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                                                                     EXHIBIT 4.3

                               PURCHASE AGREEMENT


            This PURCHASE AGREEMENT is made as of this 21st day of June, 2000,
by and between NISSAN MOTOR ACCEPTANCE CORPORATION, a California corporation
(the "Seller"), having its principal executive office at 990 W. 190th Street,
Torrance, California 90502, and NISSAN AUTO RECEIVABLES CORPORATION, a Delaware
corporation (the "Purchaser"), having its principal executive office at 990 W.
190th Street, Torrance, California 90502.

            WHEREAS, in the regular course of its business, the Seller purchases
certain motor vehicle retail installment sale contracts secured by new and used
automobiles and light duty trucks from motor vehicle dealers.

            WHEREAS, the Seller and the Purchaser wish to set forth the terms
pursuant to which the Receivables (as hereinafter defined) and certain other
property are to be sold by the Seller to the Purchaser, which Receivables will
be transferred by the Purchaser pursuant to the Sale and Servicing Agreement (as
hereinafter defined), to the NISSAN AUTO RECEIVABLES 2000-B OWNER TRUST, which
will issue notes backed by such Receivables and the other property of the Trust
(the "Notes") and certificates representing fractional undivided interests in
such Receivables and the other property of the Trust (the "Certificates").

            NOW, THEREFORE, in consideration of the foregoing, other good and
valuable consideration, and the mutual terms and covenants contained herein, the
parties hereto agree as follows:

                                    ARTICLE I

                               CERTAIN DEFINITIONS

            Terms not defined in this Agreement shall have the respective
meanings assigned such terms set forth in the Sale and Servicing Agreement or
Trust Agreement, as the case may be. As used in this Agreement, the following
terms shall, unless the context otherwise requires, have the following meanings
(such meanings to be equally applicable to the singular and plural forms of the
terms defined):

            "Agreement" means this Purchase Agreement and all amendments hereof
and supplements hereto.

            "Assignment" means the document of assignment attached to this
Agreement as Exhibit A.

            "Certificates" shall have the meaning specified in the introductory
paragraphs of this Agreement.

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            "Closing" shall have the meaning specified in Section 2.2.

            "Closing Date" means June 21, 2000.

            "Collections" means all amounts collected by the Servicer (from
whatever source) on or with respect to the Receivables.

            "Damages" shall have the meaning specified in Section 5.4(a).

            "Distribution Date" means, for each Collection Period, the 15th day
of the following month or, if such 15th day is not a Business Day, the next
succeeding Business Day.

            "Notes" shall have the meaning specified in the introductory
paragraphs of this Agreement.

            "Prospectus" has the meaning assigned to such term in the
Underwriting Agreement.

            "Purchaser" means Nissan Auto Receivables Corporation, a Delaware
corporation, and its successors and assigns.

            "Rating Agency" means Standard & Poor's Ratings Services, a Division
of the McGraw-Hill Companies, Inc. or Moody's Investors Service, Inc. or any
successors thereto.

            "Receivable" means any retail installment sale contract that appears
on the Schedule of Receivables.

            "Receivables Purchase Price" means $952,575,953.38.

            "Repurchase Event" shall have the meaning specified in Section 6.2.

            "Sale and Servicing Agreement" means the Sale and Servicing
Agreement by and among Nissan Auto Receivables Corporation, as seller, Nissan
Motor Acceptance Corporation, as servicer, and the Trust dated as of June 21,
2000, as the same may be amended, amended and restated, supplemented or
modified.

            "Schedule of Receivables" means the list of Receivables annexed to
the Assignment as Schedule A thereto.

            "Securities" means the Notes and the Certificates.

            "Seller" means Nissan Motor Acceptance Corporation, a California
corporation, and its successors and assigns.

            "Servicing Payment Deposit" means, with respect to any Distribution
Date, all Servicing Payments received by Seller on such Distribution Date with
respect to the related Collection Period.


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            "Servicing Payments" means all base servicing fee compensation
received by Seller for its servicing of receivables owned by the Nissan Auto
Receivables 2000-A Owner Trust.

            "Trust" means the Nissan Auto Receivables 2000-B Owner Trust.

            "Trust Agreement" means the Trust Agreement dated as of April 20,
2000, as amended by the Amended and Restated Trust Agreement by and between
Nissan Auto Receivables Corporation, as seller, and Wilmington Trust Company, as
owner trustee, dated as of June 21, 2000, as the same may be amended, amended
and restated, supplemented or modified.

            "Underwriting Agreement" means the Underwriting Agreement by and
between J.P. Morgan Securities Inc., as representative of the several
underwriters, and the Purchaser, dated June 15, 2000.

            "Yield Supplement Agreement" means the agreement, dated as of the
date of this Agreement, among the Purchaser, the Seller, Norwest Bank Minnesota,
National Association, as Indenture Trustee, and the Trust.

