<PAGE>

                                                                    EXHIBIT 10.3

                                                                  EXECUTION COPY
                                                                  --------------

   INSURER INDEMNIFICATION AGREEMENT (the "Insurer Indemnification Agreement" or
                                           ---------------------------------
the "Agreement"), dated April 25, 2001, by and among MBIA INSURANCE CORPORATION
     ---------
("MBIA"), ISUZU MOTORS ACCEPTANCE CORPORATION, as seller (the "Seller"), POOLED
  ----                                                         ------
AUTO SECURITIES SHELF LLC (the "Depositor"), and FIRST UNION SECURITIES, INC. as
                                ----------
representative of the several Underwriters (the "Representative").
                                                 --------------

   The Depositor has purchased from IMAC certain motor vehicle retail
installment sale contracts secured by new and used motor vehicles as described
in the Receivables Purchase Agreement dated as of April 1, 2001 between IMAC as
seller and the Depositor as purchaser (as the same may be amended, restated,
supplemented or otherwise modified from time to time, the "Receivables Purchase
                                                           --------------------
Agreement").
---------

   The Issuer will purchase from the Depositor such motor vehicle retail
installment sale contracts secured by new and used motor vehicles as described
in the Sale and Servicing Agreement dated as of April 1, 2001 among the
Depositor, the Issuer, the Master Servicer, the Seller and The CIT Group/Sales
Financing, Inc. (the "Subservicer") (as the same may be amended, restated,
                      -----------
supplemented or otherwise modified from time to time, the "Sale and Servicing
                                                           ------------------
Agreement").
---------

   The Issuer will pledge to the Indenture Trustee the collateral pursuant to
the Indenture dated as of April 1, 2001 between the Issuer and the Indenture
Trustee (as the same may be amended, restated, supplemented or otherwise
modified from time to time, the "Indenture").
                                 ---------

   The Depositor has agreed to sell to the underwriters (the "Underwriters")
                                                              -------------
listed in Schedule A to the Underwriting Agreement, dated as of April 25, 2001
(the "Underwriting Agreement"), between the Depositor and the Representative,
      ----------------------
the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4
Notes (collectively the "Notes") and certain certificates evidencing undivided
                         -----
fractional interests in the Trust (the "Certificates") (the Notes and the
                                        ------------
Certificates, collectively the "Securities"). The Securities are secured by the
                                ----------
assets of the Trust.

   In anticipation of the public offering and sale of the Securities, the
Depositor as registrant on behalf of the Trust, filed with the Securities and
Exchange Commission (the "Commission") a registration statement No. 333-45546
                          ----------
and certain amendments thereto on Form S-3 for the registration under the
Securities Act of 1933, as amended (the "Act") of the Securities.  The
                                         ---
registration statement, including exhibits and all amendments thereto, in the
form in which it became effective under the Act on December 20, 2000 (the

"Effective Date"), is referred to herein as the "Registration Statement".  The
 --------------                                  ----------------------
prospectus supplement dated April 25, 2001 (the "Prospectus Supplement"),
                                                 ---------------------
supplementing the Prospectus dated April 25, 2001 (the "Prospectus"), in the
                                                        ----------
form in which it was filed with the Commission pursuant to Rule 424(b), together
with the Registration Statement are referred to herein as the "Offering
                                                               --------
Documents".
---------

   MBIA is authorized to transact a financial guaranty insurance business
in the State of New York and has agreed to issue to the Indenture Trustee a
financial guaranty  insurance policy (the "Policy") for the benefit of the
                                           ------
holders of the Securities.
<PAGE>

          MBIA provided certain information and financial statements to the
Depositor for inclusion in or incorporation by reference into the Prospectus
Supplement.  Such information and financial statements are presented under the
caption "Description of the Insurer" in the Prospectus Supplement or
incorporated by reference therein.  Such information, to the extent included in
the Prospectus Supplement or incorporated by reference therein, is referred to
herein as the "MBIA Information".  MBIA reviewed the Prospectus Supplement and
               ----------------
approved the presentation of the MBIA Information therein.

          Capitalized terms used herein but not otherwise defined shall have the
meanings assigned thereto in the Prospectus Supplement or the Underwriting
Agreement.

