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CAPITAL AUTO RECEIVABLES TRUST 1993-1 NOTES RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Feb. 11 /PRNewswire/ -- Capital Auto Receivables Asset Trust 1993-1's $1.150 billion Classes A-1 through A-4 Asset Backed Notes are rated `AAA/F-1+' by Fitch. The $1.66 billion classes A-5 through A-7 Asset Backed Notes are rated `AAA' and the $101.9 million Asset Backed Certificates are rated `A'.
 The ratings reflect the high quality of the retail auto loans originated by General Motors Acceptance Corp. (GMAC), the levels of credit enhancement, and availability of excess spread. The ratings also take into account the adequacy of the receivables' cash flow to pay timely principal and interest. Further, the likelihood of a GMAC bankruptcy delaying payments on the notes and certificates is extremely remote.
 The pool consists of receivables secured by new and used vehicles and some of the loans have payments 29 days past due. While these characteristics may increase the pool's default risk, the weighted average seasoning of approximately 16 months, the initial weighted average excess spread of 600 basis points, and GMAC's prudent origination standards offset this risk. States with the largest concentration in the pool include 11 percent in Texas, 11 percent in Michigan, 10 percent in California, 6 percent in Florida, and 5 percent in New York.
 The final scheduled payment dates for the Class A-1, Class A-2, Class A-3 and Class A-4 notes are May 17, 1993, Aug. 16, 1993, Nov. 15, 1993, and Feb. 15, 1994, respectively. These classes will be entitled to 100 percent of all principal collections. Principal to Class A-1, Class A-2 and Class A-3 will only be paid on the respective maturity dates as bullet payments while the class A-4 notes will act as a "companion" class. Therefore, any principal that is in excess of the amount due Class A-1 at maturity will be distributed to Class A-4. This payment priority will be applied also on the Class A-2 maturity date and on the Class A-3 maturity date. Once the Class A-3 Notes are retired, all principal will be distributed to the Class A-4 notes to reduce the balance to zero by the Feb. 15, 1994 maturity date. The remaining classes of notes will be sequential pay and will be entitled to 96.5 percent of principal. All classes of notes will be paid principal and interest on a quarterly basis. The certificateholders will be entitled to 3.5 percent of principal after the Class A-4 balance is zero and will be paid principal and interest on a monthly basis.
 The stress scenarios to determine if the final scheduled payment dates will be met for Classes A-1, A-2, A-3, and A-4 assumed very slow loan repayments. Assuming very slow prepayments and no defaults ensures that the receivables' cash flow is sufficient to pay each class by the final maturity date. Fitch also assumed other prepayment scenarios to ensure that any principal paid to the Class A-4 notes prior to its maturity date does not jeopardize any of the earlier classes' final payment dates. Under various scenarios, all of the maturity dates were met.
 Classes A-4 and A-5 are floating rate classes. Interest payable to Class A-4 will be equal to 3-month LIBOR and LIBOR plus .15 percent to Class A-5. An interest rate cap will be provided by Credit Suisse Financial Products in the event that the interest rates payable on the Class A-4 and A-5 notes exceed 10 percent.
 Credit enhancement for the notes, totalling 8.25 percent, will be provided by the 3.5 percent subordination of the certificates and the 4.75 percent reserve account. The reserve account will have an "up- front" deposit of 3 percent of the initial pool balance and will be funded each month with excess cash until the balance equals 4.75 percent of the current pool balance plus .75 percent of the original pool balance (the .75 percent of the original pool balance is for liquidity). The certificates will be protected by the reserve account for a total level of 4.75 percent of the current pool balance (plus .75 percent of the original pool balance). Under Fitch's `AAA' loss assumption of 8.00 percent losses, all classes of notes survived and the certificates did not incur losses under Fitch's `A' assumption of 4.5 percent losses.
 Capital Auto Receivables, Inc., (CARI) a wholly-owned, special purpose subsidiary of GMAC, purchased the loans from GMAC and sold them to the issuer, Capital Auto Receivables Asset Trust 1992-1. Counsel opined that in the event of a bankruptcy of GMAC, the loans would not be property of GMAC's bankruptcy estate and payments on the loans would not be subject to delay caused by the automatic stay. In addition, the assets of CARI will not be consolidated with the bankruptcy estate of GMAC. Furthermore, the note trustee has a first perfected security interest in the loans and the reserve fund.
 -0- 2/11/93
 /CONTACT: Suzanne Mistretta of Fitch, 212-908-0637/


CO: Capital Auto Receivables Asset Trust ST: IN: AUT SU: RTG

WB -- NY040 -- 5701 02/11/93 12:26 EST
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Date:Feb 11, 1993
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