            With respect to all terms in this Agreement, the singular includes
the plural and the plural the singular; words importing any gender include the
other genders; references to "writing" include printing, typing, lithography and
other means of reproducing words in a visible form; references to agreements and
other contractual instruments include all subsequent amendments, amendments and
restatements and supplements thereto or changes therein entered into in
accordance with their respective terms and not prohibited by this Agreement;
references to Persons include their permitted successors and assigns; references
to laws include their amendments and supplements, the rules and regulations
thereunder and any successors thereto; and the term "including" means "including
without limitation."

                                   ARTICLE II

                        PURCHASE AND SALE OF RECEIVABLES

            2.1 Purchase and Sale of Receivables.

            On the Closing Date, subject to the terms and conditions of this
Agreement, the Seller agrees to sell to the Purchaser, and the Purchaser agrees
to purchase from the Seller, the Receivables and the other property relating
thereto (as defined below).

            (a) Transfer of Receivables. On the Closing Date and simultaneously
with the transactions pursuant to the Sale and Servicing Agreement, the Seller
shall sell, transfer, assign and otherwise convey to the Purchaser, without
recourse,

               (i) all right, title and interest of the Seller in and to the
        Receivables (including all related Receivable Files) and all monies due
        thereon or paid thereunder or in respect thereof after the Cutoff Date;


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               (ii) the right of the Seller in the security interests in the
        Financed Vehicles granted by the Obligors pursuant to the Receivables
        and any related property;

               (iii) the right of the Seller in any proceeds from claims on any
        physical damage, credit life, credit disability or other insurance
        policies covering Financed Vehicles or Obligors;

               (iv) the right of the Seller to receive payments in respect of
        any Dealer Recourse with respect to the Receivables;

               (v) the right of the Seller to realize upon any property
        (including the right to receive future Net Liquidation Proceeds) that
        shall have secured a Receivable;

               (vi) the right of the Seller in rebates of premiums and other
        amounts relating to insurance policies and other items financed under
        the Receivables in effect as of the Cutoff Date;

               (vii) the right of the Seller in the Yield Supplement Agreement
        and the Servicing Payments; and

               (vii) all proceeds of the foregoing;

        provided that the Seller shall not be required to deliver to the
        Purchaser on the Closing Date monies received in respect of the
        Receivables after the Cutoff Date and before the Closing Date but shall
        or shall cause the Servicer to deposit such monies into the Collection
        Account no later than the first Record Date after the Closing Date.

            (b) Receivables Purchase Price. In consideration for the Receivables
and other properties described in Section 2.1(a), the Purchaser shall, on the
Closing Date, pay to the Seller the Receivables Purchase Price. An amount equal
to approximately 92.252% of the Receivables Purchase Price shall be paid to the
Seller in cash, net of any costs of the Purchaser related to the establishment
of the Trust and the offering of the Securities, by federal wire transfer (same
day) funds. The remaining approximately 7.748% of the Receivables Purchase Price
shall be deemed paid by the Purchaser to the Seller and then immediately
returned by the Seller to the Purchaser as a contribution to capital.

            2.2 The Closing. The sale and purchase of the Receivables shall take
place at a closing (the "Closing") at the offices of O'Melveny & Myers LLP, 400
South Hope Street, Los Angeles, CA 90071 on the Closing Date, simultaneously
with the closings under: (a) the Sale and Servicing Agreement pursuant to which
(i) the Purchaser will assign all of its right, title and interests in and to
the Receivables and other property conveyed pursuant to Section 2.1(a) to the
Trust for the benefit of the Securityholders; and (ii) the Purchaser will
deposit the foregoing into the Trust in exchange for the Securities; and (b) the
Underwriting Agreement, pursuant to which the Purchaser will sell to the
underwriters named therein the Class A-1 Notes, the Class A-2 Notes, the Class
A-3 Notes and the Class A-4 Notes.


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                                   ARTICLE III

                         REPRESENTATIONS AND WARRANTIES

            3.1 Warranties of the Purchaser. The Purchaser hereby represents and
warrants to the Seller as of the date hereof and as of the Closing Date:

            (a) Organization, etc. The Purchaser has been duly organized and is
validly existing as a corporation in good standing under the laws of the State
of Delaware, with corporate power and authority to execute and deliver this
Agreement and to perform the terms and provisions hereof.

            (b) Due Authorization and No Violation. This Agreement has been duly
authorized, executed and delivered by the Purchaser, and constitutes a legal,
valid and binding obligation of the Purchaser, enforceable in accordance with
its terms, subject to the effect of bankruptcy, insolvency, reorganization,
moratorium or other similar laws affecting creditors' rights generally and to
general equitable principles. The consummation of the transactions contemplated
by this Agreement and the fulfillment of the terms hereof do not conflict with,
result in a breach of any of the terms or provisions of, nor constitute (with or
without notice or lapse of time) a default under, or result in the creation or
imposition of any Lien to the Purchaser upon any of the property or assets of
the Purchaser pursuant to the terms of, any indenture, mortgage, deed of trust,
loan agreement, guarantee, lease financing agreement or similar agreement or
instrument under which the Purchaser is a debtor or guarantor, nor will such
action result in any violation of the provisions of the Certificate of
Incorporation or the By-laws of the Purchaser; which breach, default, conflict,
Lien or violation in any case would have a material adverse effect on the
ability of the Seller to perform its obligations under this Agreement.

