Exhibit 10-JJJJ

                                                               CONFORMED COPY





                          RECEIVABLES SALE AGREEMENT


                                    among


                          PREMIER RECEIVABLES L.L.C.

                                  as Seller,


                        CHRYSLER FINANCIAL CORPORATION

                                 as Servicer,


                  PREFERRED RECEIVABLES FUNDING CORPORATION
                                 as Purchaser


                                     and

                     THE FIRST NATIONAL BANK OF CHICAGO,
                           as Administrative Agent





                          Dated as of June 22, 1998


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                                                                            i

                              TABLE OF CONTENTS


                                                                        Page

ARTICLE I:        DEFINITIONS                                            1

ARTICLE II:       SALE AND PURCHASE                                     10

    Section 2.1.      Sale and Purchase                                 10
    Section 2.2.      Purchase Price                                    10
    Section 2.3.      CFC's Optional Termination                        10

ARTICLE III:      FEES AND EXPENSES                                     11

    Section 3.1.      Determination of Carrying Costs                   11
    Section 3.2.      Purchase Discount                                 11
    Section 3.3.      Carrying Cost True-Up Amount                      11
    Section 3.4.      Program Fee                                       12
    Section 3.5.      Servicer Fee                                      12
    Section 3.6.      Interest on Unpaid Amounts                        12

ARTICLE IV:       CONDITIONS PRECEDENT TO PURCHASE                      12

    Section 4.1.      Conditions Precedent to Purchase                  12
    Section 4.2.      Absence of Liens                                  13
    Section 4.3.      Financing Statements                              13
    Section 4.4.      Schedule of Contracts                             13
    Section 4.5.      Seller Resolutions                                13
    Section 4.6.      Servicer Resolutions                              13
    Section 4.7.      Legal Opinion of Counsel to the Seller 
                        and the Servicer                                13
    Section 4.8.      Good Standing Certificates                        14
    Section 4.9.      Representations and Covenants                     14
    Section 4.10.     Other Documents                                   14
    Section 4.11.     Up-Front Fee                                      14
    Section 4.12.     Hedging                                           14
    Section 4.13      Insolvency                                        14

ARTICLE V:        SETTLEMENT PROCEDURES                                 14


<PAGE>
                                                                           ii

    Section 5.1.      Collections                                        14
    Section 5.2.      Application of Collections                         14
    Section 5.3.      Application of Collections on Settlement Dates     15
    Section 5.4.      Servicer Report                                    15

ARTICLE VI:       SERVICING OF RECEIVABLES                               15

    Section 6.1.      Appointment and Duties of the Servicer             15
    Section 6.2.      Replacement of the Servicer                        16
    Section 6.3.      Custody of Receivable Files                        17
    Section 6.4.      Duties of the Servicer as Custodian                17
    Section 6.5.      Effective Period and Termination                   18

ARTICLE VII:   REPRESENTATIONS AND WARRANTIES                            18

    Section 7.1.      Representations and Warranties of the Seller 
                        and the Servicer                                 18

ARTICLE VIII:  COVENANTS                                                 20

    Section 8.1.      Affirmative Covenants of the Seller 
                        and the Servicer                                 20
    Section 8.2.      Reporting Requirements of the Servicer             20
    Section 8.3.      Negative Covenants of the Seller and the Servicer  21
    Section 8.4.      Protection of the Purchaser?s Interest             21

ARTICLE IX            INDEMNIFICATION                                    22

    Section 9.1       Indemnification                                    22

ARTICLE X:        ADMINISTRATIVE AGENT                                   22

    Section 10.1.     Appointment of the Administrative Agent            22
    Section 10.2.     Replacement of the Administrative Agent            23

ARTICLE XI:       MISCELLANEOUS                                          23

    Section 11.1.     Amendments                                         23
    Section 11.2.     Notices                                            23
    Section 11.3.     No Waiver; Remedies                                23
    Section 11.4.     Binding Effect; Assignability                      23
    Section 11.5.     Governing Law                                      24


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                                                                          iii

    Section 11.6.     Construction of the Agreement                      24
    Section 11.7.     No Proceedings                                     24
    Section 11.8.     Confidentiality                                    24
    Section 11.9.     Execution in Counterparts                          24


                                   EXHIBITS

EXHIBIT A - Form of Servicer Report

EXHIBIT B - Form of Opinion of Counsel


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                                                                       page 1



        RECEIVABLES SALE AGREEMENT dated as of June 22, 1998 among PREMIER
RECEIVABLES L.L.C., a Michigan limited liability company, as the "Seller,"
CHRYSLER FINANCIAL CORPORATION, a Michigan corporation, as the initial
"Servicer," Preferred Receivables Funding Corporation, as the "Purchaser" and
The First National Bank of Chicago, as the "Administrative Agent" for the
Purchaser.


                            ARTICLE I: DEFINITIONS

        "Administrative Agent" means The First National Bank of Chicago, or
any replacement thereof under Section 10.2.

        "Adverse Claim" means any mortgage, pledge, security interest,
hypothecation, assignment, deposit arrangement, encumbrance, lien
(consensual, statutory or other), charge, security arrangement, or any other
encumbrance or other right or claim in, of or on any Person's assets or
properties in favor of any other Person, of any kind or nature whatsoever
(including, without limitation, any conditional sale or other title retention
agreement, and any financing lease having substantially the same economic
effect as any of the foregoing).

        "Agreement" means this Receivables Sale Agreement, as it may be
amended from time to time.

        "Aggregate Principal Balance" means, at any time, the aggregate
Principal Balance of all Purchased Receivables at such time.

        "Amount Financed" means (i) with respect to any Receivable that is
not a Balloon Payment Receivable, the amount advanced under such Receivable
toward the purchase price of the Financed Vehicle and any related costs,
exclusive of any amount allocable to the premium of force-placed physical
damage insurance covering the Financed Vehicle; and (ii) with respect to a
Balloon Payment Receivable, an amount equal to the present value of the fixed
level payment monthly installments (not including the amount designated as
the Balloon Payment) under the Balloon Payment Receivable, assuming that each
payment is made on the due date in the month in which such payment is due,
discounted at the APR for such Balloon Payment Receivable.

        "Annual Percentage Rate" or "APR" of a Receivable means the annual
rate of finance charges stated in the related Contract.

        "Balloon Payment" means, for any Receivable, the dollar amount of any
payment which is not a level monthly payment (other than the first or last
payment made on the Receivable which is minimally different from the other
level payments).


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                                                                       page 2

        "Balloon Payment Receivable" means any Contract listed on the
Schedule of Contracts that provides for amortization of the loan over a
series of fixed level payment monthly installments in accordance with the
actuarial method, the simple interest method or the Rule of 78s, but also
requires a final payment that is greater than the scheduled monthly payments
and is due after payment of such scheduled monthly payments and that may be
made by (i) payment in full in cash of a Balloon Payment, (ii) return of the
Financed Vehicle to the Servicer provided certain conditions are satisfied or
(iii) refinancing the Balloon Payment in accordance with certain conditions.

        "Business Day" means any day other than a day on which banks are not
authorized to be open or required to be closed in New York City.

        "Carrying Costs" means, for each Settlement Period, an amount equal
to the sum of:

        (i)    (PD + PF) x DSP x AI
                           ---
                           360
plus

       (ii)    SF x DP x APB
                   ---
                   360

        where     PD         =      Purchase Discount

                  PF         =      Program Fee

                  DSP        =      the number of days in such Settlement 
                                    Period

                  AI         =      the average daily Investment for such 
                                    Settlement Period

                  SF         =      Servicer Fee

                  DP         =      30 days, except for the initial
                                    Settlement Period when it shall be the
                                    number of days from the Cut-Off Date to
                                    June 30, 1998.

