EXTENSION AGREEMENT

                          dated as of February 18, 2000

                                      among

                          DOLLAR THRIFTY FUNDING CORP.,

                         CERTAIN FINANCIAL INSTITUTIONS,

                            as the Liquidity Lenders

                                       and

                  CREDIT SUISSE FIRST BOSTON, NEW YORK BRANCH,

                               as Liquidity Agent



<PAGE>



                               EXTENSION AGREEMENT

         THIS EXTENSION  AGREEMENT (this  "Agreement")  dated as of February 18,
2000,  is  entered  into  among  Dollar  Thrifty   Funding  Corp.,  an  Oklahoma
corporation  ("DTFC"),  the undersigned  financial  institutions (the "Liquidity
Lenders"),  Credit  Suisse  First  Boston,  New  York  Branch,  a Swiss  banking
corporation ("Liquidity Agent"), The Chase Manhattan Bank, not as a party but as
Syndication  Agent, and The Bank of Nova Scotia,  not as a party but as Document
Agent.

                                    RECITALS:

         A. The  undersigned  are parties to that  certain  Liquidity  Agreement
dated as of March 4, 1998,  among DTFC,  the  Liquidity  Lenders,  the Liquidity
Agent and The Chase Manhattan Bank, not as a party but as Syndication  Agent, as
subsequently  amended by (i) Amendment No. 1 to Liquidity  Agreement dated as of
March 4, 1999,  and (ii)  Amendment  No. 2 to  Liquidity  Agreement  dated as of
October 20, 1999 (as amended to the date hereof, the "Liquidity Agreement"); and

         B. The undersigned desire to extend the Scheduled Liquidity Commitment
Termination Date from March 2, 2000 to February 28, 2001.

         NOW, THEREFORE, the parties hereto hereby agree as follows:

     1.  Definitions.  Capitalized  terms used but not defined herein shall have
the  meanings  assigned  to such terms in the  Definitions  List  annexed to the
Liquidity  Agreement as Annex A, as such Definitions List has heretofore been or
may hereafter be amended or modified  from time to time in  accordance  with the
provisions of the Liquidity Agreement.

     2.  Extension.  Pursuant to Section  3.5 of the  Liquidity  Agreement,  the
Scheduled  Liquidity  Commitment  Termination  Date  is  hereby  extended  until
February 28, 2001.

     3. Condition to Effectiveness. The effectiveness of this Agreement shall be
conditioned upon the  effectiveness of that certain Amendment No. 3 to Liquidity
Agreement  dated as of the date hereof among DTFC,  the  financial  institutions
parties thereto, and the Liquidity Agent.

     4.   Continuing   Accuracy   of   Representations   and   Warranties.   The
representations  and  warranties of DTFC in each of the CP Program  Documents to
which DTFC is a party are true and  correct  (in all  material  respects  to the
extent such  representations  and  warranties  do not  incorporate a materiality
limitation  on their terms) on the date of this  Agreement as though made on and
as of the date of this Agreement.

     5. Binding  Effect.  This Agreement  shall be binding upon and inure to the
benefit of the parties and their respective successors and assigns.

                                       -1-


<PAGE>



     6. GOVERNING LAW. THIS AGREEMENT  SHALL BE CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK (WITHOUT  GIVING EFFECT TO THE PROVISIONS  THEREOF
REGARDING  CONFLICTS OF LAWS), AND THE  OBLIGATIONS,  RIGHTS AND REMEDIES OF THE
PARTIES HERETO SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     7.  Counterparts.   This  Agreement  may  be  executed  in  any  number  of
counterparts and by different parties hereto in separate  counterparts,  each of
which when executed and  delivered  shall be deemed to be an original and all of
which taken together shall constitute but one and the same agreement.


                         [SIGNATURES ON FOLLOWING PAGES]




                                       -2-


<PAGE>



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

                               DTFC:

                               DOLLAR THRIFTY FUNDING CORP.,
                                 an Oklahoma corporation

                               By: _____________________________________
                                 Pamela S. Peck

                                 Vice President

                                LIQUIDITY AGENT:

                               CREDIT SUISSE FIRST BOSTON, NEW YORK
                               BRANCH, a Swiss banking corporation

                               By: _____________________________________
                                        Name: __________________________
                                        Title: _________________________

                               By: _____________________________________
                                        Name: __________________________
                                        Title: _________________________






                                                        -3-


<PAGE>



LIQUIDITY COMMITMENT:          LIQUIDITY LENDER:

$75,000,000                    CREDIT SUISSE FIRST BOSTON, NEW YORK
                               BRANCH, a Swiss banking corporation


                               By: ________________________________________
                                        Name: _____________________________
                                        Title: ____________________________


                               By: ________________________________________
                                        Name: _____________________________
                                        Title: ____________________________





                                                        -4-


<PAGE>



LIQUIDITY COMMITMENT:          LIQUIDITY LENDER:

