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                                                                    Exhibit 4.4

                           MBIA INSURANCE CORPORATION

                      FINANCIAL GUARANTEE INSURANCE POLICY

                                  MAY 30, 2002

                                                               POLICY NO. 38165

RE:                      HOUSEHOLD AUTOMOTIVE TRUST 2002-1 (THE "TRUST")
                         $229,000,000 1.86945% ASSET BACKED NOTES, CLASS A-1
                         ("CLASS A-1 NOTES"); $267,000,000 2.75% ASSET BACKED
                         NOTES, CLASS A-2 ("CLASS A-2 NOTES"); $286,000,000
                         3.75% ASSET BACKED NOTES, CLASS A-3 ("CLASS A-3
                         NOTES"); AND $218,000,000 4.39% ASSET BACKED NOTES,
                         CLASS A-4 ("CLASS A-4 NOTES" AND TOGETHER WITH THE
                         CLASS A-1 NOTES, CLASS A-2 NOTES AND CLASS A-3 NOTES,
                         THE "NOTES").

INSURED OBLIGATION:      OBLIGATION TO PAY SERVICING AND TRUSTEE FEES, TIMELY
                         INTEREST AND ULTIMATE PRINCIPAL ON THE NOTES.

BENEFICIARY:             WELLS FARGO BANK MINNESOTA, NATIONAL ASSOCIATION, AS
                         INDENTURE TRUSTEE (THE "INDENTURE TRUSTEE") UNDER THE
                         INDENTURE DATED AS OF MAY 15, 2002 (THE "INDENTURE")
                         BETWEEN THE TRUST AND THE INDENTURE TRUSTEE (TOGETHER
                         WITH ANY SUCCESSOR INDENTURE TRUSTEE DULY APPOINTED AND
                         QUALIFIED UNDER THE INDENTURE) FOR THE BENEFIT OF THE
                         OWNERS (AS DEFINED BELOW).

MBIA INSURANCE CORPORATION ("MBIA"), for consideration received, hereby
unconditionally and irrevocably guarantees to the Beneficiary, subject only to
the terms of this Financial Guarantee Insurance Policy (the "POLICY"), payment
of the Insured Obligation. MBIA agrees to pay to the Indenture Trustee, in
respect of each Distribution Date, an amount equal to the amount by which (A)
the sum of the following amounts, each as of or with respect to such
Distribution Date, (i) the Servicing Fee (if HFC is no longer acting as the
Master Servicer), including any unpaid Servicing Fees (if HFC is no longer
acting as the Master Servicer), (ii) any accrued and unpaid fees and any
unreimbursed costs and expenses of the Indenture Trustee, the Owner Trustee and
the Delaware Trustee, in each case to the extent such fees have not been paid by
the Master Servicer, (iii) the Class A Interest Distributable Amount, and (iv)
if such Distribution Date is a Scheduled Maturity Date with respect to any Class
of Notes, the amount specified in clause (ii) of the definition of Class A
Minimum Principal Distributable Amount for such Distribution Date, exceeds (B)
the sum of (i) the amount of Available Funds available to make such payments
with respect to such Distribution Date and (ii) the amount on deposit in the
Reserve Account as of such Distribution Date (the "DEFICIENCY AMOUNT"). MBIA
also agrees to pay an amount equal to any Avoided Payment (as defined below).
This Policy does not cover shortfalls, if any, attributable to the liability of
the Trust for withholding taxes, if any (including

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interest and penalties in respect of such liability). Payments hereunder shall
be made only at time set forth in this Policy. This Policy shall not guarantee
payments of principal on the Notes other than the outstanding principal amount
of each Class of Notes on the Scheduled Maturity Date for such Class of Notes,
and will not guarantee payment of any Class A Additional Principal Distributable
Amount or amounts that become due on an accelerated basis as a result of (a) a
default by the Trust, (b) the occurrence of an Event of Default under the
Indenture, or (c) any other cause. MBIA may elect, in its sole discretion, to
pay in whole or in part such principal due upon acceleration. MBIA may elect, in
its sole discretion, to pay all or a portion of any shortfalls in the amount of
Available Funds available to make distributions of principal on the Notes, other
than distributions of principal with respect to a Class of Notes on the
Scheduled Maturity Date therefor, which is guaranteed by MBIA as provided above.

