Document:

Exhibit 4.1

                                    INDENTURE

                                     between

                      FORD CREDIT AUTO OWNER TRUST 2002-D,

                                    as Issuer

                                       and

                              THE BANK OF NEW YORK,

                              as Indenture Trustee

                           Dated as of August 1, 2002

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<TABLE>
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<S>                                                                                             <C>
TIA                                                                                         Indenture
Section                                                                                       Section

310 (a)(1)................................................................................   6.11
    (a)(2)................................................................................   6.11
    (a)(3)................................................................................   6.10
    (a)(4)................................................................................  N.A.2
    (a)(5)................................................................................   6.11
    (b)  ..............................................................................  6.8;6.11
    (c)  .................................................................................   N.A.
311 (a)  .................................................................................   6.12
    (b)  .................................................................................   6.12
    (c)  .................................................................................   N.A.
312 (a)  .................................................................................   7.1
    (b)  .................................................................................   7.2
    (c)  .................................................................................   7.2
313 (a)  .................................................................................   7.4
    (b)(1)................................................................................   7.4
    (b)(2)................................................................................  11.5
    (c)  .................................................................................   7.4
    (d)  .................................................................................   7.3
314 (a)  .................................................................................  11.15
    (b)  .................................................................................  11.1
    (c)(1)................................................................................  11.1
    (c)(2)................................................................................  11.1
    (c)(3)................................................................................  11.1
    (d)  .................................................................................  11.1
    (e)  .................................................................................  11.1
    (f)  .................................................................................  11.1
315 (a)  .................................................................................   6.1
    (b)  ...............................................................................6.5;11.5
    (c)  .................................................................................   6.1
    (d)  .................................................................................   6.1
    (e)  .................................................................................   5.13
316 (a) (last sentence)...................................................................   2.8
    (a)(1)(A).............................................................................   5.11
    (a)(1)(B).............................................................................   5.12
    (a)(2)................................................................................   N.A.
    (b)  .................................................................................   5.7
    (c)  .................................................................................   N.A
317 (a)(1)................................................................................   5.3
    (a)(2)................................................................................   5.3
    (b)  .................................................................................   3.3
318 (a)  .................................................................................  11.7

--------
1        Note: This Cross Reference Table shall not, for any purpose, be deemed
         to be part of this Indenture.

2        N.A. means Not Applicable.

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                                TABLE OF CONTENTS

   <S>                                                                                          <C>
                                    ARTICLE I

                DEFINITIONS, USAGE AND INCORPORATION BY REFERENCE

   SECTION 1.1  Definitions and Usage............................................................3
   SECTION 1.2  Incorporation by Reference of Trust Indenture Act................................3

                                   ARTICLE II

                                    THE NOTES

   SECTION 2.1  Form.............................................................................4
   SECTION 2.2  Execution, Authentication and Delivery...........................................4
   SECTION 2.3  Temporary Notes..................................................................5
   SECTION 2.4  Tax Treatment....................................................................6
   SECTION 2.5  Registration; Registration of Transfer and Exchange..............................6
   SECTION 2.6  Mutilated, Destroyed, Lost or Stolen Notes.......................................7
   SECTION 2.7  Persons Deemed Owners............................................................8
   SECTION 2.8  Payment of Principal and Interest; Defaulted Interest............................8
   SECTION 2.9  Cancellation.....................................................................9
   SECTION 2.10  Release of Collateral..........................................................10
   SECTION 2.11  Book-Entry Notes...............................................................10
   SECTION 2.12  Notices to Clearing Agency.....................................................11
   SECTION 2.13  Definitive Notes...............................................................11
   SECTION 2.14  Authenticating Agents..........................................................12

                                   ARTICLE III

                                    COVENANTS

   SECTION 3.1  Payment of Principal and Interest...............................................13
   SECTION 3.2  Maintenance of Office or Agency.................................................13
   SECTION 3.3  Money for Payments To Be Held in Trust..........................................13
   SECTION 3.4  Existence.......................................................................15
   SECTION 3.5  Protection of Indenture Trust Estate............................................15
   SECTION 3.6  Opinions as to Indenture Trust Estate...........................................16
   SECTION 3.7  Performance of Obligations; Servicing of Receivables............................16
   SECTION 3.8  Negative Covenants..............................................................18
   SECTION 3.9  Annual Statement as to Compliance...............................................19
   SECTION 3.10  Issuer May Consolidate, etc., Only on Certain Terms............................19
   SECTION 3.11  Successor or Transferee........................................................21
   SECTION 3.12  No Other Business..............................................................22
   SECTION 3.13  No Borrowing...................................................................22
   SECTION 3.14  Servicer's Obligations.........................................................22
   SECTION 3.15  Guarantees, Loans, Advances and Other Liabilities..............................22
   SECTION 3.16  Capital Expenditures...........................................................22
   SECTION 3.17  Further Instruments and Acts...................................................22
   SECTION 3.18  Restricted Payments............................................................22
   SECTION 3.19  Notice of Events of Default....................................................23
   SECTION 3.20  Removal of Administrator.......................................................23
   SECTION 3.21  Calculation Agent..............................................................23
   SECTION 3.22  Representations and Warranties by the Issuer as to Security Interest...........23

                                   ARTICLE IV

                           SATISFACTION AND DISCHARGE

   SECTION 4.1  Satisfaction and Discharge of  Indenture........................................25
   SECTION 4.2  Satisfaction, Discharge and Defeasance of Notes.................................26
   SECTION 4.3  Application of Trust Money......................................................27
   SECTION 4.4  Repayment of Monies Held by Note Paying Agent...................................28

                                    ARTICLE V

                                    REMEDIES

   SECTION 5.1  Events of Default...............................................................29
   SECTION 5.2  Acceleration of Maturity; Rescission and Annulment..............................30
   SECTION 5.3  Collection of Indebtedness and Suits for Enforcement by
                Indenture Trustee...............................................................31
   SECTION 5.4  Remedies; Priorities............................................................33
   SECTION 5.5  Optional Preservation of the Receivables........................................37
   SECTION 5.6  Limitation of Suits.............................................................38
   SECTION 5.7  Unconditional Rights of Noteholders To Receive Principal
                and Interest....................................................................38
   SECTION 5.8  Restoration of Rights and Remedies..............................................39
   SECTION 5.9  Rights and Remedies Cumulative..................................................39
   SECTION 5.10  Delay or Omission Not a Waiver.................................................39
   SECTION 5.11  Control by Controlling Note Class of Noteholders...............................39
   SECTION 5.12  Waiver of Past Defaults........................................................40
   SECTION 5.13  Undertaking for Costs..........................................................40
   SECTION 5.14  Waiver of Stay or Extension Laws...............................................40
   SECTION 5.15  Action on Notes................................................................41
   SECTION 5.16  Performance and Enforcement of Certain Obligations.............................41

                                   ARTICLE VI

                              THE INDENTURE TRUSTEE

   SECTION 6.1  Duties of Indenture Trustee.....................................................43
   SECTION 6.2  Rights of Indenture Trustee.....................................................44
   SECTION 6.3  Individual Rights of Indenture Trustee..........................................45
   SECTION 6.4  Indenture Trustee's Disclaimer..................................................45
   SECTION 6.5  Notice of Defaults..............................................................45
   SECTION 6.6  Reports by Indenture Trustee to Noteholders.....................................45
   SECTION 6.7  Compensation and Indemnity......................................................45
   SECTION 6.8  Replacement of Indenture Trustee................................................46
   SECTION 6.9  Successor Indenture Trustee by Merger...........................................47
   SECTION 6.10  Appointment of Co-Indenture Trustee or Separate
                 Indenture Trustee..............................................................48
   SECTION 6.11  Eligibility; Disqualification..................................................49
   SECTION 6.12  Preferential Collection of Claims Against Issuer...............................50
   SECTION 6.13  Interest Rate Swap Provisions..................................................50

                                   ARTICLE VII

                         NOTEHOLDERS' LISTS AND REPORTS

   SECTION 7.1  Issuer To Furnish Indenture Trustee Names and Addresses of
                Noteholders.....................................................................52
   SECTION 7.2  Preservation of Information; Communications to Noteholders......................52
   SECTION 7.3  Reports by Issuer...............................................................52
   SECTION 7.4  Reports by Indenture Trustee....................................................53

                                  ARTICLE VIII

                      ACCOUNTS, DISBURSEMENTS AND RELEASES

   SECTION 8.1  Collection of Money.............................................................54
   SECTION 8.2  Trust Accounts and Payahead Account.............................................54
   SECTION 8.3  General Provisions Regarding Accounts...........................................58
   SECTION 8.4  Release of Indenture Trust Estate...............................................59
   SECTION 8.5  Opinion of Counsel..............................................................59

                                   ARTICLE IX

                             SUPPLEMENTAL INDENTURES

   SECTION 9.1  Supplemental Indentures Without Consent of Noteholders..........................60
   SECTION 9.2  Supplemental Indentures with Consent of Noteholders.............................62
   SECTION 9.3  Execution of Supplemental Indentures............................................64
   SECTION 9.4  Effect of Supplemental Indenture................................................64
   SECTION 9.5  Conformity with Trust Indenture Act.............................................64
   SECTION 9.6  Reference in Notes to Supplemental Indentures...................................64

                                    ARTICLE X

                               REDEMPTION OF NOTES

   SECTION 10.1 Redemption.....................................................................65
   SECTION 10.2 Form of Redemption Notice......................................................65
   SECTION 10.3 Notes Payable on Redemption Date...............................................65

                                   ARTICLE XI

                                  MISCELLANEOUS

   SECTION 11.1 Compliance Certificates and Opinions, etc......................................66
   SECTION 11.2 Form of Documents Delivered to Indenture Trustee...............................68
   SECTION 11.3 Acts of Noteholders............................................................68
   SECTION 11.4 Notices, etc., to Indenture Trustee, Issuer and Rating Agencies................69
   SECTION 11.5 Notices to Noteholders; Waiver.................................................70
   SECTION 11.6 Alternate Payment and Notice Provisions........................................70
   SECTION 11.7 Conflict with Trust Indenture Act..............................................71
   SECTION 11.8 Effect of Headings and Table of Contents.......................................71
   SECTION 11.9 Successors and Assigns.........................................................71
   SECTION 11.10 Separability..................................................................71
   SECTION 11.11 Benefits of Indenture.........................................................71
   SECTION 11.12 Legal Holidays................................................................71
   SECTION 11.13 Governing Law.................................................................71
   SECTION 11.14 Counterparts..................................................................72
   SECTION 11.15 Recording of Indenture........................................................72
   SECTION 11.16 Trust Obligation..............................................................72
   SECTION 11.17 Subordination of  Claims against Seller.......................................72
   SECTION 11.18 No Petition...................................................................73
   SECTION 11.19 Inspection....................................................................73

EXHIBIT A-1

         FORM OF CLASS A-1 NOTE.............................................................A-1-1

EXHIBIT A-2

         FORM OF CLASS A-2 NOTE.............................................................A-2-1

EXHIBIT A-3

         FORM OF CLASS A-3 NOTE.............................................................A-3-1

EXHIBIT A-4

         FORM OF CLASS A-4 NOTE.............................................................A-4-1

EXHIBIT B

         FORM OF CLASS B NOTE.................................................................B-1

EXHIBIT C

         FORM OF NOTE DEPOSITORY AGREEMENT....................................................C-1

SCHEDULE A

         Schedule of Receivables.............................................................SA-1

APPENDIX A

         Definitions and Usage...............................................................AA-1

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                  INDENTURE, dated as of August 1, 2002, (as from time to time
amended, supplemented or otherwise modified and in effect, this "Indenture")
between FORD CREDIT AUTO OWNER TRUST 2002-D, a Delaware business trust, as
Issuer, and THE BANK OF NEW YORK, a New York corporation, as trustee for the
benefit of the Noteholders and as agent for the Swap Counterparties (in such
capacity, the "Indenture Trustee") and not in its individual capacity.

                  Each party agrees as follows for the benefit of the other
party and for the equal and ratable benefit of the holders of the Issuer's Class
A-1 1.79% Asset Backed Notes (the "Class A-1 Notes"), Class A-2a 2.10% Asset
Backed Notes (the "Class A-2a Notes"), Class A-2b Floating Rate Asset Backed
Notes (the "Class A-2b Notes" and, together with the Class A-2a Notes, the
"Class A-2 Notes"), Class A-3a 2.68% Asset Backed Notes (the "Class A-3a
Notes"), Class A-3b Floating Rate Asset Backed Notes (the "Class A-3b Notes"
and, together with the Class A-3a Notes, the "Class A-3 Notes"), Class A-4a
3.13% Asset Backed Notes (the "Class A-4a Notes"), Class A-4b Floating Rate
Asset Backed Notes (the "Class A-4b Notes" and, together with the Class A-4a
Notes, the "Class A-4 Notes" and, such Class A-4 Notes, together with the Class
A-1 Notes, the Class A-2 Notes and the Class A-3 Notes, the "Class A Notes"),
Class B 3.56% Asset Backed Notes (the "Class B Notes") and Class C 4.40% Asset
Backed Notes (the "Class C Notes" and, together with the Class A Notes and the
Class B Notes, the "Notes") and the Swap Counterparties.

                                 GRANTING CLAUSE

                  The Issuer hereby Grants to the Indenture Trustee at the
Closing Date, as Indenture Trustee for the benefit of the Noteholders and the
Swap Counterparties, all of the Issuer's right, title and interest in, to and
under, whether now owned or existing or hereafter acquired or arising, (a) the
Receivables; (b) with respect to Actuarial Receivables, monies due thereunder on
or after the Cutoff Date (including Payaheads) and, with respect to Simple
Interest Receivables, monies due or received thereunder on or after the Cutoff
Date (including in each case any monies received prior to the Cutoff Date that
are due on or after the Cutoff Date and were not used to reduce the principal
balance of the Receivable); (c) the security interests in the Financed Vehicles
granted by Obligors pursuant to the Receivables and any other interest of the
Issuer in the Financed Vehicles; (d) rights to receive proceeds with respect to
the Receivables from claims on any physical damage, credit life, credit
disability, or other insurance policies covering Financed Vehicles or Obligors;
(e) Dealer Recourse; (f) all of the rights to the Receivable Files; (g) the
Trust Accounts and all amounts, securities, investments and other property
deposited in or credited to any of the foregoing and all proceeds thereof; (h)
the Sale and Servicing Agreement; (i) all of the rights under the Purchase
Agreement, including the right of the Seller to cause Ford Credit to repurchase
Receivables from the Seller; (j) payments and proceeds with respect to the
Receivables held by the Servicer; (k) all property (including the right to
receive Liquidation Proceeds) securing a Receivable (other than a Receivable
purchased by the Servicer or repurchased by the Seller); (l) rebates of premiums
and other amounts relating to insurance policies and other items financed under
the Receivables in effect as of the Cutoff Date; (m) all of the Issuer's rights
in the Interest Rate Swap Agreements and (n) all present and future claims,
demands, causes of action and choses in action in respect of any or all of the
foregoing and all payments on or under and all proceeds of every kind and nature
whatsoever in respect of any or all of the foregoing, including all proceeds of
the conversion thereof, voluntary or involuntary, into cash or other liquid
property, all cash proceeds, accounts, accounts receivable, notes, drafts,
acceptances, chattel paper, checks, deposit accounts, insurance proceeds,
condemnation awards, rights to payment of any and every kind and other forms of
obligations and receivables, instruments and other property which at any time
constitute all or part of or are included in the proceeds of any of the
foregoing (collectively, the "Collateral").

                  The foregoing Grant is made in trust to secure (a) the payment
of principal of and interest on, and any other amounts owing in respect of, the
Notes, equally and ratably without prejudice, priority or distinction, and to
secure compliance with the provisions of this Indenture, all as provided in this
Indenture and (b) payment of amounts payable to the Swap Counterparties under
the Interest Rate Swap Agreements.

                  The Indenture Trustee, as Indenture Trustee on behalf of the
Noteholders and the Swap Counterparties, acknowledges such Grant, accepts the
trusts under this Indenture in accordance with the provisions of this Indenture
and agrees to perform its duties required in this Indenture to the best of its
ability to the end that the interests of the Noteholders and the Swap
Counterparties may be adequately and effectively protected.

<PAGE>

                                   ARTICLE I

                DEFINITIONS, USAGE AND INCORPORATION BY REFERENCE

SECTION 1.1     Definitions and Usage. Except as otherwise specified herein or
as the context may otherwise require, capitalized terms used but not otherwise
defined herein are defined in Appendix A hereto, which also contains rules as to
usage that shall be applicable herein.

SECTION 1.2     Incorporation by Reference of Trust Indenture Act. Whenever
this Indenture refers to a provision of the TIA, the provision is incorporated
by reference in and made a part of this Indenture. The following TIA terms used
in this Indenture have the following meanings:

                  "indenture securities" shall mean the Notes.

                  "indenture security holder" shall mean a Noteholder.

                  "indenture to be qualified" shall mean this Indenture.

                  "indenture trustee" or "institutional trustee" shall mean the
Indenture Trustee.

                  "obligor" on the indenture securities shall mean the Issuer
and any other obligor on the indenture securities.

                  All other TIA terms used in this Indenture that are defined in
the TIA, defined by TIA reference to another statute or defined by Commission
rule have the meaning assigned to them by such definitions.

<PAGE>

                                   ARTICLE II

                                    THE NOTES

SECTION 2.1     Form. The Class A-1 Notes, the Class A-2a Notes, the Class
A-2b Notes, the Class A-3a Notes, the Class A-3b Notes, the Class A-4a Notes,
the Class A-4b Notes, the Class B Notes and the Class C Notes, together with the
Indenture Trustee's certificates of authentication, shall be in substantially
the form set forth in Exhibit A-1, Exhibit A-2a, Exhibit A-2b, Exhibit A-3a,
Exhibit A-3b, Exhibit A-4a, Exhibit A-4b, Exhibit B and Exhibit C, respectively,
with such appropriate insertions, omissions, substitutions and other variations
as are required or permitted by this Indenture, and may have such letters,
numbers or other marks of identification and such legends or endorsements placed
thereon as may, consistently herewith, be determined by the officers executing
such Notes, as evidenced by their execution thereof. Any portion of the text of
any Note may be set forth on the reverse thereof, with an appropriate reference
thereto on the face of the Note.

(a) The definitive Notes shall be typewritten, printed, lithographed or engraved
or produced by any combination of these methods (with or without steel engraved
borders), all as determined by the officers executing such Notes, as evidenced
by their execution of such Notes.

(b) Each Note shall be dated the date of its authentication. The terms of the
Notes set forth in Exhibit A-1, Exhibit A-2a, Exhibit A-2b, Exhibit A-3a,
Exhibit A-3b, Exhibit A-4a, Exhibit A-4b, Exhibit B and Exhibit C are part of
the terms of this Indenture and are incorporated herein by reference.

SECTION 2.2     Execution, Authentication and Delivery. (a) The Notes shall be
executed on behalf of the Issuer by any of its Authorized Officers. The
signature of any such Authorized Officer on the Notes may be manual or
facsimile.

(b) Notes bearing the manual or facsimile signature of individuals who were at
any time Authorized Officers of the Issuer shall bind the Issuer,
notwithstanding that such individuals or any of them have ceased to hold such
offices prior to the authentication and delivery of such Notes or did not hold
such offices at the date of such Notes.

(c) The Indenture Trustee shall, upon Issuer Order, authenticate and deliver the
Notes for original issue in the Classes and initial aggregate principal amounts
as set in the table below.

     Class                                          Initial Aggregate
                                                     Principal Amount

Class A-1 Notes                                      $602,000,000

Class A-2a Notes                                     $200,000,000

Class A-2b Note                                      $1,116,000,000

Class A-3a Notes                                     $250,000,000

Class A-3b Note                                      $306,000,000

Class A-4a Notes                                     $204,737,000

Class A-4b Note                                      $171,000,000

Class B Notes                                        $89,992,000

Class C Notes                                        $59,994,000

The aggregate principal amount of Class A-1 Notes, the Fixed Rate Notes, the
Floating Rate Notes, Class B Notes and Class C Notes Outstanding at any time may
not exceed those respective amounts except as provided in Section 2.6.

(d) The Class A-1 Notes shall be issuable as Book-Entry Notes in minimum
denominations of $100,000 and in integral multiples of $1,000 in excess thereof.
The Fixed Rate Notes and Floating Rate Notes shall be issuable as Book-Entry
Notes in minimum denominations of $1,000 and in integral multiples of $1,000 in
excess thereof.

(e) No Note shall be entitled to any benefit under this Indenture or be valid or
obligatory for any purpose, unless there appears on such Note a certificate of
authentication substantially in the form provided for herein executed by the
Indenture Trustee by the manual signature of one of its authorized signatories,
and such certificate upon any Note shall be conclusive evidence, and the only
evidence, that such Note has been duly authenticated and delivered hereunder.

SECTION 2.3     Temporary Notes. (a) Pending the preparation of definitive
Notes, the Issuer may execute, and upon receipt of an Issuer Order the Indenture
Trustee shall authenticate and deliver, temporary Notes that are printed,
lithographed, typewritten, mimeographed or otherwise produced, substantially of
the tenor of the definitive Notes in lieu of which they are issued and with such
variations not inconsistent with the terms of this Indenture as the officers
executing the temporary Notes may determine, as evidenced by their execution of
such temporary Notes.

                  If temporary Notes are issued, the Issuer shall cause
definitive Notes to be prepared without unreasonable delay. After the
preparation of definitive Notes, the temporary Notes shall be exchangeable for
definitive Notes upon surrender of the temporary Notes at the office or agency
of the Issuer to be maintained as provided in Section 3.2, without charge to the
Noteholder. Upon surrender for cancellation of any one or more temporary Notes,
the Issuer shall execute, and the Indenture Trustee shall authenticate and
deliver in exchange therefor, a like principal amount of definitive Notes of
authorized denominations. Until so exchanged, the temporary Notes shall in all
respects be entitled to the same benefits under this Indenture as definitive
Notes.

SECTION 2.4     Tax Treatment. The Issuer has entered into this Indenture, and
the Notes shall be issued, with the intention that, for federal, State and local
income and franchise tax purposes, the Notes shall qualify as indebtedness of
the Issuer secured by the Indenture Trust Estate. The Issuer, by entering into
this Indenture, and each Noteholder, by its acceptance of a Note (and each Note
Owner by its acceptance of an interest in the applicable Book-Entry Note), agree
to treat the Notes for federal, State and local income, single business and
franchise tax purposes as indebtedness of the Issuer; provided, that the Issuer
and each Noteholder agree that in the event the Class B Notes or the Class C
Notes were recharacterized as an equity interest in the Issuer, the allocation
provisions of the Trust Agreement would apply.

SECTION 2.5     Registration; Registration of Transfer and Exchange. (a) The
Issuer shall cause to be kept a register (the "Note Register") in which, subject
to such reasonable regulations as it may prescribe, the Issuer shall provide for
the registration of Notes and the registration of transfers of Notes. The
Indenture Trustee initially shall be the "Note Registrar" for the purpose of
registering Notes and transfers of Notes as herein provided. Upon any
resignation of any Note Registrar, the Issuer shall promptly appoint a successor
or, if it elects not to make such an appointment, assume the duties of Note
Registrar. If a Person other than the Indenture Trustee is appointed by the
Issuer as Note Registrar, (i) the Issuer shall give the Indenture Trustee prompt
written notice of the appointment of such Note Registrar and of the location,
and any change in the location, of the Note Register, (ii) the Indenture Trustee
shall have the right to inspect the Note Register at all reasonable times and to
obtain copies thereof, and (iii) the Indenture Trustee shall have the right to
rely upon a certificate executed on behalf of the Note Registrar by an Executive
Officer thereof as to the names and addresses of the Noteholders and the
principal amounts and number of such Notes.

(b)   Reserved

(c) Upon surrender for registration of transfer of any Note at the office or
agency of the Issuer to be maintained as provided in Section 3.2, if the
requirements of Section 8-401(1) of the UCC are met the Issuer shall execute,
and the Indenture Trustee shall authenticate and the Noteholder shall obtain
from the Indenture Trustee, in the name of the designated transferee or
transferees, one or more new Notes of the same Class in any authorized
denomination, of a like aggregate principal amount.

(d) At the option of the Noteholder, Notes may be exchanged for other Notes of
the same Class in any authorized denominations, of a like aggregate principal
amount, upon surrender of the Notes to be exchanged at such office or agency.
Whenever any Notes are so surrendered for exchange, if the requirements of
Section 8-401(1) of the UCC are met, the Issuer shall execute, the Indenture
Trustee shall authenticate, and the Noteholder shall obtain from the Indenture
Trustee, the Notes which the Noteholder making such exchange is entitled to
receive.

(e) All Notes issued upon any registration of transfer or exchange of Notes
shall be the valid obligations of the Issuer, evidencing the same debt, and
entitled to the same benefits under this Indenture as the Notes surrendered upon
such registration of transfer or exchange.

(f) Every Note presented or surrendered for registration of transfer or exchange
shall be (i) duly endorsed by, or be accompanied by a written instrument of
transfer in form satisfactory to the Indenture Trustee duly executed by, the
Noteholder thereof or such Noteholder's attorney duly authorized in writing,
with such signature guaranteed by an "eligible guarantor institution" meeting
the requirements of the Note Registrar, which requirements include membership or
participation in STAMP or such other "signature guarantee program" as may be
determined by the Note Registrar in addition to, or in substitution for, STAMP,
all in accordance with the Securities Exchange Act of 1934, as amended, and (ii)
accompanied by such other documents or evidence as the Indenture Trustee may
require.

(g) No service charge shall be made to a Noteholder for any registration of
transfer or exchange of Notes, but the Issuer may require payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection with any registration of transfer or exchange of Notes, other than
exchanges pursuant to Section 2.3 or 9.6 not involving any transfer.

(h) The preceding provisions of this Section 2.5 notwithstanding, the Issuer
shall not be required to make and the Note Registrar need not register transfers
or exchanges of Notes selected for redemption or of any Note for a period of
fifteen (15) days preceding the Payment Date for any payment with respect to
such Note.

SECTION 2.6     Mutilated, Destroyed, Lost or Stolen Notes. (a) If (i) any
mutilated Note is surrendered to the Indenture Trustee, or the Indenture Trustee
receives evidence to its satisfaction of the destruction, loss or theft of any
Note, and (ii) there is delivered to the Indenture Trustee such security or
indemnity as may be required by it to hold the Issuer and the Indenture Trustee
harmless, then, in the absence of notice to the Issuer, the Note Registrar or
the Indenture Trustee that such Note has been acquired by a protected purchaser,
as defined in Section 8-303 of the UCC, and provided that the requirements of
Section 8-405 of the UCC are met, the Issuer shall execute, and upon Issuer
Request the Indenture Trustee shall authenticate and deliver, in exchange for or
in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement
Note of the same Class; provided, however, that if any such destroyed, lost or
stolen Note, but not a mutilated Note, shall have become or within seven (7)
days shall be due and payable, or shall have been called for redemption, instead
of issuing a replacement Note, the Issuer may pay such destroyed, lost or stolen
Note when so due or payable or upon the Redemption Date without surrender
thereof. If, after the delivery of such replacement Note or payment of a
destroyed, lost or stolen Note pursuant to the proviso to the preceding
sentence, a protected purchaser of the original Note in lieu of which such
replacement Note was issued presents for payment such original Note, the Issuer
and the Indenture Trustee shall be entitled to recover such replacement Note (or
such payment) from the Person to whom it was delivered or any Person taking such
replacement Note from such Person to whom such replacement Note was delivered or
any assignee of such Person, except a protected purchaser, and shall be entitled
to recover upon the security or indemnity provided therefor to the extent of any
loss, damage, cost or expense incurred by the Issuer or the Indenture Trustee in
connection therewith.

(b) Upon the issuance of any replacement Note under this Section 2.6, the Issuer
may require the payment by the Noteholder of such Note of a sum sufficient to
cover any tax or other governmental charge that may be imposed in relation
thereto and any other reasonable expenses (including the fees and expenses of
the Indenture Trustee) connected therewith.

(c) Every replacement Note issued pursuant to this Section 2.6 in replacement of
any mutilated, destroyed, lost or stolen Note shall constitute an original
additional contractual obligation of the Issuer, whether or not the mutilated,
destroyed, lost or stolen Note shall be at any time enforceable by anyone, and
shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Notes duly issued hereunder.

(d) The provisions of this Section 2.6 are exclusive and shall preclude (to the
extent lawful) all other rights and remedies with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Notes.

SECTION 2.7     Persons Deemed Owners. Prior to due presentment for
registration of transfer of any Note, the Issuer, the Indenture Trustee and any
agent of the Issuer or the Indenture Trustee may treat the Person in whose name
any Note is registered (as of the day of determination) as the owner of such
Note for the purpose of receiving payments of principal of and interest, if any,
on such Note and for all other purposes whatsoever, whether or not such Note be
overdue, and none of the Issuer, the Indenture Trustee or any agent of the
Issuer or the Indenture Trustee shall be affected by notice to the contrary.

SECTION 2.8     Payment of Principal and Interest; Defaulted Interest. (a) The
Class A-1 Notes, the Class A-2a Notes, the Class A-2b Notes, the Class A-3a
Notes, the Class A-3b Notes, the Class A-4a Notes, the Class A-4b Notes, the
Class B Notes and the Class C Notes shall accrue interest at the Class A-1 Rate,
the Class A-2a Rate, the Class A-2b Rate, the Class A-3a Rate, the Class A-3b
Rate, the Class A-4a Rate, the Class A-4b Rate, the Class B Rate and the Class C
Rate, respectively, as set forth in Exhibit A-1, Exhibit A-2a, Exhibit A-2b,
Exhibit A-3a, Exhibit A-3b, Exhibit A-4a, Exhibit A-4b, Exhibit B and Exhibit C,
respectively, and such interest shall be due and payable on each Payment Date as
specified therein, subject to Section 3.1. Any installment of interest or
principal, if any, payable on any Note that is punctually paid or duly provided
for by the Issuer on the applicable Payment Date shall be paid to the Person in
whose name such Note (or one or more Predecessor Notes) is registered on the
Record Date either by wire transfer in immediately available funds, to the
account of such Noteholder at a bank or other entity having appropriate
facilities therefor, if such Noteholder shall have provided to the Note
Registrar appropriate written instructions at least five (5) Business Days prior
to such Payment Date and such Noteholder's Notes in the aggregate evidence a
denomination of not less than $1,000,000, or, if not, by check mailed
first-class postage prepaid to such Person's address as it appears on the Note
Register on such Record Date; provided that, unless Definitive Notes have been
issued to Note Owners pursuant to Section 2.13, with respect to Notes registered
on the Record Date in the name of the nominee of the Clearing Agency (initially,
such nominee to be Cede & Co.), payment shall be made by wire transfer in
immediately available funds to the account designated by such nominee, and
except for the final installment of principal payable with respect to such Note
on a Payment Date, the Redemption Date or the applicable Final Scheduled Payment
Date, which shall be payable as provided below. The funds represented by any
such checks returned undelivered shall be held in accordance with Section 3.3.

(b) The principal of each Note shall be payable in installments on each Payment
Date as provided in the forms of Notes set forth in Exhibit A-1, Exhibit A-2a,
Exhibit A-2b, Exhibit A-3a, Exhibit A-3b, Exhibit A-4a, Exhibit A-4b, Exhibit B
and Exhibit C hereto. Notwithstanding the foregoing, the entire unpaid principal
amount of each Class of Notes shall be due and payable, if not previously paid,
on the date on which an Event of Default shall have occurred and be continuing,
if the Indenture Trustee or the Noteholders of Notes evidencing not less than a
majority of the Note Balance of the Controlling Note Class have declared the
Notes to be immediately due and payable in the manner provided in Section 5.2.
All principal payments on each Class of Notes shall be made pro rata to the
Noteholders of such Class entitled thereto. The Indenture Trustee shall notify
the Person in whose name a Note is registered at the close of business on the
Record Date preceding the Payment Date on which the Issuer expects that the
final installment of principal of and interest on such Note shall be paid. Such
notice shall be mailed or transmitted by facsimile prior to such final Payment
Date and shall specify that such final installment shall be payable only upon
presentation and surrender of such Note and shall specify the place where such
Note may be presented and surrendered for payment of such installment. Notices
in connection with the redemption of Notes shall be mailed to Noteholders as
provided in Section 10.2.

(c) If the Issuer defaults in a payment of interest on the Notes, the Issuer
shall pay defaulted interest (plus interest on such defaulted interest to the
extent lawful) at the applicable Note Interest Rate on the Payment Date
following such default. The Issuer shall pay such defaulted interest to the
Persons who are Noteholders on the Record Date for such following Payment Date.

SECTION 2.9     Cancellation. All Notes surrendered for payment, registration
of transfer, exchange or redemption shall, if surrendered to any Person other
than the Indenture Trustee, be delivered to the Indenture Trustee and shall be
promptly cancelled by the Indenture Trustee. The Issuer may at any time deliver
to the Indenture Trustee for cancellation any Notes previously authenticated and
delivered hereunder which the Issuer may have acquired in any manner whatsoever,
and all Notes so delivered shall be promptly cancelled by the Indenture Trustee.
No Notes shall be authenticated in lieu of or in exchange for any Notes
cancelled as provided in this Section 2.9, except as expressly permitted by this
Indenture. All cancelled Notes may be held or disposed of by the Indenture
Trustee in accordance with its standard retention or disposal policy as in
effect at the time unless the Issuer shall direct by an Issuer Order that they
be destroyed or returned to it and so long as such Issuer Order is timely and
the Notes have not been previously disposed of by the Indenture Trustee.

SECTION 2.10    Release of Collateral. Subject to Section 11.1 and the terms
of the Basic Documents, the Indenture Trustee shall release property from the
lien of this Indenture only upon receipt of an Issuer Request accompanied by an
Officer's Certificate, an Opinion of Counsel and Independent Certificates in
accordance with TIA Sections 314(c) and 314(d)(1) or an Opinion of Counsel in
lieu of such Independent Certificates to the effect that the TIA does not
require any such Independent Certificates. If the Commission shall issue an
exemptive order under TIA Section 304(d) modifying the Owner Trustee's
obligations under TIA Sections 314(c) and 314(d)(1), subject to Section 11.1 and
the terms of the Basic Documents, the Indenture Trustee shall release property
from the lien of this Indenture in accordance with the conditions and procedures
set forth in such exemptive order.

SECTION 2.11    Book-Entry Notes. The Notes, upon original issuance, shall be
issued in the form of typewritten Notes representing the Book-Entry Notes, to be
delivered to The Depository Trust Company, the initial Clearing Agency, by, or
on behalf of, the Issuer. The Book-Entry Notes shall be registered initially on
the Note Register in the name of Cede & Co., the nominee of the initial Clearing
Agency, and no Note Owner thereof shall receive a Definitive Note (as defined
below) representing such Note Owner's interest in such Note, except as provided
in Section 2.13. Unless and until definitive, fully registered Notes (the
"Definitive Notes") have been issued to such Note Owners pursuant to Section
2.13:

(i)               the provisions of this Section 2.11 shall be in full force and
                  effect;

(ii)              the Note Registrar and the Indenture Trustee shall be entitled
                  to deal with the Clearing Agency for all purposes of this
                  Indenture (including the payment of principal of and interest
                  on the Book-Entry Notes and the giving of instructions or
                  directions hereunder) as the sole Noteholder, and shall have
                  no obligation to the Note Owners;

(iii)             to the extent that the provisions of this Section 2.11
                  conflict with any other provisions of this Indenture, the
                  provisions of this Section 2.11 shall control;

(iv)              the rights of Note Owners shall be exercised only through the
                  Clearing Agency and shall be limited to those established by
                  law and agreements between such Note Owners and the Clearing
                  Agency and/or the Clearing Agency Participants pursuant to the
                  Note Depository Agreement. Unless and until Definitive Notes
                  are issued to Note Owners pursuant to Section 2.13, the
                  initial Clearing Agency shall make book-entry transfers among
                  the Clearing Agency Participants and receive and transmit
                  payments of principal of and interest on the Book-Entry Notes
                  to such Clearing Agency Participants; and

(v)               whenever this Indenture requires or permits actions to be
                  taken based upon instructions or directions of Noteholders of
                  Notes evidencing a specified percentage of the Note Balance of
                  the Notes Outstanding (or any Class thereof, including the
                  Controlling Note Class) the Clearing Agency shall be deemed to
                  represent such percentage only to the extent that it has
                  received instructions to such effect from Note Owners and/or
                  Clearing Agency Participants owning or representing,
                  respectively, such required percentage of the beneficial
                  interest of the Notes Outstanding (or Class thereof, including
                  the Controlling Note Class) and has delivered such
                  instructions to the Indenture Trustee.

SECTION 2.12    Notices to Clearing Agency. Whenever a notice or other
communication to the Noteholders of Book-Entry Notes is required under this
Indenture, unless and until Definitive Notes shall have been issued to the Note
Owners pursuant to Section 2.13, the Indenture Trustee shall give all such
notices and communications specified herein to be given to Noteholders of
Book-Entry Notes to the Clearing Agency, and shall have no obligation to such
Note Owners.

SECTION 2.13    Definitive Notes. With respect to any Class or Classes of
Book-Entry Notes, if (i) the Administrator advises the Indenture Trustee in
writing that the Clearing Agency is no longer willing or able to properly
discharge its responsibilities with respect to such Class of Book-Entry Notes
and the Administrator is unable to locate a qualified successor, (ii) the
Administrator, at its option, advises the Indenture Trustee in writing that it
elects to terminate the book-entry system through the Clearing Agency or (iii)
after the occurrence of an Event of Default or an Event of Servicing
Termination, Note Owners of such Class of Book-Entry Notes evidencing beneficial
interests aggregating not less than a majority of the Note Balance of such Class
advise the Indenture Trustee and the Clearing Agency in writing that the
continuation of a book-entry system through the Clearing Agency is no longer in
the best interests of such Class of Note Owners, then the Clearing Agency shall
notify all Note Owners of such Class and the Indenture Trustee of the occurrence
of such event and of the availability of Definitive Notes to the Note Owners of
the applicable Class requesting the same. Upon surrender to the Indenture
Trustee of the typewritten Notes representing the Book-Entry Notes by the
Clearing Agency, accompanied by registration instructions, the Issuer shall
execute and the Indenture Trustee shall authenticate the Definitive Notes in
accordance with the instructions of the Clearing Agency. None of the Issuer, the
Note Registrar or the Indenture 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 Definitive
Notes to Note Owners, the Indenture Trustee shall recognize the holders of such
Definitive Notes as Noteholders.

SECTION 2.14    Authenticating Agents. (a) The Indenture Trustee may appoint one
or more Persons (each, an "Authenticating Agent") with power to act on its
behalf and subject to its direction in the authentication of Notes in connection
with issuance, transfers and exchanges under Sections 2.2, 2.3, 2.5, 2.6 and
9.6, as fully to all intents and purposes as though each such Authenticating
Agent had been expressly authorized by those Sections to authenticate such
Notes. For all purposes of this Indenture, the authentication of Notes by an
Authenticating Agent pursuant to this Section 2.14 shall be deemed to be the
authentication of Notes "by the Indenture Trustee."

(b) Any corporation into which any Authenticating Agent may be merged or
converted or with which it may be consolidated, or any corporation resulting
from any merger, consolidation or conversion to which any Authenticating Agent
shall be a party, or any corporation succeeding to all or substantially all of
the corporate trust business of any Authenticating Agent, shall be the successor
of such Authenticating Agent hereunder, without the execution or filing of any
further act on the part of the parties hereto or such Authenticating Agent or
such successor corporation.

(c) Any Authenticating Agent may at any time resign by giving written notice of
resignation to the Indenture Trustee and the Owner Trustee. The Indenture
Trustee may at any time terminate the agency of any Authenticating Agent by
giving written notice of termination to such Authenticating Agent and the Owner
Trustee. Upon receiving such notice of resignation or upon such a termination,
the Indenture Trustee may appoint a successor Authenticating Agent and shall
give written notice of any such appointment to the Owner Trustee.

(d) The Administrator agrees to pay to each Authenticating Agent from time to
time reasonable compensation for its services. The provisions of Sections 2.9
and 6.4 shall be applicable to any Authenticating Agent.

<PAGE>

                                   ARTICLE III

                                    COVENANTS

SECTION 3.1     Payment of Principal and Interest. The Issuer shall duly and
punctually pay the principal of and interest, if any, on the Notes in accordance
with the terms of the Notes and this Indenture. Without limiting the foregoing
and subject to Section 8.2, on each Payment Date the Issuer shall cause to be
paid all amounts on deposit in the Collection Account and the Principal
Distribution Account with respect to the Collection Period preceding such
Payment Date and deposited therein pursuant to the Sale and Servicing Agreement.
Amounts properly withheld under the Code by any Person from a payment to any
Noteholder of interest and/or principal shall be considered as having been paid
by the Issuer to such Noteholder for all purposes of this Indenture.

SECTION 3.2     Maintenance of Office or Agency. The Issuer shall maintain in
the Borough of Manhattan, The City of New York, an office or agency where Notes
may be surrendered for registration of transfer or exchange, and where notices
and demands to or upon the Issuer in respect of the Notes and this Indenture may
be served. The Issuer hereby initially appoints the Indenture Trustee to serve
as its agent for the foregoing purposes. The Issuer shall give prompt written
notice to the Indenture Trustee of the location, and of any change in the
location, of any such office or agency. If, at any time, the Issuer shall fail
to maintain any such office or agency or shall fail to furnish the Indenture
Trustee with the address thereof, such surrenders, notices and demands may be
made or served at the Corporate Trust Office, and the Issuer hereby appoints the
Indenture Trustee as its agent to receive all such surrenders, notices and
demands.

SECTION 3.3     Money for Payments To Be Held in Trust. (a) As provided in
Sections 8.2 and 5.4(b), all payments of amounts due and payable with respect to
any Notes that are to be made from amounts withdrawn from the Trust Accounts and
the Payahead Account shall be made on behalf of the Issuer by the Indenture
Trustee or by another Note Paying Agent, and no amounts so withdrawn from the
Trust Accounts and the Payahead Account for payments of Notes shall be paid over
to the Issuer, except as provided in this Section 3.3.

(b) On or before each Payment Date and Redemption Date, the Issuer shall deposit
or cause to be deposited in the Collection Account an aggregate sum sufficient
to pay the amounts then becoming due under the Notes and under the Interest Rate
Swap Agreements, such sum to be held in trust for the benefit of the Persons
entitled thereto, and (unless the Note Paying Agent is the Indenture Trustee)
shall promptly notify the Indenture Trustee of its action or failure so to act.

(c) The Issuer shall cause each Note Paying Agent other than the Indenture
Trustee to execute and deliver to the Indenture Trustee an instrument in which
such Note Paying Agent shall agree with the Indenture Trustee (and if the
Indenture Trustee acts as Note Paying Agent, it hereby so agrees), subject to
the provisions of this Section 3.3, that such Note Paying Agent shall:

(i)               hold all sums held by it for the payment of amounts due with
                  respect to the Notes in trust for the benefit of the Persons
                  entitled thereto until such sums shall be paid to such Persons
                  or otherwise disposed of as herein provided and pay such sums
                  to such Persons as herein provided;

(ii)              give the Indenture Trustee notice of any default by the Issuer
                  (or any other obligor upon the Notes) of which it has actual
                  knowledge in the making of any payment required to be made
                  with respect to the Notes;

(iii)             at any time during the continuance of any such default, upon
                  the written request of the Indenture Trustee, forthwith pay to
                  the Indenture Trustee all sums so held in trust by such Note
                  Paying Agent;

(iv)              immediately resign as a Note Paying Agent and forthwith pay to
                  the Indenture Trustee all sums held by it in trust for the
                  payment of Notes if at any time it ceases to meet the
                  standards required to be met by a Note Paying Agent at the
                  time of its appointment; and

(v)               comply with all requirements of the Code and any State or
                  local tax law with respect to the withholding from any
                  payments made by it on any Notes of any applicable withholding
                  taxes imposed thereon and with respect to any applicable
                  reporting requirements in connection therewith.

(d) The Issuer may at any time, for the purpose of obtaining the satisfaction
and discharge of this Indenture or for any other purpose, by Issuer Order direct
any Note Paying Agent to pay to the Indenture Trustee all sums held in trust by
such Note Paying Agent, such sums to be held by the Indenture Trustee upon the
same trusts as those upon which the sums were held by such Note Paying Agent;
and upon such payment by any Note Paying Agent to the Indenture Trustee, such
Note Paying Agent shall be released from all further liability with respect to
such money.

(e) Subject to applicable laws with respect to escheat of funds, any money held
by the Indenture Trustee or any Note Paying Agent in trust for the payment of
any amount due with respect to any Note and remaining unclaimed for two (2)
years after such amount has become due and payable shall be discharged from such
trust and be paid to the Issuer on Issuer Request; and the Noteholder of such
Note shall thereafter, as an unsecured general creditor, look only to the Issuer
for payment thereof (but only to the extent of the amounts so paid to the
Issuer), and all liability of the Indenture Trustee or such Note Paying Agent
with respect to such trust money shall thereupon cease; provided, however, that
the Indenture Trustee or such Note Paying Agent, before being required to make
any such repayment, shall at the expense and direction of the Issuer cause to be
published once, in a newspaper published in the English language, customarily
published on each Business Day and of general circulation in The City of New
York, notice that such money remains unclaimed and that, after a date specified
therein, which shall not be less than thirty (30) days from the date of such
publication, any unclaimed balance of such money then remaining shall be repaid
to the Issuer. The Indenture Trustee shall also adopt and employ, at the expense
and direction of the Issuer, any other reasonable means of notification of such
repayment (including, but not limited to, mailing notice of such repayment to
Noteholders whose Notes have been called but have not been surrendered for
redemption or whose right to or interest in monies due and payable but not
claimed is determinable from the records of the Indenture Trustee or of any Note
Paying Agent, at the last address of record for each such Noteholder).

SECTION 3.4     Existence. The Issuer shall keep in full effect its existence,
rights and franchises as a business trust under the laws of the State of
Delaware (unless it becomes, or any successor Issuer hereunder is or becomes,
organized under the laws of any other State or of the United States of America,
in which case the Issuer shall keep in full effect its existence, rights and
franchises under the laws of such other jurisdiction) and shall obtain and
preserve its qualification to do business in each jurisdiction in which such
qualification is or shall be necessary to protect the validity and
enforceability of this Indenture, the Notes, the Collateral and each other
instrument or agreement included in the Indenture Trust Estate.

SECTION 3.5     Protection of Indenture Trust Estate. The Issuer shall from time
to time execute and deliver all such supplements and amendments hereto and all
such financing statements, continuation statements, instruments of further
assurance and other instruments, and shall take such other action necessary or
advisable to:

(i)       maintain or preserve the lien and security interest (and the priority
          thereof) of this Indenture or carry out more effectively the purposes
          hereof;

(ii)      perfect, publish notice of or protect the validity of any Grant made
          or to be made by this Indenture;

(iii)     enforce any of the Collateral; or

(iv)     preserve and defend title to the Indenture Trust Estate and the rights
         of the Indenture Trustee, the Swap Counterparties and the Noteholders
         in such Indenture Trust Estate against the claims of all Persons.

The Issuer hereby designates the Indenture Trustee its agent and
attorney-in-fact to execute any financing statement, continuation statement or
other instrument required to be executed pursuant to this Section 3.5; provided,
however, that the Indenture Trustee shall be under no obligation to file any
such financing statement, continuation statement or other instrument required to
be executed pursuant to this Section 3.5.

SECTION 3.6     Opinions as to Indenture Trust Estate. (a) On the Closing Date,
the Issuer shall furnish to the Indenture Trustee an Opinion of Counsel either
stating that, in the opinion of such counsel, such action has been taken with
respect to the recording and filing of this Indenture, any indentures
supplemental hereto, and any other requisite documents, and with respect to the
execution and filing of any financing statements and continuation statements, as
are necessary to perfect and make effective the lien and security interest of
this Indenture and reciting the details of such action, or stating that, in the
opinion of such counsel, no such action is necessary to make such lien and
security interest effective.

(b) On or before April 30 in each calendar year, beginning in 2003, the Issuer
shall furnish to the Indenture Trustee an Opinion of Counsel either stating
that, in the opinion of such counsel, such action has been taken with respect to
the recording, filing, re-recording and refiling of this Indenture, any
indentures supplemental hereto and any other requisite documents and with
respect to the execution and filing of any financing statements and continuation
statements and any other action that may be required by law as is necessary to
maintain the lien and security interest created by this Indenture and reciting
the details of such action or stating that in the opinion of such counsel no
such action is necessary to maintain such lien and security interest. Such
Opinion of Counsel shall also describe the recording, filing, re-recording and
refiling of this Indenture, any indentures supplemental hereto and any other
requisite documents and the execution and filing of any financing statements and
continuation statements that shall, in the opinion of such counsel, be required
to maintain the lien and security interest of this Indenture until April 30 in
the following calendar year.

SECTION 3.7     Performance of Obligations; Servicing of Receivables. (a) The
Issuer shall not take any action and shall use its best efforts not to permit
any action to be taken by others that would release any Person from any of such
Person's material covenants or obligations under any instrument or agreement
included in the Indenture Trust Estate or that would result in the amendment,
hypothecation, subordination, termination or discharge of, or impair the
validity or effectiveness of, any such instrument or agreement, except as
expressly provided in this Indenture and the other Basic Documents.

(b) The Issuer may contract with other Persons to assist it in performing its
duties under this Indenture, and any performance of such duties by a Person
identified to the Indenture Trustee in an Officer's Certificate of the Issuer
shall be deemed to be action taken by the Issuer. Initially, the Issuer has
contracted with the Servicer and the Administrator to assist the Issuer in
performing its duties under this Indenture.

(c) The Issuer shall punctually perform and observe all of its obligations and
agreements contained in this Indenture, the other Basic Documents and in the
instruments and agreements included in the Indenture Trust Estate, including,
but not limited to, filing or causing to be filed all financing statements and
continuation statements required to be filed under the UCC by the terms of this
Indenture and the Sale and Servicing Agreement in accordance with and within the
time periods provided for herein and therein. Except as otherwise expressly
provided therein, the Issuer shall not waive, amend, modify, supplement or
terminate any Basic Document or any provision thereof without the consent of the
Indenture Trustee and the Noteholders of Notes evidencing not less than a
majority of the Note Balance of each Class of Notes then Outstanding, voting
separately.

(d) If the Issuer shall have knowledge of the occurrence of an Event of
Servicing Termination under the Sale and Servicing Agreement, the Issuer shall
promptly notify the Indenture Trustee and the Rating Agencies thereof and shall
specify in such notice the action, if any, the Issuer is taking in respect of
such default. If an Event of Servicing Termination shall arise from the failure
of the Servicer to perform any of its duties or obligations under the Sale and
Servicing Agreement with respect to the Receivables, the Issuer shall take all
reasonable steps available to it to remedy such failure.

(e) As promptly as possible after the giving of notice of termination to the
Servicer of the Servicer's rights and powers pursuant to Section 8.1 of the Sale
and Servicing Agreement or the Servicer's resignation in accordance with the
terms of the Sale and Servicing Agreement, the Issuer shall appoint a Successor
Servicer meeting the requirements of the Sale and Servicing Agreement, and such
Successor Servicer shall accept its appointment by a written assumption in a
form acceptable to the Indenture Trustee. In the event that a Successor Servicer
has not been appointed at the time when the Servicer ceases to act as Servicer,
the Indenture Trustee without further action shall automatically be appointed
the Successor Servicer. If the Indenture Trustee shall be legally unable to act
as Successor Servicer, it may appoint, or petition a court of competent
jurisdiction to appoint, a Successor Servicer. The Indenture Trustee may resign
as the Servicer by giving written notice of such resignation to the Issuer and
in such event shall be released from such duties and obligations, such release
not to be effective until the date a new servicer enters into a servicing
agreement with the Issuer as provided below. Upon delivery of any such notice to
the Issuer, the Issuer shall obtain a new servicer as the Successor Servicer
under the Sale and Servicing Agreement. Any Successor Servicer (other than the
Indenture Trustee) shall (i) be an established institution having a net worth of
not less than $100,000,000 and whose regular business shall include the
servicing of automotive receivables and (ii) enter into a servicing agreement
with the Issuer having substantially the same provisions as the provisions of
the Sale and Servicing Agreement applicable to the Servicer. If, within thirty
(30) days after the delivery of the notice referred to above, the Issuer shall
not have obtained such a new servicer, the Indenture Trustee may appoint, or may
petition a court of competent jurisdiction to appoint, a Successor Servicer. In
connection with any such appointment, the Indenture Trustee may make such
arrangements for the compensation of such successor as it and such successor
shall agree, subject to the limitations set forth below and in the Sale and
Servicing Agreement, and, in accordance with Section 8.2 of the Sale and
Servicing Agreement, the Issuer shall enter into an agreement with such
successor for the servicing of the Receivables (such agreement to be in form and
substance satisfactory to the Indenture Trustee). If the Indenture Trustee shall
succeed to the Servicer's duties as servicer of the Receivables as provided
herein, it shall do so in its individual capacity and not in its capacity as
Indenture Trustee and, accordingly, the provisions of Article VI hereof shall be
inapplicable to the Indenture Trustee in its duties as the successor to the
Servicer and the servicing of the Receivables. In case the Indenture Trustee
shall become successor to the Servicer under the Sale and Servicing Agreement,
the Indenture Trustee shall be entitled to appoint as Servicer any one of its
Affiliates; provided that the Indenture Trustee, in its capacity as the
Servicer, shall be fully liable for the actions and omissions of such Affiliate
in such capacity as Successor Servicer.

(f) Upon any termination of the Servicer's rights and powers pursuant to the
Sale and Servicing Agreement, the Issuer shall promptly notify the Indenture
Trustee. As soon as a Successor Servicer is appointed by the Issuer, the Issuer
shall notify the Indenture Trustee of such appointment, specifying in such
notice the name and address of such Successor Servicer.

(g) Without derogating from the absolute nature of the assignment granted to the
Indenture Trustee under this Indenture or the rights of the Indenture Trustee
hereunder, the Issuer hereby agrees that it shall not, without the prior written
consent of the Indenture Trustee or the Noteholders of Notes evidencing not less
than a majority in Note Balance of the Notes Outstanding and upon prior written
notice to the Rating Agencies, amend, modify, waive, supplement, terminate or
surrender, or agree to any amendment, modification, supplement, termination,
waiver or surrender of, the terms of any Collateral (except to the extent
otherwise provided in the Sale and Servicing Agreement or the other Basic
Documents).