                  APB        =      the Aggregate Principal Balance on the 
                                    first day of such Settlement Period.

        "Carrying Costs True-Up Amount" has the meaning assigned to that term
in Section 3.3.


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                                                                       page 3

        "Certificate of Title" means any certificate, instrument or other
document issued by a state or other governmental authority in respect of any
motor vehicle for the purpose of evidencing the ownership of, or any Adverse
Claim in or against, such motor vehicle.

        "CFC" means Chrysler Financial Corporation, a Michigan corporation.

        "Collection" means any amount paid by an Obligor or any other party
with respect to a Purchased Receivable, including Liquidation Proceeds.

        "Contract" means, with respect to any Receivable, any and all
instruments, agreements, invoices, or other writings pursuant to which such
Receivable arises or which evidence such Receivable.

        "Credit and Collection Policy" means the credit and collection
policies and practices of the Servicer and any successor Servicer relating to
Receivables and Contracts, such policies being subject to unilateral revision
or modification at any time by the Servicer or successor Servicer, so long as
the revision or modification is not expected to have a material adverse
effect on Collections, and so long as such revised or modified policies and
practices are not different from those collections policies and practices
used by the Servicer in servicing similar portfolios of retail automotive
receivables, whether owned by the Servicer, the Seller or any third party.

        "Credit Facilities" means each of the committed loan facilities,
lines of credit, letters of credit and other forms of credit enhancement
available to a Purchaser which are not Liquidity Facilities.

        "Cut-Off Date" means June 17, 1998.

        "Dealer" means an automobile or light-duty truck dealership located
within the United States at or through which a Financed Vehicle shall have
been purchased or is proposed to be purchased.

        "Delinquency Ratio" means, as of the last calendar day of any
Settlement Period, a fraction, expressed as a percentage, the numerator of
which is the sum of the Principal Balances of all Receivables which were
Delinquent Receivables as of the last calendar day of such Settlement Period
and the last calendar day of each of the two immediately preceding Settlement
Periods, to the extent such preceding Settlement Periods exist, and the
denominator of which is the sum of the Aggregate Principal Balance on such
last calendar day of such Settlement Period and on the last calendar day of
each of the two immediately preceding Settlement Periods, to the extent such
preceding Settlement Periods exist.


<PAGE>
                                                                       page 4

        "Delinquent Receivable" means any Receivable which has 10% or more of
a scheduled payment past due for more than 60 days.

        "Eligible Receivable" means, as of the Cut-Off Date, any Receivable:

        (i) the Obligor of which (a) is a resident of the United States and
    (b) is not an affiliate of the originating Dealer or any of the parties
    hereto,

       (ii) the Obligor of which (a) is not the Obligor of any Receivable
    which has 10% or more of a scheduled payment past due for more than 60
    days and (b) is not the subject of any bankruptcy, insolvency or
    reorganization proceeding or any other proceeding seeking the entry of an
    order for relief or the appointment of a receiver, trustee or other
    similar official for it or any substantial part of its property,

      (iii) which is "chattel paper" within the meaning of Section 9-105 of
    the UCC of all applicable jurisdictions,

       (iv) which is denominated and payable only in United States dollars
    in the United States,

        (v) which (a) has been originated in the United States by a Dealer
    for the retail sale of a Financed Vehicle in the ordinary course of such
    Dealer's business and (b) satisfies all applicable requirements of the
    Credit and Collection Policy,

       (vi) which arises under a Contract (a) which, together with such
    Receivable, is (1) in full force and effect and constitutes the legal,
    valid and binding obligation of the related Obligor, enforceable against
    such Obligor in accordance with its terms, and (2) subject to no dispute,
    offset, counterclaim or other defense, and (b) with respect to which (1)
    no default, breach, violation, or event permitting acceleration under the
    terms thereof has occurred and (2) there has not arisen any condition
    that, with notice or lapse of time or both, would constitute a default,
    breach, violation or event permitting acceleration under the terms
    thereof,

      (vii) which, together with the related Contract, (a) is secured by a
    perfected, valid, subsisting and enforceable first priority security
    interest in favor of CFC in the related Financed Vehicle, (b) contains
    customary and enforceable provisions such that the rights and remedies of
    the holder of such security interest are adequate for realization against
    the collateral of the benefits of the security, and (c) was originated
    and transferred to the Seller without any conduct constituting fraud or
    misrepresentation on the part of the applicable Dealer, CFC or the
    Seller,

     (viii) which, together with the related Contract, immediately
    following the execution of such Contract, was purchased by (and the
    originating Dealer has validly assigned all of its right, title and
    interest therein to) CFC, which, in turn, has sold such Receivable to the
    Seller, 


<PAGE>
                                                                       page 5

    and such purchase and assignment of such Receivable, such Contract and
    the Related Security to CFC is expressly contemplated in such Contract,

       (ix) which, together with the Contract related thereto, does not
    contravene any laws, rules or regulations applicable thereto (including,
    without limitation, laws, rules and regulations relating to usury, truth
    in lending, fair credit billing, fair credit reporting, equal credit
    opportunity, fair debt collection practices and privacy) and with respect
    to which no part of the Contract related thereto is in violation of any
    such law, rule or regulation,

        (x) the Financed Vehicle securing which (a) is free and clear of any
    Adverse Claim other than the security interest therein then being
    assigned by the Seller to the Administrative Agent for the benefit of the
    Purchaser, and no enforcement action, whether by repossession or
    otherwise, has been taken with respect to such Financed Vehicle, and (b)
    is covered by the Required Insurance in respect of such Financed Vehicle,
    and such Required Insurance is in full force and effect, and the proceeds
    of the Required Insurance has been assigned to the Seller and such
    proceeds are fully assignable to the Administrative Agent, for the
    benefit of the Purchaser,

       (xi) as to which the Administrative Agent has not notified the Seller
    that such Receivable or class of Receivables is not acceptable as an
    Eligible Receivable, including, without limitation, because such
    Receivable arises under a Contract that is not acceptable,

      (xii) with respect to the outstanding balance thereof, (a) the
    related Contract requires that payment in full of such outstanding
    balance is scheduled to be made not later than 72 months after the date
    any interest therein is purportedly transferred to the Purchaser
    hereunder and (b) such Outstanding Balance is scheduled to be paid in
    equal consecutive monthly installments, unless such Receivable is a
    Balloon Payment Receivable, and

     (xiii) which Receivable bears interest at the per annum rate stated
    on the face of the related Contract, which per annum rate remains fixed
    during the term of such Receivable and accrued interest on such
    Receivable is payable monthly, in arrears.

        "Fee Letter" means the letter agreement of even date herewith between
the Seller and the Administrative Agent, for itself and for the benefit of
the Purchaser.

        "Finance Charges" means, with respect to any Receivable and its
related Contract, any finance, interest or similar charges owing by an
Obligor pursuant to such Contract, including, without limitation, any charge
payable in connection with any extension or adjustment under such Contract
(without regard to whether any such extension or adjustment is permitted
under the terms of this Agreement).


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                                                                       page 6

        "Financed Vehicle" means an automobile or light-duty truck, together
with all accessions thereto, securing an Obligor's indebtedness under the
applicable Contract.

        "Hedging Proceeds" means any amount payable by CFC to the
Administrative Agent under a swap confirmation.

