SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934.
For the quarterly period ended September 30, 2002
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OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE ACT OF 1934.
For the transition period from to .
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Commission file number 000-19452
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CARCO AUTO LOAN MASTER TRUST
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(Exact name of registrant as specified in its charter)
State of New York Not Applicable
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(State or other jurisdiction of incorporation (I. R. S. Employer
or organization) Identification No.)
27777 Inkster Road, Farmington Hills, Michigan 48334
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (248) 427-2565
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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.
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PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
The interim financial data presented herein are unaudited, but, in the opinion
of management, reflect all adjustments necessary for a fair presentation of such
information (see Note 1). Results for interim periods should not be considered
indicative of results for a full year.
2
ITEM 1. FINANCIAL STATEMENTS - CONTINUED
CARCO AUTO LOAN MASTER TRUST
STATEMENTS OF ASSETS, LIABILITIES AND EQUITY
ARISING FROM CASH TRANSACTIONS
(in millions of dollars)
September 30,
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2002 2001
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ASSETS
Cash and Cash Equivalents (Note 2) $ 34.4 $ 51.6
Receivables (Note 4) 9,445.0 8,686.0
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TOTAL ASSETS $ 9,479.4 $ 8,737.6
========== ==========
LIABILITIES AND EQUITY
Amounts Held for Future Distribution (Note 2) $ 34.4 $ 51.6
Asset Backed Certificates (Notes 3 and 4) 9,445.0 8,686.0
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TOTAL LIABILITIES AND EQUITY $ 9,479.4 $ 8,737.6
========== ==========
See Notes to Financial Statements
3
ITEM 1. FINANCIAL STATEMENTS - CONTINUED
CARCO AUTO LOAN MASTER TRUST
STATEMENTS OF CASH RECEIPTS AND DISBURSEMENTS
(in millions of dollars)
NINE MONTHS ENDED SEPTEMBER 30
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2002 2001
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CASH RECEIPTS
Collections of Interest $ 413.2 $ 675.0
Proceeds from Sales of Investor Certificates 2,000.0 -
Collections of Principal 2,350.0 1,112.4
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TOTAL CASH RECEIPTS 4,763.2 1,787.4
CASH DISBURSEMENTS
Purchases of Certificates held by DCWR 2,000.0 -
Distributions of Principal 2,350.0 1,112.4
Distributions of Interest 125.1 293.4
Distributions of Residual Cash Flows to Servicer 236.6 326.3
Distributions of Amounts from Subordinated Accounts 20.4 1.1
Distributions of Servicer Fees 52.3 55.3
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TOTAL CASH DISBURSEMENTS 4,784.4 1,788.5
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CASH DISBURSEMENTS IN EXCESS OF CASH RECEIPTS (21.2) (1.1)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 55.6 52.7
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CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 34.4 $ 51.6
========== ==========
See Notes to Financial Statements
4
ITEM 1. FINANCIAL STATEMENTS - CONTINUED
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING
The financial statements of the Carco Auto Loan Master Trust ("CARCO" or the
"Trust") are prepared on the basis of cash receipts and disbursements, which is
a comprehensive basis of accounting other than the accounting principles
generally accepted in the United States of America. The primary difference from
the accrual basis to this basis is that the financial statements do not record
accrued interest receivable on the Receivables, or accrued interest payable on
the Certificates from the most recent Distribution Date to the balance sheet
date.
FEDERAL INCOME TAXES
The Certificates, in the opinion of outside legal counsel, will not be
characterized as debt of the Trust for federal income tax purposes.
Certificateholders will be subject to income tax on interest earned with respect
to the Certificates.
NOTE 2 - CASH AND CASH EQUIVALENTS
Short-term instruments with a maturity of less than 30 days when purchased are
considered to be cash equivalents. The Trust received certain cash deposits from
DaimlerChrysler Services North America LLC ("LLC") which are held as liquidity
and credit enhancement reserves and invested in short-term instruments. Under
the Amended and Restated Pooling and Servicing Agreement, the servicer is
required to convey principal and interest collections to the Trust on a monthly
basis except when commingling conditions cease to be met under the Amended and
Restated Pooling and Servicing Agreement.