SECTION 3.8     Negative Covenants. So long as any Notes are Outstanding, the
Issuer shall not:

(i)               except as expressly permitted by this Indenture, the Trust
                  Agreement, the Purchase Agreement or the Sale and Servicing
                  Agreement, sell, transfer, exchange or otherwise dispose of
                  any of the properties or assets of the Issuer, including those
                  included in the Indenture Trust Estate, unless directed to do
                  so by the Indenture Trustee;

(ii)              claim any credit on, or make any deduction from the principal
                  or interest payable in respect of, the Notes (other than
                  amounts properly withheld from such payments under the Code)
                  or assert any claim against any present or former Noteholder
                  by reason of the payment of the taxes levied or assessed upon
                  the Trust or the Indenture Trust Estate;

(iii)             dissolve or liquidate in whole or in part; or

(iv)              (A) permit the validity or effectiveness of this Indenture to
                  be impaired, or permit the lien of this Indenture to be
                  amended, hypothecated, subordinated, terminated or discharged,
                  or permit any Person to be released from any covenants or
                  obligations with respect to the Notes under this Indenture
                  except as may be expressly permitted hereby, (B) permit any
                  lien, charge, excise, claim, security interest, mortgage or
                  other encumbrance (other than the lien of this Indenture) to
                  be created on or extend to or otherwise arise upon or burden
                  the assets of the Issuer, including those included in the
                  Indenture Trust Estate, or any part thereof or any interest
                  therein or the proceeds thereof (other than tax liens,
                  mechanics' liens and other liens that arise by operation of
                  law, in each case on any of the Financed Vehicles and arising
                  solely as a result of an action or omission of the related
                  Obligor) or (C) permit the lien of this Indenture not to
                  constitute a valid first priority (other than with respect to
                  any such tax, mechanics' or other lien) security interest in
                  the Indenture Trust Estate.

SECTION 3.9     Annual Statement as to Compliance. The Issuer shall deliver to
the Indenture Trustee, within 120 days after the end of each calendar year, an
Officer's Certificate stating, as to the Authorized Officer signing such
Officer's Certificate, that:

(i)               a review of the activities of the Issuer during such year and
                  of its performance under this Indenture has been made under
                  such Authorized Officer's supervision; and

(ii)              to the best of such Authorized Officer's knowledge, based on
                  such review, the Issuer has complied with all conditions and
                  covenants under this Indenture throughout such year, or, if
                  there has been a default in its compliance with any such
                  condition or covenant, specifying each such default known to
                  such Authorized Officer and the nature and status thereof.

SECTION 3.10    Issuer May Consolidate, etc., Only on Certain Terms.

(a)      The Issuer shall not consolidate or merge with or into any other
Person, unless:

(i)               the Person (if other than the Issuer) formed by or surviving
                  such consolidation or merger shall be a Person organized and
                  existing under the laws of the United States of America or any
                  State and shall expressly assume, by an indenture supplemental
                  hereto, executed and delivered to the Indenture Trustee, in
                  form satisfactory to the Indenture Trustee, the due and
                  punctual payment of the principal of and interest on all Notes
                  and the performance or observance of every agreement and
                  covenant of this Indenture on the part of the Issuer to be
                  performed or observed, all as provided herein;

(ii)              mmediately after giving effect to such transaction, no Default
                  or Event of Default shall have occurred and be continuing;

(iii)             Rating Agency Confirmation shall have been provided with
                  respect to such transaction;

(iv)              the Issuer shall have received an Opinion of Counsel (and
                  shall have delivered copies thereof to the Indenture Trustee)
                  to the effect that such transaction will not have any material
                  adverse tax consequence to the Issuer, any Noteholder or any
                  Certificateholder;

(v)               any action that is necessary to maintain the lien and security
                  interest created by this Indenture shall have been taken; and

(vi)              the Issuer shall have delivered to the Seller, the Servicer,
                  the Owner Trustee and the Indenture Trustee an Officer's
                  Certificate and an Opinion of Counsel each stating that such
                  consolidation or merger and such supplemental indenture comply
                  with this Article III and that all conditions precedent herein
                  provided for relating to such transaction have been complied
                  with (including any filing required by the Exchange Act).

(b) Other than as specifically contemplated by the Basic Documents, the Issuer
shall not convey or transfer any of its properties or assets, including those
included in the Indenture Trust Estate, to any Person, unless:

(i)  the Person that  acquires by  conveyance  or transfer  the  properties  and
     assets  of the  Issuer  the  conveyance  or  transfer  of which  is  hereby
     restricted  shall (A) be a United States citizen or a Person  organized and
     existing  under the laws of the United States of America or any State,  (B)
     expressly  assumes,  by an  indenture  supplemental  hereto,  executed  and
     delivered to the Indenture  Trustee,  in form satisfactory to the Indenture
     Trustee,  the due and punctual  payment of the principal of and interest on
     all Notes and of all  obligations  under the Interest Rate Swap  Agreements
     and the  performance or observance of every  agreement and covenant of this
     Indenture on the part of the Issuer to be  performed  or  observed,  all as
     provided  herein,  (C)  expressly  agrees  by  means  of such  supplemental
     indenture  that all right,  title and  interest so conveyed or  transferred
     shall be subject and  subordinate to the rights of Noteholders and the Swap
     Counterparties,   (D)  unless  otherwise   provided  in  such  supplemental
     indenture,  expressly  agrees to  indemnify,  defend and hold  harmless the
     Issuer  against and from any loss,  liability or expense  arising  under or
     related to this Indenture and the Notes,  and (E) expressly agrees by means
     of such supplemental  indenture that such Person (or if a group of Persons,
     then one specified  Person) shall make all filings with the Commission (and
     any other  appropriate  Person)  required by the Exchange Act in connection
     with the Notes;

(ii) immediately after giving effect to such transaction, no Default or Event of
     Default shall have occurred and be continuing;

(iii)Rating  Agency  Confirmation  shall have been provided with respect to such
     transaction;

(iv) the Issuer  shall  have  received  an  Opinion  of Counsel  (and shall have
     delivered copies thereof to the Indenture  Trustee) to the effect that such
     transaction  will not have any  material  adverse  tax  consequence  to the
     Issuer, any Noteholder or any Certificateholder;

(v)  any action that is necessary  to maintain  the lien and  security  interest
     created by this Indenture shall have been taken; and

(vi) the Issuer  shall have  delivered  to the  Indenture  Trustee an  Officer's
     Certificate  and an Opinion of Counsel each stating that such conveyance or
     transfer and such  supplemental  indenture comply with this Article III and
     that  all  conditions  precedent  herein  provided  for  relating  to  such
     transaction  have been complied with  (including any filing required by the
     Exchange Act).

SECTION 3.11    Successor or Transferee. (a) Upon any consolidation or merger of
the Issuer in accordance with Section 3.10(a), the Person formed by or surviving
such consolidation or merger (if other than the Issuer) shall succeed to, and be
substituted for, and may exercise every right and power of, the Issuer under
this Indenture with the same effect as if such Person had been named as the
Issuer herein.

(b) Upon a conveyance or transfer of all the assets and properties of the Issuer
pursuant to Section 3.10(b), the Issuer shall be released from every covenant
and agreement of this Indenture to be observed or performed on the part of the
Issuer with respect to the Notes immediately upon the delivery of written notice
to the Indenture Trustee stating that the Issuer is to be so released.

SECTION 3.12    No Other Business. The Issuer shall not engage in any business
other than financing, acquiring, owning and pledging the Receivables in the
manner contemplated by this Indenture and the Basic Documents and activities
incidental thereto.

SECTION 3.13    No Borrowing. The Issuer shall not issue, incur, assume,
guarantee or otherwise become liable, directly or indirectly, for any
indebtedness except for the Notes and the Certificates.

SECTION 3.14    Servicer's Obligations. The Issuer shall cause the Servicer to
comply with the Sale and Servicing Agreement, including Sections 3.9, 3.10,
3.11, 3.12, 3.13 and 4.9 and Article VII thereof.

SECTION 3.15    Guarantees, Loans, Advances and Other Liabilities. Except as
contemplated by this Indenture and the other Basic Documents, the Issuer shall
not make any loan or advance or credit to, or guarantee (directly or indirectly
or by an instrument having the effect of assuring another's payment or
performance on any obligation or capability of so doing or otherwise), endorse
or otherwise become contingently liable, directly or indirectly, in connection
with the obligations, stocks or dividends of, or own, purchase, repurchase or
acquire (or agree contingently to do so) any stock, obligations, assets or
securities of, or any other interest in, or make any capital contribution to,
any other Person.

SECTION 3.16    Capital Expenditures. The Issuer shall not make any expenditure
(by long-term or operating lease or otherwise) for capital assets (either realty
or personalty).

SECTION 3.17    Further Instruments and Acts. Upon request of the Indenture
Trustee, the Issuer shall execute and deliver such further instruments and do
such further acts as may be reasonably necessary or proper to carry out more
effectively the purpose of this Indenture.

SECTION 3.18    Restricted Payments. The Issuer shall not, directly or
indirectly, (i) make any distribution (by reduction of capital or otherwise),
whether in cash, property, securities or a combination thereof, to the Owner
Trustee or any owner of a beneficial interest in the Issuer or otherwise with
respect to any ownership or equity interest or security in or of the Issuer or
to the Servicer or the Administrator, (ii) redeem, purchase, retire or otherwise
acquire for value any such ownership or equity interest or security or (iii) set
aside or otherwise segregate any amounts for any such purpose; provided,
however, that the Issuer may make, or cause to be made, (x) payments to the
Servicer, the Seller, the Administrator, the Owner Trustee, the Indenture
Trustee, the Swap Counterparties, the Noteholders and the Certificateholders as
contemplated by, and to the extent funds are available for such purpose under,
this Indenture and the other Basic Documents and (y) payments to the Indenture
Trustee pursuant to Section 2(a)(ii) of the Administration Agreement. The Issuer
shall not, directly or indirectly, make payments to or distributions from the
Collection Account or the Principal Distribution Account except in accordance
with this Indenture and the other Basic Documents.

SECTION 3.19    Notice of Events of Default. The Issuer shall give the Indenture
Trustee and the Rating Agencies prompt written notice of each Event of Default
hereunder and of each default on the part of any party to the Sale and Servicing
Agreement, the Purchase Agreement or the Interest Rate Swap Agreements with
respect to any of the provisions thereof.

SECTION 3.20    Removal of Administrator. For so long as any Notes are
Outstanding, the Issuer shall not remove the Administrator without cause unless
Rating Agency Confirmation shall have been provided in connection therewith.

SECTION 3.21    Calculation Agent. (a) The Issuer agrees that for so long as any
of the Floating Rate Notes are Outstanding there shall at all times be an agent
appointed to calculate LIBOR in respect of each Interest Period (the
"Calculation Agent"). The Issuer hereby appoints The Bank of New York as
Calculation Agent for purposes of determining LIBOR for each Interest Period and
The Bank of New York hereby accepts such appointment. The Calculation Agent may
be removed by the Issuer at any time. If the Calculation Agent is unable or
unwilling to act as such or is removed by the Issuer, the Issuer shall promptly
appoint as a replacement Calculation Agent a leading bank which is engaged in
transactions in Eurodollar deposits in the international Eurodollar market and
which does not control or is not controlled by or under common control with the
Issuer or its Affiliates. The Calculation Agent may not resign its duties
without a successor having been duly appointed.

(b) The Calculation Agent shall be required to calculate on each LIBOR
Determination Date the interest rate for the Outstanding Floating Rate Notes of
each Class for the related Interest Period (in each case, at a rate per annum
rounded, if necessary, to the nearest 1/100,000 of 1% (.0000001), with five
one-millionths of a percentage point rounded upward) and the amount of interest
payable (rounded to the nearest cent, with half a cent being rounded upwards) on
the related Payment Date. The determination of such interest rates by the
Calculation Agent shall (in the absence of manifest error) be final and binding
upon all parties.

SECTION 3.22    Representations and Warranties by the Issuer as to Security
Interest.

(a) This Indenture creates a valid and continuing security interest (as defined
in the applicable UCC) in the Collateral in favor of the Indenture Trustee which
security interest is prior to all other liens, and is enforceable as such as
against creditors of and purchasers from the Issuer.

(b) All of the Permitted Investments have been and will be credited to one of
the Collection Account, the Reserve Account, the Principal Distribution Account
and the Payahead Account. The securities intermediary for each Securities
Account has agreed to treat all assets credited to the Securities Accounts as
"financial assets" within the meaning of the applicable UCC. The Collateral
(other than those Permitted Investments which have been credited to one of the
Collection Account, the Reserve Account, the Principal Distribution Account or
the Payahead Account) constitutes either "chattel paper," "instruments" or
"general intangibles" within the meaning of the applicable UCC.

(c) The Issuer owns and has good and marketable title to the Receivables. The
Receivables are free and clear of any lien, claim or encumbrance of any Person
(other than the Indenture Trustee and other than as permitted by the Purchase
Agreement and the Sale and Servicing Agreement). The Issuer has received all
consents and approvals required by the terms of the Receivables and the Interest
Rate Swap Agreements to transfer to the Indenture Trustee all of its interest
and rights in the Receivables and the Interest Rate Swap Agreements except to
the extent that any requirement for consent or approval is rendered ineffective
under the applicable UCC.

(d) The Issuer has caused or will have caused, within ten days of the issuance
of the Notes, the filing of all appropriate financing statements in the proper
filing office in the appropriate jurisdictions under applicable law in order to
perfect the security interest granted in the Collateral to the Indenture
Trustee.

(e) The Issuer has delivered to the Indenture Trustee a fully executed agreement
pursuant to which the securities intermediary has agreed to comply with all
instructions originated by the Indenture Trustee relating to the Securities
Accounts without further consent by the Issuer.

(f) Other than the security interest granted to the Indenture Trustee pursuant
to this Indenture, the Issuer has not pledged, assigned, sold, granted a
security interest in, or otherwise conveyed any part of the Collateral. The
Issuer has not authorized the filing of and is not aware of any financing
statements against the Issuer that include a description of collateral covering
any part of the Collateral, other than any financing statements relating to the
security interest granted to the Indenture Trustee. The Issuer is not aware of
any judgment or tax lien filings against it.

(g) The Securities Accounts (other than the Payahead Account) are not in the
name of any person other than the Issuer or the Indenture Trustee. The Issuer
has not consented to the securities intermediary of any Securities Account
complying with entitlement orders of any person other than the Indenture
Trustee.

(h) All financing statements filed or to be filed against the Trust in favor of
the Indenture Trustee in connection herewith describing the Collateral contain a
statement to the following effect: "The grant of a security interest in any
collateral described in this financing statement will violate the rights of the
Indenture Trustee."

<PAGE>

                                   ARTICLE IV

                           SATISFACTION AND DISCHARGE

SECTION 4.1     Satisfaction and Discharge of Indenture. This Indenture shall
cease to be of further effect with respect to the Notes except as to (i) rights
of registration of transfer and exchange, (ii) substitution of mutilated,
destroyed, lost or stolen Notes, (iii) rights of Noteholders to receive payments
of principal thereof and interest thereon, (iv) Sections 3.3, 3.4, 3.5, 3.8,
3.10, 3.12 and 3.13, (v) the rights, obligations and immunities of the Indenture
Trustee hereunder (including the rights of the Indenture Trustee under Section
6.7 and the obligations of the Indenture Trustee under Section 4.3), and (vi)
the rights of Noteholders and Swap Counterparties as beneficiaries hereof with
respect to the property so deposited with the Indenture Trustee payable to all
or any of them, and the Indenture Trustee, on demand of and at the expense of
the Issuer, shall execute proper instruments acknowledging satisfaction and
discharge of this Indenture with respect to the Notes, when:

(A)      either

     (1)  all Notes  theretofore  authenticated  and  delivered  (other than (i)
          Notes  that have  been  destroyed,  lost or stolen  and that have been
          replaced  or paid as  provided in Section 2.6 and (ii) Notes for whose
          payment money has  theretofore  been  deposited in trust or segregated
          and held in trust by the Issuer and thereafter repaid to the Issuer or
          discharged  from such trust,  as  provided  in Section  3.3) have been
          delivered to the Indenture Trustee for cancellation;  or (2) all Notes
          not theretofore  delivered to the Indenture  Trustee for  cancellation
          have become due and payable and the Issuer has  irrevocably  deposited
          or caused to be irrevocably  deposited with the Indenture Trustee cash
          or direct  obligations  of or  obligations  guaranteed  by the  United
          States of America  (which will mature  prior to the date such  amounts
          are  payable),  in trust for such  purpose,  in an  amount  sufficient
          without  reinvestment to pay and discharge the entire  indebtedness on
          such Notes not  theretofore  delivered  to the  Indenture  Trustee for
          cancellation  when due to the applicable Final Scheduled  Payment Date
          or  Redemption  Date (if Notes shall have been  called for  redemption
          pursuant  to Section  10.1),  as the case may be, and all fees due and
          payable to the Indenture Trustee;

(B)      the Issuer has paid or caused to be paid all other sums payable
hereunder and under any of the other Basic Documents by the Issuer;

(C)      the Issuer has delivered to the Indenture Trustee an Officer's
Certificate, an Opinion of Counsel and (if required by the TIA or the Indenture
Trustee) an Independent  Certificate  from a firm of certified  public
accountants, each meeting the applicable requirements of Section 11.1(a) and,
subject to Section 11.2,  each stating that all conditions  precedent  herein
provided for relating to the  satisfaction and discharge of this Indenture have
been complied with; and

          (1)  the Issuer has delivered to the  Indenture  Trustee an Opinion of
               Counsel to the effect that the  satisfaction and discharge of the
               Notes  pursuant to this Section 4.1 will not cause any Noteholder
               to be treated as having  sold or  exchanged  any of its Notes for
               purposes of Section 1001 of the Code.

Upon the satisfaction and discharge of the Indenture pursuant to this Section
4.1, at the request of the Owner Trustee, the Indenture Trustee shall deliver to
the Owner Trustee a certificate of a Trustee Officer stating that all
Noteholders have been paid in full and stating whether, to the best knowledge of
such Trustee Officer, any claims remain against the Issuer in respect of the
Indenture and the Notes.

SECTION 4.2     Satisfaction, Discharge and Defeasance of Notes.

(a) Upon satisfaction of the conditions set forth in subsection (b) below, the
Issuer shall be deemed to have paid and discharged the entire indebtedness on
all the Outstanding Notes, and the provisions of this Indenture, as it relates
to such Notes, shall no longer be in effect (and the Indenture Trustee, at the
expense of the Issuer, shall execute proper instruments acknowledging the same),
except as to (i) rights of registration of transfer and exchange, (ii)
substitution of mutilated, destroyed, lost or stolen Notes, (iii) rights of
Noteholders to receive payments of principal thereof and interest thereon, (iv)
Sections 3.2, 3.3, 3.4, 3.5, 3.8, 3.10, 3.12 and 3.13, (v) the rights,
obligations and immunities of the Indenture Trustee hereunder (including the
rights of the Indenture Trustee under Section 6.7 and the obligations of the
Indenture Trustee under Section 4.3), and (vi) the rights of Noteholders and
Swap Counterparties as beneficiaries hereof with respect to the property so
deposited with the Indenture Trustee payable to all or any of them.

(b) The satisfaction, discharge and defeasance of the Notes pursuant to
subsection (a) of this Section 4.2 is subject to the satisfaction of all of the
following conditions:

(i)  the Issuer has deposited or caused to be deposited  irrevocably  (except as
     provided  in Section  4.4) with the  Indenture  Trustee  as trust  funds in
     trust,  specifically  pledged as security for, and dedicated solely to, the
     benefit of the  Noteholders,  which,  through the  payment of interest  and
     principal in respect  thereof in accordance  with their terms will provide,
     not later  than one day prior to the due date of any  payment  referred  to
     below,  money in an  amount  sufficient,  in the  opinion  of a  nationally
     recognized firm of independent  certified public accountants expressed in a
     written  certification  thereof delivered to the Indenture Trustee,  to pay
     and  discharge  the  entire  indebtedness  on the  Outstanding  Notes,  for
     principal  thereof and interest thereon to the date of such deposit (in the
     case of Notes that have become due and  payable) or to the maturity of such
     principal and interest, as the case may be, and to pay any amounts then due
     and payable to the Swap Counterparties;

(ii) such deposit will not result in a breach or violation  of, or constitute an
     event of default  under,  any other  agreement or  instrument  to which the
     Issuer is bound;

(iii)no Event of Default  with  respect to the Notes shall have  occurred and be
     continuing  on the date of such deposit or on the  ninety-first  (91st) day
     after such date;

(iv) the  Issuer  has  delivered  to the  Indenture  Trustee  an Opinion of
     Counsel to the effect that the satisfaction,  discharge and defeasance
     of the  Notes  pursuant  to  this  Section  4.2  will  not  cause  any
     Noteholder  to be treated as having sold or exchanged any of its Notes
     for purposes of Section 1001 of the Code; and

(v)  the Issuer has delivered to the Indenture Trustee an Officer's Certificate
     and an Opinion of Counsel, each stating that all conditions precedent
     relating to the defeasance contemplated by this Section 4.2 have been
     complied with.

SECTION 4.3     Application of Trust Money. All monies deposited with the
Indenture Trustee pursuant to Sections 4.1 and 4.2 shall be held in trust and
applied by it, in accordance with the provisions of the Notes and this
Indenture, to the payment, either directly or through any Note Paying Agent, as
the Indenture Trustee may determine, to the Noteholders of the particular Notes
for the payment or redemption of which such monies have been deposited with the
Indenture Trustee, of all sums due and to become due thereon for principal and
interest, and for payment to the Swap Counterparties of all sums, if any, due or
to become due to the Swap Counterparties under and in accordance with this
Indenture and the Interest Rate Swap Agreements, but such monies need not be
segregated from other funds except to the extent required herein or in the Sale
and Servicing Agreement or required by law.

SECTION 4.4     Repayment of Monies Held by Note Paying Agent. In connection
with the satisfaction and discharge of this Indenture with respect to the Notes,
all monies then held by any Note Paying Agent other than the Indenture Trustee
under the provisions of this Indenture with respect to such Notes shall, upon
demand of the Issuer, be paid to the Indenture Trustee to be held and applied
according to Section 3.3 and thereupon such Note Paying Agent shall be released
from all further liability with respect to such monies.

<PAGE>

                                   ARTICLE V

                                    REMEDIES

SECTION 5.1     Events of Default. "Event of Default," wherever used herein,
means the occurrence of any one of the following events (whatever the reason for
such Event of Default and whether it shall be voluntary or involuntary or be
effected by operation of law or pursuant to any judgment, decree or order of any
court or any order, rule or regulation of any administrative or governmental
body):

          (i)  default  in the  payment  of  interest  due on  any  Note  of the
               Controlling  Note Class when the same  becomes due and payable on
               each Payment Date,  and such default shall  continue for a period
               of five (5) days or more; or

          (ii) default in the payment of the principal of any Note when the same
               becomes due and payable; or

          (iii)default  in  the   observance  or  performance  of  any  material
               covenant or agreement of the Issuer made in this Indenture (other
               than a covenant  or  agreement,  a default in the  observance  or
               performance   of  which  is   elsewhere   in  this   Section  5.1
               specifically  dealt with), or any  representation  or warranty of
               the Issuer made in this Indenture or in any  certificate or other
               writing  delivered  pursuant  hereto  or in  connection  herewith
               proving to have been incorrect in any material  respect as of the
               time when the same shall have been made,  and such default  shall
               continue or not be cured,  or the  circumstance  or  condition in
               respect of which such misrepresentation or warranty was incorrect
               shall not have been eliminated or otherwise  cured,  for a period
               of  sixty  (60)  days or in the  case of a  materially  incorrect
               representation  and warranty thirty (30) days,  after there shall
               have been given,  by registered or certified  mail, to the Issuer
               by the  Indenture  Trustee  or to the  Issuer  and the  Indenture
               Trustee by the Noteholders of Notes  evidencing not less than 25%
               of the Note  Balance of the  Controlling  Note  Class,  a written
               notice  specifying  such default or incorrect  representation  or
               warranty  and  requiring  it to be remedied and stating that such
               notice is a "Notice of Default" hereunder; or

          (iv) the  filing  of a decree or order  for  relief by a court  having
               jurisdiction  in the  premises  in  respect  of the Issuer or any
               substantial  part of the Indenture Trust Estate in an involuntary
               case under any applicable federal or State bankruptcy, insolvency
               or other similar law now or hereafter in effect,  or appointing a
               receiver, liquidator,  assignee, custodian, trustee, sequestrator
               or similar  official of the Issuer or for any substantial part of
               the  Indenture  Trust  Estate,  or  ordering  the  winding-up  or
               liquidation  of the  Issuer's  affairs,  and such decree or order
               shall  remain  unstayed  and in effect for a period of sixty (60)
               consecutive days; or

          (v)  the  commencement  by the  Issuer of a  voluntary  case under any
               applicable  federal  or  State  bankruptcy,  insolvency  or other
               similar  law now or  hereafter  in effect,  or the consent by the
               Issuer to the entry of an order for relief in an involuntary case
               under  any  such  law,  or  the  consent  by  the  Issuer  to the
               appointment  or  taking  possession  by a  receiver,  liquidator,
               assignee, custodian, trustee, sequestrator or similar official of
               the Issuer or for any  substantial  part of the  Indenture  Trust
               Estate, or the making by the Issuer of any general assignment for
               the benefit of creditors,  or the failure by the Issuer generally
               to pay its debts as such debts  become  due, or the taking of any
               action by the Issuer in furtherance of any of the foregoing.

The Issuer shall deliver to the Indenture Trustee (with a copy to any Qualified
Institution or Qualified Trust Institution (if not the Indenture Trustee)
maintaining any Trust Accounts), within five (5) days after the occurrence
thereof, written notice in the form of an Officer's Certificate of any event
which with the giving of notice and the lapse of time would become an Event of
Default under clause (iii) above, its status and what action the Issuer is
taking or proposes to take with respect thereto.

SECTION 5.2     Acceleration of Maturity; Rescission and Annulment. (a) If an
Event of Default should occur and be continuing, then and in every such case the
Indenture Trustee or the Noteholders of Notes evidencing not less than a
majority of the Note Balance of the Controlling Note Class may declare all the
Notes to be immediately due and payable, by a notice in writing to the Issuer
(and to the Indenture Trustee if given by Noteholders), and upon any such
declaration the unpaid principal amount of such Notes, together with accrued and
unpaid interest thereon through the date of acceleration, shall become
immediately due and payable. If an Event of Default specified in Section 5.1(iv)
or (v) occurs, all unpaid principal, together with all accrued and unpaid
interest thereon, of all the Notes, and all other amounts payable hereunder,
shall automatically become due and payable without any declaration or other act
on the part of the Indenture Trustee or any Noteholder. In the event of such
declaration or automatic acceleration, the Indenture Trustee shall give prompt
written notice to the Swap Counterparties and the Qualified Institution or
Qualified Trust Institution maintaining the Reserve Account, the Collection
Account and the Payahead Account.

(b) At any time after a declaration of acceleration of maturity has been made
and before a judgment or decree for payment of the amount due has been obtained
by the Indenture Trustee as hereinafter provided in this Article V, the
Noteholders of Notes evidencing not less than a majority of the Note Balance of
the Controlling Note Class, by written notice to the Issuer and the Indenture
Trustee, may rescind and annul such declaration and its consequences if:

(i)      the Issuer has paid or deposited with the Indenture Trustee a sum
         sufficient to pay:

          (A)  all  payments of  principal  of and interest on all Notes and all
               other amounts that would then be due hereunder or upon such Notes
               or under  the  Interest  Rate  Swap  Agreements  if the  Event of
               Default giving rise to such acceleration had not occurred;

          (B)  all sums paid or advanced by the Indenture  Trustee hereunder and
               the reasonable compensation, expenses, disbursements and advances
               of the Indenture Trustee and its agents and counsel; and

(ii)     all Events of Default, other than the nonpayment of the principal of
         the Notes that has become due solely by such acceleration, have been
         cured or waived as provided in Section 5.12.

No such rescission shall affect any subsequent default or impair any right
consequent thereto.

SECTION 5.3     Collection of Indebtedness and Suits for Enforcement by
Indenture Trustee. (a) The Issuer covenants that if (i) there is an Event of
Default relating to the nonpayment of any interest on any Note when the same
becomes due and payable, and such Event of Default continues for a period of
five (5) days, or (ii) there is an Event of Default relating to the nonpayment
in the payment of the principal of or any installment of the principal of any
Note when the same becomes due and payable, the Issuer shall, upon demand of the
Indenture Trustee, pay to the Indenture Trustee, for the benefit of the
Noteholders, the whole amount then due and payable on such Notes for principal
and interest, with interest upon the overdue principal and, to the extent
payment at such rate of interest shall be legally enforceable, upon overdue
installments of interest at the applicable Note Interest Rate borne by the Notes
and in addition thereto such further amount as shall be sufficient to cover the
costs and expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Indenture Trustee and its agents,
attorneys and counsel.

(b) In case the Issuer shall fail forthwith to pay such amounts upon such
demand, the Indenture Trustee, in its own name and as trustee of an express
trust, may institute a Proceeding for the collection of the sums so due and
unpaid, and may prosecute such Proceeding to judgment or final decree, and may
enforce the same against the Issuer or other obligor upon such Notes and collect
in the manner provided by law out of the property of the Issuer or other obligor
upon such Notes, wherever situated, the monies adjudged or decreed to be
payable.

(c) If an Event of Default occurs and is continuing, the Indenture Trustee, as
more particularly provided in Section 5.4, in its discretion, may proceed to
protect and enforce its rights and the rights of the Noteholders and the Swap
Counterparties, by such appropriate Proceedings as the Indenture Trustee shall
deem most effective to protect and enforce any such rights, whether for the
specific enforcement of any covenant or agreement in this Indenture or in aid of
the exercise of any power granted herein, or to enforce any other proper remedy
or legal or equitable right vested in the Indenture Trustee by this Indenture or
by law.

(d) In case there shall be pending, relative to the Issuer or any other obligor
upon the Notes or any Person having or claiming an ownership interest in the
Indenture Trust Estate, Proceedings under Title 11 of the United States Code or
any other applicable federal or State bankruptcy, insolvency or other similar
law, or in case a receiver, assignee or trustee in bankruptcy or reorganization,
liquidator, sequestrator or similar official shall have been appointed for or
taken possession of the Issuer or its property or such other obligor or Person,
or in case of any other comparable judicial Proceedings relative to the Issuer
or other obligor upon the Notes, or to the creditors or property of the Issuer
or such other obligor, the Indenture Trustee, irrespective of whether the
principal of any Notes shall then be due and payable as therein expressed or by
declaration or otherwise and irrespective of whether the Indenture Trustee shall
have made any demand pursuant to the provisions of this Section 5.3, shall be
entitled and empowered, by intervention in such Proceedings or otherwise:

(i)               to file and prove a claim or claims for the whole amount of
                  principal and interest owing and unpaid in respect of the
                  Notes and to file such other papers or documents as may be
                  necessary or advisable in order to have the claims of the
                  Indenture Trustee (including any claim for reasonable
                  compensation to the Indenture Trustee and each predecessor
                  Indenture Trustee, and their respective agents, attorneys and
                  counsel, and for reimbursement of all expenses and liabilities
                  incurred, and all advances and disbursements made, by the
                  Indenture Trustee and each predecessor Indenture Trustee,
                  except as a result of negligence or bad faith), of the Swap
                  Counterparties and of the Noteholders allowed in such
                  Proceedings;

(ii)              unless prohibited by applicable law and regulations, to vote
                  on behalf of the Noteholders and the Swap Counterparties in
                  any election of a trustee, a standby trustee or Person
                  performing similar functions in any such Proceedings;

(iii)             to collect and receive any monies or other property payable or
                  deliverable on any such claims and to pay all amounts received
                  with respect to the claims of the Noteholders, the Swap
                  Counterparties and of the Indenture Trustee on their behalf;
                  and

(iv)              to file such proofs of claim and other papers or documents as
                  may be necessary or advisable in order to have the claims of
                  the Indenture Trustee, the Swap Counterparties or the
                  Noteholders allowed in any judicial proceedings relative to
                  the Issuer, its creditors and its property;

and any trustee, receiver, liquidator, custodian or other similar official in
any such Proceeding is hereby authorized by each of such Noteholders to make
payments to the Indenture Trustee and, in the event that the Indenture Trustee
shall consent to the making of payments directly to such Noteholders, to pay to
the Indenture Trustee such amounts as shall be sufficient to cover reasonable
compensation to the Indenture Trustee, each predecessor Indenture Trustee and
their respective agents, attorneys and counsel, and all other expenses and
liabilities incurred, and all advances and disbursements made, by the Indenture
Trustee and each predecessor Indenture Trustee, except as a result of negligence
or bad faith, and any other amounts due the Indenture Trustee pursuant to
Section 6.7.

(e) Nothing herein contained shall be deemed to authorize the Indenture Trustee
to authorize or consent to or vote for or accept or adopt on behalf of any
Noteholder or of any Swap Counterparty any plan of reorganization, arrangement,
adjustment or composition affecting the Notes or the Interest Rate Swap
Agreements or the rights of any Noteholder or any Swap Counterparty to authorize
the Indenture Trustee to vote in respect of the claim of any Noteholder or any
Swap Counterparty in any such proceeding except, as aforesaid, to vote for the
election of a trustee in bankruptcy or similar Person.

(f) All rights of action and of asserting claims under this Indenture, or under
any of the Notes, may be enforced by the Indenture Trustee without the
possession of any of the Notes or the production thereof in any trial or other
Proceedings relative thereto, and any such action or Proceedings instituted by
the Indenture Trustee shall be brought in its own name as trustee of an express
trust, and any recovery of judgment, subject to the payment of the expenses,
disbursements and compensation of the Indenture Trustee, each predecessor
Indenture Trustee and their respective agents, attorneys and counsel, shall be
for the ratable benefit of the Noteholders and the Swap Counterparties in
respect of which such judgment has been recovered.

(g) In any Proceedings brought by the Indenture Trustee (and also any
Proceedings involving the interpretation of any provision of this Indenture to
which the Indenture Trustee shall be a party), the Indenture Trustee shall be
held to represent all the Noteholders, and it shall not be necessary to make any
Noteholder a party to any such Proceedings.

SECTION 5.4     Remedies; Priorities. (a) If an Event of Default shall have
occurred and be continuing, the Indenture Trustee may do one or more of the
following (subject to the notice requirement in Section 5.2(a) and subject to
Section 5.5):

(i)               institute Proceedings in its own name and as trustee of an
                  express trust for the collection of all amounts then payable
                  on the Notes or under this Indenture with respect thereto,
                  whether by declaration or otherwise, enforce any judgment
                  obtained, and collect from the Issuer and any other obligor
                  upon such Notes monies adjudged due;

(ii)              institute Proceedings from time to time for the complete or
                  partial foreclosure of this Indenture with respect to the
                  Indenture Trust Estate;

(iii)             exercise any remedies of a secured party under the UCC and
                  take any other appropriate action to protect and enforce the
                  rights and remedies of the Indenture Trustee and the
                  Noteholders and Swap Counterparties; and

(iv)              sell the Indenture Trust Estate or any portion thereof or
                  rights or interest therein, at one or more public or private
                  sales called and conducted in any manner permitted by law.

provided, however, the Indenture Trustee may not sell or otherwise liquidate the
Indenture Trust Estate unless:

(A)      the Event of Default is of the type described in Section 5.1(i) or
         (ii); or

(B)      with respect to any Event of Default described in Section 5.1(iv) and
         (v):

          (1) the  Noteholders of Notes  evidencing  100% of the Note Balance of
     the Controlling Note Class consent thereto; or

          (2) the proceeds of such sale or liquidation  are sufficient to pay in
     full the principal of and the accrued interest on the Outstanding Notes and
     all  payments due and payable  (including  any Swap  Termination  Payments)
     pursuant to the Interest Rate Swap Agreements; or

          (3) the Indenture Trustee

                                    (x) determines (but shall have no obligation
                                        to make such determination) that the
                                        Indenture Trust Estate will not continue
                                        to provide sufficient funds for the
                                        payment of principal of and interest on
                                        the Notes as they would have become due
                                        if the Notes had not been declared due
                                        and payable; and

                                    (y) the Indenture Trustee obtains the
                                        consent of Noteholders of Notes
                                        evidencing not less than 66b% of the
                                        Note Balance of the Controlling Note
                                        Class; or

(C)      with respect to an Event of Default described in Section 5.1(iii):

          (1)      the Noteholders of all Outstanding Notes and the
     Certificateholders of all outstanding Certificates consent thereto; or

          (2)      the proceeds of such sale or liquidation are sufficient to
     pay in full the principal of and accrued interest on the Outstanding Notes
     and outstanding Certificates and all payments due and payable (including
     Swap Termination Payments) pursuant to the Interest Rate Swap Agreements.

In determining such sufficiency or insufficiency with respect to clauses (B)(2),
(C)(2) and (B)(3)(x) above, the Indenture Trustee may, but need not, obtain and
rely upon an opinion of an Independent investment banking or accounting firm of
national reputation as to the feasibility of such proposed action and as to the
sufficiency of the Indenture Trust Estate for such purpose.

(b) Notwithstanding the provisions of Section 8.2, if the Indenture Trustee
collects any money or property pursuant to this Article V, it shall pay out the
money or property in the following order:

          (i) first, to the Indenture Trustee for amounts due under Section 6.7;

          (ii) second, to the Servicer for due and unpaid Servicing Fees;

          (iii)third,  to the Swap  Counterparties,  the  amount of the Net Swap
     Payments then due under the Interest Rate Swap Agreements (exclusive of any
     Swap Termination Payments);

          (iv) fourth,  with the same priority and ratably,  in accordance  with
     the Principal  Balance of the Class A Notes  Outstanding  and the amount of
     any Swap  Termination  Payments  due and  payable by the Issuer to the Swap
     Counterparties,  (1) to Noteholders  of the Class A Notes,  for amounts due
     and unpaid on the Class A Notes in respect of  interest,  ratably,  without
     preference  or  priority  of any kind,  according  to the  amounts  due and
     payable by the Issuer to the Noteholders of the Class A Notes for interest,
     the Accrued Class A Note Interest and (2) to the Swap  Counterparties,  any
     Swap  Termination  Payments,  provided,  that if any amounts are  remaining
     after such allocations are made, such amounts will be allocated to the Swap
     Counterparties to the extent of any unpaid Swap Termination Payments;

          (v) fifth,  to  Noteholders of the Class A-1 Notes for amounts due and
     unpaid on the Class A-1 Notes for principal, ratably, without preference or
     priority of any kind, according to the amounts due and payable on the Class
     A-1 Notes for  principal,  until the  principal  amount of the  Outstanding
     Class A-1 Notes is reduced to zero;

          (vi) sixth,  to Noteholders of the Class A-2 Notes for amounts due and
     unpaid on the Class A-2 Notes for principal, ratably, without preference or
     priority of any kind, according to the amounts due and payable on the Class
     A-2 Notes for  principal,  until the  principal  amount of the  Outstanding
     Class A-2 Notes is reduced to zero;

          (vii)  seventh,  to Noteholders of the Class A-3 Notes for amounts due
     and  unpaid  on  the  Class  A-3  Notes  for  principal,  ratably,  without
     preference  or  priority  of any kind,  according  to the  amounts  due and
     payable on the Class A-3 Notes for principal, until the principal amount of
     the Outstanding Class A-3 Notes is reduced to zero;

          (viii)  eighth,  to Noteholders of the Class A-4 Notes for amounts due
     and  unpaid  on  the  Class  A-4  Notes  for  principal,  ratably,  without
     preference  or  priority  of any kind,  according  to the  amounts  due and
     payable on the Class A-4 Notes for principal, until the principal amount of
     the Outstanding Class A-4 Notes is reduced to zero;

          (ix) ninth,  to  Noteholders  of the Class B Notes for amounts due and
     unpaid  on the  Class B Notes in  respect  of  interest,  ratably,  without
     preference  or  priority  of any kind,  according  to the  amounts  due and
     payable on the Class B Notes for interest;

          (x) tenth,  to  Noteholders  of the Class B Notes for  amounts due and
     unpaid on the Class B Notes for principal,  ratably,  without preference or
     priority of any kind, according to the amounts due and payable on the Class
     B Notes for principal,  until the principal amount of the Outstanding Class
     B Notes is reduced to zero;

          (xi) eleventh, to Noteholders of the Class C Notes for amounts due and
     unpaid  on the  Class C Notes in  respect  of  interest,  ratably,  without
     preference  or  priority  of any kind,  according  to the  amounts  due and
     payable on the Class C Notes for interest;

          (xii) twelfth, to Noteholders of the Class C Notes for amounts due and
     unpaid on the Class C Notes for principal,  ratably,  without preference or
     priority of any kind, according to the amounts due and payable on the Class
     C Notes for principal,  until the principal amount of the Outstanding Class
     C Notes is reduced to zero;

          (xiii)   thirteenth,   to  the  Issuer  for  amounts  required  to  be
     distributed to the Certificateholders pursuant to the Trust Agreement and
     the Sale and Servicing Agreement; and

          (xiv) fourteenth, to the Seller, any money or property remaining after
     payment in full of the  amounts  described  in clauses  (i)-(xiii)  of this
     Section 5.4(b).

The Indenture Trustee may fix a record date and payment date for any payment to
Noteholders pursuant to this Section 5.4. At least fifteen (15) days before such
record date, the Issuer shall mail to each Noteholder and the Indenture Trustee
a notice that states the record date, the payment date and the amount to be
paid.

(c) Upon a sale or other liquidation of the Receivables in the manner set forth
in Section 5.4(a), the Indenture Trustee shall provide reasonable prior notice
of such sale or liquidation to each Noteholder, Certificateholder and to the
Swap Counterparties. A Noteholder or Certificateholder or Swap Counterparty may
submit a bid with respect to such sale.

SECTION 5.5     Optional Preservation of the Receivables. If the Notes have been
declared to be due and payable under Section 5.2 following an Event of Default,
and such declaration and its consequences have not been rescinded and annulled,
the Indenture Trustee may, but need not, elect to maintain possession of the
Indenture Trust Estate and apply proceeds as if there had been no declaration of
acceleration; provided, however, that funds on deposit in the Collection Account
at the time the Indenture Trustee makes such election or deposited therein
during the Collection Period in which such election is made (including funds, if
any, deposited therein from the Reserve Account and the Payahead Account) shall
be applied in accordance with such declaration of acceleration in the manner
specified in Section 4.6(c) of the Sale and Servicing Agreement. It is the
desire of the parties hereto and the Noteholders that there be at all times
sufficient funds for the payment of principal of and interest on the Notes and
any amounts owing to the Swap Counterparties, and the Indenture Trustee shall
take such desire into account when determining whether or not to maintain
possession of the Indenture Trust Estate. In determining whether to maintain
possession of the Indenture Trust Estate, the Indenture Trustee may, but need
not, obtain and rely upon an opinion of an Independent investment banking or
accounting firm of national reputation as to the feasibility of such proposed
action and as to the sufficiency of the Indenture Trust Estate for such purpose.

SECTION 5.6     Limitation of Suits. No Noteholder shall have any right to
institute any Proceeding, judicial or otherwise, with respect to this Indenture
or for the appointment of a receiver or trustee, or for any other remedy
hereunder, unless:

(a) such Noteholder has previously given written notice to the Indenture Trustee
of a continuing Event of Default;

(b) the Noteholders of Notes evidencing not less than 25% of the Note Balance of
the Controlling Note Class have made written request to the Indenture Trustee to
institute such Proceeding in respect of such Event of Default in its own name as
Indenture Trustee hereunder;

(c) such Noteholder or Noteholders have offered to the Indenture Trustee
reasonable indemnity satisfactory to it against the costs, expenses and
liabilities to be incurred in complying with such request;

(d) the Indenture Trustee for sixty (60) days after its receipt of such notice,
request and offer of indemnity has failed to institute such Proceedings; and

(e) no direction inconsistent with such written request has been given to the
Indenture Trustee during such sixty-day period by the Noteholders of Notes
evidencing not less than a majority of the Note Balance of the Controlling Note
Class.

                  It is understood and intended that no one or more Noteholders
shall have any right in any manner whatever by virtue of, or by availing of, any
provision of this Indenture to affect, disturb or prejudice the rights of any
other Noteholders or to obtain or to seek to obtain priority or preference over
any other Noteholders or to enforce any right under this Indenture, except in
the manner herein provided.

                  In the event the Indenture Trustee shall receive conflicting
or inconsistent requests and indemnity from two or more groups of Noteholders,
each evidencing less than a majority of the Note Balance of the Controlling Note
Class, the Indenture Trustee in its sole discretion may determine what action,
if any, shall be taken, notwithstanding any other provisions of this Indenture.

SECTION 5.7     Unconditional Rights of Noteholders To Receive Principal and
Interest. Notwithstanding any other provisions in this Indenture, any Noteholder
shall have the right, which is absolute and unconditional, to receive payment of
the principal of and interest, if any, on its Note on or after the respective
due dates thereof expressed in such Note or in this Indenture (or, in the case
of redemption, on or after the Redemption Date) and to institute suit for the
enforcement of any such payment, and such right shall not be impaired without
the consent of such Noteholder.

SECTION 5.8     Restoration of Rights and Remedies. If the Indenture Trustee or
any Noteholder has instituted any Proceeding to enforce any right or remedy
under this Indenture and such Proceeding has been discontinued or abandoned for
any reason or has been determined adversely to the Indenture Trustee or to such
Noteholder, then and in every such case the Issuer, the Indenture Trustee and
the Noteholders shall, subject to any determination in such Proceeding, be
restored severally and respectively to their former positions hereunder, and
thereafter all rights and remedies of the Indenture Trustee and the Noteholders
shall continue as though no such Proceeding had been instituted.

SECTION 5.9     Rights and Remedies Cumulative. No right or remedy herein
conferred upon or reserved to the Indenture Trustee or to the Noteholders is
intended to be exclusive of any other right or remedy, and every right and
remedy shall, to the extent permitted by law, be cumulative and in addition to
every other right and remedy given hereunder or now or hereafter existing at law
or in equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy.

SECTION 5.10    Delay or Omission Not a Waiver. No delay or omission of the
Indenture Trustee or any Noteholder to exercise any right or remedy accruing
upon any Default or Event of Default shall impair any such right or remedy or
constitute a waiver of any such Default or Event of Default or any acquiescence
therein. Every right and remedy given by this Article V or by law to the
Indenture Trustee or to the Noteholders may be exercised from time to time, and
as often as may be deemed expedient, by the Indenture Trustee or by the
Noteholders, as the case may be.

SECTION 5.11    Control by Controlling Note Class of Noteholders. The
Noteholders of Notes evidencing not less than a majority of the Note Balance of
the Controlling Note Class shall have the right to direct the time, method and
place of conducting any Proceeding for any remedy available to the Indenture
Trustee with respect to the Notes or exercising any trust or power conferred on
the Indenture Trustee; provided that:

(a) such direction shall not be in conflict with any rule of law or with this
Indenture;

(b) subject to the express terms of Section 5.4, any direction to the Indenture
Trustee to sell or liquidate the Indenture Trust Estate shall be by Noteholders
of Notes evidencing not less than 100% of the Note Balance of the Controlling
Note Class;

(c) if the conditions set forth in Section 5.5 have been satisfied and the
Indenture Trustee elects to retain the Indenture Trust Estate pursuant to such
Section 5.5, then any direction to the Indenture Trustee by Noteholders of Notes
evidencing less than 100% of the Note Balance of the Controlling Note Class to
sell or liquidate the Indenture Trust Estate shall be of no force and effect;
and

(d) the Indenture Trustee may take any other action deemed proper by the
Indenture Trustee that is not inconsistent with such direction.

Notwithstanding the rights of Noteholders set forth in this Section 5.11,
subject to Section 6.1, the Indenture Trustee need not take any action that it
determines might involve it in costs or expenses for which it would not be
adequately indemnified or expose it to personal liability or might materially
adversely affect or unduly prejudice the rights of any Noteholders not
consenting to such action.

SECTION 5.12    Waiver of Past Defaults. Prior to the declaration of the
acceleration of the maturity of the Notes as provided in Section 5.2, the
Noteholders of Notes evidencing not less than a majority of the Note Balance of
the Controlling Note Class may waive any past Default or Event of Default and
its consequences except a Default (a) in the payment of principal of or interest
on any of the Notes or (b) in respect of a covenant or provision hereof that
cannot be amended, supplemented or modified without the consent of each
Noteholder. In the case of any such waiver, the Issuer, the Indenture Trustee
and the Noteholders shall be restored to their former positions and rights
hereunder, respectively; but no such waiver shall extend to any subsequent or
other Default or impair any right consequent thereto.

Upon any such waiver, such Default shall cease to exist and be deemed to have
been cured and not to have occurred, and any Event of Default arising therefrom
shall be deemed to have been cured and not to have occurred, for every purpose
of this Indenture; but no such waiver shall extend to any subsequent or other
Default or Event of Default or impair any right consequent thereto.

SECTION 5.13    Undertaking for Costs. All parties to this Indenture agree, and
each Noteholder by such Noteholder's acceptance thereof shall be deemed to have
agreed, that any court may in its discretion require, in any suit for the
enforcement of any right or remedy under this Indenture, or in any suit against
the Indenture Trustee for any action taken, suffered or omitted by it as
Indenture Trustee, the filing by any party litigant in such suit of an
undertaking to pay the costs of such suit, and that such court may in its
discretion assess reasonable costs, including reasonable attorneys' fees,
against any party litigant in such suit, having due regard to the merits and
good faith of the claims or defenses made by such party litigant; but the
provisions of this Section 5.13 shall not apply to (a) any suit instituted by
the Indenture Trustee, (b) any suit instituted by any Noteholder or group of
Noteholders, in each case holding in the aggregate more than 10% of the
principal amount of the Notes Outstanding (or in the case of a right or remedy
under this Indenture which is instituted by the Controlling Note Class, more
than 10% of the Controlling Note Class) or (c) any suit instituted by any
Noteholder for the enforcement of the payment of principal of or interest on any
Note on or after the respective due dates expressed in such Note and in this
Indenture (or, in the case of redemption, on or after the Redemption Date).

SECTION 5.14    Waiver of Stay or Extension Laws. The Issuer covenants (to the
extent that it may lawfully do so) that it shall not at any time insist upon, or
plead or in any manner whatsoever, claim or take the benefit or advantage of,
any stay or extension law wherever enacted, now or at any time hereafter in
force, that may affect the covenants or the performance of this Indenture, and
the Issuer (to the extent that it may lawfully do so) hereby expressly waives
all benefit or advantage of any such law, and covenants that it shall not
hinder, delay or impede the execution of any power herein granted to the
Indenture Trustee, but will suffer and permit the execution of every such power
as though no such law had been enacted.

SECTION 5.15    Action on Notes. The Indenture Trustee's right to seek and
recover judgment on the Notes or under this Indenture shall not be affected by
the seeking, obtaining or application of any other relief under or with respect
to this Indenture. Neither the lien of this Indenture nor any rights or remedies
of the Indenture Trustee or the Noteholders shall be impaired by the recovery of
any judgment by the Indenture Trustee against the Issuer or by the levy of any
execution under such judgment upon any portion of the Indenture Trust Estate or
upon any of the assets of the Issuer. Any money or property collected by the
Indenture Trustee shall be applied in accordance with Section 5.4(b).

SECTION 5.16    Performance and Enforcement of Certain Obligations. (a) Promptly
following a request from the Indenture Trustee to do so, and at the
Administrator's expense, the Issuer shall take all such lawful action as the
Indenture Trustee may request to compel or secure the performance and observance
by the Seller and the Servicer, as applicable, of each of their obligations to
the Issuer under or in connection with the Sale and Servicing Agreement, or by
the Seller and Ford Credit, as applicable, of each of their obligations under or
in connection with the Purchase Agreement, and to exercise any and all rights,
remedies, powers and privileges lawfully available to the Issuer under or in
connection with the Sale and Servicing Agreement and the Purchase Agreement, as
the case may be, to the extent and in the manner directed by the Indenture
Trustee, including the transmission of notices of default on the part of the
Seller, the Servicer or Ford Credit thereunder and the institution of legal or
administrative actions or proceedings to compel or secure performance by the
Seller or the Servicer of each of their obligations under the Sale and Servicing
Agreement or by the Seller or Ford Credit of each of their obligations under the
Purchase Agreement.

(b) Promptly following a request from the Indenture Trustee to do so, and at the
Administrator's expense, the Issuer shall take all such lawful action as the
Indenture Trustee may request to compel or secure the performance and observance
by the Swap Counterparties in accordance with the Interest Rate Swap Agreements
and to exercise any and all rights, remedies, powers and privileges lawfully
available to the Issuer under or in connection with the Interest Rate Swap
Agreements to the extent and in the manner directed by the Indenture Trustee,
including the transmission of notices of default thereunder and the institution
of legal or administrative actions or proceedings to compel or secure
performance by the Swap Counterparties of their obligations under the Interest
Rate Swap Agreements.

(c) If an Event of Default has occurred and is continuing, the Indenture Trustee
may, and at the direction (which direction shall be in writing or by telephone,
confirmed in writing promptly thereafter) of the Noteholders of Notes evidencing
not less than 66b% of the Note Balance of the Controlling Note Class shall,
exercise all rights, remedies, powers, privileges and claims of the Issuer
against the Seller or the Servicer under or in connection with the Sale and
Servicing Agreement, or against the Seller or Ford Credit under or in connection
with the Purchase Agreement, including the right or power to take any action to
compel or secure performance or observance by the Seller, the Servicer or Ford
Credit, as the case may be, of each of their obligations to the Issuer
thereunder and to give any consent, request, notice, direction, approval,
extension, or waiver under the Sale and Servicing Agreement or the Purchase
Agreement, as the case may be, and any right of the Issuer to take such action
shall be suspended.

If an Event of Default has occurred and is continuing, the Indenture Trustee
may, and at the direction (which direction shall be in writing or by telephone,
confirmed in writing promptly thereafter) of the Noteholders of Notes evidencing
not less than 66b% of the principal amount of the Controlling Note Class shall,
exercise all rights, remedies, powers, privileges and claims of the Issuer
against the Swap Counterparties including the right or power to take any action
to compel or secure performance or observance by the Swap Counterparties of
their obligations to the Issuer under Interest Rate Swap Agreements and to give
any consent, request, notice, direction, approval, extension, or waiver under
the Interest Rate Swap Agreements and any right of the Issuer to take such
action shall be suspended.

<PAGE>

                                   ARTICLE VI

                              THE INDENTURE TRUSTEE

SECTION 6.1     Duties of Indenture Trustee. (a) If an Event of Default has
occurred and is continuing, the Indenture Trustee shall exercise the rights and
powers vested in it by this Indenture and use the same degree of care and skill
in their exercise as a prudent Person would exercise or use under the
circumstances in the conduct of such Person's own affairs.

