Document:

EXHIBIT 10.3

                   SCHEDULE to the ISDA Master Agreement

                         Dated as of March 13, 2002

                                  between
               MORGAN STANLEY CAPITAL SERVICES INC. ("MSCS")
                                    and
                 MMCA AUTO OWNER TRUST 2002-1 (the "Trust")

Part 1   Termination Provisions.

(a)      "Specified Entity" means:

         (i)      in relation to MSCS: Not Applicable.

         (ii)     in relation to the Trust: Not Applicable.

(b)      "Specified Transaction" shall have the meaning specified in
         Section 14 of this Agreement.

(c)      The "Breach of Agreement" provisions of Section 5(a)(ii) will not
         apply to MSCS or to the Trust.

(d)      The "Credit Support Default" provisions of Section 5(a)(iii), if
         applicable, will apply to MSCS and will not apply to the Trust.

(e)      The "Misrepresentation" provisions of Section 5(a)(iv) will not
         apply to MSCS or to the Trust.

(f)      The "Default under Specified Transaction" provisions of Section
         5(a)(v) will not apply to MSCS or to the Trust.

(g)      The "Cross Default" provisions of Section 5(a)(vi) will not apply
         to MSCS or to the Trust.

(h)      The "Merger Without Assumption" provisions of Section 5(a)(viii)
         will apply to MSCS and will apply to the Trust.

(i)      The "Tax Event" provision of Section 5(b)(ii) will apply to MSCS
         and will not apply to the Trust, so that only the Trust may
         designate an Early Termination Date in respect of such event.

(j)      The "Tax Event Upon Merger" provision of Section 5(b)(iii) will
         apply to MSCS and will not apply to the Trust, so that only the
         Trust may designate an Early Termination Date in respect of such
         event.

(k)      The "Credit Event Upon Merger" provision in Section 5(b)(iv), will
         not apply to MSCS or to the Trust.

(l)      The "Automatic Early Termination" provision of Section 6(a) will
         not apply to MSCS or to the Trust.

(m)      Payments on Early Termination. For the purpose of Section 6(e) of
         this Agreement:

         (i)      Market Quotation will apply unless the Trust is the
                  Non-defaulting Party or the party which is not the
                  Affected Party, as the case may be, and the Trust enters
                  into a replacement Transaction on or prior to the Early
                  Termination Date, in which event Loss will apply.

         (ii)     The Second Method will apply, provided, however, that any
                  payments payable by the Trust to MSCS hereunder will be
                  pari passu and pro rata with payments of interest made on
                  the Class A-4 Notes from Total Available Funds pursuant
                  to Section 2.8 of the Indenture.

(n)      "Termination Currency" means United States Dollars.

(o)      "Additional Termination Event". The following shall constitute an
         Additional Termination Event:

         (i)      Acceleration or Liquidation of the Notes. It shall be an
                  Additional Termination Event with the Trust the sole
                  Affected Party if MSCS or the Trust elects to terminate
                  the Transactions (1) following an Event of Default as
                  defined in Section 5.1(i) or Section 5.1(ii) of the
                  Indenture which has resulted in an acceleration of the
                  Notes, provided such acceleration has not been rescinded
                  and annulled pursuant to Section 5.2(b) of the Indenture,
                  or (2) upon a liquidation of the Trust Estate pursuant to
                  Section 5.4(a)(iv) or Section 5.4(b) of the Indenture. In
                  such event, either MSCS or the Trust may, by not more
                  than 20 days notice to the other party and provided such
                  Additional Termination Event is continuing, designate a
                  day not earlier than the day such notice is effective as
                  an Early Termination Date in respect of all Affected
                  Transactions. If an event or circumstance which would
                  constitute an Event of Default by MSCS under this
                  Agreement gives rise to an Event of Default under the
                  Indenture, it will be treated as an Event of Default by
                  MSCS and not an Additional Termination Event.

         (ii)     Amendments Made Without Consent of MSCS. It shall be an
                  Additional Termination Event if any amendment or
                  supplement to the Indenture or to any of the Receivables
                  Transfer and Servicing Agreements which would adversely
                  affect any of MSCS' rights or obligations under this
                  Agreement or modify the obligations of, or impair the
                  ability of the Trust to fully perform any of the Trust's
                  obligations under, this Agreement is made without the
                  consent of MSCS, which consent shall not be unreasonably
                  withheld (in which case the Trust will be the Affected
                  Party).

         (iii)    Downgrade of Morgan Stanley Dean Witter & Co ("MSDW"). It
                  shall be an Additional Termination Event with MSCS the
                  Affected Party if:

                  (1)    the long-term or the short-term Credit Rating of
                         MSDW is suspended or withdrawn or downgraded below
                         "A" or "F1", respectively, by Fitch Ratings and,
                         within 30 days of such suspension, withdrawal or
                         downgrade MSCS shall fail to (a) deliver or post
                         collateral reasonably acceptable to the Trust and
                         acceptable to Fitch Ratings in amounts sufficient
                         or in accordance with the standards of Fitch
                         Ratings (as such standards may be modified while
                         any Transaction is still outstanding), to secure
                         its obligations under this Agreement, (b) assign
                         its rights and obligations under this Agreement to
                         a replacement counterparty reasonably acceptable
                         to the Trust and to Fitch Ratings or (c) establish
                         other arrangements necessary (including, without
                         limitation, causing an entity with ratings such
                         that if MSCS or its Credit Support Provider had
                         such ratings, this Additional Termination Event
                         would not have occurred, to guarantee or provide
                         an indemnity in respect of MSCS' or its Credit
                         Support Provider's obligations under this
                         Agreement in form and substance reasonably
                         satisfactory to Fitch Ratings), if any, in each
                         case so that Fitch Ratings confirms the ratings of
                         the Notes that were in effect immediately prior to
                         such suspension, withdrawal or downgrade;

                  (2)    the long-term and the short-term Credit Rating of
                         MSDW is downgraded below "A-" or "A-1,"
                         respectively, by S&P, and MSDW shall fail to (a)
                         use reasonable efforts to assign its rights and
                         obligations under this Agreement to a replacement
                         counterparty acceptable to the Trust and to S&P
                         and (b) if such an assignment has not occurred
                         within 20 days of such downgrade, fail to deliver
                         or post collateral reasonably acceptable to the
                         Trust and acceptable to S&P (as designated in an
                         approved Credit Support Annex) to secure its
                         obligations under this Agreement; provided, that
                         notwithstanding the posting of the collateral and
                         the addition of the Credit Support Annex, MSDW
                         shall continue to use reasonable efforts to assign
                         its rights and obligations under this Agreement to
                         a replacement counterparty; or

                  (3)    the long-term Credit Rating of MSDW is suspended
                         or withdrawn or downgraded below "A2" by Moody's
                         and, within 30 days of such suspension, withdrawal
                         or downgrade MSCS shall fail to (a) deliver or
                         post collateral reasonably acceptable to the Trust
                         and acceptable to Moody's in amounts sufficient or
                         in accordance with the standards of Moody's (as
                         such standards may be modified while any
                         Transaction is still outstanding), to secure its
                         obligations under this Agreement, (b) assign its
                         rights and obligations under this Agreement to a
                         replacement counterparty reasonably acceptable to
                         the Trust and to Moody's or (c) establish other
                         arrangements necessary (including, without
                         limitation, causing an entity with ratings such
                         that if MSCS or its Credit Support Provider had
                         such ratings, this Additional Termination Event
                         would not have occurred, to guarantee or provide
                         an indemnity in respect of MSCS' or its Credit
                         Support Provider's obligations under this
                         Agreement in form and substance reasonably
                         satisfactory to Moody's), if any, in each case so
                         that Moody's confirms the ratings of the Notes
                         that were in effect immediately prior to such
                         suspension, withdrawal or downgrade.

