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CARCO AUTO LOAN MASTER TRUST SERIES 1992-1 RATED 'AAA' BY FITCH -- FITCH FINANCIAL WIRE --

 CARCO AUTO LOAN MASTER TRUST SERIES 1992-1 RATED 'AAA' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, July 23 /PRNewswire/ -- CARCO Auto Loan Master Trust $400 million, Series 1992-1, floating-rate auto loan asset-backed certificates are rated "AAA" by Fitch.
 The rating is based on the high quality of the receivables, the credit enhancement provided by the 12 percent subordination of the seller's certificate, the reserve fund, and the sound legal structure. The issue is backed by Chrysler Credit Corp. (CCC) loans to car dealers to finance the purchase of new and used autos and light-duty trucks manufactured or distributed by Chrysler and other manufacturers.
 Interest on the certificates is payable on the 15th of each month, beginning Aug. 17, 1992. The per annum interest rate for each monthly period will equal one month LIBOR plus 20 basis points. Unlike the earlier issues which calculate interest on a 30/360 day basis, 1992-1 uses actual/360. Unless an early amortization occurs, the certificates should revolve for 20 to 24 months paying interest only. An accumulation period should follow, with repayment of principal to investors in one to five equal monthly payments. The duration of the revolving and accumulation periods will be determined on Feb. 15, 1994, and will depend on the number of outstanding series that will be revolving and thus able to allocate their principal collections to Series 1992-1. The final payment is expected to be made on the August 1994 distribution date. If an early amortization event occurs, certificateholders will be repaid on a fast pay allocation.
 Loan portfolio quality is excellent with annualized net losses to average balances of 0.31 percent as of March 31, 1992, 0.75 percent in 1991, 0.49 percent in 1990, and 0.26 percent in 1989. Used vehicle loans account for a low 4.5 percent.
 The only notable change to the structure of this series is the decrease of the seller's required participation amount to 103 percent provided that the eligible loan balances per dealer are limited to 1.5 percent of the pool principal balance. If the dealer concentration were to go above 1.5 percent, the required participation would be increased to 104 percent for that collection period and the following collection period. Under no circumstance is the dealer concentration allowed to exceed 2 percent. In previous issues, the required participation was fixed at 104 percent and the dealer concentration limit was fixed at 2 percent.
 The legal structure provides adequate assurance that a Chrysler bankruptcy would not impair timely payment of the investor certificates. All loans are originated and sold by CCC directly to U.S. Auto Receivables Company (USA), which immediately sells them to the trust and retains a subordinated seller's certificate. USA is a special purpose bankruptcy remote entity. Both CCC and USA are owned by Chrysler Financial Corp.
 -0- 7/23/92
 /CONTACT: David R. Howard, 212-908-0677, or Mary E. Griffin, 212-908-0537, both of Fitch/
 (C) CO: Carco Auto Loan Master Trust; Chrysler Credit Corp. ST: IN: AUT SU: RTG


GK -- NY095 -- 2646 07/23/92 14:59 EDT
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Publication:PR Newswire
Date:Jul 23, 1992
Words:514
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