(b)      Except during the continuance of an Event of Default:

(i)               the Indenture Trustee undertakes to perform such duties and
                  only such duties as are specifically set forth in this
                  Indenture and no implied covenants or obligations shall be
                  read into this Indenture against the Indenture Trustee; and

(ii)              in the absence of bad faith on its part, the Indenture Trustee
                  may conclusively rely, as to the truth of the statements and
                  the correctness of the opinions expressed therein, upon
                  certificates or opinions furnished to the Indenture Trustee
                  and, if required by the terms of this Indenture, conforming to
                  the requirements of this Indenture; provided, however, that
                  the Indenture Trustee shall examine the certificates and
                  opinions to determine whether or not they conform to the
                  requirements of this Indenture.

(c) The Indenture Trustee may not be relieved from liability for its own
negligent action, its own negligent failure to act or its own willful
misconduct, except that:

(i)               this paragraph does not limit the effect of paragraph (b) of
                  this Section 6.1;

(ii)              the Indenture Trustee shall not be liable for any error of
                  judgment made in good faith by a Trustee Officer unless it is
                  proved that the Indenture Trustee was negligent in
                  ascertaining the pertinent facts; and

(iii)             the Indenture Trustee shall not be liable with respect to any
                  action it takes or omits to take in good faith in accordance
                  with a direction received by it pursuant to Section 5.11.

(d) The Indenture Trustee shall not be liable for interest on any money received
by it except as the Indenture Trustee may agree in writing with the Issuer.

(e) Money held in trust by the Indenture Trustee need not be segregated from
other funds except to the extent required by law or the terms of this Indenture
or the Sale and Servicing Agreement.

(f) No provision of this Indenture shall require the Indenture Trustee to expend
or risk its own funds or otherwise incur financial liability in the performance
of any of its duties hereunder or in the exercise of any of its rights or
powers, if it shall have reasonable grounds to believe that repayment of such
funds or adequate indemnity satisfactory to it against such risk or liability is
not reasonably assured to it.

(g) Every provision of this Indenture relating to the conduct or affecting the
liability of or affording protection to the Indenture Trustee shall be subject
to the provisions of this Section 6.1 and to the provisions of the TIA.

(h) The Indenture Trustee shall not be charged with knowledge of any Event of
Default unless either (1) a Trustee Officer shall have actual knowledge of such
Event of Default or (2) written notice of such Event of Default shall have been
given to the Indenture Trustee in accordance with the provisions of this
Indenture.

SECTION 6.2     Rights of Indenture Trustee. (a) The Indenture Trustee may rely
and shall be protected in acting or refraining from acting upon any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction,
consent, order, bond, debenture or other paper or document believed by it to be
genuine and to have been signed or presented by the proper Person. The Indenture
Trustee need not investigate any fact or matters stated in any such document.

(b) Before the Indenture Trustee acts or refrains from acting, it may require an
Officer's Certificate or an Opinion of Counsel. The Indenture Trustee shall not
be liable for any action it takes or omits to take in good faith in reliance on
an Officer's Certificate or Opinion of Counsel.

(c) The Indenture Trustee may execute any of the trusts or powers hereunder or
perform any duties hereunder either directly or by or through agents or
attorneys or a custodian or nominee, and the Indenture Trustee shall not be
responsible for any misconduct or negligence on the part of, or for the
supervision of, any such agent, attorney, custodian or nominee appointed with
due care by it hereunder.

(d) The Indenture Trustee shall not be liable for any action it takes or omits
to take in good faith which it believes to be authorized or within its rights or
powers; provided, however, that such action or omission by the Indenture Trustee
does not constitute willful misconduct, negligence or bad faith.

(e) The Indenture Trustee may consult with counsel, and the advice or opinion of
counsel with respect to legal matters relating to this Indenture and the Notes
shall be full and complete authorization and protection from liability in
respect to any action taken, omitted or suffered by it hereunder in good faith
and in accordance with the advice or opinion of such counsel.

(f) The Indenture Trustee shall be under no obligation to exercise any of the
rights or powers vested in it by this Indenture or to honor the request or
direction of any of the Noteholders pursuant to this Indenture unless such
Noteholders shall have offered to the Indenture Trustee reasonable security or
indemnity satisfactory to it against the reasonable costs, expenses,
disbursements, advances and liabilities which might be incurred by it, its
agents and its counsel in compliance with such request or direction.

(g) Any request or direction of the Issuer mentioned herein shall be
sufficiently evidenced by an Issuer Request.

SECTION 6.3      Individual Rights of Indenture Trustee. The Indenture Trustee,
in its individual or any other capacity, may become the owner or pledgee of
Notes and may otherwise deal with the Issuer or its Affiliates with the same
rights it would have if it were not Indenture Trustee. Any Note Paying Agent,
Note Registrar, co-registrar or co-paying agent hereunder may do the same with
like rights.

SECTION 6.4     Indenture Trustee's Disclaimer. The Indenture Trustee (i) shall
not be responsible for, and makes no representation as to, the validity or
adequacy of this Indenture or the Notes and (ii) shall not be accountable for
the Issuer's use of the proceeds from the Notes, or responsible for any
statement of the Issuer in this Indenture or in any document issued in
connection with the sale of the Notes or in the Notes (all of which shall be
taken as statements of the Issuer) other than the Indenture Trustee's
certificate of authentication.

SECTION 6.5     Notice of Defaults. If a Default occurs and is continuing and if
it is known to a Trustee Officer of the Indenture Trustee, the Indenture Trustee
shall mail to each Noteholder notice of such Default within ninety (90) days
after it occurs. Except in the case of a Default in payment of principal of or
interest on any Note (including payments pursuant to the mandatory redemption
provisions of such Note), the Indenture Trustee may withhold the notice if and
so long as a committee of its Trustee Officers in good faith determines that
withholding the notice is in the interests of the Noteholders.

SECTION 6.6     Reports by Indenture Trustee to Noteholders. Upon delivery to
the Indenture Trustee by the Servicer of such information prepared by the
Servicer pursuant to Section 3.9 of the Sale and Servicing Agreement as may be
required to enable each Noteholder to prepare its federal and State income tax
returns, the Indenture Trustee shall deliver such information to the
Noteholders.

SECTION 6.7     Compensation and Indemnity. (a) The Issuer shall, or shall cause
the Administrator to, pay to the Indenture Trustee from time to time reasonable
compensation for its services. The Indenture Trustee's compensation shall not be
limited by any law on compensation of a trustee of an express trust. The Issuer
shall, or shall cause the Administrator to, reimburse the Indenture Trustee for
all reasonable out-of-pocket expenses incurred or made by it, including costs of
collection, in addition to the compensation for its services. Such expenses
shall include the reasonable compensation and expenses, disbursements and
advances of the Indenture Trustee's agents, counsel, accountants and experts.
The Issuer shall, or shall cause the Administrator to, indemnify the Indenture
Trustee for, and to hold it harmless against, any and all loss, liability or
expense (including attorneys' fees) incurred by it in connection with the
administration of and the performance of its duties hereunder, including the
costs and expenses of defending itself against any claim or liability in
connection with the exercise or performance of any of its powers or duties
hereunder. The Indenture Trustee shall notify the Issuer and the Administrator
promptly of any claim for which it may seek indemnity. Failure by the Indenture
Trustee to so notify the Issuer and the Administrator shall not relieve the
Issuer or the Administrator of its obligations hereunder. The Issuer shall, or
shall cause the Administrator to, defend any such claim. The Indenture Trustee
may have separate counsel and the Issuer shall, or shall cause the Administrator
to, pay the fees and expenses of such counsel. Neither the Issuer nor the
Administrator need reimburse any expense or indemnity against any loss,
liability or expense incurred by the Indenture Trustee through the Indenture
Trustee's own willful misconduct, negligence or bad faith.

(b) The Issuer's payment obligations to the Indenture Trustee pursuant to this
Section 6.7 shall survive the resignation or removal of the Indenture Trustee
and the discharge of this Indenture. When the Indenture Trustee incurs expenses
after the occurrence of a Default specified in Section 5.1(iv) or (v) with
respect to the Issuer, the expenses are intended to constitute expenses of
administration under Title 11 of the United States Code or any other applicable
federal or State bankruptcy, insolvency or similar law.

SECTION 6.8     Replacement of Indenture Trustee. (a) No resignation or removal
of the Indenture Trustee, and no appointment of a successor Indenture Trustee,
shall become effective until the acceptance of appointment by the successor
Indenture Trustee pursuant to this Section 6.8 and payment in full of all sums
due to the Indenture Trustee pursuant to Section 6.7. The Indenture Trustee may
resign at any time by so notifying the Issuer. The Noteholders of Notes
evidencing not less than a majority in Note Balance of the Controlling Note
Class may remove the Indenture Trustee without cause by so notifying the
Indenture Trustee and the Issuer and may appoint a successor Indenture Trustee.
The Issuer shall remove the Indenture Trustee if:

(i)      the Indenture Trustee fails to comply with Section 6.11;

(ii)     an Insolvency Event occurs with respect to the Indenture Trustee;

(iii)    a receiver or other public officer takes charge of the Indenture
         Trustee or its property; or

(iv)     the Indenture Trustee otherwise becomes incapable of acting.

If the Indenture Trustee resigns or is removed or if a vacancy exists in the
office of Indenture Trustee for any reason (the Indenture Trustee in such event
being referred to herein as the retiring Indenture Trustee), the Issuer shall
promptly appoint a successor Indenture Trustee.

(b) Any successor Indenture Trustee shall deliver a written acceptance of its
appointment to the retiring Indenture Trustee and to the Issuer and shall
concurrently deliver a copy of such acceptance to each Swap Counterparty.
Thereupon, if all sums due the retiring Indenture Trustee pursuant to Section
6.7 have been paid in full, the resignation or removal of the retiring Indenture
Trustee shall become effective, and the successor Indenture Trustee shall have
all the rights, powers and duties of the Indenture Trustee under this Indenture.
The successor Indenture Trustee shall mail a notice of its succession to
Noteholders. If all sums due the retiring Indenture Trustee pursuant to Section
6.7 have been paid in full, the retiring Indenture Trustee shall promptly
transfer all property held by it as Indenture Trustee to the successor Indenture
Trustee.

(c) If a successor Indenture Trustee does not take office within sixty (60) days
after the retiring Indenture Trustee resigns or is removed, the retiring
Indenture Trustee, the Issuer or the Noteholders of Notes evidencing not less
than a majority in Note Balance of the Controlling Note Class may petition any
court of competent jurisdiction for the appointment of a successor Indenture
Trustee. If the Indenture Trustee fails to comply with Section 6.11, any
Noteholder who has been a bona fide Noteholder for at least six (6) months may
petition any court of competent jurisdiction for the removal of the Indenture
Trustee and the appointment of a successor Indenture Trustee.

(d) Notwithstanding the replacement of the Indenture Trustee pursuant to this
Section 6.8, the obligations of the Issuer and the Administrator under Section
6.7 shall continue for the benefit of the retiring Indenture Trustee.

SECTION 6.9     Successor Indenture Trustee by Merger. (a) If the Indenture
Trustee consolidates with, merges or converts into, or transfers all or
substantially all its corporate trust business or assets to, another corporation
or banking association, the resulting, surviving or transferee corporation or
banking association without any further act shall be the successor Indenture
Trustee; provided that such corporation or banking association shall be
otherwise qualified and eligible under Section 6.11. The Indenture Trustee shall
provide the Rating Agencies with prior written notice of any such transaction.

(b) In case at the time such successor or successors by merger, conversion or
consolidation to the Indenture Trustee shall succeed to the trusts created by
this Indenture any of the Notes shall have been authenticated but not delivered,
any such successor to the Indenture Trustee may adopt the certificate of
authentication of any predecessor trustee, and deliver such Notes so
authenticated; and in case at that time any of the Notes shall not have been
authenticated, any successor to the Indenture Trustee may authenticate such
Notes either in the name of any predecessor hereunder or in the name of the
successor to the Indenture Trustee. In all such cases such certificates shall
have the full force which it is provided anywhere in the Notes or in this
Indenture that the certificate of the Indenture Trustee shall have.

SECTION 6.10    Appointment of Co-Indenture Trustee or Separate Indenture
Trustee. (a) Notwithstanding any other provisions of this Indenture, at any
time, for the purpose of meeting any legal requirement of any jurisdiction in
which any part of the Indenture Trust Estate may at the time be located, the
Indenture Trustee shall have the power and may execute and deliver an instrument
to appoint one or more Persons to act as a co-trustee or co-trustees, or
separate trustee or separate trustees, of all or any part of the Trust, and to
vest in such Person or Persons, in such capacity and for the benefit of the
Noteholders and the Swap Counterparties, such title to the Indenture Trust
Estate, or any part hereof, and, subject to the other provisions of this
Section 6.10, such powers, duties, obligations, rights and trusts as the
Indenture Trustee may consider necessary or desirable. No co-trustee or separate
trustee hereunder shall be required to meet the terms of eligibility as a
successor trustee under Section 6.11 and no notice to Noteholders of the
appointment of any co-trustee or separate trustee shall be required under
Section 6.8.

(b) Every 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 Indenture Trustee shall be conferred or imposed upon and
               exercised or performed by the Indenture Trustee and such separate
               trustee or  co-trustee  jointly  (it being  understood  that such
               separate  trustee or  co-trustee  shall not be  authorized to act
               separately  without the Indenture  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
               Indenture  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  Indenture
               Trust  Estate 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  Indenture
               Trustee;

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

          (iii)the Indenture  Trustee may at any time accept the  resignation of
               or remove any  separate  trustee or  co-trustee.  (c) Any notice,
               request or other writing given to the Indenture  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  Indenture and the conditions of this Article
               VI. 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  Indenture  Trustee  or  separately,  as may be
               provided   therein,   subject  to  all  the  provisions  of  this
               Indenture,   specifically   including  every  provision  of  this
               Indenture relating to the conduct of, affecting the liability of,
               or affording  protection  to, the Indenture  Trustee.  Every such
               instrument shall be filed with the Indenture Trustee.

(d) Any separate trustee or co-trustee may at any time constitute the Indenture
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 die, 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
Indenture Trustee, to the extent permitted by law, without the appointment of a
new or successor trustee.

SECTION 6.11    Eligibility; Disqualification. (a) The Indenture Trustee shall
at all times satisfy the requirements of TIA Section 310(a). The Indenture
Trustee or its parent shall have a combined capital and surplus of at least
$50,000,000 as set forth in its most recent published annual report of condition
and shall have a long-term debt rating of investment grade by each of the Rating
Agencies or shall otherwise be acceptable to each of the Rating Agencies. The
Indenture Trustee shall comply with TIA Section 310(b).

(b) Within ninety (90) days after ascertaining the occurrence of an Event of
Default which shall not have been cured or waived, unless authorized by the
Commission, the Indenture Trustee shall resign with respect to the Class A
Notes, the Class B Notes and/or the Class C Notes in accordance with Section 6.8
of this Indenture, and the Issuer shall appoint a successor Indenture Trustee
for any or all of such Classes, as applicable, so that there will be separate
Indenture Trustees for the Class A Notes, Class B Notes and the Class C Notes.
In the event the Indenture Trustee fails to comply with the terms of the
preceding sentence, the Indenture Trustee shall comply with clauses (ii) and
(iii) of TIA Section 310(b).

(c) In the case of the appointment hereunder of a successor Indenture Trustee
with respect to any Class of Notes pursuant to this Section 6.11, the Issuer,
the retiring Indenture Trustee and the successor Indenture Trustee with respect
to such Class of Notes shall execute and deliver an indenture supplemental
hereto wherein each successor Indenture Trustee shall accept such appointment
and which (i) shall contain such provisions as shall be necessary or desirable
to transfer and confirm to, and to vest in, the successor Indenture Trustee all
the rights, powers, trusts and duties of the retiring Indenture Trustee with
respect to the Notes of the Class to which the appointment of such successor
Indenture Trustee relates, (ii) if the retiring Indenture Trustee is not
retiring with respect to all Classes of Notes, shall contain such provisions as
shall be deemed necessary or desirable to confirm that all the rights, powers,
trusts and duties of the retiring Indenture Trustee with respect to the Notes of
each Class as to which the retiring Indenture Trustee is not retiring shall
continue to be vested in the Indenture Trustee and (iii) shall add to or change
any of the provisions of this Indenture as shall be necessary to provide for or
facilitate the administration of the trusts hereunder by more than one Indenture
Trustee, it being understood that nothing herein or in such supplemental
indenture shall constitute such Indenture Trustees co-trustees of the same trust
and that each such Indenture Trustee shall be a trustee of a trust or trusts
hereunder separate and apart from any trust or trusts hereunder administered by
any other such Indenture Trustee; and upon the removal of the retiring Indenture
Trustee shall become effective to the extent provided herein.

SECTION 6.12    Preferential Collection of Claims Against Issuer. The Indenture
Trustee shall comply with TIA Section 311(a), excluding any creditor
relationship listed in TIA Section 311(b). An Indenture Trustee who has resigned
or been removed shall be subject to TIA Section 311(a) to the extent indicated.

SECTION 6.13    Interest Rate Swap Provisions. (a) The Issuer has entered into
the Interest Rate Swap Agreements, in a form satisfactory to the Rating
Agencies, to hedge the floating rate interest expense on the Floating Rate
Notes. The Issuer may, from time to time, enter into one or more replacement
Interest Rate Swap Agreements with one or more replacement Swap Counterparties
in the event that an Interest Rate Swap Agreement is terminated prior to its
scheduled expiration pursuant to an Event of Default or Termination Event (each
such term as defined in the applicable Interest Rate Swap Agreement). The
Interest Rate Swaps will have a notional amount equal to the aggregate principal
amount of the Class A-2b Notes, Class A-3b Notes or Class A-4b Notes, as
applicable, on the Closing Date. The notional amount of each Interest Rate Swap
will decrease by the amount of any principal payments on the applicable Floating
Rate Notes.

(b) On each Payment Date, Net Swap Payments (other than Swap Termination
Payments) relating to the Interest Rate Swaps will rank senior to interest
payments on the Class A Notes, and Swap Termination Payments will rank pari
passu with interest payments on the Class A Notes, all as set forth in Section
8.2 hereof and Section 4.7 of the Sale and Servicing Agreement.

(c) The Indenture Trustee will be responsible for remitting Net Swap Payments
and any Swap Termination Payments payable to the Swap Counterparties and for
collecting the Net Swap Receipts and any Swap Termination Payments payable to
the Issuer, as applicable, on each Payment Date.

(d) In the event that a Swap Counterparty is required to collateralize an
Interest Rate Swap transaction pursuant to the terms of the applicable Interest
Rate Swap Agreement, the Indenture Trustee, upon written request of the
Administrator, shall establish individual collateral accounts and will hold any
securities deposited therein in trust and will invest any cash amounts in
accordance with the provisions of the Interest Rate Swap Agreement.

(e) The Administrator shall calculate and provide written notification to the
Swap Counterparties and to the Indenture Trustee of the notional amount of the
Interest Rate Swaps as of each Payment Date on or before the twelfth day of the
month of the related Payment Date. The Administrator shall also obtain the
calculation of LIBOR from the Calculation Agent under this Agreement and shall
calculate the amount, for each Payment Date, of all Net Swap Payments, Net Swap
Receipts, and Swap Termination Payments payable on each Payment Date and shall
provide written notification of such amounts to the Swap Counterparties and to
the Indenture Trustee prior to such Payment Date. At least ten days before the
effective date of any proposed amendment or supplement to an Interest Rate Swap
Agreement, the Administrator shall provide the Rating Agencies with a copy of
such amendment or supplement. Any amendment or supplement to an Interest Rate
Swap Agreement will be effective only after Rating Agency Confirmation shall
have been provided with respect thereto.

(f) Promptly following the early termination of an Interest Rate Swap Agreement
due to an Event of Default or Termination Event (as each such term is defined in
such Interest Rate Swap Agreement), the Issuer will use reasonable efforts to
enter into a replacement Interest Rate Swap Agreement on terms similar to those
of such Interest Rate Swap Agreement with an eligible swap counterparty unless
the Indenture Trustee sells the Indenture Trust Estate pursuant to Section
5.4(a)(iv). The Issuer shall take action as the Indenture Trustee may request to
compel or secure the performance and observance by the Swap Counterparties of
their obligations under the Interest Rate Swap Agreements, as provided in
Section 5.16(b) and 5.16(d).

(g) Each Interest Rate Swap Agreement shall provide that a termination event
will occur thereunder if (a) the long-term rating of the Swap Counterparty is
downgraded below a rating of "A" by Fitch or is suspended or withdrawn by such
Rating Agency, (b) the long-term rating of the Swap Counterparty is downgraded
below a rating of (i) "Aa3" by Moody's if the Swap Counterparty does not have a
short-term rating of "P-1" or above or (ii) "A1" by Moody's if the Swap
Counterparty has a short-term rating of "P-1" or above, or, in each case, is
suspended or withdrawn by such Rating Agency or (c) the long-term rating of the
Swap Counterparty is downgraded below a rating of "A-" by S&P or the short-term
rating of the Swap Counterparty is downgraded below a rating of "A-1" by S&P or,
in each case, is suspended or withdrawn by such Rating Agency, or (d) notice is
given to the Indenture Trustee or Administrator by any Rating Agency that the
credit support, if any, with respect to a Swap Counterparty is no longer deemed
adequate to maintain the then-current ratings on the Class A Notes, and within
30 days of any such downgrade, suspension, withdrawal or notification, such Swap
Counterparty fails to either (i) deliver or post collateral acceptable to the
Issuer in amounts sufficient to secure its obligations under the Interest Rate
Swap Agreement, (ii) assign its rights and obligations under the Interest Rate
Swap Agreement to a replacement counterparty acceptable to the Issuer or (iii)
establish other arrangements necessary, if any, in each case so that the Rating
Agencies confirm the ratings of the Notes that were in effect immediately prior
to such downgrade, suspension, withdrawal or notification.

                                  ARTICLE VII

                         NOTEHOLDERS' LISTS AND REPORTS

SECTION 7.1     Issuer To Furnish Indenture Trustee Names and Addresses of
Noteholders. The Issuer shall furnish or cause to be furnished to the Indenture
Trustee (a) not more than five (5) days after each Record Date, a list, in such
form as the Indenture Trustee may reasonably require, of the names and addresses
of the Noteholders as of such Record Date and (b) at such other times as the
Indenture Trustee may request in writing, within thirty (30) days after receipt
by the Issuer of any such request, a list of similar form and content as of a
date not more than ten (10) days prior to the time such list is furnished;
provided, however, that (i) so long as the Indenture Trustee is the Note
Registrar, no such list shall be required to be furnished and (ii) no such list
shall be required to be furnished with respect to Noteholders of Book-Entry
Notes.

SECTION 7.2     Preservation of Information; Communications to Noteholders. (a)
The Indenture Trustee shall preserve, in as current a form as is reasonably
practicable, the names and addresses of the Noteholders contained in the most
recent list furnished to the Indenture Trustee as provided in Section 7.1 and
the names and addresses of Noteholders received by the Indenture Trustee in its
capacity as Note Registrar. The Indenture Trustee may destroy any list furnished
to it as provided in such Section 7.1 upon receipt of a new list so furnished.

(b) Noteholders may communicate pursuant to TIA Section 312(b) with other
Noteholders with respect to their rights under this Indenture or under the
Notes. Upon receipt by the Indenture Trustee of any request by three or more
Noteholders or by one or more Noteholders of Notes evidencing not less than 25%
of the Note Balance of the Notes Outstanding to receive a copy of the current
list of Noteholders (whether or not made pursuant to TIA Section 312(b)), the
Indenture Trustee shall promptly notify the Administrator thereof by providing
to the Administrator a copy of such request and a copy of the list of
Noteholders produced in response thereto.

(c) The Issuer, the Indenture Trustee and the Note Registrar shall have the
protection of TIA Section 312(c).

SECTION 7.3       Reports by Issuer.  (a)  The Issuer shall:

(i)               file with the Indenture Trustee, within fifteen (15) days
                  after the Issuer is required to file the same with the
                  Commission, copies of the annual reports and of the
                  information, documents and other reports (or copies of such
                  portions of any of the foregoing as the Commission may from
                  time to time by rules and regulations prescribe) that the
                  Issuer may be required to file with the Commission pursuant to
                  Section 13 or 15(d) of the Exchange Act;

(ii)              file with the Indenture Trustee and the Commission in
                  accordance with the rules and regulations prescribed from time
                  to time by the Commission such additional information,
                  documents and reports with respect to compliance by the Issuer
                  with the conditions and covenants of this Indenture as may be
                  required from time to time by such rules and regulations; and

(iii)             supply to the Indenture Trustee (and the Indenture Trustee
                  shall transmit by mail to all Noteholders described in TIA
                  Section 313(c)) such summaries of any information, documents
                  and reports required to be filed by the Issuer pursuant to
                  clauses (i) and (ii) of this Section 7.3(a) and by rules and
                  regulations prescribed from time to time by the Commission.

(b) Unless the Issuer otherwise determines, the fiscal year of the Issuer shall
correspond to the calendar year.

SECTION 7.4     Reports by Indenture Trustee. (a) If required by TIA Section
313(a), within sixty (60) days after each April 15, beginning with April 15,
2003 the Indenture Trustee shall mail to each Noteholder as required by TIA
Section 313(c) a brief report dated as of such date that complies with TIA
Section 313(a). The Indenture Trustee also shall comply with TIA Section 313(b).

(b) A copy of each report at the time of its mailing to Noteholders shall be
filed by the Indenture Trustee with the Commission and each stock exchange, if
any, on which the Notes are listed. The Issuer shall notify the Indenture
Trustee if and when the Notes are listed on any stock exchange.

<PAGE>

                                  ARTICLE VIII

                      ACCOUNTS, DISBURSEMENTS AND RELEASES

SECTION 8.1     Collection of Money. Except as otherwise expressly provided
herein, the Indenture Trustee may demand payment or delivery of, and shall
receive and collect, directly and without intervention or assistance of any
fiscal agent or other intermediary, all money and other property payable to or
receivable by the Indenture Trustee pursuant to this Indenture and the Sale and
Servicing Agreement. The Indenture Trustee shall apply all such money received
by it as provided in this Indenture and the Sale and Servicing Agreement. Except
as otherwise expressly provided in this Indenture, if any default occurs in the
making of any payment or performance under any agreement or instrument that is
part of the Indenture Trust Estate, the Indenture Trustee may take such action
as may be appropriate to enforce such payment or performance, including the
institution and prosecution of appropriate Proceedings. Any such action shall be
without prejudice to any right to claim a Default or Event of Default under this
Indenture and any right to proceed thereafter as provided in Article V.

SECTION 8.2     Trust Accounts and Payahead Account. (a) On or prior to the
Closing Date, the Issuer shall cause the Servicer to establish and maintain the
Trust Accounts and the Payahead Account as provided in Sections 4.1 and 4.7 of
the Sale and Servicing Agreement.

(b) On or before each Payment Date, the Servicer shall deposit all Available
Collections with respect to the Collection Period preceding such Payment Date in
the Collection Account as provided in Sections 4.2, 4.3, 4.4 and 4.5 of the Sale
and Servicing Agreement. On or before each Payment Date, all amounts required to
be withdrawn from the Reserve Account and deposited in the Collection Account
pursuant to Section 4.5 of the Sale and Servicing Agreement shall be withdrawn
by the Indenture Trustee from the Reserve Account and deposited to the
Collection Account. The Issuer shall direct the Swap Counterparties to deposit,
and shall otherwise cause to be deposited on each Payment Date, any Net Swap
Receipts then due and payable in the Collection Account. In addition, the Issuer
shall direct the Swap Counterparties to deposit, and shall otherwise cause to be
deposited, all Swap Termination Payments paid by Swap Counterparties to the
Trust into the Collection Account; provided, that, upon direction of the
Administrator, the Indenture Trustee may retain a part or all of such Swap
Termination Payments to be applied as an initial payment to a replacement Swap
Counterparty or Swap Counterparties, and provided further that the Indenture
Trustee shall promptly deposit any retained amounts that are not so applied to
the Collection Account.

(c) On each Payment Date, the Indenture Trustee (based on the information
contained in the Servicer's Certificate delivered on or before the related
Determination Date pursuant to Section 3.9 of the Sale and Servicing Agreement)
shall make the following withdrawals from the Collection Account and make
deposits, distributions and payments, to the extent of funds on deposit in the
Collection Account with respect to the Collection Period preceding such Payment
Date (including funds, if any, deposited therein from the Reserve Account and
the Payahead Account), in the following order of priority:

(i)      first, to the Servicer, the Servicing Fee and all unpaid Servicing Fees
         from prior Collection Periods;

(ii)     second, to the Swap Counterparties, the Net Swap Payments (if any) due
         to the Swap Counterparties;

(iii)    third, with the same priority and ratably, in accordance with the
         outstanding principal balance of the Class A Notes and the amount of
         any Swap Termination Payment due and payable by the Issuer to the Swap
         Counterparties,

          (1)  to the  Noteholders  of Class A Notes,  the Accrued  Class A Note
               Interest,

          (2)  to the Swap Counterparties, any Swap Termination Payments;

                  provided, that, if any amounts allocable to the Class A Notes
                  are not needed to pay interest due on such Notes, such amounts
                  shall be applied to pay the portion, if any, of any Swap
                  Termination Payments remaining unpaid pro rata based on the
                  amount of the Swap Termination Payments, and provided,
                  further, that if there are not sufficient funds available to
                  pay the entire amount of the Accrued Class A Note Interest,
                  the amounts available shall be applied to the payment of such
                  interest on the Class A Notes on a pro rata basis;

(iv)     fourth, to the Principal Distribution Account, the First Priority
         Principal Distribution Amount, if any;

(v)      fifth, to the Noteholders of Class B Notes, the Accrued Class B Note
         Interest; provided that if there are not sufficient funds available to
         pay the entire amount of the Accrued Class B Note Interest, the amounts
         available shall be applied to the payment of such interest on the
         Class B Notes on a pro rata basis;

(vi)     sixth, to the Principal Distribution Account, the Second Priority
         Principal Distribution Amount, if any;

(vii)    seventh,  to the  Noteholders  of Class C Notes,  the Accrued  Class C
         Note Interest;  provided that if there are not sufficient funds
         available to pay the  entire  amount  of the  Accrued  Class C Note
         Interest,  the  amounts available  shall be applied to the payment of
         such  interest on the Class C Notes on a pro rata basis;

(viii)   eighth, to the Principal Distribution Account, the Third Priority
         Principal Distribution Amount, if any;

(ix)     ninth, to the Certificate Interest Distribution Account, the Accrued
         Class D Certificate Interest;

(x)      tenth, to the Reserve Account, the amount, if any, required to
         reinstate the amount in the Reserve Account up to the Specified Reserve
         Balance;

(xi)     eleventh, to the Principal Distribution Account, the Regular Principal
         Distribution Amount, if any; and

(xii)    twelfth, to the Seller, any funds remaining on deposit in the
         Collection Account with respect to the Collection Period preceding such
         Payment Date.

Notwithstanding any other provision of this Article VIII, and subject to Section
5.4(b), (A) following the occurrence and during the continuation of an Event of
Default specified in Section 5.1(i), 5.1(ii), 5.1(iv) or 5.1(v) that has
resulted in an acceleration of the Notes (including the occurrence of such an
Event of Default following the occurrence of an Event of Default specified in
Section 5.1(iii) hereof that resulted in acceleration of the Notes), the
Servicer shall instruct the Indenture Trustee to transfer the funds on deposit
in the Collection Account remaining after the application of clauses (i), (ii)
and (iii) above to the Principal Distribution Account to the extent necessary to
reduce the principal amount of all the Class A Notes to zero, (B) following the
occurrence and during the continuation of an Event of Default specified in
Section 5.1(iii), which has resulted in an acceleration of the Notes, the
Servicer shall instruct the Indenture Trustee to transfer the funds on deposit
in the Collection Account remaining after the application of clauses (i), (ii),
(iii), (iv), (v), (vi) and (vii) above to the Principal Distribution Account to
the extent necessary to reduce the principal amount of all the Notes to zero,
and (C) in the case of an event described in clause (A) or (B), the
Certificateholders will not receive any distributions of principal or interest
until the principal amount and accrued interest on all the Notes has been paid
in full.

(d) On each Payment Date, the Indenture Trustee (based on the information
contained in the Servicer's Certificate delivered on or before the related
Determination Date pursuant to Section 3.9 of the Sale and Servicing Agreement)
shall withdraw the funds on deposit in the Principal Distribution Account with
respect to the Collection Period preceding such Payment Date and make
distributions and payments in the following order of priority:

(i)               first, to the Noteholders of the Class A-1 Notes in reduction
                  of principal until the principal amount of the Outstanding
                  Class A-1 Notes has been paid in full; provided that if there
                  are not sufficient funds available to pay the principal amount
                  of the Outstanding Class A-1 Notes in full, the amounts
                  available shall be applied to the payment of principal on the
                  Class A-1 Notes on a pro rata basis;

(ii)              second, to the Noteholders of the Class A-2 Notes in reduction
                  of principal until the principal amount of the Outstanding
                  Class A-2 Notes has been paid in full; provided that if there
                  are not sufficient funds available to pay the principal amount
                  of the Outstanding Class A-2 Notes in full, the amounts
                  available shall be applied to the payment of principal on the
                  Class A-2 Notes on a pro rata basis based on the principal
                  balances of the Class A-2a Notes and the Class A-2b Notes;

(iii)             third, to the Noteholders of the Class A-3 Notes in reduction
                  of principal until the principal amount of the Outstanding
                  Class A-3 Notes has been paid in full; provided that if there
                  are not sufficient funds available to pay the principal amount
                  of the Outstanding Class A-3 Notes in full, the amounts
                  available shall be applied to the payment of principal on the
                  Class A-3 Notes on a pro rata basis based on the principal
                  balances of the Class A-3a Notes and the Class A-3b Notes;

(iv)              fourth, to the Noteholders of the Class A-4 Notes in reduction
                  of principal until the principal amount of the Outstanding
                  Class A-4 Notes has been paid in full; provided that if there
                  are not sufficient funds available to pay the principal amount
                  of the Outstanding Class A-4 Notes in full, the amounts
                  available shall be applied to the payment of principal on the
                  Class A-4 Notes on a pro rata basis based on the principal
                  balances of the Class A-4a Notes and the Class A-4b Notes;

(v)               fifth, to the Noteholders of the Class B Notes in reduction of
                  principal until the principal amount of the Outstanding Class
                  B Notes has been paid in full; provided that if there are not
                  sufficient funds available to pay the principal amount of the
                  Outstanding Class B Notes in full, the amounts available shall
                  be applied to the payment of principal on the Class B Notes on
                  a pro rata basis;

(vi)              sixth, to the Noteholders of the Class C Notes in reduction of
                  principal until the principal amount of the Outstanding Class
                  C Notes has been paid in full; provided that if there are not
                  sufficient funds available to pay the principal amount of the
                  Outstanding Class C Notes in full, the amounts available shall
                  be applied to the payment of principal on the Class C Notes on
                  a pro rata basis;

(vii)             seventh, to the Certificate Principal Distribution Account, in
                  reduction of the Certificate Balance of the Class D
                  Certificates, until the Certificate Balance of the Class D
                  Certificates has been reduced to zero; and

(viii)            eighth, to the Seller, any funds remaining on deposit in the
                  Principal Distribution Account.

SECTION 8.3     General Provisions Regarding Accounts. (a) So long as no Default
or Event of Default shall have occurred and be continuing, all or a portion of
the funds in the Collection Account and the Payahead Account shall be invested
by the Qualified Institution or Qualified Trust Institution maintaining such
account (which initially is the Indenture Trustee) at the direction of the
Servicer in Permitted Investments as provided in Section 4.2 of the Sale and
Servicing Agreement. All income or other gain (net of losses and investment
expenses) from investments of monies deposited in the Collection Account, the
Payahead Account and the Reserve Account shall be withdrawn by the Indenture
Trustee from such accounts (but only under the circumstances set forth in
Sections 4.6(b) and 4.1(e)(ii) in the Sale and Servicing Agreement in the case
of the Reserve Account) and distributed as provided in Section 4.1 of the Sale
and Servicing Agreement. The Servicer shall not direct the Qualified Institution
or Qualified Trust Institution maintaining the Collection Account or Payahead
Account to make any investment of any funds or to sell any investment held in
any of the Trust Accounts unless the security interest Granted and perfected in
such account will continue to be perfected in such investment or the proceeds of
such sale, in either case without any further action by any Person, and, in
connection with any direction by the Servicer to make any such investment or
sale, if requested by the Indenture Trustee, (acting at the direction of not
less than 50% of the Controlling Note Class), the Seller or the Servicer, as
applicable, will deliver an Opinion of Counsel to the Indenture Trustee, to such
effect.

(b) Subject to Section 6.1(c), the Indenture Trustee shall not in any way be
held liable by reason of any insufficiency in any of the Trust Accounts or in
the Payahead Account resulting from any loss on any Permitted Investment
included therein, except for losses attributable to the Indenture Trustee's
failure to make payments on such Permitted Investments issued by the Indenture
Trustee, in its commercial capacity as principal obligor and not as trustee, in
accordance with their terms. In addition, the Indenture Trustee shall have no
duty to monitor the activities of any Qualified Institution or Qualified Trust
Institution (unless such Qualified Institution or Qualified Trust Institution is
also the Indenture Trustee) and shall not in any way be held liable for the
actions or inactions of any Qualified Institution or Qualified Trust Institution
(unless such Qualified Institution or Qualified Trust Institution is also the
Indenture Trustee).

(c) If the Indenture Trustee is the Qualified Institution or Qualified Trust
Institution maintaining the Collection Account or the Payahead Account and (i)
the Servicer shall have failed to give investment directions for any funds on
deposit in the Collection Account or the Payahead Account to the Indenture
Trustee by 11:00 a.m. New York Time (or such other time as may be agreed by the
Issuer and the Indenture Trustee) on the Business Day preceding each Payment
Date, (ii) to the knowledge of a Trustee Officer of the Indenture Trustee, a
Default or Event of Default shall have occurred and be continuing with respect
to the Notes but the Notes shall not have been declared due and payable pursuant
to Section 5.2 or (iii) the Notes shall have been declared due and payable
following an Event of Default amounts collected or receivable from the Indenture
Trust Estate are being applied in accordance with Section 5.4 as if there had
not been such a declaration, then in each case the Indenture Trustee shall, to
the fullest extent practicable, invest and reinvest funds in the Collection
Account and the Payahead Account, as the case may be, in one or more Permitted
Investments described in clause (b) of the definition thereof.

SECTION 8.4     Release of Indenture Trust Estate. (a) Subject to the payment of
its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and
when required by the provisions of this Indenture shall, execute instruments to
release property from the lien of this Indenture, or convey the Indenture
Trustee's interest in the same, in a manner and under circumstances that are not
inconsistent with the provisions of this Indenture. No party relying upon an
instrument executed by the Indenture Trustee as provided in this Article VIII
shall be bound to ascertain the Indenture Trustee's authority, inquire into the
satisfaction of any conditions precedent or see to the application of any
monies.

(b) The Indenture Trustee shall, at such time as there are no Notes Outstanding
and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in
full and all amounts (including Swap Termination Payments) owing under the
Interest Rate Swap Agreements have been paid in full, release any remaining
portion of the Indenture Trust Estate that secured the Issuer's obligations
under the Notes and the Interest Rate Swap Agreements from the lien of this
Indenture and release to the Issuer or any other Person entitled thereto any
funds then on deposit in the Trust Accounts. The Indenture Trustee shall release
property from the lien of this Indenture pursuant to this Section 8.4(b) only
upon receipt of an Issuer Request accompanied by confirmation that all amounts
owing by the Issuer under the Interest Rate Swap Agreements have been paid, and
an Officer's Certificate and an Opinion of Counsel and (if required by the TIA)
Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1)
meeting the applicable requirements of Section 11.1.

(c) Each Noteholder or Note Owner, by its acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in a Note, and each Swap Counterparty, by
its acceptance of the terms of this Indenture and the applicable Interest Rate
Swap Agreement, acknowledges that from time to time the Indenture Trustee shall
release the lien of this Indenture on any Receivable to be sold to (i) the
Seller in accordance with Section 2.3 of the Sale and Servicing Agreement and
(ii) to the Servicer in accordance with Section 3.7 of the Sale and Servicing
Agreement.

SECTION 8.5     Opinion of Counsel. The Indenture Trustee shall receive at least
seven (7) days notice when requested by the Issuer to take any action pursuant
to Section 8.4(a), accompanied by copies of any instruments involved, and the
Indenture Trustee shall also require, except in connection with any action
contemplated by Section 8.4(c), as a condition to such action, an Opinion of
Counsel, in form and substance satisfactory to the Indenture Trustee, stating
the legal effect of any such action, outlining the steps required to complete
the same, and concluding that all conditions precedent to the taking of such
action have been complied with and such action will not materially and adversely
impair the security for the Notes or the rights of the Noteholders in
contravention of the provisions of this Indenture; provided, however, that such
Opinion of Counsel shall not be required to express an opinion as to the fair
value of the Indenture Trust Estate. Counsel rendering any such opinion may
rely, without independent investigation, on the accuracy and validity of any
certificate or other instrument delivered to the Indenture Trustee in connection
with any such action.

                                   ARTICLE IX

                             SUPPLEMENTAL INDENTURES

SECTION 9.1     Supplemental Indentures Without Consent of Noteholders. (a)
Without the consent of the Noteholders but with prior notice to the Rating
Agencies, the Issuer and the Indenture Trustee, when authorized by an Issuer
Order, at any time and from time to time, may enter into one or more indentures
supplemental hereto (which shall conform to the provisions of the Trust
Indenture Act as in force at the date of the execution thereof), in form
satisfactory to the Indenture Trustee, for any of the following purposes:

(i)               to correct or amplify the description of any property at any
                  time subject to the lien of this Indenture, or better to
                  assure, convey and confirm unto the Indenture Trustee any
                  property subject or required to be subjected to the lien of
                  this Indenture, or to subject to the lien of this Indenture
                  additional property;

(ii)              to evidence the succession, in compliance with the applicable
                  provisions hereof, of another Person to the Issuer, and the
                  assumption by any such successor of the covenants of the
                  Issuer herein and in the Notes contained;

(iii)             to add to the covenants of the Issuer, for the benefit of the
                  Noteholders, or to surrender any right or power herein
                  conferred upon the Issuer;

(iv)              to convey, transfer, assign, mortgage or pledge any property
                  to or with the Indenture Trustee;

(v)               to cure any ambiguity, to correct or supplement any provision
                  herein or in any supplemental indenture that may be
                  inconsistent with any other provision herein or in any
                  supplemental indenture or to make any other provisions with
                  respect to matters or questions arising under this Indenture
                  or under any supplemental indenture which shall not be
                  inconsistent with the provisions of the Indenture; provided
                  that such action shall not materially adversely affect the
                  interests of the Noteholders or adversely affect the rights or
                  obligations of the Swap Counterparties under the Interest Rate
                  Swap Agreements or modify or impair the ability of the Issuer
                  to fully perform any of its obligations under the Interest
                  Rate Swap Agreements;

(vi)              to evidence for the acceptance of the appointment hereunder by
                  a successor trustee with respect to the Notes and to add to or
                  change any of the provisions of this Indenture as shall be
                  necessary to facilitate the administration of the trusts
                  hereunder by more than one trustee, pursuant to the
                  requirements of Article VI; or

(vii)             to modify, eliminate or add to the provisions of this
                  Indenture to such extent as shall be necessary to affect the
                  qualification of this Indenture under the TIA or under any
                  similar federal statute hereafter enacted and to add to this
                  Indenture such other provisions as may be expressly required
                  by the TIA.

                  The Indenture Trustee is hereby authorized to join in the
execution of any such supplemental indenture and to make any further appropriate
agreements and stipulations that may be therein contained.

(b) The Issuer and the Indenture Trustee, when authorized by an Issuer Order,
may, also without the consent of any of the Noteholders but with prior notice to
the Rating Agencies, enter into an indenture or indentures supplemental hereto
for the purpose of adding any provisions to, or changing in any manner or
eliminating any of the provisions of, this Indenture or of modifying in any
manner (other than the modifications set forth in Section 9.2) the rights of the
Noteholders under this Indenture; provided, however, that (i) such action shall
not adversely affect in any material respect the interests of any Noteholder,
(ii) (x) such action shall not adversely affect the rights or obligations of the
Swap Counterparties under the Interest Rate Swap Agreements or modify the
obligations of or impair the ability of the Issuer to fully perform any of its
obligations under the Interest Rate Swap Agreements or (y) the Swap
Counterparties shall have consented thereto (and a Swap Counterparty's consent
will be deemed to have been given if such Swap Counterparty does not object in
writing within ten Business Days of receipt of a written request for such
consent); (iii) such action shall not cause the Issuer to be characterized for
federal or any then Applicable Tax State income tax purposes as an association
taxable as a corporation or otherwise have any material adverse impact on the
federal or any then Applicable Tax State income taxation of any Notes
Outstanding or outstanding Certificates or any Noteholder or Certificateholder;
provided, that with respect to clauses (i), (ii)(x) and (iii) an Opinion of
Counsel is provided in each instance, and (iv) Rating Agency Confirmation shall
have been provided with respect to such action.

SECTION 9.2     Supplemental Indentures with Consent of Noteholders. The Issuer
and the Indenture Trustee, when authorized by an Issuer Order, also may, with
prior notice to the Rating Agencies and the consent of a majority of the Note
Balance of the Controlling Note Class, enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to, or changing in
any manner or eliminating any of the provisions of, this Indenture or modifying
in any manner the rights of the Noteholders under this Indenture; provided,
however, that (i) Rating Agency Confirmation shall have been provided with
respect to such action and (ii) such action shall not, as evidenced by an
Opinion of Counsel, cause the Issuer to be characterized for federal or any then
Applicable Tax State income tax purposes as an association taxable as a
corporation or otherwise have any material adverse impact on the federal or any
then Applicable Tax State income taxation of any Notes Outstanding or
outstanding Certificates or any Noteholder or Certificateholder, (iii) (x) such
action shall not, as evidenced by an Opinion of Counsel, adversely affect the
rights or obligations of the Swap Counterparties under the Interest Rate Swap
Agreements or modify the obligations of, or impair the ability of the Issuer to
fully perform any of its obligations under the Interest Rate Swap Agreements or
(y) each Swap Counterparty shall have consented thereto (and a Swap
Counterparty's consent will be deemed to have been given if such Swap
Counterparty does not object in writing within ten Business Days of receipt of a
written request for such consent); and provided, further, that no such
supplemental indenture shall, without the consent of each Outstanding Note
affected thereby:

               (i)  modify or alter provisions of this Section 9.2;

               (ii) change  the  Final  Scheduled  Payment  Date or the  date of
                    payment of any  installment  of  principal of or interest on
                    any Note,  or  reduce  the  principal  amount  thereof,  the
                    interest  rate  thereon or the Note  Prepayment  Amount with
                    respect  thereto,  change the  provisions of this  Indenture
                    relating  to  the  application  of  collections  on,  or the
                    proceeds  of the sale of,  the  Indenture  Trust  Estate  to
                    payment of principal of or interest on the Notes,  or change
                    any  place of  payment  where,  or the coin or  currency  in
                    which,  any Note or the  interest  thereon  is  payable,  or
                    impair the right to institute  suit for the  enforcement  of
                    the provisions of this Indenture  requiring the  application
                    of funds  available  therefor,  as provided in Article V, to
                    the  payment of any such amount due on the Notes on or after
                    the  respective  due  dates  thereof  (or,  in the  case  of
                    redemption, on or after the Redemption Date);

               (iii)reduce the  percentage of the principal  amount of the Notes
                    Outstanding or the  Controlling  Note Class,  the consent of
                    the   Noteholders   of  which  is  required   for  any  such
                    supplemental indenture, or the consent of the Noteholders of
                    which is required for any waiver of compliance  with certain
                    provisions of this  Indenture or certain  Defaults or Events
                    of Default hereunder and their consequences  provided for in
                    this Indenture;

               (iv) modify or alter (x) the  provisions  of the  proviso  to the
                    definition of the term  "Outstanding"  or (y) the definition
                    of "Controlling Note Class";

               (v)  reduce the  percentage of the principal  amount of the Notes
                    Outstanding  or of the  Controlling  Note Class  required to
                    direct or consent to a sale or  liquidation by the Indenture
                    Trustee of the  Indenture  Trust Estate  pursuant to Section
                    5.4 if the  proceeds  of such sale or  liquidation  would be
                    insufficient  to pay the  principal  amount and  accrued but
                    unpaid  interest on the Notes  and/or the  Certificates,  as
                    applicable;

               (vi) modify  any  provision  of  this   Indenture   specifying  a
                    percentage  of the  aggregate  Note  Balance  of  the  Notes
                    necessary  to  amend  this  Indenture  or  the  other  Basic
                    Documents except to increase any percentage specified herein
                    or to provide that  certain  additional  provisions  of this
                    Indenture or the other Basic Documents cannot be modified or
                    waived  without  the  consent  of  the  Noteholder  of  each
                    Outstanding Note affected thereby;

               (vii)modify  any of the  provisions  of  this  Indenture  in such
                    manner as to affect  the  calculation  of the  amount of any
                    payment  of  interest  or  principal  due on any Note on any
                    Payment  Date  (including  the  calculation  of  any  of the
                    individual  components of such calculation) or to affect the
                    rights of the  Noteholders  to the benefit of any provisions
                    for the mandatory  redemption of the Notes contained herein;
                    or

               (viii) permit the creation of any lien  ranking  prior to or on a
                    parity with the lien of this  Indenture  with respect to any
                    part of the  Indenture  Trust Estate or, except as otherwise
                    permitted or contemplated herein, terminate the lien of this
                    Indenture on any such  collateral at any time subject hereto
                    or deprive any  Noteholder  of the security  provided by the
                    lien of this Indenture.

The Indenture Trustee may in its discretion or upon receipt of an Opinion of
Counsel determine whether or not any Notes would be affected by any supplemental
indenture and any such determination shall be conclusive upon the Noteholders of
all Notes, whether theretofore or thereafter authenticated and delivered
hereunder. The Indenture Trustee shall not be liable for any such determination
made in good faith.

                  It shall not be necessary for any Act of Noteholders under
this Section 9.2 to approve the particular form of any proposed supplemental
indenture, but it shall be sufficient if such Act shall approve the substance
thereof.

                  Promptly after the execution by the Issuer and the Indenture
Trustee of any supplemental indenture pursuant to this Section 9.2, the
Indenture Trustee shall mail to the Swap Counterparties a copy of such
supplemental indenture and to the Noteholders of the Notes to which such
amendment or supplemental indenture relates a notice setting forth in general
terms the substance of such supplemental indenture. Any failure of the Indenture
Trustee to mail such notice, or any defect therein, shall not, however, in any
way impair or affect the validity of any such supplemental indenture.

SECTION 9.3     Execution of Supplemental Indentures. In executing, or
permitting the additional trusts created by, any supplemental indenture
permitted by this Article IX or the modification thereby of the trusts created
by this Indenture, the Indenture Trustee shall be entitled to receive, and
subject to Sections 6.1 and 6.2, shall be fully protected in relying upon, an
Opinion of Counsel stating that the execution of such supplemental indenture is
authorized or permitted by this Indenture and that all conditions precedent to
the execution and delivery of such supplemental indenture have been satisfied.
The Indenture Trustee may, but shall not be obligated to, enter into any such
supplemental indenture that affects the Indenture Trustee's own rights, duties,
liabilities or immunities under this Indenture or otherwise.

SECTION 9.4     Effect of Supplemental Indenture. Upon the execution of any
supplemental indenture pursuant to the provisions hereof, this Indenture shall
be and shall be deemed to be modified and amended in accordance therewith with
respect to the Notes affected thereby, and the respective rights, limitations of
rights, obligations, duties, liabilities and immunities under this Indenture of
the Indenture Trustee, the Issuer, the Noteholders and the Swap Counterparties
shall thereafter be determined, exercised and enforced hereunder subject in all
respects to such modifications and amendments, and all the terms and conditions
of any such supplemental indenture shall be and be deemed to be part of the
terms and conditions of this Indenture for any and all purposes.

SECTION 9.5     Conformity with Trust Indenture Act. Every amendment of this
Indenture and every supplemental indenture executed pursuant to this Article IX
shall conform to the requirements of the Trust Indenture Act as then in effect
so long as this Indenture shall then be qualified under the Trust Indenture Act.

SECTION 9.6     Reference in Notes to Supplemental Indentures. Notes
authenticated and delivered after the execution of any supplemental indenture
pursuant to this Article IX may, and if required by the Indenture Trustee shall,
bear a notation in form approved by the Indenture Trustee as to any matter
provided for in such supplemental indenture. If the Issuer or the Indenture
Trustee shall so determine, new Notes so modified as to conform, in the opinion
of the Indenture Trustee and the Issuer, to any such supplemental indenture may
be prepared and executed by the Issuer and authenticated and delivered by the
Indenture Trustee in exchange for Outstanding Notes.

                                   ARTICLE X

                               REDEMPTION OF NOTES

SECTION 10.1    Redemption. The Class A Notes, the Class B Notes and the Class C
Notes are subject to redemption in whole, but not in part, at the direction of
the Servicer pursuant to Section 9.1 of the Sale and Servicing Agreement, on any
Payment Date on which the Servicer exercises its option to purchase the assets
of the Issuer pursuant to such Section 9.1, and the amount paid by the Servicer
shall be treated as collections of Receivables and applied to pay the Note
Prepayment Amount and the Certificate Prepayment Amount. If the Class A Notes,
the Class B Notes and the Class C Notes are to be redeemed pursuant to this
Section 10.1, the Servicer or the Issuer shall furnish notice of such election
to the Indenture Trustee and the Rating Agencies not later than forty (40) days
prior to the Redemption Date (and the Indenture Trustee shall promptly furnish
notice to the Noteholders) and the Issuer shall deposit by 10:00 a.m. (New York
City time) on the Redemption Date with the Indenture Trustee in the Collection
Account the Note Prepayment Amount of the Class A Notes, the Class B Notes and
the Class C Notes to be redeemed, whereupon all such Class A Notes, Class B
Notes and Class C Notes shall be due and payable on the Redemption Date.

SECTION 10.2    Form of Redemption Notice. (a) Notice of redemption under
Section 10.1 shall be given by the Indenture Trustee by first-class mail,
postage prepaid, or by facsimile mailed or transmitted promptly following
receipt of notice from the Issuer or Servicer pursuant to Section 10.1(a), but
not later than thirty (30) days prior to the applicable Redemption Date, to each
Noteholder as of the close of business on the Record Date preceding the
applicable Redemption Date, at such Noteholder's address or facsimile number
appearing in the Note Register.