$65,000,000                    THE CHASE MANHATTAN BANK


                               By: ________________________________________
                                        Name: _____________________________
                                        Title: ____________________________







                                                        -5-


<PAGE>



LIQUIDITY COMMITMENT:          LIQUIDITY LENDER:

$50,000,000                    ING (U.S.) CAPITAL, LLC


                               By: ________________________________________
                                        Name: _____________________________
                                        Title: ____________________________










                                                        -6-


<PAGE>



LIQUIDITY COMMITMENT:          LIQUIDITY LENDER:

$70,000,000                    THE BANK OF NOVA SCOTIA


                               By: ________________________________________
                                        Name: _____________________________
                                        Title: ____________________________




                                                        -7-


<PAGE>



LIQUIDITY COMMITMENT:          LIQUIDITY LENDER:

$50,000,000                    ABN AMRO BANK N.V.


                               By: ________________________________________
                                        Name: _____________________________
                                        Title: ____________________________

                               By: ________________________________________
                                        Name: _____________________________
                                        Title: ____________________________








                                                        -8-


<PAGE>



LIQUIDITY COMMITMENT:          LIQUIDITY LENDER:

$40,000,000                    CREDIT INDUSTRIEL ET COMMERCIAL


                               By: ________________________________________
                                        Name: _____________________________
                                        Title: ____________________________

                               By: ________________________________________
                                        Name: _____________________________
                                        Title: ____________________________










                                                        -9-


<PAGE>



LIQUIDITY COMMITMENT:          LIQUIDITY LENDER:

$40,000,000                    DRESDNER BANK AG, NEW YORK AND
                               GRAND CAYMAN BRANCHES

                               By: ________________________________________
                                        Name: _____________________________
                                        Title: ____________________________

                               By: ________________________________________
                                        Name: _____________________________
                                        Title: ____________________________





















                                                       -10-


<PAGE>



LIQUIDITY COMMITMENT:          LIQUIDITY LENDER:

$25,000,000                    FLEET NATIONAL BANK


                               By: ________________________________________
                                        Name: _____________________________
                                        Title: ____________________________






                                                       -11-


<PAGE>



LIQUIDITY COMMITMENT:          LIQUIDITY LENDER:


$25,000,000                    BBL INTERNATIONAL (U.K.) LTD


                               By: ________________________________________
                                        Name: _____________________________
                                        Title: ____________________________


                               By: ________________________________________
                                        Name: _____________________________
                                        Title: ____________________________





                                                       -12-


<PAGE>



LIQUIDITY COMMITMENT:          LIQUIDITY LENDER:

$30,000,000                    BANK OF MONTREAL


                               By: ________________________________________
                                        Name: _____________________________
                                        Title: ____________________________






                                                       -13-


<PAGE>



LIQUIDITY COMMITMENT:          LIQUIDITY LENDER:

$50,000,000                    BANK ONE, TEXAS N.A.


                               By: ________________________________________
                                        Name: _____________________________
                                        Title: ____________________________


                               By: ________________________________________
                                        Name: _____________________________
                                        Title: ____________________________





                                                       -14-


<PAGE>



LIQUIDITY COMMITMENT:          LIQUIDITY LENDER:

$30,000,000                    BAYERISCHE LANDESBANK GIROZENTRALE,
                               NEW YORK BRANCH

                               By: ________________________________________
                                        Name: _____________________________
                                        Title: ____________________________


                               By: ________________________________________
                                        Name: _____________________________
                                        Title: ____________________________






                                                       -15-


<PAGE>



LIQUIDITY COMMITMENT:          LIQUIDITY LENDER:

$25,000,000                    COMERICA BANK


                               By: ________________________________________
                                        Name: _____________________________
                                        Title: ____________________________





                                                       -16-


<PAGE>



LIQUIDITY COMMITMENT:          LIQUIDITY LENDER:

$25,000,000                    MORGAN GUARANTY TRUST COMPANY OF
                               NEW YORK


                               By: ________________________________________
                                        Name: _____________________________
                                        Title: ____________________________






                                                       -17-


<PAGE>



LIQUIDITY COMMITMENT:          LIQUIDITY LENDER:

$50,000,000                    DEUTSCHE BANK AG, NEW YORK A/O
                               CAYMAN ISLANDS BRANCHES

                               By: ________________________________________
                                        Name: _____________________________
                                        Title: ____________________________



                                                       -18-


<PAGE>



LIQUIDITY COMMITMENT:          LIQUIDITY LENDER:

$25,000,000                    KBC BANK


                               By: ________________________________________
                                        Name: _____________________________
                                        Title: ____________________________




                                                       -19-


<PAGE>


LIQUIDITY COMMITMENT:          LIQUIDITY LENDER:

$25,000,000                    WELLS FARGO BANK


                               By: ________________________________________
                                        Name: _____________________________
                                        Title: ____________________________





                                                       -20-