Exhibit 10.1


                           ADMINISTRATION AGREEMENT

         This ADMINISTRATION AGREEMENT, dated as of [ ] (as from time to time
amended, supplemented or otherwise modified and in effect, this "Agreement"),
is by and among WHOLE AUTO LOAN TRUST [ ], a Delaware statutory trust (the
"Issuer"), BEAR STEARNS INVESTMENT PRODUCTS INC., a New York corporation, as
administrator (in such capacity, the "Administrator") and [ ], a [ ], not in
its individual capacity but solely as Indenture Trustee (in such capacity, the
"Indenture Trustee").

         WHEREAS, the Issuer is issuing the Notes pursuant to the Indenture
and the Certificates pursuant to the Trust Agreement and has entered into
certain agreements in connection therewith, including (i) the Sale and
Servicing Agreement, (ii) the Note Depository Agreement and (iii) the
Indenture (the Sale and Servicing Agreement, the Note Depository Agreement and
the Indenture being referred to hereinafter collectively as the "Related
Agreements");

         WHEREAS, the Issuer and the Owner Trustee desire to have the
Administrator perform certain duties of the Issuer and the Owner Trustee under
the Related Agreements and to provide such additional services consistent with
the terms of this Agreement and the Related Agreements as the Issuer and the
Owner Trustee may from time to time request; and

         WHEREAS, the Administrator has the capacity to provide the services
required hereby and is willing to perform such services for the Issuer and the
Owner Trustee on the terms set forth herein;

         NOW, THEREFORE, in consideration of the mutual covenants contained
herein, and other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the parties hereto, intending to be legally
bound, agree as follows:

         1. Definitions and Usage. Except as otherwise specified herein or as
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the context may otherwise require, capitalized terms used but not otherwise
defined in this Agreement (including the recitals) are defined in Appendix A
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hereto, which also contains rules as to usage that shall be applicable herein.

         2. Duties of the Administrator. (a) Duties with Respect to the
            ---------------------------      --------------------------
Indenture and the Note Depository Agreement. (i) The Administrator agrees to
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perform all its duties as Administrator and the duties of the Issuer under the
Note Depository Agreement. In addition, the Administrator shall consult with
the Owner Trustee regarding the duties of the Issuer under the Indenture and
the Note Depository Agreement. The Administrator shall monitor the performance
of the Issuer and shall advise the Owner Trustee when action is necessary to
comply with the Issuer's duties under the Indenture and the Note Depository
Agreement. The Administrator shall prepare for execution by the Issuer, or
shall cause the preparation by other appropriate Persons of, all such
documents, reports, filings, instruments, certificates and opinions

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that it shall be the duty of the Issuer to prepare, file or deliver pursuant
to the Indenture and the Note Depository Agreement. In furtherance of the
foregoing, the Administrator shall take, in the name and on behalf of the
Issuer, all appropriate action that is the duty of the Issuer to take,
pursuant to the Indenture including, without limitation, such of the foregoing
as are required with respect to the following matters under the Indenture
(references are to sections of the Indenture):

              (A) the preparation of or obtaining of the documents and
         instruments required for execution of the Notes and delivery of the
         same to the Indenture Trustee for authentication (Section 2.2);

              (B) the duty to cause the Note Register to be kept and to give
         the Indenture Trustee notice of any appointment of a new Note
         Registrar and the location, or change in location, of the Note
         Register (Section 2.5);

              (C) the determination as to whether the requirements of UCC
         Section 8-405 are met and the preparation of an Issuer Request
         requesting the Indenture Trustee to authenticate and deliver
         replacement Notes in lieu of mutilated, destroyed, lost or stolen
         Notes (Section 2.6);

              (D) the determination of the expenses associated with the
         issuance of replacement Notes (Section 2.6(b));

              (E) the preparation, obtaining or filing of Issuer Requests,
         instruments, opinions and certificates and other documents required
         for the release of property from the lien of the Indenture (Section
         2.10);