     Capitalized terms used herein and not otherwise defined herein shall have
the meanings assigned to them in the Master Sale and Servicing Agreement dated
as of May 15, 2002 among Household Auto Receivables Corporation, as seller (the
"SELLER"), Household Finance Corporation, as Master Servicer (the "MASTER
SERVICER"), the Indenture Trustee and the Trust (the "MASTER SALE AND SERVICING
AGREEMENT").

     As used herein the term "OWNER" means each Noteholder who on the applicable
Distribution Date is entitled under the terns of the related Note to receive
payments thereunder.

     Payment of amounts hereunder shall be made in immediately available funds
on the later of (a) 12:00 noon, New York City time, on the related Distribution
Date and (b) 12:00 noon, New York City time, on the second Business Day
following presentation to State Street Bank and Trust Company, N.A., as Fiscal
Agent for MBIA or any successor fiscal agent appointed by MBIA (the "FISCAL
AGENT") (as hereinafter provided) and MBIA of a notice for payment in the form
of EXHIBIT A hereto ("NOTICE FOR PAYMENT"), appropriately completed and executed
by the Indenture Trustee. A Notice for Payment under this Policy may be
presented to the Fiscal Agent and MBIA on any Business Day following the
Determination Date in respect of which the Notice for Payment is being
presented, by (a) delivery of the original Notice for Payment to the Fiscal
Agent and MBIA at its respective address set forth below, or (b) facsimile
transmission of the original Notice for Payment to the Fiscal Agent and MBIA at
its respective facsimile number set forth below. If presentation is made by
facsimile transmission, the Indenture Trustee shall (i) simultaneously confirm
transmission by telephone to the Fiscal Agent and MBIA at its respective
telephone number set forth below, and (ii) as soon as reasonably practicable,
deliver the original Notice for Payment to the Fiscal Agent and MBIA at its
respective address set forth below. Any Notice for Payment received by the
Fiscal Agent or MBIA after 12:00 noon, New York City time, on a Business Day, or
on any day that is not a Business Day, will be deemed to be received by the
Fiscal Agent and MBIA on the next succeeding Business Day.

     Subject to the foregoing, if the payment of any amount previously
distributed to an Owner in respect of the Notes that is recoverable and sought
to be recovered as a voidable preference by a trustee in bankruptcy with respect
to the Trust, the Seller or the Originator pursuant to the United States
Bankruptcy Code (11 U.S.C.), as amended from time to time, in accordance with a
nonappealable order of a court having competent jurisdiction is voided ("AVOIDED
PAYMENT"). MBIA will make such Avoided Payment on behalf of the Owner to the
receiver, conservator, debtor-in-possession or trustee in bankruptcy named in
the Final Order (as


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defined below) and not to any Owner directly, unless such Owner has previously
paid such Avoided Payment to the receiver, conservator, debtor-in-possession or
trustee in bankruptcy, in which case MBIA will make such Avoided Payment to such
Owner upon receipt by the Fiscal Agent and MBIA from the Indenture Trustee on
behalf of such Owner of (i) a certified copy of a final, nonappealable order of
a court having competent jurisdiction to the effect that the Owner is required
to return any such payment or portion thereof prior to the Termination Date of
this Policy because such payment was voided under applicable law (the "FINAL
ORDER") together with an opinion of counsel satisfactory to MBIA that such Final
Order is final and not subject to appeal, (ii) an assignment, substantially in
the form attached hereto as EXHIBIT B, properly completed and executed by such
Owner irrevocably assigning to MBIA all rights and claims of such Owner relating
to or arising under such Avoided Payment, (iii) a Notice for Payment in the form
of EXHIBIT A hereto appropriately completed and executed by the Indenture
Trustee and (iv) appropriate instruments to effect the appointment of MBIA as
agent for such Owner in any legal proceeding relating to such Avoided Payment.

     MBIA shall make payments due in respect of Avoided Payments no later than
12:00 noon, New York City time on the Business Day following the Fiscal Agent's
and MBIA's receipt of the documents required under clauses (i) through (iv) of
the preceding paragraph. Any such documents received by the Fiscal Agent or MBIA
after 12:00 noon, New York City time, on any Business Day or on any day that is
not a Business Day shall be deemed to have been received by the Fiscal Agent and
MBIA prior to 12:00 noon on the next succeeding Business Day. All payments made
by MBIA hereunder on account of any Avoided Payment shall be made to the
receiver or the trustee in bankruptcy named in the Final Order on behalf of
Owner and not to any owner directly unless such Owner has returned such Avoided
Payment to such receiver or trustee in bankruptcy, in which case such payment
will be disbursed to such Owner.