NOTE 3 - RELATED PARTIES
An Amended and Restated Pooling and Servicing Agreement dated as of December 5,
2001 (the "P&S Agreement"), was entered into among DaimlerChrysler Wholesale
Receivables LLC (as successor to CARCO) ("DCWR"), DaimlerChrysler Services North
America LLC (as successor to CCC) ("LLC") and the Bank of New York, as successor
Trustee.
On May 31, 2000, DCWR replaced U.S. Auto Receivables Company ("USA") as seller
under the Trust. Chrysler Auto Receivables Company became a member of DCWR with
a 1% membership interest in DCWR, and USA merged in to Chrysler Financial
Receivables Corporation ("CFRC") with CFRC being the surviving corporation
resulting in CFRC having a 99% membership interest in DCWR. Chrysler Auto
Receivables Company and CFRC are both wholly owned subsidiaries of LLC.
5
ITEM 1. FINANCIAL STATEMENTS - CONTINUED
NOTE 4 - SALES OF CERTIFICATES
The following Certificates were issued by the Trust evidencing undivided
interests in certain assets of the Trust:
ISSUE PRINCIPAL AMOUNT
DATE SERIES DESCRIPTION (IN MILLIONS)
- ------ ------------------ ----------------
8/91 7 7/8% Auto Loan Asset Backed Certificates, Series 1991-3 $ 750.0 (1)
10/91 Floating Rate Auto Loan Asset Backed Certificates, Series 1991-4 $ 500.0 (1)
12/91 Money Market Auto Loan Asset Backed Certificates, Series A $ 300.0 (1)
3/92 Money Market Auto Loan Asset Backed Certificates, Series B $ 350.0 (1)
5/92 Money Market Auto Loan Asset Backed Certificates, Series C $ 150.0 (1)
7/92 Floating Rate Auto Loan Asset Backed Certificates, Series 1992-1 $ 400.0 (1)
10/92 Floating Rate Auto Loan Asset Backed Certificates, Series 1992-2 $ 400.0 (1)
2/93 Floating Rate Auto Loan Asset Backed Certificates, Series 1993-1 $ 250.0 (1)
11/93 Floating Rate Auto Loan Asset Backed Certificates, Series 1993-2 $ 500.0 (1)
10/94 Floating Rate Auto Loan Asset Backed Certificates, Series 1994-1 $ 500.0 (1)
12/94 7 7/8% Auto Loan Asset Backed Certificates, Series 1994-2 $ 500.0 (1)
12/94 8 1/8% Auto Loan Asset Backed Certificates, Series 1994-3 $ 350.0 (1)
1/95 Floating Rate Auto Loan Asset Backed Certificates, Series 1995-1 $ 600.0 (1)
3/95 Floating Rate Auto Loan Asset Backed Certificates, Series 1995-2 $ 600.0 (1)
5/95 Floating Rate Auto Loan Asset Backed Certificates, Series 1995-3 $ 500.0 (1)
5/95 Floating Rate Auto Loan Asset Backed Certificates, Series 1995-4 $ 500.0 (1)
5/95 Floating Rate Auto Loan Asset Backed Certificates, Series 1995-4A $ 500.0 (1)
12/95 Floating Rate Auto Loan Asset Backed Certificates, Series 1995-5 $ 250.0 (1)
11/96 Floating Rate Auto Loan Asset Backed Certificates, Series 1996-1 $ 500.0
12/96 Floating Rate Auto Loan Asset Backed Certificates, Series 1996-2 $ 500.0 (1)
8/97 6.689% Auto Loan Asset Backed Certificates, Series 1997-1 $ 700.0 (1)
7/98 Floating Rate Auto Loan Asset Backed Certificates, Series 1998-1
Class A-1 Certificates $ 500.0 (1)
Class A-2 Certificates $ 500.0
6
ITEM 1. FINANCIAL STATEMENTS - CONTINUED
NOTE 4 - SALES OF CERTIFICATES (CONTINUED)
ISSUE PRINCIPAL AMOUNT
DATE SERIES DESCRIPTION (IN MILLIONS)
- ---- ------------------ ----------------
3/99 Fixed Rate Auto Loan Asset Backed Certificates, Series 1999-1
5.65% Class A-1 Certificates $ 400.0 (1)
5.78% Class A-2 Certificates $ 600.0 (1)
5/99 Floating Rate Auto Loan Asset Backed Certificates, Series 1999-2
Class A-1 Certificates $ 750.0 (1)
Class A-2 Certificates $ 600.0
7/99 Floating Rate Auto Loan Asset Backed Certificates, Series 1999-3 $ 1,000.0 (1)
11/99 6.43% Auto Loan Asset Backed Certificates, Series 1999-4 $ 500.0
4/00 Floating Rate Auto Loan Asset Backed Certificates, Series 2000-A $ 750.0
10/00 Floating Rate Auto Loan Asset Backed Certificates, Series 2000-B $ 501.0
12/00 Floating Rate Auto Loan Asset Backed Certificates, Series 2000-C $ 500.0
12/01 Floating Rate Auto Loan Asset Backed Certificates, Series 2001-A $ 1,000.0
06/02 Floating Rate Auto Loan Asset Backed Certificates, Series 2002-CC $ 2,201.0 (2)
(1) Series matured prior to September 30, 2002.
