Conformed Copy



                      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     March 31, 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   -
                       ---------


                          PREMIER AUTO TRUST 1998-2
-----------------------------------------------------------------------------
            (Exact name of registrant as specified in its charter)


        State of Delaware                                    52-2099121
-----------------------------------------------------------------------------
(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 ______  No __ X __


<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)


                          PREMIER AUTO TRUST 1998-2
                 STATEMENT OF ASSETS, LIABILITIES AND EQUITY
                                MARCH 31, 1998
                           (in millions of dollars)

<TABLE>
<S>                                                         <C>     
ASSETS

Cash and Cash Equivalents (Note 1)                          $   28.7

Receivables (Note 3)                                         1,079.9
                                                            --------


TOTAL ASSETS                                                $1,108.6
                                                            ========



LIABILITIES AND EQUITY 

Amounts Held for Future Distribution (Note 1)               $   58.6

Asset Backed Notes (Notes 3 and 4)                           1,050.0
                                                            --------


TOTAL LIABILITIES AND EQUITY                                $1,108.6
                                                            ========


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


                                      3

<PAGE>


ITEM 1.        FINANCIAL STATEMENTS - (CONTINUED)


                          PREMIER AUTO TRUST 1998-2
                 STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
       FOR THE PERIOD MARCH 1, 1998 (INCEPTION) THROUGH MARCH 31, 1998
                           (in millions of dollars)


<TABLE>
<S>                                                     <C>     
CASH RECEIPTS

Proceeds from Sale of Notes                             $1,050.0

Collections of Principal & Interest, and Other              28.7
                                                        --------

TOTAL CASH RECEIPTS                                      1,078.7
                                                        ========



CASH DISBURSEMENTS

Purchase of Receivables                                  1,050.0
                                                        --------
TOTAL CASH DISBURSEMENTS                                 1,050.0
                                                        --------
CASH RECEIPTS IN EXCESS OF CASH DISBURSEMENTS           $   28.7
                                                        ========


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


                                      4


<PAGE>

ITEM 1.  FINANCIAL STATEMENTS - (CONTINUED)


                          PREMIER AUTO TRUST 1998-2
                        NOTES TO FINANCIAL STATEMENTS


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting

The financial statements of Premier Auto Trust 1998-2 (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.

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"), announced that it and
Daimler-Benz Aktiengesellschaft ("Daimler") and Oppenheim Aktiengesellschaft
("Newco") entered into a Business Combination Agreement (the "Business
Combination Agreement") providing, subject to the terms and conditions set
forth therein, for (i) the merger of a special purpose merger subsidiary with
and into Chrysler; (ii) an offer by Newco to exchange one Newco ordinary
share of stock for each Daimler ordinary share of stock; and (iii) the merger
of Daimler with and into Newco. As a result of these transactions, Newco will
be owned by the stockholders of Chrysler and Daimler, and Chrysler will be a
wholly owned subsidiary of Newco. Consummation of the transactions 
contemplated by the Business Combination Agreement is subject to the approval
of Chrysler's and Daimler's stockholders and Daimler's Supervisory Board, the
receipt of certain regulatory approvals, and the satisfaction or waiver of
various other conditions.


                                      5

<PAGE>

ITEM 1.  FINANCIAL STATEMENTS - (CONTINUED)


                          PREMIER AUTO TRUST 1998-2
                        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 March 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 March 30, 1998, the Trust issued $200,000,000 aggregate principal amount
of 5.6075% Asset Backed Notes, Class A-1 (the "Class A-1 Notes"),
$330,000,000 aggregate principal amount of 5.76% Asset Backed Notes, Class
A-2 (the "Class A-2 Notes"), $250,000,000 aggregate principal amount of 5.77%
Asset Backed Notes, Class A-3 (the "Class A-3 Notes"), and $230,625,000
aggregate principal amount of 5.82% 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 $39,375,000
aggregate principal amount of 6.06% 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 March 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
March 18, 1998, transferred to the Trust by CFC on March 30, 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 April,
6, 1998. Principal of the Notes will be payable on each Distribution Date to
the extent described in the Prospectus Supplement dated March 24, 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 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 March 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 March 30, 1998, the Trust issued $200,000,000 aggregate principal amount
of 5.6075% Asset Backed Notes, Class A-1 (the "Class A-1 Notes"),
$330,000,000 aggregate principal amount of 5.76% Asset Backed Notes, Class
A-2 (the "Class A-2 Notes"), $250,000,000 aggregate principal amount of 5.77%
Asset Backed Notes, Class A-3 (the "Class A-3 Notes"), and $230,625,000
aggregate principal amount of 5.82% 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 $39,375,000
aggregate principal amount of 6.06% 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 March 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
March 18, 1998, transferred to the Trust by CFC on March 30, 1998. The Notes
are secured by the assets of the Trust pursuant to the Indenture.

The Trust has no employees.



                                      7


<PAGE>

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

Exhibit No.

     3         Certificate of Trust of Premier Auto Trust 1998-2.

     4.1       Amended and Restated Trust Agreement, dated as of March 1,
               1998, among Premier Receivables L.L.C., Chrysler Financial
               Corporation and Chase Manhattan Bank Delaware, as Owner
               Trustee.

     4.2       Indenture, dated as of March 1, 1998, between Premier Auto
               Trust 1998-2 and The Bank of New York, as Indenture Trustee
               (excluding Schedule A).

     4.3       Sale and Servicing Agreement, dated as of March 1, 1998,
               between Premier Auto Trust 1998-2 and Chrysler Financial
               Corporation (excluding Schedules A and C).

    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.


                                      8



<PAGE>

                          PREMIER AUTO TRUST 1998-2


                                  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 1998-2 (Registrant)
                         By:   Chrysler Financial Corporation, as Servicer
                               -------------------------------------------






Date:  May 12, 1998      By:   /s/ T.F. Gilman
                               ---------------------------------------------
                               T. F. Gilman, Vice President and Controller
                                                Principal Accounting Officer




                                      9


<PAGE>

                          PREMIER AUTO TRUST 1998-2


                                EXHIBIT INDEX



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

        3           Certificate of Trust of Premier Auto Trust 1998-2.

        4.1         Amended and Restated Trust Agreement, dated as of March
                    1, 1998, among Premier Receivables L.L.C., Chrysler
                    Financial Corporation and Chase Manhattan Bank Delaware,
                    as Owner Trustee.

        4.2         Indenture, dated as of March 1, 1998, between Premier Auto
                    Trust 1998-2 and The Bank of New York, as Indenture
                    Trustee (excluding Schedule A).

        4.3         Sale and Servicing Agreement, dated as of March 1, 1998,
                    between Premier Auto Trust 1998-2 and Chrysler Financial
                    Corporation (excluding Schedules A and C).

       27           Financial Data Schedule


                                     E-1