SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
October 27, 2000
Date of Report ...............................................................
(Date of earliest event reported)
CHRYSLER FINANCIAL COMPANY L.L.C.
..............................................................................
(Exact name of registrant as specified in its charter)
State of Delaware 333-92583 38-2997412
..............................................................................
(State or other jurisdiction (Commission) (IRS Employer
of incorporation) File No.) Identification No.)
27777 Franklin Rd., Southfield, Michigan 48034
..............................................
(Address of principal executive offices)
(248) 512-3990
Registrant's telephone number, including area code............................
This filing relates to Registration Statement No. 333-92583.
Item 5. Other Events.
------------
In connection with the proposed offering of DaimlerChrysler Auto Trust
2000-D, Asset Backed Notes, Class A-2, Class A-3 and Class A-4, attached as
Exhibit 99 are certain materials prepared by Chrysler Financial Company L.L.C.
that are required to be filed pursuant to the no-action letter dated May 20,
1994 issued by the staff of the Securities and Exchange Commission (the
"Commission") to Kidder, Peabody Acceptance Corporation-1, Kidder, Peabody &
Co. Incorporated and Kidder Structured Asset Corporation and the no-action
letter dated February 15, 1995 issued by the staff of the Commission to the
Public Securities Association.
Item 7. Financial Statements, Pro Forma Financial Information and
---------------------------------------------------------
Exhibits.
--------
Listed below are the financial statements, pro forma financial
information and exhibits, if any, filed as a part of this Report:
(a) Financial statements of businesses acquired;
None
(b) Pro forma financial information:
None
(c) Exhibits:
Exhibit 99
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CHRYSLER FINANCIAL COMPANY L.L.C.
By:/s/ B.C. Babbish
-----------------------------------------
B.C. Babbish
Assistant Secretary
Date: October 31, 2000
EXHIBIT INDEX
-------------
Exhibit
No. Description of Exhibit
- ------- ----------------------
99 Material prepared by Chrysler Financial Company L.L.C. in connection
with DaimlerChrysler Auto Trust 2000-D pursuant to the no-action
letter dated May 20, 1994 issued by the staff of the Securities and
Exchange Commission (the "Commission") to Kidder, Peabody
Acceptance Corporation-1, Kidder, Peabody & Co. Incorporated and
Kidder Structured Asset Corporation and the no-action letter dated
February 15, 1995 issued by the staff of the Commission to the
Public Securities Association.
EXHIBIT 99
DaimlerChrysler Auto Trust 2000-D Structural and Collateral Materials
The information contained in the attached materials is referred to as the
"Information".
The attached Term Sheet has been prepared by Chrysler Financial Company
L.L.C. ("CFC"). Neither Morgan Stanley & Co. Incorporated ("Morgan Stanley")
nor any of its affiliates makes any representation as to the accuracy or
completeness of the Information herein. The Information contained herein is
preliminary and will be superseded by the applicable prospectus supplement and
by any other information subsequently filed with the Securities and Exchange
Commission.
The Information contained herein will be superseded by the description of
the collateral pool contained in the prospectus supplement relating to the
securities.
The Information addresses only certain aspects of the applicable
security's characteristics and thus does not provide a complete assessment. As
such, the Information may not reflect the impact of all structural
characteristics of the security. The assumptions underlying the Information,
including structure and collateral, may be modified from time to time to
reflect changed circumstances.
Although a registration statement (including the prospectus) relating to
the securities discussed in this communication has been filed with the
Securities and Exchange Commission and is effective, the final prospectus
supplement relating to the securities discussed in this communication has not
been filed with the Securities and Exchange Commission. This communication
shall not constitute an offer to sell or the solicitation of an offer to buy
nor shall there be any offer or sale of the securities discussed in this
communication in any state in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of
any such state. Prospective purchasers are referred to the final prospectus
and prospectus supplement relating to the securities discussed in this
communication for definitive Information on any matter discussed in this
communication. Any investment decision should be based only on the data in the
prospectus and the prospectus supplement ("Offering Documents") and the then
current version of the Information. Offering Documents contain data that is
current as of their publication dates and after publication may no longer be
complete or current. A final prospectus and prospectus supplement may be
obtained by contacting the Morgan Stanley Trading Desk at 212-761-2248.
Computational Materials
DaimlerChrysler Auto Trust 2000-D Retail Auto ABS
-------------------------------------------------
$1,500,000,000 Retail Auto Asset-Backed Notes
Chrysler Financial Company L.L.C.
Seller and Servicer
$550,000,000 Class A-2 [ ]% Asset-Backed Notes
$600,000,000 Class A-3 [ ]% Asset-Backed Notes
$350,000,000 Class A-4 [ ]% Asset-Backed Notes
Computational
Materials
Neither the Issuer of the Notes nor any of its affiliates make any
representation as to the accuracy or completeness of the information herein.
