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, 1998
                                            ------------------

                                      OR

/  /     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
         EXCHANGE ACT OF 1934.

         For the transition period from              to

Commission file number  333-31093-01
                        ------------

                          PREMIER AUTO TRUST 1998-1
----------------------------------------------------------------------------
            (Exact name of registrant as specified in its charter)


         State of Delaware                                  52-2098434
----------------------------------------------------------------------------
(State or other jurisdiction of                         (I.R.S.  Employer
 incorporation or organization)                          Identification No.)


 27777 Franklin Road, Southfield, Michigan                      48034
----------------------------------------------------------------------------
 (Address of principal executive offices)                     (Zip Code)


Registrant's telephone number, including area code        (248) 948-3058
                                                   -------------------------

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__






<PAGE>

                        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


<PAGE>

ITEM 1. FINANCIAL STATEMENTS - (CONTINUED)


<TABLE>
<CAPTION>
                          PREMIER AUTO TRUST 1998-1
                 STATEMENT OF ASSETS, LIABILITIES AND EQUITY
                              SEPTEMBER 30, 1998
                           (in millions of dollars)


<S>                                             <C>     
ASSETS

Cash and Cash Equivalents (Note 1)              $   12.6

Receivables (Note 3)
                                                 1,049.5
                                                --------

TOTAL ASSETS                                    $1,062.1
                                                ========

LIABILITIES AND EQUITY

Amounts Held for Future Distribution (Note 1)   $   55.8

Asset Backed Notes (Notes 3 and 4)               1,006.3
                                                --------

TOTAL LIABILITIES AND EQUITY                    $1,062.1
                                                ========



<FN>

See Notes to Financial Statements.
</TABLE>



                                      3


<PAGE>

ITEM 1. FINANCIAL STATEMENTS - (CONTINUED)


<TABLE>
<CAPTION>
                          PREMIER AUTO TRUST 1998-1
                 STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
    FOR THE PERIOD FEBRUARY 1, 1998 (INCEPTION) THROUGH SEPTEMBER 30, 1998
                           (in millions of dollars)


<S>                                                     <C>
CASH RECEIPTS

Proceeds from Sale of Notes                             $1,250.0

Collections of Principal & Interest, and Other             296.8
                                                        --------

TOTAL CASH RECEIPTS                                      1,546.8
                                                        --------


CASH DISBURSEMENTS

Purchase of Receivables                                  1,250.0

Distribution of Principal                                  243.7

Distribution of Interest                                    33.8

Distributions of Service Fees                                6.7
                                                        --------
TOTAL CASH DISBURSEMENTS                                 1,534.2
                                                        --------
CASH RECEIPTS IN EXCESS OF CASH DISBURSEMENTS           $   12.6
                                                        ========




<FN>
See Notes to Financial Statements.
</TABLE>


                                      4


<PAGE>

ITEM 1. FINANCIAL STATEMENTS - (CONTINUED)


                          PREMIER AUTO TRUST 1998-1
                        NOTES TO FINANCIAL STATEMENTS


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting

The financial statements of Premier Auto Trust 1998-1 (the "Trust") are
prepared on the basis of cash receipts and disbursements, which is a
comprehensive basis of accounting other than generally accepted accounting
principles. 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 Notes from the most recent
Distribution Date to the balance sheet date.

Cash and Cash Equivalents

Short-term instruments with a maturity of less than three months when
purchased are considered to be cash equivalents. The Trust received certain
cash deposits from Chrysler Financial Corporation ("CFC") which are held as
liquidity and credit enhancement reserves and invested in short-term
instruments. Under the Sale and Servicing Agreement, the servicer is required
to convey principal and interest collections to the Trust within two business
days after their receipt. The Trust invests these collections in short-term
instruments pending distribution. If CFC maintains a short-term rating of at
least A-1 by Standard & Poor's and P-1 by Moody's the servicer may convey the
principal and interest collections to the Trust on a monthly basis. In May
1998, CFC met the rating requirements and the servicer began to convey
collections to the Trust on a monthly basis.