        "Insolvency Event" means, with respect to a specified Person, (a) the
filing of a decree or order for relief by a court having jurisdiction in the
premises in respect of such Person or any substantial part of its property in
an involuntary case under any applicable federal or state bankruptcy,
insolvency or other similar law now or hereafter in effect, or appointing a
receiver, liquidator, assignee, custodian, trustee, sequestrator or similar
official for such Person or for any substantial part of its property, or
ordering the winding-up or liquidation of such Person's affairs, and such
decree or order shall remain unstayed and in effect for a period of 60
consecutive days; or (b) the commencement by such Person of a voluntary case
under any applicable federal or state bankruptcy, insolvency or other similar
law now or hereafter in effect, or the consent by such Person to the entry of
an order for relief in an involuntary case under any such law, or the consent
by such Person to the appointment of or taking possession by a receiver,
liquidator, assignee, custodian, trustee, sequestrator or similar official
for such Person or for any substantial part of its property, or the making by
such Person of any general assignment for the benefit of creditors, or the
failure by such Person generally to pay its debts as such debts become due,
or the taking of action by such Person in furtherance of any of the
foregoing.

        "Insurance Policy" means (i) any comprehensive and collision, fire,
theft or other insurance policy maintained by an Obligor in which the
Servicer is named as loss payee with respect to one or more Financed
Vehicles, and (ii) any credit, life or disability insurance maintained by an
Obligor in connection with any Contract.

        "Investment" means the aggregate amount of cash paid by the Purchaser
to the Seller for the Purchase, less the amount of all Collections received
and applied as reductions of Investment pursuant to Article V.

        "Liquidated Receivable" means any Receivable liquidated by the
Servicer through the sale of a Financed Vehicle or otherwise.

        "Liquidation Proceeds" means, with respect to any Liquidated
Receivable, the monies collected in respect thereof, from whatever source,
net of the sum of any amounts expended by the Servicer in connection with
such liquidation and any amounts required by law to be remitted to the
Obligor on such Liquidated Receivable.


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                                                                       page 7

        "Liquidity Facilities" means each of the committed loan facilities,
lines of credit, standby asset purchase agreements and other financial
accommodations available to the Purchaser to support the liquidity of the
Purchaser's commercial paper notes and medium term notes.

        "Net Loss" for a Settlement Period means the sum of the Aggregate
Principal Balance of all Purchased Receivables which are deemed to be
uncollectible for such Settlement Period, minus any Liquidation Proceeds
received during such Settlement Period, plus any losses resulting from
disposition expenses paid during such Settlement Period.

        "Net Loss Ratio" means, as of the last day of any Settlement Period,
a fraction, expressed as a percentage, the numerator of which is the product
of (i) the sum of the Net Loss for such Settlement Period and the two
immediately preceding Settlement Periods, to the extent such Settlement
Periods exist, and (ii) a factor of 12 divided by the number of Settlement
Periods included in the sum in clause (i), and the denominator of which is
the average of the Aggregate Principal Balance on the first day of the
Settlement Period and the first day of the two immediately preceding
Settlement Periods, to the extent such Settlement Periods exist.

        "Obligor" means any Person which is obligated to make payment on a
Receivable.

        "Person" means any corporation, natural person, firm, joint venture,
partnership, limited liability company, trust, unincorporated organization,
enterprise, government or any department or agency of any government.

        "Principal Balance" means with respect to any Receivable the
outstanding principal balance thereof determined in accordance with the
Credit and Collection Policy and the Servicer's customary calculation
methods, provided, that with respect to a Receivable identified as a Balloon
Payment Receivable, the Principal Balance shall not include the Balloon
Payment.

        "Program Fee" has the meaning assigned to that term in Section 3.4.

        "Purchase" has the meaning assigned to that term in Section 2.1.

        "Purchase Amount" means the amount, as of the close of business on
the last day of a Settlement Period, required to prepay in full a Receivable
under the terms thereof including interest to the end of the month of
purchase.

        "Purchase Date" means June 22, 1998, the date on which the conditions
precedent to the Purchase described in Section 4.1 have been satisfied or
waived.

        "Purchase Discount" has the meaning assigned to that term in Section
3.2.


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                                                                       page 8

        "Purchased Receivable" means an Eligible Receivable arising under a
Contract listed on the Schedule of Contracts delivered to the Administrative
Agent prior to the Purchase Date being sold to the Purchaser under this
Agreement.

        "Purchaser" means Preferred Funding Receivables Corporation and its
successors and assigns ("PREFCO").

        "Receivable" means the indebtedness and other obligations of an
Obligor arising under a Contract, whether such indebtedness or other
obligations constitute accounts, chattel paper, instruments or general
intangibles, and including, without limitation, the obligation to pay any
Finance Charges with respect thereto.

        "Receivables Files" means the documents specified in Section 6.3.

        "Related Security" means, with respect to any Receivable:

        (i) all of the Seller's interest in the Financed Vehicle, the
    financing of the purchase of which gave rise to such Receivable,
    including, without limitation, all of the Seller's right, title and
    interest in and to the proceeds of the Insurance Policies, and all
    warranties, indemnities, service obligations and other contract rights
    issued or granted by, or otherwise existing under applicable law against,
    the manufacturer or Dealer in respect of such Financed Vehicle,

       (ii) all other security interests or liens and property subject
    thereto from time to time, if any, purporting to secure payment of such
    Receivable, whether pursuant to the Contract related to such Receivable,
    or otherwise, together with all financing statements signed by an Obligor
    describing any collateral securing such Receivable, and including,
    without limitation, all security interests or liens, and property subject
    thereto, granted by any Person (whether or not the primary Obligor on
    such Receivable) under or in connection therewith,

      (iii) all books, records and other information relating to such
    Receivable, including, without limitation, all Contracts,

       (iv) all service contracts and other contracts and agreements
    relating to such Receivable, and

        (v) all proceeds of any of the foregoing.

        "Required Insurance" means an Insurance Policy with respect to a
Financed Vehicle (i) that has been issued to the Obligor by an insurance
company acceptable to the Servicer, (ii) that provides comprehensive,
collision, fire, theft and other physical damage coverage, (iii) that is in


<PAGE>
                                                                       page 9

an amount not less than the market value of the applicable Financed Vehicle,
and (iv) that has the Servicer noted as the loss payee thereon.

        "Reserve" means the amount designated as such in the Fee Letter.

        "Sale Documents" means this Agreement, the Exhibits hereto to which
the Seller is a party and all other certificates, instruments, agreements and
documents executed from time to time by the Seller in connection with the
transactions contemplated in this Agreement.

        "Schedule of Contracts" means the list of Contracts delivered to the
Administrative Agent, such list being in microfiche, paper or electronic
format.

        "Seller" means Premier Receivables L.L.C., a Michigan limited
liability company, and its successors and permitted assigns.

        "Servicer" means CFC or any replacement thereof under Article VI.

        "Servicer Default" has the meaning assigned to that term in Section
6.2.

        "Servicer Fee" has the meaning assigned to the term in  Section 3.5.

        "Servicer Report" means the report in the form of Exhibit A hereto to
be provided by the Servicer in accordance with Section 5.4 of this Agreement,
which report shall include a calculation of the Delinquency Ratio and the Net
Loss Ratio for the applicable month.

        "Settlement Date" means the 10th day of each month following each
Settlement Period, or if such day is not a Business Day, the next succeeding
Business Day.

