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CHRYSLER FINANCIAL REPORTS FIRST-QUARTER RESULTS

 CHRYSLER FINANCIAL REPORTS FIRST-QUARTER RESULTS
 SOUTHFIELD, Mich., April 30 /PRNewswire/ -- Chrysler Financial


Corporation today reported record 1992 first-quarter net earnings of $111 million, the highest ever posted for any CFC quarter.
 CFC's 1992 first-quarter net earnings include a one-time gain of $51 million, resulting from the adoption of the new accounting standard for income taxes. The net earnings before the effect of adoption of the new standard SFAS 109 "Accounting for Income Taxes" were $60 million, compared to $77 million in the first quarter of 1991.
 "Reduced credit losses helped offset lower levels of earning assets during the quarter," said John P. Tierney, CFC Chairman.
 Gross receivables serviced were $36.7 billion at the end of the first quarter, down from $40.3 billion a year ago. Total assets were $20.1 billion at March 31, compared to $23.1 billion in the same period of 1991.
 Chrysler Credit, CFC's automotive finance unit, had $25.8 billion of receivables serviced at the end of the first quarter, compared to $27.6 billion in the same year-ago period.
 During the 1992 first quarter, Chrysler Credit financed or leased 87,957 new passenger cars and light duty trucks, the equivalent of 23 percent of Chrysler's U.S. retail deliveries. Chrysler Credit financed 148,381 units or 41 percent in the year-ago period.
 Chrysler Credit also financed 253,433 vehicles or 66 percent of Chrysler's U.S. factory shipments to Chrysler dealers during the first quarter, compared to 202,117 vehicles or 69 percent in the first quarter of 1991.
 Chrysler Capital, CFC's commercial leasing and lending unit, had $5.4 billion of receivables serviced at March 31, 1992, compared to $6.1 billion at March 31, 1991.
 Chrysler First, CFC's unit involved in consumer lending, inventory financing of durable goods and commercial property loans, had receivables serviced of $5.5 billion at the end of the first quarter, compared to $6.6 billion a year ago.
 Chrysler Insurance, which provides property, casualty and inventory insurance to automotive and nonautomotive dealers, had direct insurance premiums written of $28 million, down from $31 million in the 1991 first quarter.
 During the first quarter, CFC sold U.S. and Canadian wholesale and retail receivables in seven placements, resulting in net proceeds of $1.8 billion.
 At the end of the first quarter, CFC had $6.8 billion of bank borrowings and commercial paper outstanding.
 -0- 4/30/92
 /CONTACT: R.B. Heath of Chrysler Financial, 313-948-3890/
 (C) CO: Chrysler Financial Corporation ST: Michigan IN: FIN AUT SU: ERN


ML -- DE002 -- 4784 04/30/92 09:27 EDT
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Publication:PR Newswire
Date:Apr 30, 1992
Words:432
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