<PAGE>

                                                                     Exhibit 4.1

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                      CAPITAL ONE AUTO FINANCE TRUST 2003-A

                      AMENDED AND RESTATED TRUST AGREEMENT

                                     between

                        CAPITAL ONE AUTO RECEIVABLES, LLC

                                       and

                            WILMINGTON TRUST COMPANY
                              as the Owner Trustee

                            Dated as of June 3, 2003

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                                                          2003-A Trust Agreement

<PAGE>

                                TABLE OF CONTENTS

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ARTICLE I     DEFINITIONS......................................................1

     SECTION 1.1.    Capitalized Terms.........................................1

     SECTION 1.2.    Other Interpretive Provisions.............................1

ARTICLE II    ORGANIZATION.....................................................2

     SECTION 2.1.    Name......................................................2

     SECTION 2.2.    Office....................................................2

     SECTION 2.3.    Purposes and Powers.......................................2

     SECTION 2.4.    Appointment of the Owner Trustee..........................3

     SECTION 2.5.    Initial Capital Contribution of Trust Estate..............3

     SECTION 2.6.    Declaration of Trust......................................3

     SECTION 2.7.    Organizational Expenses; Liabilities of the Holders.......4

     SECTION 2.8.    Title to the Trust Property...............................4

     SECTION 2.9.    Situs of the Trust........................................4

     SECTION 2.10.   Representations and Warranties of the Depositor...........4

     SECTION 2.11.   Federal Income Tax Allocations............................5

ARTICLE III   RESIDUAL INTERESTS AND TRANSFER OF RESIDUAL INTERESTS............6

     SECTION 3.1.    Ownership.................................................6

     SECTION 3.2.    The Certificates..........................................6

     SECTION 3.3.    Authentication of Certificates............................6

     SECTION 3.4.    Registration of Transfer and Exchange of
                     Certificates .............................................6

     SECTION 3.5.    Mutilated, Destroyed, Lost or Stolen Certificates.........7

     SECTION 3.6.    Persons Deemed Certificateholders.........................8

     SECTION 3.7.    Access to List of Certificateholders' Names
                     and Addresses ............................................8

     SECTION 3.8.    Maintenance of Office or Agency...........................8

     SECTION 3.9.    Appointment of Paying Agent...............................9

     SECTION 3.10.   Form of the Certificates..................................9

     SECTION 3.11.   Transfer Restrictions.....................................9

     SECTION 3.12.   Legending of Certificates................................11

ARTICLE IV    ACTIONS BY OWNER TRUSTEE........................................13
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                                   (continued)

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     SECTION 4.1.    Prior Notice to Owners with Respect to Certain
                     Matters .................................................13

     SECTION 4.2.    Action by Residual Interestholders with Respect to
                     Certain Matters .........................................13

     SECTION 4.3.    Action with Respect to Bankruptcy........................13

     SECTION 4.4.    Restrictions on Residual Interestholders' Power..........14

     SECTION 4.5.    Residual Interestholder Control..........................14

     SECTION 4.6.    Note Insurer's Rights Regarding Actions, Proceedings
                     or Investigations .......................................15

ARTICLE V     APPLICATION OF TRUST FUNDS; CERTAIN DUTIES......................16

     SECTION 5.1.    Establishment of Residual Interest Distribution
                     Account .................................................16

     SECTION 5.2.    Application of Funds in Residual Interest
                     Distribution Account ....................................17

     SECTION 5.3.    Method of Payment........................................17

     SECTION 5.4.    No Segregation of Monies; No Interest....................18

     SECTION 5.5.    Accounting and Reports to the Noteholders,
                     Certificateholders, the Internal Revenue Service
                     and Others ..............................................18

     SECTION 5.6.    Signature on Returns; Tax Matters Partner................18

ARTICLE VI    AUTHORITY AND DUTIES OF OWNER TRUSTEE...........................18

     SECTION 6.1.    General Authority........................................18

     SECTION 6.2.    General Duties...........................................19

     SECTION 6.3.    Action upon Instruction..................................19

     SECTION 6.4.    No Duties Except as Specified in this Agreement or
                     in Instructions .........................................20

     SECTION 6.5.    No Action Except under Specified Documents or
                     Instructions ............................................20

     SECTION 6.6.    Restrictions.............................................20

ARTICLE VII   CONCERNING OWNER TRUSTEE........................................21

     SECTION 7.1.    Acceptance of Trusts and Duties..........................21

     SECTION 7.2.    Furnishing of Documents..................................22

     SECTION 7.3.    Representations and Warranties...........................22

     SECTION 7.4.    Reliance; Advice of Counsel..............................23

     SECTION 7.5.    Not Acting in Individual Capacity........................23
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                                   (continued)
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     SECTION 7.6.    The Owner Trustee Not Liable for Certificates or
                     Receivables .............................................24

     SECTION 7.7.    The Owner Trustee May Own Certificates and Notes.........24

ARTICLE VIII  COMPENSATION OF OWNER TRUSTEE ..................................24

     SECTION 8.1.    The Owner Trustee's Fees and Expenses....................24

     SECTION 8.2.    Indemnification..........................................25

     SECTION 8.3.    Payments to the Owner Trustee............................25

ARTICLE IX    TERMINATION OF TRUST AGREEMENT..................................25

     SECTION 9.1.    Termination of Trust Agreement...........................25

     SECTION 9.2.    Dissolution of the Trust.................................26

ARTICLE X     SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES..........26

     SECTION 10.1.   Eligibility Requirements for the Owner Trustee...........26

     SECTION 10.2.   Resignation or Removal of the Owner Trustee..............27

     SECTION 10.3.   Successor Owner Trustee..................................28

     SECTION 10.4.   Merger or Consolidation of the Owner Trustee.............28

     SECTION 10.5.   Appointment of Co-Trustee or Separate Trustee............28

ARTICLE XI    MISCELLANEOUS...................................................30

     SECTION 11.1.   Supplements and Amendments...............................30

     SECTION 11.2.   No Legal Title to Owner Trust Estate in Residual
                     Interestholders .........................................31

     SECTION 11.3.   Limitations on Rights of Others..........................31

     SECTION 11.4.   Notices..................................................32

     SECTION 11.5.   Severability.............................................32

     SECTION 11.6.   Separate Counterparts....................................32

     SECTION 11.7.   Successors and Assigns...................................32

     SECTION 11.8.   No Petition..............................................32

     SECTION 11.9.   No Recourse..............................................33

     SECTION 11.10.  Headings.................................................34

     SECTION 11.11.  GOVERNING LAW............................................34

     SECTION 11.12.  Ratification.............................................34
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                                TABLE OF CONTENTS
                                   (continued)
                                                                            Page

                                    EXHIBITS

Exhibit A   Form of Certificate

Exhibit B   Form of Transferor Certificate

Exhibit C   Form of Transferee Certificate

                                      -iv-

<PAGE>

                      AMENDED AND RESTATED TRUST AGREEMENT

     This AMENDED AND RESTATED TRUST AGREEMENT is made as of June 3, 2003 (as
from time to time amended, supplemented or otherwise modified and in effect,
this "Agreement") between CAPITAL ONE AUTO RECEIVABLES, LLC, a Delaware limited
liability company, as the Depositor (the "Depositor"), and WILMINGTON TRUST
COMPANY, a Delaware banking corporation, as the Owner Trustee (the "Owner
Trustee").

                             PRELIMINARY STATEMENTS

     WHEREAS, the Depositor and the Owner Trustee are parties to that certain
Trust Agreement dated as of April 15, 2003 (the "Original Trust Agreement"); and

     WHEREAS, the Depositor and the Owner Trustee desire to amend and restate
the Original Trust Agreement in its entirety on the terms and conditions
provided for in this Agreement.

     NOW, THEREFORE, in consideration of the mutual agreements, provisions and
covenants contained herein, the Original Trust Agreement is amended and restated
to read in its entirety, and the parties hereto agree, as follows:

                                   ARTICLE I

                                   DEFINITIONS

     SECTION 1.1. Capitalized Terms. Capitalized terms are used in this
Agreement as defined in the Indenture between the trust established by this
Agreement and JPMorgan Chase Bank, dated as of June 3, 2003, as the same may be
amended and supplemented from time to time.

     SECTION 1.2. Other Interpretive Provisions. All terms defined in this
Agreement shall have the defined meanings when used in any certificate or other
document delivered pursuant hereto unless otherwise defined therein. For
purposes of this Agreement and all such certificates and other documents, unless
the context otherwise requires: (a) accounting terms not otherwise defined in
this Agreement, and accounting terms partly defined in this Agreement to the
extent not defined, shall have the respective meanings given to them under
generally accepted accounting principles; (b) terms defined in Article 9 of the
UCC as in effect in the State of Delaware and not otherwise defined in this
Agreement are used as defined in that Article; (c) the words "hereof," "herein"
and "hereunder" and words of similar import refer to this Agreement as a whole
and not to any particular provision of this Agreement; (d) references to any
Article, Section, Schedule or Exhibit are references to Articles, Sections,
Schedules and Exhibits in or to this Agreement, and references to any paragraph,
subsection, clause or other subdivision within any Section or definition refer
to such paragraph, subsection, clause or other subdivision of such Section or
definition; (e) the term "including" means "including without limitation"; (f)
references to any law or regulation refer to that law or regulation as amended
from time to time and include any successor law or regulation; (g) references to
any Person include that Person's

                                                          2003-A Trust Agreement

<PAGE>

successors and assigns; and (h) headings are for purposes of reference only and
shall not otherwise affect the meaning or interpretation of any provision
hereof.

                                   ARTICLE II

                                  ORGANIZATION

     SECTION 2.1. Name. The trust created hereby shall be known as "CAPITAL ONE
AUTO FINANCE TRUST 2003-A".

     SECTION 2.2. Office. The office of the Trust shall be in care of the Owner
Trustee at the Corporate Trust Office or at such other address as the Owner
Trustee may designate by written notice to the Residual Interestholders and the
Depositor.

     SECTION 2.3. Purposes and Powers. The purpose of the Trust is, and the
Trust shall have the power and authority, to engage in the following activities:

        (a)  to issue the Notes pursuant to the Indenture and, if so requested
     by the Residual Interestholder, the Certificates pursuant to this
     Agreement, and to sell, transfer and exchange the Notes and the
     Certificates and to pay interest on and principal of the Notes and
     distributions to the Residual Interestholders;

        (b)  to acquire the property and assets set forth in the Contribution
     Agreement from the Depositor pursuant to the terms thereof, to make
     deposits to and withdrawals from the Reserve Fund and to pay the
     organizational, start-up and transactional expenses of the Trust;

        (c)  to assign, grant, transfer, pledge, mortgage and convey the Trust
     Estate pursuant to the Indenture and to hold, manage and distribute to the
     Residual Interestholders pursuant to the terms of the Contribution
     Agreement any portion of the Trust Estate released from the Lien of, and
     remitted to the Trust pursuant to, the Indenture;

        (d)  to enter into and perform its obligations under the Transaction
     Documents to which it is a party;

        (e)  to engage in those activities, including entering into agreements,
     that are necessary, suitable or convenient to accomplish the foregoing or
     are incidental thereto or connected therewith; and

        (f)  subject to compliance with the Transaction Documents, to engage in
     such other activities as may be required in connection with conservation of
     the Owner Trust Estate and the making of distributions to the Residual
     Interestholders and the Noteholders.

The Trust and the Owner Trustee on behalf of the Trust is hereby authorized to
engage in the foregoing activities; provided, however, that neither the Trust
nor officers of the Owner Trustee on behalf of the Trust shall have or exercise
any powers not permitted of "Qualifying SPEs"

                                        2                 2003-A Trust Agreement

<PAGE>

(within the meaning of the Statement of Financial Accounting Standard No. 140
("FAS 140")) under FAS 140 or any successor accounting standard thereto. The
Trust shall not engage in any activity other than in connection with the
foregoing or other than as required or authorized by the terms of this Agreement
or the other Transaction Documents.

     SECTION 2.4. Appointment of the Owner Trustee. The Depositor hereby
appoints the Owner Trustee as trustee of the Trust effective as of the date
hereof, to have all the rights, powers and duties set forth herein.

     SECTION 2.5. Initial Capital Contribution of Trust Estate. The Owner
Trustee hereby acknowledges receipt in trust from the Depositor, as of the date
thereof, of the sum of $1 of the foregoing contribution, which shall constitute
the initial Owner Trust Estate and shall be deposited in the Residual Interest
Distribution Account.

     SECTION 2.6. Declaration of Trust. The Owner Trustee hereby declares that
it will hold the Trust Estate in trust upon and subject to the conditions set
forth herein for the use and benefit of the Residual Interestholders, subject to
the obligations of the Trust under the Transaction Documents. It is the
intention of the parties hereto that the Trust constitute a statutory trust
under the Statutory Trust Act and that this Agreement constitute the governing
instrument of such statutory trust. It is the intention of the parties hereto
that, solely for income and franchise tax purposes, until the Residual Interest
is held by a Person other than the Depositor, the Trust will be disregarded as
an entity separate from the Depositor and the Notes will be characterized as
debt. At such time that the Residual Interest is held by more than one Person,
it is the intention of the parties hereto that, solely for income and franchise
tax purposes, the Trust shall be treated as a partnership, with the assets of
the partnership being the Receivables and other assets held by the Trust, the
partners of the partnership being the Residual Interestholders, and the Notes
being debt of the partnership. The Depositor and the Certificateholders by
acceptance of a Certificate agree to such treatment and agree to take no action
inconsistent with such treatment. The parties agree that, unless otherwise
required by appropriate tax authorities, until the Residual Interest is held by
more than one Person the Trust will not file or cause to be filed annual or
other necessary returns, reports and other forms consistent with the
characterization of the Trust as an entity separate from its owner. . Effective
as of the date hereof, the Owner Trustee shall have all rights, powers and
duties set forth herein and in the Statutory Trust Act with respect to
accomplishing the purposes of the Trust. The Owner Trustee filed the Certificate
of Trust with the Secretary of State of the State of Delaware as required by
Section 3810(a) of the Statutory Trust Act. Notwithstanding anything herein or
in the Statutory Trust Act to the contrary, it is the intention of the parties
hereto that the Trust constitute a "business trust" within the meaning of
Section 101(9)(A)(v) of the Bankruptcy Code.

     SECTION 2.7. Organizational Expenses; Liabilities of the Holders.

        (a)  The Depositor shall pay organizational expenses of the Trust as
     they may arise or shall, upon the request of the Owner Trustee, promptly
     reimburse the Owner Trustee for any such expenses paid by the Owner
     Trustee.

        (b)  No Residual Interestholder shall have any personal liability for
     any liability or obligation of the Trust.

                                        3                 2003-A Trust Agreement

<PAGE>

     SECTION 2.8. Title to the Trust Property. Legal title to all the Trust
Property shall be vested at all times in the Trust as a separate legal entity,
except where applicable law in any jurisdiction requires title to any part of
the Trust Property to be vested in a trustee or trustee, in which case title
shall be deemed to be vested in the Owner Trustee, a co-trustee and/or a
separate trustee, as the case may be.

     SECTION 2.9. Situs of the Trust. The Trust will be located and administered
in the State of Delaware. All bank accounts maintained by the Owner Trustee on
behalf of the Trust shall be located in the State of Delaware or the State of
New York. Payments will be received by the Trust only in Delaware or New York,
and payments will be made by the Trust only from Delaware or New York. The
office of the Trust shall be in care of the Owner Trustee at the Corporate Trust
Office or at such other address as the Owner Trustee may designate by written
notice to the Residual Interestholder, the Seller and the Administrator.