        "Settlement Period" means a calendar month, provided, that, for
purposes of the initial Settlement Period, such period shall commence as of
the Purchase Date and end on June 30, 1998.

        "Simple Interest Method" means the method of allocating a fixed level
payment to principal and interest, pursuant to which the portion of such
payment that is allocated to interest is equal to the product of (a) the
fixed rate of interest, (b) the unpaid principal balance, and (c) a fraction,
the numerator of which is the number of days elapsed since the preceding
payment of interest was made and the denominator of which is 365, and the
remainder of such payment is allocable to principal.

        "Up-front Fee" has the meaning assigned to that term in Section 4.11.


<PAGE>
                                                                      page 10

                        ARTICLE II: SALE AND PURCHASE

        SECTION 2.1. Sale and Purchase. Upon the terms and subject to the
conditions set forth herein, effective as of the Purchase Date, (i) the
Seller hereby sells, transfers and assigns to the Purchaser all of the
Seller's right, title and interest to and in the Purchased Receivables,
together with the Related Security and Collections from and after the Cut-Off
Date relating to such Purchased Receivables and (ii) the Purchaser hereby
purchases and accepts the transfer and assignment of all of the Seller's
right, title and interest to and in the Purchased Receivables, together with
the Related Security and Collections relating to such Purchased Receivables
(the foregoing sale, transfer and assignment being referred to as the
"Purchase") and (iii) the Purchaser hereby, without any further action
hereunder, does sell, transfer, assign, set over and otherwise convey to the
Seller, effective as of the Purchase Date, without recourse, representation
or warranty of any kind, all right, title and interest of the Purchaser in
and to the Balloon Payments, all monies due and to become due and all amounts
received with respect thereto and all proceeds thereof.

        SECTION 2.2. Purchase Price. The aggregate purchase price payable by
the Purchaser for the Purchase shall equal the Aggregate Principal Balance as
of the Cut-Off Date. Such purchase price shall be comprised of a cash
component and a deferred payment component. The cash component of the
purchase price shall be paid by the Purchaser to the Seller on the Purchase
Date and shall equal the Aggregate Principal Balance of the Purchased
Receivables as of the Cut-Off Date minus the Reserve calculated as of such
Purchase Date. Upon and after the reduction of the Investment to zero and the
payment in full of all other amounts due to the Purchaser hereunder, all
Collections or other cash received by the Purchaser on account of Receivables
and the interest of the Purchaser therein and all Receivables held by or on
behalf of the Purchaser will be transmitted in the form received by the
Purchaser to the Seller. The transmission of such amount by the Purchaser
shall be deemed to satisfy the payment of the deferred payment component of
the purchase price under this Section 2.2.

        SECTION 2.3. CFC's Optional Termination. The CFC shall have the
right, on five (5) Business Days' written notice to the Administrative Agent,
at any time following the reduction of the Aggregate Principal Balance
hereunder to a level that is less than ten percent (10%) of the Aggregate
Principal Balance on the Purchase Date, to repurchase from the Purchaser on
any subsequent Settlement Date all, and not part, of the then outstanding
Purchased Receivables, together with the Related Security and Collections
relating to such Purchased Receivables. The purchase price in respect thereof
shall be an amount equal to the Investment outstanding at such time plus all
other amounts payable (whether due or accrued) hereunder or under any other
Sale Document to the Purchaser or the Administrative Agent at such time. Such
repurchase shall be without representation, warranty or recourse of any kind
by, on the part of or against the Purchaser or the Administrative Agent.


<PAGE>
                                                                      page 11

                        ARTICLE III: FEES AND EXPENSES

        SECTION 3.1. Determination of Carrying Costs. The following items as
outlined in Section 3.2 through Section 3.6 shall be utilized in calculating
the amount of Carrying Costs to be distributed each Settlement Period out of
Collections of Purchased Receivables.

        SECTION 3.2. Purchase Discount. A Purchase Discount equal to the
weighted average of the following:

        (a) the weighted average of the discount rates on all commercial
    paper notes issued at a discount and outstanding during the related
    Settlement Period (other than commercial paper notes the proceeds of
    which are used by the Purchaser to (x) purchase receivables, or extend
    financing secured thereby, at a fixed interest rate or (y) conduct any
    arbitrage activities of the Purchaser), converted to an annual
    yield-equivalent rate on the basis of a 360-day year;

        (b) the weighted average of the annual interest rates payable on all
    interest-bearing commercial paper notes outstanding during the related
    Settlement Period (other than the commercial paper notes described in
    clauses (x) and (y) of paragraph (a) above), on the basis of a 360-day
    year; and

        (c) the weighted average of the annual interest rates applicable to
    any Liquidity Facilities under which the Purchaser has borrowed loans
    during the related Settlement Period (which loans shall be borrowed only
    after a determination by the Purchaser that financing its activities
    during such period by issuing commercial paper notes would not be
    practicable or cost-efficient);

    provided that, to the extent that the Investment is funded by a specific
    issuance of commercial paper notes and/or by a specific funding under a
    Liquidity Facility or a Credit Facility, the Purchase Discount shall
    equal the rate or weighted average of the rates applicable to such
    issuance or borrowing, provided, further, that, for purposes of the
    foregoing, the interest rates applicable under any Liquidity Facility and
    or any Credit Facility shall not exceed the reserve adjusted "LIBO Rate"
    quoted by the Administrative Agent plus 0.50 % (50 basis points) per
    annum.

        SECTION 3.3. Carrying Cost True-Up Amount. Two Business Days prior to
the end of each Settlement Period, the Administrative Agent shall determine
the Purchase Discount pursuant to (a) above by using the actual Purchase
Discount for each day elapsed in such month and estimating the Purchase
Discount for each remaining day in such month. In addition, the
Administrative Agent shall concurrently notify the Servicer of the actual
Purchase Discount for 


<PAGE>
                                                                      page 12

any days during the immediately preceding Settlement Period with respect to
which the Purchase Discount was estimated, and the difference, if any,
between the Carrying Costs actually paid using the estimated Purchase
Discount and the Carrying Costs which would have been paid had the actual
Purchase Discount been available (such differential being the "Carrying Costs
True-Up Amount"). If the amount of Carrying Costs paid for such immediately
preceding Settlement Period based upon an estimated Purchase Discount was
less than the amount of Carrying Costs for such Settlement Period based upon
the actual Purchase Discount, the amount of Collections remitted to the
Administrative Agent pursuant to Section 5.3(i) shall be increased by an
amount equal to the Carrying Costs True-Up Amount, or, if the amount of
Carrying Costs paid for such immediately preceding Settlement Period based
upon an estimated Purchase Discount was greater than the amount of Carrying
Costs for such Settlement Period based upon the actual Purchase Discount, the
amount of Collections remitted to the Administrative Agent pursuant to
Section 5.3(i) shall be decreased by an amount equal to the Carrying Costs
True-Up Amount.

        SECTION 3.4. Program Fee. A Program Fee equal to the amount
designated as such in the Fee Letter, which amount shall include all annual
expenses, including but not limited to legal fees, audit fees, filing and
administrative fees, liquidity and credit enhancement fees, and dealer
commissions.

        SECTION 3.5. Servicer Fee. A Servicer Fee in respect of each
Settlement Period, equal to 1.0% per annum (assuming a 30/360 day basis) of
the Principal Balance of Purchased Receivables on the first day of such
Settlement Period, shall be remitted by the Purchaser to the Servicer,
provided, however, that, for purposes of the initial Settlement Period such
period shall commence as of the Cut-off Date and end on June 30, 1998 . If
CFC is acting as the Servicer, then the Servicer shall retain an amount equal
to the Servicer Fee (in full satisfaction of the payment of such fee to the
Servicer) out of amounts required to be remitted by the Servicer in
accordance with Section 5.3.

