Document:

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                                                                     EXHIBIT 4.1

                                                                  EXECUTION COPY

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                              AMENDED AND RESTATED
                                 TRUST AGREEMENT

                                      among

                          WFS RECEIVABLES CORPORATION,

                        FINANCIAL SECURITY ASSURANCE INC.

                                       and

                 CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION,
                                as Owner Trustee

                           Dated as of March 20, 2002

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                               TABLE OF CONTENTS

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                                         ARTICLE ONE

                                         DEFINITIONS

Section 1.01.  Capitalized Terms ..........................................................    1
Section 1.02.  Other Definitional Provisions ..............................................    4
Section 1.03.  Usage of Terms .............................................................    4
Section 1.04.  Section References .........................................................    4
Section 1.05.  Accounting Terms ...........................................................    4

                                        ARTICLE TWO

                                        ORGANIZATION

Section 2.01.  Name .......................................................................    5
Section 2.02.  Office .....................................................................    5
Section 2.03.  Purposes and Powers ........................................................    5
Section 2.04.  Appointment of Owner Trustee ...............................................    6
Section 2.05.  Initial Capital Contribution of Owner Trust Estate .........................    6
Section 2.06.  Declaration of Trust .......................................................    6
Section 2.07.  Title to Trust Property ....................................................    6
Section 2.08.  Situs of Trust .............................................................    6
Section 2.09.  Representations and Warranties of the Depositor ............................    7
Section 2.10.  Federal Income Tax Allocations .............................................    8

                                       ARTICLE THREE

                        TRUST CERTIFICATES AND TRANSFER OF INTERESTS

Section 3.01.  Initial Ownership ..........................................................    9
Section 3.02.  The Trust Certificates .....................................................    9
Section 3.03.  Authentication and Delivery of Trust Certificates ..........................    9
Section 3.04.  Registration of Transfer and Exchange of Trust Certificates ................    9
Section 3.05.  Mutilated, Destroyed, Lost or Stolen Trust Certificates ....................   11
Section 3.06.  Persons Deemed Owners ......................................................   12
Section 3.07.  Access to List of Certificateholders' Names and Addresses ..................   12
Section 3.08.  Maintenance of Office or Agency ............................................   12
Section 3.09.  Appointment of Paying Agent ................................................   12
Section 3.10.  Ownership by WFSRC of Trust Certificates ...................................   13
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                                        ARTICLE FOUR

                                  ACTIONS BY OWNER TRUSTEE

Section 4.01.  Prior Notice to Owners with Respect to Certain Matters .....................   14
Section 4.02.  Action by Owners with Respect to Certain Matters ...........................   14
Section 4.03.  Action by Owners with Respect to Bankruptcy ................................   15
Section 4.04.  Restrictions on Owners' Power ..............................................   15
Section 4.05.  Majority Control ...........................................................   15

                                        ARTICLE FIVE

                         APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

Section 5.01.  Establishment of Trust Account .............................................   16
Section 5.02.  Application of Trust Funds .................................................   16
Section 5.03.  Method of Payment ..........................................................   17
Section 5.04.  No Segregation of Monies; No Interest ......................................   17
Section 5.05.  Accounting and Reports to the Noteholders, Owners, the Internal
                   Revenue Service and Others .............................................   17
Section 5.06.  Signature on Returns; Tax Matters ..........................................   17

                                        ARTICLE SIX

                           AUTHORITY AND DUTIES OF OWNER TRUSTEE

Section 6.01.  General Authority ..........................................................   18
Section 6.02.  General Duties .............................................................   18
Section 6.03.  Action Upon Instruction ....................................................   18
Section 6.04.  No Duties Except as Specified in this Agreement or in Instructions .........   19
Section 6.05.  No Action Except Under Specified Documents or Instructions .................   19
Section 6.06.  Restrictions ...............................................................   20

                                       ARTICLE SEVEN

                                CONCERNING THE OWNER TRUSTEE

Section 7.01.  Acceptance of Trusts and Duties ............................................   21
Section 7.02.  Furnishing of Documents ....................................................   22
Section 7.03.  Representations and Warranties .............................................   22
Section 7.04.  Reliance; Advice of Counsel ................................................   22
Section 7.05.  Not Acting in Individual Capacity ..........................................   23
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Section 7.06.  Owner Trustee Not Liable for Trust Certificates, Notes or Contracts ........   23
Section 7.07.  Owner Trustee May Own Trust Certificates and Notes .........................   24
Section 7.08.  Pennsylvania Motor Vehicle Sales Finance Act Licenses ......................   24

                                       ARTICLE EIGHT

                               COMPENSATION OF OWNER TRUSTEE

Section 8.01.  Owner Trustee's Fees and Expenses ..........................................   25
Section 8.02.  Indemnification ............................................................   25
Section 8.03.  Payments to the Owner Trustee ..............................................   25

                                       ARTICLE NINE

                              TERMINATION OF TRUST AGREEMENT

Section 9.01.  Termination of Trust Agreement .............................................   26

                                       ARTICLE TEN

                  SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

Section 10.01.  Eligibility Requirements for Owner Trustee ................................   28
Section 10.02.  Resignation or Removal of Owner Trustee ...................................   28
Section 10.03.  Successor Owner Trustee ...................................................   29
Section 10.04.  Merger or Consolidation of Owner Trustee ..................................   29
Section 10.05.  Appointment of Co-Trustee or Separate Trustee .............................   29

                                     ARTICLE ELEVEN

                                     MISCELLANEOUS

Section 11.01.  Supplements and Amendments ................................................   31
Section 11.02.  No Legal Title to Trust Estate in Owners ..................................   32
Section 11.03.  Limitations on Rights of Others ...........................................   32
Section 11.04.  Notices ...................................................................   32
Section 11.05.  Severability of Provisions ................................................   33
Section 11.06.  Counterparts ..............................................................   33
Section 11.07.  Successors and Assigns ....................................................   33
Section 11.08.  No Petition ...............................................................   33
Section 11.09.  No Recourse ...............................................................   33
Section 11.10.  Certificates Nonassessable and Fully Paid .................................   33
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Section 11.11.  Headings ..................................................................   34
Section 11.12.  Governing Law .............................................................   34
Section 11.13.  Depositor Payment Obligation ..............................................   34
Section 11.14.  Insurer Default or Insolvency .............................................   34
Section 11.15.  Limited Recourse ..........................................................   34

EXHIBITS

Exhibit A -     Form of Certificate of Trust...............................................  A-1
Exhibit B -     Form of Trust Certificate..................................................  B-1
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       This AMENDED AND RESTATED TRUST AGREEMENT, dated as of March 20, 2002, is
among WFS RECEIVABLES CORPORATION, a California corporation (the "Depositor"),
FINANCIAL SECURITY ASSURANCE INC., a New York corporation ("Financial
Security"), and CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION, a national
banking association, as trustee (the "Owner Trustee").

       WHEREAS, in connection herewith, the Depositor is willing to create a
trust and assume certain obligations pursuant hereto;

       NOW, THEREFORE, the parties hereto agree as follows:

                                   ARTICLE ONE

                                   DEFINITIONS

       Section 1.01. Capitalized Terms. Except as otherwise provided in this
Agreement, whenever used in this Agreement the following words and phrases,
unless the context otherwise requires, shall have the following meanings:

       "Administration Agreement" means the administration agreement, dated as
of March 1, 2002, among the Trust, the Depositor, the Indenture Trustee and WFS,
as Administrator.

       "Administrator" means WFS, a California corporation, as set forth in the
Administration Agreement.

       "Agreement" means this Trust Agreement, as the same may be amended and
supplemented from time to time.

       "Applicants" shall have the meaning assigned to such term in Section
3.07.

       "Basic Documents" has the meaning set forth in the Indenture.

       "Benefit Plan" means (i) an employee benefit plan (as such term is
defined in Section 3(3) of ERISA) that is subject to the provisions of Title I
of ERISA, (ii) a plan described in Section 4975(e)(1) of the Code or (iii) any
entity whose underlying assets include plan assets by reason of a plan's
investment in the entity.

       "Business Trust Statute" means Chapter 38 of Title 12 of the Delaware
Code, 12 Del. Code Section 3801 et seq., as the same may be amended from time to
time.

       "Certificate Distribution Account" means the account established and
maintained as such pursuant to Section 5.01.

       "Certificate of Trust" means the Certificate of Trust filed for the Trust
pursuant to Section 3810(a) of the Business Trust Statute, substantially in the
form of Exhibit A hereto.

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       "Certificate Percentage Interest" has the meaning set forth in the Sale
and Servicing Agreement.

       "Certificate Register" and "Certificate Registrar" mean the register
maintained and the registrar (or any successor thereto) appointed pursuant to
Section 3.04.

       "Certificateholder" or "Holder" means the Person in whose name a Trust
Certificate is registered in the Certificate Register, except that, solely for
the purposes of giving any consent, waiver, request or demand pursuant to this
Agreement or the other Basic Documents, the interest evidenced by any Trust
Certificate registered in the name of the Depositor, WFS, or any of their
respective Affiliates shall not be taken into account in determining whether the
requisite percentage necessary to effect such consent, waiver, request or demand
in respect of the Trust Certificates shall have been obtained.

       "Closing Date" means March 20, 2002.

       "Code" means the Internal Revenue Code of 1986, as amended, and Treasury
Regulations promulgated thereunder.

       "Depositor" means WFSRC in its capacity as a depositor hereunder, and its
successors.

       "DTC" means The Depository Trust Company, and its successors.

       "ERISA" means the Employment Retirement Income Security Act of 1974, as
amended.

       "Exchange Act" means the Securities Exchange Act of 1934, as amended.

       "Expenses" shall have the meaning assigned to such term in Section 8.02.

       "Indemnified Parties" shall have the meaning assigned to such term in
Section 8.02.

       "Indenture" means the indenture dated as of March 1, 2002, between the
Trust and Bankers Trust Company, as Indenture Trustee.

       "Instructing Party" shall have the meaning assigned to such term in
Section 6.03(a).

       "Insurer" means Financial Security Assurance, Inc., and its successors.

       "Notes" means the Class A-1 Notes, the Class A-2 Notes, the Class A-3A
Notes, Class A-3B Notes, Class A-4A Notes and the Class A-4B Notes, in each case
issued pursuant to the Indenture.

       "Optional Repurchase" has the meaning set forth in the Sale and Servicing
Agreement.

       "Owner" means each Holder of a Trust Certificate.

       "Owner Trustee" means Chase Manhattan Bank USA, National Association, a
national banking association, not in its individual capacity but solely as owner
trustee under this Agreement, and any successor Owner Trustee hereunder.

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       "Owner Trustee Corporate Trust Office" means the office of the Owner
Trustee at which its corporate trust business shall be administered, which
initially shall be Chase Manhattan Bank USA, National Association, c/o JP Morgan
Chase, 500 Stanton Christiana Road, OPS4/3rd Floor, Newark, Delaware 19713,
Attention: Institutional Trust Services, or such other office at such other
address as the Owner Trustee may designate from time to time by notice to the
Certificateholders, the Master Servicer, the Depositor and the Insurer. The
foregoing address of The Chase Manhattan Bank shall be its address for purposes
of its acting as Certificate Registrar and as agent of the Owner Trustee
pursuant to Sections 3.04 and 3.08, or such other office at such other address
as the Owner Trustee may designate from time to time by notice to the
Certificateholders, the Master Servicer, the Depositor and the Insurer.

       "Paying Agent" means any paying agent or co-paying agent appointed
pursuant to Section 3.09.

       "Person" means a legal person, including any individual, corporation,
estate, partnership, joint venture, association, joint stock company, trust,
unincorporated organization or government or any agency or political subdivision
thereof.

       "Policy Expiration Date" has the meaning set forth in the Indenture.

       "Record Date" means, with respect to any Distribution Date, the day
immediately preceding such Distribution Date.

       "Retained Trust Certificate Percentage" has the meaning set forth in
Section 3.10.

       "Sale and Servicing Agreement" means the sale and servicing agreement,
dated as of March 1, 2002, among the Trust, as Issuer, the Depositor, as Seller,
and WFS, as Master Servicer, as the same may be amended or supplemented from
time to time.

       "Secretary of State" means the Secretary of State of the State of
Delaware.

       "Seller" means WFSRC, in its capacity as seller under the Sale and
Servicing Agreement, and its successors.

       "Treasury Regulations" means regulations, including proposed or temporary
regulations, promulgated under the Code. References herein to specific
provisions of proposed or temporary regulations shall include analogous
provisions of final Treasury Regulations or other successor Treasury
Regulations.

       "Trust" means the trust established by this Agreement.

       "Trust Certificates" means the trust certificates evidencing the
beneficial interest of an Owner in the Trust, substantially in the form of
Exhibit B hereto.

       "Trust Estate" means all right, title and interest of the Trust in and to
the property and rights assigned to the Trust pursuant to Article Two of the
Sale and Servicing Agreement, all funds on deposit from time to time in the
Trust Accounts and all other property of the Trust from

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time to time, including any rights of the Owner Trustee and the Trust pursuant
to the Sale and Servicing Agreement and the Administration Agreement.

       "Underwriters" means Banc of America Securities LLC, Barclays Capital
Inc., Credit Suisse First Boston Corporation, Deutsche Banc Alex. Brown Inc. and
Salomon Smith Barney Inc.

       "WFS" means WFS Financial Inc, and its successors.

       "WFSRC" means WFS Receivables Corporation, and its successors.

       Section 1.02. Other Definitional Provisions. Capitalized terms used that
are not otherwise defined herein shall have the meanings ascribed thereto in the
Sale and Servicing Agreement or, if not defined therein, in the Indenture.

       Section 1.03. Usage of Terms. With respect to all terms in this
Agreement, the singular includes the plural and the plural the singular; words
importing any gender include the other genders; references to "writing" include
printing, typing, lithography and other means of reproducing words in a visible
form; references to agreements and other contractual instruments include all
amendments, modifications and supplements thereto or any changes therein entered
into in accordance with their respective terms and not prohibited by this
Agreement; references to Persons include their permitted successors and assigns;
and the term "including" means "including without limitation".

       Section 1.04. Section References. All section references, unless
otherwise indicated, shall be to Sections in this Agreement.

       Section 1.05. Accounting Terms. All accounting terms used but not
specifically defined herein shall be construed in accordance with generally
accepted accounting principles in the United States.

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                                   ARTICLE TWO

                                  ORGANIZATION

       Section 2.01. Name. The Trust created hereby shall be known as "WFS
Financial 2002-1 Owner Trust", in which name the Owner Trustee may conduct the
activities of the Trust, make and execute contracts and other instruments on
behalf of the Trust and sue and be sued.

       Section 2.02. Office. The office of the Trust shall be in care of the
Owner Trustee at the Owner Trustee Corporate Trust Office or at such other
address in Delaware as the Owner Trustee may designate by written notice to the
Owners, the Depositor and the Insurer.

       Section 2.03. Purposes and Powers.

       (a) The sole purpose of the Trust is to conserve the Trust Estate and
collect and disburse the periodic income therefrom for the use and benefit of
the Owners, and in furtherance of such purpose to engage in the following
ministerial activities:

                     (A) to issue the Notes pursuant to the Indenture and the
              Trust Certificates pursuant to this Agreement and to sell the
              Notes;

                     (B) with the proceeds of the sale of the Notes, to purchase
              the Contracts, to fund the Spread Account, to pay the
              organizational, start-up and transactional expenses of the Trust
              and to pay the balance to the Depositor pursuant to the Sale and
              Servicing Agreement;

                     (C) to Grant the Trust Estate pursuant to the Indenture and
              to hold, manage and distribute to the Owners pursuant to the Sale
              and Servicing Agreement any portion of the Trust Estate released
              from the Lien of, and remitted to the Trust pursuant to, the
              Indenture;

                     (D) to enter into and perform its obligations under the
              Basic Documents to which it is to be a party;

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

                     (F) subject to compliance with the Basic Documents, to
              engage in such other activities as may be required in connection
              with conservation of the Trust Estate and the making of
              distributions to the Owners and the Noteholders.

       (b) The Trust shall not engage in any activities other than in connection
with the foregoing. Nothing contained herein shall be deemed to authorize the
Owner Trustee, on behalf of the Trust, to engage in any business operations or
any activities other than those set forth in the introductory sentence of this
Section. Specifically, the Owner Trustee, on behalf of the Trust, shall have no
authority to engage in any business operations, acquire any assets other than
those specifically included in the Trust Estate under Section 1.01 or otherwise
vary the assets

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held by the Trust. Similarly, the Owner Trustee shall have no discretionary
duties other than performing those ministerial acts set forth above necessary to
accomplish the purpose of the Trust as set forth in the introductory sentence of
this Section.

       Section 2.04. 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, and the Owner Trustee
hereby accepts such appointment.

       Section 2.05. Initial Capital Contribution of Owner Trust Estate. The
Depositor hereby sells, assigns, transfers, conveys and sets over to the Owner
Trustee, as of the date hereof, the sum of $1.00. The Owner Trustee hereby
acknowledges receipt in trust from the Depositor, as of the date hereof, of the
foregoing contribution, which shall constitute the initial 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.

       Section 2.06. Declaration of Trust. The Owner Trustee hereby declares
that it will hold the Trust Estate in trust upon and subject to the conditions
set forth herein for the sole purpose of conserving the Trust Estate and
collecting and disbursing the periodic income therefrom for the use and benefit
of the Owners, subject to the obligations of the Trust under the Basic
Documents. It is the intention of the parties hereto that the Trust constitute a
business trust under the Business Trust Statute and that this Agreement
constitute the governing instrument of such business trust. It is the intention
of the parties hereto that, solely for income and franchise tax purposes, the
Trust shall be treated as a disregarded entity or a partnership, with equity
holders of such entity being the Certificateholders. It is also the intention of
the parties hereto that the Notes be treated as debt of the Trust. The parties
agree that, unless otherwise required by appropriate tax authorities, the Trust
will file or cause to be filed annual or other necessary returns, reports and
other forms consistent with the foregoing characterization of the Trust for such
tax purposes. Effective as of the date hereof, the Owner Trustee shall have all
rights, powers and duties set forth herein and in the Business Trust Statute for
the sole purpose and to the extent necessary to accomplish the purpose of the
Trust as set forth in the introductory sentence of Section 2.03.

       Section 2.07. Title to Trust Property. Legal title to the 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 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 2.08. Situs of Trust. The Trust will be located and administered
in the State of Delaware. All bank accounts maintained by the Owner Trustee on
behalf of the Trust shall be located in the State of California, the State of
Delaware or the State of New York. The Trust shall not have any employees in any
state other than Delaware; provided, however, that nothing herein shall restrict
or prohibit the Owner Trustee from having employees within or without the State
of Delaware. Payments will be received by the Trust only in Delaware or New York
and payments will be made by the Trust only from Delaware or New York. The only
office of the Trust will be at the Owner Trustee Corporate Trust Office.

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       Section 2.09. Representations and Warranties of the Depositor. The
Depositor hereby represents and warrants to the Owner Trustee and the Insurer
that:

                     (A) The Depositor is duly organized and validly existing as
              a corporation organized and existing and in good standing under
              the laws of the State of California, with power and authority to
              own its properties and to conduct its business and had at all
              relevant times, and has, power, authority and legal right to
              acquire and own the Contracts.

                     (B) The Depositor is duly qualified to do business as a
              foreign corporation 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
              requires such qualifications.

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

                     (D) The consummation of the transactions contemplated by
              this Agreement and the fulfillment of the terms hereof do not
              conflict with, result in the breach of any of the terms and
              provisions of, nor constitute (with or without notice or lapse of
              time) a default under, the articles of incorporation or bylaws of
              the Depositor, 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 the
              properties of the Depositor pursuant to the terms of any such
              indenture, agreement or other instrument (other than pursuant to
              the Basic Documents); nor violate any law or 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.

                     (E) There are no proceedings or investigations pending, or
              to the Depositor's best knowledge threatened, before any court,
              regulatory body, administrative agency or other governmental
              instrumentality having jurisdiction over the Depositor or its
              properties (A) asserting the invalidity of this Agreement, any of
              the other Basic Documents or the Trust Certificates, (B) seeking
              to prevent the issuance of the Trust Certificates or the
              consummation of any of the transactions contemplated by this
              Agreement or any of the other Basic Documents, (C) 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, any of the other
              Basic Documents or the Trust Certificates or (D) involving the
              Depositor and which might adversely

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              affect the federal income tax or other federal, state or local tax
              attributes of the Trust Certificates.

       Section 2.10. Federal Income Tax Allocations.

       (a) Net income of the Trust for any calendar quarter as determined for
federal income tax purposes (and each item of income, gain, loss and deduction
entering into the computation thereof) shall be allocated among the
Certificateholders as of the first day following the end of such quarter, in
proportion to their Certificate Percentage Interest on such date, net income in
an amount up to the sum any other amounts of income payable to the
Certificateholders for such quarter.

       (b) Net losses of the Trust, if any, for any calendar quarter as
determined for federal income tax purposes (and each item of income, gain, loss
and deduction entering into the computation thereof) shall be allocated to the
Certificateholders in proportion to their Certificate Percentage Interest as of
the first day following the end of such quarter in proportion to their
Certificate Percentage Interest on such day. The Certificateholders are
authorized to modify the allocations in this paragraph if necessary or
appropriate, in their sole discretion, for the allocations to fairly reflect the
income, gain, loss and deduction to the Certificateholders, or as otherwise
required by the Code.

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                                  ARTICLE THREE

                  TRUST CERTIFICATES AND TRANSFER OF INTERESTS

       Section 3.01. Initial Ownership. Upon the formation of the Trust by the
contribution by the Depositor pursuant to Section 2.05 and until the issuance of
the Trust Certificates, the Depositor shall be the sole beneficiary of the
Trust.

       Section 3.02. The Trust Certificates. The Trust Certificates shall be
substantially in the form of Exhibit B hereto. The Trust Certificates shall be
executed by the Owner Trustee on behalf of the Trust by manual or facsimile
signature of an authorized officer of the Owner Trustee and attested on behalf
of the Owner Trustee by the manual or facsimile signature of an authorized
officer of the Owner Trustee and shall be deemed to have been validly issued
when so executed. Trust Certificates bearing the manual or facsimile signatures
of individuals who were, at the time when such signatures were affixed,
authorized to sign on behalf of the Owner Trustee shall be valid and binding
obligations of the Trust, notwithstanding that such individuals or any of them
have ceased to be so authorized prior to the authentication and delivery of such
Trust Certificates or did not hold such offices at the date of such Trust
Certificates. All Trust Certificates shall be dated the date of their
authentication.

       Section 3.03. Authentication and Delivery of Trust Certificates. The
Owner Trustee shall cause to be authenticated and delivered upon the order of
the Depositor, in exchange for the Contracts and the other assets of the Trust,
simultaneously with the sale, assignment and transfer to the Trust of the
Contracts, and the constructive delivery to the Owner Trustee of the Contract
Files and the other assets of the Trust, Trust Certificates duly authenticated
by the Owner Trustee, evidencing the entire ownership of the Trust and Notes
issued by the Owner Trustee and authenticated by the Indenture Trustee in
aggregate principal amount of, in the case of the (i) Class A-1 Notes,
$330,000,000, (ii) Class A-2 Notes, $440,000,000, (iii) Class A-3A Notes,
$380,000,000, (iv) Class A-3B, (v) $230,000,000, Class A-4A, $260,000,000 and
(vi) Class A-4B Notes, $160,000,000. No Trust Certificate shall be entitled to
any benefit under this Agreement, or be valid for any purpose, unless there
appears on such Trust Certificate a certificate of authentication substantially
in the form set forth in the form of Trust Certificate attached hereto as
Exhibit B, executed by the Owner Trustee or its authenticating agent, by manual
signature, and such certificate upon any Trust Certificate shall be conclusive
evidence, and the only evidence, that such Trust Certificate has been duly
authenticated and delivered hereunder. The provisions of Sections 7.01, 7.03,
7.04 and 8.01 shall apply to any authenticating agent hereunder. Upon issuance,
authentication and delivery pursuant to the terms hereof, the Trust Certificates
will be entitled to the benefits of this Agreement.

       Section 3.04. Registration of Transfer and Exchange of Trust
Certificates.

       (a) The Certificate Registrar shall keep or cause to be kept, a
Certificate Register, subject to such reasonable regulations as it may
prescribe. The Certificate Register shall provide for the registration of Trust
Certificates and transfers and exchanges of Trust Certificates as provided
herein. The Chase Manhattan Bank, 450 West 33rd Street, 15th Floor, New York,
New York 10001, Attention: Structured Finance Services (ABS) as agent for the
Owner Trustee, is hereby initially appointed Certificate Registrar for the
purpose of registering Trust Certificates

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and transfers and exchanges of Trust Certificates as herein provided. In the
event that, subsequent to the Closing Date, the Owner Trustee notifies the
Master Servicer that The Chase Manhattan Bank is unable to act as Certificate
Registrar, the Master Servicer shall appoint another bank or trust company,
having an office or agency located in The City of New York, agreeing to act in
accordance with the provisions of this Agreement applicable to it, and otherwise
acceptable to the Owner Trustee, to act as successor Certificate Registrar
hereunder. The provisions of Sections 7.01, 7.03, 7.04 and 8.01 shall apply to
any Certificate Registrar hereunder.

       (b) Upon surrender for registration of transfer of any Trust Certificate
at the office of the Certificate Registrar, the Owner Trustee shall execute,
authenticate and deliver (or shall cause its authenticating agent to
authenticate and deliver), in the name of the designated transferee or
transferees, one or more new Trust Certificates of a like Certificate Percentage
Interest.

       (c) At the option of a Certificateholder, Trust Certificates may be
exchanged for other Trust Certificates of a like Certificate Percentage
Interest, upon surrender of the Trust Certificates to be exchanged at the office
of the Certificate Registrar. Whenever any Trust Certificates are so surrendered
for exchange, the Owner Trustee on behalf of the Trust shall execute,
authenticate and deliver (or shall cause its authenticating agent to
authenticate and deliver) the Trust Certificates that the Certificateholder
making the exchange is entitled to receive. Every Trust 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 Holder thereof or his attorney duly
authorized in writing.

       (d) No service charge shall be made for any registration of transfer or
exchange of Trust Certificates, but the Owner Trustee 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 Trust Certificates.

       (e) The Trust Certificates may not be acquired by or for the account of a
Benefit Plan. By accepting and holding a Trust Certificate or a beneficial
interest therein, the Certificateholder thereof shall be deemed to have
represented and warranted that it is not a Benefit Plan nor will it hold such
Trust Certificate or a beneficial interest therein for the account of a Benefit
Plan.

       Any person who is not an affiliate of the Seller and acquires more than
49.9% of the Trust Certificates will be deemed to represent that it is not a
party in interest (within the meaning of ERISA) or a disqualified person (within
the meaning of section 4975(e)(2) of the Code) with respect to any Benefit Plan,
other than a Benefit Plan that it sponsors for the benefit of its employees, and
that no plan with respect to which it is a party in interest has or will acquire
any interest in the Notes.

       (f) All Trust Certificates surrendered for registration of transfer or
exchange, if surrendered any agent of the Owner Trustee under this Agreement,
shall be delivered to the Owner Trustee and promptly cancelled by it, or, if
surrendered to the Owner Trustee, shall be promptly cancelled by it, and no
Trust Certificates shall be issued in lieu thereof except as

                                       10
<PAGE>

expressly permitted by any of the provisions of this Agreement. The Owner
Trustee shall dispose of cancelled Trust Certificates in accordance with the
normal industry practice.

       (a) As a condition to the registration of any transfer of a Trust
Certificate, the prospective transferee shall be required to represent in
writing to the Owner Trustee, the Seller and the Certificate Registrar the
following:

              (i) It has neither acquired nor will it transfer any Trust
       Certificate it purchases (or any interest therein) or cause any such
       Trust Certificates (or any interest therein) to be marketed on or through
       an "established securities market" within the meaning of Section
       7704(b)(1) of the Code, including, without limitation, an
       over-the-counter-market or an interdealer quotation system that regularly
       disseminates firm buy or sell quotations.

              (ii) It either (A) is not, and will not become, a partnership,
       Subchapter S corporation or grantor trust for U.S. federal income tax
       purposes or (B) is such an entity, but none of the direct or indirect
       beneficial owners of any of the interests in such transferee have allowed
       or caused, or will allow or cause, 50% or more (or such other percentage
       as the Transferor may establish prior to the time of such proposed
       transfer) of the value of such interests to be attributable to such
       transferee's ownership of Trust Certificates.

              (iii) It is not a Benefit Plan nor will it hold the Trust
       Certificates being transferred for the account of a Benefit Plan.

       The provisions of this Section generally are intended, among other
things, to prevent the Trust from being characterized as a "publicly traded
partnership" within the meaning of Section 7704 of the Code, in reliance on
Treasury Regulations Section 1.7704-1(e) and (h), and the Seller shall take such
intent into account in determining whether or not to consent to any proposed
transfer of any Trust Certificate.

       Section 3.05. Mutilated, Destroyed, Lost or Stolen Trust Certificates. If
(i) any mutilated Trust Certificate is surrendered to the Certificate Registrar,
or the Certificate Registrar receives evidence to its satisfaction of the
destruction, loss or theft of any Trust Certificate, and (ii) there is 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 Trust Certificate has been acquired by a protected purchaser,
the Owner Trustee on behalf of the Trust shall execute and the Owner Trustee or
its authenticating agent shall authenticate and deliver, in exchange for or in
lieu of any such mutilated, destroyed, lost or stolen Trust Certificate, a new
Trust Certificate of like tenor and Certificate Percentage Interest. In
connection with the issuance of any new Trust Certificate under this Section,
the Owner Trustee may require the payment by the Holder of a sum sufficient to
cover any tax or other governmental charge that may be imposed in relation
thereto. Any duplicate Trust Certificate issued pursuant to this Section shall
constitute complete and indefeasible evidence of ownership in the Trust, as if
originally issued, whether or not the lost, stolen or destroyed Trust
Certificate shall be found at any time.

                                       11
<PAGE>

       Section 3.06. Persons Deemed Owners. Prior to due presentation of a Trust
Certificate for registration of transfer, the Owner Trustee, the Certificate
Registrar, any Paying Agent and any of their respective agents may treat the
Person in whose name any Trust Certificate is registered as the owner of such
Trust Certificate for the purpose of receiving distributions pursuant to Section
5.02 and for all other purposes whatsoever, and none of the Owner Trustee, the
Certificate Registrar, any Paying Agent or any of their respective agents shall
be affected by any notice to the contrary.

       Section 3.07. Access to List of Certificateholders' Names and Addresses.
The Owner Trustee shall furnish or cause to be furnished to the Master Servicer,
the Insurer and the Depositor, within 15 days after receipt by the Certificate
Registrar of a written request therefor from the Master Servicer, the
Certificateholders, the Insurer or the Depositor, a list, in such form as the
Master Servicer or the Depositor may reasonably require, of the names and
addresses of the Certificateholders as of the most recent Record Date. If three
or more Certificateholders, or one or more Holders of Trust Certificates
evidencing not less than 25% of the percentage interests of the Trust
Certificates (hereinafter referred to as "Applicants"), apply in writing to the
Owner Trustee, and such application states that the Applicants desire to
communicate with other Certificateholders with respect to their rights hereunder
or under the Trust Certificates and such application is accompanied by a copy of
the communication that such Applicants propose to transmit, then the Owner
Trustee shall, within five Business Days after the receipt of such application,
afford such Applicants access, during normal business hours, to the current list
of Certificateholders. Every Certificateholder, by receiving and holding a Trust
Certificate, agrees with the Master Servicer, the Depositor and the Owner
Trustee that none of the Master Servicer, the Depositor or the Owner Trustee
shall be held accountable by reason of the disclosure of any such information as
to the names and addresses of the Certificateholders hereunder, regardless of
the source from which such information was derived.

       Section 3.08. Maintenance of Office or Agency. The Chase Manhattan Bank,
as agent for the Owner Trustee, shall maintain in the Borough of Manhattan, The
City of New York, an office or offices or agency or agencies where Trust
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 Trust
Certificates and the Basic Documents may be served. The Owner Trustee hereby
designates the office of The Chase Manhattan Bank at the address provided under
the definition of the term "Owner Trustee Corporate Trust Office" as its office
for such purposes. The Owner Trustee shall give prompt written notice to the
Depositor, the Master Servicer and to Certificateholders of any change in the
location of the Certificate Register or any such office or agency.

       Section 3.09. Appointment of Paying Agent. The Paying Agent shall make
distributions to Certificateholders from the Certificate Distribution Account
pursuant to Section 5.02(a) and shall report the amounts of such distributions
to the Owner Trustee. Any Paying Agent shall have the revocable power to
withdraw funds from the Certificate Distribution Account for the purpose of
making the distributions referred to above. The Owner Trustee may revoke such
power and remove the Paying Agent if the Owner Trustee determines in its sole
discretion that the Paying Agent shall have failed to perform its obligations
under this Agreement in any material respect. The Paying Agent initially shall
be Western Financial Bank and any co-paying agent chosen by the Paying Agent
that is acceptable to the Owner Trustee. Each Paying Agent

                                       12
<PAGE>

shall be permitted to resign as Paying Agent upon 30 days' written notice to the
Owner Trustee. In the event that Western Financial Bank shall no longer be the
Paying Agent, the Owner Trustee shall appoint a successor to act as Paying Agent
(which shall be a bank or trust company). The Owner Trustee shall cause such
successor Paying Agent or any additional Paying Agent appointed by the Owner
Trustee to execute and deliver to the Owner Trustee an instrument in which such
successor Paying Agent or additional Paying Agent shall agree with the Owner
Trustee that, as Paying Agent, such successor Paying Agent or additional Paying
Agent will hold all sums, if any, held by it for payment to the
Certificateholders in trust for the benefit of the Certificateholders entitled
thereto until such sums shall be paid to such Certificateholders. The Paying
Agent shall return all unclaimed funds to the Owner Trustee and upon removal of
a Paying Agent such Paying Agent shall also return all funds in its possession
to the Owner Trustee. The provisions of Sections 7.01, 7.03, 7.04 and 8.01 shall
apply to the Owner Trustee also in its role as Paying Agent, for so long as the
Owner Trustee shall act as Paying Agent and, to the extent applicable, to any
other paying agent appointed hereunder. Any reference in this Agreement to the
Paying Agent shall include any co-paying agent unless the context requires
otherwise. If the long term debt rating of the Paying Agent shall not be at
least Baa3 from Moody's and BBB- from Standard & Poor's, the Rating Agencies
shall be given notice of such lower long term debt rating.