(2) The 2002-CC certificate is an investor certificate issued by CARCO to the
DaimlerChrysler Master Owner Trust ("DCMOT"), and represents an allocable
interest in a pool of receivables arising from revolving floorplan
financing agreements of selected motor vehicle dealers. This certificate
represents the primary source of funds to make payments on notes issued by
DCMOT.
Receivables in excess of total investor's certificates outstanding at September
30, 2002 and 2001 are represented by Certificates held by DCWR. The balance of
Asset Backed Certificates consists of Auto Dealer Loan Asset Backed
Certificates, Sellers Subordinated Interest, and Excess Interest Due Seller.
These balances were $7.0 billion, $1.2 billion, and $1.4 billion as of September
30, 2002 and $6.8 billion, $1.2 billion, and $.7 billion as of September 30,
2001, respectively.
7
ITEM 1. FINANCIAL STATEMENTS - CONTINUED
NOTE 4 - SALES OF CERTIFICATES - CONTINUED
SERIES INTEREST RATE INTEREST PAYMENTS PRINCIPAL PAYMENTS (1) MATURITY DATE (2)
- ------ ------------- ----------------- ---------------------- -----------------
91-3 7 7/8% Semi-Annually 8/1996 Matured
92-2 LIBOR + 0.35% Monthly 10/1997 Matured
93-1 LIBOR + 0.28% Monthly 2/1998 Matured
93-2 A-1 Comm Paper + 0.075% Monthly 11/1997 & 1998 Matured
A-2 LIBOR + 0.26% Monthly 11/1998 Matured
94-1 LIBOR + 0.18% Monthly 10/1999 Matured
94-2 7 7/8 % Semi-Annually 8/1997 Matured
94-3 8 1/8% Annually 11/1997 Matured
95-1 LIBOR + 0.16% Monthly 7/1998 Matured
95-2 LIBOR + 0.13% Monthly 3/2000 Matured
95-3 Fed Funds + 0.25% Monthly 6/1998 Matured
95-4 Fed Funds + 0.26% Monthly 5/1998 Matured
95-4A Fed Funds + 0.26% Monthly 7/1998 Matured
95-5 Comm Paper + 0.1875% Monthly 2/2000 Matured
96-1 LIBOR + 0.135% Monthly ---- 11/2003
96-2 LIBOR + 0.05% Monthly 12/2001 Matured
97-1 6.689% Monthly 9/2001 Matured
98-1 A-1 LIBOR + 0.04% Monthly 6/2001 Matured
98-1 A-2 LIBOR + 0.08% Monthly ----- 6/2003
99-1 A-1 5.65% Monthly 3/2001 Matured
99-1 A-2 5.78% Monthly 3/2002 Matured
99-2 A-1 LIBOR + 0.07% Monthly 5/2002 Matured
99-2 A-2 LIBOR + 0.13% Monthly ---- 5/2004
99-3 LIBOR + 0.12% Monthly 7/2002 Matured
99-4 6.43% Monthly ---- 11/2002
00-A LIBOR + 0.10% Monthly ---- 3/2003
00-B LIBOR + 0.08% Monthly ---- 10/2003
00-C LIBOR + 0.07% Monthly ---- 11/2003
01-A LIBOR + 0.065% Monthly ---- 11/2004
02-CC (3) Monthly (3) 5/2005
(1) The dates listed are the Distribution Dates on which the principal of the
Certificates were paid.
