1
EXHIBIT 99
DaimlerChrysler Auto Trust 2000-C Structural and Collateral Materials
2
The information contained in the attached materials is referred to as the
"Information".
The attached Term Sheet has been prepared by Chrysler Financial Company
L.L.C. ("CFC"). Neither Deutsche Bank Securities Inc. ("Deutsche Bank") nor any
of its affiliates makes any representation as to the accuracy or completeness of
the Information herein. The Information contained herein is preliminary and will
be superseded by the applicable prospectus supplement and by any other
information subsequently filed with the Securities and Exchange Commission.
The Information contained herein will be superseded by the description of
the collateral pool contained in the prospectus supplement relating to the
securities.
The Information addresses only certain aspects of the applicable
security's characteristics and thus does not provide a complete assessment. As
such, the Information may not reflect the impact of all structural
characteristics of the security. The assumptions underlying the Information,
including structure and collateral, may be modified from time to time to reflect
changed circumstances.
Although a registration statement (including the prospectus) relating to
the securities discussed in this communication has been filed with the
Securities and Exchange Commission and is effective, the final prospectus
supplement relating to the securities discussed in this communication has not
been filed with the Securities and Exchange Commission. This communication shall
not constitute an offer to sell or the solicitation of an offer to buy nor shall
there be any offer or sale of the securities discussed in this communication in
any state in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such state.
Prospective purchasers are referred to the final prospectus and prospectus
supplement relating to the securities discussed in this communication for
definitive Information on any matter discussed in this communication. Any
investment decision should be based only on the data in the prospectus and the
prospectus supplement ("Offering Documents") and the then current version of the
Information. Offering Documents contain data that is current as of their
publication dates and after publication may no longer be complete or current. A
final prospectus and prospectus supplement may be obtained by contacting the
Deutsche Bank Trading Desk at 212-469-7730.
3
COMPUTATIONAL MATERIALS
DAIMLERCHRYSLER AUTO TRUST 2000-C RETAIL AUTO ABS
$1,500,000,000 RETAIL AUTO ASSET-BACKED NOTES
CHRYSLER FINANCIAL COMPANY L.L.C.
SELLER AND SERVICER
$625,000,000 Class A-2 [ ]% Asset-Backed Notes
$475,000,000 Class A-3 [ ]% Asset-Backed Notes
$400,000,000 Class A-4 [ ]% Asset-Backed Notes
COMPUTATIONAL
MATERIALS
Neither the Issuer of the Notes nor any of its affiliates make any
representation as to the accuracy or completeness of the information herein. The
information herein is preliminary, and will be superseded by the applicable
prospectus supplement and by any other information subsequently filed with the
Securities and Exchange Commission. The information addresses only certain
aspects of the applicable security's characteristics and thus does not provide a
complete assessment. As such, the information may not reflect the impact of all
structural characteristics of the security. The assumptions underlying the
information, including structure and collateral, may be modified from time to
time to reflect changed circumstances. The attached term sheet is not intended
to be a prospectus and any investment decision with respect to the Notes should
be made by you based solely upon all of the information contained in the final
prospectus. Under no circumstances shall the information presented constitute an
offer to sell or the solicitation of an offer to buy nor shall there be any sale
of the securities in any jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the securities
laws of such jurisdiction. The securities may not be sold nor may an offer to
buy be accepted prior to the delivery of a final prospectus relating to the
securities. All information described herein is preliminary, limited in nature
and subject to completion or amendment. No representation is made that the above
referenced securities will actually perform as described in any scenario
presented. The Depositors have not prepared, reviewed or participated in the
preparation hereof, are not responsible for the accuracy hereof and have not
authorized the dissemination hereof. A final prospectus and prospectus
supplement may be obtained by contacting the Salomon Smith Barney Syndicate Desk
at (212) 723-6171.
4
The information contained in the attached materials is referred to as the
"Information".
The attached Term Sheet has been prepared by Chrysler Financial Company
L.L.C. ("CFC"). Neither Salomon Smith Barney Inc. ("Salomon") nor any of its
affiliates makes any representation as to the accuracy or completeness of the
Information herein. The Information contained herein is preliminary and will be
superseded by the applicable prospectus supplement and by any other information
subsequently filed with the Securities and Exchange Commission.
The Information contained herein will be superseded by the description of
the collateral pool contained in the prospectus supplement relating to the
securities.
The Information addresses only certain aspects of the applicable
security's characteristics and thus does not provide a complete assessment. As
such, the Information may not reflect the impact of all structural
characteristics of the security. The assumptions underlying the Information,
including structure and collateral, may be modified from time to time to reflect
changed circumstances.
Although a registration statement (including the prospectus) relating to
the securities discussed in this communication has been filed with the
Securities and Exchange Commission and is effective, the final prospectus
supplement relating to the securities discussed in this communication has not
been filed with the Securities and Exchange Commission. This communication shall
not constitute an offer to sell or the solicitation of an offer to buy nor shall
there be any offer or sale of the securities discussed in this communication in
any state in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such state.
