FORM 10-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
/X/ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934.
For the fiscal year ended December 31, 1993
OR
/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934.
For the transition period from ____________ to _____________
Commission file number 1-5966
Chrysler Financial Corporation
(Exact name of registrant as specified in its charter)
State of Michigan 38-0961430
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
27777 Franklin Road, Southfield, Michigan 48034-8286
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (810) 948-3060
Securities registered pursuant to Section 12(b) of the Act: (See next page)
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15 (d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. Yes__X__ No_____
Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained,
to the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. [X]
All of the shares of the outstanding stock of the registrant are owned by
Chrysler Corporation.
APPLICABLE ONLY TO REGISTRANTS INVOLVED IN
BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Sections 12, 13 or 15 (d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a
plan confirmed by a court. Yes_____ No_____
(APPLICABLE ONLY TO CORPORATE REGISTRANTS)
As of December 31, 1993, there were 250,000 shares of the registrant's
common stock outstanding.
The registrant meets the conditions set forth in General Instructions
J(1)(a) and (b) of Form 10-K and is therefore filing this Form with the
reduced disclosure format.
Securities registered pursuant to Section 12(b) of the Act:
Name of each exchange
Title of each class on which registered
------------------- -----------------------
9 1/2% Notes due September 21, 1994 New York Stock Exchange
Extendible Notes due April 15, 1997 New York Stock Exchange
13 1/4% Notes due October 15, 1999 New York Stock Exchange
12 3/4% Notes due November 1, 1999 New York Stock Exchange
9 1/2% Notes due 1999 New York Stock Exchange
8 1/2% Putable-Extendible Notes due
February 1, 2018 New York Stock Exchange
6% Notes due 1996 New York Stock Exchange
6 1/2% Notes due 1998 New York Stock Exchange
6 5/8% Notes due 2000 New York Stock Exchange
PART I
ITEM 1. BUSINESS
The registrant, Chrysler Financial Corporation and its consolidated
subsidiaries (the "Company"), is a financial services organization engaged
in automotive retail and wholesale financing, servicing commercial leases
and loans, servicing secured small business loans, property and casualty
insurance, and automotive dealership facility development and management.
All of the Company's common stock is owned by Chrysler Corporation, a
Delaware corporation (together with its subsidiaries, "Chrysler"). The
Company, a Michigan corporation, is the continuing corporation resulting
from a merger on June 1, 1967 of a financial services subsidiary of
Chrysler into a newly acquired, previously unaffiliated finance company
incorporated in 1926. At the end of 1993 the Company had nearly 3,100
employees and its portfolio of receivables managed totaled $28.3 billion.
The Company's financial condition and liquidity improved during 1993 as it
regained full access to the investment grade debt markets. In addition,
the Company realized aggregate cash proceeds of $2.4 billion from the sales
of certain nonautomotive assets during 1993. The sales of nonautomotive
assets over the last two years have made the Company more dependent upon
Chrysler. Thus, lower levels of production and sales of Chrysler products
could result in a reduction in the level of finance operations of the
Company.
The Company's portfolio of finance receivables managed includes receivables
owned and receivables serviced for others. Receivables serviced for others
primarily represent sold receivables which the Company services for a fee.
At December 31, 1993, receivables serviced for others accounted for 69% of
the Company's portfolio of receivables managed. Total finance receivables
managed at the end of each of the five most recent years were as follows:
1993 1992 1991 1990 1989
(in millions of dollars)
Automotive financing $25,011 $22,481 $24,220 $25,117 $24,648
Nonautomotive financing 3,251 7,657 9,486 10,709 10,763
Total financing $28,262 $30,138 $33,706 $35,826 $35,411
Automotive Financing. The Company conducts its automotive finance business
principally through its subsidiaries Chrysler Credit Corporation, Chrysler
Credit Canada Ltd., and in Mexico, Chrysler Comercial S.A. de C.V.
Chrysler Credit is the major source of automobile and light duty truck
wholesale (also referred to as "floor plan"), and retail financing for
Chrysler dealers and their customers throughout North America. At December
31, 1993, Chrysler Credit was providing financing to approximately 2,600
Chrysler dealers who exclusively sell Chrysler products. Chrysler Credit
also finances approximately 1,400 dealers who sell non-Chrysler products
(either exclusively or together with Chrysler products). Chrysler Credit
also offers its floor plan dealers working capital loans, real estate and
equipment financing and financing plans for fleet buyers, including daily
rental car companies independent of, and affiliated with, Chrysler. The
automotive financing operations of Chrysler Credit Corporation and such other
subsidiaries are conducted through 100 branches in the United States, Canada,
Mexico and Puerto Rico.
ITEM 1. BUSINESS - continued
During 1993, the Company financed or leased approximately 766,000 vehicles
at retail in the United States, including approximately 516,000 new
Chrysler passenger cars and light duty trucks representing 25 percent of
Chrysler's U.S. retail and fleet deliveries. In 1993, the average monthly
payment for new vehicle retail installment sale contracts acquired in the
United States was $341. The average percentage of dealer cost financed was
91 percent and the average original term was 55 months. The Company also
financed at wholesale approximately 1,510,000 new Chrysler passenger cars
and light duty trucks representing 75 percent of Chrysler's U.S. factory
shipments in 1993. Wholesale vehicle financing accounted for 74 percent of
the total automotive financing volume of the Company in 1993 and
represented 16 percent of automotive finance receivables outstanding at
December 31, 1993.
Nonautomotive Financing. The Company has downsized its nonautomotive
operations through sales and liquidations over the last several years.
During 1993, the Company realized $2.4 billion of aggregate cash proceeds
from the sale of substantially all of the comsumer and inventory financing
businesses of Chrysler First Inc. ("Chrysler First"), and the sale of
certain assets of Chrysler Capital Corporation ("Chrysler Capital").
Chrysler Capital manages commercial leases and loans to clients in over 30
industries through 16 offices throughout the United States. At December
31, 1993, Chrysler Capital managed $2.7 billion of commercial finance
receivables compared to $3.2 billion at December 31, 1992. In addition,
the Company managed a portfolio of secured small business loans totaling
$.6 billion at December 31, 1993.
Insurance. Chrysler Insurance Company and its subsidiaries ("Chrysler
Insurance") provide specialized insurance coverages to automotive dealers
and their customers in the United States and Canada. The property and
casualty segment of Chrysler Insurance's business includes physical damage,
garage liability, workers' compensation and property and contents coverage
provided directly to automotive dealers. During 1993 the inventories of
approximately 2,800 automotive dealerships that were financed by Chrysler
Credit were insured by Chrysler Insurance. During 1993, 1,875 Chrysler and
non-Chrysler automotive dealerships were insured by the Company's multi-
line property and casualty insurance program known as the Pentastar
Protection program. Chrysler Insurance also provides collateral protection
and single interest insurance to retail automobile customers and their
financing sources.
Real Estate Management. Chrysler Realty Corporation ("Chrysler Realty"),
which is engaged in the ownership, development and management of Chrysler
automotive dealership properties in the United States, typically purchases,
leases or options dealership facilities and then leases or subleases these
facilities to Chrysler dealers. At December 31, 1993, Chrysler Realty
controlled 923 sites (of which 297 were owned by Chrysler Realty).
ITEM 1. BUSINESS - continued
Funding. The Company's primary objective is to provide financing for
automotive dealers and retail purchasers of Chrysler's products. The
Company's liquidity improved during 1993 reflecting proceeds from
nonautomotive asset sales and the Company's improved access to the capital
markets. During 1993, the Company issued $2.3 billion of term debt and
increased the level of short-term notes outstanding (primarily commercial
paper) to $2.8 billion and repaid all borrowings outstanding under
revolving credit facilities. Receivable sales continued to be a
significant source of funding during 1993, as the Company realized $7.8
billion of net proceeds from the sale of automotive retail receivables
compared to $5.8 billion of net proceeds from the sale of automotive and
nonautomotive receivables in 1992.
The Company's outstanding debt at December 31, of each of the five most
recent years was as follows:
1993 1992 1991 1990 1989
(in millions of dollars)
Short-term notes
(primarily commercial paper) $ 2,772 $ 352 $ 339 $ 1,114 $10,061
Bank borrowings under
revolving credit facilities - 5,924 6,633 6,241 -
Senior term debt 5,139 4,436 6,742 9,233 11,107
Subordinated term debt 77 585 949 1,686 2,434
Mexico borrowings and other 447 455 518 431 614
Total $ 8,435 $11,752 $15,181 $18,705 $24,216
ITEM 2. PROPERTIES
At December 31, 1993, the following facilities were utilized by the
registrant and its subsidiaries in conducting their businesses:
(a) executive offices of the registrant, Chrysler Credit
Corporation, Chrysler Insurance and certain other
domestic subsidiaries of the registrant in Southfield,
Michigan;
(b) a total of 86 branches of Chrysler Credit Corporation
located throughout the United States;
(c) headquarters of remaining Chrysler First operations in
Allentown, Pennsylvania, and a total of 3 offices of such
corporation in the United States;
(d) headquarters of Chrysler Capital in Stamford, Connecticut,
and a total of 16 offices of such corporation in the United
States;
(e) headquarters of Chrysler Realty in Troy, Michigan; and
(f) a total of 15 offices used as headquarters and branch
offices in Canada, Mexico and Puerto Rico.
All of the facilities described above were leased by the registrant.
At December 31, 1993, a total of 297 automobile dealership properties
generally consisting of land and improvements were owned by Chrysler Realty
for lease to dealers franchised by Chrysler.
ITEM 3. LEGAL PROCEEDINGS
In the ordinary course of business, the registrant and its subsidiaries are
parties, either as plaintiff or defendant, in various legal proceedings
which are incidental to the business of such companies. The pending
proceedings are not other than ordinary routine litigation and are not
deemed by the registrant to be material with respect to the business of the
registrant and its subsidiaries taken as a whole.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
(Omitted in accordance with General Instruction J.)
PART II
ITEM 5. MARKET FOR REGISTRANT'S COMMON STOCK AND RELATED STOCKHOLDER
MATTERS
All of the outstanding common stock of the registrant, consisting of one
class of common stock, is owned by Chrysler. There is, therefore, no
established public market in which such common stock is being traded.
The Company did not pay cash dividends to Chrysler in 1993 and 1992.
During the first quarter of 1992, the Company redeemed its remaining
$75 million of preferred stock.
Covenants in the Company's revolving credit agreements effectively
prevent the Company from declaring or paying any dividend other than
dividends payable solely in common stock of the Company, or any scheduled
dividend on preferred stock issued by the Company.
ITEM 6. SELECTED FINANCIAL DATA
1993 1992 1991 1990 1989
(in millions of dollars)
Interest income and other
revenues(1) $ 2,039 $ 2,575 $ 3,221 $ 3,774 $ 4,079
Earnings before cumulative
effect of changes in
accounting principles $ 159 $ 180 $ 276 $ 313 $ 284
Cumulative effect of changes
in accounting principles $ (30) $ 51 $ - $ - $ -
Net earnings $ 129 $ 231 $ 276 $ 313 $ 284
Total assets(1) $14,402 $17,548 $21,280 $24,702 $30,090
Total debt(1) $ 8,435 $11,752 $15,181 $18,705 $24,216
Cash dividends:
Preferred stock $ - $ 1 $ 14 $ 38 $ 26
Common stock $ - $ - $ - $ 150 $ 200
<FN>
(1) The reductions in interest income, total assets, and total debt from 1992
to 1993, reflect the downsizing of the Company's nonautomotive operations
through sales and liquidations.
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Financial Condition
Chrysler Financial Corporation's financial condition and liquidity improved
during 1993 as it regained full access to the investment grade debt
markets. During 1993, funding provided by capital market activities and the
downsizing of nonautomotive operations through sales and liquidations,
enabled the Company to repay all amounts outstanding under its revolving
credit facilities and to provide financing support for automotive dealers
and retail purchasers of Chrysler's products.
The Company's portfolio of receivables managed, which includes receivables
owned and receivables serviced for others, totaled $28.3 billion at
December 31, 1993, down from $30.1 billion and $33.7 billion at December
31, 1992 and 1991, respectively. The decline in receivables managed
primarily reflects the downsizing of the Company's nonautomotive
operations.
Receivables serviced for others primarily represent sold receivables which
the Company services for a fee. Receivables serviced for others totaled
$19.4 billion at December 31, 1993, compared to $18.3 billion and $18.4
billion at December 31, 1992 and 1991, respectively. The increase in
receivables serviced for others reflects higher levels of automotive sold
receivables, partially offset by the downsizing of nonautomotive
operations.
The Company's total allowance for credit losses, including receivables sold
subject to limited recourse provisions, totaled $494 million, $573 million
and $557 million at December 31, 1993, 1992 and 1991, respectively. The
total allowance for credit losses as a percentage of related finance
receivables outstanding was 1.78%, 1.94% and 1.74% at December 31, 1993,
1992 and 1991, respectively. The decline in credit loss reserve levels is
a result of nonautomotive asset sales and an improvement in automotive
credit loss experience.
Total assets at December 31, 1993 declined to $14.4 billion from $17.5
billion at December 31, 1992. Total debt outstanding at December 31, 1993
was $8.4 billion compared to $11.8 billion at December 31, 1992. The
Company's debt-to-equity ratio declined to 2.69 to 1 at December 31, 1993
compared to 3.92 to 1 at December 31, 1992. The decline in total assets,
total debt and the debt-to-equity ratio reflects the downsizing of the
Company and the use of nonautomotive asset sale proceeds to reduce the
Company's outstanding indebtedness.
Results of Operations
Earnings before income taxes and cumulative effect of changes in accounting
principles for 1993 totaled $267 million, compared to $295 million and $402
million in 1992 and 1991, respectively. The decline in 1993 earnings
before income taxes and accounting changes from 1992 resulted largely from
higher borrowing costs incurred under the Company's revolving credit
agreements. The decline in 1992 earnings before accounting changes from
the prior year was primarily due to lower levels of earning assets and
increased borrowing costs incurred under the bank facilities, partially
offset by lower provisions for credit losses.
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Results of Operations (continued)
The Company's net earnings after accounting changes were $129 million, $231
million and $276 million in 1993, 1992 and 1991, respectively. Accounting
changes in 1993 and 1992 negatively impact the net earnings comparisons by $81
million. Net earnings for the year ended December 31, 1993 included
charges totaling $30 million from the implementation of Statement of
Financial Accounting Standards ("SFAS") No. 106, "Employers' Accounting for
Postretirement Benefits Other Than Pensions", and SFAS No. 112, "Employers'
Accounting for Postemployment Benefits". Net earnings for the year ended
December 31, 1992 included a $51 million favorable adjustment from the
adoption of SFAS No. 109, "Accounting for Income Taxes".
Interest margin totaled $627 million in 1993, down 32 percent from 1992
primarily due to the sales of nonautomotive assets and higher average
effective cost of borrowings incurred under the Company's bank facilities.
Automotive financing income totaled $989 million in 1993, compared with
$1.1 billion in 1992 and $1.4 billion in 1991. The decline in automotive
financing income was primarily attributable to lower levels of earning
assets and declining interest rates.
Automotive financing volume totaled $59.8 billion in 1993, compared to
$46.6 billion and $41.5 billion in 1992 and 1991, respectively. The
increase in automotive financing volume over the last two years was largely
due to higher amounts of wholesale financing provided to automotive dealers.
Financing support provided in the United States for new Chrysler vehicle
retail deliveries (including fleet) and wholesale vehicle sales to dealers,
and the number of vehicles financed over the last three years was as
follows:
Year Ended December 31,
1993 1992 1991
United States Penetration:
Retail 25% 24% 31%
Wholesale 75% 69% 68%
Number of New Chrysler Vehicles
Financed in the United States
(in thousands):
Retail 516 413 470
Wholesale 1,510 1,199 982
Interest income from the Company's nonautomotive financing operations
totaled $429 million in 1993 compared with $841 million in 1992 and $1.2
billion in 1991. These nonautomotive operations had finance receivables
outstanding of $2.8 billion at December 31, 1993 compared with $5.3 billion
at December 31, 1992, and $7.2 billion at December 31, 1991. The decrease
in nonautomotive finance receivables outstanding was due primarily to the
downsizing of the Company's nonautomotive operations over the last two
years.
Despite improved credit ratings and lower market interest rates, the
Company's average effective cost of borrowings increased during 1993
compared to a year ago. This increase was primarily due to the
amortization of up-front fees and costs associated with its U.S. and
Canadian revolving credit agreements commencing in August 1992. The
decline in the Company's average effective cost of borrowings from 1991 to
1992 was primarily due to lower market interest rates.
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Results of Operations (continued)
A comparison of borrowing costs is shown in the following table:
Year Ended December 31,
1993 1992 1991
(in millions of dollars)
Interest expense $ 791 $ 1,022 $ 1,446
Average borrowings $ 9,171 $13,096 $16,687
Average effective cost
of borrowings 8.62% 7.78% 8.67%
Operating expenses for 1993 totaled $463 million, compared to $595 million
and $614 million in 1992 and 1991, respectively. The decline in operating
expenses over the last two years was primarily attributable to the
downsizing of the Company's nonautomotive operations and the containment of
certain automotive-related operating expenses.
The Company's provision for credit losses for 1993 totaled $216 million
compared to $309 million and $421 million in 1992 and 1991, respectively.
The lower provision for credit losses reflects improved automotive credit
loss experience and the downsizing of nonautomotive operations.
The Company's depreciation and other expenses totaled $194 million in 1993,
compared to $242 million and $231 million in 1992 and 1991, respectively.
The decline in depreciation and other expenses from 1992 to 1993 was
primarily attributable to the downsizing of nonautomotive operations.
Net credit loss experience, including net losses on receivables sold
subject to limited recourse provisions, for the years ended December 31,
1993, 1992 and 1991 was as follows:
Net Credit Losses
1993 1992 1991
(in millions of dollars)
Automotive financing $109 $163 $218
Nonautomotive financing 88 147 141
Total $197 $310 $359
Net Credit Losses to Average
Gross Receivables Outstanding
1993 1992 1991
Automotive financing .44% .68% .86%
Nonautomotive financing 1.73% 1.50% 1.19%
Total .66% .92% .97%
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
Liquidity and Capital Resources
Liquidity improved during 1993 due to an improved market perception of the
Company's creditworthiness, proceeds from sales of nonautomotive operations
and the achievement of investment grade credit ratings. The Company's
improved access to the debt markets enabled it to issue $2.3 billion of
term debt and increase the level of short-term notes outstanding (primarily
commercial paper) to $2.8 billion.
Receivable sales continued to be a significant source of funding during
1993 as the Company realized $7.8 billion of net proceeds from the sale of
automotive retail receivables, compared to $5.8 billion of net proceeds
from the sale of automotive and nonautomotive retail receivables for the
year ended December 31, 1992. In addition, revolving wholesale receivable
sale arrangements provided funding which aggregated $4.6 billion and $4.3
billion at December 31, 1993 and 1992, respectively.
During 1993 the Company realized $2.4 billion in aggregate cash proceeds
from the sale of substantially all of the net assets of the consumer and
inventory financing businesses of Chrysler First and the sale of certain
assets of Chrysler Capital.
At December 31, 1993, the Company had revolving credit facilities
aggregating $5.2 billion, consisting of contractually committed U.S. credit
lines of $4.7 billion expiring in August 1995, and $.5 billion of Canadian
credit lines expiring in December 1995. The Company had automotive
receivable sale agreements totaling $2.9 billion at December 31, 1993,
consisting of a $2.5 billion U.S. automotive receivable sale agreement (of
which $1.25 billion expires in September 1994 and $1.25 billion expires in
September 1996), and a $.4 billion Canadian receivable sale agreement which
expires in December 1995. In addition, up to $750 million of the total
commitment under Chrysler's revolving credit agreement dated June 30, 1993
can be made available to the Company. As of December 31, 1993, none of the
revolving credit facilities or receivables sale agreements were utilized.
As of December 31, 1993, the Company had contractual debt maturities of
$4.1 billion in 1994 (including $2.8 billion of short-term notes), $.6
billion in 1995, $1.0 billion in 1996, $.2 billion in 1997, $.7 billion in
1998 and $1.8 billion in years thereafter.
The Company believes that cash provided by operations, receivable sales,
issuance of term debt, and issuance of commercial paper backed by unused
revolving credit facilities will provide sufficient liquidity in the
future.
New Accounting Standards
In May 1993, the Financial Accounting Standards Board ("FASB") issued SFAS
No. 114, "Accounting by Creditors for Impairment of a Loan", which amends
SFAS No. 5, "Accounting for Contingencies", by requiring creditors to
evaluate the collectibility of both contractual interest and principal of
receivables when evaluating the need for a loss accrual. The Company has
not yet determined the effect of this new pronouncement on its results of
operations and financial position. The Company plans to adopt SFAS No. 114
on or before January 1, 1995.