(2) The dates listed are the Distribution Dates on which the principal of the
Certificates is expected to be paid; however, the principal of the
Certificates may be paid earlier under certain circumstances described in
the prospectus.
(3) Interest collections, principal collections, charge-offs and miscellaneous
payments are allocated to the 2002-CC certificate pro-rata on the basis of
the 2002-CC allocation percentage. The entire portion of collections
allocated to the 2002-CC certificate is passed through to DCMOT as sole
owner of these certificates.
8
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATION
The following Certificates were issued by the Trust evidencing undivided
interests in certain assets of the Trust:
ISSUE DATE SERIES DESCRIPTION
MATURITY DATE PRINCIPAL AMOUNT
- ------------- ----------------
October 1992 Floating Rate Auto Loan Asset Backed Certificates, Series 1992-2
October 1997 $400 million
February 1993 Floating Rate Auto Loan Asset Backed Certificates, Series 1993-1
February 1998 $250 million
November 1993 Floating Rate Auto Loan Asset Backed Certificates, Series 1993-2
November 1998 $388.5 million
November 1993 Floating Rate Auto Loan Asset Backed Certificates, Series 1993-2
November 1997 $111.5 million
October 1994 Floating Rate Auto Loan Asset Backed Certificates, Series 1994-1
October 1999 $500 million
December 1994 7 7/8% Auto Loan Asset Backed Certificates, Series 1994-2
August 1997 $500 million
December 1994 8 1/8% Auto Loan Asset Backed Certificates, Series 1994-3
November 1997 $350 million
January 1995 Floating Rate Auto Loan Asset Backed Certificates, Series 1995-1
July 1998 $600 million
March 1995 Floating Rate Auto Loan Asset Backed Certificates, Series 1995-2
March 2000 $600 million
May 1995 Floating Rate Auto Loan Asset Backed Certificates, Series 1995-3
June 1998 $500 million
May 1995 Floating Rate Auto Loan Asset Backed Certificates, Series 1995-4
May 1998 $500 million
May 1995 Floating Rate Auto Loan Asset Backed Certificates, Series 1995-4A
July 1998 $500 million
December 1995 Floating Rate Auto Loan Asset Backed Certificates, Series 1995-5
February 2000 $250 million
November 1996 Floating Rate Auto Loan Asset Backed Certificates, Series 1996-1
Outstanding $500 million
December 1996 Floating Rate Auto Loan Asset Backed Certificates, Series 1996-2
December 2001 $500 million
9
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATION
ISSUE DATE SERIES DESCRIPTION
MATURITY DATE PRINCIPAL AMOUNT
- ------------- ----------------
August 1997 6.689% Auto Loan Asset Backed Certificates, Series 1997-1
September 2001 $700 million
July 1998 Floating Rate Auto Loan Asset Backed Certificates, Series 1998-1
May 2001 Class A-1 Certificates $500 million
Outstanding Class A-2 Certificates $500 million
March 1999 Fixed Rate Auto Loan Asset Backed Certificates, Series 1999-1
March 2001 5.65% Class A-1 Certificates $400 million
March 2002 5.78% Class A-2 $600 million
May 1999 Floating Rate Auto Loan Asset Backed Certificates, Series 1999-2
May 2002 Class A-1 Certificates $750 million
Outstanding Class A-2 Certificates $600 million
July 1999 Floating Rate Auto Loan Asset Backed Certificates, Series 1999-3
July 2002 $1 billion
November 1999 6.43% Auto Loan Asset Backed Certificates, Series 1999-4
Outstanding $500 million
April 2000 Floating Rate Auto Loan Asset Backed Certificates, Series 2000-A
Outstanding $750 million
October 2000 Floating Rate Auto Loan Asset Backed Certificates, Series 2000-B
Outstanding $501 million
December 2000 Floating Rate Auto Loan Asset Backed Certificates, Series 2000-C
Outstanding $500 million
December 2001 Floating Rate Auto Loan Asset Backed Certificates, Series 2001-A
Outstanding $1 billion
June 2002 Floating Rate Auto Loan Asset Backed Certificates, Series 2002-CC
Outstanding $2,198 million
LLC services the Receivables included in the Trust for a fee.