                  All notices of redemption shall state:

(i)               the  Redemption Date;

(ii)              the Note Prepayment Amount;

(iii)             the place where such Notes are to be surrendered for payment
                  of the Note Prepayment Amount (which shall be the office or
                  agency of the Issuer to be maintained as provided in Section
                  3.2); and

(iv)              that on the Redemption Date, the Note Prepayment Amount will
                  become due and payable upon each such Note and that interest
                  thereon shall cease to accrue for and after said date.

Notice of redemption of the Notes shall be given by the Indenture Trustee in the
name and at the expense of the Issuer. Failure to give notice of redemption, or
any defect therein, to any Noteholder shall not impair or affect the validity of
the redemption of any other Note.

SECTION 10.3    Notes Payable on Redemption Date. The Notes to be redeemed
shall, following notice of redemption as required by Section 10.2 (in the case
of redemption pursuant to Section 10.1), on the Redemption Date become due and
payable at the Note Prepayment Amount and (unless the Issuer shall default in
the payment of the Note Prepayment Amount) no interest shall accrue on the Note
Prepayment Amount for any period after the date to which accrued interest is
calculated for purposes of calculating the Note Prepayment Amount.

                                   ARTICLE XI

                                  MISCELLANEOUS

SECTION 11.1    Compliance Certificates and Opinions, etc. (a) Upon any
application or request by the Issuer to the Indenture Trustee to take any action
under any provision of this Indenture, the Issuer shall furnish to the Indenture
Trustee (i) an Officer's Certificate stating that all conditions precedent, if
any, provided for in this Indenture relating to the proposed action have been
complied with, (ii) an Opinion of Counsel stating that in the opinion of such
counsel all such conditions precedent, if any, have been complied with and (iii)
(if required by the TIA) an Independent Certificate from a firm of certified
public accountants meeting the applicable requirements of this Section 11.1,
except that, in the case of any such application or request as to which the
furnishing of such documents is specifically required by any provision of this
Indenture, no additional certificate or opinion need be furnished.

                  Every certificate or opinion with respect to compliance with a
condition or covenant provided for in this Indenture shall include:

(A)                        a statement that each signatory of such certificate
                           or opinion has read or has caused to be read such
                           covenant or condition and the definitions herein
                           relating thereto;

(B)                        a brief statement as to the nature and scope of the
                           examination or investigation upon which the
                           statements or opinions contained in such certificate
                           or opinion are based;

(C)                        a statement that, in the opinion of each such
                           signatory, such signatory has made such examination
                           or investigation as is necessary to enable such
                           signatory to express an informed opinion as to
                           whether or not such covenant or condition has been
                           complied with; and

(D)                        a statement as to whether, in the opinion of each
                           such signatory, such condition or covenant has been
                           complied with.

(b) (i) Prior to the deposit of any Collateral or other property or securities
with the Indenture Trustee that is to be made the basis for the release of any
property or securities subject to the lien of this Indenture, the Issuer shall,
in addition to any obligation imposed in Section 11.1(a) or elsewhere in this
Indenture, furnish to the Indenture Trustee an Officer's Certificate certifying
or stating the opinion of each person signing such certificate as to the fair
value (within ninety (90) days of such deposit) to the Issuer of the Collateral
or other property or securities to be so deposited.

               (ii) Whenever the Issuer is required to furnish to the  Indenture
                    Trustee an Officer's  Certificate  certifying or stating the
                    opinion of any signer thereof as to the matters described in
                    clause (i)  above,  the  Issuer  shall  also  deliver to the
                    Indenture Trustee an Independent  Certificate as to the same
                    matters,  if the fair value to the Issuer of the  securities
                    to be so deposited and of all other such securities made the
                    basis  of  any  such   withdrawal   or  release   since  the
                    commencement of the then-current  fiscal year of the Issuer,
                    as set  forth  in the  certificates  delivered  pursuant  to
                    clause (i) above and this clause (ii),  is ten percent (10%)
                    or more of the  principal  amount of the Notes  Outstanding,
                    but such a certificate need not be furnished with respect to
                    any  securities so  deposited,  if the fair value thereof to
                    the Issuer as set forth in the related Officer's Certificate
                    is less than  $25,000 or less than one  percent  (1%) of the
                    principal amount of the Notes Outstanding.

               (iii)Whenever any property or securities  are to be released from
                    the lien of this Indenture, the Issuer shall also furnish to
                    the Indenture Trustee an Officer's Certificate certifying or
                    stating the opinion of each person signing such  certificate
                    as to the  fair  value  (within  ninety  (90)  days  of such
                    release)  of  the  property  or  securities  proposed  to be
                    released  and stating that in the opinion of such person the
                    proposed  release  will not impair the  security  under this
                    Indenture in contravention of the provisions hereof.

               (iv) Whenever the Issuer is required to furnish to the  Indenture
                    Trustee an Officer's  Certificate  certifying or stating the
                    opinion of any signer thereof as to the matters described in
                    clause  (iii)  above,  the Issuer  shall also furnish to the
                    Indenture Trustee an Independent  Certificate as to the same
                    matters if the fair value of the property or securities  and
                    of all other  property,  other than property as contemplated
                    by clause (v) below or securities  released from the lien of
                    this Indenture since the  commencement  of the  then-current
                    calendar year, as set forth in the certificates  required by
                    clause (iii) above and this clause (iv),  equals ten percent
                    (10%)  or  more  of  the  principal   amount  of  the  Notes
                    Outstanding,  but such  certificate need not be furnished in
                    the case of any  release of property  or  securities  if the
                    fair  value  thereof as set forth in the  related  Officer's
                    Certificate  is less than  $25,000 or less than one  percent
                    (1%) of the principal amount of the Notes Outstanding.

               (v)  Notwithstanding Section 2.10 or any other provisions of this
                    Section 11.1, the Issuer may,  without  compliance  with the
                    requirements  of the other  provisions of this Section 11.1,
                    (A)  collect,   liquidate,  sell  or  otherwise  dispose  of
                    Receivables  and  Financed  Vehicles  as and  to the  extent
                    permitted  or required by the Basic  Documents  and (B) make
                    cash  payments  out of the Trust  Accounts  and the Payahead
                    Account as and to the extent  permitted  or  required by the
                    Basic Documents.

SECTION 11.2    Form of Documents Delivered to Indenture Trustee. (a) In any
case where several matters are required to be certified by, or covered by an
opinion of, any specified Person, it is not necessary that all such matters be
certified by, or covered by the opinion of, only one such Person, or that they
be so certified or covered by only one document, but one such Person may certify
or give an opinion with respect to some matters and one or more other such
Persons as to other matters, and any such Person may certify or give an opinion
as to such matters in one or several documents.

(b) Any certificate or opinion of an Authorized Officer of the Issuer may be
based, insofar as it relates to legal matters, upon a certificate or opinion of,
or representations by, counsel, unless such officer knows, or in the exercise of
reasonable care should know, that the certificate or opinion or representations
with respect to the matters upon which such officer's certificate or opinion is
based are erroneous. Any such certificate of an Authorized Officer or opinion of
counsel may be based, insofar as it relates to factual matters, upon a
certificate or opinion of, or representations by, an officer or officers of the
Servicer, the Seller, the Administrator or the Issuer, stating that the
information with respect to such factual matters is in the possession of the
Servicer, the Seller, the Administrator or the Issuer, or in the exercise of
reasonable care should know, that the certificate or opinion or representations
with respect to such matters are erroneous.

(c) Where any Person is required to make, give or execute two or more
applications, requests, comments, certificates, statements, opinions or other
instruments under this Indenture, they may, but need not, be consolidated and
form one instrument.

(d) Whenever in this Indenture, in connection with any application or
certificate or report to the Indenture Trustee, it is provided that the Issuer
shall deliver any document as a condition of the granting of such application,
or as evidence of the Issuer's compliance with any term hereof, it is intended
that the truth and accuracy, at the time of the granting of such application or
at the effective date of such certificate or report (as the case may be), of the
facts and opinions stated in such document shall in such case be conditions
precedent to the right of the Issuer to have such application granted or to the
sufficiency of such certificate or report. The foregoing shall not, however, be
construed to affect the Indenture Trustee's right to rely upon the truth and
accuracy of any statement or opinion contained in any such document as provided
in Article VI.

SECTION 11.3    Acts of Noteholders. (a) Any request, demand, authorization,
direction, notice, consent, waiver or other action provided by this Indenture to
be given or taken by Noteholders may be embodied in and evidenced by one or more
instruments of substantially similar tenor signed by such Noteholders in person
or by agents duly appointed in writing; and except as herein otherwise expressly
provided such action shall become effective when such instrument or instruments
are delivered to the Indenture Trustee, and, where it is hereby expressly
required, to the Issuer. Such instrument or instruments (and the action embodied
herein and evidenced thereby) are herein sometimes referred to as the "Act" of
the Noteholders signing such instrument or instruments. Proof of execution of
any such instrument or of a writing appointing any such agent shall be
sufficient for any purpose of this Indenture and (subject to Section 6.1)
conclusive in favor of the Indenture Trustee and the Issuer, if made in the
manner provided in this Section 11.3.

(b) The fact and date of the execution by any Person of any such instrument or
writing may be proved in any manner that the Indenture Trustee deems sufficient.

(c) The ownership of Notes shall be proved by the Note Register.

(d) Any request, demand, authorization, direction, notice, consent, waiver or
other action by the Noteholder of any Notes shall bind the Noteholder of every
Note issued upon the registration thereof or in exchange therefor or in lieu
thereof, in respect of anything done, omitted or suffered to be done by the
Indenture Trustee or the Issuer in reliance thereon, whether or not notation of
such action is made upon such Note.

SECTION 11.4    Notices, etc., to Indenture Trustee, Issuer and Rating Agencies.
Any request, demand, authorization, direction, notice, consent, waiver or Act of
Noteholders or other documents provided or permitted by this Indenture shall be
in writing and if such request, demand, authorization, direction, notice,
consent, waiver or Act of Noteholders is to be made upon, given or furnished to
or filed with:

               (i)  the Indenture Trustee by any Noteholder,  the Servicer,  the
                    Administrator  or the Issuer shall be  sufficient  for every
                    purpose  hereunder  if made,  given,  furnished  or filed in
                    writing to or with the  Indenture  Trustee at its  Corporate
                    Trust office; or

               (ii) the Issuer by the  Indenture  Trustee  or by any  Noteholder
                    shall  be  sufficient  for  every  purpose  hereunder  if in
                    writing  and  mailed  first-class,  postage  prepaid  to the
                    Issuer addressed to: Ford Credit Auto Owner Trust 2002-D, in
                    care of Wachovia Bank of Delaware, National Association, One
                    Rodney  Square,  920 King  Street,  Suite  102,  Wilmington,
                    Delaware 19801,  Attention:  Corporate Trust Administration,
                    Amy Martin,  with a copy to the  Administrator at Ford Motor
                    Company, World Headquarters,  Office of the General Counsel,
                    One American Road, Suite 1034-A1, Dearborn,  Michigan 48126,
                    attention  of  the  Secretary,   or  at  any  other  address
                    previously  furnished in writing to the Indenture Trustee by
                    the Issuer or the  Administrator.  The Issuer shall promptly
                    transmit any notice  received by it from the  Noteholders to
                    the Indenture Trustee.

     Notices  required to be given to the Rating  Agencies  by the  Issuer,  the
Indenture  Trustee  or  the  Owner  Trustee  shall  be  in  writing,  personally
delivered,  telecopied or mailed by certified mail, return receipt requested, to
(i) in the case of Moody's, at the following address: Moody's Investors Service,
Inc., ABS  Monitoring  Department,  99 Church Street,  New York, New York 10007,
(ii) in case of Standard & Poor's, at the following  address:  Standard & Poor's
Ratings  Services,  55 Water  Street,  40th  Floor,  New York,  New York  10041,
Attention: Asset Backed Surveillance Department,  (iii) in the case of Fitch, at
the following  address:  Fitch,  Inc., 1 State Street Plaza,  New York, New York
10004,  Attention:  Asset Backed  Surveillance,  (iv) in the case of the initial
Swap  Counterparties,  to Bank of America,  N.A. as of the Closing  Date, at the
following  address:  Bank of  America,  N.A.,  100 N. Tyron St.,  NC1-007-13-01,
Charlotte,  North Carolina 28255,  Attn:  Capital Markets  Documentation  and to
Merrill  Lynch Capital  Services,  Inc. as of the Closing Date, at the following
address:  Four World  Financial  Center,  New York, New York 10281,  Attn:  Debt
Markets Counsel.

SECTION 11.5    Notices to Noteholders; Waiver. (a) Where this Indenture
provides for notice to Noteholders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing
and mailed, first-class, postage prepaid to each Noteholder affected by such
event, at his address as it appears on the Note Register, not later than the
latest date, and not earlier than the earliest date, prescribed for the giving
of such notice. In any case where notice to Noteholders is given by mail,
neither the failure to mail such notice nor any defect in any notice so mailed
to any particular Noteholder shall affect the sufficiency of such notice with
respect to other Noteholders, and any notice that is mailed in the manner herein
provided shall conclusively be presumed to have been duly given.

(b) Where this Indenture provides for notice in any manner, such notice may be
waived in writing by any Person entitled to receive such notice, either before
or after the event, and such waiver shall be the equivalent of such notice.
Waivers of notice by Noteholders shall be filed with the Indenture Trustee but
such filing shall not be a condition precedent to the validity of any action
taken in reliance upon such a waiver.

(c) In case, by reason of the suspension of regular mail service as a result of
a strike, work stoppage or similar activity, it shall be impractical to mail
notice of any event to Noteholders when such notice is required to be given
pursuant to any provision of this Indenture, then any manner of giving such
notice as shall be satisfactory to the Indenture Trustee shall be deemed to be a
sufficient giving of such notice.

(d) Where this Indenture provides for notice to the Rating Agencies, failure to
give such notice shall not affect any other rights or obligations created
hereunder, and shall not under any circumstance constitute a Default or Event of
Default.

SECTION 11.6    Alternate Payment and Notice Provisions. Notwithstanding any
provision of this Indenture or any of the Notes to the contrary, the Issuer may
enter into any agreement with any Noteholder providing for a method of payment,
or notice by the Indenture Trustee or any Note Paying Agent to such Noteholder,
that is different from the methods provided for in this Indenture for such
payments or notices. The Issuer shall furnish to the Indenture Trustee a copy of
each such agreement and the Indenture Trustee shall cause payments to be made
and notices to be given in accordance with such agreements.

SECTION 11.7    Conflict with Trust Indenture Act. If any provision hereof
limits, qualifies or conflicts with another provision hereof that is required or
deemed to be included in this Indenture by any of the provisions of the Trust
Indenture Act, such required or deemed provision shall control.

                  The provisions of TIA Sections 310 through 317 that impose
duties on any Person (including the provisions automatically deemed included
herein unless expressly excluded by this Indenture) are a part of and govern
this Indenture, whether or not physically contained herein.

SECTION 11.8    Effect of Headings and Table of Contents. The Article and
Section headings herein and the Table of Contents are for convenience only and
shall not affect the construction hereof.

SECTION 11.9    Successors and Assigns. All covenants and agreements in this
Indenture and the Notes by the Issuer shall bind its successors and assigns,
whether so expressed or not. All agreements of the Indenture Trustee in this
Indenture shall bind its successors, co-trustees and agents.

SECTION 11.10   Separability. In case any provision in this Indenture or in the
Notes shall be invalid, illegal or unenforceable, the validity, legality, and
enforceability of the remaining provisions shall not in any way be affected or
impaired thereby.

SECTION 11.11   Benefits of Indenture. Nothing in this Indenture or in the
Notes, express or implied, shall give to any Person, other than the parties
hereto and their successors hereunder, and the Noteholders, the Swap
Counterparties and any other party secured hereunder, and any other Person with
an ownership interest in any part of the Indenture Trust Estate, any benefit or
any legal or equitable right, remedy or claim under this Indenture; provided,
that no Swap Counterparty shall have any right to institute any Proceeding,
judicial or otherwise, with respect to enforcement of remedies under Article V
of this Indenture upon the occurrence of an Event of Default.

SECTION 11.12   Legal Holidays. In any case where the date on which any payment
is due shall not be a Business Day, then (notwithstanding any other provision of
the Notes or this Indenture) payment need not be made on such date, but may be
made on the next succeeding Business Day with the same force and effect as if
made on the date on which nominally due, and no interest shall accrue for the
period from and after any such nominal date.

SECTION 11.13   Governing Law. This Indenture shall be construed in accordance
with the laws of the State of New York, without reference to its conflict of law
provisions. SECTION 11.14 Counterparts. This Indenture may be executed in any
number of counterparts, each of which so executed shall be deemed to be an
original, but all such counterparts shall together constitute but one and the
same instrument.

SECTION 11.15   Recording of Indenture. If this Indenture is subject to
recording in any appropriate public recording offices, such recording is to be
effected by the Issuer and at its expense accompanied by an Opinion of Counsel
(which may be counsel to the Indenture Trustee or any other counsel reasonably
acceptable to the Indenture Trustee) to the effect that such recording is
necessary either for the protection of the Noteholders or any other Person
secured hereunder or for the enforcement of any right or remedy granted to the
Indenture Trustee under this Indenture.

SECTION 11.16   Trust Obligation. No recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuer, the Owner Trustee or
the Indenture Trustee on the Notes or under this Indenture or any certificate or
other writing delivered in connection herewith or therewith, against (i) the
Indenture Trustee or the Owner Trustee in their individual capacities, (ii) any
owner of a beneficial interest in the Issuer or (iii) any partner, owner,
beneficiary, agent, officer, director, employee or agent of the Indenture
Trustee or the Owner Trustee in their individual capacities, any holder of a
beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or
of any successor or assign of the Indenture Trustee or the Owner Trustee in
their individual capacities, except as any such Person may have expressly agreed
(it being understood that the Indenture Trustee and the Owner Trustee have no
such obligations in their individual capacities), and except that any such
partner, owner or beneficiary shall be fully liable, to the extent provided by
applicable law, for any unpaid consideration for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity. For
all purposes of this Indenture, in the performance of any duties or obligations
of the Issuer hereunder, the Owner Trustee shall be subject to, and entitled to
the benefits of, the terms and provisions of Article VI, VII and VIII of the
Trust Agreement.

SECTION 11.17   Subordination of Claims against Seller. (a) The obligations of
the Issuer under this Indenture are solely the obligations of the Issuer and
shall not represent any obligation or interest in any assets of the Seller other
than the Trust Property conveyed to the Issuer pursuant to Article II of the
Sale and Servicing Agreement. In furtherance of and not in derogation of the
foregoing, the Indenture Trustee, by entering into this agreement, and each
Noteholder and Note Owner, by accepting a Note or, in the case of a Note Owner,
a beneficial interest in a Note, acknowledge and agree that they shall have no
right, title or interest in or to any Other Assets of the Seller. To the extent
that, notwithstanding the agreements and provisions contained in the preceding
sentence, such Indenture Trustee, Noteholder or Note Owner either (i) asserts an
interest or claim to, or benefit from, Other Assets, or (ii) is deemed to have
any such interest, claim to, 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 Bankruptcy Code
or any successor provision having similar effect under the Bankruptcy Code),
then such Indenture Trustee, Noteholder or Note Owner 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, which,
under the terms of the relevant documents relating to the securitization or
conveyance 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 a
priority of distributions or application under applicable law, including
insolvency laws, and whether or not asserted against the Seller), 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. The Indenture Trustee and
each Noteholder and each Note Owner further acknowledges and agrees that no
adequate remedy at law exists for a breach of this Section 11.17 and the terms
of this Section 11.17 may be enforced by an action for specific performance.

(b) The provision of this Section 11.17 shall be for the third party benefit of
those entitled to rely thereon and shall survive the termination of this
Indenture.

SECTION 11.18   No Petition. The Indenture Trustee, by entering into this
Indenture, and each Noteholder or Note Owner, by accepting a Note or, in the
case of a Note Owner, a beneficial interest in a Note, hereby covenant and agree
that they will not at any time institute against the Seller or the Issuer, or
join in any institution against the Seller or the Issuer 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 Notes, this Indenture or any
of the other Basic Documents.

SECTION 11.19   Inspection. The Issuer agrees that, with reasonable prior
notice, it will permit any representative of the Indenture Trustee, during the
Issuer's normal business hours, to examine all the books of account, records,
reports and other papers of the Issuer, to make copies and extracts therefrom,
to cause such books to be audited by Independent certified public accountants,
and to discuss the Issuer's affairs, finances and accounts with the Issuer's
officers, employees, and Independent certified public accountants, all at such
reasonable times and as often as may be reasonably requested. The Indenture
Trustee shall and shall cause its representatives to hold in confidence all such
information except to the extent disclosure may be required by law (and all
reasonable applications for confidential treatment are unavailing) and except to
the extent that the Indenture Trustee may reasonably determine that such
disclosure is consistent with its obligations hereunder.

<PAGE>

                  IN WITNESS WHEREOF, the Issuer and the Indenture Trustee have
caused this Indenture to be duly executed by their respective officers,
thereunto duly authorized, all as of the day and year first above written.

                        FORD CREDIT AUTO OWNER TRUST 2002-D

                        By:    WACHOVIA BANK OF DELAWARE, NATIONAL ASSOCIATION,
                               not in its individual capacity but solely as
                               Owner Trustee of Ford Credit Auto
                               Owner Trust 2002-D

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

                        THE BANK OF NEW YORK,
                        not in its individual capacity but solely
                        as Indenture Trustee

                        By:
                               ------------------------------------
                               Name: John Bobko
                               Title: Assistant Treasurer

<PAGE>

                                                                    EXHIBIT A-1

                             FORM OF CLASS A-1 NOTE

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED
IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.
ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 PURSUANT TO
THE EXEMPTION FROM REGISTRATION SET FORTH IN SECTION 3(a)(3) THEREOF.

REGISTERED                                                         $602,000,000
No. R-1                                                    CUSIP NO. 34527R HW6

                       FORD CREDIT AUTO OWNER TRUST 2002-D

                       CLASS A-1 1.79% ASSET BACKED NOTES

                  Ford Credit Auto Owner Trust 2002-D, a business trust
organized and existing under the laws of the State of Delaware (herein referred
to as the "Issuer"), for value received, hereby promises to pay to CEDE & CO.,
or registered assigns, the principal sum of SIX HUNDRED TWO MILLION DOLLARS
payable on each Payment Date in an amount equal to the aggregate amount, if any,
payable to Noteholders of Class A-1 Notes on such Payment Date from the
Principal Distribution Account in respect of principal on the Class A-1 Notes
pursuant to Section 3.1 of the Indenture dated as of August 1, 2002 (as from
time to time amended, supplemented or otherwise modified and in effect, the
"Indenture"), between the Issuer and The Bank of New York, a New York
corporation, as Indenture Trustee (in such capacity the "Indenture Trustee");
provided, however, that the entire unpaid principal amount of this Note shall be
due and payable on the May 2003 Payment Date (the "Class A-1 Final Scheduled
Payment Date"). Capitalized terms used but not defined herein are defined in
Article I of the Indenture, which also contains rules as to construction that
shall be applicable herein.

                  The Issuer shall pay interest on this Note at the rate per
annum shown above on each Payment Date until the principal of this Note is paid
or made available for payment, on the principal amount of this Note outstanding
on the preceding Payment Date (after giving effect to all payments of principal
made on the preceding Payment Date), subject to certain limitations contained in
Section 3.1 of the Indenture. Interest on this Note will accrue for each Payment
Date from and including the previous Payment Date on which interest has been
paid (or, in the case of the initial Payment Date, from the Closing Date) to but
excluding such Payment Date. Interest will be computed on the basis of actual
days elapsed and a 360-day year. Such principal of and interest on this Note
shall be paid in the manner specified on the reverse hereof.

                  The principal of and interest on this Note are payable in such
coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts. All payments made by the
Issuer with respect to this Note shall be applied first to interest due and
payable on this Note as provided above and then to the unpaid principal of this
Note.

                  Reference is made to the further provisions of this Note set
forth on the reverse hereof, which shall have the same effect as though fully
set forth on the face of this Note.

<PAGE>

                  Unless the certificate of authentication hereon has been
executed by the Indenture Trustee whose name appears below by manual signature,
this Note shall not be entitled to any benefit under the Indenture referred to
on the reverse hereof, or be valid or obligatory for any purpose.

                REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.

<PAGE>

                  IN WITNESS WHEREOF, the Issuer has caused this instrument to
be signed, manually or in facsimile, by its Authorized Officer, as of the date
set forth below.

Date: August 29, 2002

                                    FORD CREDIT AUTO OWNER TRUST 2002-D

                                    By:      WACHOVIA BANK OF DELAWARE,
                                             NATIONAL ASSOCIATION,
                                             not in its individual capacity but
                                             solely as Owner Trustee of Ford
                                             Credit Auto Owner Trust 2002-D

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

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Class A-1 Notes designated above and referred to in the
within-mentioned Indenture.

Date: August 29, 2002

                                            THE BANK OF NEW YORK,
                                            not in its individual capacity but
                                            solely as Indenture Trustee

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

<PAGE>

                                 REVERSE OF NOTE

                  This Note is one of a duly authorized issue of Notes of the
Issuer, designated as its Class A-1 1.79% Asset Backed Notes (the "Class A-1
Notes"), which, together with the Issuer's Class A-2a 2.10% Asset Backed Notes
(the "Class A-2a Notes"), Class A-2b Floating Rate Asset Backed Notes (the
"Class A-2b Notes" and, together with the Class A-2a Notes, the "Class A-2
Notes"), Class A-3a 2.68% Asset Backed Notes (the "Class A-3a Notes"), Class
A-3b Floating Rate Asset Backed Notes (the "Class A-3b Notes" and, together with
the Class A-3a Notes, the "Class A-3 Notes"), Class A-4a 3.13% Asset Backed
Notes (the "Class A-4a Notes"), Class A-4b Floating Rate Asset Backed Notes (the
"Class A-4b Notes" and, together with the Class A-4a Notes, the "Class A-4
Notes" and, such Class A-4 Notes, together with the Class A-1 Notes, the Class
A-2 Notes and the Class A-3 Notes, the "Class A Notes"), Class B 3.56% Asset
Backed Notes (the "Class B Notes") and Class C 4.40% Asset Backed Notes (the
"Class C Notes" and, together with the Class A Notes and the Class B Notes, the
"Notes"), are issued under the Indenture, to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective
rights and obligations thereunder of the Issuer, the Indenture Trustee and the
Noteholders. The Notes are subject to all terms of the Indenture.

                  The Class A-1 Notes are and will be equally and ratably
secured by the collateral pledged as security therefor as provided in the
Indenture. The Class A-1 Notes are subordinated to the rights of the Swap
Counterparties to receive payments (other than Swap Termination Payments)
pursuant to the Interest Rate Swap Agreements. Interest on and principal of the
Notes will be payable in accordance with the priority of payments set forth in
Section 8.2 of the Indenture.

                  Principal of the Class A-1 Notes will be payable on each
Payment Date in an amount described on the face hereof. "Payment Date" means the
fifteenth day of each month, or, if any such day is not a Business Day, the next
succeeding Business Day, commencing in September 2002.

                  As described on the face hereof, the entire unpaid principal
amount of this Note shall be due and payable on the Class A-1 Final Scheduled
Payment Date. Notwithstanding the foregoing, the entire unpaid principal amount
of the Notes shall be due and payable on the date on which an Event of Default
shall have occurred and be continuing and the Indenture Trustee or the
Noteholders of Notes evidencing not less than a majority of the principal amount
of the Class A Notes have declared the Notes to be immediately due and payable
in the manner provided in Section 5.2 of the Indenture. All principal payments
on the Class A-1 Notes shall be made pro rata to the Noteholders entitled
thereto.

                  Payments of interest on this Note on each Payment Date,
together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be made to the Person whose name appears as the
Registered Noteholder of the Note (or one or more Predecessor Notes) on the Note
Register as of the close of business on each Record Date either by wire transfer
in immediately available funds, to the account of such Noteholder at a bank or
other entity having appropriate facilities therefor, if such Noteholder shall
have provided to the Note Registrar appropriate written instructions at least
five (5) Business Days prior to such Payment Date and such Noteholder's Notes in
the aggregate evidence a denomination of not less than $1,000,000, or, if not,
by check mailed first-class postage prepaid to such Person's address as it
appears on the Note Register on such Record Date; provided that, unless
Definitive Notes have been issued to Note Owners, with respect to Notes
registered on the Record Date in the name of the nominee of the Clearing Agency
(initially, such nominee to be Cede & Co.), payments will be made by wire
transfer in immediately available funds to the account designated by such
nominee. Such payments will be made without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any
Payment Date shall be binding upon all future Noteholders of this Note and of
any Note issued upon the registration of transfer hereof or in exchange hereof
or in lieu hereof, whether or not noted hereon. If funds are expected to be
available, as provided in the Indenture, for payment in full of the then
remaining unpaid principal amount of this Note on a Payment Date, then the
Indenture Trustee, in the name of and on behalf of the Issuer, will notify the
Person who was the Registered Noteholder hereof as of the Record Date preceding
such Payment Date by notice mailed or transmitted by facsimile prior to such
Payment Date, and the amount then due and payable shall be payable only upon
presentation and surrender of this Note at the Indenture Trustee's principal
Corporate Trust Office or at the office of the Indenture Trustee's agent
appointed for such purposes located in The City of New York.

                  The Issuer shall pay interest on overdue installments of
interest at the Class A-1 Rate to the extent lawful.

                  As provided in the Indenture, the Class A Notes, the Class B
Notes and the Class C Notes may be redeemed, in whole but not in part, in the
manner and to the extent described in the Indenture and the Sale and Servicing
Agreement.

                  The transfer of this Note is subject to the restrictions on
transfer specified on the face hereof and to the other limitations set forth in
the Indenture. Subject to the satisfaction of such restrictions and limitations,
the transfer of this Note may be registered on the Note Register upon surrender
of this Note for registration of transfer at the office or agency designated by
the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Indenture Trustee
duly executed by, the Noteholder hereof or such Noteholder's attorney duly
authorized in writing, with such signature guaranteed by an "eligible guarantor
institution" meeting the requirements of the Note Registrar, and thereupon one
or more new Notes of the same Class in authorized denominations and in the same
aggregate principal amount will be issued to the designated transferee or
transferees. No service charge will be charged for any registration of transfer
or exchange of this Note, but the transferor may be required to pay a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection with any such registration of transfer or exchange.

                  Each Noteholder or Note Owner, by its acceptance of a Note or,
in the case of a Note Owner, a beneficial interest in a Note, covenants and
agrees that no recourse may be taken, directly or indirectly, with respect to
the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the
Notes or under the Indenture or any certificate or other writing delivered in
connection therewith, against (i) the Indenture Trustee or the Owner Trustee,
each in its individual capacity, (ii) any owner of a beneficial interest in the
Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or
employee of the Indenture Trustee or the Owner Trustee, each in its individual
capacity, any holder of a beneficial interest in the Issuer, the Owner Trustee
or the Indenture Trustee or of any successor or assign of the Indenture Trustee
or the Owner Trustee, each in its individual capacity, except as any such Person
may have expressly agreed and except that any such partner, owner or beneficiary
shall be fully liable, to the extent provided by applicable law, for any unpaid
consideration for stock, unpaid capital contribution for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity.

                  The obligations of the Issuer under the Indenture are solely
the obligations of the Issuer and shall not represent any obligation or interest
in any assets of the Seller other than the Trust Property conveyed to the Issuer
pursuant to Article II of the Sale and Servicing Agreement. Each Noteholder and
Note Owner acknowledge and agree that they shall have no right, title or
interest in or to any Other Assets of the Seller. To the extent that,
notwithstanding the agreements and provisions contained in the preceding
sentence, such Noteholder or Note Owner either (i) asserts an interest or claim
to, or benefit from, Other Assets, or (ii) is deemed to have any such interest,
claim to, 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 Bankruptcy Code or any successor
provision having similar effect under the Bankruptcy Code), then such Noteholder
or Note Owner 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, which, under the terms of the relevant documents
relating to the securitization or conveyance 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 a priority of distributions or application
under applicable law, including insolvency laws, and whether or not asserted
against the Seller), 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 Noteholder or Note Owner, by acceptance of a Note or, in
the case of a Note Owner, a beneficial interest in a Note, covenants and agrees
by accepting the benefits of the Indenture that such (a) such Noteholder or Note
Owner will not at any time institute against the Seller or the Issuer, or join
in any institution against the Seller or the Issuer of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings under any
United States federal or State bankruptcy or similar law in connection with any
obligations relating to the Notes, the Indenture or the other Basic Documents.

                  The Issuer has entered into the Indenture and this Note is
issued with the intention that, for federal, State and local income, and
franchise tax purposes, the Notes will qualify as indebtedness of the Issuer
secured by the Indenture Trust Estate. Each Noteholder, by its acceptance of a
Note (and each Note Owner by its acceptance of a beneficial interest in a Note),
will be deemed to agree to treat the Notes for federal, State and local income,
single business and franchise tax purposes as indebtedness of the Issuer.

                  Prior to the due presentment for registration of transfer of
this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the
Indenture Trustee may treat the Person in whose name this Note (as of the day of
determination or as of such other date as may be specified in the Indenture) is
registered as the owner hereof for all purposes, whether or not this Note be
overdue, and none of the Issuer, the Indenture Trustee or any such agent shall
be affected by notice to the contrary.

                  The Indenture permits, with certain exceptions requiring the
consent of all Noteholders affected thereby as therein provided, the amendment
thereof and the modification of the rights and obligations of the Issuer and the
rights of the Noteholders under the Indenture at any time by the Issuer with the
consent of the Noteholders of Notes evidencing not less than a majority of the
principal amount of the Controlling Note Class and with the consent of the Swap
Counterparties if such amendment adversely affects the rights or obligations of
the Swap Counterparties under the Interest Rate Swap Agreements or modifies the
obligations of, or impairs the ability of the Issuer to fully perform any of its
obligations under the Interest Rate Swap Agreements. The Indenture also permits
the Indenture Trustee to amend or waive certain terms and conditions set forth
in the Indenture without the consent of the Noteholders or the Swap
Counterparties provided certain conditions are satisfied. In addition, the
Indenture contains provisions permitting the Noteholders of Notes evidencing
specified percentages of the principal amount of the Notes Outstanding or of the
Controlling Note Class, on behalf of all Noteholders, to waive compliance by the
Issuer with certain provisions of the Indenture and certain past defaults under
the Indenture and their consequences. Any such consent or waiver by the
Noteholder of this Note (or any one or more Predecessor Notes) shall be
conclusive and binding upon such Noteholder and upon all future Noteholders of
this Note and of any Note issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof whether or not notation of such consent or
waiver is made upon this Note.

                  The term "Issuer", as used in this Note, includes any
successor to the Issuer under the Indenture.

                  The Issuer is permitted by the Indenture, under certain
circumstances, to merge or consolidate, subject to the rights of the Indenture
Trustee and the Noteholders under the Indenture.

                  The Notes are issuable only in registered form in
denominations as provided in the Indenture, subject to certain limitations
therein set forth.

                  This Note and the Indenture shall be governed by, and
construed in accordance with the laws of the State of New York, without
reference to its conflicts of law provisions.

                  No reference herein to the Indenture, and no provision of this
Note or of the Indenture, shall alter or impair the obligation of the Issuer,
which is absolute and unconditional, to pay the principal of and interest on
this Note at the times, place and rate, and in the coin or currency herein
prescribed.

                  Anything herein to the contrary notwithstanding, except as
expressly provided in the Basic Documents, none of The Bank of New York, in its
individual capacity, Wachovia Bank of Delaware, National Association, in its
individual capacity, any owner of a beneficial interest in the Issuer, or any of
their respective partners, beneficiaries, agents, officers, directors, employees
or successors or assigns shall be personally liable for, nor shall recourse be
had to any of them for, the payment of principal or of interest on this Note or
performance of, or omission to perform, any of the covenants, obligations or
indemnifications contained in the Indenture. The Noteholder of this Note, by his
acceptance hereof, agrees that, except as expressly provided in the Basic
Documents, in the case of an Event of Default under the Indenture, the
Noteholder shall have no claim against any of the foregoing for any deficiency,
loss or claim therefrom; provided, however, that nothing contained herein shall
be taken to prevent recourse to, and enforcement against, the assets of the
Issuer for any and all liabilities, obligations and undertakings contained in
the Indenture or in this Note.

<PAGE>

                                   ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee:

                                 ---------------

                  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and
transfers unto:

--------------------------------------------------------------------------------
                         (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints _________________, attorney, to transfer said Note on the books
kept for registration thereof, 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 Note in every
     particular, without alteration, enlargement or any change whatever. Such
     signature must be guaranteed by an "eligible guarantor institution" meeting
     the requirements of the Note Registrar, which requirements include
     membership or participation in STAMP or such other "signature guarantee
     program" as may be determined by the Note Registrar in addition to, or in
     substitution for, STAMP, all in accordance with the Securities Exchange Act
     of 1934, as amended.

<PAGE>

                                                                   EXHIBIT A-2a

                             FORM OF CLASS A-2a NOTE

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED
IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.
ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

REGISTERED                                                         $200,000,000
No. R-1                                                  CUSIP NO. 34527R HX 46

                       FORD CREDIT AUTO OWNER TRUST 2002-D

                       CLASS A-2a 2.10% ASSET BACKED NOTES

                  Ford Credit Auto Owner Trust 2002-D, a business trust
organized and existing under the laws of the State of Delaware (herein referred
to as the "Issuer"), for value received, hereby promises to pay to CEDE & CO.,
or registered assigns, the principal sum of TWO HUNDRED MILLION DOLLARS payable
on each Payment Date in an amount equal to the aggregate amount, if any, payable
to Noteholders of Class A-2a Notes on such Payment Date from the Principal
Distribution Account in respect of principal on the Class A-2a Notes pursuant to
Section 3.1 of the Indenture dated as of August 1, 2002 (as from time to time
amended, supplemented or otherwise modified and in effect, the "Indenture"),
between the Issuer and The Bank of New York, a New York corporation, as
Indenture Trustee (in such capacity the "Indenture Trustee"); provided, however,
that the entire unpaid principal amount of this Note shall be due and payable on
the March 2005 Payment Date (the "Class A-2a Final Scheduled Payment Date") or
the Redemption Date, if any, pursuant to 10.1 of the Indenture. Capitalized
terms used but not defined herein are defined in Article I of the Indenture,
which also contains rules as to construction that shall be applicable herein.

                  The Issuer shall pay interest on this Note at the rate per
annum shown above on each Payment Date until the principal of this Note is paid
or made available for payment, on the principal amount of this Note outstanding
on the preceding Payment Date (after giving effect to all payments of principal
made on the preceding Payment Date), subject to certain limitations contained in
Section 3.1 of the Indenture. Interest on this Note will accrue for each Payment
Date from and including the fifteenth day of the calendar month immediately
preceding such Payment Date (or, in the case of the initial Payment Date, from
the Closing Date) to but excluding the fifteenth day of the following calendar
month. Interest will be computed on the basis of a 360-day year of twelve 30-day
months. Such principal of and interest on this Note shall be paid in the manner
specified on the reverse hereof.

                  The principal of and interest on this Note are payable in such
coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts. All payments made by the
Issuer with respect to this Note shall be applied first to interest due and
payable on this Note as provided above and then to the unpaid principal of this
Note.

                  Reference is made to the further provisions of this Note set
forth on the reverse hereof, which shall have the same effect as though fully
set forth on the face of this Note.

                  Unless the certificate of authentication hereon has been
executed by the Indenture Trustee whose name appears below by manual signature,
this Note shall not be entitled to any benefit under the Indenture referred to
on the reverse hereof, or be valid or obligatory for any purpose.

                REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.

<PAGE>

                  IN WITNESS WHEREOF, the Issuer has caused this instrument to
be signed, manually or in facsimile, by its Authorized Officer, as of the date
set forth below.

Date: August 29, 2002

                                    FORD CREDIT AUTO OWNER TRUST 2002-D

                                    By:      WACHOVIA BANK OF DELAWARE,
                                             NATIONAL ASSOCIATION,
                                             not in its individual capacity but
                                             solely as Owner Trustee of Ford
                                             Credit Auto Owner Trust 2002-D

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

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Class A-2a Notes designated above and referred to in the
within-mentioned Indenture.

Date:    August 29, 2002

                                            THE BANK OF NEW YORK,
                                            not in its individual capacity but
                                            solely as Indenture Trustee

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

<PAGE>

                                 REVERSE OF NOTE

                  This Note is one of a duly authorized issue of Notes of the
Issuer, designated as its Class A-2a 2.10% Asset Backed Notes (the "Class A-2a
Notes"), which, together with the Issuer's Class A-1 1.79% Asset Backed Notes
(the "Class A-1 Notes"), Class A-2b Floating Rate Asset Backed Notes (the "Class
A-2b Notes" and, together with the Class A-2a Notes, the "Class A-2 Notes"),
Class A-3a 2.68% Asset Backed Notes (the "Class A-3a Notes"), Class A-3b
Floating Rate Asset Backed Notes (the "Class A-3b Notes" and, together with the
Class A-3a Notes, the "Class A-3 Notes"), Class A-4a 3.13% Asset Backed Notes
(the "Class A-4a Notes"), Class A-4b Floating Rate Asset Backed Notes (the
"Class A-4b Notes" and, together with the Class A-4a Notes, the "Class A-4
Notes" and, such Class A-4 Notes, together with the Class A-1 Notes, the Class
A-2 Notes and the Class A-3 Notes, the "Class A Notes"), Class B 3.56% Asset
Backed Notes (the "Class B Notes") and Class C 4.40% Asset Backed Notes (the
"Class C Notes" and, together with the Class A Notes and the Class B Notes, the
"Notes"), are issued under the Indenture, to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective
rights and obligations thereunder of the Issuer, the Indenture Trustee and the
Noteholders. The Notes are subject to all terms of the Indenture.

                  The Class A-2a Notes are and will be equally and ratably
secured by the collateral pledged as security therefor as provided in the
Indenture. The Class A-2a Notes are subordinated to the rights of the Swap
Counterparties to receive payments (other than Swap Termination Payments)
pursuant to the Interest Rate Swap Agreements. Interest on and principal of the
Notes will be payable in accordance with the priority of payments set forth in
Section 8.2 of the Indenture.

                  Principal of the Class A-2a Notes will be payable on each
Payment Date in an amount described on the face hereof. "Payment Date" means the
fifteenth day of each month, or, if any such day is not a Business Day, the next
succeeding Business Day, commencing in September 2002.

                  As described on the face hereof, the entire unpaid principal
amount of this Note shall be due and payable on the Class A-2a Final Scheduled
Payment Date or the Redemption Date, if any pursuant to Section 10.1 of the
Indenture. Notwithstanding the foregoing, the entire unpaid principal amount of
the Notes shall be due and payable on the date on which an Event of Default
shall have occurred and be continuing and the Indenture Trustee or the
Noteholders of Notes evidencing not less than a majority of the principal amount
of the Class A Notes have declared the Notes to be immediately due and payable
in the manner provided in Section 5.2 of the Indenture. All principal payments
on the Class A-2a Notes shall be made pro rata to the Noteholders entitled
thereto.

                  Payments of interest on this Note on each Payment Date,
together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be made to the Person whose name appears as the
Registered Noteholder of the Note (or one or more Predecessor Notes) on the Note
Register as of the close of business on each Record Date either by wire transfer
in immediately available funds, to the account of such Noteholder at a bank or
other entity having appropriate facilities therefor, if such Noteholder shall
have provided to the Note Registrar appropriate written instructions at least
five (5) Business Days prior to such Payment Date and such Noteholder's Notes in
the aggregate evidence a denomination of not less than $1,000,000, or, if not,
by check mailed first-class postage prepaid to such Person's address as it
appears on the Note Register on such Record Date; provided that, unless
Definitive Notes have been issued to Note Owners, with respect to Notes
registered on the Record Date in the name of the nominee of the Clearing Agency
(initially, such nominee to be Cede & Co.), payments will be made by wire
transfer in immediately available funds to the account designated by such
nominee. Such payments will be made without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any
Payment Date shall be binding upon all future Noteholders of this Note and of
any Note issued upon the registration of transfer hereof or in exchange hereof
or in lieu hereof, whether or not noted hereon. If funds are expected to be
available, as provided in the Indenture, for payment in full of the then
remaining unpaid principal amount of this Note on a Payment Date, then the
Indenture Trustee, in the name of and on behalf of the Issuer, will notify the
Person who was the Registered Noteholder hereof as of the Record Date preceding
such Payment Date by notice mailed or transmitted by facsimile prior to such
Payment Date, and the amount then due and payable shall be payable only upon
presentation and surrender of this Note at the Indenture Trustee's principal
Corporate Trust Office or at the office of the Indenture Trustee's agent
appointed for such purposes located in The City of New York.

                  The Issuer shall pay interest on overdue installments of
interest at the Class A-2a Rate to the extent lawful.

                  As provided in the Indenture, the Class A Notes, the Class B
Notes and the Class C Notes may be redeemed, in whole but not in part, in the
manner and to the extent described in the Indenture and the Sale and Servicing
Agreement.

                  The transfer of this Note is subject to the restrictions on
transfer specified on the face hereof and to the other limitations set forth in
the Indenture. Subject to the satisfaction of such restrictions and limitations,
the transfer of this Note may be registered on the Note Register upon surrender
of this Note for registration of transfer at the office or agency designated by
the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Indenture Trustee
duly executed by, the Noteholder hereof or such Noteholder's attorney duly
authorized in writing, with such signature guaranteed by an "eligible guarantor
institution" meeting the requirements of the Note Registrar, and thereupon one
or more new Notes of the same Class in authorized denominations and in the same
aggregate principal amount will be issued to the designated transferee or
transferees. No service charge will be charged for any registration of transfer
or exchange of this Note, but the transferor may be required to pay a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection with any such registration of transfer or exchange.

                  Each Noteholder or Note Owner, by its acceptance of a Note or,
in the case of a Note Owner, a beneficial interest in a Note, covenants and
agrees that no recourse may be taken, directly or indirectly, with respect to
the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the
Notes or under the Indenture or any certificate or other writing delivered in
connection therewith, against (i) the Indenture Trustee or the Owner Trustee,
each in its individual capacity, (ii) any owner of a beneficial interest in the
Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or
employee of the Indenture Trustee or the Owner Trustee, each in its individual
capacity, any holder of a beneficial interest in the Issuer, the Owner Trustee
or the Indenture Trustee or of any successor or assign of the Indenture Trustee
or the Owner Trustee, each in its individual capacity, except as any such Person
may have expressly agreed and except that any such partner, owner or beneficiary
shall be fully liable, to the extent provided by applicable law, for any unpaid
consideration for stock, unpaid capital contribution for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity.

                  The obligations of the Issuer under the Indenture are solely
the obligations of the Issuer and shall not represent any obligation or interest
in any assets of the Seller other than the Trust Property conveyed to the Issuer
pursuant to Article II of the Sale and Servicing Agreement. Each Noteholder and
Note Owner acknowledge and agree that they shall have no right, title or
interest in or to any Other Assets of the Seller. To the extent that,
notwithstanding the agreements and provisions contained in the preceding
sentence, such Noteholder or Note Owner either (i) asserts an interest or claim
to, or benefit from, Other Assets, or (ii) is deemed to have any such interest,
claim to, 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 Bankruptcy Code or any successor
provision having similar effect under the Bankruptcy Code), then such Noteholder
or Note Owner 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, which, under the terms of the relevant documents
relating to the securitization or conveyance 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 a priority of distributions or application
under applicable law, including insolvency laws, and whether or not asserted
against the Seller), 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 Noteholder or Note Owner, by acceptance of a Note or, in
the case of a Note Owner, a beneficial interest in a Note, covenants and agrees
by accepting the benefits of the Indenture that such Noteholder or Note Owner
will not at any time institute against the Seller or the Issuer, or join in any
institution against the Seller or the Issuer of, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings under any United States
federal or State bankruptcy or similar law in connection with any obligations
relating to the Notes, the Indenture or the other Basic Documents.

                  The Issuer has entered into the Indenture and this Note is
issued with the intention that, for federal, State and local income, and
franchise tax purposes, the Notes will qualify as indebtedness of the Issuer
secured by the Indenture Trust Estate. Each Noteholder, by its acceptance of a
Note (and each Note Owner by its acceptance of a beneficial interest in a Note),
will be deemed to agree to treat the Notes for federal, State and local income,
single business and franchise tax purposes as indebtedness of the Issuer.

                  Prior to the due presentment for registration of transfer of
this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the
Indenture Trustee may treat the Person in whose name this Note (as of the day of
determination or as of such other date as may be specified in the Indenture) is
registered as the owner hereof for all purposes, whether or not this Note be
overdue, and none of the Issuer, the Indenture Trustee or any such agent shall
be affected by notice to the contrary.

                  The Indenture permits, with certain exceptions requiring the
consent of all Noteholders affected thereby as therein provided, the amendment
thereof and the modification of the rights and obligations of the Issuer and the
rights of the Noteholders under the Indenture at any time by the Issuer with the
consent of the Noteholders of Notes evidencing not less than a majority of the
principal amount of the Controlling Note Class and with the consent of the Swap
Counterparties if such amendment adversely affects the rights or obligations of
the Swap Counterparties under the Interest Rate Swap Agreements or modifies the
obligations of, or impairs the ability of the Issuer to fully perform any of its
obligations under the Interest Rate Swap Agreements. The Indenture also permits
the Indenture Trustee to amend or waive certain terms and conditions set forth
in the Indenture without the consent of the Noteholders or the Swap
Counterparties provided certain conditions are satisfied. In addition, the
Indenture contains provisions permitting the Noteholders of Notes evidencing
specified percentages of the principal amount of the Notes Outstanding or of the
Controlling Note Class, on behalf of all Noteholders, to waive compliance by the
Issuer with certain provisions of the Indenture and certain past defaults under
the Indenture and their consequences. Any such consent or waiver by the
Noteholder of this Note (or any one or more Predecessor Notes) shall be
conclusive and binding upon such Noteholder and upon all future Noteholders of
this Note and of any Note issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof whether or not notation of such consent or
waiver is made upon this Note.

                  The term "Issuer", as used in this Note, includes any
successor to the Issuer under the Indenture.

                  The Issuer is permitted by the Indenture, under certain
circumstances, to merge or consolidate, subject to the rights of the Indenture
Trustee and the Noteholders under the Indenture.

                  The Notes are issuable only in registered form in
denominations as provided in the Indenture, subject to certain limitations
therein set forth.

                  This Note and the Indenture shall be governed by, and
construed in accordance with the laws of the State of New York, without
reference to its conflicts of law provisions.

                  No reference herein to the Indenture, and no provision of this
Note or of the Indenture, shall alter or impair the obligation of the Issuer,
which is absolute and unconditional, to pay the principal of and interest on
this Note at the times, place and rate, and in the coin or currency herein
prescribed.

                  Anything herein to the contrary notwithstanding, except as
expressly provided in the Basic Documents, none of The Bank of New York, in its
individual capacity, Wachovia Bank of Delaware, National Association, in its
individual capacity, any owner of a beneficial interest in the Issuer, or any of
their respective partners, beneficiaries, agents, officers, directors, employees
or successors or assigns shall be personally liable for, nor shall recourse be
had to any of them for, the payment of principal or of interest on this Note or
performance of, or omission to perform, any of the covenants, obligations or
indemnifications contained in the Indenture. The Noteholder of this Note, by his
acceptance hereof, agrees that, except as expressly provided in the Basic
Documents, in the case of an Event of Default under the Indenture, the
Noteholder shall have no claim against any of the foregoing for any deficiency,
loss or claim therefrom; provided, however, that nothing contained herein shall
be taken to prevent recourse to, and enforcement against, the assets of the
Issuer for any and all liabilities, obligations and undertakings contained in
the Indenture or in this Note.

<PAGE>

                                   ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee:

                                 ---------------

                  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and
transfers unto:

--------------------------------------------------------------------------------
                         (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints _________________, attorney, to transfer said Note on the books
kept for registration thereof, 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 Note in every
     particular, without alteration, enlargement or any change whatever. Such
     signature must be guaranteed by an "eligible guarantor institution" meeting
     the requirements of the Note Registrar, which requirements include
     membership or participation in STAMP or such other "signature guarantee
     program" as may be determined by the Note Registrar in addition to, or in
     substitution for, STAMP, all in accordance with the Securities Exchange Act
     of 1934, as amended.

<PAGE>

                                                                   EXHIBIT A-2b

                             FORM OF CLASS A-2b NOTE

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED
IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.
ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

REGISTERED                                                       $1,116,000,000
No. R-1                                                   CUSIP NO. 34527R HY 2

                       FORD CREDIT AUTO OWNER TRUST 2002-D

                   CLASS A-2b FLOATING RATE ASSET BACKED NOTES

                  Ford Credit Auto Owner Trust 2002-D, a business trust
organized and existing under the laws of the State of Delaware (herein referred
to as the "Issuer"), for value received, hereby promises to pay to CEDE & CO.,
or registered assigns, the principal sum of ONE BILLION ONE HUNDRED SIXTEEN
MILLION DOLLARS payable on each Payment Date in an amount equal to the aggregate
amount, if any, payable to Noteholders of Class A-2b Notes on such Payment Date
from the Principal Distribution Account in respect of principal on the Class
A-2b Notes pursuant to Section 3.1 of the Indenture dated as of August 1, 2002
(as from time to time amended, supplemented or otherwise modified and in effect,
the "Indenture"), between the Issuer and The Bank of New York, as Indenture
Trustee (in such capacity the "Indenture Trustee"); provided, however, that the
entire unpaid principal amount of this Note shall be due and payable on the
earlier of the March 2005 Payment Date (the "Class A-2b Final Scheduled Payment
Date") or the Redemption Date, if any, pursuant to Section 10.1 of the
Indenture. Capitalized terms used but not defined herein are defined in Article
I of the Indenture, which also contains rules as to construction that shall be
applicable herein.

                  The Issuer shall pay interest on this Note on each Payment
Date at a per annum rate equal to the London interbank offered rate ("LIBOR")
for one-month U.S. Dollar deposits in Europe (determined as set forth in the
Indenture) on the applicable LIBOR Determination Date, in each case plus 0.07%
on the principal amount of this Note outstanding on the preceding Payment Date,
after giving effect to all payments of principal made on the preceding Payment
Date (provided, however, that interest shall accrue from the Closing Date to the
initial Payment Date, and shall be payable on the initial Payment Date, at a per
annum rate equal to 1.81125% on the original principal amount outstanding on the
Closing Date), subject to certain limitations contained in Section 3.1 of the
Indenture, until the principal of this Note is paid or made available for
payment. Interest on this Note will accrue for each Payment Date from and
including the preceding Payment Date (or, in the case of the initial Payment
Date, from and including the Closing Date) to but excluding such Payment Date.
Interest will be computed on the basis of actual days elapsed and a 360-day
year. Such principal of and interest on this Note shall be paid in the manner
specified on the reverse side hereof.