     If any Notice for Payment received by the Fiscal Agent and MBIA is not in
proper form or is otherwise insufficient for the purpose of making a claim
hereunder, it shall be deemed not to have been received by the Fiscal Agent and
MBIA, and the Fiscal Agent or MBIA shall promptly so advise the Indenture
Trustee, and the Indenture Trustee may submit an amended Notice for Payment.

     Payments due hereunder unless otherwise stated herein will be disbursed by
the Fiscal Agent to the Indenture Trustee on behalf of the Owners by wire
transfer of immediately available funds in the amount of such payment, less, in
respect of Avoided Payments, any amounts held by the Indenture Trustee for the
payment of such Avoided Payment and legally available therefor.

     The Fiscal Agent is the agent of MBIA only, and the Fiscal Agent shall in
no event be liable to Owners for any acts of the Fiscal Agent or any failure of
MBIA to deposit or cause to be deposited sufficient funds to make payments due
under this Policy.

     MBIA shall be subrogated to the rights of each Owner to receive payments
under the Notes to the extent of any payment by MBIA hereunder.

     MBIA hereby waives and agrees not to assert any and all rights to require
the Indenture Trustee to make demand on or to proceed against any person, party
or security prior to the Indenture Trustee demanding payment under this Policy.


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     No defenses, set-offs and counterclaims of any kind available to MBIA so as
to deny payment of any amount due in respect of this Policy will be valid and
MBIA hereby waives and agrees not to assert any and all such defenses, set-offs
and counterclaims, including, without limitation, any such rights acquired by
subrogation, assignment or otherwise. Any rights of subrogation acquired by MBIA
as a result of any payment made under this Policy shall, in all respects, be
subordinate and junior in right of payment to the prior indefeasible payment in
full of all amounts due the Indenture Trustee on account of payments due under
the Notes.

     MBIA's obligations under this Policy shall be discharged to the extent
funds to pay the Insured Obligation are deposited by the Master Servicer into
the Collection Account in accordance with the Master Sale and Servicing
Agreement or disbursed by MBIA as provided in this Policy, whether or not such
funds are properly applied by the Indenture Trustee.

     This Policy is neither transferable nor assignable, in whole or in part,
except to a successor to the Indenture Trustee pursuant to the Indenture. All
notices, presentations, transmissions, deliveries and communications made by the
Indenture Trustee to MBIA with respect to this Policy shall specifically refer
to the number of this Policy and shall be made to MBIA at:

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

or such other address, telephone number or facsimile number as MBIA may
designate to the Indenture Trustee in writing from time to time. Each such
notice, presentation, transmission, delivery and communication shall be
effective only upon actual receipt by MBIA.

     All notices, presentations. transmissions, deliveries and communications
made by the Indenture Trustee to the Fiscal Agent of MBIA shall specifically
refer to the number of this Policy and shall be made at the address listed below
for the Fiscal Agent of MBIA or such other address, telephone number or
facsimile number as MBIA or the Fiscal Agent shall specify in writing to the
Indenture Trustee.

     The notice address of the Fiscal Agent is 61 Broadway, 15th Floor, New
York, New York 10006 Attention: Municipal Registrar and Paying Agency,
Telephone: 212-612-3458, Facsimile: 212-612-3203, or such other address as the
Fiscal Agent shall specify to the Indenture Trustee in writing.

     The obligations of MBIA under this Policy are irrevocable, primary,
absolute and unconditional (except as expressly provided herein) and neither the
failure of the Trust, the Indenture Trustee, the Owner Trustee, the Delaware
Trustee, the Originator, the Bank, the Subservicer, the Seller, the Master
Servicer or any other person to perform any covenant or obligation in favor of
MBIA (or otherwise), nor the failure or omission to make a demand permitted
hereunder, nor the commencement of any bankruptcy, debtor or other insolvency
proceeding by or against the Trust, the Indenture Trustee, the Delaware Trustee,
the Originator,


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the Bank, the Subservicer, the Owner Trustee, the Seller, the Master Servicer or
any other person shall in any way affect or limit MBIA's obligations under this
Policy. If a successful action or proceeding to enforce this Policy is brought
by the Indenture Trustee, the Indenture Trustee shall be entitled to recover
from MBIA costs and expenses reasonably incurred, including without limitation
reasonable fees and expenses of counsel.