Pursuant to an Agreement of Resignation, Appointment and Acceptance dated as of
August 23, 1996, Manufacturers and Traders Trust Company resigned as the Trustee
of the Trust and The Bank of New York became the Trustee of the Trust.
The Trust has no employees.
10
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
There is nothing to report with regard to this item.
ITEM 4. CONTROLS AND PROCEDURES
An Asset Backed Issuer is not required to disclose the information required by
this item.
11
PART II. OTHER INFORMATION
ITEMS 1, 2, 3, 4, 5.
There is nothing to report with regard to these items.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
3 - A Certificate of Formation of DaimlerChrysler Wholesale
Receivables LLC. Filed as Exhibit 3.1 to Registration Statement
No. 333-38873, and incorporated herein by reference.
3 - B Amended and Restated Limited Liability Company agreement of
DCWR filed as Exhibit 3-B to Registration Statement No. 333-50780,
and incorporated herein by reference.
4 - A Pooling and Servicing Agreement, dated as of May 31, 1991,
among Chrysler Auto Receivables Company, as Seller, Chrysler
Credit Corporation, as Servicer, and Manufacturers and Traders
Trust Company, as Trustee. Filed as Exhibit 4.1 to Registration
Statement No. 333-50780, and incorporated herein by reference.
4 - B First Amendment dated as of August 6, 1992 to the Pooling and
Servicing Agreement dated as of May 31, 1991, as assigned by
Chrysler Auto Receivable Company to U.S. Auto Receivables Company
("USA") on August 8, 1991, among USA, as Seller, Chrysler Credit
Corporation, as Servicer, and Manufacturers and Traders Trust
Company, as Trustee. Filed as Exhibit 4.2 to the Registration
Statement No. 333-50780, and incorporated herein by reference.
4 - C Second Amendment dated as of September 21, 1993, to the
Pooling and Servicing Agreement dated as of May 31, 1991, as
assigned by Chrysler Auto Receivables Company to U.S. Auto
Receivables Company ("USA") on August 8, 1991, among USA, as
Seller, Chrysler Credit Corporation, as Servicer, and
Manufacturers and Traders Trust Company, as Trustee. Filed as
Exhibit 4.3 to Registration Statement No. 333-50780, and
incorporated herein by reference.
4 - D Third Amendment dated as of November 1, 1999, to the Pooling
and Servicing Agreement dated as of May 31, 1991, among U.S. Auto
Receivables Company, as Seller, Chrysler Financial Company L.L.C.,
as Servicer, and the Bank of New York, as Trustee. Filed as
Exhibit 4.4 to Registration Statement No. 333-37882, and
incorporated herein by reference.
4 - E Fourth Amendment dated as of May 31, 2000, to the Pooling and
Servicing Agreement dated as of May 31, 1991, among U.S. Auto
Receivables Company, as Seller, Chrysler Financial Company L.L.C.,
as Servicer, and the Bank of New York, as Trustee. Filed as
Exhibit 4.5 to Registration Statement No. 333-37882, and
incorporated herein by reference.
4 - F Agreement of Resignation, Appointment and Acceptance dated as
of August 23, 1996, by and among U.S. Auto Receivables Company,
Chrysler Financial Corporation, Manufacturers and Traders Trust
Company, and The Bank of New York. Filed as Exhibit 4-DD to the
Trust's Quarterly Report on Form 10-Q for the period ended
September 30, 1996, and incorporated herein by reference.
4 - G Series 1996-1 Supplement dated as of September 30, 1996, among
U.S. Auto Receivables Company, as Seller, Chrysler Financial
Corporation, as Servicer, and The Bank of New York, as Trustee.
Filed as Exhibit 4-EE to the Trust's Annual Report on Form 10-K
for the year ended December 31, 1996, and incorporated herein by
reference.