       Section 3.10. Ownership by WFSRC of Trust Certificates. WFSRC shall on
the Closing Date retain Trust Certificates representing at least 100% of the
Certificate Percentage Interest and shall thereafter retain beneficial and
record ownership of Trust Certificates representing at least 1% of the
Certificate Percentage Interest (the "Retained Trust Certificate Percentage").
Any attempted transfer of any Trust Certificate that would reduce the interest
of WFSRC in the Trust below the Retained Trust Certificate Percentage shall be
void. The Owner Trustee shall cause any Trust Certificate issued to WFSRC on the
Closing Date (and any Trust Certificate issued in exchange therefor) to contain
a legend stating "THIS TRUST CERTIFICATE IS NON-TRANSFERABLE EXCEPT AS PROVIDED
IN SECTION 3.10 OF THE TRUST AGREEMENT".

                                       13
<PAGE>

                                  ARTICLE FOUR

                            ACTIONS BY OWNER TRUSTEE

       Section 4.01. Prior Notice to Owners with Respect to Certain Matters.
Subject to the provisions and limitations of Section 4.04, with respect to the
following matters, the Owner Trustee shall not take action unless at least 30
days before the taking of such action, the Owner Trustee shall have notified the
Certificateholders in writing of the proposed action and the Holders of Trust
Certificates evidencing at least a majority of the aggregate Certificate
Percentage Interest shall not have notified the Owner Trustee in writing prior
to the 30th day after such notice is given that such Holders have withheld
consent or provided alternative direction and the Owner Trustee has received the
prior written consent of the Insurer (prior to the Policy Expiration Date and so
long as no Insurer Default shall have occurred and be continuing):

              (a) the initiation of any claim or lawsuit by the Trust (except
       claims or lawsuits brought in connection with the collection of the
       Contracts) and the compromise of any action, claim or lawsuit brought by
       or against the Trust (except with respect to the aforementioned claims or
       lawsuits for collection of the Contracts);

              (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 is required;

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

              (e) the amendment, change or modification of the Administration
       Agreement, except to cure any ambiguity or to amend or supplement any
       provision in a manner or add any provision that would not materially
       adversely affect the interests of the Owners; or

              (f) the appointment pursuant to the Indenture of a successor Note
       Registrar, paying agent for the Notes or Indenture Trustee or pursuant to
       this Agreement of a successor Certificate Registrar, or the consent to
       the assignment by the Note Registrar, Paying Agent, Indenture Trustee or
       Certificate Registrar of its obligations under the Indenture or this
       Agreement, as applicable.

       Section 4.02. Action by Owners with Respect to Certain Matters. Subject
to the provisions and limitations of Section 4.04, the Owner Trustee shall not
have the power, except upon the direction of the Owners and the Owner Trustee
has received the prior written consent of the Insurer (prior to the Policy
Expiration Date and so long as no Insurer Default shall have occurred and be
continuing), to (i) remove the Administrator pursuant to Section 8 of the
Administration Agreement, (ii) appoint a successor Administrator pursuant to
Section 8 of the Administration Agreement, (iii) remove the Master Servicer
pursuant to Section 8.01 of the Sale and Servicing Agreement, (iv) except as
expressly provided in the Basic Documents, sell the

                                       14
<PAGE>

Contracts after the termination of the Indenture, (v) initiate any claim, suit
or proceeding by the Trust or compromise any claim, suit or proceeding brought
by or against the Trust, (vi) authorize the merger, consolidation or conversion
of the Trust with or into any other business trust or entity (other than in
accordance with Section 3.10 of the Indenture) or (vii) amend the Certificate of
Trust. The Owner Trustee shall take the actions referred to in the preceding
sentence only upon written instructions signed by the Owners.

       Section 4.03. Action by Owners with Respect to Bankruptcy. The Owner
Trustee shall not have the power to commence a voluntary proceeding in
bankruptcy relating to the Trust without the prior written consent of the
Insurer and the unanimous prior approval of all Owners and the delivery to the
Owner Trustee by each such Owner of a certificate certifying that such Owner
reasonably believes that the Trust is insolvent.

       Section 4.04. Restrictions on Owners' Power. The Owners shall not direct
the Owner Trustee to take or to 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
the purpose of the Trust as set forth in Section 2.03, nor shall the Owner
Trustee be obligated to follow any such direction, if given.

       Section 4.05. Majority Control. Except as expressly provided herein, any
action that may be taken by the Owners under this Agreement may be taken by the
Holders of Trust Certificates evidencing not less than a majority of the
aggregate Certificate Percentage Interest. Except as expressly provided herein,
any written notice of the Owners delivered pursuant to this Agreement shall be
effective if signed by Holders of Trust Certificates evidencing not less than a
majority of the aggregate Certificate Percentage Interest at the time of the
delivery of such notice and the Owner Trustee has received the prior written
consent of the Insurer (prior to the Policy Expiration Date and so long as no
Insurer Default shall have occurred and be continuing).

                                       15
<PAGE>

                                  ARTICLE FIVE

                   APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

       Section 5.01. Establishment of Trust Account. The Owner Trustee, for the
benefit of the Certificateholders, shall establish and maintain in the name of
the Trust an Eligible Account (the "Certificate Distribution Account"), bearing
a designation clearly indicating that the funds deposited therein are held for
the benefit of the Certificateholders. The Certificate Distribution Account
initially shall be established with The Western Financial Bank in the State of
California.

       The Owner Trustee shall possess all right, title and interest in funds on
deposit from time to time in the Certificate Distribution Account and in the
proceeds thereof. Except as otherwise expressly provided herein, the Certificate
Distribution Account shall be under the sole dominion and control of the Owner
Trustee for the benefit of the Certificateholders. If, at any time, the
Certificate Distribution Account ceases to be an Eligible Account, the Owner
Trustee (or the Depositor on behalf of the Owner Trustee, if the Certificate
Distribution Account is not then held by the Owner Trustee or an Affiliate
thereof) shall within ten Business Days (or such longer period, not to exceed 30
calendar days, as to which each Rating Agency or the Insurer must consent)
establish a new Certificate Distribution Account as an Eligible Account and
shall transfer any cash and/or any investments to such new Certificate
Distribution Account.

       Section 5.02. Application of Trust Funds.

       (a) On each Distribution Date, the Owner Trustee, at the direction of the
Master Servicer, will distribute to Certificateholders, in proportion to each
Certificateholder's Certificate Percentage Interest, amounts deposited into the
Certificate Distribution Account pursuant to Sections 5.06 and 9.01 of the Sale
and Servicing Agreement and Section 5.06(a) of the Indenture with respect to
such Distribution Date.

       (b) On each Distribution Date, the Owner Trustee shall send to each
Certificateholder the statement or statements provided to the Owner Trustee by
the Master Servicer pursuant to Section 5.07 of the Sale and Servicing Agreement
with respect to such Distribution Date.

       (c) In the event that any withholding tax is imposed on the Trust's
payment (or allocations of income) to an Owner, such tax shall reduce the amount
otherwise distributable to the Owner in accordance with this Section. The Owner
Trustee is hereby authorized and directed to retain, or cause the Paying Agent
to retain, from amounts otherwise distributable to the Owners sufficient funds
for the payment of any 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 an Owner shall be treated as cash distributed to such
Owner 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, the Owner Trustee may in its sole discretion withhold
such amounts in accordance with this paragraph (c).

                                       16
<PAGE>

       Section 5.03. Method of Payment. Subject to Section 9.01(c) respecting
the final payment upon retirement of each Trust Certificate, distributions
required to be made to each Certificateholder of record on the related Record
Date shall be made by check mailed to such Certificateholder at the address of
such Holder appearing in the Certificate Register or by wire transfer of
immediately available funds.

       Section 5.04. No Segregation of Monies; No Interest. Subject to Sections
5.01 and 5.02, monies received by the Owner Trustee hereunder need not be
segregated in any manner except to the extent required by law 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 5.05. Accounting and Reports to the Noteholders, Owners, the
Internal Revenue Service and Others. The Owner Trustee shall (i) maintain (or
cause to be maintained) the books of the Trust on a calendar year basis and the
accrual method of accounting, (ii) deliver to each Owner, as may be required by
the Code and applicable Treasury Regulations, such information as may be
required (including Schedule K-1) to enable each Owner to prepare its federal
and state income tax returns, (iii) file such tax returns relating to the Trust
(including a partnership information return, IRS Form 1065) and make such
elections as from time to time may be required or appropriate under any
applicable state or federal statute or any rule or regulation thereunder so as
to maintain the Trust's characterization as a partnership or a disregarded
entity for federal income tax purposes, (iv) cause such tax returns to be signed
in the manner required by law and (v) collect or cause to be collected any
withholding tax as described in and in accordance with Section 5.02(c) with
respect to income or distributions to Owners. 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 Contracts. The Owner Trustee shall not
make the election provided under Section 754 of the Code.

       Section 5.06. Signature on Returns; Tax Matters. WFSRC shall sign on
behalf of the Trust, the tax returns of the Trust and shall ensure that any
taxes incurred by the Trust are duly paid by the Persons owing such taxes.

                                       17
<PAGE>

                                   ARTICLE SIX

                      AUTHORITY AND DUTIES OF OWNER TRUSTEE

       Section 6.01. General Authority. Subject to the provisions and
limitations of Sections 2.03 and 2.06, the Owner Trustee is authorized and
directed to execute and deliver 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, certificate or other agreement, as evidenced conclusively by the
Owner Trustee's execution thereof. In addition to the foregoing, the Owner
Trustee is authorized, but shall not be obligated, to take all actions required
of the Trust pursuant to the Basic Documents. The Owner Trustee is further
authorized from time to time to take such action as the Administrator recommends
with respect to the Basic Documents.

       Section 6.02. General Duties. Subject to the provisions and limitations
of Sections 2.03 and 2.06, it shall be the duty of the Owner Trustee to
discharge (or cause to be discharged through the Administrator or such agents as
shall be appointed with the consent of the Insurer) 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 Owners,
subject to the Basic Documents and in accordance with the provisions of this
Agreement. Notwithstanding the foregoing, the Owner Trustee shall be deemed to
have discharged its duties and responsibilities hereunder and under the other
Basic Documents to the extent the Administrator has agreed in the Administration
Agreement to perform any act or to discharge any duty of the Owner Trustee
hereunder or under any Basic Document, regardless of whether the Administration
Agreement is subsequently terminated or rejected by the Administrator, 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.

       Section 6.03. Action Upon Instruction.

       (a) Subject to Article Four, in accordance with the terms of the Basic
Documents, the Insurer (so long as an Insurer Default shall not have occurred
and be continuing) or the Owners (if an Insurer Default shall have occurred and
be continuing) (the "Instructing Party") may by written instruction direct the
Owner Trustee in the management of the Trust. Such direction may be exercised at
any time by written instruction of the Instructing Party pursuant to Article
Four.

       (b) The Owner Trustee shall not be required to take any action hereunder
or under any other 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 under
any other Basic Document, the Owner Trustee shall promptly give notice (in such
form as shall be appropriate under the circumstances) to the Instructing Party
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

                                       18
<PAGE>

instruction of the Instructing Party 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 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 and
the other Basic Documents, as it shall deem to be in the best interests of the
Owners, and shall have no liability to any Person for such action or inaction.

       (d) In the event that 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 Instructing
Party 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 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 Owners, and shall
have no liability to any Person for such action or inaction.

       Section 6.04. 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 Trust Estate, or to otherwise take or refrain from
taking any action under, or in connection with, any document contemplated hereby
to which the Owner Trustee is a party, except as expressly provided by the terms
of this Agreement or in any document or written instruction received by the
Owner Trustee pursuant to Section 6.03 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 liens (other than the lien of the
Indenture) on any part of the Trust Estate that result from actions by, or
claims against, the Owner Trustee that are not related to the ownership or the
administration of the Trust Estate.

       Section 6.05. 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 Trust Estate except in accordance with (i) the powers
granted to and the authority conferred upon the Owner Trustee pursuant to this
Agreement, (ii) the other Basic Documents and (iii) any document or instruction
delivered to the Owner Trustee pursuant to Section 6.03.

                                       19
<PAGE>

       Section 6.06. Restrictions. The Owner Trustee shall not take any action
(i) that is inconsistent with the purposes of the Trust set forth in Section
2.03 or (ii) that, to the actual knowledge of a Responsible Officer in the Owner
Trustee Corporate Trust Office, would result in the Trust's becoming taxable as
a corporation for federal or state income tax purposes. The Owners shall not
direct the Owner Trustee to take action that would violate the provisions of
this Section.

                                       20
<PAGE>

                                  ARTICLE SEVEN

                          CONCERNING THE OWNER TRUSTEE

       Section 7.01. 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 Trust Estate upon the terms of this Agreement and the other Basic
Documents. 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 or negligence or (ii) in the case of the inaccuracy of any
representation or warranty contained in Section 7.03 expressly made by the Owner
Trustee. In particular, but not by way of limitation (and subject to the
exceptions set forth in the preceding sentence):

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

              (b) 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 the Administrator, the Instructing Party or any Owner;

              (c) 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;

              (d) 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 the Trust
       Certificates;

              (e) 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 the Insurer or for the form, character,
       genuineness, sufficiency, value or validity of any of the Trust Estate,
       or for or in respect of the validity or sufficiency of the Basic
       Documents, other than the certificate of authentication on the Trust
       Certificates, and the Owner Trustee shall in no event assume or incur any
       liability, duty or obligation to any Noteholder or to any Owner, other
       than as expressly provided for herein or expressly agreed to in the other
       Basic Documents;

              (f) the Owner Trustee shall not be liable for the default or
       misconduct of the Administrator, WFSRC, as Seller or Depositor, the
       Insurer, the Indenture Trustee or the Master Servicer under any of the
       Basic Documents or otherwise, and the Owner Trustee shall have no
       obligation or liability to perform the obligations of the Owner Trustee
       or the Trust under this Agreement or the other Basic Documents that are
       required to be performed by the Administrator under the Administration
       Agreement, the Indenture

                                       21
<PAGE>

       Trustee under the Indenture or the Master Servicer or WFSRC, as Seller or
       Depositor, under the Sale and Servicing Agreement; and

              (g) 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 the Instructing Party, unless such Instructing
       Party has 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 negligence or willful
       misconduct in the performance of any such act.

       Section 7.02. Furnishing of Documents. The Owner Trustee shall furnish to
the Owners 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 7.03. Representations and Warranties. The Owner Trustee hereby
represents and warrants to the Depositor, the Owners and the Insurer that:

              (a) It is a banking association duly organized and validly
       existing under the laws of the United States of America. 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 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 bylaws or any indenture, mortgage, contract,
       agreement or instrument to which it is a party or by which any of its
       properties may be bound or result in the creation or imposition of any
       lien, charge or encumbrance on the Trust Estate resulting from actions by
       or claims against the Owner Trustee individually which are unrelated to
       this Agreement or the other Basic Documents.

       Section 7.04. Reliance; Advice of Counsel.

       (a) The Owner Trustee 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

                                       22
<PAGE>

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 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 7.05. Not Acting in Individual Capacity. Except as otherwise
provided in this Article Seven, in accepting the trusts hereby created, Chase
Manhattan Bank USA, 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 Trust Estate for payment or
satisfaction thereof.

       Section 7.06. Owner Trustee Not Liable for Trust Certificates, Notes or
Contracts. The recitals contained herein and in the Trust Certificates (other
than the signature of the Owner Trustee and the certificate of authentication on
the Trust Certificates) shall be taken as the statements of the Depositor, and
the Owner Trustee assumes no responsibility for the correctness thereof. The
Owner Trustee makes no representations as to the validity or sufficiency of this
Agreement, any other Basic Document or the Trust Certificates (other than the
signature of the Owner Trustee and the certificate of authentication on the
Trust Certificates and the representations and warranties in Section 7.03) or
the Notes, or of any Contract or related documents. The Owner Trustee shall at
no time have any responsibility or liability for or with respect to the
legality, validity and enforceability of any Contract, or the perfection and
priority of any security interest created by any Contract in any Financed
Vehicle or the maintenance of any such perfection and priority, or for or with
respect to the sufficiency of the 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
Contract on any computer or other record thereof; the validity of the assignment
of any Contract to the Trust or of any intervening assignment; the completeness
of any Contract; the performance or enforcement of any Contract; the compliance
by the Depositor, the Insurer or the Master Servicer with any warranty or
representation made under any Basic Document or in any related document or the
accuracy of any such warranty or

                                       23
<PAGE>

representation; or any action of the Administrator, the Indenture Trustee or the
Master Servicer or any subservicer taken in the name of the Owner Trustee.

       Section 7.07. Owner Trustee May Own Trust Certificates and Notes. The
Owner Trustee in its individual or any other capacity may become the owner or
pledgee of Trust Certificates or Notes and may deal with the Depositor, the
Insurer, the Administrator, the Indenture Trustee and the Master Servicer in
banking transactions with the same rights as it would have if it were not Owner
Trustee.

       Section 7.08. Pennsylvania Motor Vehicle Sales Finance Act Licenses. The
Owner Trustee, in its individual capacity, shall use its best efforts to
maintain, and the Owner Trustee, as Owner Trustee, shall cause the Trust to use
its best efforts to maintain, the effectiveness of all licenses required under
the Pennsylvania Motor Vehicle Sales Finance Act in connection with this
Agreement and the other Basic Documents and the transactions contemplated hereby
and thereby until such time as the Trust shall terminate in accordance with the
terms hereof.

                                       24
<PAGE>

                                  ARTICLE EIGHT

                          COMPENSATION OF OWNER TRUSTEE

       Section 8.01. Owner 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 Seller and the Owner
Trustee, and the Owner Trustee shall be entitled to be reimbursed by the Seller
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.

       Section 8.02. Indemnification. The Seller shall be liable as primary
obligor for, and shall indemnify the Owner Trustee and its 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 Owner Trustee or any Indemnified Party in any way relating
to or arising out of this Agreement, the other Basic Documents, the Trust
Estate, the administration of the Trust Estate or the action or inaction of the
Owner Trustee hereunder, except only that the Seller shall not be liable for or
required to indemnify an Indemnified Party from and against Expenses arising or
resulting from any of the matters described in the third sentence of Section
7.01. The indemnities contained in this Section 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, the Owner Trustee's choice of legal counsel shall be
subject to the approval of the Depositor, which approval shall not be
unreasonably withheld.

       Section 8.03. Payments to the Owner Trustee. Any amounts paid to the
Owner Trustee pursuant to this Article shall be deemed not to be a part of the
Trust Estate immediately after such payment.

                                       25
<PAGE>

                                  ARTICLE NINE

                         TERMINATION OF TRUST AGREEMENT

       Section 9.01. Termination of Trust Agreement.

       (a) The Trust shall dissolve upon the final distribution by the Owner
Trustee of all monies or other property or proceeds of the Trust Estate in
accordance with the terms of the Indenture, the Sale and Servicing Agreement and
Article Five. The bankruptcy, liquidation, dissolution, death or incapacity of
any Owner shall not (i) operate to terminate this Agreement or the Trust, (ii)
entitle such Owner'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 Trust Estate or (iii) otherwise affect the rights,
obligations and liabilities of the parties hereto.

       (b) Except as provided in Section 9.01(a), neither of the Depositor, the
Insurer nor any Owner shall be entitled to dissolve, revoke or terminate the
Trust.

       (c) Notice of any dissolution of the Trust, specifying the Distribution
Date upon which Certificateholders shall surrender their Trust Certificates to
the Paying Agent for payment of the final distribution and cancellation, shall
be given by the Owner Trustee by letter to Certificateholders mailed within five
Business Days of receipt of a termination notice from the Master Servicer given
pursuant to Section 9.01(c) of the Sale and Servicing Agreement and no later
than 20 days prior to such dissolution, stating (i) the Distribution Date upon
or with respect to which final payment of the Trust Certificates shall be made
upon presentation and surrender of the Trust Certificates at the office of the
Paying Agent in The City of New York therein designated, (ii) the amount of any
such final payment and (iii) that the Record Date otherwise applicable to such
Distribution Date is not applicable, payments being made only upon presentation
and surrender of the Trust Certificates at the office of the Paying Agent
therein specified. The Owner Trustee shall give such notice to the Certificate
Registrar (if other than the Owner Trustee), the Paying Agent and the Swap
Counterparty at the time such notice is given to Certificateholders. Upon
presentation and surrender of the Trust Certificates, the Paying Agent shall
cause to be distributed to Certificateholders amounts distributable on such
Distribution Date pursuant to Section 5.02. In addition, the Owner Trustee shall
notify the Rating Agencies upon the final payment of the Trust Certificates.

       (d) In the event that all of the Certificateholders shall not surrender
their Trust Certificates for cancellation within six 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
Trust Certificates for cancellation and receive the final distribution with
respect thereto. If within one year after the second notice all the Trust
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 Trust
Certificates, and the cost thereof shall be paid out of the funds and other
assets that shall remain subject to this Agreement. Any funds remaining in the
Trust after exhaustion of such remedies at least 18 months after the date of
dissolution shall be distributed by the Owner Trustee to a charity designated by
the Master Servicer.

                                       26
<PAGE>

       (e) Upon the winding up of the Trust and payment of its liabilities or
reasonable provision therefore in accordance with Section 3808 of the Business
Trust Statute, 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 of the Business Trust Statute and
this Agreement (other than Article Eight) and the Trust shall terminate.

                                       27
<PAGE>

                                   ARTICLE TEN

             SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

       Section 10.01. Eligibility Requirements for Owner Trustee. The Owner
Trustee shall at all times be a corporation satisfying the provisions of Section
3807(a) of the Business Trust Statute; authorized to exercise corporate trust
powers; having a combined capital and surplus of at least $50,000,000 and
subject to supervision or examination by federal or state authorities; and
having (or having a parent that has) a rating of at least Baa3 by Moody's and
A-1 by Standard & Poor's. 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, 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, the Owner Trustee shall
resign immediately in the manner and with the effect specified in Section 10.02.

       Section 10.02. Resignation or Removal of Owner Trustee. The Owner Trustee
may at any time resign and be discharged from the trusts hereby created by
giving written notice thereof to the Administrator and the Insurer. 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 have accepted appointment within 30 days after the giving of such
notice of resignation, the resigning Owner Trustee or the Insurer may petition
any court of competent jurisdiction for the appointment of a successor Owner
Trustee.

       If at any time the Owner Trustee shall cease to be eligible in accordance
with the provisions of Section 10.01 and shall fail to resign after written
request therefor by the Administrator, or if at any time the Owner Trustee shall
be legally unable to act, or shall be adjudged bankrupt or insolvent, or a
receiver of the Owner Trustee or of its property shall be appointed, or any
public officer shall take charge or control of the Owner Trustee or of its
property or affairs for the purpose of rehabilitation, conservation or
liquidation, then the Administrator, with the consent of the Insurer (so long as
an Insurer Default shall not have occurred and be continuing) may remove the
Owner Trustee. If the Administrator shall remove the Owner Trustee under the
authority of the immediately preceding sentence, the Administrator shall
promptly appoint a successor Owner Trustee by written instrument, in duplicate,
one copy of which instrument shall be delivered to the outgoing Owner Trustee so
removed and one copy to the successor Owner Trustee, and shall pay all fees owed
to the outgoing Owner Trustee.

       Any resignation or removal of the Owner Trustee and appointment of a
successor Owner Trustee pursuant to any of the provisions of this Section shall
not become effective until acceptance of appointment by the successor Owner
Trustee pursuant to Section 10.03 and payment of all fees and expenses owed to
the outgoing Owner Trustee. The Administrator shall provide notice of such
resignation or removal of the Owner Trustee to each Rating Agency.

                                       28
<PAGE>

       Section 10.03. Successor Owner Trustee. Any successor Owner Trustee
appointed pursuant to Section 10.02 shall execute, acknowledge and deliver to
the Administrator, the Insurer and to its predecessor Owner Trustee an
instrument accepting such appointment under this Agreement, and thereupon the
resignation or removal of the predecessor Owner Trustee shall become effective,
and such successor Owner Trustee, without any further act, deed or conveyance,
shall become fully vested with all the rights, powers, duties and obligations of
its predecessor under this Agreement, with like effect as if originally named as
Owner Trustee. The predecessor Owner Trustee shall, upon payment of its fees and
expenses, deliver to the successor Owner Trustee all documents and statements
and monies held by it under this Agreement; and the Administrator and the
predecessor Owner Trustee shall execute and deliver such instruments and do such
other things as may reasonably be required for fully and certainly vesting and
confirming in the successor Owner Trustee all such rights, powers, duties and
obligations.

       No successor Owner Trustee shall accept appointment as provided in this
Section unless at the time of such acceptance such successor Owner Trustee shall
be eligible pursuant to Section 10.01.

       Upon acceptance of appointment by a successor Owner Trustee pursuant to
this Section, the Administrator shall mail notice thereof to all
Certificateholders, the Insurer, the Indenture Trustee, the Noteholders and each
Rating Agency. If the Administrator shall fail to mail such notice within ten
days after acceptance of such appointment by the successor Owner Trustee, the
successor Owner Trustee shall cause such notice to be mailed at the expense of
the Administrator.

       Section 10.04. 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 be the successor of the Owner Trustee hereunder, 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;
provided, that such corporation shall be eligible pursuant to Section 10.01 and,
provided, further, that the Owner Trustee shall mail notice of such merger or
consolidation to each Rating Agency.

       Section 10.05. Appointment of Co-Trustee or Separate Trustee.
Notwithstanding any other provisions of this Agreement, at any time, for the
purpose of meeting any legal requirements of any jurisdiction in which any part
of the 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 Administrator and Owner Trustee to act as co-trustee, jointly
with the Owner Trustee, or as separate trustee or separate trustees, of all or
any part of the Trust Estate, and to vest in such Person, in such capacity, such
title to the Trust or any part thereof and, subject to the other provisions of
this Section, such powers, duties, obligations, rights and trusts as the
Administrator and the Owner Trustee may consider necessary or desirable. If the
Administrator shall not have joined in such appointment within 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
Owner

                                       29
<PAGE>

Trustee pursuant to Section 10.01, except that such co-trustee or successor
trustee shall have (or have a parent that has) a rating of at least Baa3 by
Moody's and A-1 by Standard & Poor's, and no notice of the appointment of any
co-trustee or separate trustee shall be required pursuant to Section 10.03.

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

              (a) 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 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 Owner Trustee;

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

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

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

       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 co-trustee or separate trustee.

                                       30
<PAGE>

                                 ARTICLE ELEVEN

                                  MISCELLANEOUS

       Section 11.01. Supplements and Amendments.

       (a) This Agreement may be amended by the Depositor and the Owner Trustee,
with the prior written consent of the Insurer (so long as an Insurer Default
shall not have occurred and be continuing), without the consent of any of the
Noteholders or the Certificateholders, to cure any ambiguity, to correct or
supplement any provisions in this Agreement or to add any other provisions with
respect to matters or questions arising under this Agreement that shall not be
inconsistent with the provisions of this Agreement; provided, however, that any
such action shall not, as evidenced by an Opinion of Counsel, adversely affect
in any material respect the interests of any Noteholder or Certificateholder.

       (b) This Agreement may also be amended from time to time with the prior
written consent of the Insurer (so long as an Insurer Default shall not have
occurred and be continuing) by the Depositor and the Owner Trustee, with the
consent of the Holders of Trust Certificates evidencing not less than 51% of the
aggregate Certificate Percentage Interest (which consent of any Holder of a Note
or Trust Certificate given pursuant to this Section or pursuant to any other
provision of this Agreement shall be conclusive and binding on such Holder and
on all future Holders of such Note or Trust Certificate, as the case may be,
issued upon the transfer thereof or in exchange thereof or in lieu thereof
whether or not notation of such consent is made thereon) and, if such amendment
materially and adversely affects the interests of the Noteholders, with the
consent of Holders (as such term is defined in the Indenture) of Notes
evidencing not less than 51% of the Outstanding Amount of the Notes, 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 increase or reduce in any manner the amount of, or accelerate or
delay the timing of, (i) collections of payments on Contracts or distributions
that shall be required to be made for the benefit of the Noteholders or the
Certificateholders or any Interest Rate or (ii) reduce the aforesaid percentage
of the Outstanding Amount of the Notes and the Certificate Percentage Interest
required to consent to any such amendment, without the consent of the Insurer,
the Swap Counterparty and the Holders of all outstanding Notes and Trust
Certificates.

       (c) Prior to the execution of any such amendment or consent, the Owner
Trustee shall furnish written notification of the substance of such amendment or
consent, together with a copy thereof, to the Indenture Trustee, the Insurer,
the Administrator and each Rating Agency.

       (d) 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. It shall not be necessary for
the consent of Certificateholders, Noteholders or the Indenture Trustee pursuant
to this Section to approve the particular form of any proposed amendment or
consent, but it shall be sufficient if such consent 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

                                       31
<PAGE>

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) In connection with the execution of any amendment to this Agreement
or any other Basic Document to which the Issuer is a party and for which
amendment the Owner Trustee's consent is sought, 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 Issuer or the Owner Trustee, as the case may be, have
been satisfied. The Owner Trustee may, but shall not be obligated to, enter into
any such amendment that affects the Owner Trustee's own rights, duties or
immunities under this Agreement or otherwise.

       Section 11.02. No Legal Title to Trust Estate in Owners. The Owners shall
not have legal title to any part of the Trust Estate. The Owners shall be
entitled to receive distributions with respect to their undivided ownership
interest therein only in accordance with Articles Five and Nine. No transfer, by
operation of law or otherwise, of any right, title or interest of the Owners to
and in their ownership interest in the 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 Trust
Estate.

       Section 11.03. Limitations on Rights of Others. Except for Section 2.07,
the provisions of this Agreement are solely for the benefit of the Owner
Trustee, the Depositor, the Owners, the Administrator and, to the extent
expressly provided herein, the Indenture Trustee and the Noteholders, and
nothing in this Agreement (other than Section 2.07), whether express or implied,
shall be construed to give to any other Person any legal or equitable right,
remedy or claim in the Trust Estate or under or in respect of this Agreement or
any covenants, conditions or provisions contained herein.

       Section 11.04. Notices. All demands, notices and communications under
this Agreement shall be in writing personally delivered or mailed by certified
mail, return receipt requested, and shall be deemed to have been duly given upon
receipt in the case of (i) the Owner Trustee, at the Owner Trustee Corporate
Trust Office; (ii) WFSRC, at 6655 West Sahara Avenue, Las Vegas, Nevada 89146,
Attention: Keith Ford; (iii) the Insurer, at 350 Park Avenue, New York, New York
10022, Attention: Transaction Oversight Department, Telex No.: (212) 688-3101,
Confirmation: (212) 826-0100, Telecopy Nos.: (212) 339-3518 and (212) 339-3529
(in each case in which notice or other communication to Financial Security
refers to an Event of Default, a claim on the Note Policy or with respect to
which failure on the part of Financial Security to respond shall be deemed to
constitute consent or acceptance, then a copy of such other notice or other
communication should also be sent to the attention of the General Counsel and
the Head - Financial Guaranty Group "URGENT MATERIAL ENCLOSED"); (iv) the
Certificate Registrar or the agent for the Owner Trustee, at the address
indicated under the definition of "Owner Trustee Corporate Trust Office"; or (v)
as to each party, at such other address as shall be designated by such party in
a written notice to each other party. Any notice required or permitted to be
mailed to a Certificateholder shall be given by first-class mail, postage
prepaid,

                                       32
<PAGE>

at the address of such Holder 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 11.05. Severability of Provisions. If any one or more of the
covenants, agreements, provisions or terms of this Agreement shall be for any
reason whatsoever held invalid, then such covenants, agreements, provisions or
terms shall be deemed severable from the remaining covenants, agreements,
provisions or terms of this Agreement and shall in no way affect the validity or
enforceability of the other provisions of this Agreement or of the Trust
Certificates or the rights of the Holders thereof.

       Section 11.06. Counterparts. This Agreement may be executed in several
counterparts, each of which shall be an original and all of which shall
constitute but one and the same instrument.

       Section 11.07. Successors and Assigns. All covenants and agreements
contained herein shall be binding upon, and inure to the benefit of, the
Depositor, the Insurer, the Owner Trustee and their respective successors and
permitted assigns and each Owner and its successors and permitted assigns, all
as herein provided. Any request, notice, direction, consent, waiver or other
instrument or action by an Owner shall bind the successors and assigns of such
Owner.

       Section 11.08. No Petition.

       (a) The Depositor will not at any time institute against the Trust any
bankruptcy proceedings under any United States federal or state bankruptcy or
similar law in connection with any obligations relating to the Trust
Certificates, the Notes, this Agreement or any of the other Basic Documents.

       (b) The Owner Trustee, by entering into this Agreement, each
Certificateholder, by accepting a Trust Certificate, and the Indenture Trustee
and each Noteholder, by accepting the benefits of this Agreement, hereby
covenant and agree that they will not at any time institute against the Seller,
the Depositor or the Trust, or join in any institution against the Seller, the
Depositor or the Trust of, any bankruptcy proceedings under any United States
federal or state bankruptcy or similar law in connection with any obligations
relating to the Trust Certificates, the Notes, this Agreement or any of the
other Basic Documents.

       Section 11.09. No Recourse. Each Certificateholder by accepting a Trust
Certificate acknowledges that such Certificateholder's Trust Certificates
represent beneficial interests in the Trust only and do not represent interests
in or obligations of the Depositor, the Master Servicer, the Seller, the
Administrator, the Owner Trustee, the Indenture Trustee or any of their
respective Affiliates 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 Trust Certificates or the other Basic Documents.

       Section 11.10. Certificates Nonassessable and Fully Paid.
Certificateholders shall not be personally liable for obligations of the Trust.
The interests represented by the Certificates shall be nonassessable for any
losses or expenses of the Trust or for any reason whatsoever, and, upon
authentication thereof pursuant to Section 3.03, the Certificates shall be
deemed fully paid.

                                       33
<PAGE>

       Section 11.11. 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 11.12. Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

       Section 11.13. Depositor Payment Obligation. The Depositor shall be
responsible for payment of the Administrator's compensation pursuant to Section
3 of the Administration Agreement and shall reimburse the Administrator for all
expenses and liabilities of the Administrator incurred thereunder.

       Section 11.14. Insurer Default or Insolvency. If a default under the Note
Policy has occurred and is continuing or an Insurer Insolvency has occurred, any
provision of this Agreement or any other Basic Document giving the Insurer the
right to direct, appoint or consent to, approve of, or take any action under
this Agreement, shall be inoperative during the period of such default or the
period from and after such Insurer Insolvency and such consent or approval shall
be deemed to have been given for the purpose of such provisions.