                  The principal of and interest on this Note are payable in such
coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts. All payments made by the
Issuer with respect to this Note shall be applied first to interest due and
payable on this Note as provided above and then to the unpaid principal of this
Note.

                  Reference is made to the further provisions of this Note set
forth on the reverse hereof, which shall have the same effect as though fully
set forth on the face of this Note.

<PAGE>

                  Unless the certificate of authentication hereon has been
executed by the Indenture Trustee whose name appears below by manual signature,
this Note shall not be entitled to any benefit under the Indenture referred to
on the reverse hereof, or be valid or obligatory for any purpose.

                REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.

<PAGE>

                  IN WITNESS WHEREOF, the Issuer has caused this instrument to
be signed, manually or in facsimile, by its Authorized Officer, as of the date
set forth below.

Date: August 29, 2002

                                            FORD CREDIT AUTO OWNER TRUST 2002-D

                                            By:      WACHOVIA BANK OF DELAWARE,
                                                     NATIONAL ASSOCIATION,
                                                     not in its individual
                                                     capacity but solely as
                                                     Owner Trustee of Ford
                                                     Credit Auto Owner Trust
                                                     2002-D

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

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Class A-2b Notes designated above and referred to in the
within-mentioned Indenture.

Date: August 29, 2002

                                            THE BANK OF NEW YORK,
                                            not in its individual capacity but
                                            solely as Indenture Trustee

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

<PAGE>

                                 REVERSE OF NOTE

                  This Note is one of a duly authorized issue of Notes of the
Issuer, designated as its Class A-2b Floating Rate Asset Backed Notes (the
"Class A-2b Notes") which, together with the Issuer's Class A-1 1.79% Asset
Backed Notes (the "Class A-1 Notes"), Class A-2a 2.10% Asset Backed Notes (the
"Class A-2a Notes" and, together with the Class A-2b Notes, the "Class A-2
Notes"), Class A-3a 2.68% Asset Backed Notes (the "Class A-3a Notes"), Class
A-3b Floating Rate Asset Backed Notes (the "Class A-3b Notes" and, together with
the Class A-3a Notes, the "Class A-3 Notes"), Class A-4a 3.13% Asset Backed
Notes (the "Class A-4a Notes"), Class A-4b Floating Rate Asset Backed Notes (the
"Class A-4b Notes" and, together with the Class A-4a Notes, the "Class A-4
Notes" and, such Class A-4 Notes, together with the Class A-1 Notes, the Class
A-2 Notes and the Class A-3 Notes, the "Class A Notes"), Class B 3.56% Asset
Backed Notes (the "Class B Notes") and Class C 4.40% Asset Backed Notes (the
"Class C Notes" and, together with the Class A Notes and the Class B Notes, the
"Notes"), are issued under the Indenture, to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective
rights and obligations thereunder of the Issuer, the Indenture Trustee and the
Noteholders. The Notes are subject to all terms of the Indenture.

                  The Class A-2b Notes are and will be equally and ratably
secured by the collateral pledged as security therefor as provided in the
Indenture. The Class A-2b Notes are subordinated to the rights of the Swap
Counterparties to receive payments (other than Swap Termination Payments)
pursuant to the Interest Rate Swap Agreements. Interest on and principal of the
Notes will be payable in accordance with the priority of payments set forth in
Section 8.2 of the Indenture.

                  Principal of the Class A-2b Notes will be payable on each
Payment Date in an amount described on the face hereof. "Payment Date" means the
fifteenth day of each month, or, if any such day is not a Business Day, the next
succeeding Business Day, commencing in September 2002.

                  As described on the face hereof, the entire unpaid principal
amount of this Note shall be due and payable on the earlier of the Class A-2b
Final Scheduled Payment Date or the Redemption Date, if any, pursuant to Section
10.1 of the Indenture. Notwithstanding the foregoing, the entire unpaid
principal amount of the Notes shall be due and payable on the date on which an
Event of Default shall have occurred and be continuing and the Indenture Trustee
or the Noteholders of Notes evidencing not less than a majority of the principal
amount of the Class A Notes have declared the Notes to be immediately due and
payable in the manner provided in Section 5.2 of the Indenture. All principal
payments on the Class A-2b Notes shall be made pro rata to the Noteholders
entitled thereto.

                  Payments of interest on this Note on each Payment Date,
together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be made to the Person whose name appears as the
Registered Noteholder of the Note (or one or more Predecessor Notes) on the Note
Register as of the close of business on each Record Date either by wire transfer
in immediately available funds, to the account of such Noteholder at a bank or
other entity having appropriate facilities therefor, if such Noteholder shall
have provided to the Note Registrar appropriate written instructions at least
five (5) Business Days prior to such Payment Date and such Noteholder's Notes in
the aggregate evidence a denomination of not less than $1,000,000, or, if not,
by check mailed first-class postage prepaid to such Person's address as it
appears on the Note Register on such Record Date; provided that, unless
Definitive Notes have been issued to Note Owners, with respect to Notes
registered on the Record Date in the name of the nominee of the Clearing Agency
(initially, such nominee to be Cede & Co.), payments will be made by wire
transfer in immediately available funds to the account designated by such
nominee. Such payments will be made without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any
Payment Date shall be binding upon all future Noteholders of this Note and of
any Note issued upon the registration of transfer hereof or in exchange hereof
or in lieu hereof, whether or not noted hereon. If funds are expected to be
available, as provided in the Indenture, for payment in full of the then
remaining unpaid principal amount of this Note on a Payment Date, then the
Indenture Trustee, in the name of and on behalf of the Issuer, will notify the
Person who was the Registered Noteholder hereof as of the Record Date preceding
such Payment Date by notice mailed or transmitted by facsimile prior to such
Payment Date, and the amount then due and payable shall be payable only upon
presentation and surrender of this Note at the Indenture Trustee's principal
Corporate Trust Office or at the office of the Indenture Trustee's agent
appointed for such purposes located in The City of New York.

                  The Issuer shall pay interest on overdue installments of
interest at the Class A-2b Rate to the extent lawful.

                  As provided in the Indenture, the Class A Notes, the Class B
Notes and the Class C Notes may be redeemed, in whole but not in part, in the
manner and to the extent described in the Indenture and the Sale and Servicing
Agreement.

                  The transfer of this Note is subject to the restrictions on
transfer specified on the face hereof and to the other limitations set forth in
the Indenture. Subject to the satisfaction of such restrictions and limitations,
the transfer of this Note may be registered on the Note Register upon surrender
of this Note for registration of transfer at the office or agency designated by
the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Indenture Trustee
duly executed by, the Noteholder hereof or such Noteholder's attorney duly
authorized in writing, with such signature guaranteed by an "eligible guarantor
institution" meeting the requirements of the Note Registrar, and thereupon one
or more new Notes of the same Class in authorized denominations and in the same
aggregate principal amount will be issued to the designated transferee or
transferees. No service charge will be charged for any registration of transfer
or exchange of this Note, but the transferor may be required to pay a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection with any such registration of transfer or exchange.

                  Each Noteholder or Note Owner, by its acceptance of a Note or,
in the case of a Note Owner, a beneficial interest in a Note, covenants and
agrees that no recourse may be taken, directly or indirectly, with respect to
the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the
Notes or under the Indenture or any certificate or other writing delivered in
connection therewith, against (i) the Indenture Trustee or the Owner Trustee,
each in its individual capacity, (ii) any owner of a beneficial interest in the
Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or
employee of the Indenture Trustee or the Owner Trustee, each in its individual
capacity, any holder of a beneficial interest in the Issuer, the Owner Trustee
or the Indenture Trustee or of any successor or assign of the Indenture Trustee
or the Owner Trustee, each in its individual capacity, except as any such Person
may have expressly agreed and except that any such partner, owner or beneficiary
shall be fully liable, to the extent provided by applicable law, for any unpaid
consideration for stock, unpaid capital contribution for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity.

                  The obligations of the Issuer under the Indenture are solely
the obligations of the Issuer and shall not represent any obligation or interest
in any assets of the Seller other than the Trust Property conveyed to the Issuer
pursuant to Article II of the Sale and Servicing Agreement. Each Noteholder and
Note Owner acknowledge and agree that they shall have no right, title or
interest in or to any Other Assets of the Seller. To the extent that,
notwithstanding the agreements and provisions contained in the preceding
sentence, such Noteholder or Note Owner either (i) asserts an interest or claim
to, or benefit from, Other Assets, or (ii) is deemed to have any such interest,
claim to, 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 Bankruptcy Code or any successor
provision having similar effect under the Bankruptcy Code), then such Noteholder
or Note Owner 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, which, under the terms of the relevant documents
relating to the securitization or conveyance 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 a priority of distributions or application
under applicable law, including insolvency laws, and whether or not asserted
against the Seller), 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 Noteholder or Note Owner, by acceptance of a Note or, in
the case of a Note Owner, a beneficial interest in a Note, covenants and agrees
by accepting the benefits of the Indenture that such Noteholder or Note Owner
will not at any time institute against the Seller or the Issuer, or join in any
institution against the Seller or the Issuer of, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings under any United States
federal or State bankruptcy or similar law in connection with any obligations
relating to the Notes, the Indenture or the other Basic Documents.

                  The Issuer has entered into the Indenture and this Note is
issued with the intention that, for federal, State and local income, and
franchise tax purposes, the Notes will qualify as indebtedness of the Issuer
secured by the Indenture Trust Estate. Each Noteholder, by its acceptance of a
Note (and each Note Owner by its acceptance of a beneficial interest in a Note),
will be deemed to agree to treat the Notes for federal, State and local income,
single business and franchise tax purposes as indebtedness of the Issuer.

                  Prior to the due presentment for registration of transfer of
this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the
Indenture Trustee may treat the Person in whose name this Note (as of the day of
determination or as of such other date as may be specified in the Indenture) is
registered as the owner hereof for all purposes, whether or not this Note be
overdue, and none of the Issuer, the Indenture Trustee or any such agent shall
be affected by notice to the contrary.

                  The Indenture permits, with certain exceptions requiring the
consent of all Noteholders affected thereby as therein provided, the amendment
thereof and the modification of the rights and obligations of the Issuer and the
rights of the Noteholders under the Indenture at any time by the Issuer with the
consent of the Noteholders of Notes evidencing not less than a majority of the
principal amount of the Controlling Note Class and with the consent of the Swap
Counterparties if such amendment adversely affects the rights or obligations of
the Swap Counterparties under the Interest Rate Swap Agreements or modifies the
obligations of, or impairs the ability of the Issuer to fully perform any of its
obligations under the Interest Rate Swap Agreements. The Indenture also permits
the Indenture Trustee to amend or waive certain terms and conditions set forth
in the Indenture without the consent of the Noteholders or the Swap
Counterparties provided certain conditions are satisfied. In addition, the
Indenture contains provisions permitting the Noteholders of Notes evidencing
specified percentages of the principal amount of the Notes Outstanding or of the
Controlling Note Class, on behalf of all Noteholders, to waive compliance by the
Issuer with certain provisions of the Indenture and certain past defaults under
the Indenture and their consequences. Any such consent or waiver by the
Noteholder of this Note (or any one or more Predecessor Notes) shall be
conclusive and binding upon such Noteholder and upon all future Noteholders of
this Note and of any Note issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof whether or not notation of such consent or
waiver is made upon this Note.

                  The term "Issuer", as used in this Note, includes any
successor to the Issuer under the Indenture.

                  The Issuer is permitted by the Indenture, under certain
circumstances, to merge or consolidate, subject to the rights of the Indenture
Trustee and the Noteholders under the Indenture.

                  The Notes are issuable only in registered form in
denominations as provided in the Indenture, subject to certain limitations
therein set forth.

                  This Note and the Indenture shall be governed by, and
construed in accordance with the laws of the State of New York, without
reference to its conflicts of law provisions.

                  No reference herein to the Indenture, and no provision of this
Note or of the Indenture, shall alter or impair the obligation of the Issuer,
which is absolute and unconditional, to pay the principal of and interest on
this Note at the times, place and rate, and in the coin or currency herein
prescribed.

                  Anything herein to the contrary notwithstanding, except as
expressly provided in the Basic Documents, none of The Bank of New York, in its
individual capacity, Wachovia Bank of Delaware, National Association, in its
individual capacity, any owner of a beneficial interest in the Issuer, or any of
their respective partners, beneficiaries, agents, officers, directors, employees
or successors or assigns shall be personally liable for, nor shall recourse be
had to any of them for, the payment of principal or of interest on this Note or
performance of, or omission to perform, any of the covenants, obligations or
indemnifications contained in the Indenture. The Noteholder of this Note, by his
acceptance hereof, agrees that, except as expressly provided in the Basic
Documents, in the case of an Event of Default under the Indenture, the
Noteholder shall have no claim against any of the foregoing for any deficiency,
loss or claim therefrom; provided, however, that nothing contained herein shall
be taken to prevent recourse to, and enforcement against, the assets of the
Issuer for any and all liabilities, obligations and undertakings contained in
the Indenture or in this Note.

<PAGE>

                                   ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee:

                                 ---------------

                  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and
transfers unto:

--------------------------------------------------------------------------------
                         (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints _________________, attorney, to transfer said Note on the books
kept for registration thereof, 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 Note in every
     particular, without alteration, enlargement or any change whatever. Such
     signature must be guaranteed by an "eligible guarantor institution" meeting
     the requirements of the Note Registrar, which requirements include
     membership or participation in STAMP or such other "signature guarantee
     program" as may be determined by the Note Registrar in addition to, or in
     substitution for, STAMP, all in accordance with the Securities Exchange Act
     of 1934, as amended.

<PAGE>

                                                                  EXHIBIT A-3a

                             FORM OF CLASS A-3a NOTE

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED
IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.
ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

REGISTERED                                                         $250,000,000
No. R-1                                                   CUSIP NO. 34527R HZ 9

                       FORD CREDIT AUTO OWNER TRUST 2002-D

                       CLASS A-3a 2.68% ASSET BACKED NOTES

                  Ford Credit Auto Owner Trust 2002-D, a business trust
organized and existing under the laws of the State of Delaware (herein referred
to as the "Issuer"), for value received, hereby promises to pay to CEDE & CO.,
or registered assigns, the principal sum of TWO HUNDRED FIFTY MILLION DOLLARS
payable on each Payment Date in an amount equal to the aggregate amount, if any,
payable to Noteholders of Class A-3a Notes on such Payment Date from the
Principal Distribution Account in respect of principal on the Class A-3a Notes
pursuant to Section 3.1 of the Indenture dated as of August 1, 2002 (as from
time to time amended, supplemented or otherwise modified and in effect, the
"Indenture"), between the Issuer and The Bank of New York, a New York
corporation, as Indenture Trustee (in such capacity the "Indenture Trustee");
provided, however, that the entire unpaid principal amount of this Note shall be
due and payable on the earlier of the February 2006 Payment Date (the "Class
A-3a Final Scheduled Payment Date") or the Redemption Date, if any, pursuant to
Section 10.1 of the Indenture. Capitalized terms used but not defined herein are
defined in Article I of the Indenture, which also contains rules as to
construction that shall be applicable herein.

                  The Issuer shall pay interest on this Note at the rate per
annum shown above on each Payment Date until the principal of this Note is paid
or made available for payment, on the principal amount of this Note outstanding
on the preceding Payment Date (after giving effect to all payments of principal
made on the preceding Payment Date), subject to certain limitations contained in
Section 3.1 of the Indenture. Interest on this Note will accrue for each Payment
Date from and including the fifteenth day of the calendar month immediately
preceding such Payment Date (or, in the case of the initial Payment Date, from
the Closing Date) to but excluding the fifteenth day of the following calendar
month. Interest will be computed on the basis of a 360-day year of twelve 30-day
months. Such principal of and interest on this Note shall be paid in the manner
specified on the reverse hereof.

                  The principal of and interest on this Note are payable in such
coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts. All payments made by the
Issuer with respect to this Note shall be applied first to interest due and
payable on this Note as provided above and then to the unpaid principal of this
Note.

                  Reference is made to the further provisions of this Note set
forth on the reverse hereof, which shall have the same effect as though fully
set forth on the face of this Note.

<PAGE>

                  Unless the certificate of authentication hereon has been
executed by the Indenture Trustee whose name appears below by manual signature,
this Note shall not be entitled to any benefit under the Indenture referred to
on the reverse hereof, or be valid or obligatory for any purpose.

                REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.

<PAGE>

                  IN WITNESS WHEREOF, the Issuer has caused this instrument to
be signed, manually or in facsimile, by its Authorized Officer, as of the date
set forth below.

Date: August 29, 2002

                                            FORD CREDIT AUTO OWNER TRUST 2002-D

                                            By:      WACHOVIA BANK OF DELAWARE,
                                                     NATIONAL ASSOCIATION,
                                                     not in its individual
                                                     capacity but solely as
                                                     Owner Trustee of Ford
                                                     Credit Auto Owner Trust
                                                     2002-D

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

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Class A-3a Notes designated above and referred to in the
within-mentioned Indenture.

Date: Aug`ust 29, 2002

                                            THE BANK OF NEW YORK,
                                            not in its individual capacity but
                                            solely as Indenture Trustee

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

<PAGE>

                                 REVERSE OF NOTE

                  This Note is one of a duly authorized issue of Notes of the
Issuer, designated as its Class A-3a 2.68% Asset Backed Notes (the "Class A-3a
Notes"), which, together with the Issuer's Class A-1 1.79% Asset Backed Notes
(the "Class A-1 Notes"), Class A-2a 2.10% Asset Backed Notes (the "Class A-2a
Notes"), Class A-2b Floating Rate Asset Backed Notes (the "Class A-2b Notes"
and, together with the Class A-2a Notes, the "Class A-2 Notes"), Class A-3b
Floating Rate Asset Backed Notes (the "Class A-3b Notes" and, together with the
Class A-3a Notes, the "Class A-3 Notes"), Class A-4a 3.13% Asset Backed Notes
(the "Class A-4a Notes"), Class A-4b Floating Rate Asset Backed Notes (the
"Class A-4b Notes" and, together with the Class A-4a Notes, the "Class A-4
Notes" and, such Class A-4 Notes, together with the Class A-1 Notes, the Class
A-2 Notes and the Class A-3 Notes, the "Class A Notes"), Class B 3.56% Asset
Backed Notes (the "Class B Notes") and Class C 4.40% Asset Backed Notes (the
"Class C Notes" and, together with the Class A Notes and the Class B Notes, the
"Notes"), are issued under the Indenture, to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective
rights and obligations thereunder of the Issuer, the Indenture Trustee and the
Noteholders. The Notes are subject to all terms of the Indenture.

                  The Class A-3a Notes are and will be equally and ratably
secured by the collateral pledged as security therefor as provided in the
Indenture. The Class A-3a Notes are subordinated to the rights of the Swap
Counterparties to receive payments (other than Swap Termination Payments)
pursuant to the Interest Rate Swap Agreements. Interest on and principal of the
Notes will be payable in accordance with the priority of payments set forth in
Section 8.2 of the Indenture.

                  Principal of the Class A-3a Notes will be payable on each
Payment Date in an amount described on the face hereof. "Payment Date" means the
fifteenth day of each month, or, if any such day is not a Business Day, the next
succeeding Business Day, commencing in September 2002.

                  As described on the face hereof, the entire unpaid principal
amount of this Note shall be due and payable on the earlier of the Class A-3a
Final Scheduled Payment Date or the Redemption Date, if any, pursuant to Section
10.1 of the Indenture. Notwithstanding the foregoing, the entire unpaid
principal amount of the Notes shall be due and payable on the date on which an
Event of Default shall have occurred and be continuing and the Indenture Trustee
or the Noteholders of Notes evidencing not less than a majority of the principal
amount of the Class A Notes have declared the Notes to be immediately due and
payable in the manner provided in Section 5.2 of the Indenture. All principal
payments on the Class A-3a Notes shall be made pro rata to the Noteholders
entitled thereto.

                  Payments of interest on this Note on each Payment Date,
together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be made to the Person whose name appears as the
Registered Noteholder of the Note (or one or more Predecessor Notes) on the Note
Register as of the close of business on each Record Date either by wire transfer
in immediately available funds, to the account of such Noteholder at a bank or
other entity having appropriate facilities therefor, if such Noteholder shall
have provided to the Note Registrar appropriate written instructions at least
five (5) Business Days prior to such Payment Date and such Noteholder's Notes in
the aggregate evidence a denomination of not less than $1,000,000, or, if not,
by check mailed first-class postage prepaid to such Person's address as it
appears on the Note Register on such Record Date; provided that, unless
Definitive Notes have been issued to Note Owners, with respect to Notes
registered on the Record Date in the name of the nominee of the Clearing Agency
(initially, such nominee to be Cede & Co.), payments will be made by wire
transfer in immediately available funds to the account designated by such
nominee. Such payments will be made without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any
Payment Date shall be binding upon all future Noteholders of this Note and of
any Note issued upon the registration of transfer hereof or in exchange hereof
or in lieu hereof, whether or not noted hereon. If funds are expected to be
available, as provided in the Indenture, for payment in full of the then
remaining unpaid principal amount of this Note on a Payment Date, then the
Indenture Trustee, in the name of and on behalf of the Issuer, will notify the
Person who was the Registered Noteholder hereof as of the Record Date preceding
such Payment Date by notice mailed or transmitted by facsimile prior to such
Payment Date, and the amount then due and payable shall be payable only upon
presentation and surrender of this Note at the Indenture Trustee's principal
Corporate Trust Office or at the office of the Indenture Trustee's agent
appointed for such purposes located in The City of New York.

                  The Issuer shall pay interest on overdue installments of
interest at the Class A-3a Rate to the extent lawful.

                  As provided in the Indenture, the Class A Notes, the Class B
Notes and the Class C Notes may be redeemed, in whole but not in part, in the
manner and to the extent described in the Indenture and the Sale and Servicing
Agreement.

                  The transfer of this Note is subject to the restrictions on
transfer specified on the face hereof and to the other limitations set forth in
the Indenture. Subject to the satisfaction of such restrictions and limitations,
the transfer of this Note may be registered on the Note Register upon surrender
of this Note for registration of transfer at the office or agency designated by
the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Indenture Trustee
duly executed by, the Noteholder hereof or such Noteholder's attorney duly
authorized in writing, with such signature guaranteed by an "eligible guarantor
institution" meeting the requirements of the Note Registrar, and thereupon one
or more new Notes of the same Class in authorized denominations and in the same
aggregate principal amount will be issued to the designated transferee or
transferees. No service charge will be charged for any registration of transfer
or exchange of this Note, but the transferor may be required to pay a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection with any such registration of transfer or exchange.

                  Each Noteholder or Note Owner, by its acceptance of a Note or,
in the case of a Note Owner, a beneficial interest in a Note, covenants and
agrees that no recourse may be taken, directly or indirectly, with respect to
the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the
Notes or under the Indenture or any certificate or other writing delivered in
connection therewith, against (i) the Indenture Trustee or the Owner Trustee,
each in its individual capacity, (ii) any owner of a beneficial interest in the
Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or
employee of the Indenture Trustee or the Owner Trustee, each in its individual
capacity, any holder of a beneficial interest in the Issuer, the Owner Trustee
or the Indenture Trustee or of any successor or assign of the Indenture Trustee
or the Owner Trustee, each in its individual capacity, except as any such Person
may have expressly agreed and except that any such partner, owner or beneficiary
shall be fully liable, to the extent provided by applicable law, for any unpaid
consideration for stock, unpaid capital contribution for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity.

                  The obligations of the Issuer under the Indenture are solely
the obligations of the Issuer and shall not represent any obligation or interest
in any assets of the Seller other than the Trust Property conveyed to the Issuer
pursuant to Article II of the Sale and Servicing Agreement. Each Noteholder and
Note Owner acknowledge and agree that they shall have no right, title or
interest in or to any Other Assets of the Seller. To the extent that,
notwithstanding the agreements and provisions contained in the preceding
sentence, such Noteholder or Note Owner either (i) asserts an interest or claim
to, or benefit from, Other Assets, or (ii) is deemed to have any such interest,
claim to, 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 Bankruptcy Code or any successor
provision having similar effect under the Bankruptcy Code), then such Noteholder
or Note Owner 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, which, under the terms of the relevant documents
relating to the securitization or conveyance 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 a priority of distributions or application
under applicable law, including insolvency laws, and whether or not asserted
against the Seller), 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 Noteholder or Note Owner, by acceptance of a Note or, in
the case of a Note Owner, a beneficial interest in a Note, covenants and agrees
by accepting the benefits of the Indenture that such Noteholder or Note Owner
will not at any time institute against the Seller or the Issuer, or join in any
institution against the Seller or the Issuer of, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings under any United States
federal or State bankruptcy or similar law in connection with any obligations
relating to the Notes, the Indenture or the other Basic Documents.

                  The Issuer has entered into the Indenture and this Note is
issued with the intention that, for federal, State and local income, and
franchise tax purposes, the Notes will qualify as indebtedness of the Issuer
secured by the Indenture Trust Estate. Each Noteholder, by its acceptance of a
Note (and each Note Owner by its acceptance of a beneficial interest in a Note),
will be deemed to agree to treat the Notes for federal, State and local income,
single business and franchise tax purposes as indebtedness of the Issuer.

                  Prior to the due presentment for registration of transfer of
this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the
Indenture Trustee may treat the Person in whose name this Note (as of the day of
determination or as of such other date as may be specified in the Indenture) is
registered as the owner hereof for all purposes, whether or not this Note be
overdue, and none of the Issuer, the Indenture Trustee or any such agent shall
be affected by notice to the contrary.

                  The Indenture permits, with certain exceptions requiring the
consent of all Noteholders affected thereby as therein provided, the amendment
thereof and the modification of the rights and obligations of the Issuer and the
rights of the Noteholders under the Indenture at any time by the Issuer with the
consent of the Noteholders of Notes evidencing not less than a majority of the
principal amount of the Controlling Note Class and with the consent of the Swap
Counterparties if such amendment adversely affects the rights or obligations of
the Swap Counterparties under the Interest Rate Swap Agreements or modifies the
obligations of, or impairs the ability of the Issuer to fully perform any of its
obligations under the Interest Rate Swap Agreements. The Indenture also permits
the Indenture Trustee to amend or waive certain terms and conditions set forth
in the Indenture without the consent of the Noteholders or the Swap
Counterparties provided certain conditions are satisfied. In addition, the
Indenture contains provisions permitting the Noteholders of Notes evidencing
specified percentages of the principal amount of the Notes Outstanding or of the
Controlling Note Class, on behalf of all Noteholders, to waive compliance by the
Issuer with certain provisions of the Indenture and certain past defaults under
the Indenture and their consequences. Any such consent or waiver by the
Noteholder of this Note (or any one or more Predecessor Notes) shall be
conclusive and binding upon such Noteholder and upon all future Noteholders of
this Note and of any Note issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof whether or not notation of such consent or
waiver is made upon this Note.

                  The term "Issuer", as used in this Note, includes any
successor to the Issuer under the Indenture.

                  The Issuer is permitted by the Indenture, under certain
circumstances, to merge or consolidate, subject to the rights of the Indenture
Trustee and the Noteholders under the Indenture.

                  The Notes are issuable only in registered form in
denominations as provided in the Indenture, subject to certain limitations
therein set forth.

                  This Note and the Indenture shall be governed by, and
construed in accordance with the laws of the State of New York, without
reference to its conflicts of law provisions.

                  No reference herein to the Indenture, and no provision of this
Note or of the Indenture, shall alter or impair the obligation of the Issuer,
which is absolute and unconditional, to pay the principal of and interest on
this Note at the times, place and rate, and in the coin or currency herein
prescribed.

                  Anything herein to the contrary notwithstanding, except as
expressly provided in the Basic Documents, none of The Bank of New York, in its
individual capacity, Wachovia Bank of Delaware, National Association, in its
individual capacity, any owner of a beneficial interest in the Issuer, or any of
their respective partners, beneficiaries, agents, officers, directors, employees
or successors or assigns shall be personally liable for, nor shall recourse be
had to any of them for, the payment of principal or of interest on this Note or
performance of, or omission to perform, any of the covenants, obligations or
indemnifications contained in the Indenture. The Noteholder of this Note, by his
acceptance hereof, agrees that, except as expressly provided in the Basic
Documents, in the case of an Event of Default under the Indenture, the
Noteholder shall have no claim against any of the foregoing for any deficiency,
loss or claim therefrom; provided, however, that nothing contained herein shall
be taken to prevent recourse to, and enforcement against, the assets of the
Issuer for any and all liabilities, obligations and undertakings contained in
the Indenture or in this Note.

<PAGE>

                                   ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee:

                                 ---------------

                  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and
transfers unto:

--------------------------------------------------------------------------------
                         (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints _________________, attorney, to transfer said Note on the books
kept for registration thereof, 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 Note in every
     particular, without alteration, enlargement or any change whatever. Such
     signature must be guaranteed by an "eligible guarantor institution" meeting
     the requirements of the Note Registrar, which requirements include
     membership or participation in STAMP or such other "signature guarantee
     program" as may be determined by the Note Registrar in addition to, or in
     substitution for, STAMP, all in accordance with the Securities Exchange Act
     of 1934, as amended.

<PAGE>

                                                                   EXHIBIT A-3b

                             FORM OF CLASS A-3b NOTE

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED
IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.
ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

REGISTERED                                                         $306,000,000
No. R-1                                                   CUSIP NO. 34527R JA 2

                       FORD CREDIT AUTO OWNER TRUST 2002-D

                   CLASS A-3b FLOATING RATE ASSET BACKED NOTES

                  Ford Credit Auto Owner Trust 2002-D, a business trust
organized and existing under the laws of the State of Delaware (herein referred
to as the "Issuer"), for value received, hereby promises to pay to CEDE & CO.,
or registered assigns, the principal sum of THREE HUNDRED SIX MILLION DOLLARS
payable on each Payment Date in an amount equal to the aggregate amount, if any,
payable to Noteholders of Class A-3b Notes on such Payment Date from the
Principal Distribution Account in respect of principal on the Class A-3b Notes
pursuant to Section 3.1 of the Indenture dated as of August 1, 2002 (as from
time to time amended, supplemented or otherwise modified and in effect, the
"Indenture"), between the Issuer and The Bank of New York, as Indenture Trustee
(in such capacity the "Indenture Trustee"); provided, however, that the entire
unpaid principal amount of this Note shall be due and payable on the earlier of
the February 2006 Payment Date (the "Class A-3b Final Scheduled Payment Date")
or the Redemption Date, if any, pursuant to Section 10.1 of the Indenture.
Capitalized terms used but not defined herein are defined in Article I of the
Indenture, which also contains rules as to construction that shall be applicable
herein.

                  The Issuer shall pay interest on this Note on each Payment
Date at a per annum rate equal to the London interbank offered rate ("LIBOR")
for one-month U.S. Dollar deposits in Europe (determined as set forth in the
Indenture) on the applicable LIBOR Determination Date, in each case plus 0.08%
on the principal amount of this Note outstanding on the preceding Payment Date,
after giving effect to all payments of principal made on the preceding Payment
Date (provided, however, that interest shall accrue from the Closing Date to the
initial Payment Date, and shall be payable on the initial Payment Date, at a per
annum rate equal to 1.81125% on the original principal amount outstanding on the
Closing Date), subject to certain limitations contained in Section 3.1 of the
Indenture, until the principal of this Note is paid or made available for
payment. Interest on this Note will accrue for each Payment Date from and
including the preceding Payment Date (or, in the case of the initial Payment
Date, from and including the Closing Date) to but excluding such Payment Date.
Interest will be computed on the basis of actual days elapsed and a 360-day
year. Such principal of and interest on this Note shall be paid in the manner
specified on the reverse side hereof.

                  The principal of and interest on this Note are payable in such
coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts. All payments made by the
Issuer with respect to this Note shall be applied first to interest due and
payable on this Note as provided above and then to the unpaid principal of this
Note.

                  Reference is made to the further provisions of this Note set
forth on the reverse hereof, which shall have the same effect as though fully
set forth on the face of this Note.

<PAGE>

                  Unless the certificate of authentication hereon has been
executed by the Indenture Trustee whose name appears below by manual signature,
this Note shall not be entitled to any benefit under the Indenture referred to
on the reverse hereof, or be valid or obligatory for any purpose.

                REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.

<PAGE>

                  IN WITNESS WHEREOF, the Issuer has caused this instrument to
be signed, manually or in facsimile, by its Authorized Officer, as of the date
set forth below.

Date: August 29, 2002

                                            FORD CREDIT AUTO OWNER TRUST 2002-D

                                            By:      WACHOVIA BANK OF DELAWARE,
                                                     NATIONAL ASSOCIATION,
                                                     not in its individual
                                                     capacity but solely as
                                                     Owner Trustee of Ford
                                                     Credit Auto Owner Trust
                                                     2002-D

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

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Class A-3b Notes designated above and referred to in the
within-mentioned Indenture.

Date: August 29, 2002

                                            THE BANK OF NEW YORK,
                                            not in its individual capacity but
                                            solely as Indenture Trustee

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

<PAGE>

                                 REVERSE OF NOTE

                  This Note is one of a duly authorized issue of Notes of the
Issuer, designated as its Class A-3b Floating Rate Asset Backed Notes (the
"Class A-3b Notes") which, together with the Issuer's Class A-1 1.79% Asset
Backed Notes (the "Class A-1 Notes"), Class A-2a 2.10% Asset Backed Notes (the
"Class A-2a Notes"), Class A-2b Floating Rate Asset Backed Notes (the "Class
A-2b Notes" and, together with the Class A-2a Notes, the "Class A-2 Notes"),
Class A-3a 2.68% Asset Backed Notes (the "Class A-3a Notes" and, together with
the Class A-3b Notes, the "Class A-3 Notes"), Class A-4a 3.13% Asset Backed
Notes (the "Class A-4a Notes"), Class A-4b Floating Rate Asset Backed Notes (the
"Class A-4b Notes" and, together with the Class A-4a Notes, the "Class A-4
Notes" and, such Class A-4 Notes, together with the Class A-1 Notes, the Class
A-2 Notes and the Class A-3 Notes, the "Class A Notes"), Class B 3.56% Asset
Backed Notes (the "Class B Notes") and Class C 4.40% Asset Backed Notes (the
"Class C Notes" and, together with the Class A Notes and the Class B Notes, the
"Notes"), are issued under the Indenture, to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective
rights and obligations thereunder of the Issuer, the Indenture Trustee and the
Noteholders. The Notes are subject to all terms of the Indenture.

                  The Class A-3b Notes are and will be equally and ratably
secured by the collateral pledged as security therefor as provided in the
Indenture. The Class A-3b Notes are subordinated to the rights of the Swap
Counterparties to receive payments (other than Swap Termination Payments)
pursuant to the Interest Rate Swap Agreements. Interest on and principal of the
Notes will be payable in accordance with the priority of payments set forth in
Section 8.2 of the Indenture.

                  Principal of the Class A-3b Notes will be payable on each
Payment Date in an amount described on the face hereof. "Payment Date" means the
fifteenth day of each month, or, if any such day is not a Business Day, the next
succeeding Business Day, commencing in September 2002.

                  As described on the face hereof, the entire unpaid principal
amount of this Note shall be due and payable on the earlier of the Class A-3b
Final Scheduled Payment Date or the Redemption Date, if any, pursuant to Section
10.1 of the Indenture. Notwithstanding the foregoing, the entire unpaid
principal amount of the Notes shall be due and payable on the date on which an
Event of Default shall have occurred and be continuing and the Indenture Trustee
or the Noteholders of Notes evidencing not less than a majority of the principal
amount of the Class A Notes have declared the Notes to be immediately due and
payable in the manner provided in Section 5.2 of the Indenture. All principal
payments on the Class A-3b Notes shall be made pro rata to the Noteholders
entitled thereto.

                  Payments of interest on this Note on each Payment Date,
together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be made to the Person whose name appears as the
Registered Noteholder of the Note (or one or more Predecessor Notes) on the Note
Register as of the close of business on each Record Date either by wire transfer
in immediately available funds, to the account of such Noteholder at a bank or
other entity having appropriate facilities therefor, if such Noteholder shall
have provided to the Note Registrar appropriate written instructions at least
five (5) Business Days prior to such Payment Date and such Noteholder's Notes in
the aggregate evidence a denomination of not less than $1,000,000, or, if not,
by check mailed first-class postage prepaid to such Person's address as it
appears on the Note Register on such Record Date; provided that, unless
Definitive Notes have been issued to Note Owners, with respect to Notes
registered on the Record Date in the name of the nominee of the Clearing Agency
(initially, such nominee to be Cede & Co.), payments will be made by wire
transfer in immediately available funds to the account designated by such
nominee. Such payments will be made without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any
Payment Date shall be binding upon all future Noteholders of this Note and of
any Note issued upon the registration of transfer hereof or in exchange hereof
or in lieu hereof, whether or not noted hereon. If funds are expected to be
available, as provided in the Indenture, for payment in full of the then
remaining unpaid principal amount of this Note on a Payment Date, then the
Indenture Trustee, in the name of and on behalf of the Issuer, will notify the
Person who was the Registered Noteholder hereof as of the Record Date preceding
such Payment Date by notice mailed or transmitted by facsimile prior to such
Payment Date, and the amount then due and payable shall be payable only upon
presentation and surrender of this Note at the Indenture Trustee's principal
Corporate Trust Office or at the office of the Indenture Trustee's agent
appointed for such purposes located in The City of New York.

                  The Issuer shall pay interest on overdue installments of
interest at the Class A-3b Rate to the extent lawful.

                  As provided in the Indenture, the Class A Notes, the Class B
Notes and the Class C Notes may be redeemed, in whole but not in part, in the
manner and to the extent described in the Indenture and the Sale and Servicing
Agreement.

                  The transfer of this Note is subject to the restrictions on
transfer specified on the face hereof and to the other limitations set forth in
the Indenture. Subject to the satisfaction of such restrictions and limitations,
the transfer of this Note may be registered on the Note Register upon surrender
of this Note for registration of transfer at the office or agency designated by
the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Indenture Trustee
duly executed by, the Noteholder hereof or such Noteholder's attorney duly
authorized in writing, with such signature guaranteed by an "eligible guarantor
institution" meeting the requirements of the Note Registrar, and thereupon one
or more new Notes of the same Class in authorized denominations and in the same
aggregate principal amount will be issued to the designated transferee or
transferees. No service charge will be charged for any registration of transfer
or exchange of this Note, but the transferor may be required to pay a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection with any such registration of transfer or exchange.

                  Each Noteholder or Note Owner, by its acceptance of a Note or,
in the case of a Note Owner, a beneficial interest in a Note, covenants and
agrees that no recourse may be taken, directly or indirectly, with respect to
the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the
Notes or under the Indenture or any certificate or other writing delivered in
connection therewith, against (i) the Indenture Trustee or the Owner Trustee,
each in its individual capacity, (ii) any owner of a beneficial interest in the
Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or
employee of the Indenture Trustee or the Owner Trustee, each in its individual
capacity, any holder of a beneficial interest in the Issuer, the Owner Trustee
or the Indenture Trustee or of any successor or assign of the Indenture Trustee
or the Owner Trustee, each in its individual capacity, except as any such Person
may have expressly agreed and except that any such partner, owner or beneficiary
shall be fully liable, to the extent provided by applicable law, for any unpaid
consideration for stock, unpaid capital contribution for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity.

                  The obligations of the Issuer under the Indenture are solely
the obligations of the Issuer and shall not represent any obligation or interest
in any assets of the Seller other than the Trust Property conveyed to the Issuer
pursuant to Article II of the Sale and Servicing Agreement. Each Noteholder and
Note Owner acknowledge and agree that they shall have no right, title or
interest in or to any Other Assets of the Seller. To the extent that,
notwithstanding the agreements and provisions contained in the preceding
sentence, such Noteholder or Note Owner either (i) asserts an interest or claim
to, or benefit from, Other Assets, or (ii) is deemed to have any such interest,
claim to, 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 Bankruptcy Code or any successor
provision having similar effect under the Bankruptcy Code), then such Noteholder
or Note Owner 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, which, under the terms of the relevant documents
relating to the securitization or conveyance 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 a priority of distributions or application
under applicable law, including insolvency laws, and whether or not asserted
against the Seller), 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 Noteholder or Note Owner, by acceptance of a Note or, in
the case of a Note Owner, a beneficial interest in a Note, covenants and agrees
by accepting the benefits of the Indenture that such Noteholder or Note Owner
will not at any time institute against the Seller or the Issuer, or join in any
institution against the Seller or the Issuer of, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings under any United States
federal or State bankruptcy or similar law in connection with any obligations
relating to the Notes, the Indenture or the other Basic Documents.

                  The Issuer has entered into the Indenture and this Note is
issued with the intention that, for federal, State and local income, and
franchise tax purposes, the Notes will qualify as indebtedness of the Issuer
secured by the Indenture Trust Estate. Each Noteholder, by its acceptance of a
Note (and each Note Owner by its acceptance of a beneficial interest in a Note),
will be deemed to agree to treat the Notes for federal, State and local income,
single business and franchise tax purposes as indebtedness of the Issuer.

                  Prior to the due presentment for registration of transfer of
this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the
Indenture Trustee may treat the Person in whose name this Note (as of the day of
determination or as of such other date as may be specified in the Indenture) is
registered as the owner hereof for all purposes, whether or not this Note be
overdue, and none of the Issuer, the Indenture Trustee or any such agent shall
be affected by notice to the contrary.

                  The Indenture permits, with certain exceptions requiring the
consent of all Noteholders affected thereby as therein provided, the amendment
thereof and the modification of the rights and obligations of the Issuer and the
rights of the Noteholders under the Indenture at any time by the Issuer with the
consent of the Noteholders of Notes evidencing not less than a majority of the
principal amount of the Controlling Note Class and with the consent of the Swap
Counterparties if such amendment adversely affects the rights or obligations of
the Swap Counterparties under the Interest Rate Swap Agreements or modifies the
obligations of, or impairs the ability of the Issuer to fully perform any of its
obligations under the Interest Rate Swap Agreements. The Indenture also permits
the Indenture Trustee to amend or waive certain terms and conditions set forth
in the Indenture without the consent of the Noteholders or the Swap
Counterparties provided certain conditions are satisfied. In addition, the
Indenture contains provisions permitting the Noteholders of Notes evidencing
specified percentages of the principal amount of the Notes Outstanding or of the
Controlling Note Class, on behalf of all Noteholders, to waive compliance by the
Issuer with certain provisions of the Indenture and certain past defaults under
the Indenture and their consequences. Any such consent or waiver by the
Noteholder of this Note (or any one or more Predecessor Notes) shall be
conclusive and binding upon such Noteholder and upon all future Noteholders of
this Note and of any Note issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof whether or not notation of such consent or
waiver is made upon this Note.

                  The term "Issuer", as used in this Note, includes any
successor to the Issuer under the Indenture.

                  The Issuer is permitted by the Indenture, under certain
circumstances, to merge or consolidate, subject to the rights of the Indenture
Trustee and the Noteholders under the Indenture.

                  The Notes are issuable only in registered form in
denominations as provided in the Indenture, subject to certain limitations
therein set forth.

                  This Note and the Indenture shall be governed by, and
construed in accordance with the laws of the State of New York, without
reference to its conflicts of law provisions.

                  No reference herein to the Indenture, and no provision of this
Note or of the Indenture, shall alter or impair the obligation of the Issuer,
which is absolute and unconditional, to pay the principal of and interest on
this Note at the times, place and rate, and in the coin or currency herein
prescribed.

                  Anything herein to the contrary notwithstanding, except as
expressly provided in the Basic Documents, none of The Bank of New York, in its
individual capacity, Wachovia Bank of Delaware, National Association, in its
individual capacity, any owner of a beneficial interest in the Issuer, or any of
their respective partners, beneficiaries, agents, officers, directors, employees
or successors or assigns shall be personally liable for, nor shall recourse be
had to any of them for, the payment of principal or of interest on this Note or
performance of, or omission to perform, any of the covenants, obligations or
indemnifications contained in the Indenture. The Noteholder of this Note, by his
acceptance hereof, agrees that, except as expressly provided in the Basic
Documents, in the case of an Event of Default under the Indenture, the
Noteholder shall have no claim against any of the foregoing for any deficiency,
loss or claim therefrom; provided, however, that nothing contained herein shall
be taken to prevent recourse to, and enforcement against, the assets of the
Issuer for any and all liabilities, obligations and undertakings contained in
the Indenture or in this Note.

<PAGE>

                                   ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee:

                                 ---------------

                  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and
transfers unto:

--------------------------------------------------------------------------------
                         (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints _________________, attorney, to transfer said Note on the books
kept for registration thereof, 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 Note in every
     particular, without alteration, enlargement or any change whatever. Such
     signature must be guaranteed by an "eligible guarantor institution" meeting
     the requirements of the Note Registrar, which requirements include
     membership or participation in STAMP or such other "signature guarantee
     program" as may be determined by the Note Registrar in addition to, or in
     substitution for, STAMP, all in accordance with the Securities Exchange Act
     of 1934, as amended.

<PAGE>

                                                                   EXHIBIT A-4a

                             FORM OF CLASS A-4a NOTE

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED
IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.
ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

REGISTERED                                                        $204,737,000
No. R-1                                                  CUSIP NO. 34527R JB 0

                       FORD CREDIT AUTO OWNER TRUST 2002-D

                       CLASS A-4a 3.13% ASSET BACKED NOTES

                  Ford Credit Auto Owner Trust 2002-D, a business trust
organized and existing under the laws of the State of Delaware (herein referred
to as the "Issuer"), for value received, hereby promises to pay to CEDE & CO.,
or registered assigns, the principal sum of TWO HUNDRED FOUR MILLION SEVEN
HUNDRED THIRTY SEVEN THOUSAND DOLLARS payable on each Payment Date in an amount
equal to the aggregate amount, if any, payable to Noteholders of Class A-4a
Notes on such Payment Date from the Principal Distribution Account in respect of
principal on the Class A-4a Notes pursuant to Section 3.1 of the Indenture dated
as of August 1, 2002 (as from time to time amended, supplemented or otherwise
modified and in effect, the "Indenture"), between the Issuer and The Bank of New
York, a New York corporation, as Indenture Trustee (in such capacity the
"Indenture Trustee"); provided, however, that the entire unpaid principal amount
of this Note shall be due and payable on the earlier of the November 2006
Payment Date (the "Class A-4a Final Scheduled Payment Date") or the Redemption
Date, if any, pursuant to Section 10.1 of the Indenture. Capitalized terms used
but not defined herein are defined in Article I of the Indenture, which also
contains rules as to construction that shall be applicable herein.

                  The Issuer shall pay interest on this Note at the rate per
annum shown above on each Payment Date until the principal of this Note is paid
or made available for payment, on the principal amount of this Note outstanding
on the preceding Payment Date (after giving effect to all payments of principal
made on the preceding Payment Date), subject to certain limitations contained in
Section 3.1 of the Indenture. Interest on this Note will accrue for each Payment
Date from and including the fifteenth day of the calendar month immediately
preceding such Payment Date (or, in the case of the initial Payment Date, from
the Closing Date) to but excluding the fifteenth day of the following calendar
month. Interest will be computed on the basis of a 360-day year of twelve 30-day
months. Such principal of and interest on this Note shall be paid in the manner
specified on the reverse hereof.

                  The principal of and interest on this Note are payable in such
coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts. All payments made by the
Issuer with respect to this Note shall be applied first to interest due and
payable on this Note as provided above and then to the unpaid principal of this
Note.

                  Reference is made to the further provisions of this Note set
forth on the reverse hereof, which shall have the same effect as though fully
set forth on the face of this Note.

<PAGE>

                  Unless the certificate of authentication hereon has been
executed by the Indenture Trustee whose name appears below by manual signature,
this Note shall not be entitled to any benefit under the Indenture referred to
on the reverse hereof, or be valid or obligatory for any purpose.

                REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.

<PAGE>

                  IN WITNESS WHEREOF, the Issuer has caused this instrument to
be signed, manually or in facsimile, by its Authorized Officer, as of the date
set forth below.

Date: August 29, 2002

                                            FORD CREDIT AUTO OWNER TRUST 2002-D

                                            By:      WACHOVIA BANK OF DELAWARE,
                                                     NATIONAL ASSOCIATION,
                                                     not in its individual
                                                     capacity but solely as
                                                     Owner Trustee of Ford
                                                     Credit Auto Owner Trust
                                                     2002-D

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

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Class A-4a Notes designated above and referred to in the
within-mentioned Indenture.

Date: August 29, 2002

                                            THE BANK OF NEW YORK,
                                            not in its individual capacity but
                                            solely as Indenture Trustee

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

<PAGE>

                                 REVERSE OF NOTE

                  This Note is one of a duly authorized issue of Notes of the
Issuer, designated as its Class A-4a 3.13% Asset Backed Notes (the "Class A-4a
Notes"), which, together with the Issuer's Class A-1 1.79% Asset Backed Notes
(the "Class A-1 Notes"), Class A-2a 2.10% Asset Backed Notes (the "Class A-2a
Notes"), Class A-2b Floating Rate Asset Backed Notes (the "Class A-2b Notes"
and, together with the Class A-2a Notes, the "Class A-2 Notes"), Class A-3a
2.68% Asset Backed Notes (the "Class A-3a Notes"), Class A-3b Floating Rate
Asset Backed Notes (the "Class A-3b Notes" and, together with the Class A-3a
Notes, the "Class A-3 Notes"), Class A-4b Floating Rate Asset Backed Notes (the
"Class A-4b Notes" and, together with the Class A-4a Notes, the "Class A-4
Notes" and, such Class A-4 Notes, together with the Class A-1 Notes, the Class
A-2 Notes and the Class A-3 Notes, the "Class A Notes"), Class B 3.56% Asset
Backed Notes (the "Class B Notes") and Class C 4.40% Asset Backed Notes (the
"Class C Notes" and, together with the Class A Notes and the Class B Notes, the
"Notes"), are issued under the Indenture, to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective
rights and obligations thereunder of the Issuer, the Indenture Trustee and the
Noteholders. The Notes are subject to all terms of the Indenture.

                  The Class A-4a Notes are and will be equally and ratably
secured by the collateral pledged as security therefor as provided in the
Indenture. The Class A-4a Notes are subordinated to the rights of the Swap
Counterparties to receive payments (other than Swap Termination Payments)
pursuant to the Interest Rate Swap Agreements. Interest on and principal of the
Notes will be payable in accordance with the priority of payments set forth in
Section 8.2 of the Indenture.

                  Principal of the Class A-4a Notes will be payable on each
Payment Date in an amount described on the face hereof. "Payment Date" means the
fifteenth day of each month, or, if any such day is not a Business Day, the next
succeeding Business Day, commencing in September 2002.

                  As described on the face hereof, the entire unpaid principal
amount of this Note shall be due and payable on the earlier of the Class A-4a
Final Scheduled Payment Date or the Redemption Date, if any, pursuant to Section
10.1 of the Indenture. Notwithstanding the foregoing, the entire unpaid
principal amount of the Notes shall be due and payable on the date on which an
Event of Default shall have occurred and be continuing and the Indenture Trustee
or the Noteholders of Notes evidencing not less than a majority of the principal
amount of the Class A Notes have declared the Notes to be immediately due and
payable in the manner provided in Section 5.2 of the Indenture. All principal
payments on the Class A-4a Notes shall be made pro rata to the Noteholders
entitled thereto.

                  Payments of interest on this Note on each Payment Date,
together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be made to the Person whose name appears as the
Registered Noteholder of the Note (or one or more Predecessor Notes) on the Note
Register as of the close of business on each Record Date either by wire transfer
in immediately available funds, to the account of such Noteholder at a bank or
other entity having appropriate facilities therefor, if such Noteholder shall
have provided to the Note Registrar appropriate written instructions at least
five (5) Business Days prior to such Payment Date and such Noteholder's Notes in
the aggregate evidence a denomination of not less than $1,000,000, or, if not,
by check mailed first-class postage prepaid to such Person's address as it
appears on the Note Register on such Record Date; provided that, unless
Definitive Notes have been issued to Note Owners, with respect to Notes
registered on the Record Date in the name of the nominee of the Clearing Agency
(initially, such nominee to be Cede & Co.), payments will be made by wire
transfer in immediately available funds to the account designated by such
nominee. Such payments will be made without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any
Payment Date shall be binding upon all future Noteholders of this Note and of
any Note issued upon the registration of transfer hereof or in exchange hereof
or in lieu hereof, whether or not noted hereon. If funds are expected to be
available, as provided in the Indenture, for payment in full of the then
remaining unpaid principal amount of this Note on a Payment Date, then the
Indenture Trustee, in the name of and on behalf of the Issuer, will notify the
Person who was the Registered Noteholder hereof as of the Record Date preceding
such Payment Date by notice mailed or transmitted by facsimile prior to such
Payment Date, and the amount then due and payable shall be payable only upon
presentation and surrender of this Note at the Indenture Trustee's principal
Corporate Trust Office or at the office of the Indenture Trustee's agent
appointed for such purposes located in The City of New York.

                  The Issuer shall pay interest on overdue installments of
interest at the Class A-4a Rate to the extent lawful.

                  As provided in the Indenture, the Class A Notes, the Class B
Notes and the Class C Notes may be redeemed, in whole but not in part, in the
manner and to the extent described in the Indenture and the Sale and Servicing
Agreement.

                  The transfer of this Note is subject to the restrictions on
transfer specified on the face hereof and to the other limitations set forth in
the Indenture. Subject to the satisfaction of such restrictions and limitations,
the transfer of this Note may be registered on the Note Register upon surrender
of this Note for registration of transfer at the office or agency designated by
the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Indenture Trustee
duly executed by, the Noteholder hereof or such Noteholder's attorney duly
authorized in writing, with such signature guaranteed by an "eligible guarantor
institution" meeting the requirements of the Note Registrar, and thereupon one
or more new Notes of the same Class in authorized denominations and in the same
aggregate principal amount will be issued to the designated transferee or
transferees. No service charge will be charged for any registration of transfer
or exchange of this Note, but the transferor may be required to pay a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection with any such registration of transfer or exchange.