              (F) the preparation of Definitive Notes in accordance with the
         instructions of the Clearing Agency and delivery of such to the
         Indenture Trustee (Section 2.13);

              (G) the maintenance and notice of location of the office in the
         Borough of Manhattan, The City of New York, for registration of
         transfer or exchange of Notes if the Indenture Trustee ceases to
         maintain such an office (Section 3.2);

              (H) the duty to cause newly appointed Note Paying Agents, if
         any, to deliver to the Indenture Trustee the instrument specified in
         the Indenture regarding funds held in trust (Section 3.3(c));

              (I) the delivery of the Issuer Order to the Indenture Trustee to
         deposit monies with Note Paying Agents, if any, other than the
         Indenture Trustee (Section 3.3(d));

              (J) the delivery of an Issuer Request for publication and
         notification of unclaimed amounts (Section 3.3(e));

              (K) the maintenance of the Trust's status as a business trust
         and the obtaining and preservation of the Issuer's qualification to
         do business in each jurisdiction in which such

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<PAGE>

         qualification is or shall be necessary to protect the validity and
         enforceability of the Indenture, the Notes, the Collateral and each
         other instrument or agreement included in the Indenture Trust
         Estate (Section 3.4);

              (L) the preparation of all supplements and amendments to the
         Indenture and all financing statements, continuation statements,
         instruments of further assurance and other instruments and the taking
         of such other action as is necessary or advisable to protect the
         Indenture Trust Estate (Sections 3.5 and 3.7(c));

              (M) the delivery of the Opinion of Counsel on the Closing Date
         and the annual delivery of Opinions of Counsel as to the Indenture
         Trust Estate, and the annual delivery of the Officer's Certificate
         and certain other statements as to compliance with the Indenture
         (Sections 3.6 and 3.9);

              (N) the identification to the Indenture Trustee in an Officer's
         Certificate of any Person with whom the Issuer has contracted to
         perform its duties under the Indenture (Section 3.7(b));

              (O) the notification of the Indenture Trustee and the Rating
         Agencies of an Event of Servicing Termination under the Sale and
         Servicing Agreement and, if such Event of Servicing Termination
         arises from the failure of the Servicer to perform any of its duties
         under the Sale and Servicing Agreement with respect to the
         Receivables, the taking of all reasonable steps available to remedy
         such failure (Section 3.7(d));

              (P) the appointment of the Successor Servicer and preparation of
         the related servicing agreement (Section 3.7(e));

              (Q) the notification of the termination of the Servicer and
         appointment of the Successor Servicer (Section 3.7(f));

              (R) the preparation and obtaining of documents and instruments
         required for the consolidation or merger of the Issuer with another
         entity or the transfer by the Issuer of its properties or assets
         (Section 3.10);

              (S) the delivery of a letter for release (Section 3.11(b));

              (T) the duty to cause the Servicer to comply with Sections 3.8,
         3.9, 3.10, 3.11, 3.12, 3.13, 3.14 and 4.7 and Article VI of the Sale
         and Servicing Agreement (Section 3.14);

              (U) upon the request of the Indenture Trustee, the execution and
         delivery of any instruments and the undertaking of any actions
         reasonably necessary to carry out more effectively the purpose of the
         Indenture (Section 3.17);

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<PAGE>

              (V) the delivery of written notice to the Indenture Trustee and
         the Rating Agencies of each Event of Default under the Indenture and
         each default by any party to the Sale and Servicing Agreement
         (Section 3.19);

              (W) the monitoring of the Issuer's obligations as to the
         satisfaction and discharge of the Indenture and the preparation of an
         Officer's Certificate and the obtaining of the Opinions of Counsel
         and the Independent Certificate relating thereto and the demand to
         the Indenture Trustee for execution of certain instruments (Section
         4.1);