        SECTION 3.6. Interest on Unpaid Amounts. To the extent that the
Seller or Servicer fails to pay when due to the Purchaser or the
Administrative Agent any fee, expense or other amount payable hereunder or
under any Sale Document, interest shall be due and payable on such unpaid
amount, for each day until paid in full, at the rate of 2.00% (200 basis
points) in excess of the rate of interest per annum published on such day
(or, if not then published, on the most recently preceding day) in The Wall
Street Journal as the "Prime Rate". Changes in the rate payable hereunder
shall be effective on each date on which a change in the "Prime Rate" is so
published.


                 ARTICLE IV: CONDITIONS PRECEDENT TO PURCHASE


<PAGE>
                                                                      page 13

        SECTION 4.1. Conditions Precedent to Purchase. The following
conditions as outlined in Section 4.2 through Section 4.11 must be satisfied
before the Purchaser will make the Purchase:

        SECTION 4.2. Absence of Liens. The Seller shall certify that all
Purchased Receivables, Related Security and all proceeds thereof are free and
clear of any Adverse Claim.

        SECTION 4.3. Financing Statements. The Administrative Agent will have
received acknowledgment copies of UCC-1 financing statements, and all other
documents reasonably requested by the Administrative Agent, to evidence the
perfection of the Purchaser's interest in the Purchased Receivables, the
Related Security and the Collections.

        SECTION 4.4. Schedule of Contracts. The Administrative Agent will
have received and approved the Schedule of Contracts.

        SECTION 4.5. Seller Resolutions. The Administrative Agent will have
received a certificate of the Seller attesting to:

        (a) the resolutions of the majority interest of the Seller's members
    authorizing the execution by the Seller of the Sale Documents to be
    executed by the Seller;

        (b) the names and signatures of the officers of the Seller?s members
    authorized to execute the Sale Documents to be executed by the Seller;
    and

        (c) the completeness and correctness of the attached articles of
    organization and operating agreement of the Seller.

        SECTION 4.6. Servicer Resolutions. The Administrative Agent will have
received a certificate of the Servicer's Secretary or Assistant Secretary
attesting to:

        (a) the resolutions of the Servicer's Board of Directors (or an
    executive committee thereof) authorizing the execution by the Servicer of
    the Sale Documents to be executed by the Servicer;

        (b) the names and signatures of the officers of the Servicer
    authorized to execute the Sale Documents to be executed by the Servicer;
    and

        (c) the completeness and correctness of the attached restated
    articles of incorporation and by-laws of the Servicer.


<PAGE>
                                                                      page 14

        SECTION 4.7. Legal Opinion of Counsel to the Seller and the Servicer.
The Administrative Agent will have received an opinion from counsel to the
Seller and the Servicer, such counsel being "in-house" counsel unless
otherwise required by any agencies providing a credit rating to the
transaction contemplated hereby, substantially in the form attached hereto as
Exhibit B, together with such other matters as the Administrative Agent or a
Purchaser may reasonably request.

        SECTION 4.8. Good Standing Certificates. The Administrative Agent
will have received certificates of recent date issued by the Secretary of
State of the State of Michigan, as to the legal existence and good standing
of the Seller and the Servicer.

        SECTION 4.9. Representations and Covenants. On and as of the Purchase
Date (i) the representations and warranties of the Seller and the Servicer in
Article VII shall be true and correct with the same effect as if made on such
date and (ii) the Seller and the Servicer shall be in compliance with the
covenants set forth in Article VIII. The Seller and the Servicer, by
accepting the proceeds of such Purchase, shall be deemed to have certified as
to the truth and accuracy of each of the matters described in the foregoing
clauses (i) and (ii), both before and after giving effect to such Purchase.

        SECTION 4.10. Other Documents. The Administrative Agent and the
Purchaser will have received all other documents that either of them had
reasonably requested from the Seller or the Servicer.

        SECTION 4.11. Up-Front Fee. The Seller shall have paid a fee to the
Administrative Agent at Closing in the amount designated in the Fee Letter as
the "Up-Front Fee," which amount shall include all up-front expenses,
including but not limited to legal fees, filing and administrative fees,
rating agency fees, liquidity and credit enhancement fees incurred with
respect to the Purchase.

        SECTION 4.12. Hedging. The Agent shall have received one or more duly
executed, valid and enforceable interest rate protection agreement in form
and substance satisfactory to the Administrative Agent.

        SECTION 4.13 Insolvency: No Insolvency Event has occurred and is
continuing with respect to the Seller or the Servicer.


                       ARTICLE V: SETTLEMENT PROCEDURES


<PAGE>
                                                                      page 15

        SECTION 5.1. Collections. The Servicer shall remit Collections with
respect to each Settlement Period to the Administrative Agent on the
Settlement Date relating to such Settlement Period.

        SECTION 5.2. Application of Collections. All Collections for the
Settlement Period shall be applied by the Servicer as follows:

        (a) with respect to each payment by or on behalf of the Obligor shall
    be applied to interest and principal in accordance with the Simple
    Interest Method with excess payments applied to principal; and

        (b) all Liquidation Proceeds with respect to any Balloon Payment
    Receivable shall be applied first to the related Receivable and only
    after the payment in full of the Principal Balance thereof plus accrued
    but unpaid interest thereon shall any such Liquidation Proceeds be
    applied to, or constitute, the related Balloon Payment.

        SECTION 5.3. Application of Collections on Settlement Dates. The
Servicer will, by 3:00 P.M. (New York time) on each Settlement Date, from
Collections received during the preceding Settlement Period, pay to the
Administrative Agent and the Administrative Agent shall distribute such
Collections, together with any Hedging Proceeds received by the
Administrative Agent with respect to such Settlement Period, to the Purchaser
or their respective assigns (i) first, an amount equal to the Carrying Costs
for the Settlement Period (as such amount shall be increased or decreased by
the Carrying Costs True-Up Amount, if any, for the immediately preceding
Settlement Period as determined pursuant to Section 3.3) and (ii) second, all
remaining Collections as a reduction to the Investment.

        SECTION 5.4. Servicer Report. The Servicer will provide the
Purchaser, either in writing or electronically, with a Servicer Report with
respect to each Settlement Period no later than three Business Days before
the Settlement Date.


                     ARTICLE VI: SERVICING OF RECEIVABLES

        SECTION 6.1. Appointment and Duties of the Servicer. The Purchaser
and the Seller each hereby appoint CFC as the Servicer and CFC accepts such
appointment. The Servicer, for the benefit of the Purchaser (to the extent
provided herein), shall manage, service, administer, make collections and
discharge liens on the Purchased Receivables with reasonable care, using that
degree of skill and attention that the Servicer exercises with respect to all
comparable automotive receivables that it services for itself or others. If
the Servicer shall commence a legal proceeding to enforce a Purchased
Receivable, the Purchaser shall thereupon be deemed to have automatically
assigned, solely for the purpose of collection, such Purchased Receivables to
the 


<PAGE>
                                                                      page 16

Servicer. If in any enforcement suit or legal proceeding it shall be held
that the Servicer may not enforce a Purchased Receivable on the ground that
it shall not be a real party in interest or a holder entitled to enforce such
Purchased Receivable, the Administrative Agent shall, at the Servicer's
expense and direction, take steps to enforce such Receivable, including
bringing suit in its name or the name of the Purchaser. The Purchaser shall
upon the written request of the Servicer furnish the Servicer with any powers
of attorney and other documents reasonably necessary or appropriate to enable
the Servicer to carry out its servicing and administrative duties hereunder.