The information herein is preliminary, and will be superseded by the
applicable prospectus supplement and by any other information subsequently
filed with the Securities and Exchange Commission. The information addresses
only certain aspects of the applicable security's characteristics and thus
does not provide a complete assessment. As such, the information may not
reflect the impact of all structural characteristics of the security. The
assumptions underlying the information, including structure and collateral,
may be modified from time to time to reflect changed circumstances. The
attached term sheet is not intended to be a prospectus and any investment
decision with respect to the Notes should be made by you based solely upon all
of the information contained in the final prospectus. Under no circumstances
shall the information presented constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the securities
in any jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of
such jurisdiction. The securities may not be sold nor may an offer to buy be
accepted prior to the delivery of a final prospectus relating to the
securities. All information described herein is preliminary, limited in nature
and subject to completion or amendment. No representation is made that the
above referenced securities will actually perform as described in any scenario
presented. The Depositors have not prepared, reviewed or participated in the
preparation hereof, are not responsible for the accuracy hereof and have not
authorized the dissemination hereof. A final prospectus and prospectus
supplement may be obtained by contacting the Salomon Smith Barney Syndicate
Desk at (212) 723-6171.
The information contained in the attached materials is referred to as the
"Information".
The attached Term Sheet has been prepared by Chrysler Financial Company
L.L.C. ("CFC"). Neither Salomon Smith Barney Inc. ("Salomon") nor any of its
affiliates makes any representation as to the accuracy or completeness of the
Information herein. The Information contained herein is preliminary and will
be superseded by the applicable prospectus supplement and by any other
information subsequently filed with the Securities and Exchange Commission.
The Information contained herein will be superseded by the description of
the collateral pool contained in the prospectus supplement relating to the
securities.
The Information addresses only certain aspects of the applicable
security's characteristics and thus does not provide a complete assessment. As
such, the Information may not reflect the impact of all structural
characteristics of the security. The assumptions underlying the Information,
including structure and collateral, may be modified from time to time to
reflect changed circumstances.
Although a registration statement (including the prospectus) relating to
the securities discussed in this communication has been filed with the
Securities and Exchange Commission and is effective, the final prospectus
supplement relating to the securities discussed in this communication has not
been filed with the Securities and Exchange Commission. This communication
shall not constitute an offer to sell or the solicitation of an offer to buy
nor shall there be any offer or sale of the securities discussed in this
communication in any state in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of
any such state. Prospective purchasers are referred to the final prospectus
and prospectus supplement relating to the securities discussed in this
communication for definitive Information on any matter discussed in this
communication. Any investment decision should be based only on the data in the
prospectus and the prospectus supplement ("Offering Documents") and the then
current version of the Information. Offering Documents contain data that is
current as of their publication dates and after publication may no longer be
complete or current. A final prospectus and prospectus supplement may be
obtained by contacting the Salomon Smith Barney Syndicate Desk at
212-723-6171.
DaimlerChrysler
The information contained in the attached materials is referred to as the
"Information".
The attached Term Sheet has been prepared by Chrysler Financial Company
L.L.C. ("CFC"). Neither Chase Securities Inc. ("Chase Securities") nor any of
its affiliates makes any representation as to the accuracy or completeness of
the Information herein. The Information contained herein is preliminary and
will be superseded by the applicable prospectus supplement and by any other
information subsequently filed with the Securities and Exchange Commission.
The Information contained herein will be superseded by the description of
the collateral pool contained in the prospectus supplement relating to the
securities.
The Information addresses only certain aspects of the applicable
security's characteristics and thus does not provide a complete assessment. As
such, the Information may not reflect the impact of all structural
characteristics of the security. The assumptions underlying the Information,
including structure and collateral, may be modified from time to time to
reflect changed circumstances.
Although a registration statement (including the prospectus) relating to
the securities discussed in this communication has been filed with the
Securities and Exchange Commission and is effective, the final prospectus
supplement relating to the securities discussed in this communication has not
been filed with the Securities and Exchange Commission. This communication
shall not constitute an offer to sell or the solicitation of an offer to buy
nor shall there be any offer or sale of the securities discussed in this
communication in any state in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of
any such state. Prospective purchasers are referred to the final prospectus
and prospectus supplement relating to the securities discussed in this
communication for definitive Information on any matter discussed in this
communication. Any investment decision should be based only on the data in the
prospectus and the prospectus supplement ("Offering Documents") and the then
current version of the Information. Offering Documents contain data that is
current as of their publication dates and after publication may no longer be
complete or current. A final prospectus and prospectus supplement may be
obtained by contacting the Chase Securities Trading Desk at 212-834-3720.
CHASE SECURITIES INC.
The information contained in the attached materials is referred to as the
"Information".
The attached Term Sheet has been prepared by Chrysler Financial Company
L.L.C. ("CFC"). Neither Credit Suisse First Boston Corporation ("CSFB") nor
any of its affiliates makes any representation as to the accuracy or
completeness of the Information herein. The Information contained herein is
preliminary and will be superseded by the applicable prospectus supplement and
by any other information subsequently filed with the Securities and Exchange
Commission.
The Information contained herein will be superseded by the description of
the collateral pool contained in the prospectus supplement relating to the
securities.
The Information addresses only certain aspects of the applicable
security's characteristics and thus does not provide a complete assessment. As
such, the Information may not reflect the impact of all structural
characteristics of the security. The assumptions underlying the Information,
including structure and collateral, may be modified from time to time to
reflect changed circumstances.