              (X) the monitoring of the Issuer's obligations as to the
         satisfaction, discharge and defeasance of the Notes and the
         preparation of an Officer's Certificate and the obtaining of an
         opinion of a nationally recognized firm of independent certified
         public accountants, a written certification thereof and the Opinions
         of Counsel relating thereto (Section 4.1);

              (Y) the demand to remit monies (Section 4.3);

              (Z) the preparation of an Officer's Certificate to the Indenture
         Trustee after the occurrence of any event which with the giving of
         notice and the lapse of time would become an Event of Default under
         Section 5.1(iii) of the Indenture, its status and what action the
         Issuer is taking or proposes to take with respect thereto (Section
         5.1);

              (AA) the compliance with any written directive of the Indenture
         Trustee with respect to the sale of the Indenture Trust Estate at one
         or more public or private sales called and conducted in any manner
         permitted by law if an Event of Default shall have occurred and be
         continuing (Section 5.4);

              (AB) the undertaking of actions set forth in Section 5.16 as
         requested by the Indenture Trustee (Section 5.16);

              (AC) the payment of indemnities to the Indenture Trustee
         (Section 6.7);

              (AD) the removal of the Indenture Trustee upon the occurrence of
         certain events, the preparation and delivery of notice to Noteholders
         of the removal of the Indenture Trustee, the appointment of a
         successor Indenture Trustee and, if necessary, the petition of a
         court of competent jurisdiction for the appointment of a successor
         Indenture Trustee (Section 6.8);

              (AE) the furnishing of the Indenture Trustee with the names and
         addresses of Noteholders during any period when the Indenture Trustee
         is not the Note Registrar (Section 7.1);

              (AF) the preparation and, after execution by the Issuer, the
         filing with the Commission, any applicable state agencies and the
         Indenture Trustee of documents required to be filed on a periodic
         basis with, and summaries thereof as may be required by rules and
         regulations prescribed by, the Commission and any applicable state
         agencies

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<PAGE>

         and the transmission of such summaries, as necessary, to the
         Noteholders (Section 7.3(a));

              (AG) the notification to the Indenture Trustee of the listing of
         the Notes on any stock exchange (Section 7.4);

              (AH) the preparation of an Issuer Request and Officer's
         Certificate and the obtaining of an Opinion of Counsel and
         Independent Certificates, if necessary, for the release of the
         Indenture Trust Estate (Sections 8.4 and 8.5);

              (AI) the preparation of Issuer Orders and the obtaining of
         Opinions of Counsel with respect to the execution of supplemental
         indentures and the mailing to the Noteholders of notices with respect
         to such supplemental indentures (Sections 9.1, 9.2 and 9.3);

              (AJ) the determination to execute and deliver new Notes
         conforming to any supplemental indenture (Section 9.6);

              (AK) the notice and deposit of money for prepayment of the Notes
         (Section 10.1);

              (AL) the notice to the Indenture Trustee and the duty to cause
         the Indenture Trustee to provide notification to Noteholders of
         prepayment of the Notes (Section 10.2);

              (AM) the preparation of all Officer's Certificates, Issuer
         Requests and Issuer Orders and the obtaining of Opinions of Counsel
         and Independent Certificates with respect to any requests by the
         Issuer to the Indenture Trustee to take any action under the
         Indenture (Section 11.1(a));

              (AN) the preparation of Officer's Certificates and the obtaining
         of Independent Certificates, if necessary, for the release of
         property from the lien of the Indenture (Section 11.1(b));

              (AO) the notification of the Rating Agencies pursuant to Section
         11.4 of the Indenture (Section 11.4);

              (AP) the preparation and delivery to Noteholders and the
         Indenture Trustee of any agreements with respect to alternate payment
         and notice provisions (Section 11.6); and

              (AQ) the recording of the Indenture and payment of related
         expenses, if applicable (Section 11.15).