Prospective purchasers are referred to the final prospectus and prospectus
supplement relating to the securities discussed in this communication for
definitive Information on any matter discussed in this communication. Any
investment decision should be based only on the data in the prospectus and the
prospectus supplement ("Offering Documents") and the then current version of the
Information. Offering Documents contain data that is current as of their
publication dates and after publication may no longer be complete or current. A
final prospectus and prospectus supplement may be obtained by contacting the
Salomon Smith Barney Syndicate Desk at 212-723-6171.
5
DAIMLERCHRYSLER
The information contained in the attached materials is referred to as the
"Information".
The attached Term Sheet has been prepared by Chrysler Financial Company
L.L.C. ("CFC"). Neither Chase Securities Inc. ("Chase Securities") nor any of
its affiliates makes any representation as to the accuracy or completeness of
the Information herein. The Information contained herein is preliminary and will
be superseded by the applicable prospectus supplement and by any other
information subsequently filed with the Securities and Exchange Commission.
The Information contained herein will be superseded by the description of
the collateral pool contained in the prospectus supplement relating to the
securities.
The Information addresses only certain aspects of the applicable
security's characteristics and thus does not provide a complete assessment. As
such, the Information may not reflect the impact of all structural
characteristics of the security. The assumptions underlying the Information,
including structure and collateral, may be modified from time to time to reflect
changed circumstances.
Although a registration statement (including the prospectus) relating to
the securities discussed in this communication has been filed with the
Securities and Exchange Commission and is effective, the final prospectus
supplement relating to the securities discussed in this communication has not
been filed with the Securities and Exchange Commission. This communication shall
not constitute an offer to sell or the solicitation of an offer to buy nor shall
there be any offer or sale of the securities discussed in this communication in
any state in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such state.
Prospective purchasers are referred to the final prospectus and prospectus
supplement relating to the securities discussed in this communication for
definitive Information on any matter discussed in this communication. Any
investment decision should be based only on the data in the prospectus and the
prospectus supplement ("Offering Documents") and the then current version of the
Information. Offering Documents contain data that is current as of their
publication dates and after publication may no longer be complete or current. A
final prospectus and prospectus supplement may be obtained by contacting the
Chase Securities Trading Desk at 212-834-3720.
CHASE SECURITIES INC.
6
The information contained in the attached materials is referred to as the
"Information".
The attached Term Sheet has been prepared by Chrysler Financial Company
L.L.C. ("CFC"). Neither Credit Suisse First Boston Corporation ("CSFB") nor any
of its affiliates makes any representation as to the accuracy or completeness of
the Information herein. The Information contained herein is preliminary and will
be superseded by the applicable prospectus supplement and by any other
information subsequently filed with the Securities and Exchange Commission.
The Information contained herein will be superseded by the description of
the collateral pool contained in the prospectus supplement relating to the
securities.
The Information addresses only certain aspects of the applicable
security's characteristics and thus does not provide a complete assessment. As
such, the Information may not reflect the impact of all structural
characteristics of the security. The assumptions underlying the Information,
including structure and collateral, may be modified from time to time to reflect
changed circumstances.
Although a registration statement (including the prospectus) relating to
the securities discussed in this communication has been filed with the
Securities and Exchange Commission and is effective, the final prospectus
supplement relating to the securities discussed in this communication has not
been filed with the Securities and Exchange Commission. This communication shall
not constitute an offer to sell or the solicitation of an offer to buy nor shall
there be any offer or sale of the securities discussed in this communication in
any state in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such state.
Prospective purchasers are referred to the final prospectus and prospectus
supplement relating to the securities discussed in this communication for
definitive Information on any matter discussed in this communication. Any
investment decision should be based only on the data in the prospectus and the
prospectus supplement ("Offering Documents") and the then current version of the
Information. Offering Documents contain data that is current as of their
publication dates and after publication may no longer be complete or current. A
final prospectus and prospectus supplement may be obtained by contacting the
CSFB Trading Desk at 212-325-2747.
7
The information contained in the attached materials is referred to as the
"Information".
The attached Term Sheet has been prepared by Chrysler Financial Company
L.L.C. ("CFC"). Neither J.P. Morgan Securities Inc. ("J.P. Morgan") nor any of
its affiliates makes any representation as to the accuracy or completeness of
the Information herein. The Information contained herein is preliminary and will
be superseded by the applicable prospectus supplement and by any other
information subsequently filed with the Securities and Exchange Commission.
The Information contained herein will be superseded by the description of
the collateral pool contained in the prospectus supplement relating to the
securities.
The Information addresses only certain aspects of the applicable
security's characteristics and thus does not provide a complete assessment. As
such, the Information may not reflect the impact of all structural
characteristics of the security. The assumptions underlying the Information,
including structure and collateral, may be modified from time to time to reflect
changed circumstances.