            (c) No Litigation. There are no proceedings or investigations
pending to which the Purchaser is a party or of which any property of the
Purchaser is the subject, and, to the best of the Purchaser's knowledge, no such
proceedings are threatened or contemplated by governmental authorities or
threatened by others; other than such proceedings that would not have a material
adverse effect upon the ability of the Purchaser to perform its obligations
under, or the validity and enforceability of, this Agreement.

            3.2 Representations and Warranties of the Seller. (a) The Seller
hereby represents and warrants to the Purchaser as of the date hereof and as of
the Closing Date:

               (i) Organization, etc. The Seller has been duly organized and is
        validly existing as a corporation in good standing under the laws of the
        State of California and is in good standing in each jurisdiction in the
        United States of America in which the conduct of its business or the
        ownership of its property requires such qualification and where the
        failure to so qualify would have a material adverse effect on the
        ability of the Seller to perform its obligations under this Agreement.

               (ii) Power and Authority. The Seller has the corporate power and
        authority to sell and assign the property sold and assigned to the
        Purchaser hereunder and has duly authorized such sale and assignment to
        the Purchaser by all necessary corporate

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        action. This Agreement has been duly authorized, executed and delivered
        by the Seller and constitutes a legal, valid and binding obligation of
        the Seller, enforceable in accordance with its terms, subject to the
        effect of bankruptcy, insolvency, reorganization, moratorium or other
        similar laws affecting creditors' rights generally and by general
        equitable principles.

               (iii) No Violation. The consummation of the transaction
        contemplated by this Agreement, and the fulfillment of the terms hereof,
        do not conflict with, or result in a breach of any of the terms or
        provisions of, nor constitute (with or without notice or lapse of time)
        a default under, or result in the creation or imposition of any Lien
        upon any of the property or assets of the Seller pursuant to the terms
        of, any indenture, mortgage, deed of trust, loan agreement, guarantee,
        lease financing agreement or similar agreement or instrument under which
        the Seller is a debtor or guarantor, nor will such action result in any
        violation of the provisions of the Articles of Incorporation or the
        By-Laws of the Seller; which breach, default, conflict, Lien or
        violation in any case would have a material adverse effect on the
        ability of the Seller to perform its obligations under this Agreement.

               (iv) No Proceedings. There are no proceedings or investigations
        pending to which the Seller is a party or of which any property of the
        Seller is the subject, and, to the best of the Seller's knowledge, no
        such proceedings are threatened or contemplated by governmental
        authorities or threatened by others, other than such proceedings that
        would not have a material adverse effect upon the ability of the Seller
        to perform its obligations under, or the validity and enforceability of,
        this Agreement.

            (b) The Seller makes the following representations and warranties as
to the Receivables on which the Purchaser relies in accepting the Receivables.
Such representations and warranties speak as of the execution and delivery of
this Agreement, but shall survive the sale, transfer, and assignment of the
Receivables to the Purchaser hereunder and the subsequent assignment and
transfer pursuant to the Sale and Servicing Agreement:

               (i) Characteristics of Receivables. Each Receivable (a) has been
        originated in the United States of America by a Dealer for the retail
        sale of a Financed Vehicle in the ordinary course of such Dealer's
        business, has been fully and properly executed by the parties thereto,
        has been purchased by the Seller from such Dealer under an existing
        dealer agreement with the Seller, and has been validly assigned by such
        Dealer to the Seller, (b) created a valid, subsisting and enforceable
        security interest in favor of the Seller in such Financed Vehicle, (c)
        contains customary and enforceable provisions such that the rights and
        remedies of the holder thereof are adequate for realization against the
        collateral of the benefits of the security, (d) provides for level
        monthly payments (provided that the payment in the first or last month
        in the life of the Receivable may be minimally different from the level
        payment) that fully amortize the Amount Financed over an original term
        of no greater than 60 months, and (e) provides for yield interest at the
        related Annual Percentage Rate.

               (ii) Schedule of Receivables. The information set forth in
        Schedule A to this Agreement was true and correct in all material
        respects as of the opening of

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        business on the Cutoff Date; the Receivables were selected at random
        from the Seller's retail installment sale contracts (other than
        contracts originated in Alabama or Hawaii) meeting the criteria of the
        Trust set forth in the Sale and Servicing Agreement; and no selection
        procedures believed to be adverse to the Securityholders were utilized
        in selecting the Receivables.