Amounts Held for Future Distribution

Amounts held for future distribution represent certain short-term investments
held for future distributions to Noteholders, and for liquidity and credit
enhancement reserves. Amounts held for liquidity and credit enhancement
reserves which are not utilized for future distributions to Noteholders will
be distributed to Premier Receivables L.L.C. ("Premier L.L.C.").


NOTE 2 - RELATED PARTIES

Premier L.L.C. is a limited liability company controlled by CFC. On May 7,
1998, CFC's parent, Chrysler Corporation ("Chrysler"), Daimler-Benz
Aktiengesellschaft ("Daimler") and DaimlerChrysler Aktiengesellschaft
("DaimlerChrysler") entered into a Business Combination Agreement providing
for (i) the merger of a newly created Delaware corporation with and into
Chrysler ("the Chrysler Merger"); (ii) an offer by DaimlerChrysler to
exchange DaimlerChrysler ordinary shares for Daimler ordinary shares; and
(iii) the merger of Daimler with and into DaimlerChrysler. In the Chrysler
Merger, each share of outstanding Chrysler common stock will be converted
into the right to receive DaimlerChrysler shares. As a result of these
transactions, DaimlerChrysler will be owned by the former shareholders of
Chrysler and Daimler, and Chrysler will be a wholly owned subsidiary of
DaimlerChrysler. Both Chrysler's and Daimler's shareholders voted to approve
the proposed Business Combination at separate Special Shareholders' Meetings
held on September 18, 1998. The initial period for the exchange of Daimler
shares for DaimlerChrysler shares occurs from September 24, 1998 through
October 23, 1998.


                                      5


<PAGE>

ITEM 1. FINANCIAL STATEMENTS - (CONTINUED)


                          PREMIER AUTO TRUST 1998-1
                        NOTES TO FINANCIAL STATEMENTS

NOTE 3 - SALE OF ASSET BACKED NOTES

The Trust was formed under the laws of Delaware pursuant to an Amended and
Restated Trust Agreement dated as of February 1, 1998, among Premier L.L.C.,
CFC, and Chase Manhattan Bank Delaware, acting thereunder not in its
individual capacity but solely as trustee of the Trust.

On February 26, 1998, the Trust issued $225,000,000 aggregate principal
amount of 5.545% Asset Backed Notes, Class A-1 (the "Class A-1 Notes"),
$400,000,000 aggregate principal amount of 5.61% Asset Backed Notes, Class
A-2 (the "Class A-2 Notes"), $270,000,000 aggregate principal amount of 5.63%
Asset Backed Notes, Class A-3 (the "Class A-3 Notes"), and $308,125,000
aggregate principal amount of 5.70% Asset Backed Notes, Class A-4 (the "Class
A-4 Notes" and, together with the Class A-1 Notes, the Class A-2 Notes and
the Class A-3 Notes, the "Class A Notes"). The Trust also issued $46,875,000
aggregate principal amount of 5.92% Asset Backed Notes, Class B (the "Class B
Notes" and, together with the Class A Notes, the "Notes"). The Notes were
issued pursuant to an Indenture dated as of February 1, 1998, between the
Trust and The Bank of New York, as Indenture Trustee.

The assets of the Trust include a pool of motor vehicle retail installment
sale contracts ("Receivables"), secured by security interests in the motor
vehicles financed thereby and including certain monies due or received
thereunder on or after February 11, 1998, transferred to the Trust by CFC on
February 26, 1998. The Notes are secured by the assets of the Trust pursuant
to the Indenture.


