CONFORMED




                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549

                                  Form 10-K



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

      For the fiscal year ended December 31, 1997

                                      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 1997-1
------------------------------------------------------------------------------
            (Exact name of registrant as specified in its charter)


          State of Delaware                                  38-3341733
------------------------------------------------------------------------------
  (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
                                                   ---------------------------

Securities registered pursuant to Section 12(b) of the Act:  None
Securities registered pursuant to Section 12(g) of the Act:  None

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____

Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of regulation S-K is not contained herein, and will not be contained, to
the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this form 10-K or any
amendment to this form 10-K. __X__




<PAGE>

                                   PART I.


ITEM 1.         BUSINESS

The Trust was formed under the laws of Delaware pursuant to an Amended and
Restated Trust Agreement dated as of March 1, 1997, among Premier Receivables
L.L.C. ("Premier L.L.C."), Chrysler Financial Corporation ("CFC"), and Chase
Manhattan Bank Delaware, acting thereunder not in its individual capacity but
solely as trustee of the Trust.

On March 18, 1997, the Trust issued $250,000,000 aggregate principal amount
of 5.4766% Asset Backed Notes, Class A-1 (the "Class A-1 Notes"),
$600,000,000 aggregate principal amount of 5.90% Asset Backed Notes, Class
A-2 (the "Class A-2 Notes"), $393,750,000 aggregate principal amount of 6.25%
Asset Backed Notes, Class A-3 (the "Class A-3 Notes"), and $200,000,000
aggregate principal amount of 6.35% 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 $56,250,000
aggregate principal amount of 6.55% 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, 1997, between the Trust
and The First National Bank of Chicago, 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 26, 1997, transferred to the Trust by CFC on March 18, 1997. The
Notes are secured by the assets of the Trust pursuant to the Indenture.

The Trust has no employees.

ITEM 2.        PROPERTIES

There is nothing to report with regard to this item.


ITEM 3.        LEGAL PROCEEDINGS

There is nothing to report with regard to this item.


ITEM 4.        SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There is nothing to report with regard to this item.



                                      2


<PAGE>

                                   PART II.

ITEM 5.        MARKET FOR REGISTRANT'S COMMON EQUITY
               AND RELATED STOCKHOLDER MATTERS

There is nothing to report with regard to this item.


ITEM 6.        SELECTED FINANCIAL DATA

The selected financial data has been omitted since the required information
is included in the financial statements or the notes thereto.


ITEM 7.        MANAGEMENT'S DISCUSSION AND ANALYSIS OF
               FINANCIAL CONDITION AND RESULTS OF OPERATION

The Trust was formed under the laws of Delaware pursuant to an Amended and
Restated Trust Agreement dated as of March 1, 1997, 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 18, 1997, the Trust issued $250,000,000 aggregate principal amount
of 5.4766% Asset Backed Notes, Class A-1 (the "Class A-1 Notes"),
$600,000,000 aggregate principal amount of 5.90% Asset Backed Notes, Class
A-2 (the "Class A-2 Notes"), $393,750,000 aggregate principal amount of 6.25%
Asset Backed Notes, Class A-3 (the "Class A-3 Notes"), and $200,000,000
aggregate principal amount of 6.35% 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 $56,250,000
aggregate principal amount of 6.55% 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, 1997, between the Trust
and The First National Bank of Chicago, 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 26, 1997, transferred to the Trust by CFC on March 18, 1997. The
Notes are secured by the assets of the Trust pursuant to the Indenture.

The Trust has no employees.

ITEM 7A.       QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There is nothing to report with regard to this item.


                                      3


<PAGE>

ITEM 8.         FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

<TABLE>
<CAPTION>
                PREMIER AUTO TRUST 1997-1
       STATEMENT OF ASSETS, LIABILITIES AND EQUITY
                    DECEMBER 31, 1997
                 (in millions of dollars)


<S>                                                  <C>     
ASSETS

Cash and Cash Equivalents (Note 1)                   $   64.4

Receivables (Note 3)                                  1,121.2
                                                     --------


TOTAL ASSETS                                         $1,185.6
                                                     ========

LIABILITIES AND EQUITY

Amounts Held for Future Distribution (Note 1)        $   87.6

Asset Backed Notes (Notes 3 and 4)                    1,098.0
                                                     --------


TOTAL LIABILITIES AND EQUITY                         $1,185.6
                                                     ========





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


                                      4


<PAGE>

ITEM 8.        FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA (CONTINUED)


<TABLE>
<CAPTION>
                          PREMIER AUTO TRUST 1997-1
                 STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
      FOR THE PERIOD MARCH 1, 1997 (INCEPTION) THROUGH DECEMBER 31, 1997
                           (in millions of dollars)


