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[Letterhead]



                           Report of Independent Auditors



Olympic Financial Ltd.
Board of Directors

We have audited, in accordance with generally accepted auditing standards, the
consolidated balance sheet of Olympic Financial Ltd. (the "Company") as of
December 31, 1996 and the related consolidated statements of operation,
shareholders' equity, and cash flows for the year ended December 31, 1996 and
have issued our report thereon dated January 21, 1997.

Our audit, referred to in the preceding paragraph, included procedures applied
to the documents and records relating to the servicing of automobile installment
contracts under certain pooling and servicing agreements and sale and servicing
agreements, and procedures applied to the delinquency and loss statistics
relating to the Company's portfolio of automobile installment contracts.  These
procedures were determined on the basis of our objective to issue on opinion on
the financial statements referred to above taken as a whole.  Because the
procedures referred to in this paragraph and described below do not constitute
an audit of the documents and records relating to the servicing of automobile
installment contracts or the delinquency and loss statistics relating to the
Company's portfolio of automobile installment contracts, we do not express an
opinion on those documents, records or statistics.

Our procedures were as follows:

DOCUMENTS AND RECORDS RELATING TO THE SERVICING OF AUTOMOBILE INSTALLMENT
CONTRACTS UNDER POOLING AND SERVICING AGREEMENTS AND SALE AND SERVICING
AGREEMENTS.

1.   In 1995, we utilized an audit software application to analyze certain 
     characteristics of the entire servicing portfolio.  We refer to our 
     letter dated January 19, 1996 that describes the procedures performed at 
     that time.  At year-end 1996, using an audit software application 
     applied to the 1996-A, 1996-B, 1996-C, and 1996-D securitization pools, 
     we:

    a.   Recalculated the aging of the automobile installment contracts and
         compared the number and amount of delinquent loans to the Company's
         delinquency reports.

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    b.   Recalculated the weighted average interest rates on automobile
         contracts for each securitization pool.

2.  Relating to automobile installment contracts included in Olympic Automobile
    Receivables Trusts 1996-A, 1996-B, 1996-C, and 1996-D and/or serving as
    collateral for warehouse facilities during 1996, we:

    a    Attempted to verbally confirm the original contract amount and monthly
         payment amount with the primary obligor for a sample of 1,000
         automobile  installment contracts.  Following is a summary of the
         confirmation results:

         Confirmed without exception - 418 or 42%
         Confirmed vehicle purchase, unsure of original contract amount or
          monthly payment amount - 91 or 9%
         Exception noted in original contract amount or monthly payment amount-
         9 or 1%
         Unable to contact borrower, confirmed propriety of phone number
          through discussion with person answering telephone or directory
          assistance - 225 or 26%
         Unable to contact borrower or confirm propriety of phone number
          through directory assistance - 227 or 22%

    b.   For the automobile installment contracts identified in 2.a. above as
         unable to contact borrower or confirm the propriety of the phone
         number through directory assistance, we obtained the payment history
         from the Company and determined whether subsequent payments had been
         received.  In some instances, the Company contacted the borrower
         directly.  We noted that payments had been subsequently received for
         all of the automobile installment contracts selected or the Company
         represented that they had contacted the borrower.

    c.   For a sample of 80 automobile installment contracts, we obtained from
         the Company the payment history and compared the amount of the most
         recent payment to the corresponding amount in the Company's cash
         receipt records.  Also, we recalculated the allocation of the payment
         to principal, interest, and other charges, if applicable.  No
         exceptions were noted.

3.  Obtained the reconciliation of automobile installment contracts suspense
    accounts for a five day period subsequent to December 31, 1996 and observed
    that suspense items cleared in a timely manner.

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4.  Recalculated the yield earned on automobile installment contracts based on
    the average loans held for sale balance during 1996.  Compared the
    recalculated yield to the weighted average annual percentage yield of loans
    held for sale stated in the respective prospectus for 1996-A, 1996-B,
    1996-C and 1996-D.

5.  For a sample of 70 extensions granted during 1996, we noted that the
    extension was approved by a designated officer of the Company and the
    extension was granted in accordance with the Company policy.  Additionally,
    for a sample of 25 extensions granted in 1996, we obtained the loan history
    noting that subsequent payments were made per the automobile installment
    contract and noted that any additional extensions granted were made in
    accordance with Company policy.

6.  For the same sample of 1,000 automobile installment contracts included in 
    Olympic Automobile Receivables Trusts 1996-A, 1996-B, 1996-C, and 1996-D, 
    as referred to in 2.a. above, we obtained the loan files from the Company 
    and noted documentation of approval, title and insurance.  We noted 41 
    automobile installments contracts where there was a discrepancy between 
    the loan file documentation and the random loan list, 104 automobile 
    installment contracts were not approved by the appropriate level of 
    management based on the Company's approval matrix, eight automobile 
    installment contracts did not have a title or application for title 
    listing the Company as the first lienholder, 42 automobile installment 
    contracts did not have evidence of physical damage insurance listing the 
    Company as loss payee and 17 automobile installment contracts where the 
    description (new or used) of the financed vehicle contained in the signed 
    note or information in the loan file did not agree with the description 
    set forth in the lien recording instrument or with the automobile 
    description code per the Random Loan List.

DELINQUENCY AND LOSS STATISTICS RELATING TO THE COMPANY'S PORTFOLIO OF
AUTOMOBILE INSTALLMENTS CONTRACTS.

1.   Performed procedures referred to in 1.a. above.

2.  Assessed the reasonableness of the methodology and criteria for determining
    the allowance for credit losses (including the amount incorporated in the
    fiance income receivable).

3.  Compared the current period's charge-offs, recoveries and allowance for
    credit losses (including the amount incorporated in the finance income
    receivable) as a percentage of automobile installment contracts serviced to
    the Company's historical experience.

4.  Compared the valuation of ten repossessed automobiles based on the
    Company's repossessed asset condition report to published retail and
    wholesale values.

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The results provided satisfactory evidential matter for the purpose of our audit
of the financial statements, referred to in the introductory paragraph of this
letter, taken as a whole.

This report is intended solely for the use of specified users listed above and
should not be used by those who have not agreed to the procedures and taken
responsibility for the sufficiency of the procedures for their purposes.


                                                 Very truly yours,


                                                 /s/ERNST + YOUNG LLP


January 21, 1997