NOTE 4 - PRINCIPAL AND INTEREST PAYMENTS

Interest on the Notes will accrue at the respective fixed per annum interest
rates specified above. Interest on the Notes will generally be payable on the
sixth day of each month or, if any such day is not a Business Day, on the
next succeeding Business Day (each, a "Distribution Date"), commencing March
6, 1998. Principal of the Notes will be payable on each Distribution Date to
the extent described in the Prospectus Supplement dated February 18, 1998,
and the Prospectus dated September 10, 1997 (collectively, the "Prospectus");
however, no principal payments will be made (i) on the Class A-2 Notes until
the Class A-1 Notes have been paid in full, (ii) on the Class A-3 Notes until
the Class A-2 Notes have been paid in full, (iii) on the Class A-4 Notes
until the Class A-3 Notes have been paid in full or (iv) on the Class B Notes
until the Class A-4 Notes have been paid in full. Each class of the Notes
will be payable in full on the applicable final scheduled Distribution Date
as set forth in the Prospectus. However, payment in full of a class of Notes
could occur earlier than such dates as described in the Prospectus. In
addition, the Class A-4 Notes and Class B Notes will be subject to redemption
in whole, but not in part, on any Distribution Date on which the servicer
exercises its option to purchase the Receivables. The servicer may purchase
the Receivables when the aggregate principal balance of the Receivables shall
have declined to 10% or less of the initial aggregate principal balance of
the Receivables purchased by the Trust.


NOTE 5 - FEDERAL INCOME TAXES

In the opinion of outside legal counsel, for federal income tax purposes, the
Notes will be characterized as debt, and the Trust will not be characterized
as an association (or a publicly traded partnership) taxable as a
corporation.


                                      6


<PAGE>


ITEM 1.    FINANCIAL STATEMENTS - (CONTINUED)


                          PREMIER AUTO TRUST 1998-1
                        NOTES TO FINANCIAL STATEMENTS


NOTE 6 - RECENT EVENTS

Chrysler Financial Corporation plans to convert from a corporation to a
limited liability company ("LLC") on or about October 25, 1998. Conversion to
an LLC will have no effect on the day-to-day operations of the servicer. The
new LLC will be the surviving legal entity of a merger between Chrysler
Financial Company L.L.C., a newly created Michigan limited liability company,
and Chrysler Financial Corporation. Chrysler Corporation, which currently
owns all of the capital stock of Chrysler Financial Corporation, will be the
sole member (owner) of Chrysler Financial Company L.L.C. Upon the merger,
Chrysler Financial Company L.L.C. will succeed to the operations of Chrysler
Financial Corporation and will acquire its assets and assume its debt and
other obligations.











                                      7


<PAGE>

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
        FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The Trust was formed under the laws of Delaware pursuant to an Amended and
Restated Trust Agreement (the "Trust Agreement") dated as of February 1,
1998, among Premier L.L.C., CFC, and Chase Manhattan Bank Delaware, acting
thereunder not in its individual capacity but solely as trustee of the Trust.

On February 26, 1998, the Trust issued $225,000,000 aggregate principal
amount of 5.545% Asset Backed Notes, Class A-1 (the "Class A-1 Notes"),
$400,000,000 aggregate principal amount of 5.61% Asset Backed Notes, Class
A-2 (the "Class A-2 Notes"), $270,000,000 aggregate principal amount of 5.63%
Asset Backed Notes, Class A-3 (the "Class A-3 Notes"), and $308,125,000
aggregate principal amount of 5.70% Asset Backed Notes, Class A-4 (the "Class
A-4 Notes" and, together with the Class A-1 Notes, the Class A-2 Notes and
the Class A-3 Notes, the "Class A Notes"). The Trust also issued $46,875,000
aggregate principal amount of 5.92% Asset Backed Notes, Class B (the "Class B
Notes" and, together with the Class A Notes, the "Notes"). The Notes were
issued pursuant to an Indenture dated as of February 1, 1998, between the
Trust and The Bank of New York, as Indenture Trustee. The assets of the Trust
include a pool of motor vehicle retail installment sale contracts (the
"Receivables"), secured by security interests in the motor vehicles financed
thereby and including certain monies due or received thereunder on or after
February 11, 1998, transferred to the Trust by CFC on February 26, 1998. The
Notes are secured by the assets of the Trust pursuant to the Indenture.