         (ii) The Administrator will:

              (A) pay the Indenture Trustee from time to time reasonable
         compensation for all services rendered by the Indenture Trustee under
         the Indenture (which compensation shall not be limited by any
         provision of law in regard to the compensation of a trustee of an
         express trust);

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<PAGE>


              (B) except as otherwise expressly provided in the Indenture,
         reimburse the Indenture Trustee upon its request for all reasonable
         expenses, disbursements and advances incurred or made by the
         Indenture Trustee in accordance with any provision of the Indenture
         and any other document executed in connection therewith (including
         the reasonable compensation, expenses and disbursements of its
         agents, experts, accountants and counsel), except any such expense,
         disbursement or advance as may be attributable to its willful
         misconduct, negligence or bad faith;

              (C) indemnify the Indenture Trustee and its officers, directors,
         employees, representatives and agents for, and to hold them harmless
         against, any and all expenses, obligations, liabilities, losses,
         damages, injuries (to person, property, or natural resources),
         penalties, stamp or other similar taxes, actions, suits, judgments,
         reasonable costs and expenses (including reasonable attorney's and
         agent's fees and expenses) of whatever kind of nature regardless of
         their merit, incurred by it in connection with the administration of
         its trust and the performance of its duties under the Indenture,
         including the costs and expenses of defending itself against any
         claim or liabilities in connection with the exercise or performance
         of any of its powers or duties under the Indenture; and

              (D) indemnify, defend and hold harmless the Issuer, the Owner
         Trustee, the Indenture Trustee and any of their respective officers,
         directors, employees and agents from and against any loss, liability
         or expense incurred by reason of (i) the Depositor's or the Issuer's
         violation of federal or state securities laws in connection with the
         offering and sale of the Notes and the Certificates or (ii) any
         breach of the Depositor of any term, provision or covenant contained
         in the Sale and Servicing Agreement.

         Indemnification under this Section shall survive the resignation or
removal of the Indenture Trustee and the termination of this Agreement and
shall include reasonable fees and expenses of counsel and expenses of
litigation. If the Administrator shall have made any indemnity payments
pursuant to this Section and the Person to or on behalf of whom such payments
are made thereafter shall collect any such amount from others, such Person
shall promptly repay such amounts to the Administrator, without interest.

         (b) Additional Duties. (i) In addition to the duties of the
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Administrator set forth above, the Administrator shall perform such
calculations and shall prepare or shall cause the preparation by other
appropriate persons of, and shall execute on behalf of the Issuer or the Owner
Trustee, all such documents, reports, filings, instruments, certificates and
opinions that it shall be the duty of the Issuer or the Owner Trustee to
prepare, file or deliver pursuant to the Related Agreements, and at the
request of the Owner Trustee shall take all appropriate action that it is the
duty of the Issuer or the Owner Trustee to take pursuant to the Related
Agreements. Subject to Section 6 of this Agreement, the Administrator shall
administer, perform or supervise the performance of such other activities in
connection with the Collateral (including the Related Agreements) as are not
covered by any of the foregoing provisions and as are expressly requested by
the Owner Trustee and are reasonably within the capability of the
Administrator.

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<PAGE>

         (ii) Notwithstanding anything in this Agreement or the Related
Agreements to the contrary, the Administrator shall be responsible for
promptly notifying the Owner Trustee in the event that any withholding tax is
imposed on the Trust's payments (or allocations of income) to a
Certificateholder as contemplated in Section 5.2(c) of the Trust Agreement.
Any such notice shall specify the amount of any withholding tax required to be
withheld by the Owner Trustee pursuant to such provision.

         (iii) Notwithstanding anything in this Agreement or the Related
Agreements to the contrary, the Administrator shall be responsible for
performance of the duties of the Issuer, the Depositor, or the Owner Trustee
set forth in Section 5.5(a), (b), (c) and (d) and the penultimate sentence of
Section 5.5 of the Trust Agreement with respect to, among other things,
accounting and reports to Certificateholders.