     This Policy and the obligations of MBIA hereunder shall terminate on the
date (the "TERMINATION DATE") that is one year and one day following the earlier
of (a) the Final Scheduled Distribution Date and (b) the date on which all
amounts required to be paid to the Owners have been paid in full, PROVIDED,
THAT, if any Insolvency Proceeding is existing by or against the Originator, the
Trust, the Seller or the Bank during such one year and one day period, then this
Policy and MBIA's obligations hereunder shall terminate on the date of the
conclusion or dismissal of such Insolvency Proceeding without continuing
jurisdiction by the court in such Insolvency Proceeding, PROVIDED, FURTHER that,
and notwithstanding anything herein to the contrary, this Policy shall not
terminate prior to the date on which MBIA has made all payments required to be
made under the terms of this Policy in respect of Avoided Payments.

     All payments made hereunder by MBIA shall be made with MBIA's own funds.
The payment by MBIA to the Indenture Trustee of any amount guaranteed by the
first paragraph of this Policy, and the payment by MBIA of any Avoided Payment
shall constitute "PAYMENTS" for all purposes under this Policy. In no event
shall any payment be made under this Policy on account of (a) the failure of the
Indenture Trustee to deliver the proceeds of any such payment to any Owner or
(b) the failure of any such Owner to claim any such proceeds from the Indenture
Trustee.

     THIS POLICY IS NOT COVERED BY THE PROPERTY/CASUALTY INSURANCE FUND
SPECIFIED IN ARTICLE SEVENTY-SIX OF THE NEW YORK STATE INSURANCE LAW.

     This Policy sets forth in full the undertaking of MBIA, and shall not,
except with the prior written consent of the Indenture Trustee or otherwise in
accordance with the express terms hereof, be modified, altered or affected by
any other agreement or instrument, including any modification or amendment
thereto and may not be canceled or revoked by MBIA prior to the Termination
Date. The Premium on this Policy is not refundable for any reason.

     This Policy shall be returned to MBIA by the Indenture Trustee on the
Termination Date.

     THIS POLICY SHALL BE CONSTRUED, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF
THE PARTIES HEREUNDER SHALL BE DETERMINED, IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES OR THE
APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION.


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     IN WITNESS WHEREOF, MBIA has caused this Policy to be executed on the date
first written above.

                                   MBIA INSURANCE CORPORATION

                                   By: /s/ Gary C. Dunton
                                       -----------------------------------
                                   Name:     Gary C. Dunton
                                   Title:    President

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


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         EXHIBIT A TO FINANCIAL GUARANTEE INSURANCE POLICY, NUMBER 38165

MBIA Insurance Corporation
113 King Street
Armonk, New York 10504
Attention:     Insured Portfolio Management,
               Structured Finance

                               NOTICE FOR PAYMENT
             UNDER FINANCIAL GUARANTEE INSURANCE POLICY NUMBER 38165

Wells Fargo Bank Minnesota, National Association, as indenture trustee (the
"INDENTURE TRUSTEE"), hereby certifies to MBIA Insurance Corporation ("MBIA")
with reference to that certain Financial Guarantee Insurance Policy, Number
38165, dated May 30, 2002 (the "POLICY"), issued by MBIA in favor of the
Indenture Trustee under the Indenture, dated as of May 15, 2002 between
Household Automotive Trust 2002-1 and the Indenture Trustee as follows:

     1.   The Indenture Trustee is the Indenture Trustee under the Indenture and
the Beneficiary under the Policy.

     2.   The Indenture Trustee is entitled to make a demand under the Policy
pursuant to Section 3.03(c) of the Series Supplement [in connection with an
Avoided Payment as defined in the Policy].

     [For a Notice for Payment in respect of a Distribution Date use the
following paragraphs 3, 4 and 5.]

     3.   This notice relates to the [insert date] Distribution Date. The amount
claimed under the Policy, as specified to the Indenture Trustee by the Master
Servicer, for such Distribution Date is $_______. The amount demanded by this
notice does not exceed amounts permitted to be drawn under the Policy.

     4.   The Indenture Trustee demands payment of $____________ which is an
amount equal to the Deficiency Amount for such Distribution Date.

     5.   The amount demanded is to be paid in immediately available funds to
the Collection Account at ______________, account number _______________.

     [For a Notice for Payment in respect of an Avoided Payment use the
following paragraphs 3 and 4.]

     3.   The Indenture Trustee hereby represents and warrants, based upon
information available to it, that (i) the amount entitled to be drawn under the
Policy on the date hereof in respect of Avoided Payments is the amount paid or
to be paid simultaneously with such draw on


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the Policy, by all Noteholders [$         ] (the "AVOIDED PAYMENT AMOUNT"), (ii)
each Noteholder with respect to which the drawing is being made under the Policy
has paid or simultaneously with such draw on the Policy will pay such Avoided
Payment, and (iii) the documents required by the Policy to be delivered in
connection with such Avoided Payment and Avoided Payment Amount have previously
been presented to MBIA or are attached hereto.