         (iv)     Failure to Maintain Security Interest. It shall be an
                  Additional Termination Event with the Trust the Affected
                  Party if the Trust fails to maintain the first priority
                  perfected security interest of MSCS in the Collateral
                  under the Indenture.

Part 2   Tax Representations.

(a)      Payer Tax Representations. For the purposes of Section 3(e) of
         this Agreement, MSCS and the Trust will each make the following
         representations to the other:

         It is not required by any applicable law, as modified by the
         practice of any relevant governmental revenue authority, of any
         Relevant Jurisdiction to make any deduction or withholding for or
         on account of any Tax from any payment (other than interest under
         Section 2(e), 6(d)(ii) or 6(e) of this Agreement) to be made by it
         to the other party under this Agreement. In making this
         representation, each party may rely on:

         (i)      the accuracy of any representations made by the other
                  party pursuant to Section 3(f) of this Agreement;

         (ii)     the satisfaction of the agreement of the other party
                  contained in Section 4(a)(i) or 4(a)(iii) of this
                  Agreement and the accuracy and effectiveness of any
                  document provided by the other party pursuant to Section
                  4(a)(i) or 4(a)(iii) of this Agreement, and

         (iii)    the satisfaction of the agreement of the other party
                  contained in Section 4(d) of this Agreement,

         provided that it shall not be a breach of this representation
         where reliance is placed on clause (ii) and the other party does
         not deliver a form or document under Section 4(a)(iii) by reason
         of material prejudice to its legal or commercial position.

(b)      Payee Tax Representations.

         (i)      For the purpose of Section 3(f) of this Agreement, MSCS
                  represents to the Trust that it is a corporation
                  organized under the laws of the State of Delaware.

         (ii)     For the purpose of Section 3(f) of this Agreement, the
                  Trust represents to MSCS that it is a business trust
                  organized and existing under the laws of the State of
                  Delaware.

         (iii)    MSCS represents that it is an exempt recipient under
                  Treasury Regulation Section 1.6049-4(c)(1)(ii), and the
                  Trust represents that it is wholly-owned by a "United
                  States person" and disregarded as an entity separate from
                  its owner for U.S. federal tax purposes.

Part 3   Documents to be delivered.

(a)      For the purpose of Section 4(a)(i), the documents to be delivered are:

<TABLE>
<CAPTION>

       Party required to         Form/Document/                  Date by which to be delivered   Section 3(d)
       deliver document          Certificate                                                     Representation

<S>                              <C>                             <C>                             <C>
       MSCS and the Trust        An executed United States       (i) Upon execution of this      Applicable
                                 Internal Revenue Service Form   Agreement, (ii) promptly
                                 W-9 (or any successor           upon reasonable demand by
                                 thereto).                       the other party and (iii)
                                                                 promptly upon learning
                                                                 that any such form
                                                                 previously provided by
                                                                 such party has become
                                                                 obsolete or incorrect.

</TABLE>

(b)      For the purposes of Section 4(a)(ii), the other documents to be
         delivered are as follows:

<TABLE>
<CAPTION>

       Party required to          Form/Document/              Date by which to be delivered    Section 3(d)
       deliver document           Certificate                                                  representation:

<S>                               <C>                         <C>                              <C>
       MSCS and the Trust         Evidence of the             Upon or prior to the execution   Applicable
                                  authority, incumbency and   and delivery of this Agreement
                                  specimen signature of       and, with respect to any
                                  each person executing       Confirmation upon request by
                                  this Agreement or any       the other party.
                                  Confirmation, Credit
                                  Support Document or other
                                  document entered into in
                                  connection with this
                                  Agreement on its behalf
                                  or on behalf of a Credit
                                  Support Provider or
                                  otherwise, as the case
                                  may be.

       The Trust                  Certified copies of         As soon as practicable after     Applicable
                                  documents evidencing each   the execution of this
                                  Party's capacity to         Agreement
                                  execute and deliver this
                                  Agreement, each
                                  Confirmation and any
                                  Credit Support Document
                                  (if applicable), and to
                                  perform its obligations
                                  hereunder or thereunder
                                  as may be reasonably
                                  requested by the other
                                  party.

       MSCS                       A copy of the annual        Promptly after request by        Applicable
                                  report of its Credit        the Trust.
                                  Support Provider,
                                  including annual audited
                                  financial statements of
                                  its Credit Support
                                  Provider prepared in
                                  accordance with generally
                                  accepted accounting
                                  principles in the country
                                  in which its Credit
                                  Support Provider is
                                  organized.

       The Trust                  Monthly reports to          On or prior to each Monthly      Applicable
                                  noteholders and to          Payment Date.
                                  holders of the
                                  certificate (and all
                                  other such notices
                                  required to be given to
                                  noteholders and to
                                  holders of the
                                  certificate, as specified
                                  in the Indenture).

       MSCS and the Trust         A legal opinion in form     On or prior to the Closing       Not Applicable
                                  and substance               Date.
                                  satisfactory to the
                                  other party.

       The Trust                  A copy of the executed      As soon as practical after the   Not Applicable
                                  Indenture and of each of    Closing Date.
                                  the Receivables Transfer
                                  and Servicing Agreements.

       MSCS and the Trust         Such other documents as     Promptly upon request of the     Not Applicable
                                  the other party may         other party.
                                  reasonably request.

</TABLE>

Part 4   Miscellaneous.

(a)      Address for Notices. For the purpose of Section 12(a) of this
         Agreement, the addresses for notices and communications to MSCS
         and the Trust shall be as follows:

         TO MSCS:

                  Morgan Stanley Capital Services Inc.
                  1585 Broadway, 3rd Floor
                  New York, New York 10036
                  Attention:  William C. Thum, Fixed Income Derivatives -
                              Transaction Management Manager
                  Tel:  (212) 761-2533
                  Fax:  (212) 761-0162

                  Morgan Stanley Dean Witter & Co.
                  1221 Avenue of the Americas, 27th Floor
                  Legal Department
                  New York, New York 10020
                  Attention:  James Hill (Fixed Income Derivatives)
                  Tel:  (212) 762-6829
                  Fax:  (212) 762-8896

                  Morgan Stanley Capital Services Inc.
                  1585 Broadway, 2nd Floor
                  New York, New York 10036
                  Attention:  Fixed Income Derivatives - Corporate Derivatives
                              Group Manager
                  Tel:  (212) 761-2522
                  Fax:  (212) 761-0268

         TO THE TRUST:

                  MMCA Auto Owner Trust 2002-1
                  c/o Wilmington Trust Company,
                       as Owner Trustee
                  Rodney Square North
                  1100 North Market Street
                  Wilmington, Delaware 19890-0001
                  Attention: Corporate Trust Administration
                  Tel:  (302) 651-1834
                  Fax:  (302) 651-1576

(b)      Process Agent. For the purposes of Section 13(c) of this
         Agreement:

         MSCS appoints as its Process Agent:Not Applicable

         The Trust appoints as its Process Agent: Not Applicable

(c)      Offices. The provisions of Section 10(a) will apply to this
         Agreement.