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
New Accounting Standards (continued)
In May 1993, the FASB issued SFAS No. 115, "Accounting for Certain
Investments in Debt and Equity Securities," effective for fiscal years
beginning after December 15, 1993. This accounting standard specifies the
accounting and reporting requirements for changes in the fair values of
investments in certain debt and equity securities. Based upon its initial
assessment, the Company believes that the implementation of this new
accounting standard will have an immaterial impact on its consolidated
operating results and financial position. The Company plans to adopt this
standard effective January 1, 1994, as required.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Chrysler Financial Corporation and Subsidiaries
Year Ended December 31,
Consolidated Statement of Net Earnings 1993 1992 1991
(in millions of dollars)
Interest income (Notes 1, 2 and 11):
Automotive financing:
Retail $ 526 $ 669 $ 869
Wholesale and other 463 429 563
Nonautomotive financing 429 841 1,166
Total interest income 1,418 1,939 2,598
Interest expense (Note 6) (791) (1,022) (1,446)
Interest margin 627 917 1,152
Other revenues:
Servicing fee income 214 209 144
Insurance premiums earned (Note 7) 128 132 133
Investment and other income (Note 3) 279 295 346
Interest margin and other revenues 1,248 1,553 1,775
Costs and expenses:
Operating expenses 463 595 614
Provision for credit losses (Note 2) 216 309 421
Insurance losses and adjustment expenses
(Note 7) 108 112 107
Depreciation and other expenses 194 242 231
Total costs and expenses 981 1,258 1,373
Earnings before income taxes and cumulative
effect of changes in accounting principles 267 295 402
Provision for income taxes (Note 8) 108 115 126
Earnings before cumulative effect of changes
in accounting principles 159 180 276
Cumulative effect of changes in accounting
principles (Notes 8 and 12) (30) 51 -
Net Earnings $ 129 $ 231 $ 276
<FN>
See Notes to Consolidated Financial Statements.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA - continued
Chrysler Financial Corporation and Subsidiaries
Consolidated Balance Sheet
December 31,
1993 1992
(in millions of dollars)
Assets (Notes 1 and 6):
Finance receivables - net (Note 2) $ 8,659 $ 9,638
Retained interests in sold receivables and other
related amounts - net (Notes 2 and 3) 3,738 3,321
Total finance receivables and retained
interests - net 12,397 12,959
Nonautomotive assets held for sale (Note 4) - 2,393
Cash and cash equivalents 265 433
Marketable securities (Note 5) 348 333
Dealership properties leased - net 423 454
Equipment leased to others - net 176 333
Repossessed collateral 269 192
Other assets 524 451
Total Assets $14,402 $17,548
Liabilities:
Debt (Note 6) $ 8,435 $11,752
Accounts payable, accrued expenses and other 1,298 1,270
Amounts due to affiliated companies (Note 11) 24 35
Deferred income taxes (Note 8) 1,514 1,493
Total Liabilities 11,271 14,550
Commitments and contingent liabilities
(Notes 3 and 9)
Shareholder's Investment (Notes 6 and 10):
Common stock - par value $100 a share:
Authorized, issued and outstanding 250,000 shares 25 25
Additional paid-in capital 1,168 1,168
Net earnings retained for use in the business 1,938 1,805
Total Shareholder's Investment 3,131 2,998
Total Liabilities and Shareholder's Investment $14,402 $17,548
<FN>
See Notes to Consolidated Financial Statements.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA - continued
Chrysler Financial Corporation and Subsidiaries
Year Ended December 31,
Consolidated Statement of Cash Flows 1993 1992 1991
(in millions of dollars)
Cash Flows From Operating Activities:
Net earnings $ 129 $ 231 $ 276
Adjustments to reconcile net earnings to
net cash provided by operating activities:
Cumulative effect of changes in accounting
principles 30 (51) -
Gains from receivable sales (127) (146) (159)
Provision for credit losses 216 309 421
Depreciation, amortization and
write-off of intangibles 118 184 150
Change in deferred income taxes and income
taxes payable 35 (71) 206
Change in accounts payable, accrued
expenses and other 26 (219) (629)
Net cash provided by operating activities 427 237 265
Cash Flows From Investing Activities:
Acquisitions of finance receivables (58,034) (48,990) (44,216)
Collections of finance receivables 18,281 20,101 26,871
Proceeds from sales of nonautomotive assets 2,375 903 -
Proceeds from sales of receivables 40,105 31,039 21,262
Other (15) 126 (176)
Net cash provided by investing activities 2,712 3,179 3,741
Cash Flows From Financing Activities:
Change in short-term notes and affiliated
borrowings 2,428 13 (775)
Borrowings under revolving credit facilities:
Proceeds 4,792 43,917 68,050
Payments (10,716) (44,626) (67,658)
Proceeds from issuance of term debt 2,305 400 4
Repayment of term debt (2,108) (3,189) (3,232)
Redemption of preferred stock - (75) (210)
Other (8) 55 71
Net cash used in financing activities (3,307) (3,505) (3,750)
Change in cash and cash equivalents (168) (89) 256
Cash and cash equivalents at beginning of year 433 522 266
Cash and Cash Equivalents at End of Year $ 265 $ 433 $ 522
<FN>
See Notes to Consolidated Financial Statements.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA - continued
Chrysler Financial Corporation and Subsidiaries
Notes to Consolidated Financial Statements
Note 1 - Summary of Significant Accounting Policies
Principles of Consolidation
The consolidated financial statements include the accounts of Chrysler
Financial Corporation and its domestic and foreign subsidiaries (the
"Company"). All significant intercompany accounts and transactions have
been eliminated in consolidation. All of the Company's common shares are
owned by Chrysler Corporation (together with its subsidiaries, "Chrysler").
Prior years have been reclassified to conform with current year's
classifications.
Receivable Sales
The Company sells significant amounts of automotive receivables acquired,
in transactions subject to limited recourse provisions. The Company
generally sells its receivables to a trust and remains as servicer for
which it is paid a servicing fee. Normal servicing fees are earned on a
level yield basis over the remaining terms of the related sold finance
receivables. In a subordinated capacity, the Company retains excess
servicing cash flows, a limited interest in the principal balances of the
sold receivables and certain cash deposits provided as credit enhancements
for investors.
Gains or losses from the sale of retail receivables are recognized in the
period in which such sale occurs. In determining the gain or loss for each
qualifying sale of retail receivables, the investment in the sold
receivable pool is allocated between the portion sold and the portion
retained based on their relative fair values on the date of sale. The
receivables sold are removed from the balance sheet caption "Finance
receivables - net", and the Company's retained interests in such
receivables are included in "Retained interests in sold receivables and
other related amounts - net". Gains or losses are reflected in the
consolidated statement of net earnings under the caption, "Investment and
other income". Gains on sales of wholesale receivables are not material.
Income Recognition
Interest income from owned finance receivables is recognized using the
interest method. Lending fees and certain direct loan origination costs
are deferred and amortized to interest income using the interest method
over the contractual terms of the finance receivables. Interest accrued on
wholesale, certain lease financing and real estate receivables at the
balance sheet date, is included in finance receivables.
Recognition of interest income is generally suspended when a loan becomes
contractually delinquent for periods ranging from 60 to 90 days. Income
recognition is resumed when the loan becomes contractually current, at
which time all past due interest income is recognized.
Property and casualty premiums are earned on a straight-line basis over the
term of their respective policies.
Lease Transactions
Leasing operations consist of direct finance leases of vehicles and other
equipment, leveraged leases of major equipment and real estate and
operating leases, all of which are accounted for in accordance with the
classification of the leases. The related revenue is recorded as interest
income. Dealership properties leased to others are stated at cost less
accumulated depreciation of $116 million in 1993 and $108 million in 1992.
Equipment leased to others is stated at cost less accumulated depreciation
of $164 million in 1993 and $190 million in 1992.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA - continued
Note 1 - Summary of Significant Accounting Policies - continued
Allowance for Credit Losses
An allowance for credit losses is generally established during the period
in which receivables are acquired. The allowance for credit losses is
maintained at a level deemed appropriate based primarily on loss
experience. Other factors affecting collectibility are also evaluated, and
appropriate adjustments are recorded. Retail automotive receivables not
supported by a dealer guaranty are charged to the allowance for credit
losses net of the estimated value of repossessed collateral at the time of
repossession. Nonautomotive finance receivables are reduced to the
estimated fair value of collateral when determined to be uncollectible.
Cash Equivalents
Temporary investments of excess borrowed funds with a maturity of less than
three months when purchased are considered to be cash equivalents.
Marketable Securities
Marketable securities, owned by the Company's insurance subsidiaries and
generally held to maturity, are carried at cost, adjusted for amortized
premium or discount on bonds, plus accrued interest.
Repossessed Collateral
Repossessed collateral is carried at the lower of fair value less estimated
selling expenses, or cost. Repossessed collateral carrying costs and gains
or losses from disposition of such assets are recognized in the period
incurred. Real estate owned is carried at the lower of fair value less
estimated selling expenses, or cost. Fair value for real estate owned is
determined by appraisal. Other factors affecting collectibility are also
evaluated, and appropriate adjustments are recorded.
Term Debt and Revolving Credit Fees and Costs
Term debt commissions and expenses are amortized over the life of the
related debt issue in relation to the outstanding principal balances. Up-
front fees and costs incurred in connection with revolving credit
facilities are deferred and amortized over the expected term of the
facilities in relation to commitments outstanding.
Costs in Excess of Net Assets Acquired
Costs in excess of net assets acquired are being amortized on a straight-
line basis over the remaining term of 14 years. The amount of unamortized
goodwill included in "Other Assets" was $15 million and $23 million at
December 31, 1993 and 1992, respectively.
Off-Balance-Sheet Financial Instruments
The Company enters into various interest rate exchange agreements to reduce
its exposure to fluctuations in interest rates as part of its asset and
liability management program. Net interest differentials to be paid or
received related to interest rate exchange agreements are accrued and
included as an adjustment to interest expense.
The Company enters into foreign currency swap agreements to hedge exposure
to debt obligations which call for repayment of principal and interest in
currency other than U.S. or Canadian dollars. The underlying debt
obligations are translated in the accompanying consolidated balance sheet
at the contractual rate of exchange in the respective foreign currency swap
agreement.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA - continued
Note 2 - Finance Receivables and Retained Interests
Outstanding balances of "Finance receivables - net" were as follows:
December 31,
1993 1992
(in millions of dollars)
Automotive:
Retail $3,536 $3,797
Wholesale and other 2,520 2,752
Total automotive 6,056 6,549
Nonautomotive 2,803 3,328
Total finance receivables 8,859 9,877
Less allowance for credit losses (200) (239)
Total finance receivables - net $8,659 $9,638
The Company's retained interests in sold receivables and other related
amounts are generally restricted and subject to limited recourse
provisions. The following is a summary of amounts included in "Retained
interests in sold receivables and other related amounts - net":
December 31,
1993 1992
(in millions of dollars)
Cash and investments $ 586 $ 526
Senior interests in wholesale receivables 967 562
Subordinated interests in receivables 1,783 1,751
Excess servicing 200 231
Other restricted and securitized assets 496 484
Less allowance for credit losses (294) (233)
Total retained interests in sold receivables
and other related amounts - net $3,738 $3,321
Changes in the allowance for credit losses, including receivables sold
subject to limited recourse and amounts related to "Nonautomotive assets
held for sale" at December 31, 1992, were as follows:
Year Ended December 31,
1993 1992 1991
(in millions of dollars)
Balance at beginning of year $573 $557 $477
Provision for credit losses 216 309 421
Net credit losses (197) (310) (359)
Adjustments related to nonautomotive asset sales (79) - -
Other adjustments (19) 17 18
Balance at end of year $494 $573 $557
Nonearning finance receivables, including receivables sold subject to
limited recourse, totaled $333 million and $735 million, at year end 1993
and 1992, respectively, which represented 1.21 percent and 2.49 percent of
such receivables outstanding, respectively.
In May 1993, the Financial Accounting Standards Board ("FASB") issued SFAS
No. 114, "Accounting by Creditors for Impairment of a Loan", which amends
SFAS No. 5, "Accounting for Contingencies", by requiring creditors to
evaluate the collectibility of both contractual interest and principal of
receivables when evaluating the need for a loss accrual. The Company has
not yet determined the effect of this new pronouncement on its results of
operations and financial position. The Company plans to adopt SFAS No. 114
on or before January 1, 1995.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA - continued
Note 2 - Finance Receivables and Retained Interests - continued
Contractual maturities of total finance receivables at December 31, 1993
were as follows:
Automotive Nonautomotive Total
---------- ------------- -----
(in millions of dollars)
Past due installments $ 62 $ 25 $ 87
Due in year ending December 31:
1994 3,677 275 3,952
1995 1,207 214 1,421
1996 541 202 743
1997 325 188 513
1998 195 181 376
Thereafter 49 1,718 1,767
Total finance receivables $6,056 $2,803 8,859
Less allowance for credit losses (200)
Total finance receivables - net $ 8,659
Actual cash flow experience will vary from contractual cash flows due to
future receivable sales and prepayments.
The Company's investment in automotive and nonautomotive direct financing
leases included in "Finance receivables - net" was as follows:
December 31,
1993 1992
(in millions of dollars)
Aggregate future lease payments $403 $519
Estimated residual values 186 373
Less unearned income (173) (202)
Net investment in direct financing leases $416 $690
The Company's investment in leveraged leases included in "Finance
receivables - net" and related deferred income taxes, was as follows:
December 31,
1993 1992
(in millions of dollars)
Rentals receivable (net of principal
and interest on non-recourse debt) $1,425 $1,527
Estimated residual values 834 858
Less: Unearned income (604) (655)
Deferred investment tax credits (96) (108)
Net receivable 1,559 1,622
Less deferred income taxes (1,377) (1,300)
Net investment in leveraged leases $ 182 $ 322
In accordance with Statement of Financial Accounting Standards (SFAS) No.
13, "Accounting for Leases", the Company revised its calculations of
leveraged lease cash flows to adjust for the enacted tax rate increase in
1993. This change (a) increased earnings before income taxes by $9
million, and (b) increased the provision for income taxes by $20 million,
primarily due to the adjustment of the associated net deferred tax
liabilities (see Note 8 - Income Taxes).
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA - continued
Note 3 - Sales of Receivables
The Company sells receivables subject to limited recourse provisions.
Outstanding balances of sold finance receivables were as follows:
December 31,
1993 1992
(in millions of dollars)
Automotive:
Retail $12,027 $10,081
Wholesale 6,356 5,438
Nonautomotive 449 593
Total $18,832 $16,112
Gains or losses from the sales of retail receivables are recognized in the
period in which such sales occur. Provisions for expected credit losses
are generally provided during the period in which such receivables are
acquired. Since the allowance for credit losses is separately provided
prior to the receivable sales, gains from receivable sales are not reduced
for expected credit losses. Included in "Investment and other income" are
gains before expected credit losses totaling $127 million, $146 million and
$159 million for the years ended December 31, 1993, 1992 and 1991,
respectively. The provision for credit losses related to such sales
amounted to $135 million, $137 million and $167 million for the years ended
December 31, 1993, 1992 and 1991, respectively.
Note 4 - Nonautomotive Assets Held for Sale
During the first quarter of 1993, the Company realized cash proceeds of
$2.3 billion and a note receivable of approximately $.1 billion from the
sales of certain nonautomotive assets which had been classified as
"Nonautomotive assets held for sale" in the Company's consolidated balance
sheet at December 31, 1992. Proceeds from these sales approximated the net
carrying values of the assets sold, and were used to reduce the Company's
outstanding indebtedness.
Note 5 - Marketable Securities
Marketable securities held by the Company's insurance subsidiaries were as
follows:
December 31,
---------------------------------
1993 1992
-------------- ---------------
Market Market
Cost Value Cost Value
---- ------ ---- ------
(in millions of dollars)
Bonds - Corporate/Public Utility $100 $104 $ 94 $ 97
State/Municipal 14 14 10 10
114 118 104 107
Government securities - United States and Canada 199 202 193 199
Preferred stocks 9 9 5 5
Short-term notes 26 26 31 31
Total marketable securities $348 $355 $333 $342
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA - continued
Note 6 - Debt
Short-term notes outstanding at December 31, 1993 had an average remaining
term of 40 days. Average effective cost of borrowings were as follows:
Year Ended December 31,
--------------------------------------------------------
1993 1992
-------------------------- ---------------------------
Bank Bank
Borrowings Borrowings
and and
Short-term Term Total Short-term Term Total
Notes Debt Debt Notes Debt Debt
---------- ---- ---- ---------- ---- ----
Average effective cost of borrowings:
United States operations 8.1% 8.0% 8.0% 5.7% 9.0% 7.3%
Consolidated operations 8.2% 8.8% 8.6% 5.9% 9.7% 7.8%
Debt outstanding at December 31, 1993 and 1992 was as follows:
Weighted Average
Interest Rates* at December 31,
Maturity December 31, 1993 1993 1992
(in millions of dollars)
Short-term notes placed primarily
in the open market:
United States $ 2,513 $ 351
Canada 259 1
Total short-term notes (primarily
commercial paper) 2,772 352
Bank borrowings under revolving
credit facilities:
United States - 5,705
Canada - 219
Total bank borrowings - 5,924
Senior term debt:
United States, due
1993 - 719
1994 9.0% 813 1,010
1995 5.3% 574 142
1996 5.3% 1,053 343
1997 5.2% 197 98
1998 6.0% 696 -
Thereafter 9.1% 1,766 1,898
Total United States 5,099 4,210
Canada, due 1993-1996 12.3% 42 226
Less unamortized discount 2 -
Total senior term debt 5,139 4,436
Subordinated term debt - United
States:
Senior due 1993-1995 5.5% 77 420
Junior subordinated - 165
Total subordinated 77 585
Mexico borrowings and other 447 455
Total debt $ 8,435 $11,752
<FN>
*The weighted average interest rates, including the effects of interest
rate exchange agreements, have been calculated on the basis of rates in
effect at December 31, 1993 on $976 million of variable rate debt,
including $926 million senior and $50 million subordinated term debt.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA - continued
Note 6 - Debt - continued
Interest paid by the Company for the years ended December 31, 1993, 1992
and 1991 amounted to $847 million, $1,250 million and $1,536 million,
respectively.
The Company has contractual debt maturities of $4.1 billion in 1994
(including $2.8 billion of short-term notes), $.6 billion in 1995, $1.0
billion in 1996, $.2 billion in 1997, $.7 billion in 1998 and $1.8 billion
in years thereafter.
Interest rate exchange agreements have been entered into with major
financial institutions, which are expected to fully perform under the terms
of the agreements. While these agreements are generally used as hedges and
are matched with specific financial instruments, they do involve a degree
of interest rate risk. At December 31, 1993, the notional amount of the
Company's portfolio of interest rate exchange agreements totaled $1,524
million. While notional amount is used to measure the volume of these
agreements, it does not represent exposure to credit loss.
The terms of the Company's foreign currency swap agreements provide for
payment of foreign currency principal and interest obligations in U.S. or
Canadian dollars based on the contractual exchange rate in the respective
agreement. As a result, the underlying debt obligations are recorded at
the contractual rate totaling $535 million at December 31, 1993. If the
debt obligations had been translated at the various exchange rates in
effect at December 31, 1993, the recorded amount would have been $121
million higher.
Credit Facilities
At December 31, 1993, the Company had credit facilities aggregating $5.2
billion, consisting of contractually committed U.S. credit lines of $4.7
billion expiring in August 1995, and $.5 billion of Canadian credit lines
expiring in December 1995. At December 31, 1993, the Company had no
borrowings outstanding under either of these credit facilities.
The Company's U.S. revolving credit facility grants security interests in
substantially all of the Company's U.S. assets and contains restrictive
covenants including restrictions that effectively prevent payment of cash
dividends to Chrysler.
At December 31, 1993, the Company had automotive receivable sale agreements
totaling $2.9 billion, consisting of a $2.5 billion U.S. automotive
receivable sale agreement (of which $1.25 billion expires in September 1994
and $1.25 billion expires in September 1996), and a $.4 billion Canadian
receivable sale agreement which expires in December 1995. At December 31,
1993, none of the Company's receivable sale agreements were utilized.
In addition, up to $750 million of the total commitment under Chrysler's
revolving credit agreement dated June 30, 1993 can be made available to the
Company. As of December 31, 1993, no borrowings were outstanding under
this agreement.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA - continued
Note 7 - Reinsurance Arrangements
The Company enters into various reinsurance contracts with other insurance
enterprises or reinsurers to reduce the losses that may arise from
catastrophes or other events. Reinsurance contracts do not relieve the
Company from its obligations to policyholders. Failure of reinsurers to
fulfill their obligations could result in losses to the Company.
The amounts reported as "Insurance premiums earned" are net of related
ceded reinsurance premiums of $46 million, $36 million and $39 million for
the years ended December 31, 1993, 1992 and 1991, respectively. Amounts
reported as "Insurance losses and adjustment expenses" are net of related
reinsurance loss and loss adjustment expenses of $38 million, $35 million
and $33 million for the years ended December 31, 1993, 1992 and 1991,
respectively.
Included in "Accounts payable, accrued expenses and other" are net unearned
insurance premiums and net reserves for insurance losses and adjustment
expenses as follows:
December 31,
1993 1992
(in millions of dollars)
Direct and assumed unearned premiums $ 69 $ 84
Reinsurance ceded (9) (2)
Net unearned premiums $ 60 $ 82
December 31,
1993 1992
(in millions of dollars)
Direct and assumed reserve for insurance losses
and adjustment expenses $221 $192
Reinsurance ceded (48) (40)
Net reserve for insurance losses and adjustment expenses $173 $152
Note 8 - Income Taxes
Chrysler Financial Corporation and its U.S. subsidiaries are included in
Chrysler's consolidated U.S. income tax returns. The Company's provision
for income taxes is determined on a separate return basis. Under the Tax
Sharing Agreement between the Company and Chrysler, U.S. income taxes have
been settled substantially without regard to alternative minimum tax or
limitations on utilization of net operating losses and foreign tax credits.
Effective January 1, 1992, the Company adopted SFAS No. 109, "Accounting
for Income Taxes." This Statement mandates use of the liability method of
accounting for deferred income taxes. The principal difference between the
liability method and the method previously used is that under the liability
method deferred tax assets and liabilities are adjusted to reflect changes
in statutory tax rates, as income adjustments, in the period such changes
are enacted. At January 1, 1992, the adjustment of deferred tax assets and
liabilities resulted in a favorable cumulative effect of the change in
accounting principle of $51 million.