Although a registration statement (including the prospectus) relating to
the securities discussed in this communication has been filed with the
Securities and Exchange Commission and is effective, the final prospectus
supplement relating to the securities discussed in this communication has not
been filed with the Securities and Exchange Commission. This communication
shall not constitute an offer to sell or the solicitation of an offer to buy
nor shall there be any offer or sale of the securities discussed in this
communication in any state in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of
any such state. Prospective purchasers are referred to the final prospectus
and prospectus supplement relating to the securities discussed in this
communication for definitive Information on any matter discussed in this
communication. Any investment decision should be based only on the data in the
prospectus and the prospectus supplement ("Offering Documents") and the then
current version of the Information. Offering Documents contain data that is
current as of their publication dates and after publication may no longer be
complete or current. A final prospectus and prospectus supplement may be
obtained by contacting the CSFB Trading Desk at 212-325-2747.
The information contained in the attached materials is referred to as the
"Information".
The attached Term Sheet has been prepared by Chrysler Financial Company
L.L.C. ("CFC"). Neither Deutsche Bank Securities Inc. ("Deutsche Bank") nor
any of its affiliates makes any representation as to the accuracy or
completeness of the Information herein. The Information contained herein is
preliminary and will be superseded by the applicable prospectus supplement and
by any other information subsequently filed with the Securities and Exchange
Commission.
The Information contained herein will be superseded by the description of
the collateral pool contained in the prospectus supplement relating to the
securities.
The Information addresses only certain aspects of the applicable
security's characteristics and thus does not provide a complete assessment. As
such, the Information may not reflect the impact of all structural
characteristics of the security. The assumptions underlying the Information,
including structure and collateral, may be modified from time to time to
reflect changed circumstances.
Although a registration statement (including the prospectus) relating to
the securities discussed in this communication has been filed with the
Securities and Exchange Commission and is effective, the final prospectus
supplement relating to the securities discussed in this communication has not
been filed with the Securities and Exchange Commission. This communication
shall not constitute an offer to sell or the solicitation of an offer to buy
nor shall there be any offer or sale of the securities discussed in this
communication in any state in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of
any such state. Prospective purchasers are referred to the final prospectus
and prospectus supplement relating to the securities discussed in this
communication for definitive Information on any matter discussed in this
communication. Any investment decision should be based only on the data in the
prospectus and the prospectus supplement ("Offering Documents") and the then
current version of the Information. Offering Documents contain data that is
current as of their publication dates and after publication may no longer be
complete or current. A final prospectus and prospectus supplement may be
obtained by contacting the Deutsche Bank Trading Desk at 212-469-7730.
The information contained in the attached materials is referred to as the
"Information".
The attached Term Sheet has been prepared by Chrysler Financial Company
L.L.C. ("CFC"). Neither J.P. Morgan Securities Inc. ("J.P. Morgan") nor any of
its affiliates makes any representation as to the accuracy or completeness of
the Information herein. The Information contained herein is preliminary and
will be superseded by the applicable prospectus supplement and by any other
information subsequently filed with the Securities and Exchange Commission.
The Information contained herein will be superseded by the description of
the collateral pool contained in the prospectus supplement relating to the
securities.
The Information addresses only certain aspects of the applicable
security's characteristics and thus does not provide a complete assessment. As
such, the Information may not reflect the impact of all structural
characteristics of the security. The assumptions underlying the Information,
including structure and collateral, may be modified from time to time to
reflect changed circumstances.
Although a registration statement (including the prospectus) relating to
the securities discussed in this communication has been filed with the
Securities and Exchange Commission and is effective, the final prospectus
supplement relating to the securities discussed in this communication has not
been filed with the Securities and Exchange Commission. This communication
shall not constitute an offer to sell or the solicitation of an offer to buy
nor shall there be any offer or sale of the securities discussed in this
communication in any state in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of
any such state. Prospective purchasers are referred to the final prospectus
and prospectus supplement relating to the securities discussed in this
communication for definitive Information on any matter discussed in this
communication. Any investment decision should be based only on the data in the
prospectus and the prospectus supplement ("Offering Documents") and the then
current version of the Information. Offering Documents contain data that is
current as of their publication dates and after publication may no longer be
complete or current. A final prospectus and prospectus supplement may be
obtained by contacting the J.P. Morgan Structured Syndicate Desk at
212-648-0113.
Past performance is not indicative of future results. No assurance or
representation can be made as to the actual rate or timing of principal
payments or prepayments on any of the assets backing the securities or the
performance characteristics of the securities. J.P. Morgan and/or its
affiliates and employees may hold a position or act as market maker in the
financial instruments of any issuer discussed herein or act as underwriter,
placement agent, advisor or lender to such issuer. J.P. Morgan Securities Inc.
is a member of SIPC. Copyright 2000 J.P. Morgan & Co. Incorporated. Clients
should contact analysts at and execute transactions through a J.P. Morgan
entity in their home jurisdiction unless governing law permits otherwise.
DaimlerChrysler
DaimlerChrysler AUTO TRUST 2000-D
CHRYSLER FINANCIAL COMPANY L.L.C., Seller and Servicer
Subject to Revision
Term Sheet dated October 27, 2000
The trust will issue $1,813,836,000 of securities backed by automobile
and light duty truck receivables purchased directly from Chrysler Financial
Company L.L.C.
- -------------------------------------------------------------------------------
Total Securities Issued
- -------------------- ------------------- -------------------- -----------------
Fixed Per Annum
Security Principal Amount Interest Rate Legal Final
- -------------------- ------------------- -------------------- -----------------
A-1 Notes(1) $254,886,000 % n/a
...............................................................................
A-2 Notes $550,000,000 % June 2003
...............................................................................
A-3 Notes $600,000,000 % January 2005
...............................................................................