          For good and valuable consideration, receipt and sufficiency of which
is hereby acknowledged, the parties hereto agree as follows:

          1.  MBIA Agreements and Representations.  MBIA agrees and represents
              ------------------------------------
as follows:

               (a)  MBIA is a duly incorporated and validly existing New York
     domiciled stock insurance company which is licensed, under the laws of the
     State of New York, to write financial guarantee insurance and is in good
     standing, qualified or licensed to do business in all other jurisdictions
     in which such good standing, qualification or licensing is necessary,
     except for any state where failure to be so qualified, licensed or in good
     standing would not materially and adversely affect MBIA's ability to
     perform its obligations under the Policy.

               (b)  MBIA has the corporate power and authority to issue the
     Policy and execute and deliver this Agreement and the Insurance Agreement
     and to perform all its obligations hereunder and thereunder.

               (c)  The issuance of the Policy and the execution, delivery and
     performance of this Agreement and the Insurance Agreement have been duly
     authorized by all necessary action (corporate and other).  No further
     approvals or filings of any kind (other than filing of the Policy with the
     Superintendent of Insurance of the New York State Insurance Department
     within 30 days following the issuance of the Policy), including, without
     limitation, any further approvals of or further filing with any
     governmental agency or other governmental authority, or any approval of
     MBIA's board of directors or stockholders, are necessary for the Policy to
     constitute the legal, valid and binding obligation of MBIA.

               (d)  The Policy, when issued and, assuming due authorization,
     execution and delivery of this Agreement by the parties hereto (other than
     MBIA), this Agreement and the Insurance Agreement, will constitute the
     legal, valid and binding obligations of MBIA, enforceable in accordance
     with their respective terms, subject, as to the enforcement of remedies, to
     (a) applicable bankruptcy, insolvency, reorganization, moratorium and other
     similar laws affecting the enforceability of creditors' rights generally
     and to general principles of equity, in the event of such an occurrence
     with respect to MBIA; (b) the qualification that the remedy of specific
     performance may be

                                      -2-
<PAGE>

     subject to equitable defenses and to the discretion of the court before
     which any proceedings with respect thereto may be brought; and (c) the
     enforceability of rights to indemnification under this Agreement which may
     be subject to limitations of public policy under applicable securities
     laws.

               (e) The MBIA Information in the Prospectus Supplement on the date
     thereof did not, and on May 3, 2001 (the "Closing Date"), will not, contain
                                               ------------
     any untrue statement of a material fact or omit to state a material fact
     necessary in order to make the statements therein, in the light of the
     circumstances under which they were made, not misleading.

               (f) The Policy and any amendments thereto shall be filed with the
     Superintendent of the New York State Insurance Department within 30 days of
     their use, if not previously so filed.

               (g) There are no actions, suits, proceedings or investigations
     pending or, to the best of MBIA's knowledge, threatened against it at law
     or in equity or before or by any court, governmental agency, board or
     commission or any arbitrator which, if decided adversely, would materially
     and adversely affect its condition (financial or otherwise) or operations
     of it or would materially and adversely affect its ability to perform its
     obligations under this Agreement, the Policy or the Insurance Agreement.

               (h) The consolidated financial statements of MBIA, a wholly owned
     subsidiary of MBIA Inc., and its subsidiaries as of December 31, 2000 and
     December 31, 1999 and for each of the three years in the period ended
     December 31, 2000 incorporated by reference in the Prospectus Supplement ,
     present fairly in all material respects the financial condition of MBIA and
     its subsidiaries as of such date and for the period covered by such
     statements in accordance with generally accepted accounting principals
     consistently applied and, since December 31, 2000, there has been no
     material change in such financial condition of MBIA which would materially
     and adversely affect the ability of MBIA to perform its obligations under
     the Policy.

          2.   Underwriters' Agreement and Representations.
               -------------------------------------------

               (a) Each Underwriter severally but not jointly agrees and
     represents to MBIA, with respect to the offering of the Securities, that
     such Underwriter will not use any offering materials other than the
     Prospectus, or any supplement thereto, including without limitation the
     Prospectus Supplement unless such revised offering materials include such
     information relating to MBIA as is reasonably required under the Act and
     the rules and regulations promulgated by the Commission thereunder, which
     information has been furnished by MBIA for inclusion therein and has been
     approved by MBIA in writing, such approval not to be unreasonably withheld.

