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CHRYSLER FINANCIAL CORPORATION EARNED $276 MILLION IN 1991

 CHRYSLER FINANCIAL CORPORATION EARNED $276 MILLION IN 1991
 SOUTHFIELD, Mich., Feb. 6 /PRNewswire/ -- Chrysler Financial Corporation today reported 1991 net earnings of $276 million, compared to the record $313 million set in 1990.
 John P. Tierney, chairman of Chrysler Financial, said that although the company's earnings were down 12 percent from the 1990 record levels, the results were encouraging when considering the nation's continuing economic problems.
 "Our solid earnings performance can be attributed to improved interest margins and gains from the sale of receivables," Tierney said. "Offsetting these results were lower earning assets and higher credit loss provisions."
 CFC's earnings before taxes were $402 million, 16 percent less than the record $476 million set in 1990.
 Receivables serviced by the company at Dec. 31, 1991, were $38.3 billion, down from $41.1 billion a year ago. Total assets at year-end were $21.3 billion.
 Chrysler Credit, CFC's automotive finance unit, serviced $26.9 billion of receivables at the end of 1991, compared to $28.2 billion at the end of 1990.
 During 1991, Chrysler Credit financed or leased 470,000 new Chrysler passenger cars and light duty trucks, which represented 31 percent of Chrysler's U.S. retail deliveries. This compares with 524,000 vehicles or 31 percent of Chrysler's retail deliveries financed or leased in 1990.
 Chrysler Credit also financed 68 percent of Chrysler's U.S. factory shipments to Chrysler dealers during 1991, up from 63 percent of U.S. Chrysler factory shipments to dealers a year ago.
 Chrysler Capital, CFC's commercial leasing and lending company, had $5.7 billion in receivables serviced at year-end 1991, compared to $6.1 billion last year.
 Chrysler First, CFC's consumer and inventory financing unit, had $5.7 billion of receivables serviced at Dec. 31, 1991, compared to $6.8 billion at Dec. 31, 1990.
 Chrysler Insurance, which supplies insurance programs to dealers and their customers, had $123 million of direct premiums written in 1991, down from $136 million a year ago.
 During 1991, CFC continued to emphasize the sale of receivables in the U.S., Canada and Europe. This activity included 13 placements of retail automotive and nonautomotive receivables, resulting in net proceeds of $6.4 billion. The company also completed nine placements of wholesale automotive and nonautomotive receivables, resulting in net proceeds of $3.5 billion.
 Separately, Tierney said consideration of a possible sale of a minority interest in CFC is on hold at the present time.
 -0- 2/6/92
 /CONTACT: R.B. Heath of Chrysler Financial, 313-948-3890/
 (C) CO: Chrysler Financial Corporation ST: Michigan IN: FIN AUT SU: ERN


ML -- DE015 -- 7792 02/06/92 14:06 EST
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Publication:PR Newswire
Date:Feb 6, 1992
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