               (iii) Compliance with Law. Each Receivable and the sale of the
        Financed Vehicle complied at the time it was originated or made and at
        the execution of this Agreement complies in all material respects with
        all requirements of applicable federal, state and local laws, and
        regulations thereunder, including usury laws, the Federal
        Truth-in-Lending Act, the Equal Credit Opportunity Act, the Fair Credit
        Reporting Act, the Fair Debt Collection Practices Act, the Federal Trade
        Commission Act, the Magnuson-Moss Warranty Act, the Soldiers and Sailors
        Civil Relief Act of 1940, the Federal Reserve Board's Regulations B and
        Z, and state adaptations of the National Consumer Credit Protection Act
        and of the Uniform Consumer Credit Code, state "Lemon Laws" designed to
        prevent fraud in the sale of automobiles and other consumer credit laws
        and equal credit opportunity and disclosure laws.

               (iv) Binding Obligation. Each Receivable represents the genuine,
        legal, valid and binding payment obligation in writing of the Obligor,
        enforceable by the holder thereof in accordance with its terms, subject
        to the effect of bankruptcy, insolvency, reorganization, moratorium or
        other similar laws affecting creditors' rights generally and by general
        equitable principles.

               (v) Security Interest in Financed Vehicle. (a) Immediately prior
        to the sale, assignment and transfer thereof to the Purchaser, each
        Receivable was secured by a validly perfected first priority security
        interest in the Financed Vehicle in favor of the Seller as secured party
        or all necessary or all appropriate actions shall have been commenced
        that would result in the valid perfection of a first priority security
        interest in the Financed Vehicle in favor of the Seller as secured
        party, and (b) as of the Cutoff Date, according to the records of the
        Seller, no Financed Vehicle has been repossessed.

               (vi) Receivables in Force. No Receivable has been satisfied,
        subordinated or rescinded, nor has any Financed Vehicle been released
        from the lien granted by the related Receivable in whole or in part.

               (vii) No Waiver. No provision of a Receivable has been waived in
        such a manner that is prohibited by the provisions of the Sale and
        Servicing Agreement or that would cause such Receivable to fail to meet
        all of the other requirements and warranties made by the Seller herein
        with respect thereto.

               (viii) No Defenses. No Receivable is subject to any right of
        rescission, setoff, counterclaim or defense, including the defense of
        usury, and the operation of any of the terms of any Receivable, or the
        exercise of any right thereunder, will not render such Receivable
        unenforceable in whole or in part or subject such Receivable to any
        right of rescission, setoff, counterclaim or defense, including the
        defense of usury, and no such right of rescission, setoff, counterclaim
        or defense has been asserted with respect thereto.

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               (ix) No Liens. To the Seller's knowledge, no liens have been
        filed for work, labor or materials relating to a Financed Vehicle that
        shall be liens prior to, or equal or coordinate with, the security
        interest in the Financed Vehicle granted by the Receivable.

               (x) No Default. Except for payment defaults continuing for a
        period of not more than 29 days as of the Cutoff Date, no default,
        breach, violation or event permitting acceleration under the terms of
        any Receivable has occurred; and no continuing condition that with
        notice or the lapse of time would constitute a default, breach,
        violation or event permitting acceleration under the terms of any
        Receivable has arisen (other than deferrals and waivers of late payment
        charges or fees permitted under the Sale and Servicing Agreement).

               (xi) Insurance. The Seller, in accordance with its customary
        procedures, has determined at the time of origination of each Receivable
        that the related Obligor has agreed to obtain physical damage insurance
        covering the Financed Vehicle and the Obligor is required under the
        terms of related Receivable to maintain such insurance.

               (xii) Title. It is the intention of the Seller that the transfer
        and assignment herein contemplated constitute a sale of the Receivables
        from the Seller to the Purchaser and that the beneficial interest in and
        title to the Receivables not be part of the Seller's estate in the event
        of the filing of a bankruptcy petition by or against the Seller under
        any bankruptcy law. Immediately prior to the transfer and assignment
        herein contemplated, the Seller had good and marketable title to each
        Receivable free and clear of all Liens and, immediately upon the
        transfer thereof, the Purchaser shall have good and marketable title to
        each Receivable, free and clear of all Liens and rights of others. Each
        Receivable File contains the original certificate of title (or a
        photocopy or image thereof) or evidence that an application for a
        certificate of title has been filed.

               (xiii) Lawful Assignment. No Receivable has been originated in,
        or shall be subject to the laws of, any jurisdiction under which the
        sale, transfer and assignment of such Receivable under this Agreement or
        pursuant to the Sale and Servicing Agreement are unlawful, void or
        voidable.

               (xiv) All Filings Made. All filings (including, without
        limitation, UCC filings) necessary in any jurisdiction to give the
        Purchaser a first priority perfected ownership interest in the
        Receivables have been made or have been delivered in form suitable for
        filing to the Purchaser.

               (xv) Chattel Paper. Each Receivable constitutes "chattel paper",
        as such term is defined in the UCC.

               (xvi) Simple Interest Receivables. All of the Receivables are
        Simple Interest Receivables.