<S>                                                   <C>
CASH RECEIPTS

Proceeds from Sale of Notes and Certificates          $1,500.0

Collections of Principal & Interest, and Other           544.7
                                                      --------

TOTAL CASH RECEIPTS                                    2,044.7
                                                      --------


CASH DISBURSEMENTS

Purchase of Receivables                                1,500.0

Distributions of Principal                               402.0

Distributions of Interest                                 56.6

Distributions of Excess Reserves to Seller                11.2

Distributions of Service Fees                             10.5
                                                      --------

TOTAL CASH DISBURSEMENTS                               1,980.3
                                                      --------

CASH RECEIPTS IN EXCESS OF CASH DISBURSEMENTS         $   64.4
                                                      ========





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


                                      5


<PAGE>

ITEM 8.        FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA (CONTINUED)


                          PREMIER AUTO TRUST 1997-1
                        NOTES TO FINANCIAL STATEMENTS


NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting

The financial statements of Premier Auto Trust 1997-1 (the "Trust") are
prepared on the basis of modified 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.


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, 1997, 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.




                                      6


<PAGE>

ITEM 8.        FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA (CONTINUED)


                          PREMIER AUTO TRUST 1997-1
                        NOTES TO FINANCIAL STATEMENTS


NOTE 3 - SALE OF ASSET BACKED NOTES - continued

On March 18, 1997, the Trust issued $250,000,000 aggregate principal amount
of 5.4766% Asset Backed Notes, Class A-1 (the "Class A-1 Notes"),
$600,000,000 aggregate principal amount of 5.90% Asset Backed Notes, Class
A-2 (the "Class A-2 Notes"), $393,750,000 aggregate principal amount of 6.25%
Asset Backed Notes, Class A-3 (the "Class A-3 Notes"), and $200,000,000
aggregate principal amount of 6.35% 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 $56,250,000
aggregate principal amount of 6.55% 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, 1997, between the Trust
and The First National Bank of Chicago, 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 26, 1997, transferred to the Trust by CFC on
March 18, 1997. 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
7, 1997. Principal of the Notes will be payable on each Distribution Date to
the extent described in the Prospectus Supplement dated March 4, 1997, and
the Prospectus dated March 4, 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.




                                      7


<PAGE>

ITEM 8.        FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA (CONTINUED)


                          PREMIER AUTO TRUST 1997-1
                        NOTES TO FINANCIAL STATEMENTS


NOTE 6.        FINANCIAL INSTRUMENTS

The estimated fair value of financial instruments have been determined using
available market information and valuation methodologies as described below.
However, considerable judgment is required in interpreting market data to
develop the estimates of fair value. Accordingly, the estimates presented
herein are not necessarily indicative of the amounts that could be realized
in a current market exchange. The use of different market assumptions or
valuation methodologies may have a material effect on the estimated fair
value amounts.

The carrying amounts and estimated fair values of the Trust's financial
instruments at December 31, 1997 were as follows:

<TABLE>
<CAPTION>
                                            Carrying          Fair
                                             Amount           Value
                                            --------          ------
                                             (in millions of dollars)

<S>                                         <C>              <C>     
Cash and Cash Equivalents                   $   64.4         $   64.4
Receivables                                 $1,121.2         $1,137.4
Amounts Held for Future Distribution        $   87.6         $  101.0
Asset Backed Notes                          $1,098.0         $1,100.8
</TABLE>


Assumptions and Methodologies

The carrying value of cash and cash equivalents approximates market value due
to the short maturity of these instruments.

The fair value of receivables was estimated by discounting expected cash
flows using rates of loans with similar maturities at December 31, 1997.

The fair value of Asset Backed Notes was estimated using quoted market
prices.

The fair value of Amounts Held for Future Distribution was estimated at
carrying value for amounts with short-term maturities and at net realizable
value for remaining amounts due Premier L.L.C.



                                      8


<PAGE>




Deloitte &
Touche LLP
----------             -------------------------------------------------------
                       Suite 900                      Telephone (313) 396-3000
                       600 Renaissance Center
                       Detroit, Michigan 48243-1704



INDEPENDENT AUDITORS' REPORT


Shareholder and Board of Directors
Chrysler Financial Corporation
Southfield, Michigan

We have audited the accompanying statement of assets, liabilities and equity
arising from cash transactions of Premier Auto Trust 1997-1 as of
December 31, 1997, and the related statement of cash receipts and
disbursements for the period March 1, 1997 (inception) through December 31,
1997. These financial statements are the responsibility of the management of
Chrysler Financial Corporation. Our responsibility is to express an opinion
on these financial statements based on our audit.

We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free
of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.

As described in Note 1, these financial statements were prepared on the basis
of modified cash receipts and disbursements, which is a comprehensive basis of
accounting other than generally accepted accounting principles.

