SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report: January 16, 2001
CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION
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(Originator of the Trust referred to herein)
CHASE MANHATTAN AUTO OWNER TRUST 1998-B
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(Issuer)
(Exact name of the registrant as specified in its charter)
United States 333-36939 22-2382028
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(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
802 Delaware Avenue, Wilmington, Delaware 19801
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (302) 575-5033
Item 5. Other Events:
Chase Manhattan Auto Owner Trust 1998-B is the issuer of four
outstanding classes of Asset Backed Notes and a single class of Asset Backed
Certificates. The notes and certificates are serviced in accordance with the
Sale and Servicing Agreement, dated as of April 1, 1998, as amended. The parties
to the Sale and Servicing Agreement are: Chase Manhattan Bank USA, National
Association ("Chase USA"), as seller and as servicer, and Chase Manhattan Owner
Trust, as issuer.
On January 16, 2001, Chase USA, as servicer, distributed monthly
interest to the holders of the notes and certificates. Chase USA furnished a
copy of the monthly statement to certificateholders for each of the series as
required by the Sale and Servicing Agreement. A copy of the monthly statement to
certificateholders is being filed as Exhibit 20.1 to this Current Report on Form
8-K.
On December 31, 2000, J.P. Morgan & Co. Incorporated and The Chase
Manhattan Corporation completed their merger, with the surviving corporation
being named J.P. Morgan Chase & Co. ("J.P. Morgan Chase"). The Chase Manhattan
Bank ("Chase"), Chase USA and Morgan Guaranty Trust Company of New York are
subsidiaries of J.P. Morgan Chase.
During the fourth quarter of 2000, J.P. Morgan Chase implemented a
revised policy for consumer loan charge-offs to conform with a policy statement
adopted by the Federal Financial Institutions Examination Council ("FFIEC"). The
FFIEC policy, originally issued in February 1999, established uniform guidelines
for the charge-off of consumer loans to delinquent, bankrupt, deceased and
fraudulent borrowers. In connection with the implementation of this policy, J.P.
Morgan Chase took a $93 million charge-off for credit card, auto finance and
mortgage loans on a managed basis (i.e., including securitizations) in the
fourth quarter of 2000. Chase USA does not believe that the revised charge-off
policy will materially affect the interests of holders of the notes and
certificates.
Item 7(c). Exhibits
Exhibits Description
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20.1 Monthly Statement to Certificateholders
with respect to the January 16, 2001
distribution.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Dated: January 26, 2001
By: THE CHASE MANHATTAN BANK,
USA, NATIONAL ASSOCIATION
as Servicer
By: /s/ Patricia Garvey
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Name: Patricia Garvey
Title: Vice President
INDEX TO EXHIBITS
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Exhibit No. Description
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20.1 Statement to Certificateholders dated
January 16, 2001 delivered pursuant to
Section 5.8 of the Sale and Servicing Agreement
dated as of April 1, 1998.