               (xvii) One Original. There is only one original executed copy of
        each Receivable.

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               (xviii) No Amendments. No Receivable has been amended such that
        the amount of the Obligor's Scheduled Payments has been increased.

               (xix) APR. The Annual Percentage Rate of each Receivable equals
        or exceeds 0%.

               (xx) Maturity. As of the Cutoff Date, each Receivable had a
        remaining term to maturity of not less than 1 month and not greater than
        59 months.

               (xxi) Balance. Each Receivable had an original principal balance
        of not more than $50,000.00 and, as of the Cutoff Date, had a principal
        balance of not less than $25.00 and not more than $43,000.00.

               (xxii) Delinquency. No Receivable was more than 29 days past due
        as of the Cutoff Date and no Receivable has been extended by more than
        two months.

               (xxiii) Bankruptcy. No Obligor was the subject of a bankruptcy
        proceeding (according to the records of the Seller) as of the Cutoff
        Date.

               (xxiv) Transfer. Each Receivable prohibits the sale or transfer
        of the Financed Vehicle without the consent of the Seller.

               (xxv) New, Near-New and Used Vehicles. Each Financed Vehicle was
        a new, near-new or used automobile or light-duty truck at the time the
        related Obligor executed the retail installment sale contract.

               (xxvi) Origination. Each Receivable has an origination date on or
        after October 28, 1995.

               (xxvii) Forced-Placed Insurance Premiums. No contract relating to
        any Receivable has had forced-placed insurance premiums added to the
        amount financed.

               (xxviii) No Fraud or Misrepresentation. To the knowledge of the
        Seller, no Receivable was originated by a Dealer and sold by such Dealer
        to the Seller with any conduct constituting fraud or misrepresentation
        on the part of such Dealer.

               (xxix) No Further Amounts Owed on the Receivables. No further
        amounts are owed by the Seller to any Obligor under the Receivables.

                                   ARTICLE IV

                                   CONDITIONS

            4.1 Conditions to Obligation of the Purchaser. The obligation of the
Purchaser to purchase the Receivables and the related property described in
Section 2.1(a) is subject to the satisfaction of the following conditions:

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            (a) Representations and Warranties True. The representations and
warranties of the Seller hereunder shall be true and correct in all material
respects on the Closing Date with the same effect as if then made, and the
Seller shall have performed in all material respects all obligations to be
performed by it hereunder on or prior to the Closing Date.

            (b) Computer Files Marked. The Seller shall, at its own expense, on
or prior to the Closing Date, indicate in its computer files that the
Receivables have been sold to the Purchaser pursuant to this Agreement and shall
deliver to the Purchaser the Schedule of Receivables certified by an officer of
the Seller to be true, correct and complete in all material respects.

            (c) Documents to be delivered by the Seller at the Closing.

               (i) The Assignment. At the Closing, the Seller shall execute and
        deliver the Assignment.

               (ii) Evidence of UCC Filing. On or prior to the Closing Date, the
        Seller shall record and file, or deliver in a form suitable for filing
        to the Purchaser, at its own expense, a UCC-1 financing statement in
        each jurisdiction in which required by applicable law, executed by the
        Seller, as seller or debtor, and naming the Purchaser, as purchaser or
        secured party, and the Trust, as assignee of the Purchaser, naming the
        Receivables and the other property conveyed hereunder as collateral,
        meeting the requirements of the laws of each such jurisdiction and in
        such manner as is necessary to perfect the sale, transfer, assignment
        and conveyance of such Receivables and other property conveyed hereunder
        to the Purchaser.

               (iii) Other Documents. At the Closing, the Seller shall deliver
        such other documents as the Purchaser may reasonably request.

            (d) Other Transactions. The transactions contemplated by the Sale
and Servicing Agreement shall be consummated on the Closing Date.

            4.2 Conditions to Obligation of the Seller. The obligation of the
Seller to sell the Receivables and other property conveyed hereunder to the
Purchaser is subject to the satisfaction of the following conditions:

            (a) Representations and Warranties True. The representations and
warranties of the Purchaser hereunder shall be true and correct in all material
respects on the Closing Date with the same effect as if then made, and the
Purchaser shall have performed in all material respects all obligations to be
performed by it hereunder on or prior to the Closing Date.

            (b) Receivables Purchase Price. On the Closing Date, the Purchaser
shall deliver to the Seller the Receivables Purchase Price, as provided in
Section 2.1(b).


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                                    ARTICLE V

                             COVENANTS OF THE SELLER

            The Seller agrees with the Purchaser as follows; provided, however,
that, to the extent that any provision of this ARTICLE V conflicts with any
provision of the Sale and Servicing Agreement, the Sale and Servicing Agreement
shall govern:

            5.1 Protection of Right, Title and Interest.

            (a) The Seller shall execute and file such financing statements and
cause to be executed and filed such continuation statements, all in such manner
and in such places as may be required by law fully to preserve, maintain and
protect the interest of the Purchaser in the Receivables, the other property
conveyed hereunder and the proceeds thereof. The Seller shall deliver (or cause
to be delivered) to the Purchaser file-stamped copies of, or filing receipts
for, any document filed as provided above, as soon as available following such
filing.