        SECTION 6.2. Replacement of the Servicer. (a) If any of the following
events has occurred, a Servicer Default, shall occur and be continuing:

        (i) any failure by the Servicer to make any payment or deposit
    required to be made hereunder and the continuance of such failure for a
    period of five Business Days;

       (ii) any representation or warranty made by the Servicer in Section
    7.1, or any information set forth in a Servicer Report or other
    certificate delivered to the Administrative Agent, shall prove to have
    been incorrect in any material respect when made, which continues to be
    incorrect in any material respect for a period of sixty days after the
    earlier of the date on which an officer of the Servicer has actual
    knowledge thereof and the date on which written notice thereof has been
    given to the Servicer requiring the same to be remedied, by the Purchaser
    or the Administrative Agent;

      (iii) failure on the part of the Servicer to observe or perform in
    any material respect any other term, covenant or agreement in this
    Agreement or any other Sale Document which continues unremedied for sixty
    days after the earlier of the date on which an officer of the Servicer
    has actual knowledge of such failure and the date on which written notice
    of such failure has been given to the Servicer requiring the same to be
    remedied, by the Purchaser or the Administrative Agent; or

       (iv) an Insolvency Event with respect to the Seller or the Servicer,

then, so long as such Servicer Default shall not have been remedied, the
Purchaser shall have the right to remove CFC (or any successor Servicer) as
Servicer by giving written notice thereof to the Servicer. On and after
receipt of such written notice, all authority and power of the Servicer under
this Agreement shall, without further action, pass to and be vested in such
successor Servicer as may be appointed by the Purchaser, provided, however,
that Servicer cannot be removed until a successor Servicer is selected and
appointed and such successor Servicer meets industry-wide standards for being
a Servicer of retail automotive receivables.


<PAGE>
                                                                      page 17

        (b) If CFC is removed as Servicer, CFC shall transfer to any
    successor Servicer designated by the Purchaser all records,
    correspondence and documents requested by the Purchaser or such successor
    Servicer and permit such Persons to have access to, and to copy, all
    software used by the Servicer in the collection, administration or
    monitoring of the Purchased Receivables. In the case of software that is
    then licensed by, or otherwise made available to, the Servicer from or by
    any third party, the Servicer shall use its best efforts to obtain such
    consents and otherwise take all actions necessary in order to enable any
    Servicer hereunder to succeed to all rights of CFC to the quiet use and
    enjoyment of such software for the purpose of discharging the obligations
    of the Servicer under or in connection with the Sale Documents.

        (c) Following the removal of CFC as Servicer, (i) the Purchaser and
    the Administrative Agent may (a) notify Obligors of the ownership
    interest of the Purchaser hereunder in the Purchased Receivables and the
    Related Security, (b) notify each issuer of an Insurance Policy of the
    ownership interest of the Purchaser hereunder in the Purchased
    Receivables and in the Related Security (including the applicable
    Financed Vehicle and Insurance Policy thereon), and (c) direct the Seller
    to, whereupon the Seller immediately shall, note the interest of the
    Purchaser hereunder on each Certificate of Title relating to each
    Financed Vehicle and (ii) the Purchaser and the Administrative Agent
    shall have, in addition to all other rights and remedies under this
    Agreement or otherwise, all other rights and remedies provided under the
    Uniform Commercial Code of the applicable jurisdiction and other
    applicable laws, which rights shall be cumulative.

        SECTION 6.3. Custody of Receivable Files. To assure uniform quality
in servicing the Receivables and to reduce administrative costs, the
Purchaser and the Seller hereby irrevocably appoint the Servicer, and the
Servicer hereby accepts such appointment, to act for the benefit of the
Purchaser and the Seller as custodian of the following documents or
instruments which are hereby or will hereby be constructively delivered to
the Administrative Agent, as pledgee of the Seller, as of the Closing Date
with respect to each Purchased Receivable (the "Receivable Files"):

        (a) the fully executed original of the Contract related to such
            Purchased Receivable;

        (b) the original credit application fully executed by the Obligor;

        (c) the original Certificate of Title or such documents that the
    Servicer or the Seller shall keep on file, in accordance with its
    customary procedures, evidencing the security interest of the Seller in
    the Financed Vehicle; and


<PAGE>
                                                                      page 18

        (d) any and all other documents that the Servicer or the Seller shall
    keep on file, in accordance with its customary procedures, relating to a
    Purchased Receivable, an Obligor or a Financed Vehicle.

        SECTION 6.4. Duties of the Servicer as Custodian. The Servicer shall
hold the Receivable Files as custodian for the benefit of the Seller and the
Purchaser and maintain such accurate and complete accounts, records and
computer systems pertaining to each Receivable File as shall enable the
Seller to comply with this Agreement. In performing its duties as custodian
the Servicer shall act with reasonable care, using that degree of skill and
attention that the Servicer exercises with respect to receivable files
relating to all comparable automotive receivables that the Servicer services
for itself or others.

        SECTION 6.5. Effective Period and Termination. The Servicer's
appointment as custodian shall become effective as of the Cut-Off Date and
shall continue in full force and effect until terminated pursuant to this
Section. If CFC shall cease to be Servicer in accordance with the provisions
of this Agreement, the appointment of such Servicer as custodian shall be
terminated by the Purchaser. The Purchaser may terminate the Servicer's
appointment as custodian at any time following the occurrence of a Servicer
Default under Section 6.2(a) upon thirty days written notification to the
Servicer. As soon as practicable after any termination of such appointment,
the Servicer shall deliver the Receivable Files to the Administrative Agent
or to a Person designated by the Administrative Agent at a place or places as
the Administrative Agent may reasonably designate.

                 ARTICLE VII: REPRESENTATIONS AND WARRANTIES

        SECTIION 7.1. Representations and Warranties of the Seller and
Servicer. Each of the Seller and the Servicer makes, with respect to itself,
the following representations and warranties to the Purchaser and its
assigns:

        (a) it is a limited liability company or corporation, as applicable,
    duly organized or incorporated, validly existing and in good standing
    under the laws of the jurisdiction of its organization or incorporation
    and is duly qualified in good standing as a foreign corporation or
    limited liability company in each jurisdiction where the failure to be so
    qualified could materially adversely affect its ability to perform its
    obligations hereunder;

        (b) the execution, delivery and performance by the Seller and the
    Servicer of the Sale Documents, and the Seller's use of the proceeds of
    the Purchases, are within the Seller's and the Servicer's respective
    corporate or other powers, have been duly authorized by all necessary
    corporate or other action, do not contravene (i) the Seller's or the
    Servicer's respective articles of organization or charter, as applicable,
    or operating agreement or by-


<PAGE>
                                                                      page 19

    laws, as applicable, or (ii) law or any contractual restriction binding
    on or affecting the Seller or the Servicer, and do not result in or
    require the creation of any Adverse Claim (other than pursuant hereto)
    upon or with respect to any of its properties; and no transaction
    contemplated hereby requires compliance with any bulk sales act or
    similar law;

        (c) no authorization or approval or other action by, and no notice to
    or filing with, any governmental authority or regulatory body is required
    for the due execution, delivery and performance by the Seller or the
    Servicer of the Sale Documents, or for the perfection of or the exercise
    by the Purchaser of its rights and remedies under the Sale Documents,
    except for the filing of the financing statements referred to in Section
    4.3;