     SECTION 2.10. Representations and Warranties of the Depositor. The
Depositor hereby represents and warrants to the Owner Trustee that:

        (a)  The Depositor is duly organized and validly existing as a Delaware
     limited liability company with power and authority to own its properties
     and to conduct its business as such properties are currently owned and such
     business is presently conducted.

        (b)  The Depositor is duly qualified to do business as a foreign limited
     liability company in good standing, and has obtained all necessary licenses
     and approvals, in all jurisdictions in which the ownership or lease of
     property or the conduct of its business shall require such qualifications,
     licenses and approvals, except where the failure to have such
     qualifications, licenses and approvals would not have a material adverse
     effect on the Depositor.

        (c)  The Depositor has the power and authority to execute and deliver
     this Agreement and to carry out its terms and the Depositor has full power
     and authority to sell and assign the property to be sold and assigned to
     and deposited with the Trust, and the Depositor has duly authorized such
     sale and assignment and deposit to the Trust by all necessary action; and
     the execution, delivery and performance of this Agreement have been duly
     authorized by the Depositor.

        (d)  The consummation of the transactions contemplated by this Agreement
     and the fulfillment of the terms hereof do not conflict with, result in any
     breach of any of the terms and provisions of, or constitute (with or
     without notice or lapse of time) a default under, the limited liability
     company agreement of the Depositor, or any material indenture, agreement or
     other instrument to which the Depositor is a party or by which it is bound;
     nor result in the creation or imposition of any lien upon any of its
     properties pursuant to the terms of any such indenture, agreement or other
     instrument (other than pursuant to the Transaction Documents); nor violate
     any law or, to the best of the Depositor's knowledge, any order, rule or
     regulation applicable to the Depositor of any court or of any Federal or
     state regulatory body, administrative agency or other governmental
     instrumentality having jurisdiction over the Depositor or its properties.

                                        4                 2003-A Trust Agreement

<PAGE>

        (e)  There are no proceedings or investigations pending or, to the
     Depositor's best knowledge, threatened before any court, regulatory body,
     administrative agency or other governmental instrumentality having
     jurisdiction over the Depositor or its properties: (i) asserting the
     invalidity of this Agreement, the Indenture, any of the other Transaction
     Documents, the Notes or the Residual Interest, (ii) seeking to prevent the
     issuance of the Notes or the Residual Interest or the consummation of any
     of the transactions contemplated by this Agreement, the Indenture or any of
     the other Transaction Documents, (iii) seeking any determination or ruling
     that might materially and adversely affect the performance by the Depositor
     or its obligations under, or the validity or enforceability of, this
     Agreement or (iv) which might adversely affect the federal income tax
     attributes, or applicable state tax franchise or income tax attributes, of
     the Notes or the Residual Interest.

     SECTION 2.11. Federal Income Tax Allocations. If the Residual Interest is
held by more than one Person,

        (a)  amounts paid to Residual Interestholders pursuant to Section 5.2(a)
     shall be treated as "guaranteed payments" within the meaning of Section
     707(c) of the Code; and

        (b)  to the extent that the characterization provided for in paragraph
     (a) of this Section is not respected, gross ordinary income of the Trust
     for such month as determined for federal income tax purposes (and each item
     of income, gain, credit, loss or deduction entering into the computation
     thereof), to the extent thereof, shall be allocated among the Residual
     Interestholders as of the first Record Date following the end of such
     month, in proportion to their Residual Percentage Interests in the Trust on
     such date.

Net losses of the Trust, if any, for any month as determined for federal income
tax purposes (and each item of income, gain, loss, credit and deduction entering
into the computation thereof) shall be allocated to the Depositor to the extent
the Depositor is reasonably expected as determined by the Servicer to bear the
economic burden of such net losses, then net losses shall be allocated among the
Residual Interestholders as of the first Record Date following the end of such
month in proportion to their Residual Percentage Interests on such Record Date.
The Depositor is authorized to modify the allocations in this paragraph if
necessary or appropriate, in its sole discretion, for the allocations to fairly
reflect the economic income, gain or loss to the Depositor, the Residual
Interestholders, or as otherwise required by the Code. Notwithstanding anything
provided in this Section 2.11, if the Residual Interest is held solely by the
Depositor, the application of this Section 2.11 shall be disregarded.

                                  ARTICLE III

              RESIDUAL INTERESTS AND TRANSFER OF RESIDUAL INTERESTS

     SECTION 3.1. Ownership. As of the Closing Date, the Residual Interest shall
be an uncertificated interest. Until the issuance of Certificates pursuant to
Section 3.3, the Depositor as the initial Residual Interestholder shall be the
sole beneficiary of the Trust. The Depositor shall only sell, assign, pledge, or
otherwise transfer the Residual Interest if the Residual Interest is in
certificate form.

                                        5                 2003-A Trust Agreement

<PAGE>

     SECTION 3.2. The Certificates. The Depositor, in its sole discretion, may
`equest the Owner Trustee to issue a Certificate or Certificates to represent
the Residual Interest. The Certificates shall be executed by manual or facsimile
signature of an authorized officer of the Owner Trustee on behalf of the Trust.
Certificates bearing the manual or facsimile signatures of individuals who were,
at the time when such signatures shall have been affixed, authorized to sign on
behalf of the Owner Trustee, shall be validly issued and entitled to the benefit
of this Agreement, notwithstanding that such individuals or any of them shall
have ceased to be so authorized prior to the authentication and delivery of such
Certificates or did not hold such offices at the date of authentication and
delivery of such Certificates. If a transfer of the Certificates is permitted
pursuant to Section 3.11, a transferee of a Certificate shall become a
Certificateholder, and shall be entitled to the rights and subject to the
obligations of a Certificateholder hereunder upon such transferee's acceptance
of a Certificate duly registered in such transferee's name pursuant to Section
3.4.

     SECTION 3.3. Authentication of Certificates. Upon request by the Depositor
pursuant to Section 3.2, the Owner Trustee shall cause the Certificates in an
aggregate Residual Percentage Interest equal to 100% to be issued and executed
on behalf of the Trust, authenticated and delivered to or upon the written order
of the Depositor, signed by its chairman of the board, its president, its chief
financial officer, its chief accounting officer, any vice president, its
secretary, any assistant secretary, its treasurer or any assistant treasurer,
without further corporate action by the Depositor. No Certificate shall entitle
its Holder to any benefit under this Agreement, or be valid for any purpose,
unless there shall appear on such Certificate a certificate of authentication
substantially in the form set forth in Exhibit A, executed by the Owner Trustee
by manual signature; such authentication shall constitute conclusive evidence
that such Certificate shall have been duly authenticated and delivered
hereunder. All Certificates shall be dated the date of their authentication.

     SECTION 3.4. Registration of Transfer and Exchange of Certificates.

        (a)  The Certificate Registrar shall keep or cause to be kept, at the
     office or agency maintained pursuant to Section 3.8, a Certificate Register
     in which, subject to such reasonable regulations as it may prescribe, the
     Owner Trustee shall provide for the registration of Certificates and of
     transfers and exchanges of Certificates as herein provided. Wilmington
     Trust Company shall be the initial Certificate Registrar (the "Certificate
     Registrar"). No certificate may be sold, transferred, assigned,
     participated, pledged, or otherwise disposed of to any Person except in
     accordance with the provisions of Section 3.11 and any attempted transfer
     in violation of Section 3.11 shall be null and void.

        (b)  Upon surrender for registration of transfer of any Certificate at
     the office or agency maintained pursuant to Section 3.8, and upon
     compliance with the provisions of this Agreement relating to such transfer,
     the Owner Trustee shall execute, authenticate and deliver in the name of
     the designated transferee or transferees, one or more new Certificates in
     authorized denominations of a like class and Residual Percentage Interest
     dated the date of authentication by the Owner Trustee or any authenticating
     agent. At the option of a Certificateholder, Certificates may be exchanged
     for other Certificates of the

                                        6                 2003-A Trust Agreement

<PAGE>

     same class in authorized denominations of a like aggregate amount upon
     surrender of the Certificates to be exchanged at the office or agency
     maintained pursuant to Section 3.8.

        (c)  Every Certificate presented or surrendered for registration of
     transfer or exchange shall be accompanied by a written instrument of
     transfer in form satisfactory to the Owner Trustee and the Certificate
     Registrar duly executed by the Certificateholder or his attorney duly
     authorized in writing, with such signature guaranteed by a member firm of
     the New York Stock Exchange, a commercial bank or trust company or an
     "eligible guarantor institution" with membership or participation in STAMP
     or such other "signature guarantee program" as may be determined by the
     Certificate Registrar in addition to, or substitution for, STAMP, all in
     accordance with the Exchange Act. Each Certificate surrendered for
     registration of transfer or exchange shall be canceled and subsequently
     disposed of by the Owner Trustee or the Certificate Registrar in accordance
     with its customary practice.

        (d)  No service charge shall be made for any registration of transfer or
     exchange of Certificates, but the Owner Trustee or the Certificate
     Registrar may require payment of a sum sufficient to cover any tax or
     governmental charge that may be imposed in connection with any transfer or
     exchange of Certificates.

        (e)  The preceding provisions of this Section 3.4 notwithstanding, the
     Owner Trustee shall not make and the Certificate Registrar need not
     register any transfer or exchange of Certificates for a period of fifteen
     (15) days preceding any Payment Date for any payment with respect to the
     Certificates.

     SECTION 3.5. Mutilated, Destroyed, Lost or Stolen Certificates. If (a) any
mutilated Certificate shall be surrendered to the Certificate Registrar, or if
the Certificate Registrar shall receive evidence to its satisfaction of the
destruction, loss or theft of any Certificate and (b) there shall be delivered
to the Certificate Registrar and the Owner Trustee such security or indemnity as
may be required by them to save each of them harmless, then in the absence of
notice that such Certificate shall have been acquired by a protected purchaser,
the Owner Trustee shall execute and shall authenticate and deliver, in exchange
for or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a
new Certificate of like class, tenor and Residual Percentage Interest. In
connection with the issuance of any new Certificate under this Section, the
Owner Trustee or the Certificate Registrar may require the payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection therewith. Any duplicate Certificate issued pursuant to this Section
shall constitute conclusive evidence of a beneficial interest in the Trust, as
if originally issued, whether or not the lost, stolen or destroyed Certificate
shall be found at any time.

     SECTION 3.6. Persons Deemed Certificateholders. Every Person by virtue of
becoming a Certificateholder in accordance with this Agreement shall be deemed
to be bound by the terms of this Agreement. Prior to due presentation of a
Certificate for registration of transfer, the Owner Trustee, the Certificate
Registrar or any agent of the Owner Trustee or the Certificate Registrar may
treat the Person in whose name any Certificate shall be registered in the
Certificate Register as the owner of such Certificate for the purpose of
receiving distributions pursuant to Section 5.2 and for all other purposes
whatsoever, and none of the Owner Trustee,

                                        7                 2003-A Trust Agreement

<PAGE>

the Certificate Registrar or any agent of the Owner Trustee or the Certificate
Registrar shall be bound by any notice to the contrary.

     SECTION 3.7. Access to List of Certificateholders' Names and Addresses. The
Owner Trustee shall furnish or cause to be furnished to the Servicer, the
Depositor or the Indenture Trustee, within fifteen (15) days after receipt by
the Owner Trustee of a request therefor from the Servicer, the Depositor or the
Indenture Trustee in writing, a list, in such form as the Servicer, the
Depositor or the Indenture Trustee may reasonably require, of the names and
addresses of the Certificateholders as of the most recent Record Date. If
Holders of Certificates evidencing not less than 25% of the Residual Percentage
Interests apply in writing to the Owner Trustee, and such application states
that the applicants desire to communicate with other Certificateholders with
respect to their rights under this Agreement or under the Certificates and such
application is accompanied by a copy of the communication that such applicants
propose to transmit, then the Owner Trustee shall, within five Business Days
after the receipt of such application, afford such applicants access during
normal business hours to the current list of Certificateholders. Each
Certificateholder, by receiving and holding a Certificate, shall be deemed to
have agreed not to hold the Depositor, the Certificate Registrar or the Owner
Trustee accountable by reason of the disclosure of its name and address,
regardless of the source from which such information was derived.

     SECTION 3.8. Maintenance of Office or Agency. The Owner Trustee shall
maintain in the City of Wilmington, Delaware, an office or offices or agency or
agencies where Certificates may be surrendered for registration of transfer or
exchange and where notices and demands to or upon the Owner Trustee in respect
of the Certificates and the Transaction Documents may be served (the
"Certificate Register"). The Owner Trustee initially designates its Corporate
Trust Office as its principal corporate trust office for such purposes. The
Owner Trustee shall give prompt written notice to the Depositor and to the
Certificateholders of any change in the location of the Certificate Register or
any such office or agency.

     SECTION 3.9. Appointment of Paying Agent. Paying Agent shall make
distributions to Residual Interestholders from the Residual Interest
Distribution Account pursuant to Section 5.2 and shall report the amounts of
such distributions to the Owner Trustee; provided that this reporting shall not
be required where the Owner Trustee is serving as Paying Agent. Any Paying Agent
shall have the revocable power, upon direction from the Administrator, with
written copy provided to the Owner Trustee, to withdraw funds from the Residual
Interest Distribution Account for the purpose of making the distributions
referred to above. The Owner Trustee may revoke such power and remove Paying
Agent if the Owner Trustee determines in its sole discretion that Paying Agent
shall have failed to perform its obligations under this Agreement in any
material respect. Paying Agent shall initially be the Owner Trustee. Paying
Agent shall be permitted to resign upon thirty (30) days' written notice to the
Owner Trustee and the Servicer. In the event that the Owner Trustee shall no
longer be Paying Agent, the Owner Trustee shall appoint a successor to act as
Paying Agent (which shall be a bank or trust company). The Owner Trustee shall
cause such successor Paying Agent or any additional Paying Agent appointed by
the Owner Trustee to execute and deliver to the Owner Trustee an instrument in
which such successor Paying Agent or additional Paying Agent shall agree with
the Owner Trustee that as Paying Agent, such successor Paying Agent or
additional Paying Agent will hold all sums, if any, held by it for payment to
the Residual Interestholders in trust for the benefit of the Residual

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Interestholders entitled thereto until such sums shall be paid to such Residual
Interestholders. Paying Agent shall return all unclaimed funds to the Owner
Trustee and upon removal of a Paying Agent such Paying Agent shall also return
all funds in its possession to the Owner Trustee. The provisions of Sections
7.1, 7.3, 7.4 and 8.1 shall apply to the Owner Trustee also in its role as
Paying Agent, for so long as the Owner Trustee shall act as Paying Agent and, to
the extent applicable, to any other paying agent appointed hereunder. Any
reference in this Agreement to Paying Agent shall include any co-paying agent
unless the context requires otherwise.

     SECTION 3.10. Form of the Certificates. Upon the request of the Depositor
pursuant to Section 3.2, the Certificates will be issued in the form of a
typewritten Certificate or Certificates representing Definitive Certificates and
shall be registered in the name of Capital One Auto Receivables, LLC as the
initial registered owner thereof. The Owner Trustee shall execute and
authenticate, or cause to be authenticated, the Definitive Certificates in
accordance with the instructions of the Depositor. Neither the Certificate
Registrar nor the Owner Trustee shall be liable for any delay in delivery of
such instructions and may conclusively rely on, and shall be protected in
relying on, such instructions. Upon the issuance of Certificates, the Owner
Trustee and each Paying Agent shall recognize the Holders of the Certificates as
Certificateholders. The Certificates shall be printed, lithographed or engraved
or may be produced in any other manner as is reasonably acceptable to the Owner
Trustee, as evidenced by its execution thereof.

