Document:

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                                                                     EXHIBIT 4.1
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                   CAPITAL AUTO RECEIVABLES ASSET TRUST 2003-2

                   CLASS A-1 FLOATING RATE ASSET BACKED NOTES
                       CLASS A-2a 1.20% ASSET BACKED NOTES
                   CLASS A-2b FLOATING RATE ASSET BACKED NOTES
                       CLASS A-3a 1.44% ASSET BACKED NOTES
                   CLASS A-3b FLOATING RATE ASSET BACKED NOTES
                       CLASS A-4a 1.96% ASSET BACKED NOTES
                   CLASS A-4b FLOATING RATE ASSET BACKED NOTES

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                                    INDENTURE

                            DATED AS OF JUNE 11, 2003

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

                         BANK ONE, NATIONAL ASSOCIATION
                                INDENTURE TRUSTEE

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                                TABLE OF CONTENTS

<TABLE>
<S>                                                                                                                    <C>
ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE.............................................................       2

   SECTION 1.1       DEFINITIONS.................................................................................       2
   SECTION 1.2       INCORPORATION BY REFERENCE OF TRUST INDENTURE ACT...........................................       2

ARTICLE II THE NOTES.............................................................................................       3

   SECTION 2.1       FORM........................................................................................       3
   SECTION 2.2       EXECUTION, AUTHENTICATION AND DELIVERY......................................................       3
   SECTION 2.3       TEMPORARY NOTES.............................................................................       4
   SECTION 2.4       REGISTRATION; REGISTRATION OF TRANSFER AND EXCHANGE OF NOTES................................       4
   SECTION 2.5       MUTILATED, DESTROYED, LOST OR STOLEN NOTES..................................................       6
   SECTION 2.6       PERSONS DEEMED NOTEHOLDERS..................................................................       6
   SECTION 2.7       PAYMENT OF PRINCIPAL AND INTEREST...........................................................       7
   SECTION 2.8       CANCELLATION OF NOTES.......................................................................       8
   SECTION 2.9       RELEASE OF COLLATERAL.......................................................................       8
   SECTION 2.10      BOOK-ENTRY NOTES............................................................................       8
   SECTION 2.11      NOTICES TO CLEARING AGENCY..................................................................       9
   SECTION 2.12      DEFINITIVE NOTES............................................................................       9
   SECTION 2.13      SELLER AS NOTEHOLDER........................................................................      10
   SECTION 2.14      TAX TREATMENT...............................................................................      10
   SECTION 2.15      SPECIAL TERMS APPLICABLE TO THE PRIVATE NOTES...............................................      10

ARTICLE III COVENANTS............................................................................................      11

   SECTION 3.1       PAYMENT OF PRINCIPAL AND INTEREST...........................................................      11
   SECTION 3.2       MAINTENANCE OF AGENCY OFFICE................................................................      11
   SECTION 3.3       MONEY FOR PAYMENTS TO BE HELD IN TRUST......................................................      11
   SECTION 3.4       EXISTENCE...................................................................................      13
   SECTION 3.5       PROTECTION OF TRUST ESTATE; ACKNOWLEDGMENT OF PLEDGE........................................      13
   SECTION 3.6       OPINIONS AS TO TRUST ESTATE.................................................................      14
   SECTION 3.7       PERFORMANCE OF OBLIGATIONS; SERVICING OF RECEIVABLES........................................      14
   SECTION 3.8       NEGATIVE COVENANTS..........................................................................      15
   SECTION 3.9       ANNUAL STATEMENT AS TO COMPLIANCE...........................................................      16
   SECTION 3.10      CONSOLIDATION, MERGER, ETC., OF ISSUER; DISPOSITION OF TRUST ASSETS.........................      16
   SECTION 3.11      SUCCESSOR OR TRANSFEREE.....................................................................      18
   SECTION 3.12      NO OTHER BUSINESS...........................................................................      18
   SECTION 3.13      NO BORROWING................................................................................      19
   SECTION 3.14      GUARANTEES, LOANS, ADVANCES AND OTHER LIABILITIES...........................................      19
   SECTION 3.15      SERVICER'S OBLIGATIONS......................................................................      19
   SECTION 3.16      CAPITAL EXPENDITURES........................................................................      19
   SECTION 3.17      REMOVAL OF ADMINISTRATOR....................................................................      19
   SECTION 3.18      RESTRICTED PAYMENTS.........................................................................      19
   SECTION 3.19      NOTICE OF EVENTS OF DEFAULT.................................................................      20
   SECTION 3.20      FURTHER INSTRUMENTS AND ACTS................................................................      20
   SECTION 3.21      INDENTURE TRUSTEE'S ASSIGNMENT OF ADMINISTRATIVE RECEIVABLES AND WARRANTY RECEIVABLES.......      20
   SECTION 3.22      REPRESENTATIONS AND WARRANTIES BY THE ISSUER TO THE INDENTURE TRUSTEE.......................      20

ARTICLE IV SATISFACTION AND DISCHARGE............................................................................      21

   SECTION 4.1       SATISFACTION AND DISCHARGE OF INDENTURE.....................................................      21
   SECTION 4.2       APPLICATION OF TRUST MONEY..................................................................      22
   SECTION 4.3       REPAYMENT OF MONIES HELD BY PAYING AGENT....................................................      22
   SECTION 4.4       DURATION OF POSITION OF INDENTURE TRUSTEE...................................................      22
</TABLE>

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<TABLE>
<S>                                                                                                                    <C>
ARTICLE V DEFAULT AND REMEDIES...................................................................................      22