       Section 11.15. Limited Recourse. Notwithstanding anything to the contrary
contained in this Agreement, the obligations of the Seller under Sections 8.01
and 8.02 are solely the corporate obligations of the Seller and shall be payable
by the Seller, solely as provided in Sections 8.01 and 8.02. The Seller shall
only be required to pay (i) any fees, expenses, indemnities or other liabilities
that it may incur under Section 8.01 or 8.02, as applicable, (A) from funds
available pursuant to, and in accordance with, the payment priorities set forth
in Section 5.06 of the Sale and Servicing Agreement and (B) to the extent the
Seller has additional funds available (other than funds described in the
preceding clause (A)) that would be in excess of amounts that would be necessary
to pay the debt and other obligations as they become due of such entity incurred
in accordance with its certificate of incorporation and all financing documents
to which it is a party and (ii) any expenses, indemnities or other liabilities
that it may incur under Section 8.01 or 8.02 as applicable, (A) from funds
available pursuant to, and in accordance with, the payment priorities set forth
in Section 5.06 of the Sale and Servicing Agreement and (B) only to the extent
it receives additional funds designated for such purposes or to the extent it
has additional funds available (other than funds described in the preceding
clause (A)) that would be in excess of amounts that would be necessary to pay
its debt and other obligations as they become due incurred in accordance with
its certificate of incorporation and all financing documents to which it is a
party. The agreement set forth in the preceding sentence shall constitute a
subordination agreement for purposes of Section 510(a) of the Bankruptcy Code.
In addition, no amount owing by the Seller hereunder in excess of the
liabilities that it is required to pay in accordance with the preceding sentence
shall constitute a "claim" (as defined in Section 101(5) of the Bankruptcy Code)
against it. No recourse shall be had for the payment of any amount owing
hereunder or for the payment of any fee hereunder or any other obligation of, or
claim against, the Seller arising out of or based upon Section 8.01 or 8.02, as
applicable, against any stockholder, employee, officer, agent, director or
authorized person of the Seller or

                                       34
<PAGE>

Affiliate thereof; provided, however, that the foregoing shall not relieve any
such person or entity of any liability they might otherwise have as a result of
fraudulent actions or omissions taken by them.

                                       35
<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.

                                        WFS RECEIVABLES CORPORATION

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

                                        FINANCIAL SECURITY ASSURANCE INC.

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

                                        CHASE MANHATTAN BANK USA, NATIONAL
                                          ASSOCIATION,
                                          as Owner Trustee

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

<PAGE>

                                                                       EXHIBIT A

                             CERTIFICATE OF TRUST OF
                        WFS FINANCIAL 2002-1 OWNER TRUST

       This Certificate of Trust of WFS Financial 2002-1 Owner Trust (the
"Trust"), dated as of March ___, 2002, is being duly executed and filed by Chase
Manhattan Bank USA, National Association, a national association, as trustee, to
form a business trust under the Delaware Business Trust Act (12 Del. Code,
Section 3801 et seq.).

       1. Name. The name of the business trust formed hereby is WFS Financial
2002-1 Owner Trust.

       2. Delaware Trustee. The name and business address of the trustee of the
Trust in the State of Delaware is Chase Manhattan Bank USA, National
Association, c/o JP Morgan Chase, Attn: Institutional Trust Services, 500
Stanton Christiana Rd., OPS4 /3rd Floor, Newark, Delaware 19713.

       IN WITNESS WHEREOF, the undersigned, being the sole trustee of the Trust,
has executed this Certificate of Trust as of the date first above written.

                                        CHASE MANHATTAN BANK USA, NATIONAL
                                          ASSOCIATION,
                                          not in its individual capacity but
                                          solely as Owner Trustee

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

                                      A-1
<PAGE>

                                                                       EXHIBIT B

       THIS TRUST CERTIFICATE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE NOTES
TO THE EXTENT DESCRIBED IN THE INDENTURE REFERRED TO HEREIN.

                  [TO BE INSERTED ON THE RETAINED CERTIFICATE--
        THIS TRUST CERTIFICATE IS NON-TRANSFERABLE EXCEPT AS PROVIDED IN
                      SECTION 3.10 OF THE TRUST AGREEMENT]

                        WFS FINANCIAL 2002-1 OWNER TRUST

                       AUTO RECEIVABLE BACKED CERTIFICATE

       evidencing a fractional undivided interest in the Trust, as defined
below, the property of which includes, among other things, a pool of retail
installment sale contracts secured by new and used automobiles and light duty
trucks transferred to the Trust by WFS Receivables Corporation.

       (This Trust Certificate does not represent an interest in or obligation
of WFS Financial Inc., WFS Receivables Corporation or any of their respective
affiliates, and is not a deposit and is not insured by the Federal Deposit
Insurance Corporation).

       Full and complete payment of the Certificate Distributable Amount on each
Distribution Date is unconditionally and irrevocably guaranteed pursuant to the
Certificate Policy.

NUMBER [C-1] [C-2]

       THIS CERTIFIES THAT WFS Receivables Corporation is the registered owner
of [99%][1%] Certificate Percentage Interest nonassessable, fully-paid,
fractional undivided interest in the WFS Financial 2002-1 Owner Trust (the
"Trust") formed by WFS Receivables Corporation, a California corporation (the
"Depositor").

       The Trust was created pursuant to a Trust Agreement, dated March 11,
2002, as amended and restated as of March 20, 2002 (as amended and supplemented
from time to time, the "Trust Agreement"), among WFS Receivables Corporation
(the "Depositor"), Financial Security Assurance Inc. (the "Insurer") and Chase
Manhattan Bank USA, National Association, as owner trustee (the "Owner
Trustee"), a summary of certain of the pertinent provisions of which is set
forth below. Capitalized terms used herein that are not otherwise defined shall
have the meanings ascribed thereto in the Trust Agreement.

       This Trust Certificate is one of the duly authorized Trust Certificates
designated as "Auto Receivable Backed Certificates" (the "Trust Certificates").
Issued under the Indenture, dated as of March 1, 2002 (the "Indenture"), between
the Trust and Bankers Trust Company as Indenture Trustee, are six classes of
Notes designated as, "2.04% Auto Receivable Backed Notes, Class A-1", "3.04%
Auto Receivable Backed Notes, Class A-2", "4.15% Auto Receivable

                                      B-1
<PAGE>

Backed Notes, Class A-3A", "Floating Rate Auto Receivable Backed Notes, Class
A-3B", "4.87% Auto Receivable Backed Notes, Class A-4A" and "Floating Rate Auto
Receivable Backed Notes, Class A-4B" (collectively, the "Notes"). This Trust
Certificate is issued under and is subject to the terms, provisions and
conditions of the Trust Agreement, to which Trust Agreement the Holder of this
Trust Certificate by virtue of its acceptance hereof assents and by which such
Holder is bound. The property of the Trust includes, among other things, a pool
of retail installment sale contracts (the "Contracts") for new and used
automobiles and light duty trucks (the "Financed Vehicles").

       Under the Trust Agreement, there will be distributed on each March 20,
June 20, September 20 and December 20 of each year or, if any such day is not a
Business Day, the next succeeding Business Day (each, a "Distribution Date"),
commencing on June 20, 2002 and ending no later than September 20, 2009 to the
person in whose name this Trust Certificate is registered at the close of
business on the last calendar day immediately preceding the related Distribution
Date (the "Record Date"), such Certificateholder's Certificate Percentage
Interest in the amount to be distributed to Certificateholders on such
Distribution Date.

       The holder of this Trust Certificate acknowledges and agrees that its
rights to receive distributions in respect of this Trust Certificate are
subordinated to the rights of the Noteholders to the extent described in the
Sale and Servicing Agreement and the Indenture.

       It is the intent of the Seller, the Master Servicer and the
Certificateholders that, for purposes of federal income, state and local income
and single business tax and any other income taxes, the Trust will be
disregarded for tax purposes or treated as a partnership and the
Certificateholders (including the Depositor) will be taxable individually or as
partners in a partnership. The Depositor and the other Certificateholders, by
acceptance of a Trust Certificate, agree to treat, and to take no action
inconsistent with the treatment of, the Trust Certificates for such tax purposes
as partnership interests in the Trust.

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

       Distributions on this Trust Certificate will be made as provided in the
Trust Agreement by the Owner Trustee by wire transfer or check mailed to the
Certificateholder of record in the Certificate Register without the presentation
or surrender of this Trust 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 Trust 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 Trust Certificate at the office of the Paying
Agent or the office or agency maintained for that purpose by the Owner Trustee
in The City of New York.

                                      B-2
<PAGE>

       Reference is hereby made to the further provisions of this Trust
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 Trust
Certificate shall not entitle the holder hereof to any benefit under the Trust
Agreement or any other Basic Document or be valid for any purpose.

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

                                      B-3
<PAGE>

                            [REVERSE OF CERTIFICATE]

       The Trust Certificates do not represent an obligation of, or an interest
in, the Seller, the Depositor, the Master Servicer, the Owner Trustee or any of
their respective Affiliates and no recourse may be had against such parties or
their assets, except as expressly set forth or contemplated herein or in the
Trust Agreement or the other Basic Documents. In addition, this Trust
Certificate is not guaranteed by any governmental agency or instrumentality and
is limited in right of payment to certain collections and recoveries with
respect to the Contracts (and certain other amounts), in each case as more
specifically set forth herein and in the Sale and Servicing Agreement. Copies of
the Sale and Servicing Agreement and the Trust Agreement may be examined by any
Certificateholder upon written request during normal business hours at the
principal office of the Depositor and at such other places, if any, designated
by the Depositor.

       The Trust Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
parties thereto and the rights of the Certificateholders under the Trust
Agreement at any time by the parties thereto with the consent of Holders of
Trust Certificates evidencing not less than 51% of the aggregate Certificate
Percentage Interest and, if such amendment materially and adversely affects the
interests of the Noteholders, with the consent of Holders of Notes evidencing
not less than 51% of the Outstanding Amount of the Notes. Any such consent by
the Holder of this Trust Certificate shall be conclusive and binding on such
Holder and on all future Holders of this Trust Certificate and of any Trust
Certificate issued upon the transfer hereof or in exchange herefor or in lieu
hereof, whether or not notation of such consent is made upon this Trust
Certificate. The Trust Agreement also permits the amendment thereof, in certain
limited circumstances, without the consent of the Holders of any of the Trust
Certificates or the Notes.

       As provided in the Trust Agreement and subject to certain limitations
therein set forth, the transfer of this Trust Certificate is registerable in the
Certificate Register upon surrender of this Trust Certificate for registration
of transfer at the offices or agencies of the Certificate Registrar maintained
in The City of New York, 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 Trust Certificates evidencing the same aggregate
interest in the Trust will be issued to the designated transferee. The initial
Certificate Registrar appointed under the Trust Agreement is The Chase Manhattan
Bank.

       As provided in the Trust Agreement and subject to certain limitations
therein set forth, Trust Certificates are exchangeable for new Trust
Certificates evidencing the same Certificate Percentage Interest, as requested
by the Holder 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, the Paying Agent and any of
their respective agents may treat the Person in whose name this Trust
Certificate is registered as the owner hereof for all purposes, and none of the
Owner Trustee, the Certificate Registrar, the Paying Agent or any such agent
shall be affected by any notice to the contrary.

                                      B-4
<PAGE>

       The obligations and responsibilities created by the Trust Agreement and
the Trust created thereby shall terminate upon the payment to Certificateholders
of all amounts required to be paid to them pursuant to the Trust Agreement and
the Sale and Servicing Agreement and the disposition of all property held as
part of the Trust Estate.

       As provided in the Sale and Servicing Agreement, on any Distribution Date
the holders of Certificates will have the option to exercise an Optional
Repurchase right with respect to Contracts randomly selected by the Master
Servicer. Such repurchase may effect early retirement of the Trust Certificates.
The sum of the Principal Balances of the Contracts repurchased pursuant Optional
Repurchases shall not exceed $360,000,000.

       The Seller may at the Seller's option purchase the Trust Estate at a
price specified in the Sale and Servicing Agreement, and such purchase of the
Contracts and other property of the Trust will effect early retirement of the
Trust Certificates; however, such right of purchase is exercisable only as of
any Distribution Date as of which the sum of Principal Balances of the Contracts
is less than or equal to $180,000,000.

       The Trust Certificates may not be acquired by a Benefit Plan. By
accepting and holding this Trust Certificate, the Holder hereof shall be deemed
to have represented and warranted that it is not a Benefit Plan and is not
acquiring this Trust Certificate or an interest therein for the account of a
Benefit Plan.

       Any person who is not an affiliate of the Seller and acquires more than
49.9% of the Trust Certificates will be deemed to represent that it is not a
party in interest (within the meaning of ERISA) or a disqualified person (within
the meaning of section 4975(e)(2) of the Code) with respect to any Benefit Plan,
other than a Benefit Plan that it sponsors for the benefit of its employees, and
that no plan with respect to which it is a party in interest has or will acquire
any interest in the Notes.

                                      B-5
<PAGE>

       IN WITNESS WHEREOF, the Owner Trustee, on behalf of the Trust and not in
its individual capacity, has caused this Trust Certificate to be duly executed.

Dated: March __, 2002                   WFS FINANCIAL 2002-1 OWNER TRUST

                                        By: CHASE MANHATTAN BANK USA, NATIONAL
                                            ASSOCIATION, not in its individual
                                            capacity but solely as Owner Trustee

                                        By:
                                            ------------------------------------
                                                    Authorized Signatory

                  OWNER TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

THE CHASE MANHATTAN BANK,                   CHASE MANHATTAN BANK USA, NATIONAL
as Authenticating Agent                     ASSOCIATION, not in its individual
                                            capacity but solely as Owner Trustee

                                       OR

By:                                         By:
    -----------------------------------        ---------------------------------
           Authorized Signatory                      Authorized Signatory

                                   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 Trust Certificate, and all rights thereunder, hereby irrevocably
constituting and appointing

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

                                      B-6
<PAGE>

to transfer said Trust Certificate on the books of the Certificate Registrar,
with full power of substitution in the premises.

Dated: ____________

Signature Guaranteed:

---------------------------------------     ------------------------------------
NOTICE: Signature(s) must be guaranteed     NOTICE: The signature to this
by an eligible guarantor institution.       assignment must correspond with the
                                            name of the registered owner as it
                                            appears on the face of the within
                                            Trust Certificate in every
                                            particular, without alteration or
                                            enlargement or any change whatever.<PAGE>
                                                                  EXECUTION COPY

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

                        WFS FINANCIAL 2002-1 OWNER TRUST,
                                   as Issuer,

                                       and

                             BANKERS TRUST COMPANY,
                                   as Trustee

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

                                    INDENTURE

                            Dated as of March 1, 2002

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

                                 $1,800,000,000

                          Auto Receivable Backed Notes

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

<PAGE>

                      TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                          Page

                                  ARTICLE ONE

                   DEFINITIONS AND INCORPORATION BY REFERENCE

<S>            <C>                                                                        <C>
Section 1.01.  Definitions...............................................................    2
Section 1.02.  Incorporation by Reference of Trust Indenture Act.........................   11
Section 1.03.  Rules of Construction.....................................................   12

                                  ARTICLE TWO

                                   THE NOTES

Section 2.01.  Form......................................................................   13
Section 2.02.  Execution, Authentication and Delivery....................................   13
Section 2.03.  Temporary Notes...........................................................   13
Section 2.04.  Registration; Registration of Transfer and Exchange.......................   14
Section 2.05.  Mutilated, Destroyed, Lost or Stolen Notes................................   15
Section 2.06.  Persons Deemed Owner......................................................   16
Section 2.07.  Payment of Principal and Interest; Defaulted Interest.....................   16
Section 2.08.  Cancellation..............................................................   17
Section 2.09.  Book-Entry Notes..........................................................   18
Section 2.10.  Notices to Clearing Agency................................................   18
Section 2.11.  Definitive Notes..........................................................   19
Section 2.12.  Release of Collateral.....................................................   19
Section 2.13.  Tax Treatment.............................................................   19

                                 ARTICLE THREE

                                   COVENANTS

Section 3.01.  Payment of Principal and Interest.........................................   20
Section 3.02.  Maintenance of Office or Agency...........................................   20
Section 3.03.  Money for Payments to be Held in Trust....................................   20
Section 3.04.  Existence.................................................................   22
Section 3.05.  Protection of Trust Estate................................................   22
Section 3.06.  Opinions as to Trust Estate...............................................   23
Section 3.07.  Performance of Obligations; Servicing of Contracts........................   23
Section 3.08.  Negative Covenants........................................................   25
Section 3.09.  Annual Statement as to Compliance.........................................   25
Section 3.10.  Issuer May Consolidate, etc. Only on Certain Terms........................   26
Section 3.11.  Successor or Transferee...................................................   28
Section 3.12.  No Other Business.........................................................   28
Section 3.13.  No Borrowing..............................................................   28
Section 3.14.  Master Servicer's Obligations.............................................   28
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
                                                                                          Page

<S>            <C>                                                                         <C>
Section 3.15.  Guarantees, Loans, Advances and Other Liabilities.........................   28
Section 3.16.  Capital Expenditures......................................................   29
Section 3.17.  Restricted Payments.......................................................   29
Section 3.18.  Notice of Events of Default...............................................   29
Section 3.19.  Further Instruments and Acts..............................................   29
Section 3.20.  Compliance with Laws......................................................   29
Section 3.21.  Amendments of Sale and Servicing Agreement and Trust Agreement............   29
Section 3.22.  Removal of Administrator..................................................   29

                                  ARTICLE FOUR

                           SATISFACTION AND DISCHARGE

Section 4.01.  Satisfaction and Discharge of Indenture...................................   30
Section 4.02.  Application of Trust Money................................................   31
Section 4.03.  Repayment of Monies Held by Paying Agent..................................   31

                                  ARTICLE FIVE

                                    REMEDIES

Section 5.01.  Events of Default.........................................................   32
Section 5.02.  Rights upon Event of Default..............................................   33
Section 5.03.  Collection of Indebtedness and Suits for Enforcement by Trustee; Authority of
               Controlling Party..........................................................  34
Section 5.04.  Remedies..................................................................   36
Section 5.05.  Optional Preservation of the Contracts....................................   37
Section 5.06.  Priorities................................................................   37
Section 5.07.  Limitation of Suits.......................................................   38
Section 5.08.  Unconditional Rights of Noteholders to Receive Principal and Interest.....   39
Section 5.09.  Restoration of Rights and Remedies........................................   39
Section 5.10.  Rights and Remedies Cumulative............................................   40
Section 5.11.  Delay or Omission Not a Waiver............................................   40
Section 5.12.  Control by Noteholders....................................................   40
Section 5.13.  Waiver of Past Defaults...................................................   40
Section 5.14.  Undertaking for Costs.....................................................   41
Section 5.15.  Waiver of Stay or Extension Laws..........................................   41
Section 5.16.  Action on Notes...........................................................   41
Section 5.17.  Performance and Enforcement of Certain Obligations........................   41
Section 5.18.  Claims Under Note Policy..................................................   42
Section 5.19.  Preference Claims.........................................................   43
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
                                                                                          Page
                                  ARTICLE SIX

                                  THE TRUSTEE

<S>            <C>                                                                        <C>
Section 6.01.  Duties of Trustee.........................................................   45
Section 6.02.  Rights of Trustee.........................................................   46
Section 6.03.  Individual Rights of Trustee..............................................   48
Section 6.04.  Trustee's Disclaimer......................................................   48
Section 6.05.  Notice of Defaults........................................................   48
Section 6.06.  Reports by Trustee to Holders.............................................   48
Section 6.07.  Compensation and Indemnity................................................   48
Section 6.08.  Replacement of Trustee....................................................   49
Section 6.09.  Successor Trustee by Merger...............................................   50
Section 6.10.  Appointment of Co-Trustee or Separate Trustee.............................   50
Section 6.11.  Eligibility; Disqualification.............................................   51
Section 6.12.  Preferential Collection of Claims Against Issuer..........................   52
Section 6.13.  Representations and Warranties of Trustee.................................   52
Section 6.14.  Pennsylvania Motor Vehicle Sales Finance Act Licenses.....................   52

                                 ARTICLE SEVEN

                         NOTEHOLDERS' LISTS AND REPORTS

Section 7.01.  Issuer to Furnish Trustee Names and Addresses of Noteholders..............   53
Section 7.02.  Preservation of Information; Communications to Noteholders................   53
Section 7.03.  Reports by Issuer.........................................................   53
Section 7.04.  Reports by Trustee........................................................   54

                                 ARTICLE EIGHT

                      ACCOUNTS, DISBURSEMENTS AND RELEASES

Section 8.01.  Collection of Money.......................................................   55
Section 8.02.  Trust Accounts............................................................   55
Section 8.03.  General Provisions Regarding Accounts.....................................   56
Section 8.04.  Release of Trust Estate...................................................   57
Section 8.05.  Opinion of Counsel........................................................   57

                                  ARTICLE NINE

                            SUPPLEMENTAL INDENTURES

Section 9.01.  Supplemental Indentures Without Consent of Noteholders....................   58
Section 9.02.  Supplemental Indentures With Consent of Noteholders.......................   59
Section 9.03.  Execution of Supplemental Indentures......................................   60
</TABLE>
<PAGE>

<TABLE>
<CAPTION>
                                                                                          Page

<S>            <C>                                                                        <C>
Section 9.04.  Effect of Supplemental Indenture..........................................   60
Section 9.05.  Conformity With Trust Indenture Act.......................................   61
Section 9.06.  Reference in Notes to Supplemental Indentures.............................   61

                                  ARTICLE TEN

                              REDEMPTION OF NOTES

Section 10.01.  Redemption...............................................................   62
Section 10.02.  Form of Redemption Notice................................................   62
Section 10.03.  Notes Payable on Redemption Date.........................................   63

                                 ARTICLE ELEVEN

                                 MISCELLANEOUS

Section 11.01.  Compliance Certificates and Opinions, etc................................   64
Section 11.02.  Form of Documents Delivered to Trustee...................................   65
Section 11.03.  Acts of Noteholders......................................................   66
Section 11.04.  Notices, etc., to Trustee, Issuer, Insurer and Rating Agencies...........   67
Section 11.05.  Notices to Noteholders; Waiver...........................................   68
Section 11.06.  Alternate Payment and Notice Provisions..................................   69
Section 11.07.  Conflict With Trust Indenture Act........................................   69
Section 11.08.  Effect of Headings and Table of Contents.................................   69
Section 11.09.  Successors and Assigns...................................................   69
Section 11.10.  Severability.............................................................   69
Section 11.11.  Benefits of Indenture....................................................   69
Section 11.12.  Legal Holidays...........................................................   69
Section 11.13.  Governing Law............................................................   70
Section 11.14.  Counterparts.............................................................   70
Section 11.15.  Recording of Indenture...................................................   70
Section 11.16.  Trust Obligation.........................................................   70
Section 11.17.  No Petition..............................................................   70
Section 11.18.  Inspection...............................................................   71
Section 11.19.  Limitation of Liability of Owner Trustee.................................   71
Section 11.20.  Limitation on Recourse Against WFSRC.....................................   71

                                    EXHIBITS

Schedule A   -  Schedule of Contracts.................................................... SA-1
Exhibit A    -  Form of Sale and Servicing Agreement.....................................  A-1
Exhibit B    -  Form of Depository Agreement.............................................  B-1
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
                                                                                          Page

<S>             <C>                                                                       <C>
Exhibit C    -  Form of Class A-1 Note...................................................  C-1
Exhibit D    -  Form of Class A-2 Note...................................................  D-1
Exhibit E    -  Form of Class A-3A Note..................................................  E-1
Exhibit F    -  Form of Class A-3B Note..................................................  F-1
Exhibit G    -  Form of Class A-4A Note..................................................  G-1
Exhibit H    -  Form of Class A-4B Note..................................................  H-1
Exhibit I    -  Form of Note Assignment..................................................  I-1
Exhibit J    -  Form of Note Policy......................................................  J-1
</TABLE>

<PAGE>

        This Indenture, dated as of March 1, 2002, is between WFS Financial
2002-1 Owner Trust, a Delaware business trust (the "Issuer"), and Bankers Trust
Company, a New York banking corporation, in its capacity as trustee (the
"Trustee") and not in its individual capacity.

        Each party agrees as follows for the benefit of the other parties and
for the equal and ratable benefit of the holders of the Issuer's 2.04% Auto
Receivable Backed Notes, Class A-1 (the "Class A-1 Notes"), 3.04% Auto
Receivable Backed Notes, Class A-2 (the "Class A-2 Notes"), 4.15% Auto
Receivable Backed Notes, Class A-3A (the "Class A-3A Notes"), Floating Rate Auto
Receivable Backed Notes, Class A-3B (the "Class A-3B Notes"), 4.87% Auto
Receivable Backed Notes, Class A-4A (the "Class A-4A Notes") and Floating Rate
Auto Receivable Backed Notes, Class A-4B (the "Class A-4B Notes" and, together
with the Class A-1 Notes, the Class A-2 Notes, the Class A-3A, the Class A-3B
and the Class A4A, the "Notes"):

                                 GRANTING CLAUSE

        The Issuer hereby Grants to the Trustee on the Closing Date, on behalf
of and for the benefit of the Holders of the Notes, without recourse, all of the
Issuer's right, title and interest (exclusive of the amount, if any, allocable
to any rebatable insurance premium financed by any Contract) in, to and under
(i) the Contracts secured by the Financed Vehicles (which Contracts shall be
listed in the Schedule of Contracts); (ii) certain monies due under the
Contracts on and after March 15, 2002, including, without limitation, all
payments of Monthly P&I with respect to any Financed Vehicle to which a Contract
relates received on or after March 15, 2002 and all other proceeds received on
or in respect of such Contracts (other than payments of Monthly P&I due prior to
March 15, 2002); (iii) security interests in the Financed Vehicles; (iv) a
financial guaranty insurance policy to be issued by Financial Security for the
exclusive benefit of Noteholders, which will unconditionally and irrevocably
guarantee payment of the Scheduled Payments on each Distribution Date; (v)
amounts on deposit in the Collection Account, the Note Distribution Account, the
Spread Account and the Holding Account, including all Eligible Investments
therein and all income from the investment of funds therein and all proceeds
therefrom; (vi) the Issuer's interest in the Interest Rate Swap Agreements;
(vii) proceeds from claims under certain insurance policies in respect of
individual Financed Vehicles or obligors under the Contracts; (viii) certain
rights under the Sale and Servicing Agreement; (ix) the protective security
interest in certain of the above-described property granted by the Seller in
favor of the Issuer; (x) all present and future claims, demands, causes and
choses in action in respect of any or all of the foregoing; and (xi) 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, 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 (as each such
defined term is defined in Section 1.01) (collectively, the "Collateral").

        The foregoing Grant is made in trust to secure 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.

<PAGE>

        The Trustee, as Trustee on behalf of the Holders of the Notes,
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 Holders of the Notes may be adequately and effectively protected.

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

                                   ARTICLE ONE

                   DEFINITIONS AND INCORPORATION BY REFERENCE

        Section 1.01. Definitions.

        (a)     Except as otherwise specified herein or as the context may
otherwise require, the following terms have the respective meanings set forth
below for all purposes of this Indenture. Capitalized terms used herein that are
not otherwise defined herein has the meaning ascribed thereto in the Sale and
Servicing Agreement.

        "Act" has the meaning specified in Section 11.03(a).

        "Administration Agreement" means the Administration Agreement, dated as
of the date hereof, among the Administrator, the Issuer, the Seller and the
Trustee.

        "Administrator" means the Master Servicer, or any successor
Administrator under the Administration Agreement.

        "Affiliate" means, with respect to any specified Person, any other
Person controlling or controlled by or under common control with such specified
Person. For the purposes of this definition, "control" when used with respect to
any Person means the power to direct the management and policies of such Person,
directly or indirectly, whether through the ownership of voting securities, by
contract or otherwise; and the terms "controlling" and "controlled" have
meanings correlative to the foregoing.

        "Authorized Officer" means, with respect to the Issuer, any officer of
the Owner Trustee who is authorized to act for the Owner Trustee in matters
relating to the Issuer and who is identified on the list of Authorized Officers
delivered by the Owner Trustee to the Trustee on the Closing Date (as such list
may be modified or supplemented from time to time thereafter) and, so long as
the Administration Agreement is in effect, any Vice President or more senior
officer of the Administrator who is authorized to act for the Administrator in
matters relating to the Issuer and to be acted upon by the Administrator
pursuant to the Administration Agreement and who is identified on the foregoing
list of Authorized Officers.

                                       2
<PAGE>

        "Basic Documents" means the Certificate of Trust, the Trust Agreement,
the Sale and Servicing Agreement, the Administration Agreement, the Note
Depository Agreement, the Insurance Agreement, the Note Policy, the Interest
Rate Swap Agreements and this Indenture.

        "Book-Entry Notes" means a beneficial interest in the Notes, ownership
and transfers of which shall be made through book entries by a Clearing Agency
as described in Section 2.09.

        "Business Day" means any day other than a Saturday, Sunday or other day
on which banking institutions in Los Angeles, California, Newark, Delaware,
London, England or New York, New York are authorized or obligated by law,
executive order or governmental decree to remain closed.

        "Certificate of Trust" means the Certificate of Trust of the Issuer
substantially in the form of Exhibit B to the Trust Agreement.

        "Class" means all Notes whose form is identical except for variation in
denomination, principal amount or owner.

        "Class A-1 Final Scheduled Distribution Date" means the March 2003
Distribution Date.

        "Class A-1 Interest Rate" means 2.04% per annum.

        "Class A-1 Notes" means the Class A-1 Notes, substantially in the form
of Exhibit C.

        "Class A-2 Final Scheduled Distribution Date" means the March 2005
Distribution Date.

        "Class A-2 Interest Rate" means 3.04% per annum.

        "Class A-2 Notes" means the Class A-2 Notes, substantially in the form
of Exhibit D.

        "Class A-3 Final Scheduled Distribution Date" means the December 2006
Distribution Date.

        "Class A-3A Interest Rate" means 4.15% per annum.

        "Class A-3A Notes" means the Class A-3A Notes, substantially in the form
of Exhibit E.

        "Class A-3B Interest Rate" means the sum of (i) the LIBOR Rate and (ii)
0.13% per annum.

        "Class A-3B Notes" means the Class A-3B Notes, substantially in the form
of Exhibit F.

        "Class A-4 Final Scheduled Distribution Date" means the September 2009
Distribution Date.

        "Class A-4A Interest Rate" means 4.87% per annum.

        "Class A-4A Notes" means the Class A-4A Notes, substantially in the form
of Exhibit G.

                                       3
<PAGE>

        "Class A-4B Interest Rate" means the sum of (i) the LIBOR Rate and (ii)
0.17% per annum.

        "Class A-4B Notes" means the Class A-4B Notes, substantially in the form
of Exhibit H.

        "Clearing Agency" means an organization registered as a "clearing
agency" pursuant to Section 17A of the Exchange Act.

        "Clearing Agency Participant" means a broker, dealer, bank, other
financial institution or other Person for whom from time to time a Clearing
Agency effects book-entry transfers and pledges of securities deposited with the
Clearing Agency.

        "Closing Date" means March 20, 2002.

        "Code" means the Internal Revenue Code of 1986, as amended, and Treasury
Regulations promulgated thereunder.

        "Collateral" has the meaning specified in the Granting Clause of this
Indenture.

        "Contracts" has the meaning set forth in the Sale and Servicing
Agreement.

        "Controlling Party" means the Insurer, so long as no Insurer Default
shall have occurred and be continuing and any of the Notes are Outstanding, and
the Trustee, for so long as an Insurer Default shall have occurred and be
continuing or if none of the Notes are Outstanding.

        "Corporate Trust Office" means the principal office of the Trustee at
which at any particular time its corporate trust business shall be administered
which office at date of the execution of this Indenture is located at Four
Albany Street, 10th Floor, New York, New York 10006, Attention: Corporate Trust
Department - Asset Backed Group; or at such other address as the Trustee may
designate from time to time by notice to the Noteholders, the Insurer and the
Issuer, or the principal corporate trust office of any successor Trustee (the
address of which the successor Trustee will notify the Noteholders, the Insurer
and the Issuer).

        "Default" means any occurrence that is, or with notice or the lapse of
time or both would become, an Event of Default.

        "Definitive Notes" has the meaning specified in Section 2.09.

        "Distribution Date" means each March 20, June 20, September 20 and
December 20 or, if any such date shall not be a Business Day, the next
succeeding Business Day, commencing June 20, 2002.

        "DTC" means The Depository Trust Company, and its successors.

        "ERISA" means the Employment Retirement Income Security Act of 1974, as
amended.

        "Event of Default" has the meaning specified in Section 5.01.

        "Exchange Act" means the Securities Exchange Act of 1934, as amended.

                                       4
<PAGE>

        "Executive Officer" means, with respect to any corporation or depository
institution, the Chief Executive Officer, Chief Operating Officer, Chief
Financial Officer, President, Executive Vice President, any Vice President, the
Secretary or the Treasurer of such corporation or depository institution; and
with respect to any partnership, any general partner thereof.

        "Financial Security" means Financial Security Assurance Inc.

        "Grant" means mortgage, pledge, bargain, sell, warrant, alienate,
remise, release, convey, assign, transfer, create and grant a lien upon and a
security interest in and right of set-off against, deposit, set over and confirm
pursuant to this Indenture. A Grant of the Collateral or of any other agreement
or instrument shall include all rights, powers and options (but none of the
obligations) of the granting party thereunder, including the immediate and
continuing right to claim for, collect, receive and give receipt for principal
and interest payments in respect of the Collateral and all other monies payable
thereunder, to give and receive notices and other communications, to make
waivers or other agreements, to exercise all rights and options, to bring
Proceedings in the name of the granting party or otherwise and generally to do
and receive anything that the granting party is or may be entitled to do or
receive thereunder or with respect thereto.

        "Holder" or "Noteholder" means the Person in whose name a Note is
registered on the Note Register.