     SECTION 3.11. Transfer Restrictions. (a) No Certificate may be resold,
assigned or transferred (including by pledge or hypothecation) unless such
resale, assignment or transfer is (i) pursuant to an effective registration
statement under the Securities Act and any applicable state securities or "Blue
Sky" laws, (ii) pursuant to Rule 144A promulgated under the Securities Act
("Rule 144A") or (iii) pursuant to another exemption from the registration
requirements of the Securities Act and subject to the receipt by the Owner
Trustee and the Depositor of (A) a certification by both the prospective
transferor and the prospective transferee of the facts surrounding such
transfer, which certification shall be in form and substance satisfactory to the
Owner Trustee and the Depositor and (B) an opinion of counsel (which will not be
at the expense of the Depositor or the Owner Trustee), satisfactory to the
Depositor and the Owner Trustee, to the effect that the transfer is in
compliance with the Securities Act, and, in each case, in compliance with any
applicable securities or "Blue Sky" laws of any state of the United States. In
addition, each transferee shall provide to the Owner Trustee its tax
identification number, address, nominee name (if applicable) and wire transfer
instructions. Prior to any resale, assignment or transfer of the Certificates
described in clause (ii) above, each prospective purchaser of the Certificates
shall have acknowledged, represented and agreed as follows:

        (1)  It is a "qualified institutional buyer" as defined in Rule 144A
     ("QIB") and is acquiring the Certificates for its own institutional account
     (and not for the account of others) or as a fiduciary or agent for others
     (which others also are QIBs).

        (2)  It acknowledges that the Certificates have not been and will not be
     registered under the Securities Act or the securities laws of any
     jurisdiction.

        (3)  It is familiar with Rule 144A and is aware that the sale is being
     made in reliance on Rule 144A and it is not acquiring the Certificates with
     a view to, or for resale

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     in connection with, a distribution that would constitute a public offering
     within the meaning of the Securities Act or a violation of the Securities
     Act, and that, if in the future it decides to resell, assign, pledge or
     otherwise transfer any Certificates, such Certificates may be resold,
     assigned, pledged or transferred only (i) to the Depositor or any Affiliate
     thereof, (ii) so long as such Certificate is eligible for resale pursuant
     to Rule 144A, to a person whom it reasonably believes after due inquiry is
     a QIB acting for its own account (and not for the account of others) or as
     a fiduciary or agent for others (which others also are QIBs) to whom notice
     is given that the resale, pledge, assignment or transfer is being made in
     reliance on Rule 144A, (iii) pursuant to an effective registration
     statement under the Securities Act or (iv) in a sale, pledge or other
     transfer made in a transaction otherwise exempt from the registration
     requirements of the Securities Act, in which case (A) the Owner Trustee
     shall require that both the prospective transferor and the prospective
     transferee certify to the Owner Trustee and the Depositor in writing the
     facts surrounding such transfer, which certification shall be in form and
     substance satisfactory to the Owner Trustee and the Depositor and (B) the
     Owner Trustee shall require a written opinion of counsel (which will not be
     at the expense of the Depositor or the Owner Trustee) satisfactory to the
     Depositor and the Owner Trustee to the effect that such transfer will not
     violate the Securities Act, in each case in accordance with any applicable
     securities or "Blue Sky" laws of any state of the United States.

        (4)  It is aware that it (or any account for which it is purchasing) may
     be required to bear the economic risk of an investment in the Certificates
     for an indefinite period, and it (or such account) is able to bear such
     risk for an indefinite period.

        (5)  It understands that the Certificates will bear legends
     substantially as set forth in Section 3.12.

        (6)  If it is acquiring any Certificates for the account of one or more
     qualified institutional buyers, it represents that it has sole investment
     discretion with respect to each such account and that it has full power to
     make the foregoing acknowledgments, representations and agreements on
     behalf of each such account.

        (7)  It acknowledges that the Owner Trustee, the Depositor, and their
     Affiliates, and others will rely upon the truth and accuracy of the
     foregoing acknowledgments, representations and agreements.

     Each transferor of the Certificates shall be required to execute or to have
executed a representation letter substantially in the form of Exhibit B, and
each transferee shall be required to execute or to have executed a
representation letter substantially in the form of Exhibit C, or each may
deliver such other representations (or an opinion of counsel) as may be approved
by the Owner Trustee and the Depositor, to the effect that such transfer may be
made pursuant to an exemption from registration under the Securities Act and any
applicable state securities or "Blue Sky" laws.

     In addition, such prospective purchaser shall be responsible for providing
additional information or certification, as shall be reasonably requested by the
Owner Trustee or the Depositor, to support the truth and accuracy of the
foregoing acknowledgments, representations

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<PAGE>

and agreements, it being understood that such additional information is not
intended to create additional restrictions on the transfer of the Certificates.
Neither the Depositor, the Trust nor the Owner Trustee shall be obligated to
register the Certificates under the Securities Act or any state securities or
"Blue Sky" laws.

     In determining compliance with the transfer restrictions contained in this
Section 3.11, the Owner Trustee may rely upon a written opinion of counsel
(which may include in-house counsel of the Transferor), the cost of obtaining
which shall be an expense of the Holder of the Certificate to be transferred.

        (a)  No Certificate may be acquired or held (i) by any "employee benefit
     plan" whether or not subject to ERISA or a "plan" described by Section
     4975(e)(1) of the Internal Revenue Code of 1986, as amended, or by any
     entity deemed to hold the assets of any of the foregoing by reason of an
     employee benefit plan's or other plan's investment in such entity (each, a
     "Benefit Plan"). Each Person who acquires any Certificate or interest
     therein shall certify that the foregoing conditions are satisfied.

     SECTION 3.12. Legending of Certificates. Each Certificate shall bear a
legend in substantially the following form, unless the Depositor determines
otherwise in accordance with applicable law:

     THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OR ANY
     OTHER APPLICABLE SECURITIES OR "BLUE SKY" LAWS OF ANY STATE OR OTHER
     JURISDICTION, AND MAY NOT BE RESOLD, ASSIGNED, PLEDGED OR OTHERWISE
     TRANSFERRED EXCEPT IN COMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF THE
     SECURITIES ACT OR ANY OTHER APPLICABLE SECURITIES OR "BLUE SKY" LAWS,
     PURSUANT TO AN EXEMPTION THEREFROM OR IN A TRANSACTION NOT SUBJECT THERETO.
     IT AGREES, ON ITS OWN BEHALF AND ON BEHALF OF ANY ACCOUNTS FOR WHICH IT IS
     ACTING AS AGENT, THAT SUCH CERTIFICATE MAY BE RESOLD, ASSIGNED, PLEDGED OR
     TRANSFERRED ONLY (A) SO LONG AS THE CERTIFICATE IS ELIGIBLE FOR RESALE
     PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, SUCH TO A PERSON WHOM THE
     TRANSFEROR REASONABLY BELIEVES AFTER DUE INQUIRY IS A QIB ACTING FOR ITS
     OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR AGENT
     FOR OTHERS (WHICH OTHERS ALSO ARE QIBS) TO WHOM NOTICE IS GIVEN THAT THE
     RESALE, ASSIGNMENT, PLEDGE OR TRANSFER IS BEING MADE IN RELIANCE ON RULE
     144A, (B) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
     SECURITIES ACT OR (C) SUCH RESALE, ASSIGNMENT, PLEDGE OR OTHER TRANSFER IS
     MADE IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE
     SECURITIES ACT AND OTHER SECURITIES OR "BLUE SKY" LAWS, IN WHICH CASE THE
     OWNER TRUSTEE SHALL REQUIRE (I) THAT BOTH THE PROSPECTIVE TRANSFEROR AND
     THE PROSPECTIVE TRANSFEREE CERTIFY TO THE OWNER TRUSTEE AND THE DEPOSITOR
     IN WRITING THE FACTS SURROUNDING SUCH TRANSFER, WHICH CERTIFICATION SHALL
     BE IN

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<PAGE>

     FORM AND SUBSTANCE SATISFACTORY TO THE OWNER TRUSTEE AND (II) A WRITTEN
     OPINION OF COUNSEL (WHICH SHALL NOT BE AT THE EXPENSE OF THE OWNER TRUSTEE
     OR THE DEPOSITOR) SATISFACTORY TO THE OWNER TRUSTEE AND THE DEPOSITOR, TO
     THE EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE THE SECURITIES ACT, IN EACH
     CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES OR "BLUE SKY" LAWS OF ANY
     STATE OR JURISDICTION. ANY ATTEMPTED TRANSFER IN CONTRAVENTION OF THE
     IMMEDIATELY PRECEDING RESTRICTIONS WILL BE VOID AB INITIO AND THE PURPORTED
     TRANSFEROR WILL CONTINUE TO BE TREATED AS THE OWNER OF THE CERTIFICATE FOR
     ALL PURPOSES.

     NO CERTIFICATE OR INTEREST THEREIN MAY BE ACQUIRED OR HELD (IN THE INITIAL
     ACQUISITION OR THROUGH A TRANSFER) WITH PLAN ASSETS OF ANY "EMPLOYEE
     BENEFIT PLAN" WHETHER OR NOT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME
     SECURITY ACT OF 1974, AS AMENDED ("ERISA"), ANY "PLAN" DESCRIBED BY SECTION
     4975(E)(1) OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, OR ANY ENTITY
     DEEMED TO HOLD THE ASSETS OF ANY OF THE FOREGOING BY REASON OF AN EMPLOYEE
     BENEFIT PLAN'S OR OTHER PLAN'S INVESTMENT IN SUCH ENTITY (EACH, A "BENEFIT
     PLAN").

                                   ARTICLE IV

                            ACTIONS BY OWNER TRUSTEE

     SECTION 4.1. Prior Notice to Owners with Respect to Certain Matters. With
respect to the following matters, the Owner Trustee shall not take action unless
at least thirty (30) days before the taking of such action, the Owner Trustee
shall have notified the Residual Interestholders in writing of the proposed
action and the Residual Interestholders shall not have notified the Owner
Trustee in writing prior to the 30th day after such notice is given that such
Residual Interestholders have withheld consent or provided alternative
direction:

        (a)  the amendment of the Indenture by a supplemental indenture in
     circumstances where the consent of any Noteholder is required;

        (b)  the amendment of the Indenture by a supplemental indenture in
     circumstances where the consent of any Noteholder is not required and such
     amendment materially adversely affects the interest of the Residual
     Interestholders;

        (c)  the amendment, change or modification of the Contribution
     Agreement, the Servicing Agreement or the Administration Agreement, except
     to cure any ambiguity or defect or to amend or supplement any provision in
     a manner that would not materially adversely affect the interests of the
     Residual Interestholders; or

        (d)  the appointment pursuant to the Indenture of a successor Indenture
     Trustee or the consent to the assignment by the Note Registrar, Paying
     Agent or Indenture Trustee

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<PAGE>

     or the Certificate Registrar of its obligations under the Indenture or this
     Agreement, as applicable.

The Owner Trustee shall notify the Residual Interestholders in writing of any
appointment of a successor Paying Agent or the Certificate Registrar within five
(5) Business Days thereof.

     SECTION 4.2. Action by Residual Interestholders with Respect to Certain
Matters. The Owner Trustee shall not have the power, except upon the direction
of the Residual Interestholders, to (a) except as expressly provided in the
Transactions Documents, remove the Servicer under the Servicing Agreement
pursuant to Section 5.01 thereof, (b) except as expressly provided in the
Transaction Documents, sell the Receivables after the termination of the
Indenture, (c) remove the Administrator under the Administration Agreement
pursuant to Section 9 thereof or (d) appoint a successor Administrator pursuant
to Section 9 of the Administration Agreement. The Owner Trustee shall take the
actions referred to in the preceding sentence only upon written instructions
signed by the Residual Interestholders.

     SECTION 4.3. Action with Respect to Bankruptcy. (a) The Trust shall not
without the prior written consent of the Owner Trustee (i) institute any
proceedings to adjudicate the Trust a bankrupt or insolvent, (ii) consent to the
institution of bankruptcy or insolvency proceedings against the Trust, (iii)
file a petition seeking or consenting to reorganization or relief under any
applicable federal or state law relating to bankruptcy with respect to the
Trust, (iv) consent to the appointment of a receiver, liquidator, assignee,
trustee, sequestrator (or other similar official) of the Trust or a substantial
part of its property, (v) make any assignment for the benefit of the Trust's
creditors, (vi) cause the Trust to admit in writing its inability to pay its
debts generally as they become due, or (vii) take any action in furtherance of
any of the foregoing (any of the above foregoing actions, a "Bankruptcy
Action"). In considering whether to give or withhold written consent to any
Bankruptcy Action, the Owner Trustee, with the consent of the Residual
Interestholder (hereby given, and by accepting a Certificate any transferee is
deemed to give, which consent the Certificateholder believes to be in the best
interest of Certificateholder and the Trust), shall, for so long as any Note is
outstanding or remains unsatisfied, consider the interest of the Noteholders and
the Note Insurer and for as long as the Insurance Agreement is in effect
consider the interest of the Note Insurer in addition to the interests of the
Trust and whether the Trust is insolvent. The Owner Trustee shall have no duty
to give such written consent to Bankruptcy Action by the Trust if the Owner
Trustee shall not have been furnished (at the expense of the Trust or the Person
that requested that such letter be furnished to the Owner Trustee) a letter from
an independent accounting firm of national reputation stating that in the
opinion of such firm the Trust is then insolvent. The Owner Trustee (as such and
in its individual capacity) shall not be personally liable to any Person on
account of the Owner Trustee's good faith reliance on the provisions of this
Section or in connection with the Owner Trustee's giving prior written consent
to Bankruptcy Action by the Owner Trustee in accordance herewith, or withholding
such consent, in good faith, and neither the Trust nor the Residual
Interestholders shall have any claim for breach of fiduciary duty or otherwise
against the Owner Trustee (as such and in its individual capacity) for giving or
withholding its consent to any such Bankruptcy Action.

        (b)  For so long as any Note is outstanding and the Note Guaranty
     Insurance Policy is in effect, the parties hereto stipulate and agree (and
     by acceptance of a Certificate, each

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<PAGE>

Certificateholder agrees) that no Residual Interestholder has power to commence
any Bankruptcy Action on the part of the Trust or to direct the Owner Trustee to
take any Bankruptcy Action on the party of the Trust. For so long as any Note is
outstanding and the Note Guaranty Insurance Policy is in effect, to the extent
permitted by applicable law, the consent of the Note Insurer and the Indenture
Trustee shall be obtained prior to taking any Bankruptcy Action by the Trust.

     SECTION 4.4. Restrictions on Residual Interestholders' Power. The Residual
Interestholders shall not direct the Owner Trustee to take or refrain from
taking any action if such action or inaction would be contrary to any obligation
of the Owner Trustee under this Agreement or any of the Transaction Documents or
would be contrary to Section 2.3 nor shall the Owner Trustee be obligated to
follow any such direction, if given.

     SECTION 4.5. Residual Interestholder Control. Except as expressly provided
herein, any action that may be taken by the Residual Interestholders under this
Agreement may be taken by the Holders of the Residual Interests evidencing not
less than a majority of the Residual Percentage Interests. Except as expressly
provided herein, any written notice of the Residual Interestholders delivered
pursuant to this Agreement shall be effective if signed by Residual
Interestholders of the Residual Interest evidencing not less than a majority of
the Residual Percentage Interests at the time of the delivery of such notice.