(d)      Multibranch Party. For purposes of Section 10(c) of this
         Agreement:

         (i)      MSCS is not a Multibranch Party.

         (ii)     The Trust is not a Multibranch Party.

(e)      The Calculation Agent shall be MSCS.

(f)      Credit Support Documents.

         "Credit Support Document" means a credit support annex, if any,
and any other document which by its terms secures, guarantees or otherwise
supports either or both parties' obligations under this Agreement,
including, but not limited to, the guarantee of MSDW.

(g)      Credit Support Provider.

         Credit Support Provider means, in relation to MSCS, MSDW. Credit
         Support Provider means, in relation to the Trust, Not Applicable.

(h)      Governing Law. This Agreement shall be governed by, and construed
         and enforced in accordance with, the laws of the State of New York
         (without reference to its choice of law doctrine) except that the
         capacity, power or authority of the Trust to enter into this
         Agreement and any issue relating to the interpretation of the
         Trust's Trust Agreement will be governed and construed in
         accordance with the laws of the State of Delaware.

(i)      "Affiliate" will have the meaning specified in Section 14 of this
         Agreement, but as to the Trust, "Affiliate" will not include the
         Owner Trustee, the Indenture Trustee or Mitsubishi Motors Credit
         of America, Inc. and as to MSCS, "Affiliate" shall not include
         Morgan Stanley Derivative Products Inc.

Part 5   Other Provisions.

(a)      Representations.

         (i)      Non-Reliance, Etc. Each party will be deemed to represent
                  to the other party on the date that it enters into a
                  Transaction that (absent a written agreement between the
                  parties that expressly imposes affirmative obligations to
                  the contrary for that Transaction):

                  (1)    Non-Reliance. It is acting for its own account,
                         and it has made its own independent decisions to
                         enter into that Transaction and as to whether that
                         Transaction is appropriate or proper for it based
                         upon its own judgment and upon advice from such
                         advisers as it has deemed necessary. It is not
                         relying on any communication (written or oral) of
                         the other party as investment advice or as a
                         recommendation to enter into that Transaction; it
                         being understood that information and explanations
                         related to the terms and conditions of a
                         Transaction shall not be considered to be
                         investment advice or a recommendation to enter
                         into that Transaction. No communication (written
                         or oral) received from the other party shall be
                         deemed to be an assurance or guarantee as to the
                         expected results of that Transaction.

                  (2)    Assessment and Understanding. It is capable of
                         assessing the merits of and understanding (on its
                         own behalf or through independent professional
                         advice), and understands and accepts the terms and
                         conditions and risks of that Transaction. It is
                         also capable of assuming, and assumes, the risks
                         of that Transaction.

                  (3)    Status of Parties. The other party is not acting
                         as a fiduciary for or adviser to it in respect of
                         that Transaction.

         (ii)     Commodity Exchange Act. Each party represents to the
                  other party on and as of the date hereof and on each date
                  on which a Transaction is entered into between them that:

                  (1)    each Transaction is intended to be exempt from, or
                         otherwise not subject to regulation under, the
                         Commodity Exchange Act; and

                  (2)    such party is an "eligible contract participant"
                         within the meaning of the United States Commodity
                         Exchange Act.

(b)      Consent to Recording.

         Each party consents to the recording of the telephone
         conversations of trading and marketing and/or other personnel of
         the parties and their Affiliates in connection with this
         Agreement.

(c)      Section 3(a)(iii) is hereby amended by inserting the words "or
         investment policies, guidelines, procedures or restrictions"
         immediately following the word "documents."

(d)      Tax Provisions.

         (i)      The definition of Tax Event, Section 5(b)(ii), is hereby
                  modified by adding the following provision at the end
                  thereof:

                  "provided, however, that for purposes of clarification,
                  the parties acknowledge that the introduction or proposal
                  of legislation shall not, in and of itself, give rise to
                  a presumption that a Tax Event has occurred."

         (ii)     The Trust will not be required to pay additional amounts
                  in respect of an Indemnifiable Tax or be under any
                  obligation to pay to MSCS any amount in respect of any
                  liability of MSCS for or on account of any Tax.

(e)      No Set Off.

                  Notwithstanding any setoff right contained in any other
         agreement between the Trust or any Affiliate or Credit Support
         Provider of the Trust, on the one hand, and MSCS or any Affiliate
         or Credit Support Provider of the Trust, on the other, whether now
         in existence or hereafter entered into unless such agreement shall
         specifically refer to this paragraph (e), each party agrees that
         all payments required to be made by it under this Agreement shall
         be made without setoff or counterclaim for, and that it shall not
         withhold payment or delivery under this Agreement in respect of,
         any default by the other party or any Affiliate or Credit Support
         Provider of the other party under any such other agreement or any
         amount relating to any such other agreement. For purposes of this
         paragraph (e), "Affiliate" shall have the meaning specified in
         Section 14 of this Agreement.

(f)      Additional Acknowledgments and Agreements of the Parties.

         (i)      Financial Statements. Notwithstanding Section 5(a)(ii),
                  the failure of either party to deliver any financial
                  statement or monthly report referenced in Part 3 of this
                  Schedule shall not constitute an Event of Default under
                  Section 5(a)(ii).

         (ii)     Bankruptcy Code. Without limiting the applicability, if
                  any, of any other provision of the U.S. Bankruptcy Code
                  as amended (the "Bankruptcy Code") (including without
                  limitation Sections 362, 546, 556, and 560 thereof and
                  the applicable definitions in Section 101 thereof), the
                  parties acknowledge and agree that all Transactions
                  entered into hereunder will constitute "forward
                  contracts" or "swap agreements" as defined in Section 101
                  of the Bankruptcy Code or "commodity contracts" as
                  defined in Section 761 of the Bankruptcy Code, that the
                  rights of the parties under Section 6 of this Agreement
                  will constitute contractual rights to liquidate
                  Transactions, that any margin or collateral provided
                  under any margin, collateral, security, pledge, or
                  similar agreement related hereto will constitute a
                  "margin payment" as defined in Section 101 of the
                  Bankruptcy Code, and that the parties are entities
                  entitled to the rights under, and protections afforded
                  by, Sections 362, 546, 556, and 560 of the Bankruptcy
                  Code.

         (iii)    Regarding MSCS. MSCS represents that the description of
                  MSCS as set forth on page [ ] of the Prospectus dated
                  March [ ], 2002 has been furnished and approved by MSCS
                  and is true and correct as of the date hereof.

         (iv)     Non-Petition. MSCS covenants and agrees that it will not,
                  prior to the date which is one year and one day following
                  the payment in full of all of the Notes and the
                  Certificate and the expiration of all applicable
                  preference periods under the United States Bankruptcy
                  Code or other applicable law relating to any such
                  payment, acquiesce, petition or otherwise invoke the
                  process of any governmental or judicial authority for the
                  purpose of commencing a case (whether voluntary or
                  involuntary), cause any other person to commence a case
                  or join any other person in commencing a case against the
                  Trust under any bankruptcy, insolvency or similar law or
                  appointing a receiver, liquidator, assignee, trustee,
                  custodian, sequestrator or other similar official of the
                  Trust or any substantial part of its property or ordering
                  the winding up or liquidation of the affairs of the
                  Trust. MSCS agrees that it has recourse against the Trust
                  only to the extent of the assets of the Trust and the
                  proceeds thereof, and any claims against the Trust shall
                  be extinguished when the assets of the Trust are
                  exhausted.