A-4 Notes $350,000,000 % March 2006
...............................................................................
Certificates(1) $58,950,000 n/a n/a
...............................................................................
(1) Not being offered publicly or in this document. The certificates are
subordinated, bear no interest, and have no maturity date.
- -------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------
Initial Credit Enhancement for the Notes(1)
------------------------ ------------------ ------------------- ------------------
Certificates(2)
Overcollateralization (Subordinated) Reserve Fund Total
------------------------ ------------------ ------------------- ------------------
Amount $86,157,837.54 $58,950,000.00 $4,534,590.00 $149,642,427.54
...........................................................................................................
Percentage of Total
Securities 4.75% 3.25% 0.25% 8.25%
...........................................................................................................
(1) The expected excess cash flows generated from the difference between the
interest collections on all the receivables and the sum of the servicing
fee, the interest payments on the outstanding securities and required
reserve fund deposits could also provide credit enhancement.
(2) The certificates do not bear interest.
- -----------------------------------------------------------------------------------------------------------
TABLE OF CONTENTS
- --------------------------------------------------
Section Page
- --------------------------------------------------
o TRANSACTION ILLUSTRATION 3
- --------------------------------------------------
o PARTIES TO THE TRANSACTION 4
- --------------------------------------------------
o SECURITIES ISSUED 5
- --------------------------------------------------
o RECEIVABLES POOL 5
- --------------------------------------------------
- Composition of the
Receivables Pool 6
- --------------------------------------------------
- New/Used Distribution 6
- --------------------------------------------------
- Distribution by APR 7
- --------------------------------------------------
- Geographic Distribution 8
- --------------------------------------------------
- Selection Criteria 9
- --------------------------------------------------
o NET CREDIT LOSS AND DELINQUENCY
EXPERIENCE 9
- --------------------------------------------------
- CFC Net Credit Loss and
Repossession Experience 10
- --------------------------------------------------
- CFC Delinquency Experience 11
- --------------------------------------------------
o PAYMENTS ON THE SECURITIES 11
- --------------------------------------------------
- Payment Dates 11
- --------------------------------------------------
- Interest Payments 11
- --------------------------------------------------
- Principal Payments 12
- --------------------------------------------------
- Optional Redemption 13
- --------------------------------------------------
o FLOW OF FUNDS 13
- --------------------------------------------------
- Sources of Funds Available for
Distribution 13
- --------------------------------------------------
- Application of Available Funds 14
- --------------------------------------------------
o CREDIT ENHANCEMENT 15
- --------------------------------------------------
- Overcollateralization 15
- --------------------------------------------------
- Excess Interest Collections 16
- --------------------------------------------------
- Reserve Fund 16
- --------------------------------------------------
- Subordinated Certificates 17
- --------------------------------------------------
o SERVICING 17
- --------------------------------------------------
- Compensation 17
TRANSACTION ILLUSTRATION
on or about November 6, 2000
(approximate $ thousands)
---------------------------------
CHRYSLER FINANCIAL COMPANY L.L.C.
[Seller and Servicer]
---------------------------------
- --------------------------------------
DAIMLERCHRYSLER RETAIL RECEIVABLES LLC
[Special Purpose Entity]
- --------------------------------------
$1,899,994 $4,535
receivables reserve
fund
-------------------------
Overcollateraliation
$86,158
--------------------------
---------
- --------------- ------------------------------------ BANK ONE,
Certificates(1) DAIMLERCHRYLSER AUTO TRUST 2000-D N.A.
$58,950 [Issuer] [Indenture
- --------------- ------------------------------------ Trustee]
----------
- ------------------- ---------
CHASE MANHATTAN ------------ A-2 Notes
BANK USA, NATIONAL A-1 Notes(1) $550,000
ASSOCIATION $254,886
[Owner Trustee] ------------- A-3 Notes
- ------------------- $600,000
A-4 Notes
$350,000
---------
- -------------------------------------------------------------------------------
(1) Not being offered publicly or in this document. The certificates are
subordinated.
PARTIES TO THE TRANSACTION
- -------------------------------------------------------------------------------
- --------------------------- ---------------------------------------------------
Entity Description
- --------------------------- ---------------------------------------------------
DaimlerChrysler Auto o Issuer of the securities
Trust 2000-D o A Delaware business trust
o Principal office is in Wilmington, Delaware
- --------------------------- ---------------------------------------------------
Chrysler Financial Company o Seller of the receivables to the trust
L.L.C. ("CFC") o Servicer of the receivables
o An indirect wholly-owned subsidiary of
DaimlerChrysler AG
o A Michigan limited liability company
o Originator of CFC receivables
- --------------------------- ---------------------------------------------------
Bank One, N.A.(1) o Indenture trustee
o Performs duties for the benefit of the
noteholders
- --------------------------- ---------------------------------------------------
Chase Manhattan o Owner trustee
Bank USA, National o Performs duties on behalf of the trust and
Association.(1) certificateholders
- --------------------------- ---------------------------------------------------
DaimlerChrysler Retail o A special-purpose financing entity
Receivables LLC o A Michigan limited liability company, formerly
named Premier Receivables L.L.C.
o An indirect wholly-owned subsidiary of CFC
o Initial holder of the subordinated certificates
o Initial owner of rights to overcollateralization
distributions and residual cash flows
- --------------------------- ---------------------------------------------------
(1) The seller and its affiliates may maintain normal commercial banking
relations with the indenture trustee, the owner trustee and their
affiliates.