     SECTION 4.6. Note Insurer's Rights Regarding Actions, Proceedings or
Investigations. Following the occurrence and during a continuation of an Event
of Default under the Indenture and until the Class A Notes have been paid in
full, all amounts owed to the Note Insurer have been paid in full, the Insurance
Agreement has terminated and the Note Guaranty Insurance Policy has been
returned to the Note Insurer for cancellation, unless a Note Insurer Default has
occurred and is continuing, the following provisions shall apply:

        (a)  notwithstanding anything contained herein or in the other
     Transaction Documents to the contrary, the Note Insurer shall have the
     right to participate in, to direct the enforcement or defense of, and, at
     the Note Insurer's sole option, to institute or assume the defense of, any
     action, proceeding or investigation that could adversely affect the Trust,
     the Trust Property, the Trust Estate or the rights or obligations of the
     Note Insurer hereunder or under the Policy or the Transaction Documents,
     including (without limitation) any insolvency or bankruptcy proceeding in
     respect of the Servicer, the Transferor, the Seller or the Trust, it being
     understood that the Owner Trustee shall have the right to employ separate
     counsel in such action, proceeding or investigation. Following notice to
     the Owner Trustee, the Note Insurer shall have exclusive rights to
     determine, in its sole discretion, the actions necessary to preserve and
     protect the Trust, the Trust Property and the Trust Estate. All costs and
     expenses of the Note Insurer in connection with such action, proceeding or
     investigation, including (without limitation) any judgment or settlement
     entered into affecting the Note Insurer or the Note Insurer's interests,
     shall be included in Reimbursement Obligations;

        (b)  in connection with any action, proceeding or investigation that
     could adversely affect the Trust, the Trust Property, the Trust Estate or
     the rights or obligations of the Note Insurer hereunder or under either the
     Note Guaranty Insurance Policy or the

                                       14                 2003-A Trust Agreement

<PAGE>

     Transaction Documents, including (without limitation) any insolvency or
     bankruptcy proceeding in respect of the Servicer, the Transferor, the
     Seller or the Trust, the Owner Trustee hereby agrees to cooperate with, and
     to take such action as directed by, the Note Insurer, including (without
     limitation) entering into such agreement and settlement as the Note Insurer
     shall direct, in its sole discretion. The Owner Trustee's reasonable
     out-of-pocket costs and expenses (including attorneys' fees and expenses)
     with respect to any such action, proceeding or investigation shall be
     reimbursed pursuant to Section 8.1 of this Agreement;

        (c)  any judgment or settlement entered against or affecting the Trust,
     the Trust Property or the Trust Estate, on behalf of the Noteholders, in
     connection with any action, proceeding or investigation shall be paid from
     the Trust Estate pursuant to Section 5.05(c) of the Indenture;

        (d)  the Owner Trustee hereby agrees to provide the Note Insurer prompt
     written notice of any action, proceeding or investigation that names the
     Trust or the Owner Trustee as a party or that could adversely affect the
     Trust, the Trust Property, the Trust Estate or the rights or obligations of
     the Note Insurer hereunder or under the Note Guaranty Insurance Policy or
     the Transaction Documents including (without limitation) any insolvency or
     bankruptcy proceeding in respect of the Servicer, Transferor, the Seller or
     the Trust to the extent the Owner Trustee has actual knowledge of any such
     action, proceeding or investigation;

        (e)  notwithstanding anything contained herein or in any of the other
     Transaction Documents to the contrary, the Owner Trustee shall not, without
     the Note Insurer's prior written consent or unless directed by the Note
     Insurer, undertake or join any litigation or agree to any settlement of any
     action, proceeding or investigation affecting the Trust, the Trust
     Property, the Trust Estate or the Rights or obligations of the Note Insurer
     hereunder or under the Note Guaranty Insurance Policy or the Transaction
     Documents; provided that the Note Insurer shall respond promptly to any
     such request and the Owner Trustee shall not be liable for any actions if
     such response is not received within ten (10) days of notice to the Note
     Insurer;

        (f)  the Depositor as the initial Residual Interestholder, each
     Certificateholder, by acceptance of its Certificate, and the Owner Trustee
     agree that the Note Insurer shall have such rights as set forth in this
     Section, which are in addition to any rights of the Note Insurer pursuant
     to the other provisions of the Transaction Documents, that the rights set
     forth in this Section may be exercised by the Note Insurer, in its sole
     discretion, without the need for the consent or approval of any Noteholder,
     any Residual Interestholder, the Indenture Trustee or the Owner Trustee,
     notwithstanding any other provision contained herein or in any of the other
     Transaction Documents, and that nothing contained in this Section shall be
     deemed to be an obligation of the Note Insurer to exercise any of the
     rights provided for herein; and

        (g)  notwithstanding any provision in herein or in any of the other
     Transaction Documents to the contrary, in the event that a Note Insurer
     Default shall have occurred and be continuing or the Class A Notes have
     been paid in full, and amounts owed to the

                                       15                 2003-A Trust Agreement

<PAGE>

     Note Insurer have been paid in full, the Insurance Agreement has terminated
     and the Note Guaranty Insurance Policy has been returned to the Note
     Insurer for cancellation, the Note Insurer shall not have the right to take
     any action under this Agreement or to control or direct the actions of the
     Trust, the Seller, the Indenture Trustee or the Owner Trustee pursuant to
     the terms of this Agreement, nor shall the consent of the Note Insurer be
     required with respect to any action (or waiver of a right to take action)
     to be taken by the Trust, the Seller, the Indenture Trustee, the Owner
     Trustee or the Noteholders or the Certificateholders.

                                   ARTICLE V

                   APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

     SECTION 5.1. Establishment of Residual Interest Distribution Account. The
Owner Trustee, for the benefit of the Residual Interestholders, shall establish
and maintain in the name of the Trust an Eligible Account (the "Residual
Interest Distribution Account"), bearing a designation clearly indicating that
the funds deposited therein are held for the benefit of the Residual
Interestholders. Except as otherwise provided herein, the Residual Interest
Distribution Account shall be under the sole dominion and control of the Owner
Trustee for the benefit of the Residual Interestholders.

     SECTION 5.2. Application of Funds in Residual Interest Distribution
Account. (a) On each Payment Date, the Owner Trustee will, or will cause the
Paying Agent to, based on the information contained in the Monthly Servicer's
Report delivered on the related Determination Date pursuant to Section 2.10 of
the Servicing Agreement and Section 5.05(c) of the Indenture, distribute to
Residual Interestholders, as of the related Record Date all amounts deposited in
the Residual Interest Distribution Account pursuant to the Servicing Agreement
on such Payment Date based upon each Residual Interestholder's Residual
Percentage Interest.

        (b)  In the event that any withholding tax is imposed on the Owner
     Trustee's payment (or allocations of income) to a Residual Interestholder,
     such tax shall reduce the amount otherwise distributable to the Residual
     Interestholder in accordance with this Section. The Owner Trustee is hereby
     authorized and directed to retain from amounts otherwise distributable to
     the Residual Interestholders sufficient funds for the payment of any tax
     that is legally owed by the Owner Trustee (but such authorization shall not
     prevent the Owner Trustee from contesting any such tax in appropriate
     proceedings, and withholding payment of such tax, if permitted by law,
     pending the outcome of such proceedings). The amount of any withholding tax
     imposed with respect to a Residual Interestholder shall be treated as cash
     distributed to such Residual Interestholder at the time it is withheld by
     the Owner Trustee and remitted to the appropriate taxing authority. If
     there is a possibility that withholding tax is payable with respect to a
     distribution (such as a distribution to a non-United States Residual
     Interestholder), the Owner Trustee may in its sole discretion withhold such
     amounts in accordance with this clause (b). In the event that a Residual
     Interestholder wishes to apply for a refund of any such withholding tax,
     the Owner Trustee shall reasonably cooperate with such Residual
     Interestholder in making such claim so long as such Residual Interestholder
     agrees to reimburse the Owner Trustee for any out-of-pocket expenses
     incurred.

                                       16                 2003-A Trust Agreement

<PAGE>

     SECTION 5.3. Method of Payment. Subject to Section 9.1(c), distributions
required to be made to Residual Interestholders on any Payment Date shall be
made to each Residual Interestholder of record on the preceding Record Date
either by wire transfer, in immediately available funds, to the account of such
Residual Interestholder at a bank or other entity having appropriate facilities
therefor, if (a) such Residual Interestholder shall have provided to the
Certificate Registrar appropriate written instructions at least five (5)
Business Days prior to such Payment Date (b) such Residual Interestholder is the
Depositor, or an Affiliate thereof, or, if not, by check mailed to such Residual
Interestholder at the address of such Residual Interestholder appearing in the
Certificate Register. Notwithstanding the foregoing, if the Residual Interest is
certificated the final distribution in respect of any Certificate will be
payable only upon presentation and surrender of such Certificate at the office
or agency maintained for that purpose by the Owner Trustee pursuant to Section
3.8.

     SECTION 5.4. No Segregation of Monies; No Interest. Subject to Sections 5.1
and 5.2, monies received by the Owner Trustee or any Paying Agent hereunder need
not be segregated in any manner except to the extent required by law or the
Indenture or the Servicing Agreement and may be deposited under such general
conditions as may be prescribed by law, and neither the Owner Trustee nor any
Paying Agent shall be liable for any interest thereon.

     SECTION 5.5. Accounting and Reports to the Noteholders, Certificateholders,
the Internal Revenue Service and Others. Subject to Section 2.6, the
Administrator shall (a) maintain (or cause to be maintained) the books of the
Trust on a calendar year basis on the accrual method of accounting, (b) deliver
(or cause to be delivered) to each Residual Interestholder, as may be required
by the Code and applicable Treasury Regulations, such information as may be
required (including Schedule K-1) to enable each Residual Interestholder to
prepare its federal and state income tax returns, (c) prepare and file such tax
returns relating to the Trust (including a partnership information return, Form
1065, if applicable), and make such elections as may from time to time be
required or appropriate under any applicable state or federal statute or rule or
regulation thereunder so as to maintain the Trust's characterization as a
partnership for federal income tax purposes, (d) cause such tax returns to be
signed in the manner required by law and (e) collect or cause to be collected
any withholding tax as described in and in accordance with Section 5.2(c) with
respect to income or distributions to Residual Interestholders. The Owner
Trustee shall cooperate with the Administrator in making all elections pursuant
to this Section as directed in writing by the Administrator. The Trust shall
elect under Section 1278 of the Code to include in income currently any market
discount that accrues with respect to the Receivables and shall elect under
Section 171 of the Code to amortize any bond premium with respect to the
Receivables. The Trust shall not make the election provided under Section 754 of
the Code.

     SECTION 5.6. Signature on Returns; Tax Matters Partner. (a) Notwithstanding
the provisions of Section 5.5 and subject to Section 2.6, the Depositor shall
sign on behalf of the Trust the tax returns of the Trust, unless applicable law
requires the Owner Trustee to sign such documents, in which case such documents
shall be signed by the Owner Trustee at the written direction of the Depositor.

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<PAGE>

        (b)  Subject to Section 2.6, the Depositor shall be the "tax matters
     partner" of the Trust pursuant to Section 6231(a)(7)(A) of the Code and
     applicable Treasury Regulations.

                                   ARTICLE VI

                      AUTHORITY AND DUTIES OF OWNER TRUSTEE

     SECTION 6.1. General Authority. The Owner Trustee is authorized and
directed to execute and deliver the Transaction Documents to which the Trust is
named as a party and each certificate or other document attached as an exhibit
to or contemplated by the Transaction Documents to which the Trust is named as a
party and any amendment thereto, including without limitation, the Premium Fee
Letter (as defined in the Insurance Agreement), in each case, in such form as
the Depositor shall approve, as evidenced conclusively by the Owner Trustee's
execution thereof, and at the written direction of the Depositor, to direct the
Indenture Trustee to authenticate and deliver Class A-1 Notes in the aggregate
principal amount of $234,000,000, Class A-2 Notes in the aggregate principal
amount of $282,000,000, Class A-3-A Notes in the aggregate principal amount of
$190,000,000, Class A-3-B Notes in the aggregate principal amount of
$150,000,000, Class A-4-A Notes in the aggregate principal amount of
$150,000,000, Class A-4-B Notes in the aggregate principal amount of
$119,000,000 and Class B Notes in the aggregate principal amount of
$84,677,419.35. In addition to the foregoing, the Owner Trustee is authorized,
but shall not be obligated, to take all actions required of the Trust pursuant
to the Transaction Documents. The Owner Trustee is further authorized from time
to time to take such action as the Servicer or the Administrator recommends or
directs in writing with respect to the Transaction Documents, except to the
extent that this Agreement expressly requires the consent of Residual
Interestholders for such action.

     SECTION 6.2. General Duties. It shall be the duty of the Owner Trustee to
discharge (or cause to be discharged) all of its responsibilities pursuant to
the terms of this Agreement and the other Transaction Documents to which the
Trust is a party and to administer the Trust in the interest of Residual
Interestholders, subject to the Transaction Documents and in accordance with the
provisions of this Agreement. Notwithstanding the foregoing, the Owner Trustee
shall be deemed to have discharged its duties and responsibilities hereunder and
under the Transaction Documents to the extent the Administrator has agreed in
the Administration Agreement to perform any act or to discharge any duty of the
Trust or the Owner Trustee hereunder or under any Transaction Document, and the
Owner Trustee shall not be liable for the default or failure of the
Administrator to carry out its obligations under the Administration Agreement.
The Owner Trustee shall have no obligation to administer, service or collect the
Receivables or to maintain, monitor or otherwise supervise the administration,
servicing or collection of the Receivables.

     SECTION 6.3. Action upon Instruction. (a) Subject to Article IV, and in
accordance with the Transaction Documents, the Residual Interestholders may, by
written instruction, direct the Owner Trustee in the management of the Trust.
Such direction may be exercised at any time by written instruction of the
Residual Interestholders pursuant to Article IV.

        (b)  The Owner Trustee shall not be required to take any action
     hereunder or under any Transaction Document if the Owner Trustee shall have
     reasonably determined

                                       18                 2003-A Trust Agreement

<PAGE>

     or been advised by counsel that such action is likely to result in
     liability on the part of the Owner Trustee or is contrary to the terms
     hereof or of any Transaction Document or is otherwise contrary to law and a
     copy of such opinion has been provided to the Depositor and the Servicer.

        (c)  Whenever the Owner Trustee is unable to decide between alternative
     courses of action permitted or required by the terms of this Agreement or
     any Transaction Document or is unsure as to the application of any
     provision of this Agreement or any Transaction Document or any such
     provision is ambiguous as to its application, or is, or appears to be, in
     conflict with any other applicable provision, or in the event that this
     Agreement permits any determination by the Owner Trustee or is silent or is
     incomplete as to the course of action that the Owner Trustee is required to
     take with respect to a particular set of facts, the Owner Trustee shall
     promptly give notice (in such form as shall be appropriate under the
     circumstances) to the Residual Interestholders requesting instruction as to
     the course of action to be adopted or application of such provision, and to
     the extent the Owner Trustee acts or refrains from acting in good faith in
     accordance with any written instruction of the Residual Interestholders
     received, the Owner Trustee shall not be liable on account of such action
     or inaction to any Person. If the Owner Trustee receives two or more sets
     of conflicting instructions, the Owner Trustee shall act on the
     instructions from the group of Residual Interestholders holding the largest
     Residual Percentage Interest. If the Owner Trustee shall not have received
     appropriate instruction within ten days of such notice (or within such
     shorter period of time as reasonably may be specified in such notice or may
     be necessary under the circumstances) it may, but shall be under no duty
     to, take or refrain from taking such action, not inconsistent with this
     Agreement or the Transaction Documents, as it shall deem to be in the best
     interests of the Residual Interestholders, and shall have no liability to
     any Person for such action or inaction.