Income taxes paid (recovered) by the Company for the years ended December
31, 1993, 1992 and 1991 amounted to $82 million, $172 million and $(55)
million, respectively. Included in these amounts are taxes paid
(recovered) from Chrysler under the Tax Sharing Agreement of $66 million,
$130 million and $(83) million, in 1993, 1992 and 1991, respectively.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA - continued
Note 8 - Income Taxes - continued
The provision for income taxes in the consolidated statement of net
earnings includes the following:
Year Ended December 31,
1993 1992 1991
(in millions of dollars)
Current tax expense (credit):
United States $ 61 $130 $(84)
State and local 3 6 (10)
Foreign 13 20 15
Total current tax expense (credit) 77 156 (79)
Deferred tax (credit) expense:
United States (2) (43) 183
State and local 11 5 19
Foreign - (3) 3
Total deferred tax expense (credit) 9 (41) 205
Effect of restating deferred taxes for
enacted U.S. tax rate increase including
leveraged leases (Note 2) 22 - -
Total provision for income taxes $108 $115 $126
The provision for income taxes differs from the amount of income tax
determined by applying the U.S. statutory income tax rate to earnings
before income taxes and cumulative effect of changes in accounting
principles, as follows:
Year Ended December 31,
1993 1992 1991
(in millions of dollars)
Tax at U.S. statutory rate $ 93 $101 $137
State and local income taxes 9 7 6
Amortization of investment tax credits (2) (5) (9)
Income not subject to taxes (2) (4) (8)
Purchase accounting adjustments (5) 19 7
Leveraged lease rate adjustments (8) (5) (12)
Rate adjustment of U.S. deferred tax
assets and liabilities 22 - -
Other 1 2 5
Total provision for income taxes $108 $115 $126
Effective tax rate 40.5% 39.0% 31.3%
Statutory tax rate 35.0% 34.0% 34.0%
The tax effected temporary differences which comprise deferred tax assets
and liabilities were as follows:
December 31, 1993 December 31, 1992
----------------- -----------------
Deferred Deferred Deferred Deferred
Tax Tax Tax Tax
Assets Liabilities Assets Liabilities
-------- ----------- ---------- -----------
(in millions of dollars)
Provision for losses $161 $ - $170 $ -
Leasing transactions - 1,611 - 1,597
State and local taxes - 85 - 82
Postretirement benefits other
than pensions 17 - - -
Other 62 58 60 44
Total $240 $1,754 $230 $1,723
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA - continued
Note 9 - Commitments and Contingent Liabilities
Various legal actions are pending against Chrysler Financial Corporation
and certain of its subsidiaries, some of which seek damages in large or
unspecified amounts and other relief. The Company believes each proceeding
constitutes routine litigation encountered in the normal course of
business. Although the amount of liability at December 31, 1993 with
respect to such matters cannot be determined, the Company believes the
ultimate resolution of these matters will not have a material adverse
effect on the Company's consolidated financial position. The Company
believes that it has established reserves in an amount sufficient to cover
any losses that may arise as a result of this litigation.
The Company is obligated under terms of noncancelable operating leases for
the majority of its office facilities and equipment, as well as for a
number of dealership facilities which are subleased to Chrysler-authorized
automotive dealers. These leases are generally renewable and provide that
certain expenses related to the properties are to be paid by the lessee.
Future minimum lease commitments under the aforementioned leases with
remaining terms in excess of one year are as follows:
Year Ended December 31, (in millions of dollars)
1994 $ 48
1995 42
1996 38
1997 33
1998 25
Thereafter 100
Total $286
Future minimum lease commitments have not been reduced by minimum sublease
rentals of $210 million due in the future under noncancelable subleases.
Rental expense for operating leases for the years ended December 31, 1993,
1992 and 1991 was $58 million, $69 million and $74 million, respectively.
Sublease rentals of $42 million were received in 1993, 1992 and 1991.
Chrysler currently has an unfunded pension obligation. In the event that
termination liabilities with respect to Chrysler's pension plans are
incurred, such liabilities would be the joint and several responsibilities
of Chrysler and certain of its affiliated entities, including the Company
and its subsidiaries. In the judgment of Chrysler's management, the
possibility is remote that termination liabilities with respect to
Chrysler's pension plans will be incurred in the foreseeable future.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA - continued
Note 10 - Shareholder's Investment
Shareholder's Investment is summarized as follows:
Net Earnings
Additional Retained for Total
Preferred Common Paid-in Use in the Shareholder's
Stock Stock Capital Business Investment
--------- ------ -------- ---------- -------------
(in millions of dollars)
Balance - December 31, 1990 $ 285 $ 25 $1,168 $1,311 $2,789
Net earnings - - - 276 276
Preferred stock redeemed (210) - - - (210)
Preferred stock dividends - - - (14) (14)
Minimum pension liability
in excess of unrecognized
prior service cost - - - 1 1
Balance - December 31, 1991 75 25 1,168 1,574 2,842
Net earnings - - - 231 231
Preferred stock redeemed (75) - - - (75)
Preferred stock dividends - - - (1) (1)
Minimum pension liability
in excess of unrecognized
prior service cost - - - 1 1
Balance - December 31, 1992 - 25 1,168 1,805 2,998
Net earnings - - - 129 129
Minimum pension liability
in excess of unrecognized
prior service cost - - - 4 4
Balance - December 31, 1993 $ - $ 25 $1,168 $1,938 $3,131
Note 11 - Transactions with Affiliates
Since 1968, the Company has had an Income Maintenance Agreement with
Chrysler. The agreement provides for payments to maintain the Company's
required coverage of earnings available for fixed charges at 110 percent.
No payments were required pursuant to the Income Maintenance Agreement for
1993, 1992 or 1991.
Gains and losses from translating assets and liabilities outside the United
States to United States dollar equivalents are credited or charged to
Chrysler in accordance with an agreement indemnifying the Company against
losses incurred as a result of foreign risks. Pursuant to this agreement
Chrysler was charged $10 million in 1993, $20 million in 1992 and was not
charged in 1991.
During 1993, the Company had short-term borrowings aggregating $500 million
from Chrysler. All of these borrowings, including $11 million of interest
expense, were repaid during the year.
Certain business arrangements exist providing for guarantees from Chrysler
to the Company. Pursuant to these arrangements the Company received $8
million, $56 million and $59 million in 1993, 1992 and 1991, respectively.
Pursuant to an agreement between Chrysler and Chrysler Realty, the Company
received fees of $25 million in 1993, and $28 million in 1992 and 1991.
The fees include charges for administrative services rendered in the
management of dealership land and facilities, reimbursement of holding
costs on vacant facilities, reimbursement of charges by the Company to
dealer tenants for rent in amounts less than the Company pays as rent on
certain leased facilities and for rent in amounts less than current market
rent on certain owned facilities.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA - continued
Note 11 - Transactions with Affiliates - continued
The Company provides financing related to programs sponsored by Chrysler
for the sale and lease of Chrysler vehicles. Under these programs,
interest rate differentials received from Chrysler are earned on a level
yield basis over the term of the receivables, or if the related receivables
are sold, unearned amounts are included in the calculation of gains or
losses from the sale of retail receivables. In addition, the Company
provides secured financing to Chrysler in the normal course of business.
At December 31, 1993, $1,866 million was outstanding under these
agreements.
Note 12 - Employee Benefit Plans
The Company's retirement programs include pension plans providing
noncontributory benefits and contributory benefits. The noncontributory
pension plans cover substantially all employees of Chrysler Financial
Corporation and certain of its consolidated subsidiaries.
Chrysler Financial Corporation and certain of its consolidated subsidiaries
provide benefits based on a fixed rate for each year of service.
Additionally, contributory benefits and supplemental noncontributory
benefits are provided to substantially all salaried employees of Chrysler
Financial Corporation and certain of its consolidated subsidiaries under
the Salaried Employees' Retirement Plan. This plan provides contributory
benefits based on the employee's cumulative contributions and a
supplemental noncontributory benefit based on years of service and the
employee's average salary during the consecutive five years in which salary
was highest in the fifteen years preceding retirement.
Annual payments to the pension trust fund for U.S. plans are in compliance
with the Employee Retirement Income Security Act ("ERISA") of 1974, as
amended. All pension trust fund assets and income accruing thereon are
used solely to administer the plan and pay pension benefits. Plan assets
are invested in a diversified portfolio that primarily consists of equity
and debt securities. Plan assets at December 31, 1993 include 230,437
shares of Chrysler common stock.
Net pension cost was $7 million for 1993, and was $8 million for 1992 and
1991.
The Company provides health and life insurance benefits to substantially
all of its U.S. and Canadian employees. Upon retirement from the Company,
employees may become eligible for continuation of these benefits. However,
benefits and eligibility rules may be modified periodically. Prior to
1993, the expense recognized for these benefits was based primarily on cash
expenditures for the period. Effective January 1, 1993, the Company
adopted SFAS No. 106, "Employers' Accounting for Postretirement Benefits
Other Than Pensions," ("OPEB") which requires the accrual of such benefits
during the years the employees provide services.
The adoption of SFAS No. 106 resulted in an after-tax charge of $29 million
in 1993. This one-time charge represented the immediate recognition of the
OPEB transition obligation of $45 million, partially offset by $16 million
of estimated tax benefits. The OPEB transition obligation is the aggregate
amount that would have been accrued in the years prior to the adoption of
SFAS No. 106 had this standard been in effect for those years.
Implementation of SFAS No. 106 did not increase the Company's cash
expenditures for postretirement benefits. Recognition of on-going expenses
under OPEB will not materially affect the Company's results of operations.
Effective January 1, 1993, the Company adopted SFAS No. 112, "Employers'
Accounting for Postemployment Benefits." This statement requires the
accrual of benefits provided to former or inactive employees after
employment but prior to retirement. Prior to 1993, the Company accrued for
certain of these benefits at the time an employee's active service ended or
expensed the benefit on the basis of cash expenditures. Adoption of this
accounting standard resulted in the recognition of an after-tax charge of
$1 million for the cumulative effect of this change in accounting
principle. Adoption of SFAS No. 112 is not expected to materially increase
annual expense recognized for these benefits, and there will be no cash
impact.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA - continued
Note 13 - Financial Instruments
The following disclosure of the estimated fair value of financial
instruments is made in accordance with the requirements of SFAS No. 107,
"Disclosures about Fair Value of Financial Instruments". The estimated
fair value amounts have been determined by the Company, using available
market information and valuation methodologies as described below.
However, considerable judgment is required in interpreting market data to
develop the estimates of fair value. Accordingly, the estimates presented
herein are not necessarily indicative of the amounts that the Company could
realize in a current market exchange. The use of different market
assumptions or valuation methodologies may have a material effect on the
estimated fair value amounts.
The carrying amounts and estimated fair values of the Company's financial
instruments were as follows:
December 31, 1993 December 31, 1992
-------------------- -------------------
Carrying Fair Carrying Fair
Amount Value Amount Value
-------- -------- -------- -------
(in millions of dollars)
Balance Sheet financial instruments:
Marketable securities $ 348 $ 355 $ 333 $ 342
Finance receivables - net(1)(2) $ 6,684 $ 6,704 $ 7,326 $ 7,346
Retained interests in sold receivables
and other related amounts - net $ 3,738 $ 3,796 $ 3,321 $ 3,378
Debt(3)(4) $ 8,420 $ 8,704 $11,735 $11,871
December 31, 1993 December 31, 1992
------------------------- -------------------------
Unrealized Unrealized
Contract or Gains Contract or Gains
Notional Amount (Losses) Notional Amount (Losses)
--------------- -------- --------------- --------
(in millions of dollars)
Off-balance sheet financial
instruments:
Interest rate swaps and
interest rate caps $ 1,524 $ (45) $ 2,265 $ (14)
Foreign currency swap
agreements $ 535 $ 145 $ 750 $ 213
<FN>
(1) The carrying value of finance receivables excludes approximately
$1,975 million and $2,312 million of direct finance and leveraged
leases classified as "Finance receivables - net" in the Company's
Consolidated Balance Sheet at December 31, 1993 and 1992,
respectively.
(2) December 31, 1993 and 1992 includes approximately $3,405 million and
$4,702 million, respectively, of finance receivables which reprice
monthly at current market rates. The carrying value of these finance
receivables approximates fair value.
(3) The carrying value of debt excludes approximately $15 million and $17
million of obligations under capital leases at December 31, 1993 and
1992, respectively.
(4) The carrying amount and fair value of debt is presented net of the
foreign currency swap agreements.
The carrying value of cash and cash equivalents and accounts payable
approximates market value due to the short maturity of these instruments.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA - continued
Note 13 - Financial Instruments - continued
The methods and assumptions used to estimate the fair value of financial
instruments (excluding those financial instruments held for sale at
December 31, 1992) are summarized as follows:
Marketable Securities and Investments
The fair value of marketable securities was estimated using quoted market
prices.
Finance Receivables - net
The carrying value of variable rate finance receivables was assumed to
approximate fair value since they are priced at current market rates. The
fair value of fixed rate finance receivables was estimated by discounting
expected cash flows using rates at which loans of similar maturities would
be made as of December 31, 1993 and 1992, respectively.
Retained Interests in Sold Receivables and Other Related Amounts - Net
The fair values of excess servicing cash flows and other subordinated
amounts due the Company arising from receivable sale transactions were
estimated by discounting expected cash flows.
Total Debt
The fair value of public debt was estimated using quoted market prices.
The fair value of other long-term debt was estimated by discounting cash
flows.
Interest Rate Swaps and Interest Rate Caps
The fair value of the Company's existing interest rate swaps and interest
rate caps was estimated by discounting net cash flows using quoted market
interest rates.
Foreign Currency Swap Agreements
The estimated fair value of the Company's existing foreign currency swap
agreements was derived by discounting expected cash flows using market
exchange rates and relative market interest rates over the remaining term
of the swap.
The fair value estimates presented herein are based on pertinent
information available as of the date of the consolidated balance sheet.
Although management is not aware of any factors that would significantly
affect the estimated fair value amounts, such amounts have not been
revalued since the date of the consolidated balance sheet and, therefore,
current estimates of fair value may differ significantly from the amounts
presented herein.
Note 14 - Revenues, Earnings and Assets by Business Segment and
Geographical Area
The Company provides financing and insurance products and services through
the following major operating subsidiaries: Chrysler Credit Corporation -
automotive retail, wholesale and fleet financing; Chrysler Capital
Corporation - servicing commercial loans and leases; Chrysler First, Inc. -
secured small business financing; Chrysler Insurance Company - property,
casualty and other insurance; Chrysler Realty Corporation - automotive
dealership facility development and management.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA - continued
Note 14 - Revenues, Earnings and Assets by Business Segment and
Geographical Area - continued
Revenues, earnings and assets of finance and insurance operations are as
follows:
Year Ended December 31,
1993 1992 1991
(in millions of dollars)
Interest income and other revenues:
Finance operations $ 1,878 $ 2,412 $ 3,053
Insurance operations 161 163 168
Consolidated interest income and
other revenues $ 2,039 $ 2,575 $ 3,221
Earnings before income taxes:
Operating earnings:
Finance operations $ 257 $ 310 $ 393
Insurance operations 18 14 18
275 324 411
Amortization of costs in excess of
book value of companies acquired (8) (29) (9)
Consolidated earnings before income taxes $ 267 $ 295 $ 402
December 31,
1993 1992 1991
(in millions of dollars)
Assets:
Finance operations $14,021 $17,164 $20,912
Insurance operations 381 384 368
Consolidated assets $14,402 $17,548 $21,280
Revenues, earnings and assets by geographical area are as follows:
Year Ended December 31,
1993 1992 1991
(in millions of dollars)
Interest income and other revenues:
United States $ 1,854 $ 2,346 $ 2,936
Canada 84 137 203
Mexico 101 92 82
Consolidated interest income
and other revenues $ 2,039 $ 2,575 $ 3,221
Earnings before income taxes:
United States $ 236 $ 251 $ 355
Canada 13 29 36
Mexico 18 15 11
Consolidated earnings before income taxes $ 267 $ 295 $ 402
December 31,
1993 1992 1991
(in millions of dollars)
Assets:
United States $13,410 $16,440 $19,647
Canada 515 670 1,273
Mexico 477 438 360
Consolidated assets $14,402 $17,548 $21,280
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA - continued
Note 15 - Selected Quarterly Financial Data - Unaudited
Selected quarterly financial data for the years ended December 31, 1993
and 1992 are as follows:
Year Ended December 31, 1993
First Second Third Fourth
Quarter Quarter Quarter Quarter
(in millions of dollars)
Total interest income $368 $354 $354 $342
Interest expense $219 $208 $186 $178
Interest margin and other revenues $292 $324 $321 $311
Provision for credit losses $ 46 $ 66 $ 57 $ 47
Provision for income taxes $ 13 $ 18 $ 42* $ 35
Earnings before cumulative
effect of changes in
accounting principles $ 37 $ 44 $ 22 $ 56
Cumulative effect of changes in
accounting principles $(30) $ - $ - $ -
Net earnings $ 7 $ 44 $ 22 $ 56
<FN>
*Includes $25 million for increase in statutory tax rate
Year Ended December 31, 1992
First Second Third Fourth
Quarter Quarter Quarter Quarter
(in millions of dollars)
Total interest income $531 $491 $471 $446
Interest expense $277 $248 $244 $253
Interest margin and other revenues $398 $395 $391 $369
Provision for credit losses $ 71 $ 71 $ 84 $ 83
Provision for income taxes $ 29 $ 39 $ 29 $ 18
Earnings before cumulative effect
of change in accounting principle $ 60 $ 49 $ 45 $ 26
Cumulative effect of change in
accounting principle $ 51 $ - $ - $ -
Net earnings $111 $ 49 $ 45 $ 26
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA - continued
Responsibility for Financial Reporting
The Company's management is responsible for preparing the financial
statements and other financial information in this Annual Report. This
responsibility includes maintaining the integrity and objectivity of
financial data and the presentation of the Company's results of operations
and financial position in accordance with generally accepted accounting
principles. The financial statements include amounts that are based on
management's best estimates and judgments.
The Company's financial statements have been audited by Deloitte &
Touche, independent auditors. Their audits were conducted in accordance
with generally accepted auditing standards and included consideration of
the internal control system and tests of transactions as part of planning
and performing their audits.
The Company maintains a system of internal controls throughout its
operations that provides reasonable assurance that its records reflect its
transactions in all material respects and that significant misuse or loss
of assets will be prevented. Management believes the Company's system of
internal controls is adequate to accomplish these objectives on a
continuous basis. The Company maintains a strong internal auditing program
that independently assesses the effectiveness of the internal controls and
recommends possible improvements. Management has considered the internal
auditors' and Deloitte & Touche's recommendations concerning the Company's
system of internal controls and has taken appropriate actions to respond to
these recommendations.
The Board of Directors of Chrysler Corporation, acting through its
Audit Committee composed solely of nonemployee directors, is responsible
for determining that management fulfills its responsibilities in the
preparation of financial statements and the maintenance of internal
controls. In fulfilling its responsibility, the Audit Committee recommends
independent auditors to the Board of Directors for appointment by the
shareholders of Chrysler Corporation. The Audit Committee also reviews the
Company's consolidated financial statements and adequacy of internal
controls. The Audit Committee meets regularly with management, the
internal auditors and the independent auditors. Both the independent
auditors and the internal auditors have full and free access to the Audit
Committee, without management representatives present, to discuss the
results of their audits and their views on the adequacy of internal
controls and the quality of financial reporting.
It is the business philosophy of the Company to obey the law and to
require that its employees conduct their activities according to the
highest standards of business ethics. This responsibility is characterized
and reflected in various policies of the Company. A systematic program is
maintained to assess compliance with these policies.
/s/ John P. Tierney /s/ Timothy P. Dykstra
John P. Tierney Timothy P. Dykstra
Chairman of the Board Vice President and Controller
INDEPENDENT AUDITORS' REPORT
Shareholder and Board of Directors
Chrysler Financial Corporation
Southfield, Michigan
We have audited the accompanying consolidated balance sheet of Chrysler
Financial Corporation (a subsidiary of Chrysler Corporation) and
consolidated subsidiaries as of December 31, 1993 and 1992, and the related
consolidated statements of net earnings and cash flows for each of the
three years in the period ended December 31, 1993. These financial
statements are the responsibility of the Company's management. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, such financial statements present fairly, in all material
respects, the financial position of Chrysler Financial Corporation and
consolidated subsidiaries as of December 31, 1993 and 1992, and the results
of their operations and their cash flows for each of the three years in the
period ended December 31, 1993 in conformity with generally accepted
accounting principles.
As discussed in the notes to the consolidated financial statements, the
Company has adopted recently issued Statements of Financial Accounting
Standards and, accordingly, changed its methods of accounting for
postretirement benefits other than pensions and postemployment benefits in
1993, and its method of accounting for income taxes in 1992.
/s/ DELOITTE & TOUCHE
Detroit, Michigan
January 18, 1994
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING
AND FINANCIAL DISCLOSURE
There is nothing to report with regard to this Item.
PART III
ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
(Omitted in accordance with General Instruction J.)
ITEM 11. EXECUTIVE COMPENSATION
(Omitted in accordance with General Instruction J.)
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
(Omitted in accordance with General Instruction J.)
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
(Omitted in accordance with General Instruction J.)
PART IV
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON
FORM 8-K
(a) The following documents are filed as a part of this report:
1. Financial Statements
Financial statements filed as part of this Form 10-K are listed
under Part II, Item 8 of this Form 10-K.
2. Financial Statement Schedules
Independent Auditors' Report on Schedules (page 57 of Form 10-K)
Schedule VIII - Valuation and qualifying accounts and reserves
(page 58 of Form 10-K)
Schedule IX - Short-term borrowings (page 59 of Form 10-K)
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON
FORM 8-K - continued
Notes:
(A) Separate Company financial statements of Chrysler Financial
Corporation for the years ended December 31, 1992, 1991 and
1990 are omitted as not required under instructions contained
in Regulation S-X.
(B) Schedules other than those listed above have been omitted as
not required under instructions contained in Regulation S-X or
inapplicable.
3. Exhibits
3-A Copy of the Restated Articles of Incorporation of Chrysler
Financial Corporation as adopted and filed with the
Corporation Division of the Michigan Department of Treasury on
October 1, 1971. Filed as Exhibit 3-A to Registration No.
2-43097 of Chrysler Financial Corporation, and incorporated
herein by reference.
3-B Copies of amendments to the Restated Articles of Incorporation
of Chrysler Financial Corporation filed with the Department of
Commerce of the State of Michigan on December 26, 1975, April
23, 1985 and June 21, 1985, respectively. Filed as Exhibit
3-B to the Annual Report of Chrysler Financial Corporation on
Form 10-K for the year ended December 31, 1985, and
incorporated herein by reference.