SECURITIES ISSUED
The trust will issue $1,813,836,000 of securities, comprised of both
notes and certificates.
- -------------------------------------------------------------------------------
Total Securities Issued
- ----------------- ------------------ ------------------- ----------------------
Fixed Per Annum
Security Principal Amount Interest Rate Legal Final
- ----------------- ------------------ ------------------- ----------------------
A-1 Notes(1) $254,886,000 % n/a
- ----------------- ------------------ ------------------- ----------------------
A-2 Notes $550,000,000 % June 2003
- ----------------- ------------------ ------------------- ----------------------
A-3 Notes $600,000,000 % January 2005
- ----------------- ------------------ ------------------- ----------------------
A-4 Notes $350,000,000 % March 2006
- ----------------- ------------------ ------------------- ----------------------
Certificates(1) $58,950,000 n/a n/a
- ----------------- ------------------ ------------------- ----------------------
(1) Not being offered publicly or in this document. The certificates are
subordinated, bear no interest, and have no maturity date.
- -------------------------------------------------------------------------------
Other points to consider include:
o the outstanding principal of each class of notes is due by its
maturity date (each a "Legal Final"),
o the offered securities will be issued on or about November 6,
2000 in book-entry form through the facilities of the
Depository Trust Company, Clearstream and the Euroclear System,
and
o by November 6, 2000, two nationally recognized rating agencies
will rate the offered securities in the highest investment
rating category.
RECEIVABLES POOL
On November 6, 2000, the trust will use the proceeds from the issuance of
the securities to purchase a pool of automobile and light duty truck
receivables from the seller. Collections on this pool of receivables will be
the trust's principal source of funds for making payments on the securities.
The following information about the receivables is as of October 24, 2000 (the
"Cut-off Date").
The receivables pool had the following characteristics:
------------------------------------------------------------------
Composition of the Receivables Pool
As of October 24, 2000
Aggregate Principal Balance $1,899,993,837.54
--------------------------------------------- --------------------
Number of Receivables 101,590
--------------------------------------------- --------------------
Average Principal Balance $18,702.57
--------------------------------------------- --------------------
Weighted Average APR 8.56%
--------------------------------------------- --------------------
Weighted Average Original Term 60.61 months
--------------------------------------------- --------------------
Weighted Average Remaining Term 58.03 months
--------------------------------------------- --------------------
As a Percentage of the Aggregate
Principal Balance:
--------------------------------------------- --------------------
Receivables with Recourse to Dealers 1.20%
--------------------------------------------- --------------------
The receivables pool had the following new vehicle/used vehicle
distribution:
- --------------------------------------------------------------------------------------------------
New/Used Distribution of the Receivables Pool
As of October 24, 2000
--------------------- --------------------
New Used
--------------------- --------------------
Aggregate Principal Balance $1,582,427,220.20 $317,566,617.34
- --------------------------------------------- --------------------- --------------------
Percentage of Aggregate Principal Balance 83.29% 16.71%
- --------------------------------------------- --------------------- --------------------
Number of Receivables 79,159 22,431
- --------------------------------------------- --------------------- --------------------
Percentage of Receivables 77.92% 22.08%
- --------------------------------------------- --------------------- --------------------
The receivables pool had the following distribution by APR:
- ------------------------------------------------------------------------------------------------------------
Distribution by APR of the Receivables Pool
As of October 24, 2000
---------------------- ------------------- -------------------------- -----------------------------
APR Range Number of Aggregate Percent of Aggregate
Receivables Principal Balance Principal Balance(1)
---------------------- ------------------- -------------------------- -----------------------------
0.00% to 5.00% 22,029 $456,453,794.57 24.0%
---------------------- ------------------- -------------------------- -----------------------------
5.01% to 6.00% 3,967 95,639,862.98 5.0%
---------------------- ------------------- -------------------------- -----------------------------
6.01% to 7.00% 2,463 58,241,987.97 3.1%
---------------------- ------------------- -------------------------- -----------------------------
7.01% to 8.00% 3,796 67,670,011.44 3.6%
---------------------- ------------------- -------------------------- -----------------------------
8.01% to 9.00% 15,059 263,426,443.59 13.9%
---------------------- ------------------- -------------------------- -----------------------------
9.01% to 10.00% 14,496 264,552,773.77 13.9%
---------------------- ------------------- -------------------------- -----------------------------
10.01% to 11.00% 11,465 216,066,273.94 11.4%
---------------------- ------------------- -------------------------- -----------------------------
11.01% to 12.00% 8,813 162,942,489.64 8.6%
---------------------- ------------------- -------------------------- -----------------------------
12.01% to 13.00% 6,804 119,650,931.19 6.3%
---------------------- ------------------- -------------------------- -----------------------------
13.01% to 14.00% 4,307 70,417,047.87 3.7%
---------------------- ------------------- -------------------------- -----------------------------
14.01% to 15.00% 2,526 39,570,860.63 2.1%
---------------------- ------------------- -------------------------- -----------------------------
15.01% to 16.00% 1,746 25,980,041.26 1.4%
---------------------- ------------------- -------------------------- -----------------------------
16.01% to 17.00% 1,240 19,597,743.53 1.0%
---------------------- ------------------- -------------------------- -----------------------------
17.01% to 18.00% 1,348 20,184,117.74 1.1%
---------------------- ------------------- -------------------------- -----------------------------
18.01% to 19.00% 465 6,247,360.39 0.3%
---------------------- ------------------- -------------------------- -----------------------------
19.01% to 20.00% 1,032 12,910,472.11 0.7%
---------------------- ------------------- -------------------------- -----------------------------
Greater than 20.00% 34 441,624.92 0.0%
---------------------- ------------------- -------------------------- -----------------------------
Totals 101,590 $1,899,993,837.54 100.0%
---------------------- ------------------- -------------------------- -----------------------------
(1) Percentages may not add to 100.0% because of rounding.