     4.   The amount demanded is to be paid in immediately available funds by
wire transfer to [ ].

     [For a Notice for Payment relating to both an Avoided Payment and a
Distribution Date, use the following paragraphs 3, 4, 5 and 6.]

     3.   This notice relates to the [insert date] Distribution Date. The amount
claimed under the Policy, as specified to the Indenture Trustee by the Master
Servicer, for such Distribution Date is $______________. The amount demanded by
this notice does not exceed amounts permitted to be drawn under the Policy.

     4.   The Indenture Trustee demands payment of $______________ which is an
amount equal to the Deficiency Amount for such Distribution Date.

     5.   The Indenture Trustee hereby represents and warrants, based upon
information available to it, that (i) the amount entitled to be drawn under the
Policy on the date hereof in respect of Avoided Payments is the amount paid or
to be paid simultaneously with such draw on the Policy, by all Noteholders [$ ]
(the "AVOIDED PAYMENT AMOUNT"), and (ii) the documents required by the Policy to
be delivered in connection with such Avoided Payment and Avoided Payment Amount
have previously been presented to MBIA or are attached hereto.

     6.   The amount demanded is to be paid in immediately available funds by
wire transfer to [ ].

     Capitalized terms used herein and not otherwise defined herein shall have
the meanings assigned to them in the Policy.

     ANY PERSON WHO KNOWINGLY AND WITH INTENT TO DEFRAUD ANY INSURANCE COMPANY
OR OTHER PERSON FILES AN APPLICATION FOR INSURANCE OR STATEMENT OF CLAIM
CONTAINING ANY MATERIALLY FALSE INFORMATION, OR CONCEALS FOR THE PURPOSE OF
MISLEADING INFORMATION CONCERNING ANY FACT MATERIAL THEREOF, COMMITS A
FRAUDULENT INSURANCE ACT, WHICH IS A CRIME, AND SHALL ALSO BE SUBJECT TO A CIVIL
PENALTY NOT TO EXCEED FIVE THOUSAND DOLLARS AND THE STATED VALUE OF THE CLAIM
FOR EACH SUCH VIOLATION.


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     IN WITNESS WHEREOF, this notice has been executed this _______ day of
__________,

                              Wells Fargo Bank Minnesota, National Association

                              By:
                                  ----------------------------------------
                                        Authorized Officer


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         EXHIBIT B TO FINANCIAL GUARANTEE INSURANCE POLICY, NUMBER 38165

                               FORM OF ASSIGNMENT

Reference is made to the Financial Guarantee Insurance Policy No. 38165, dated
May 30, 2002, (the "POLICY") issued by MBIA Insurance Corporation ("MBIA")
relating to the $1,000,000,000 Household Automotive Trust 2002-1 1.86945% Asset
Backed Notes, Class A-1, 2.75% Asset Backed Notes, Class A-2, 3.75% Asset Backed
Notes, Class A-3, and 4.39% Asset Backed Notes, Class A-4. Unless otherwise
defined herein, capitalized terms used in this Assignment shall have the
meanings assigned thereto in the Policy as incorporated by reference therein. In
connection with the Avoided Payment of [$        ] paid by the undersigned (the
"HOLDER") on [             ] and the payment by MBIA in respect of such Avoided
Payment pursuant to the Policy, the Holder hereby irrevocably and
unconditionally, without recourse, representation or warranty (except as
provided below), sells, assigns, transfers, conveys and delivers all of such
Holder's rights, title and interest in and to any rights or claims, whether
accrued, contingent or otherwise, which the Holder now has or may hereafter
acquire, against any person relating to, arising out of or in connection with
such Avoided Payment. The Holder represents and warrants that such claims and
rights are free and clear of any lien or encumbrance created or incurred by such
Holder.

                                   ---------------------------------------
                                   Holder(1)


----------

(1)  In the event that the terms of this form of assignment are reasonably
determined to be insufficient solely as a result of a change of law or
applicable rules after the date of the Policy to fully vest all of the Holder's
right, title and interest in such rights and claims, the Holder and MBIA shall
agree on such other form as is reasonably necessary to effect such assignment,
which assignment shall be without recourse, representation or warranty except as
provided above.


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