               (b) Each Underwriter severally but not jointly agrees and
     represents to MBIA that the Underwriting Information (as defined in Section
     5(c) below) on the date of the Prospectus Supplement did not, and on the
     Closing Date, will not, contain any untrue statement of a material fact or
     omit to state a material fact necessary in order to

                                      -3-
<PAGE>

     make the statements therein, in the light of the circumstances under which
     they were made, not misleading.

           3.  Depositor's Representations and Warranties. The Depositor
               ------------------------------------------
represents and warrants the following:

               (a) The Registration Statement has been filed with, and has been
     declared effective by, the Commission and the Prospectus and the Prospectus
     Supplement have been filed with the Commission.

               (b) Except for the MBIA Information, the Underwriting Information
     (as defined in Section 5(c) below), the Subservicer Information (as defined
     in Section 5(b) below) and the Seller Information (as defined in Section
     5(b) below), (i) the Registration Statement on the Effective Date, did not
     contain any untrue statement of a material fact or omit to state a material
     fact required to be stated therein or necessary to make the statements
     therein not misleading, and (ii) neither the Prospectus nor the Prospectus
     Supplement on the date thereof did, and on the Closing Date neither the
     Prospectus nor the Prospectus Supplement will, contain any untrue statement
     of a material fact or omit to state a material fact necessary in order to
     make the statements therein, in the light of the circumstances under which
     they were made, not misleading.

               (c) As of the Closing Date, the Depositor's representations and
     warranties contained in the Basic Documents are true and correct in all
     material respects.

          4.  Seller's Representations and Warranties. The Seller represents and
              ---------------------------------------
warrants the following:

               (a) With respect to the Seller Information and the Subservicer
     Information, each as defined in Section 5(b) below, neither the Prospectus
     nor the Prospectus Supplement on the date thereof did, and on the Closing
     Date neither the Prospectus nor the Prospectus Supplement will, contain any
     untrue statement of a material fact or omit to state a material fact
     necessary in order to make the statements therein, in the light of the
     circumstances under which they were made, not misleading.

               (b) As of the Closing Date, the Seller's representations and
     warranties contained in the Basic Documents are true and correct in all
     material respects.

          5.   Indemnification and Contribution.
               --------------------------------

               (a) MBIA agrees to indemnify and hold harmless each of the
     Seller, the Depositor, and each Underwriter against any and all losses,
     claims, damages or liabilities, joint or several, to which they or any of
     them may become subject under the Act, the Securities Exchange Act of 1934,
     as amended (the "Exchange Act"), any other Federal or state statutory law
                      ------------
     or regulation, at common law or otherwise, as incurred, insofar as such
     losses, claims, damages or liabilities (or actions in respect thereof)
     arise out of or are based upon any untrue statement or alleged untrue
     statement of a material fact contained in the MBIA Information included in
     or incorporated by reference in the Prospectus Supplement, or, to the
     extent approved by MBIA in writing, in any

                                      -4-
<PAGE>

     amendment or supplement to the Prospectus or the Prospectus Supplement, or
     arise out of or are based upon the omission or alleged omission to state
     therein a material fact necessary in order to make the statements therein,
     in light of the circumstances under which they were made, not misleading,
     and agrees to reimburse each such indemnified party, as incurred, for any
     legal or other expenses reasonably incurred by it in connection with
     investigating or defending any such loss, claim, damage, liability or
     action. This indemnity agreement will be in addition to any liability which
     MBIA may otherwise have.

               (b) The Seller agrees to indemnify and hold harmless MBIA against
     any and all losses, claims, damages or liabilities, joint or several, to
     which it may become subject under the Act, the Exchange Act, any other
     Federal or state statutory law or regulation, at common law or otherwise,
     as incurred, insofar as such losses, claims, damages or liabilities (or
     actions in respect thereof) arise out of or are based upon any untrue
     statement or alleged untrue statement of a material fact contained in the
     Prospectus Supplement under (i) the headings "Summary-Seller and Master
     Servicer", "Risk Factors-geographic concentration may result in more risk
     to you", "The Receivables Pool" and "The Seller and Master Servicer"
     (collectively, the "Seller Information"), and (ii) the heading "The
                         ------------------
     Subservicer" (the "Subservicer Information") included in the Prospectus, or
                        -----------------------
     in any amendment thereof or supplement thereto or in the Prospectus
     Supplement, or in any amendment thereof or supplement thereto, or arise out
     of or are based upon the omission or alleged omission to state in the
     Seller Information or in the Subservicer Information a material fact
     necessary in order to make the statements therein, in light of the
     circumstances under which they were made, not misleading, and agrees to
     reimburse each such indemnified party, as incurred, for any legal or other
     expenses reasonably incurred by it in connection with investigating or
     defending any such loss, claim, damage, liability or action.  This
     indemnity agreement will be in addition to any liability which the Seller
     may otherwise have.

