EXHIBIT 10.3

INDEPENDENT AUDITORS' REPORT

Board of Directors
DaimlerChrysler Corporation
Auburn Hills, Michigan

    We have audited the consolidated balance sheet of DaimlerChrysler
Corporation and consolidated subsidiaries (the "Company") as of December 31,
2000 and the related consolidated statements of income and cash flows for each
of the two years in the period ended December 31, 2000. Such consolidated
financial statements are not included herein. These financial statements are the
responsibility of the Company's management. Our responsibility is to express an
opinion on these financial statements based on our audits. We did not audit the
financial statements of Chrysler Financial Company L.L.C. (a consolidated
subsidiary) for the years ended December 31, 2000 and 1999, which statements
reflect total assets constituting 50% of consolidated total assets as of
December 31, 2000 and total revenues constituting 13% and 5% of consolidated
total revenues for the years ended December 31, 2000 and 1999, respectively.
Those financial statements were audited by other auditors whose report has been
furnished to us, and our opinion, insofar as it relates to the amounts included
for Chrysler Financial Company L.L.C. for the years ended December 31, 2000 and
1999, is based solely on the report of such other auditors.

    We conducted our audits in accordance with auditing standards generally
accepted in the United States of America. 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 audits and the report of
other auditors provide a reasonable basis for our opinion.

    In our opinion, based on our audits and the report of other auditors, such
consolidated financial statements present fairly, in all material respects, the
financial position of DaimlerChrysler Corporation and its consolidated
subsidiaries at December 31, 2000 and the results of their operations and their
cash flows for each of the two years in the period ended December 31, 2000, in
conformity with accounting principles generally accepted in the United States of
America.

    The Company adopted the provisions of the Financial Accounting Standards
Board's Statement of Financial Accounting Standards (SFAS) No. 133, ACCOUNTING
FOR DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES, on January 1, 2000, and
SFAS 138, ACCOUNTING FOR DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES--AN
AMENDMENT OF SFAS 133, and Emerging Issues Task Force Issue No. 99-20,
RECOGNITION OF INTEREST INCOME AND IMPAIRMENT ON PURCHASED AND RETAINED
BENEFICIAL INTERESTS IN SECURITIZED FINANCIAL ASSETS, on July 1, 2000.

Deloitte & Touche LLP

Detroit, Michigan
February 8, 2001