            (b) The Seller shall notify the Purchaser within 30 days after any
change of its name, identity or corporate structure in any manner that would,
could or might make any financing statement or continuation statement filed by
the Seller in accordance with paragraph (a) above seriously misleading within
the meaning of Section 9-402(7) of the UCC, and shall promptly file appropriate
amendments to all previously filed financing statements or continuation
statements.

            (c) The Seller shall notify the Purchaser of any relocation of its
principal executive office within 30 days after such relocation, if, as a result
of such relocation, the applicable provisions of the UCC would require the
filing of any amendment of any previously filed financing or continuation
statement or of any new financing statement and shall promptly file any such
amendment. The Seller shall at all times maintain its principal executive office
within the United States of America.

            (d) The Seller shall maintain its computer systems so that, from and
after the time of sale hereunder of the Receivables to the Purchaser, the
Seller's master computer records that refer to a Receivable shall indicate
clearly the interest of the Purchaser in such Receivable and that such
Receivable is owned by the Purchaser.

            (e) If at any time the Seller shall propose to sell, grant a
security interest in, or otherwise transfer any interest in automotive
receivables to any prospective purchaser, lender or other transferee, the Seller
shall give to such prospective purchaser, lender or other transferee computer
tapes, records or print-outs that, if they shall refer in any manner whatsoever
to any Receivable, shall indicate clearly that such Receivable has been sold and
is owned by the Purchaser.

            (f) The Seller shall permit the Purchaser and its agents at any time
during normal business hours upon reasonable advance notice to inspect, audit
and make copies of and abstracts from the Seller's records regarding any
Receivable.

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            (g) On each Distribution Date, the Seller shall pay the Servicing
Payment Deposit to the Purchaser or its designee.

            5.2 Other Liens or Interests. Except for the conveyances hereunder
and contemplated pursuant to the Sale and Servicing Agreement, the Seller shall
not sell, pledge, assign or transfer to any other Person, or grant, create,
incur, assume or suffer to exist any Lien on any interest therein, and the
Seller shall defend the right, title and interest of the Purchaser in, to and
under such Receivables against all claims of third parties claiming through or
under the Seller; provided, however, that the Seller's obligations under this
Section 5.2 shall terminate upon the termination of the Trust pursuant to the
Sale and Servicing Agreement.

            5.3 Costs and Expenses. The Seller agrees to pay all reasonable
costs and disbursements in connection with the perfection, as against all third
parties, of the Purchaser's right, title and interest in and to the Receivables.

            5.4 Indemnification.

            (a) The Seller shall defend, indemnify and hold harmless the
Purchaser from and against any and all costs, expenses, losses, damages, claims
and liabilities (collectively, "Damages"), arising out of or resulting from the
failure of a Receivable to be originated in compliance with all requirements of
law and for any breach of any of the Seller's representations and warranties
contained herein.

            (b) The Seller shall defend, indemnify and hold harmless the
Purchaser from and against any and all Damages arising out of or resulting from
the use, ownership or operation by the Seller or any affiliate thereof of a
Financed Vehicle.

            (c) The Seller shall defend, indemnify and hold harmless the
Purchaser from and against any and all taxes that may at any time be asserted
against the Purchaser with respect to the transactions contemplated herein,
including, without limitation, any sales, gross receipts, general corporation,
tangible personal property, privilege, or license taxes (but not including any
taxes asserted with respect to ownership of the Receivables or federal or other
taxes arising out of the transactions contemplated by this Agreement and any
related documents) and costs and expenses in defending against the same.

            (d) The Seller shall defend, indemnify and hold harmless the
Purchaser from and against any and all Damages to the extent that such Damage
arose out of, or was imposed upon the Purchaser through, the negligence, willful
misfeasance or bad faith of the Seller in the performance of its duties under
this Agreement or by reason of reckless disregard of the Seller's obligations
and duties under this Agreement.

            (e) The Seller shall defend, indemnify and hold harmless the
Purchaser from and against all Damages arising out of or incurred in connection
with the acceptance or performance of the Seller's trusts and duties as Servicer
under the Sale and Servicing Agreement, except to the extent that such Damages
shall be due to the willful misfeasance, bad faith or negligence of the
Purchaser.

                                       12
<PAGE>   13

            These indemnity obligations shall be in addition to any obligation
that the Seller may otherwise have.