The Trust has no employees.




                                      8


<PAGE>


                          PART II. OTHER INFORMATION


ITEM 1.

There is nothing to report with regard to this item.

ITEM 2.

(1)      The effective date of the Securities Act registration statement:
         August 1, 1997. The date of the Prospectus Supplement is
         February 18, 1998.

(2)      The offering date: February 18, 1998

(4)      The offering did not terminate before any securities were sold.

(i)      The offering has terminated and all securities registered were
         sold before termination.

(ii)     The name(s) of the managing underwriter(s):

         Merrill Lynch, Pierce, Fenner & Smith Incorporated.
         Bear, Stearns & Co. Inc.
         Salomon Brothers Inc

(iii)    The title of each class of securities registered:

         5.61% Asset Backed Notes, Class A-2 
         5.63% Asset Backed Notes, Class A-3 
         5.70% Asset Backed Notes, Class A-4 
         5.92% Asset Backed Notes, Class B

(iv)     For each class of securities (other than a class of securities
         into which a class of convertible securities registered may be
         converted without additional payment to the issuer):



                                      9


<PAGE>
ITEM 2. (CONTINUED)


<TABLE>
<CAPTION>
                                   Aggregate
                                    Price of
   Title                            Offering                         Aggregate
     Of             Amount           Amount           Amount       Offering Price
  Security        Registered       Registered          Sold        of Amount Sold
  --------        ----------       -----------        ------       --------------
<C>             <C>              <C>              <C>              <C>           
5.61% Asset     $  400,000,000   $  399,970,597   $  400,000,000   $  399,970,597
Backed Notes,
Class A-2

5.63% Asset     $  270,000,000   $  269,968,689   $  270,000,000   $  269,968,689
Backed Notes,
Class A-3

5.70% Asset     $  308,125,000   $  308,093,630   $  308,125,000   $  308,093,630
Backed Notes,
Class A-4

5.92% Asset     $   46,875,000   $   46,872,894   $   46,875,000   $   46,872,894
Backed Notes
Class B

TOTAL           $1,025,000,000   $1,024,905,810   $1,025,000,000   $1,024,905,810
</TABLE>

(v)      The amount of expenses incurred for the issuer's account in
         connection with the issuance and distribution of the securities
         registered for the following:

(A)      Direct or indirect payments to directors, officers, general partners
         of the issuer or their associates; to person owning ten (10) percent
         or more of any class of equity securities of the issuer; and to
         affiliates of the issuer: None

(B)      Direct or indirect payments to others:

<TABLE>
<CAPTION>
           <S>   <C>                                           <C>       
           (1)   Underwriting discounts and commissions:       $2,090,625
           (2)   Finders' Fees:                                        $0
           (3)   Expenses paid to or for underwriters:                 $0
           (4)   Other expenses:                                       $0
           (5)   Total expenses:                               $2,090,625
</TABLE>

(vi)     The net offering proceeds to the issuer after deducting the total
         expenses: $1,022,815,185

(vii)    The amount of net offering proceeds to the issuer used for
         construction of plant, building and facilities; purchase and
         installation of machinery and equipment; purchase of real estate;
         acquisition of other business(es); repayment of indebtedness;
         working capital; temporary investments (which should be specified):
         None

         Any other purposes for which at least five (5) percent of the
         issuer's total offering proceeds or $100,000 has been used:



                                     10


<PAGE>

ITEM 2. (CONTINUED)

(A)      Direct or indirect payments to directors, officers, general partners
         of the issuer or their associates; to persons owning ten (10)
         percent or more of any class of equity securities of the issuer; and
         to affiliates of the issuer: None

(B)      Direct or indirect payments to others:

         The net proceeds from the sale of the securities were applied by the
         issuer (i) to the purchase of receivables from Chrysler Financial
         Corporation and (ii) to make the initial deposit into the Reserve
         Account: $1,022,815,185


(viii)   This Item does not represent a material change in the use of
         proceeds described in the prospectus.