   SECTION 5.1       EVENTS OF DEFAULT...........................................................................      22
   SECTION 5.2       ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT..........................................      23
   SECTION 5.3       COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY INDENTURE TRUSTEE...................      24
   SECTION 5.4       REMEDIES; PRIORITIES........................................................................      26
   SECTION 5.5       OPTIONAL PRESERVATION OF THE RECEIVABLES....................................................      28
   SECTION 5.6       LIMITATION OF SUITS.........................................................................      28
   SECTION 5.7       UNCONDITIONAL RIGHTS OF NOTEHOLDERS TO RECEIVE PRINCIPAL AND INTEREST.......................      29
   SECTION 5.8       RESTORATION OF RIGHTS AND REMEDIES..........................................................      29
   SECTION 5.9       RIGHTS AND REMEDIES CUMULATIVE..............................................................      29
   SECTION 5.10      DELAY OR OMISSION NOT A WAIVER..............................................................      29
   SECTION 5.11      CONTROL BY NOTEHOLDERS......................................................................      29
   SECTION 5.12      WAIVER OF PAST DEFAULTS.....................................................................      30
   SECTION 5.13      UNDERTAKING FOR COSTS.......................................................................      30
   SECTION 5.14      WAIVER OF STAY OR EXTENSION LAWS............................................................      31
   SECTION 5.15      ACTION ON NOTES.............................................................................      31
   SECTION 5.16      PERFORMANCE AND ENFORCEMENT OF CERTAIN OBLIGATIONS..........................................      31

ARTICLE VI THE INDENTURE TRUSTEE.................................................................................      32

   SECTION 6.1       DUTIES OF INDENTURE TRUSTEE.................................................................      32
   SECTION 6.2       RIGHTS OF INDENTURE TRUSTEE.................................................................      33
   SECTION 6.3       INDENTURE TRUSTEE MAY OWN NOTES.............................................................      34
   SECTION 6.4       INDENTURE TRUSTEE'S DISCLAIMER..............................................................      34
   SECTION 6.5       NOTICE OF DEFAULTS..........................................................................      34
   SECTION 6.6       REPORTS BY INDENTURE TRUSTEE TO HOLDERS.....................................................      35
   SECTION 6.7       COMPENSATION; INDEMNITY.....................................................................      35
   SECTION 6.8       REPLACEMENT OF INDENTURE TRUSTEE............................................................      35
   SECTION 6.9       MERGER OR CONSOLIDATION OF INDENTURE TRUSTEE................................................      36
   SECTION 6.10      APPOINTMENT OF CO-INDENTURE TRUSTEE OR SEPARATE INDENTURE TRUSTEE...........................      36
   SECTION 6.11      ELIGIBILITY; DISQUALIFICATION...............................................................      38
   SECTION 6.12      PREFERENTIAL COLLECTION OF CLAIMS AGAINST ISSUER............................................      38
   SECTION 6.13      REPRESENTATIONS AND WARRANTIES OF INDENTURE TRUSTEE.........................................      38
   SECTION 6.14      INDENTURE TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF NOTES............................      39
   SECTION 6.15      SUIT FOR ENFORCEMENT........................................................................      39
   SECTION 6.16      RIGHTS OF NOTEHOLDERS TO DIRECT INDENTURE TRUSTEE...........................................      39

ARTICLE VII NOTEHOLDERS' LISTS AND REPORTS.......................................................................      39

   SECTION 7.1       ISSUER TO FURNISH INDENTURE TRUSTEE NAMES AND ADDRESSES OF NOTEHOLDERS......................      39
   SECTION 7.2       PRESERVATION OF INFORMATION, COMMUNICATIONS TO NOTEHOLDERS..................................      40
   SECTION 7.3       REPORTS BY ISSUER...........................................................................      40
   SECTION 7.4       REPORTS BY TRUSTEE..........................................................................      40

ARTICLE VIII ACCOUNTS, DISBURSEMENTS AND RELEASES................................................................      41

   SECTION 8.1       COLLECTION OF MONEY.........................................................................      41
   SECTION 8.2       DESIGNATED ACCOUNTS; PAYMENTS...............................................................      41
   SECTION 8.3       GENERAL PROVISIONS REGARDING ACCOUNTS.......................................................      42
   SECTION 8.4       RELEASE OF TRUST ESTATE.....................................................................      43
   SECTION 8.5       OPINION OF COUNSEL..........................................................................      44

ARTICLE IX SUPPLEMENTAL INDENTURES...............................................................................      44

   SECTION 9.1       SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF NOTEHOLDERS......................................      44
   SECTION 9.2       SUPPLEMENTAL INDENTURES WITH CONSENT OF NOTEHOLDERS.........................................      45
   SECTION 9.3       EXECUTION OF SUPPLEMENTAL INDENTURES........................................................      46
   SECTION 9.4       EFFECT OF SUPPLEMENTAL INDENTURE............................................................      46
   SECTION 9.5       CONFORMITY WITH TRUST INDENTURE ACT.........................................................      47
</TABLE>

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<TABLE>
<S>                                                                                                                    <C>
   SECTION 9.6       REFERENCE IN NOTES TO SUPPLEMENTAL INDENTURES...............................................      47

ARTICLE X REDEMPTION OF NOTES....................................................................................      47

   SECTION 10.1      REDEMPTION..................................................................................      47
   SECTION 10.2      FORM OF REDEMPTION NOTICE...................................................................      47
   SECTION 10.3      NOTES PAYABLE ON REDEMPTION DATE............................................................      48

ARTICLE XI MISCELLANEOUS.........................................................................................      48