3-C Copies of amendments to the Restated Articles of Incorporation
of Chrysler Financial Corporation filed with the Department of
Commerce of the State of Michigan on August 12, 1987 and
August 14, 1987, respectively. Filed as Exhibit 3 to the
Quarterly Report of Chrysler Financial Corporation on Form
10-Q for the quarter ended September 30, 1987, and
incorporated herein by reference.
3-D Copies of amendments to the Restated Articles of Incorporation
of Chrysler Financial Corporation filed with the Department of
Commerce of the State of Michigan on December 11, 1987 and
January 25, 1988, respectively. Filed as Exhibit 3-D to the
Annual Report of Chrysler Financial Corporation on Form 10-K
for the year ended December 31, 1987, and incorporated herein
by reference.
3-E Copies of amendments to the Restated Articles of Incorporation
of Chrysler Financial Corporation filed with the Department of
Commerce of the State of Michigan on June 13, 1989 and June
23, 1989, respectively. Filed as Exhibit 3-E to the Quarterly
Report of Chrysler Financial Corporation on Form 10-Q for the
quarter ended June 30, 1989, and incorporated herein by
reference.
3-F Copies of amendments to the Restated Articles of Incorporation
of Chrysler Financial Corporation filed with the Department of
Commerce of the State of Michigan on September 13, 1989,
January 31, 1990 and March 8, 1990, respectively. Filed as
Exhibit 3-E to the Annual Report of Chrysler Financial
Corporation on Form 10-K for the year ended December 31, 1989,
and incorporated herein by reference.
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON
FORM 8-K - continued
3-G Copy of amendments to the Restated Articles of Incorporation
of Chrysler Financial Corporation filed with the Department of
Commerce of the State of Michigan on March 29, 1990 and May
10, 1990. Filed as Exhibit 3-G to the Quarterly Report of
Chrysler Financial Corporation on Form 10-Q for the quarter
ended March 31, 1990, and incorporated herein by reference.
3-H Copy of the By-Laws of Chrysler Financial Corporation as
amended to March 2, 1987. Filed as Exhibit 3-C to the Annual
Report of Chrysler Financial Corporation on Form 10-K for the
year ended December 31, 1986, and incorporated herein by
reference.
3-I Copy of the By-Laws of Chrysler Financial Corporation as
amended to August 1, 1990. Filed as Exhibit 3-I to the
Quarterly Report of Chrysler Financial Corporation on Form
10-Q for the quarter ended September 30, 1990, and
incorporated herein by reference.
3-J Copy of By-Laws of Chrysler Financial Corporation as amended
to January 1, 1992, and presently in effect. Filed as Exhibit
3-H to the Annual Report of Chrysler Financial Corporation on
Form 10-K for the year ended December 31, 1991, and
incorporated herein by reference.
4-A Copy of Indenture, dated as of June 1, 1985, between Chrysler
Financial Corporation and Manufacturers Hanover Trust Company,
Trustee, United States Trust Company of New York, as Successor
Trustee, related to Chrysler Financial Corporation Senior Debt
Securities. Filed as Exhibit 4-A to the Quarterly Report of
Chrysler Financial Corporation on Form 10-Q for the quarter
ended June 30, 1985, and incorporated herein by reference.
4-B Copy of First Supplemental Indenture, dated as of June 1,
1986, between Chrysler Financial Corporation and Manufacturers
Hanover Trust Company, Trustee, United States Trust Company of
New York, as Successor Trustee, to the Indenture, dated as of
June 1, 1985, between such parties, related to Chrysler
Financial Corporation Senior Debt Securities. Filed as
Exhibit 4-B to the Quarterly Report of Chrysler Financial
Corporation on Form 10-Q for the quarter ended September 30,
1986, and incorporated herein by reference.
4-C Copy of Indenture, dated as of July 15, 1985, between Chrysler
Financial Corporation and Bankers Trust Company, Trustee,
related to Chrysler Financial Corporation Subordinated Debt
Securities, J. Henry Schroder Bank & Trust Company having
subsequently succeeded Banker's Trust Company as Trustee.
Filed as Exhibit 4-C to the Quarterly Report of Chrysler
Financial Corporation on Form 10-Q for the quarter ended June
30, 1985, and incorporated herein by reference.
4-D Copy of Indenture, dated as of June 1, 1985, between Chrysler
Financial Corporation and Irving Trust Company, Trustee,
related to Chrysler Financial Corporation Junior Subordinated
Debt Securities. Filed as Exhibit 4-B to the Quarterly Report
of Chrysler Financial Corporation on Form 10-Q for the quarter
ended June 30, 1985, and incorporated herein by reference.
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON
FORM 8-K - continued
4-E Copy of Indenture, dated as of September 15, 1986, between
Chrysler Financial Corporation and Manufacturers Hanover Trust
Company, Trustee, United States Trust Company of New York, as
Successor Trustee, related to Chrysler Financial Corporation
Senior Debt Securities. Filed as Exhibit 4-E to the Quarterly
Report of Chrysler Financial Corporation on Form 10-Q for the
quarter ended September 30, 1986, and incorporated herein by
reference.
4-F Copy of Indenture, dated as of September 15, 1986, between
Chrysler Financial Corporation and J. Henry Schroder Bank &
Trust Company, Trustee, related to Chrysler Financial
Corporation Subordinated Debt Securities. Filed as Exhibit
4-F to the Quarterly Report of Chrysler Financial Corporation
on Form 10-Q for the quarter ended September 30, 1986, and
incorporated herein by reference.
4-G Copy of Indenture, dated as of September 15, 1986, between
Chrysler Financial Corporation and Irving Trust Company,
Trustee, related to Chrysler Financial Corporation Junior
Subordinated Debt Securities. Filed as Exhibit 4-G to the
Quarterly Report of Chrysler Financial Corporation on Form
10-Q for the quarter ended September 30, 1986, and
incorporated herein by reference.
4-H Copy of Amended and Restated Indenture, dated as of September
15, 1986, between Chrysler Financial Corporation and
Manufacturers Hanover Trust Company, Trustee, United States
Trust Company of New York, as Successor Trustee, related to
Chrysler Financial Corporation Senior Debt Securities. Filed
as Exhibit 4-H to the Quarterly Report of Chrysler Financial
Corporation on Form 10-Q for the quarter ended June 30, 1987,
and incorporated herein by reference.
4-I Copy of Amended and Restated Indenture, dated as of September
15, 1986, between Chrysler Financial Corporation and IBJ
Schroder Bank & Trust Company, Trustee, related to Chrysler
Financial Corporation Subordinated Debt Securities. Filed as
Exhibit 4-I to the Quarterly Report of Chrysler Financial
Corporation on Form 10-Q for the quarter ended June 30, 1987,
and incorporated herein by reference.
4-J Copy of Amended and Restated Indenture, dated as of September
15, 1986, between Chrysler Financial Corporation and Irving
Trust Company, Trustee, related to Chrysler Financial
Corporation Junior Subordinated Debt Securities. Filed as
Exhibit 4-J to the Quarterly Report of Chrysler Financial
Corporation on Form 10-Q for the quarter ended June 30, 1987,
and incorporated herein by reference.
4-K Copy of Indenture, dated as of February 15, 1988, between
Chrysler Financial Corporation and Manufacturers Hanover Trust
Company, Trustee, United States Trust Company of New York, as
Successor Trustee, related to Chrysler Financial Corporation
Senior Debt Securities. Filed as Exhibit 4-A to Registration
No. 33-23479 of Chrysler Financial Corporation, and
incorporated herein by reference.
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON
FORM 8-K - continued
4-L Copy of First Supplemental Indenture, dated as of March 1,
1988, between Chrysler Financial Corporation and Manufacturers
Hanover Trust Company, Trustee, United States Trust Company of
New York, as Successor Trustee, to the Indenture, dated as of
February 15, 1988, between such parties, related to Chrysler
Financial Corporation Senior Debt Securities. Filed as
Exhibit 4-L to the Annual Report of Chrysler Financial
Corporation on Form 10-K for the year ended December 31, 1987,
and incorporated herein by reference.
4-M Copy of Second Supplemental Indenture, dated as of September
7, 1990, between Chrysler Financial Corporation and
Manufacturers Hanover Trust Company, Trustee, United States
Trust Company of New York, as Successor Trustee, to the
Indenture, dated as of February 15, 1988, between such
parties, related to Chrysler Financial Corporation Senior Debt
Securities. Filed as Exhibit 4-M to the Quarterly Report of
Chrysler Financial Corporation on Form 10-Q for the quarter
ended September 30, 1990, and incorporated herein by
reference.
4-N Copy of Third Supplemental Indenture, dated as of May 4, 1992,
between Chrysler Financial Corporation and United States Trust
Company of New York, as Successor Trustee, to the Indenture,
dated as of February 15, 1988 between such parties, relating
to Chrysler Financial Corporation Senior Debt Securities.
Filed as Exhibit 4-N to the Quarterly Report of Chrysler
Financial Corporation on Form 10-Q for the quarter ended June
30, 1992, and incorporated herein by reference.
4-O Copy of Indenture, dated as of February 15, 1988, between
Chrysler Financial Corporation and IBJ Schroder Bank & Trust
Company, Trustee, related to Chrysler Financial Corporation
Subordinated Debt Securities. Filed as Exhibit 4-B to
Registration No. 33-23479 of Chrysler Financial Corporation,
and incorporated herein by reference.
4-P Copy of First Supplemental Indenture, dated as of September 1,
1989, between Chrysler Financial Corporation and IBJ Schroder
Bank & Trust Company, Trustee, to the Indenture, dated as of
February 15, 1988, between such parties, related to Chrysler
Financial Corporation Subordinated Debt Securities. Filed on
September 13, 1989 as Exhibit 4-N to the Current Report of
Chrysler Financial Corporation on Form 8-K dated September 1,
1989, and incorporated herein by reference.
4-Q Copy of Indenture, dated as of February 15, 1988, between
Chrysler Financial Corporation and Irving Trust Company,
Trustee, related to Chrysler Financial Corporation Junior
Subordinated Debt Securities. Filed as Exhibit 4-C to
Registration No. 33-23479 of Chrysler Financial Corporation,
and incorporated herein by reference.
4-R Copy of First Supplemental Indenture, dated as of September 1,
1989, between Chrysler Financial Corporation and Irving Trust
Company, Trustee, to the Indenture, dated as of February 15,
1988, between such parties, related to Chrysler Financial
Corporation Junior Subordinated Debt Securities. Filed on
September 13, 1989 as Exhibit 4-O to the Current Report of
Chrysler Financial Corporation on Form 8-K dated September 1,
1989, and incorporated herein by reference.
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON
FORM 8-K - continued
10-A Copy of Income Maintenance Agreement, made December 20, 1968,
among Chrysler Financial Corporation, Chrysler Corporation and
Chrysler Motors Corporation. Filed as Exhibit 13-D to
Registration Statement No. 2-32037 of Chrysler Financial
Corporation, and incorporated herein by reference.
10-B Copy of Agreement, made April 19, 1971, among Chrysler
Financial Corporation, Chrysler Corporation and Chrysler
Motors Corporation, amending the Income Maintenance Agreement
among such parties. Filed as Exhibit 13-B to Registration
Statement No. 2-40110 of Chrysler Financial Corporation and
Chrysler Corporation, and incorporated herein by reference.
10-C Copy of Agreement, made May 29, 1973, among Chrysler Financial
Corporation, Chrysler Corporation and Chrysler Motors
Corporation, further amending the Income Maintenance Agreement
among such parties. Filed as Exhibit 5-C to Registration
Statement No. 2-49615 of Chrysler Financial Corporation, and
incorporated herein by reference.
10-D Copy of Agreement, made as of July 1, 1975, among Chrysler
Financial Corporation, Chrysler Corporation and Chrysler
Motors Corporation, further amending the Income Maintenance
Agreement among such parties. Filed as Exhibit D to the
Annual Report of Chrysler Financial Corporation on Form 10-K
for the year ended December 31, 1975, and incorporated herein
by reference.
10-E Copy of Agreement, made June 4, 1976, between Chrysler
Financial Corporation and Chrysler Corporation further
amending the Income Maintenance Agreement between such
parties. Filed as Exhibit 5-H to Registration Statement No.
2-56398 of Chrysler Financial Corporation, and incorporated
herein by reference.
10-F Copy of Agreement, made March 27, 1986, between Chrysler
Financial Corporation, Chrysler Holding Corporation (now known
as Chrysler Corporation) and Chrysler Corporation (now known
as Chrysler Motors Corporation) further amending the Income
Maintenance Agreement among such parties. Filed as Exhibit
10-F to the Annual Report of Chrysler Financial Corporation on
Form 10-K for the year ended December 31, 1986, and
incorporated herein by reference.
10-G Copy of Amended and Restated Revolving Term Credit Facility,
dated as of January 17, 1993, among Chrysler Credit Canada
Ltd., as the Borrower, Chrysler Financial Corporation, as the
Guarantor, the several financial institutions parties thereto
and Royal Bank of Canada, as Agent Bank. Filed as Exhibit
10-G to the Annual Report of Chrysler Financial Corporation on
Form 10-K for the year ended December 31, 1992, and
incorporated herein by reference.
10-H Copy of Standby Receivables Purchase Agreement, dated as of
January 17, 1993, among Chrysler Credit Canada, Ltd., Chrysler
Financial Corporation, Royal Bank of Canada and the several
other financial institutions parties thereto. Filed as
Exhibit 10-H to the Annual Report of Chrysler Financial
Corporation on Form 10-K for the year ended December 31, 1992,
and incorporated herein by reference.
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON
FORM 8-K - continued
10-I Copy of Retail Purchase and Servicing Agreement dated as of
January 17, 1993 among Royal Bank of Canada, Chrysler Credit
Canada Ltd., Chrysler Financial Corporation and the several
other financial institutions parties thereto. Filed as
Exhibit 10-I to the Annual Report of Chrysler Financial
Corporation on Form 10-K for the year ended December 31, 1992,
and incorporated herein by reference.
10-J Copy of Bank Series Supplement, dated as of January 17, 1993,
among Chrysler Credit Canada Ltd., Royal Bank of Canada, the
several bank parties thereto and The Royal Trust Company, to
the Master Custodial and Servicing Agreement, dated as of
September 1, 1992. Filed as Exhibit 10-J to the Annual Report
of Chrysler Financial Corporation on Form 10-K for the year
ended December 31, 1992, and incorporated herein by reference.
10-K Copy of Amendment dated as of December 1, 1992, to the Series
1992-1 Supplement dated as of February 1, 1992 among U.S. Auto
Receivables Company, as Seller, Chrysler Credit Corporation,
as Servicer, and Security Pacific National Trust Company (New
York), as Trustee, with respect to DRAC Auto Loan Master
Trust. Filed as Exhibit 10-DDDD to the Annual Report of
Chrysler Financial on Form 10-K for the year ended December
31, 1992, and incorporated herein by reference.
10-L Copy of Series 1992-1 Supplement, dated as of February 1,
1992, among U.S. Auto Receivables Company, as Seller, Chrysler
Credit Corporation, as Servicer, and Security Pacific National
Trust Company (New York), as Trustee, with respect to DRAC
Auto Loan Master Trust. Filed as Exhibit 10-YYYY to the
Registration Statement on Form S-2 of Chrysler Financial
Corporation (Registration Statement No. 33-51302) on November
24, 1992, and incorporated herein by reference.
10-M Copy of Series 1992-2 Supplement, dated as of December 1,
1992, among U.S. Auto Receivables Company, as Seller, Chrysler
Credit Corporation, as Servicer, and Security Pacific National
Bank (New York), as Trustee, with respect to DRAC Auto Loan
Master Trust. Filed as Exhibit 10-FFFF to the Annual Report
of Chrysler Financial Corporation on Form 10-K for the year
ended December 31, 1992, and incorporated herein by reference.
10-N Copy of Pooling and Servicing Agreement, dated as of January
1, 1992, among Chrysler Auto Receivables Company, as Seller,
Chrysler Credit Corporation, as Servicer, and LaSalle National
Bank, as Trustee, with respect to CFC-16 Grantor Trust. Filed
as Exhibit 10-QQQQ to the Annual Report of Chrysler Financial
Corporation on Form 10-K for the year ended December 31, 1991,
and incorporated herein by reference.
10-O Copy of Standard Terms and Conditions of Agreement, dated as
of January 1, 1992, between Chrysler Auto Receivables Company,
as Seller, and Chrysler Credit Corporation, as Servicer, with
respect to CFC-16 Grantor Trust. Filed as Exhibit 10-RRRR to
the Annual Report of Chrysler Financial Corporation on From
10-K for the year ended December 31, 1991, and incorporated
herein by reference.
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON
FORM 8-K - continued
10-P Copy of Purchase Agreement, dated as of January 1, 1992,
between Chrysler Financial Corporation and Chrysler Auto
Receivables Company with respect to CFC-16 Grantor Trust.
Filed as Exhibit 10-SSSS to the Annual Report of Chrysler
Financial Corporation on From 10-K for the year ended December
31, 1991, and incorporated herein by reference.
10-Q Copy of Sale and Servicing Agreement, dated as of January 1,
1992, among Premier Auto Trust 1992-1, as Issuer, U.S. Auto
Receivables Company, as Seller, and Chrysler Credit
Corporation, as Servicer, with respect to Premier Auto Trust
1992-1. Filed as Exhibit 10-QQQQ to the Registration
Statement of Chrysler Financial Corporation, on Form S-2
(Registration Statement No. 33-51302) on November 24, 1992,
and incorporated herein by reference.
10-R Copy of Trust Agreement, dated as of January 1, 1992, between
U.S. Auto Receivables Company and Chemical Bank Delaware, as
Owner Trustee, with respect to Premier Auto Trust 1992-1.
Filed as Exhibit 10-RRRR to the Registration Statement of
Chrysler Financial Corporation on Form S-2 (Registration
Statement No. 33-51302) on November 24, 1992, and incorporated
herein by reference.
10-S Copy of Purchase Agreement, dated as of January 1, 1992,
between Chrysler Financial Corporation, as Seller, and U.S.
Auto Receivables Company, as Purchaser, with respect to
Premier Auto Trust 1992-1. Filed as Exhibit 10-SSSS to the
Registration Statement of Chrysler Financial Corporation on
Form S-2 (Registration Statement No. 33-51302) on November 24,
1992, and incorporated herein by reference.
10-T Copy of Pooling and Servicing Agreement, dated as of January
1, 1992, among Chrysler Financial Corporation, as Master
Servicer, Chrysler First Business Credit Corporation, as
Seller, and Security Pacific National Bank, as Trustee, with
respect to U.S. Business Equity Loan Trust 1992-1. Filed as
Exhibit 4-A to the Quarterly Report on Form 10-Q of U.S.
Business Equity Loan Trust 1992-1 for the quarter ended March
31, 1992, and incorporated herein by reference.
10-U Copy of Series B Supplement, dated as of March 1, 1992, among
U.S. Auto Receivables Company, as Seller, Chrysler Credit
Corporation, as Servicer, and Manufacturers and Traders Trust
Company, as Trustee, with respect to CARCO Auto Loan Master
Trust. Filed as Exhibit 4-H to the Quarterly Report on Form
10-Q of CARCO Auto Loan Master Trust for the quarter ended
March 31, 1992, and incorporated herein by reference.
10-V Copy of Series C Supplement, dated as of May 1, 1992, among
U.S. Auto Receivables Company, as Seller, Chrysler Credit
Corporation, as Servicer, and Manufacturers and Traders Trust
Company, as Trustee, with respect to CARCO Auto Loan Master
Trust. Filed as Exhibit 4-J to the Quarterly Report on Form
10-Q of CARCO Auto Loan Master Trust for the quarter ended
June 30, 1992, and incorporated herein by reference.
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON
FORM 8-K - continued
10-W Copy of Series 1992-1 Supplement, dated as of February 1,
1992, among U.S. Auto Receivables Company, as Seller, Chrysler
Credit Corporation, as Servicer, and Security Pacific National
Trust Company (New York), as Trustee, with respect to CARCO
Auto Loan Master Trust. Filed as Exhibit 10-YYYY to the
Quarterly Report on Form 10-Q of CARCO Auto Loan Master Trust
for the quarter ended June 30, 1992, and incorporated herein
by reference.
10-X Copy Indenture, dated as of March 1, 1992, between Premier
Auto Trust 1992-2 and Bankers Trust Company, with respect to
Premier Auto Trust 1992-2 Asset Backed Notes. Filed as
Exhibit 4-A to the Quarterly Report on Form 10-Q of Premier
Auto Trust 1992-2 for the quarter ended March 31, 1992, and
incorporated herein by reference.
10-Y Copy of a 6-3/8% Asset Backed Note with respect to Premier
Auto Trust 1992-2 Asset Backed Notes. Filed as Exhibit 4-B to
the Quarterly Report on Form 10-Q of Premier Auto trust 1992-2
for the quarter ended March 31, 1992, and incorporated herein
by reference.
10-Z Copy Trust Agreement, dated as of March 1, 1992, between U.S.
Auto Receivables Company and Manufacturers Hanover Bank
(Delaware) with respect to Premier Auto Trust 1992-2 Asset
Backed Certificates. Filed as Exhibit 4-C to the Quarterly
Report on Form 10-Q of Premier Auto Trust 1992-2 for the
quarter ended March 31, 1992, and incorporated herein by
reference.
10-AA Copy Pooling and Servicing Agreement, dated as of March 1,
1992 among Chrysler Financial Corporation, as Master Servicer,
Financial Acceptance Corporation, as Seller, and The First
National Bank of Chicago, as Trustee, with respect to CFC-17
Grantor Trust. Filed as Exhibit 4-A to the Quarterly Report
on Form 10-Q of CFC-17 Grantor Trust for the quarter ended
June 30, 1992, and incorporated herein by reference.
10-BB Copy Standard Terms and Conditions of Agreement, dated as of
March 1, 1992, among Chrysler Financial Corporation, as Master
Servicer, Financial Acceptance Corporation, as Seller, and The
First National Bank of Chicago, as Trustee, with respect to
CFC-17 Grantor Trust. Filed as Exhibit 4-B to the Quarterly
Report on Form 10-Q of CFC-17 Grantor Trust for the quarter
ended June 30, 1992, and incorporated herein by reference.