        (d) each Sale Document constitutes the legal, valid and binding
    obligation of the Seller and the Servicer, respectively, enforceable in
    accordance with its terms;

        (e) there is no pending or threatened action or proceeding affecting
    the Seller or the Servicer or any of its subsidiaries before any court,
    governmental agency or arbitrator which may materially adversely affect
    (i) its financial condition or operations or (ii) its ability to perform
    its obligations under the Sale Documents, or which could affect the
    legality, validity or enforceability of any Sale Document or of the
    interest of the Purchaser in the Purchased Receivables;

        (f) immediately prior to the transfer and assignment herein
    contemplated, the Seller had good and marketable title to the
    Receivables, the Related Security and Collections, free and clear of any
    Adverse Claim, except as created by this Agreement; upon consummation of
    the Purchase, the Purchaser will acquire good and marketable title to the
    Purchased Receivables and to the Related Security and the Collections
    with respect thereto, free and clear of any Adverse Claim, except as
    created by this Agreement, and such transfer has been perfected under the
    Uniform Commercial Code enacted in the State of Michigan;

        (g) the information provided by the Seller to the Servicer for use in
    each Servicer Report prepared under Section 5.4 and all information
    (including, but not limited to, the Schedule of Contracts) and Sale
    Documents furnished or to be furnished at any time by the Seller to the
    Administrative Agent in connection with this Agreement is or will be
    accurate in all material respects as of its date, and no such document
    will contain any untrue statement of a material fact or will omit to
    state a material fact which is necessary to make the facts stated therein
    not misleading;

        (h) the Seller is treating the conveyance of the interest in the
    Purchased Receivables and the Collections under this Agreement to the
    Purchaser as a sale for purposes of generally accepted accounting
    principles;


<PAGE>
                                                                      page 20

        (i) no selection procedures believed by the Seller to be adverse to
the Purchaser and of which the Purchaser had no actual knowledge were or will
be used in selecting the Receivables for purchase hereunder,

        (j) each of the Contracts on the Schedule of Contracts gives rise to
an Eligible Receivable, and

        (k) there has been no material change in any Credit and Collection
Policy that would have a material adverse effect on the performance of the
Receivables.


                           ARTICLE VIII: COVENANTS

        SECTION 8.1. Affirmative Covenants of the Seller and the Servicer.
Until the Investment is reduced to zero and all other amounts due to the
Purchaser hereunder have been paid in full, each of the Seller and the
Servicer (with respect to itself) will, unless the Purchaser has otherwise
consented in writing:

        (a) maintain its existence in the jurisdiction of its organization or
    incorporation, and qualify and remain qualified in good standing as a
    foreign corporation or limited liability company in each jurisdiction
    where the failure to be so qualified could materially adversely affect
    its ability to perform its obligations hereunder;

        (b) maintain and implement administrative and operating procedures,
    and keep and maintain all records and other information, reasonably
    necessary or advisable for the collection of the Purchased Receivables
    (including, without limitation, records adequate to permit the daily
    identification of Purchased Receivables and all Collections and
    adjustments to Purchased Receivables);

        (c) at its expense timely and fully perform and comply with all
    material provisions and covenants required to be observed by CFC or the
    Seller under the Contracts related to the Purchased Receivables;

        (d) comply in all material respects with the Credit and Collection
    Policy and with all applicable laws with regard to each Purchased
    Receivable and any Contract related to such Receivable; and

        (e) treat the conveyance of the interest in the Purchased Receivables
    and the Collections under this Agreement as a sale for purposes of
    generally accepted accounting principles.


<PAGE>
                                                                      page 21

        SECTION 8.2. Reporting Requirements of the Servicer. Until the
Investment is reduced to zero and all amounts due to the Purchaser hereunder
have been paid in full, the Servicer will, unless the Purchaser shall
otherwise consent in writing, furnish to the Purchaser:

        (a)  the Servicer Report as required under Section 5.4;

        (b) as soon as possible, and in any event within thirty days shall
    describe such event or condition and, if applicable, the steps being
    taken with respect thereto by the Person(s) affected thereby of: (i) the
    occurrence of any Servicer Default or event which with the passage of
    time or the giving of notice or both would constitute a Servicer Default
    or (ii) the institution of any litigation, arbitration proceeding or
    governmental proceeding which could be reasonably likely to have a
    material adverse effect on the performance by the Servicer of its
    obligations under this Agreement or the other Sale Documents or the
    collectibility of the Purchased Receivables; and

        (c) such other information, documents, records or reports respecting
    the Purchased Receivables or the condition or operations, financial or
    otherwise, of the Servicer or the Seller as the Purchaser may from time
    to time reasonably request.

        SECTION 8.3 Negative Covenants of the Seller and the Servicer. Until
the Investment is reduced to zero and all other amounts due to the Purchaser
hereunder have been paid in full, neither the Seller nor the Servicer will,
unless the Purchaser has otherwise consented in writing:

        (a) except as provided herein, sell, assign (by operation of law or
    otherwise) or otherwise dispose of, or create or suffer to exist any
    Adverse Claim upon or with respect to any Purchased Receivables, the
    Related Security or any Collections or assign any right to receive income
    in respect thereof; or

        (b) amend or otherwise modify the terms of any Purchased Receivable,
    or amend, modify or waive any term or condition of any Contract related
    thereto, in each case, in any manner which is inconsistent with the
    Credit and Collection Policy.

        SECTION 8.4. Protection of the Purchaser's Interest. Until the
Investment is reduced to zero and all other amounts due to the Purchaser
hereunder have been paid in full, each of the Seller and the Servicer agrees
that from time to time, at its expense, it will promptly execute and deliver
all instruments and documents and take all action that the Administrative
Agent may from time to time reasonably request in order to perfect, evidence
and protect the validity, enforceability, perfection and priority of the
Administrative Agent's and the Purchaser's interests in the Purchased
Receivables, the Related Security and the Collections and to enable the
Administrative Agent and/or the Purchaser to exercise or enforce any of its
rights hereunder. Without limiting the generality of the foregoing, the
Seller and the Servicer will: (i) on or prior to the date hereof, mark its
master data processing records with a legend describing the 


<PAGE>
                                                                      page 22

Administrative Agent's and the Purchaser's interests therein; and (ii) upon
the request of the Administrative Agent, execute and file such financing or
continuation statements or amendments thereto or assignments thereof as may
be requested by the Administrative Agent, provided, however, that the Seller
is not required to deliver the Contracts to anyone other than the Servicer.
To the fullest extent permitted by applicable law, the Administrative Agent
shall be permitted to sign and file continuation statements and amendments
thereto and assignments thereof without the Seller's signature. A
reproduction of this Agreement or any financing statement shall be sufficient
as a financing statement.