   SECTION 11.1      COMPLIANCE CERTIFICATES AND OPINIONS, ETC...................................................      48
   SECTION 11.2      FORM OF DOCUMENTS DELIVERED TO INDENTURE TRUSTEE............................................      50
   SECTION 11.3      ACTS OF NOTEHOLDERS.........................................................................      50
   SECTION 11.4      NOTICES, ETC., TO INDENTURE TRUSTEE, ISSUER AND RATING AGENCIES.............................      51
   SECTION 11.5      NOTICES TO NOTEHOLDERS; WAIVER..............................................................      51
   SECTION 11.6      ALTERNATE PAYMENT AND NOTICE PROVISIONS.....................................................      52
   SECTION 11.7      CONFLICT WITH TRUST INDENTURE ACT...........................................................      52
   SECTION 11.8      EFFECT OF HEADINGS AND TABLE OF CONTENTS....................................................      52
   SECTION 11.9      SUCCESSORS AND ASSIGNS......................................................................      52
   SECTION 11.10     SEVERABILITY................................................................................      53
   SECTION 11.11     BENEFITS OF INDENTURE.......................................................................      53
   SECTION 11.12     LEGAL HOLIDAYS..............................................................................      53
   SECTION 11.13     GOVERNING LAW...............................................................................      53
   SECTION 11.14     COUNTERPARTS................................................................................      53
   SECTION 11.15     RECORDING OF INDENTURE......................................................................      53
   SECTION 11.16     NO RECOURSE.................................................................................      53
   SECTION 11.17     NO PETITION.................................................................................      55
   SECTION 11.18     INSPECTION..................................................................................      55
   SECTION 11.19     INDEMNIFICATION BY AND REIMBURSEMENT OF THE SERVICER........................................      55
</TABLE>

Exhibit A        -   Location of Schedule of Receivables

Exhibit B        -   Form of Note Depository Agreement

Exhibit C-1      -   Form of Fixed Rate Class A2a, A3a, A4a Asset Backed Note

Exhibit C-2      -   Form of Floating Rate Class A2b, A3b, A4b Asset Backed Note

Exhibit C-3      -   Form of Floating Rate Class A-1 Asset Backed Note

Exhibit D            Rule 144A Certificate

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                  THIS INDENTURE, dated as of June 11, 2003, between CAPITAL
AUTO RECEIVABLES ASSET TRUST 2003-2, a Delaware statutory trust (the "Issuer"),
and BANK ONE, NATIONAL ASSOCIATION, as trustee and not in its individual
capacity (the "Indenture Trustee").

                  Each party agrees as follows for the benefit of the other
party and for the equal and ratable benefit of the Secured Parties and the
Holders of the Certificates (only to the extent expressly provided herein):

                                 GRANTING CLAUSE

                  The Issuer hereby Grants to the Indenture Trustee at the
Closing Date, as trustee for the benefit of the Secured Parties (only to the
extent expressly provided herein), (a) all right, title and interest of the
Issuer in, to and under the Receivables listed on the Schedule of Receivables
and (i) in the case of Receivables that are Scheduled Interest Receivables, all
monies due thereunder on and after the Cutoff Date and (ii) in the case of
Receivables that are Simple Interest Receivables, all monies received thereon on
and after the Cutoff Date, in each case, exclusive of any amounts allocable to
the premium for physical damage insurance force-placed by GMAC, as servicer of
the Receivables, covering any related Financed Vehicle; (b) the interest of the
Issuer in the security interests in the Financed Vehicles granted by Obligors
pursuant to the Receivables and, where permitted by law, any accessions thereto;
(c) the interest of the Issuer in any proceeds from claims on any physical
damage, credit life, credit disability or other insurance policies covering
Financed Vehicles or Obligors; (d) the interest of the Issuer in any proceeds
from recourse against Dealers on the Receivables; (e) all right, title and
interest in all funds on deposit from time to time in the Collection Account,
the Note Distribution Account, the Certificate Distribution Account; (f) all
right, title and interest of the Issuer in, to and under the First Step
Receivables Assignment, the Second Step Receivables Assignment, Trust Sale and
Servicing Agreement and any other Further Transfer and Servicing Agreements,
including all rights of the Seller under the Pooling and Servicing Agreement and
the Custodian Agreement assigned to the Issuer pursuant to the Trust Sale and
Servicing Agreement; (g) all right, title and interest of the Issuer in, to and
under any Third Party Instrument; and (h) all present and future claims,
demands, causes and choses in action in respect of any or all of the foregoing
and all payments on or under and all proceeds of every kind and nature
whatsoever in respect of any or all the foregoing, including all proceeds of the
conversion of any or all of the foregoing, 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, investment property, payment intangibles, general intangibles,
condemnation awards, rights to payment of any and every kind and other forms of
obligations and receivables, instruments and other property which at any time
constitute all or part of or are included in the proceeds of any of the
foregoing (collectively, along with the Reserve Account Property pledged
pursuant to Section 4.07(c) of the Trust Sale and Servicing Agreement, the
"Collateral").

                  The foregoing Grant is made in trust to secure the Secured
Obligations and the payment of the Certificate Balance and interest on, and any
other amounts owing in respect of, the Certificates, equally and ratably without
prejudice, priority or distinction, and to secure compliance with the provisions
of this Indenture, all as provided in this Indenture. This Indenture constitutes
a security agreement under the UCC.

<PAGE>

                  The foregoing Grant includes all rights, powers and options
(but none of the obligations, if any) of the Issuer under any agreement or
instrument included in the Collateral, including the immediate and continuing
right to claim for, collect, receive and give receipt for principal and interest
payments in respect of the Receivables included in the Collateral and all other
monies payable under the Collateral, 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 Issuer or otherwise and
generally to do and receive anything that the Issuer is or may be entitled to do
or receive under or with respect to the Collateral.

                  The Indenture Trustee, as trustee on behalf of the Secured
Parties and (only to the extent expressly provided herein) the
Certificateholders, acknowledges such Grant and accepts the trusts under this
Indenture in accordance with the provisions of this Indenture.