         (v)      Transfer. Notwithstanding the provisions of Section 7,
                  MSCS may assign its rights and delegate its obligations
                  under any Transaction, in whole or in part, to any
                  Affiliate of MSCS (an "Assignee"), effective (the
                  "Effective Transfer Date") upon delivery to Counterparty
                  of both (a) an executed acceptance and assumption by the
                  Assignee of the transferred obligations of MSCS under the
                  Transaction(s) (the "Transferred Obligations"); and (b)
                  an executed guarantee of MSCS, of the Transferred
                  Obligations, substantially identical to the Credit
                  Support Document with respect to MSCS; provided that (x)
                  no such transfer to an Assignee shall occur if (i)
                  Counterparty shall, as a result of such transfer, be
                  required to pay to MSCS or the Assignee an amount in
                  respect of an Indemnifiable Tax under Section 2(d)(i)(4)
                  (except in respect of interest under Section 2(e),
                  6(d)(ii) or 6(e)) greater than the amount in respect of
                  which Counterparty would have been required to pay to
                  MSCS in the absence of such transfer; (ii) MSCS or the
                  Assignee shall, as a result of such transfer, be required
                  to withhold or deduct on account of a Tax under Section
                  2(d)(i) (except in respect of interest under Section
                  2(e), 6(d)(ii) or 6(e)) an amount in excess of that which
                  MSCS would have been required to withhold or deduct in
                  the absence of such transfer, unless the Assignee would
                  be required to make additional payments pursuant to
                  Section 2(d)(i)(4) corresponding to such excess; or (iii)
                  an Event of Default, Potential Event of Default or
                  Termination Event would occur hereunder as a result of
                  such transfer; (y) MSCS shall pay any fees and expenses
                  incurred by or on the part of either party as a result of
                  such transfer; and (z) no such transfer to an Assignee
                  shall occur unless the Rating Agencies confirm that such
                  transfer will not cause the reduction, suspension or
                  withdrawal of their then current rating on any of the
                  Notes, unless such amendment clarifies any term or
                  provision, corrects any inconsistency, cures any
                  ambiguity, or corrects any typographical error in the
                  Agreement.

                  On the Effective Transfer Date, (a) MSCS shall be
                  released from all obligations and liabilities arising
                  under the Transferred Obligations; and (b) the
                  Transferred Obligations shall cease to be Transaction(s)
                  under this Agreement and shall be deemed to be
                  Transaction(s) under the ISDA Master Agreement between
                  Assignee and Counterparty, provided that, if, on the
                  Effective Transfer Date, Assignee and Counterparty have
                  not entered into an ISDA Master Agreement, Assignee and
                  Counterparty shall be deemed to have entered into an ISDA
                  Master Agreement that is substantially identical to this
                  Agreement, including this Schedule. At least ten Business
                  Days prior to any such transfer MSCS shall notify
                  Counterparty in writing of its intent to transfer its
                  rights and delegate its obligations hereunder in
                  accordance with the terms hereof, and shall state in
                  writing that such transfer shall conform to the
                  requirements of this Part 5(e)(iv), whereupon
                  Counterparty shall promptly notify each Rating Agency of
                  such transfer.

         (vi)     The Trust Pledge. Notwithstanding Section 7 of this
                  Agreement to the contrary, MSCS acknowledges that the
                  Trust will pledge its rights under this Agreement to the
                  Indenture Trustee (as defined in the Indenture) for the
                  benefit of the Noteholders (as defined in the Indenture)
                  pursuant to the Indenture and agrees to such pledge. The
                  Indenture Trustee shall not be deemed to be a party to
                  this Agreement, provided, however, that the Indenture
                  Trustee, acting on behalf of the holders of the Notes,
                  shall have the right to enforce this Agreement against
                  MSCS. MSCS shall be entitled to rely on any notice or
                  communication from the Indenture Trustee to that effect.
                  MSCS acknowledges that the Trust will pledge
                  substantially all its assets to the Indenture Trustee for
                  the benefit of the Noteholders and MSCS and that all
                  payments hereunder, including payments on early
                  termination, will be made in accordance with the priority
                  of payment provisions of the Indenture and the Sale and
                  Servicing Agreement and on the Payment Dates specified
                  therein.

         (vii)    Limited Recourse. The liability of the Trust in relation
                  to this Agreement and any Transaction hereunder is
                  limited in recourse to the assets of the Trust and
                  proceeds thereof applied in accordance with the Indenture
                  and the Sale and Servicing Agreement. With respect to any
                  amounts payable to MSCS by the Trust under this
                  Agreement, such amounts shall be limited to the Total
                  Available Funds as provided in and subject to Section
                  2.8(a) of the Indenture. Upon exhaustion of the assets of
                  the Trust and proceeds thereof in accordance with the
                  Indenture and the Sale and Servicing Agreement, MSCS
                  shall not be entitled to take any further steps against
                  the Trust to recover any sums due but still unpaid
                  hereunder or thereunder, all claims in respect of which
                  shall be extinguished. No recourse may be taken for the
                  payment of any amount owing in respect of any obligation
                  of, or claim against, the Trust arising out of or based
                  upon this Agreement or any Transaction hereunder against
                  any holder of a beneficial interest, employee, officer or
                  Affiliate thereof and no recourse shall be taken for the
                  payment of any amount owing in respect of any obligation
                  of, or claim against, the Trust based upon or arising out
                  of this Agreement against the Administrator, the Seller,
                  the Servicer, the Indenture Trustee, the Owner Trustee or
                  any stockholder, holder of a beneficial interest,
                  employee, officer, director, incorporator or Affiliate
                  thereof; provided, however, that the foregoing shall not
                  relieve any such person or entity from any liability they
                  might otherwise have as a result of willful misconduct,
                  bad faith or negligence.

                  In furtherance of and not in derogation of the foregoing,
                  MSCS acknowledges and agrees that it shall have no right,
                  title or interest hereunder in or to the Other Assets of
                  the Seller. To the extent that, notwithstanding the
                  agreements and provisions contained in the preceding
                  paragraph, MSCS either (i) asserts hereunder an interest
                  or claim to, or benefit from, Other Assets, or (ii) is
                  deemed hereunder 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 MSCS 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
                  Trust further acknowledges and agrees that no adequate
                  remedy at law exists for a breach of this Part 5(e)(vii)
                  and the terms of this Part 5(e)(vii) may be enforced by
                  an action for specific performance. The provisions of
                  this Part 5(e)(vii) shall be for the third party benefit
                  of those entitled to rely thereon and shall survive the
                  termination of this Agreement.

         (viii)   No Amendment without Prior Confirmation by Rating
                  Agencies. Section 9(b) of this Agreement is hereby
                  amended by adding the following at the end of such
                  Section: ", and unless the Rating Agencies confirm that
                  such amendment will not cause the reduction, suspension
                  or withdrawal of their then current rating on any of the
                  Notes, unless such amendment clarifies any term or
                  provision, corrects any inconsistency, cures any
                  ambiguity, or corrects any typographical error in the
                  Agreement."