               (c) Each Underwriter, severally and not jointly, agrees to
     indemnify and hold harmless MBIA against any and all losses, claims,
     damages or liabilities, joint or several, to which it may become subject
     under the Act, the Exchange Act, any other Federal or state statutory law
     or regulation, at common law or otherwise, as incurred, insofar as such
     losses, claims, damages or liabilities (or actions in respect thereof)
     arise out of or are based upon any untrue statement or alleged untrue
     statement of a material fact contained in the second, fourth and fifth
     paragraphs under the headings "Underwriting" and the third, fourth, fifth
     and sixth sentences under the caption "Risk Factors - The absence of a
     secondary market for the securities could limit your ability to resell the
     securities" (the "Underwriting Information"), included in the Prospectus
                       ------------------------
     Supplement, or in any amendment or supplement to the Prospectus Supplement,
     or arise out of or are based upon the omission or alleged omission to state
     in the Underwriting Information a material fact necessary in order to make
     the statements therein, in light of the circumstances under which they were
     made, not misleading, and agrees to reimburse each such indemnified party,
     as incurred, for any legal or other expenses reasonably incurred by it in
     connection with investigating or defending any such loss, claim, damage,
     liability or action. This indemnity agreement will be in addition to any
     liability which any Underwriter may otherwise have.

                                      -5-
<PAGE>

               (d)  The Depositor agrees to indemnify and hold harmless MBIA
     against any and all losses, claims, damages or liabilities, joint or
     several, to which it may become subject under the Act, the Exchange Act,
     any other Federal or state statutory law or regulation, at common law or
     otherwise, as incurred, insofar as such losses, claims, damages or
     liabilities (or actions in respect thereof) arise out of or are based upon
     any untrue statement or alleged untrue statement of a material fact
     contained in the Registration Statement, or in any amendment thereof or
     supplement thereto, or in the Prospectus, or in any amendment thereof or
     supplement thereto or in the Prospectus Supplement, or in any amendment
     thereof or supplement thereto, or arise out of or are based upon, in the
     case of the Registration Statement, the omission or alleged omission to
     state therein a material fact required to be stated therein or necessary to
     make the statements therein not misleading, and in the case of the
     Prospectus or the Prospectus Supplement, the omission or alleged omission
     to state therein a material fact necessary in order to make the statements
     therein, in light of the circumstances under which they were made, not
     misleading, and agrees to reimburse each such indemnified party, as
     incurred, for any legal or other expenses reasonably incurred by it in
     connection with investigating or defending any such loss, claim, damage,
     liability or action; provided, however, that the Depositor will not be
     liable in any such case to the extent that any such loss, claim, damage or
     liability arises out of or is based upon an untrue statement or alleged
     untrue statement in or omission or alleged omission from any of such
     documents in reliance upon and in conformity with the MBIA Information, the
     Subservicer Information, the Underwriting Information or the Seller
     Information.  This indemnity agreement will be in addition to any liability
     which the Depositor may otherwise have.

               (e)  Promptly after receipt by an indemnified party under this
     Section 5 of notice of the commencement of any action, such indemnified
     party will, if a claim in respect thereof is to be made against an
     indemnifying party under this Section 5, notify the indemnifying party in
     writing of the commencement thereof; but the omission so to notify the
     indemnifying party will not relieve it from any liability which it may have
     to any indemnified party except to the extent the indemnifying party is
     prejudiced thereby.  In case any such action is brought against any
     indemnified party, and it notifies the indemnifying party of the
     commencement thereof, the indemnifying party will be entitled, at its own
     expense, to participate therein and, to the extent that it may wish,
     jointly with any other indemnifying party similarly notified, to assume the
     defense thereof, with counsel reasonably satisfactory to such indemnified
     party, and, after notice from the indemnifying party to such indemnified
     party to assume the defense of any such action, the indemnifying party will
     not be liable to such indemnified party under this Section 5 for any legal
     or other expenses subsequently reasonably incurred by such indemnified
     party in connection with the defense of any such action other than
     reasonable costs of investigation unless, (i) the defendants in any such
     action include both the indemnified party and the indemnifying party, and
     the indemnified party shall have reasonably concluded that there may be
     legal defenses available to it that are different from or additional to
     those available to the indemnifying party, or one or more indemnified
     parties, in which event the indemnified party shall have the right to
     select separate counsel (in addition to any local counsel) to assert such
     legal defenses and to otherwise participate in the defense of such action
     on behalf and under the control of the indemnified party, (ii) the
     indemnifying party shall not have employed counsel

