Exhibit 99
MONEY MARKET AUTO LOAN TRUST 1990-1
STATEMENT OF ASSETS, LIABILITIES AND EQUITY
(in millions of dollars)
September 30,
--------------------
1995 1994
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(unaudited)
ASSETS
Short-term Investments (Note 2) $ 159.3 $ 109.1
Receivables (Note 4) 479.4 606.4
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TOTAL ASSETS $ 638.7 $ 715.5
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LIABILITIES AND EQUITY
Amounts Held for Future Distribution (Note 2) $ 159.3 $ 109.1
Asset Backed Certificates (Notes 4 and 5) 479.4 606.4
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TOTAL LIABILITIES AND EQUITY $ 638.7 $ 715.5
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<FN>
See Notes to Financial Statements.
MONEY MARKET AUTO LOAN TRUST 1990-1
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
(in millions of dollars)
Nine Months Ended
September 30,
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1995 1994
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(unaudited)
CASH RECEIPTS
Collections of Principal $ 200.0 $ --
Collections of Interest 41.8 $ 33.9
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TOTAL CASH RECEIPTS 241.8 33.9
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CASH DISBURSEMENTS
Distribution of Interest 38.1 29.4
Distribution of Principal 150.0 --
Servicer Fees 3.7 3.7
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TOTAL CASH DISBURSEMENTS 191.8 33.1
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CASH RECEIPTS IN EXCESS OF CASH DISBURSEMENTS 50.0 0.8
SHORT-TERM INVESTMENTS AT BEGINNING OF PERIOD 109.3 108.3
-------- --------
SHORT-TERM INVESTMENTS AT END OF PERIOD $ 159.3 $ 109.1
======== ========
<FN>
See Notes to Financial Statements.
MONEY MARKET AUTO LOAN TRUST 1990-1
NOTES TO FINANCIAL STATEMENTS
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting
The financial statements are prepared on the basis of cash receipts and
disbursements, which is a comprehensive basis of accounting other than
generally accepted accounting principles.
NOTE 2 - SHORT-TERM INVESTMENTS
Chrysler Credit Corporation (the "Servicer"), is required to remit collections
within two business days of receipt to one or more accounts in the name of the
Trustee. On a daily basis, all funds remitted are invested by Money Market
Auto Loan Trust 1990-1 (the "Trust"). The funds remain invested until
distributed.
NOTE 3 - RELATED PARTIES
Chrysler Auto Receivables Company ("CARCO") and the Servicer are wholly-owned
subsidiaries of Chrysler Financial Corporation.
NOTE 4 - SALE OF CERTIFICATES
In October 1990, the Trust acquired wholesale receivables (the "Receivables")
generated from time to time in a portfolio of revolving financing arrangements
with automobile dealers to finance their automobile and light truck inventory,
collections on the Receivables and certain other property from CARCO and
issued Floating Rate Renewable Auto Loan Asset Backed Certificates in exchange
therefor (the "Certificates").
Receivables in excess of investors certificates outstanding at September 30,
1995 and 1994, are represented by Certificates issued to CARCO.
NOTE 5 - PRINCIPAL AND INTEREST PAYMENTS
Interest with respect to the Certificates is payable on the fifteenth day of
each month (or if such day is not a business day, on the next succeeding
business day) (each, a "Distribution Date"), commencing on November 15, 1990.
The per annum rate of interest with respect to the Certificates for each
monthly interest period will be set on the business day immediately preceding
the first day of such interest period and will be the Commercial Paper Rate
(as defined in the related prospectus) plus 0.175% subject to the limitations
described in the related prospectus. Principal is payable on each Certificate
monthly on each Distribution Date commencing on the third Distribution Date
unless the revolving period with respect to such Certificate is automatically
extended. The holder of each Certificate, except those held by CARCO (see Note
4), will have the option to elect not to extend the revolving period with
respect to such Certificate by delivering an election notice during a
specified period in each month. If the
MONEY MARKET AUTO LOAN TRUST 1990-1
NOTES TO FINANCIAL STATEMENTS
NOTE 5 - PRINCIPAL AND INTEREST PAYMENTS (Continued)
Certificateholder does not so elect, the revolving period will be
automatically extended from month to month. The Trust has begun making
principal payments on the Certificates. The first such payment was made on
July 17, 1995. The Certificates will mature on May 15, 1996.
NOTE 6 - FEDERAL INCOME TAXES
The Certificates, in the opinion of outside legal counsel, will not be
characterized as debt of CARCO for federal income tax purposes.
Certificateholders will be subject to income tax on interest earned with
respect to the Certificates.
NOTE 7 - TRUST AMENDMENTS
Beginning on October 26, 1993, CARCO solicited consents of the registered
holders of the Floating Rate Renewable Auto Loan Asset Backed Certificates
(the "Investor Certificates") (the "Investor Certificateholders") at the close
of business on October 22, 1993 (the "Record Date") to the execution and
delivery of two proposed amendments ("Amendment One" and "Amendment Two",
respectively, and, together, the "Amendments") amending the Pooling and
Servicing Agreement dated as of October 1, 1990 among CARCO, as Seller,
Credit, as Servicer, and The Fuji Bank and Trust Company, as Trustee, and
previously amended as of June 29, 1992 (as so amended, the "Agreement").
Amendment One would have added the mechanism of an "Excess Funding Account" to
the Agreement, the effect of which is, generally, to avoid an Early
Amortization Event (as defined in the Agreement) due to a decrease in the
amount of the Receivables in the Trust and therefore avoid the commencement of
the amortization of the Investor Certificates that was not voluntarily elected
by the Investor Certificateholders. Amendment Two would have changed the
method of removing Receivables from the Trust to a method that is
administratively easier.
Approval of an amendment requires the consent (the "Consent") of the holders
of Investor Certificates representing not less than 66 2/3% of the undivided
interest in the Trust represented by the Investor Certificates (the
"Certificateholders' Interest"). As Consents to such Amendments were timely
obtained from the requisite Investor Certificateholders as of the Record Date,
an amendment was entered into putting into effect the Amendments.