10-CC Copy Purchase Agreement, dated as of March 1, 1992, between
Chrysler First Inc. and Financial Acceptance Corporation with
respect to CFC-17 Grantor Trust. Filed as Exhibit 4-C to the
Quarterly Report on Form 10-Q of CFC-17 Grantor Trust for the
quarter ended June 30, 1992, and incorporated herein by
reference.
10-DD Copy of Indenture, dated as of May 1, 1992, between Premier
Auto Trust 1992-3 and Bankers Trust Company with respect to
Premier Auto Trust 1992-3. Filed as Exhibit 4-N to the
Quarterly Report on Form 10-Q of Premier Auto Trust 1992-3 for
the quarter ended June 30, 1992, and incorporated herein by
reference.
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON
FORM 8-K - continued
10-EE Copy of a 5.90% Asset Backed Note with respect to Premier Auto
Trust 1992-3. Filed as Exhibit 4-B to the Quarterly Report on
Form 10-Q of Premier Auto Trust 1992-3 for the quarter ended
June 30, 1992, and incorporated herein by reference.
10-FF Copy of Trust Agreement, dated as of April 1, 1992, as amended
and restated as of May 1, 1992, between Premier Auto
Receivables Company and Manufacturers Hanover Bank (Delaware)
with respect to Premier Auto Trust 1992-3. Filed as Exhibit
4-C to the Quarterly Report on Form 10-Q of Premier Auto Trust
1992-3 for the quarter ended June 30, 1992, and incorporated
herein by reference.
10-GG Copy of Receivables Purchase Agreement, dated as of April 15,
1992, between Chrysler Credit Canada Ltd., Chrysler Financial
Corporation and Associated Assets Acquisition Inc. with
respect to Canadian Auto Receivables Securitization 1992-1.
Filed as Exhibit 10-IIIII to the Registration Statement on
Form S-2 of Chrysler Financial Corporation (Registration
Statement No. 33-51302) on November 24, 1992, and incorporated
herein by reference.
10-HH Copy of Combined and Restated Revolving Credit Agreement,
dated as of July 29, 1992, among Chrysler Financial
Corporation, as Borrower, Chemical Bank, as Agent and
Arranger, and Swiss Bank Corporation, New York Branch, as
Managing Co-Agent and Co-Arranger including as Exhibit G
thereto forms of the Trust Agreement and related security
documents executed and delivered concurrently therewith.
Filed as Exhibit 10-A to the Current Report on Form 8-K of
Chrysler Financial Corporation dated August 17, 1992 and filed
August 19, 1992, and incorporated herein by reference.
10-II Copy of Second Amended and Restated Commitment Transfer
Agreement, dated as of July 29, 1992, between Chrysler
Financial Corporation, as Borrower, and Chemical Bank, as
Agent. Filed as Exhibit 10-B to the Current Report on Form
8-K of Chrysler Financial Corporation, dated August 17, 1992
and filed August 19, 1992 and incorporated herein by
reference.
10-JJ Copy of Amended and Restated Standby Receivables Purchase
Agreement, dated as of September 15, 1993, among Chrysler
Financial Corporation, Chrysler Credit Corporation, U.S. Auto
Receivables Company, American Auto Receivables Company,
Chemical Bank, as Agent, and Chemical Bank Agency Services
Corporation, as Administrative Agent. Filed as Exhibit 10-YY
to the Quarterly Report on Form 10-Q of Chrysler Financial
Corporation for the quarter ended September 30, 1993, and
incorporated herein by reference.
10-KK Copy of Participation and Servicing Agreement, dated as of
July 29, 1992, among American Auto Receivables Company,
Chrysler Credit Corporation, the Purchasers named therein,
Chemical Bank, as Agent, and Chemical Bank Agency Services
Corporation, as Administrative Agent, with respect to the
Standby Receivable Purchase Agreement. Filed as Exhibit 10-D
to the Current Report on Form 8-K of Chrysler Financial
Corporation dated August 17, 1992 and filed August 19, 1992,
and incorporated herein by reference.
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON
FORM 8-K - continued
10-LL Copy of Bank Supplement, dated as of July 29, 1992, to the
Pooling and Servicing Agreement, dated as of May 31, 1992,
among U.S. Auto Receivables Company, as Seller, Chrysler
Credit Corporation, as Servicer, and Manufacturers and Traders
Trust Company, as Trustee, with respect to the Standby
Receivables Purchase Agreement. Filed as Exhibit 10-E to the
Current Report on Form 8-K of Chrysler Financial Corporation
dated August 17, 1992 and filed on August 19, 1992, and
incorporated herein by reference.
10-MM Copy of Short Term Standby Receivables Purchase Agreement,
dated as of September 15, 1993, among Chrysler Financial
Corporation, Chrysler Credit Corporation, U.S. Auto
Receivables Company, American Auto Receivables Company,
Chemical Bank, as Agent, and Chemical Bank Agency Services
Corporation, as Administrative Agent. Filed as Exhibit 10-BBB
to the Quarterly Report on Form 10-Q of Chrysler Financial
Corporation for the quarter ended September 30, 1993, and
incorporated herein by reference.
10-NN Copy of Participation and Servicing Agreement, dated as of
September 15, 1993, among American Auto Receivables Company,
Chrysler Credit Corporation, the Purchasers named therein,
Chemical Bank, as Agent, and Chemical Bank Agency Services
Corporation, as Administrative Agent. Filed as Exhibit 10-CCC
to the Quarterly Report on Form 10-Q of Chrysler Financial
Corporation for the quarter ended September 30, 1993, and
incorporated herein by reference.
10-OO Copy of Short Term Bank Supplement, dated as of September 15,
1993, to the Pooling and Servicing Agreement, dated as of May
31, 1991, among U.S. Auto Receivables Company, as Seller,
Chrysler Credit Corporation, as Servicer, and Manufacturers
and Traders Trust Company, as Trustee, with respect to Short
Term Standby Receivables Purchase Agreement. Filed as Exhibit
10-DDD to the Quarterly Report on Form 10-Q of Chrysler
Financial Corporation for the quarter ended September 30,
1993, and incorporated herein by reference.
10-PP Copy of Receivables Purchase Agreement, dated as of August 18,
1992, between Chrysler Credit Canada Ltd., Chrysler Financial
Corporation and Associated Assets Acquisition Inc. with
respect to Canadian Auto Receivables Securitization 1992-2.
Filed as Exhibit 10-OOOOO to the Registration Statement on
Form S-2 of Chrysler Financial Corporation (Registration
Statement No. 33-51302) on November 24, 1992, and incorporated
herein by reference.
10-QQ Copy of Indenture, dated as of September 1, 1992, between
Premier Auto Trust 1992-5 and Bankers Trust Company with
respect to Premier Auto Trust 1992-5. Filed as Exhibit 4-A to
the Quarterly Report on Form 10-Q of Premier Auto Trust 1992-5
for the quarter ended September 30, 1992, and incorporated
herein by reference.
10-RR Copy of a 4.55% Asset Backed Note with respect to Premier Auto
Trust 1992-5. Filed as Exhibit 4-B to the Quarterly Report on
Form 10-Q of Premier Auto Trust 1992-5 for the quarter ended
September 30, 1992, and incorporated herein by reference.
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON
FORM 8-K - continued
10-SS Copy of Trust Agreement, dated as of September 1, 1992,
between Premier Auto Receivables Company and Manufacturers
Hanover Bank (Delaware) with respect to Premier Auto Trust
1992-5. Filed as Exhibit 4-C to the Quarterly Report on Form
10-Q of Premier Auto Trust 1992-5 for the quarter ended
September 30, 1992, and incorporated herein by reference.
10-TT Copy of Series 1992-2 Supplement to the Pooling and Servicing
Agreement, dated as of October 1, 1992, among U.S. Auto
Receivables Company, as Seller, Chrysler Credit Corporation,
as Servicer, and Manufacturers and Traders Trust Company, as
Trustee, with respect to CARCO Auto Loan Master Trust, Series
1992-2. Filed as Exhibit 3 to Form 8-A of Carco Auto Loan
Master Trust on October 30, 1992, and incorporated herein by
reference.
10-UU Copy of Master Custodial and Servicing Agreement, dated as of
September 1, 1992 between Chrysler Credit Canada Ltd. and The
Royal Trust Company, as Custodian. Filed as Exhibit 10-TTTTT
to the Registration Statement on Form S-2 of Chrysler
Financial Corporation (Registration Statement No. 33-51302) on
November 24, 1992, and incorporated herein by reference.
10-VV Copy of Trust Indenture, dated as of September 1, 1992, among
Canadian Dealer Receivables Corporation and Montreal Trust
Company of Canada, as Trustee. Filed as Exhibit 10-UUUUU to
the Registration Statement on Form S-2 of Chrysler Financial
Corporation (Registration Statement No. 33-51302) on November
24, 1992, and incorporated herein by reference.
10-WW Copy of Loan Asset Purchase Agreement by and between
NationsBank of Texas, N.A. and Chrysler First Inc., and the
Subsidiaries of Chrysler First Inc. named therein, dated as of
November 17, 1992, with respect to the sale of certain loan
assets of Chrysler First Inc. and its subsidiaries. Filed as
Exhibit 10-VVVVV to the Registration Statement on Form S-2 of
Chrysler Financial Corporation (Registration Statement No.
33-51302) on November 24, 1992, and incorporated herein by
reference.
10-XX Copy of Business Asset Purchase Agreement by and among
NationsBanc Financial Services Corporation and the Purchasers
named therein and Chrysler First Inc. and the Sellers named
therein, dated as of November 17, 1992, with respect to the
sale of certain business assets of Chrysler First Inc. and its
subsidiaries. Filed as Exhibit 10-WWWWW to the Registration
Statement on Form S-2 of Chrysler Financial Corporation
(Registration statement No. 33-51302) on November 24, 1992,
and incorporated herein by reference.
10-YY Copy of Securitization Closing Agreement, dated as of February
1, 1993, among Chrysler Financial Corporation, certain
Sellers, certain Purchasers, and certain Purchaser Parties.
Filed as Exhibit 2-E to the Current Report of Chrysler
Financial Corporation on Form 8-K dated February 1, 1993, and
incorporated herein by reference.
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON
FORM 8-K - continued
10-ZZ Copy of First Amendment to Loan Asset Purchase Agreement,
dated December 30, 1992, among NationsBank of Texas, N.A. and
Chrysler Financial Corporation, for and on behalf of Chrysler
First Inc. and the Asset Sellers parties thereto. Filed as
Exhibit 2-B to the Current Report of Chrysler Financial
Corporation on Form 8-K dated February 1, 1993, and
incorporated herein by reference.
10-AAA Copy of First Amendment to Business Asset Purchase Agreement
dated as of January 29, 1993 among NationsBank Financial
Services Corporation, the other Purchasers parties thereto and
the Sellers parties thereto and Chrysler Financial
Corporation. Filed as Exhibit 2-D to the Current Report of
Chrysler Financial Corporation on Form 8-K dated February 1,
1993, and incorporated herein by reference.
10-BBB Copy of Asset Purchase Agreement, dated as of May 15, 1992,
between Chrysler Capital Public Finance Corporation and Koch
Financial Corporation. Filed as Exhibit 10-DDDDDD to the
Annual Report of Chrysler Financial Corporation on Form 10-K
for the year ended December 31, 1992, and incorporated herein
by reference.
10-CCC Copy of Asset Purchase Agreement, dated as of June 1, 1992,
among General Electric Capital Corporation, Chrysler Financial
Corporation, Chrysler Capital Corporation, Chrysler Asset
Management Corporation and Chrysler Credit Corporation. Filed
as Exhibit 10-EEEEEE to the Annual Report of Chrysler
Financial Corporation on Form 10-K for the year ended December
31, 1992, and incorporated herein by reference.
10-DDD Copy of Purchase Agreement, dated as of August 1, 1992, among
General Electric Capital Corporation, Chrysler Financial
Corporation, Chrysler Capital Corporation and Chrysler Asset
Management Corporation. Filed as Exhibit 10-FFFFFF of the
Annual Report of Chrysler Financial Corporation on Form 10-K
for the year ended December 31, 1992, and incorporated herein
by reference.
10-EEE Copy of Asset Purchase Agreement, dated as of September 30,
1992, between Chrysler Rail Transportation Corporation and
United States Rail Services, a division of United States
Leasing International, Inc. Filed as Exhibit 10-GGGGGG to the
Annual Report of Chrysler Financial Corporation on Form 10-K
for the year ended December 31, 1992, and incorporated herein
by reference.
10-FFF Copy of Asset Purchase Agreement, dated as of December 18,
1992, among Chrysler Rail Transportation Corporation,
Greenbrier Transportation Limited Partnership and Greenbrier
Capital Corporation. Filed as Exhibit 10-HHHHHH to the Annual
Report of Chrysler Financial Corporation on Form 10-K for the
year ended December 31, 1992, and incorporated herein by
reference.
10-GGG Copy of Asset Purchase Agreement, dated as of February 1,
1993, among Chrysler Rail Transportation Corporation, Chrysler
Capital Transportation Services, Inc. and United States Rail
Services, a division of United States Leasing International,
Inc. Filed as Exhibit 10-IIIIII to the Annual Report of
Chrysler Financial Corporation on Form 10-K for the year ended
December 31, 1992, and incorporated herein by reference.
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON
FORM 8-K - continued
10-HHH Copy of Asset Purchase Agreement between Chrysler Leaserve,
Inc. (a subsidiary of General Electric Capital Auto Lease,
Inc.), Chrysler Financial Corporation and Chrysler Credit
Corporation, dated as of October 20, 1992, with respect to the
sale of Gold Key Leases. Filed as Exhibit 10-XXXXX to the
Registration Statement on Form S-2 of Chrysler Financial
Corporation (Registration Statement No. 33-51302) on November
24, 1992, and incorporated herein by reference.
10-III Copy of Servicing Agreement, dated as of October 20, 1992,
between Chrysler Leaserve, Inc. (a subsidiary of General
Electric Capital Auto Lease, Inc.) and Chrysler Credit
Corporation, with respect to the sale of Gold Key Leases.
Filed as Exhibit 10-YYYYY to the Registration Statement on
Form S-2 of Chrysler Financial Corporation (Registration
Statement No. 33-51302) on November 24, 1992, and incorporated
herein by reference.
10-JJJ Copy of First Amendment dated as of August 24, 1992 to the
Series 1991-1 Supplement dated as of May 31, 1991, among U.S.
Auto Receivables Company ("USA"), as seller (the "Seller"),
Chrysler Credit Corporation, as servicer (the "Servicer") and
Manufacturers and Traders Trust Company, as Trustee (the
"Trustee"), to the Pooling and Servicing Agreement dated as of
May 31, 1991, as assigned by Chrysler Auto Receivables Company
to USA on August 8, 1991, as amended by the First Amendment
dated as of August 6, 1992, among the Seller, the Servicer and
the Trustee, with respect to Carco Auto Loan Master Trust.
Filed as Exhibit 4-M to the Quarterly Report on Form 10-Q of
Carco Auto Loan Master Trust for the quarter ended September
30, 1992, and incorporated herein by reference.
10-KKK Copy of Second Amendment dated as of August 24, 1992 to the
Series 1991-2 Supplement dated as of June 30, 1991, among U.S.
Auto Receivables Company ("USA"), as seller (the "Seller"),
Chrysler Credit Corporation, as servicer (the "Servicer") and
Manufacturers and Traders Trust Company, as Trustee (the
"Trustee"), to the Pooling and Servicing Agreement dated as of
May 31, 1991, as assigned by Chrysler Auto Receivables Company
to USA on August 8, 1991, as amended by the First Amendment
dated as of August 6, 1992, among the Seller, the Servicer and
the Trustee, with respect to Carco Auto Loan Master Trust.
Filed as Exhibit 4-N to the Quarterly Report on Form 10-Q of
Carco Auto Loan Master Trust for the quarter ended September
30, 1992, and incorporated herein by reference.
10-LLL Copy of Second Amendment dated as of August 24, 1992 to the
Series 1991-3 Supplement dated as of June 30, 1991, among U.S.
Auto Receivables Company ("USA"), as seller (the "Seller"),
Chrysler Credit Corporation, as servicer (the "Servicer") and
Manufacturers and Traders Trust Company, as Trustee (the
"Trustee"), to the Pooling and Servicing Agreement dated as of
May 31, 1991, as assigned by Chrysler Auto Receivables Company
to USA on August 8, 1991, as amended by the First Amendment
dated as of August 6, 1992, among the Seller, the Servicer and
the Trustee, with respect to Carco Auto Loan Master Trust.
Filed as Exhibit 4-O to the Quarterly Report on Form 10-Q of
Carco Auto Loan Master Trust for the quarter ended September
30, 1992, and incorporated herein by reference.
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON
FORM 8-K - continued
10-MMM Copy of First Amendment dated as of August 24, 1992 to the
Series 1991-4 Supplement dated as of September 30, 1991, among
U.S. Auto Receivables Company ("USA"), as seller (the
"Seller"), Chrysler Credit Corporation, as servicer (the
"Servicer") and Manufacturers and Traders Trust Company, as
Trustee (the "Trustee"), to the Pooling and Servicing
Agreement dated as of May 31, 1991, as assigned by Chrysler
Auto Receivables Company to USA on August 8, 1991, as amended
by the First Amendment dated as of August 6, 1992, among the
Seller, the Servicer and the Trustee, with respect to Carco
Auto Loan Master trust. Filed as Exhibit 4-P to the Quarterly
Report on Form 10-Q of Carco Auto Loan Master Trust for the
quarter ended September 30, 1992, and incorporated herein by
reference.
10-NNN Copy of Sale and Servicing Agreement, dated as of November 1,
1992, among Premier Auto Receivables Company, as Seller,
Chrysler Credit Corporation, as Servicer, and Premier Auto
Trust 1992-6, as Purchaser, with respect to Premier Auto Trust
1992-6. Filed as Exhibit 10-PPPPPP to the Annual Report of
Chrysler Financial Corporation on Form 10-K for the year ended
December 31, 1992, and incorporated herein by reference.
10-OOO Copy of Trust Agreement, dated as of November 1, 1992, among
ML Asset Backed Corporation, Premier Auto Receivables Company
and Chemical Bank Delaware as Owner Trustee, with respect to
Premier Auto Trust 1992-6. Filed as Exhibit 10-QQQQQQ to the
Annual Report of Chrysler Financial Corporation on Form 10-K
for the year ended December 31, 1992, and incorporated herein
by reference.
10-PPP Copy of Sale and Servicing Agreement, dated as of January 1,
1993, among Premier Auto Receivables Company, as Seller,
Chrysler Credit Corporation, as Servicer, and Premier Auto
Trust 1993-1, as Purchaser, with respect to Premier Auto Trust
1993-1. Filed as Exhibit 10-RRRRRR to the Annual Report of
Chrysler Financial Corporation on Form 10-K for the year ended
December 31, 1992, and incorporated herein by reference.
10-QQQ Copy of Trust Agreement, dated as of January 1, 1993, among ML
Asset Backed Corporation, Premier Auto Receivables Company and
Chemical Bank Delaware, as Owner Trustee, with respect to
Premier Auto Trust 1993-1. Filed as Exhibit 10-SSSSSS to the
Annual Report of Chrysler Financial Corporation on Form 10-K
for the year ended December 31, 1992, and incorporated herein
by reference.
10-RRR Copy of Receivables Purchase Agreement, dated as of November
25, 1992, between Chrysler Credit Canada Ltd., Chrysler
Financial Corporation and Associated Assets Acquisitions Inc.
with respect to Canadian Auto Receivables Securitization
1992-3. Filed as Exhibit 10-TTTTTT to the Annual Report of
Chrysler Financial Corporation on Form 10-K for the year ended
December 31, 1992, and incorporated herein by reference.
10-SSS Copy of Purchase Agreement, dated as of January 25, 1993,
among Chrysler Credit Canada Ltd., Chrysler Canada Ltd., Auto
1 Limited Partnership and Chrysler Financial Corporation, with
respect to Auto 1 Trust. Filed as Exhibit 10-UUUUUU to the
Annual Report of Chrysler Financial Corporation on Form 10-K
for the year ended December 31, 1992, and incorporated herein
by reference.
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON
FORM 8-K - continued
10-TTT Copy of Master Lease Agreement, dated as of January 25, 1993,
among Chrysler Credit Canada Ltd., Chrysler Canada Ltd. and
Auto 1 Limited Partnership, with respect to Auto 1 Trust.
Filed as Exhibit 10-VVVVVV to the Annual Report of Chrysler
Financial Corporation on Form 10-K for the year ended December
31, 1992, and incorporated herein by reference.
10-UUU Copy of Amended and Restated Trust Agreement, dated as of
April 1, 1993, among Premier Auto Receivables Company,
Chrysler Financial Corporation and Chemical Bank Delaware, as
Owner Trustee, with respect to Premier Auto Trust 1993-2.
Filed as Exhibit 4.1 to the Quarterly Report of Premier Auto
Trust 1993-2 on Form 10-Q for the quarter ended June 30, 1993,
and incorporated herein by reference.
10-VVV Copy of Indenture, dated as of April 1, 1993, between Premier
Auto Trust 1993-2 and Bankers Trust Company, as Indenture
Trustee, with respect to Premier Auto Trust 1993-2. Filed as
Exhibit 4.2 of the Quarterly Report of Premier Auto Trust
1993-2 on Form 10-Q for the quarter ended June 30, 1993, and
incorporated herein by reference.
10-WWW Copy of Amended and Restated Trust Agreement, dated as of June
1, 1993, among Premier Auto Receivables Company, Chrysler
Financial Corporation and Chemical bank Delaware, as Owner
Trustee, with respect to Premier Auto Trust 1993-3. Filed as
Exhibit 4.1 to the Quarterly Report of Premier Auto Trust
1993-3 on Form 10-Q for the quarter ended June 30, 1993, and
incorporated herein by reference.