        "Indebtedness" means, with respect to any Person at any time, (i)
indebtedness or liability of such Person for borrowed money whether or not
evidenced by bonds, debentures, notes or other instruments, or for the deferred
purchase price of property or services (including trade obligations); (ii)
obligations of such Person as lessee under leases which should have been or
should be, in accordance with generally accepted accounting principles, recorded
as capital leases; (iii) current liabilities of such Person in respect of
unfunded vested benefits under plans covered by Title IV of ERISA; (iv)
obligations issued for or liabilities incurred on the account of such Person;
(v) obligations or liabilities of such Person arising under acceptance
facilities; (vi) obligations of such Person under any guaranties, endorsements
(other than for collection or deposit in the ordinary course of business) and
other contingent obligations to purchase, to provide funds for payment, to
supply funds to invest in any Person or otherwise to assure a creditor against
loss; (vii) obligations of such Person secured by any lien on property or assets
of such Person, whether or not the obligations have been assumed by such Person;
or (viii) obligations of such Person under any interest rate or currency
exchange agreement.

        "Indenture" means this Indenture, as amended or supplemented from time
to time.

        "Independent" means, when used with respect to any specified Person,
that the Person (i) is in fact independent of the Issuer, any other obligor upon
the Notes, either Seller and any of their respective Affiliates, (ii) does not
have any direct financial interest or any material indirect financial interest
in the Issuer, any such other obligor, either Seller or any of their respective
Affiliates, and (iii) is not connected with the Issuer, any such other obligor,
either Seller or any of their respective Affiliates as an officer, employee,
promoter, underwriter, trustee, partner, director or person performing similar
functions.

                                       5
<PAGE>

        "Independent Certificate" means a certificate or opinion to be delivered
to the Trustee under the circumstances described in, and otherwise complying
with, the applicable requirements of Section 11.01, made by an Independent
appraiser or other expert appointed by an Issuer Order and approved by the
Trustee in the exercise of reasonable care, and such opinion or certificate
shall state that the signer has read the definition of "Independent" in this
Indenture and that the signer is Independent within the meaning thereof.

        "Insurance Agreement" means the Insurance, Indemnity and Pledge
Agreement, dated as of the date hereof, among the Insurer, the Issuer, the
Seller, the Master Servicer and the Trustee.

        "Insurance Agreement Obligations" means, as of any date, the aggregate
amounts owing to the Insurer under the Insurance Agreement as of such date,
other than amounts representing payments made under the Note Policy for which
the Insurer has not yet been reimbursed.

        "Insurer" means Financial Security.

        "Insurer Default" means the occurrence and continuance of any of the
following:

                (i)     the Insurer shall have failed to make a payment required
        to be made under the Note Policy;

                (ii)    the Insurer shall have (a) filed a petition or commenced
        any case or proceeding under any provision or chapter of the United
        States Bankruptcy Code, the New York State Insurance Law or any other
        similar federal or state law relating to insolvency, bankruptcy,
        rehabilitation, liquidation or reorganization, (b) made a general
        assignment for the benefit of its creditors or (c) had an order for
        relief entered against it under the United States Bankruptcy Code, the
        New York State Insurance Law or any other similar federal or state law
        relating to insolvency, bankruptcy, rehabilitation, liquidation or
        reorganization which is final and nonappealable; or

                (iii)   a court of competent jurisdiction, the New York
        Department of Insurance or other competent regulatory authority shall
        have entered a final and nonappealable order, judgment or decree (a)
        appointing a custodian, trustee, agent or receiver for the Insurer or
        for all or any material portion of its property or (b) authorizing the
        taking of possession by a custodian, trustee, agent or receiver of the
        Insurer (or the taking of possession of all or any material portion of
        the property of the Insurer).

        "Interest Period" has the meaning set forth in the Sale and Servicing
Agreement.

        "Interest Rate" means the Class A-1 Interest Rate, the Class A-2
Interest Rate, the Class A-3A Interest Rate, the Class A-3B Interest Rate, the
Class A-4A Interest Rate or the Class A-4B Interest Rate, as applicable.

        "Interest Rate Swap Agreements" has the meaning set forth in the Sale
and Servicing Agreement.

                                       6
<PAGE>

        "Issuer" means WFS Financial 2002-1 Owner Trust until a permitted
successor replaces it and, thereafter, means the successor and, for purposes of
any provision contained herein and required by the TIA, each other obligor on
the Notes.

        "Issuer Order" and "Issuer Request" means a written order or request
signed in the name of the Issuer by an Authorized Officer and delivered to the
Trustee.

        "LIBOR Rate" has the meaning set forth in the Sale and Servicing
Agreement.

        "Master Servicer" means WFS, in its capacity as master servicer under
the Sale and Servicing Agreement, and any successor Master Servicer thereunder.

        "Note" means a Class A-1 Note, a Class A-2 Note, a Class A-3A Note, a
Class A-3B Note, a Class A-4A Note or a Class A-4B Note.

        "Noteholder" means the Person in whose name a Note is registered on the
Note Register.

        "Note Depository Agreement" means the agreement dated March 19, 2002,
among the Issuer, the Trustee and DTC, as the initial Clearing Agency, relating
to the Notes, substantially in the form of Exhibit B hereto.

        "Note Owner" means, with respect to a Book-Entry Note, the Person who is
the owner of such Book-Entry Note, as reflected on the books of the Clearing
Agency, or on the books of a Person maintaining an account with such Clearing
Agency (directly as a Clearing Agency participant or as an indirect participant,
in each case in accordance with the rules of such Clearing Agency).

        "Note Policy" means the Financial Guaranty Insurance Policy issued by
the Insurer with respect to the Notes, including any endorsements thereto,
substantially in the form of Exhibit H hereto.

        "Note Policy Claim Amount" has the meaning specified in Section 5.18(a).

        "Note Register" and "Note Registrar" have the respective meanings
specified in Section 2.04.

        "Notice of Claim" has the meaning specified in Section 5.18(b).

        "Officer's Certificate" means a certificate signed by an Authorized
Officer of the Issuer, under the circumstances described in, and otherwise
complying with, the applicable requirements of Section 11.01, and delivered to
the Trustee.

        "Opinion of Counsel" means one or more written opinions of counsel who
may, except as otherwise expressly provided in this Indenture, be an employee of
or counsel to the Issuer and who shall be satisfactory to the Trustee and, if
addressed to the Insurer, satisfactory to the Insurer, and which shall comply
with any applicable requirements of Section 11.01, and shall be in form and
substance satisfactory to the Trustee, and if addressed to the Insurer,
satisfactory to the Insurer.

                                       7
<PAGE>

        "Outstanding" means, as of the date of determination, all Notes
theretofore authenticated and delivered under this Indenture except:

                (i)     Notes theretofore cancelled by the Note Registrar or
        delivered to the Note Registrar for cancellation;

               (ii) Notes or portions thereof the payment for which money in the
        necessary amount has been theretofore deposited with the Trustee or any
        Paying Agent in trust for the Holders of such Notes (provided, however,
        that if such Notes are to be redeemed, notice of such redemption has
        been duly given pursuant to this Indenture or provision for such notice
        has been made, satisfactory to the Trustee, has been made); and

               (iii) Notes in exchange for or in lieu of other Notes which have
        been authenticated and delivered pursuant to this Indenture unless proof
        satisfactory to the Trustee is presented that any such Notes are held by
        a protected purchaser (as such term is defined in Article 8 of the UCC);

provided, however, that Notes which have been paid with proceeds of the Note
Policy shall continue to remain Outstanding for purposes of this Indenture until
the Insurer has been paid as subrogee hereunder or reimbursed pursuant to the
Insurance Agreement as evidenced by a written notice delivered to the Trustee
from the Insurer, and the Insurer shall be deemed to be the Holder thereof to
the extent of any payments thereon made by the Insurer; provided, further, that
in determining whether the Holder of the requisite Outstanding Amount have given
any request, demand, authorization, direction, notice, consent or waiver
hereunder or under any other Basic Document, Notes owned by the Issuer, any
other obligor upon the Notes, the Seller, WFS or any of their respective
Affiliates shall be disregarded and deemed not to be Outstanding prior to the
Policy Expiration Date, except that, in determining whether the Trustee shall be
protected in relying upon any such request, demand, authorization, direction,
notice, consent or waiver, only Notes that the Trustee knows to be so owned
shall be so disregarded. Notes so owned that have been pledged in good faith may
be regarded as Outstanding if the pledgee establishes to the satisfaction of the
Trustee the pledgee's right so to act with respect to such Notes and that the
pledgee is not the Issuer, any other obligor upon the Notes, the Seller, WFS or
any of their respective Affiliates.

        "Outstanding Amount" means the aggregate principal amount of all Notes
of one Class or of all Classes, as the case may be, Outstanding at the date of
determination.

        "Owner Trustee" means Chase Manhattan Bank USA, National Association,
not in its individual capacity but solely as Owner Trustee under the Trust
Agreement, or any successor trustee under the Trust Agreement.

        "Paying Agent" means the Trustee or any other Person that meets the
eligibility standards for the Trustee specified in Section 6.11 and, so long as
no Insurer Default shall have occurred and be continuing, is consented to by the
Insurer and is authorized by the Issuer to make the distributions from the Note
Distribution Account, including payment of principal of or interest on the Notes
on behalf of the Issuer.

                                       8
<PAGE>

        "Person" means any individual, corporation, estate, partnership, joint
venture, association, joint stock company, trust (including any beneficiary
thereof), unincorporated organization or government or any agency or political
subdivision thereof.

        "Policy Expiration Date" means the date on which the Notes have been
paid in full and all outstanding Reimbursement Obligations and other amounts due
to the Insurer have been paid in full and the "Term Of This Policy" (as defined
in the Note Policy) has expired.

        "Predecessor Note" means, with respect to any particular Note, every
previous Note evidencing all or a portion of the same debt as that evidenced by
such particular Note; and, for the purpose of this definition, any Note
authenticated and delivered under Section 2.05 in lieu of a mutilated, lost,
destroyed or stolen Note shall be deemed to evidence the same debt as the
mutilated, lost, destroyed or stolen Note.

        "Preference Claim" has the meaning specified in Section 5.19(b).

        "Proceeding" means any suit in equity, action at law or other judicial
or administrative proceeding.

        "Rating Agency" means each of Moody's and Standard & Poor's.

        "Rating Agency Condition" means, with respect to any action, that (i)
Standard & Poor's shall have been given ten Business Days (or such shorter
period as is acceptable to Standard & Poor's) prior notice thereof and that
Standard & Poor's shall have notified the Seller, the Master Servicer, the
Insurer and the Issuer in writing that such action will not result in a
qualification, reduction or withdrawal of its then-current rating of any Class
of Notes and will not result in an increased capital charge to the Insurer and
(ii) Moody's shall have been given ten Business Days (or such shorter period as
is acceptable to Moody's) prior notice thereof and copies of all documentation
relating to the event requiring such Rating Agency Condition.

        "Rating Event" means the qualification, reduction or withdrawal by
either Rating Agency of its then-current rating of any Class of Notes.

        "Record Date" means, with respect to a Distribution Date or Redemption
Date, the close of business on the Business Day immediately preceding such
Distribution Date or Redemption Date, or, in the event that Definitive Notes are
issued, the close of business on the 15th day of the month immediately preceding
the month in which such Distribution Date or Redemption Date occurs.

        "Redemption Date" means in the case of a redemption of the Notes
pursuant to Section 10.01(a) or a payment to Noteholders pursuant to Section
10.01(b), the Distribution Date specified by the Master Servicer or the Issuer
pursuant to Section 10.01(a) or 10.01(b), as the case may be.

        "Redemption Price" means (i) in the case of a redemption of the Notes
pursuant to Section 10.01(a) and (A) Section 3.10 of the Sale and Servicing
Agreement, an amount equal to the Optional Repurchase Payment and (B) Section
9.01(a) of the Sale and Servicing Agreement, an amount equal to the unpaid
principal amount of the Notes redeemed plus accrued and unpaid

                                       9
<PAGE>

interest thereon for each Class of Notes being so redeemed to but excluding the
Redemption Date or (ii) in the case of a payment made to Noteholders pursuant to
Section 10.01(b), the amount on deposit in the Note Distribution Account, but
not in excess of the amount specified in clause (i) above.

        "Registered Holder" means the Person in whose name a Note is registered
on the Note Register on the applicable Record Date.

        "Repurchase Premium" has the meaning set forth in the Sale and Servicing
Agreement.

        "Responsible Officer" means, with respect to the Trustee, any officer
within the Corporate Trust and Agency Group (or any successor group of the
Trustee), including any Vice President, assistant secretary or other officer or
assistant officer of the Trustee customarily performing function similar to
those performed by the people who at such time shall be officers, respectively,
or to whom any corporate trust matter is referred at the Corporate Trust Office
of the Trustee because of his knowledge of and familiarity with the particular
subject.

        "Sale and Servicing Agreement" means the Sale and Servicing Agreement,
dated as of the date hereof, among the Issuer, the Seller and the Master
Servicer, substantially in the form of Exhibit A hereto.

        "Schedule of Contracts" means the listing of the Contracts set forth in
Schedule A hereto.

        "Scheduled Payments" has the meaning specified therefor in the Note
Policy.

        "Seller" means WFS Receivables Corporation, in its capacity as seller
under the Sale and Servicing Agreement, and its respective successors.

        "State" means any one of the 50 states of the United States or the
District of Columbia.

        "Successor Master Servicer" has the meaning specified in Section
3.07(e).

        "Termination Date" means the latest of (i) the expiration of the Note
Policy and the return of the Note Policy to the Insurer for cancellation, (ii)
the date on which the Insurer shall have received payment and performance of all
amounts and obligations which the Issuer may owe to or on behalf of the Insurer
under this Indenture and (iii) the date on which the Trustee shall have received
payment and performance of all amounts and obligations which the Issuer may owe
to or on behalf of the Trustee for the benefit of the Noteholders under this
Indenture, the Notes or the Interest Rate Swap Agreements.

        "Treasury Regulations" means regulations, including proposed or
temporary regulations, promulgated under the Code. References herein to specific
provisions of proposed or temporary regulations shall include analogous
provisions of final Treasury Regulations or other successor Treasury
Regulations.

        "Trust Agreement" means the Trust Agreement, dated March 11, 2002, as
amended and restated as of March 20, 2002, among the Seller, the Insurer and the
Owner Trustee.

                                       10
<PAGE>

        "Trust Estate" means the Collateral Granted to the Trustee under this
Indenture, including all proceeds thereof.

        "Trust Indenture Act" or "TIA" means the Trust Indenture Act of 1939, as
amended, as in force on the date hereof, unless otherwise specifically provided.

        "Trustee" means Bankers Trust Company, as Trustee under this Indenture,
or any successor Trustee under this Indenture.

        "UCC" means, unless the context otherwise requires, the Uniform
Commercial Code, as in effect in the relevant jurisdiction, as amended from time
to time.

        "United States" means the United States of America.

        "Unreimbursed Insurer Amounts" means, on any date, the amount that is
the sum of (i) all payments (if any) made under the Note Policy for which the
Insurer has not yet been reimbursed as of such date, plus (ii) all Insurance
Agreement Obligations as of such date.

        "WFS" means WFS Financial Inc, and its successors.

        "WFSRC" means WFS Receivables Corporation, a California corporation, and
its successors.

        (b)     Except as otherwise specified herein or as the context may
otherwise require, capitalized terms used herein that are not otherwise defined
shall have the meanings ascribed thereto in the Sale and Servicing Agreement.

        Section 1.02. Incorporation by Reference of Trust Indenture Act.
Whenever this Indenture refers to a provision of the Trust Indenture Act
("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:

        "Commission" means the Securities and Exchange Commission.

        "Indenture Securities" means the Notes.

        "Indenture Security Holder" means a Noteholder.

        "Indenture to be Qualified" means this Indenture.

        "Indenture Trustee" or "Institutional Trustee" means the Trustee.

        "Obligor" on the indenture securities means the Issuer and any other
obligor on the indenture securities.

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

                                       11
<PAGE>

        Section 1.03. Rules of Construction. Unless the context otherwise
requires: (i) a term has the meaning assigned to it; (ii) an accounting term not
otherwise defined has the meaning assigned to it in accordance with generally
accepted accounting principles as in effect from time to time; (iii) "or" is not
exclusive; (iv) "including" means including without limitation; (v) words in the
singular include the plural and words in the plural include the singular; (vi)
any agreement, instrument or statute defined or referred to herein or in any
instrument or certificate delivered in connection herewith means such agreement,
instrument or statute as from time to time amended, modified or supplemented and
includes (in the case of agreements or instruments) references to all
attachments thereto and instruments incorporated therein; (vii) references to a
Person are also to its permitted successors and assigns; (viii) the words
"hereof," "herein" and "hereunder" and words of similar import when used in this
Indenture shall refer to this Indenture as a whole and not to any particular
provision of this Indenture; and (ix) Section, subsection and Schedule
references contained in this Indenture are references to Sections, subsections
and Schedules in or to this Indenture unless otherwise specified.

                                       12
<PAGE>

                                   ARTICLE TWO

                                    THE NOTES

        Section 2.01. Form. The Class A-1 Notes, the Class A-2 Notes, the Class
A-3A Notes, the Class A-3B Notes, the Class A-4A Notes and the Class A-4B Notes,
in each case together with the Trustee's certificate of authentication, shall be
in substantially the forms set forth as Exhibits to this Indenture 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 of the Notes. 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.

        Each Note shall be dated the date of its authentication. The terms of
the Notes set forth in Exhibits hereto are part of the terms of this Indenture.

        Section 2.02. Execution, Authentication and Delivery. 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. 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.

        The Trustee shall, upon receipt of the Note Policy and an Issuer Order,
authenticate and deliver for original issue the following aggregate principal
amount of Notes: (i) $330,000,000 of Class A-1 Notes, (ii) $440,000,000 of Class
A-2 Notes, (iii) $380,000,000 of Class A-3A Notes (iv) $230,000,000 of Class
A-3B Notes (v) $260,000,000 of Class A-4A Notes and (vi) $160,000,000 of Class
A-4B Notes. The aggregate principal amount of Class A-1 Notes, Class A-2 Notes,
Class A-3A Notes, the Class A-3B, the Class A-4A and Class A-4B Notes
outstanding at any time may not exceed such respective amounts, except as
otherwise provided in Section 2.05.

        Each Note shall be dated the date of its authentication. The Notes shall
be issuable as registered Notes in the minimum denomination of $1,000 and in
integral multiples of $1,000 in excess thereof.

        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 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 2.03. Temporary Notes. Pending the preparation of Definitive
Notes, the Issuer may execute, and upon receipt of an Issuer Order the Trustee
shall authenticate and deliver,

                                       13
<PAGE>

temporary Notes that are printed, lithographed, typewritten, mimeographed or
otherwise produced, 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 such Notes may determine, as evidenced by
their execution of such Notes.

        If temporary Notes are issued, the Issuer will 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 3.02, without charge to the related Holder.
Upon surrender for cancellation of any one or more temporary Notes, the Issuer
shall execute, and the Trustee shall authenticate and deliver in exchange
therefor, a like tenor and 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 2.04. Registration; Registration of Transfer and Exchange. 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
Trustee 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 Trustee is appointed by the Issuer as Note
Registrar, the Issuer will give the 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, and the Trustee shall have the right to inspect
the Note Register at all reasonable times and to obtain copies thereof, and the
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 Holders of the Notes and the principal amounts and number of such Notes.

        Upon surrender for registration of transfer of any Note at the office or
agency of the Issuer to be maintained as provided in Section 3.02, provided that
the requirements of Section 8-401 of the UCC are met, the Issuer shall execute,
and the Trustee shall authenticate and the Noteholder shall obtain from the
Trustee, in the name of the designated transferee or transferees, one or more
new Notes of the same Class in any authorized denominations, of a like aggregate
principal amount.

        At the option of a Holder, 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, provided that the
requirements of Section 8-401 of the UCC are met, the Issuer shall execute, and
the Trustee shall authenticate and the Noteholder shall obtain from the Trustee,
the Notes which the Noteholder making the exchange is entitled to receive.

                                       14
<PAGE>

        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.

        Every Note presented or surrendered for registration of transfer or
exchange shall be duly endorsed by, or be accompanied by a written instrument of
transfer in form satisfactory to the Trustee duly executed by, the Holder
thereof or such Holder's attorney duly authorized in writing, with such
signature guaranteed by a commercial bank or trust company located, or having a
correspondent located, in The City of New York or the city in which the
Corporate Trust Office is located, or by a member firm of a national securities
exchange, and such other documents as the Trustee may require.

        No service charge shall be made to a Holder for any registration of
transfer or exchange of Notes, but the Issuer or the Trustee 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 2.03 or 9.06 not involving any
transfer.

        The preceding provisions of this Section 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 15
days preceding the due date for the payment in full of such Note.

        Copies of this Indenture (without exhibits) may be obtained by
Noteholders upon request in writing to the Trustee at the Corporate Trust
Office.

        Section 2.05. Mutilated, Destroyed, Lost or Stolen Notes. If (i) any
mutilated Note is surrendered to the Trustee, or the Trustee receives evidence
to its satisfaction of the destruction, loss or theft of any Note, (ii) there is
delivered to the Trustee and the Insurer (unless an Insurer Default shall have
occurred and be continuing) such security or indemnity as may be required by
them to hold the Issuer, the Trustee and the Insurer harmless and (iii) the
requirements of Section 8-405 of the UCC are met, then, in the absence of notice
to the Issuer, the Note Registrar or the Trustee that such Note has been
acquired by a protected purchaser (as defined in Article 8 of the UCC), the
Issuer shall execute and upon its request the 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 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 (as defined in Article 8 of the UCC)
of the original Note in lieu of which such replacement Note was issued presents
for payment such original Note, the Issuer, the Insurer and the 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 (as defined in Article 8 of the UCC), and
shall be entitled to recover upon the security or indemnity

                                       15
<PAGE>

provided therefor to the extent of any loss, damage, cost or expense incurred by
the Issuer or the Trustee in connection therewith.

        Upon the issuance of any replacement Note under this Section, the Issuer
or the Trustee may require the payment by the Holder 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 Trustee or the Note Registrar) connected therewith.

        Every replacement Note issued pursuant to this Section 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.

        The provisions of this Section 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 2.06. Persons Deemed Owner. Prior to due presentment for
registration of transfer of any Note, the Issuer, the Trustee, the Insurer and
any of their respective agents 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 Insurer, the Trustee nor any of their respective agents
shall be affected by notice to the contrary.

        Section 2.07. Payment of Principal and Interest; Defaulted Interest.

        (a)     Each Class of Notes shall accrue interest at the related
Interest Rate, and such interest shall be payable on each Distribution Date as
specified in Article Five of the Sale and Servicing Agreement and in the form of
the related Note set forth as an Exhibit hereto, subject to Section 3.01. Any
installment of interest or principal, if any, payable on any Note which is
punctually paid or duly provided for by the Issuer on the applicable
Distribution Date shall be paid to the Person in whose name such Note (or one or
more Predecessor Notes) is registered on the Record Date, by check mailed
first-class, postage prepaid to such Person's address as it appears on the Note
Register on such Record Date, except that, unless Definitive Notes have been
issued pursuant to Section 2.11, 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 will 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
Distribution Date, a Redemption Date or on the related Final Scheduled
Distribution Date, as the case may be, which, in the case of the payment of a
redemption pursuant to Section 10.01(a), shall be payable pursuant to Section
9.01(e) of the Sale and Servicing Agreement, and in each other case shall be
payable as provided below. The funds represented by any such checks returned
undelivered shall be held in accordance with Section 3.03.

                                       16
<PAGE>

        (b)     The principal of each Note shall be payable on each Distribution
Date to the extent provided in Article Five of the Sale and Servicing Agreement
and in the form of the related Note set forth as an Exhibit 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 related Final
Scheduled Distribution Date or on the date on which an Event of Default shall
have occurred and be continuing, so long as an Insurer Default shall not have
occurred and be continuing or, if an Insurer Default shall have occurred and be
continuing, on the date on which an Event of Default shall have occurred and be
continuing and the Trustee or the Holders of Notes representing not less than a
majority of the Outstanding Amount have declared the Notes to be immediately due
and payable in the manner provided in Section 5.02. All principal payments on
the Notes shall be made first to the Holders of the Class A-1 Notes and then on
each of the Class A-2 Notes, Class A-3A Notes, Class A-3B, Class A-4A and Class
A-4B Notes pro rata to the Holder of such Class entitled thereto. The Trustee
shall notify the Person in whose name a Note is registered at the close of
business on the Record Date preceding the Distribution Date on which the Issuer
expects that the final installment of principal of and interest on such Note
will be paid. Such notice shall be mailed within five Business Days of such
Distribution Date (or, in the case of Notes registered in the name of Cede &
Co., as nominee of DTC, such notice shall be provided within one Business Day of
such Distribution Date) or receipt of notice of termination of the Issuer
pursuant to Section 9.01(c) of the Trust Agreement and shall specify that such
final installment will 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
redemptions of Notes shall be mailed to Noteholders as provided in Section
10.02. In addition, the Administrator shall notify the Rating Agencies upon the
final payment of interest and principal of each Class of Notes, and upon the
termination of the Issuer, in each case pursuant to Section 1(a)(i) of the
Administration Agreement.

        (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 Interest Rate in any lawful
manner. The Issuer may pay such defaulted interest to the Persons who are
Noteholders on a subsequent special record date, which date shall be at least
five Business Days prior to the related payment date. The Issuer shall fix or
cause to be fixed any such special record date and payment date, and, at least
15 days before any such special record date, the Issuer shall mail to the
Trustee and each Noteholder a notice that states the special record date, the
payment date and the amount of defaulted interest to be paid.

        (d)     Promptly following the date on which all principal of and
interest on the Notes has been paid in full and the Notes have been surrendered
to the Trustee, the Trustee shall, if the Insurer has paid any amount in respect
of the Notes under the Note Policy which has not been reimbursed to it, deliver
such surrendered Notes to the Insurer.

        Section 2.08. Cancellation. Subject to Section 2.07(d), all Notes
surrendered for payment, registration of transfer, exchange or redemption shall,
if surrendered to any Person other than the Trustee, be delivered to the Trustee
and shall be promptly cancelled by the Trustee. Subject to Section 2.07(d), the
Issuer may at any time deliver to the 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

                                       17
<PAGE>

by the Trustee. No Notes shall be authenticated in lieu of or in exchange for
any Notes cancelled as provided in this Section, except as expressly permitted
by this Indenture. Subject to Section 2.07(d), all cancelled Notes may be held
or disposed of by the 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; provided that such Issuer
Order is timely and the Notes have not been previously disposed of by the
Trustee.

        Section 2.09. Book-Entry Notes. The Notes, upon original issuance, will
be issued in the form of a typewritten Note or Notes representing the Book-Entry
Notes, to be delivered to DTC, the initial Clearing Agency, by, or on behalf of,
the Issuer. Such Notes shall initially be registered on the Note Register in the
name of Cede & Co., the nominee of the initial Clearing Agency, and no Note
Owner will receive a Definitive Note representing such Note Owner's interest in
such Note, except as provided in Section 2.11. Unless and until definitive,
fully registered Notes (the "Definitive Notes") have been issued to Note Owners
pursuant to Section 2.11:

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

                (ii)    the Note Registrar and the 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 Notes and the
        giving of instructions or directions hereunder) as the sole holder of
        the Notes, and shall have no obligation to the Note Owners;

                (iii)   to the extent that the provisions of this Section
        conflict with any other provisions of this Indenture, the provisions of
        this Section 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 pursuant to Section 2.11,
        the Clearing Agency will make book-entry transfers among the Clearing
        Agency Participants and receive and transmit payments of principal of
        and interest on the Notes to such Clearing Agency Participants; and

                (v)     whenever this Indenture requires or permits actions to
        be taken based upon instructions or directions of Holders of Notes
        evidencing a specified percentage of the Outstanding Amount, 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 in the
        Notes and has delivered such instructions to the Trustee.

        Section 2.10. Notices to Clearing Agency. Whenever a notice or other
communication to the Noteholders is required under this Indenture, unless and
until Definitive Notes shall have been issued to Note Owners pursuant to Section
2.11, the Trustee shall give all such notices and communications specified
herein to be given to Holders of the Notes to the Clearing Agency, and shall
have no obligation to the Note Owners.

                                       18
<PAGE>

        Section 2.11. Definitive Notes.

        (a)     If (i)(A) the Administrator advises the Trustee in writing that
the Clearing Agency is no longer willing or able to properly discharge its
responsibilities as described in the Note Depository Agreement, and (B) Trustee
or the Administrator is unable to locate a qualified successor, (ii) the
Administrator at its option advises the 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, the Note Owners representing not less than
51% of the Outstanding Amount of a Class of Notes advise the Trustee and the
Clearing Agency through the Clearing Agency Participants in writing that the
continuation of a book-entry system through the Clearing Agency is no longer in
the best interests of the related Note Owners, then the Trustee shall notify all
Note Owners of the related Class of Notes, through the Clearing Agency, of the
occurrence of such event and of the availability of Definitive Notes of the
related Class of Notes to Note Owners requesting the same. Upon surrender to the
Trustee of the Note or Notes representing the Book-Entry Notes by the Clearing
Agency, accompanied by registration instructions, the Issuer shall execute and
the Trustee shall authenticate the Definitive Notes in accordance with the
instructions of the Clearing Agency. None of the Issuer, the Note Registrar or
the 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 of a Class, the Trustee
shall recognize the Holders of the Definitive Notes as Noteholders hereunder.

        The Trustee shall not be liable if the Trustee or the Administrator is
unable to locate a qualified successor Clearing Agency. 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.

        Section 2.12. Release of Collateral. Subject to Section 11.01 and the
other Basic Documents, the 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)(l) or an Opinion of Counsel in lieu of such
Independent Certificates to the effect that the TIA does not require any such
Independent Certificates.

        Section 2.13. Tax Treatment. The Issuer has entered into this Indenture,
and the Notes will be issued, with the intention that, for federal, state and
local income, single business and franchise tax purposes, the Notes will qualify
as indebtedness of the Issuer secured by the Trust Estate. The Issuer, by
entering into this Indenture, and each Noteholder, by its acceptance of its 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.

                                       19
<PAGE>

                                  ARTICLE THREE

                                    COVENANTS

        Section 3.01. Payment of Principal and Interest. The Issuer will 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, subject to Section 8.02(c), the Issuer will cause to be distributed
all amounts on deposit in the Note Distribution Account in respect of the
related Due Period on a Distribution Date deposited therein pursuant to the Sale
and Servicing Agreement for the benefit of (i) the Class A-1 Notes, to the Class
A-1 Noteholders, (ii) the Class A-2 Notes, to the Class A-2 Noteholders, (iii)
the Class A-3A Notes, to the Class A-3A Noteholders, (iv) the Class A-3B Notes,
to the Class A-3B Noteholders, (v) the Class A-4A Notes, to the Class A-4A
Noteholders and (vi) the Class A-4B Notes, to the Class A-4B Noteholders.
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 3.02. Maintenance of Office or Agency. The Chase Manhattan Bank,
as agent for the Issuer, will maintain in 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 Trustee
to serve as its agent for the foregoing purposes. The Issuer will give prompt
written notice to the 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 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 Trustee as its
agent to receive all such surrenders, notices and demands.

        Section 3.03. Money for Payments to be Held in Trust. As provided in
Sections 5.06 and 8.02, all payments of amounts due and payable with respect to
any Notes that are to be made from amounts withdrawn from the Collection Account
and the Note Distribution Account pursuant to Section 8.02(b) shall be made on
behalf of the Issuer by the Trustee or by another Paying Agent, and no amounts
so withdrawn from the Collection Account and the Note Distribution Account for
payments of Notes shall be paid over to the Issuer except as provided in this
Section.

        On the Business Day immediately preceding each Distribution Date and
Redemption Date, the Issuer shall deposit or cause to be deposited in the Note
Distribution Account an aggregate sum sufficient to pay the amounts then
becoming due, such sum to be held in trust for the benefit of the Persons
entitled thereto and (unless the Paying Agent is the Trustee) shall promptly
notify the Trustee of its action or failure so to act.

        The Issuer will cause each Paying Agent other than the Trustee to
execute and deliver to the Trustee and the Insurer an instrument in which such
Paying Agent shall agree with the

                                       20
<PAGE>

Trustee (and if the Trustee acts as Paying Agent, it hereby so agrees), subject
to the provisions of this Section, that such Paying Agent will:

                (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 Trustee notice of any default by the Issuer (or
        any other obligor upon the Notes) 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 Trustee, forthwith pay to the Trustee
        all sums so held in trust by such Paying Agent;

                (iv)    immediately resign as Paying Agent and forthwith pay to
        the 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 Paying
        Agent at the time of its appointment; and

                (v)     comply with all requirements of the Code 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.

        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 Paying Agent to pay to the Trustee all sums held in trust by
such Paying Agent, such sums to be held by the Trustee upon the same trusts as
those upon which the sums were held by such Paying Agent; and upon such payment
by any Paying Agent to the Trustee, such Paying Agent shall be released from all
further liability with respect to such money.

        Subject to applicable laws with respect to escheat of funds, any money
held by the Trustee or any Paying Agent in trust for the payment of any amount
due with respect to any Note and remaining unclaimed for two years after such
amount has become due and payable shall be discharged from such trust and upon
receipt of an Issuer Request with the consent of the Insurer (unless an Insurer
Default shall have occurred and be continuing) shall be deposited by the Trustee
in the Collection Account; and the Holder of such Note shall thereafter, as an
unsecured general creditor, look only to the Issuer for payment thereof, and all
liability of the Trustee or such Paying Agent with respect to such trust money
shall thereupon cease; provided, however, that if such money or any portion
thereof had been previously deposited by the Insurer with the Trustee for the
payment of principal or interest on the Notes, to the extent any amounts are
owing to the Insurer, such amounts shall be paid promptly to the Insurer upon
receipt of a written request by the Insurer to such effect, and provided,
further, that the Trustee or such Paying Agent, before being required to make
any such repayment, may at the expense 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

                                       21
<PAGE>

such money remains unclaimed and that, after a date specified therein, which
shall not be less than 30 days from the date of such publication, any unclaimed
balance of such money then remaining will be repaid to or for the account of the
Issuer. The Trustee may also adopt and employ, at the expense of the Issuer, any
other reasonable means of notification of such repayment (including, but not
limited to, mailing notice of such repayment to Holders 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 Trustee or of any Paying Agent, at the last address of record for
each such Holder).

        Section 3.04. Existence. The Issuer will 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, in which
case the Issuer will keep in full effect its existence, rights and franchises
under the laws of such other jurisdiction) and will 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, the Interest Rate Swap Agreements and each
other instrument or agreement included in the Trust Estate.