Although a registration statement (including the prospectus) relating to
the securities discussed in this communication has been filed with the
Securities and Exchange Commission and is effective, the final prospectus
supplement relating to the securities discussed in this communication has not
been filed with the Securities and Exchange Commission. This communication shall
not constitute an offer to sell or the solicitation of an offer to buy nor shall
there be any offer or sale of the securities discussed in this communication in
any state in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such state.
Prospective purchasers are referred to the final prospectus and prospectus
supplement relating to the securities discussed in this communication for
definitive Information on any matter discussed in this communication. Any
investment decision should be based only on the data in the prospectus and the
prospectus supplement ("Offering Documents") and the then current version of the
Information. Offering Documents contain data that is current as of their
publication dates and after publication may no longer be complete or current. A
final prospectus and prospectus supplement may be obtained by contacting the
J.P. Morgan Structured Syndicate Desk at 212-648-0113.
Past performance is not indicative of future results. No assurance or
representation can be made as to the actual rate or timing of principal payments
or prepayments on any of the assets backing the securities or the performance
characteristics of the securities. J.P. Morgan and/or its affiliates and
employees may hold a position or act as market maker in the financial
instruments of any issuer discussed herein or act as underwriter, placement
agent, advisor or lender to such issuer. J.P. Morgan Securities Inc. is a member
of SIPC. Copyright 2000 J.P. Morgan & Co. Incorporated. Clients should contact
analysts at and execute transactions through a J.P. Morgan entity in their home
jurisdiction unless governing law permits otherwise.
8
The information contained in the attached materials is referred to as the
"Information".
The attached Term Sheet has been prepared by Chrysler Financial Company
L.L.C. ("CFC"). Neither Morgan Stanley & Co. Incorporated ("Morgan Stanley") nor
any of its affiliates makes any representation as to the accuracy or
completeness of the Information herein. The Information contained herein is
preliminary and will be superseded by the applicable prospectus supplement and
by any other information subsequently filed with the Securities and Exchange
Commission.
The Information contained herein will be superseded by the description of
the collateral pool contained in the prospectus supplement relating to the
securities.
The Information addresses only certain aspects of the applicable
security's characteristics and thus does not provide a complete assessment. As
such, the Information may not reflect the impact of all structural
characteristics of the security. The assumptions underlying the Information,
including structure and collateral, may be modified from time to time to reflect
changed circumstances.
Although a registration statement (including the prospectus) relating to
the securities discussed in this communication has been filed with the
Securities and Exchange Commission and is effective, the final prospectus
supplement relating to the securities discussed in this communication has not
been filed with the Securities and Exchange Commission. This communication shall
not constitute an offer to sell or the solicitation of an offer to buy nor shall
there be any offer or sale of the securities discussed in this communication in
any state in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such state.
Prospective purchasers are referred to the final prospectus and prospectus
supplement relating to the securities discussed in this communication for
definitive Information on any matter discussed in this communication. Any
investment decision should be based only on the data in the prospectus and the
prospectus supplement ("Offering Documents") and the then current version of the
Information. Offering Documents contain data that is current as of their
publication dates and after publication may no longer be complete or current. A
final prospectus and prospectus supplement may be obtained by contacting the
Morgan Stanley Trading Desk at 212-761-2248.
9
DAIMLERCHRYSLER
DAIMLERCHRYSLER AUTO TRUST 2000-C
CHRYSLER FINANCIAL COMPANY L.L.C., Seller and Servicer
SUBJECT TO REVISION
TERM SHEET DATED SEPTEMBER 5, 2000
The trust will issue $1,982,820,000 of securities backed by automobile
and light duty truck receivables purchased directly from Chrysler Financial
Company L.L.C.
TOTAL SECURITIES ISSUED
- --------------------------------------------------------------------------------
FIXED PER ANNUM
SECURITY PRINCIPAL AMOUNT INTEREST RATE LEGAL FINAL
- --------------------------------------------------------------------------------
A-1 Notes(1) $413,422,000.00 % n/a
- --------------------------------------------------------------------------------
A-2 Notes $625,000,000.00 % July 2003
- --------------------------------------------------------------------------------
A-3 Notes $475,000,000.00 % September 2004
- --------------------------------------------------------------------------------
A-4 Notes $400,000,000.00 % November 2005
- --------------------------------------------------------------------------------
Certificates(1) $69,398,000.00 n/a n/a
- --------------------------------------------------------------------------------
(1) Not being offered publicly or in this document. The certificates are
subordinated, bear no interest, and have no maturity date.
INITIAL CREDIT ENHANCEMENT FOR THE NOTES(1)
- ---------------------------------------------------------------------------------------------------
CERTIFICATES(2)
OVERCOLLATERALIZATION (SUBORDINATED) RESERVE FUND TOTAL
- ---------------------------------------------------------------------------------------------------
Amount $94,184,724.28 $69,398,000.00 $4,957,050.00 $168,539,774.28
- ---------------------------------------------------------------------------------------------------
Percentage of Total
Securities 4.75% 3.50% 0.25% 8.50%
- ---------------------------------------------------------------------------------------------------
(1) The expected excess cash flows generated from the difference between
the interest collections on all the receivables and the sum of the
servicing fee, the interest payments on the outstanding securities and
required reserve fund deposits could also provide credit enhancement.