                                   ARTICLE I
                   DEFINITIONS AND INCORPORATION BY REFERENCE

             SECTION 1.1 Definitions. Certain capitalized terms used in this
Indenture shall have the respective meanings assigned them in Part I of Appendix
A to the Trust Sale and Servicing Agreement (as amended from time to time, the
"Trust Sale and Servicing Agreement") dated as of the date hereof, among the
Issuer, CARI and General Motors Acceptance Corporation ("GMAC"). All references
in this Indenture to Articles, Sections, subsections and exhibits are to the
same contained in or attached to this Indenture unless otherwise specified. All
terms defined in this Indenture shall have the defined meanings when used in any
certificate, notice, Note or other document made or delivered pursuant hereto
unless otherwise defined therein. The rules of construction set forth in Part II
of such Appendix A shall be applicable to this Indenture.

             SECTION 1.2 Incorporation by Reference of Trust Indenture Act.
Whenever this Indenture refers to a provision of the TIA, such 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" means the Indenture 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 reference to another statute or defined by a Commission rule
have the respective meanings assigned to them by such definitions.

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                                   ARTICLE II
                                   THE NOTES

             SECTION 2.1 Form.

                  (a) Each of the Class A2a, A3a, A4a Notes, together, in each
case, with the Indenture Trustee's certificate of authentication, shall be
substantially in the form set forth in Exhibit C-1, each of the Class A2b, A3b,
A4b Notes, together, with the Indenture Trustee's certificate of authentication,
shall be substantially in the form set forth in Exhibit C-2, and the Class A-1
Notes with the Indenture Trustee's certificate of authentication, shall be
substantially in the form set forth in Exhibit C-3, in each case with such
appropriate insertions, omissions, substitutions and other variations as are
required or permitted by this Indenture, and each such Note 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.

                  (b) 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.

                  (c) The terms of each class of Notes as provided for in
Exhibits C-1, C-2 and C-3, hereto are part of the terms of this Indenture.

            SECTION 2.2 Execution, Authentication and Delivery.

                  (a) Each Note shall be dated the date of its authentication
and shall be issuable as a registered Note in the minimum denomination of $1,000
and in integral multiples thereof (except, if applicable, for one Note
representing a residual portion of each class which may be issued in a different
denomination).

                  (b) 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.

                  (c) 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 office prior to the authentication and delivery of such Notes or did
not hold such office at the date of such Notes.

                  (d) The Indenture Trustee, in exchange for the Grant of the
Receivables and the other components of the Trust, simultaneously with the Grant
to the Indenture Trustee of the Receivables, and the constructive delivery to
the Indenture Trustee of the Receivables Files and the other components and
assets of the Trust, shall cause to be authenticated and delivered to or upon
the order of the Issuer, Notes for original issue in aggregate principal amount
of $2,918,400,000, comprised of (i) Class A-1 Notes in the aggregate principal
amount of $755,000,000, (ii) Class A-2a Notes in the aggregate principal amount
of $230,000,000 (iii)

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Class A-2b Notes in the aggregate principal amount of $342,000,000, (iii) Class
A-3a Notes in the aggregate principal amount of $450,000,000, (iv) Class A-3b
Notes in the aggregate principal amount of $636,000,000, (v) Class A-4a in the
aggregate principal amount of $250,000,000, and (vi) Class A-4b Notes in the
aggregate principal amount of $255,400,000. The aggregate principal amount of
all Notes outstanding at any time may not exceed $2,918,400,000 except as
provided in Section 2.5.

                  (e) No Notes 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 set forth in
Exhibit C-1, Exhibit C-2, or Exhibit C-3, as applicable, executed by the
Indenture Trustee by the manual signature of one of its Authorized Officers, and
such certificate upon any Note shall be conclusive evidence, and the only
evidence, that such Note has been duly authenticated and delivered hereunder.

            SECTION 2.3 Temporary Notes.

                  (a) Pending the preparation of Definitive Notes, if any, the
Issuer may execute, and upon receipt of an Issuer Order the Indenture Trustee
shall authenticate and deliver, such Temporary Notes which 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
as are consistent with the terms of this Indenture as the officers executing
such Notes may determine, as evidenced by their execution of such Notes.

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

            SECTION 2.4 Registration; Registration of Transfer and Exchange of
Notes.

                  (a) The Issuer shall cause to be kept the Note Register,
comprising separate registers for each class of Notes, in which, subject to such
reasonable regulations as the Issuer may prescribe, the Issuer shall provide for
the registration of the Notes and the registration of transfers and exchanges of
the Notes. The Indenture Trustee shall initially be the Note Registrar for the
purpose of registering the Notes and transfers of the Notes as herein provided.
Upon any resignation of any Note Registrar, the Issuer shall promptly appoint a
successor Note Registrar or, if it elects not to make such an appointment,
assume the duties of the Note Registrar.

                  (b) If a Person other than the Indenture Trustee is appointed
by the Issuer as Note Registrar, the Issuer will give the Indenture Trustee
prompt written notice of the appointment of such Note Registrar and of the
location, and any change in the location, of the Note Register. The Indenture
Trustee shall have the right to inspect the Note Register at all reasonable
times and

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to obtain copies thereof. The Indenture Trustee shall have the right to rely
upon a certificate executed on behalf of the Note Registrar by an Executive
Officer thereof as to the names and addresses of the Noteholders and the
principal amounts and number of such Notes.

                  (c) Upon surrender for registration of transfer of any Note at
the Corporate Trust Office of the Indenture Trustee or the Agency Office of the
Issuer (and following the delivery, in the former case, of such Notes to the
Issuer by the Indenture Trustee), the Issuer shall execute, the Indenture
Trustee shall authenticate and the Noteholder shall obtain from the Indenture
Trustee, in the name of the designated transferee or transferees, one or more
new Notes in any authorized denominations, of a like aggregate principal amount.

                  (d) At the option of the Noteholder, Notes may be exchanged
for other Notes of the same class in any authorized denominations, of a like
aggregate principal amount, upon surrender of such Notes to be exchanged at the
Corporate Trust Office of the Indenture Trustee or the Agency Office of the
Issuer (and following the delivery, in the former case, of such Notes to the
Issuer by the Indenture Trustee), the Issuer shall execute, and the Indenture
Trustee shall authenticate and the Noteholder shall obtain from the Indenture
Trustee, such Notes which the Noteholder making the exchange is entitled to
receive.