        Section 3.05. Protection of Trust Estate. The Issuer intends the
security interest Granted pursuant to this Indenture in favor of the Trustee on
behalf of the Noteholders to be prior to all other liens in respect of the Trust
Estate, and the Issuer shall take all actions necessary to obtain and maintain,
for the benefit of the Trustee on behalf of the Noteholders, a first lien on and
a first priority, perfected security interest in the Trust Estate, subject to
the rights of the Insurer under the Insurance Agreement. The Issuer will 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, all as prepared by the Master Servicer and
delivered to the Issuer, and will take such other action necessary or advisable
to:

                (i)     Grant more effectively all or any portion of the Trust
        Estate;

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

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

                (iv)    enforce any of the Collateral;

                (v)     preserve and defend title to the Trust Estate and the
        rights of the Trustee and the Noteholders in such Trust Estate against
        the claims of all persons and parties; or

                (vi)    pay all taxes or assessments levied or assessed upon the
        Trust Estate when due.

        The Issuer hereby designates the Trustee its agent and attorney-in-fact
to execute all financing statements, continuation statements or other
instruments required to be executed pursuant to this Section.

                                       22
<PAGE>

        Section 3.06. Opinions as to Trust Estate.

        (a)     Promptly after the execution and delivery of this Indenture, the
Issuer shall furnish to the Trustee and the Insurer an Opinion of Counsel to the
effect that, in the opinion of such counsel, either (i) all financing statements
and continuation statements have been executed and filed that are necessary to
create and continue the Trustee's first priority perfected security interest in
the collateral (subject to the rights of the Insurer under the Insurance
Agreement) for the benefit of the Noteholders, and reciting the details of such
filings or referring to prior Opinions of Counsel in which such details are
given, or (ii) no such action shall be necessary to perfect such security
interest.

        (b)     Within 90 days after the beginning of each calendar year
beginning with the first calendar year beginning more than three months after
the Cut-Off Date, the Issuer shall furnish to the Trustee and the Insurer an
Opinion of Counsel, dated as of a date during such 90-day period, to the effect
that, in the opinion of such counsel, either (i) all financing statements and
continuation statements have been executed and filed that are necessary to
create and continue the Trustee's first priority perfected security interest in
the collateral (subject to the rights of the Insurer under the Insurance
Agreement) for the benefit of the Noteholders, and reciting the details of such
filings or referring to prior Opinions of Counsel in which such details are
given, or (ii) no such action shall be necessary to perfect such security
interest.

        Section 3.07. Performance of Obligations; Servicing of Contracts.

        (a)     The Issuer will not take any action and will use its best
efforts not to permit any action to be taken by others, including the Servicer,
that would release any Person from any of such Person's material covenants or
obligations under any instrument or agreement included in the 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 the Basic Documents or such other
instrument or agreement.

        (b)     The Issuer may contract with other Persons acceptable to the
Insurer (so long as no Insurer Default shall have occurred and be continuing) to
assist it in performing its duties and obligations under this Indenture, and any
performance of such duties by a Person identified to the Trustee and the Insurer
in an Officer's Certificate shall be deemed to be action taken by the Issuer.
The Trustee shall not be responsible for the action or inaction of the Master
Servicer or the Administrator. Initially, the Issuer has contracted with the
Master Servicer and the Administrator to assist the Issuer in performing its
duties under this Indenture.

        (c)     The Issuer will, and will cause the Administrator to, punctually
perform and observe all of the obligations and agreements of the Issuer and the
Administrator contained in this Indenture, the other Basic Documents and in the
instruments and agreements included in the Trust Estate, including but not
limited to filing or causing to be filed all UCC financing statements and
continuation statements required to be filed by the terms of this Indenture and
the other Basic Documents 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

                                       23
<PAGE>

consent of the Trustee or the Holders of at least a majority of the Outstanding
Amount or such greater percentage as may be specified in the particular
provision.

        (d)     If the Issuer shall have knowledge of the occurrence of a
Servicer Default, the Issuer shall promptly notify the Trustee, the Insurer, the
Swap Counterparty and each Rating Agency thereof, and shall specify in such
notice the action, if any, the Issuer is taking with respect of such default. If
a Servicer Default shall arise from the failure of the Master Servicer to
perform any of its duties or obligations under the Sale and Servicing Agreement
with respect to the Contracts, the Issuer shall take all reasonable steps
available to it to remedy such failure.

        (e)     If an Insurer Default shall have occurred and be continuing and
if the Issuer has given notice of termination to the Master Servicer of the
Master Servicer's rights and powers pursuant to Section 8.02 of the Sale and
Servicing Agreement, as promptly as possible thereafter, the Issuer shall
appoint a successor servicer (the "Successor Master Servicer"), and such
Successor Master Servicer shall accept its appointment by a written assumption
in a form acceptable to the Trustee. In the event that a Successor Master
Servicer has not been appointed and accepted its appointment at the time when
the Master Servicer ceases to act as Master Servicer, the Trustee without
further action shall automatically be appointed the Successor Master Servicer.
The Trustee may resign as the Successor Master Servicer by giving written notice
of such resignation to the Issuer and in such event will 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 Master Servicer under the Sale and Servicing
Agreement. Any Successor Master Servicer other than the Trustee shall (i) be an
established financial institution having a net worth of not less than
$50,000,000 and whose regular business includes the servicing of motor vehicle
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 Master Servicer. If within 30 days after the
delivery of the notice referred to above, the Issuer shall not have obtained
such a new Master Servicer, the Trustee may appoint, or may petition a court of
competent jurisdiction to appoint, a Successor Master Servicer. In connection
with any such appointment, the 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 8.02 of the Sale and Servicing Agreement, the Issuer
shall enter into an agreement with such successor for the servicing of the
Contracts (such agreement to be in form and substance satisfactory to the
Trustee). If the Trustee shall succeed to the Master Servicer's duties as
servicer of the Contracts as provided herein, it shall do so in its individual
capacity and not in its capacity as Trustee and, accordingly, the provisions of
Article Six shall be inapplicable to the Trustee in its duties as the successor
to the Master Servicer and the servicing of the Contracts. In case the Trustee
shall become successor to the Master Servicer under the Sale and Servicing
Agreement, the Trustee shall be entitled to appoint as Master Servicer one of
its Affiliates, provided that it shall be fully liable for the actions and
omissions of such Affiliate in such capacity as Successor Master Servicer.

        (f)     Upon any termination of the Master Servicer's rights and powers
pursuant to the Sale and Servicing Agreement, the Issuer shall promptly notify
the Trustee. As soon as a

                                       24
<PAGE>

successor Master Servicer is appointed, the Issuer shall notify the Trustee of
such appointment, specifying in such notice the name and address of such
successor Master Servicer.

        (g)     The Issuer agrees that it will not waive timely performance or
observance by the Master Servicer or the Seller of their respective duties under
the Basic Documents: (i) without the prior consent of the Insurer (unless an
Insurer Default shall have occurred and be continuing or the Policy Expiration
Date has occurred) or (ii) if the effect thereof would adversely affect the
Holders of the Notes or the Swap Counterparty.

        Section 3.08. Negative Covenants. Until the Termination Date, the Issuer
shall not:

                (i)     except as expressly permitted by the Basic Documents,
        sell, transfer, exchange or otherwise dispose of any of the properties
        or assets of the Issuer, including those included in the Trust Estate,
        unless directed to do so by the Controlling Party;

                (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
        applicable state law) or assert any claim against any present or former
        Noteholder by reason of the payment of the taxes levied or assessed upon
        any part of the Trust Estate;

                (iii)   (A) permit the validity or effectiveness of this
        Indenture to be impaired, or permit the lien created by 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 or the lien in favor of the Insurer created by the Insurance
        Agreement) to be created on or extend to or otherwise arise upon or
        burden the 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 a Financed Vehicle
        and arising solely as a result of an action or omission of the related
        Obligor), (C) permit the lien created by 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 Trust Estate, or
        (D) amend, modify or fail to comply with the provisions of the Basic
        Documents without the prior written consent of the Controlling Party,
        except where the Basic Documents allow for amendment or modification
        without the consent or approval of the Controlling Party; or

                (iv)    dissolve or liquidate in whole or in part.

        Section 3.09. Annual Statement as to Compliance. The Issuer will deliver
to the Trustee and the Insurer, on or before 120 days after the end of each
fiscal year of the Issuer (commencing with the fiscal year ended December 31,
2001) an Officer's Certificate stating, as to the Authorized Officer signing
such Officer's Certificate, that:

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

                                       25
<PAGE>

        (b) 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 the
compliance of 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 or any State and shall
        expressly assume, by an indenture supplemental hereto, executed and
        delivered to the Trustee, in form and substance satisfactory to the
        Trustee and the Insurer (so long as no Insurer Default shall have
        occurred and be continuing), 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 and each other Basic
        Document on the part of the Issuer to be performed or observed, all as
        provided herein;

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

                (iii)   the Rating Agency Condition shall have been satisfied
        with respect to such consolidation or merger;

                (iv)    the Issuer shall have received an Opinion of Counsel
        which shall be delivered to and shall be satisfactory to the Trustee and
        the Insurer (so long as no Insurer Default shall have occurred and be
        continuing) to the effect that such consolidation or merger will not
        have any material adverse tax consequence to the Issuer, the Insurer,
        the Swap Counterparty, any Noteholder or any Certificateholder;

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

                (vi)    the Issuer shall have delivered to the Trustee an
        Officer's Certificate and an Opinion of Counsel (which shall describe
        the actions taken as required by clause (v) above or that no such
        actions will be taken) each stating that such consolidation or merger
        and such supplemental indenture comply with this Article Three and that
        all conditions precedent herein provided for relating to such
        transaction have been compiled with (including any filings required by
        the Exchange Act); and

                (vii)   so long as no Insurer Default shall have occurred and be
        continuing, the Issuer shall have given the Insurer written notice of
        such consolidation or merger at least 20 Business Days prior to the
        consummation of such action and shall have received the prior written
        approval of the Insurer of such consolidation or merger and the Issuer
        or the Person (if other than the Issuer) formed by or surviving such
        consolidation or merger has a net worth, immediately after such
        consolidation or merger, that is (A) greater than zero

                                       26
<PAGE>

        and (B) not less than the net worth of the Issuer immediately prior to
        giving effect to such consolidation or merger.

        (b)     The Issuer shall not convey or transfer all or substantially all
of its properties or assets, including those included in the Trust Estate, to
any Person (except as expressly permitted by the Basic Documents), unless:

                (i)     the Person that acquires by conveyance or transfer the
        properties and assets of the Issuer shall (A) be a United States citizen
        or a Person organized and existing under the laws of the United States
        or any State, (B) expressly assume, by an indenture supplemental hereto,
        executed and delivered to the Trustee, in form and substance
        satisfactory to the Trustee and the Insurer (so long as no Insurer
        Default shall have occurred and be continuing), 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 and each other Basic Document on the part of the Issuer to be
        performed or observed, all as provided herein, (C) expressly agree 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 Holders of the Notes, (D) unless otherwise provided in such
        supplemental indenture, expressly agree 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 agree 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 conveyance or
        transference, no Default or Event of Default shall have occurred and be
        continuing;

                (iii)   the Rating Agency Condition shall have been satisfied
        with respect to such conveyance or transference;

                (iv)    the Issuer shall have received an Opinion of Counsel
        which shall be delivered to and shall be satisfactory to the Trustee and
        the Insurer (so long as no Insurer Default shall have occurred and be
        continuing) to the effect that such conveyance or transference will not
        have any material adverse tax consequence to the Issuer, the Insurer,
        the Swap Counterparty, any Noteholder or any Certificateholder;

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

                (vi)    the Issuer shall have delivered to the Trustee an
        Officer's Certificate and an Opinion of Counsel (which shall describe
        the actions taken as required by clause (v) above or that no such
        actions will be taken) each stating that such conveyance or transference
        and such supplemental indenture comply with this Article Three and that
        all conditions precedent herein provided for relating to such
        transaction have been complied with (including any filings required by
        the Exchange Act); and

                                       27
<PAGE>

               (vii) so long as no Insurer Default shall have occurred and be
        continuing, the Issuer shall have given the Insurer written notice of
        such conveyance or transfer of properties or assets at least 20 Business
        Days prior to the consummation of such action and shall have received
        the prior written approval of the Insurer of such conveyance or transfer
        and the Person acquiring by conveyance or transference the properties or
        assets of the Issuer has a net worth, immediately after such conveyance
        or transfer, that is (A) greater than zero and (B) not less than the net
        worth of the Issuer immediately prior to giving effect to such
        conveyance or transfer.

        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 or substantially all the
assets or properties of the Issuer pursuant to Section 3.10(b), the Issuer will
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 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, purchasing, owning, selling and managing the
Contracts in the manner contemplated by this Indenture and the other 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 (i) the Notes, (ii) obligations or Indebtedness owing
from time to time to the Insurer under the Insurance Agreement and (iii) any
other Indebtedness permitted by or arising under the other Basic Documents. The
proceeds of the Notes shall be used exclusively to fund the Issuer's purchase of
the Contracts and the other assets specified in the Sale and Servicing
Agreement, to fund the Spread Account and to pay the transactional expenses of
the Issuer.

        Section 3.14. Master Servicer's Obligations. The Issuer shall cause the
Master Servicer to comply with Sections 4.09, 4.10, 4.11 and 5.07 and Article
Nine of the Sale and Servicing Agreement.

        Section 3.15. Guarantees, Loans, Advances and Other Liabilities. Except
as otherwise contemplated by the 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 assuming 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, any
other interest in, or make any capital contribution to, any other Person.

                                       28
<PAGE>

        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. Restricted Payments. Except as expressly permitted by the
Basic Documents, the Issuer shall not, directly or indirectly, (i) pay any
dividend or 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 Master Servicer, (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, (A) distributions to the Master
Servicer, the Owner Trustee and the Certificateholders as contemplated by, and
to the extent funds are available for such purpose under, the Sale and Servicing
Agreement or the Trust Agreement and (B) payments to the Trustee and the Owner
Trustee pursuant to Section 1(a)(ii) of the Administration Agreement. The Issuer
will not, directly or indirectly, make payments to or distributions from the
Collection Account except in accordance with this Indenture and the other Basic
Documents.

        Section 3.18. Notice of Events of Default. The Issuer agrees to give the
Trustee, the Insurer, the Swap Counterparty and each Rating Agency prompt
written notice of each Event of Default hereunder and each default on the part
of the Master Servicer or the Seller of their respective obligations under the
Sale and Servicing Agreement.

        Section 3.19. Further Instruments and Acts. Upon request of the Trustee
or the Insurer, the Issuer will 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 3.20. Compliance with Laws. The Issuer shall comply with the
requirements of all applicable laws, the non-compliance with which would,
individually or in the aggregate, materially and adversely affect the ability of
the Issuer to perform its obligations under the Notes, this Indenture or any
other Basic Document.

        Section 3.21. Amendments of Sale and Servicing Agreement and Trust
Agreement. The Issuer shall not agree to any amendment to Section 10.01 of the
Sale and Servicing Agreement or Section 11.01 of the Trust Agreement to
eliminate the requirements thereunder that the Trustee or the Holders of the
Notes consent to amendments thereto as provided therein.

        Section 3.22. Removal of Administrator. If an Insurer Default shall have
occurred and be continuing, so long as any Notes are issued and outstanding, the
Issuer shall not remove the Administrator without cause unless the Rating Agency
Condition shall have been satisfied in connection with such removal.

                                       29
<PAGE>

                                  ARTICLE FOUR

                           SATISFACTION AND DISCHARGE

        Section 4.01. 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 3.03, 3.04, 3.05, 3.07,
3.08, 3.10, 3.12, 3.13, 3.20 and 3.21, (v) the rights, obligations and
immunities of the Trustee hereunder (including the rights of the Trustee under
Section 6.07 and the obligations of the Trustee under Section 4.02), (vi) the
rights of Noteholders as beneficiaries hereof with respect to the property so
deposited with the Trustee payable to all or any of them and (vii) the
obligation of the Trustee to make claims under the Note Policy, which shall
survive the Class A-4 Final Scheduled Distribution Date and extend through any
preference period applicable with respect to the Notes or any payments made in
respect of the Notes, and the 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 2.05 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 3.03) have
                been delivered to the Trustee for cancellation and the Note
                Policy has expired and been returned to the Insurer for
                cancellation; or

                        (2)     all Notes not theretofore delivered to the
                Trustee for cancellation

                                (i)     have become due and payable,

                                (ii)    will become due and payable at the Class
                        A-4 Final Scheduled Distribution Date within one year or

                                (iii)   are to be called for redemption within
                        one year under arrangements satisfactory to the Trustee
                        for the giving of notice of redemption by the Trustee in
                        the name, and at the expense, of the Issuer,

                and the Issuer, in the case of clauses (i), (ii) or (iii) above,
                has irrevocably deposited or caused to be irrevocably deposited
                with the Trustee cash or direct obligations of or obligations
                guaranteed by the United States (which will mature prior to the
                date such amounts are payable), in trust in an Eligible Account
                for such purpose, in an amount sufficient to pay and discharge
                the entire indebtedness on such Notes not theretofore delivered
                to the Trustee for cancellation when due to the related Final
                Scheduled Distribution Date or Redemption Date (if Notes

                                       30
<PAGE>

                shall have been called for redemption pursuant to Section
                10.01(a)), as the case may be;

                (B)     the Issuer has paid or performed or caused to be paid or
        performed all amounts and obligations which the Issuer may owe to or on
        behalf of (1) the Trustee for the benefit of the Noteholders under this
        Indenture or the Notes and (2) the Insurer under this Indenture and the
        other Basic Documents; and

                (C)     the Issuer has delivered to the Trustee and the Insurer
        an Officer's Certificate, an Opinion of Counsel and (if required by the
        TIA, the Trustee and the Insurer) an Independent Certificate from a firm
        of certified public accountants, each meeting the applicable
        requirements of Section 11.01(a) and, subject to Section 11.02, each
        stating that all conditions precedent herein provided for relating to
        the satisfaction and discharge of this Indenture have been complied with
        (and, in the case of the foregoing Officer's Certificate, stating that
        the Rating Agency Condition has been satisfied).

        Section 4.02. Application of Trust Money. All monies deposited with the
Trustee pursuant to Section 4.01 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 Paying Agent, as the Trustee may determine, to
the Holders of the particular Notes for the payment or redemption of which such
monies have been deposited with the Trustee, of all sums due and to become due
thereon for principal and interest and all other amounts due under this
Indenture and the Basic Documents; 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 4.03. Repayment of Monies Held by Paying Agent. In connection
with the satisfaction and discharge of this Indenture with respect to the Notes,
all monies then held by any Paying Agent other than the Trustee under the
provisions of this Indenture with respect to such Notes shall, upon demand of
the Issuer, be paid to the Trustee to be held and applied according to Section
3.03 and thereupon such Paying Agent shall be released from all further
liability with respect to such monies.

                                       31
<PAGE>

                                  ARTICLE FIVE

                                    REMEDIES

        Section 5.01. Events of Default. "Event of Default", wherever used
herein, means 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 by the Issuer in the payment of any interest on
        any Note when the same becomes due and payable, and such default shall
        continue for a period of five days, without taking into account the
        effect of any payment under the Note Policy;

               (ii) default by the Issuer in the payment of the principal of or
        any installment of the principal of any Note when the same becomes due
        and payable, without taking into account the effect of any payment under
        the Note Policy;

                (iii)   default in the observance or performance of any 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 specifically dealt with), or any
        representation or warranty of the Issuer made in this Indenture, any
        other Basic Document or in any certificate or other writing delivered
        pursuant hereto or in connection herewith proves 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 30 days after there shall have been given, by
        registered or certified mail, to the Issuer and the Trustee by the
        Insurer (so long as an Insurer Default shall not have occurred and be
        continuing) or, if an Insurer Default shall have occurred and be
        continuing, to the Issuer by the Trustee or to the Issuer and the
        Trustee by the Holders of at least 25% of the Outstanding Amount of the
        Notes, voting together as a single 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;

                (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 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 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 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

                                       32
<PAGE>

        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 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 action by the Issuer in furtherance of any of the
        foregoing.

        The Issuer shall deliver to the Trustee, the Swap Counterparty and the
Insurer, within five days after obtaining knowledge of 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 5.02. Rights upon Event of Default.

        (a)     So long as no Insurer Default has occurred and is continuing, if
an Event of Default shall have occurred and be continuing, then with the consent
of the Insurer, the Notes shall become immediately due and payable at par,
together with accrued interest thereon. The Trustee will have no discretion with
respect to the acceleration of the Notes under the foregoing circumstances. In
the event of any such acceleration of the Notes, the Trustee shall continue to
be entitled to make claims under the Note Policy pursuant to Section 5.18 for
Scheduled Payments on the Notes. Payments under the Note Policy following
acceleration of the Notes shall be applied by the Trustee:

                (i)     to Noteholders for amounts due and unpaid on the Notes
        for interest, ratably, without preference or priority of any kind,
        according to the amounts due and payable on the Notes for interest;

                (ii)    to the Class A-1 Noteholders for amounts due and unpaid
        on such Class A-1 Notes for principal, ratably without preference of any
        kind, according to amounts due on the Class A-1 Notes for principal; and

                (iii)   to each other Class of Noteholders for amounts due and
        unpaid on such Class of Notes for principal, ratably, without preference
        or priority of any kind, according to amounts due and payable on the
        Notes for principal.

        (b)     So long as no Insurer Default has occurred and is continuing, in
the event the Notes are accelerated due to an Event of Default, the Insurer
shall have the right (in addition to its obligation to pay Scheduled Payments on
the Notes in accordance with the Note Policy), but not the obligation, to elect:

                (i)     to cause the Trustee or the Master Servicer, subject to
        Section 5.04, to sell or liquidate the Trust Estate, in whole or in
        part, on any date or dates following such acceleration as the Insurer,
        in its sole discretion, shall elect; or

                (ii)    to pay Scheduled Payments on the Notes in accordance
        with the Note Policy.

                                       33
<PAGE>

        (c)     If an Insurer Default shall have occurred and be continuing and
an Event of Default shall have occurred and be continuing, the Trustee may, or
if so requested in writing by Holders of Notes representing at least 66 2/3% of
the aggregate Outstanding Amount, upon prior written notice to each Rating
Agency, shall declare by written notice to the Issuer that the Notes become,
whereupon they shall become, immediately due and payable at par, together with
accrued interest thereon. Notwithstanding anything to the contrary in this
paragraph (c), if an Event of Default specified in Section 5.01(iv) or (v) shall
occur and be continuing when an Insurer Default has occurred and is continuing,
the Notes shall become immediately due and payable at par, together with accrued
interest thereon.

        Section 5.03. Collection of Indebtedness and Suits for Enforcement by
Trustee; Authority of Controlling Party.

        (a)     The Issuer covenants that if the Notes are accelerated following
the occurrence of an Event of Default, the Issuer will, upon demand of the
Trustee, pay to it, for the benefit of the Holders of the Notes, 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 Interest Rate 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 Trustee and
its agents and counsel.

        (b)     Each of the Trustee and the Insurer hereby irrevocably and
unconditionally appoints the Controlling Party as the true and lawful
attorney-in-fact of such Person for so long as such Person is not the
Controlling Party, with full power of substitution, to execute, acknowledge and
deliver any notice, document, certificate, paper, pleading or instrument and to
do in the name of the Controlling Party as well as in the name, place and stead
of such Person such acts, things and deeds for or on behalf of and in the name
of such Person under this Indenture (including specifically under Section 5.04)
and under the other Basic Documents which such Person could or might do or which
may be necessary, desirable or convenient in such Controlling Party's sole
discretion to effect the purposes contemplated hereunder and under the other
Basic Documents and, without limitation, following the occurrence of an Event of
Default, exercise full right, power and authority to take, or defer from taking,
any and all acts with respect to the administration, maintenance or disposition
of the Trust Estate.

        (c)     If an Event of Default occurs and is continuing, the Trustee may
in its discretion but with the consent of the Controlling Party (except as
provided in Section 5.03(d)), proceed to protect and enforce the rights of the
Noteholders, by such appropriate Proceedings as the 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 Trustee by this Indenture or by law.

        (d)     Notwithstanding anything to the contrary contained in this
Indenture and regardless of whether an Insurer Default shall have occurred and
be continuing, if the Issuer fails to perform its obligations under Section
10.01(b) when and as due, the Trustee may in its discretion (and without the
consent of the Controlling Party) proceed to protect and enforce its rights and

                                       34
<PAGE>

the rights of the Noteholders by such appropriate proceedings as the Trustee
shall deem most effective to protect and enforce any such rights, whether for
specific performance of any covenant or agreement in this Indenture or in aid of
the exercise of any power granted herein, or to enforce any other remedy or
legal or equitable right vested in the Trustee by this Indenture or by law;
provided that the Trustee shall only be entitled to take any such actions
without the consent of the Controlling Party to the extent such actions (i) are
taken only to enforce the Issuer's obligations to redeem the principal amount of
Notes and (ii) are taken only against the portion of the Collateral, if any,
consisting of the Spread Account, any investments therein and any proceeds
thereof.

        (e)     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 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 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 Trustee
shall have made any demand pursuant to the provisions of this Section, 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 Trustee (including any claim for
        reasonable compensation to the Trustee and each predecessor Trustee, and
        their respective agents, attorneys and counsel, and for reimbursement of
        all expenses and liabilities incurred, and all advances made, by the
        Trustee and each predecessor Trustee, except as a result of negligence
        or bad faith) and of the Noteholders allowed in such Proceedings;

                (ii)    unless prohibited by applicable law and regulations, to
        vote on behalf of the Holders of Notes 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 distribute all amounts
        received with respect to the claims of the Noteholders and of the
        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 Trustee or the Holders of Notes allowed in any 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 Trustee, and, in the event that the Trustee shall
        consent to the making of payments directly to such Noteholders, to pay
        to the Trustee such amounts as shall be sufficient to cover reasonable

                                       35
<PAGE>

        compensation to the Trustee, each predecessor Trustee and their
        respective agents, attorneys and counsel, and all other expenses and
        liabilities incurred, and all advances made, by the Trustee and each
        predecessor Trustee except as a result of negligence or bad faith.

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

        (g)     All rights of action and of asserting claims under this
Indenture or under any of the Notes, may be enforced by the 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 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 Trustee, each predecessor Trustee and their respective
agents and attorneys, shall be for the ratable benefit of the Holders of the
Notes.

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

        Section 5.04. Remedies. If an Event of Default shall have occurred and
be continuing the Controlling Party may (subject to Sections 5.02 and 5.05):

                (i)     institute Proceedings in its own name and as or on
        behalf of a 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 Trust
        Estate;

                (iii)   exercise any remedies of a secured party under the UCC
        and any other remedy available to the Trustee and take any other
        appropriate action to protect and enforce the rights and remedies of the
        Trustee on behalf of the Noteholders under this Indenture or the Notes;
        and

                (iv)    direct the Trustee or the Master Servicer to sell or
        otherwise liquidate the Trust Estate or any portion thereof or rights or
        interests therein, at one or more public or private sales called and
        conducted in any manner permitted by law and deliver the proceeds of
        such sale or liquidation to the Trustee for distribution in accordance
        with the terms of this Indenture; provided, however, that, except as
        otherwise provided in the immediately succeeding sentence, no such sale
        or liquidation can be made if the proceeds

                                       36
<PAGE>

        of such sale or liquidation distributable to the Noteholders are not
        sufficient to pay all outstanding principal of and accrued interest on
        the Notes.

        Notwithstanding the foregoing, the proceeds of such sale or liquidation
need not be sufficient to pay all outstanding principal of and accrued interest
on the Notes if (A) the Insurer is the Controlling Party and the related Event
of Default arose as described in clause (i), (ii), (iv) or (v) of Section 5.01
or (B) the Trustee is the Controlling Party and the related Event of Default
arose as described in clause (i), (ii), (iv) or (v) of Section 5.01 and (1) the
Holders of 100% of the Outstanding Amount of the Notes, voting together as a
single class, consent to such sale or liquidation or (2) the Trustee determines
that the 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, the Trustee provides prior
written notice of such sale or liquidation to each Rating Agency and Holders of
66 2/3% of the Outstanding Amount of the Notes, voting together as a single
class, consent to such sale or liquidation. In determining such sufficiency or
insufficiency of (i) the proceeds of such sale or liquidation to pay all
outstanding principal of and accrued interest on the Notes or (ii) the Trust
Estate 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, the 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
Trust Estate for such purpose.

        Section 5.05. Optional Preservation of the Contracts. If the Trustee is
the Controlling Party and if the Notes have been declared to be due and payable
under Section 5.02 following an Event of Default and such declaration and its
consequences have not been rescinded and annulled, the Trustee may, but need
not, elect to maintain possession of the Trust Estate. 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 the Trustee shall
take such desire into account when determining whether or not to maintain
possession of the Trust Estate. In determining whether to maintain possession of
the Trust Estate, the 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
Trust Estate for such purpose.

        Section 5.06. Priorities.

        (a)     If the Trustee collects any money or property pursuant to this
Article (excluding any payments made under the Note Policy), it shall pay out
the money or property in the following order and priority:

                (i)     amounts due and owing and required to be distributed to
        the Master Servicer, the Swap Counterparty (including all Swap
        Termination Payments), the Owner Trustee and the Trustee, respectively,
        pursuant to clauses (i), (ii) and (iii) of Section 5.05(a) of the Sale
        and Servicing Agreement and not previously distributed, in the order of
        such priorities and without preference or priority of any kind within
        such priorities;

                                       37
<PAGE>

                (ii)    to each Class of Noteholders, accrued and unpaid
        interest on the outstanding principal amount of the related Class of
        Notes at the related Interest Rate, together with, to the extent
        permitted by applicable law, interest at the related Interest Rate on
        any interest accrued but not timely paid;

                (iii)   to Holders 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 Outstanding Amount of the Class
        A-1 Notes is reduced to zero;

                (iv)    to Holders 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 Outstanding Amount of the Class
        A-2 Notes is reduced to zero;

                (v)     to Holders of the Class A-3A Notes and Class A-3B Notes
        for amounts due and unpaid on the Class A-3A Notes and Class A-3B Notes
        for principal, ratably, without preference or priority of any kind,
        according to the amounts due and payable on the Class A-3A Notes and
        Class A-3B Notes for principal, until the Outstanding Amount of each of
        the Class A-3A Notes and Class 3B Notes reduced to zero;

                (vi)    to Holders of the Class A-4A Notes and Class A-4B Notes
        for amounts due and unpaid on the Class A-4A Notes and Class A-4B Notes
        for principal, ratably, without preference or priority of any kind,
        according to the amounts due and payable on the Class A-4A Notes and
        Class A-4B Notes for principal, until the Outstanding Amount of each of
        the Class A-4A Notes and Class A-4B Notes is reduced to zero;

                (vii)   amounts due and owing and required to be distributed to
        the Insurer pursuant to clause (vi) of Section 5.05(a) of the Sale and
        Servicing Agreement and not previously distributed; and

                (viii)  any excess amounts remaining after making the
        distributions described in clauses (i) through (viii) above shall be
        distributed in the following order of priority: into the Spread Account
        until the amounts deposited therein equal the Specified Spread Account
        Balance, with any excess being distributed, first, to the Insurer, to
        the extent of any Unreimbursed Insurer Amounts, second, to WFSRC until
        WFSRC has received full repayment of its Spread Account Initial Deposit,
        and third, to the Owner Trustee for distribution in accordance with the
        Trust Agreement.

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

        Section 5.07. Limitation of Suits. No Holder of any Note 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:

                                       38
<PAGE>

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

                (ii)    the Holders of not less than 25% of the Outstanding
        Amount of the Notes have made written request to the Trustee to
        institute such Proceeding in respect of such Event of Default in its own
        name as Trustee hereunder;

                (iii)   such Holder or Holders have offered to the Trustee
        reasonable indemnity against the costs, expenses and liabilities to be
        incurred in complying with such request;

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

                (v)     no direction inconsistent with such written request has
        been given to the Trustee during such 60-day period by the Holders of a
        majority of the Outstanding Amount of the Notes, voting together as a
        single class; and

                (vi)    an Insurer Default shall have occurred and be
        continuing.

It is understood and intended that no one or more Holders of Notes 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
Holders of Notes or to obtain or to seek to obtain priority or preference over
any other Holders or to enforce any right under this Indenture, except in the
manner herein provided.

        In the event the Trustee shall receive conflicting or inconsistent
requests and indemnity from two or more groups of Holders of Notes, each
representing less than a majority of the Outstanding Amount of the Notes, the
Trustee in its sole discretion may determine what action, if any, shall be
taken, notwithstanding any other provisions of this Indenture.

        Section 5.08. Unconditional Rights of Noteholders to Receive Principal
and Interest. Notwithstanding any other provisions in this Indenture, the Holder
of any Note shall have the right, which is absolute and unconditional, to
receive payment of the principal of and interest on such 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 Holder; provided, however, that so long as an
Insurer Default shall not have occurred and be continuing, no such suit shall be
instituted.

        Section 5.09. Restoration of Rights and Remedies. If the Controlling
Party 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 Trustee or to
such Noteholder, then and in every such case the Issuer, the 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 Trustee and the Noteholders shall continue as
though no such Proceeding had been instituted.

                                       39
<PAGE>

        Section 5.10. Rights and Remedies Cumulative. No right or remedy herein
conferred upon or reserved to the Controlling Party 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 5.11. Delay or Omission Not a Waiver. No delay or omission of
the Controlling Party or any Holder of any Note 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 an
acquiescence therein. Every right and remedy given by this Article Five or by
law to the Trustee or to the Noteholders may be exercised from time to time, and
as often as may be deemed expedient, by the Trustee or by the Noteholders, as
the case may be.

        Section 5.12. Control by Noteholders. If the Trustee is the Controlling
Party, the Holders of a majority of the Outstanding Amount of the Notes shall
have the right to direct the time, method and place of conducting any Proceeding
for any remedy available to the Trustee with respect to the Notes or exercising
any trust or power conferred on the Trustee; provided that:

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

                (ii)    subject to the terms of Section 5.04, any direction to
        the Trustee to sell or liquidate the Trust Estate shall be by the
        Holders of Notes representing not less than 100% of the Outstanding
        Amount of the Notes;

               (iii) if the conditions set forth in Section 5.05 have been
        satisfied and the Trustee elects to retain the Trust Estate pursuant to
        such Section, then any direction to the Trustee by Holders of Notes
        representing less than 100% of the Outstanding Amount of the Notes to
        sell or liquidate the Trust Estate shall be of no force and effect; and

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

Notwithstanding the rights of Noteholders set forth in this Section, subject to
Section 6.01, the Trustee need not take any action that it determines, in its
sole discretion, might involve it in liability or might materially adversely
affect the rights of any Noteholders not consenting to such action.

