5.33 134 4.53
Illinois 529,777,942.65 5.28 156 5.27
Other (l) 6,030,139,490.89 60.08 1,995 67.38
Total $10,037,463,276.33 100.00% 2,961 100.00%
(1) No other state includes more than 5% of the outstanding receivables.
(2) Includes Excluded Receivables.
(3) Includes Excluded Dealers.
</TABLE>
MATURITY AND PRINCIPAL PAYMENT CONSIDERATIONS
You will begin receiving principal on your certificates if an Early
Amortization Period that is not terminated has commenced. Full amortization of
the Series 2000-C certificates by the November 2003 Distribution Date (the
"Series 2000-C Expected Payment Date") depends on, among other things,
repayment by dealers of the receivables and may not occur if dealer payments
are insufficient. Because the receivables are paid upon retail sale of the
underlying vehicle, the timing of the payments is uncertain. Also, there is no
assurance that CFC will generate additional receivables under the Accounts or
that any particular pattern of dealer payments will occur. Also, the shorter
the Series 2000-C Accumulation Period Length the greater the likelihood that
payment of the Series 2000-C certificates in full by the Series 2000-C
Expected Payment Date will be dependent on the reallocation of principal
collections which are initially allocated to other outstanding series. If one
or more other series from which principal collections are expected to be
available to be reallocated to the payment of the Series 2000-C certificates
enters into an early amortization period or reinvestment period after the May
2003 Distribution Date, principal collections allocated to that series will
not be available to be reallocated to make payments of principal of the Series
2000-C certificates and the final payment of principal of the Series 2000-C
certificates may be later than the Series 2000-C Expected Payment Date.
Because an Early Amortization Event with respect to the Series 2000-C
certificates may occur and would initiate an Early Amortization Period, you
may receive the final distribution of principal on your Series 2000-C
certificates prior to the scheduled termination of the Series 2000-C Revolving
Period or prior to the Series 2000-C Expected Payment Date.
The amount of new receivables generated in any month and monthly payment
rates on the receivables may vary because of seasonal variations in vehicle
sales and inventory levels, retail incentive programs provided by vehicle
manufacturers and various economic factors affecting vehicle sales generally.
The following table sets forth the highest and lowest monthly payment rates
for the U.S. Wholesale Portfolio during any month in the periods shown and the
average of the monthly payment rates for all months during the periods shown.
The monthly payment rate is the percentage equivalent of a fraction, the
numerator of which is the aggregate of all collections of principal during the
period and the denominator of which is the average aggregate principal balance
for the period. Monthly payment rates reflected in the table include principal
credit adjustments. We cannot assure you that the rate of principal
collections will be similar to the historical experience set forth below.
Because the Eligible Accounts will be only a portion of the entire U.S.
Wholesale Portfolio, historical monthly payment rates with respect to the
Eligible Accounts may be different than those shown below.
<TABLE>
<CAPTION>
Monthly Payment Rates for the U.S. Wholesale Portfolio
Nine months
ended
September 30, Year Ended December 31,
2000 1999 1999 1998 1997 1996 1995 1994 1993 1992 1991
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Highest Month 52.8% 60.5% 60.5% 60.8% 57.7% 58.3% 59.1% 59.7% 54.7% 50.6% 49.0%
Lowest Month 39.0 45.4 44.7 42.5 41.1 43.2 36.5 34.2 35.9 34.4 30.2
Average of the
Months
in the
Period 46.2 53.6 52.0 50.0 48.2 49.0 45.6 50.3 46.6 41.3 38.2
</TABLE>
