S&P Rts PeopleFirst.com Auto Rec Own Trst 99-1 `AAA'.

NEW YORK--(BUSINESS WIRE)--Dec. 3, 1999--

Standard & Poor's today assigned its triple-'A' ratings to PeopleFirst.com Auto Receivables Owner Trust 1999-1's US$116 million asset-backed notes (see list).

The ratings are based primarily on:

-- A 2% subordination for classes A-1 through A-3, provided by

the certificates;

-- A reserve account supporting the notes; and

-- A note policy provided by Financial Security Assurance Inc.

(FSA).

The note policy will unconditionally and irrevocably guarantee the scheduled monthly payments on the notes (beginning Dec. 15, 1999).

As of the initial cut-off date, the aggregate principal balance of the receivables pool is US$78.8 million. An additional US$38.7 million will be deposited in a prefunding account at closing and will be used to purchase subsequent receivables. The prefunding period ends Feb. 29, 2000.

PeopleFirst.com began its operations in October 1997. PeopleFirst receives its auto loan applications over the Internet. Upon approval of an obligor's application for an auto loan, PeopleFirst mails a note and security agreement to the obligor that is attached to a perforated check drawn on the originator's bank. The obligor purchases the vehicle from the dealer with the check. The check is payable to any franchised new car dealer, authorized new or used dealer, or broker. The check is valid for 45 days, after which it expires if unused. At the time of purchase, the terms of the note and security agreement grant to PeopleFirst a security interest in the vehicle and require the obligor to have the servicer noted as lien holder on the certificate of title for the vehicle.

PeopleFirst's portfolio had an average outstanding balance of US$96.5 million for the nine months ended Sept. 30, 1999, compared with US$18.3 million for the nine months ended Sept. 30, 1998. The company's statistical performance, based on delinquency and loss experience of the receivables portfolio, is limited given their recent entry (October 1997) into the business.

The 1999-1 receivable pool comprises auto loans secured by new or used automobiles, vans, and light-duty trucks. All initial and eligible subsequent receivables must meet the eligibility criteria of at least three scheduled payments received by the servicer before the related cut-off date. Approximately 90% of obligors make their scheduled payments by means of automated clearing house (ACH) withdrawal by or on behalf of the servicer. The weighted average seasoning is about three months. The aggregate principal balance as of the initial cut-off date is US$78.8 million. Sixty-two percent of the aggregate principal balance of the initial receivables represents the financing of new vehicles; 17% represents the financing of used vehicles; 13% represents the refinancing of an existing loan; and 8% represents lease buyouts. The highest state concentration is in California (27%). The average contract balance as of the initial cut-off date is US$16,624 and the weighted average APR is 7.204%.

The auto loans will be sold and contributed by PeopleFirst Finance LLC, the originator, to PF Funding II LLC, the transferor. The transferor will assign its interest to Prudential Securities Secured Financing Corp., the depositor, who will assign its interest to PeopleFirst.com Auto Receivables Owner Trust 1999-1, the issuer, Standard & Poor's said.---CreditWire

NEW RATINGS ASSIGNED

Issue                                               Rating
PeopleFirst.com Auto Receivables Owner Trust 1999-1

Class A-1 US$56 million 6.415%
      asset-backed notes                            AAA
Class A-2 US$42 million 6.685%
      asset-backed notes                            AAA
Class A-3 US$18 million 6.835%
      asset-backed notes                            AAA