(2) The certificates do not bear interest.
10
TABLE OF CONTENTS
- ---------------------------------------------------------
SECTION PAGE
- ---------------------------------------------------------
- - TRANSACTION ILLUSTRATION 3
- ---------------------------------------------------------
- - PARTIES TO THE TRANSACTION 4
- ---------------------------------------------------------
- - SECURITIES ISSUED 5
- ---------------------------------------------------------
- - RECEIVABLES POOL 5
- ---------------------------------------------------------
- Composition of the
Receivables Pool 6
- ---------------------------------------------------------
- New/Used Distribution 6
- ---------------------------------------------------------
- Distribution by APR 7
- ---------------------------------------------------------
- Geographic Distribution 8
- ---------------------------------------------------------
- Selection Criteria 9
- ---------------------------------------------------------
- - NET CREDIT LOSS AND
DELINQUENCY EXPERIENCE 9
- ---------------------------------------------------------
-CFC Net Credit Loss and
Repossession Experience 10
- ---------------------------------------------------------
- CFC Delinquency Experience 11
- ---------------------------------------------------------
- - PAYMENTS ON THE SECURITIES 11
- ---------------------------------------------------------
- Payment Dates 11
- ---------------------------------------------------------
- Interest Payments 11
- ---------------------------------------------------------
- Principal Payments 12
- ---------------------------------------------------------
- Optional Redemption 13
- ---------------------------------------------------------
- - FLOW OF FUNDS 13
- ---------------------------------------------------------
- Sources of Funds Available
for Distribution 13
- ---------------------------------------------------------
- Application of Available
Funds 14
- ---------------------------------------------------------
- - CREDIT ENHANCEMENT 15
- ---------------------------------------------------------
- Overcollateralization 15
- ---------------------------------------------------------
- Excess Interest Collections 16
- ---------------------------------------------------------
- Reserve Fund 16
- ---------------------------------------------------------
- Subordinated Certificates 17
- ---------------------------------------------------------
- - SERVICING 17
- ---------------------------------------------------------
- Compensation 17
2
11
TRANSACTION ILLUSTRATION
ON OR BEFORE SEPTEMBER 13, 2000
(APPROXIMATE $ THOUSANDS)
---------------------------------
CHRYSLER FINANCIAL COMPANY L.L.C.
[Seller and Servicer]
---------------------------------
- --------------------------------------
DAIMLERCHRYSLER RETAIL RECEIVABLES LLC
[Special Purpose Entity]
- --------------------------------------
$2,077,005 $4,957
receivables reserve
fund
---------------------------
Overcollateralization
$94,185
---------------------------
-----------------
- --------------- ----------------------------------- BANK ONE,
Certificates(1) DAIMLERCHRYSLER AUTO TRUST 2000-C N.A.
$69,398 [Issuer] [Indenture
- --------------- ----------------------------------- Trustee]
-----------------
- ------------------- -------------
CHASE MANHATTAN -------------- A-2 Notes
BANK USA, NATIONAL A-1 Notes(1) $625,000
ASSOCIATION $413,422
[Owner Trustee] -------------- A-3 Notes
- ------------------- $475,000
A-4 Notes
$400,000
-------------
(1) Not being offered publicly or in this document. The certificates are
subordinated.
3
12
PARTIES TO THE TRANSACTION
ENTITY DESCRIPTION
DaimlerChrysler Auto - Issuer of the securities
Trust 2000-C - A Delaware business trust
- Principal office is in Wilmington, Delaware
- ---------------------------------------------------------------------------------------------------------------
Chrysler Financial Company - Seller of the receivables to the trust
L.L.C. ("CFC") - Servicer of the receivables
- An indirect wholly-owned subsidiary of
DaimlerChrysler AG
- A Michigan limited liability company
- Originator of CFC receivables
- ---------------------------------------------------------------------------------------------------------------
Bank One, N.A.(1) - Indenture trustee
- Performs duties for the benefit of the noteholders
- ---------------------------------------------------------------------------------------------------------------
Chase Manhattan - Owner trustee
Bank USA, National
Association.(1) - Performs duties on behalf of the trust and
certificateholders
- ---------------------------------------------------------------------------------------------------------------
DaimlerChrysler Retail - A special-purpose financing entity
Receivables LLC - A Michigan limited liability company, formerly named Premier
Receivables L.L.C.
- An indirect wholly-owned subsidiary of CFC
- Initial holder of the subordinated certificates
- Initial owner of rights to overcollateralization
distributions and residual cash flows
- ---------------------------------------------------------------------------------------------------------------
(1) The seller and its affiliates may maintain normal commercial banking
relations with the indenture trustee, the owner trustee and their
affiliates.
4
13
SECURITIES ISSUED
The trust will issue $1,982,820,000 of securities, comprised of both notes and
certificates.