ITEMS, 3,4,5

There is nothing to report with regard to these items

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

(a) The following exhibits are filed as a part of this report:

Exhibit No.
-----------
      3          Certificate of Trust of Premier Auto Trust 1998-1. Filed as
                 Exhibit 3 to the Trust's Quarterly Report on Form 10Q for
                 the period ended March 31, 1998, and incorporated herein by
                 reference.

      4.1        Amended and Restated Trust Agreement, dated as of February
                 1, 1998, among Premier Receivables L.L.C., Chrysler
                 Financial Corporation and Chase Manhattan Bank Delaware, as
                 Owner Trustee. Filed as Exhibit 4.1 to the Trust's Quarterly
                 Report on Form 10Q for the period ended March 31, 1998, and
                 incorporated herein by reference.


      4.2        Indenture, dated as of February 1, 1998, between Premier
                 Auto Trust 1998-1 and The Bank of New York, as Indenture
                 Trustee (excluding Schedule A). Filed as Exhibit 4.2 to the
                 Trust's Quarterly Report on Form 10Q for the period ended
                 March 31, 1998, and incorporated herein by reference.


      4.3        Sale and Servicing Agreement, dated as of February 1, 1998,
                 between Premier Auto Trust 1998-1 and Chrysler Financial
                 Corporation (excluding Schedules A and C). Filed as Exhibit
                 4.3 to the Trust's Quarterly Report on Form 10Q for the
                 period ended March 31, 1998, and incorporated herein by
                 reference.

    27           Financial Data Schedule

(b) No reports on Form 8-K were filed by the Trust during the quarter for
    which this report is filed.


                                     11


<PAGE>

                          PREMIER AUTO TRUST 1998-1


                                  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.








                                 Premier Auto Trust 1998-1 (Registrant)
                            By:  Chrysler Financial Corporation, as Servicer
                                 -------------------------------------------






Date:  October 19, 1998     By:  /s/  T. F. Gilman
                                --------------------------------------------
                                T. F. Gilman, Vice President and
                                              Chief Financial Officer









                                     12


<PAGE>


                          PREMIER AUTO TRUST 1998-1


                                EXHIBIT INDEX





      Exhibit
      Number                Description of Exhibit
      ------                ----------------------

         3        Certificate of Trust of Premier Auto Trust 1998-1. Filed as
                  Exhibit 3 to the Trust's Quarterly Report on Form 10Q for
                  the period ended March 31, 1998, and incorporated herein by
                  reference.


         4.1      Amended and Restated Trust Agreement, dated as of
                  February 1, 1998, among Premier Receivables L.L.C.,
                  Chrysler Financial Corporation and Chase Manhattan Bank
                  Delaware, as Owner Trustee. Filed as Exhibit 4.1 to the
                  Trust's Quarterly Report on Form 10Q for the period
                  ended March 31, 1998, and incorporated herein by
                  reference.


         4.2      Indenture, dated as of February 1, 1998, between Premier
                  Auto Trust 1998-1 and The Bank of New York, as Indenture
                  Trustee (excluding Schedule A). Filed as Exhibit 4.2 to
                  the Trust's Quarterly Report on Form 10Q for the period
                  ended March 31, 1998, and incorporated herein by
                  reference.


         4.3      Sale and Servicing Agreement, dated as of February 1, 1998,
                  between Premier Auto Trust 1998-1 and Chrysler Financial
                  Corporation (excluding Schedules A and C). Filed as
                  Exhibit 4.3 to the Trust's Quarterly Report on Form 10Q
                  for the period ended March 31, 1998, and incorporated
                  herein by reference.


        27        Financial Data Schedule



                                     E-1