         (iv) The Administrator will provide prior to [ ] a certificate of an
Authorized Officer (or a letter from a firm of independent public accountants)
in form and substance satisfactory to the Owner Trustee as to whether any tax
withholding is then required and, if required, the procedures to be followed
with respect thereto to comply with the requirements of the Code. The
Administrator shall be required to update the letter in each instance that any
additional tax withholding is subsequently required or any previously required
tax withholding shall no longer be required.

         (v) The Administrator shall perform the duties of the Administrator
specified in Section 9.2 of the Trust Agreement required to be performed in
connection with the resignation or removal of the Owner Trustee and any other
duties expressly required to be performed by the Administrator pursuant to the
Trust Agreement.

         (vi) In carrying out the foregoing duties or any of its other
obligations under this Agreement, the Administrator may enter into
transactions or otherwise deal with any of its Affiliates; provided, however,
                                                           --------  -------
that the terms of any such transactions or dealings shall be in accordance
with any directions received from the Issuer and shall be, in the
Administrator's opinion, no less favorable to the Issuer than would be
available from unaffiliated parties.

         (c) Non-Ministerial Matters. (i) With respect to matters that in the
             -----------------------
reasonable judgment of the Administrator are non-ministerial, the
Administrator shall not take any action unless within a reasonable time before
the taking of such action, the Administrator shall have notified the Owner
Trustee of the proposed action and the Owner Trustee shall not have withheld
consent or provided an alternative direction. For the purpose of the preceding
sentence, "non-ministerial matters" shall include, without limitation:

              (A) the amendment of or any supplement to the Indenture;

              (B) the initiation of any claim or lawsuit by the Issuer and the
         compromise of any action, claim or lawsuit brought by or against the
         Issuer (other than in connection with the collection of the
         Receivables or Permitted Investments);

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<PAGE>


              (C) the amendment, change or modification of the Related
         Agreements;

              (D) the appointment of successor Note Registrars, successor Note
         Paying Agents and successor Indenture Trustees pursuant to the
         Indenture or the appointment of successor Administrators or Successor
         Servicers, or the consent to the assignment by the Note Registrar,
         Note Paying Agent or Indenture Trustee of its obligations under the
         Indenture; and

              (E) the removal of the Indenture Trustee.

         (ii) Notwithstanding anything to the contrary in this Agreement, the
Administrator shall not be obligated to, and shall not, (x) make any payments
to the Noteholders under the Related Agreements, (y) sell the Indenture Trust
Estate pursuant to Section 5.4 of the Indenture or (z) take any other action
that the Issuer directs the Administrator not to take on its behalf.

         3. Records. The Administrator shall maintain appropriate books of
            -------
account and records relating to services performed hereunder, which books of
account and records shall be accessible for inspection by the Issuer and the
Depositor at any time during normal business hours.

         4. Compensation. As compensation for the performance of the
            ------------
Administrator's obligations under this Agreement and, as reimbursement for its
expenses related thereto, the Administrator shall be entitled to receive a
fee, for each Collection Period equal to one-twelfth of $10,000, which amount
shall be solely an obligation of the Issuer, and shall be paid pursuant to
Section 8.2 of the Indenture.

         5. Additional Information To Be Furnished to the Issuer. The
            ----------------------------------------------------
Administrator shall furnish to the Issuer from time to time such additional
information regarding the Collateral as the Issuer shall reasonably request.

         6. Independence of the Administrator. For all purposes of this
            ---------------------------------
Agreement, the Administrator shall be an independent contractor and shall not
be subject to the supervision of the Issuer or the Owner Trustee with respect
to the manner in which it accomplishes the performance of its obligations
hereunder. Unless expressly authorized by the Issuer, the Administrator shall
have no authority to act for or represent the Issuer or the Owner Trustee in
any way and shall not otherwise be deemed an agent of the Issuer or the Owner
Trustee.

         7. No Joint Venture. Nothing contained in this Agreement (i) shall
            ----------------
constitute the Administrator and either of the Issuer or the Owner Trustee as
members of any partnership, joint venture, association, syndicate,
unincorporated business or other separate entity, (ii) shall be construed to
impose any liability as such on any of them or (iii) shall be deemed to confer
on any of them any express, implied or apparent authority to incur any
obligation or liability on behalf of the others.