TOTAL SECURITIES ISSUED
- ----------------------------------------------------------------------------------
FIXED PER ANNUM
SECURITY PRINCIPAL AMOUNT INTEREST RATE LEGAL FINAL
- ----------------------------------------------------------------------------------
A-1 Notes(1) $413,422,000 % n/a
- ----------------------------------------------------------------------------------
A-2 Notes $625,000,000 % July 2003
- ----------------------------------------------------------------------------------
A-3 Notes $475,000,000 % September 2004
- ----------------------------------------------------------------------------------
A-4 Notes $400,000,000 % November 2005
- ----------------------------------------------------------------------------------
Certificates(1) $69,398,000 n/a n/a
- ----------------------------------------------------------------------------------
(1) Not being offered publicly or in this document. The certificates are
subordinated, bear no interest, and have no maturity date.
Other points to consider include:
- the outstanding principal of each class of notes is due by its
maturity date (each a "LEGAL FINAL"),
- the offered securities will be issued on or about September
13, 2000 in book-entry form through the facilities of the
Depository Trust Company, Clearstream and the Euroclear
System, and
- by September 13, 2000, two nationally recognized rating
agencies will rate the offered securities in the highest
investment rating category.
RECEIVABLES POOL
On September 13, 2000, the trust will use the proceeds from the issuance of
the securities to purchase a pool of automobile and light duty truck receivables
from the seller. Collections on this pool of receivables will be the trust's
principal source of funds for making payments on the securities. The following
information about the receivables is as of August 28, 2000 (the "CUT-OFF DATE").
5
14
The receivables pool had the following characteristics:
COMPOSITION OF THE RECEIVABLES POOL
AS OF AUGUST 28, 2000
Aggregate Principal Balance $2,077,004,724.28
- -----------------------------------------------------------------
Number of Receivables 137,913
- -----------------------------------------------------------------
Average Principal Balance $15,060.25
- -----------------------------------------------------------------
Weighted Average APR 8.75%
- -----------------------------------------------------------------
Weighted Average Original Term 60.08 months
- -----------------------------------------------------------------
Weighted Average Remaining Term 54.71 months
- -----------------------------------------------------------------
As a Percentage of the Aggregate
Principal Balance:
- -----------------------------------------------------------------
Receivables with Recourse to Dealers 1.37%
- -----------------------------------------------------------------
The receivables pool had the following new vehicle/used vehicle distribution:
NEW/USED DISTRIBUTION OF THE RECEIVABLES POOL
AS OF AUGUST 28, 2000
NEW USED
Aggregate Principal Balance $1,684,862,665.17 $392,142,059.11
- ---------------------------------------------------------------------------------------
Percentage of Aggregate Principal Balance 81.12% 18.88%
- ---------------------------------------------------------------------------------------
Number of Receivables 103,831 34,082
- ---------------------------------------------------------------------------------------
Percentage of Receivables 75.29% 24.71%
- ---------------------------------------------------------------------------------------
6
15
The receivables pool had the following distribution by APR:
DISTRIBUTION BY APR OF THE RECEIVABLES POOL
AS OF AUGUST 28, 2000
- --------------------------------------------------------------------------------
NUMBER OF AGGREGATE PERCENT OF AGGREGATE
APR RANGE RECEIVABLES PRINCIPAL BALANCE PRINCIPAL BALANCE(1)
- --------------------------------------------------------------------------------
0.00% to 5.00% 25,413 $456,504,215.39 22.0%
- --------------------------------------------------------------------------------
5.01% to 6.00% 1,906 43,104,249.88 2.1%
- --------------------------------------------------------------------------------
6.01% to 7.00% 4,466 87,011,042.37 4.2%
- --------------------------------------------------------------------------------
7.01% to 8.00% 7,833 92,076,222.14 4.4%
- --------------------------------------------------------------------------------
8.01% to 9.00% 20,256 285,703,516.66 13.8%
- --------------------------------------------------------------------------------
9.01% to 10.00% 20,546 299,640,275.84 14.4%
- --------------------------------------------------------------------------------
10.01% to 11.00% 16,062 245,189,838.73 11.8%
- --------------------------------------------------------------------------------
11.01% to 12.00% 12,350 182,712,006.80 8.8%
- --------------------------------------------------------------------------------
12.01% to 13.00% 9,557 136,105,877.17 6.6%
- --------------------------------------------------------------------------------
13.01% to 14.00% 6,028 83,746,570.28 4.0%
- --------------------------------------------------------------------------------
14.01% to 15.00% 3,788 49,606,722.36 2.4%
- --------------------------------------------------------------------------------
15.01% to 16.00% 2,540 31,880,201.82 1.5%
- --------------------------------------------------------------------------------
16.01% to 17.00% 2,083 25,085,091.04 1.2%
- --------------------------------------------------------------------------------
17.01% to 18.00% 2,593 30,614,228.34 1.5%
- --------------------------------------------------------------------------------
18.01% to 19.00% 710 8,373,790.31 0.4%
- --------------------------------------------------------------------------------
19.01% to 20.00% 1,741 19,186,094.49 0.9%
- --------------------------------------------------------------------------------
Greater than 20.00% 41 464,780.66 0.0%
- --------------------------------------------------------------------------------
Totals 137,913 $2,077,004,724.28 100.0%
- --------------------------------------------------------------------------------
(1) Percentages may not add to 100.0% because of rounding.
