Chase Manhattan Auto Owner Trust 1998-B Rtd by S&P.

NEW YORK--(BUSINESS WIRE)--Standard & Poor's CreditWire 4/16/98-- Standard & Poor's today assigned its ratings to Chase Manhattan Auto Owner Trust 1998-B's asset backed notes classes A-1 through A-4 notes and asset backed certificates (see list below).

The ratings are based primarily on:

-- A 3.0% subordination for the notes provided by the certificates;

-- A 3.0% cash reserve account supporting both the notes and the certificates;

-- Approximately 2.35% annual excess spread;

-- Strong historical loss experience of Chase Auto Finance's (CAF) portfolio; and

-- A sound legal structure.

The reserve fund builds from 1.50% of the original pool balance to 3.0% of the current balance and will amortize to a floor of 0.75% of the original pool balance. There are performance based triggers which would result in increasing the reserve account requirement to 6.0% of the current balance from 3.0%.

The class A-1 notes' legal final maturity is May 10, 1999 and these notes benefit from collections and excess spread until retired. Chase Manhattan Bank USA N.A., purchases motor vehicle installment sales contracts through CAF. As of Dec. 31, 1997 CAF's indirect auto loan portfolio outstanding was $11.1 billion. Portfolio performance continues to be excellent. As of Dec. 31, 1997, delinquencies including repossessed inventory were 2.23% compared to 2.02% as of Dec. 31, 1996. Although delinquencies have increased, CAF's portfolio compares favorably to its peer group. Annualized net losses for the year ending Dec. 31, 1997 were 0.44%. Annualized net losses were 0.24% as of Dec. 31, 1996, and 0.12% as of Dec. 31, 1995. The increased losses can be attributed to a slower growing portfolio resulting in an increased portion of the portfolio being subject to its peak loss curve.

The 1998-B receivables pool is comprised of automobile installment sales contracts to prime borrowers. There has been a 6.7% increase in CA paper (19.2% total) in this securitization compared to the 1998-A term deal. Additionally, concentration in Texas is 25.2%, (slightly less than 28.3% from 1998-A deal) due to Chase's assumption of an affiliate of relationships with a large number of dealers in Texas at year end 1997. This increased concentration has been factored into Standard & Poor's expected losses for Chase. The top three state concentrations are in Texas (25.2%), California (19.2%), and New York (8.50%). Other pool characteristics are very similar to previous securitizations. The weighted average seasoning on this pool is 1.02 months. The average contract balance is $16,339 and the weighted average contract rate of the receivables is 9.07%.

The receivables were originated by CAF and were then purchased by Chase Manhattan Bank N.A. The receivables were then subsequently sold to Chase Manhattan Auto Owner Trust 1998-B. The receivables are serviced by Chase USA (Delaware). Series 1998-B is Chase's 11th term securitization of automobile loans. -- CreditWire -0-

ASSIGNED RATINGS
$250 million class A-1 5.578% asset backed notes        A-1+
$200 million class A-2 5.729% asset backed notes        AAA
$321 million class A-3 5.750% asset backed notes        AAA
$282.8 million class A-4 5.800% asset backed notes      AAA
$32.60 million 6.050% asset backed certificates         A+

CONTACT: Gail Fleischman, 212/208-1827

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