10-XXX Copy of Indenture, dated as of June 1, 1993, between Premier
Auto Trust 1993-3 and Bankers Trust Company, as Indenture
Trustee. Filed as Exhibit 4.2 to the Quarterly Report of
Premier Auto Trust 1993-3 on Form 10-Q for the quarter ended
June 30, 1993, and incorporated herein by reference.
10-YYY Copy of Series 1993-1 Supplement, dated as of February 1,
1993, among U.S. Auto Receivables Company, as Seller, Chrysler
Credit Corporation, as Servicer, and Manufacturers and Traders
Trust Company, as Trustee, with respect to CARCO Auto Loan
Master Trust. Filed as Exhibit 3 to the Registration Statement
on Form 8-A of CARCO Auto Loan Master Trust dated March 15, 1993,
and incorporated herein by reference.
10-ZZZ Copy of Receivables Purchase Agreement, made as of April 7,
1993, among Chrysler Credit Canada Ltd., Chrysler Financial
Corporation and Association Assets Acquisition Inc., with
respect to CARS 1993-1. Filed as Exhibit 10-OOOO to the
Quarterly Report on Form 10-Q of Chrysler Financial
Corporation for the quarter ended September 30, 1993, and
incorporated herein by reference.
10-AAAA Copy of Receivables Purchase Agreement, made as of June 29,
1993, among Chrysler Credit Canada Ltd., Chrysler Financial
Corporation and Associated Assets Acquisition Inc., with
respect to CARS 1993-2. Filed as Exhibit 10-PPPP to the
Quarterly Report on Form 10-Q of Chrysler Financial
Corporation for the quarter ended September 30, 1993, and
incorporated herein by reference.
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON
FORM 8-K - continued
10-BBBB Copy of Pooling and Servicing Agreement, dated as of August 1,
1993, among Auto Receivables Corporation, Chrysler Credit
Canada Ltd., Montreal Trust Company of Canada and Chrysler
Financial Corporation, with respect to CARCO 1993-1. Filed as
Exhibit 10-QQQQ to the Quarterly Report on Form 10-Q of
Chrysler Financial Corporation for the quarter ended September
30, 1993, and incorporated herein by reference.
10-CCCC Copy of Standard Terms and Conditions of Agreement, dated as
of August 1, 1993, among Auto Receivables Corporation,
Chrysler Credit Canada Ltd. and Chrysler Financial
Corporation, with respect to CARCO 1993-1. Filed as Exhibit
10-RRRR to the Quarterly Report on Form 10-Q of Chrysler
Financial Corporation for the quarter ended September 30,
1993, and incorporated herein by reference.
10-DDDD Copy of Purchase Agreement, dated as of August 1, 1993,
between Chrysler Credit Canada Ltd., and Auto Receivables
Corporation, with respect to CARCO 1993-1. Filed as Exhibit
10-SSSS to the Quarterly Report on Form 10-Q of Chrysler
Financial Corporation for the quarter ended September 30,
1993, and incorporated herein by reference.
10-EEEE Copy of Lease Receivables Purchase Agreement, dated as of
December 23, 1992, among Chrysler Systems Leasing Inc.,
Chrysler Financial Corporation and Sanwa Business Credit
Corporation. Filed as Exhibit 10-TTTT to the Quarterly Report
on Form 10-Q of Chrysler Financial Corporation for the quarter
ended September 30, 1993, and incorporated herein by
reference.
10-FFFF Copy of Lease Receivables Purchase Agreement, dated September
3, 1993, among CXC Incorporated, Chrysler Systems Inc., and
Chrysler Financial Corporation. Filed as Exhibit 10-UUUU to
the Quarterly Report on Form 10-Q of Chrysler Financial
Corporation for the quarter ended September 30, 1993, and
incorporated herein by reference.
10-GGGG Copy of Lease Receivables Purchase Agreement, dated September
22, 1993, among the CIT Group/Equipment Financing, Inc.,
Chrysler Systems Inc., and Chrysler Financial Corporation.
Filed as Exhibit 10-VVVV to the Quarterly Report on Form 10-Q
of Chrysler Financial Corporation for the quarter ended
September 30, 1993, and incorporated herein by reference.
10-HHHH Copy of Asset Purchase Agreement, dated as of July 31, 1993,
between Chrysler Rail Transportation Corporation and General
Electric Railcar Leasing Services Corporation. Filed as
Exhibit 10-WWWW to the Quarterly Report on Form 10-Q of
Chrysler Financial Corporation for the quarter ended September
30, 1993, and incorporated herein by reference.
10-IIII Copy of Amended and Restated Loan Agreement, dated as of June
1, 1993, between Chrysler Realty Corporation and Chrysler
Credit Corporation. Filed as Exhibit 10-XXXX to the Quarterly
Report on Form 10-Q of Chrysler Financial Corporation for the
quarter ended September 30, 1993, and incorporated herein by
reference.
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON
FORM 8-K - continued
10-JJJJ Copy of Loan Agreement, dated as of March 31, 1993, between
Manatee Leasing, Inc. and Chrysler Credit Corporation. Filed
as Exhibit 10-YYYY to the Quarterly Report on Form 10-Q of
Chrysler Financial Corporation for the quarter ended September
30, 1993, and incorporated herein by reference.
10-KKKK Copy of Origination and Servicing Agreement, dated as of June
4, 1993, among Chrysler Leaserve, Inc., General Electric
Capital Auto Lease, Inc., Chrysler Credit Corporation and
Chrysler Financial Corporation. Filed as Exhibit 10-ZZZZ to
the Quarterly Report on Form 10-Q of Chrysler Financial
Corporation for the quarter ended September 30, 1993, and
incorporated herein by reference.
10-LLLL Copy of Amended and Restated Trust Agreement, dated as of
September 1, 1993, among Premier Auto Receivables Company,
Chrysler Financial Corporation and Chemical Bank Delaware, as
Trustee, with respect to Premier Auto Trust 1993-5. Filed as
Exhibit 4.1 to the Quarterly Report of Premier Auto Trust
1993-5 on Form 10-Q for the quarter ended September 30, 1993,
and incorporated herein by reference.
10-MMMM Copy of Indenture, dated as of September 1, 1993, between
Premier Auto Trust 1993-5 and Bankers Trust Company, as
Indenture Trustee, with respect to Premier Auto Trust 1993-5.
Filed as Exhibit 4.2 to the Quarterly Report of Premier Auto
Trust 1993-5 on From 10-Q for the quarter ended September 30,
1993, and incorporated herein by reference.
10-NNNN Copy of Asset Purchase Agreement, dated as of October 29,
1993, between Marine Asset Management Corporation and Trico
Marine Assets, Inc.. Filed as Exhibit 10-CCCCC to the
Quarterly Report on Form 10-Q of Chrysler Financial
Corporation for the quarter ended September 30, 1993, and
incorporated herein by reference.
10-OOOO Copy of Asset Purchase Agreement, dated as of December 3,
1993, between Chrysler Rail Transportation Corporation and
Allied Railcar Company.
10-PPPP Copy of Secured Loan Purchase Agreement, dated as of December
15, 1993, among Chrysler Credit Canada Ltd., Leaf Trust and
Chrysler Financial Corporation.
10-QQQQ Copy of Series 1993-2 Supplement, dated as of November 1, 1993,
among U.S. Auto Receivables Company, as Seller, Chrysler Credit
Corporation, as Servicer, and Manufacturers Traders and Trust
Company, as Trustee, with respect to CARCO Auto Loan Master
Trust. Filed as Exhibit 3 to the Registration Statement on
Form 8-A of CARCO Auto Loan Master Trust dated December 6, 1993,
and incorporated herein by reference.
12-A Chrysler Financial Corporation and Subsidiaries Computations
of Ratios of Earnings to fixed Charges.
12-B Chrysler Corporation Enterprise as a Whole Computations of
Ratios of Earnings to Fixed Charges.
23 Consent of Deloitte & Touche
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON
FORM 8-K - continued
24 Powers of attorney pursuant to which the signatures of certain
directors of Chrysler Financial Corporation have been affixed
to this Annual Report on Form 10-K.
Copies of instruments defining the rights of holders of
long-term debt of the registrant and its consolidated
subsidiaries, other than the instruments copies of which are
filed with this report as Exhibit 4-A, 4-B, 4-C, 4-D, 4-E,
4-F, 4-G, 4-H, 4-I, 4-J, 4-K, 4-L, 4-M, 4-N, 4-O, 4-P, 4-Q,
and 4-R thereto, have not been filed as exhibits to this
report since the amount of securities authorized under any one
of such instruments does not exceed 10% of the total assets of
the registrant and its subsidiaries on a consolidated basis.
The registrant agrees to furnish to the Commission a copy of
each such instrument upon request.
(b) The registrant filed the following reports on Form 8-K during the
quarter ended December 31, 1993.
Date of Report Date Filed Item Reported
-------------- ---------- -------------
October 14, 1993 October 14, 1993 5
November 22, 1993 November 22, 1993 5
Financial Statements Filed
--------------------------
Copy of the unaudited financial statements for Chrysler Financial
Corporation and subsidiaries for the quarter ended September 30,
1993, and the related Independent Accountant's Report.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
CHRYSLER FINANCIAL CORPORATION
By /s/ JOHN P. TIERNEY
John P. Tierney
Chairman of the Board
Date: February 4, 1994
Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.
Principal executive officer:
/s/ JOHN P. TIERNEY Chairman of the Board February 4, 1994
John P. Tierney
Principal financial officer:
/s/ DENNIS M. CANTWELL Vice President - Corporate February 4, 1994
Dennis M. Cantwell Finance and Development
Principal accounting officer:
/s/ TIMOTHY P. DYKSTRA Vice President and Controller February 4, 1994
Timothy P. Dykstra
SIGNATURES (CONTINUED)
Board of Directors:
/s/ WILLIAM S. BISHOP* Director February 4, 1994
William S. Bishop
/s/ DENNIS M. CANTWELL* Director February 4, 1994
Dennis M. Cantwell
/s/ THOMAS P. CAPO* Director February 4, 1994
Thomas P. Capo
/s/ ROBERT J. EATON* Director February 4, 1994
Robert J. Eaton
/s/ JEREMIAH E. FARRELL* Director February 4, 1994
Jeremiah E. Farrell
/s/ ROBERT A. LUTZ* Director February 4, 1994
Robert A. Lutz
/s/ WILLIAM J. O'BRIEN III* Director February 4, 1994
William J. O'Brien III
/s/ JOHN P. TIERNEY* Director February 4, 1994
John P. Tierney
/s/ GARY C. VALADE* Director February 4, 1994
Gary C. Valade
*By /s/ ROBERT A. LINK
Robert A. Link
Attorney-in-Fact
February 4, 1994
INDEPENDENT AUDITORS' REPORT ON SCHEDULES
Shareholder and Board of Directors
Chrysler Financial Corporation
Southfield, Michigan
We have audited the consolidated financial statements of Chrysler Financial
Corporation (a subsidiary of Chrysler Corporation) and consolidated
subsidiaries as of December 31, 1993 and 1992, and for each of the three
years in the period ended December 31, 1993, and have issued our report
thereon dated January 18, 1994; such report is included elsewhere in this
Form 10-K. Our audits also included the financial statement schedules of
Chrysler Financial Corporation and consolidated subsidiaries, listed in
Item 14. These financial statement schedules are the responsibility of the
Company's management. Our responsibility is to express an opinion based on
our audits. In our opinion, such financial statement schedules, when
considered in relation to the basic financial statements taken as a whole,
present fairly in all material respects the information set forth therein.
/s/ Deloitte & Touche
Detroit, Michigan
January 18, 1994
CHRYSLER FINANCIAL CORPORATION AND SUBSIDIARIES
SCHEDULE VIII - VALUATION AND QUALIFYING ACCOUNTS AND RESERVES
(in millions of dollars)
Column A Column B Column C Column D Column E
-------- -------- -------- -------- --------
Additions
-----------------------
Charged to
Balance at Charged to Other Balance
Beginning Costs and Accounts- Deductions- at End
of Period Expenses Describe Describe of Period
-------- ---------- ---------- -------- --------
YEAR ENDED DECEMBER 31, 1993
Reserves for insurance claims and
adjustment expenses $152 $108 $ - $87 (a) $173
YEAR ENDED DECEMBER 31, 1992
Reserves for insurance claims and
adjustment expenses $133 $112 $ - $93 (a) $152
YEAR ENDED DECEMBER 31, 1991
Reserves for insurance claims and
adjustment expenses $110 $107 $ - $84 (a) $133
<FN>
NOTES:
(a) Primarily reductions for claims settled
CHRYSLER FINANCIAL CORPORATION AND SUBSIDIARIES
SCHEDULE IX - SHORT-TERM BORROWINGS
(dollars in millions)
Column A Column B Column C Column D Column E Column F
-------- -------- -------- -------- -------- --------
Maximum Average Weighted
Weighted Amount Amount Average
Balance at Average Outstanding Outstanding Interest
Category of Aggregate End Interest During the During the Rate During
Short-Term Borrowings of Period Rate Period Period the Period
--------------------- -------- -------- -------- -------- --------
(a) (b)
DECEMBER 31, 1993
Commercial paper $ 2,772 3.74% $ 2,951 $ 1,799 4.71%
Other short-term borrowings $ 425 17.51% (c) $ 437 $ 376 20.49% (c)
DECEMBER 31, 1992
Commercial paper $ 352 4.49% $ 633 $ 469 5.12%
Other short-term borrowings $ 393 24.35% (c) $ 393 $ 352 20.70% (c)
DECEMBER 31, 1991
Commercial paper $ 339 6.13% $ 1,361 $ 560 7.58%
Other short-term borrowings $ 332 21.31% (c) $ 406 $ 319 19.29% (c)
<FN>
(a) Average amount outstanding during the period is computed by dividing the total of daily
outstanding principal balances by 365 or 366 days.
(b) Average interest rate for the year is computed by dividing the actual short-term interest
expense by the average short-term debt outstanding after adjustments for compensating
balances and fees applicable to such borrowings.
(c) Weighted average interest rates are inflated due to interest rates in Mexico.
EXHIBIT INDEX
-------------
Exhibit
Number Description of Exhibit
- ------- ----------------------
3-A Copy of the Restated Articles of Incorporation of Chrysler
Financial Corporation as adopted and filed with the Corporation
Division of the Michigan Department of Treasury on October 1,
1971. Filed as Exhibit 3-A to Registration No. 2-43097 of
Chrysler Financial Corporation, and incorporated herein by
reference.
3-B Copies of amendments to the Restated Articles of Incorporation of
Chrysler Financial Corporation filed with the Department of
Commerce of the State of Michigan on December 26, 1975, April 23,
1985 and June 21, 1985, respectively. Filed as Exhibit 3-B to the
Annual Report of Chrysler Financial Corporation on Form 10-K for
the year ended December 31, 1985, and incorporated herein by
reference.
3-C Copies of amendments to the Restated Articles of Incorporation of
Chrysler Financial Corporation filed with the Department of
Commerce of the State of Michigan on August 12, 1987 and August
14, 1987, respectively. Filed as Exhibit 3 to the Quarterly
Report of Chrysler Financial Corporation on Form 10-Q for the
quarter ended September 30, 1987, and incorporated herein by
reference.
3-D Copies of amendments to the Restated Articles of Incorporation of
Chrysler Financial Corporation filed with the Department of
Commerce of the State of Michigan on December 11, 1987 and January
25, 1988, respectively. Filed as Exhibit 3-D to the Annual Report
of Chrysler Financial Corporation on Form 10-K for the year ended
December 31, 1987, and incorporated herein by reference.
3-E Copies of amendments to the Restated Articles of Incorporation of
Chrysler Financial Corporation filed with the Department of
Commerce of the State of Michigan on June 13, 1989 and June 23,
1989, respectively. Filed as Exhibit 3-E to the Quarterly Report
of Chrysler Financial Corporation on Form 10-Q for the quarter
ended June 30, 1989, and incorporated herein by reference.
3-F Copies of amendments to the Restated Articles of Incorporation of
Chrysler Financial Corporation filed with the Department of
Commerce of the State of Michigan on September 13, 1989, January
31, 1990 and March 8, 1990, respectively. Filed as Exhibit 3-E to
the Annual Report of Chrysler Financial Corporation on Form 10-K
for the year ended December 31, 1989, and incorporated herein by
reference.
3-G Copy of amendments to the Restated Articles of Incorporation of
Chrysler Financial Corporation filed with the Department of
Commerce of the State of Michigan on March 29, 1990 and May 10,
1990. Filed as Exhibit 3-G to the Quarterly Report of Chrysler
Financial Corporation on Form 10-Q for the quarter ended March 31,
1990, and incorporated herein by reference.
3-H Copy of the By-Laws of Chrysler Financial Corporation as
amended to March 2, 1987. Filed as Exhibit 3-C to the Annual
Report of Chrysler Financial Corporation on Form 10-K for the year
ended December 31, 1986, and incorporated herein by reference.
3-I Copy of the By-Laws of Chrysler Financial Corporation as
amended to August 1, 1990. Filed as Exhibit 3-I to the Quarterly
Report of Chrysler Financial Corporation on Form 10-Q for the
quarter ended September 30, 1990, and incorporated herein by
reference.
3-J Copy of By-Laws of Chrysler Financial Corporation as amended to
January 1, 1992, and presently in effect. Filed as Exhibit 3-H to
the Annual Report of Chrysler Financial Corporation on Form 10-K
for the year ended December 31, 1991, and incorporated herein by
reference.
4-A Copy of Indenture, dated as of June 1, 1985, between
Chrysler Financial Corporation and Manufacturers Hanover Trust
Company, Trustee, United States Trust Company of New York, as
Successor Trustee, related to Chrysler Financial Corporation
Senior Debt Securities. Filed as Exhibit 4-A to the Quarterly
Report of Chrysler Financial Corporation on Form 10-Q for the
quarter ended June 30, 1985, and incorporated herein by reference.
4-B Copy of First Supplemental Indenture, dated as of June 1, 1986,
between Chrysler Financial Corporation and Manufacturers Hanover
Trust Company, Trustee, United States Trust Company of New York,
as Successor Trustee, to the Indenture, dated as of June 1, 1985,
between such parties, related to Chrysler Financial Corporation
Senior Debt Securities. Filed as Exhibit 4-B to the Quarterly
Report of Chrysler Financial Corporation on Form 10-Q for the
quarter ended September 30, 1986, and incorporated herein by
reference.
4-C Copy of Indenture, dated as of July 15, 1985, between
Chrysler Financial Corporation and Bankers Trust Company, Trustee,
related to Chrysler Financial Corporation Subordinated Debt
Securities, J. Henry Schroder Bank & Trust Company having
subsequently succeeded Banker's Trust Company as Trustee. Filed
as Exhibit 4-C to the Quarterly Report of Chrysler Financial
Corporation on Form 10-Q for the quarter ended June 30, 1985, and
incorporated herein by reference.
4-D Copy of Indenture, dated as of June 1, 1985, between
Chrysler Financial Corporation and Irving Trust Company, Trustee,
related to Chrysler Financial Corporation Junior Subordinated Debt
Securities. Filed as Exhibit 4-B to the Quarterly Report of
Chrysler Financial Corporation on Form 10-Q for the quarter ended
June 30, 1985, and incorporated herein by reference.
4-E Copy of Indenture, dated as of September 15, 1986, between
Chrysler Financial Corporation and Manufacturers Hanover Trust
Company, Trustee, United States Trust Company of New York, as
Successor Trustee, related to Chrysler Financial Corporation
Senior Debt Securities. Filed as Exhibit 4-E to the Quarterly
Report of Chrysler Financial Corporation on Form 10-Q for the
quarter ended September 30, 1986, and incorporated herein by
reference.
4-F Copy of Indenture, dated as of September 15, 1986, between
Chrysler Financial Corporation and J. Henry Schroder Bank & Trust
Company, Trustee, related to Chrysler Financial Corporation
Subordinated Debt Securities. Filed as Exhibit 4-F to the
Quarterly Report of Chrysler Financial Corporation on Form 10-Q
for the quarter ended September 30, 1986, and incorporated herein
by reference.
4-G Copy of Indenture, dated as of September 15, 1986, between
Chrysler Financial Corporation and Irving Trust Company, Trustee,
related to Chrysler Financial Corporation Junior Subordinated Debt
Securities. Filed as Exhibit 4-G to the Quarterly Report of
Chrysler Financial Corporation on Form 10-Q for the quarter ended
September 30, 1986, and incorporated herein by reference.
4-H Copy of Amended and Restated Indenture, dated as of September 15,
1986, between Chrysler Financial Corporation and Manufacturers
Hanover Trust Company, Trustee, United States Trust Company of New
York, as Successor Trustee, related to Chrysler Financial
Corporation Senior Debt Securities. Filed as Exhibit 4-H to the
Quarterly Report of Chrysler Financial Corporation on Form 10-Q
for the quarter ended June 30, 1987, and incorporated herein by
reference.
4-I Copy of Amended and Restated Indenture, dated as of
September 15, 1986, between Chrysler Financial Corporation and IBJ
Schroder Bank & Trust Company, Trustee, related to Chrysler
Financial Corporation Subordinated Debt Securities. Filed as
Exhibit 4-I to the Quarterly Report of Chrysler Financial
Corporation on Form 10-Q for the quarter ended June 30, 1987, and
incorporated herein by reference.
4-J Copy of Amended and Restated Indenture, dated as of
September 15, 1986, between Chrysler Financial Corporation and
Irving Trust Company, Trustee, related to Chrysler Financial
Corporation Junior Subordinated Debt Securities. Filed as Exhibit
4-J to the Quarterly Report of Chrysler Financial Corporation on
Form 10-Q for the quarter ended June 30, 1987, and incorporated
herein by reference.
4-K Copy of Indenture, dated as of February 15, 1988, between
Chrysler Financial Corporation and Manufacturers Hanover Trust
Company, Trustee, United States Trust Company of New York, as
Successor Trustee, related to Chrysler Financial Corporation
Senior Debt Securities. Filed as Exhibit 4-A to Registration No.
