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CHRYSLER FINANCIAL CORPORATION REPORTS 1992 NET EARNINGS OF $231 MILLION

 SOUTHFIELD, Mich., Jan. 28 /PRNewswire/ -- Chrysler Financial Corporation today reported 1992 net earnings of $231 million, compared to $276 million in 1991. Net earnings for 1992 included a $51 million one-time gain from the adoption of a new accounting standard for income taxes.
 CFC Chairman John P. Tierney said the 1992 earnings decrease was primarily due to a lower level of earning assets and increased borrowing costs incurred under the company's new revolving credit agreements. Partially offsetting these factors were lower credit losses.
 Receivables serviced by CFC at Dec. 31, 1992 were $33.6 billion, down from $38.3 billion a year ago. Total assets at year-end were $17.5 billion, compared to $21.3 billion at year-end 1991.
 Chrysler Credit, CFC's automotive finance unit, serviced $24.6 billion of receivables at the end of 1992, compared to $26.9 billion at the end of 1991.
 During 1992, Chrysler Credit financed 1,199,000 vehicles or 69 percent of Chrysler's factory shipments, compared to 982,000 vehicles or 68 percent of Chrysler factory shipments in 1991.
 Chrysler Credit also financed or leased 413,000 new Chrysler passenger cars and light duty trucks, which represented 24 percent of Chrysler's U.S. retail and fleet deliveries. In 1991, Chrysler Credit financed or leased 470,000 vehicles or 31 percent of Chrysler's retail and fleet deliveries. The 1992 decrease was entirely due to reduced Chrysler sales to rent-a-car fleet customers.
 Chrysler Capital, which services commercial loans and leases for clients nationwide, had $4.2 billion in serviced receivables at year-end 1992, compared to $5.7 billion a year ago. During the year, more than $900 million of Chrysler Capital assets were sold.
 Chrysler First was servicing $4.8 billion of receivables at Dec. 31, 1992, compared to $5.7 billion of receivables at Dec. 31, 1991. In November, an agreement was reached to sell most of Chrysler First's consumer and inventory financing businesses to NationsBank for approximately book value, which was $2.2 billion at Dec. 31, 1992. The sale closing is scheduled to occur later in the 1993 first quarter.
 Chrysler Insurance, which supplies insurance programs to automotive dealers and their customers, had $132 million of direct premiums written in 1992, up from $123 million a year ago.
 During the fourth quarter of 1992, CFC returned to the term debt market for the first time since mid-1990 with a $400 million issue of seven year senior notes.
 The company in 1992 continued to emphasize the sale of receivables in the U.S. and Canada. During the year, this activity included 19 placements of retail automotive and nonautomotive receivables, resulting in net proceeds of $5.8 billion, and $1.3 billion of long-term revolving arrangements for dealer inventory financing.
 CFC also announced yesterday that its Canadian subsidiary, Chrysler Credit Canada Ltd., has reached agreemente facility to December 1995.
 -0- 1/28/93
 /CONTACT: R.B. Heath of Chrysler Financial, 313-948-3890/
 (C)


CO: Chrysler Financial Corporation ST: Michigan IN: FIN AUT SU: ERN

ML -- DE006 -- 0114 01/28/93 09:43 EST
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Date:Jan 28, 1993
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