         8. Other Activities of Administrator. Nothing herein shall prevent
            ---------------------------------
the Administrator or its Affiliates from engaging in other businesses or, in
its sole discretion, from acting in a similar

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<PAGE>

capacity as an administrator for any other person or entity even though such
person or entity may engage in business activities similar to those of the
Issuer, the Owner Trustee or the Indenture Trustee.

         9. Term of Agreement; Resignation and Removal of Administrator. (a)
            -----------------------------------------------------------
This Agreement shall continue in force until the termination of the Issuer in
accordance with Section 8.1 of the Trust Agreement, upon which event this
Agreement shall automatically terminate.

         (b) Subject to Sections 9(e) and 9(f), the Administrator may resign
its duties hereunder by providing the Issuer and the Indenture Trustee with at
least sixty (60) days' prior written notice.

         (c) Subject to Sections 9(e) and 9(f), the Issuer may remove the
Administrator without cause (i) only to the extent permitted in Section 3.20
of the Indenture and (ii) by providing the Administrator (with a copy to the
Indenture Trustee) with at least sixty (60) days' prior written notice.

         (d) Subject to Sections 9(e) and 9(f), at the sole option of the
Issuer, the Administrator may be removed immediately upon written notice of
termination from the Issuer to the Administrator (with a copy to the Indenture
Trustee) if any of the following events shall occur:

                  (i) the Administrator shall default in any material respect
         in the performance of any of its duties under this Agreement and,
         after notice of such default, shall not cure such default within ten
         (10) days (or, if such default cannot be cured in such time, such
         longer period acceptable to the Issuer);

                  (ii) a court having jurisdiction in the premises shall enter
         a decree or order for relief, and such decree or order shall not have
         been vacated within sixty (60) days, in respect of the Administrator
         in any involuntary case under any applicable bankruptcy, insolvency
         or other similar law now or hereafter in effect or appoint a
         receiver, liquidator, assignee, custodian, trustee, sequestrator or
         similar official for the Administrator or any substantial part of its
         property or order the winding-up or liquidation of its affairs; or

                  (iii) the Administrator shall commence a voluntary case
         under any applicable bankruptcy, insolvency or other similar law now
         or hereafter in effect, shall consent to the entry of an order for
         relief in an involuntary case under any such law, shall consent to
         the appointment of a receiver, liquidator, assignee, trustee,
         custodian, sequestrator or similar official for the Administrator or
         any substantial part of its property, shall consent to the taking of
         possession by any such official of any substantial part of its
         property, shall make any general assignment for the benefit of
         creditors or shall fail generally to pay its debts as they become
         due.

         The Administrator agrees that if any of the events specified in
clauses (ii) or (iii) of this Section 9(d) shall occur, it shall give written
notice thereof to the Issuer and the Indenture Trustee within seven days after
the happening of such event.

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<PAGE>

         (e) No resignation or removal of the Administrator pursuant to this
Section 9 shall be effective until (i) a successor Administrator shall have
been appointed by the Issuer and (ii) such successor Administrator shall have
agreed in writing to be bound by the terms of this Agreement in the same
manner as the Administrator is bound hereunder. The Issuer shall provide
written notice of any such resignation or removal to the Indenture Trustee,
with a copy to the Rating Agencies.

         (f) The appointment of any successor Administrator shall be effective
only after satisfaction of the Rating Agency Condition with respect to the
proposed appointment.

         (g) Subject to Sections 9(e) and 9(f), the Administrator acknowledges
that upon the appointment of a successor Servicer pursuant to the Sale and
Servicing Agreement, the Administrator shall immediately resign. The successor
Servicer shall be the successor Administrator.

