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 NEW YORK, Oct. 21 /PRNewswire/ -- Capital Auto Receivables Asset Trust 1993-3, $762 million classes A-1 through A-4 asset backed notes are rated `F-1+' by Fitch. The $484.3 million class A-5 asset backed notes are rated `AAA' and the $81.4 million asset backed certificates are rated `A.' The ratings are primarily based on the excellent quality of the retail auto loans originated by General Motors Acceptance Corp. (GMAC) and credit enhancement levels. The ratings also take into account the adequacy of the receivables' cash flow to pay timely principal and interest. Further, the likelihood of a GMAC bankruptcy delaying payments on the notes and certificates is extremely remote.
 The notes and certificates are secured by a pool of new and used vehicles, which include accounts of up to 29 days past due. While delinquent accounts and used vehicles may present additional default risk, this risk is substantially offset by GMAC's prudent underwriting criteria, credit enhancement levels, and amount of excess cash, initially over 550 basis points (bps). The loan pool, which is seasoned approximately eight months, has a weighted average remaining term to maturity of 46 months. The pool is geographically well diversified, with concentrations of 14.8 percent in Texas, 9.6 percent in California, 6.8 percent in Florida, 5.1 percent in Michigan, and 4.6 percent in New York, respectively.
 The final scheduled payment date for class A-1, class A-2, class A-3 and class A-4 are Nov. 15, 1994, Jan. 18, 1994, April 15, 1994, and Oct. 17, 1994, respectively. Classes A-1 through A-4 are entitled to 100 percent of all principal collections. Class A-1 will receive 13 monthly installments of $33.1 million each. Principal to class A-2 and A-3 will only be paid on their respective maturity dates as bullet payments, while class A-4 acts as a "companion" class. Therefore, any principal remaining after payment of the monthly amount to class A-1 and on the respective maturity dates for class A-2 and class A-3 will be distributed to class A-4. Once the class A-3 notes are repaid, principal will be distributed to class A-1 up to the required monthly installment an 100 percent of the remainder will be paid to class A-4 to reduce the balance to zero by Oct. 17, 1994. Class A-5 notes will be entitled to 96.75 percent of principal after class A-4 is paid in full. Classes A-1 and A-5 will receive principal and interest on the 15th of each month. Classes A-2, A-3, and A-4 will receive principal and interest on a quarterly basis. Certificate holders will be entitled to receive 3.25 percent of principal collections after class A-4 is reduced to zero and will be paid principal and interest on a monthly basis.
 Stress scenarios to determine if the final scheduled payment dates will be met for classes A-1, A-2, A-3, and A-4 assumed very slow loan repayments. Assuming slow prepayments and no defaults ensures that the receivables' cash flow is sufficient to pay each class by the final maturity date. Fitch also assumed a very fast prepayment rate that paid off class A-4 prior to its maturity date to ensure that the earlier classes were paid by their respective final payment dates. Under various scenarios, all of the maturity dates were met.
 Credit enhancement for the notes, totaling 8.25 percent, will be provided by 3.25 percent subordination of the certificates and the 5.0 percent reserve account. The reserve account will have an up front deposit of 3.25 percent of the initial pool balance and will be funded with excess cash until the balance equals 4.25 percent of the current pool balance plus 0.75 percent of the initial pool balance. Under Fitch's `AAA' loss scenario, all classes of notes survived. The certificates will be protected by the 5.0 percent reserve account. Under Fitch's `A' loss scenario, the certificates survived. Given GMAC's outstanding loan performance for previous securitizations, Fitch believes that the notes and certificates are adequately protected.
 -0- 10/21/93
 /CONTACT: Rita Duggan, 212-908-0628, or Suzanne Mistretta, 212-908-0637, both of Fitch/

CO: Capital Auto Receivables Asset Trust 1993-3 ST: IN: FIN AUTO SU: RTG

CK -- NY092 -- 5375 10/21/93 15:22 EDT
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Publication:PR Newswire
Date:Oct 21, 1993

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