         (ix)     Consent by MSCS to Amendments to Certain Documents.
                  Before any amendment or supplement is made to the
                  Receivables Transfer and Servicing Agreements or to the
                  Indenture which would adversely affect any of MSCS'
                  rights or obligations under this Agreement or modify the
                  obligations of, or impair the ability of the Trust to
                  fully perform any of the Trust's obligations under, this
                  Agreement, the Trust shall provide MSCS with a copy of
                  the proposed amendment or supplement and shall obtain the
                  consent of MSCS to such amendment or supplement prior to
                  its adoption, which consent shall not be unreasonably
                  withheld; provided that so long as a copy of the proposed
                  amendment or supplement has been delivered in accordance
                  with Section 12 of the Agreement to each of the parties
                  listed in Part 4(a) (Address for Notices) with respect to
                  MSCS and makes clear that MSCS has no longer than ten
                  Business Days to object to such amendment or supplement,
                  MSCS' consent will be deemed to have been given if MSCS
                  does not object in writing within ten Business Days of
                  receipt of a written request for such consent.

         (x)      Severability. If any term, provision, covenant, or
                  condition of this Agreement, or the application thereof
                  to any party or circumstance, shall be held to be invalid
                  or unenforceable (in whole or in part) for any reason,
                  the remaining terms, provisions, covenants, and
                  conditions hereof shall continue in full force and effect
                  as if this Agreement had been executed with the invalid
                  or unenforceable portion eliminated, so long as this
                  Agreement as so modified continues to express, without
                  material change, the original intentions of the parties
                  as to the subject matter of this Agreement and the
                  deletion of such portion of this Agreement will not
                  substantially impair the respective benefits or
                  expectations of the parties to this Agreement; provided,
                  however, that this severability provision shall not be
                  applicable if any provision of Section 1, 2, 5, 6 or 13
                  (or any definition or provision in Section 14 to the
                  extent it relates to, or is used in connection with, any
                  such Section) shall be so held to be invalid or
                  unenforceable.

(g)      Waiver of Right to Trial by Jury. Each of the parties hereby
         irrevocably waives any and all right to a trial by jury with
         respect to any legal proceeding arising out of or relating to this
         Agreement or any Transaction.

(h)      Limited Transactions. MSCS and the Trust each agrees and
         acknowledges that the only Transactions that are or will be
         governed by this Agreement are the Transactions evidenced by the
         two Confirmations dated the date hereof.

(i)      Notices to Noteholders. The Trust shall provide MSCS with copies
         of all notices required to be given to the holders of the Notes,
         and upon request, shall provide MSCS with any other notices which
         could be requested by the holders of the Notes.

(j)      Further Representations of the Trust:

         (i)      The Class A-4 Notes are rated "Aaa" by Moody's Investor
                  Services, Inc., "AAA" by S&P and "AAA" by Fitch Ratings
                  as to the timely payment of interest and principal and
                  without regard to third party credit enhancement.

         (ii)     All conditions precedent to the issuance of the Notes
                  under the Indenture have been satisfied.

         (iii)    Each of the documents to which it is a party has been
                  duly authorized, executed and delivered by it.

         (iv)     Assuming the due authorization, execution and delivery
                  thereof by the other parties thereto, each of the
                  Indenture and the other documents to which the Trust is a
                  party constitutes the legal, valid and binding
                  obligations of the Trust, enforceable against the Trust
                  in accordance with the terms thereof, subject to
                  applicable bankruptcy, insolvency and similar laws or
                  legal principles affecting creditors' rights generally,
                  and subject, as to enforceability, to general principles
                  of equity regardless of whether enforcement is sought in
                  a proceeding in equity or at law.

         (v)      The Indenture and the other documents to which the Trust
                  is a party are in full force and effect on the date
                  hereof and there have been no amendments or waivers or
                  modifications of any of the terms thereof since the
                  original execution and delivery of the Indenture and the
                  other documents to which the Trust is a party, except
                  such as may have been delivered to the Trust.

         (vi)     To the best of its knowledge no event of default or event
                  which would with the passage of time or the giving of
                  notice constitute an event of default has occurred and is
                  continuing under any of the documents to which the Trust
                  is a party.

(k)      Immunity of Persons Related to the Trust. No representation or
         agreement contained in this Agreement shall be deemed to be the
         covenant or agreement of any trustee, officer, attorney, agent or
         employee of the Trust, Mitsubishi Motors Credit of America, Inc.,
         any Affiliate thereof or any Credit Support Provider thereof in an
         individual capacity.

(l)      Limitation of Trustee's Liability. It is expressly understood and
         agreed by the parties hereto that (a) this Agreement is executed
         and delivered by Wilmington Trust Company, not individually nor as
         a party to this Agreement, but solely as Owner Trustee of the
         Trust, in the exercise of the powers and authority conferred and
         vested in it, (b) the representations, undertakings and agreements
         herein made on the part of the Trust are made and intended not as
         personal representations, undertakings and agreements by
         Wilmington Trust Company, but are made and intended for the
         purpose of binding only the Trust, (c) nothing herein contained
         shall be construed as creating any liability of Wilmington Trust
         Company, individually, to perform any covenant either expressed or
         implied contained herein, all such liability, if any, being
         expressly waived by the parties who are signatories to this
         Agreement and by any person claiming by, through or under such
         parties and (d) under no circumstances shall Wilmington Trust
         Company be personally liable for the payment of any indebtedness
         of the Trust or expenses of MSCS or the Trust or be liable for the
         breach or failure of any obligation, representation, warranty or
         covenant, made or undertaken by the Trust under this Agreement.

(m)      Netting of Payments. Clause (ii) of Section 2(c) will not apply to
         any amounts payable with respect to Transactions from the date of
         this Agreement.

(n)      Additional Swap Agreements. The Trust agrees that it will not
         enter into additional swap agreements (other than any swap
         agreement in replacement of any Transaction hereunder) without (i)
         the express prior written consent of MSCS, which consent shall not
         be unreasonably withheld and (ii) Rating Agency Confirmation.

(o)      Notices. Section 12(a) is amended by adding in the third line
         thereof after the phrase "messaging system" and before the ")" the
         words, "; provided, however, any such notice or other
         communication may be given by facsimile transmission if telex is
         unavailable, no telex number is supplied to the party providing
         notice, or if answer back confirmation is not received from the
         party to whom the telex is sent."

(p)      Additional Definitions.

                  "Administration Agreement" shall mean the administration
         agreement dated as of March 1, 2002, as amended, supplemented or
         otherwise modified and in effect, by and among the Trust,
         Mitsubishi Motors Credit of America, Inc., and Bank of
         Tokyo-Mitsubishi Trust Company.

                  "Administrator" shall have the meaning assigned thereto
         in the Administration Agreement.

                  "Business Day" shall mean any day other than a Saturday,
         a Sunday or a day on which banking institutions or trust companies
         in New York, New York, Wilmington, Delaware or Los Angeles,
         California are authorized or obligated by law, regulation or
         executive order to remain closed.

                  "Certificate" means the Certificate issued by the Trust
         pursuant to the Trust Agreement.

                  "Class A-4 Notes" means the Class A-4 Notes issued by the
         Trust pursuant to the Indenture.

                  "Closing Date" shall mean March 13, 2002.

                  "Credit Rating" means, with respect to MSCS, the issuer
         rating of the head office of Morgan Stanley Dean Witter & Co.
         without regard to whether or not such rating is under review with
         positive or negative implications.

                  "Fitch" shall mean Fitch, Inc., doing business as Fitch
         Ratings.

                  "Indenture" shall mean the indenture dated as of March 1,
         2002, as amended, supplemented or otherwise modified and in
         effect, between the Trust and Bank of Tokyo-Mitsubishi Trust
         Company, as Indenture Trustee.

                  "Indenture Trustee" shall mean Bank of Tokyo-Mitsubishi
         Trust Company, or any successor or replacement thereto pursuant to
         the Indenture.