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

                  (f) Every Note presented or surrendered for registration of
transfer or exchange shall be duly endorsed by, or be accompanied by a written
instrument of transfer in form satisfactory to the Indenture Trustee and the
Note Registrar, 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 of the Indenture Trustee is
located, or by a member firm of a national securities exchange, and such other
documents as the Indenture Trustee may require.

                  (g) No service charge shall be made to a Holder for any
registration of transfer or exchange of Notes, but the Issuer or Indenture
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 Sections 2.3 or
9.6 not involving any transfer.

                  (h) By acquiring a Note, each purchaser and transferee shall
be deemed to represent and warrant that either (a) it is not acquiring the Note
with the plan assets of a Benefit Plan or (b) the acquisition and holding of the
Note will not give rise to a non-exempt prohibited transaction under Section
406(a) of ERISA of Section 4975 of the Code.

                  (i) The preceding provisions of this Section 2.4
notwithstanding, the Issuer shall not be required to transfer or make exchanges,
and the Note Registrar need not register transfers or exchanges, of Notes that:
(i) have been selected for redemption pursuant to Article X, if

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applicable; or (ii) are due for repayment within 15 days of submission to the
Corporate Trust Office or the Agency Office.

            SECTION 2.5 Mutilated, Destroyed, Lost or Stolen Notes.

                  (a) If (i) any mutilated Note is surrendered to the Indenture
Trustee, or the Indenture Trustee receives evidence to its satisfaction of the
destruction, loss or theft of any Note, and (ii) there is delivered to the
Indenture Trustee such security or indemnity as may be required by it to hold
the Issuer and the Indenture Trustee harmless, then, in the absence of notice to
the Issuer, the Note Registrar or the Indenture Trustee that such Note has been
acquired by a bona fide purchaser, the Issuer shall execute and upon the
Issuer's request the Indenture Trustee shall authenticate and deliver, in
exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a
replacement Note of a like class and aggregate principal amount; 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 make payment to the Holder of such destroyed, lost or stolen Note
when so due or payable or upon the Redemption Date, if applicable, without
surrender thereof.

                  (b) If, after the delivery of a replacement Note or payment in
respect of a destroyed, lost or stolen Note pursuant to subsection (a), a bona
fide purchaser of the original Note in lieu of which such replacement Note was
issued presents for payment such original Note, the Issuer and the Indenture
Trustee shall be entitled to recover such replacement Note (or such payment)
from (i) any Person to whom it was delivered, (ii) the Person taking such
replacement Note from the Person to whom such replacement Note was delivered; or
(iii) any assignee of such Person, except a bona fide purchaser, and the Issuer
and the Indenture Trustee shall be entitled to recover upon the security or
indemnity provided therefor to the extent of any loss, damage, cost or expense
incurred by the Issuer or the Indenture Trustee in connection therewith.

                  (c) In connection with the issuance of any replacement Note
under this Section 2.5, the Issuer 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 all
fees and expenses of the Indenture Trustee) connected therewith.

                  (d) Any duplicate Note issued pursuant to this Section 2.5 in
replacement for 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 found at any time or be
enforced by any Person, and shall be entitled to all the benefits of this
Indenture equally and proportionately with any and all other Notes duly issued
hereunder.

                  (e) The provisions of this Section 2.5 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 2.6 Persons Deemed Noteholders. Prior to due presentment for
registration of transfer of any Note, the Issuer, the Indenture Trustee and any
agent of the Issuer

                                        6

<PAGE>

or the Indenture Trustee may treat the Person in whose name any Note is
registered (as of the day of determination) as the Noteholder for the purpose of
receiving payments of principal of and interest on such Note and for all other
purposes whatsoever, whether or not such Note be overdue, and neither the
Issuer, the Indenture Trustee nor any agent of the Issuer or the Indenture
Trustee shall be affected by notice to the contrary.

            SECTION 2.7 Payment of Principal and Interest.

                  (a) Interest on each class of Notes shall accrue in the manner
set forth in Exhibit C-1 Exhibit C-2, and Exhibit C-3, as applicable for such
class, at the applicable Interest Rate for such class and will be due and
payable on each Distribution Date in accordance with the priorities set forth in
Section 8.2(c). Any instalment of interest payable on any Note shall be
punctually paid or duly provided for by a deposit by or at the direction of the
Issuer into the Note Distribution Account on the applicable Distribution Date
and shall be paid to the Person in whose name such Note (or one or more
Predecessor Notes) is registered on the applicable 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; provided, however, that, unless and until
Definitive Notes have been issued pursuant to Section 2.12, with respect to
Notes registered on the applicable Record Date in the name of the Note
Depository (initially, Cede & Co.), payment shall be made by wire transfer in
immediately available funds to the account designated by the Note Depository;
provided, further, that with respect to any Private Notes, upon written request
of the Holder thereof, payment shall be made by wire transfer of immediately
available funds to the account designated by such Holder until further written
notice from such Holder.

