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Fitch IBCA Expects to Rate $1.25B Premier 1998-3 ABS

22 May 1998

Fitch IBCA Expects to Rate $1.25B Premier 1998-3 ABS - Fitch IBCA Financial Wire -

    NEW YORK, May 22 -- Premier Auto Trust 1998-3'S $510 million
5.82% class A-2 asset-backed notes, $370 million 5.88% class A-3 and
$311.875 million 5.96% class A-4 are expected to be rated 'AAA' by Fitch IBCA.
The class A-1 notes will not be publicly offered.  The $58.125 million
6.14% subordinated class B notes are expected to be rated 'A+'.
    The expected ratings on the class A notes are based upon funds in the
reserve account, the subordination of the class B notes, the initial
overcollateralization amount (Initial O/C) and the availability of excess
spread to create additional overcollateralization.  The expected rating on the
class B notes is based upon the reserve account, the Initial O/C and the
future build up of overcollateralization through the use of available excess
spread.  Both expected ratings reflect the high quality of the retail auto
receivables originated by Chrysler Financial Corp. (CFC) and the sound
legal structure.  The transaction will be fully funded at closing.
    Premier 1998-3 is identical to 1998-2 in its cash flow allocation.  Like
1998-2, class B interest is not subordinated to class A principal payments as
it was in the 1998-1 transaction.  Premier 1998-3 also contains a cash
release mechanism whereby cash generated from payments on the underlying
receivables is released during the cash release period (CRP), a feature seen
in the last three Premier securitizations.
    Credit enhancement for the class A notes, initially 9.00%, will grow as
overcollateralization builds through the use of excess spread.  The Initial
O/C (4.25%) will increase to a target of approximately 6.5% of the outstanding
note principal balance, whereupon the CRP begins.  On each distribution date
during the CRP, cash from the underlying receivables is released to Premier
Receivables L.L.C. on a cumulative basis up to the Original O/C amount
(4.25% of the initial note principal balance (INPB)), provided that: the class
A-1 notes have been paid in full; all due principal and interest payments have
been paid; the O/C is at least 5% of the current notional balance; and the
reserve account is fully funded.  Following the CRP, the 1.0% reserve account
will decrease to 0.75% of the INPB once the O/C amount reaches a level of
7.75% of the current notional balance.  Credit enhancement for the class B
Notes, initially 5.25% of the INPB, will increase as described above.
    Premier's credit enhancement levels, specifically the Initial O/C amount,
continue to inch downwards with each successive securitization.  The decrease
in credit enhancement is a result of CFC's improved servicing and more rigid
underwriting standards after loosening underwriting in 1995 in response to
increased competition.  Fitch IBCA is comfortable that credit enhancement
available is sufficient to sustain losses at 'AAA' and 'A+' levels.
    As seen in every Premier Auto transaction since 1994, 1998-3 utilizes a
full turbo structure to increase overcollateralization.  Since all excess
spread is distributed as principal to the class A notes before and after the
CRP, overcollateralization increases over time, providing substantial loss
protection for each class of noteholders.  In addition, the reserve account is
based on the INPB, which also increases credit enhancement as the pool
amortizes.
    Principal and interest on the class A and B notes will be distributed
monthly.  Classes A-1 through A-4 are sequential pay note classes.  No
principal will be distributed to the class B noteholders until all the class A
notes have been paid in full.