7
16
The following table lists the ten states with the largest percentage
concentration of the aggregate principal balance of the receivables pool based
on the physical address of the dealer originating the receivable. No other state
accounts for more than 2.7% of the aggregate principal balance of the
receivables pool as of August 28, 2000.
GEOGRAPHIC DISTRIBUTION OF THE RECEIVABLES POOL
AS OF AUGUST 28, 2000
- --------------------------------------------------------------------------------
PERCENTAGE OF AGGREGATE
STATE PRINCIPAL BALANCE (1)
- --------------------------------------------------------------------------------
New York 8.8%
- --------------------------------------------------------------------------------
Pennsylvania 7.9%
- --------------------------------------------------------------------------------
Texas 7.8%
- --------------------------------------------------------------------------------
Illinois 6.2%
- --------------------------------------------------------------------------------
California 6.0%
- --------------------------------------------------------------------------------
Massachusetts 4.8%
- --------------------------------------------------------------------------------
New Jersey 3.8%
- --------------------------------------------------------------------------------
Florida 3.6%
- --------------------------------------------------------------------------------
Georgia 3.0%
- --------------------------------------------------------------------------------
Maryland 2.8%
- --------------------------------------------------------------------------------
All Other 45.3%
- --------------------------------------------------------------------------------
Total 100.0%
- --------------------------------------------------------------------------------
(1) Percentages may not add to 100.0% because of rounding.
8
17
SELECTION CRITERIA
We used the following criteria to select the receivables pool:
- Each receivable was originally purchased by the seller from
dealers in the ordinary course of its business.
- Interest on each receivable is computed using the simple
interest method.
- As of August 28, 2000:
- no receivable was more than 30 days past due (an
account is not considered past due if the amount past
due is less than 10% of the scheduled monthly
payment);
- no receivable was the subject of a bankruptcy
proceeding;
- each receivable had a principal balance of at least
$300.00; and
- each receivable had a scheduled
maturity on or before August 31, 2006.
The seller believes its selection procedures are not adverse to securityholders.
NET CREDIT LOSS AND DELINQUENCY EXPERIENCE
Net credit loss experience is dependent upon general economic conditions,
the number of repossessions, the amount of principal and accrued interest
outstanding on the receivable at the time of repossession, and the resale values
of the repossessed vehicles.
The following tables detail the net credit loss, repossession and
delinquency experience of CFC's United States portfolio of new and used
automobile and light duty truck retail receivables. The information includes:
- an immaterial amount of retail receivables secured by vehicles
other than automobiles and light duty trucks, and
- previously sold contracts which CFC continues to service.
Unless otherwise indicated, all amounts and percentages are based on
estimated gross collections, including principal and interest.
We cannot assure you that the delinquency, repossession and net credit
loss experience on the receivables sold to the trust will be comparable to the
following historical experience.
9
18
CFC NET CREDIT LOSS AND REPOSSESSION EXPERIENCE
SIX-MONTHS
ENDED JUNE 30, YEAR ENDED DECEMBER 31,
2000 1999 1999 1998 1997 1996
Average Portfolio Outstanding
During the Period ($ Millions) $29,096 $25,428 $26,191 $23,581 $21,485 $21,062
- ------------------------------------------------------------------------------------------------------------------------------------
Average Number of Contracts
Outstanding During the Period 1,948,332 1,807,110 1,835,534 1,747,846 1,688,525 1,671,405
- ------------------------------------------------------------------------------------------------------------------------------------
Repossessions as a Percentage of
Average Number of Contracts
Outstanding (3) 1.83% 2.18% 2.16% 2.77% 3.40% 3.82%
- ------------------------------------------------------------------------------------------------------------------------------------
Net Credit Losses as a Percentage
of Liquidations (1) (2) 1.74% 1.93% 1.91% 2.77% 3.36% 3.17%
- ------------------------------------------------------------------------------------------------------------------------------------
Net Credit Losses as a Percentage
of Average Amount
Outstanding (1) (3) 0.77% 0.98% 0.98% 1.39% 1.80% 1.68%
- ------------------------------------------------------------------------------------------------------------------------------------
(1) Net credit losses are equal to the aggregate of the balances of all
receivables which are determined to be uncollectible in the period,
less any amounts realized from the sale of repossessed vehicles and any
recoveries on receivables charged off in the current or prior periods,
net of any disposition expenses and any dealer commissions which CFC
failed to recover on receivables that were prepaid or charged off.
(2) Liquidations represent monthly cash payments and charge-offs which
reduce the outstanding balance of a receivable.
(3) Percentages have been annualized for the six months ended June 30, 2000
and 1999 and are not necessarily indicative of the experience for the
entire year.