                                      -6-
<PAGE>

     reasonably satisfactory to the indemnified party to represent the
     indemnified party within a reasonable time after notice of commencement of
     the action, or (iii) the indemnifying party has authorized the employment
     of counsel for the indemnified party at the expense of the indemnifying
     party; then, in any such event, the indemnifying party shall be liable to
     such indemnified party under this Section 5 for any legal and other
     expenses subsequently incurred by such indemnified party in connection with
     the defense of any such action including the reasonable costs of
     investigation. No indemnifying party shall, without the prior written
     consent of the indemnified party, effect any settlement of any pending or
     threatened proceeding in respect of which any indemnified party is or could
     have been a party and indemnity could have been sought hereunder by such
     indemnified party, unless such settlement includes an unconditional release
     of such indemnified party from all liability on claims that are the subject
     matter of such proceeding or threatened proceeding.

               (f)  If the indemnification provided for in this Section 5 is
     unavailable or insufficient to hold harmless an indemnified party under
     subsections (a), (b), (c), or (d) above, then each indemnifying party shall
     contribute to the amount paid or payable by such indemnified party as a
     result of the losses, claims, damages or liabilities referred to in
     subsection (a), (b), (c), or (d) above (i) in such proportion as is
     appropriate to reflect the relative benefits received by the Seller,  the
     Depositor, the Underwriters  and MBIA from the offering and sale of the
     Securities or (ii) if the allocation provided in clause (i) above is not
     permitted by applicable law, in such proportion as is appropriate to
     reflect not only the relative benefits referred to in clause (i) above but
     also the relative fault of the Seller,  the Depositor, the Underwriters and
     MBIA in connection with the statements or omissions that resulted in such
     losses, claims, damages or liabilities, or actions in respect thereof, as
     well as any other relevant equitable considerations.  The relative benefits
     received by the Depositor, MBIA, the Seller,  and the Underwriters shall be
     deemed to be in the same respective proportion as  (i) an amount equal to
     (x) the total net proceeds to the Depositor from the sale of the Securities
     before deducting expenses, minus (y) the sum of the purchase price paid by
     the Depositor to the Seller pursuant to Section 2.02 of the Receivables
     Purchase Agreement (the "Purchase Price") bears to (ii) the total premiums
                              --------------
     received by MBIA, (iii) the Purchase Price received by the Seller, and (iv)
     the total underwriting discounts and commissions to such Underwriter as
     specified on the cover of the Prospectus Supplement in connection with the
     offering and sale of the Securities, as the case may be.  Relative fault
     shall be determined by reference to, among other things, whether the untrue
     or alleged untrue statement of a material fact or the omission or alleged
     omission to state a material fact relates to information supplied by the
     Seller, the Depositor, MBIA, or each of the Underwriters and the parties'
     relative intent, knowledge, access to information and opportunity to
     correct or prevent such untrue statement or omission.  The amount paid by
     an indemnified party as a result of the losses, claims, damages, or
     liabilities referred to in the first sentence of this subsection (f) shall
     be deemed to include any legal or other expenses reasonably incurred by
     such indemnified party in connection with investigating or defending any
     action or claim which is the subject of this subsection (f).
     Notwithstanding the provisions of this subsection (f), no Underwriter shall
     be required to contribute to MBIA hereunder any amount in excess of the
     amount of the underwriting discount received by it under the Underwriting
     Agreement. No person guilty of fraudulent misrepresentation (within the

                                      -7-
<PAGE>

     meaning of Section 11(f) of the Act) shall be entitled to contribution from
     any person who was not guilty of such fraudulent misrepresentation.

              (g)  The obligations of the Seller, the Depositor, and the
     Underwriters under this Section 5 shall extend, upon the same terms and
     conditions, to each person, if any, who controls MBIA within the meaning of
     the Act; and the obligations of MBIA under this Section 5 shall extend,
     upon the same terms and conditions, to each person, if any, who controls
     the Seller, the Depositor, or any Underwriter within the meaning of the
     Act.