12
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (CONTINUED)
4 - H Series 1998-1 Supplement dated as of June 16, 1998, among U.S.
Auto Receivables Company, as Seller, Chrysler Financial
Corporation, as Servicer, and The Bank of New York, as Trustee.
Filed as Exhibit 4-HH to the Trust's Quarterly Report on Form 10-Q
for the period ended June 30, 1998, and incorporated herein by
reference.
4 - J Series 1999-2 Supplement dated as of May 20, 1999, among U.S.
Auto Receivables Company, as Seller, Chrysler Financial Company,
L.L.C., as Servicer, and The Bank of New York, as Trustee. Filed
as Exhibit 4.2 to the Trust's Report on Form 8-K dated August 30,
1999, and incorporated herein by reference.
4 - L Series 1999-4 Supplement dated as of November 12, 1999, among
U.S. Auto Receivables Company, as Seller, Chrysler Financial
Company, L.L.C., as Servicer, and The Bank of New York, as
Trustee. Filed as Exhibit 4-R to the Trust's Annual Report on Form
10-K for the year ended December 31, 1999, and incorporated herein
by reference.
4 - M Series 2000-A Supplement dated as of April 4, 2000, among U.S.
Auto Receivables Company, as Seller, Chrysler Financial Company
L.L.C., as Servicer, and The Bank of New York, as Trustee. Filed
as Exhibit 4-P to the Trust's Quarterly Report on Form 10-Q for
the period ended June 30, 2001, and incorporated herein by
reference.
4 - N Series 2000-B Supplement dated as of October 23, 2000, among
DaimlerChrysler Wholesale Receivables L.L.C., as Seller, Chrysler
Financial Company, L.L.C., as Servicer, and The Bank of New York,
as Trustee. Filed as Exhibit 4-Q to the Trust's Quarterly Report
on form 10-Q for the period ended June 30, 2001, and incorporated
herein by reference.
4 - O Series 2000-C Supplement dated as of December 6, 2000, among
DaimlerChrysler Wholesale Receivables L.L.C., as Seller, Chrysler
Financial Company, L.L.C., as Servicer, and The Bank of New York,
as Trustee. Filed as Exhibit 4-R to the Trust's Quarterly Report
on form 10-Q for the period ended June 30, 2001, and incorporated
herein by reference.
4 - P Series 2001-A Supplement dated as of December 7, 2001, among
DaimlerChrysler Wholesale Receivables LLC, as Seller,
DaimlerChrysler Services North America LLC, as Servicer, and The
Bank of New York, as Trustee. Filed as Exhibit 4.2 to the Trust's
Report on Form 8-K dated December 7, 2001, and incorporated herein
by reference.
4 - Q Amended and Restated Pooling and Servicing Agreement dated as
of December 5, 2001 among DaimlerChrysler Wholesale Receivables
LLC, as Seller, DaimlerChrysler Services North America LLC, as
Servicer, and The Bank of New York, as Trustee. Filed as Exhibit
4.1 to the Trust's Report on Form 8-K dated December 7, 2001, and
incorporated herein by reference.
4 - R Series 2002-CC Supplement dated as of June 1, 2002, among
DaimlerChrysler Wholesale Receivables LLC, as Seller,
DaimlerChrysler Services North America LLC, as Servicer, and The
Bank of New York, as Trustee. Filed as Exhibit 4-R to the Trust's
Quarterly Report on Form 10-Q for the quarter ended June 30, 2002,
and incorporated herein by reference.
99 Monthly report to the holders of CARCO Asset Back Certificates,
relating to the September 16, 2002 payment date.
(b) The registrant did not file any reports on Form 8-K during the quarter
ended September 30, 2002.