33-23479 of Chrysler Financial Corporation, and incorporated
herein by reference.
4-L Copy of First Supplemental Indenture, dated as of March 1, 1988,
between Chrysler Financial Corporation and Manufacturers Hanover
Trust Company, Trustee, United States Trust Company of New York,
as Successor Trustee, to the Indenture, dated as of February 15,
1988, between such parties, related to Chrysler Financial
Corporation Senior Debt Securities. Filed as Exhibit 4-L to the
Annual Report of Chrysler Financial Corporation on Form 10-K for
the year ended December 31, 1987, and incorporated herein by
reference.
4-M Copy of Second Supplemental Indenture, dated as of September 7,
1990, between Chrysler Financial Corporation and Manufacturers
Hanover Trust Company, Trustee, United States Trust Company of New
York, as Successor Trustee, to the Indenture, dated as of February
15, 1988, between such parties, related to Chrysler Financial
Corporation Senior Debt Securities. Filed as Exhibit 4-M to the
Quarterly Report of Chrysler Financial Corporation on Form 10-Q
for the quarter ended September 30, 1990, and incorporated herein
by reference.
4-N Copy of Third Supplemental Indenture, dated as of May 4, 1992,
between Chrysler Financial Corporation and United States Trust
Company of New York, as Successor Trustee, to the Indenture, dated
as of February 15, 1988 between such parties, relating to Chrysler
Financial Corporation Senior Debt Securities. Filed as Exhibit
4-N to the Quarterly Report of Chrysler Financial Corporation on
Form 10-Q for the quarter ended June 30, 1992, and incorporated
herein by reference.
4-O Copy of Indenture, dated as of February 15, 1988, between Chrysler
Financial Corporation and IBJ Schroder Bank & Trust Company,
Trustee, related to Chrysler Financial Corporation Subordinated
Debt Securities. Filed as Exhibit 4-B to Registration No.
33-23479 of Chrysler Financial Corporation, and incorporated
herein by reference.
4-P Copy of First Supplemental Indenture, dated as of September 1,
1989, between Chrysler Financial Corporation and IBJ Schroder Bank
& Trust Company, Trustee, to the Indenture, dated as of February
15, 1988, between such parties, related to Chrysler Financial
Corporation Subordinated Debt Securities. Filed on September 13,
1989 as Exhibit 4-N to the Current Report of Chrysler Financial
Corporation on Form 8-K dated September 1, 1989, and incorporated
herein by reference.
4-Q Copy of Indenture, dated as of February 15, 1988, between Chrysler
Financial Corporation and Irving Trust Company, Trustee, related
to Chrysler Financial Corporation Junior Subordinated Debt
Securities. Filed as Exhibit 4-C to Registration No. 33-23479 of
Chrysler Financial Corporation, and incorporated herein by
reference.
4-R Copy of First Supplemental Indenture, dated as of September 1,
1989, between Chrysler Financial Corporation and Irving Trust
Company, Trustee, to the Indenture, dated as of February 15, 1988,
between such parties, related to Chrysler Financial Corporation
Junior Subordinated Debt Securities. Filed on September 13, 1989
as Exhibit 4-O to the Current Report of Chrysler Financial
Corporation on Form 8-K dated September 1, 1989, and incorporated
herein by reference.
10-A Copy of Income Maintenance Agreement, made December 20, 1968,
among Chrysler Financial Corporation, Chrysler Corporation and
Chrysler Motors Corporation. Filed as Exhibit 13-D to
Registration Statement No. 2-32037 of Chrysler Financial
Corporation, and incorporated herein by reference.
10-B Copy of Agreement, made April 19, 1971, among Chrysler Financial
Corporation, Chrysler Corporation and Chrysler Motors Corporation,
amending the Income Maintenance Agreement among such parties.
Filed as Exhibit 13-B to Registration Statement No. 2-40110 of
Chrysler Financial Corporation and Chrysler Corporation, and
incorporated herein by reference.
10-C Copy of Agreement, made May 29, 1973, among Chrysler Financial
Corporation, Chrysler Corporation and Chrysler Motors Corporation,
further amending the Income Maintenance Agreement among such
parties. Filed as Exhibit 5-C to Registration Statement No.
2-49615 of Chrysler Financial Corporation, and incorporated herein
by reference.
10-D Copy of Agreement, made as of July 1, 1975, among Chrysler
Financial Corporation, Chrysler Corporation and Chrysler Motors
Corporation, further amending the Income Maintenance Agreement
among such parties. Filed as Exhibit D to the Annual Report of
Chrysler Financial Corporation on Form 10-K for the year ended
December 31, 1975, and incorporated herein by reference.
10-E Copy of Agreement, made June 4, 1976, between Chrysler Financial
Corporation and Chrysler Corporation further amending the Income
Maintenance Agreement between such parties. Filed as Exhibit 5-H
to Registration Statement No. 2-56398 of Chrysler Financial
Corporation, and incorporated herein by reference.
10-F Copy of Agreement, made March 27, 1986, between Chrysler Financial
Corporation, Chrysler Holding Corporation (now known as Chrysler
Corporation) and Chrysler Corporation (now known as Chrysler
Motors Corporation) further amending the Income Maintenance
Agreement among such parties. Filed as Exhibit 10-F to the Annual
Report of Chrysler Financial Corporation on Form 10-K for the year
ended December 31, 1986, and incorporated herein by reference.
10-G Copy of Amended and Restated Revolving Term Credit Facility, dated
as of January 17, 1993, among Chrysler Credit Canada Ltd., as the
Borrower, Chrysler Financial Corporation, as the Guarantor, the
several financial institutions parties thereto and Royal Bank of
Canada, as Agent Bank. Filed as Exhibit 10-G to the Annual Report
of Chrysler Financial Corporation on Form 10-K for the year ended
December 31, 1992, and incorporated herein by reference.
10-H Copy of Standby Receivables Purchase Agreement, dated as of
January 17, 1993, among Chrysler Credit Canada, Ltd., Chrysler
Financial Corporation, Royal Bank of Canada and the several other
financial institutions parties thereto. Filed as Exhibit 10-H to
the Annual Report of Chrysler Financial Corporation on Form 10-K
for the year ended December 31, 1992, and incorporated herein by
reference.
10-I Copy of Retail Purchase and Servicing Agreement dated as of
January 17, 1993 among Royal Bank of Canada, Chrysler Credit
Canada Ltd., Chrysler Financial Corporation and the several other
financial institutions parties thereto. Filed as Exhibit 10-I to
the Annual Report of Chrysler Financial Corporation on Form 10-K
for the year ended December 31, 1992, and incorporated herein by
reference.
10-J Copy of Bank Series Supplement, dated as of January 17, 1993,
among Chrysler Credit Canada Ltd., Royal Bank of Canada, the
several bank parties thereto and The Royal Trust Company, to the
Master Custodial and Servicing Agreement, dated as of September 1,
1992. Filed as Exhibit 10-J to the Annual Report of Chrysler
Financial Corporation on Form 10-K for the year ended December 31,
1992, and incorporated herein by reference.
10-K Copy of Amendment dated as of December 1, 1992, to the Series
1992-1 Supplement dated as of February 1, 1992 among U.S. Auto
Receivables Company, as Seller, Chrysler Credit Corporation, as
Servicer, and Security Pacific National Trust Company (New York),
as Trustee, with respect to DRAC Auto Loan Master Trust. Filed as
Exhibit 10-DDDD to the Annual Report of Chrysler Financial on Form
10-K for the year ended December 31, 1992, and incorporated herein
by reference.
10-L Copy of Series 1992-1 Supplement, dated as of February 1, 1992,
among U.S. Auto Receivables Company, as Seller, Chrysler Credit
Corporation, as Servicer, and Security Pacific National Trust
Company (New York), as Trustee, with respect to DRAC Auto Loan
Master Trust. Filed as Exhibit 10-YYYY to the Registration
Statement on Form S-2 of Chrysler Financial Corporation
(Registration Statement No. 33-51302) on November 24, 1992, and
incorporated herein by reference.
10-M Copy of Series 1992-2 Supplement, dated as of December 1, 1992,
among U.S. Auto Receivables Company, as Seller, Chrysler Credit
Corporation, as Servicer, and Security Pacific National Bank (New
York), as Trustee, with respect to DRAC Auto Loan Master Trust.
Filed as Exhibit 10-FFFF to the Annual Report of Chrysler
Financial Corporation on Form 10-K for the year ended December 31,
1992, and incorporated herein by reference.
10-N Copy of Pooling and Servicing Agreement, dated as of January 1,
1992, among Chrysler Auto Receivables Company, as Seller, Chrysler
Credit Corporation, as Servicer, and LaSalle National Bank, as
Trustee, with respect to CFC-16 Grantor Trust. Filed as Exhibit
10-QQQQ to the Annual Report of Chrysler Financial Corporation on
Form 10-K for the year ended December 31, 1991, and incorporated
herein by reference.
10-O Copy of Standard Terms and Conditions of Agreement, dated as of
January 1, 1992, between Chrysler Auto Receivables Company, as
Seller, and Chrysler Credit Corporation, as Servicer, with respect
to CFC-16 Grantor Trust. Filed as Exhibit 10-RRRR to the Annual
Report of Chrysler Financial Corporation on From 10-K for the year
ended December 31, 1991, and incorporated herein by reference.
10-P Copy of Purchase Agreement, dated as of January 1, 1992, between
Chrysler Financial Corporation and Chrysler Auto Receivables
Company with respect to CFC-16 Grantor Trust. Filed as Exhibit
10-SSSS to the Annual Report of Chrysler Financial Corporation on
From 10-K for the year ended December 31, 1991, and incorporated
herein by reference.
10-Q Copy of Sale and Servicing Agreement, dated as of January 1, 1992,
among Premier Auto Trust 1992-1, as Issuer, U.S. Auto Receivables
Company, as Seller, and Chrysler Credit Corporation, as Servicer,
with respect to Premier Auto Trust 1992-1. Filed as Exhibit
10-QQQQ to the Registration Statement of Chrysler Financial
Corporation, on Form S-2 (Registration Statement No. 33-51302) on
November 24, 1992, and incorporated herein by reference.
10-R Copy of Trust Agreement, dated as of January 1, 1992, between U.S.
Auto Receivables Company and Chemical Bank Delaware, as Owner
Trustee, with respect to Premier Auto Trust 1992-1. Filed as
Exhibit 10-RRRR to the Registration Statement of Chrysler
Financial Corporation on Form S-2 (Registration Statement No.
33-51302) on November 24, 1992, and incorporated herein by
reference.
10-S Copy of Purchase Agreement, dated as of January 1, 1992, between
Chrysler Financial Corporation, as Seller, and U.S. Auto
Receivables Company, as Purchaser, with respect to Premier Auto
Trust 1992-1. Filed as Exhibit 10-SSSS to the Registration
Statement of Chrysler Financial Corporation on Form S-2
(Registration Statement No. 33-51302) on November 24, 1992, and
incorporated herein by reference.
10-T Copy of Pooling and Servicing Agreement, dated as of January 1,
1992, among Chrysler Financial Corporation, as Master Servicer,
Chrysler First Business Credit Corporation, as Seller, and
Security Pacific National Bank, as Trustee, with respect to U.S.
Business Equity Loan Trust 1992-1. Filed as Exhibit 4-A to the
Quarterly Report on Form 10-Q of U.S. Business Equity Loan Trust
1992-1 for the quarter ended March 31, 1992, and incorporated
herein by reference.
10-U Copy of Series B Supplement, dated as of March 1, 1992, among U.S.
Auto Receivables Company, as Seller, Chrysler Credit Corporation,
as Servicer, and Manufacturers and Traders Trust Company, as
Trustee, with respect to CARCO Auto Loan Master Trust. Filed as
Exhibit 4-H to the Quarterly Report on Form 10-Q of CARCO Auto
Loan Master Trust for the quarter ended March 31, 1992, and
incorporated herein by reference.
10-V Copy of Series C Supplement, dated as of May 1, 1992, among U.S.
Auto Receivables Company, as Seller, Chrysler Credit Corporation,
as Servicer, and Manufacturers and Traders Trust Company, as
Trustee, with respect to CARCO Auto Loan Master Trust. Filed as
Exhibit 4-J to the Quarterly Report on Form 10-Q of CARCO Auto
Loan Master Trust for the quarter ended June 30, 1992, and
incorporated herein by reference.
10-W Copy of Series 1992-1 Supplement, dated as of February 1, 1992,
among U.S. Auto Receivables Company, as Seller, Chrysler Credit
Corporation, as Servicer, and Security Pacific National Trust
Company (New York), as Trustee, with respect to CARCO Auto Loan
Master Trust. Filed as Exhibit 10-YYYY to the Quarterly Report on
Form 10-Q of CARCO Auto Loan Master Trust for the quarter ended
June 30, 1992, and incorporated herein by reference.
10-X Copy Indenture, dated as of March 1, 1992, between Premier Auto
Trust 1992-2 and Bankers Trust Company, with respect to Premier
Auto Trust 1992-2 Asset Backed Notes. Filed as Exhibit 4-A to the
Quarterly Report on Form 10-Q of Premier Auto Trust 1992-2 for the
quarter ended March 31, 1992, and incorporated herein by
reference.
10-Y Copy of a 6-3/8% Asset Backed Note with respect to Premier Auto
Trust 1992-2 Asset Backed Notes. Filed as Exhibit 4-B to the
Quarterly Report on Form 10-Q of Premier Auto trust 1992-2 for the
quarter ended March 31, 1992, and incorporated herein by
reference.
10-Z Copy Trust Agreement, dated as of March 1, 1992, between U.S. Auto
Receivables Company and Manufacturers Hanover Bank (Delaware) with
respect to Premier Auto Trust 1992-2 Asset Backed Certificates.
Filed as Exhibit 4-C to the Quarterly Report on Form 10-Q of
Premier Auto Trust 1992-2 for the quarter ended March 31, 1992,
and incorporated herein by reference.
10-AA Copy Pooling and Servicing Agreement, dated as of March 1, 1992
among Chrysler Financial Corporation, as Master Servicer,
Financial Acceptance Corporation, as Seller, and The First
National Bank of Chicago, as Trustee, with respect to CFC-17
Grantor Trust. Filed as Exhibit 4-A to the Quarterly Report on
Form 10-Q of CFC-17 Grantor Trust for the quarter ended June 30,
1992, and incorporated herein by reference.
10-BB Copy Standard Terms and Conditions of Agreement, dated as of March
1, 1992, among Chrysler Financial Corporation, as Master Servicer,
Financial Acceptance Corporation, as Seller, and The First
National Bank of Chicago, as Trustee, with respect to CFC-17
Grantor Trust. Filed as Exhibit 4-B to the Quarterly Report on
Form 10-Q of CFC-17 Grantor Trust for the quarter ended June 30,
1992, and incorporated herein by reference.
10-CC Copy Purchase Agreement, dated as of March 1, 1992, between
Chrysler First Inc. and Financial Acceptance Corporation with
respect to CFC-17 Grantor Trust. Filed as Exhibit 4-C to the
Quarterly Report on Form 10-Q of CFC-17 Grantor Trust for the
quarter ended June 30, 1992, and incorporated herein by reference.
10-DD Copy of Indenture, dated as of May 1, 1992, between Premier Auto
Trust 1992-3 and Bankers Trust Company with respect to Premier
Auto Trust 1992-3. Filed as Exhibit 4-N to the Quarterly Report
on Form 10-Q of Premier Auto Trust 1992-3 for the quarter ended
June 30, 1992, and incorporated herein by reference.
10-EE Copy of a 5.90% Asset Backed Note with respect to Premier Auto
Trust 1992-3. Filed as Exhibit 4-B to the Quarterly Report on
Form 10-Q of Premier Auto Trust 1992-3 for the quarter ended June
30, 1992, and incorporated herein by reference.
10-FF Copy of Trust Agreement, dated as of April 1, 1992, as amended and
restated as of May 1, 1992, between Premier Auto Receivables
Company and Manufacturers Hanover Bank (Delaware) with respect to
Premier Auto Trust 1992-3. Filed as Exhibit 4-C to the Quarterly
Report on Form 10-Q of Premier Auto Trust 1992-3 for the quarter
ended June 30, 1992, and incorporated herein by reference.
10-GG Copy of Receivables Purchase Agreement, dated as of April 15,
1992, between Chrysler Credit Canada Ltd., Chrysler Financial
Corporation and Associated Assets Acquisition Inc. with respect to
Canadian Auto Receivables Securitization 1992-1. Filed as Exhibit
10-IIIII to the Registration Statement on Form S-2 of Chrysler
Financial Corporation (Registration Statement No. 33-51302) on
November 24, 1992, and incorporated herein by reference.
10-HH Copy of Combined and Restated Revolving Credit Agreement, dated as
of July 29, 1992, among Chrysler Financial Corporation, as
Borrower, Chemical Bank, as Agent and Arranger, and Swiss Bank
Corporation, New York Branch, as Managing Co-Agent and Co-Arranger
including as Exhibit G thereto forms of the Trust Agreement and
related security documents executed and delivered concurrently
therewith. Filed as Exhibit 10-A to the Current Report on Form
8-K of Chrysler Financial Corporation dated August 17, 1992 and
filed August 19, 1992, and incorporated herein by reference.
10-II Copy of Second Amended and Restated Commitment Transfer Agreement,
dated as of July 29, 1992, between Chrysler Financial Corporation,
as Borrower, and Chemical Bank, as Agent. Filed as Exhibit 10-B
to the Current Report on Form 8-K of Chrysler Financial
Corporation, dated August 17, 1992 and filed August 19, 1992 and
incorporated herein by reference.
10-JJ Copy of Amended and Restated Standby Receivables Purchase
Agreement, dated as of September 15, 1993, among Chrysler
Financial Corporation, Chrysler Credit Corporation, U.S. Auto
Receivables Company, American Auto Receivables Company, Chemical
Bank, as Agent, and Chemical Bank Agency Services Corporation, as
Administrative Agent. Filed as Exhibit 10-YY to the Quarterly
Report on Form 10-Q of Chrysler Financial Corporation for the
quarter ended September 30, 1993, and incorporated herein by
reference.
10-KK Copy of Participation and Servicing Agreement, dated as of July
29, 1992, among American Auto Receivables Company, Chrysler Credit
Corporation, the Purchasers named therein, Chemical Bank, as
Agent, and Chemical Bank Agency Services Corporation, as
Administrative Agent, with respect to the Standby Receivable
Purchase Agreement. Filed as Exhibit 10-D to the Current Report
on Form 8-K of Chrysler Financial Corporation dated August 17,
1992 and filed August 19, 1992, and incorporated herein by
reference.
10-LL Copy of Bank Supplement, dated as of July 29, 1992, to the Pooling
and Servicing Agreement, dated as of May 31, 1992, among U.S. Auto
Receivables Company, as Seller, Chrysler Credit Corporation, as
Servicer, and Manufacturers and Traders Trust Company, as Trustee,
with respect to the Standby Receivables Purchase Agreement. Filed
as Exhibit 10-E to the Current Report on Form 8-K of Chrysler
Financial Corporation dated August 17, 1992 and filed on August
19, 1992, and incorporated herein by reference.
10-MM Copy of Short Term Standby Receivables Purchase Agreement, dated
as of September 15, 1993, among Chrysler Financial Corporation,
Chrysler Credit Corporation, U.S. Auto Receivables Company,
American Auto Receivables Company, Chemical Bank, as Agent, and
Chemical Bank Agency Services Corporation, as Administrative
Agent. Filed as Exhibit 10-BBB to the Quarterly Report on Form
10-Q of Chrysler Financial Corporation for the quarter ended
September 30, 1993, and incorporated herein by reference.
10-NN Copy of Participation and Servicing Agreement, dated as of
September 15, 1993, among American Auto Receivables Company,
Chrysler Credit Corporation, the Purchasers named therein,
Chemical Bank, as Agent, and Chemical Bank Agency Services
Corporation, as Administrative Agent. Filed as Exhibit 10-CCC to
the Quarterly Report on Form 10-Q of Chrysler Financial
Corporation for the quarter ended September 30, 1993, and
incorporated herein by reference.
10-OO Copy of Short Term Bank Supplement, dated as of September 15,
1993, to the Pooling and Servicing Agreement, dated as of May 31,
1991, among U.S. Auto Receivables Company, as Seller, Chrysler
Credit Corporation, as Servicer, and Manufacturers and Traders
Trust Company, as Trustee, with respect to Short Term Standby
Receivables Purchase Agreement. Filed as Exhibit 10-DDD to the
Quarterly Report on Form 10-Q of Chrysler Financial Corporation
for the quarter ended September 30, 1993, and incorporated herein
by reference.
10-PP Copy of Receivables Purchase Agreement, dated as of August 18,
1992, between Chrysler Credit Canada Ltd., Chrysler Financial
Corporation and Associated Assets Acquisition Inc. with respect to
Canadian Auto Receivables Securitization 1992-2. Filed as Exhibit
10-OOOOO to the Registration Statement on Form S-2 of Chrysler
Financial Corporation (Registration Statement No. 33-51302) on
November 24, 1992, and incorporated herein by reference.
10-QQ Copy of Indenture, dated as of September 1, 1992, between Premier
Auto Trust 1992-5 and Bankers Trust Company with respect to
Premier Auto Trust 1992-5. Filed as Exhibit 4-A to the Quarterly
Report on Form 10-Q of Premier Auto Trust 1992-5 for the quarter
ended September 30, 1992, and incorporated herein by reference.
10-RR Copy of a 4.55% Asset Backed Note with respect to Premier Auto
Trust 1992-5. Filed as Exhibit 4-B to the Quarterly Report on
Form 10-Q of Premier Auto Trust 1992-5 for the quarter ended
September 30, 1992, and incorporated herein by reference.
10-SS Copy of Trust Agreement, dated as of September 1, 1992, between
Premier Auto Receivables Company and Manufacturers Hanover Bank
(Delaware) with respect to Premier Auto Trust 1992-5. Filed as
Exhibit 4-C to the Quarterly Report on Form 10-Q of Premier Auto
Trust 1992-5 for the quarter ended September 30, 1992, and
incorporated herein by reference.