- --------------------------------------------------------------------------------------------------------
The following table lists the ten states with the largest percentage
concentration of the aggregate principal balance of the receivables pool based
on the physical address of the dealer originating the receivable. No other
state accounts for more than 2.7% of the aggregate principal balance of the
receivables pool as of October 24, 2000.
- -------------------------------------------------------------------------------
Geographic Distribution of the Receivables Pool
As of October 24, 2000
------------------------------ -------------------------------------------
Percentage of Aggregate
State Principal Balance (1)
------------------------------ -------------------------------------------
Pennsylvania 8.2%
------------------------------ -------------------------------------------
Texas 8.0%
------------------------------ -------------------------------------------
New York 7.9%
------------------------------ -------------------------------------------
California 6.7%
------------------------------ -------------------------------------------
Illinois 6.4%
------------------------------ -------------------------------------------
Florida 4.9%
------------------------------ -------------------------------------------
New Jersey 4.3%
------------------------------ -------------------------------------------
Georgia 3.8%
------------------------------ -------------------------------------------
North Carolina 3.5%
------------------------------ -------------------------------------------
Massachusetts 3.2%
------------------------------ -------------------------------------------
All Other 43.1%
------------------------------ -------------------------------------------
Total 100.0%
------------------------------ -------------------------------------------
(1) Percentages may not add to 100.0% because of rounding.
- --------------------------------------------------------------------------------
Selection Criteria
We used the following criteria to select the receivables pool:
o Each receivable was originally purchased by the seller from
dealers in the ordinary course of its business.
o Interest on each receivable is computed using the simple
interest method.
o As of October 24, 2000:
- no receivable was more than 30 days past due (an account
is not considered past due if the amount past due is less
than 10% of the scheduled monthly payment);
- no receivable was the subject of a bankruptcy proceeding;
- each receivable had a principal balance of at least
$300.00; and
- each receivable had a scheduled maturity after April 1,
2002 and on or before October 31, 2006.
The seller believes its selection procedures are not adverse to
securityholders.
NET CREDIT LOSS AND DELINQUENCY EXPERIENCE
Net credit loss experience is dependent upon general economic conditions,
the number of repossessions, the amount of principal and accrued interest
outstanding on the receivable at the time of repossession, and the resale
values of the repossessed vehicles.
The following tables detail the net credit loss, repossession and
delinquency experience of CFC's United States portfolio of new and used
automobile and light duty truck retail receivables. The information includes:
o an immaterial amount of retail receivables secured by vehicles other
than automobiles and light duty trucks, and
o previously sold contracts which CFC continues to service.
Unless otherwise indicated, all amounts and percentages are based on
estimated gross collections, including principal and interest.
We cannot assure you that the delinquency, repossession and net credit
loss experience on the receivables sold to the trust will be comparable to the
following historical experience.
- -------------------------------------------------------------------------------------------------------------------------
CFC Net Credit Loss and Repossession Experience
Nine-Months
Ended September 30, Year Ended December 31,
---------------------------- ----------------------------------------------------
2000 1999 1999 1998 1997 1996
---------------------------- ----------------------------------------------------
Average Portfolio Outstanding
During the Period ($ Millions) $29,797 $25,848 $26,191 $23,581 $21,485 $21,062
- --------------------------------------------------------------- ----------------------------------------------------
Average Number of Contracts 1,835,534 1,747,846 1,688,525 1,671,405
Outstanding During the Period 1,973,395 1,821,954
- --------------------------------------------------------------- ----------------------------------------------------
Repossessions as a Percentage of
Average Number of Contracts
Outstanding (3) 1.83% 2.16% 2.16% 2.77% 3.40% 3.82%
- --------------------------------------------------------------- ----------------------------------------------------
Net Credit Losses as a Percentage
of Liquidations (1) (2) 1.67% 1.90% 1.91% 2.77% 3.36% 3.17%
- --------------------------------------------------------------- ----------------------------------------------------
Net Credit Losses as a Percentage 0.74% 0.96% 0.98% 1.39% 1.80% 1.68%
of Average Portfolio
Outstanding (1) (3)
- ---------------------------------------------------------------------------------------------------------------------
(1) Net credit losses are equal to the aggregate of the balances of all
receivables which are determined to be uncollectible in the period, less
any amounts realized from the sale of repossessed vehicles and any
recoveries on receivables charged off in the current or prior periods,
net of any disposition expenses and any dealer commissions which CFC
failed to recover on receivables that were prepaid or charged off.
(2) Liquidations represent monthly cash payments and charge-offs which reduce
the outstanding balance of a receivable.
(3) Percentages have been annualized for the nine months ended September 30,
2000 and 1999 and are not necessarily indicative of the experience for
the entire year.
