Chase Manhattan Auto Owner Trust 2000-A Rated `AAA' by Fitch

Business Wire, Dec 14, 2000

Business Editors

NEW YORK--(BUSINESS WIRE)--Dec. 14, 2000

Fitch rates Chase Manhattan Auto Owner Trust 2000-A as follows:

--$259,000,000 class A-1 6.47% asset-backed notes `F1+';

--$292,000,000 class A-2 6.30% asset-backed notes `AAA';

--$397,000,000 class A-3 6.21% asset-backed notes `AAA';

--$294,000,000 class A-4 6.26% asset-backed notes `AAA';

--$38,466,538 6.48% asset-backed certificates `A'.

The ratings on the class A notes are based upon initial credit enhancement of 4.0% consisting of the 3.0% asset-backed certificates and the 1.0% initial deposit to the reserve account. The ratings on the asset-backed certificates are based upon initial credit enhancement of 1.0% comprised of the 1.0% reserve account. Enhancement is expected to grow to 5.25% for the class A notes and 2.25% for the certificates through the application of excess spread to fund the reserve account to its target level of 2.25%. The ratings of the notes and certificates reflect the high quality of the underlying retail installment sales contracts, the sound legal and cash flow structure, and the underwriting strength and servicing experience of Chase Manhattan Bank USA, N.A. (Chase USA).

The securities, which mark the first return to the public term auto securitization market by Chase Automotive Finance (CAF) since 1998, are backed by a pool of retail installment sales contracts secured by new and used automobiles and light-duty trucks. As of the cutoff date, the receivables had a weighted average APR of 9.75%. The weighted average original maturity of the pool was 58.2 months and the weighted average remaining term was 56.5 months resulting in approximately 1.7 months of collateral seasoning. Loan terms are slightly longer than previous securitizations due to the industry-wide trend toward longer term financing. Fitch is comfortable with the quality of Chase Automotive Finance's underwriting as evidenced by the fact that the majority of the pool has FICO scores in excess of 700. The pool is well diversified geographically, with the largest state concentrations in Texas (16.7%), California (13.4%), New York (11.7%), New Jersey (7.4%), and Florida (6.2%). No other state accounts for more than 5.0% of the pool. Geographic diversification acts to insulate the transaction against regional economic downturns.

Interest and principal are payable monthly, beginning in January 2001. The class A-1 notes receive all principal payments until retired. Thereafter, 97% of principal distributable is allocated sequentially among the remaining class A notes, and 3% of principal is distributed to the certificates. However, if the reserve account drops below 0.5% of the aggregate principal balance of the receivables as of the cutoff date, all principal is allocated to the class A notes sequentially until paid in full or the reserve account balance rises above 0.5%. Additionally, if the class A notes have been accelerated following an event of default, 100% of principal is paid to the class A notes.

Based on Chase USA's prime retail portfolio performance, Fitch expects excellent performance from the pool of receivables in the 2000-A securitization. As of Sept. 30, 2000, Chase USA's retail portfolio of approximately $15.5 billion had 60+ day delinquencies of 0.51%, and annualized net losses were 0.38%.