            (f) Promptly after receipt by a party indemnified under this Section
5.4 (an "Indemnified Party") of notice of the commencement of any action, such
Indemnified Party will, if a claim in respect thereof is to be made against the
Seller under this Section 5.4, notify the Seller of the commencement thereof. If
any such action is brought against any Indemnified Party under this Section 5.4
and it notifies the Seller of the commencement thereof, the Seller will assume
the defense thereof, with counsel reasonably satisfactory to such Indemnified
Party (who may, unless there is, as evidenced by an opinion of counsel to the
Indemnified Party stating that there is an unwaivable conflict of interest, be
counsel to the Indemnifying Party), and the Seller will not be liable to such
Indemnified Party under this Section 5.4 for any legal or other expenses
subsequently incurred by such Indemnified Party in connection with the defense
thereof, other than reasonable costs of investigation. The obligations set forth
in this Section 5.4 shall survive the termination of this Agreement and shall
include reasonable fees and expenses of counsel and expenses of litigation. If
the Seller shall have made any indemnity payments pursuant to this Section 5.4
and the Person to or on behalf of whom such payments are made thereafter
collects any of such amounts from others, such Person shall promptly repay such
amounts to the Seller, without interest (except to the extent received by such
Person).

                                   ARTICLE VI

                            MISCELLANEOUS PROVISIONS

            6.1 Obligations of Seller. The obligations of the Seller under this
Agreement shall not be affected by reason of any invalidity, illegality or
irregularity of any Receivable.

            6.2 Repurchase Events. The Seller hereby covenants and agrees with
the Purchaser for the benefit of the Purchaser, the Trust, the Indenture Trustee
and the holders of the Securities, that the occurrence of a breach of any of the
Seller's representations and warranties contained in Section 3.2(b) shall
constitute events obligating the Seller to repurchase Receivables hereunder
("Repurchase Events") and pursuant to Section 3.02 of the Sale and Servicing
Agreement, at the amount of the Warranty Purchase Payment from the Purchaser or,
as described in Section 6.4 below, from the Trust. The repurchase obligation of
the Seller shall constitute the sole remedy of the holders of the Securities,
the Trust, the Indenture Trustee and the Purchaser against the Seller with
respect to any Repurchase Event.

            6.3 Seller's Assignment of Purchased Receivables. With respect to
all Receivables repurchased by the Seller pursuant to this Agreement, the
Purchaser (without the need of any further written assignment) shall assign
hereby, without recourse, representation or warranty (other than that it has
good and marketable title to such Receivables), to the Seller all the
Purchaser's right, title and interest in and to such Receivables, and all
security and documents relating thereto.

            6.4 Trust. The Seller acknowledges that the Purchaser will, pursuant
to the Sale and Servicing Agreement, sell the Receivables to the Trust and
assign its rights under this Agreement to the Trust and that the Trust will
assign such rights to the Indenture Trustee for the

                                       13
<PAGE>   14

benefit of the holders of the Notes, and that the representations and warranties
contained in this Agreement and the rights of the Purchaser under Section 6.2
and the obligations under 6.3 are intended to benefit the Trust and the holders
of the Securities. The Seller hereby consents to such sales and assignments.

            6.5 Amendment. This Agreement may be amended from time to time by a
written amendment duly executed and delivered by the Seller and the Purchaser;
provided, however, that any such amendment must be consented to by the Holders
of Notes representing a majority of the Outstanding Amount of the Notes, voting
as a single class, or, in the case of any amendment that does not adversely
affect the Indenture Trustee or the Noteholders (as evidenced by an Officer's
Certificate of the Servicer and an external Opinion of Counsel indicating that
such amendment will not adversely affect the Indenture Trustee or the
Noteholder), the Holders of a majority of the Certificate Balance.

            6.6 Accountants' Letters.

            (a) The Seller will cause Deloitte & Touche LLP to review the
characteristics of the Receivables described in the Schedule of Receivables and
to compare those characteristics to the information with respect to the
Receivables contained in the Prospectus.

            (b) The Seller will cooperate with the Purchaser and Deloitte &
Touche LLP in making available all information and taking all steps reasonably
necessary to permit such accountants to complete the review set forth in Section
6.6(a) and to deliver the letters required of them under the Underwriting
Agreement.

            6.7 Waivers. No failure or delay on the part of the Purchaser in
exercising any power, right or remedy under this Agreement or the Assignment
shall operate as a waiver hereof or thereof, nor shall any single or partial
exercise of any such power, right or remedy preclude any other or further
exercise hereof or thereof or the exercise of any other power, right or remedy.

            6.8 Notices. All communications and notices pursuant hereto to
either party shall be in writing (including via telecopy) and addressed or
delivered to it at its address (or in the case of telecopy, at its telecopy
number at such address) shown in the opening portion of this Agreement or at
such other address as may be designated by it by notice to the other party and,
if mailed or delivered, shall be deemed given when mailed or delivered, or
transmitted by telecopy.

            6.9 Costs and Expenses. The Seller agrees to pay all expenses
incident to the performance of its obligations under this Agreement and the
Seller agrees to pay all reasonable out-of-pocket costs and expenses of the
Purchaser, excluding fees and expenses of counsel, in connection with the
perfection as against third parties of the Purchaser's right, title and interest
in and to the Receivables and the enforcement of any obligation of the Seller
hereunder.