                  "MMCA" shall mean Mitsubishi Motors Credit of America, Inc.

                  "Moody's" shall mean Moody's Investors Service, Inc.

                  "Notes" shall mean the Class A-1 Notes, the Class A-2
         Notes, the Class A-3 Notes, the Class A-4 Notes and the Class B
         Notes issued by the Trust pursuant to the Indenture.

                  "Other Assets" shall mean any assets (or interests
         therein) (other than the receivables and related property conveyed
         to the Trust pursuant to the Sale and Servicing Agreement)
         conveyed or purported to be conveyed by the Seller to another
         Person or Persons other than MSCS, whether by way of a sale,
         capital contribution or by virtue of the granting of a lien.

                  "Owner Trustee" means Wilmington Trust Company, a
         Delaware Banking Corporation, not in its individual capacity nor
         as a principal to this Agreement, but solely as Owner Trustee
         under the Trust Agreement, its successors in interest and any
         successor trustee under the Trust Agreement.

                  "Person" shall mean any individual, corporation, estate,
         partnership, joint venture, association, joint stock company,
         trust, unincorporated organization, or government or any agency or
         political subdivision thereof.

                  "Payment Date" shall mean the 15th day of each month or,
         if such day is not a Business Day, the immediately following
         Business Day, commencing July 15, 2002.

                  "Purchase Agreement" shall mean the purchase agreement
         dated as of March 1, 2002, as from time to time amended,
         supplemented or otherwise modified and in effect, between
         Mitsubishi Motors Credit of America, Inc. and MMCA Auto
         Receivables Trust.

                  "Rating Agencies" shall mean Moody's, S&P or Fitch
         Ratings, or any substitute rating agency that the Seller (as
         defined in the Indenture) requests to rate the Notes.

                  "Rating Agency Confirmation" means, with respect to any
         action, that each Rating Agency shall have been given prior
         written notice thereof and that each of the Rating Agencies shall
         have notified the Seller, the Servicer, the Indenture Trustee and
         the Owner Trustee that such action shall not result in a reduction
         or withdrawal of the then current rating assigned to any Class of
         Notes.

                   "Receivables Transfer and Servicing Agreements" shall
         mean collectively the Purchase Agreement, the Sale and Servicing
         Agreement, the Trust Agreement and the Administration Agreement.

                  "S&P" shall mean Standard & Poor's Ratings Service, a
         division of The McGraw-Hill Companies, Inc.

                  "Sale and Servicing Agreement" shall mean the sale and
         servicing agreement dated as of March 1, 2002, as amended,
         supplemented or otherwise modified and in effect, by and among the
         Trust, MMCA Auto Receivables Trust, as seller, and Mitsubishi
         Motors Credit of America, Inc., as servicer.

                  "Seller" shall mean MMCA Auto Receivables Trust.

                  "Servicer" means MMCA, in its capacity as Servicer under
         the Sale and Servicing Agreement and each successor thereto
         appointed and acting pursuant to the Sale and Servicing Agreement.

                  "Total Available Funds" has the meaning as set forth in
         the Sale and Servicing Agreement.

                  "Trust Agreement" shall mean the Amended and Restated
         Trust Agreement dated as of March 1, 2002, as amended,
         supplemented or otherwise modified and in effect, by and among
         MMCA Auto Receivables Trust, as depositor, and Wilmington Trust
         Company, as owner trustee.

                  "Trust Estate" shall mean all money, instruments, rights
         and other property that are subject or intended to be subject to
         the lien and security interest of the Indenture for the benefit of
         the Noteholders and the Swap Counterparties (including, without
         limitation, all property and interests granted to the Indenture
         Trustee), including all proceeds thereof.

         IN WITNESS WHEREOF, the parties have executed this Schedule to the
Master Agreement on the respective dates specified below with effect from
the date specified on the first page of this document.

MORGAN STANLEY CAPITAL SERVICES INC.            MMCA AUTO OWNER TRUST 2002-1

                                                By:   WILMINGTON TRUST COMPANY,
                                                      not in its individual
                                                      capacity nor as a
                                                      principal to this
                                                      Agreement, but solely as
                                                      Owner Trustee

By: _______________________________             By: ________________________
    Name:                                           Name:
    Title:                                          Title:

                                                                  EXHIBIT A

                          [Form of SWAP GUARANTEE]

                                                             March 13, 2002

MMCA Auto Owner Trust 2002-1
c/o Wilmington Trust Company,
      as Owner Trustee
Rodney Square North
1100 North Market Street
Wilmington, Delaware 19890

Ladies and Gentlemen:

         In consideration of that certain ISDA Master Agreement dated as of
March 13, 2002 between Morgan Stanley Capital Services Inc., a Delaware
corporation (hereinafter "MSCS") and MMCA Auto Owner Trust 2002-1
(hereinafter "Counterparty") (such ISDA Master Agreement, together with
each Confirmation exchanged between the parties pursuant thereto,
hereinafter the "Agreement"), Morgan Stanley Dean Witter & Co., a Delaware
corporation (hereinafter "MSDW"), hereby irrevocably and unconditionally
guarantees to Counterparty, with effect from the date of the Agreement, the
due and punctual payment of all amounts payable by MSCS under the Agreement
when the same shall become due and payable, whether on Scheduled Payment
Dates, upon demand, upon declaration of termination or otherwise, in
accordance with the terms of the Agreement and giving effect to any
applicable grace period. Upon failure of MSCS punctually to pay any such
amounts, and upon written demand by Counterparty to MSDW at its address set
forth in the signature block of this Guarantee (or to such other address as
MSDW may specify in writing), MSDW agrees to pay or cause to be paid such
amounts; provided that delay by Counterparty in giving such demand shall in
no event affect MSDW's obligations under this Guarantee.

         MSDW hereby agrees that its obligations hereunder shall be
unconditional and will not be discharged except by complete payment of the
amounts payable under the Agreement, irrespective of any claim as to the
Agreement's validity, regularity or enforceability or the lack of authority
of MSCS to execute or deliver the Agreement; or any change in or amendment
to the Agreement; or any waiver or consent by Counterparty with respect to
any provisions thereof; or the absence of any action to enforce the
Agreement or the recovery of any judgment against MSCS or of any action to
enforce a judgment against MSCS under the Agreement; or any similar
circumstance which might otherwise constitute a legal or equitable
discharge or defense of a guarantor generally. MSDW hereby waives
diligence, presentment, demand on MSCS for payment or otherwise (except as
provided hereinabove), filing of claims, requirement of a prior proceeding
against MSCS and protest or notice, except as provided for in the Agreement
with respect to amounts payable by MSCS. If at any time payment under the
Agreement is rescinded or must be otherwise restored or returned by
Counterparty upon the insolvency, bankruptcy or reorganization of MSCS or
MSDW or otherwise, MSDW's obligations hereunder with respect to such
payment shall be reinstated upon such restoration or return being made by
Counterparty.