        Section 5.13. Waiver of Past Defaults. If an Insurer Default shall have
occurred and be continuing, the Holders of Notes of not less than a majority of
the Outstanding Amount of the Notes may waive any past Default or Event of
Default and its consequences except a Default (i) in payment of principal of or
interest on any of the Notes or (ii) in respect of a covenant or provision
hereof which cannot be modified or amended without the consent of the Holder of
each Note. In the case of any such waiver, the Issuer, the Trustee and the
Holders of the Notes

                                       40
<PAGE>

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 5.14. Undertaking for Costs. All parties to this Indenture
agree, and each Holder of any Note by such Holder'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 Trustee for any action taken, suffered or omitted by it as 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 shall not apply to (i)
any suit instituted by the Trustee, (ii) any suit instituted by any Noteholder,
or group of Noteholders, in each case holding in the aggregate more than 10% of
the Outstanding Amount of the Notes or (iii) 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 5.15. Waiver of Stay or Extension Laws. The Issuer covenants (to
the extent that it may lawfully do so) that it will 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 advantages of any such law, and covenants that it will not
hinder, delay or impede the execution of any power herein granted to the
Trustee, but will suffer and permit the execution of every such power as though
no such law had been enacted.

        Section 5.16. Action on Notes. The 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 Trustee or the Noteholders shall be impaired by the recovery of any judgment
by the Trustee against the Issuer or by the levy of any execution under such
judgment upon any portion of the Trust Estate or upon any of the assets of the
Issuer. Any money or property collected by the Trustee shall be applied in
accordance with Section 5.06.

        Section 5.17. Performance and Enforcement of Certain Obligations.

        (a)     Promptly following a request from the Trustee to do so and at
the Administrator's expense, the Issuer shall take all such lawful action as the
Trustee may request to compel or secure the performance and observance by the
Seller and the Master Servicer as applicable, of each of their obligations to
the Issuer under or in connection with the Sale and Servicing Agreement in
accordance with the terms thereof, and to exercise any and all rights, remedies,
powers

                                       41
<PAGE>

and privileges lawfully available to the Issuer under or in connection with the
Sale and Servicing Agreement to the extent and in the manner directed by the
Trustee, including the transmission of notices of default on the part of a
Seller or the Master Servicer thereunder and the institution of legal or
administrative actions or proceedings to compel or secure performance by such
Seller or the Master Servicer of each of their obligations under the Sale and
Servicing Agreement.

        (b)     If the Trustee is the Controlling Party and if an Event of
Default has occurred and is continuing, the Trustee may, and at the direction
(which direction shall be in writing and may include a facsimile) of the Holders
of 66 2/3% of the Outstanding Amount of the Notes shall exercise all rights,
remedies, powers, privileges and claims of the Issuer against the Seller or the
Master Servicer under or in connection with the Sale and Servicing Agreement,
including the right or power to take any action to compel or secure performance
or observance by a Seller or the Master Servicer 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, and any
right of the Issuer to take such action shall be suspended.

        Section 5.18. Claims Under Note Policy.

        (a)     In the event that the Trustee has received a Deficiency Notice
with respect to any Distribution Date pursuant to Section 5.02(c) of the Sale
and Servicing Agreement, the Trustee shall furnish to the Insurer no later than
12:00 p.m., New York City time, on the fourth Business Day prior to the related
Distribution Date a completed Notice of Claim in the amount of the shortfall in
amounts so available to pay the Note Interest Distributable Amount and the Note
Principal Distributable Amount with respect to such Distribution Date (the
amount of any such shortfall being hereinafter referred to as the "Note Policy
Claim Amount"). Amounts paid by the Insurer pursuant to a claim submitted under
this Section shall be deposited by the Trustee into the Note Distribution
Account for payment to Noteholders on the related Distribution Date.

        (b)     Any notice delivered by the Trustee to the Insurer pursuant to
Section 5.18(a) shall specify the Note Policy Claim Amount claimed under the
Note Policy and shall constitute a "Notice of Claim" under the Note Policy. In
accordance with the provisions of the Note Policy, the Insurer is required to
pay to the Trustee the Note Policy Claim Amount properly claimed thereunder by
12:00 p.m., New York City time, on the later of (i) the fourth Business Day
following receipt of the Notice of Claim and (ii) the applicable Distribution
Date. Any payment made by the Insurer under the Note Policy shall be applied
solely to the payment of the Notes, and for no other purpose.

        (c)     The Trustee shall (i) receive as attorney-in-fact of each
Noteholder any Note Policy Claim Amount from the Insurer and (ii) deposit the
same in the Note Distribution Account for distribution to Noteholders as
provided in Sections 3.01 or 5.02. Any and all Note Policy Claim Amounts
disbursed by the Trustee from claims made under the Note Policy shall not be
considered payment by the Issuer or from the Spread Account with respect to such
Notes, and shall not discharge the obligations of the Issuer with respect
thereto. The Insurer shall, to the extent it makes any payment with respect to
the Notes, become subrogated to the rights of the recipients of such payments to
the extent of such payments. Subject to and conditioned upon any payment with
respect to the Notes by or on behalf of the Insurer, the Trustee shall assign to
the Insurer all rights to the payment of interest or principal with respect to
the Notes which are then

                                       42
<PAGE>

due for payment to the extent of all payments made by the Insurer and the
Insurer may exercise any option, vote, right, power or the like with respect to
the Notes to the extent that it has made payment pursuant to the Note Policy. To
evidence such subrogation, the Note Registrar shall note the Insurer's rights as
subrogee upon the register of Noteholders upon receipt from the Insurer of proof
of payment by the Insurer of any Note Interest Distributable Amount or Note
Principal Distributable Amount. The foregoing subrogation shall in all cases be
subject to the rights of the Noteholders to receive all Scheduled Payments in
respect of the Notes.

        (d)     The Trustee shall keep a complete and accurate record of all
funds deposited by the Insurer into the Note Distribution Account and the
allocation of such funds to payment of interest on and principal paid in respect
of any Note. The Insurer shall have the right to inspect such records at
reasonable times upon one Business Day's prior notice to the Trustee.

        (e)     The Trustee shall be entitled to enforce on behalf of the
Noteholders the obligations of the Insurer under the Note Policy.
Notwithstanding any other provision of this Indenture or any other Basic
Document, the Noteholders are not entitled to institute proceedings directly
against the Insurer.

        Section 5.19. Preference Claims.

        (a)     In the event that the Trustee has received a certified copy of
an order of the appropriate court that any Note Interest Distributable Amount or
Note Principal Distributable Amount paid on a Note has been avoided in whole or
in part as a preference payment under applicable bankruptcy law, the Trustee
shall so notify the Insurer, shall comply with the provisions of the Note Policy
to obtain payment by the Insurer of such avoided payment, and shall, at the time
it provides notice to the Insurer, notify Holders of the Notes by mail that, in
the event that any Noteholder's payment is so recoverable, such Noteholder will
be entitled to payment pursuant to the Note Policy. The Trustee shall furnish to
the Insurer its records evidencing the payments of principal of and interest on
Notes, if any, which have been made by the Trustee and subsequently recovered
from Noteholders, and the dates on which such payments were made. Pursuant to
the Note Policy, the Insurer will make such payment on behalf of the Noteholder
to the receiver, conservator, debtor-in-possession or trustee in bankruptcy
named in the Order (as such term is defined in the Note Policy) and not to the
Trustee or any Noteholder directly (unless a Noteholder has previously paid such
payment to the receiver, conservator, debtor-in-possession or trustee in
bankruptcy, in which case the Insurer will make such payment to the Trustee for
distribution to such Noteholder upon proof of such payment reasonably
satisfactory to the Insurer).

        (b)     To the extent that a Responsible Officer has actual knowledge
thereof, the Trustee shall promptly notify the Insurer of any proceeding or the
institution of any action seeking the avoidance as a preferential transfer under
applicable bankruptcy, insolvency, receivership, rehabilitation or similar law
(a "Preference Claim") of any distribution made with respect to the Notes. Each
Holder, by its purchase of Notes, and the Trustee hereby agree that so long as
an Insurer Default shall not have occurred and be continuing, the Insurer may at
any time during the continuation of any proceeding relating to a Preference
Claim direct all matters relating to such Preference Claim including, without
limitation, (i) the direction of any appeal of any order relating to any
Preference Claim and (ii) the posting of any surety, supersedeas or performance

                                       43
<PAGE>

bond pending any such appeal at the expense of the Insurer, but subject to
reimbursement as provided in the Insurance Agreement. In addition, and without
limitation of the foregoing, as set forth in Section 5.18(c), the Insurer shall
be subrogated to, and each Noteholder and the Trustee hereby delegate and
assign, to the fullest extent permitted by law, the rights of the Trustee and
each Noteholder in the conduct of any proceeding with respect to a Preference
Claim, including, without limitation, all rights of any party to an adversary
proceeding action with respect to any court order issued in connection with any
such Preference Claim. In addition, for so long as the Insurer guarantees
amounts owing on the RIC and has not defaulted in the making of any payment
required to be made by it pursuant to such guaranty, the Insurer shall have the
right to initiate and control a proceeding against the obligor under the RIC but
only to the extent such proceeding relates to the amounts so guaranteed and no
settlement of any other proceeding or claim that would adversely affect the
Insurer's rights to recover such amounts shall be affected without the prior
written consent of the Insurer.

                                       44
<PAGE>

                                   ARTICLE SIX

                                   THE TRUSTEE

        Section 6.01. Duties of Trustee.

        (a)     If an Event of Default has occurred and is continuing, the
Trustee shall exercise the rights and powers vested in it by this Indenture and
in 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; provided, however, that if the Trustee shall assume the duties of the
Master Servicer pursuant to Section 3.07(e), the Trustee in performing such
duties shall use the degree of care and skill customarily exercised by a prudent
institutional servicer with respect to automobile retail installment sales
contracts that it services for itself or others.

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

                (i)     the 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 Trustee; and

                (ii)    in the absence of bad faith on its part, the 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 Trustee and conforming to the requirements of this
        Indenture; however, the Trustee shall examine the certificates and
        opinions to determine whether or not they conform to the requirements of
        this Indenture and the other Basic Documents to which the Trustee is a
        party.

        (c)     The 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 Section
        6.01(b);

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

               (iii) the 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 5.12.

        (d)     Every provision of this Indenture that in any way relates to the
Trustee is subject to paragraphs (a), (b) and (c) of this Section.

        (e)     The Trustee shall not be liable for interest on any money
received by it.

                                       45
<PAGE>

        (f)     Money held in trust by the 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.

        (g)     No provision of this Indenture shall require the 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 repayments
of such funds or adequate indemnity against such risk or liability is not
reasonably assured to it.

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

        (i)     The Trustee shall, upon one Business Day's prior notice to the
Trustee, so long as no Insurer Default shall have occurred and be continuing, at
the expense of the Issuer, and if an Insurer Default shall have occurred and be
continuing, at the expense of the Insurer, permit any representative of the
Insurer, during the Trustee's normal business hours, to examine all books of
account, records, reports and other papers of the Trustee relating to the Notes,
to make copies and extracts therefrom and to discuss the Trustee's affairs and
actions, as such affairs and actions relate to the Trustee's duties with respect
to the Notes, with the Trustee's officers and employees responsible for carrying
out the Trustee's duties with respect to the Notes.

        (j)     The Trustee shall, and hereby agrees that it will (i) perform
all of the obligations and duties required of it under the Sale and Servicing
Agreement and (ii) hold the Note Policy in trust, and will hold any proceeds of
any claim on the Note Policy in trust solely for the use and benefit of the
Noteholders.

        (k)     Except as otherwise required or permitted by the TIA, nothing
contained herein shall be deemed to authorize the Trustee to engage in any
business operations or any activities other than those set forth in this
Indenture. Specifically, the Trustee shall have no authority to engage in any
business operations, acquire any assets other than those specifically included
in the Trust Estate under this Indenture or otherwise vary the assets held by
the Issuer. Similarly, the Trustee shall have no discretionary duties other than
performing those ministerial acts set forth above necessary to accomplish the
purpose of the Issuer as set forth in this Indenture.

        Section 6.02. Rights of Trustee.

        (a)     Except as otherwise provided in Section 6.02(g) and the second
succeeding sentence, the Trustee may conclusively rely and shall be protected in
acting upon or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, consent, order, note,
direction, demand, election or other paper or document believed by it to be
genuine and to have been signed or presented by the proper person. The Trustee
need not investigate any fact or matter stated in the document. Notwithstanding
the foregoing, the Trustee, upon receipt of all resolutions, certificates,
statements, opinions, reports, documents, orders or other instruments furnished
to the Trustee that shall be specifically required to be

                                       46
<PAGE>
furnished pursuant to any provision of this Indenture, shall examine them to
determine whether they comply as to form to the requirements of this Indenture.

        (b)     Other than with respect to actions required to be taken by the
Trustee pursuant to Section 5.18 and 5.19, before the Trustee acts or refrains
from acting, it may require an Officer's Certificate (with respect to factual
matters) or an Opinion of Counsel, as applicable. The Trustee shall not be
liable for any action it takes or omits to take in good faith in reliance on the
Officer's Certificate or Opinion of Counsel.

        (c)     The 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 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 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 the Trustee's conduct does not constitute
willful misconduct, negligence or bad faith.

        (e)     The 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 Trustee shall be under no obligation to institute, conduct
or defend any litigation under this Indenture or in relation to this Indenture,
at the request, order or direction of any of the Holders of Notes or the
Controlling Party, pursuant to the provisions of this Indenture, unless such
Holders or the Controlling Party shall have offered to the Trustee reasonable
security or indemnity against the costs, expenses and liabilities that may be
incurred therein or thereby; provided, however, that the Trustee shall, upon the
occurrence of an Event of Default (that has not been cured), exercise the rights
and powers vested in it by this Indenture with reasonable care and skill.

        (g)     The Trustee shall not be bound to make any investigation into
the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order, approval, bond or
other paper or document, unless requested in writing to do so by the Insurer (so
long as no Insurer Default shall have occurred and be continuing) or (if an
Insurer Default shall have occurred and be continuing) by the Holders of Notes
evidencing not less than 25% of the Outstanding Amount of the Notes; provided,
however, that if the payment within a reasonable time to the Trustee of the
costs, expenses or liabilities likely to be incurred by it in the making of such
investigation is, in the opinion of the Trustee, not reasonably assured to the
Trustee by the security afforded to it by the terms of this Indenture or the
Sale and Servicing Agreement, the Trustee may require reasonable indemnity
against such cost, expense or liability as a condition to so proceeding. The
reasonable expense of each such investigation shall be paid by the Person making
such request, or, if paid by the Trustee, shall be reimbursed by the Person
making such request upon demand.

                                       47
<PAGE>

        Section 6.03. Individual Rights of Trustee. The 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 Trustee. Any Paying Agent, Note Registrar,
co-registrar or co-paying agent may do the same with like rights. However, the
Trustee is required to comply with Sections 6.11 and 6.12.

        Section 6.04. Trustee's Disclaimer. The Trustee shall not be responsible
for and makes no representation as to the validity or adequacy of this
Indenture, the Trust Estate or the Notes, it shall not be accountable for the
Issuer's use of the proceeds from the Notes, and it shall not be 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 other than the Trustee's
certificate of authentication.

        Section 6.05. Notice of Defaults. If a Default occurs and is continuing
and if it is known to a Responsible Officer of the Trustee, the Trustee shall
mail to each Noteholder and the Insurer notice of the Default within 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 redemption of Notes),
the Trustee may withhold the notice if and so long as a committee of its
Responsible Officers in good faith determines that withholding the notice is in
the interests of Noteholders.

        Section 6.06. Reports by Trustee to Holders. The Trustee shall deliver
to each Noteholder such information as may be required to enable such holder to
prepare its federal and state income tax returns.

        Section 6.07. Compensation and Indemnity. The Issuer shall, or shall
cause the Administrator to, pay to the Trustee from time to time reasonable
compensation for its services. The 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 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
Trustee's agents, counsel, accountants and experts. The Issuer shall, or shall
cause the Administrator to, indemnify the Trustee against any and all loss,
liability or expense (including attorneys' fees) incurred by it in connection
with the administration of this trust and the performance of its duties
hereunder. The Trustee shall notify the Issuer and the Administrator promptly of
any claim for which it may seek indemnity. Failure by the 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, and the 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 indemnify against any loss, liability or expense
incurred by the Trustee through the Trustee's own willful misconduct, negligence
or bad faith.

        The Issuer's payment obligations to the Trustee pursuant to this Section
shall survive the discharge of this Indenture. When the Trustee incurs expenses
after the occurrence of a Default specified in Section 5.01(iv) or (v) with
respect to the Issuer, the expenses are intended to

                                       48
<PAGE>

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 6.08. Replacement of Trustee. The Trustee may resign at any time
by so notifying the Issuer, the Master Servicer and the Insurer. The Issuer,
may, with the consent of the Insurer, and, at the request of the Insurer shall,
remove the Trustee, unless an Insurer Default shall have occurred and be
continuing) if:

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

                (ii)    a court having jurisdiction in the premises in respect
        of the Trustee in an involuntary case or proceeding under federal or
        state banking or bankruptcy laws, as now or hereafter constituted, or
        any other applicable federal or state bankruptcy, insolvency or other
        similar law, shall have entered a decree or order granting relief or
        appointing a receiver, liquidator, assignee, custodian, trustee,
        conservator, sequestrator (or similar official) for the Trustee or for
        any substantial part of the Trustee's property, or ordering the
        winding-up or liquidation of the Trustee's affairs, provided any such
        decree or order shall have continued unstayed and in effect for a period
        of 30 consecutive days;

                (iii)   the Trustee commences a voluntary case under any federal
        or state banking or bankruptcy laws, as now or hereafter constituted, or
        any other applicable federal or state bankruptcy, insolvency or other
        similar law, or consents to the appointment of or taking possession by a
        receiver, liquidator, assignee, custodian, trustee, conservator,
        sequestrator or other similar official for the Trustee or for any
        substantial part of the Trustee's property, or makes any assignment for
        the benefit of creditors or fails generally to pay its debts as such
        debts become due or takes any corporate action in furtherance of any of
        the foregoing; or

                (iv)    the Trustee otherwise becomes incapable of acting.

        If the Trustee resigns or is removed or if a vacancy exists in the
office of Trustee for any reason (the Trustee in such event being referred to
herein as the retiring Trustee), the Issuer shall promptly appoint a successor
Trustee reasonably acceptable to the Insurer (so long as an Insurer Default
shall not have occurred and be continuing). If the Issuer fails to appoint such
a successor Trustee, the Insurer may appoint a successor Trustee.

        A successor Trustee shall deliver a written acceptance of its
appointment to the retiring Trustee and to the Issuer. Thereupon the resignation
or removal of the retiring Trustee shall become effective, and the successor
Trustee shall have all the rights, powers and duties of the Trustee under this
Indenture. The Issuer or the successor Trustee shall mail a notice of its
succession to Noteholders. The retiring Trustee shall promptly transfer all
property held by it as Trustee to the successor Trustee.

        If a successor Trustee does not take office within 45 days after the
retiring Trustee resigns or is removed, the retiring Trustee, the Insurer
(provided that no Insurer Default shall have occurred and be continuing), the
Issuer or the Holders of a majority of the Outstanding Amount of the Notes may
petition any court of competent jurisdiction for the appointment of a successor
Trustee.

                                       49

<PAGE>

        If the Trustee fails to comply with Section 6.11, any Noteholder may
petition any court of competent jurisdiction for the removal of the Trustee and
the appointment of a successor Trustee.

        Any resignation or removal of the Trustee and appointment of a successor
Trustee pursuant to the provisions of this Section shall not become effective
until acceptance of appointment by the successor Trustee pursuant to this
Section and payment of all fees and expenses owed to the outgoing Trustee.
Notwithstanding the replacement of the Trustee pursuant to this Section, the
retiring Trustee shall be entitled to payment or reimbursement of such amounts
as such Person is entitled pursuant to Section 6.07.

        Section 6.09. Successor Trustee by Merger. If the 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 without any
further act shall be the successor Trustee; provided, that such corporation or
banking association shall be otherwise qualified and eligible under Section
6.11. The Trustee shall provide the Insurer and each Rating Agency prompt notice
of any such transaction.

        In case at the time such successor by merger, conversion or
consolidation to the 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 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 Trustee may authenticate such Notes either in the name of any predecessor
hereunder or in the name of the successor to the Trustee; and in all such cases
such certificates shall have the full force which it is anywhere in the Notes or
in this Indenture provided that the certificate of the Trustee shall have.

        Section 6.10. Appointment of Co-Trustee or Separate Trustee.

        (a)     Notwithstanding any other provision of this Indenture, at any
time, for the purpose of meeting any legal requirement of any jurisdiction in
which any part of the Trust Estate may at the time be located, the Trustee and
the Administrator acting jointly shall have the power and may execute and
deliver all instruments to appoint one or more Persons to act as a co-trustee or
co-trustees, jointly with the Trustee, 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 Insurer, such title to
the Trust Estate, or any part hereof, and, subject to the other provisions of
this Section, such powers, duties, obligations, rights and trusts as the Trustee
and the Administrator may consider necessary or desirable. If the Administrator
shall not have joined in such appointment within 15 days after the receipt by it
of a request so to do, the Trustee alone shall have the power to make such
appointment. 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 6.08.

        (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:

                                       50
<PAGE>

                (i)     all rights, powers, duties and obligations conferred or
        imposed upon the Trustee shall be conferred or imposed upon and
        exercised or performed by the 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 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
        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 Issuer 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 Trustee;

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

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

        (d)     Any separate trustee or co-trustee may at any time constitute
the 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
Indenture 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
Trustee, to the extent permitted by law, without the appointment of a new or
successor trustee. Notwithstanding anything to the contrary in this Indenture,
the appointment of any separate trustee or co-trustee shall not relieve the
Trustee of its obligations and duties under this Indenture.

        Section 6.11. Eligibility; Disqualification.

        (a)     The Trustee shall at all times satisfy the requirements of TIA
Section 310(a) and shall in addition have a combined capital and surplus of at
least $50,000,000 as set forth in its most recent published annual report of
condition. The Trustee shall provide copies of such reports to the Insurer upon
request. The Trustee shall comply with TIA Section 310(b); provided, however,
that there shall be excluded from the operation of TIA Section 310(b)(1) any
indenture or indentures under which other securities of the Issuer are
outstanding if the requirements for such exclusion set forth in TIA Section
310(b)(1) are met.

                                       51
<PAGE>

        (b)     If the long term debt rating of the Trustee shall not be at
least Baa3 from Moody's and BBB- from Standard & Poor's, the Rating Agencies
shall be given notice of such lower long-term debt rating.

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

        Section 6.13. Representations and Warranties of Trustee. The Trustee
hereby makes the following representations and warranties on which the Issuer
and Noteholders shall rely:

                (i)     the Trustee is a corporation duly organized, validly
        existing and in good standing under the laws of its place of
        incorporation; and

                (ii)    the Trustee has full power, authority and legal right to
        execute, deliver, and perform this Indenture and shall have taken all
        necessary action to authorize the execution, delivery and performance by
        it of this Indenture.

        Section 6.14. Pennsylvania Motor Vehicle Sales Finance Act Licenses. The
Trustee shall take such action as, in its reasonable judgment, shall be
necessary to maintain the effectiveness of all licenses required under the
Pennsylvania Motor Vehicle Sales Finance Act in connection with this Indenture
and the transactions contemplated hereby until the lien and security interest of
this Indenture shall no longer be in effect in accordance with the terms hereof.

                                       52
<PAGE>

                                  ARTICLE SEVEN

                         NOTEHOLDERS' LISTS AND REPORTS

        Section 7.01. Issuer to Furnish Trustee Names and Addresses of
Noteholders. The Issuer will furnish or cause to be furnished to the Trustee (i)
not more than five days after the earlier of (a) each Record Date and (b) three
months after the last Record Date, a list, in such form as the Trustee may
reasonably require, of the names and addresses of the Holders of Notes as of
such Record Date and (ii) at such other times as the Trustee may request in
writing, within 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 days prior to the
time such list is furnished; provided, however, that so long as the Trustee is
the Note Registrar, no such list shall be required to be furnished. The Trustee
or, if the Trustee is not the Note Registrar, the Issuer shall furnish to the
Insurer in writing at such times as the Insurer may reasonably request a copy of
the list.

        Section 7.02. Preservation of Information; Communications to
Noteholders.

        (a)     The Trustee shall preserve, in as current a form as is
reasonably practicable, the names and addresses of the Holders of Notes
contained in the most recent list furnished to the Trustee as provided in
Section 7.01 and the names and addresses of Holders of Notes received by the
Trustee in its capacity as Note Registrar. The Trustee may destroy any list
furnished to it as provided in such Section 7.01 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.

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

        Section 7.03. Reports by Issuer.

        (a)     The Issuer shall:

                (i)     file with the Trustee, within 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) which 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 Trustee and the Commission in accordance
        with 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

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<PAGE>

                (iii)   supply to the Trustee (and the 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 7.03(a) as may
        be required 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 end on December 31 of each year.

        Section 7.04. Reports by Trustee. To the extent that any of the events
described in TIA Section 313(a) shall have occurred, the Trustee shall, within
60 days after each December 15 beginning with December 15, 2002, mail to the
Insurer and 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 Trustee also
shall comply with TIA Section 313(b).

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

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                                  ARTICLE EIGHT

                      ACCOUNTS, DISBURSEMENTS AND RELEASES

        Section 8.01. Collection of Money. Except as otherwise expressly
provided herein, the 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 Trustee pursuant to this Indenture. The Trustee shall apply
all such money received by it as provided in this Indenture. 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
Trust Estate, the 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 Five.

        Section 8.02. Trust Accounts.

        (a)     On or prior to the Closing Date, the Issuer shall cause the
Master Servicer to establish and maintain, in the name of the Trustee, for the
benefit of the Noteholders and the Certificateholders, the Trust Accounts as
provided in Section 5.01 of the Sale and Servicing Agreement.

        (b)     All Net Collections with respect to each Due Period will be
deposited in the Collection Account as provided in Section 5.02 of the Sale and
Servicing Agreement. On the Business Day immediately preceding each Distribution
Date, all amounts required to be deposited in the Note Distribution Account with
respect to the preceding Due Period pursuant to Section 5.05 of the Sale and
Servicing Agreement will be transferred from the Collection Account and/or the
Spread Account to the Note Distribution Account.

        (c)     On each Distribution Date, the Trustee shall distribute all
amounts on deposit in the Note Distribution Account in respect of such
Distribution Date to Noteholders in respect of the Notes to the extent of
amounts due and unpaid on the Notes for principal and interest as follows:

                (i)     to each Class of Noteholders, accrued and unpaid
        interest on the outstanding principal amount of the related Class of
        Notes at the related Interest Rate;

                (ii)    to the Class A-1 Noteholders in reduction of the
        Outstanding Amount of the Class A-1 Notes, the Note Principal
        Distributable Amount until the Outstanding Amount of the Class A-1 Notes
        is reduced to zero;

                (iii)   to the Class A-2 Noteholders in reduction of the
        Outstanding Amount of the Class A-2 Notes, the Note Principal
        Distributable Amount until the Outstanding Amount of the Class A-2 Notes
        is reduced to zero;

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<PAGE>

                (iv)    to the Class A-3A Noteholders and the Class A-3B
        Noteholders, pro rata based on their respective Outstanding Amounts, in
        reduction of the Outstanding Amount of the Class A-3A Notes and the
        Class A-3B Notes, respectively, the Note Principal Distributable Amount
        until the Outstanding Amount of the Class A-3A Notes and the Class A-3B
        Notes, are reduced to zero; and

                (v)     to the Class A-4A Noteholders and the Class A-4B
        Noteholders, pro rata based on their respective Outstanding Amounts, in
        reduction of the Outstanding Amount of the Class A-4A Notes and the
        Class A-4B Notes, respectively, the Note Principal Distributable Amount
        until the Outstanding Amount of the Class A-4A Notes and the Class A-4B
        Notes, are reduced to zero.

        (d)     If on any Distribution Date there will be insufficient funds in
the Note Distribution Account to make any payment required to be made pursuant
to Section 8.02(c) or 8.02(d), the Trustee will make a claim under the Note
Policy as described in Section 5.18.

        (e)     Notwithstanding clause (c) above, any Repurchase Premium shall
be distributed to Noteholders in accordance with Section 3.10(c) of the Sale and
Servicing Agreement.

        Section 8.03. 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 Trust Accounts other
than the Holding Account shall be invested in Eligible Investments and
reinvested by the Trustee upon receipt of an Issuer Order, subject to the
provisions of Section 5.01(b) of the Sale and Servicing Agreement. Except as
otherwise provided in Section 5.01(b) of the Sale and Servicing Agreement, all
income or other gain from investments of monies deposited in such Trust Accounts
shall be deposited by the Trustee in the Collection Account, and any loss
resulting from such investments shall be charged to the related Trust Account.
The Issuer will not direct the Trustee 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 to the Trustee to
make any such investment or sale, if requested by the Trustee, the Issuer shall
deliver to the Trustee an Opinion of Counsel, acceptable to the Trustee, to such
effect.

        (b)     Subject to Section 6.01(c), the Trustee shall not in any way be
held liable by reason of any insufficiency in any of the Trust Accounts
resulting from any loss on any Eligible Investment included therein except for
losses attributable to the Trustee's failure to make payments on such Eligible
Investments issued by the Trustee, in its commercial capacity as principal
obligor and not as Trustee, in accordance with their terms.

        (c)     If (i) the Issuer shall have failed to give investment
directions for any funds on deposit in the Trust Accounts to the Trustee by
11:00 a.m., New York City time (or such other time as may be agreed by the
Issuer and Trustee), on any Business Day, (ii) a Default or Event of Default
shall have occurred and be continuing with respect to the Notes but the Notes
have not been declared due and payable pursuant to Section 5.02 or (iii) if such
Notes have been declared

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<PAGE>

due and payable following an Event of Default but amounts collected or
receivable from the Trust Estate are being applied in accordance with Section
5.05 as if there had not been such a declaration, then the Trustee shall, to the
fullest extent practicable, invest and reinvest funds in the Trust Accounts in
one or more Eligible Investments.

        Section 8.04. Release of Trust Estate.

        (a)     Subject to the payment of its fees and expenses pursuant to
Section 6.07, the 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 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 Trustee as provided in this
Article shall be bound to ascertain the Trustee's authority, inquire into the
satisfaction of any conditions precedent or see to the application of any
monies.

        (b)     The Trustee shall, at such time as there are no Notes
Outstanding and all sums due the Trustee pursuant to Section 6.07 have been
paid, release any remaining portion of the Trust Estate that secured the Notes
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 Trustee
shall release property from the lien of this Indenture pursuant to this Section
8.04(b) only upon receipt of an Issuer Request accompanied by an Officer's
Certificate, 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 11.01.

        Section 8.05. Opinion of Counsel. The Trustee shall receive at least
seven days' notice when requested by the Issuer to take any action pursuant to
Section 8.04(a), accompanied by copies of any instruments involved, and the
Trustee shall also require, as a condition to such action, an Opinion of
Counsel, in form and substance satisfactory to the 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 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 Trustee in connection with any such action.

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                                  ARTICLE NINE

                             SUPPLEMENTAL INDENTURES

        Section 9.01. Supplemental Indentures Without Consent of Noteholders.

        (a)     Without the consent of the Holders of any Notes but with the
consent of the Insurer (unless an Insurer Default shall have occurred and be
continuing or the Policy Expiration Date has occurred) and with prior notice to
each Rating Agency, the Issuer, the Swap Counterparty and the Trustee, when
authorized by an Issuer Order, and the other parties hereto 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 TIA as in force at the date of the
execution thereof), in form satisfactory to the 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 or confirm unto the Trustee any property subject or required to
        be subjected to the lien created by this Indenture, or to subject to the
        lien created by 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 Holders of the Notes, 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 Trustee;

                (v)     to cure any ambiguity, to correct or supplement any
        provision herein or in any supplemental indenture which may be
        inconsistent with any other provision herein or in any supplemental
        indenture or the other Basic Documents or to make any other provisions
        with respect to matters or questions arising under this Indenture or in
        any supplemental indenture that shall not be inconsistent with the
        provisions of this Indenture; provided that such action shall not
        adversely affect the interests of the Holders of the Notes or result in
        the creation of a new security;

                (vi)    to evidence and provide 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 Six; or

                (vii)   to modify, eliminate or add to the provisions of this
        Indenture to such extent as shall be necessary to effect 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 he expressly required by the TIA.

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<PAGE>

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

        (b)     The Issuer and the Trustee, when authorized by an Issuer Order,
may, also without the consent of any of the Holders of the Notes but with the
consent of the Insurer (unless an Insurer Default shall have occurred and be
continuing or the Policy Expiration Date has occurred) and with prior notice to
each Rating Agency, 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 the rights of the Holders of the Notes under this Indenture; provided,
however, that such action shall not, as evidenced by an Opinion of Counsel,
adversely affect in any material respect the interests of any Noteholder or the
Swap Counterparty or result in the creation of a new security.

        Section 9.02. Supplemental Indentures With Consent of Noteholders. The
Issuer and the Trustee, when authorized by an Issuer Order, also may, with prior
notice to each Rating Agency, with the consent of the Insurer (unless an Insurer
Default shall have occurred and be continuing), the Swap Counterparty and with
the consent of the Holders of not less than a majority of the Outstanding Amount
of the Notes, by Act of such Holders delivered to the Issuer and the Trustee,
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 the rights of the
Holders of the Notes under this Indenture; provided, however, that, subject to
the express rights of the Insurer under the Basic Documents, no such
supplemental indenture shall, without the consent of the Holder of each
Outstanding Note affected thereby:

                (i)     change 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 Redemption Price with respect
        thereto, change the provisions of this Indenture relating to the
        application of collections on, or the proceeds of the sale of, the 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
        Five, 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);

                (ii)    reduce the percentage of the Outstanding Amount of the
        Notes, the consent of the Holders of which is required for any such
        supplemental indenture, or the consent of the Holders of which is
        required for any waiver of compliance with certain provisions of this
        Indenture or certain defaults hereunder and their consequences provided
        for in this Indenture;

                (iii)   modify or alter the provisions of the second proviso to
        the definition of the term "Outstanding";

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<PAGE>

                (iv)    reduce the percentage of the Outstanding Amount of the
        Notes required to direct the Trustee to sell or liquidate the Trust
        Estate pursuant to Section 5.04 or amend the provisions of this Article
        which specify the percentage of the Outstanding Amount of the Notes
        required to amend this Indenture or the other Basic Documents;

                (v)     modify any provision of this Section 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 Holder of each Outstanding
        Note affected thereby; or

                (vi)    permit the creation of any lien ranking prior to or on a
        parity with the lien created by this Indenture with respect to any part
        of the Trust Estate or, except as otherwise permitted or contemplated
        herein, terminate the lien created by this Indenture on any property at
        any time subject hereto or deprive the Holder of any Note of the
        security provided by the lien created by this Indenture, and further
        provided that any such action will not, as evidenced by an Opinion of
        Counsel satisfactory to the Trustee, result in the creation of a new
        security.