                  Each Noteholder or Note Owner, by its acceptance of a Note or,
in the case of a Note Owner, a beneficial interest in a Note, covenants and
agrees that no recourse may be taken, directly or indirectly, with respect to
the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the
Notes or under the Indenture or any certificate or other writing delivered in
connection therewith, against (i) the Indenture Trustee or the Owner Trustee,
each in its individual capacity, (ii) any owner of a beneficial interest in the
Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or
employee of the Indenture Trustee or the Owner Trustee, each in its individual
capacity, any holder of a beneficial interest in the Issuer, the Owner Trustee
or the Indenture Trustee or of any successor or assign of the Indenture Trustee
or the Owner Trustee, each in its individual capacity, except as any such Person
may have expressly agreed and except that any such partner, owner or beneficiary
shall be fully liable, to the extent provided by applicable law, for any unpaid
consideration for stock, unpaid capital contribution for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity.

                  The obligations of the Issuer under the Indenture are solely
the obligations of the Issuer and shall not represent any obligation or interest
in any assets of the Seller other than the Trust Property conveyed to the Issuer
pursuant to Article II of the Sale and Servicing Agreement. Each Noteholder and
Note Owner acknowledge and agree that they shall have no right, title or
interest in or to any Other Assets of the Seller. To the extent that,
notwithstanding the agreements and provisions contained in the preceding
sentence, such Noteholder or Note Owner either (i) asserts an interest or claim
to, or benefit from, Other Assets, or (ii) is deemed to have any such interest,
claim to, 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 Bankruptcy Code or any successor
provision having similar effect under the Bankruptcy Code), then such Noteholder
or Note Owner 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, which, under the terms of the relevant documents
relating to the securitization or conveyance 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 a priority of distributions or application
under applicable law, including insolvency laws, and whether or not asserted
against the Seller), 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 Noteholder or Note Owner, by acceptance of a Note or, in
the case of a Note Owner, a beneficial interest in a Note, covenants and agrees
by accepting the benefits of the Indenture that such Noteholder or Note Owner
will not at any time institute against the Seller or the Issuer, or join in any
institution against the Seller or the Issuer of, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings under any United States
federal or State bankruptcy or similar law in connection with any obligations
relating to the Notes, the Indenture or the other Basic Documents.

                  The Issuer has entered into the Indenture and this Note is
issued with the intention that, for federal, State and local income, and
franchise tax purposes, the Notes will qualify as indebtedness of the Issuer
secured by the Indenture Trust Estate. Each Noteholder, by its acceptance of a
Note (and each Note Owner by its acceptance of a beneficial interest in a Note),
will be deemed to agree to treat the Notes for federal, State and local income,
single business and franchise tax purposes as indebtedness of the Issuer.

                  Prior to the due presentment for registration of transfer of
this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the
Indenture Trustee may treat the Person in whose name this Note (as of the day of
determination or as of such other date as may be specified in the Indenture) is
registered as the owner hereof for all purposes, whether or not this Note be
overdue, and none of the Issuer, the Indenture Trustee or any such agent shall
be affected by notice to the contrary.

                  The Indenture permits, with certain exceptions requiring the
consent of all Noteholders affected thereby as therein provided, the amendment
thereof and the modification of the rights and obligations of the Issuer and the
rights of the Noteholders under the Indenture at any time by the Issuer with the
consent of the Noteholders of Notes evidencing not less than a majority of the
principal amount of the Controlling Note Class and with the consent of the Swap
Counterparties if such amendment adversely affects the rights or obligations of
the Swap Counterparties under the Interest Rate Swap Agreements or modifies the
obligations of, or impairs the ability of the Issuer to fully perform any of its
obligations under the Interest Rate Swap Agreements. The Indenture also permits
the Indenture Trustee to amend or waive certain terms and conditions set forth
in the Indenture without the consent of the Noteholders or the Swap
Counterparties provided certain conditions are satisfied. In addition, the
Indenture contains provisions permitting the Noteholders of Notes evidencing
specified percentages of the principal amount of the Notes Outstanding or of the
Controlling Note Class, on behalf of all Noteholders, to waive compliance by the
Issuer with certain provisions of the Indenture and certain past defaults under
the Indenture and their consequences. Any such consent or waiver by the
Noteholder of this Note (or any one or more Predecessor Notes) shall be
conclusive and binding upon such Noteholder and upon all future Noteholders of
this Note and of any Note issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof whether or not notation of such consent or
waiver is made upon this Note.

                  The term "Issuer", as used in this Note, includes any
successor to the Issuer under the Indenture.

                  The Issuer is permitted by the Indenture, under certain
circumstances, to merge or consolidate, subject to the rights of the Indenture
Trustee and the Noteholders under the Indenture.

                  The Notes are issuable only in registered form in
denominations as provided in the Indenture, subject to certain limitations
therein set forth.

                  This Note and the Indenture shall be governed by, and
construed in accordance with the laws of the State of New York, without
reference to its conflicts of law provisions.

                  No reference herein to the Indenture, and no provision of this
Note or of the Indenture, shall alter or impair the obligation of the Issuer,
which is absolute and unconditional, to pay the principal of and interest on
this Note at the times, place and rate, and in the coin or currency herein
prescribed.

                  Anything herein to the contrary notwithstanding, except as
expressly provided in the Basic Documents, none of The Bank of New York, in its
individual capacity, Wachovia Bank of Delaware, National Association, in its
individual capacity, any owner of a beneficial interest in the Issuer, or any of
their respective partners, beneficiaries, agents, officers, directors, employees
or successors or assigns shall be personally liable for, nor shall recourse be
had to any of them for, the payment of principal or of interest on this Note or
performance of, or omission to perform, any of the covenants, obligations or
indemnifications contained in the Indenture. The Noteholder of this Note, by his
acceptance hereof, agrees that, except as expressly provided in the Basic
Documents, in the case of an Event of Default under the Indenture, the
Noteholder shall have no claim against any of the foregoing for any deficiency,
loss or claim therefrom; provided, however, that nothing contained herein shall
be taken to prevent recourse to, and enforcement against, the assets of the
Issuer for any and all liabilities, obligations and undertakings contained in
the Indenture or in this Note.

<PAGE>

                                   ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee:

                                 ---------------

                  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and
transfers unto:

--------------------------------------------------------------------------------
                         (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints _________________, attorney, to transfer said Note on the books
kept for registration thereof, 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 Note in every
     particular, without alteration, enlargement or any change whatever. Such
     signature must be guaranteed by an "eligible guarantor institution" meeting
     the requirements of the Note Registrar, which requirements include
     membership or participation in STAMP or such other "signature guarantee
     program" as may be determined by the Note Registrar in addition to, or in
     substitution for, STAMP, all in accordance with the Securities Exchange Act
     of 1934, as amended.

<PAGE>

                                                                   EXHIBIT A-4b

                             FORM OF CLASS A-4b NOTE

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED
IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.
ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

REGISTERED                                                         $171,000,000
No. R-1                                                   CUSIP NO. 34527R JC 8

                       FORD CREDIT AUTO OWNER TRUST 2002-D

                   CLASS A-4b FLOATING RATE ASSET BACKED NOTES

                  Ford Credit Auto Owner Trust 2002-D, a business trust
organized and existing under the laws of the State of Delaware (herein referred
to as the "Issuer"), for value received, hereby promises to pay to CEDE & CO.,
or registered assigns, the principal sum of ONE HUNDRED SEVENTY ONE MILLION
DOLLARS payable on each Payment Date in an amount equal to the aggregate amount,
if any, payable to Noteholders of Class A-4b Notes on such Payment Date from the
Principal Distribution Account in respect of principal on the Class A-4b Notes
pursuant to Section 3.1 of the Indenture dated as of August 1, 2002 (as from
time to time amended, supplemented or otherwise modified and in effect, the
"Indenture"), between the Issuer and The Bank of New York, as Indenture Trustee
(in such capacity the "Indenture Trustee"); provided, however, that the entire
unpaid principal amount of this Note shall be due and payable on the earlier of
the November 2006 Payment Date (the "Class A-4b Final Scheduled Payment Date")
or the Redemption Date, if any, pursuant to Section 10.1 of the Indenture.
Capitalized terms used but not defined herein are defined in Article I of the
Indenture, which also contains rules as to construction that shall be applicable
herein.

                  The Issuer shall pay interest on this Note on each Payment
Date at a per annum rate equal to the London interbank offered rate ("LIBOR")
for one-month U.S. Dollar deposits in Europe (determined as set forth in the
Indenture) on the applicable LIBOR Determination Date, in each case plus 0.12%
on the principal amount of this Note outstanding on the preceding Payment Date,
after giving effect to all payments of principal made on the preceding Payment
Date (provided, however, that interest shall accrue from the Closing Date to the
initial Payment Date, and shall be payable on the initial Payment Date, at a per
annum rate equal to 1.81125% on the original principal amount outstanding on the
Closing Date), subject to certain limitations contained in Section 3.1 of the
Indenture, until the principal of this Note is paid or made available for
payment. Interest on this Note will accrue for each Payment Date from and
including the preceding Payment Date (or, in the case of the initial Payment
Date, from and including the Closing Date) to but excluding such Payment Date.
Interest will be computed on the basis of actual days elapsed and a 360-day
year. Such principal of and interest on this Note shall be paid in the manner
specified on the reverse side hereof.

                  The principal of and interest on this Note are payable in such
coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts. All payments made by the
Issuer with respect to this Note shall be applied first to interest due and
payable on this Note as provided above and then to the unpaid principal of this
Note.

                  Reference is made to the further provisions of this Note set
forth on the reverse hereof, which shall have the same effect as though fully
set forth on the face of this Note.

<PAGE>

                  Unless the certificate of authentication hereon has been
executed by the Indenture Trustee whose name appears below by manual signature,
this Note shall not be entitled to any benefit under the Indenture referred to
on the reverse hereof, or be valid or obligatory for any purpose.

                REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.

<PAGE>

                  IN WITNESS WHEREOF, the Issuer has caused this instrument to
be signed, manually or in facsimile, by its Authorized Officer, as of the date
set forth below.

Date: August 29, 2002

                                       FORD CREDIT AUTO OWNER TRUST 2002-D

                                       By:      WACHOVIA BANK OF DELAWARE,
                                                  NATIONAL ASSOCIATION,
                                                  not in its individual capacity
                                                  but solely as Owner Trustee of
                                                  Ford Credit Auto Owner Trust
                                                  2002-D

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

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Class A-4b Notes designated above and referred to in the
within-mentioned Indenture.

Date: August 29, 2002

                                            THE BANK OF NEW YORK,
                                            not in its individual capacity but
                                            solely as Indenture Trustee

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

<PAGE>

                                 REVERSE OF NOTE

                  This Note is one of a duly authorized issue of Notes of the
Issuer, designated as its Class A-4b Floating Rate Asset Backed Notes (the
"Class A-4b Notes") which, together with the Issuer's Class A-1 1.79% Asset
Backed Notes (the "Class A-1 Notes"), Class A-2a 2.10% Asset Backed Notes (the
"Class A-2a Notes"), Class A-2b Floating Rate Asset Backed Notes (the "Class
A-2b Notes" and, together with the Class A-2a Notes, the "Class A-2 Notes"),
Class A-3a 2.68% Asset Backed Notes (the "Class A-3a Notes"), Class A-3b
Floating Rate Asset Backed Notes (the "Class A-3b Notes" and, together with the
Class A-3a Notes, the "Class A-3 Notes"), Class A-4a 3.13% Asset Backed Notes
(the "Class A-4a Notes" and, together with the Class A-4b Notes, the "Class A-4
Notes" and, such Class A-4 Notes, together with the Class A-1 Notes, the Class
A-2 Notes and the Class A-3 Notes, the "Class A Notes"), Class B 3.56% Asset
Backed Notes (the "Class B Notes") and Class C 4.40% Asset Backed Notes (the
"Class C Notes" and, together with the Class A Notes and the Class B Notes, the
"Notes"), are issued under the Indenture, to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective
rights and obligations thereunder of the Issuer, the Indenture Trustee and the
Noteholders. The Notes are subject to all terms of the Indenture.

                  The Class A-4b Notes are and will be equally and ratably
secured by the collateral pledged as security therefor as provided in the
Indenture. The Class A-4b Notes are subordinated to the rights of the Swap
Counterparties to receive payments (other than Swap Termination Payments)
pursuant to the Interest Rate Swap Agreements. Interest on and principal of the
Notes will be payable in accordance with the priority of payments set forth in
Section 8.2 of the Indenture.

                  Principal of the Class A-4b Notes will be payable on each
Payment Date in an amount described on the face hereof. "Payment Date" means the
fifteenth day of each month, or, if any such day is not a Business Day, the next
succeeding Business Day, commencing in September 2002.

                  As described on the face hereof, the entire unpaid principal
amount of this Note shall be due and payable on the earlier of the Class A-4b
Final Scheduled Payment Date or the Redemption Date, if any, pursuant to Section
10.1 of the Indenture. Notwithstanding the foregoing, the entire unpaid
principal amount of the Notes shall be due and payable on the date on which an
Event of Default shall have occurred and be continuing and the Indenture Trustee
or the Noteholders of Notes evidencing not less than a majority of the principal
amount of the Class A Notes have declared the Notes to be immediately due and
payable in the manner provided in Section 5.2 of the Indenture. All principal
payments on the Class A-4b Notes shall be made pro rata to the Noteholders
entitled thereto.

                  Payments of interest on this Note on each Payment Date,
together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be made to the Person whose name appears as the
Registered Noteholder of the Note (or one or more Predecessor Notes) on the Note
Register as of the close of business on each Record Date either by wire transfer
in immediately available funds, to the account of such Noteholder at a bank or
other entity having appropriate facilities therefor, if such Noteholder shall
have provided to the Note Registrar appropriate written instructions at least
five (5) Business Days prior to such Payment Date and such Noteholder's Notes in
the aggregate evidence a denomination of not less than $1,000,000, or, if not,
by check mailed first-class postage prepaid to such Person's address as it
appears on the Note Register on such Record Date; provided that, unless
Definitive Notes have been issued to Note Owners, with respect to Notes
registered on the Record Date in the name of the nominee of the Clearing Agency
(initially, such nominee to be Cede & Co.), payments will be made by wire
transfer in immediately available funds to the account designated by such
nominee. Such payments will be made without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any
Payment Date shall be binding upon all future Noteholders of this Note and of
any Note issued upon the registration of transfer hereof or in exchange hereof
or in lieu hereof, whether or not noted hereon. If funds are expected to be
available, as provided in the Indenture, for payment in full of the then
remaining unpaid principal amount of this Note on a Payment Date, then the
Indenture Trustee, in the name of and on behalf of the Issuer, will notify the
Person who was the Registered Noteholder hereof as of the Record Date preceding
such Payment Date by notice mailed or transmitted by facsimile prior to such
Payment Date, and the amount then due and payable shall be payable only upon
presentation and surrender of this Note at the Indenture Trustee's principal
Corporate Trust Office or at the office of the Indenture Trustee's agent
appointed for such purposes located in The City of New York.

                  The Issuer shall pay interest on overdue installments of
interest at the Class A-4b Rate to the extent lawful.

                  As provided in the Indenture, the Class A Notes, the Class B
Notes and the Class C Notes may be redeemed, in whole but not in part, in the
manner and to the extent described in the Indenture and the Sale and Servicing
Agreement.

                  The transfer of this Note is subject to the restrictions on
transfer specified on the face hereof and to the other limitations set forth in
the Indenture. Subject to the satisfaction of such restrictions and limitations,
the transfer of this Note may be registered on the Note Register upon surrender
of this Note for registration of transfer at the office or agency designated by
the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Indenture Trustee
duly executed by, the Noteholder hereof or such Noteholder's attorney duly
authorized in writing, with such signature guaranteed by an "eligible guarantor
institution" meeting the requirements of the Note Registrar, and thereupon one
or more new Notes of the same Class in authorized denominations and in the same
aggregate principal amount will be issued to the designated transferee or
transferees. No service charge will be charged for any registration of transfer
or exchange of this Note, but the transferor may be required to pay a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection with any such registration of transfer or exchange.

                  Each Noteholder or Note Owner, by its acceptance of a Note or,
in the case of a Note Owner, a beneficial interest in a Note, covenants and
agrees that no recourse may be taken, directly or indirectly, with respect to
the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the
Notes or under the Indenture or any certificate or other writing delivered in
connection therewith, against (i) the Indenture Trustee or the Owner Trustee,
each in its individual capacity, (ii) any owner of a beneficial interest in the
Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or
employee of the Indenture Trustee or the Owner Trustee, each in its individual
capacity, any holder of a beneficial interest in the Issuer, the Owner Trustee
or the Indenture Trustee or of any successor or assign of the Indenture Trustee
or the Owner Trustee, each in its individual capacity, except as any such Person
may have expressly agreed and except that any such partner, owner or beneficiary
shall be fully liable, to the extent provided by applicable law, for any unpaid
consideration for stock, unpaid capital contribution for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity.

                  The obligations of the Issuer under the Indenture are solely
the obligations of the Issuer and shall not represent any obligation or interest
in any assets of the Seller other than the Trust Property conveyed to the Issuer
pursuant to Article II of the Sale and Servicing Agreement. Each Noteholder and
Note Owner acknowledge and agree that they shall have no right, title or
interest in or to any Other Assets of the Seller. To the extent that,
notwithstanding the agreements and provisions contained in the preceding
sentence, such Noteholder or Note Owner either (i) asserts an interest or claim
to, or benefit from, Other Assets, or (ii) is deemed to have any such interest,
claim to, 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 Bankruptcy Code or any successor
provision having similar effect under the Bankruptcy Code), then such Noteholder
or Note Owner 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, which, under the terms of the relevant documents
relating to the securitization or conveyance 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 a priority of distributions or application
under applicable law, including insolvency laws, and whether or not asserted
against the Seller), 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 Noteholder or Note Owner, by acceptance of a Note or, in
the case of a Note Owner, a beneficial interest in a Note, covenants and agrees
by accepting the benefits of the Indenture that such Noteholder or Note Owner
will not at any time institute against the Seller or the Issuer, or join in any
institution against the Seller or the Issuer of, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings under any United States
federal or State bankruptcy or similar law in connection with any obligations
relating to the Notes, the Indenture or the other Basic Documents.

                  The Issuer has entered into the Indenture and this Note is
issued with the intention that, for federal, State and local income, and
franchise tax purposes, the Notes will qualify as indebtedness of the Issuer
secured by the Indenture Trust Estate. Each Noteholder, by its acceptance of a
Note (and each Note Owner by its acceptance of a beneficial interest in a Note),
will be deemed to agree to treat the Notes for federal, State and local income,
single business and franchise tax purposes as indebtedness of the Issuer.

                  Prior to the due presentment for registration of transfer of
this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the
Indenture Trustee may treat the Person in whose name this Note (as of the day of
determination or as of such other date as may be specified in the Indenture) is
registered as the owner hereof for all purposes, whether or not this Note be
overdue, and none of the Issuer, the Indenture Trustee or any such agent shall
be affected by notice to the contrary.

                  The Indenture permits, with certain exceptions requiring the
consent of all Noteholders affected thereby as therein provided, the amendment
thereof and the modification of the rights and obligations of the Issuer and the
rights of the Noteholders under the Indenture at any time by the Issuer with the
consent of the Noteholders of Notes evidencing not less than a majority of the
principal amount of the Controlling Note Class and with the consent of the Swap
Counterparties if such amendment adversely affects the rights or obligations of
the Swap Counterparties under the Interest Rate Swap Agreements or modifies the
obligations of, or impairs the ability of the Issuer to fully perform any of its
obligations under the Interest Rate Swap Agreements. The Indenture also permits
the Indenture Trustee to amend or waive certain terms and conditions set forth
in the Indenture without the consent of the Noteholders or the Swap
Counterparties provided certain conditions are satisfied. In addition, the
Indenture contains provisions permitting the Noteholders of Notes evidencing
specified percentages of the principal amount of the Notes Outstanding or of the
Controlling Note Class, on behalf of all Noteholders, to waive compliance by the
Issuer with certain provisions of the Indenture and certain past defaults under
the Indenture and their consequences. Any such consent or waiver by the
Noteholder of this Note (or any one or more Predecessor Notes) shall be
conclusive and binding upon such Noteholder and upon all future Noteholders of
this Note and of any Note issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof whether or not notation of such consent or
waiver is made upon this Note.

                  The term "Issuer", as used in this Note, includes any
successor to the Issuer under the Indenture.

                  The Issuer is permitted by the Indenture, under certain
circumstances, to merge or consolidate, subject to the rights of the Indenture
Trustee and the Noteholders under the Indenture.

                  The Notes are issuable only in registered form in
denominations as provided in the Indenture, subject to certain limitations
therein set forth.

                  This Note and the Indenture shall be governed by, and
construed in accordance with the laws of the State of New York, without
reference to its conflicts of law provisions.

                  No reference herein to the Indenture, and no provision of this
Note or of the Indenture, shall alter or impair the obligation of the Issuer,
which is absolute and unconditional, to pay the principal of and interest on
this Note at the times, place and rate, and in the coin or currency herein
prescribed.

                  Anything herein to the contrary notwithstanding, except as
expressly provided in the Basic Documents, none of The Bank of New York, in its
individual capacity, Wachovia Bank of Delaware, National Association, in its
individual capacity, any owner of a beneficial interest in the Issuer, or any of
their respective partners, beneficiaries, agents, officers, directors, employees
or successors or assigns shall be personally liable for, nor shall recourse be
had to any of them for, the payment of principal or of interest on this Note or
performance of, or omission to perform, any of the covenants, obligations or
indemnifications contained in the Indenture. The Noteholder of this Note, by his
acceptance hereof, agrees that, except as expressly provided in the Basic
Documents, in the case of an Event of Default under the Indenture, the
Noteholder shall have no claim against any of the foregoing for any deficiency,
loss or claim therefrom; provided, however, that nothing contained herein shall
be taken to prevent recourse to, and enforcement against, the assets of the
Issuer for any and all liabilities, obligations and undertakings contained in
the Indenture or in this Note.

<PAGE>

                                   ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee:

                                 ---------------

                  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and
transfers unto:

--------------------------------------------------------------------------------
                         (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints _________________, attorney, to transfer said Note on the books
kept for registration thereof, 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 Note in every
particular, without alteration, enlargement or any change whatever. Such
signature must be guaranteed by an "eligible guarantor institution" meeting the
requirements of the Note Registrar, which requirements include membership or
participation in STAMP or such other "signature guarantee program" as may be
determined by the Note Registrar in addition to, or in substitution for, STAMP,
all in accordance with the Securities Exchange Act of 1934, as amended.

<PAGE>

                                                                      EXHIBIT B

                              FORM OF CLASS B NOTE

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED
IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.
ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

REGISTERED                                                          $89,992,000
No. R-1                                                   CUSIP NO. 34527R JD 6

                       FORD CREDIT AUTO OWNER TRUST 2002-D

                        CLASS B 3.56% ASSET BACKED NOTES

                  Ford Credit Auto Owner Trust 2002-D, a business trust
organized and existing under the laws of the State of Delaware (herein referred
to as the "Issuer"), for value received, hereby promises to pay to CEDE & CO.,
or registered assigns, the principal sum of EIGHTY NINE MILLION NINE HUNDRED
NINETY TWO THOUSAND DOLLARS payable on each Payment Date in an amount equal to
the aggregate amount, if any, payable to Noteholders of Class B Notes on such
Payment Date from the Principal Distribution Account in respect of principal on
the Class B Notes pursuant to Section 3.1 of the Indenture dated as of August 1,
2002 (as from time to time amended, supplemented or otherwise modified and in
effect, the "Indenture"), between the Issuer and The Bank of New York, a New
York corporation, as Indenture Trustee (in such capacity the "Indenture
Trustee"); provided, however, that the entire unpaid principal amount of this
Note shall be due and payable on the earlier of the February 2007 Payment Date
(the "Class B Final Scheduled Payment Date") or the Redemption Date, if any,
pursuant to Section 10.1 of the Indenture. Capitalized terms used but not
defined herein are defined in Article I of the Indenture, which also contains
rules as to construction that shall be applicable herein.

                  The Issuer shall pay interest on this Note at the rate per
annum shown above on each Payment Date until the principal of this Note is paid
or made available for payment, on the principal amount of this Note outstanding
on the preceding Payment Date (after giving effect to all payments of principal
made on the preceding Payment Date), subject to certain limitations contained in
Section 3.1 of the Indenture. Interest on this Note will accrue for each Payment
Date from and including the fifteenth day of the calendar month immediately
preceding such Payment Date (or, in the case of the initial Payment Date, from
the Closing Date) to but excluding the fifteenth day of the following calendar
month. Interest will be computed on the basis of a 360-day year of twelve 30-day
months. Such principal of and interest on this Note shall be paid in the manner
specified on the reverse hereof.

                  The principal of and interest on this Note are payable in such
coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts. All payments made by the
Issuer with respect to this Note shall be applied first to interest due and
payable on this Note as provided above and then to the unpaid principal of this
Note.

                  Reference is made to the further provisions of this Note set
forth on the reverse hereof, which shall have the same effect as though fully
set forth on the face of this Note.

                  Unless the certificate of authentication hereon has been
executed by the Indenture Trustee whose name appears below by manual signature,
this Note shall not be entitled to any benefit under the Indenture referred to
on the reverse hereof, or be valid or obligatory for any purpose.

                REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.

<PAGE>

                  IN WITNESS WHEREOF, the Issuer has caused this instrument to
be signed, manually or in facsimile, by its Authorized Officer, as of the date
set forth below.

Date: August 29, 2002

                                            FORD CREDIT AUTO OWNER TRUST 2002-D

                                            By:      WACHOVIA BANK OF DELAWARE,
                                                     NATIONAL ASSOCIATION,
                                                     not in its individual
                                                     capacity but solely as
                                                     Owner Trustee of Ford
                                                     Credit Auto Owner Trust
                                                     2002-D

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

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Class B Notes designated above and referred to in the
within-mentioned Indenture.

Date: August 29, 2002

                                            THE BANK OF NEW YORK,
                                            not in its individual capacity but
                                            solely as Indenture Trustee

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

<PAGE>

                                 REVERSE OF NOTE

                  This Note is one of a duly authorized issue of Notes of the
Issuer, designated as its Class B 3.56% Asset Backed Notes (the "Class B
Notes"), which, together with the Issuer's Class A-1 1.79% Asset Backed Notes
(the "Class A-1 Notes"), Class A-2a 2.10% Asset Backed Notes (the "Class A-2a
Notes"), Class A-2b Floating Rate Asset Backed Notes (the "Class A-2b Notes"
and, together with the Class A-2a Notes, the "Class A-2 Notes"), Class A-3a
2.68% Asset Backed Notes (the "Class A-3a Notes"), Class A-3b Floating Rate
Asset Backed Notes (the "Class A-3b Notes" and, together with the Class A-3a
Notes, the "Class A-3 Notes"), Class A-4a 3.13% Asset Backed Notes (the "Class
A-4a Notes"), Class A-4b Floating Rate Asset Backed Notes (the "Class A-4b
Notes" and, together with the Class A-4a Notes, the "Class A-4 Notes" and, such
Class A-4 Notes, together with the Class A-1 Notes, the Class A-2 Notes and the
Class A-3 Notes, the "Class A Notes"), and Class C 4.40% Asset Backed Notes (the
"Class C Notes" and, together with the Class A Notes and the Class B Notes, the
"Notes"), are issued under the Indenture, to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective
rights and obligations thereunder of the Issuer, the Indenture Trustee and the
Noteholders. The Notes are subject to all terms of the Indenture.

                  The Class B Notes are and will be equally and ratably secured
by the collateral pledged as security therefor as provided in the Indenture. The
Class B Notes are subordinated in right of payment to the Class A Notes and to
amounts payable to the Swap Counterparties pursuant to the Interest Rate Swap
Agreements as and to the extent provided in the Indenture.

                  Principal of the Class B Notes will be payable on each Payment
Date in an amount described on the face hereof. "Payment Date" means the
fifteenth day of each month, or, if any such day is not a Business Day, the next
succeeding Business Day, commencing in September 2002.

                  As described on the face hereof, the entire unpaid principal
amount of this Note shall be due and payable on the earlier of the Class B Final
Scheduled Payment Date or the Redemption Date, if any, pursuant to Section 10.1
of the Indenture. Notwithstanding the foregoing, the entire unpaid principal
amount of the Notes shall be due and payable on the date on which an Event of
Default shall have occurred and be continuing and the Indenture Trustee or the
Noteholders of Notes evidencing not less than a majority of the principal amount
of the Controlling Note Class have declared the Notes to be immediately due and
payable in the manner provided in Section 5.2 of the Indenture. All principal
payments on the Class B Notes shall be made pro rata to the Noteholders entitled
thereto.

                  Payments of interest on this Note on each Payment Date,
together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be made to the Person whose name appears as the
Registered Noteholder of the Note (or one or more Predecessor Notes) on the Note
Register as of the close of business on each Record Date either by wire transfer
in immediately available funds, to the account of such Noteholder at a bank or
other entity having appropriate facilities therefor, if such Noteholder shall
have provided to the Note Registrar appropriate written instructions at least
five (5) Business Days prior to such Payment Date and such Noteholder's Notes in
the aggregate evidence a denomination of not less than $1,000,000, or, if not,
by check mailed first-class postage prepaid to such Person's address as it
appears on the Note Register on such Record Date; provided that, unless
Definitive Notes have been issued to Note Owners, with respect to Notes
registered on the Record Date in the name of the nominee of the Clearing Agency
(initially, such nominee to be Cede & Co.), payments will be made by wire
transfer in immediately available funds to the account designated by such
nominee. Such payments will be made without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any
Payment Date shall be binding upon all future Noteholders of this Note and of
any Note issued upon the registration of transfer hereof or in exchange hereof
or in lieu hereof, whether or not noted hereon. If funds are expected to be
available, as provided in the Indenture, for payment in full of the then
remaining unpaid principal amount of this Note on a Payment Date, then the
Indenture Trustee, in the name of and on behalf of the Issuer, will notify the
Person who was the Registered Noteholder hereof as of the Record Date preceding
such Payment Date by notice mailed or transmitted by facsimile prior to such
Payment Date, and the amount then due and payable shall be payable only upon
presentation and surrender of this Note at the Indenture Trustee's principal
Corporate Trust Office or at the office of the Indenture Trustee's agent
appointed for such purposes located in The City of New York.

                  The Issuer shall pay interest on overdue installments of
interest at the Class B Rate to the extent lawful.

                  As provided in the Indenture, the Class A Notes, the Class B
Notes and the Class C Notes may be redeemed, in whole but not in part, in the
manner and to the extent described in the Indenture and the Sale and Servicing
Agreement.

                  The transfer of this Note is subject to the restrictions on
transfer specified on the face hereof and to the other limitations set forth in
the Indenture. Subject to the satisfaction of such restrictions and limitations,
the transfer of this Note may be registered on the Note Register upon surrender
of this Note for registration of transfer at the office or agency designated by
the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Indenture Trustee
duly executed by, the Noteholder hereof or such Noteholder's attorney duly
authorized in writing, with such signature guaranteed by an "eligible guarantor
institution" meeting the requirements of the Note Registrar, and thereupon one
or more new Notes of the same Class in authorized denominations and in the same
aggregate principal amount will be issued to the designated transferee or
transferees. No service charge will be charged for any registration of transfer
or exchange of this Note, but the transferor may be required to pay a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection with any such registration of transfer or exchange.

                  Each Noteholder or Note Owner, by its acceptance of a Note or,
in the case of a Note Owner, a beneficial interest in a Note, covenants and
agrees that no recourse may be taken, directly or indirectly, with respect to
the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the
Notes or under the Indenture or any certificate or other writing delivered in
connection therewith, against (i) the Indenture Trustee or the Owner Trustee,
each in its individual capacity, (ii) any owner of a beneficial interest in the
Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or
employee of the Indenture Trustee or the Owner Trustee, each in its individual
capacity, any holder of a beneficial interest in the Issuer, the Owner Trustee
or the Indenture Trustee or of any successor or assign of the Indenture Trustee
or the Owner Trustee, each in its individual capacity, except as any such Person
may have expressly agreed and except that any such partner, owner or beneficiary
shall be fully liable, to the extent provided by applicable law, for any unpaid
consideration for stock, unpaid capital contribution for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity.

                  The obligations of the Issuer under the Indenture are solely
the obligations of the Issuer and shall not represent any obligation or interest
in any assets of the Seller other than the Trust Property conveyed to the Issuer
pursuant to Article II of the Sale and Servicing Agreement. Each Noteholder and
Note Owner acknowledge and agree that they shall have no right, title or
interest in or to any Other Assets of the Seller. To the extent that,
notwithstanding the agreements and provisions contained in the preceding
sentence, such Noteholder or Note Owner either (i) asserts an interest or claim
to, or benefit from, Other Assets, or (ii) is deemed to have any such interest,
claim to, 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 Bankruptcy Code or any successor
provision having similar effect under the Bankruptcy Code), then such Noteholder
or Note Owner 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, which, under the terms of the relevant documents
relating to the securitization or conveyance 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 a priority of distributions or application
under applicable law, including insolvency laws, and whether or not asserted
against the Seller), 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 Noteholder or Note Owner, by acceptance of a Note or, in
the case of a Note Owner, a beneficial interest in a Note, covenants and agrees
by accepting the benefits of the Indenture that such Noteholder or Note Owner
will not at any time institute against the Seller or the Issuer, or join in any
institution against the Seller or the Issuer of, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings under any United States
federal or State bankruptcy or similar law in connection with any obligations
relating to the Notes, the Indenture or the other Basic Documents.

                  The Issuer has entered into the Indenture and this Note is
issued with the intention that, for federal, State and local income, and
franchise tax purposes, the Notes will qualify as indebtedness of the Issuer
secured by the Indenture Trust Estate. Each Noteholder, by its acceptance of a
Note (and each Note Owner by its acceptance of a beneficial interest in a Note),
will be deemed to agree to treat the Notes for federal, State and local income,
single business and franchise tax purposes as indebtedness of the Issuer;
provided, that the Issuer and each Noteholder agree that in the event the Class
B Notes were recharacterized as an equity interest in the Issuer, the allocation
provisions of the Trust Agreement would apply.

                  Prior to the due presentment for registration of transfer of
this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the
Indenture Trustee may treat the Person in whose name this Note (as of the day of
determination or as of such other date as may be specified in the Indenture) is
registered as the owner hereof for all purposes, whether or not this Note be
overdue, and none of the Issuer, the Indenture Trustee or any such agent shall
be affected by notice to the contrary.

                  The Indenture permits, with certain exceptions requiring the
consent of all Noteholders affected thereby as therein provided, the amendment
thereof and the modification of the rights and obligations of the Issuer and the
rights of the Noteholders under the Indenture at any time by the Issuer with the
consent of the Noteholders of Notes evidencing not less than a majority of the
principal amount of the Controlling Note Class and with the consent of the Swap
Counterparties if such amendment adversely affects the rights or obligations of
the Swap Counterparties under the Interest Rate Swap Agreements or modifies the
obligations of, or impairs the ability of the Issuer to fully perform any of its
obligations under the Interest Rate Swap Agreements. The Indenture also permits
the Indenture Trustee to amend or waive certain terms and conditions set forth
in the Indenture without the consent of the Noteholders or the Swap
Counterparties provided certain conditions are satisfied. In addition, the
Indenture contains provisions permitting the Noteholders of Notes evidencing
specified percentages of the principal amount of the Notes Outstanding or of the
Controlling Note Class, on behalf of all Noteholders, to waive compliance by the
Issuer with certain provisions of the Indenture and certain past defaults under
the Indenture and their consequences. Any such consent or waiver by the
Noteholder of this Note (or any one or more Predecessor Notes) shall be
conclusive and binding upon such Noteholder and upon all future Noteholders of
this Note and of any Note issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof whether or not notation of such consent or
waiver is made upon this Note.

                  The term "Issuer", as used in this Note, includes any
successor to the Issuer under the Indenture.

                  The Issuer is permitted by the Indenture, under certain
circumstances, to merge or consolidate, subject to the rights of the Indenture
Trustee and the Noteholders under the Indenture.

                  The Notes are issuable only in registered form in
denominations as provided in the Indenture, subject to certain limitations
therein set forth.

                  This Note and the Indenture shall be governed by, and
construed in accordance with the laws of the State of New York, without
reference to its conflicts of law provisions.

                  No reference herein to the Indenture, and no provision of this
Note or of the Indenture, shall alter or impair the obligation of the Issuer,
which is absolute and unconditional, to pay the principal of and interest on
this Note at the times, place and rate, and in the coin or currency herein
prescribed.

                  Anything herein to the contrary notwithstanding, except as
expressly provided in the Basic Documents, none of The Bank of New York, in its
individual capacity, Wachovia Bank of Delaware, National Association, in its
individual capacity, any owner of a beneficial interest in the Issuer, or any of
their respective partners, beneficiaries, agents, officers, directors, employees
or successors or assigns shall be personally liable for, nor shall recourse be
had to any of them for, the payment of principal or of interest on this Note or
performance of, or omission to perform, any of the covenants, obligations or
indemnifications contained in the Indenture. The Noteholder of this Note, by his
acceptance hereof, agrees that, except as expressly provided in the Basic
Documents, in the case of an Event of Default under the Indenture, the
Noteholder shall have no claim against any of the foregoing for any deficiency,
loss or claim therefrom; provided, however, that nothing contained herein shall
be taken to prevent recourse to, and enforcement against, the assets of the
Issuer for any and all liabilities, obligations and undertakings contained in
the Indenture or in this Note.

<PAGE>

                                   ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee:

                                 ---------------

                  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and
transfers unto:

--------------------------------------------------------------------------------
                         (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints _________________, attorney, to transfer said Note on the books
kept for registration thereof, 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 Note in every
particular, without alteration, enlargement or any change whatever. Such
signature must be guaranteed by an "eligible guarantor institution" meeting the
requirements of the Note Registrar, which requirements include membership or
participation in STAMP or such other "signature guarantee program" as may be
determined by the Note Registrar in addition to, or in substitution for, STAMP,
all in accordance with the Securities Exchange Act of 1934, as amended.

<PAGE>

                                                                      EXHIBIT C

                              FORM OF CLASS C NOTE

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED
IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.
ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

REGISTERED                                                          $59,994,000
No. R-1                                                   CUSIP NO. 34527R JE 4

                       FORD CREDIT AUTO OWNER TRUST 2002-D

                        CLASS C 4.40% ASSET BACKED NOTES

                  Ford Credit Auto Owner Trust 2002-D, a business trust
organized and existing under the laws of the State of Delaware (herein referred
to as the "Issuer"), for value received, hereby promises to pay to CEDE & CO.,
or registered assigns, the principal sum of FIFTY NINE MILLION NINE HUNDRED
NINETY FOUR THOUSAND DOLLARS payable on each Payment Date in an amount equal to
the aggregate amount, if any, payable to Noteholders of Class C Notes on such
Payment Date from the Principal Distribution Account in respect of principal on
the Class C Notes pursuant to Section 3.1 of the Indenture dated as of August 1,
2002 (as from time to time amended, supplemented or otherwise modified and in
effect, the "Indenture"), between the Issuer and The Bank of New York, a New
York corporation, as Indenture Trustee (in such capacity the "Indenture
Trustee"); provided, however, that the entire unpaid principal amount of this
Note shall be due and payable on the earlier of the May 2007 Payment Date (the
"Class C Final Scheduled Payment Date") or the Redemption Date, if any, pursuant
to Section 10.1 of the Indenture. Capitalized terms used but not defined herein
are defined in Article I of the Indenture, which also contains rules as to
construction that shall be applicable herein.

                  The Issuer shall pay interest on this Note at the rate per
annum shown above on each Payment Date until the principal of this Note is paid
or made available for payment, on the principal amount of this Note outstanding
on the preceding Payment Date (after giving effect to all payments of principal
made on the preceding Payment Date), subject to certain limitations contained in
Section 3.1 of the Indenture. Interest on this Note will accrue for each Payment
Date from and including the fifteenth day of the calendar month immediately
preceding such Payment Date (or, in the case of the initial Payment Date, from
the Closing Date) to but excluding the fifteenth day of the following calendar
month. Interest will be computed on the basis of a 360-day year of twelve 30-day
months. Such principal of and interest on this Note shall be paid in the manner
specified on the reverse hereof.

                  The principal of and interest on this Note are payable in such
coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts. All payments made by the
Issuer with respect to this Note shall be applied first to interest due and
payable on this Note as provided above and then to the unpaid principal of this
Note.

                  Reference is made to the further provisions of this Note set
forth on the reverse hereof, which shall have the same effect as though fully
set forth on the face of this Note.

                  Unless the certificate of authentication hereon has been
executed by the Indenture Trustee whose name appears below by manual signature,
this Note shall not be entitled to any benefit under the Indenture referred to
on the reverse hereof, or be valid or obligatory for any purpose.

                REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK.

<PAGE>

                  IN WITNESS WHEREOF, the Issuer has caused this instrument to
be signed, manually or in facsimile, by its Authorized Officer, as of the date
set forth below.

Date: August 29, 2002

                                            FORD CREDIT AUTO OWNER TRUST 2002-D

                                            By:      WACHOVIA BANK OF DELAWARE,
                                                     NATIONAL ASSOCIATION,
                                                     nt in its individual
                                                     capacity but solely as
                                                     Owner Trustee of Ford
                                                     Credit Auto Owner Trust
                                                     2002-D

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

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Class C Notes designated above and referred to in the
within-mentioned Indenture.

Date: August 29, 2002

                                            THE BANK OF NEW YORK,
                                            not in its individual capacity but
                                            solely as Indenture Trustee

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

<PAGE>

                                 REVERSE OF NOTE

                  This Note is one of a duly authorized issue of Notes of the
Issuer, designated as its Class C 4.40% Asset Backed Notes (the "Class C
Notes"), which, together with the Issuer's Class A-1 1.79% Asset Backed Notes
(the "Class A-1 Notes"), Class A-2a 2.10% Asset Backed Notes (the "Class A-2a
Notes"), Class A-2b Floating Rate Asset Backed Notes (the "Class A-2b Notes"
and, together with the Class A-2a Notes, the "Class A-2 Notes"), Class A-3a
2.68% Asset Backed Notes (the "Class A-3a Notes"), Class A-3b Floating Rate
Asset Backed Notes (the "Class A-3b Notes" and, together with the Class A-3a
Notes, the "Class A-3 Notes"), Class A-4a 3.13% Asset Backed Notes (the "Class
A-4a Notes"), Class A-4b Floating Rate Asset Backed Notes (the "Class A-4b
Notes" and, together with the Class A-4a Notes, the "Class A-4 Notes" and, such
Class A-4 Notes, together with the Class A-1 Notes, the Class A-2 Notes and the
Class A-3 Notes, the "Class A Notes"), and Class B 3.56% Asset Backed Notes (the
"Class B Notes" and, together with the Class A Notes and the Class C Notes, the
"Notes"), are issued under the Indenture, to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective
rights and obligations thereunder of the Issuer, the Indenture Trustee and the
Noteholders. The Notes are subject to all terms of the Indenture.

                  The Class C Notes are and will be equally and ratably secured
by the collateral pledged as security therefor as provided in the Indenture. The
Class C Notes are subordinated in right of payment to the Class A Notes, the
Class B Notes and to amounts payable to the Swap Counterparties pursuant to the
Interest Rate Swap Agreements as and to the extent provided in the Indenture.

                  Principal of the Class C Notes will be payable on each Payment
Date in an amount described on the face hereof. "Payment Date" means the
fifteenth day of each month, or, if any such day is not a Business Day, the next
succeeding Business Day, commencing in September 2002.

                  As described on the face hereof, the entire unpaid principal
amount of this Note shall be due and payable on the earlier of the Class C Final
Scheduled Payment Date or the Redemption Date, if any, pursuant to Section 10.1
of the Indenture. Notwithstanding the foregoing, the entire unpaid principal
amount of the Notes shall be due and payable on the date on which an Event of
Default shall have occurred and be continuing and the Indenture Trustee or the
Noteholders of Notes evidencing not less than a majority of the principal amount
of the Controlling Note Class have declared the Notes to be immediately due and
payable in the manner provided in Section 5.2 of the Indenture. All principal
payments on the Class C Notes shall be made pro rata to the Noteholders entitled
thereto.

                  Payments of interest on this Note on each Payment Date,
together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be made to the Person whose name appears as the
Registered Noteholder of the Note (or one or more Predecessor Notes) on the Note
Register as of the close of business on each Record Date either by wire transfer
in immediately available funds, to the account of such Noteholder at a bank or
other entity having appropriate facilities therefor, if such Noteholder shall
have provided to the Note Registrar appropriate written instructions at least
five (5) Business Days prior to such Payment Date and such Noteholder's Notes in
the aggregate evidence a denomination of not less than $1,000,000, or, if not,
by check mailed first-class postage prepaid to such Person's address as it
appears on the Note Register on such Record Date; provided that, unless
Definitive Notes have been issued to Note Owners, with respect to Notes
registered on the Record Date in the name of the nominee of the Clearing Agency
(initially, such nominee to be Cede & Co.), payments will be made by wire
transfer in immediately available funds to the account designated by such
nominee. Such payments will be made without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any
Payment Date shall be binding upon all future Noteholders of this Note and of
any Note issued upon the registration of transfer hereof or in exchange hereof
or in lieu hereof, whether or not noted hereon. If funds are expected to be
available, as provided in the Indenture, for payment in full of the then
remaining unpaid principal amount of this Note on a Payment Date, then the
Indenture Trustee, in the name of and on behalf of the Issuer, will notify the
Person who was the Registered Noteholder hereof as of the Record Date preceding
such Payment Date by notice mailed or transmitted by facsimile prior to such
Payment Date, and the amount then due and payable shall be payable only upon
presentation and surrender of this Note at the Indenture Trustee's principal
Corporate Trust Office or at the office of the Indenture Trustee's agent
appointed for such purposes located in The City of New York.

                  The Issuer shall pay interest on overdue installments of
interest at the Class C Rate to the extent lawful.

                  As provided in the Indenture, the Class A Notes, the Class B
Notes and the Class C Notes may be redeemed, in whole but not in part, in the
manner and to the extent described in the Indenture and the Sale and Servicing
Agreement.

                  The transfer of this Note is subject to the restrictions on
transfer specified on the face hereof and to the other limitations set forth in
the Indenture. Subject to the satisfaction of such restrictions and limitations,
the transfer of this Note may be registered on the Note Register upon surrender
of this Note for registration of transfer at the office or agency designated by
the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Indenture Trustee
duly executed by, the Noteholder hereof or such Noteholder's attorney duly
authorized in writing, with such signature guaranteed by an "eligible guarantor
institution" meeting the requirements of the Note Registrar, and thereupon one
or more new Notes of the same Class in authorized denominations and in the same
aggregate principal amount will be issued to the designated transferee or
transferees. No service charge will be charged for any registration of transfer
or exchange of this Note, but the transferor may be required to pay a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection with any such registration of transfer or exchange.

                  Each Noteholder or Note Owner, by its acceptance of a Note or,
in the case of a Note Owner, a beneficial interest in a Note, covenants and
agrees that no recourse may be taken, directly or indirectly, with respect to
the obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the
Notes or under the Indenture or any certificate or other writing delivered in
connection therewith, against (i) the Indenture Trustee or the Owner Trustee,
each in its individual capacity, (ii) any owner of a beneficial interest in the
Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or
employee of the Indenture Trustee or the Owner Trustee, each in its individual
capacity, any holder of a beneficial interest in the Issuer, the Owner Trustee
or the Indenture Trustee or of any successor or assign of the Indenture Trustee
or the Owner Trustee, each in its individual capacity, except as any such Person
may have expressly agreed and except that any such partner, owner or beneficiary
shall be fully liable, to the extent provided by applicable law, for any unpaid
consideration for stock, unpaid capital contribution for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity.

                  The obligations of the Issuer under the Indenture are solely
the obligations of the Issuer and shall not represent any obligation or interest
in any assets of the Seller other than the Trust Property conveyed to the Issuer
pursuant to Article II of the Sale and Servicing Agreement. Each Noteholder and
Note Owner acknowledge and agree that they shall have no right, title or
interest in or to any Other Assets of the Seller. To the extent that,
notwithstanding the agreements and provisions contained in the preceding
sentence, such Noteholder or Note Owner either (i) asserts an interest or claim
to, or benefit from, Other Assets, or (ii) is deemed to have any such interest,
claim to, 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 Bankruptcy Code or any successor
provision having similar effect under the Bankruptcy Code), then such Noteholder
or Note Owner 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, which, under the terms of the relevant documents
relating to the securitization or conveyance 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 a priority of distributions or application
under applicable law, including insolvency laws, and whether or not asserted
against the Seller), 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 Noteholder or Note Owner, by acceptance of a Note or, in
the case of a Note Owner, a beneficial interest in a Note, covenants and agrees
by accepting the benefits of the Indenture that such Noteholder or Note Owner
will not at any time institute against the Seller or the Issuer, or join in any
institution against the Seller or the Issuer of, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings under any United States
federal or State bankruptcy or similar law in connection with any obligations
relating to the Notes, the Indenture or the other Basic Documents.

                  The Issuer has entered into the Indenture and this Note is
issued with the intention that, for federal, State and local income, and
franchise tax purposes, the Notes will qualify as indebtedness of the Issuer
secured by the Indenture Trust Estate. Each Noteholder, by its acceptance of a
Note (and each Note Owner by its acceptance of a beneficial interest in a Note),
will be deemed to agree to treat the Notes for federal, State and local income,
single business and franchise tax purposes as indebtedness of the Issuer;
provided, that the Issuer and each Noteholder agree that in the event the Class
C Notes were recharacterized as an equity interest in the Issuer, the allocation
provisions of the Trust Agreement would apply.

                  Prior to the due presentment for registration of transfer of
this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the
Indenture Trustee may treat the Person in whose name this Note (as of the day of
determination or as of such other date as may be specified in the Indenture) is
registered as the owner hereof for all purposes, whether or not this Note be
overdue, and none of the Issuer, the Indenture Trustee or any such agent shall
be affected by notice to the contrary.

                  The Indenture permits, with certain exceptions requiring the
consent of all Noteholders affected thereby as therein provided, the amendment
thereof and the modification of the rights and obligations of the Issuer and the
rights of the Noteholders under the Indenture at any time by the Issuer with the
consent of the Noteholders of Notes evidencing not less than a majority of the
principal amount of the Controlling Note Class and with the consent of the Swap
Counterparties if such amendment adversely affects the rights or obligations of
the Swap Counterparties under the Interest Rate Swap Agreements or modifies the
obligations of, or impairs the ability of the Issuer to fully perform any of its
obligations under the Interest Rate Swap Agreements. The Indenture also permits
the Indenture Trustee to amend or waive certain terms and conditions set forth
in the Indenture without the consent of the Noteholders or the Swap
Counterparties provided certain conditions are satisfied. In addition, the
Indenture contains provisions permitting the Noteholders of Notes evidencing
specified percentages of the principal amount of the Notes Outstanding or of the
Controlling Note Class, on behalf of all Noteholders, to waive compliance by the
Issuer with certain provisions of the Indenture and certain past defaults under
the Indenture and their consequences. Any such consent or waiver by the
Noteholder of this Note (or any one or more Predecessor Notes) shall be
conclusive and binding upon such Noteholder and upon all future Noteholders of
this Note and of any Note issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof whether or not notation of such consent or
waiver is made upon this Note.

                  The term "Issuer", as used in this Note, includes any
successor to the Issuer under the Indenture.

                  The Issuer is permitted by the Indenture, under certain
circumstances, to merge or consolidate, subject to the rights of the Indenture
Trustee and the Noteholders under the Indenture.

                  The Notes are issuable only in registered form in
denominations as provided in the Indenture, subject to certain limitations
therein set forth.

                  This Note and the Indenture shall be governed by, and
construed in accordance with the laws of the State of New York, without
reference to its conflicts of law provisions.

                  No reference herein to the Indenture, and no provision of this
Note or of the Indenture, shall alter or impair the obligation of the Issuer,
which is absolute and unconditional, to pay the principal of and interest on
this Note at the times, place and rate, and in the coin or currency herein
prescribed.

                  Anything herein to the contrary notwithstanding, except as
expressly provided in the Basic Documents, none of The Bank of New York, in its
individual capacity, Wachovia Bank of Delaware, National Association, in its
individual capacity, any owner of a beneficial interest in the Issuer, or any of
their respective partners, beneficiaries, agents, officers, directors, employees
or successors or assigns shall be personally liable for, nor shall recourse be
had to any of them for, the payment of principal or of interest on this Note or
performance of, or omission to perform, any of the covenants, obligations or
indemnifications contained in the Indenture. The Noteholder of this Note, by his
acceptance hereof, agrees that, except as expressly provided in the Basic
Documents, in the case of an Event of Default under the Indenture, the
Noteholder shall have no claim against any of the foregoing for any deficiency,
loss or claim therefrom; provided, however, that nothing contained herein shall
be taken to prevent recourse to, and enforcement against, the assets of the
Issuer for any and all liabilities, obligations and undertakings contained in
the Indenture or in this Note.

<PAGE>

                                   ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee:

                                 ---------------

                  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and
transfers unto:

--------------------------------------------------------------------------------
                         (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints _________________, attorney, to transfer said Note on the books
kept for registration thereof, 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 Note in every
particular, without alteration, enlargement or any change whatever. Such
signature must be guaranteed by an "eligible guarantor institution" meeting the
requirements of the Note Registrar, which requirements include membership or
participation in STAMP or such other "signature guarantee program" as may be
determined by the Note Registrar in addition to, or in substitution for, STAMP,
all in accordance with the Securities Exchange Act of 1934, as amended.