                  (b) Prior to the occurrence of an Event of Default and a
declaration in accordance with Section 5.2(a) that the Notes have become
immediately due and payable, the principal of each class of Notes shall be
payable in full on the Final Scheduled Distribution Date for such class and, to
the extent of funds available therefor, in instalments on the Distribution Dates
(if any) preceding the Final Scheduled Distribution Date for such class, in the
amounts and in accordance with the priorities set forth in Section 8.2(c)(ii) or
(iii), as applicable. All principal payments on each class of Notes on any
Distribution Date shall be made pro rata to the Noteholders of such class
entitled thereto. Any instalment of principal payable on any Note shall be
punctually paid or duly provided for by a deposit by or at the direction of the
Issuer into the Note Distribution Account on the applicable Distribution Date
and shall be paid to the Person in whose name such Note (or one or more
Predecessor Notes) is registered on the applicable 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; provided, however, that, (A) unless and until
Definitive Notes have been issued pursuant to Section 2.12, with respect to
Notes registered on the Record Date in the name of the Note Depository, payment
shall be made by wire transfer in immediately available funds to the account
designated by the Note Depository and (B) with respect to any Private Notes,
upon written request of the Holder thereof, payment shall be made by wire
transfer of immediately available funds to the account designated by such Holder
until further written notice from such Holder, except for, in each case: (i) the
final instalment of principal on any Note; and (ii) the Redemption Price for the
Redeemable Notes redeemed pursuant to Section 10.1, which, in each case, shall
be payable as provided herein. The funds represented by any such checks in
respect of interest or principal returned undelivered shall be held in
accordance with Section 3.3.

                                        7

<PAGE>

                  (c) From and after the occurrence of an Event of Default and a
declaration in accordance with Section 5.2(a) that the Notes have become
immediately due and payable, until such time as all Events of Default have been
cured or waived as provided in Section 5.2(b), all principal payments shall be
allocated pro rata among the Holders of all of the Notes on the basis of the
respective aggregate unpaid principal balances of Notes held by such Holders.

                  (d) With respect to any Distribution Date on which the final
instalment of principal and interest on a class of Notes is to be paid, the
Indenture Trustee shall notify each Noteholder of record of such class as of the
Record Date for such Distribution Date of the fact that the final instalment of
principal of and interest on such Note is to be paid on such Distribution Date.
With respect to any such class of Notes, such notice shall be sent (i) on such
Record Date by facsimile, if Book-Entry Notes are outstanding; or (ii) not later
than three Business Days after such Record Date in accordance with Section
11.5(a) if Definitive Notes are outstanding, and shall specify that such final
instalment shall be payable only upon presentation and surrender of such Note
and shall specify the place where such Note may be presented and surrendered for
payment of such instalment and the manner in which such payment shall be made.
Notices in connection with redemptions of Notes shall be mailed to Noteholders
as provided in Section 10.2. Within sixty days of the surrender pursuant to this
Section 2.7(d) or cancellation pursuant to Section 2.8 of all of the Notes of a
particular class, the Indenture Trustee if requested shall provide each of the
Rating Agencies with written notice stating that all Notes of such class have
been surrendered or canceled.

            SECTION 2.8 Cancellation of Notes. All Notes surrendered for
payment, redemption, exchange or registration of transfer shall, if surrendered
to any Person other than the Indenture Trustee, be delivered to the Indenture
Trustee and shall be promptly canceled by the Indenture Trustee. The Issuer may
at any time deliver to the Indenture Trustee for cancellation any Notes
previously authenticated and delivered hereunder which the Issuer may have
acquired in any manner whatsoever, and all Notes so delivered shall be promptly
canceled by the Indenture Trustee. No Notes shall be authenticated in lieu of or
in exchange for any Notes canceled as provided in this Section 2.8, except as
expressly permitted by this Indenture. All canceled Notes may be held or
disposed of by the Indenture Trustee in accordance with its standard retention
or disposal policy as in effect at the time unless the Issuer shall direct by an
Issuer Order that they be destroyed or returned to it; provided, however, that
such Issuer Order is timely and the Notes have not been previously disposed of
by the Indenture Trustee. The Indenture Trustee shall certify to the Issuer upon
request that surrendered Notes have been duly canceled and retained or
destroyed, as the case may be.

            SECTION 2.9 Release of Collateral. The Indenture Trustee shall
release property from the lien of this Indenture other than as permitted by
Sections 3.21, 8.2, 8.4 and 11.1, only upon receipt of an Issuer Request
accompanied by an Officer's Certificate, an Opinion of Counsel (to the extent
required by the TIA) and Independent Certificates in accordance with TIA
Sections 314(c) and 314(d)(1).

            SECTION 2.10 Book-Entry Notes. Subject to Section 2.15, the Notes,
upon original issuance, shall be issued in the form of a typewritten Note or
Notes representing the Book-Entry Notes, to be delivered to The Depository Trust
Company, as the initial Clearing Agency, or its custodian, by or on behalf of
the Issuer. Such Note or Notes shall be registered on

                                        8

<PAGE>

the Note Register in the name of the Note Depository, and no Note Owner shall
receive a Definitive Note representing such Note Owner's interest in such Note,
except as provided in Section 2.12. Unless and until the Definitive Notes have
been issued to Note Owners pursuant to Section 2.12:

                  (a) the provisions of this Section 2.10 shall be in full force
and effect;

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

                  (c) to the extent that the provisions of this Section 2.10
conflict with any other provisions of this Indenture, the provisions of this
Section 2.10 shall control;

                  (d) the rights of the 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. Unless and until Definitive Notes are issued pursuant to
Section 2.12, the initial Clearing Agency shall make book-entry transfers
between the Clearing Agency Participants and receive and transmit payments of
principal of and interest on such Notes to such Clearing Agency Participants,
pursuant to the Note Depository Agreement; and

                  (e) 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 of the Notes, the Clearing Agency
shall be deemed to represent such percentage only to the extent that it has (i)
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 (ii) has delivered such instructions
to the Indenture Trustee.

            SECTION 2.11 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
2.12, the Indenture Trustee shall give all such notices and communications
specified herein to be given to Noteholders to the Clearing Agency and shall
have no other obligation to the Note Owners.