          6.  Representations and Indemnities to Survive.  The agreements,
              -------------------------------------------
representations, warranties, indemnities and other statements of the parties
hereto in or made pursuant to this Agreement will remain in full force and
effect, regardless of any investigation, or statement as to the results thereof,
made by or on behalf of any other parties hereto or any of the officers,
directors or controlling persons referred to in Section 5 hereof, and will
survive delivery of and payment for the Securities.  The provisions of Section 5
hereof shall survive the termination or cancellation of this Agreement.

          7.  Notices.  All communications hereunder shall be in writing and
              -------
addressed to the following or to such other address or facsimile as set forth in
a written notice delivered by a party to each other party.

                    If to the Depositor:
                    --------------------


                    Pooled Auto Securities Shelf LLC
                    One First Union Center
                    Charlotte, North Carolina 28288
                    Attention:  John Foxgrover
                    Telephone:  (704) 383-8437
                    Facsimile:  (704) 383-1085

                    With a copy to:
                    --------------

                    Bruce Hurwitz, Esq.
                    First Union Corporation
                    Legal Department
                    707 3/rd/ Street
                    West Sacramento, CA  95819
                    Telephone:  (916) 617-2699
                    Facsimile:    (916) 617-2693


                    If to the Seller:
                    ----------------

                    Isuzu Motors Acceptance Corporation
                    6722 Orangethorpe Avenue
                    Buena Park, CA  90622

                                      -8-
<PAGE>

                    Attention: Treasurer
                    Telephone: (714) 690-8050
                    Facsimile:   (714) 690-8055



                    If to the Underwriters:
                    ----------------------

                    First Union Securities, Inc.
                    One First Union Center, TW9
                    Charlotte, North Carolina 28288
                    Attention:  John Foxgrover
                    Telephone:  (704) 383-8437
                    Facsimile:  (704) 383-1085


                    If to MBIA:
                    ----------

                    MBIA Insurance Corporation
                    113 King Street
                    Armonk, New York  10504
                    Attention:  Insured Portfolio Management
                                Structured Finance
                    Telephone:  (914) 273-4545
                    Facsimile:   (914) 765-3810


                    With a copy to:
                    --------------

                    Shaw Pittman
                    335 Madison Avenue, 26/th/ Floor
                    New York, New York  10017
                    Attention:  Gary D. Roth, Esq.
                    Telephone:  (212) 603-6829
                    Facsimile:   (212) 603-6801


          8.   Miscellaneous.  This Agreement is to be governed by, and
               -------------
construed in accordance with, the laws of the State of New York.  It shall inure
to the benefit of and be binding upon the parties hereto and their respective
successors and assigns and the and controlling persons referred to in Section 5
hereof, and no other person shall have any right or obligation hereunder.  This
Agreement supersedes all prior agreements and understandings relating to the
subject matter hereof.  Neither this Agreement nor any term hereof may be
changed, waived, discharged or terminated orally, but only by an instrument in
writing signed by the party against whom enforcement of the change, waiver,
discharge or termination is sought.  The headings in this Agreement are for
purposes of reference only and shall not limit or otherwise affect the meaning
hereof.

                                      -9-
<PAGE>

          9.   Counterparts.  This Agreement may be executed in counterparts by
               ------------
the parties hereto, and each such counterpart shall be considered an original
and all such counterparts shall constitute one and the same instrument.

                                     -10-
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have executed this Insurer
Indemnification Agreement, all as of the day and year first above mentioned.



MBIA INSURANCE CORPORATION

By:  /s/ Lisa A. Wilson
   ----------------------------
          Lisa A. Wilson
          Assistant Secretary

ISUZU MOTORS ACCEPTANCE CORPORATION,
as Seller

By:  /s/ Katsumi Masuda
   ----------------------------
          Katsumi Masuda
             President

POOLED AUTO SECURITIES SHELF LLC
as Depositor

By:  /s/ John A. Foxgrover
   ----------------------------
     John A. Foxgrover
      Vice President


FIRST UNION SECURITIES, INC.
as Representative for the Underwriters

By:  /s/ Rodney Sanders
   ----------------------------
          Rodney Sanders
           Vice President


                                     -11-