10
19
CFC DELINQUENCY EXPERIENCE
AT JUNE 30, AT DECEMBER 31,
2000 1999 1999 1998 1997 1996
Portfolio ($ Millions) $30,422 $26,209 $27,255 $24,854 $21,879 $21,197
- ------------------------------------------------------------------------------------------------------------------------------------
Delinquencies as a
Percentage of the Portfolio
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31 - 60 Days 1.26% 1.59% 1.78% 2.27% 3.24% 3.98%
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61 Days or More 0.12% 0.15% 0.17% 0.20% 0.46% 0.55%
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Total 1.38% 1.74% 1.95% 2.47% 3.70% 4.53%
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PAYMENTS ON THE SECURITIES
PAYMENT DATES
- Interest and principal will be payable on the 6th of each
month. If the 6th is not a business day, then interest and
principal will be payable on the next business day.
- The first payment will be on October 6, 2000.
- Payments will be payable to securityholders of record on the
business day before the payment date.
INTEREST PAYMENTS
- The first interest payment will be calculated on the original
principal amount of each class of notes at the applicable per
annum interest rate.
- Subsequent interest payments will be calculated on the
outstanding principal balance of each note class as of the
prior payment date (after giving effect to any payment of
principal on that date) at the applicable per annum interest
rate.
- To calculate interest due on the A-1 notes on a payment date,
the per annum interest rates will be converted from an annual
rate as follows:
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DAYS IN INITIAL INTEREST DAYS IN SUBSEQUENT DAY COUNT
ACCRUAL PERIOD INTEREST ACCRUAL PERIODS CONVENTION
FROM TO
(INCLUDING) (EXCLUDING)
- --------------------------------------------------------------------------------
Prior Current
23 days payment payment actual/360
date date
- --------------------------------------------------------------------------------
- - To calculate the interest due on the A-2, A-3 and A-4 notes on a
payment date, the per annum interest rates will be converted from an
annual rate as follows:
DAYS IN INITIAL INTEREST FOR SUBSEQUENT INTEREST DAY COUNT
ACCRUAL PERIOD ACCRUAL PERIODS CONVENTION
- --------------------------------------------------------------------------------
1/12th of per annum
23 days interest rate 30/360
- --------------------------------------------------------------------------------
- - Interest payments on all classes of notes will have the same priority.
If the available amount for interest payments, including the balance in
the reserve fund, is less than the amount due, each class of notes will
receive their pro rata share.
Refer to the "Flow of Funds" section for information on how the amount
available for interest payments is determined. Also refer to the "Credit
Enhancement - Reserve Fund" section for information on how the reserve fund may
be used to make interest payments.
PRINCIPAL PAYMENTS
- The amount of principal payments on the securities on each payment
date will generally equal the amount of principal that was collected
on the receivables during the prior calendar month plus Excess
Interest Collections.
- Principal of each class of notes will generally be repaid over a
span of several consecutive months.
- The trust will pay principal sequentially to the earliest maturing
class of notes then outstanding until such class is paid in full.
- The certificates will not receive any principal payments until all
notes are paid in full.
- The trust is required to pay the outstanding principal of each class
of notes by the applicable Legal Final.
- The final principal payment on any class of notes could occur
significantly earlier than its Legal Final.
- The rate of principal payment on the notes will increase to the
extent Excess Interest Collections are applied to pay note
principal.
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Refer to the "Flow of Funds" section for information on how the amount
available for principal payments is determined. Refer to the "Credit
Enhancement" section for information on Excess Interest Collections.
OPTIONAL REDEMPTION
The servicer will have the option to purchase all of the remaining
receivables from the trust when their aggregate principal balance declines to an
amount that is less than or equal to 10% of the initial aggregate principal
balance of the receivables, or $207,700,472 or less. If the servicer decides to
exercise this option, then the outstanding principal amounts of the A-4 notes
and the certificates, together with any accrued and unpaid interest, will be
repaid in a lump sum payment. The lump sum payment under this optional
redemption will shorten the maturity of the A-4 notes and certificates.
FLOW OF FUNDS
SOURCES OF FUNDS AVAILABLE FOR DISTRIBUTION
Funds from the following sources may be available to make payments on the
securities on each payment date:
- collections received on the receivables during the prior
calendar month,
- net recoveries received during the prior calendar month on
receivables that were charged off as losses in prior months,
- investment earnings on the reserve fund received during the
prior calendar month,
- administrative and/or warranty repurchases, and
- the reserve fund.
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APPLICATION OF AVAILABLE FUNDS
On each monthly payment date the total funds available (except for the
reserve fund) will be distributed in the following order of priority:
MONTHLY FLOW OF FUNDS
pay servicing fee
pay accrued interest on the notes
replenish reserve fund,
if necessary, up to the initial amount
pay up to the outstanding principal
amount of the A-1 notes
pay the overcollateralization
distribution amount, if any, to
DaimlerChrysler Retail Receivables LLC
pay up to the outstanding principal
amount of the A-2 notes
pay up to the outstanding principal
amount of the A-3 notes
pay up to the outstanding principal
amount of the A-4 notes
pay up to the outstanding principal
amount of the certificates
distribute remaining balance, if any, to
DaimlerChrysler Retail Receivables LLC
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CREDIT ENHANCEMENT
The following forms of credit enhancement are intended to enhance the
likelihood of full payment of principal and interest due to the noteholders and
to decrease the likelihood that the noteholders will experience losses of
principal or interest on their notes.