     SECTION 6.4. No Duties Except as Specified in this Agreement or in
Instructions. The Owner Trustee shall not have any duty or obligation to manage,
make any payment with respect to, register, record, sell, dispose of, or
otherwise deal with, the Owner Trust Estate, or to otherwise take or refrain
from taking any action under, or in connection with, any document contemplated
hereby to which the Owner Trustee is a party, except as expressly provided by
the terms of this Agreement or in any document or written instruction received
by the Owner Trustee pursuant to Section 6.3; and no implied duties or
obligations shall be read into this Agreement or any Transaction Document
against the Owner Trustee. The Owner Trustee shall have no responsibility for
filing any financing or continuation statement in any public office at any time
or to otherwise perfect or maintain the perfection of any security interest or
lien granted to it hereunder or to prepare or file any SEC filing (including any
filings required under the Sarbanes-Oxley Act, subject to Section 7.1(h) herein)
for the Trust or to record this Agreement or any Transaction Document.
Wilmington Trust Company nevertheless agrees that it will, at its own cost and
expense, promptly take all action as may be necessary to discharge any liens on
any part of the Owner Trust Estate that result from actions by, or claims
against, Wilmington Trust Company that are not related to the ownership or the
administration of the Owner Trust Estate.

     SECTION 6.5. No Action Except under Specified Documents or Instructions.
The Owner Trustee shall not manage, control, use, sell, dispose of or otherwise
deal with any part of

                                       19                 2003-A Trust Agreement

<PAGE>

the Owner Trust Estate except (i) in accordance with the powers granted to and
the authority conferred upon the Owner Trustee pursuant to this Agreement, (ii)
in accordance with the Transaction Documents and (iii) in accordance with any
document or instruction delivered to the Owner Trustee pursuant to Section 6.3.

     SECTION 6.6. Restrictions. The Owner Trustee shall not take any action (a)
that is inconsistent with the purposes of the Trust set forth in Section 2.3 or
(b) that, to the actual knowledge of the Owner Trustee, would (i) affect the
treatment of the Notes as indebtedness for federal income, state and local
income and franchise tax purposes, (ii) be deemed to cause a taxable exchange of
the Notes for federal income or state income or franchise tax purposes or (iii)
cause the Trust or any portion thereof to be treated as an association or
publicly traded partnership taxable as a corporation for federal income, state
and local income or franchise tax purposes. The Residual Interestholders shall
not direct the Owner Trustee to take action that would violate the provisions of
this Section.

                                  ARTICLE VII

                            CONCERNING OWNER TRUSTEE

     SECTION 7.1. Acceptance of Trusts and Duties. The Owner Trustee accepts the
trusts hereby created and agrees to perform its duties hereunder with respect to
such trusts but only upon the terms of this Agreement. The Owner Trustee also
agrees to disburse all moneys actually received by it constituting part of the
Owner Trust Estate upon the terms of the Transaction Documents and this
Agreement. The Owner Trustee shall not be personally liable or accountable
hereunder or under any Transaction Document under any circumstances, except (i)
for its own willful misconduct, bad faith or gross negligence, (ii) in the case
of the inaccuracy of any representation or warranty contained in Section 7.3
expressly made by Wilmington Trust Company in its individual capacity, (iii) for
liabilities arising from the failure of Wilmington Trust Company to perform
obligations expressly undertaken by it in the last sentence of Section 6.4 or
(iv) for taxes, fees or other charges on, based on or measured by, any fees,
commissions or compensation received by the Owner Trustee. In particular, but
not by way of limitation (and subject to the exceptions set forth in the
preceding sentence):

        (a)  The Owner Trustee shall not be personally liable for any error of
     judgment made by a Responsible Officer of the Owner Trustee;

        (b)  The Owner Trustee shall not be personally liable with respect to
     any action taken or omitted to be taken by it in accordance with the
     instructions of the Depositor, the Servicer, the Administrator or any
     Residual Interestholder;

        (c)  No provision of this Agreement or any Transaction Document shall
     require the Owner Trustee to expend or risk funds or otherwise incur any
     personal liability in the performance of any of its rights or powers
     hereunder or under any Transaction Document if the Owner Trustee shall have
     reasonable grounds for believing that repayment of such funds or adequate
     indemnity against such risk or liability is not reasonably assured or
     provided to it;

                                       20                 2003-A Trust Agreement

<PAGE>

        (d)  Under no circumstances shall the Owner Trustee be personally liable
     for indebtedness evidenced by or arising under any of the Transaction
     Documents, including the principal of and interest on the Notes or amounts
     distributable on the Residual Interest;

        (e)  The Owner Trustee shall not be personally liable for or in respect
     of the validity or sufficiency of this Agreement or for the due execution
     hereof by the Depositor or for the form, character, genuineness,
     sufficiency, value or validity of any of the Owner Trust Estate or for or
     in respect of the validity or sufficiency of the Transaction Documents,
     other than the certificate of authentication on the Certificates, and the
     Owner Trustee shall in no event assume or incur any personal liability,
     duty or obligation to any Noteholder or to any Residual Interestholder,
     other than as expressly provided for herein and in the Transaction
     Documents;

        (f)  The Owner Trustee shall not be personally liable for the default or
     misconduct of the Indenture Trustee, the Servicer, the Custodian, or the
     Administrator under any of the Transaction Documents or otherwise and the
     Owner Trustee shall have no duty or personal liability to perform
     obligations under this Agreement or the Transaction Documents that are
     required to be performed by the Indenture Trustee under the Indenture, the
     Servicer or the Custodian under the Servicing Agreement or the
     Administrator under the Administration Agreement; and

        (g)  The Owner Trustee shall be under no duty to exercise any of the
     rights or powers vested in it by this Agreement, or to institute, conduct
     or defend any litigation under this Agreement or otherwise or in relation
     to this Agreement or any Transaction Document, at the request, order or
     written direction of any of the Residual Interestholders, unless such
     Residual Interestholders have offered to the Owner Trustee security or
     indemnity satisfactory to it against the costs, expenses and liabilities
     that may be incurred by the Owner Trustee therein or thereby. The right of
     the Owner Trustee to perform any discretionary act enumerated in this
     Agreement or in any Transaction Document shall not be construed as a duty,
     and the Owner Trustee shall not be answerable for other than its gross
     negligence, bad faith or willful misconduct in the performance of any such
     act.

        (h)  Notwithstanding anything contained herein to the contrary or in any
     Transaction Document or other document, the Owner Trustee shall not be
     required to execute, deliver or certify on behalf of the Trust, the Owner
     Trustee or any other Person any filings, certificates, affidavits or other
     instruments required under the Sarbanes-Oxley Act. Notwithstanding any
     Person's right to instruct the Owner Trustee, neither the Owner Trustee nor
     any agent, employee, director or officer of the Owner Trustee shall have
     any obligation to execute any certificates or other documents required by
     the SEC or required pursuant to the Sarbanes-Oxley Act or the rules and
     regulations promulgated thereunder, and the refusal to comply with any such
     instructions shall not constitute default or breach under any Transaction
     Document.

     SECTION 7.2. Furnishing of Documents. The Owner Trustee shall furnish to
the Residual Interestholders promptly upon receipt of a written request
therefor, duplicates or copies

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<PAGE>

of all reports, notices, requests, demands, certificates, financial statements
and any other instruments furnished to the Owner Trustee under the Transaction
Documents.

     SECTION 7.3. Representations and Warranties. Wilmington Trust Company
hereby represents and warrants to the Depositor, for the benefit of the Residual
Interestholders, that:

        (a)  It is a Delaware banking corporation duly organized and validly
     existing in good standing under the laws of the State of Delaware and
     having an office within the State of Delaware. It has all requisite
     corporate power and authority to execute, deliver and perform its
     obligations under this Agreement.

        (b)  It has taken all corporate action necessary to authorize the
     execution and delivery by it of this Agreement, and this Agreement will be
     executed and delivered by one of its officers who is duly authorized to
     execute and deliver this Agreement on its behalf.

        (c)  This Agreement constitutes a legal, valid and binding obligation of
     the Owner Trustee, enforceable against the Owner Trustee in accordance with
     its terms, subject, as to enforceability, to applicable bankruptcy,
     insolvency, reorganization, conservatorship, receivership, liquidation and
     other similar laws affecting enforcement of the rights of creditors of
     banks generally and to equitable limitations on the availability of
     specific remedies.

        (d)  Neither the execution nor the delivery by it of this Agreement, nor
     the consummation by it of the transactions contemplated hereby nor
     compliance by it with any of the terms or provisions hereof will contravene
     any federal or New York law, governmental rule or regulation governing the
     banking or trust powers of the Owner Trustee or any judgment or order
     binding on it, or constitute any default under its charter documents or
     by-laws or any indenture, mortgage, contract, agreement or instrument to
     which it is a party or by which any of its properties may be bound.

     SECTION 7.4. Reliance; Advice of Counsel. (a) The Owner Trustee shall incur
no personal liability to anyone in acting upon any signature, instrument,
notice, resolution, request, consent, order, certificate, report, opinion, bond
or other document or paper believed by it to be genuine and believed by it to be
signed by the proper party or parties. The Owner Trustee may accept a certified
copy of a resolution of the board of directors or other governing body of any
corporate party as conclusive evidence that such resolution has been duly
adopted by such body and that the same is in full force and effect. As to any
fact or matter the method of the determination of which is not specifically
prescribed herein, the Owner Trustee may for all purposes hereof rely on a
certificate, signed by the president or any vice president or by the treasurer,
secretary or other authorized officers of the relevant party, as to such fact or
matter, and such certificate shall constitute full protection to the Owner
Trustee for any action taken or omitted to be taken by it in good faith in
reliance thereon.

        (b)  In the exercise or administration of the trusts hereunder and in
     the performance of its duties and obligations under this Agreement or the
     Transaction Documents, the Owner Trustee (i) may act directly or through
     its agents or attorneys

                                       22                 2003-A Trust Agreement

<PAGE>

     pursuant to agreements entered into with any of them, but the Owner Trustee
     shall not be personally liable for the conduct or misconduct of such
     agents, custodians, nominees (including persons acting under a power of
     attorney) or attorneys selected with reasonable care and (ii) may consult
     with counsel, accountants and other skilled persons knowledgeable in the
     relevant area to be selected with reasonable care and employed by it at the
     expense of the Trust. The Owner Trustee shall not be personally liable for
     anything done, suffered or omitted in good faith by it in accordance with
     the written opinion or advice of any such counsel, accountants or other
     such persons.

     SECTION 7.5. Not Acting in Individual Capacity. Except as provided in this
Article VII, in accepting the trusts hereby created, Wilmington Trust Company
acts solely as the Owner Trustee hereunder and not in its individual capacity
and all Persons having any claim against the Owner Trustee by reason of the
transactions contemplated by this Agreement or any Transaction Document shall
look only to the Owner Trust Estate for payment or satisfaction thereof.

     SECTION 7.6. The Owner Trustee Not Liable for Certificates or Receivables.
The recitals contained herein and in the Certificates (other than the signature
and countersignature of the Owner Trustee on the Certificates) shall be taken as
the statements of the Depositor, and the Owner Trustee assumes no responsibility
for the correctness thereof. The Owner Trustee makes no personal representations
as to the validity or sufficiency of this Agreement, of any Transaction Document
or of the Certificates (other than the signature and countersignature of the
Owner Trustee on the Certificates) or the Notes, or of any Receivable or related
documents. The Owner Trustee shall at no time have any responsibility or
personal liability for or with respect to the legality, validity and
enforceability of any Receivable, or the perfection and priority of any security
interest created by any Receivable in any Financed Vehicle or the maintenance of
any such perfection and priority, or for or with respect to the sufficiency of
the Owner Trust Estate or its ability to generate the payments to be distributed
to Residual Interestholders under this Agreement or the Noteholders under the
Indenture, including: the existence, condition and ownership of any Financed
Vehicle; the existence and enforceability of any insurance thereon; the
existence and contents of any Receivable on any computer or other record
thereof; the validity of the assignment of any Receivable to the Trust or of any
intervening assignment; the completeness of any Receivable; the performance or
enforcement of any Receivable; the compliance by the Depositor or the Servicer
with any warranty or representation made under any Transaction Document or in
any related document or the accuracy of any such warranty or representation or
any action of Indenture Trustee, the Administrator, or the Servicer or any
subservicer taken in the name of the Owner Trustee.

     SECTION 7.7. The Owner Trustee May Own Certificates and Notes. The Owner
Trustee in its individual or any other capacity may become the owner or pledgee
of the Residual Interest or Notes and may deal with the Depositor, the Indenture
Trustee and the Administrator in banking transactions with the same rights as it
would have if it were not the Owner Trustee.

                                       23                 2003-A Trust Agreement

<PAGE>

                                  ARTICLE VIII

                          COMPENSATION OF OWNER TRUSTEE

     SECTION 8.1. The Owner Trustee's Fees and Expenses. The Depositor shall
cause the Administrator to pay to the Owner Trustee pursuant to the Indenture
from time to time reasonable compensation for all services rendered by the Owner
Trustee under this Agreement (which compensation shall not be limited by any
provision of law in regard to the compensation of a trustee of an express
trust). Except as otherwise expressly provided for in this Agreement or the
Indenture, to the extent not paid pursuant to Section 5.05(c) of the Indenture,
the Depositor shall cause the Administrator to reimburse the Owner Trustee upon
its request for all reasonable expenses, disbursements and advances incurred or
made by the Owner Trustee in accordance with any provision of this Agreement
(including the reasonable compensation, expenses and disbursements of such
agents and counsel as the Owner Trustee may employ in connection with the
exercise and performance of its rights and its duties hereunder), except any
such expense may be attributable to its willful misconduct, gross negligence or
bad faith.

     SECTION 8.2. Indemnification. The Depositor shall cause the Administrator
to indemnify the Owner Trustee in its individual capacity and as trustee and its
successors, assigns, directors, officers, employees and agents from and against,
any and all loss, liability and expense, tax, penalty or claim (including
reasonable legal fees and expenses) of any kind and nature whatsoever which may
at any time be imposed on, incurred by, or asserted against the Owner Trustee in
its individual capacity and as trustee or any Indemnified Party in any way
relating to or arising out of this Agreement, the Transaction Documents, the
Owner Trust Estate, the administration of the Owner Trust Estate or the action
or inaction of the Owner Trustee hereunder, provided, however, that the
Administrator shall not be liable for or required to indemnify the Owner Trustee
from and against any of the foregoing expenses arising or resulting from any of
the matters described in the third sentence of Section 7.1.

     SECTION 8.3. Payments to the Owner Trustee. Any amounts paid to the Owner
Trustee pursuant to this Article VIII and the Administration Agreement shall be
deemed not to be a part of the Owner Trust Estate immediately after such
payment.

                                   ARTICLE IX

                         TERMINATION OF TRUST AGREEMENT

     SECTION 9.1. Termination of Trust Agreement. (a) The Trust shall wind up
and dissolve, and thereafter this Agreement (other than Article VIII) shall
terminate and be of no further force or effect, upon the final distribution by
the Owner Trustee of all moneys or other property or proceeds of the Owner Trust
Estate in accordance with the terms of the Indenture, the Contribution
Agreement, the Servicing Agreement and Article V. The bankruptcy, liquidation,
dissolution, death or incapacity of any Residual Interestholder shall not (x)
operate to terminate this Agreement or the Trust, nor (y) entitle such Residual
Interestholder's legal representatives or heirs to claim an accounting or to
take any action or proceeding in any court for a partition or winding up of all
or any part of the Trust or Owner Trust Estate nor (z) otherwise affect the
rights, obligations and liabilities of the parties hereto.