13
CARCO AUTO LOAN MASTER TRUST
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
CARCO Auto Loan Master Trust (Registrant)
By: DaimlerChrysler Services North America LLC,
as Servicer
By: /s/ D. H. Olsen
---------------
D. H. Olsen, Vice President and Chief
Financial Officer
Date: November 14, 2002
CERTIFICATION
I, D. H. Olsen, the Vice President and Chief Financial Officer of
DaimlerChrysler Services North America LLC, the Servicer of CARCO Auto Loan
Master Trust, certify that:
1. I have reviewed this quarterly report on Form 10-Q (there are no
reports on Form 8-K containing distribution or servicing reports filed
in respect of periods included in the quarter covered by this quarterly
report) of CARCO Auto Loan Master Trust;
2. Based on my knowledge, the information in this report, taken as a
whole, does not contain any untrue statement of a material fact or omit
to state a material fact necessary to make the statements made, in
light of the circumstances under which such statements were made, not
misleading as of the last day of the period covered by this quarterly
report;
3. Based on my knowledge, the servicing information required to be
provided to the trustee by the servicer under the pooling and servicing
agreement is included in this report;
4. I am responsible for reviewing the activities performed by the servicer
under the pooling and servicing agreement and based upon the review
required under the pooling and servicing agreement, and except as
disclosed in this report, the servicer has fulfilled its obligations
under the servicing agreement; and
5. I have disclosed to the registrant's certified public accountants all
significant deficiencies relating to the servicer's compliance with the
minimum servicing standards in accordance with the annual review
conducted in compliance with the Uniform Single Attestation Program for
Mortgage Bankers, or similar standard, as set forth in the pooling and
servicing agreement.
Date: November 14, 2002
/s/ D. H. Olsen
----------------
D. H. Olsen, Vice President and Chief Financial Officer
DaimlerChrysler Services North America LLC,
as Servicer of CARCO Auto Loan Master Trust
14
EXHIBIT INDEX
Exhibit
Number Description of Exhibit
------ ----------------------
3 - A Certificate of Formation of DaimlerChrysler Wholesale
Receivables LLC. Filed as Exhibit 3.1 to Registration Statement
No. 333-38873 and incorporated herein by reference.
3 - B Amended and Restated Limited Liability Company agreement of
DCWR filed as Exhibit 3-B to Registration Statement No. 333-50780,
and incorporated herein by reference.
4 - A Pooling and Servicing Agreement, dated as of May 31, 1991,
among Chrysler Auto Receivables Company, as Seller, Chrysler
Credit Corporation, as Servicer, and Manufacturers and Traders
Trust Company, as Trustee. Filed as Exhibit 4.1 to Registration
Statement No. 333-50780, and incorporated herein by reference.
4 - B First Amendment dated as of August 6, 1992 to the Pooling and
Servicing Agreement dated as of May 31, 1991, as assigned by
Chrysler Auto Receivable Company to U.S. Auto Receivables Company
("USA") on August 8, 1991, among USA, as Seller, Chrysler Credit
Corporation, as Servicer, and Manufacturers and Traders Trust
Company, as Trustee. Filed as Exhibit 4.2 to the Registration
Statement No. 333-50780, and incorporated herein by reference.
4 - C Second Amendment dated as of September 21, 1993, to the
Pooling and Servicing Agreement dated as of May 31, 1991, as
assigned by Chrysler Auto Receivables Company to U.S. Auto
Receivables Company ("USA") on August 8, 1991, among USA, as
Seller, Chrysler Credit Corporation, as Servicer, and
Manufacturers and Traders Trust Company, as Trustee. Filed as
Exhibit 4.3 to Registration Statement No. 333-50780, and
incorporated herein by reference.
4 - D Third Amendment dated as of November 1, 1999, to the Pooling
and Servicing Agreement dated as of May 31, 1991, among U.S. Auto
Receivables Company, as Seller, Chrysler Financial Company L.L.C.,
as Servicer, and the Bank of New York, as Trustee. Filed as
Exhibit 4.4 to Registration Statement No. 333-37882, and
incorporated herein by reference.
4 - E Fourth Amendment dated as of May 31, 2000, to the Pooling and
Servicing Agreement dated as of May 31, 1991, among U.S. Auto
Receivables Company, as Seller, Chrysler Financial Company L.L.C.,
as Servicer, and the Bank of New York, as Trustee. Filed as
Exhibit 4.5 to Registration Statement No. 333-37882, and
incorporated herein by reference.