10-TT Copy of Series 1992-2 Supplement to the Pooling and Servicing
Agreement, dated as of October 1, 1992, among U.S. Auto
Receivables Company, as Seller, Chrysler Credit Corporation, as
Servicer, and Manufacturers and Traders Trust Company, as Trustee,
with respect to CARCO Auto Loan Master Trust, Series 1992-2.
Filed as Exhibit 3 to Form 8-A of Carco Auto Loan Master Trust on
October 30, 1992, and incorporated herein by reference.
10-UU Copy of Master Custodial and Servicing Agreement, dated as of
September 1, 1992 between Chrysler Credit Canada Ltd. and The
Royal Trust Company, as Custodian. Filed as Exhibit 10-TTTTT to
the Registration Statement on Form S-2 of Chrysler Financial
Corporation (Registration Statement No. 33-51302) on November 24,
1992, and incorporated herein by reference.
10-VV Copy of Trust Indenture, dated as of September 1, 1992, among
Canadian Dealer Receivables Corporation and Montreal Trust Company
of Canada, as Trustee. Filed as Exhibit 10-UUUUU to the
Registration Statement on Form S-2 of Chrysler Financial
Corporation (Registration Statement No. 33-51302) on November 24,
1992, and incorporated herein by reference.
10-WW Copy of Loan Asset Purchase Agreement by and between NationsBank
of Texas, N.A. and Chrysler First Inc., and the Subsidiaries of
Chrysler First Inc. named therein, dated as of November 17, 1992,
with respect to the sale of certain loan assets of Chrysler First
Inc. and its subsidiaries. Filed as Exhibit 10-VVVVV to the
Registration Statement on Form S-2 of Chrysler Financial
Corporation (Registration Statement No. 33-51302) on November 24,
1992, and incorporated herein by reference.
10-XX Copy of Business Asset Purchase Agreement by and among NationsBanc
Financial Services Corporation and the Purchasers named therein
and Chrysler First Inc. and the Sellers named therein, dated as of
November 17, 1992, with respect to the sale of certain business
assets of Chrysler First Inc. and its subsidiaries. Filed as
Exhibit 10-WWWWW to the Registration Statement on Form S-2 of
Chrysler Financial Corporation (Registration statement No.
33-51302) on November 24, 1992, and incorporated herein by
reference.
10-YY Copy of Securitization Closing Agreement, dated as of February 1,
1993, among Chrysler Financial Corporation, certain Sellers,
certain Purchasers, and certain Purchaser Parties. Filed as
Exhibit 2-E to the Current Report of Chrysler Financial
Corporation on Form 8-K dated February 1, 1993, and incorporated
herein by reference.
10-ZZ Copy of First Amendment to Loan Asset Purchase Agreement, dated
December 30, 1992, among NationsBank of Texas, N.A. and Chrysler
Financial Corporation, for and on behalf of Chrysler First Inc.
and the Asset Sellers parties thereto. Filed as Exhibit 2-B to
the Current Report of Chrysler Financial Corporation on Form 8-K
dated February 1, 1993, and incorporated herein by reference.
10-AAA Copy of First Amendment to Business Asset Purchase Agreement dated
as of January 29, 1993 among NationsBank Financial Services
Corporation, the other Purchasers parties thereto and the Sellers
parties thereto and Chrysler Financial Corporation. Filed as
Exhibit 2-D to the Current Report of Chrysler Financial
Corporation on Form 8-K dated February 1, 1993, and incorporated
herein by reference.
10-BBB Copy of Asset Purchase Agreement, dated as of May 15, 1992,
between Chrysler Capital Public Finance Corporation and Koch
Financial Corporation. Filed as Exhibit 10-DDDDDD to the Annual
Report of Chrysler Financial Corporation on Form 10-K for the year
ended December 31, 1992, and incorporated herein by reference.
10-CCC Copy of Asset Purchase Agreement, dated as of June 1, 1992, among
General Electric Capital Corporation, Chrysler Financial
Corporation, Chrysler Capital Corporation, Chrysler Asset
Management Corporation and Chrysler Credit Corporation. Filed as
Exhibit 10-EEEEEE to the Annual Report of Chrysler Financial
Corporation on Form 10-K for the year ended December 31, 1992, and
incorporated herein by reference.
10-DDD Copy of Purchase Agreement, dated as of August 1, 1992, among
General Electric Capital Corporation, Chrysler Financial
Corporation, Chrysler Capital Corporation and Chrysler Asset
Management Corporation. Filed as Exhibit 10-FFFFFF of the Annual
Report of Chrysler Financial Corporation on Form 10-K for the year
ended December 31, 1992, and incorporated herein by reference.
10-EEE Copy of Asset Purchase Agreement, dated as of September 30, 1992,
between Chrysler Rail Transportation Corporation and United States
Rail Services, a division of United States Leasing International,
Inc. Filed as Exhibit 10-GGGGGG to the Annual Report of Chrysler
Financial Corporation on Form 10-K for the year ended December 31,
1992, and incorporated herein by reference.
10-FFF Copy of Asset Purchase Agreement, dated as of December 18, 1992,
among Chrysler Rail Transportation Corporation, Greenbrier
Transportation Limited Partnership and Greenbrier Capital
Corporation. Filed as Exhibit 10-HHHHHH to the Annual Report of
Chrysler Financial Corporation on Form 10-K for the year ended
December 31, 1992, and incorporated herein by reference.
10-GGG Copy of Asset Purchase Agreement, dated as of February 1, 1993,
among Chrysler Rail Transportation Corporation, Chrysler Capital
Transportation Services, Inc. and United States Rail Services, a
division of United States Leasing International, Inc. Filed as
Exhibit 10-IIIIII to the Annual Report of Chrysler Financial
Corporation on Form 10-K for the year ended December 31, 1992, and
incorporated herein by reference.
10-HHH Copy of Asset Purchase Agreement between Chrysler Leaserve, Inc.
(a subsidiary of General Electric Capital Auto Lease, Inc.),
Chrysler Financial Corporation and Chrysler Credit Corporation,
dated as of October 20, 1992, with respect to the sale of Gold Key
Leases. Filed as Exhibit 10-XXXXX to the Registration Statement
on Form S-2 of Chrysler Financial Corporation (Registration
Statement No. 33-51302) on November 24, 1992, and incorporated
herein by reference.
10-III Copy of Servicing Agreement, dated as of October 20, 1992, between
Chrysler Leaserve, Inc. (a subsidiary of General Electric Capital
Auto Lease, Inc.) and Chrysler Credit Corporation, with respect to
the sale of Gold Key Leases. Filed as Exhibit 10-YYYYY to the
Registration Statement on Form S-2 of Chrysler Financial
Corporation (Registration Statement No. 33-51302) on November 24,
1992, and incorporated herein by reference.
10-JJJ Copy of First Amendment dated as of August 24, 1992 to the Series
1991-1 Supplement dated as of May 31, 1991, among U.S. Auto
Receivables Company ("USA"), as seller (the "Seller"), Chrysler
Credit Corporation, as servicer (the "Servicer") and Manufacturers
and Traders Trust Company, as Trustee (the "Trustee"), to the
Pooling and Servicing Agreement dated as of May 31, 1991, as
assigned by Chrysler Auto Receivables Company to USA on August 8,
1991, as amended by the First Amendment dated as of August 6,
1992, among the Seller, the Servicer and the Trustee, with respect
to Carco Auto Loan Master Trust. Filed as Exhibit 4-M to the
Quarterly Report on Form 10-Q of Carco Auto Loan Master Trust for
the quarter ended September 30, 1992, and incorporated herein by
reference.
10-KKK Copy of Second Amendment dated as of August 24, 1992 to the Series
1991-2 Supplement dated as of June 30, 1991, among U.S. Auto
Receivables Company ("USA"), as seller (the "Seller"), Chrysler
Credit Corporation, as servicer (the "Servicer") and Manufacturers
and Traders Trust Company, as Trustee (the "Trustee"), to the
Pooling and Servicing Agreement dated as of May 31, 1991, as
assigned by Chrysler Auto Receivables Company to USA on August 8,
1991, as amended by the First Amendment dated as of August 6,
1992, among the Seller, the Servicer and the Trustee, with respect
to Carco Auto Loan Master Trust. Filed as Exhibit 4-N to the
Quarterly Report on Form 10-Q of Carco Auto Loan Master Trust for
the quarter ended September 30, 1992, and incorporated herein by
reference.
10-LLL Copy of Second Amendment dated as of August 24, 1992 to the Series
1991-3 Supplement dated as of June 30, 1991, among U.S. Auto
Receivables Company ("USA"), as seller (the "Seller"), Chrysler
Credit Corporation, as servicer (the "Servicer") and Manufacturers
and Traders Trust Company, as Trustee (the "Trustee"), to the
Pooling and Servicing Agreement dated as of May 31, 1991, as
assigned by Chrysler Auto Receivables Company to USA on August 8,
1991, as amended by the First Amendment dated as of August 6,
1992, among the Seller, the Servicer and the Trustee, with respect
to Carco Auto Loan Master Trust. Filed as Exhibit 4-O to the
Quarterly Report on Form 10-Q of Carco Auto Loan Master Trust for
the quarter ended September 30, 1992, and incorporated herein by
reference.
10-MMM Copy of First Amendment dated as of August 24, 1992 to the Series
1991-4 Supplement dated as of September 30, 1991, among U.S. Auto
Receivables Company ("USA"), as seller (the "Seller"), Chrysler
Credit Corporation, as servicer (the "Servicer") and Manufacturers
and Traders Trust Company, as Trustee (the "Trustee"), to the
Pooling and Servicing Agreement dated as of May 31, 1991, as
assigned by Chrysler Auto Receivables Company to USA on August 8,
1991, as amended by the First Amendment dated as of August 6,
1992, among the Seller, the Servicer and the Trustee, with respect
to Carco Auto Loan Master trust. Filed as Exhibit 4-P to the
Quarterly Report on Form 10-Q of Carco Auto Loan Master Trust for
the quarter ended September 30, 1992, and incorporated herein by
reference.
10-NNN Copy of Sale and Servicing Agreement, dated as of November 1,
1992, among Premier Auto Receivables Company, as Seller, Chrysler
Credit Corporation, as Servicer, and Premier Auto Trust 1992-6, as
Purchaser, with respect to Premier Auto Trust 1992-6. Filed as
Exhibit 10-PPPPPP to the Annual Report of Chrysler Financial
Corporation on Form 10-K for the year ended December 31, 1992, and
incorporated herein by reference.
10-OOO Copy of Trust Agreement, dated as of November 1, 1992, among ML
Asset Backed Corporation, Premier Auto Receivables Company and
Chemical Bank Delaware as Owner Trustee, with respect to Premier
Auto Trust 1992-6. Filed as Exhibit 10-QQQQQQ to the Annual
Report of Chrysler Financial Corporation on Form 10-K for the year
ended December 31, 1992, and incorporated herein by reference.
10-PPP Copy of Sale and Servicing Agreement, dated as of January 1, 1993,
among Premier Auto Receivables Company, as Seller, Chrysler Credit
Corporation, as Servicer, and Premier Auto Trust 1993-1, as
Purchaser, with respect to Premier Auto Trust 1993-1. Filed as
Exhibit 10-RRRRRR to the Annual Report of Chrysler Financial
Corporation on Form 10-K for the year ended December 31, 1992, and
incorporated herein by reference.
10-QQQ Copy of Trust Agreement, dated as of January 1, 1993, among ML
Asset Backed Corporation, Premier Auto Receivables Company and
Chemical Bank Delaware, as Owner Trustee, with respect to Premier
Auto Trust 1993-1. Filed as Exhibit 10-SSSSSS to the Annual
Report of Chrysler Financial Corporation on Form 10-K for the year
ended December 31, 1992, and incorporated herein by reference.
10-RRR Copy of Receivables Purchase Agreement, dated as of November 25,
1992, between Chrysler Credit Canada Ltd., Chrysler Financial
Corporation and Associated Assets Acquisitions Inc. with respect
to Canadian Auto Receivables Securitization 1992-3. Filed as
Exhibit 10-TTTTTT to the Annual Report of Chrysler Financial
Corporation on Form 10-K for the year ended December 31, 1992, and
incorporated herein by reference.
10-SSS Copy of Purchase Agreement, dated as of January 25, 1993, among
Chrysler Credit Canada Ltd., Chrysler Canada Ltd., Auto 1 Limited
Partnership and Chrysler Financial Corporation, with respect to
Auto 1 Trust. Filed as Exhibit 10-UUUUUU to the Annual Report of
Chrysler Financial Corporation on Form 10-K for the year ended
December 31, 1992, and incorporated herein by reference.
10-TTT Copy of Master Lease Agreement, dated as of January 25, 1993,
among Chrysler Credit Canada Ltd., Chrysler Canada Ltd. and Auto 1
Limited Partnership, with respect to Auto 1 Trust. Filed as
Exhibit 10-VVVVVV to the Annual Report of Chrysler Financial
Corporation on Form 10-K for the year ended December 31, 1992, and
incorporated herein by reference.
10-UUU Copy of Amended and Restated Trust Agreement, dated as of April 1,
1993, among Premier Auto Receivables Company, Chrysler Financial
Corporation and Chemical Bank Delaware, as Owner Trustee, with
respect to Premier Auto Trust 1993-2. Filed as Exhibit 4.1 to the
Quarterly Report of Premier Auto Trust 1993-2 on Form 10-Q for the
quarter ended June 30, 1993, and incorporated herein by reference.
10-VVV Copy of Indenture, dated as of April 1, 1993, between Premier Auto
Trust 1993-2 and Bankers Trust Company, as Indenture Trustee, with
respect to Premier Auto Trust 1993-2. Filed as Exhibit 4.2 of the
Quarterly Report of Premier Auto Trust 1993-2 on Form 10-Q for the
quarter ended June 30, 1993, and incorporated herein by reference.
10-WWW Copy of Amended and Restated Trust Agreement, dated as of June 1,
1993, among Premier Auto Receivables Company, Chrysler Financial
Corporation and Chemical bank Delaware, as Owner Trustee, with
respect to Premier Auto Trust 1993-3. Filed as Exhibit 4.1 to the
Quarterly Report of Premier Auto Trust 1993-3 on Form 10-Q for the
quarter ended June 30, 1993, and incorporated herein by reference.
10-XXX Copy of Indenture, dated as of June 1, 1993, between Premier Auto
Trust 1993-3 and Bankers Trust Company, as Indenture Trustee.
Filed as Exhibit 4.2 to the Quarterly Report of Premier Auto Trust
1993-3 on Form 10-Q for the quarter ended June 30, 1993, and
incorporated herein by reference.
10-YYY Copy of Series 1993-1 Supplement, dated as of February 1, 1993,
among U.S. Auto Receivables Company, as Seller, Chrysler Credit
Corporation, as Servicer, and Manufacturers and Traders Trust
Company, as Trustee, with respect to CARCO Auto Loan Master Trust.
Filed as Exhibit 3 to the Registration Statement on Form 8-A of
CARCO Auto Loan Master Trust dated March 15, 1993, and incorporated
herein by reference.
10-ZZZ Copy of Receivables Purchase Agreement, made as of April 7, 1993,
among Chrysler Credit Canada Ltd., Chrysler Financial Corporation
and Association Assets Acquisition Inc., with respect to CARS
1993-1. Filed as Exhibit 10-OOOO to the Quarterly Report on Form
10-Q of Chrysler Financial Corporation for the quarter ended
September 30, 1993, and incorporated herein by reference.
10-AAAA Copy of Receivables Purchase Agreement, made as of June 29, 1993,
among Chrysler Credit Canada Ltd., Chrysler Financial Corporation
and Associated Assets Acquisition Inc., with respect to CARS
1993-2. Filed as Exhibit 10-PPPP to the Quarterly Report on Form
10-Q of Chrysler Financial Corporation for the quarter ended
September 30, 1993, and incorporated herein by reference.
10-BBBB Copy of Pooling and Servicing Agreement, dated as of August 1,
1993, among Auto Receivables Corporation, Chrysler Credit Canada
Ltd., Montreal Trust Company of Canada and Chrysler Financial
Corporation, with respect to CARCO 1993-1. Filed as Exhibit
10-QQQQ to the Quarterly Report on Form 10-Q of Chrysler Financial
Corporation for the quarter ended September 30, 1993, and
incorporated herein by reference.
10-CCCC Copy of Standard Terms and Conditions of Agreement, dated as of
August 1, 1993, among Auto Receivables Corporation, Chrysler
Credit Canada Ltd. and Chrysler Financial Corporation, with
respect to CARCO 1993-1. Filed as Exhibit 10-RRRR to the
Quarterly Report on Form 10-Q of Chrysler Financial Corporation
for the quarter ended September 30, 1993, and incorporated herein
by reference.
10-DDDD Copy of Purchase Agreement, dated as of August 1, 1993, between
Chrysler Credit Canada Ltd., and Auto Receivables Corporation,
with respect to CARCO 1993-1. Filed as Exhibit 10-SSSS to the
Quarterly Report on Form 10-Q of Chrysler Financial Corporation
for the quarter ended September 30, 1993, and incorporated herein
by reference.
10-EEEE Copy of Lease Receivables Purchase Agreement, dated as of December
23, 1992, among Chrysler Systems Leasing Inc., Chrysler Financial
Corporation and Sanwa Business Credit Corporation. Filed as
Exhibit 10-TTTT to the Quarterly Report on Form 10-Q of Chrysler
Financial Corporation for the quarter ended September 30, 1993,
and incorporated herein by reference.
10-FFFF Copy of Lease Receivables Purchase Agreement, dated September 3,
1993, among CXC Incorporated, Chrysler Systems Inc., and Chrysler
Financial Corporation. Filed as Exhibit 10-UUUU to the Quarterly
Report on Form 10-Q of Chrysler Financial Corporation for the
quarter ended September 30, 1993, and incorporated herein by
reference.
10-GGGG Copy of Lease Receivables Purchase Agreement, dated September 22,
1993, among the CIT Group/Equipment Financing, Inc., Chrysler
Systems Inc., and Chrysler Financial Corporation. Filed as
Exhibit 10-VVVV to the Quarterly Report on Form 10-Q of Chrysler
Financial Corporation for the quarter ended September 30, 1993,
and incorporated herein by reference.
10-HHHH Copy of Asset Purchase Agreement, dated as of July 31, 1993,
between Chrysler Rail Transportation Corporation and General
Electric Railcar Leasing Services Corporation. Filed as Exhibit
10-WWWW to the Quarterly Report on Form 10-Q of Chrysler Financial
Corporation for the quarter ended September 30, 1993, and
incorporated herein by reference.
10-IIII Copy of Amended and Restated Loan Agreement, dated as of June 1,
1993, between Chrysler Realty Corporation and Chrysler Credit
Corporation. Filed as Exhibit 10-XXXX to the Quarterly Report on
Form 10-Q of Chrysler Financial Corporation for the quarter ended
September 30, 1993, and incorporated herein by reference.
10-JJJJ Copy of Loan Agreement, dated as of March 31, 1993, between
Manatee Leasing, Inc. and Chrysler Credit Corporation. Filed as
Exhibit 10-YYYY to the Quarterly Report on Form 10-Q of Chrysler
Financial Corporation for the quarter ended September 30, 1993,
and incorporated herein by reference.
10-KKKK Copy of Origination and Servicing Agreement, dated as of June 4,
1993, among Chrysler Leaserve, Inc., General Electric Capital Auto
Lease, Inc., Chrysler Credit Corporation and Chrysler Financial
Corporation. Filed as Exhibit 10-ZZZZ to the Quarterly Report on
Form 10-Q of Chrysler Financial Corporation for the quarter ended
September 30, 1993, and incorporated herein by reference.
10-LLLL Copy of Amended and Restated Trust Agreement, dated as of
September 1, 1993, among Premier Auto Receivables Company,
Chrysler Financial Corporation and Chemical Bank Delaware, as
Trustee, with respect to Premier Auto Trust 1993-5. Filed as
Exhibit 4.1 to the Quarterly Report of Premier Auto Trust 1993-5
on Form 10-Q for the quarter ended September 30, 1993, and
incorporated herein by reference.
10-MMMM Copy of Indenture, dated as of September 1, 1993, between Premier
Auto Trust 1993-5 and Bankers Trust Company, as Indenture Trustee,
with respect to Premier Auto Trust 1993-5. Filed as Exhibit 4.2
to the Quarterly Report of Premier Auto Trust 1993-5 on From 10-Q
for the quarter ended September 30, 1993, and incorporated herein
by reference.
10-NNNN Copy of Asset Purchase Agreement, dated as of October 29, 1993,
between Marine Asset Management Corporation and Trico Marine
Assets, Inc.. Filed as Exhibit 10-CCCCC to the quarterly report
on Form 10-Q of Chrysler Financial Corporation for the quarter
ended September 30, 1993, and incorporated herein by reference.
10-OOOO Copy of Asset Purchase Agreement, dated as of December 3, 1993,
between Chrysler Rail Transportation Corporation and Allied
Railcar Company.
10-PPPP Copy of Secured Loan Purchase Agreement, dated as of December 15,
1993, among Chrysler Credit Canada Ltd., Leaf Trust and Chrysler
Financial Corporation.
10-QQQQ Copy of Series 1993-2 Supplement, dated as of November 1, 1993,
among U.S. Auto Receivables Company, as Seller, Chrysler Credit
Corporation, as Servicer, and Manufacturers Traders and Trust
Company, as Trustee, with respect to CARCO Auto Loan Master
Trust. Filed as Exhibit 3 to the Registration Statement on
Form 8-A of CARCO Auto Loan Master Trust dated December 6, 1993,
and incorporated herein by reference.
12-A Chrysler Financial Corporation and Subsidiaries Computations of
Ratios of Earnings to fixed Charges.
12-B Chrysler Corporation Enterprise as a Whole Computations of Ratios
of Earnings to Fixed Charges.
23 Consent of Deloitte & Touche
24 Powers of attorney pursuant to which the signatures of certain
directors of Chrysler Financial Corporation have been affixed to
this Annual Report on Form 10-K.