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<PAGE>

        (b)  Except as provided in clause (a), neither the Depositor nor any
     Certificateholder shall be entitled to revoke or terminate the Trust.

        (c)  If the Residual Interest is certificated, notice of any dissolution
     of the Trust, specifying the Payment Date upon which the Certificateholders
     shall surrender their Certificates to the Paying Agent for payment of the
     final distribution and cancellation, shall be given by the Owner Trustee by
     letter to Certificateholders mailed within five (5) Business Days of
     receipt of notice of such termination from the Servicer given pursuant to
     Section 6.02 of the Indenture, stating (i) the Payment Date upon or with
     respect to which final payment of the Certificates shall be made upon
     presentation and surrender of the Certificates at the office of the Paying
     Agent therein designated, (ii) the amount of any such final payment and
     (iii) that the Record Date otherwise applicable to such Payment Date is not
     applicable, payments being made only upon presentation and surrender of the
     Certificates at the office of the Paying Agent therein specified. The Owner
     Trustee shall give such notice to the Certificate Registrar (if other than
     the Owner Trustee), the Paying Agent, the Note Insurer and the Swap
     Counterparty (unless the Interest Rate Swap Agreement has been terminated
     and all amounts owed to the Swap Counterparty have been paid in full) at
     the time such notice is given to Certificateholders. Upon presentation and
     surrender of the Certificates, the Paying Agent shall cause to be
     distributed to Certificateholders amounts distributable on such Payment
     Date pursuant to Section 5.2.

     If the Residual Interest is certificated and if all of the
Certificateholders shall not surrender their Certificates for cancellation
within sixty (60) days after the date specified in the above mentioned written
notice, the Owner Trustee shall give a second written notice to the remaining
Certificateholders to surrender their Certificates for cancellation and receive
the final distribution with respect thereto. If within sixty (60) days after the
second notice all the Certificates shall not have been surrendered for
cancellation, the Owner Trustee may take appropriate steps, or may appoint an
agent to take appropriate steps, to contact the remaining Certificateholders
concerning surrender of their Certificates, and the cost thereof shall be paid
out of the funds and other assets that shall remain subject to this Agreement.
Any funds remaining after exhaustion of such remedies shall be distributed,
subject to applicable escheat laws, by the Owner Trustee to the Depositor.

     SECTION 9.2. Dissolution of the Trust. Upon dissolution of the Trust, the
Owner Trustee shall wind up the business and affairs of the Trust as required by
Section 3808 of the Statutory Trust Act. Upon receipt of a certificate from the
Indenture Trustee stating that all Noteholders have been paid in full, that the
Indenture Trustee is aware of no claims remaining against the Trust in respect
of the Indenture and the Notes and that the Indenture has been satisfied and
discharged, the Owner Trustee, in the absence of actual knowledge of any other
claim against the Trust and at the written direction of the Residual
Interestholder, shall be deemed to have made reasonable provision to pay all
claims and obligations (including conditional, contingent or unmatured
obligations) for purposes of Section 3808(e) of the Statutory Trust Act and
shall cause the Certificate of Trust to be cancelled by filing a certificate of
cancellation with the Delaware Secretary of State in accordance with the
provisions of Section 3810 of the Statutory Trust Act, at which time the Trust
shall terminate and this Agreement (other than Article VIII) shall be of no
further force or effect.

                                       25                 2003-A Trust Agreement

<PAGE>

                                   ARTICLE X

                     SUCCESSOR OWNER TRUSTEES AND ADDITIONAL
                                 OWNER TRUSTEES

     SECTION 10.1. Eligibility Requirements for the Owner Trustee. The Owner
Trustee shall at all times be a bank (i) authorized to exercise corporate trust
powers, (ii) having a combined capital and surplus of at least $50,000,000 and
(iii) subject to supervision or examination by Federal or state authorities. If
such bank shall publish reports of condition at least annually, pursuant to law
or to the requirements of the aforesaid supervising or examining authority, then
for the purpose of this Section, the combined capital and surplus of such
corporation shall be deemed to be its combined capital and surplus as set forth
in its most recent report of condition so published. The Owner Trustee shall at
all times be an institution satisfying the provisions of Section 3807(a) of the
Statutory Trust Act. In case at any time the Owner Trustee shall cease to be
eligible in accordance with the provisions of this Section, the Owner Trustee
shall resign immediately in the manner and with the effect specified in Section
10.2.

     SECTION 10.2. Resignation or Removal of the Owner Trustee. The Owner
Trustee may at any time resign and be discharged from the trusts hereby created
by giving written notice thereof to the Administrator and the Note Insurer. Upon
receiving such notice of resignation, the Administrator shall promptly appoint a
successor Owner Trustee reasonably acceptable to the Note Insurer by written
instrument, in duplicate, one copy of which instrument shall be delivered to the
resigning Owner Trustee and one copy to the successor Owner Trustee (with a copy
to the Note Insurer). If no successor Owner Trustee shall have been so appointed
and have accepted appointment within 30 days after the giving of such notice of
resignation, the resigning Owner Trustee may petition any court of competent
jurisdiction for the appointment of a successor Owner Trustee reasonably
acceptable to the Note Insurer; provided, however, that such right to appoint or
to petition for the appointment of any such successor shall in no event relieve
the resigning Owner Trustee from any obligations otherwise imposed on it under
the Transaction Documents until such successor has in fact assumed such
appointment.

     If at any time the Owner Trustee shall cease to be eligible in accordance
with the provisions of Section 10.1 and shall fail to resign after written
request therefor by the Administrator, or if at any time the Owner Trustee shall
be legally unable to act, or shall be adjudged bankrupt or insolvent, or a
receiver of the Owner Trustee or of its property shall be appointed, or any
public officer shall take charge or control of the Owner Trustee or of its
property or affairs for the purpose of rehabilitation, conservation or
liquidation, then the Administrator with notice to the Note Insurer may remove
the Owner Trustee. If the Administrator shall remove the Owner Trustee under the
authority of the immediately preceding sentence, the Administrator shall
promptly appoint a successor Owner Trustee reasonably acceptable to the Note
Insurer by written instrument, in duplicate, one copy of which instrument shall
be delivered to the outgoing Owner Trustee so removed and one copy to the
successor Owner Trustee (with a copy to the Note Insurer) and payment of all
fees owed to the outgoing Owner Trustee.

     Any resignation or removal of the Owner Trustee and appointment of a
successor Owner Trustee pursuant to any of the provisions of this Section shall
not become effective until

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<PAGE>

acceptance of appointment by the successor Owner Trustee reasonably acceptable
to the Note Insurer pursuant to Section 10.3 and payment of all fees and
expenses owed to the outgoing Owner Trustee. The Administrator shall provide
notice of such resignation or removal of the Owner Trustee to each of the Rating
Agencies and the Note Insurer.

     SECTION 10.3. Successor Owner Trustee. Any successor Owner Trustee
appointed pursuant to Section 10.2 shall execute, acknowledge and deliver to the
Administrator, the Note Insurer and to its predecessor Owner Trustee an
instrument accepting such appointment under this Agreement, and thereupon the
resignation or removal of the predecessor Owner Trustee shall become effective
and such successor Owner Trustee, without any further act, deed or conveyance,
shall become fully vested with all the rights, powers, duties and obligations of
its predecessor under this Agreement, with like effect as if originally named as
the Owner Trustee. The predecessor Owner Trustee shall upon payment of its fees
and expenses deliver to the successor Owner Trustee all documents and statements
and monies held by it under this Agreement; and the Administrator and the
predecessor Owner Trustee shall execute and deliver such instruments and do such
other things as may reasonably be required for fully and certainly vesting and
confirming in the successor Owner Trustee all such rights, powers, duties and
obligations.

     No successor Owner Trustee shall accept appointment as provided in this
Section unless at the time of such acceptance such successor Owner Trustee shall
be eligible pursuant to Section 10.1.

     Upon acceptance of appointment by a successor Owner Trustee pursuant to
this Section, the Administrator shall mail notice of such successor Owner
Trustee to all Residual Interestholders, Indenture Trustee, the Noteholders and
each of the Rating Agencies. If the Administrator shall fail to mail such notice
within ten (10) days after acceptance of appointment by the successor Owner
Trustee, the successor Owner Trustee shall cause such notice to be mailed at the
expense of the Administrator.

     SECTION 10.4. Merger or Consolidation of the Owner Trustee. Any corporation
into which the Owner Trustee may be merged or converted or with which it may be
consolidated, or any corporation resulting from any merger, conversion or
consolidation to which the Owner Trustee shall be a party, or any corporation
succeeding to all or substantially all of the corporate trust business of the
Owner Trustee, shall, without the execution or filing of any instrument or any
further act on the part of any of the parties hereto, anything herein to the
contrary notwithstanding, be the successor of the Owner Trustee hereunder;
provided that such corporation shall be eligible pursuant to Section 10.1; and
provided further that the Owner Trustee shall mail notice of such merger or
consolidation to the Rating Agencies.

     SECTION 10.5. Appointment of Co-Trustee or Separate Trustee.
Notwithstanding any other provisions of this Agreement, at any time, for the
purpose of meeting any legal requirements of any jurisdiction in which any part
of the Owner Trust Estate or any Financed Vehicle may at the time be located,
the Administrator and the Owner Trustee acting jointly shall have the power and
shall execute and deliver all instruments to appoint one or more Persons
approved by the Owner Trustee to act as co-trustee, jointly with the Owner
Trustee, or separate trustee or separate trustees, of all or any part of the
Owner Trust Estate, and to vest in such

                                       27                 2003-A Trust Agreement

<PAGE>

Person, in such capacity, such title to the Trust, or any part thereof, and,
subject to the other provisions of this Section, such powers, duties,
obligations, rights and trusts as the Administrator and the Owner Trustee may
consider necessary or desirable. If the Administrator shall not have joined in
such appointment within fifteen (15) days after the receipt by it of a request
so to do, the Owner Trustee alone shall have the power to make such appointment.
No co-trustee or separate trustee under this Agreement shall be required to meet
the terms of eligibility as a successor trustee pursuant to Section 10.1 and no
notice of the appointment of any co-trustee or separate trustee shall be
required pursuant to Section 10.3.

     Each separate trustee and co-trustee shall, to the extent permitted by law,
be appointed and act subject to the following provisions and conditions:

               (i)   all rights, powers, duties and obligations conferred or
          imposed upon the Owner Trustee shall be conferred upon and exercised
          or performed by the Owner Trustee and such separate trustee or
          co-trustee jointly (it being understood that such separate trustee or
          co-trustee is not authorized to act separately without the Owner
          Trustee joining in such act), except to the extent that under any law
          of any jurisdiction in which any particular act or acts are to be
          performed, the Owner Trustee shall be incompetent or unqualified to
          perform such act or acts, in which event such rights, powers, duties
          and obligations (including the holding of title to the Trust or any
          portion thereof in any such jurisdiction) shall be exercised and
          performed singly by such separate trustee or co-trustee, but solely at
          the direction of the Owner Trustee;

               (ii)  no trustee under this Agreement shall be personally liable
          by reason of any act or omission of any other trustee under this
          Agreement; and

               (iii) the Administrator and the Owner Trustee acting jointly may
          at any time accept the resignation of or remove any separate trustee
          or co-trustee.

     Any notice, request or other writing given to the Owner Trustee shall be
deemed to have been given to each of the then separate trustees and co-trustees,
as effectively as if given to each of them. Every instrument appointing any
separate trustee or co-trustee shall refer to this Agreement and the conditions
of this Article. Each separate trustee and co-trustee, upon its acceptance of
the trusts conferred, shall be vested with the estates or property specified in
its instrument of appointment, either jointly with the Owner Trustee or
separately, as may be provided therein, subject to all the provisions of this
Agreement, specifically including every provision of this Agreement relating to
the conduct of, affecting the liability of, or affording protection to the Owner
Trustee. Each such instrument shall be filed with the Owner Trustee and a copy
thereof given to the Administrator.

     Any separate trustee or co-trustee may at any time appoint the Owner
Trustee, its agent or attorney-in-fact with full power and authority, to the
extent not prohibited by law, to do any lawful act under or in respect of this
Agreement on its behalf and in its name. If any separate trustee or co-trustee
shall become incapable of acting, resign or be removed, all of its estates,
properties, rights, remedies and trusts shall vest in and be exercised by the
Owner Trustee, to the extent permitted by law, without the appointment of a new
or successor trustee.

                                       28                 2003-A Trust Agreement

<PAGE>

                                   ARTICLE XI

                                  MISCELLANEOUS

     SECTION 11.1. Supplements and Amendments. (a) This Agreement may be amended
by the Depositor and the Owner Trustee, with prior written notice to the Note
Insurer, the Swap Counterparty (unless the Interest Rate Swap Agreement has been
terminated and all amounts owed to the Swap Counterparty have been paid in full)
and the Rating Agencies, without the consent of any of the Noteholders or the
Residual Interestholders:

               (i) to cure any ambiguity or defect, to correct or supplement any
          provisions in this Agreement or for the purpose of adding any
          provisions to or changing in any manner or eliminating any of the
          provisions in this Agreement or of modifying in any manner the rights
          of the Noteholders or the Residual Interestholders; provided that such
          action shall not adversely affect in any material respect the
          interests of any Noteholder, the Swap Counterparty or Residual
          Interestholder; provided further, however, that such amendment will
          not significantly change the permitted activities of the Trust as set
          forth herein.

               (ii) in connection with any such election, to modify or eliminate
          existing provisions set forth in this Agreement relating to the
          intended federal income tax treatment of the Notes or the Residual
          Interest and the Trust in the absence of the election; it being a
          condition to any such amendment that the Rating Agency Condition shall
          be satisfied; and

               (iii) to add, modify or eliminate such provisions as may be
          necessary or advisable in order to enable (a) the transfer to the
          Trust of all or any portion of the Receivables to be recognized as a
          sale under GAAP by the Depositor to the Trust, (b) the Trust to avoid
          becoming a member of the Depositor's consolidated group under GAAP or
          (c) the Depositor or any of its Affiliates to otherwise comply with or
          obtain more favorable treatment under any law or regulation or any
          accounting rule or principle.

     (b)  This Agreement may also be amended from time to time by the Depositor
and the Owner Trustee, with prior written notice to the Note Insurer, the Rating
Agencies and the Swap Counterparty (unless the Interest Rate Swap Agreement has
been terminated and all amounts owed to the Swap Counterparty have been paid in
full), with the consent of the Holders of Notes evidencing not less than a
majority of the Outstanding Amount of the Notes and, to the extent affected
thereby, the consent of the Residual Interestholders evidencing not less than a
majority of the Residual Percentage Interests 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
the Residual Interestholders; provided that no such amendment shall (a) increase
or reduce in any manner the amount of, or accelerate or delay the timing of,
collections of payments on Receivables or distributions that shall be required
to be made for the benefit of the Noteholders or the Residual Interestholders or
(b) reduce the aforesaid percentage of the Outstanding Amount of the Notes and
the Residual Percentage Interests required to

                                       29                 2003-A Trust Agreement

<PAGE>

     consent to any such amendment, without the consent of the Holders of all
     the outstanding Notes and all Residual Interestholders; provided, further
     that the consent of the Note Insurer shall be obtained with respect to any
     amendment adversely affecting the Note Insurer or the bankruptcy-remote
     status of the Trust.