<PAGE>

                                                                      EXHIBIT D

                        FORM OF NOTE DEPOSITORY AGREEMENT

<PAGE>

                                                                     SCHEDULE A

                             Schedule of Receivables

                Provided to the Indenture Trustee at the Closing

<PAGE>

                                                                     APPENDIX A

                              Definitions and UsageExhibit 4.2

================================================================================

                              AMENDED AND RESTATED

                                 TRUST AGREEMENT

                                     between

                      FORD CREDIT AUTO RECEIVABLES TWO LLC

                                  as Depositor

                                       and

                           WACHOVIA BANK OF DELAWARE,
                              NATIONAL ASSOCIATION

                                as Owner Trustee

                           Dated as of August 1, 2002

================================================================================

<PAGE>

<TABLE>
<CAPTION>

                                TABLE OF CONTENTS
<S>                                                                                                <C>
                                                                                                   Page

ARTICLE I

DEFINITIONS AND USAGE....................................................................................6

ARTICLE II

ORGANIZATION OF THE TRUST................................................................................6
   SECTION 2.1 Name......................................................................................6
   SECTION 2.2 Office....................................................................................6
   SECTION 2.3 Purposes and Powers.......................................................................6
   SECTION 2.4 Appointment of Owner Trustee..............................................................7
   SECTION 2.5 Capital Contribution of Owner Trust Estate................................................7
   SECTION 2.6 Declaration of Trust......................................................................8
   SECTION 2.7 Liability of the Depositor................................................................8
   SECTION 2.8 Title to Trust Property...................................................................9
   SECTION 2.9 Situs of Trust............................................................................9
   SECTION 2.10 Representations and Warranties of the Depositor.........................................10
   SECTION 2.11 Federal Income Tax Matters..............................................................11

ARTICLE III

TRUST CERTIFICATES AND TRANSFER OF INTERESTS............................................................12
   SECTION 3.1 Initial Beneficial Ownership.............................................................12
   SECTION 3.2 Capital Accounts.........................................................................12
   SECTION 3.3 The Certificates.........................................................................13
   SECTION 3.4 Authentication of Certificates...........................................................14
   SECTION 3.5 Registration of Certificates; Transfer and Exchange of Certificates......................14
   SECTION 3.6 Mutilated, Destroyed, Lost or Stolen Certificates........................................19
   SECTION 3.7 Persons Deemed Owners of Certificates....................................................19
   SECTION 3.8 Access to List of Certificateholders' Names and Addresses................................19
   SECTION 3.9 Maintenance of Office or Agency..........................................................20
   SECTION 3.10 Appointment of Certificate Paying Agent.................................................20
   SECTION 3.11 Certain Rights of Depositor.............................................................21

ARTICLE IV

ACTIONS BY OWNER TRUSTEE................................................................................21
   SECTION 4.1 Prior Notice to Certificateholders with Respect to Certain Matters.......................21
   SECTION 4.2 Action by Certificateholders with Respect to Certain Matters.............................22
   SECTION 4.3 Action by Certificateholders with Respect to Bankruptcy..................................22
   SECTION 4.4 Restrictions on Certificateholders' Power................................................22
   SECTION 4.5 Majority Control.........................................................................23

ARTICLE V

APPLICATION OF TRUST FUNDS; CERTAIN DUTIES..............................................................23
   SECTION 5.1 Establishment of Certificate Distribution Account........................................23
   SECTION 5.2 Application of Trust Funds...............................................................23
   SECTION 5.3 Method of Payment........................................................................25
   SECTION 5.4 No Segregation of Monies; No Interest....................................................25
   SECTION 5.5 Accounting and Reports to Noteholders,
               Certificateholders, Internal Revenue Service and Others..................................25
   SECTION 5.6 Signature on Returns; Tax Matters Partner................................................26

ARTICLE VI

AUTHORITY AND DUTIES OF OWNER TRUSTEE...................................................................26
   SECTION 6.1 General Authority........................................................................26
   SECTION 6.2 General Duties...........................................................................27
   SECTION 6.3 Action upon Instruction..................................................................27
   SECTION 6.4 No Duties Except as Specified in this Agreement or in Instructions.......................28
   SECTION 6.5 No Action Except Under Specified Documents or Instructions...............................28
   SECTION 6.6 Restrictions.............................................................................28

ARTICLE VII

REGARDING THE OWNER TRUSTEE.............................................................................29
   SECTION 7.1 Acceptance of Trusts and Duties..........................................................29
   SECTION 7.2 Furnishing of Documents..................................................................30
   SECTION 7.3 Representations and Warranties...........................................................30
   SECTION 7.4 Reliance; Advice of Counsel..............................................................31
   SECTION 7.5 Not Acting in Individual Capacity........................................................31
   SECTION 7.6 Owner Trustee Not Liable for Certificates or Receivables.................................31
   SECTION 7.7 The Bank May Own Securities..............................................................32

ARTICLE VIII

COMPENSATION AND INDEMNITY OF OWNER TRUSTEE.............................................................32
   SECTION 8.1 Owner Trustee's Fees and Expenses........................................................32
   SECTION 8.2 Indemnification..........................................................................32
   SECTION 8.3 Payments to the Owner Trustee............................................................34

ARTICLE IX

TERMINATION.............................................................................................34
   SECTION 9.1 Termination of Trust Agreement...........................................................34

   SECTION 9.2 Prepayment of Certificates...............................................................35

ARTICLE X

SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES..................................................36
   SECTION 10.1 Eligibility Requirements for Owner Trustee..............................................36
   SECTION 10.2 Resignation or Removal of Owner Trustee.................................................37
   SECTION 10.3 Successor Owner Trustee.................................................................37
   SECTION 10.4 Merger or Consolidation of Owner Trustee................................................38
   SECTION 10.5 Appointment of Co-Trustee or Separate Trustee...........................................38
   SECTION 10.6 Compliance with Business Trust Statute..................................................40

ARTICLE XI

MISCELLANEOUS...........................................................................................40
   SECTION 11.1 Supplements and Amendments..............................................................40
   SECTION 11.2 No Legal Title to Owner Trust Estate in Certificateholders..............................42
   SECTION 11.3 Limitation on Rights of Others..........................................................42
   SECTION 11.4 Notices.................................................................................42
   SECTION 11.5 Severability............................................................................43
   SECTION 11.6 Separate Counterparts...................................................................43
   SECTION 11.7 Successors and Assigns..................................................................43
   SECTION 11.8 No Petition.............................................................................43
   SECTION 11.9 No Recourse.............................................................................43
   SECTION 11.10 Headings...............................................................................44
   SECTION 11.11 Governing Law..........................................................................44
   SECTION 11.12 Sale and Servicing Agreement Obligations...............................................44

   EXHIBIT A

   FORM OF CLASS D CERTIFICATE.........................................................................A-1

   EXHIBIT B

   FORM OF INVESTMENT LETTER
   QUALIFIED INSTITUTIONAL BUYER.......................................................................B-1

   EXHIBIT C

   FORM OF INVESTMENT LETTER
   INSTITUTIONAL ACCREDITED INVESTOR...................................................................C-1

   EXHIBIT D

   FORM OF RULE 144A TRANSFEROR CERTIFICATE............................................................D-1

   EXHIBIT E

   FORM OF  CERTIFICATE OF TRUST OF FORD CREDIT
   AUTO OWNER TRUST 2002-D.............................................................................E-1

   APPENDIX A

   Definitions and Usage...............................................................................A-1

</TABLE>

<PAGE>

                  AMENDED AND RESTATED TRUST AGREEMENT, dated as of August 1,
2002 (as from time to time amended, supplemented or otherwise modified and in
effect, this "Agreement"), between FORD CREDIT AUTO RECEIVABLES TWO LLC, a
Delaware limited liability company, as Depositor, having its principal executive
office at One American Road, Dearborn, Michigan 48126 and WACHOVIA BANK OF
DELAWARE, NATIONAL ASSOCIATION, a national banking association (the "Bank"), not
in its individual capacity but solely as trustee under this Agreement (in such
capacity, the "Owner Trustee"), having its principal corporate trust office at
One Rodney Square, 920 King Street, Suite 102, Wilmington, Delaware 19801,
Attention: Corporate Trust Administration, Amy Martin for the purpose of
establishing the Ford Credit Auto Owner Trust 2002-D.

                  WHEREAS, the parties hereto intend to amend and restate that
certain interim Trust Agreement, dated as of July 1, 2002, among the Depositor,
the Owner Trustee and the other parties, signatories thereto, on the terms and
conditions hereinafter set forth;

                  NOW, THEREFORE, in consideration of the premises and mutual
covenants herein contained, the receipt and sufficiency of which are hereby
acknowledged, the Depositor and the Owner Trustee hereby agree as follows:

                                   ARTICLE I

                              DEFINITIONS AND USAGE

                  Except as otherwise specified herein or as the context may
otherwise require, capitalized terms used but not otherwise defined herein are
defined in Appendix A hereto, which also contains rules as to usage that shall
be applicable herein.

                                   ARTICLE II

                            ORGANIZATION OF THE TRUST

SECTION 2.1     Name. The Trust created hereby shall be known as "Ford Credit
Auto Owner Trust 2002-D", in which name the Owner Trustee may conduct the
business of the Trust, make and execute contracts and other instruments on
behalf of the Trust and sue and be sued on behalf of the Trust.

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 in the State of
Delaware as the Owner Trustee may designate by written notice to the
Certificateholders and the Depositor.

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

(i)      to issue the Notes pursuant to the Indenture, and the Certificates
         pursuant to this Agreement, and to sell the Securities upon the written
         order of the Depositor;

(ii)     to enter into and perform its obligations under any interest rate
         protection agreement or agreements between the Trust and one or more
         counterparties, including any confirmations evidencing the transactions
         thereunder, each of which is an interest rate swap, an interest rate
         cap, an obligation to enter into any of the foregoing, or any
         combination of any of the foregoing;

(iii)    to acquire the Receivables and other Trust Property pursuant to the
         Sale and Servicing Agreement from the Depositor in exchange for the
         Securities;

(iv)     to pay interest on and principal of the Notes and distributions on the
         Certificates;

(v)      to Grant the Owner Trust Estate (other than each Certificate
         Distribution Account and the proceeds thereof) to the Indenture
         Trustee pursuant to the Indenture;

(vi)     to enter into and perform its obligations under the Basic Documents to
         which it is to be a party;

(vii)    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

(viii)   subject to compliance with the Basic 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 Noteholders
         and the Certificateholders.

The Trust is hereby authorized to engage in the foregoing activities. 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
Basic Documents.

SECTION 2.4     Appointment of 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     Capital Contribution of Owner Trust Estate. As of August 1,
2002, the Depositor sold, assigned, transferred, conveyed and set over to the
Owner Trustee the sum of $1. The Owner Trustee hereby acknowledges receipt in
trust from the Depositor, as of such date, of the foregoing contribution, which
shall constitute the initial Owner Trust Estate and shall be deposited in the
Certificate Distribution Account. The Depositor shall pay the 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. On the Closing Date, the Depositor shall convey to the Trust the
Trust Property and the Owner Trustee shall convey to the Depositor the
Securities.

SECTION 2.6     Declaration of Trust. The Owner Trustee hereby declares that
it will hold the Owner Trust Estate in trust upon and subject to the conditions
set forth herein for the use and benefit of the Certificateholders, subject to
the obligations of the Trust under the Basic Documents. It is the intention of
the parties hereto that (i) the Trust constitute a business trust under the
Business Trust Statute and that this Agreement constitute the governing
instrument of such business trust and (ii) for income and franchise tax
purposes, the Trust shall be treated as a partnership, with the assets of the
partnership being the Receivables, the Trust's rights under the Interest Rate
Swap Agreements and other assets held by the Trust, the partners of the
partnership being the Certificateholders and the Depositor and the Notes
constituting indebtedness of the partnership. The parties agree that, unless
otherwise required by the appropriate tax authorities, the Depositor, on behalf
of the Trust, will file or cause to be filed annual or other necessary returns,
reports and other forms consistent with the characterization of the Trust as a
partnership for such tax purposes. Effective as of the date hereof, the Owner
Trustee shall have the rights, powers and duties set forth herein and in the
Business Trust Statute with respect to accomplishing the purposes of the Trust.
A Certificate of Trust and any necessary amendment thereto has been filed with
the Secretary of State, a form is attached hereto as Exhibit E.

SECTION 2.7     Liability of the Depositor. (a) Notwithstanding Section 3803
of the Business Trust Statute, the Depositor in its capacity as the holder of
the interests described in Section 3.11 shall be liable directly to, and will
indemnify each injured party for, all losses, claims, damages, liabilities and
expenses of the Trust (including Expenses, to the extent that the assets of the
Trust that would remain if all of the Notes were paid in full would be
insufficient to pay any such losses, claims, damages, liabilities or expenses,
or to the extent that such losses, claims, damages, liabilities and expenses in
fact are not paid out of the Owner Trust Estate) that the Depositor would be
liable for if the Trust were a partnership under the Limited Partnership Act in
which the Depositor were a general partner; provided, however, that the
Depositor shall not be liable to or indemnify Noteholders or Note Owners for any
losses incurred by Noteholders or Note Owners in their capacity as holders of or
beneficial owners of interests in limited recourse debt secured by the Owner
Trust Estate or be liable to or indemnify Certificateholders for any losses
incurred by the Certificateholders if such losses would nevertheless have been
incurred if the Certificates were limited recourse debt secured by the Owner
Trust Estate. In addition, any third-party creditors of the Trust, or the
arrangement between the Depositor and the Trust (other than in connection with
the obligations described in the preceding sentence for which the Depositor
shall not be liable), shall be deemed third-party beneficiaries of this
paragraph.

(b) No Certificateholder other than the Depositor to the extent set forth in
paragraph (a) of this Section 2.7, shall have any personal liability for any
liability or obligation of the Trust.

(c) The Depositor's obligations under this Section 2.7 are obligations solely of
the Depositor and shall not constitute a claim against the Depositor to the
extent that the Depositor does not have funds sufficient to make payment of such
obligations. In furtherance of and not in derogation of the foregoing, the Owner
Trustee, by entering into or accepting this agreement, acknowledges and agrees
that it shall have no right, title or interest in or to the Other Assets of the
Depositor. To the extent that, notwithstanding the agreements and provisions
contained in the preceding sentence, the Owner Trustee either (i) asserts an
interest or claim to, or benefit from, Other Assets, or (ii) is deemed to have
any such interest, claim to, 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 Bankruptcy Code
or any successor provision having similar effect under the Bankruptcy Code),
then the Owner Trustee 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, which, under the terms of the relevant
documents relating to the securitization or conveyance 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 a priority of distributions or
application under applicable law, including insolvency laws, and whether or not
asserted against 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. The Indenture Trustee and Owner Trustee each further
acknowledges and agrees that no adequate remedy at law exists for a breach of
this Section 2.7 and the terms of this Section 2.7 may be enforced by an action
for specific performance. The provisions of this Section 2.7 shall be for the
third party benefit of those entitled to rely thereon and shall survive the
termination of this Agreement.

SECTION 2.8     Title to Trust Property. Legal title to the entirety of the
Owner Trust Estate 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 Owner Trust Estate to be vested in a trustee or trustees, 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 Trust. The Trust shall be 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. The Trust shall not have any
employees in any state other than the State of Delaware; provided, however, that
nothing herein shall restrict or prohibit the Bank or the Owner Trustee from
having employees within or without the State of Delaware. Payments will be
received by the Trust only in Delaware, and payments will be made by the Trust
only from Delaware. The principal office of the Trust shall be in care of the
Owner Trustee in the State of Delaware.

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 limited liability
company in good standing under the laws of the State of Delaware, 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.

(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; and the execution, delivery and performance
of this Agreement has been duly authorized by the Depositor.

(d) This Agreement constitutes a legal, valid, and binding obligation of the
Depositor, enforceable against the Depositor in accordance with its terms,
subject, as to enforceability, to applicable bankruptcy, insolvency,
reorganization, conservatorship, receivership, liquidation and other similar
laws and to general equitable principles.

(e) 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 or both) a default under, the Certificate of Formation or the
Limited Liability Company Agreement, or any 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 Basic 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.

(f) 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 Basic Documents or the Securities, (ii) seeking to
prevent the issuance of the Securities or the consummation of any of the
transactions contemplated by this Agreement, the Indenture or any of the other
Basic Documents, (iii) seeking any determination or ruling that might materially
and adversely affect the performance by the Depositor of its obligations under,
or the validity or enforceability of, this Agreement or (iv) which might
adversely affect the federal income tax attributes, or Applicable Tax State
franchise or income tax attributes, of the Securities.

(g) The representations and warranties of the Depositor in Section 3.1 of the
    Purchase Agreement are true and correct.

SECTION 2.11    Federal Income Tax Matters. It is the intent of the Depositor
and Ford Credit that, for purposes of federal income, state and local income and
franchise tax and any other income taxes, the Trust will be treated as a
disregarded entity that is 100% owned by the Depositor, and that the Depositor
in turn will be a disregarded entity that is 100% owned Ford Credit.
Accordingly, for so long as the Depositor owns 100% of the Certificates, each
class of Notes is intended to be treated as indebtedness of Ford Credit. The
Depositor and Ford Credit hereby agree and the Noteholders by acceptance of a
Notes will agree in the Indenture to such treatment and each agrees to take no
action inconsistent with such treatment. In the event that (i) one or more
classes of Notes is recharacterized as an equity interest, and not as
indebtedness of the Depositor, or (ii) the Certificates are not 100% owned by
the Depositor, the parties intend that the Trust be characterized as a
partnership, in the case of (i) above, between the Certificateholder and the
holders of such class or classes of Notes (the "Recharacterized Classes"), or in
the case of (ii) above, among the Certificateholders and the Depositor. In that
event, for purposes of federal income, state and local income and franchise tax
and any other income taxes each month:

(a) amounts paid as interest to holders of any Recharacterized Class or
Certificate Interest shall be treated as a guaranteed payment within the meaning
of Section 707(c) of the Code;

(b) to the extent the characterization provided for in paragraph (a) of this
Section 2.11 is not respected, gross ordinary income of the Trust for such month
as determined for federal income tax purposes shall be allocated to the holders
of each Recharacterized Class and/or Certificate as of the Record Date occurring
within such month, in an amount equal to the sum of (i) the interest accrued to
such Class or Certificates for such month, (ii) the portion of the market
discount on the Receivables accrued during such month that is allocable to the
excess, if any, of the aggregate initial Note Balance of such Class and/or
Initial Certificate Balance over the initial aggregate issue price of the Notes
of such Class or Certificates and (iii) any amount expected to be distributed to
the holders of such Class of Securities pursuant to Section 4.6 of the Sale and
Servicing Agreement (to the extent not previously allocated pursuant to this
paragraph (b)) to the extent necessary to reverse any net loss previously
allocated to holders of the Notes of such Recharacterized Class or Certificates
(to the extent not previously reversed pursuant to this clause (iii)); and (c)
thereafter all remaining net income of the Trust (subject to the modifications
set forth below) 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) shall be allocated to the Depositor, to the extent thereof.

If the gross ordinary income of the Trust for any month is insufficient for the
allocations described in paragraph (b) above, subsequent gross ordinary income
shall first be allocated to each Recharacterized Class or the Certificates in
alphabetical order to make up such shortfall before any allocation pursuant to
paragraph (c) above. Net losses of the Trust, if any, for any month as
determined for federal income tax purposes (and each item of income, gain,
credit, loss or deduction entering into the computation thereof) shall be
allocated to the Depositor to the extent the Depositor" is reasonably expected
to bear the economic burden of such net losses, and any remaining net losses
shall be allocated first among the holders of the Certificates until the
principal amount thereof is reduced to zero and thereafter to each
Recharacterized Class (in reverse alphabetical order, in each case, until the
principal balance of such Recharacterized Class is reduced to zero) as of the
Record Date occurring within such month, and among the Certificates or each
Recharacterized Class, in proportion to their ownership of the aggregate
principal balance of the Certificates or such Recharacterized Class 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 Certificateholders or the holders of a Recharacterized Class or
as otherwise required by the Code.

                                  ARTICLE III

                  TRUST CERTIFICATES AND TRANSFER OF INTERESTS

SECTION 3.1     Initial Beneficial Ownership. Upon the formation of the Trust
by the contribution by the Depositor pursuant to Section 2.5 and until the
issuance of the Certificates, the Depositor shall be the sole beneficial owner
of the Owner Trust Estate.

SECTION 3.2     Capital Accounts. This Section 3.2 will apply only if either
(i) the Certificates are held by more than one beneficial owner; (ii) the
Certificates and the right to receive Reserve Account releases and/or other
excess spread are held by persons that constitute more than one taxpayer for
U.S. federal income tax purposes or (iii) any Recharacterized Class, as defined
in Section 2.11 hereof, exists (a) The Owner Trustee shall establish and
maintain a separate bookkeeping account (a "Capital Account") for the Depositor
and each Certificateholder. The initial balance of the Capital Account for (i)
each Certificateholder shall be the amount initially paid for such
Certificateholder's Certificates and (ii) the Depositor shall be (x) the fair
market value of the Receivables minus (y) the proceeds of the sale of Notes net
of the Reserve Initial Deposit. The Capital Account of the Depositor or each
Certificateholder shall also be increased by (i) the dollar amount of any
additional cash contributions made by the Depositor or such Certificateholder,
as the case may be, (ii) the fair market value of any property (other than cash)
contributed to the Trust by the Depositor or such Certificateholder, as the case
may be (net of any liabilities to which the property is subject), and (iii)
allocations to the Depositor or such Certificateholder, as the case may be, of
income and gain (including income exempt from tax). The Capital Account of the
Depositor or each Certificateholder shall be decreased by (i) the dollar amount
of any cash distributions made to the Depositor or such Certificateholder, as
the case may be, (ii) the fair market value of any property (other than cash)
distributed to the Depositor or such Certificateholder, as the case may be (net
of any liabilities to which the property is subject), (iii) allocations to the
Depositor or such Certificateholder, as the case may be, of loss or deductions
(or items thereof), and (iv) any allocations of expenditures of the Trust
described in Section 705(a)(2)(B) of the Code.

(b) Notwithstanding any other provision of this Agreement to the contrary, the
foregoing provisions of this Section 3.2 regarding the maintenance of Capital
Accounts shall be construed so as to comply with the provisions of the Treasury
Regulations promulgated pursuant to Section 704 of the Code. The Depositor is
hereby authorized to modify these provisions to the minimum extent necessary to
comply with such regulations.

SECTION 3.3     The Certificates. (a) The Class D Certificates in aggregate
principal amount of $59,994,000 shall be issued to the Depositor in one or more
registered, definitive, physical certificates, in the form set forth in Exhibit
A in denominations of at least $20,000 and in integral multiples of $1,000 in
excess thereof. No Certificate may be sold, transferred, assigned, participated,
pledged, or otherwise disposed of (any such act, a "Transfer") to any Person
except in accordance with the provisions of Section 3.5, and any attempted
Transfer in violation of Section 3.5 shall be null and void (each a "Void
Transfer"). In addition, the Depositor covenants and agrees that it will not
Transfer the Class D Certificates unless it shall have delivered an Opinion of
Counsel to the Owner Trustee that (i) such Transfer shall not cause the Trust to
be classified as an association (or publicly traded partnership) taxable as a
corporation and (ii) such Transfer shall not cause the Trust to be subject to
the Michigan Single Business Tax or any other entity level tax imposed by the
State of Michigan.

(b) The Certificates shall be executed on behalf of the Trust by manual or
facsimile signature of an authorized officer of the Owner Trustee. 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 Trust, shall be validly issued and entitled to the benefits 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.

(c) If Transfer of the Certificates is permitted pursuant to Section 3.5, 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 transferees acceptance of a Certificate duly registered in
such transferees name pursuant to Section 3.5.

SECTION 3.4     Authentication of Certificates. Concurrently with the initial
sale of the Receivables to the Trust pursuant to the Sale and Servicing
Agreement, the Owner Trustee shall cause the Class D Certificates, in an
aggregate principal balance equal to the Initial Certificate Balance of such
Class D Certificates, to be executed on behalf of the Trust, authenticated and
delivered to or upon the written order of the Depositor, signed by the chairman
of the board, the president, any executive vice president, any vice president,
the secretary, any assistant secretary, the treasurer or any assistant treasurer
of the Depositor, without further action by the Depositor, in authorized
denominations. No Certificate shall entitle its Certificateholder to any benefit
under this Agreement, or shall 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 attached hereto 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 3.5     Registration of Certificates; 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 3.9, a Certificate Register
in which, subject to such reasonable regulations as it may prescribe, the Trust
shall provide for the registration of Certificates and of Transfers and
exchanges of Certificates as herein provided. Wachovia Bank of Delaware,
National Association shall be the initial Certificate Registrar. No Transfer of
a Certificate shall be recognized except upon registration of such Transfer in
the Certificate Register.

(b) Each Class D Certificate shall bear a legend to the following effect unless
determined otherwise by the Administrator (as certified to the Owner Trustee in
an Officer's Certificate) and the Owner Trustee consistent with applicable law:

                  "THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR UNDER ANY STATE SECURITIES OR
BLUE SKY LAW OF ANY STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING
THIS CERTIFICATE, AGREES FOR THE BENEFIT OF THE TRUST AND THE DEPOSITOR THAT
THIS CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY
IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (I)
(A) (1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT ("RULE 144A") TO A PERSON
THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER, WITHIN
THE MEANING OF RULE l44A (A "QIB"), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE
ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER,
RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
SUBJECT TO (A) THE RECEIPT BY THE TRUST AND THE CERTIFICATE REGISTRAR OF A
CERTIFICATE SUBSTANTIALLY IN THE FORM ATTACHED AS EXHIBIT D TO THE TRUST
AGREEMENT AND (B) THE RECEIPT BY THE TRUST AND THE CERTIFICATE REGISTRAR OF A
LETTER SUBSTANTIALLY IN THE FORM ATTACHED AS EXHIBIT B TO THE TRUST AGREEMENT,
WITH SUCH CHANGES THEREIN AS MAY BE APPROVED BY THE OWNER TRUSTEE AND DEPOSITOR,
(2) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE
SECURITIES ACT (IF AVAILABLE), SUBJECT TO THE RECEIPT BY THE TRUST, THE INITIAL
PURCHASER AND THE CERTIFICATE REGISTRAR OF AN OPINION OF COUNSEL ACCEPTABLE TO
THE OWNER TRUSTEE AND THE DEPOSITOR THAT SUCH REOFFER, RESALE, PLEDGE OR
TRANSFER IS IN COMPLIANCE WITH THE TRUST AGREEMENT AND THE SECURITIES ACT AND
OTHER APPLICABLE LAWS, (3) TO AN INSTITUTIONAL "ACCREDITED INVESTOR" WITHIN THE
MEANING THEREOF IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE
SECURITIES ACT PURSUANT TO ANY OTHER EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO (A) THE RECEIPT BY THE TRUST AND
THE CERTIFICATE REGISTRAR OF A LETTER SUBSTANTIALLY IN THE FORM ATTACHED AS
EXHIBIT C TO THE TRUST AGREEMENT OR (B) THE RECEIPT BY THE TRUST, THE INITIAL
PURCHASER AND THE CERTIFICATE REGISTRAR OF SUCH OTHER EVIDENCE ACCEPTABLE TO THE
OWNER TRUSTEE AND THE DEPOSITOR THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS
IN COMPLIANCE WITH THE TRUST AGREEMENT AND THE SECURITIES ACT AND OTHER
APPLICABLE LAWS AND (B) IN THE CASE OF A TRANSFER PURSUANT TO CLAUSES (A)(1),
(2) OR (3), THE RECEIPT BY THE OWNER TRUSTEE AND THE DEPOSITOR OF THE STATE TAX
OPINION REQUIRED BY SECTION 3.3(a) OF THE TRUST AGREEMENT, OR (II) TO THE
DEPOSITOR OR ITS AFFILIATES, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE
SECURITIES LAWS OF THE UNITED STATES AND SECURITIES AND BLUE SKY LAWS OF THE
STATES OF THE UNITED STATES."

                  As a condition to the registration of any Transfer of a
Certificate, the prospective transferee of such Certificate shall be required to
represent in writing to the Owner Trustee, the Certificate Registrar and the
Initial Purchaser the following, unless determined otherwise by the
Administrator (as certified to the Owner Trustee in an Officer's Certificate):

(i)      It understands that no subsequent Transfer of the Certificates is
         permitted unless it causes its proposed transferee to provide to the
         Trust, the Certificate Registrar and the Initial Purchaser a letter
         substantially in the form of Exhibit B or Exhibit C hereof (with such
         changes therein as may be approved by the Depositor), as applicable, or
         such other written statement as the Depositor shall prescribe.

(ii)     It is either:

     (A)  not,  and  each  account  (if any)  for  which  it is  purchasing  the
Certificates is not (1) an employee  benefit plan, as defined in Section 3(3) of
ERISA,  that is subject  to Title I of ERISA,  (2) a plan  described  in Section
4975(e)(1)  of the Code that is  subject  to  Section  4975 of the  Code,  (3) a
governmental plan, as defined in Section 3(32) of ERISA, subject to any federal,
State or local law which is, to a material extent,  similar to the provisions of
Section 406 of ERISA or Section 4975 of the Code, (4) an entity whose underlying
assets include plan assets by reason of a plans investment in the entity (within
the  meaning  of  Department  of  Labor  Regulation  29  C.F.R.ss.2510.3-101  or
otherwise under ERISA) or (5) a person  investing "plan assets" of any such plan
(including  without  limitation,  for  purposes of this clause (5), an insurance
company  general  account,   but  excluding  any  entity  registered  under  the
Investment Company Act of 1940, as amended); or

     (B) an insurance  company acting on behalf of a general  account and (1) on
the  date  of  purchase  less  than  25% (or  such  lower  percentage  as may be
determined  by  the  Depositor)  of the  assets  of  such  general  account  (as
reasonably determined by it) constitute "plan assets" for purposes of Title I of
ERISA and  Section  4975 of the  Code,  (2) the  purchase  and  holding  of such
Certificates  are eligible for exemptive  relief under Sections (I) and (III) of
Prohibited  Transaction Class Exemption 95-60, and (3) the purchaser agrees that
if, after the purchaser's initial  acquisition of the Certificates,  at any time
during any calendar  quarter 25% (or such lower  percentage as may be determined
by the  Depositor) or more of the assets of such general  account (as reasonably
determined by it no less frequently than each calendar quarter) constitute "plan
assets"  for  purposes  of Title I of ERISA or  Section  4975 of the Code and no
exemption or exception  from the  prohibited  transaction  rules  applies to the
continued  holding of the  Certificates  under  Section  401(c) of ERISA and the
final  regulations  thereunder or under an exemption or regulation issued by the
United  States  Department  of  Labor  under  ERISA,  it  will  dispose  of  all
Certificates  then held in its general  account by the end of the next following
calendar quarter.

(iii)    It is a person who is (A) a citizen or resident of the United States,
         (B) a corporation or partnership organized in or under the laws of the
         United States or any political subdivision thereof, (c) an estate the
         income of which is includible in gross income for United States tax
         purposes, regardless of its source, (D) a trust if a U.S. court is able
         to exercise primary supervision over the administration of such trust
         and one or more persons described in clause (A), (B), (C) or (E) of
         this paragraph (iii) has the authority to control all substantial
         decisions of the trust or (E) a person not described in clauses (A)
         through (D) of this paragraph (iii) whose ownership of the Certificates
         is effectively connected with such persons conduct of a trade or
         business within the United States (within the meaning of the Code) and
         who provides the Trust and the Depositor with an IRS Form 8-ECI (and
         such other certifications, representations, or opinions of counsel as
         may be requested by the Trust or the Depositor).

(iv)     It understands that any purported Transfer of any Certificate (or any
         interest therein) in contravention of any of the restrictions and
         conditions contained in this Section will be a Void Transfer, and the
         purported transferee in a Void Transfer will not be recognized by the
         Trust or any other person as a Certificateholder for any purpose.

(c) By acceptance of any Certificate, the Certificateholder thereof specifically
agrees with and represents to the Depositor, the Trust and the Certificate
Registrar, that no Transfer of such Certificate shall be made unless the
registration requirements of the Securities Act and any applicable State
securities laws are complied with, or such Transfer is exempt from the
registration requirements under the Securities Act because the Transfer
satisfies one of the following:

(i)      such Transfer is in compliance with Rule 144A under the Securities Act
         ("Rule 144A"), to a transferee who the transferor reasonably believes
         is a Qualified Institutional Buyer that is purchasing for its own
         account or for the account of a Qualified Institutional Buyer and to
         whom notice is given that such Transfer is being made in reliance upon
         Rule 144A under the Securities Act and (x) the transferor executes and
         delivers to the Trust and the Certificate Registrar, a Rule 144A
         transferor certificate substantially in the form attached as Exhibit D
         and (y) the transferee executes and delivers to the Trust and the
         Certificate Registrar an investment letter substantially in the form
         attached as Exhibit B;

(ii)     after the appropriate holding period, such Transfer is pursuant to an
         exemption from registration under the Securities Act provided by Rule
         144 under the Securities Act and the transferee, if requested by the
         Trust, the Certificate Registrar or the Initial Purchaser, delivers an
         Opinion of Counsel in form and substance satisfactory to the Trust and
         the Initial Purchaser; or

(iii)    such Transfer is to an institutional accredited investor as defined in
         rule 501(a)(1), (2), (3) or (7) of Regulation D promulgated under the
         Securities Act in a transaction exempt from the registration
         requirements of the Securities Act, such Transfer is in accordance with
         any applicable securities laws of any State of the United States or any
         other jurisdiction, and such investor executes and delivers to the
         Trust and the Certificate Registrar an investment letter substantially
         in the form attached as Exhibit C.

(d) The Depositor shall make available to the prospective transferor and
transferee of a Certificate information requested to satisfy the requirements of
paragraph (d) (4) of Rule 144A (the "Rule 144A Information"). The Rule 144A
Information shall include any or all of the following items requested by the
prospective transferee:

(i)      the private placement memorandum, if any, relating to the Certificates,
         and any amendments or supplements thereto;

(ii)     each statement delivered to Certificateholders pursuant to Section
         5.2(b) on each Payment Date preceding such request; and

(iii)    such other information as is reasonably available to the Owner Trustee
         in order to comply with requests for information pursuant to Rule 144A
         under the Securities Act.

                  None of the Depositor, the Certificate Registrar or the Owner
Trustee is under an obligation to register any Certificate under the Securities
Act or any other securities law.

(e) Upon surrender for registration of Transfer of any Certificate at the office
or agency maintained pursuant to Section 3.9 and upon compliance with any
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 aggregate amount 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 authorized denominations of a like
Class and aggregate amount upon surrender of the Certificates to be exchanged at
the office or agency maintained pursuant to Section 3.9.

                  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 in writing, with such
signature guaranteed by a member firm of the New York Stock Exchange or a
commercial bank or trust company. Each Certificate surrendered for registration
of Transfer or exchange shall be cancelled and subsequently disposed of by the
Certificate Registrar in accordance with its customary practice.

                  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.

                  The preceding provisions of this Section 3.5 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 3.6     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 on behalf of the Trust shall execute and the Owner Trustee
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 denomination. In connection with the issuance of any new
Certificate under this Section 3.6, 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 3.6 shall constitute conclusive
evidence of ownership in the Trust, as if originally issued, whether or not the
lost, stolen or destroyed Certificate shall be found at any time.

SECTION 3.7     Persons Deemed Owners of Certificates. Prior to due
presentation of a Certificate for registration of Transfer, the Owner Trustee,
the Certificate Registrar and any Certificate Paying Agent 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, the Certificate Registrar or any Certificate Paying Agent shall
be bound by any notice to the contrary.

SECTION 3.8     Access to List of Certificateholders' Names and Addresses. The
Owner Trustee shall furnish or cause to be furnished to the Servicer and the
Depositor, or to the Indenture Trustee, within fifteen (15) days after receipt
by the Owner Trustee of a written request therefor from the Servicer or the
Depositor, or the Indenture Trustee, as the case may be, a list, in such form as
the requesting party may reasonably require, of the names and addresses of the
Certificateholders as of the most recent Record Date. Three or more
Certificateholders or one or more Certificateholders of Certificates evidencing
not less than 25% of the Aggregate Certificate Balance may apply in writing to
the Owner Trustee for a list of the other Certificateholders in order to
communicate with other Certificateholders with respect to their rights under
this Agreement or under the Certificates. Any such application must be
accompanied by a copy of the communication that such applicants propose to
transmit. The Owner Trustee shall, within five (5) 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 any of 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 3.9     Maintenance of Office or Agency. The Owner Trustee shall
maintain 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
Basic Documents may be served. The Owner Trustee initially designates its
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 Registrar or any such office or agency.

SECTION 3.10    Appointment of Certificate Paying Agent. The Certificate
Paying Agent shall make distributions to Certificateholders from each
Certificate Distribution Account pursuant to Section 5.2 and shall report the
amounts of such distributions to the Owner Trustee. Any Certificate Paying Agent
shall have the revocable power to withdraw funds from each Certificate
Distribution Account for the purpose of making the distributions referred to
above. The Owner Trustee may revoke such power and remove the Certificate Paying
Agent if the Owner Trustee determines in its sole discretion that the
Certificate Paying Agent shall have failed to perform its obligations under this
Agreement in any material respect. The Certificate Paying Agent shall initially
be the Owner Trustee, and any co-paying agent chosen by the Owner Trustee. The
Owner Trustee shall be permitted to resign as Certificate Paying Agent upon
thirty (30) days written notice to the Owner Trustee. In the event that the Bank
shall no longer be the Certificate Paying Agent, the Owner Trustee shall appoint
a successor to act as Certificate Paying Agent (which shall be a bank or trust
company). The Owner Trustee shall cause such successor Certificate Paying Agent
or any additional Certificate Paying Agent appointed by the Owner Trustee to
execute and deliver to the Owner Trustee an instrument in which such successor
Certificate Paying Agent or additional Certificate Paying Agent shall agree with
the Owner Trustee that as Certificate Paying Agent, such successor Certificate
Paying Agent or additional Certificate Paying Agent will hold all sums, if any,
held by it for payment to the Certificateholders in trust for the benefit of the
Certificateholders entitled thereto until such sums shall be paid to such
Certificateholders. The Certificate Paying Agent shall return all unclaimed
funds to the Owner Trustee and upon removal of a Certificate Paying Agent such
Certificate 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 Certificate Paying Agent, for so long as
the Owner Trustee shall act as Certificate Paying Agent and, to the extent
applicable, to any other paying agent appointed hereunder. Any reference in this
Agreement to the Certificate Paying Agent shall include any co-paying agent
unless the context requires otherwise.

SECTION 3.11    Certain Rights of Depositor. The Depositor shall be entitled
to any amounts not needed on any Payment Date to make payments on the Notes or
the Certificates or to make deposits to the Reserve Account pursuant to Section
4.6 of the Sale and Servicing Agreement, and to receive amounts remaining in the
Reserve Account following the payment in full of the aggregate principal amount
of the Notes and the Aggregate Certificate Balance and of all other amounts
owing or to be distributed hereunder or under the Indenture or the Sale and
Servicing Agreement to Noteholders and Certificateholders and the termination of
the Trust. The Depositor shall not Transfer any such rights unless it shall have
delivered an Opinion of Counsel to the Owner Trustee that (i) such Transfer
shall not cause the Trust to be classified as an association (or publicly traded
partnership) taxable as a corporation and (ii) such Transfer shall not cause the
Trust to be subject to the Michigan Single Business Tax or any other entity
level tax imposed by the State of Michigan.

                                   ARTICLE IV

                            ACTIONS BY OWNER TRUSTEE

SECTION 4.1     Prior Notice to Certificateholders with Respect to Certain
Matters. It is the intention of the Depositor and the Certificateholders that
the powers and duties of the Owner Trustee are ministerial and non-ministerial;
provided, however, that any non-ministerial action (including the taking of any
legal action) may only be taken by the Owner Trustee in accordance with this
Section 4.1. With respect to the following matters, the Owner Trustee shall not
take action unless, (I) at least thirty (30) days before the taking of such
action, the Owner Trustee shall have notified the Certificateholders and the
Rating Agencies in writing of the proposed action and (II) Certificateholders
holding not less than a majority of the Aggregate Certificate Balance shall not
have notified the Owner Trustee in writing prior to the 30th day after such
notice is given that such Certificateholders have withheld consent or provided
alternative direction:

(a) the initiation of any material claim or lawsuit by the Trust (except claims
or lawsuits brought by the Servicer in connection with the collection of the
Receivables) and the settlement of any material action, claim or lawsuit brought
by or against the Trust (except with respect to the aforementioned claims or
lawsuits for collection by the Servicer of the Receivables);

(b) the election by the Trust to file an amendment to the Certificate of Trust
(unless such amendment is required to be filed under the Business Trust
Statute);

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

(d) the amendment of the Indenture by a supplemental indenture in circumstances
where the consent of any Noteholder or Swap Counterparty is not required and
such amendment materially adversely affects the interests of any of the
Certificateholders;

(e) the amendment, change or modification of the Sale and Servicing Agreement or
the Administration Agreement, except to cure any ambiguity or to amend or
supplement any provision in a manner or to add any provision that would not
materially adversely affect the interests of the Certificateholders; or

(f) the appointment pursuant to the Indenture of a successor Note Registrar,
Note Paying Agent or Indenture Trustee, or pursuant to this Agreement of a
successor Certificate Registrar, or the consent to the assignment by the Note
Registrar, Note Paying Agent or Indenture Trustee or Certificate Registrar of
its obligations under the Indenture or this Agreement, as applicable.

SECTION 4.2     Action by Certificateholders with Respect to Certain Matters.
The Owner Trustee may not, except upon the occurrence of an Event of Servicing
Termination subsequent to the payment in full of the Notes and in accordance
with the written direction of Certificateholders holding not less than a
majority of the Aggregate Certificate Balance, (a) remove the Servicer under the
Sale and Servicing Agreement pursuant to Article VIII thereof, (b) appoint a
successor Servicer pursuant to Article VIII of the Sale and Servicing Agreement,
(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.

SECTION 4.3     Action by Certificateholders with Respect to Bankruptcy. The
Owner Trustee shall not have the power to commence a voluntary proceeding in
bankruptcy relating to the Trust unless the Notes have been paid in full and
each Certificateholder (other than the Depositor) approves of such commencement
in advance and delivers to the Owner Trustee a certificate certifying that such
Certificateholder reasonably believes that the Trust is insolvent.

SECTION 4.4     Restrictions on Certificateholders' Power. The
Certificateholders 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 Trust or the Owner Trustee under this Agreement or any of the other Basic
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     Majority Control. Except as expressly provided herein, any
action that may be taken by the Certificateholders under this Agreement may be
taken by the Certificateholders of Certificates evidencing not less than a
majority of the Aggregate Certificate Balance. Except as expressly provided
herein, any written notice of the Certificateholders delivered pursuant to this
Agreement shall be effective if signed by Certificateholders of Certificates
evidencing not less than a majority of the Aggregate Certificate Balance at the
time of the delivery of such notice.

                                   ARTICLE V

                   APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

SECTION 5.1     Establishment of Certificate Distribution Account. Pursuant to
Section 4.1(c) of the Sale and Servicing Agreement, there has been established
and there shall be maintained two segregated trust accounts, each in the name of
"Wachovia Bank of Delaware, National Association, as Owner Trustee" at a
Qualified Institution or Qualified Trust Institution (which shall initially be
the corporate trust department of the Bank), which shall be designated as the
"Certificate Interest Distribution Account" and the "Certificate Principal
Distribution Account," respectively (each of the Certificate Interest
Distribution Account and the Certificate Principal Distribution Account, a
"Certificate Distribution Account"). Except as expressly provided in Section
3.10, each Certificate Distribution Account shall be under the sole dominion and
control of the Owner Trustee. All monies deposited from time to time in each
Certificate Distribution Account pursuant to the Sale and Servicing Agreement
shall be applied as provided in the Basic Documents. In the event that either
Certificate Distribution Account is no longer to be maintained at the corporate
trust department of the Bank, the Servicer shall, with the Owner Trustee's
assistance as necessary, cause such Certificate Distribution Account to be moved
to a Qualified institution or a Qualified Trust Institution within ten (10)
Business Days (or such longer period not to exceed thirty (30) calendar days as
to which each Rating Agency may consent). Each Certificate Distribution Account
will be established and maintained pursuant to an account agreement which
specifies New York law as the governing law.

SECTION 5.2     Application of Trust Funds. (a) On each Payment Date, the
Owner Trustee shall, based on the information contained in the Servicer's
Certificate delivered on the relevant Determination Date pursuant to Section 3.9
of the Sale and Servicing Agreement:

(i)      withdraw the amounts deposited into the Certificate Interest
         Distribution Account pursuant to Section 4.6(c) of the Sale and
         Servicing Agreement on or prior to such Payment Date and make or cause
         to be made distributions and payments in the following order of
         priority:

        (1)   first, to the Certificateholders of Class D Certificates, an
              amount equal to the Accrued Class D Certificate Interest; provided
              that if there are not sufficient funds available to pay the entire
              amount of the Accrued Class D Certificate Interest, the amounts
              available shall be applied to the payment of such interest on the
              Class D Certificates on a pro rata basis; and

        (2)   second, to the Depositor, any funds remaining on deposit in the
              Certificate Interest Distribution Account.

(ii)     withdraw the amounts deposited into the Certificate Principal
         Distribution Account pursuant to Section 4.6(c) and (d) of the Sale and
         Servicing Agreement on or prior to such Payment Date and make or cause
         to be made distributions and payments in the following order of
         priority:

        (1)   first, to the Certificateholders of the Class D Certificates in
              reduction of the Certificate Balance of the Class D Certificates,
              until the Certificate Balance of the Class D Certificates has been
              reduced to zero; provided that if there are not sufficient funds
              available to reduce the Certificate Balance of the Class D
              Certificates to zero, the amounts available shall be applied to
              the reduction of the Certificate Balance of the Class D
              Certificates on pro rata basis; and

        (2)   second, to the Depositor, any funds remaining on deposit in the
              Certificate Principal Distribution Account.

(b) On each Payment Date, the Owner Trustee shall, or shall cause the
Certificate Paying Agent to, send to each Certificateholder as of the related
Record Date the statement provided to the Owner Trustee by the Servicer pursuant
to Section 4.9 of the Sale and Servicing Agreement with respect to such Payment
Date.

(c) In the event that any withholding tax is imposed on the Trust's payment (or
allocations of income) to a Certificateholder, such tax shall reduce the amount
otherwise distributable to such Certificateholder in accordance with this
Section 5.2. The Owner Trustee and each Certificate Paying Agent is hereby
authorized and directed to retain from amounts otherwise distributable to the
Certificateholders sufficient funds for the payment of any such withholding tax
that is legally owed by the Trust (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
Certificateholder shall be treated as cash distributed to such Certificateholder
at the time it is withheld by the Trust 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-U.S.
Certificateholder), the Owner Trustee may, in its sole discretion, withhold such
amounts in accordance with this paragraph (c). In the event that a
Certificateholder wishes to apply for a refund of any such withholding tax, the
Owner Trustee shall reasonably cooperate with such Certificateholder in making
such claim so long as such Certificateholder agrees to reimburse the Owner
Trustee for any out-of-pocket expenses incurred.

SECTION 5.3     Method of Payment. Subject to Section 9.1(c), distributions
required to be made to Certificateholders on any Payment Date shall be made to
each Certificateholder of record on the preceding Record Date either by wire
transfer, in immediately available funds, to the account of such
Certificateholder at a bank or other entity having appropriate facilities
therefor, if (i) such Certificateholder shall have provided to the Certificate
Registrar appropriate written instructions at least five (5) Business Days prior
to such Payment Date and such Certificateholder's Certificates in the aggregate
evidence a denomination of not less than $1,000,000, or (ii) such
Certificateholder is the Depositor or, if not, by check mailed to such
Certificateholder at the address of such Certificateholder appearing in the
Certificate Register. Notwithstanding the foregoing, the final distribution in
respect of any Certificate (whether on the applicable Final Scheduled Payment
Date or otherwise) 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 3.9.

SECTION 5.4     No Segregation of Monies; No Interest. Subject to Sections 5.1
and 5.2, monies received by the Owner Trustee hereunder need not be segregated
in any manner except to the extent required by law, the Indenture or the Sale
and Servicing Agreement, and may be deposited under such general conditions as
may be prescribed by law, and the Owner Trustee shall not be liable for any
interest thereon.

SECTION 5.5     Accounting and Reports to Noteholders, Certificateholders,
Internal Revenue Service and Others. If at any time the Trust is not treated as
a disregarded entity for U.S. federal income tax purposes, the Owner Trustee
shall, based on information provided by or on behalf of the Depositor, (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 Certificateholder, as may be required by the Code and
applicable Treasury Regulations, such information as may be required (including
Schedule K-1) to enable each Certificateholder or holder of a Recharacterized
Class to prepare its federal and State income tax returns, (c) file (or cause to
be filed) such tax returns relating to the Trust (including a partnership
information return, IRS Form 1065), 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 Certificateholders. At such time, if any,
as the Trust is not classified as a disregarded entity, the Owner Trustee shall
elect under Section 1278 of the Code to include in income currently any market
discount that accrues with respect to the Receivables. The Owner Trustee shall
not make the election provided under Section 754 of the Code.

SECTION 5.6     Signature on Returns; Tax Matters Partner. (a) If at any time
the Trust does not qualify as a disregarded entity for U.S. federal income tax
purposes, the legal entity that holds, or is deemed to hold under applicable law
and regulations, the right to receive releases from the Reserve Account and/or
spread shall prepare (or cause to be prepared) and sign, on behalf of the Trust,
the tax returns of the Trust.

(b) The entity that is required to prepare the tax returns of the Trust pursuant
to section 5.6(a) shall be designated 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 on behalf of the Trust the Basic Documents to which the
Trust is to be a party and each certificate or other document attached as an
exhibit to or contemplated by the Basic Documents to which the Trust is to be a
party and any amendment or other agreement, in each case, in such form as the
Depositor shall approve, as evidenced conclusively by the Owner Trustee's
execution thereof and the Depositor's execution of this Agreement, and to direct
the Indenture Trustee to authenticate and deliver (i) Class A-1 Notes in the
aggregate principal amount of $602,000,000, (ii) Class A-2a Notes in the
aggregate principal amount of $200,000,000, (iii) Class A-2b Notes in the
aggregate principal amount of $1,116,000,000, (iv) Class A-3a Notes in the
aggregate principal amount of $250,000,000, (v) Class A-3b Notes in the
aggregate principal amount of $306,000,000, (vi) Class A-4a Notes in the
aggregate principal amount of $204,737,000, (vii) Class A-4b Notes in the
aggregate principal amount of $171,000,000, (viii) Class B Notes in the
aggregate principal amount of $89,992,000 and (ix) Class C Notes in the
aggregate principal amount of $59,994,000. In addition to the foregoing, the
Owner Trustee is authorized to take all actions required of the Trust pursuant
to the Basic Documents. The Owner Trustee is further authorized from time to
time to take such action on behalf of the Trust as is permitted by the Basic
Documents and which the Servicer or the Administrator directs with respect to
the Basic Documents, except to the extent that this Agreement expressly requires
the consent of Certificateholders for such action..

SECTION 6.2     General Duties. Subject to Section 4.1 hereof, 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 Basic
Documents to which the Trust is a party and to administer the Trust in the
interest of the Certificateholders, subject to the lien of the Indenture and in
accordance with the provisions of this Agreement and the other Basic Documents.
Notwithstanding anything else to the contrary in this Agreement, the Owner
Trustee shall be deemed to have discharged its duties and responsibilities
hereunder and under the Basic Documents to the extent the Administrator is
required in the Administration Agreement to perform any act or to discharge such
duty of the Owner Trustee or the Trust hereunder or under any other Basic
Document, and the Owner Trustee shall not be held liable for the default or
failure of the Administrator to carry out its obligations under the
Administration Agreement. Except as expressly provided in the Basic Documents,
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 terms of the Basic Documents, the Certificateholders may, by
written instruction, direct the Owner Trustee in the management of the Trust.

(b) The Owner Trustee shall not be required to take any action hereunder or
under any Basic Document if the Owner Trustee shall have reasonably determined,
or shall have 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 other Basic Document or is otherwise contrary to law.

(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 other
Basic Document, the Owner Trustee shall promptly give notice (in such form as
shall be appropriate under the circumstances) to the Certificateholders
requesting instruction as to the course of action to be adopted, and to the
extent the Owner Trustee acts in good faith in accordance with any written
instruction of the Certificateholders received, the Owner Trustee shall not be
liable on account of such action to any Person. If the Owner Trustee shall not
have received appropriate instruction within ten (10) 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 other Basic Documents, as it shall deem to be in the best
interests of the Certificateholders, and shall have no liability to any Person
for such action or inaction.

(d) In the event the Owner Trustee is unsure as to the application of any
provision of this Agreement or any other Basic 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 may give notice (in such form as
shall be appropriate under the circumstances) to the Certificateholders
requesting instruction and, to the extent that the Owner Trustee acts or
refrains from acting in good faith in accordance with any such instruction
received, the Owner Trustee shall not be liable, on account of such action or
inaction, to any Person. If the Owner Trustee shall not have received
appropriate instruction within ten (10) 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
other Basic Documents, as it shall deem to be in the best interests of the
Certificateholders, 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 or the Trust 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 other Basic 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 Commission filing for the
Trust or to record this Agreement or any other Basic Document. The Owner Trustee
nevertheless agrees that it will, at its own cost and expense, promptly take all
action as may be necessary to discharge any lien (other than the lien of the
Indenture) on any part of the Owner Trust Estate that results from actions by,
or claims against, the Owner Trustee 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 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 other Basic Documents to which the Trust
or the Owner Trust is a party and (iii) in accordance with any document or
instruction delivered to the Owner Trustee pursuant to Section 6.3. Neither the
Depositor nor the Certificateholders shall direct the Trustee to take any action
that would violate the provisions of this Section 6.5.

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 or Applicable Tax
State income or franchise tax purposes, (ii) be deemed to cause a taxable
exchange of the Notes for federal income or Applicable Tax State income or
franchise tax purposes or (iii) cause the Trust or any portion thereof to be
taxable as an association (or publicly traded partnership) taxable as a
corporation for federal income or Applicable Tax State income or franchise tax
purposes. The Certificateholders shall not direct the Owner Trustee to take
action that would violate the provisions of this Section 6.6.

                                  ARTICLE VII

                           REGARDING THE 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 monies actually received by it constituting part of the
Owner Trust Estate upon the terms of this Agreement and the other Basic
Documents to which the Owner Trustee is a party. The Owner Trustee shall not be
answerable or accountable hereunder or under any other Basic Document under any
circumstances, except (i) for its own willful misconduct, bad faith or
negligence or (ii) in the case of the inaccuracy of any representation or
warranty contained in Section 7.3. 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 liable with respect to any action taken or
omitted to be taken by it in accordance with the instructions of any
Certificateholder, the Indenture Trustee, the Depositor, the Administrator or
the Servicer;

(b) no provision of this Agreement or any other Basic Document shall require the
Owner Trustee to expend or risk funds or otherwise incur any financial liability
in the performance of any of its rights or powers hereunder or under any other
Basic 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;

(c) under no circumstances shall the Owner Trustee be liable for indebtedness
evidenced by or arising under any of the Basic Documents, including the
principal of and interest on the Notes or amounts distributable on the
Certificates;

(d) the Owner Trustee shall not be responsible 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 other Basic Documents, other than the certificate of
authentication on the Certificates, and the Owner Trustee shall in no event
assume or incur any liability, duty, or obligation to any Noteholder or to any
Certificateholder, other than as expressly provided for herein and in the other
Basic Documents;

(e) the Owner Trustee shall not be liable for the default or misconduct of the
Servicer, the Administrator, the Depositor or the Indenture Trustee under any of
the Basic Documents or otherwise and the Owner Trustee shall have no obligation
or liability to perform the obligations of the Trust under this Agreement or the
other Basic Documents that are required to be performed by the Administrator
under the Administration Agreement, the Servicer under the Sale and Servicing
Agreement or the Indenture Trustee under the Indenture; and

(f) the Owner Trustee shall be under no obligation 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 other Basic Document, at the request, order or direction of any of the
Certificateholders, unless such Certificateholders 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 other Basic Document shall not be construed as a duty, and
the Owner Trustee shall not be answerable for other than its willful misconduct,
bad faith or negligence in the performance of any such act.