            6.10 Survival. The respective agreements, representations,
warranties and other statements by the Seller and the Purchaser set forth in or
made pursuant to this Agreement shall remain in full force and effect and will
survive the Closing.

                                       14
<PAGE>   15

            6.11 Headings and Cross-References. The various headings in this
Agreement are included for convenience only and shall not affect the meaning or
interpretation of any provision of this Agreement. References in this Agreement
to Section names or numbers are to such Sections of this Agreement.

            6.12 Governing Law. This Agreement and the Assignment shall be
governed by and construed in accordance with the internal laws of the State of
New York, without reference to its conflict of law provisions (other than
Section 5-1401 of the General Obligations Law of the State of New York), and the
obligations, rights and remedies of the parties under this Agreement shall be
determined in accordance with such laws.

            6.13 Counterparts. This Agreement may be executed in two
counterparts and by different parties on separate counterparts, each of which
shall be an original, but all of which together shall constitute one and the
same instrument.

            6.14 Sale. Each party hereto agrees to treat the conveyance under
this Agreement for all purposes (including, without limitation, tax and
financial accounting purposes) as a sale of the Receivables on all of its
relevant books, records, tax returns, financial statements and other applicable
documents. Although the parties hereto intend that the transfer and assignment
contemplated by this Agreement be a sale, in the event such transfer and
assignment is deemed to be other than a sale, the parties intend that all
filings described in this Agreement shall give the Purchaser a first priority
perfected security interest in, to and under the Receivables and other property
conveyed hereunder and all proceeds of any of the foregoing. This Agreement
shall be deemed to be the grant of a security interest from the Seller to the
Purchaser, and the Purchaser shall have all the rights, powers and privileges of
a secured party under the UCC.


                                       15
<PAGE>   16

            IN WITNESS WHEREOF, the parties hereto hereby have caused this
Agreement to be executed by their respective officers thereunto duly authorized
as of the 21st day of June, 2000.

                             NISSAN MOTOR ACCEPTANCE CORPORATION


                             By:       /s/ Katsumi Ishii
                                 ---------------------------------------
                                  Name:  Katsumi Ishii
                                  Title:  President



                             NISSAN AUTO RECEIVABLES CORPORATION


                             By:       /s/ Katsumi Ishii
                                 ---------------------------------------
                                  Name:  Katsumi Ishii
                                  Title:  President


                                      S-1
<PAGE>   17
                                                                       Exhibit A

                                   ASSIGNMENT

      For value received, in accordance with the Purchase Agreement, dated as
of June 21, 2000 (the "Purchase Agreement"), between the undersigned (the
"Seller") and Nissan Auto Receivables Corporation (the "Purchaser"), the
undersigned does hereby sell, assign, transfer and otherwise convey unto the
Purchaser, without recourse, the following:

            (i)    all right, title and interest of the Seller in and to the
   Receivables listed on Schedule A hereto (including all related Receivable
   Files) and all monies due thereon or paid thereunder or in respect thereof
   after the Cutoff Date;

            (ii)   the right of the Seller in the security interests in the
   Financed Vehicles granted by the Obligors pursuant to the Receivables and
   any related property;

            (iii)  the right of the Seller in any proceeds from claims on any
   physical damage, credit life, credit disability or other insurance policies
   covering Financed Vehicles or Obligors;

            (iv)   the right of the Seller to receive payments in respect of
   any Dealer Recourse with respect to the Receivables;

            (v)    the right of the Seller to realize upon any property
   (including the right to receive future Net Liquidation Proceeds) that shall
   have secured a Receivable;

            (vi)   the right of the Seller in rebates of premiums and other
   amounts relating to insurance policies and other items financed under the
   Receivables in effect as of the Cutoff Date;

            (vii)  the right of the Seller in the Yield Supplement Agreement
   and the Servicing Payments; and

            (viii) all proceeds of the foregoing.

      The foregoing sale does not constitute and is not intended to result in
any assumption by the Purchaser of any obligation of the undersigned to the
Obligors, insurers or any other person in connection with the Receivables,
Receivable Files, any insurance policies or any agreement or instrument relating
to any of them.

      This Assignment is made pursuant to and upon the representations,
warranties and agreements on the part of the undersigned contained in the
Purchase Agreement and is to be governed by the Purchase Agreement.

      Capitalized terms used herein and not otherwise defined shall have the
respective meanings assigned to such terms in the Purchase Agreement.



                                      A-1
<PAGE>   18
        IN WITNESS WHEREOF, the undersigned has caused this Assignment to be
duly executed as of the 21st day of June, 2000.

                                        NISSAN MOTOR ACCEPTANCE
                                        CORPORATION


                                        By:
                                            ------------------------------------
                                        Name:
                                        Title:


                                      A-2
<PAGE>   19



                                   SCHEDULE A

                             Schedule of Receivables

           See schedule attached to the Sale and Servicing Agreement.



























                                   SCHEDULE A