         MSDW represents to Counterparty as of the date hereof, which
representations will be deemed to be repeated by MSDW on each date on which
a Transaction is entered into, that:

         (1) it is duly organized and validly existing under the laws of
the jurisdiction of its incorporation and has full power and legal right to
execute and deliver this Guarantee and to perform the provisions of this
Guarantee on its part to be performed;

         (2) its execution, delivery and performance of this Guarantee have
been and remain duly authorized by all necessary corporate action and do
not contravene any provision of its certificate of incorporation or by-laws
or any law, regulation or contractual restriction binding on it or its
assets;

         (3) all consents, authorizations, approvals and clearances
(including, without limitation, any necessary exchange control approval)
and notifications, reports and registrations requisite for its due
execution, delivery and performance of this Guarantee have been obtained
from or, as the case may be, filed with the relevant governmental
authorities having jurisdiction and remain in full force and effect and all
conditions thereof have been duly complied with and no other action by, and
no notice to or filing with, any governmental authority having jurisdiction
is required for such execution, delivery or performance; and

         (4) this Guarantee is its legal, valid and binding obligation
enforceable against it in accordance with its terms except as enforcement
hereof may be limited by applicable bankruptcy, insolvency, reorganization
or other similar laws affecting the enforcement of creditors' rights or by
general equity principles.

         By accepting this Guarantee and entering into the Agreement,
Counterparty agrees that MSDW shall be subrogated to all rights of
Counterparty against MSCS in respect of any amounts paid by MSDW pursuant
to this Guarantee, provided that MSDW shall be entitled to enforce or to
receive any payment arising out of or based upon such right of subrogation
only to the extent that it has paid all amounts payable by MSCS under the
Agreement.

         This Guarantee shall be governed by and construed in accordance
with the laws of the State of New York. All capitalized terms not otherwise
defined herein shall have the respective meanings assigned to them in the
Agreement.

                                     MORGAN STANLEY DEAN WITTER & CO.

                                     By:___________________________
                                     Name:
                                     Title:
                                     Address:    1585 Broadway
                                                 3rd Floor
                                                 New York, NY  10036
                                     Attention:  Derivative Products Group
                                     Fax No.:    (212) 761-0162

                                                                  EXHIBIT B

                        [Form of SWAP Confirmation]

                                                     [Date]

To:            [                       ]

From:          MMCA Auto Owner Trust 2002-1
               c/o Wilmington Trust Company,
                 as Owner Trustee
               Rodney Square North
               1100 North Market Street
               Wilmington, Delaware 19890-0001
               Attention: Corporate Trust Administration
               Tel:  (302) 651-1834
               Fax:  (302) 651-1576

Re:            Confirmation Relating to [      ] Interest Rate Swap

Ladies and Gentlemen:

         The purpose of this letter agreement is to confirm the terms and
conditions of the Swap Transaction entered into between [ ] ("[ ]") and
MMCA Auto Owner Trust 2002-1 (the "Trust") on the Trade Date listed below
(the "Transaction"). This letter constitutes a "Confirmation" as referred
to in the ISDA Master Agreement specified below.

         The definitions and provisions contained in the 2000 ISDA
Definitions, together with the Annex to the 2000 ISDA Definitions, as
published by the International Swaps and Derivatives Association, Inc. (the
"Definitions") are incorporated into this Confirmation. For these purposes,
all references in those Definitions to a "Transaction" shall be deemed to
apply to the Transaction referred to herein. In the event of any
inconsistency between the Definitions and this Confirmation, the terms of
this Confirmation shall govern.

         This Confirmation supplements, forms part of and is subject to the
ISDA Master Agreement dated as of [ ], 2002, as amended and supplemented
from time to time (the "Agreement") between you and us. All provisions
contained in or incorporated by reference in the Agreement upon its
execution will govern this Confirmation except as expressly modified below.
In the event of any inconsistency between the provisions of that agreement
and this Confirmation, this Confirmation will prevail for the purpose of
this Transaction.

         The terms of the particular Transaction to which this Confirmation
relates are as follows:

Trade Date:                   [                    ].

Effective Date:               [                    ].

Notional Amount:              [The Notional Amount initially shall equal $[
                              ] and for any subsequent Calculation Period
                              shall be equal to the aggregate principal
                              balance of the Class [A- ] Notes on the first
                              day of such Calculation Period. The Trust
                              shall determine the Notional Amount for each
                              Calculation Period and shall inform [ ] of
                              such determination by the 15th day of the
                              calendar month in which such Calculation
                              Period begins; provided, however, unless
                              otherwise agreed, if such notification is not
                              received by the 12th day of the calendar
                              month in which such Calculation Period ends,
                              the Notional Amount for any Calculation
                              Period shall be the amount set forth on the
                              attached Schedule 1.]

Termination Date:             The date on which the aggregate outstanding
                              principal balance of the Class [A- ] Notes
                              has been reduced to zero, or [ ] 15, [ ],
                              whichever is the earlier.

Fixed Amounts:

     Fixed Rate Payer:        The Trust.

     Fixed Rate Payer
     Payment Dates:           The 15th day of each calendar month
                              commencing on [ ], subject to adjustment in
                              accordance with the Following Business Day
                              Convention.

     Period End Date:         The 15th day of each calendar month, with
                              Adjustment.

     Fixed Rate:              [     ]%.

     Fixed Rate
     Day Count Fraction:      30/360.

Floating Amounts:

     Floating Rate Payer:     [     ].

     Floating Rate Payer
     Payment Dates:           The 15th day of each calendar month
                              commencing on [ ], subject to adjustment in
                              accordance with the Following Business Day
                              Convention.

     Period End Date:         The 15th day of each calendar month, with
                              Adjustment.

     Floating Rate Option:    [USD-LIBOR-BBA. Notwithstanding Section 7.1
                              of the Definitions, the Floating Rate shall
                              be determined on the day that is two (2) New
                              York and London Business Days prior to the
                              Reset Date. The rate determined in accordance
                              with the Floating Rate Option shall be
                              rounded, if necessary, to the nearest
                              1/100,000 of 1% (.0000001).]

     Designated Maturity:     [One month.]

     Spread:                  [     ]%.

     Floating Rate
     Day Count Fraction:      Actual/360.

     Reset Dates:             The first day of each Floating Rate Payer
                              Calculation Period.

Business Days:                New York, New York, Wilmington, Delaware and
                              Los Angeles, California.

Account Details

     Payments to [     ]:     [                                   ]

     Payments to the Trust:   [                                   ]

Misc.

     Calculation Agent:       [                                   ].

         Please confirm that the foregoing correctly sets forth the terms
of our agreement by executing this Confirmation and returning it to us.

Best Regards,

MMCA AUTO OWNER TRUST 2002-1

By:    WILMINGTON TRUST COMPANY,
       not in its individual capacity nor
       as a principal to this Agreement,
       but solely as Owner Trustee

By:    ______________________________
       Name:
       Title:

[                             ]

By:    ______________________________
       Name:
       Title:

Class A-4 Swap Confirmation

                                                              March 13, 2002

To:      Morgan Stanley Capital Services Inc.
         1585 Broadway
         New York, New York 10036
         Attention:  Margaret Wong
         Tel:  (212) 761-1359
         Fax:  (212) 761-9662

From:    MMCA Auto Owner Trust 2002-1
         c/o Wilmington Trust Company,
           as Owner Trustee
         Rodney Square North
         1100 North Market Street
         Wilmington, Delaware 19890-0001
         Attention: Corporate Trust Administration
         Tel:  (302) 651-1834
         Fax:  (302) 651-1576

Re:      Confirmation Relating to MMCA 2002-1 Class A-4 Notes Interest Rate Swap
         MSCS Reference:
         MMCA Reference:

Ladies and Gentlemen:

         The purpose of this letter agreement is to confirm the terms and
conditions of the Swap Transaction entered into between Morgan Stanley
Capital Services Inc. ("MSCS") and MMCA Auto Owner Trust 2002-1 (the
"Trust") on the Trade Date listed below (the "Transaction"). This letter
constitutes a "Confirmation" as referred to in the ISDA Master Agreement
specified below.