- ---------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------
CFC Delinquency Experience
At September 30, At December 31,
---------------------------- ----------------------------------------------------
2000 1999 1999 1998 1997 1996
---------------------------- ----------------------------------------------------
Portfolio ($ Millions) $32,161 $27,090 $27,255 $24,854 $21,879 $21,197
- --------------------------------------------------------- ----------------------------------------------------
Delinquencies as a
Percentage of the Portfolio
- --------------------------------------------------------- ----------------------------------------------------
31 - 60 Days 1.36% 1.58% 1.78% 2.27% 3.24% 3.98%
- --------------------------------------------------------- ----------------------------------------------------
61 Days or More 0.16% 0.16% 0.17% 0.20% 0.46% 0.55%
- --------------------------------------------------------- ----------------------------------------------------
Total 1.52% 1.74% 1.95% 2.47% 3.70% 4.53%
- ---------------------------------------------------------------------------------------------------------------
PAYMENTS ON THE SECURITIES
Payment Dates
o Interest and principal will be payable on the 8th of each month. If
the 8th is not a business day, then interest and principal will be
payable on the next business day.
o The first payment will be on December 8, 2000.
o Payments will be payable to securityholders of record on the
business day before the payment date.
Interest Payments
o The first interest payment will be calculated on the original
principal amount of each class of notes at the applicable per annum
interest rate.
o Subsequent interest payments will be calculated on the outstanding
principal balance of each note class as of the prior payment date
(after giving effect to any payment of principal on that date) at
the applicable per annum interest rate.
o To calculate interest due on the A-1 notes on a payment date, the
per annum interest rates will be converted from an annual rate as
follows:
- ------------------------ ----------------------------- ------------------------
Days in Initial Days in Subsequent Day Count Convention
Interest Accrual Period Interest Accrual Periods
- ------------------------ ----------------------------- ------------------------
From To
(including) (excluding)
- ------------------------ -------------- -------------- ------------------------
32 days Prior Current actual/360
payment date payment date
- ------------------------ -------------- -------------- ------------------------
o To calculate the interest due on the A-2, A-3 and A-4 notes on a
payment date, the per annum interest rates will be converted from an
annual rate as follows:
- ------------------------ --------------------------- --------------------------
Days in Initial For Subsequent Interest Day Count Convention
Interest Accrual Period Accrual Periods
- ------------------------ --------------------------- --------------------------
32 days 1/12th of per annum 30/360
interest rate
- ------------------------ --------------------------- --------------------------
o Interest payments on all classes of notes will have the same
priority. If the available amount for interest payments, including
the balance in the reserve fund, is less than the amount due, each
class of notes will receive their pro rata share.
Refer to the "Flow of Funds" section for information on how the amount
available for interest payments is determined. Also refer to the "Credit
Enhancement - Reserve Fund" section for information on how the reserve fund
may be used to make interest payments.
Principal Payments
o The amount of principal payments on the securities on each payment
date will generally equal the amount of principal that was collected
on the receivables during the prior calendar month plus Excess
Interest Collections.
o Principal of each class of notes will generally be repaid over a
span of several consecutive months.
o The trust will pay principal sequentially to the earliest maturing
class of notes then outstanding until such class is paid in full.
o The certificates will not receive any principal payments until all
notes are paid in full.
o The trust is required to pay the outstanding principal of each class
of notes by the applicable Legal Final.
o The final principal payment on any class of notes could occur
significantly earlier than its Legal Final.
o The rate of principal payment on the notes will increase to the
extent Excess Interest Collections are applied to pay note
principal.
Refer to the "Flow of Funds" section for information on how the amount
available for principal payments is determined. Refer to the "Credit
Enhancement" section for information on Excess Interest Collections.
Optional Redemption
The servicer will have the option to purchase all of the remaining
receivables from the trust when their aggregate principal balance declines to
an amount that is less than or equal to 10% of the initial aggregate principal
balance of the receivables, or $189,999,384 or less. If the servicer decides
to exercise this option, then the outstanding principal amounts of the A-4
notes and the certificates, together with any accrued and unpaid interest,
will be repaid in a lump sum payment. The lump sum payment under this optional
redemption will shorten the maturity of the A-4 notes and certificates.
FLOW OF FUNDS
Sources of Funds Available for Distribution
Funds from the following sources may be available to make payments on the
securities on each payment date:
o collections received on the receivables during the prior calendar
month,
o net recoveries received during the prior calendar month on
receivables that were charged off as losses in prior months,
o investment earnings on the reserve fund received during the prior
calendar month,
o administrative and/or warranty repurchases, and
o the reserve fund.