          (c)  Promptly after the execution of any such amendment or consent,
     the Administrator shall furnish written notification of the substance of
     such amendment or consent to each Residual Interestholder, the Indenture
     Trustee, the Note Insurer, the Swap Counterparty (unless the Interest Rate
     Swap Agreement has been terminated and all amounts owed to the Swap
     Counterparty have been paid in full) and each of the Rating Agencies.

          (d)  It shall not be necessary for the consent of the Residual
     Interestholders, the Noteholders, the Swap Counterparty or the Indenture
     Trustee pursuant to this Section to approve the particular form of any
     proposed amendment or consent, but it shall be sufficient if such consent,
     where required, shall approve the substance thereof. The manner of
     obtaining such consents (and any other consents of Residual Interestholders
     provided for in this Agreement or in any other Transaction Document) and of
     evidencing the authorization of the execution thereof by Residual
     Interestholders shall be subject to such reasonable requirements as the
     Owner Trustee may prescribe.

          (e)  Prior to the execution of any amendment to this Agreement the
     Owner Trustee shall be entitled to receive and rely upon an Opinion of
     Counsel stating that the execution of such amendment is authorized or
     permitted by this Agreement and that all conditions precedent to the
     execution and delivery of such amendment have been satisfied. The Owner
     Trustee may, but shall not be obligated to, enter into any such amendment
     which affects the Owner Trustee's own rights, duties or immunities under
     this Agreement or otherwise.

          (f)  Notwithstanding the language set forth in this Section 11.1, the
     consent of the Note Insurer shall be required at all times with respect to
     any amendment of Section 4.6 of this Agreement.

     SECTION 11.2.  No Legal Title to Owner Trust Estate in Residual
Interestholders. The Residual Interestholders shall not have legal title to any
part of the Owner Trust Estate. The Residual Interestholders shall be entitled
to receive distributions with respect to their undivided beneficial interest
therein only in accordance with Articles V and IX. No transfer, by operation of
law or otherwise, of any right, title or interest of the Residual
Interestholders to and in their ownership interest in the Owner Trust Estate
shall operate to terminate this Agreement or the trusts hereunder or entitle any
transferee to an accounting or to the transfer to it of legal title to any part
of the Owner Trust Estate.

     SECTION 11.3.  Limitations on Rights of Others. Except for Section 2.7, the
provisions of this Agreement are solely for the benefit of the Owner Trustee,
the Depositor, the Administrator, the Residual Interestholders, the Servicer
and, to the extent expressly provided herein, the Indenture Trustee, the Swap
Counterparty and the Noteholders, and nothing in this Agreement, whether express
or implied, shall be construed to give to any other Person any legal

                               30                         2003-A Trust Agreement

<PAGE>

or equitable right, remedy or claim in the Owner Trust Estate or under or in
respect of this Agreement or any covenants, conditions or provisions contained
herein.

     SECTION 11.4.  Notices. (a) Unless otherwise expressly specified or
permitted by the terms hereof, all notices shall be in writing and shall be
deemed given by telecopy with receipt acknowledged by the recipient thereof or
upon receipt personally delivered, delivered by overnight courier or mailed
certified mail, return receipt requested, if to the Owner Trustee, addressed to
the Corporate Trust Office; if to the Depositor, addressed to 1680 Capital One
Drive, McLean, Virginia 22102, Attention: Manager of Securitization; Copy to:
Legal Department; Copy to: Mayer, Brown, Rowe & Maw; if to the Swap
Counterparty, addressed to Lehman Brothers Special Financing Inc., c/o Lehman
Brothers Inc., 745 Seventh Avenue, 28th Floor, New York, New York 10019,
Attention: Documentation Manager; if to the Note Insurer, addressed to Ambac
Assurance Corporation, One State Street Plaza, New York, New York 10004,
Attention: Structured Finance Department ABS or, as to each party, at such other
address as shall be designated by such party in a written notice to each other
party.

          (b)  Any notice required or permitted to be given to a
     Certificateholder shall be given by first-class mail, postage prepaid, at
     the address of such Certificateholder as shown in the Certificate Register.
     Any notice so mailed within the time prescribed in this Agreement shall be
     conclusively presumed to have been duly given, whether or not the
     Certificateholder receives such notice.

     SECTION 11.5.  Severability. Any provision of this Agreement that is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
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.

     SECTION 11.6.  Separate Counterparts. This Agreement may be executed by the
parties hereto in separate counterparts, each of which when so executed and
delivered shall be an original, but all such counterparts shall together
constitute but one and the same instrument.

     SECTION 11.7.  Successors and Assigns. All covenants and agreements
contained herein shall be binding upon, and inure to the benefit of, the
Depositor, the Owner Trustee and its successors and each Residual Interestholder
and its successors and permitted assigns, all as herein provided. Any request,
notice, direction, consent, waiver or other instrument or action by a Residual
Interestholder shall bind the successors and assigns of such Residual
Interestholders.

     SECTION 11.8.  No Petition. The Owner Trustee (not in its individual
capacity but solely as the Owner Trustee), by entering into this Agreement, each
Certificateholder, by accepting a Certificate, and the Indenture Trustee and
each Noteholder or Note Owner, by accepting the benefits of this Agreement,
hereby covenants and agrees that they will not at any time institute against the
Depositor, or solicit or join in or cooperate with or encourage any institution
against the Depositor of any bankruptcy, reorganization, arrangement, insolvency
or liquidation proceedings, or other proceedings under any United States Federal
or state bankruptcy or similar law in connection with any obligations relating
to the Residual Interest, the Notes, this Agreement or any of the Transaction
Documents.

                               31                         2003-A Trust Agreement

<PAGE>

     SECTION 11.9.  No Recourse. (a) The Depositor as the initial Residual
Interestholder and each Certificateholder by accepting a Certificate
acknowledges that such the Residual Interest whether or not represented by a
Certificate or Certificates represent beneficial interests in the Trust only and
do not represent interests in or obligations of the Seller, the Administrator,
the Depositor, the Owner Trustee, the Indenture Trustee or any Affiliate thereof
and no recourse may be had against such parties or their assets, except as
expressly set forth or contemplated in this Agreement, the Certificates or the
Transaction Documents.

          (b)  In furtherance of and not in derogation of the foregoing, to the
     extent the Depositor enters into other securitization transactions, each
     Certificateholder, by accepting a Certificate, acknowledges and agrees that
     it shall have no right, title or interest in or to any assets or interests
     therein of the Depositor (other than the Trust Estate conveyed or purported
     to be conveyed by the Depositor to another securitization trust or other
     Person or Persons in connection therewith (whether by way of a sale,
     capital contribution or by virtue of the granting of a lien) ("Other
     Assets"). To the extent that, notwithstanding the agreements and provisions
     contained in the preceding sentences of this Section, a Certificateholder
     either (i) asserts an interest or claim to, or benefit from, Other Assets,
     whether asserted against or through the Depositor or any other Person owned
     by the Depositor, or (ii) is deemed to have any such interest, claim or
     benefit in or from Other Assets, whether by operation of law, legal
     process, pursuant to applicable provisions of insolvency laws or otherwise
     (including by virtue of Section 1111(b) of the Federal Bankruptcy Code or
     any successor provision having similar effect under the Bankruptcy Code),
     and whether deemed asserted against or through the Depositor or any other
     Person owned by the Depositor, then each Certificateholder, by accepting a
     Certificate, further acknowledges and agrees that any such interest, claim
     or benefit in or from Other Assets is and shall be expressly subordinated
     to the indefeasible payment in full of all obligations and liabilities of
     the Depositor which, under the terms of the relevant documents relating to
     the securitization of such Other Assets, are entitled to be paid from,
     entitled to the benefits of, or otherwise secured by such Other Assets
     (whether or not any such entitlement or security interest is legally
     perfected or otherwise entitled to priority of distribution or application
     under applicable law, including insolvency laws, and whether asserted
     against the Depositor or any other Person owned by the Depositor),
     including the payment of post-petition interest on such other obligations
     and liabilities. This subordination agreement shall be deemed a
     subordination agreement within the meaning of Section 510(a) of the
     Bankruptcy Code. Each Certificateholder, by acceptance of a Certificate,
     further acknowledges and agrees that no adequate remedy at law exists for a
     breach of this Section 11.9(b) and the terms of this Section 11.9(b) may be
     enforced by an action for specific performance. The provisions of this
     Section 11.9(b) shall be for the third party benefit of those entitled to
     rely thereon and shall survive the termination of this Agreement.

     SECTION 11.10.  Headings. The headings of the various Articles and Sections
herein are for convenience of reference only and shall not define or limit any
of the terms or provisions hereof.

     SECTION 11.11.  GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF

                               32                         2003-A Trust Agreement

<PAGE>

DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS.

     SECTION 11.12.  Ratification. The parties hereto and the Trust created
hereby ratify action taken by the Owner Trustee and/or the Depositor in
connection with the execution and delivery of the application for licensure as a
Pennsylvania Sales Finance Company and the Interest Rate Swap Agreement and all
action taken in connection therewith.

                  [Remainder of page intentionally left blank]

                               33                         2003-A Trust Agreement

<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Amended and
Restated Trust Agreement to be duly executed by their respective officers
hereunto duly authorized as of the day and year first above written.

                                       WILMINGTON TRUST COMPANY,
                                       as the Owner Trustee


                                       By:      /s/  Donald G. MacKelcan
                                          --------------------------------------
                                                  Donald G. MacKelcan
                                                    Vice President

                                       34                 2003-A Trust Agreement

<PAGE>

                                       CAPITAL ONE AUTO RECEIVABLES, LLC,
                                       as the Depositor


                                       By:      /s/  Albert A. Ciafre
                                          --------------------------------------
                                                   Albert A. Ciafre
                                                Assistant Vice President

                                       35                 2003-A Trust Agreement

<PAGE>

                                                                       EXHIBIT A

                               FORM OF CERTIFICATE

                        100% RESIDUAL PERCENTAGE INTEREST

NUMBER
R-1

                      CAPITAL ONE AUTO FINANCE TRUST 2003-A
                                   CERTIFICATE

     Evidencing a beneficial interest in certain distributions of the Trust, as
defined below, the property of which includes a pool of Receivables sold to the
Trust by the Seller.

     (This Certificate does not represent an interest in or obligation of
Capital One Auto Receivables, LLC or any of its Affiliates, except to the extent
described below.)

THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OR ANY OTHER
APPLICABLE SECURITIES OR "BLUE SKY" LAWS OF ANY STATE OR OTHER JURISDICTION, AND
MAY NOT BE RESOLD, ASSIGNED, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN
COMPLIANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR ANY OTHER
APPLICABLE SECURITIES OR "BLUE SKY" LAWS, PURSUANT TO AN EXEMPTION THEREFROM OR
IN A TRANSACTION NOT SUBJECT THERETO. IT AGREES, ON ITS OWN BEHALF AND ON BEHALF
OF ANY ACCOUNTS FOR WHICH IT IS ACTING AS AGENT, THAT SUCH CERTIFICATE MAY BE
RESOLD, ASSIGNED, PLEDGED OR TRANSFERRED ONLY (A) SO LONG AS THE CERTIFICATE IS
ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, SUCH TO A
PERSON WHOM THE TRANSFEROR REASONABLY BELIEVES AFTER DUE INQUIRY IS A QIB ACTING
FOR ITS OWN ACCOUNT (AND NOT FOR THE ACCOUNT OF OTHERS) OR AS A FIDUCIARY OR
AGENT FOR OTHERS (WHICH OTHERS ALSO ARE QIBS) TO WHOM NOTICE IS GIVEN THAT THE
RESALE, ASSIGNMENT, PLEDGE OR TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(B) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR
(C) SUCH RESALE, ASSIGNMENT, PLEDGE OR OTHER TRANSFER IS MADE IN A TRANSACTION
EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND OTHER
SECURITIES OR "BLUE SKY" LAWS, IN WHICH CASE THE OWNER TRUSTEE SHALL REQUIRE (I)
THAT BOTH THE PROSPECTIVE TRANSFEROR AND THE PROSPECTIVE TRANSFEREE CERTIFY TO
THE OWNER TRUSTEE AND THE DEPOSITOR IN WRITING THE FACTS SURROUNDING SUCH
TRANSFER, WHICH CERTIFICATION SHALL BE IN FORM AND SUBSTANCE SATISFACTORY TO THE
OWNER TRUSTEE AND (II) A WRITTEN OPINION OF COUNSEL (WHICH SHALL NOT BE AT THE
EXPENSE OF THE OWNER TRUSTEE OR THE DEPOSITOR) SATISFACTORY TO THE OWNER TRUSTEE
AND THE DEPOSITOR, TO THE EFFECT THAT SUCH TRANSFER WILL NOT VIOLATE THE
SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES OR
"BLUE SKY" LAWS OF

                                       A-1                2003-A Trust Agreement

<PAGE>

ANY STATE OR JURISDICTION. ANY ATTEMPTED TRANSFER IN CONTRAVENTION OF THE
IMMEDIATELY PRECEDING RESTRICTIONS WILL BE VOID AB INITIO AND THE PURPORTED
TRANSFEROR WILL CONTINUE TO BE TREATED AS THE OWNER OF THE CERTIFICATE FOR ALL
PURPOSES.

NO CERTIFICATE OR INTEREST THEREIN MAY BE ACQUIRED OR HELD (IN THE INITIAL
ACQUISITION OR THROUGH A TRANSFER) WITH PLAN ASSETS OF ANY "EMPLOYEE BENEFIT
PLAN" WHETHER OR NOT SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED ("ERISA"), ANY "PLAN" DESCRIBED BY SECTION 4975(E)(1) OF THE
INTERNAL REVENUE CODE OF 1986, AS AMENDED, OR ANY ENTITY DEEMED TO HOLD THE
ASSETS OF ANY OF THE FOREGOING BY REASON OF AN EMPLOYEE BENEFIT PLAN'S OR OTHER
PLAN'S INVESTMENT IN SUCH ENTITY (EACH, A "BENEFIT PLAN").

                                       A-2                2003-A Trust Agreement

<PAGE>

     THIS CERTIFIES THAT CAPITAL ONE AUTO RECEIVABLES, LLC is the registered
owner of a 100% Residual Percentage Interest that is nonassessable, fully-paid,
beneficial interest in certain distributions of CAPITAL ONE AUTO FINANCE TRUST
2003-A (the "Trust") formed by Capital One Auto Receivables, LLC, a Delaware
limited liability company (the "Depositor").

     The Trust was created pursuant to a Trust Agreement dated as of April 15,
2003, as amended and restated by an Amended and Restated Trust Agreement dated
as of June 3, 2003 (the "Trust Agreement"), between the Depositor and Wilmington
Trust Company, as owner trustee (the "Owner Trustee"), a summary of certain of
the pertinent provisions of which is set forth below. To the extent not
otherwise defined herein, the capitalized terms used herein have the meanings
assigned to them in the Indenture among the Trust, and JPMorgan Chase Bank, as
the Indenture Trustee (the "Indenture Trustee"), dated as of June 3, 2003, as
the same may be amended or supplemented from time to time.