SECTION 7.2     Furnishing of Documents. The Owner Trustee shall furnish to the
Certificateholders, promptly upon receipt of a written request therefor,
duplicates or copies of all reports, notices, requests, demands, certificates,
financial statements and any other instruments furnished to the Owner Trustee
under the Basic Documents.

SECTION 7.3     Representations and Warranties. The Owner Trustee hereby
represents and warrants to the Depositor, for the benefit of the
Certificateholders, that:

(a) It is a national banking association duly formed and validly existing under
the laws of the United States, with its principal place of business in 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) 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
Delaware State 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 may rely
upon, shall be protected in relying upon, and shall incur no 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 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 other
Basic Documents, the Owner Trustee (i) may act directly or through its agents or
attorneys pursuant to agreements entered into with any of them, and the Owner
Trustee shall not be liable for the conduct or misconduct of such agents or
attorneys if such agents or attorneys shall have been selected by the Owner
Trustee with reasonable care, and (ii) may consult with counsel, accountants and
other skilled Persons to be selected with reasonable care and employed by it.
The Owner Trustee shall not be 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 and not contrary to this Agreement or
any other Basic Document.

SECTION 7.5     Not Acting in Individual Capacity. Except as provided in this
Article VII, in accepting the trusts hereby created, Wachovia Bank of Delaware,
National Association acts solely as 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 other Basic
Document shall look only to the Owner Trust Estate for payment or satisfaction
thereof.

SECTION 7.6     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 make no representations as to the
validity or sufficiency of this Agreement, of any other Basic 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.
Neither the Bank nor the Owner Trustee shall have any responsibility or
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
Certificateholders under this Agreement or the Noteholders under the Indenture,
including, without limitation: 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 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 Basic Document or in any
related document, or the accuracy of any such warranty or representation or any
action of the Indenture Trustee, the Administrator or the Servicer or any
subservicer taken in the name of the Owner Trustee.

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

                                  ARTICLE VIII

                   COMPENSATION AND INDEMNITY OF OWNER TRUSTEE

SECTION 8.1 O   wner Trustee's Fees and Expenses. The Owner Trustee shall
receive as compensation for its services hereunder such fees as have been
separately agreed upon before the date hereof between the Depositor and the
Owner Trustee, and the Owner Trustee shall be entitled to and reimbursed by the
Depositor for its other reasonable expenses hereunder, including the reasonable
compensation, expenses and disbursements of such agents, representatives,
experts and counsel as the Owner Trustee may employ in connection with the
exercise and performance of its rights and its duties hereunder. Such amounts
shall be treated for tax purposes as having been contributed to the Trust by the
Depositor and the tax deduction for such amounts shall be allocated to the
Depositor.

SECTION 8.2     Indemnification. (a) The Depositor shall be liable as prime
obligor for, and shall indemnify the Bank and the Owner Trustee and its
respective successors, assigns, agents and servants (collectively, the
"Indemnified Parties") from and against, any and all liabilities, obligations,
losses, damages, taxes, claims, actions and suits, and any and all reasonable
costs, expenses and disbursements (including reasonable legal fees and expenses)
of any kind and nature whatsoever (collectively, "Expenses") which may at any
time be imposed on, incurred by, or asserted against the Bank and the Owner
Trustee or any Indemnified Party in any way relating to or arising out of this
Agreement, the other Basic Documents, the Owner Trust Estate, the administration
of the Owner Trust Estate or the action or inaction of the Owner Trustee
hereunder; provided that the Depositor shall not be liable for or required to
indemnify an Indemnified Party from and against Expenses arising or resulting
from (i) the Indemnified Party's own willful misconduct, bad faith or
negligence, or (ii) the inaccuracy of any representation or warranty contained
in Section 7.3 expressly made by the Indemnified Party. The indemnities
contained in this Section 8.2 shall survive the resignation or termination of
the Owner Trustee or the termination of this Agreement. In the event of any
claim, action or proceeding for which indemnity will be sought pursuant to this
Section 8.2, the Owner Trustee's choice of legal counsel shall be subject to the
approval of the Depositor, which approval shall not be unreasonably withheld.

(b) The Depositor's obligations under this Section 8.2 are obligations solely of
the Depositor and shall not constitute a claim against the Depositor to the
extent that the Depositor does not have funds sufficient to make payment of such
obligations. In furtherance of and not in derogation of the foregoing, the
Indemnified Parties acknowledge and agree that they shall have no right, title
or interest in or to the Other Assets of the Depositor. To the extent that,
notwithstanding the agreements and provisions contained in the preceding
sentence, any Indemnified Party (i) asserts an interest or claim to, or benefit
from, Other Assets, or (ii) is deemed to have any such interest, claim to, 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 Bankruptcy Code or any successor provision
having similar effect under the Bankruptcy Code), then such Indemnified Party
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, which, under the terms of the relevant documents relating to
the securitization or conveyance 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 a priority of distributions or application under
applicable law, including insolvency laws, and whether or not asserted against
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 Indemnified Party further acknowledges and agrees that no adequate
remedy at law exists for a breach of this Section 8.2(b) and the terms of this
Section 8.2(b) may be enforced by an action for specific performance. The
provision of this Section 8.2(b) shall be for the third party benefit of those
entitled to rely thereon and shall survive the termination of this Agreement.

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

                                   ARTICLE IX

                                   TERMINATION

SECTION 9.1     Termination of Trust Agreement. (a) This Agreement (other than
the provisions of Article VIII) shall terminate and be of no further force or
effect and the Trust shall wind up and dissolve, upon the earlier of (i) the
maturity or other liquidation of the last remaining Receivable and the
disposition of any amounts received upon such maturity or liquidation and (ii)
the payment to the Noteholders and the Certificateholders of all amounts
required to be paid to them pursuant to the terms of the Indenture, the Sale and
Servicing Agreement and Article V. Any Insolvency Event, liquidation,
dissolution, death or incapacity with respect to any Certificateholder, shall
neither (x) operate to terminate this Agreement or the Trust, nor (y) entitle
such Certificateholder'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. 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 Business Trust Statute.

(b) Neither the Depositor nor any Certificateholder shall be entitled to revoke
or terminate the Trust.

(c) Notice of any termination of the Trust, specifying the Payment Date upon
which the Certificateholders shall surrender their Certificates to the
Certificate 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, 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 Certificate Paying Agent therein designated,
(ii) the amount of any such final payment (after reservation of sums sufficient
to pay all claims and obligations, if any, known to the Owner Trustee and
payable by the Trust) 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 Certificate Paying Agent
therein specified. The Owner Trustee shall give such notice to the Certificate
Registrar (if other than the Owner Trustee) and the Certificate Paying Agent at
the time such notice is given to Certificateholders. Upon presentation and
surrender of the Certificates, the Certificate Paying Agent shall cause to be
distributed to Certificateholders amounts distributable on such Payment Date
pursuant to Section 5.2. Upon the satisfaction and discharge of the Indenture,
and receipt of a certificate from the Indenture Trustee stating that all
Noteholders have been paid in full and that the Indenture Trustee is aware of no
claims remaining against the Trust in respect of the Indenture and the Notes,
the Owner Trustee, in the absence of actual knowledge of any other claim against
the Trust, 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 Business Trust Statute.

                  In the event that all of the Certificateholders shall not
surrender their Certificates for cancellation within six (6) months 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 one year 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. Subject to applicable escheat laws, any funds
remaining in the Trust after exhaustion of such remedies shall be distributed by
the Owner Trustee to the Depositor.

(d) Upon final distribution of any funds remaining in the Trust, the Owner
Trustee shall cause the Certificate of Trust to be cancelled by filing a
certificate of cancellation with the Secretary of State in accordance with the
provisions of Section 3810(c) of the Business Trust Statute.

SECTION 9.2     Prepayment of Certificates. (a) The Certificates shall be
prepaid in whole, but not in part, at the direction of the Servicer pursuant to
Section 9.1 of the Sale and Servicing Agreement, on any Payment Date on which
the Servicer exercises its option to purchase the assets of the Trust pursuant
to said Section 9.1, and the amount paid by the Servicer shall be treated as
collections of Receivables and applied to pay the unpaid principal amount of the
Securities plus accrued and unpaid interest (including any overdue interest)
thereon. The Servicer shall furnish the Rating Agencies and the Owner Trustee
notice of such prepayment. If the Certificates are to be prepaid pursuant to
this Section 9.2(a), the Servicer shall furnish notice of such election to the
Owner Trustee not later than twenty (20) days prior to the Payment Date on which
such prepayment will be made and the Trust shall deposit by 10:00 A.M. (New York
City time) on such Payment Date in the Certificate Distribution Account the
Certificate Prepayment Amount of the Certificates to be prepayed, whereupon all
such Certificates shall be due and payable on such Payment Date.

(b) Notice of prepayment under Section 9.2(a) shall be given by the Owner
Trustee by first-class mail, postage prepaid, or by facsimile mailed or
transmitted immediately following receipt of notice from the Trust or Servicer
pursuant to Section 9.2(a), but not later than ten (10) days prior to the
Payment Date on which the Certificates will be paid in full, to each
Certificateholder as of the close of business on the Record Date preceding such
Payment Date, at such Certificateholder's address or facsimile number appearing
in the Certificate Register.

                  All notices of purchase shall state:

(i)      the Payment Date on which the purchase of the Receivables will be made
         and the Certificates will be paid in full;

(ii)     the Certificate Prepayment Amount; and

(iii)    the place where such Certificates are to be surrendered for payment of
         the Certificate Prepayment Amount (which shall be the office or agency
         of the Owner Trustee to be maintained as provided in Section 3.9).

Notice of prepayment of the Certificates shall be given by the Owner Trustee in
the name and at the expense of the Trust. Failure to give notice of prepayment,
or any defect therein, to any Certificateholder shall not impair or affect the
validity of the prepayment of any other Certificate.

(c) Following notice of prepayment as required by Section 9.2(b), the
Certificates shall be paid in full on the Payment Date on which the purchase of
the Receivables is made by the Trust at the Certificate Prepayment Amount and
(unless the Trust shall default in the payment of the Certificate Prepayment
Amount) no interest shall accrue on the Certificate Prepayment Amount for any
period after the date to which accrued interest is calculated for purposes of
calculating the Certificate Prepayment Amount. Following payment in full of the
Certificate Prepayment Amount, this Agreement and the Trust shall terminate.

                                   ARTICLE X

             SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

SECTION 10.1    Eligibility Requirements for Owner Trustee.
(a) The Owner Trustee shall at all times (i) be authorized to exercise corporate
trust powers; (ii) have a combined capital and surplus of at least $50,000,000
and shall be subject to supervision or examination by federal or state
authorities; and (iii) shall have (or shall have a parent that has) a long-term
debt rating of investment grade by each of the Rating Agencies or be otherwise
acceptable to the Rating Agencies. If such corporation 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 10.1, 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. In case at any time the Owner Trustee shall
cease to be eligible in accordance with the provisions of this Section 10.1, the
Owner Trustee shall resign immediately in the manner and with the effect
specified in Section 10.2.

(b) The Owner Trustee shall at all times be an institution satisfying the
provisions of Section 3807(a) of the Business Trust Statute.

SECTION 10.2    Resignation or Removal of Owner Trustee. (a) The Owner Trustee
may at any time resign and be discharged from the trusts hereby created by
giving written notice thereof to the Administrator. Upon receiving such notice
of resignation, the Administrator shall promptly appoint a successor Owner
Trustee, 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. If no successor Owner Trustee shall have been so appointed and has
accepted appointment within thirty (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; 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 Basic Documents until such
successor has in fact assumed such appointment.

(b) If at any time the Owner Trustee shall cease to be eligible in accordance
with the provisions of Section 10.1 or resigns pursuant to Section 10.2 of this
Agreement or 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 if at any time an Insolvency Event with respect to the Owner Trustee
shall have occurred and be continuing, then the Administrator may remove the
Owner Trustee. If the Administrator removes the Owner Trustee under the
authority of the immediately preceding sentence, the Administrator shall
promptly appoint a successor Owner Trustee, by written instrument, in duplicate,
one copy of which instrument shall be delivered to the outgoing Owner Trustee
and one copy to the successor Owner Trustee, and shall pay all fees owed to the
outgoing Owner Trustee.

(c) Any resignation or removal of the Owner Trustee and appointment of a
successor Owner Trustee pursuant to any of the provisions of this Section 10.2
shall not become effective until acceptance of appointment by the successor
Owner Trustee pursuant to Section 10.3, payment of all fees and expenses owed to
the outgoing Owner Trustee and the filing of a certificate of amendment to the
Certificate of Trust if required by the Business Trust Statute. The
Administrator shall provide notice of such resignation or removal of the Owner
Trustee to the Certificateholders, the Indenture Trustee, the Noteholders and
each of the Rating Agencies.

SECTION 10.3    Successor Owner Trustee. (a) Any successor Owner Trustee
appointed pursuant to Section 10.2 shall execute, acknowledge and deliver to the
Administrator and to its predecessor Owner Trustee an instrument accepting such
appointment under this Agreement. Upon the resignation or removal of the
predecessor Owner Trustee becoming effective pursuant to Section 10.2, 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
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.

(b) No successor Owner Trustee shall accept appointment as provided in this
Section 10.3 unless, at the time of such acceptance, such successor Owner
Trustee shall be eligible pursuant to Section 10.1.

(c) Upon acceptance of appointment by a successor Owner Trustee pursuant to this
Section 10.3, the Administrator shall mail notice of the successor of such Owner
Trustee to all Certificateholders, the Indenture Trustee, the Noteholders and
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.

(d) Any successor Owner Trustee appointed hereunder shall file the amendments to
the Certificate of Trust with the Secretary of State identifying the name and
principal place of business of such successor Owner Trustee in the State of
Delaware.

SECTION 10.4    Merger or Consolidation of 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 (i) mail notice of such merger or
consolidation to the Rating Agencies not less than fifteen (15) days prior to
the effective date thereof and (ii) shall file an amendment to the Certificate
of Trust as required by Section 10.3.

SECTION 10.5    Appointment of Co-Trustee or Separate Trustee.
(a) 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
Trust, and to vest in such Person, in such capacity, such title to the Owner
Trust Estate, or any part thereof, and, subject to the other provisions of this
Section 10.5, 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.

(b) 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.

(c) 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 X. 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.

(d) Any separate trustee or co-trustee may at any time appoint the Owner Trustee
as 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 die, 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.

SECTION 10.6    Compliance with Business Trust Statute. Notwithstanding anything
herein to the contrary, the Trust shall at all times have at least one trustee
which meets the requirements of Section 3807(a) of the Business Trust Statute.

                                   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 Rating
Agencies, without the consent of any of the Noteholders or the
Certificateholders or the Swap Counterparties (if the related Interest Rate Swap
Agreement is then in effect), to cure any ambiguity, to correct or supplement
any provisions in this Agreement inconsistent with any other provision of 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; provided,
however, that such action shall not, as evidenced by an opinion of Counsel
satisfactory to the Owner Trustee and the Indenture Trustee, adversely affect in
any material respect the interests of any Noteholder or Certificateholder and
shall not, as evidenced by an Opinion of Counsel satisfactory to the Owner
Trustee and the Indenture Trustee, adversely affect the rights or obligations of
the Swap Counterparties under the Interest Rate Swap Agreements or impair the
ability of the Trust to fully perform any of its obligations under the Interest
Rate Swap Agreements; and provided further that an Opinion of Counsel shall be
furnished to the Indenture Trustee and the Owner Trustee to the effect that such
amendment (A) will not materially adversely affect the federal or any Applicable
Tax State income or franchise taxation of any outstanding Note or Certificate,
or any Noteholder or Certificateholder, (B) will not cause the Trust to be
taxable as a corporation for federal or any Applicable Tax State income or
franchise tax purposes and (C) will not cause the Trust to be subject to the
Michigan Single Business Tax or any other entity level tax imposed by the State
of Michigan. In addition, this Agreement may be amended by the Depositor and the
Owner Trustee, with prior notice to the Rating Agencies, without the consent of
any of the Noteholders, the Swap Counterparties or the Certificateholders, in
connection with the registration of the Certificates under the Securities Act,
in order to facilitate such registration, including with respect to the
modification of the restrictions applicable to the transfer of the Certificates
and modification of the legend set forth on the form of the Certificates.

(b) This Agreement may also be amended from time to time by the Depositor and
the Owner Trustee, with prior written notice to the Rating Agencies, with the
consent of (i) the Indenture Trustee, to the extent that its rights or
obligations would be affected by such amendment, (ii) the Noteholders of Notes
evidencing not less than a majority of the principal amount of the Notes
Outstanding, (iii) the Certificateholders of Certificates evidencing not less
than a majority of the Aggregate Certificate Balance and (iv) the Swap
Counterparties to the extent such amendment adversely affects the rights or
obligations of the Swap Counterparties or modifies or impairs the ability of the
Trust to fully perform any of its obligations under the Interest Rate Swap
Agreements, 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 Certificateholders; provided,
however, that no such amendment shall (i) increase or reduce in any manner the
amount of, or accelerate or delay the timing of, or change the allocation or
priority of, collections of payments on Receivables or distributions that are
required to be made for the benefit of the Noteholders or the
Certificateholders, or (ii) reduce the aforesaid percentage of the principal
amount of the Notes Outstanding and the Aggregate Certificate Balance required
to consent to any such amendment, without the consent of all the Noteholders and
Certificateholders affected thereby; and provided further, that an Opinion of
Counsel shall be furnished to the Indenture Trustee and the Owner Trustee to the
effect that such amendment (A) will not materially adversely affect the federal
or any Applicable Tax State income or franchise taxation of any outstanding Note
or Certificate, or any Noteholder or Certificateholder, (B) will not cause the
Trust to be taxable as a corporation for federal or any Applicable Tax State
income or franchise tax purposes and (C) will not cause the Trust to be subject
to the Michigan Single Business Tax or any other entity level tax imposed by the
State of Michigan. Any Swap Counterparty's consent will be deemed to have been
given if such Swap Counterparty does not object in writing within ten Business
Days of receipt of a written request for such consent.

(c) Promptly after the execution of any such amendment or consent, the Owner
Trustee shall furnish written notification of the substance of such amendment or
consent to each Certificateholder, the Indenture Trustee, the Swap
Counterparties (to the extent the related Interest Rate Swap Agreement is in
effect) and each of the Rating Agencies.

(d) It shall not be necessary for the consent of Certificateholders, the
Noteholders, the Swap Counterparties or the Indenture Trustee pursuant to this
Section 11.1 to approve the particular form of any proposed amendment or
consent, but it shall be sufficient if such consent shall approve the substance
thereof. The manner of obtaining such consents (and any other consents of
Certificateholders provided for in this Agreement or in any other Basic
Document) and of evidencing the authorization of the execution thereof by
Certificateholders shall be subject to such reasonable requirements as the Owner
Trustee may prescribe.

(e) Promptly after the execution of any amendment to the Certificate of Trust,
the Owner Trustee shall cause the filing of such amendment with the Secretary of
State.

(f) Prior to the execution of any amendment to this Agreement or the Certificate
of Trust, 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. 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.

(g) In connection with the execution of any amendment to this Agreement or any
amendment to any other agreement to which the Trust is a party, the Owner
Trustee shall be entitled to receive and conclusively rely upon an opinion of
Counsel to the effect that such amendment is authorized or permitted by the
Basic Documents and that all conditions precedent in the Basic Documents for the
execution and delivery thereof by the Trust or the Owner Trustee, as the case
may be, have been satisfied.

SECTION 11.2    No Legal Title to Owner Trust Estate in Certificateholders. The
Certificateholders shall not have legal title to any part of the Owner Trust
Estate. The Certificateholders shall be entitled to receive distributions with
respect to their beneficial interests 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 Certificateholders to and in their beneficial 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    Limitation on Rights of Others. Except for Sections 2.6 and
11.1, the provisions of this Agreement are solely for the benefit of the Owner
Trustee, the Depositor, the Administrator, the Certificateholders, the Servicer
and, to the extent expressly provided herein, the Indenture Trustee and the
Noteholders, and nothing in this Agreement (other than Section 2.6), whether
express or implied, shall be construed to give to any other Person any legal 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
upon receipt by the intended recipient or three (3) Business Days after mailing
if mailed by certified mail, postage prepaid (except that notice to the Owner
Trustee shall be deemed given only upon actual receipt by the Owner Trustee), if
to the Owner Trustee, addressed to its Corporate Trust Office; if to the
Depositor, addressed to Ford Credit Auto Receivables Two LLC at the address of
its principal executive office first above written; 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 Certificateholder and its successors
and permitted assigns, all as herein provided. Any request, notice, direction,
consent, waiver or other instrument or action by a Certificateholder shall bind
the successors and assigns of such Certificateholder.

SECTION 11.8    No Petition. The Owner Trustee (not in its individual capacity
but solely as Owner Trustee), by entering into this Agreement, and each
Certificateholder, by accepting a Certificate, hereby covenants and agrees that
it will not, until after the Notes have been paid in full, institute against the
Depositor or the Trust, or join in any institution against the Depositor or the
Trust 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, this Agreement or any of the other Basic Documents.

SECTION 11.9    No Recourse. 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 Owner Trustee, the Indenture
Trustee or any Affiliate thereof, and no recourse may be had against such
parties or their assets, except as may be expressly set forth or contemplated in
this Agreement, the Certificates or the other Basic Documents.
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 Delaware and the obligations, rights and remedies
of the parties hereunder shall be determined in accordance with such laws.

SECTION 11.12   Sale and Servicing Agreement Obligations. Notwithstanding any
other provision of this Agreement, the Owner Trustee agrees that it will comply
with its obligations under Sections 3.1, 4.1 and 4.2 of the Sale and Servicing
Agreement.

<PAGE>

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

                           FORD CREDIT AUTO RECEIVABLES
                           TWO LLC, as Depositor

                                 By: __________________________
                                 Name: Emily E. Smith-Sulfaro
                                 Title:  Assistant Secretary

                           WACHOVIA BANK OF DELAWARE,
                           NATIONAL ASSOCIATION,
                           as Owner Trustee

                                 By: __________________________
                                 Name:
                                 Title:

<PAGE>

                                       A-1

                               CLASS D CERTIFICATE

NUMBER                                                              $59,994,000
R-1                                                             CUSIP NO. [   ]

THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "SECURITIES ACT"), OR UNDER ANY STATE SECURITIES OR BLUE SKY LAW OF
ANY STATE OF THE UNITED STATES. THE HOLDER HEREOF, BY PURCHASING THIS
CERTIFICATE, AGREES FOR THE BENEFIT OF THE TRUST AND THE DEPOSITOR THAT THIS
CERTIFICATE MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN
COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (I) (A)
(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT ("RULE 144A") TO A PERSON
THAT THE HOLDER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER, WITHIN
THE MEANING OF RULE l44A (A "QIB"), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE
ACCOUNT OF A QIB, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER,
RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
SUBJECT TO (A) THE RECEIPT BY THE TRUST AND THE CERTIFICATE REGISTRAR OF A
CERTIFICATE SUBSTANTIALLY IN THE FORM ATTACHED AS EXHIBIT D TO THE TRUST
AGREEMENT AND (B) THE RECEIPT BY THE TRUST AND THE CERTIFICATE REGISTRAR OF A
LETTER SUBSTANTIALLY IN THE FORM ATTACHED AS EXHIBIT B TO THE TRUST AGREEMENT,
WITH SUCH CHANGES THEREIN AS MAY BE APPROVED BY THE OWNER TRUSTEE AND DEPOSITOR,
(2) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE
SECURITIES ACT (IF AVAILABLE), SUBJECT TO THE RECEIPT BY THE TRUST, THE INITIAL
PURCHASER AND THE CERTIFICATE REGISTRAR OF AN OPINION OF COUNSEL ACCEPTABLE TO
THE OWNER TRUSTEE AND THE DEPOSITOR THAT SUCH REOFFER, RESALE, PLEDGE OR
TRANSFER IS IN COMPLIANCE WITH THE TRUST AGREEMENT AND THE SECURITIES ACT AND
OTHER APPLICABLE LAWS, (3) TO AN INSTITUTIONAL "ACCREDITED INVESTOR" WITHIN THE
MEANING THEREOF IN RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE
SECURITIES ACT PURSUANT TO ANY OTHER EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO (A) THE RECEIPT BY THE TRUST AND
THE CERTIFICATE REGISTRAR OF A LETTER SUBSTANTIALLY IN THE FORM ATTACHED AS
EXHIBIT C TO THE TRUST AGREEMENT OR (B) THE RECEIPT BY THE TRUST, THE INITIAL
PURCHASER AND THE CERTIFICATE REGISTRAR OF SUCH OTHER EVIDENCE ACCEPTABLE TO THE
OWNER TRUSTEE AND THE DEPOSITOR THAT SUCH REOFFER, RESALE, PLEDGE OR TRANSFER IS
IN COMPLIANCE WITH THE TRUST AGREEMENT AND THE SECURITIES ACT AND OTHER
APPLICABLE LAWS AND (B) IN THE CASE OF A TRANSFER PURSUANT TO CLAUSES (A)(1),
(2) OR (3), THE RECEIPT BY THE OWNER TRUSTEE AND THE DEPOSITOR OF THE STATE TAX
OPINION REQUIRED BY SECTION 3.3(a) OF THE TRUST AGREEMENT, OR (II) TO THE
DEPOSITOR OR ITS AFFILIATES, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE
SECURITIES LAWS OF THE UNITED STATES AND SECURITIES AND BLUE SKY LAWS OF THE
STATES OF THE UNITED STATES.

THE PRINCIPAL OF THIS CERTIFICATE IS DISTRIBUTABLE AS SET FORTH IN THE TRUST
AGREEMENT. ACCORDINGLY, THE OUTSTANDING PRINCIPAL BALANCE OF THIS CERTIFICATE AT
ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

                       FORD CREDIT AUTO OWNER TRUST 2002-D

                     CLASS D 6.00% ASSET BACKED CERTIFICATE

evidencing a beneficial interest in the property of the Trust, as defined below,
which property includes a pool of retail installment sale contracts, secured by
new and used automobiles and light duty trucks, conveyed to Ford Credit Auto
Receivables Two LLC by Ford Motor Credit Company and conveyed by Ford Credit
Auto Receivables Two LLC to the Trust. The property of the Trust has been
pledged to the Indenture Trustee pursuant to the Indenture to secure the payment
of the Notes issued thereunder and the payments to the Swap Counterparties
pursuant to the Interest Rate Swap Agreements.

(This Certificate does not represent an interest in or obligation of Ford Motor
Credit Company, Ford Credit Auto Receivables Two LLC or any of their respective
Affiliates, except to the extent described below.)

                  THIS CERTIFIES THAT FORD CREDIT AUTO RECEIVABLES TWO LLC is
the registered owner of FIFTY NINE MILLION NINE HUNDRED NINETY FOUR THOUSAND
DOLLARS nonassessable, fully-paid, beneficial interest in Class D Certificates
of Ford Credit Auto Owner Trust 2002-D (the "Trust") formed by Ford Credit Auto
Receivables Two LLC, a Delaware limited liability company (the "Depositor"). The
Class D Certificates have an aggregate Initial Certificate Balance of
$59,994,000 and bear interest at a rate of 6.00% per annum (the "Class D Rate").

                  The Trust was created pursuant to an Amended and Restated
Trust Agreement, dated as of August 1, 2002 (as from time to time amended,
supplemented or otherwise modified and in effect, the "Trust Agreement"), among
the Depositor, Wachovia Bank of Delaware, National Association, not in its
individual capacity but solely 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 Trust Agreement.

                  This Certificate is one of the duly authorized Certificates
designated as "Class D 6.00% Asset Backed Certificates" (herein called the
"Class D Certificates" or the "Certificates") are issued under and are subject
to the terms, provisions and conditions of the Trust Agreement, to which Trust
Agreement the Certificateholder of this Certificate by virtue of the acceptance
hereof assents and by which such Certificateholder is bound. Also issued under
the Indenture, dated as of August 1, 2002 (as from time to time amended,
supplemented or otherwise modified and in effect, the "Indenture"), between the
Trust and The Bank of New York, as indenture trustee (in such capacity, the
"Indenture Trustee"), are the Notes designated as "Class A-1 1.79% Asset Backed
Notes", "Class A-2a 2.10% Asset Backed Notes", "Class A-2b Floating Rate Asset
Backed Notes", "Class A-3a 2.68% Asset Backed Notes", "Class A-3b Floating Rate
Asset Backed Notes", "Class A-4a 3.13% Asset Backed Notes", "Class A-4b Floating
Rate Asset Backed Notes", "Class B 3.56% Asset Backed Notes" and "Class C 4.40%
Asset Backed Notes" (collectively, the "Notes"). The property of the Trust
includes (i) pool of retail installment sale contracts, secured by new and used
automobiles and light duty trucks and certain rights and obligations thereunder
(the "Receivables"); (ii) with respect to Actuarial Receivables, all monies due
thereunder on or after the Cutoff Date and, with respect to Simple Interest
Receivables, all monies due or received thereunder on or after the Cutoff Date;
(iii) monies received prior to the Cutoff Date on the Receivables which were due
on or after the Cutoff Date and were not used to reduce the principal balance of
the Receivables; (iv) the security interests in the Financed Vehicles; (v)
rights to proceeds from claims on certain physical damage, credit life, credit
disability or other insurance policies, if any, covering Financed Vehicles or
Obligors; (vi) the Seller's rights to certain documents and instruments relating
to the Receivables; (vii) such amounts as from time to time may be held in one
or more accounts maintained pursuant to the Sale and Servicing Agreement, dated
as of August 1, 2002 (as from time to time amended, supplemented or otherwise
modified and in effect, the "Sale and Servicing Agreement"), by and among the
Trust, the Depositor, as seller (in such capacity, the "Seller"), and Ford Motor
Credit Company, as servicer (the "Servicer"), including the Reserve Account;
(viii) the Seller's rights under the Sale and Servicing Agreement; (ix) the
Seller's rights under the Purchase Agreement; (x) rebates of premiums and other
amounts relating to insurance policies and other items financed under the
Receivables in effect as of the Cutoff Date; (xi) security interests in any
other property securing each Receivable; (xii) the Issuer's rights under the
Interest Rate Swap Agreements; and (xiii) any and all proceeds of the foregoing.
The rights of the Trust in the foregoing property of the Trust have been pledged
to the Indenture Trustee to secure the payment of the Notes and payments to the
Swap Counterparties pursuant to the Interest Rate Swap Agreements.

                  Under the Trust Agreement, there will be distributed on the
fifteenth day of each month, or if such fifteenth day is not a Business Day, the
next Business Day (each, a "Payment Date"), commencing in September 2002, to the
Person in whose name this Certificate is registered at the close of business on
the last day of the preceding month (the "Record Date") such Certificateholder's
percentage interest in the amount to be distributed to Class D
Certificateholders on such Payment Date; provided, however, that principal will
be distributed to the Class D Certificateholders on each Payment Date on (to the
extent of funds remaining after all classes of the Notes) and after the date on
which all classes of the Notes have been paid in full. Notwithstanding the
foregoing, following the occurrence and during the continuation of an event of
default under the Indenture which has resulted in an acceleration of the Notes,
no distributions of principal or interest will be made on the Certificates until
all principal and interest on the Notes has been paid in full.

                  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 and the Swap Counterparties as
described in the Sale and Servicing Agreement, the Indenture and the Trust
Agreement.

                  It is the intent of the Depositor, the Servicer and the
Certificateholders that, for purposes of federal income, state and local
franchise and income tax and any other income taxes, the Trust will be treated
either as a disregarded entity for so long as the Depositor owns 100% of the
Certificates and otherwise as a partnership in which the Certificateholders
(including the Depositor) will be treated as partners in that partnership. The
Depositor and the other Certificateholders by acceptance of a Certificate agree
to treat, and to take no action inconsistent with the treatment of, the
Certificates for such tax purposes as partnership interests in the Trust.

                  Each Certificateholder, by its acceptance of a Certificate,
covenants and agrees that such Certificateholder will not, until after the Notes
have been paid in full, institute against the Depositor or the Trust, or join in
any institution against the Depositor or the Trust 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 Securities, the Trust
Agreement or any of the other Basic Documents.

                  Distributions on this Certificate will be made as provided in
the Trust Agreement by the Owner Trustee or the Certificate Paying Agent by wire
transfer or check mailed to the Certificateholder of record in the Certificate
Register without the presentation or surrender of this Certificate or the making
of any notation hereon. Except as otherwise provided in the Trust Agreement and
notwithstanding the above, the final distribution on this Certificate will be
made after due notice by the Owner Trustee of the pendency of such distribution
and only upon presentation and surrender of this Certificate at the office or
agency maintained for the purpose by the Owner Trustee in Wilmington, Delaware.

                  Reference is hereby made to the further provisions of this
Certificate set forth on the reverse hereof, which further provisions shall for
all purposes have the same effect as if set forth at this place.

                  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 Certificateholder hereof to
any benefit under the Trust Agreement or the Sale and Servicing Agreement or be
valid for any purpose.

                  This Certificate shall be construed in accordance with the
laws of the State of Delaware and the obligations, rights and remedies of the
parties hereunder shall be determined in accordance with such laws.

<PAGE>

                  In WITNESS WHEREOF, the Owner Trustee, on behalf of the Trust
and not in its individual capacity, has caused this Class D Certificate to be
duly executed.

                             FORD CREDIT AUTO OWNER
                               TRUST 2002-D

                             By:  WACHOVIA BANK OF DELAWARE,
                                  NATIONAL ASSOCIATION
                                  not in its individual capacity but
                                  solely as Owner Trustee

                             By:___________________________
                                Authorized Officer

                  OWNER TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Dated: August ___, 2002

                             WACHOVIA BANK OF DELAWARE,
                             NATIONAL ASSOCIATION,
                             not in its individual capacity but
                             solely as Owner Trustee

                             By: ___________________________
                                 Authorized Officer

<PAGE>

                             REVERSE OF CERTIFICATE

                  The Certificates do not represent an obligation of, or an
interest in, the Depositor, the Servicer, the Administrator, the Owner Trustee
or any Affiliates of any of them and no recourse may be had against such parties
or their assets, except as may be expressly set forth or contemplated herein, in
the Trust Agreement or in the other Basic Documents. In addition, this
Certificate is not guaranteed by any governmental agency or instrumentality and
is limited in right of payment to certain collections with respect to the
Receivables (and certain other amounts), all as more specifically set forth
herein and in the Sale and Servicing Agreement. A registration statement, which
includes a form of the Trust Agreement as an exhibit thereto, has been filed
with the Securities and Exchange Commission with respect to the Class A-2a
Notes, the Class A-2b Notes, the Class A-3a Notes, the Class A-3b Notes, the
Class A-4a Notes, the Class A-4b Notes, the Class B Notes and the Class C Notes.

                  The Trust Agreement permits, with certain exceptions therein
provided, the amendment thereof and the modification of the rights and
obligations of the Depositor and the rights of the Certificateholders under the
Trust Agreement at any time by the Depositor and the Owner Trustee with the
consent of the Noteholders and the Certificateholders evidencing not less than a
majority of the principal amount of the Notes Outstanding and the Aggregate
Certificate Balance, respectively, and the consent of the Swap Counterparties.
Any such consent by the Certificateholder of this Certificate shall be
conclusive and binding on such Certificateholder and on all future
Certificateholders of this Certificate and of any Certificate issued upon the
registration of Transfer hereof or in exchange herefor or in lieu hereof whether
or not notation of such consent is made upon this Certificate. The Trust
Agreement also permits the amendment thereof, in certain limited circumstances,
without the consent of any of the Noteholders, the Swap Counterparties or the
Certificateholders.

                  As provided in the Trust Agreement and subject to certain
limitations therein set forth, the Transfer of the Certificates are registrable
in the Certificate Register upon surrender of this Certificate for registration
of Transfer at the offices or agencies maintained by Wachovia Bank of Delaware,
National Association in its capacity as Certificate Registrar, or by any
successor Certificate Registrar, in Wilmington, Delaware, accompanied by a
written instrument of transfer in form satisfactory to the Owner Trustee and the
Certificate Registrar duly executed by the holder hereof or such holder's
attorney duly authorized in writing, and thereupon one or more new Certificates
of authorized denominations evidencing the same aggregate interest in the Trust
will be issued to the designated transferee.

                  The Certificates are issuable as registered Certificates
without coupons in denominations of at least $20,000 and in integral multiples
of $1,000 in excess thereof. Certificates are exchangeable for new Certificates
of like Class and authorized denominations evidencing the same aggregate
denomination, as requested by the Certificateholder surrendering the same. No
service charge will be made for any such registration of Transfer or exchange,
but the Owner Trustee or the Certificate Registrar may require payment of a sum
sufficient to cover any tax or governmental charge payable in connection
therewith.

                  The Owner Trustee, the Certificate Registrar and any agent of
the Owner Trustee or the Certificate Registrar may treat the Person in whose
name this Certificate is registered as the owner hereof for all purposes, and
none of the Owner Trustee, the Certificate Registrar or any such agent shall be
affected by any notice to the contrary.

                  The Class D Certificates may be acquired only by an entity
that is either: (a) not, and each account (if any) for which it is purchasing
the Class D Certificates is not (i) an employee benefit plan (as defined in
Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended
("ERISA")) that is subject to Title I of ERISA, (ii) a plan described in Section
4975(e)(1) of the Internal Revenue Code of 1986, as amended (the "Code") that is
subject to Section 4975 of the Code, (iii) a governmental plan, as defined in
Section 3(32) of ERISA, subject to any federal, State or local law which is, to
a material extent, similar to the provisions of Section 406 of ERISA or Section
4975 of the Code, (iv) an entity whose underlying assets include plan assets by
reason of a plan's investment in the entity (within the meaning of Department of
Labor Regulation 29 C.F.R. ss. 2510.3-101 or otherwise under ERISA) or (v) a
person investing "plan assets" of any such plan (including without limitation,
for purposes of this clause (v), an insurance company general account, but
excluding any entity registered under the Investment Company Act of 1940, as
amended); or (b) an insurance company acting on behalf of a general account and
(i) on the date of purchase less than 25% (or such lesser percentage as may be
determined by the Depositor) of the assets of such general account (as
reasonably determined by it) constitute "plan assets" for purposes of Title I of
ERISA and Section 4975 of the Code, (ii) the purchase and holding of such Class
D Certificates are eligible for exemptive relief under Sections (I) and (III) of
Prohibited Transaction Class Exemption 95-60, and (iii) the purchaser agrees
that if, after the purchaser's initial acquisition of the Class D Certificates,
at any time during any calendar quarter 25% (or such lesser percentage as may be
determined by the Depositor) or more of the assets of such general account (as
reasonably determined by it no less frequently than each calendar quarter)
constitute "plan assets" for purposes of Title I of ERISA or Section 4975 of the
Code and no exemption or exception from the prohibited transaction rules applies
to the continued holding of the Class D Certificates under Section 401(c) of
ERISA and the final regulations thereunder or under an exemption or regulation
issued by the United States Department of Labor under ERISA, it will dispose of
all Class D Certificates then held in its general account by the end of the next
following calendar quarter.

                  In addition, the Certificates may not be acquired by or on
behalf of a Person other than (A) a citizen or resident of the United States,
(B) a corporation or partnership organized in or under the laws of the United
States or any political subdivision thereof, (C) an estate the income of which
is includible in gross income for United States tax purposes, regardless of its
source, (D) a trust if a U.S. court is able to exercise primary supervision over
the administration of such trust and one or more Persons meeting the conditions
of this paragraph has the authority to control all substantial decisions of the
trust or (E) a Person not described in clauses (A) through (D) above whose
ownership of the Certificates is effectively connected with such Person's
conduct of a trade or business within the United States (within the meaning of
the Code) and who provides the Owner Trustee and the Depositor with an IRS Form
4224 (and such other certifications, representations, or opinions of counsel as
may be requested by the Owner Trustee or the Depositor).

                  The obligations and responsibilities created by the Trust
Agreement and the Trust created thereby shall terminate (i) upon the maturity or
other liquidation of the last remaining Receivable and the disposition of any
amounts received upon such maturity or liquidation or (ii) upon the payment to
the Noteholders, the Swap Counterparties and the Certificateholders of all
amounts required to be paid to them pursuant to the Indenture, the Trust
Agreement, the Sale and Servicing Agreement and the Interest Rate Swap
Agreements, and upon such termination any remaining assets of the Trust shall be
distributed to the Depositor. The Servicer of the Receivables may at its option
purchase the assets of the Trust at a price specified in the Sale and Servicing
Agreement, and such purchase of the Receivables and other property of the Trust
will effect early retirement of the Notes and the Certificates; however, such
right of purchase is exercisable only as of the last day of any Collection
Period as of which the Pool Balance is less than or equal to 10% of the Initial
Pool Balance.

<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 as it
appears upon 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.

<PAGE>

                                       B-1

                                                                      EXHIBIT B

                            FORM OF INVESTMENT LETTER
                          QUALIFIED INSTITUTIONAL BUYER

                                                                   Date

Ford Credit Auto Owner Trust 2002-D,
  as Issuer
Wachovia Bank of Delaware,
National Association,
as Owner Trustee and
Certificate Registrar
One Rodney Square, 920 King Street, Suite 102, Wilmington, Delaware 19801
Attention: Corporate Trust Administration, Amy Martin

                           Re:  Ford Credit Auto Owner Trust 2002-D
                                Class D 6.00% Asset Backed Certificates

Ladies and Gentlemen:

         In connection with our proposed purchase of the Class D 6.00% Asset
Backed Certificates (the "Certificates") of Ford Credit Auto Owner Trust 2002-D
(the "Issuer"), a trust formed by Ford Credit Auto Receivables Two LLC (the
"Depositor"), we confirm that:

         1. The undersigned agrees to be bound by, and not to resell, transfer,
assign, participate, pledge or otherwise dispose of (any such act, a "Transfer")
the Certificates except in compliance with, the restrictions and conditions set
forth in the legend on the face of the Certificates and under the Securities Act
of 1933, as amended (the "Securities Act").

         2. We understand that no subsequent Transfer of the Certificates is
permitted unless we cause our proposed transferee to provide to the Issuer, the
Certificate Registrar and the Initial Purchaser a letter substantially in the
form of this letter or Exhibit C to the Trust Agreement, as applicable, or such
other written statement as the Depositor shall prescribe.

         3. We are a "qualified institutional buyer" (within the meaning of Rule
144A under the Securities Act) (a "QIB") and we are acquiring the Certificates
for our own account or for a single account (which is a QIB) as to which we
exercise sole investment discretion.

         4.       We are either:

                  (a) not, and each account (if any) for which we are purchasing
                  the Certificates is not (i) an employee benefit plan (as
                  defined in Section 3(3) of the Employee Retirement Income
                  Security Act of 1974, as amended ("ERISA")) that is subject to
                  Title I of ERISA, (ii) a plan described in Section 4975(e)(1)
                  of the Internal Revenue Code of 1986, as amended (the "Code")
                  that is subject to Section 4975 of the Code, (iii) a
                  governmental plan, as defined in Section 3(32) of ERISA,
                  subject to any federal, state or local law which is, to a
                  material extent, similar to the provisions of Section 406 of
                  ERISA or Section 4975 of the Code, (iv) an entity whose
                  underlying assets include plan assets by reason of a plan's
                  investment in the entity (within the meaning of Department of
                  Labor Regulation 29 C.F.R. Section 2510.3-101 or otherwise
                  under ERISA) or (v) a person investing "plan assets" of any
                  such plan (including without limitation, for purposes of this
                  clause (v), an insurance company general account, but
                  excluding an entity registered under the Investment Company
                  Act of 1940, as amended), or

                  (b) an insurance company acting on behalf of a general account
                  and (i) on the date hereof less than 25% of the assets of such
                  general account (as reasonably determined by us) constitute
                  "plan assets" for purposes of Title I of ERISA and Section
                  4975 of the Code, (ii) the purchase and holding of such
                  Certificates are eligible for exemptive relief under Sections
                  (I) and (III) of Prohibited Transaction Class Exemption 95-60,
                  and (iii) the undersigned agrees that if, after the
                  undersigned's initial acquisition of the Certificates, at any
                  time during any calendar quarter 25% or more of the assets of
                  such general account (as reasonably determined by us no less
                  frequently than each calendar quarter) constitute "plan
                  assets" for purposes of Title I of ERISA or Section 4975 of
                  the Code and no exemption or exception from the prohibited
                  transaction rules applies to the continued holding of the
                  Certificates under Section 401(c) of ERISA and the final
                  regulations thereunder or under an exemption or regulation
                  issued by the DOL under ERISA, we will dispose of all
                  Certificates then held in our general account by the end of
                  the next following calendar quarter.

         5. We are a person who is (i) a citizen or resident of the United
States, (ii) a corporation or partnership organized in or under the laws of the
United States or any political subdivision thereof, (iii) an estate the income
of which is includible in gross income for United States tax purposes,
regardless of its source, (iv) a trust if a U.S. court is able to exercise
primary supervision over the administration of such trust and one or more
persons described in clauses (i) to (iii) above or clause (v) below has the
authority to control all substantial decisions of the trust or (v) a person not
described in clauses (i) to (iv) above whose ownership of the Certificates is
effectively connected with such person's conduct of a trade or business within
the United States (within the meaning of the Code) and who provides the Issuer
and the Depositor with a Form 4224 (and such other certifications,
representations, or opinions of counsel as may be requested by the Issuer or the
Depositor).

         6. We understand that any purported Transfer of any Certificate (or any
interest therein) in contravention of the restrictions and conditions above will
be null and void (each, a "Void Transfer"), and the purported transferee in a
Void Transfer will not be recognized by the Issuer or any other person as a
Certificateholder for any purpose.

         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:__________________________
                                             Name:
                                             Title:

Securities To Be Purchased:
$[   ] principal amount of Certificates

<PAGE>

                                       C-1

                                                                      EXHIBIT C

                            FORM OF INVESTMENT LETTER
                        INSTITUTIONAL ACCREDITED INVESTOR

                                                                   Date

Ford Credit Auto Owner Trust 2002-D,
  as Issuer
Wachovia Bank of Delaware,
National Association,
as Owner Trustee and
Certificate Registrar
One Rodney Square, 920 King Street, Suite 102, Wilmington, Delaware 19801
Attention: Corporate Trust Administration, Amy Martin

                  Re:      Ford Credit Auto Owner Trust 2002-D
                           Class D 6.00%  Asset Backed Certificates

Ladies and Gentlemen:

         In connection with our proposed purchase of the Class D 6.00% Asset
Backed Certificates (the "Certificates") of Ford Credit Auto Owner Trust 2002-D
(the "Issuer"), a trust formed by Ford Credit Auto Receivables Two LLC (the
"Depositor"), we confirm that:

         1. The undersigned agrees to be bound by, and not to resell, transfer,
assign, participate, pledge or otherwise dispose of (any such act, a "Transfer")
the Certificates except in compliance with, the restrictions and conditions set
forth in the legend on the face of the Class D Certificates and under the
Securities Act of 1933, as amended (the "Securities Act").

         2. We understand that no subsequent Transfer of the Certificates is
permitted unless we cause our proposed transferee to provide to the Issuer, the
Certificate Registrar and the Initial Purchaser a letter substantially in the
form of this letter or Exhibit B to the Trust Agreement, as applicable, or such
other written statement as the Depositor shall prescribe.

         3. We are an institutional "accredited investor" (as defined in Rule
501(a)(1), (2), (3) or (7) under the Securities Act) and we are acquiring the
Certificates for our own account.

         4.       We are either:

                  (a) not, and each account (if any) for which we are purchasing
                  the Certificates is not (i) an employee benefit plan (as
                  defined in Section 3(3) of the Employee Retirement Income
                  Security Act of 1974, as amended ("ERISA")) that is subject to
                  Title I of ERISA, (ii) a plan described in Section 4975(e)(1)
                  of the Internal Revenue Code of 1986, as amended (the "Code")
                  that is subject to Section 4975 of the Code, (iii) a
                  governmental plan, as defined in Section 3(32) of ERISA,
                  subject to any federal, state or local law which is, to a
                  material extent, similar to the provisions of Section 406 of
                  ERISA or Section 4975 of the Code, (iv) an entity whose
                  underlying assets include plan assets by reason of a plan's
                  investment in the entity (within the meaning of Department of
                  Labor Regulation 29 C.F.R. Section 2510.3-101 or otherwise
                  under ERISA) or (v) a person investing "plan assets" of any
                  such plan (including without limitation, for purposes of this
                  clause (v), an insurance company general account, but
                  excluding an entity registered under the Investment Company
                  Act of 1940, as amended), or

                  (b) an insurance company acting on behalf of a general account
                  and (i) on the date hereof less than 25% of the assets of such
                  general account (as reasonably determined by us) constitute
                  "plan assets" for purposes of Title I of ERISA and Section
                  4975 of the Code, (ii) the purchase and holding of such
                  Certificates are eligible for exemptive relief under Sections
                  (I) and (III) of Prohibited Transaction Class Exemption 95-60,
                  and (iii) the undersigned agrees that if, after the
                  undersigned's initial acquisition of the Certificates, at any
                  time during any calendar quarter 25% or more of the assets of
                  such general account (as reasonably determined by us no less
                  frequently than each calendar quarter) constitute "plan
                  assets" for purposes of Title I of ERISA or Section 4975 of
                  the Code and no exemption or exception from the prohibited
                  transaction rules applies to the continued holding of the
                  Certificates under Section 401(c) of ERISA and the final
                  regulations thereunder or under an exemption or regulation
                  issued by the DOL under ERISA, we will dispose of all
                  Certificates then held in our general account by the end of
                  the next following calendar quarter.

         5. We are a person who is (i) a citizen or resident of the United
States, (ii) a corporation or partnership organized in or under the laws of the
United States or any political subdivision thereof, (iii) an estate the income
of which is includible in gross income for United States tax purposes,
regardless of its source, (iv) a trust if a U.S. court is able to exercise
primary supervision over the administration of such trust and one or more
persons described in clauses (i) to (iii) above or clause (v) below has the
authority to control all substantial decisions of the trust or (v) a person not
described in clauses (i) to (iv) above whose ownership of the Certificates is
effectively connected with such person's conduct of a trade or business within
the United States (within the meaning of the Code) and who provides the Issuer
and the Depositor with a Form 4224 (and such other certifications,
representations, or opinions of counsel as may be requested by the Issuer or the
Depositor).

         6. We understand that any purported Transfer of any Certificate (or any
interest therein) in contravention of the restrictions and conditions above will
be null and void (each, a "Void Transfer"), and the purported transferee in a
Void Transfer will not be recognized by the Issuer or any other person as a
Certificateholder for any purpose.

         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:__________________________
                                             Name:
                                             Title:

Securities To Be Purchased:
$[    ] principal amount of Certificates

<PAGE>

                                       D-1

                                                                      EXHIBIT D

                    FORM OF RULE 144A TRANSFEROR CERTIFICATE

                                                                   Date

Wachovia Bank of Delaware,
National Association,
as Owner Trustee and
Certificate Registrar
One Rodney Square, 920 King Street, Suite 102, Wilmington, Delaware 19801
Attention: Corporate Trust Administration, Amy Martin

                  Re:      Ford Credit Auto Owner Trust 2002-D
                           Class D 6.00% Asset Backed Certificates

Ladies and Gentlemen:

         This is to notify you as to the transfer of $* in denomination of Class
D 6.00% Asset Backed Certificates (the "Certificates") of Ford Credit Auto Owner
Trust 2002-D (the "Issuer").

         The undersigned is the holder of the Certificates and with this notice
hereby deposits with the Owner Trustee $* in denomination of Certificates and
requests that Certificates of the same class in the same aggregate denomination
be issued, executed and authenticated and registered to the purchaser on
___________, 200[ ], as specified in the Trust Agreement dated as of August 1,
2002 relating to the Certificates, as follows:

         Name:                              Denominations:
         Address:
         Taxpayer I.D. No:

<PAGE>

         The undersigned represents and warrants that the undersigned (i)
reasonably believes the purchaser is a "qualified institutional buyer," as
defined in Rule 144A under the Securities Act of 1933 (the "Act"), (ii) such
purchaser has acquired the Certificates in a transaction effected in accordance
with the exemption from the registration requirements of the Act provided by
Rule 144A, (iii) if the purchaser has purchased the Certificates for an account
for which it is acting as fiduciary or agent, such account is a qualified
institutional buyer and (iv) the purchaser is acquiring Certificates for its own
account or for an institutional account for which it is acting as fiduciary or
agent.

                                      Very truly yours,

                                      NAME OF HOLDER OF CERTIFICATES

                                      By:________________________
                                         Name:
                                         Title:

* authorized denomination

<PAGE>

                                       E-1

                                                                      EXHIBIT E

                          FORM OF CERTIFICATE OF TRUST

                             CERTIFICATE OF TRUST OF
                       FORD CREDIT AUTO OWNER TRUST 2002-D

         This Certificate of Trust of Ford Credit Auto Owner Trust 2002-D (the
"Trust"), dated as of August 1, 2002, is being duly executed and filed by
Wachovia Bank of Delaware, National Association, as owner trustee (the "Owner
Trustee"), to form a business trust under the Delaware Business Trust Act (12
Delaware Code, ss. 3801 et seq.) (the "Act").

         1.  Name.  The name of the business trust formed hereby is Ford Credit
Auto Owner Trust 2002-D

         2.  Owner Trustee.  The name and business address of the sole trustee
of the Trust in the State of Delaware is Wachovia Bank of Delaware, National
Association,  One Rodney Square, 920 King Street, Wilmington, Delaware 19801.

         3.  Effective Date. This Certificate of Trust shall be effective upon
filing.

<PAGE>

         IN WITNESS WHEREOF, the undersigned, being the sole trustees of the
Trust, have executed this Certificate of Trust as of the date first above
written in accordance with Section 3811(a)(1) of the Act.

                                          WACHOVIA BANK OF DELAWARE,
                                          NATIONAL ASSOCIATION,
                                          not in its individual capacity but
                                          solely as Owner Trustee under an
                                          Amended and Restated Trust Agreement
                                          dated as of August 1, 2002

                                          By: ________________________
                                              Name:
                                              Title:

<PAGE>

                                       A-1

                                                                     APPENDIX A

                              Definitions and Usage

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