        The Trustee may in its discretion determine whether or not any Notes
would be affected by any supplemental indenture and any such determination shall
be conclusive upon the Holders of all Notes, whether theretofore or thereafter
authenticated and delivered hereunder. The 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
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 parties hereto of any supplemental
indenture pursuant to this Section, the Trustee shall mail to the Holders 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 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 9.03. Execution of Supplemental Indentures. In executing, or
permitting the additional trusts created by, any supplemental indenture
permitted by this Article or the modifications thereby of the trusts created by
this Indenture, the Trustee shall be entitled to receive, and subject to
Sections 6.01 and 6.02 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. The Trustee may, but shall not be obligated to,
enter into any such supplemental indenture that affects the Trustee's own
rights, duties, liabilities or immunities under this Indenture or otherwise.

        Section 9.04. Effect of Supplemental Indenture. Upon the execution of
any supplemental indenture pursuant to the provisions hereof, this Indenture
shall be and 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 parties hereto and the Holders of the Notes shall thereafter be determined,

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<PAGE>

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 9.05. Conformity With Trust Indenture Act. Every amendment of
this Indenture and every supplemental indenture executed pursuant to this
Article 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 9.06. Reference in Notes to Supplemental Indentures. Notes
authenticated and delivered after the execution of any supplemental indenture
pursuant to this Article may, and if required by the Trustee shall, bear a
notation in form approved by the Trustee as to any matter provided for in such
supplemental indenture. If the Issuer or the Trustee shall so determine, new
notes so modified as to conform, in the opinion of the Trustee and the Issuer,
to any such supplemental indenture may be prepared and executed by the Issuer
and authenticated and delivered by the Trustee in exchange for Outstanding
Notes.

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                                   ARTICLE TEN

                               REDEMPTION OF NOTES

        Section 10.01. Redemption.

        (a)     In the event that the Certificateholders or the Seller, pursuant
to Section 3.10 or Section 9.01(a) of the Sale and Servicing Agreement,
purchases all the remaining Contracts of the Trust, the Notes are subject to
redemption, on the Distribution Date on which such repurchase occurs, for a
purchase price equal to the Redemption Price; provided, however, that the Issuer
has available funds sufficient to pay the Redemption Price. The Seller, the
Master Servicer or the Issuer shall furnish the Insurer, the Swap Counterparty
and each Rating Agency notice of such redemption. If the Notes are to be
redeemed pursuant to this Section 10.01(a), the Master Servicer or the Issuer
shall furnish notice of such election to the Trustee not later than 20 days
prior to the Redemption Date and the Master Servicer shall deposit the proceeds
from the purchase of the corpus of the trust received from the Seller or the
Certificateholders, as the case may be, into the Collection Account, whereupon
the Trustee, at the direction of the Master Servicer, shall deposit the
Redemption Price of the Notes to be redeemed, whereupon all such Notes shall be
due and payable in accordance with Section 9.01(e) of the Sale and Servicing
Agreement on the Redemption Date upon the furnishing of a notice complying with
Section 10.02 to each Holder of the Notes.

        (b)     In the event that the assets of the Issuer are sold pursuant to
Section 5.02(b) of this Indenture, the proceeds of such sale shall be
distributed as provided in Section 5.06. If amounts are to be paid to
Noteholders pursuant to this Section 10.01(b), the Master Servicer or the Issuer
shall, to the extent practicable, furnish notice of such event to the Trustee
not later than 20 days prior to the Redemption Date whereupon all such amounts
shall be payable on the Redemption Date.

        Section 10.02. Form of Redemption Notice.

        (a)     Notice of redemption under Section 10.01(a) shall be given by
the Trustee by first-class mail, postage prepaid, mailed not less than 20 days
prior to the applicable Redemption Date to each Holder of Notes, as of the close
of business on the Record Date preceding the applicable Redemption Date, at such
Holder's address appearing in the Note Register. In addition, the Administrator
shall notify the Rating Agencies upon the redemption of any Class of Notes,
pursuant to Section 1(a)(i) of the Administration Agreement.

        All notices of redemption shall state:

                (i)     the Redemption Date;

                (ii)    the Redemption Price;

                (iii)   the Repurchase Premium, if any;

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<PAGE>

                (iv)    the place where such Notes are to be surrendered for
        payment of the Redemption Price (which shall be the office or agency of
        the Issuer to be maintained as provided in Section 3.02); and

                (v)     that on the Redemption Date, the Redemption Price will
        become due and payable upon each Note and that interest thereon shall
        cease to accrue from and after the Redemption Date.

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

        (b)     Prior notice of redemption under Section 10.01(b) is not
required to be given to Noteholders.

        Section 10.03. Notes Payable on Redemption Date. The Notes or portions
thereof to be redeemed shall, following notice of redemption (if any) as
required by Section 10.02, on the Redemption Date become due and payable at the
Redemption Price and (unless the Issuer shall default in the payment of the
Redemption Price) no interest shall accrue on the Redemption Price for any
period after the date to which accrued interest is calculated for purposes of
calculating the Redemption Price.

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                                 ARTICLE ELEVEN

                                  MISCELLANEOUS

        Section 11.01. Compliance Certificates and Opinions, etc.

        (a)     Upon any application or request by the Issuer to the Trustee to
take any action under any provision of this Indenture, the Issuer shall furnish
to the 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, (iii) (if required by the TIA) an Independent Certificate from a
firm of certified public accountants meeting the applicable requirements of this
Section and (iv) prior written notice to the Swap Counterparty of any material
actions. Notwithstanding the foregoing, 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:

                (i)     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;

                (ii)    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;

                (iii)   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

                (iv)    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 Trustee that is to be made the basis for the release of any
property subject to the lien created by this Indenture, the Issuer shall, in
addition to any obligation imposed in Section 11.01(a) or elsewhere in this
Indenture, furnish to the Trustee and the Insurer (so long as no Insurer Default
shall have occurred and be continuing) an Officer's Certificate certifying or
stating the opinion of the signer thereof such certificate as to the fair value
(within 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
        Trustee and the Insurer an Officer's Certificate certifying or stating
        the opinion of any signer thereof as to the

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<PAGE>

        matters described in clause (i) above, the Issuer shall also deliver to
        the Trustee and the Insurer an Independent Certificate as to the same
        matters, if the fair value to the Issuer of the property to be so
        deposited and of all other such property 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 Officer's Certificates delivered
        pursuant to clause (i) above and this clause (ii), is 10% or more of the
        Outstanding Amount of the Notes, but such Officer's Certificate need not
        be furnished with respect to any property 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 of the
        Outstanding Amount of the Notes.

                (iii)   Other than with respect to any release described in
        clause (A) or (B) of Section 11.01(b)(v), whenever any property or
        securities are to be released from the lien created by this Indenture,
        the Issuer shall also furnish to the Trustee and the Insurer (so long as
        no Insurer Default shall have occurred and be continuing) an Officer's
        Certificate certifying or stating the opinion of each person signing
        such certificate as to the fair value (within 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 created by this Indenture in contravention of the provisions
        hereof.

                (iv)    Whenever the Issuer is required to furnish to the
        Trustee and the Insurer 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 Trustee and the
        Insurer 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 described in clauses (A) or (B) of Section 11.01(b)(v)) or
        securities released from the lien created by this Indenture since the
        commencement of the then current fiscal year, as set forth in the
        Officer's Certificates required by clause (iii) above and this clause
        (iv), equals 10% or more of the Outstanding Amount of the Notes, but
        such Officer's 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 of the then Outstanding Amount of the Notes.

        Notwithstanding Section 2.12 or any other provision of this Section, the
Issuer may, without compliance with the other provisions of this Section, (A)
collect, liquidate, sell or otherwise dispose of the Contracts as and to the
extent permitted or required by the Basic Documents and (B) make cash payments
out of the Trust Accounts as and to the extent permitted or required by the
Basic Documents, so long as the Issuer shall deliver to the Trustee every six
months, commencing April 15, 2002, an Officer's Certificate stating that all the
dispositions of Collateral described in clauses (A) or (B) that occurred during
the preceding six calendar months were in the ordinary course of the Issuer's
business and that the proceeds thereof were applied in accordance with the Basic
Documents.

        Section 11.02. Form of Documents Delivered to Trustee. 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

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other matters, and any such Person may certify or give an opinion as to such
matters in one or several documents.

        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 his 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 Master
Servicer, a Seller or the Issuer, stating that the information with respect to
such factual matters is in the possession of the Master Servicer, such Seller or
the Issuer, unless such officer or counsel knows, or in the exercise of
reasonable care should know, that the certificate or opinion or representations
with respect to such matters are erroneous.

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

        Whenever in this Indenture, in connection with any application or
certificate or report to the 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 Trustee's right to rely upon the truth and accuracy of
any statement or opinion contained in any such document as provided in Article
Six.

        Section 11.03. 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 Trustee, and, where it is hereby expressly required, to the
Issuer and after prior written notice is given to the Swap Counterparty of
material requests, demands, authorizations, directions, notices, consents,
waivers or other actions. Such instrument or instruments (and the action
embodied therein 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 6.01)
conclusive in favor of the Trustee and the Issuer, if made in the manner
provided in this Section.

        (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 Trustee deems
sufficient.

                                       66
<PAGE>

        (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 Holder of any Notes shall bind the Holder 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
Trustee or the Issuer in reliance thereon, whether or not notation of such
action is made upon such Note.

        Section 11.04. Notices, etc., to Trustee, Issuer, Insurer and Rating
Agencies.

        (a)     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 Trustee by any Noteholder or by the Issuer shall be
        sufficient for every purpose hereunder if in writing, personally
        delivered, sent by facsimile transmission and confirmed or mailed by
        overnight service, to or with the Trustee at its Corporate Trust Office;

                (ii)    the Issuer by the Trustee or by any Noteholder shall be
        sufficient for every purpose hereunder if in writing, personally
        delivered, sent by facsimile transmission and confirmed or mailed by
        overnight service, to the Issuer addressed to: WFS Financial 2002-1
        Owner Trust, in care of Chase Manhattan Bank USA, National Association,
        as Owner Trustee, c/o JP Morgan Chase, Attention: Institutional Trust
        Services, 500 Stanton Christiana Road, OPS4/3rd Floor, Newark, Delaware
        19713, or at any other address furnished in writing to the Trustee by
        the Issuer; or

                (iii)   the Insurer or the Swap Counterparty by the Issuer or
        the Trustee shall be sufficient for any purpose hereunder if in writing,
        personally delivered, sent by facsimile transmission and confirmed or
        mailed by overnight service, to the recipient as follows:

               If to the Insurer:

               Financial Security Assurance Inc.
               350 Park Avenue
               New York, NY  10022
               Attention:  Transaction Oversight Department
               Telex No.: (212) 688-3101
               Confirmation:  (212) 826-0100
               Telecopy Nos.: (212) 339-3518
                              (212) 339-3529

                                       67
<PAGE>

               If to the Swap Counterparty:

               Bank of America, N.A.
               Sears Tower

               233 South Wacker Drive,  Suite 2800
               Chicago, Illinois  60606-6306
               Telephone No.:       (312) 234-3030
               Facsimile:           (312) 234-2731

(In each case in which notice or other communication to the Insurer refers to an
Event of Default, a claim on the Note Policy or with respect to which failure on
the part of the Insurer to respond shall be deemed to constitute consent or
acceptance, then a copy of such notice or other communication should also be
sent to the attention of the General Counsel and the Head--Financial Guaranty
Group "URGENT MATERIAL ENCLOSED.")

        (b)     Notices required to be given to the Rating Agencies by the
Issuer, the Trustee or the Owner Trustee shall be in writing, personally
delivered, sent by facsimile transmission and confirmed or mailed by overnight
service, to (i) in the case of Moody's, at Moody's Investors Service, Inc., ABS
Monitoring Department, 99 Church Street, New York, New York 10007 and (ii) in
the case of Standard & Poor's, at Standard & Poor's, 55 Water Street, New York,
New York 10041, Attention: Asset Backed Surveillance Department; or as to each
of the foregoing, at such other address as shall be designated by written notice
to the other parties.

        Section 11.05. Notices to Noteholders; Waiver. 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.

        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 Trustee but
such filing shall not be a conclusion precedent to the validity of any action
taken in reliance upon such a waiver.

        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 of 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 Trustee shall be deemed to be a
sufficient giving of such notice.

                                       68
<PAGE>

        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 11.06. 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 Holder of a Note providing for a method of
payment, or notice by the Trustee or any Paying Agent to such Holder, that is
different from the methods provided for in this Indenture for such payments or
notices. The Issuer will furnish to the Trustee a copy of each such agreement
and the Trustee will cause payments to be made and notices to be given in
accordance with such agreements.

        Section 11.07. Conflict With Trust Indenture Act. If any provision
hereof limits, qualifies or conflicts with another provision hereof that is
required to be included in this indenture by any of the provisions of the Trust
Indenture Act, such required 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 11.08. 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 11.09. 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 Trustee in this
Indenture shall bind its successors, co-trustees and agents.

        Section 11.10. Severability. 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. Each of the Insurer and the Swap
Counterparty and its successors and assigns shall be a third-party beneficiary
to the provisions of this Indenture, and shall be entitled to rely upon and
directly to enforce such provisions of this Indenture so long as no Insurer
Default shall have occurred and be continuing. 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, and any other party
secured hereunder, and any other Person with an ownership interest in any part
of the Trust Estate, any benefit or any legal or equitable right, remedy or
claim under this Indenture. The Insurer may disclaim any of its rights and
powers under this Indenture, but not its duties and obligations under the Note
Policy, upon delivery of a written notice to the Trustee.

        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

                                       69
<PAGE>

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 CALIFORNIA AND THE OBLIGATIONS, RIGHTS,
AND REMEDIES OF THE PARTIES UNDER THIS INDENTURE SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS, EXCEPT THAT THE DUTIES OF THE TRUSTEE SHALL BE
GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

        Section 11.14. Counterparts. This Indenture may be executed in several
counterparts, each of which shall be an original and all of which shall
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 Trustee or any other counsel reasonably acceptable
to the Trustee and the Insurer) 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 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 Trustee on the Notes or under this Indenture or any certificate or other
writing delivered in connection herewith or therewith, against (i) the Trustee
or the Owner Trustee in its individual capacity, (ii) any owner of a beneficiary
interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer,
director, employee or agent of the Trustee or the Owner Trustee in its
individual capacity, any holder of a beneficial interest in the Issuer, the
Owner Trustee or the Trustee or of any successor or assign of the Trustee or the
Owner Trustee in its individual capacity, except as any such Person may have
expressly agreed (it being understood that the Trustee and the Owner Trustee
have no such obligations in their individual capacity) 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 Articles Six, Seven and Eight of
the Trust Agreement.

        Section 11.17. No Petition. The parties hereto, by entering into this
Indenture, and each Noteholder, by accepting a Note or a beneficial interest in
a Note, hereby covenant and agree that they will not at any time institute
against either Seller or the Issuer, or join in any institution against either
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.

                                       70
<PAGE>

        Section 11.18. Inspection. The Issuer agrees that, on reasonable prior
notice, it will permit any representative of the Trustee or of the Insurer,
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
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 Trustee may reasonably determine that such disclosure is
consistent with its obligations hereunder.

        Section 11.19. Limitation of Liability of Owner Trustee. Notwithstanding
anything contained herein to the contrary, this instrument has been
countersigned by Chase Manhattan Bank USA, National Association not in its
individual capacity but solely in its capacity as Owner Trustee of the Issuer
and in no event shall Chase Manhattan Bank USA, National Association in its
individual capacity or any beneficial owner of the Issuer have any liability for
the representations, warranties, covenants, agreements or other obligations of
the Issuer hereunder, as to all of which recourse shall be had solely to the
assets of the Issuer. For all purposes of this Agreement, 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
Articles Six, Seven and Eight of the Trust Agreement.

        Section 11.20. Limitation on Recourse Against WFSRC. Notwithstanding
anything to the contrary contained in this Agreement, the obligations of WFSRC
under the Basic Documents are solely the corporate obligations of WFSRC, and
shall be payable by WFSRC, solely as provided the Basic Documents. WFSRC shall
only be required to pay (a) any fees, expenses, indemnities or other liabilities
that it may incur under the Basic Documents from funds available pursuant to,
and in accordance with, the payment priorities set forth in this Agreement and
(ii) to the extent WFSRC has additional funds available (other than funds
described in the preceding clause (i)) that would be in excess of amounts that
would be necessary to pay the debt and other obligations of WFSRC incurred in
accordance with WFSRC's certificate of incorporation and all financing documents
to which WFSRC is a party. The agreement set forth in the preceding sentence
shall constitute a subordination agreement for purposes of Section 510(a) of the
Bankruptcy Code. In addition, no amount owing by WFSRC hereunder in excess of
the liabilities that it is required to pay in accordance with the preceding
sentence shall constitute a "claim" (as defined in Section 101(5) of the
Bankruptcy Code) against it.

                                       71
<PAGE>

        IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be
duly executed and delivered as of the day and year first above written.

                                     WFS FINANCIAL 2002-1 OWNER TRUST

                                     By:  CHASE MANHATTAN BANK USA,
                                          NATIONAL ASSOCIATION,
                                          not in its individual capacity but
                                          solely on behalf of the Issuer as
                                          Owner Trustee under the Trust
                                          Agreement

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

                                     BANKERS TRUST COMPANY, not in its
                                     individual capacity but solely as Trustee

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

<PAGE>

                                                                     SCHEDULE A

                              SCHEDULE OF CONTRACTS

Omitted -- Schedules of Contracts on file at the offices of the Seller, the
Master Servicer and the Owner Trustee.

                                      SA-1
<PAGE>

                                                                     EXHIBIT A

                      FORM OF SALE AND SERVICING AGREEMENT

                                      A-1
<PAGE>

                                                                      EXHIBIT B

                        FORM OF NOTE DEPOSITORY AGREEMENT

                                      B-1
<PAGE>

                                                                      EXHIBIT C

                             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.

        THIS SECURITY IS NOT A SAVINGS ACCOUNT OR DEPOSIT AND IT IS NOT INSURED
BY THE UNITED STATES OR ANY AGENCY OR FUND OF THE UNITED STATES.

        THE PRINCIPAL OF THIS NOTE IS PAYABLE IN FULL ON THE DATE 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.

                        WFS FINANCIAL 2002-1 OWNER TRUST

                  2.04% AUTO RECEIVABLE BACKED NOTE, CLASS A-1

REGISTERED                                                         $330,000,000

No. R-A1                                                  CUSIP NO. 92925W AA 6

        WFS Financial 2002-1 Owner Trust, a business trust organized and
existing under the laws of the State of Delaware (the "Issuer"), for value
received, hereby promises to pay to Cede & Co., or registered assigns, the
principal sum of Three Hundred Thirty Million Dollars ($330,000,000), payable to
the extent described in the Indenture referred to on the reverse hereof on each
Distribution Date; provided, however, that the entire unpaid principal amount of
this Note shall be payable on the earlier of March 20, 2003 (the "Class A-1
Final Scheduled Distribution Date") and the Redemption Date, if any, selected
pursuant to the Indenture.

        The Issuer will pay interest on this Note at the rate per annum shown
above on each Distribution 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 Distribution Date (after giving effect to all payments of principal
made on the preceding Distribution Date), or on the Closing Date in the case of
the first Distribution Date or if no interest has yet been paid, subject to
certain limitations contained in the Indenture. Interest on this Note will
accrue for each Distribution Date

                                      C-1
<PAGE>

from and including the most recent Distribution Date on which interest has been
paid to but excluding such Distribution Date or, in the case of the first
Distribution Date or if no interest has yet been paid, from March 20, 2002. The
Issuer shall pay interest on overdue installments of interest at the Class A-1
Interest Rate to the extent lawful. Interest will be computed on the basis of a
360-day year and the actual number of days elapsed during the related Interest
Period. 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.

        The Notes are entitled to the benefits of a financial guaranty insurance
policy (the "Note Policy") issued by Financial Security Assurance Inc. (the
"Insurer"), pursuant to which the Insurer has unconditionally guaranteed payment
of the Note Interest Distributable Amount and the Note Principal Distributable
Amount on each Distribution Date, all as more fully set forth in the Indenture.

        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
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.

                                      C-2
<PAGE>

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

Date: March ___ , 2002                  WFS FINANCIAL 2002-1 OWNER TRUST

                                        By:  CHASE MANHATTAN BANK USA,
                                             NATIONAL ASSOCIATION,
                                             not in its individual capacity
                                             but solely on behalf of the
                                             Issuer as Owner Trustee, under
                                             the Trust Agreement

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

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

                                         BANKERS TRUST COMPANY,
                                         not in its individual capacity but
                                         solely as Trustee

                                         By:
                                            -----------------------------------
                                                   Authorized Signatory

                                      C-3
<PAGE>

                           [REVERSE OF CLASS A-1 NOTE]

        This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its 2.04% Auto Receivable Backed Notes, Class A-1 (the "Class A-1
Notes"), all issued under an Indenture, dated as of March 1, 2002 (the
"Indenture"), between the Issuer and Bankers Trust Company, as trustee (the
"Trustee"), 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 Insurer, the Trustee and the Holders of the Notes.
The Notes are subject to all terms of the Indenture. All terms used in this Note
that are defined in the Indenture, as supplemented or amended, shall have the
meanings assigned to them in or pursuant to the Indenture, as so supplemented or
amended.

        The Class A-1 Notes, the Class A-2 Notes, the Class A-3A Notes, the
Class A-3B Notes, the Class A-4A Notes and the Class A-4B Notes (collectively,
the "Notes") are and, except as otherwise provided in the Indenture and the Sale
and Servicing Agreement, will be equally and ratably secured by the collateral
pledged as security therefor as provided in the Indenture.

        Principal payable on the Class A-1 Notes will be paid on each
Distribution Date in the amount specified in the Indenture and in the Sale and
Servicing Agreement. As described above, the entire unpaid principal amount of
this Note will be payable on the earlier of the Class A-1 Final Scheduled
Distribution Date and the Redemption Date, if any, selected pursuant to the
Indenture. Notwithstanding the foregoing, under certain circumstances, the
entire unpaid principal amount of the Class A-1 Notes shall be due and payable
following the occurrence and continuance of an Event of Default, as described in
the Indenture. All principal payments on the Class A-1 Notes shall be made pro
rata to the Class A-1 Noteholders entitled thereto.

        Payments of principal and interest on this Note due and payable on each
Distribution Date or Redemption Date shall be made by check mailed to the Person
whose name appears as the registered Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on the
related Record Date, except that 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 checks shall be
mailed to the Person entitled thereto at the address of such Person as it
appears on the Note Register as of the applicable Record Date 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) affected by
any payments made on any Distribution Date or Redemption Date shall be binding
upon all future Holders 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 remaining unpaid principal amount of this
Note on a Distribution Date or Redemption Date, then the Trustee, in the name of
and on behalf of the Issuer, will notify the Person who was the registered
Holder hereof as of the Record Date preceding such Distribution Date or
Redemption Date by notice mailed within 20 days of such Distribution Date or
Redemption Date and the amount then due and payable shall be payable only upon
presentation and surrender of this Note at the Corporate Trust Office of the
Trustee or at the office of the Trustee's agent appointed for such purposes
located in The City of New York.

                                      C-4
<PAGE>
        As provided in the Sale and Servicing Agreement, on any Distribution
Date, the holders of Certificates will have the option to exercise an Optional
Repurchase right with respect to Contracts randomly selected by the Master
Servicer. The sum of the Principal Balances of the Contracts repurchased
pursuant to Optional Repurchases shall not exceed $360,000,000.

        As provided in the Indenture, the Notes may be redeemed pursuant to the
Indenture, in whole, but not in part, at the option of the Seller, on any
Distribution Date as of which the sum of the Principal Balances of the Contracts
is less than or equal to $180,000,000.

        As provided in the Indenture and subject to certain limitations set
forth therein, 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. 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 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 Trustee on the Notes or under the
Indenture or any certificate or other writing delivered in connection therewith,
against (i) the Trustee or the Owner Trustee 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 Trustee or the Owner
Trustee in its individual capacity, any holder of a beneficial interest in the
Issuer, the Owner Trustee or the Trustee or of any successor or assign of the
Trustee or the Owner Trustee 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 or failure to
pay any installment or call owing to such entity.

        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 that by
accepting the benefits of the Indenture and such Note 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, single business and
franchise tax purposes, the Notes will qualify as indebtedness of the Issuer
secured by the Trust Estate. Each Noteholder, by acceptance of a Note (and each
Note Owner by acceptance of a beneficial interest in a Note), agrees 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 Trustee and the Insurer and any agent of the Issuer, the Trustee
or the Insurer may treat the Person in whose name this Note (as of the day of
determination or as of such other date as may

                                      C-5
<PAGE>

be specified in the Indenture) is registered as the owner hereof for all
purposes, whether or not this Note be overdue, and neither the Issuer, the
Trustee nor any such agent shall be affected by notice to the contrary.

        The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer with the consent of the Insurer and of the Holders of Notes
representing a majority of the Outstanding Amount of the Notes. The Indenture
also contains provisions permitting the Holders of Notes representing specified
percentages of the Outstanding Amount of the Notes, on behalf of the Holders of
all the Notes, 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 Holder of this Note (or any one of more
Predecessor Notes) shall be conclusive and binding upon such Holder and upon all
future Holders 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 Indenture also permits the
Trustee to amend or waive certain terms and conditions set forth in the
Indenture without the consent of Holders of the Notes issued thereunder.

        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 construed in accordance with the
laws of the State of California, and the obligations, rights and remedies of the
parties hereunder and thereunder shall be determined in accordance with such
laws, except that the duties of the Trustee under the Indenture shall be
governed by New York law.

        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.

                                      C-6
<PAGE>

                                                                     EXHIBIT D

                             FORM OF CLASS A-2 NOTE

        THIS NOTE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A-1 NOTES TO
THE EXTENT DESCRIBED IN THE INDENTURE REFERRED TO HEREIN.

        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.

        THIS SECURITY IS NOT A SAVINGS ACCOUNT OR DEPOSIT AND IT IS NOT INSURED
BY THE UNITED STATES OR ANY AGENCY OR FUND OF THE UNITED STATES.

        THE PRINCIPAL OF THIS NOTE IS PAYABLE IN FULL ON THE DATE 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.

                        WFS FINANCIAL 2002-1 OWNER TRUST

                  3.04% AUTO RECEIVABLE BACKED NOTE, CLASS A-2

REGISTERED                                                         $440,000,000

No. R-A2                                                  CUSIP NO. 92925W AB 4

        WFS Financial 2002-1 Owner Trust, a business trust organized and
existing under the laws of the State of Delaware (the "Issuer"), for value
received, hereby promises to pay to Cede & Co., or registered assigns, the
principal sum of Four Hundred Forty Million Dollars ($440,000,000), payable to
the extent described in the Indenture referred to on the reverse hereof on each
Distribution Date; provided, however, that the entire unpaid principal amount of
this Note shall be payable on the earlier of March 20, 2005 (the "Class A-2
Final Scheduled Distribution Date") and the Redemption Date, if any, selected
pursuant to the Indenture. No payments of principal of the Class A-2 Notes shall
be made until the principal amount of the Class A-1 Notes has been reduced to
zero.

        The Issuer will pay interest on this Note at the rate per annum shown
above on each Distribution 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 Distribution Date (after giving effect

                                      D-1
<PAGE>

to all payments of principal made on the preceding Distribution Date), or on the
Closing Date in the case of the first Distribution Date or if no interest has
yet been paid, subject to certain limitations contained in the Indenture.
Interest on this Note will accrue for each Distribution Date from and including
20th day of the month of the prior Distribution Date on which interest has been
paid to but excluding the 20th day of the month of the current Distribution Date
or, in the case of the first Distribution Date or if no interest has yet been
paid, from March 20, 2002. The Issuer shall pay interest on overdue installments
of interest at the Class A-2 Interest Rate to the extent lawful. Interest will
be computed on the basis of a 360-day year consisting 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.

        The Notes are entitled to the benefits of a financial guaranty insurance
policy (the "Note Policy") issued by Financial Security Assurance Inc. (the
"Insurer"), pursuant to which the Insurer has unconditionally guaranteed payment
of the Note Interest Distributable Amount and the Note Principal Distributable
Amount on each Distribution Date, all as more fully set forth in the Indenture.

        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
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.

                                      D-2
<PAGE>

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

Date: March ___, 2002               WFS FINANCIAL 2002-1 OWNER TRUST

                                    By:  CHASE MANHATTAN BANK USA,
                                         NATIONAL ASSOCIATION,
                                         not in its individual capacity
                                         but solely on behalf of the
                                         Issuer as Owner Trustee, under
                                         the Trust Agreement

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

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

                                     BANKERS TRUST COMPANY,
                                     not in its individual capacity but
                                     solely as Trustee,

                                     By:
                                        ---------------------------------------
                                               Authorized Signatory

                                      D-3
<PAGE>

                          [REVERSE OF CLASS A-2 NOTE]

        This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its 3.04% Auto Receivable Backed Notes, Class A-2 (the "Class A-2
Notes"), all issued under an Indenture, dated as of March 1, 2002 (the
"Indenture"), between the Issuer and Bankers Trust Company, as trustee (the
"Trustee"), 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 Insurer, the Trustee and the Holders of the Notes.
The Notes are subject to all terms of the Indenture. All terms used in this Note
that are defined in the Indenture, as supplemented or amended, shall have the
meanings assigned to them in or pursuant to the Indenture, as so supplemented or
amended.

        The Class A-1 Notes, the Class A-2 Notes, the Class A-3A Notes, the
Class A-3B Notes, the Class A-4A Notes and the Class A-4B Notes (collectively,
the "Notes") are and, except as otherwise provided in the Indenture and the Sale
and Servicing Agreement, will be equally and ratably secured by the collateral
pledged as security therefor as provided in the Indenture.

        Principal payable on the Class A-2 Notes will be paid on each
Distribution Date in the amount specified in the Indenture and in the Sale and
Servicing Agreement. As described above, the entire unpaid principal amount of
this Note will be payable on the earlier of the Class A-2 Final Scheduled
Distribution Date and the Redemption Date, if any, selected pursuant to the
Indenture. Notwithstanding the foregoing, under certain circumstances, the
entire unpaid principal amount of the Class A-2 Notes shall be due and payable
following the occurrence and continuance of an Event of Default, as described in
the Indenture. All principal payments on the Class A-2 Notes shall be made pro
rata to the Class A-2 Noteholders entitled thereto.

        Payments of principal and interest on this Note due and payable on each
Distribution Date or Redemption Date shall be made by check mailed to the Person
whose name appears as the registered Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on the
related Record Date, except that 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 checks shall be
mailed to the Person entitled thereto at the address of such Person as it
appears on the Note Register as of the applicable Record Date 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) affected by
any payments made on any Distribution Date or Redemption Date shall be binding
upon all future Holders 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 remaining unpaid principal amount of this
Note on a Distribution Date or Redemption Date, then the Trustee, in the name of
and on behalf of the Issuer, will notify the Person who was the registered
Holder hereof as of the Record Date preceding such Distribution Date or
Redemption Date by notice mailed within 20 days of such Distribution Date or
Redemption Date and the amount then due and payable shall be payable only upon
presentation and surrender of this Note at the Corporate Trust Office of the
Trustee or at the office of the Trustee's agent appointed for such purposes
located in The City of New York.

                                      D-4
<PAGE>

        As provided in the Sale and Servicing Agreement, on any Distribution
Date, the holders of Certificates will have the option to exercise an Optional
Repurchase right with respect to Contracts randomly selected by the Master
Servicer. The sum of the Principal Balances of the Contracts repurchased
pursuant to Optional Repurchases shall not exceed $360,000,000.

        As provided in the Indenture, the Notes may be redeemed pursuant to the
Indenture, in whole, but not in part, at the option of the Seller, on any
Distribution Date as of which the sum of the Principal Balances of the Contracts
is less than or equal to $180,000,000.

        As provided in the Indenture and subject to certain limitations set
forth therein, 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. 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 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 Trustee on the Notes or under the
Indenture or any certificate or other writing delivered in connection therewith,
against (i) the Trustee or the Owner Trustee 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 Trustee or the Owner
Trustee in its individual capacity, any holder of a beneficial interest in the
Issuer, the Owner Trustee or the Trustee or of any successor or assign of the
Trustee or the Owner Trustee 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 or failure to
pay any installment or call owing to such entity.

        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 that by
accepting the benefits of the Indenture and such Note 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, single business and
franchise tax purposes, the Notes will qualify as indebtedness of the Issuer
secured by the Trust Estate. Each Noteholder, by acceptance of a Note (and each
Note Owner by acceptance of a beneficial interest in a Note), agrees 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 Trustee and the Insurer and any agent of the Issuer, the Trustee
or the Insurer may treat the Person in whose name this Note (as of the day of
determination or as of such other date as may

                                      D-5
<PAGE>

be specified in the Indenture) is registered as the owner hereof for all
purposes, whether or not this Note be overdue, and neither the Issuer, the
Trustee nor any such agent shall be affected by notice to the contrary.

        The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer with the consent of the Insurer and of the Holders of Notes
representing a majority of the Outstanding Amount of the Notes. The Indenture
also contains provisions permitting the Holders of Notes representing specified
percentages of the Outstanding Amount of the Notes, on behalf of the Holders of
all the Notes, 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 Holder of this Note (or any one of more
Predecessor Notes) shall be conclusive and binding upon such Holder and upon all
future Holders 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 Indenture also permits the
Trustee to amend or waive certain terms and conditions set forth in the
Indenture without the consent of Holders of the Notes issued thereunder.