Application of Available Funds
On each monthly payment date the total funds available (except for the
reserve fund) will be distributed in the following order of priority:
- -------------------------------------------------------------------------------
Monthly Flow of Funds
----------------------------------------------------
pay servicing fee
----------------------------------------------------
|
V
----------------------------------------------------
pay accrued interest on the notes
----------------------------------------------------
|
V
----------------------------------------------------
replenish reserve fund,
if necessary, up to the initial amount
----------------------------------------------------
|
V
----------------------------------------------------
pay up to the outstanding principal
amount of the A-1 notes
----------------------------------------------------
|
V
----------------------------------------------------
pay the overcollateralization
distribution amount, if any, to
DaimlerChrysler Retail Receivables LLC
----------------------------------------------------
|
V
----------------------------------------------------
pay up to the outstanding principal
amount of the A-2 notes
----------------------------------------------------
|
V
----------------------------------------------------
pay up to the outstanding principal
amount of the A-3 notes
----------------------------------------------------
|
V
----------------------------------------------------
pay up to the outstanding principal
amount of the A-4 notes
----------------------------------------------------
|
V
----------------------------------------------------
pay up to the outstanding principal
amount of the certificates
----------------------------------------------------
|
V
----------------------------------------------------
distribute remaining balance, if any, to
DaimlerChrysler Retail Receivables LLC
----------------------------------------------------
- -------------------------------------------------------------------------------
CREDIT ENHANCEMENT
The following forms of credit enhancement are intended to enhance the
likelihood of full payment of principal and interest due to the noteholders
and to decrease the likelihood that the noteholders will experience losses of
principal or interest on their notes.
Overcollateralization
Overcollateralization is represented by the principal balance of
receivables in excess of the principal balance of the securities. The initial
overcollateralization amount of $86,157,837.54 is equal to the initial
receivables balance of $1,899,993,837.54 minus the initial principal amount of
the securities of $1,813,836,000.00. This excess collateral is intended to
protect noteholders from losses on the receivables.
The Trust will attempt to maintain an overcollateralization amount (i.e.,
the amount by which the principal balance of the receivables exceeds the
principal balance of the securities) at least equal to 5.25% of the principal
balance of the receivables as of the prior calendar month end. Once the Class
A-1 Notes are paid in full, total funds available (except funds in the reserve
fund) after paying the servicing fee, accrued and unpaid interest on the notes
and any reserve fund deposit will be applied (i) to the payment of principal
of the securities and (ii) to pay the overcollateralization distribution
amount to DaimlerChrysler Retail Receivables LLC. As illustrated in the
"Application of Available Funds" section, the trust may begin making payments
of the overcollateralization distribution amount to DaimlerChrysler Retail
Receivables LLC on the same payment date on which the A-1 notes are paid in
full. No overcollateralization distribution will be made in any month in which
the balance of the reserve fund is below $4,534,590.00. The
overcollateralization distribution amount to be distributed on each payment
date will be the greater of:
(i) $0.00
Or
(ii) the lesser of (a) D - [S - (P x 94.75%)] or (b) D minus the A-1
notes balance immediately prior to the current payment date
where:
Total funds available ( accrued )
D = for distribution (except minus ( servicing + interest on + reserve )
for the reserve fund) ( fee the notes fund deposit)
S = The outstanding principal amount of the securities as of the prior
payment date, after giving effect to payments made on that date
P = The outstanding principal balance of the receivables as of the prior
calendar month end.
Excess Interest Collections
"Excess Interest Collections" are equal to (A) the sum of (i) interest
collections received on the receivables during the prior calendar month and
(ii) investment earnings on the reserve fund received during the prior
calendar month minus (B) the sum of (i) the servicing fee for the prior
calendar month, (ii) accrued interest on the notes, and (iii) the amount, if
any, required to replenish the reserve fund to $4,534,590.00.
Excess Interest Collections provide an additional form of credit
enhancement since they will be applied to the payment of principal of the
securities as described above under the "Overcollateralization" section.
If credit losses on receivables and delinquent receivables decrease the
amount of interest collections received on the receivables in a month, Excess
Interest Collections will be reduced or eliminated for such month.
Reserve Fund
o On November 6, 2000, the seller will provide funds from the proceeds
of its sale of receivables to establish a $4,534,590.00 reserve
fund.
o The indenture trustee will hold the reserve fund for the benefit of
the noteholders.
o The reserve fund will be invested in high quality, short term
investments which mature on or prior to each monthly payment date.
o If the total funds available for distribution minus the servicing
fee is less than accrued interest on the notes, the reserve fund
will be available to make interest payments.
o If a class of notes has not been paid in full on its Legal Final,
the reserve fund will be applied to the payment of principal for
that class of notes.
o If the aggregate outstanding principal amount of the notes exceeds
the outstanding principal balance of the receivables as of the prior
calendar month end, the reserve fund will be applied to the payment
of principal of the notes.
o As illustrated in the "Flow of Funds" section above, on each payment
date the reserve fund will be reinstated up to the initial balance
to the extent funds are available.
o After full payment of all accrued interest on the notes and the
outstanding principal balance of the securities, the reserve fund
will be distributed to DaimlerChrysler Retail Receivables LLC.
Subordinated Certificates
As additional credit enhancement, the certificates do not bear interest
and will not receive any principal payments until the notes are paid in full.
The payments on the certificates are subordinated to payments on the notes to
decrease the likelihood that the trust will default in making payments due on
the notes.
SERVICING
Compensation
o The servicer will be compensated on a monthly basis.
o The first servicing fee will be calculated on the original principal
amount of the receivables at 1/12th of 1% per month.
o For the first servicing fee calculation, the per annum servicing fee
rate will be converted from an annual rate using the number of days
from October 24 to November 30, 2000 on a 30/360 basis, or 37 days
over 360.
o Subsequent servicing fees will be calculated on the principal
balance of the receivables as of the first day of the prior calendar
month at 1/12th of 1%.
o As illustrated in the "Flow of Funds" section above, the servicing
fee will be paid out of the total funds available for distribution
each month.