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CAPITAL AUTO RECEIVABLES TRUST 1993-2 NOTES 'AAA/F-1+' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, June 3 /PRNewswire/ -- Capital Auto Receivables Asset Trust 1993-2, $750 million Class A-1 Asset Backed Notes are rated 'AAA/F-1+' by Fitch. The $1.144 billion Classes A-2 through A-4 Asset Backed Notes are rated 'AAA' and the $58.6 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 the levels of credit enhancement. 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 retail installment sale contracts originated under special incentive rate financing programs designed to encourage purchases of certain new General Motors vehicles. The receivables provide for finance charges at an annual percentage rate (APR) between 1.8 percent and 5.9 percent. The loan pool, which is seasoned nine months, has a weighted average remaining term to maturity of 35 months. Monthly payments on incentive rate contracts are larger than market rate loans because of the auto's higher average ticket price and the shorter original loan term. Borrowers who choose this product tend to be better credits since they are able to meet the higher monthly payments while qualifying under GMAC's prudent underwriting standards. These loans also experience slower prepayments because the interest rates are so low. The pool is geographically well diversified, with concentrations of 13.1 percent in Texas, 9.6 percent in California, 9.5 percent in Illinois, 8.0 percent in New York, and 7.2 percent in Michigan, respectively. The pool contains new vehicles only, and accounts no more than 29 days past due are also included.
 The final scheduled payment date for Class A-1 is June 15, 1994. This class is entitled to 100 percent of all principal collections. After Class A-1 is paid out, Class A-2, with a final scheduled payment date of Aug. 15, 1994, is entitled to 100 percent of all principal collections. The remaining classes of notes are sequential pay and will be entitled to 97 percent of principal collections. Certificateholders will be entitled to 3 percent of principal after the Class A-1 and Class A-2 balances are reduced to zero. Principal and interest will be distributed monthly.
 The stress scenarios used to determine if the final scheduled payment dates will be met 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. The prepayment rates on incentive rate contracts are much slower than on market rate loans, particularly during the first 12 months. Fitch assumed various scenarios to test the 13-month and 15-month stated maturity notes. Even under the most severe case of 0.20 percent ABS (prepayment speed) during the first six months and 0.30 percent thereafter, all of the maturity dates were met.
 Credit enhancement for the notes, totaling 6.75 percent, will be provided by 3.00 percent subordination of the certificates and the 3.75 percent reserve account. The certificates will be protected by the reserve account. The reduced level of credit enhancement for this pool reflects the exceptional performance of previously securitized incentive rate pools. A vintage analysis of GMAC's portfolio of incentive rate loans originated from 1988-1992 revealed that cumulative losses through March 1993 were extremely low. Therefore, the pool is adequately protected by the level of credit enhancement.
 Since the net weighted APR on the receivables is less than the interest rates payable on the notes and certificates, a bond value calculation will be used. Bond value determines the amount of notes and certificates, including interest, that can be supported by the cash flow from the receivables. The issuance amount represents the present value of the receivable balance discounted at the highest rate on the notes and certificates. Fitch believes that the receivables' cash flow will be sufficient to cover principal and interest on the notes and certificates.
 -0- 6/3/93
 /CONTACT: Suzanne Mistretta, 212-908-0637, or Rita Duggan, 212-908-0628, both of Fitch/


CO: Capital Auto Receivables Trust ST: IN: SU: RTG

LR -- NY061 -- 4982 06/03/93 12:24 EDT
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Date:Jun 3, 1993
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