        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 construed in accordance with the
laws of the State of California, and the obligations, rights and remedies of the
parties hereunder and thereunder shall be determined in accordance with such
laws, except that the duties of the Trustee under the Indenture shall be
governed by New York law.

        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.

                                      D-6
<PAGE>

                                                                      EXHIBIT E

                             FORM OF CLASS A-3A NOTE

        THIS NOTE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A-1 AND THE
CLASS A-2 NOTES TO THE EXTENT DESCRIBED IN THE INDENTURE REFERRED TO HEREIN.

        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.

        THIS SECURITY IS NOT A SAVINGS ACCOUNT OR DEPOSIT AND IT IS NOT INSURED
BY THE UNITED STATES OR ANY AGENCY OR FUND OF THE UNITED STATES.

        THE PRINCIPAL OF THIS NOTE IS PAYABLE IN FULL ON THE DATE 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.

                        WFS FINANCIAL 2002-1 OWNER TRUST

                  4.15% AUTO RECEIVABLE BACKED NOTE, CLASS A-3A

REGISTERED                                                         $380,000,000

No. R-A3A                                                 CUSIP NO. 92925W AC 2

        WFS Financial 2002-1 Owner Trust, a business trust organized and
existing under the laws of the State of Delaware (the "Issuer"), for value
received, hereby promises to pay to Cede & Co., or registered assigns, the
principal sum of Three Hundred Eighty Million Dollars ($380,000,000), payable to
the extent described in the Indenture referred to on the reverse hereof on each
Distribution Date; provided, however, that the entire unpaid principal amount of
this Note shall be payable on the earlier of December 20, 2006 (the "Class A-3
Final Scheduled Distribution Date") and the Redemption Date, if any, selected
pursuant to the Indenture. No payments of principal of the Class A-3A Notes
shall be made until the principal amount of the Class A-1 Notes and the Class
A-2 Notes has been reduced to zero.

        The Issuer will pay interest on this Note at the rate per annum shown
above on each Distribution Date until the principal of this Note is paid or made
available for payment, on the

                                      E-1
<PAGE>

principal amount of this Note outstanding on the preceding Distribution Date
(after giving effect to all payments of principal made on the preceding
Distribution Date), or on the Closing Date in the case of the first Distribution
Date or if no interest has yet been paid, subject to certain limitations
contained in the Indenture. Interest on this Note will accrue for each
Distribution Date from and including 20th day of the month of the prior
Distribution Date on which interest has been paid to but excluding the 20th day
of the month of the current Distribution Date or, in the case of the first
Distribution Date or if no interest has yet been paid, from March 20, 2002. The
Issuer shall pay interest on overdue installments of interest at the Class A-3A
Interest Rate to the extent lawful. Interest will be computed on the basis of a
360-day year consisting 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.

        The Notes are entitled to the benefits of a financial guaranty insurance
policy (the "Note Policy") issued by Financial Security Assurance Inc. (the
"Insurer"), pursuant to which the Insurer has unconditionally guaranteed payment
of the Note Interest Distributable Amount and the Note Principal Distributable
Amount on each Distribution Date, all as more fully set forth in the Indenture.

        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
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.

                                      E-2
<PAGE>

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

Date: March ___, 2002                WFS FINANCIAL 2002-1 OWNER TRUST

                                     By:  CHASE MANHATTAN BANK USA, NATIONAL
                                          ASSOCIATION,
                                          not in its individual capacity but
                                          solely on behalf of the Issuer as
                                          Owner Trustee, under the Trust
                                          Agreement

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

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

                                     BANKERS TRUST COMPANY,
                                     not in its individual capacity but
                                     solely as Trustee,

                                     By:
                                        ---------------------------------------
                                               Authorized Signatory

                                      E-3
<PAGE>

                          [REVERSE OF CLASS A-3A NOTE]

        This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its 4.15% Auto Receivable Backed Notes, Class A-3A (the "Class
A-3A Notes"), all issued under an Indenture, dated as of March 1, 2002 (the
"Indenture"), between the Issuer and Bankers Trust Company, as trustee (the
"Trustee"), 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 Insurer, the Trustee and the Holders of the Notes.
The Notes are subject to all terms of the Indenture. All terms used in this Note
that are defined in the Indenture, as supplemented or amended, shall have the
meanings assigned to them in or pursuant to the Indenture, as so supplemented or
amended.

        The Class A-1 Notes, the Class A-2 Notes, the Class A-3A Notes, the
Class A-3B Notes, the Class A-4A Notes and the Class A-4B Notes (collectively,
the "Notes") are and, except as otherwise provided in the Indenture and the Sale
and Servicing Agreement, will be equally and ratably secured by the collateral
pledged as security therefor as provided in the Indenture.

        Principal payable on the Class A-3A Notes will be paid on each
Distribution Date in the amount specified in the Indenture and in the Sale and
Servicing Agreement. As described above, the entire unpaid principal amount of
this Note will be payable on the earlier of the Class A-3 Final Scheduled
Distribution Date and the Redemption Date, if any, selected pursuant to the
Indenture. Notwithstanding the foregoing, under certain circumstances, the
entire unpaid principal amount of the Class A-3A Notes shall be due and payable
following the occurrence and continuance of an Event of Default, as described in
the Indenture. All principal payments on the Class A-3A Notes shall be made pro
rata to the Class A-3A Noteholders entitled thereto.

        Payments of principal and interest on this Note due and payable on each
Distribution Date or Redemption Date shall be made by check mailed to the Person
whose name appears as the registered Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on the
related Record Date, except that 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 checks shall be
mailed to the Person entitled thereto at the address of such Person as it
appears on the Note Register as of the applicable Record Date 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) affected by
any payments made on any Distribution Date or Redemption Date shall be binding
upon all future Holders 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 remaining unpaid principal amount of this
Note on a Distribution Date or Redemption Date, then the Trustee, in the name of
and on behalf of the Issuer, will notify the Person who was the registered
Holder hereof as of the Record Date preceding such Distribution Date or
Redemption Date by notice mailed within 20 days of such Distribution Date or
Redemption Date and the amount then due and payable shall be payable only upon
presentation and surrender of this Note at the Corporate Trust Office of the
Trustee or at the office of the Trustee's agent appointed for such purposes
located in The City of New York.

                                      E-4
<PAGE>

        As provided in the Sale and Servicing Agreement, on any Distribution
Date, the holders of Certificates will have the option to exercise an Optional
Repurchase right with respect to Contracts randomly selected by the Master
Servicer. The sum of the Principal Balances of the Contracts repurchased
pursuant to Optional Repurchases shall not exceed $360,000,000.

        As provided in the Indenture, the Notes may be redeemed pursuant to the
Indenture, in whole, but not in part, at the option of the Seller, on any
Distribution Date as of which the sum of the Principal Balances of the Contracts
is less than or equal to $180,000,000.

        As provided in the Indenture and subject to certain limitations set
forth therein, 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. 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 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 Trustee on the Notes or under the
Indenture or any certificate or other writing delivered in connection therewith,
against (i) the Trustee or the Owner Trustee 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 Trustee or the Owner
Trustee in its individual capacity, any holder of a beneficial interest in the
Issuer, the Owner Trustee or the Trustee or of any successor or assign of the
Trustee or the Owner Trustee 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 or failure to
pay any installment or call owing to such entity.

        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 that by
accepting the benefits of the Indenture and such Note 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, single business and
franchise tax purposes, the Notes will qualify as indebtedness of the Issuer
secured by the Trust Estate. Each Noteholder, by acceptance of a Note (and each
Note Owner by acceptance of a beneficial interest in a Note), agrees 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 Trustee and the Insurer and any agent of the Issuer, the Trustee
or the Insurer may treat the Person in whose name this Note (as of the day of
determination or as of such other date as may

                                      E-5
<PAGE>

be specified in the Indenture) is registered as the owner hereof for all
purposes, whether or not this Note be overdue, and neither the Issuer, the
Trustee nor any such agent shall be affected by notice to the contrary.

        The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer with the consent of the Insurer and of the Holders of Notes
representing a majority of the Outstanding Amount of the Notes. The Indenture
also contains provisions permitting the Holders of Notes representing specified
percentages of the Outstanding Amount of the Notes, on behalf of the Holders of
all the Notes, 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 Holder of this Note (or any one of more
Predecessor Notes) shall be conclusive and binding upon such Holder and upon all
future Holders 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 Indenture also permits the
Trustee to amend or waive certain terms and conditions set forth in the
Indenture without the consent of Holders of the Notes issued thereunder.

        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 construed in accordance with the
laws of the State of California, and the obligations, rights and remedies of the
parties hereunder and thereunder shall be determined in accordance with such
laws, except that the duties of the Trustee under the Indenture shall be
governed by New York law.

        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.

                                      E-6
<PAGE>

                                                                      EXHIBIT F

                             FORM OF CLASS A-3B NOTE

        THIS NOTE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A-1 AND THE
CLASS A-2 NOTES TO THE EXTENT DESCRIBED IN THE INDENTURE REFERRED TO HEREIN.

        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.

        THIS SECURITY IS NOT A SAVINGS ACCOUNT OR DEPOSIT AND IT IS NOT INSURED
BY THE UNITED STATES OR ANY AGENCY OR FUND OF THE UNITED STATES.

        THE PRINCIPAL OF THIS NOTE IS PAYABLE IN FULL ON THE DATE 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.

                        WFS FINANCIAL 2002-1 OWNER TRUST

              FLOATING RATE AUTO RECEIVABLE BACKED NOTE, CLASS A-3B

REGISTERED                                                         $230,000,000

No. R-A3B                                                 CUSIP NO. 92925W AD 0

        WFS Financial 2002-1 Owner Trust, a business trust organized and
existing under the laws of the State of Delaware (the "Issuer"), for value
received, hereby promises to pay to Cede & Co., or registered assigns, the
principal sum of Two Hundred Thirty Million Dollars ($230,000,000) payable to
the extent described in the Indenture referred to on the reverse hereof on each
Distribution Date; provided, however, that the entire unpaid principal amount of
this Note shall be payable on the earlier of December 20, 2006 (the "Class A-3
Final Scheduled Distribution Date") and the Redemption Date, if any, selected
pursuant to the Indenture. No payments of principal of the Class A-3B Notes
shall be made until the principal amount of the Class A-1 Notes and the Class
A-2 Notes has been reduced to zero.

                                      F-1
<PAGE>

        The Issuer will pay interest on this Note at the rate per annum equal to
the LIBOR Rate plus 0.13% on each Distribution 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 Distribution Date (after giving effect to all
payments of principal made on the preceding Distribution Date), or on the
Closing Date in the case of the first Distribution Date or if no interest has
yet been paid, subject to certain limitations contained in the Indenture.
Interest on this Note will accrue for each Distribution Date from and including
the most recent Distribution Date on which interest has been paid to but
excluding such Distribution Date or, in the case of the first Distribution Date
or if no interest has yet been paid, from March 20, 2002. The Issuer shall pay
interest on overdue installments of interest at the Class A-3B Interest Rate to
the extent lawful. Interest will be computed on the basis of a 360-day year and
the actual number of days elapsed during the related Interest Period. 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.

        The Notes are entitled to the benefits of a financial guaranty insurance
policy (the "Note Policy") issued by Financial Security Assurance Inc. (the
"Insurer"), pursuant to which the Insurer has unconditionally guaranteed payment
of the Note Interest Distributable Amount and the Note Principal Distributable
Amount on each Distribution Date, all as more fully set forth in the Indenture.

        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
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.

                                      F-2
<PAGE>

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

Date: March ___, 2002                WFS FINANCIAL 2002-1 OWNER TRUST

                                     By:  CHASE MANHATTAN BANK USA,
                                          NATIONAL ASSOCIATION,
                                          not in its individual capacity
                                          but solely on behalf of the
                                          Issuer as Owner Trustee,
                                          under the Trust Agreement

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

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

                                     BANKERS TRUST COMPANY,
                                     not in its individual capacity but solely
                                     as Trustee

                                     By:
                                        ---------------------------------------
                                                   Authorized Signatory

                                      F-3
<PAGE>

                          [REVERSE OF CLASS A-3B NOTE]

        This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its LIBOR Rate plus 0.13% Auto Receivable Backed Notes, Class A-3B
(the "Class A-3B Notes"), all issued under an Indenture, dated as of March 1,
2002 (the "Indenture"), between the Issuer and Bankers Trust Company, as trustee
(the "Trustee"), 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 Insurer, the Trustee and the Holders
of the Notes. The Notes are subject to all terms of the Indenture. All terms
used in this Note that are defined in the Indenture, as supplemented or amended,
shall have the meanings assigned to them in or pursuant to the Indenture, as so
supplemented or amended.

        The Class A-1 Notes, the Class A-2 Notes, the Class A-3A Notes, the
Class A-3B Notes, the Class A-4A Notes and the Class A-4B Notes (collectively,
the "Notes") are and, except as otherwise provided in the Indenture and the Sale
and Servicing Agreement, will be equally and ratably secured by the collateral
pledged as security therefor as provided in the Indenture.

        Principal payable on the Class A-3B Notes will be paid on each
Distribution Date in the amount specified in the Indenture and in the Sale and
Servicing Agreement. As described above, the entire unpaid principal amount of
this Note will be payable on the earlier of the Class A-3 Final Scheduled
Distribution Date and the Redemption Date, if any, selected pursuant to the
Indenture. Notwithstanding the foregoing, under certain circumstances, the
entire unpaid principal amount of the Class A-3B Notes shall be due and payable
following the occurrence and continuance of an Event of Default, as described in
the Indenture. All principal payments on the Class A-3B Notes shall be made pro
rata to the Class A-3B Noteholders entitled thereto.

        Payments of principal and interest on this Note due and payable on each
Distribution Date or Redemption Date shall be made by check mailed to the Person
whose name appears as the registered Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on the
related Record Date, except that 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 checks shall be
mailed to the Person entitled thereto at the address of such Person as it
appears on the Note Register as of the applicable Record Date 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) affected by
any payments made on any Distribution Date or Redemption Date shall be binding
upon all future Holders 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 remaining unpaid principal amount of this
Note on a Distribution Date or Redemption Date, then the Trustee, in the name of
and on behalf of the Issuer, will notify the Person who was the registered
Holder hereof as of the Record Date preceding such Distribution Date or
Redemption Date by notice mailed within 20 days of such Distribution Date or
Redemption Date and the amount then due and payable shall be payable only upon
presentation and surrender of this Note at the Corporate Trust Office of the
Trustee or at the office of the Trustee's agent appointed for such purposes
located in The City of New York.

                                      F-4
<PAGE>

        As provided in the Sale and Servicing Agreement, on any Distribution
Date, the holders of Certificates will have the option to exercise an Optional
Repurchase right with respect to Contracts randomly selected by the Master
Servicer. The sum of the Principal Balances of the Contracts repurchased
pursuant to Optional Repurchases shall not exceed $360,000,000.

        As provided in the Indenture, the Notes may be redeemed pursuant to the
Indenture, in whole, but not in part, at the option of the Seller, on any
Distribution Date as of which the sum of the Principal Balances of the Contracts
is less than or equal to $180,000,000.

        As provided in the Indenture and subject to certain limitations set
forth therein, 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. 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 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 Trustee on the Notes or under the
Indenture or any certificate or other writing delivered in connection therewith,
against (i) the Trustee or the Owner Trustee 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 Trustee or the Owner
Trustee in its individual capacity, any holder of a beneficial interest in the
Issuer, the Owner Trustee or the Trustee or of any successor or assign of the
Trustee or the Owner Trustee 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 or failure to
pay any installment or call owing to such entity.

        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 that by
accepting the benefits of the Indenture and such Note 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, single business and
franchise tax purposes, the Notes will qualify as indebtedness of the Issuer
secured by the Trust Estate. Each Noteholder, by acceptance of a Note (and each
Note Owner by acceptance of a beneficial interest in a Note), agrees 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 Trustee and the Insurer and any agent of the Issuer, the Trustee
or the Insurer may treat the Person in whose name this Note (as of the day of
determination or as of such other date as may

                                      F-5
<PAGE>

be specified in the Indenture) is registered as the owner hereof for all
purposes, whether or not this Note be overdue, and neither the Issuer, the
Trustee nor any such agent shall be affected by notice to the contrary.

        The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer with the consent of the Insurer and of the Holders of Notes
representing a majority of the Outstanding Amount of the Notes. The Indenture
also contains provisions permitting the Holders of Notes representing specified
percentages of the Outstanding Amount of the Notes, on behalf of the Holders of
all the Notes, 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 Holder of this Note (or any one of more
Predecessor Notes) shall be conclusive and binding upon such Holder and upon all
future Holders 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 Indenture also permits the
Trustee to amend or waive certain terms and conditions set forth in the
Indenture without the consent of Holders of the Notes issued thereunder.

        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 construed in accordance with the
laws of the State of California, and the obligations, rights and remedies of the
parties hereunder and thereunder shall be determined in accordance with such
laws, except that the duties of the Trustee under the Indenture shall be
governed by New York law.

        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.

                                      F-6
<PAGE>

                                                                      EXHIBIT G

                             FORM OF CLASS A-4A NOTE

        THIS NOTE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A-1 NOTES,
THE CLASS A-2 NOTES, THE CLASS A-3A NOTES AND THE CLASS A-3B NOTES AS DESCRIBED
IN THE INDENTURE REFERRED TO HEREIN.

        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.

        THIS SECURITY IS NOT A SAVINGS ACCOUNT OR DEPOSIT AND IT IS NOT INSURED
BY THE UNITED STATES OR ANY AGENCY OR FUND OF THE UNITED STATES.

        THE PRINCIPAL OF THIS NOTE IS PAYABLE IN FULL ON THE DATE 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.

                        WFS FINANCIAL 2002-1 OWNER TRUST

                  4.87% AUTO RECEIVABLE BACKED NOTE, CLASS A-4A

REGISTERED                                                         $260,000,000

No. R-4A                                                   CUSIP NO. 92925W AE 8

        WFS Financial 2002-1 Owner Trust, a business trust organized and
existing under the laws of the State of Delaware (the "Issuer"), for value
received, hereby promises to pay to Cede & Co., or registered assigns, the
principal sum of Two Hundred Sixty Million Dollars ($260,000,000), payable to
the extent described in the Indenture referred to on the reverse hereof on each
Distribution Date; provided, however, that the entire unpaid principal amount of
this Note shall be payable on the earlier of September 20, 2009 (the "Class A-4
Final Scheduled Distribution Date") and the Redemption Date, if any, selected
pursuant to the Indenture. No payments of principal of the Class A-4A Notes
shall be made until the principal amount of the Class A-1 Notes, the Class A-2
Notes, the Class A-3A and the Class A-3B Notes has been reduced to zero.

                                      G-1
<PAGE>

        The Issuer will pay interest on this Note at the rate per annum shown
above on each Distribution 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 Distribution Date (after giving effect to all payments of principal
made on the preceding Distribution Date), or on the Closing Date in the case of
the first Distribution Date or if no interest has yet been paid, subject to
certain limitations contained in the Indenture. Interest on this Note will
accrue for each Distribution Date from and including the 20th day of the month
of the prior Distribution Date on which interest has been paid to but excluding
the 20th day of the month of the current Distribution Date or, in the case of
the first Distribution Date or if no interest has yet been paid, from March 20,
2002. The Issuer shall pay interest on overdue installments of interest at the
Class A-4A Interest Rate to the extent lawful. Interest will be computed on the
basis of a 360-day year consisting 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.

        The Notes are entitled to the benefits of a financial guaranty insurance
policy (the "Note Policy") issued by Financial Security Assurance Inc. (the
"Insurer"), pursuant to which the Insurer has unconditionally guaranteed payment
of the Note Interest Distributable Amount and the Note Principal Distributable
Amount on each Distribution Date, all as more fully set forth in the Indenture.

        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
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.

                                      G-2
<PAGE>

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

Date: March ___, 2002             WFS FINANCIAL 2002-1 OWNER TRUST

                                  By:  CHASE MANHATTAN BANK USA, NATIONAL
                                       ASSOCIATION,
                                       not in its individual capacity but
                                       solely on behalf of the
                                       Issuer as Owner Trustee, under
                                       the Trust Agreement

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

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

                                            BANKERS TRUST COMPANY,
                                            not in its individual capacity
                                            but solely as Trustee

                                            By:
                                               ---------------------------------
                                                   Authorized Signatory

                                      G-3
<PAGE>

                          [REVERSE OF CLASS A-4A NOTE]

        This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its 4.87% Auto Receivable Backed Notes, Class A-4A (the "Class
A-4A Notes"), all issued under an Indenture, dated as of March 1, 2002 (the
"Indenture"), between the Issuer and Bankers Trust Company, as trustee (the
"Trustee"), 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 Insurer, the Trustee and the Holders of the Notes.
The Notes are subject to all terms of the Indenture. All terms used in this Note
that are defined in the Indenture, as supplemented or amended, shall have the
meanings assigned to them in or pursuant to the Indenture, as so supplemented or
amended.

        The Class A-1 Notes, the Class A-2 Notes, the Class A-3A Notes, the
Class A-3B Notes, the Class A-4A Notes and the Class A-4B Notes (collectively,
the "Notes") are and, except as otherwise provided in the Indenture and the Sale
and Servicing Agreement, will be equally and ratably secured by the collateral
pledged as security therefor as provided in the Indenture.

        Principal payable on the Class A-4A Notes will be paid on each
Distribution Date in the amount specified in the Indenture and in the Sale and
Servicing Agreement. As described above, the entire unpaid principal amount of
this Note will be payable on the earlier of the Class A-4 Final Scheduled
Distribution Date and the Redemption Date, if any, selected pursuant to the
Indenture. Notwithstanding the foregoing, under certain circumstances, the
entire unpaid principal amount of the Class A-4A Notes shall be due and payable
following the occurrence and continuance of an Event of Default, as described in
the Indenture. All principal payments on the Class A-4A Notes shall be made pro
rata to the Class A-4A Noteholders entitled thereto.

        Payments of principal and interest on this Note due and payable on each
Distribution Date or Redemption Date shall be made by check mailed to the Person
whose name appears as the registered Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on the
related Record Date, except that 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 checks shall be
mailed to the Person entitled thereto at the address of such Person as it
appears on the Note Register as of the applicable Record Date 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) affected by
any payments made on any Distribution Date or Redemption Date shall be binding
upon all future Holders 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 remaining unpaid principal amount of this
Note on a Distribution Date or Redemption Date, then the Trustee, in the name of
and on behalf of the Issuer, will notify the Person who was the registered
Holder hereof as of the Record Date preceding such Distribution Date or
Redemption Date by notice mailed within 20 days of such Distribution Date or
Redemption Date and the amount then due and payable shall be payable only upon
presentation and surrender of this Note at the Corporate Trust Office of the
Trustee or at the office of the Trustee's agent appointed for such purposes
located in The City of New York.

                                      G-4
<PAGE>

        As provided in the Sale and Servicing Agreement, on any Distribution
Date, the holders of Certificates will have the option to exercise an Optional
Repurchase right with respect to Contracts randomly selected by the Master
Servicer. The sum of the Principal Balances of the Contracts repurchased
pursuant to Optional Repurchases shall not exceed $360,000,000.

        As provided in the Indenture, the Notes may be redeemed pursuant to the
Indenture, in whole, but not in part, at the option of the Seller, on any
Distribution Date as of which the sum of the Principal Balances of the Contracts
is less than or equal to $180,000,000.

        As provided in the Indenture and subject to certain limitations set
forth therein, 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. 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 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 Trustee on the Notes or under the
Indenture or any certificate or other writing delivered in connection therewith,
against (i) the Trustee or the Owner Trustee 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 Trustee or the Owner
Trustee in its individual capacity, any holder of a beneficial interest in the
Issuer, the Owner Trustee or the Trustee or of any successor or assign of the
Trustee or the Owner Trustee 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 or failure to
pay any installment or call owing to such entity.

        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 that by
accepting the benefits of the Indenture and such Note 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, single business and
franchise tax purposes, the Notes will qualify as indebtedness of the Issuer
secured by the Trust Estate. Each Noteholder, by acceptance of a Note (and each
Note Owner by acceptance of a beneficial interest in a Note), agrees 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 Trustee and the Insurer and any agent of the Issuer, the Trustee
or the Insurer may treat the Person in whose name this Note (as of the day of
determination or as of such other date as may

                                      G-5
<PAGE>

be specified in the Indenture) is registered as the owner hereof for all
purposes, whether or not this Note be overdue, and neither the Issuer, the
Trustee nor any such agent shall be affected by notice to the contrary.

        The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer with the consent of the Insurer and of the Holders of Notes
representing a majority of the Outstanding Amount of the Notes. The Indenture
also contains provisions permitting the Holders of Notes representing specified
percentages of the Outstanding Amount of the Notes, on behalf of the Holders of
all the Notes, 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 Holder of this Note (or any one of more
Predecessor Notes) shall be conclusive and binding upon such Holder and upon all
future Holders 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 Indenture also permits the
Trustee to amend or waive certain terms and conditions set forth in the
Indenture without the consent of Holders of the Notes issued thereunder.

        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 construed in accordance with the
laws of the State of California, and the obligations, rights and remedies of the
parties hereunder and thereunder shall be determined in accordance with such
laws, except that the duties of the Trustee under the Indenture shall be
governed by New York law.

        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.

                                      G-6
<PAGE>

                                                                       EXHIBIT H

                             FORM OF CLASS A-4B NOTE

        THIS NOTE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A-1 NOTES,
THE CLASS A-2 NOTES, THE CLASS A-3A NOTES AND THE CLASS A-3B NOTES AS DESCRIBED
IN THE INDENTURE REFERRED TO HEREIN.

        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.

        THIS SECURITY IS NOT A SAVINGS ACCOUNT OR DEPOSIT AND IT IS NOT INSURED
BY THE UNITED STATES OR ANY AGENCY OR FUND OF THE UNITED STATES.

        THE PRINCIPAL OF THIS NOTE IS PAYABLE IN FULL ON THE DATE 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.

                        WFS FINANCIAL 2002-1 OWNER TRUST

              FLOATING RATE AUTO RECEIVABLE BACKED NOTE, CLASS A-4B

REGISTERED                                                         $160,000,000

No. R-4B                                                  CUSIP NO. 92925W AF 5

        WFS Financial 2002-1 Owner Trust, a business trust organized and
existing under the laws of the State of Delaware (the "Issuer"), for value
received, hereby promises to pay to Cede & Co., or registered assigns, the
principal sum of One Hundred Sixty Million Dollars ($160,000,000) payable to the
extent described in the Indenture referred to on the reverse hereof on each
Distribution Date; provided, however, that the entire unpaid principal amount of
this Note shall be payable on the earlier of September 20, 2009 (the "Class A-4
Final Scheduled Distribution Date") and the Redemption Date, if any, selected
pursuant to the Indenture. No payments of principal of the Class A-4B Notes
shall be made until the principal amount of the Class A-1 Notes, the Class A-2
Notes, the Class A-3A Notes and the Class A-3B Notes has been reduced to zero.

                                      H-1
<PAGE>

        The Issuer will pay interest on this Note at the rate per annum equal to
the LIBOR Rate plus 0.17% on each Distribution 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 Distribution Date (after giving effect to all
payments of principal made on the preceding Distribution Date), or on the
Closing Date in the case of the first Distribution Date or if no interest has
yet been paid, subject to certain limitations contained in the Indenture.
Interest on this Note will accrue for each Distribution Date from and including
the most recent Distribution Date on which interest has been paid to but
excluding such Distribution Date or, in the case of the first Distribution Date
or if no interest has yet been paid, from March 20, 2002. The Issuer shall pay
interest on overdue installments of interest at the Class A-4B Interest Rate to
the extent lawful. Interest will be computed on the basis of a 360-day year and
the actual number of days elapsed during the related Interest Period. 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.

        The Notes are entitled to the benefits of a financial guaranty insurance
policy (the "Note Policy") issued by Financial Security Assurance Inc. (the
"Insurer"), pursuant to which the Insurer has unconditionally guaranteed payment
of the Note Interest Distributable Amount and the Note Principal Distributable
Amount on each Distribution Date, all as more fully set forth in the Indenture.

        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
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.

                                      H-2
<PAGE>

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

Date: March ___, 2002                WFS FINANCIAL 2002-1 OWNER TRUST

                                     By:  CHASE MANHATTAN BANK USA, NATIONAL
                                          ASSOCIATION,
                                          not in its individual capacity but
                                          solely on behalf of the Issuer as
                                          Owner Trustee, under the Trust
                                          Agreement

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

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

                                     BANKERS TRUST COMPANY,
                                     not in its individual capacity but solely
                                     as Trustee

                                     By:
                                        ---------------------------------------
                                                  Authorized Signatory

                                      H-3
<PAGE>

                          [REVERSE OF CLASS A-4B NOTE]

        This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its LIBOR Rate plus 0.17% Auto Receivable Backed Notes, Class A-4B
(the "Class A-4B Notes"), all issued under an Indenture, dated as of March 1,
2002 (the "Indenture"), between the Issuer and Bankers Trust Company, as trustee
(the "Trustee"), 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 Insurer, the Trustee and the Holders
of the Notes. The Notes are subject to all terms of the Indenture. All terms
used in this Note that are defined in the Indenture, as supplemented or amended,
shall have the meanings assigned to them in or pursuant to the Indenture, as so
supplemented or amended.

        The Class A-1 Notes, the Class A-2 Notes, the Class A-3A Notes, the
Class A-3B Notes, the Class A-4A Notes and the Class A-4B Notes (collectively,
the "Notes") are and, except as otherwise provided in the Indenture and the Sale
and Servicing Agreement, will be equally and ratably secured by the collateral
pledged as security therefor as provided in the Indenture.

        Principal payable on the Class A-4B Notes will be paid on each
Distribution Date in the amount specified in the Indenture and in the Sale and
Servicing Agreement. As described above, the entire unpaid principal amount of
this Note will be payable on the earlier of the Class A-4 Final Scheduled
Distribution Date and the Redemption Date, if any, selected pursuant to the
Indenture. Notwithstanding the foregoing, under certain circumstances, the
entire unpaid principal amount of the Class A-4B Notes shall be due and payable
following the occurrence and continuance of an Event of Default, as described in
the Indenture. All principal payments on the Class A-4B Notes shall be made pro
rata to the Class A-4B Noteholders entitled thereto.

        Payments of principal and interest on this Note due and payable on each
Distribution Date or Redemption Date shall be made by check mailed to the Person
whose name appears as the registered Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on the
related Record Date, except that 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 checks shall be
mailed to the Person entitled thereto at the address of such Person as it
appears on the Note Register as of the applicable Record Date 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) affected by
any payments made on any Distribution Date or Redemption Date shall be binding
upon all future Holders 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 remaining unpaid principal amount of this
Note on a Distribution Date or Redemption Date, then the Trustee, in the name of
and on behalf of the Issuer, will notify the Person who was the registered
Holder hereof as of the Record Date preceding such Distribution Date or
Redemption Date by notice mailed within 20 days of such Distribution Date or
Redemption Date and the amount then due and payable shall be payable only upon
presentation and surrender of this Note at the Corporate Trust Office of the
Trustee or at the office of the Trustee's agent appointed for such purposes
located in The City of New York.

                                      H-4
<PAGE>

        As provided in the Sale and Servicing Agreement, on any Distribution
Date, the holders of Certificates will have the option to exercise an Optional
Repurchase right with respect to Contracts randomly selected by the Master
Servicer. The sum of the Principal Balances of the Contracts repurchased
pursuant to Optional Repurchases shall not exceed $360,000,000.

        As provided in the Indenture, the Notes may be redeemed pursuant to the
Indenture, in whole, but not in part, at the option of the Seller, on any
Distribution Date as of which the sum of the Principal Balances of the Contracts
is less than or equal to $180,000,000.

        As provided in the Indenture and subject to certain limitations set
forth therein, 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. 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 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 Trustee on the Notes or under the
Indenture or any certificate or other writing delivered in connection therewith,
against (i) the Trustee or the Owner Trustee 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 Trustee or the Owner
Trustee in its individual capacity, any holder of a beneficial interest in the
Issuer, the Owner Trustee or the Trustee or of any successor or assign of the
Trustee or the Owner Trustee 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 or failure to
pay any installment or call owing to such entity.

        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 that by
accepting the benefits of the Indenture and such Note 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, single business and
franchise tax purposes, the Notes will qualify as indebtedness of the Issuer
secured by the Trust Estate. Each Noteholder, by acceptance of a Note (and each
Note Owner by acceptance of a beneficial interest in a Note), agrees 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 Trustee and the Insurer and any agent of the Issuer, the Trustee
or the Insurer may treat the Person in whose name this Note (as of the day of
determination or as of such other date as may

                                      H-5
<PAGE>

be specified in the Indenture) is registered as the owner hereof for all
purposes, whether or not this Note be overdue, and neither the Issuer, the
Trustee nor any such agent shall be affected by notice to the contrary.

        The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer with the consent of the Insurer and of the Holders of Notes
representing a majority of the Outstanding Amount of the Notes. The Indenture
also contains provisions permitting the Holders of Notes representing specified
percentages of the Outstanding Amount of the Notes, on behalf of the Holders of
all the Notes, 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 Holder of this Note (or any one of more
Predecessor Notes) shall be conclusive and binding upon such Holder and upon all
future Holders 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 Indenture also permits the
Trustee to amend or waive certain terms and conditions set forth in the
Indenture without the consent of Holders of the Notes issued thereunder.

        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 construed in accordance with the
laws of the State of California, and the obligations, rights and remedies of the
parties hereunder and thereunder shall be determined in accordance with such
laws, except that the duties of the Trustee under the Indenture shall be
governed by New York law.

        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.

                                      H-6
<PAGE>

                                                                      EXHIBIT I

                             FORM OF NOTE 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 Note, and all rights thereunder, hereby irrevocably constituting
and appointing

--------------------------------------------------------------------------------
to transfer said Note on the books kept for registration thereof, with full
power of substitution in the premises.

Dated:
       --------------------

Signature Guaranteed By:

<TABLE>
<S>                                                             <C>

---------------------------------------                         ------------------------------------
Signature must be guaranteed by an                              Notice: The signature(s) on this
eligible guarantor institution which                            assignment must correspond with
is a participant in the Securities                              the name(s)as it appears on the
Transfer Agent's Medallion Program                              face of the within Note in
(STAMP) or similar signature                                    every particular, without
guarantee program.                                              alteration, enlargement, or any
                                                                change whatsoever.
</TABLE>

---------------------------------------------------
          (Authorized Officer)

                                      I-1

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