         10. Action upon Termination, Resignation or Removal. Promptly upon
             -----------------------------------------------
the effective date of termination of this Agreement pursuant to Section 9(a)
or the resignation or removal of the Administrator pursuant to Section 9(b),
(c) or (d), respectively, the Administrator shall be entitled to be paid all
fees and reimbursable expenses accruing to it to the date of such termination,
resignation or removal. The Administrator shall forthwith upon such
termination pursuant to Section 9(a) deliver to the Issuer all property and
documents of or relating to the Collateral then in the custody of the
Administrator. In the event of the resignation or removal of the Administrator
pursuant to Section 9(b), (c) or (d), respectively, the Administrator shall
cooperate with the Issuer and take all reasonable steps requested to assist
the Issuer in making an orderly transfer of the duties of the Administrator.

         11. Notices. Any notice, report or other communication given
             -------
hereunder shall be in writing and addressed of follows:

         (a) if to the Issuer or the Owner Trustee, to:

                  WHOLE AUTO LOAN TRUST [          ]
                  c/o Owner Trustee
                  Attention: [                    ]
                  Telephone: [                    ]
                  Facsimile: [                    ]

         (b) if to the Administrator, to:

                  BEAR STEARNS INVESTMENT PRODUCTS INC.
                  Attention:  Secretary
                  Telephone:  [                    ]
                  Facsimile:  [                    ]

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<PAGE>

         (c) if to the Indenture Trustee, to:

                  [                    ]
                  Attention:  [                    ]
                  Telephone:  [                    ]
                  Facsimile:  [                    ]

or to such other address as any party shall have provided to the other parties
in writing. Any notice required to be in writing hereunder shall be deemed
given if such notice is mailed by certified mail, postage prepaid, or
hand-delivered to the address of such party as provided above.

         12. Amendments. This Agreement may be amended from time to time by a
             ----------
written amendment duly executed and delivered by the Issuer, the Administrator
and the Indenture Trustee, with the written consent of the Owner Trustee,
without the consent of the Noteholders and the Certificateholders, for the
purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of this Agreement or of modifying in any manner the
rights of the Noteholders or Certificateholders; provided that such amendment
will not, as set forth in an Opinion of Counsel satisfactory to the Indenture
Trustee and the Owner Trustee, materially and adversely affect the interest of
any Noteholder or Certificateholder. This Agreement may also be amended by the
Issuer, the Administrator and the Indenture Trustee with the written consent
of the Owner Trustee and the Noteholders of Notes evidencing not less than a
majority of the Notes Outstanding and the Certificateholders of Certificates
evidencing not less than a majority of the Certificate Balance for the purpose
of adding any provisions to or changing in any manner or eliminating any of
the provisions of this Agreement or of modifying in any manner the rights of
Noteholders or the Certificateholders; provided, however, that no such
amendment may (i) increase or reduce in any manner the amount of, or
accelerate or delay the timing of, collections of payments on Receivables or
distributions that are required to be made for the benefit of the Noteholders
or Certificateholders or (ii) reduce the aforesaid percentage of the
Noteholders and Certificateholders which are required to consent to any such
amendment, without the consent of the Noteholders of all the Notes Outstanding
and Certificateholders of Certificates evidencing the Certificate Balance.
Promptly after the execution of any such amendment, the Administrator shall
furnish written notification of such amendment to each Rating Agency.

         13. Successors and Assigns. This Agreement may not be assigned by the
             ----------------------
Administrator unless such assignment is previously consented to in writing by
the Issuer and the Owner Trustee and subject to the satisfaction of the Rating
Agency Condition in respect thereof. An assignment with such consent and
satisfaction, if accepted by the assignee, shall bind the assignee hereunder
in the same manner as the Administrator is bound hereunder. Notwithstanding
the foregoing, this Agreement may be assigned by the Administrator without the
consent of the Issuer or the Owner Trustee to a corporation or other
organization that is a successor (by merger, consolidation or purchase of
assets) to the Administrator; provided that such successor organization
executes and delivers to the Issuer, the Owner Trustee and the Indenture
Trustee an agreement in which such corporation or other organization agrees to
be bound hereunder by the

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<PAGE>

terms of said assignment in the same manner as the Administrator is bound
hereunder. Subject to the foregoing, this Agreement shall bind any successors
or assigns of the parties hereto.