OVERCOLLATERALIZATION
Overcollateralization is represented by the principal balance of
receivables in excess of the principal balance of the securities. The initial
overcollateralization amount of $94,184,724.28 is equal to the initial
receivables balance of $2,077,004,724.28 minus the initial principal amount of
the securities of $1,982,820,000.00. This excess collateral is intended to
protect noteholders from losses on the receivables.
Overcollateralization Distribution Amounts
The Trust will attempt to maintain an overcollateralization amount (i.e.,
the amount by which the principal balance of the receivables exceeds the
principal balance of the securities) at least equal to 5.25% of the principal
balance of the receivables as of the prior calendar month end. Once the Class
A-1 Notes are paid in full, total funds available (except funds in the reserve
fund) after paying the servicing fee, accrued and unpaid interest on the notes
and any reserve fund deposit will be applied (i) to the payment of principal of
the securities and (ii) to pay the overcollateralization distribution amount to
DaimlerChrysler Retail Receivables LLC. As illustrated in the "Application of
Available Funds" section, the trust may begin making payments of the
overcollateralization distribution amount to DaimlerChrysler Retail Receivables
LLC on the same payment date on which the A-1 notes are paid in full. No
overcollateralization distribution will be made in any month in which the
balance of the reserve fund is below $4,957,050.00. The overcollateralization
distribution amount to be distributed on each payment date will be the greater
of:
(i) $0.00
or
(ii) the lesser of (a) D - [S - (P x 94.75%)] or (b) D minus the A-1 notes
balance immediately prior to the current payment date
where:
accrued
total funds available servicing interest reserve
D = for distribution (except minus fee + on the + fund deposit
for the reserve fund) notes
S = the outstanding principal amount of the securities as of the prior
payment date, after giving effect to payments made on that date
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P = the outstanding principal balance of the receivables as of the prior
calendar month end.
EXCESS INTEREST COLLECTIONS
"EXCESS INTEREST COLLECTIONS" are equal to (A) the sum of (i) interest
collections received on the receivables during the prior calendar month and (ii)
investment earnings on the reserve fund received during the prior calendar month
minus (B) the sum of (i) the servicing fee for the prior calendar month, (ii)
accrued interest on the notes, and (iii) the amount, if any, required to
replenish the reserve fund to $4,957,050.00.
Excess Interest Collections provide an additional form of credit
enhancement since they will be applied to the payment of principal of the
securities as described above under the "Overcollateralization" section.
If credit losses on receivables and delinquent receivables decrease the
amount of interest collections received on the receivables in a month, Excess
Interest Collections will be reduced or eliminated for such month.
RESERVE FUND
- On September 13, 2000, the seller will provide funds from the
proceeds of its sale of receivables to establish a
$4,957,050.00 reserve fund.
- The indenture trustee will hold the reserve fund for the
benefit of the noteholders.
- The reserve fund will be invested in high quality, short term
investments which mature on or prior to each monthly payment
date.
- If the total funds available for distribution minus the
servicing fee is less than accrued interest on the notes, the
reserve fund will be available to make interest payments.
- If a class of notes has not been paid in full on its Legal
Final, the reserve fund will be applied to the payment of
principal for that class of notes.
- If the aggregate outstanding principal amount of the notes
exceeds the outstanding principal balance of the receivables
as of the prior calendar month end, the reserve fund will be
applied to the payment of principal of the notes.
- As illustrated in the "Flow of Funds" section above, on each
payment date the reserve fund will be reinstated up to the
initial balance to the extent funds are available.
- After full payment of all accrued interest on the notes and
the outstanding principal balance of the securities, the
reserve fund will be distributed to DaimlerChrysler Retail
Receivables LLC.
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SUBORDINATED CERTIFICATES
As additional credit enhancement, the certificates do not bear interest
and will not receive any principal payments until the notes are paid in full.
The payments on the certificates are subordinated to payments on the notes to
decrease the likelihood that the trust will default in making payments due on
the notes.
SERVICING
COMPENSATION
- The servicer will be compensated on a monthly basis.
- The first servicing fee will be calculated on the original
principal amount of the receivables at 1/12th of 1% per
month.
- For the first servicing fee calculation, the per annum
servicing fee rate will be converted from an annual rate using
the number of days from August 28th to September 30, 2000 on
a 30/360 basis, or 32 days over 360.
- Subsequent servicing fees will be calculated on the principal
balance of the receivables as of the first day of the prior
calendar month at 1/12th of 1%.
- As illustrated in the "Flow of Funds" section above, the
servicing fee will be paid out of the total funds available
for distribution each month.
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