            SECTION 2.12 Definitive Notes. If (i) the Administrator advises the
Indenture Trustee in writing that the Clearing Agency is no longer willing or
able to properly discharge its responsibilities with respect to the Notes (other
than the Private Notes) and the Issuer is unable to locate a qualified
successor; (ii) the Administrator, at its option, advises the Indenture Trustee
in writing that it elects to terminate the book-entry system through the
Clearing Agency; or (iii) after the occurrence of an Event of Default or a
Servicer Default, Note Owners representing beneficial interests aggregating at
least a majority of the Outstanding Amount of such Notes advise the Clearing
Agency in writing that the continuation of a book-entry system through the
Clearing Agency is no longer in the best interests of the Note Owners, then the
Clearing Agency shall notify all Note Owners and the Indenture Trustee of the
occurrence of any such event and

                                        9

<PAGE>

of the availability of Definitive Notes to Note Owners requesting the same. Upon
surrender to the Indenture Trustee of the typewritten Note or Notes representing
the Book-Entry Notes by the Clearing Agency, accompanied by registration
instructions, the Issuer shall execute and the Indenture Trustee shall
authenticate the Definitive Notes in accordance with the instructions of the
Clearing Agency. None of the Issuer, the Note Registrar or the Indenture Trustee
shall be liable for any delay in delivery of such instructions and may
conclusively rely on, and shall be protected in relying on, such instructions.
Upon the issuance of Definitive Notes, the Indenture Trustee shall recognize the
Holders of the Definitive Notes as Noteholders.

            SECTION 2.13 Seller as Noteholder. The Seller in its individual or
any other capacity may become the owner or pledgee of Notes of any class and may
otherwise deal with the Issuer or its affiliates with the same rights it would
have if it were not the Seller.

            SECTION 2.14 Tax Treatment. The Seller and the Indenture Trustee, by
entering into this Indenture, and the Noteholders, by acquiring any Note or
interest therein, (i) express their intention that the Notes qualify under
applicable tax law as indebtedness secured by the Collateral, and (ii) unless
otherwise required by appropriate taxing authorities, agree to treat the Notes
as indebtedness secured by the Collateral for the purpose of federal income
taxes, state and local income and franchise taxes, Michigan single business tax,
and any other taxes imposed upon, measured by or based upon gross or net income.

            SECTION 2.15 Special Terms Applicable to the Private Notes.

                  (a) None of the Private Notes have been or will be registered
under the Securities Act of 1933, as amended (the "Securities Act"), or the
securities laws of any other jurisdiction. Consequently, the Private Notes are
not transferable other than pursuant to an exemption from the registration
requirements of the Securities Act and satisfaction of certain other provisions
specified herein. The Class A-1 Notes or an interest in the Class A-1 Notes are
being sold in a private placement pursuant to Section 4(2) of the Securities Act
on the date hereof. Thereafter, no further sale, pledge or other transfer of any
Private Note (or interest therein) may be made by any person unless either (i)
such sale, pledge or other transfer is made to a "qualified institutional buyer"
that executes a certificate, in the form attached hereto as Exhibit D or
otherwise in form and substance satisfactory to the Indenture Trustee and the
Seller, to the effect that (A) it is a "qualified institutional buyer" as
defined under Rule 144A under the Securities Act, acting for its own account or
the accounts of other "qualified institutional buyers" as defined under Rule
144A under the Securities Act, and (B) it is aware that the transferor of such
Note intends to rely on the exemption from the registration requirements of the
Securities Act provided by Rule 144A under the Securities Act, or (ii) such
sale, pledge or other transfer is otherwise made in a transaction exempt from
the registration requirements of the Securities Act, in which case (A) the
Indenture Trustee shall require that both the prospective transferor and the
prospective transferee certify to the Indenture Trustee and the Seller in
writing the facts surrounding such transfer, which certification shall be in
form and substance satisfactory to the Indenture Trustee and the Seller, and (B)
the Indenture Trustee shall require a written opinion of counsel (which will not
be at the expense of the Seller, the Servicer or the Indenture Trustee)
satisfactory to the Seller and the Indenture Trustee to the effect that such
transfer will not violate the Securities Act. Neither the Seller nor the
Indenture Trustee will register any of the Private Notes under the Securities
Act,

                                       10

<PAGE>

qualify any of the Private Notes under the securities laws of any state or
provide registration rights to any purchaser or holder thereof.

                  (b) The Private Notes shall be issued in the form of
Definitive Notes and shall be in fully registered form. Sections 2.10, 2.11 and
2.12 of this Indenture shall not apply to the Private Notes.

                  (c) Each Private Note shall bear a legend to the effect set
forth in the first two sentences of subsection (a) above.

                                   ARTICLE III
                                    COVENANTS

            SECTION 3.1 Payment of Principal and Interest. The Issuer shall duly
and punctually pay the principal of and interest on the Notes in accordance with
the terms of the Notes and this Indenture. On each Distribution Date and on the
Redemption Date (if applicable), the Issuer shall cause amounts on deposit in
the Note Distribution Account to be distributed to the Noteholders in accordance
with Sections 2.7 and 8.2, less amounts properly withheld under the Code by any
Person from a payment to any Noteholder of interest and/or principal. Any
amounts so withheld shall be considered as having been paid by the Issuer to
such Noteholder for all purposes of this Indenture.

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

            SECTION 3.3 Money for Payments To Be Held in Trust.

                  (a) As provided in Section 8.2(a) and (b), all payments of
amounts due and payable with respect to any Notes that are to be made from
amounts withdrawn from the Note Distribution Account pursuant to Section 8.2(c)
shall be made on behalf of the Issuer by the Indenture Trustee or by another
Paying Agent, and no amounts so withdrawn from the Note Distribution Account for
payments of Notes shall be paid over to the Issuer except as provided in this
Section 3.3.

                  (b) On or before each Distribution Date or the Redemption Date
(if applicable), the Issuer shall deposit or cause to be deposited in the Note
Distribution Account pursuant to Section 4.06 of the Trust Sale and Servicing
Agreement an aggregate sum sufficient to pay the

                                       11

<PAGE>

amounts then becoming due with respect to the Notes, such sum to be held in
trust for the benefit of the Persons entitled thereto.