4 - F Agreement of Resignation, Appointment and Acceptance dated as
of August 23, 1996, by and among U.S. Auto Receivables Company,
Chrysler Financial Corporation, Manufacturers and Traders Trust
Company, and The Bank of New York. Filed as Exhibit 4-DD to the
Trust's Quarterly Report on Form 10-Q for the period ended
September 30, 1996, and incorporated herein by reference.
4 - G Series 1996-1 Supplement dated as of September 30, 1996, among
U.S. Auto Receivables Company, as Seller, Chrysler Financial
Corporation, as Servicer, and The Bank of New York, as Trustee.
Filed as Exhibit 4-EE to the Trust's Annual Report on Form 10-K
for the year ended December 31, 1996, and incorporated herein by
reference.
15
EXHIBIT INDEX (continued)
-------------------------
4 - H Series 1998-1 Supplement dated as of June 16, 1998, among U.S.
Auto Receivables Company, as Seller, Chrysler Financial
Corporation, as Servicer, and The Bank of New York, as Trustee.
Filed as Exhibit 4-HH to the Trust's Quarterly Report on Form 10-Q
for the period ended June 30, 1998, and incorporated herein by
reference.
4 - J Series 1999-2 Supplement dated as of May 20, 1999, among U.S.
Auto Receivables Company, as Seller, Chrysler Financial Company,
L.L.C., as Servicer, and The Bank of New York, as Trustee. Filed
as Exhibit 4.2 to the Trust's Report on Form 8-K dated August 30,
1999, and incorporated herein by reference.
4 - L Series 1999-4 Supplement dated as of November 12, 1999, among
U.S. Auto Receivables Company, as Seller, Chrysler Financial
Company, L.L.C., as Servicer, and The Bank of New York, as
Trustee. Filed as Exhibit 4-R to the Trust's Annual Report of Form
10-K for the year ended December 31, 1999, and incorporated herein
by reference.
4 - M Series 2000-A Supplement dated as of April 4, 2000, among U.S.
Auto Receivables Company, as Seller, Chrysler Financial Company
L.L.C., as Servicer, and The Bank of New York, as Trustee. Filed
as Exhibit 4-P to the Trust's Quarterly Report on form 10-Q for
the period ended June 30, 2001, and incorporated herein by
reference.
4 - N Series 2000-B Supplement dated as of October 17, 2000, among
DaimlerChrysler Wholesale Receivables LLC, as Seller, Chrysler
Financial Company, L.L.C., as Servicer, and The Bank of New York,
as Trustee. Filed as Exhibit 4-Q to the Trust's Quarterly Report
on form 10-Q for the period ended June 30, 2001, and incorporated
herein by reference.
4 - O Series 2000-C Supplement dated as of December 6, 2000, among
DaimlerChrysler Wholesale Receivables LLC, as Seller, Chrysler
Financial Company, L.L.C., as Servicer, and The Bank of New York,
as Trustee. Filed as Exhibit 4-R to the Trust's Quarterly Report
on form 10-Q for the period ended June 30, 2001, and incorporated
herein by reference.
4 - P Series 2001-A Supplement dated as of December 7, 2001, among
DaimlerChrysler Wholesale Receivables LLC, as Seller,
DaimlerChrysler Services North America LLC, as Servicer, and The
Bank of New York, as Trustee. Filed as Exhibit 4.2 to the Trust's
Report on Form 8-K dated December 7, 2001, and incorporated herein
by reference.
4 - Q Amended and Restated Polling and Servicing Agreement dated as
of December 5, 2001 among DaimlerChrysler Wholesale Receivables
LLC, as Seller, DaimlerChrysler Services North America LLC, as
Servicer, and The Bank of New York, as Trustee. Filed as Exhibit
4.1 to the Trust's Report on Form 8-K dated December 7, 2001, and
incorporated herein by reference.
4 - R Series 2002-CC Supplement dated as of June 1, 2002, among
DaimlerChrysler Wholesale Receivables LLC, as Seller,
DaimlerChrysler Services North America LLC, as Servicer, and The
Bank of New York, as Trustee. Filed as Exhibit 4-R to the Trust's
Quarterly Report on Form 10-Q for the quarter ended June 30, 2002,
and incorporated herein by reference.
99 Monthly report to the holders of CARCO Asset Back Certificates,
relating to the September 16, 2002 payment date.
16