     This Certificate is one of the duly authorized Certificates designated as
Capital One Auto Finance Trust 2003-A Certificates (herein called the
"Certificates"). Also issued under the Indenture dated as of June 3, 2003,
between the Trust and the Indenture Trustee, are eight classes of Notes
designated as 1.25063% Class A-1 Notes (the "Class A-1 Notes"), 1.40% Class A-2
Notes (the "Class A-2 Notes"), 1.83% Class A-3-A Notes (the "Class A-3-A
Notes"), LIBOR + 0.16% Class A-3-B Notes (the "Class A-3-B Notes"), 2.47% Class
A-4-A Notes (the "Class A-4-A Notes"), LIBOR + 0.28% Class A-4-B Notes (the
"Class A-4-B Notes" and, together with the Class A-1 Notes, the Class A-2 Notes,
the Class A-3-A Notes, the Class A-3-B Notes, and the Class A-4-A Notes, the
"Class A Notes"), 0% Class B Notes (the "Class B Notes"; the Class B Notes and
the Class A Notes are collectively referred to as the "Notes"). This Certificate
is issued under and is subject to the terms, provisions and conditions of the
Trust Agreement, to which Trust Agreement the holder of this Certificate by
virtue of the acceptance hereof assents and by which such holder is bound.

     Under the Trust Agreement, there will be distributed on each Payment Date,
to the Person in whose name this Certificate is registered at the close of
business on the last day of the preceding month, such Certificateholder's
Residual Percentage Interest in the amount to be distributed to
Certificateholders on such date.

     The holder of this Certificate acknowledges and agrees that its rights to
receive distributions in respect of this Certificate are subordinated to the
rights of the Noteholders, the Swap Counterparty and the Note Insurer as
described in the Contribution Agreement, the Indenture, the Servicing Agreement
and the Trust Agreement, as applicable.

     It is the intent of the Depositor, the Servicer, the Administrator and the
Certificateholders that, for purposes of federal income, state and local income
and franchise tax, until the Certificates are held by other than the Depositor,
the Trust will be disregarded as an entity separate from its owner. At such time
that the Certificates are held by more than one person, it is the intent of the
Seller, the Servicer, the Administrator and the Certificateholders that, for
purposes of federal income, state and local income and franchise tax, the Trust
will be treated as a partnership, the assets of which are the assets held by the
Trust, and the Certificateholders will be treated as partners in that
partnership. The Seller and the other Certificateholders, by

                                       A-3                2003-A Trust Agreement

<PAGE>

acceptance of a Certificate, agree to treat, and to take no action inconsistent
with the treatment of, the Certificates as such for tax purposes.

     Each Certificateholder, by its acceptance of a Certificate, covenants and
agrees that such Certificateholder will not at any time institute against the
Depositor, or join in or encourage any institution against the Depositor of, any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings,
or other proceedings under any United States federal or state bankruptcy or
similar law in connection with any obligations relating to the Certificates, the
Notes, the Trust Agreement or any of the Transaction Documents.

     Each Certificateholder by accepting a Certificate acknowledges that such
Certificateholder's Certificates represent beneficial interests in the Trust
only and do not represent interests in or obligations of the Depositor, the
Servicer, the Administrator, the Seller, the Owner Trustee, the Indenture
Trustee or any Affiliate thereof and no recourse may be had against such parties
or their assets, except as expressly set forth or contemplated in the Trust
Agreement, the Certificates or the Transaction Documents.

     Each Certificateholder by accepting a Certificate consents to the written
consent of the Owner Trustee with respect to the Bankruptcy Action of the Trust.

     In furtherance of and not in derogation of the foregoing, to the extent the
Depositor enters into other securitization transactions, each Certificateholder,
by accepting a Certificate, acknowledges and agrees that it shall have no right,
title or interest in or to any assets or interests therein of the Depositor
conveyed or purported to be conveyed by the Depositor to another securitization
trust or other Person or Persons in connection therewith (whether by way of a
sale, capital contribution or by virtue of the granting of a lien) ("Other
Assets"). To the extent that, notwithstanding the agreements and provisions
contained herein, a Certificateholder either (i) asserts an interest or claim
to, or benefit from, Other Assets, whether asserted against or through the
Depositor or any other Person owned by the Depositor, or (ii) is deemed to have
any such interest, claim or benefit in or from Other Assets, whether by
operation of law, legal process, pursuant to applicable provisions of insolvency
laws or otherwise (including by virtue of Section 1111(b) of the Federal
Bankruptcy Code or any successor provision having similar effect under the
Bankruptcy Code), and whether deemed asserted against or through the Depositor
or any other Person owned by the Depositor, then each Certificateholder, by
accepting a Certificate, further acknowledges and agrees that any such interest,
claim or benefit in or from Other Assets is and shall be expressly subordinated
to the indefeasible payment in full of all obligations and liabilities of the
Depositor which, under the terms of the relevant documents relating to the
securitization of such Other Assets, are entitled to be paid from, entitled to
the benefits of, or otherwise secured by such Other Assets (whether or not any
such entitlement or security interest is legally perfected or otherwise entitled
to priority of distribution or application under applicable law, including
insolvency laws, and whether asserted against the Depositor or any other Person
owned by the Depositor), including the payment of post-petition interest on such
other obligations and liabilities. This subordination agreement shall be deemed
a subordination agreement within the meaning of Section 510(a) of the Bankruptcy
Code. Each Certificateholder, by acceptance of a Certificate, further
acknowledges and agrees that no adequate remedy at law exists for a breach of
this paragraph and the terms of this paragraph may be enforced by an action for
specific performance. The provisions of this paragraph shall be for

                                       A-4                2003-A Trust Agreement

<PAGE>

the third party benefit of those entitled to rely thereon and shall survive the
termination of the Trust Agreement.

     The Certificates may not be acquired by or for the account of or with the
assets of (a) an employee benefit plan (as defined in Section 3(3) of ERISA)
that is subject to the provisions of Title 1 of ERISA, (b) a plan described in
Section 4975(e)(1) of the Code or (c) any entity whose underlying assets include
plan assets by reason of a plan's investment in the entity (each, a "Benefit
Plan"). By accepting and holding this Certificate, the Holder hereof shall be
deemed to have represented and warranted that it is not a Benefit Plan and is
not purchasing on behalf of a Benefit Plan.

     Unless the certificate of authentication hereon shall have been executed by
an authorized officer of the Owner Trustee, by manual signature, this
Certificate shall not entitle the holder hereof to any benefit under the Trust
Agreement, the Servicing Agreement or the Contribution Agreement or be valid for
any purpose.

     THIS CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS.

                                    A-5                   2003-A Trust Agreement

<PAGE>

     IN WITNESS WHEREOF, the Trust has caused this Certificate to be duly
executed.

                                       CAPITAL ONE AUTO RECEIVABLES TRUST
                                       2003-A,


                                       By: WILMINGTON TRUST COMPANY, not in its
                                       individual capacity, but solely as the
                                       Owner Trustee


Dated:                                 By: /s/
      -----------------                   --------------------------------------


                  OWNER TRUSTEE'S CERTIFICATE OF AUTHENTICATION

     This is one of the Certificates referred to in the within-mentioned Trust
Agreement.

                                       WILMINGTON TRUST COMPANY, as the
                                       Owner Trustee


                                       By: /s/
                                          --------------------------------------
                                                  Authenticating Agent


                                       By: /s/
                                          --------------------------------------
                                                  Authorized Signatory

                                       A-6                2003-A Trust Agreement

<PAGE>

                                   ASSIGNMENT

FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto_____
________________________________________________________________________________
Please insert social security or other identifying number of assignee
________________________________________________________________________________
(Please print or type name and address, including postal zip code, of assignee)
________________________________________________________________________________
the within Certificate, and all rights thereunder, hereby irrevocably
constituting and appointing____________________________________________Attorney
to transfer said Certificate on the books of the Certificate Registrar, with
full power of substitution in the premises.

Dated:                                                                         *
      ------------------                      ----------------------------------
                                                    Signature Guaranteed:*

                                              ----------------------------------
----------
 *    NOTICE: The signature to this assignment must correspond with the name of
      the registered owner as it appears on the face of the within Certificate
      in every particular, without alteration, enlargement or any change
      whatever. Such signature must be guaranteed by a member firm of the New
      York Stock Exchange or a commercial bank or trust company.

                                       A-7                2003-A Trust Agreement

<PAGE>

                                                                       EXHIBIT B

                         FORM OF TRANSFEROR CERTIFICATE

                                     [Date]

Capital One Auto Finance Trust 2003-A,
c/o Wilmington Trust Company,
 as the Owner Trustee and
 as the Certificate Registrar
Rodney Square North
1100 North Market Street
Wilmington, Delaware 19890

Ladies and Gentlemen:

     In connection with our proposed sale of the 100% Certificates (the
"Certificate") of Capital One Auto Finance Trust 2003-A (the "Trust"), a trust
formed by Capital One Auto Receivables, LLC (the "Depositor" or the "Seller"),
we confirm that:

     a.  The Seller is the lawful owner of the Certificate with the full right
         to transfer the Certificate free from any and all claims and
         encumbrances whatsoever.

     b.  Neither the Seller nor anyone acting on its behalf has (a) offered,
         transferred, pledged, sold or otherwise disposed of the Certificate,
         any interest in the Certificate or any other similar security to any
         person in any manner, (b) solicited any offer to buy or accept a
         transfer, pledge or other disposition of the Certificate, any interest
         in the Certificate or any other similar security from any person in any
         manner, (c) otherwise approached or negotiated with respect to the
         Certificate, any interest in the Certificate or any other similar
         security with any person in any manner, (d) made any general
         solicitation with respect to the Certificate, any interest in the
         Certificate or any other similar security by means of general
         advertising or in any other manner, or (e) taken any other action with
         respect to the Certificate, any interest in the Certificate or any
         other similar security, which (in the case of any of the acts described
         in clauses (a) through (e) hereof) would constitute a distribution
         under the Securities Act of 1933 (the "Securities Act"), or would
         render the disposition of the Certificate a violation of Section 5 of
         the Securities Act or any state securities laws, or would require
         registration or qualification of the Certificate pursuant to the
         Securities Act or any state securities laws.

     c.  The Seller and any person acting on behalf of the Seller in this matter
         reasonably believe that the Transferee is either (a) a "qualified
         institutional buyer" (as that term is defined in Rule 144A ("Rule
         144A") under the Securities Act) purchasing for its own account or (b)
         either (i) an "accredited investor" within the meaning of paragraph
         (1), (2), (3) or (7) of Rule 501(a) under the Securities Act or (ii) an
         entity in which all the equity owners are "accredited investors" within
         the meaning of paragraph (1), (2), (3) or (7) of Rule 501(a) under the
         Securities Act,

                                       B-1                2003-A Trust Agreement

<PAGE>

and has such knowledge and experience in financial and business matters as to be
capable of evaluating the merits and risks of an investment in the Certificate.

     d.  Unless the Transferee is either (a) an "accredited investor" within the
         meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act or
         (b) an entity in which all the equity owners are "accredited investors"
         within the meaning of paragraph (1), (2), (3) or (7) of Rule 501(a)
         under the Securities Act that is furnishing a Transferee Certificate in
         the form of Exhibit C to the Trust Agreement, the Seller or a person
         acting on its behalf has taken reasonable steps to ensure that the
         Transferee is aware that the Seller is relying on the exemption from
         the provisions of Section 5 of the Securities Act provided by Rule
         144A.

     e.  The Seller or a person acting on its behalf has furnished, or caused to
         be furnished, to the Transferee all information regarding (a) the
         Certificates and distributions thereon, (b) the nature, performance and
         servicing of the Receivables, (c) the Indenture and the Servicing
         Agreement, and (d) any credit enhancement mechanism associated with the
         Certificates, that the Transferee has requested.

                                       Very truly yours,

                                       Print Name of Transferor


                                       By: /s/
                                          --------------------------------------

                                       B-2                2003-A Trust Agreement

<PAGE>

                                                                       EXHIBIT C

                         FORM OF TRANSFEREE CERTIFICATE

                                     [Date]

Capital One Auto Finance Trust 2003-A,
c/o Wilmington Trust Company,
 as the Owner Trustee and
 as the Certificate Registrar
Rodney Square North
1100 North Market Street
Wilmington, Delaware 19890


Ladies and Gentlemen:

     In connection with our proposed purchase of the 100% Certificates (the
"Certificates") of Capital One Auto Finance Trust 2003-A (the "Trust"), a trust
formed by Capital One Auto Receivables, LLC (the "Depositor" or the "Seller"),
we confirm that:

     a.  We are a "qualified institutional buyer" as defined in Rule 144A
         ("QIB") and are acquiring the Certificate for our own institutional
         account (and not for the account of others) or as a fiduciary or agent
         for others (which others also are QIBs);

     b.  We acknowledge that the Certificates have not been and will not be
         registered under the Securities Act or the securities laws of any
         jurisdiction;

     c.  We are familiar with Rule 144A and are aware that the sale is being
         made in reliance on Rule 144A and we are not acquiring the Certificates
         with a view to, or for resale in connection with, a distribution that
         would constitute a public offering within the meaning of the Securities
         Act or a violation of the Securities Act, and that, if in the future we
         decide to resell, assign, pledge or otherwise transfer any
         Certificates, such Certificates may be resold, assigned, pledged or
         transferred only (i) to the Depositor or any Affiliate thereof, (ii) so
         long as such Certificate is eligible for resale pursuant to Rule 144A,
         to a person whom we reasonably believe after due inquiry is a QIB
         acting for its own account (and not for the account of others) or as a
         fiduciary or agent for others (which others also are QIBs) to whom
         notice is given that the resale, pledge, assignment or transfer is
         being made in reliance on Rule 144A, (iii) pursuant to an effective
         registration statement under the Securities Act or (iv) in a sale,
         pledge or other transfer made in a transaction otherwise exempt from
         the registration requirements of the Securities Act, in which case (A)
         the Owner Trustee will require that both the prospective transferor and
         the prospective transferee certify to the Owner Trustee and the
         Depositor in writing the facts surrounding such transfer, which
         certification shall be in form and substance satisfactory to the Owner
         Trustee and the Depositor and (B) the Owner Trustee will require a
         written opinion of counsel (which will not be at the expense of the
         Depositor or the Owner Trustee) satisfactory to the Depositor and the
         Owner Trustee to the effect that such transfer

                                       C-1                2003-A Trust Agreement

<PAGE>

         will not violate the Securities Act, in each case in accordance with
         any applicable securities or "Blue Sky" laws of any state of the United
         States;

     d.  No Certificate will be acquired or held by any "employee benefit plan"
         subject to ERISA or a "plan" described by Section 4975(e)(1) of the
         Internal Revenue Code of 1986, as amended, or by any entity deemed to
         hold the assets of any of the foregoing by reason of an employee
         benefit plan's or other plan's investment in such entity. Each Person
         who acquires any Certificate or interest therein will certify that the
         foregoing conditions are satisfied;

     e.  We are aware that we (or any account for which we are purchasing) may
         be required to bear the economic risk of an investment in the
         Certificates for an indefinite period, and we (or such account) are
         able to bear such risk for an indefinite period;

     f.  We understand that the Certificates will bear legends substantially as
         set forth in Section 3.12 of the Trust Agreement;

     g.  If we are acquiring any Certificates for the account of one or more
         qualified institutional buyers, we represent that we have sole
         investment discretion with respect to each such account and that we
         have full power to make the foregoing acknowledgments, representations
         and agreements on behalf of each such account; and

     h.  We acknowledge that the Owner Trustee, the Depositor, and their
         Affiliates, and others will rely upon the truth and accuracy of the
         foregoing acknowledgments, representations and agreements.

                                       C-2                2003-A Trust Agreement

<PAGE>

     You are entitled to rely upon this letter and are irrevocably authorized to
produce this letter or a copy hereof to any interested party in any
administrative or legal proceedings or official inquiry with respect to the
matters covered hereby.

                                       Very truly yours,


                                       By: /s/
                                          --------------------------------------

                                       C-3                2003-A Trust Agreement