                         ARTICLE IX: INDEMNIFICATION

        SECTION 9.1. Indemnification. Without limiting any other rights which
the Agent or the Purchaser may have hereunder or under applicable law, the
Seller and the Servicer each agree to indemnify the Agent, the Purchaser and
any assign of the Purchaser, and each of their respective officers,
directors, agents and employees (each of the foregoing, an "Indemnified
Party") from and against any and all damages, losses, claims, taxes,
liabilities, costs, expenses and for all other amounts, payable, including
reasonable attorneys' fees (which attorneys may be employees of the Agent or
the Purchaser or assign) and all disbursements awarded against or incurred by
any of them (any or all of the foregoing, an "Indemnity Claim") out of, or as
a result of:

        (a) any breach of any representation, warranty or covenant by the
    Seller or Servicer;

        (b) any untrue statements of material fact or untrue or materially
    inaccurate information provided by the Seller or Servicer regarding the
    Receivables or in any Servicer Report, the Schedule of Contracts, the
    Credit and Collection Policy or any other information provided to the
    Administrative Agent or the Purchaser with respect to this transaction;

        (c) enforcement of this Agreement and any other documents delivered
hereunder; and

        (d) any lawsuits, disputes or claims brought against the Agent, the
Purchaser or any of the Purchaser's assigns by any third party arising out of
or as a result of the existence of this Agreement;

provided, however, that neither the Seller nor the Servicer shall be liable
to any Indemnified Party to the extent that the final judgment of a court of
competent jurisdiction holds that such Indemnity Claim resulted from the
gross negligence or willful misconduct of such Indemnified Party.


<PAGE>
                                                                      page 23

                       ARTICLE X: ADMINISTRATIVE AGENT

        SECTION 10.1. Appointment of the Administrative Agent. The Purchaser
has appointed The First National Bank of Chicago as its Administrative Agent.
The Administrative Agent is responsible for administering and enforcing this
Agreement and fulfilling all other duties expressly assigned to it in this
Agreement. The Purchaser has granted the Administrative Agent the authority
to take all actions necessary to assure the Seller's compliance with the
terms of this Agreement and to take all actions required or permitted to be
performed by the Purchaser under this Agreement.

        SECTION 10.2. Replacement of the Administrative Agent. The Purchaser
may, at any time in its discretion, remove the Administrative Agent and
appoint a new Administrative Agent, which shall have the duties described in
Section 10.1.


                          ARTICLE XI: MISCELLANEOUS

        SECTION 11.1. Amendments. No amendment or waiver of, or consent to the
Seller's or the Servicer's departure from, any provision of this Agreement
shall be effective unless it is in writing and signed by the parties hereto
and then such amendment, waiver or consent shall be effective only in the
specific instance and for the specific purpose for which it was given.

        SECTION 11.2. Notices. All notices and other communications provided
for hereunder shall, unless otherwise stated herein, be in writing (including
photocopy, facsimile, electronic mail or other digital communication) and
sent, as to each party hereto, at its address set forth under its name on the
signature pages hereto, or at such other address as shall be designated by
such party in a written notice to the other parties hereto. All such notices
and communications shall be effective when sent.

        SECTION 11.3. No Waiver; Remedies. No failure on the part of the
Purchaser to exercise, and no delay in exercising, any right hereunder or
under any Sale Document shall operate as a waiver thereof; nor shall any
single or partial exercise of any right hereunder preclude any other or
further exercise thereof or the exercise of any other right. The remedies
herein provided are cumulative and not exclusive of any remedies provided by
law.

        SECTION 11.4. Binding Effect; Assignability. This Agreement shall be
binding upon and inure to the benefit of the Seller, the Servicer, the
Purchaser, the Administrative Agent and their respective successors and
assigns, except that the Seller shall not have the right to assign any
interest herein without the prior written consent of the Purchaser. The
Purchaser may assign any of its rights or obligations hereunder to any
Person; provided that in the case of any such assignment proposed to be made
prior to the occurrence of a Servicer Default, other than an 


<PAGE>
                                                                      page 24

assignment by the Purchaser to the Administrative Agent or to a liquidity
provider with respect to a Liquidity Facility, the consent of the Seller
(which consent shall not be unreasonably withheld) shall be required. This
Agreement shall create and constitute the continuing obligation of the
parties hereto in accordance with its terms, and shall remain in full force
and effect until such time as the Investment is reduced to zero and all other
amounts due to the Purchaser hereunder have been paid in full; provided,
however, that the rights and remedies of the Purchaser under Article IX shall
survive any termination of this Agreement.

        SECTION 11.5. Governing Law. This Agreement and the Sale Documents
shall be governed by, and construed in accordance with, the laws of the State
of New York.

        SECTION 11.6. Construction of the Agreement. The parties hereto intend
that the conveyance of the interest in the Purchased Receivables by the
Seller to the Purchaser shall be treated as sales for purposes of generally
accepted accounting principles. If, despite such intention, a determination
is made that such transactions shall not be treated as sales, then this
Agreement shall be interpreted to constitute a security agreement and the
transactions effected hereby shall be deemed to constitute a secured
financing by the Purchaser to the Seller under applicable law. For such
purpose, the Seller hereby grants to the Purchaser a continuing security
interest in the Receivables listed on the Schedule of Contracts and the
Related Security and Collections related thereto to secure the obligations of
the Seller to the Purchaser hereunder.

        SECTION 11.7. No Proceedings. The Seller, the Administrative Agent
and the Servicer each hereby agrees that it will not institute against the
Purchaser any bankruptcy, reorganization, insolvency or similar proceeding
until the date which is one year and one day since the last day on which any
commercial paper notes or medium term notes issued by the Purchaser shall
have matured.

     SECTION 11.8. Confendtiality. The Purchaser agrees to maintain the
confidentiality of any information regarding the Seller obtained in
accordance with the terms of this Agreement which is not publicly available,
but the Purchaser may, with advance notice to the Seller, reveal such
information (a) to applicable rating agencies, liquidity providers and credit
providers, (b) as necessary or appropriate in connection with the
administration or enforcement of this Agreement or its funding of the
Purchase under this Agreement, (c) as required by law, government regulation,
court proceeding or subpoena or (d) to bank regulatory agencies and
examiners.

     SECTION 11.9. Execution in Counterparts. This Agreement may be executed
in any number of counterparts and by different parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an
original and all of which when taken together shall constitute one and the
same agreement.


<PAGE>
                                                                      page 25

        IN WITNESS WHEREOF, the parties have caused this Agreement to be
signed by their duly authorized officers as of the date set forth on the
cover page of this Agreement.

                             PREMIER RECEIVABLES L.L.C.
                             as Seller

                             By: /s/ D. H. Olson
                                 -------------------
                             Title: Assistant Treasurer
                                   --------------------
                             of Premier Auto Receivables Company,
                             a Member of the Seller

                             Address:   27777 Franklin Road
                                        Southfield, Michigan 48034-8286

                             Attention: Assistant Secretary
                             Facsimile: 248-948-3138


                             CHRYSLER FINANCIAL CORPORATION
                             as Servicer

                             By: /s/ D. H. Olson
                                 ----------------
                             Title: Assistant Treasurer
                                    -------------------

                             Address:  27777 Franklin Road
                                       Southfield, Michigan 48034-8286

                             Attention: Assistant Secretary
                             Facsimile: 248-948-3138


<PAGE>

                                    PREFERRED RECEIVABLES FUNDING 
                                    CORPORATION,
                                    as Purchaser

                                    By: /s/ Alison K. Dolin
                                       ----------------------
                                            Authorized Signer

                                    Address:

                                    c/o The First National Bank of Chicago
                                    One First National Plaza
                                    Chicago, IL 60670-0079
                                    Attn: John J. Loy

                                    Facsimile:   312-732-1844


                                    THE FIRST NATIONAL BANK OF CHICAGO,
                                    as Administrative Agent

                                    By: /s/ Alison K. Dolin
                                      ---------------------
                                            Vice President

                                    Address:

                                    One First National Plaza
                                    Chicago, IL   60670-0597
                                    Attn: John J. Loy

                                    Facsimile: 312-732-3205