In our opinion, such financial statements present fairly, in all material
respects, the assets, liabilities and equity arising from cash transactions
of Premier Auto Trust 1997-1 as of December 31, 1997, and its cash
receipts and disbursements for the period March 1, 1997 (inception) through
December 31, 1997 on the basis of accounting described in Note 1.


/s/ Deloitte & Touche LLP

January 22, 1998

--------------------
Deloitte Touche
Tohmatsu
International
--------------------






                                      9


<PAGE>

ITEM 9.        CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
               ON ACCOUNTING AND FINANCIAL DISCLOSURE

There is nothing to report with regard to this item.


                                  PART III.

ITEM 10.       DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

There is nothing to report with regard to this item.

ITEM 11.       EXECUTIVE COMPENSATION

There is nothing to report with regard to this item.

ITEM 12.       SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

There is nothing to report with regard to this item.

ITEM 13.       CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

There is nothing to report with regard to this item.

                                   PART IV.

ITEM 14.       EXHIBITS, FINANCIAL STATEMENT SCHEDULES,
               AND REPORTS ON FORM 8-K

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

1.  Financial Statements

    Financial statements for Premier Auto Trust 1997-1 as follows:

    Statement of Assets, Liabilities and Equity - December 31, 1997 (page 4
    of this report)

    Statement of Cash Receipts and Disbursements for the period March 1, 1997
    (inception) through December 31, 1997 (page 5 of this report)

    Notes to financial statements (pages 6, 7, and 8 of this report)

    Independent Auditors' Report (page 9 of this report)





                                      10


<PAGE>

ITEM 14.        EXHIBITS, FINANCIAL STATEMENT SCHEDULES,
                AND REPORTS ON FORM 8-K (CONTINUED)


2.  Financial Statement Schedules

    All financial statement schedules have been omitted because the
    information to be provided therein is included in the financial
    statements or the notes thereto.

3.  Exhibits

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

    Exhibit No.
    -----------

         3       Certificate of Trust of Premier Auto Trust 1997-1.
                 Filed as Exhibit 3 to the Trust's Quarterly report on
                 Form 10-Q for the period ended March 31, 1997, and
                 incorporated herein by reference.

         4.1     Amended and Restated Trust Agreement, dated as of
                 March 1, 1997, 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 10-Q for the
                 period ended March 31, 1997, and incorporated herein
                 by reference.

         4.2     Indenture, dated as of March 1, 1997, between Premier
                 Auto Trust 1997-1 and The First National Bank of
                 Chicago, as Indenture Trustee (excluding Schedule A).
                 Filed as Exhibit 4.2 to the Trust's Quarterly report
                 on Form 10-Q for the period ended March 31, 1997, and
                 incorporated herein by reference.

         4.3     Sale and Servicing Agreement, dated as of March 1,
                 1997, between Premier Auto Trust 1997-1 and Chrysler
                 Financial Corporation (excluding Schedules A and C).
                 Filed as Exhibit 4.3 to the Trust's Quarterly report
                 on Form 10-Q for the period ended March 31, 1997, 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 1997-1


                                  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 1997-1 (Registrant)
                            By:   Chrysler Financial Corporation, as Servicer
                                  -------------------------------------------




Date:  March 11, 1998       By:   /s/T. F. Gilman
                                  -------------------------------------------
                                  T. F. Gilman, Vice President and Controller
                                                Principal Accounting Officer



SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO
SECTION 15(d) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES
PURSUANT TO SECTION 12 OF THE ACT.

No annual report or proxy material has been sent to security holders.



                                     12


<PAGE>

                          PREMIER AUTO TRUST 1997-1


                                EXHIBIT INDEX





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


        3      Certificate of Trust of Premier Auto Trust 1997-1. Filed as
               Exhibit 3 to the Trust's Quarterly Report on Form 10-Q for the
               period ended March 31, 1997, and incorporated herein by
               reference.

        4.1    Amended and Restated Trust Agreement, dated as of March
               1, 1997, 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 10-Q for the period ended March
               31, 1997, and incorporated herein by reference.

        4.2    Indenture, dated as of March 1, 1997, between Premier
               Auto Trust 1997-1 and The First National Bank of Chicago,
               as Indenture Trustee (excluding Schedule A). Filed as
               Exhibit 4.2 to the Trust's Quarterly Report on Form 10-Q
               for the period ended March 31, 1997, and incorporated
               herein by reference.

        4.3    Sale and Servicing Agreement, dated as of March 1, 1997,
               between Premier Auto Trust 1997-1 and Chrysler Financial
               Corporation (excluding Schedules A and C). Filed as
               Exhibit 4.3 to the Trust's Quarterly Report on Form 10-Q
               for the period ended March 31, 1997, and incorporated
               herein by reference

       27      Financial Data Schedule





                                     E-1