         14. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED
             -------------
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO
CONFLICT OF LAWS PROVISIONS THAT WOULD APPLY THE LAW OF A JURISDICTION OTHER
THAN THE STATE OF NEW YORK, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

         15. Headings. The Section headings hereof have been inserted for
             --------
convenience of reference only and shall not be construed to affect the
meaning, construction or effect of this Agreement.

         16. Counterparts. This Agreement may be executed in counterparts,
             ------------
each of which when so executed shall be an original, but all of which together
shall constitute but one and the same agreement.

         17. Severability. Any provision of this Agreement that is prohibited
             ------------
or unenforceable in any jurisdiction shall be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining
provisions hereof and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in
any other jurisdiction.

         18. [Reserved.]
              --------

         19. Limitation of Liability of Owner Trustee and Indenture Trustee.
             ---------------------------------------------------------------
         (a) Notwithstanding anything contained herein to the contrary, this
instrument has been signed on behalf of the Issuer by [ ] not in its
individual capacity but solely in its capacity as Owner Trustee of the Issuer
and in no event shall [ ] in its individual capacity or any beneficial owner
of the Issuer have any liability for the representations, warranties,
covenants, agreements or other obligations of the Issuer hereunder, as to all
of which recourse shall be had solely to the assets of the Issuer. For all
purposes of this Agreement, in the performance of any duties or obligations of
the Issuer hereunder, the Owner Trustee shall be subject to, and entitled to
the benefits of, the terms and provisions of the Trust Agreement.

         (b) Notwithstanding anything contained herein to the contrary, this
Agreement has been countersigned by [ ] not in its individual capacity but
solely as Indenture Trustee and in no event shall [ ] in its individual
capacity or any of its officers, directors, employees, representatives or
agents have any liability for the representations, warranties, covenants,
agreements or other obligations of the Issuer hereunder or in any of the
certificates, notices or agreements delivered pursuant hereto, as to all of
which recourse shall be had solely to the assets of the Issuer.

                                      12
<PAGE>


         20. Third-Party Beneficiary. The Owner Trustee is a third-party
             -----------------------
beneficiary to this Agreement and is entitled to the rights and benefits
hereunder and may enforce the provisions hereof as if it was a party hereto.

         21. Nonpetition Covenants. Notwithstanding any prior termination of
             ---------------------
this Agreement, neither the Administrator nor the Indenture Trustee shall,
prior to the date which is one year and one day after the termination of this
Agreement with respect to the Issuer, acquiesce, petition or otherwise invoke
or cause the Issuer to invoke the process of any court or government authority
for the purpose of commencing or sustaining a case against the Issuer under
any federal or State bankruptcy, insolvency or similar law or appointing a
receiver, liquidator, assignee, trustee, custodian, sequestrator or other
similar official of the Issuer or any substantial part of its property, or
ordering the winding up or liquidation of the affairs of the Issuer.

         22. Rights of Indenture Trustee. The Indenture Trustee shall be
             ---------------------------
provided all of the rights, protections, immunities and indemnities afforded
it under the Indenture.


                                      13
<PAGE>


         IN WITNESS WHEREOF, the parties have caused this Administration
Agreement to be duly executed and delivered as of the day and year first above
written.

                      WHOLE AUTO LOAN TRUST [         ]


                      By:  [                    ],
                           not in its individual capacity but solely
                           as Owner Trustee


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


                      [                ], not in its individual capacity but
                      solely as Indenture Trustee


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


                      BEAR STEARNS INVESTMENT PRODUCTS INC., as Administrator


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


<PAGE>


                                  APPENDIX A

                             Definitions and Usage

     [Form of Appendix A attached to the Form of Indenture (Exhibit 4.3)]