         The definitions and provisions contained in the 2000 ISDA
Definitions, together with the Annex to the 2000 ISDA Definitions, as
published by the International Swaps and Derivatives Association, Inc. (the
"Definitions") are incorporated into this Confirmation. For these purposes,
all references in those Definitions to a "Transaction" shall be deemed to
apply to the Transaction referred to herein. In the event of any
inconsistency between the Definitions and this Confirmation, the terms of
this Confirmation shall govern.

         This Confirmation supplements, forms part of and is subject to the
ISDA Master Agreement dated as of March 13, 2002, as amended and
supplemented from time to time (the "Agreement") between you and us. All
provisions contained in or incorporated by reference in the Agreement upon
its execution will govern this Confirmation except as expressly modified
below. In the event of any inconsistency between the provisions of that
agreement and this Confirmation, this Confirmation will prevail for the
purpose of this Transaction.

         The terms of the particular Transaction to which this Confirmation
relates are as follows:

Trade Date:                     March [   ], 2002.

Effective Date:                 March 13, 2002.

Notional Amount:                The Notional Amount initially shall equal
                                $[ ] and for any subsequent Calculation
                                Period shall be equal to the aggregate
                                principal balance of the Class A-4 Notes on
                                the first day of such Calculation Period.
                                The Trust shall determine the Notional
                                Amount for each Calculation Period and
                                shall notify MSCS of such determination by
                                the 15th day of the calendar month in which
                                such Calculation Period begins; provided,
                                however, unless otherwise agreed, if such
                                notification is not received by the 12th
                                day of the calendar month in which such
                                Calculation Period ends, the Notional
                                Amount for any Calculation Period shall be
                                the amount set forth on the attached
                                Schedule 1.

                                Notional Amount determinations shall be
                                provided to MSCS via telephone to the Fixed
                                Income Derivatives Corporate Desk (as
                                specified below) and confirmed in writing
                                to each of the following:

                                   Fixed Income Derivatives (Corporate Desk)
                                   Attention: Greg Glickman
                                   Tel: (212) 761-2606
                                   Fax: (212) 761-0268

                                   Fixed Income Derivatives (Swaps Trading Desk)
                                   Attention: Andrew Gardner
                                   Tel: (212) 761-0337
                                   Fax: (212) 761-2502

                                   MSCS Operations Contact (see below)

Termination Date:               The date on which the aggregate outstanding
                                principal balance of the Class A-4 Notes
                                has been reduced to zero, or the Fixed Rate
                                Payer Payment Date occurring in [ ],
                                whichever is the earlier.

Fixed Amounts:

     Fixed Rate Payer:          The Trust.

     Fixed Rate Payer
     Payment Dates:             The 15th day of each calendar month
                                commencing on April 15, 2002, subject to
                                adjustment in accordance with the Following
                                Business Day Convention.

     Period End Date:           The 15th day of each calendar month,
                                subject to adjustment in accordance with
                                the Following Business Day Convention.

     Fixed Rate:                [     ]%.

     Fixed Rate
     Day Count Fraction:        30/360.

Floating Amounts:

     Floating Rate Payer:       MSCS.

     Floating Rate Payer
     Payment Dates:             The 15th day of each calendar month
                                commencing on April 15, 2002, subject to
                                adjustment in accordance with the Following
                                Business Day Convention.

     Period End Date:           The 15th day of each calendar month,
                                subject to adjustment in accordance with
                                the Following Business Day Convention.

     Floating Rate Option:      USD-LIBOR-BBA. Notwithstanding Section 7.1
                                of the Definitions, the Floating Rate shall
                                be determined on the day that is two New
                                York and London Business Days prior to the
                                Reset Date. The rate determined in
                                accordance with the Floating Rate Option
                                shall be rounded, if necessary, to the
                                nearest 1/100,000 of 1% (.0000001).

     Designated Maturity:       One month.

     Spread:                    [   ]%.

     Floating Rate
     Day Count Fraction:        Actual/360.

     Floating Rate for Initial
     Calculation Period:        [     ]% (excluding spread).

     Reset Dates:               The first day of each Floating Rate Payer
                                Calculation Period.

Business Days:                  New York, New York, Wilmington, Delaware
                                and Los Angeles, California.

Account Details

     Payments to MSCS:          Citibank, New York
                                ABA #: 021000089
                                For: Morgan Stanley Capital Services Inc.
                                Account #: 40724601

     Payments to the Trust:     Bank of Tokyo-Mitsubishi Trust Company
                                New York, NY
                                ABA #: 26009687
                                Account #: 26023814

Misc.

     MSCS Operations Contact:   Jean Barnum
                                Tel: (212) 761-4662
                                Fax: (212) 537-1864

     Calculation Agent:         MSCS.

         Please confirm that the foregoing correctly sets forth the terms
of our agreement by executing this Confirmation and returning it to us.

Best Regards,

MMCA AUTO OWNER TRUST 2002-1

By:   WILMINGTON TRUST COMPANY,
      not in its individual capacity
      nor as a principal to this Agreement,
      but solely as Owner Trustee

By:   _______________________________
      Name:
      Title:

MORGAN STANLEY CAPITAL SERVICES INC.

By:   _______________________________
      Name:
      Title:

                                 SCHEDULE 1

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      Start:             End:        A-4 Notional Balance
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-----------------------------------------------------------EXHIBIT 4(K)
                            THE CHAPMAN FUNDS, INC.
                        CHAPMAN CAPITAL MANAGEMENT, INC.
                                AMENDMENT NO. 1
                                       TO
                              AMENDED AND RESTATED
                          EXPENSE LIMITATION AGREEMENT

     THIS AMENDMENT NO. 1 (the "Amendment") TO THE AMENDED AND RESTATED EXPENSE
LIMITATION AGREEMENT dated as of November 9, 2000 by and among THE CHAPMAN
FUNDS, INC. on behalf of The Chapman U.S. Treasury Money Fund, DEM Equity Fund,
DEM Index Fund, DEM Multi-Manager Equity Fund, and DEM Multi-Manager Bond Fund,
and CHAPMAN CAPITAL MANAGEMENT, INC. (the "Agreement") is executed as of
February 28, 2002 by and among The Chapman Funds, Inc. and Chapman Capital
Management, Inc.

     For good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, the parties hereto, intending to be legally bound, agree
that the Agreement be amended by deleting Section 2 in its entirety and
inserting in lieu thereof the following:

     2. The expense limitations/reimbursements set forth above shall remain in
effect until December 31, 2012.

     IN WITNESS WHEREOF, each of The Chapman Funds, Inc. and Chapman Capital
Management, Inc. has executed this Agreement as of the day and year first above
written.

                        THE CHAPMAN FUNDS, INC., on behalf
                        of The Chapman U.S. Treasury Money Fund
                        DEM Equity Fund, DEM Index Fund,
                        DEM Multi-Manager Equity Fund and DEM
                        Multi-Manager Bond Fund

                        By:/s/ NATHAN A. CHAPMAN, JR.
                          ---------------------------

                        Name: Nathan A. Chapman, Jr.,
                        Title: President

                        CHAPMAN CAPITAL MANAGEMENT, INC.
                        By:/s/ NATHAN A. CHAPMAN, JR.
                          ---------------------------

                        Name: Nathan A. Chapman, Jr.
                        Title: President

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