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

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

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

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

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

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

                  (e) Subject to applicable laws with respect to escheat of
funds, any money held by the Indenture Trustee or any Paying Agent in trust for
the payment of any amount due with respect to any Note and remaining unclaimed
for one year after such amount has become due and payable shall be discharged
from such trust and be paid to the Issuer on Issuer Request; and the Holder of
such Note shall thereafter, as an unsecured general creditor, look only to the
Issuer for payment thereof (but only to the extent of the amounts so paid to the
Issuer), and all liability of the Indenture Trustee or such Paying Agent with
respect to such trust money shall thereupon cease; provided, however, that the
Indenture Trustee or such Paying Agent, before being required to make any such
payment, 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

                                       12

<PAGE>

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

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

            SECTION 3.5 Protection of Trust Estate; Acknowledgment of Pledge.

                  (a) The Issuer shall from time to time execute and deliver all
such supplements and amendments hereto and authorize or execute, as applicable,
and deliver all such financing statements, continuation statements, instruments
of further assurance and other instruments, and shall take such other action
necessary or advisable to:

                           (i)      maintain or preserve the lien and security
interest (and the priority thereof) of this Indenture or carry out more
effectively the purposes hereof, including by making the necessary filings of
financing statements or amendments thereto within sixty days after the
occurrence of any of the following and by promptly notifying the Indenture
Trustee of any such filings: (A) any change in the Issuer's true legal name or
any of its trade names, (B) any change in the location of the Issuer's principal
place of business, (C) any merger or consolidation or other change in the
Issuer's identity or organizational structure or jurisdiction of organization or
in which the Issuer is located for purposes of the UCC and (D) any other change
or occurrence that would make any financing statement or amendment thereto
seriously misleading within the meaning of the UCC.

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

                           (iii)    enforce the rights of the Indenture Trustee
and the Noteholders in any of the Collateral; or

                           (iv)     preserve and defend title to the Trust
Estate and the rights of the Indenture Trustee and the Secured Parties in such
Trust Estate against the claims of all persons

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<PAGE>

and parties, and the Issuer hereby designates the Indenture Trustee its agent
and attorney-in-fact to authorize and/or execute any financing statement,
continuation statement or other instrument required by the Indenture Trustee
pursuant to this Section 3.5.

                  (b) The Indenture Trustee acknowledges the pledge by the
Seller to the Indenture Trustee pursuant to Section 4.07(c) of the Trust Sale
and Servicing Agreement of (i) all of the Seller's right, title and interest in
and to the Reserve Account Property in order to provide for the payment to the
Financial Parties and the Servicer in accordance with Sections 4.06(c) and (d)
of the Trust Sale and Servicing Agreement, to assure availability of the amounts
maintained in the Reserve Account for the benefit of the Financial Parties and
the Servicer and as security for the performance by the Seller of its
obligations under the Trust Sale and Servicing Agreement.

                  (c) The Issuer hereby authorizes the Indenture Trustee to file
all financing statements naming the Issuer as debtor that are necessary or
advisable to perfect, make effective or continue the lien and security interest
of this Indenture, and authorizes the Indenture Trustee to take any such action
without its signature.

            SECTION 3.6 Opinions as to Trust Estate.

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

                  (b) On or before August 15 in each calendar year, beginning
August 15, 2004 the Issuer shall furnish to the Indenture Trustee an Opinion of
Counsel either stating that, in the opinion of such counsel, such action has
been taken with respect to the recording, filing, re-recording and refiling of
this Indenture, any indentures supplemental hereto and any other requisite
documents and with respect to the authorization, execution and filing of any
financing statements and continuation statements as is necessary to maintain the
lien and security interest created by this Indenture and reciting the details of
such action or stating that in the opinion of such counsel no such action is
necessary to maintain the lien and security interest created by this Indenture.
Such Opinion of Counsel shall also describe the recording, filing, re-recording
and refiling of this Indenture, any indentures supplemental hereto and any other
requisite documents and the authorization, execution and filing of any financing
statements and continuation statements that will, in the opinion of such
counsel, be required to maintain the lien and security interest of this
Indenture until August 15 in the following calendar year.

            SECTION 3.7 Performance of Obligations; Servicing of Receivables.

                  (a) The Issuer shall not take any action and shall use its
reasonable efforts not to permit any action to be taken by others that would
release any Person from any of such Person's material covenants or obligations
under any instrument or agreement included in the Trust Estate

                                       14

<PAGE>

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 otherwise expressly provided in this Indenture, the
Trust Sale and Servicing Agreement, the Pooling and Servicing Agreement, the
Administration Agreement or such other instrument or agreement.

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

                  (c) The Issuer shall punctually perform and observe all of its
obligations and agreements contained in this Indenture, the 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, the
Trust Sale and Servicing Agreement and the Pooling and Servicing Agreement in
accordance with and within the time periods provided for herein and therein.

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

                  (e) Without derogating from the absolute nature of the
assignment granted to the Indenture Trustee under this Indenture or the rights
of the Indenture Trustee hereunder, the Issuer agrees that it shall not, without
the prior written consent of the Indenture Trustee or the Holders of at least a
majority in Outstanding Amount of the Notes, as applicable in accordance with
the terms of this Indenture, amend, modify, waive, supplement, terminate or
surrender, or agree to any amendment, modification, supplement, termination,
waiver or surrender of, the terms of any Collateral or any of the Basic
Documents, or waive timely performance or observance by the Servicer or the
Seller under the Trust Sale and Servicing Agreement or the Pooling and Servicing
Agreement, the Administrator under the Administration Agreement or GMAC under
the Pooling and Servicing Agreement.

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

                  (a) sell, transfer, exchange or otherwise dispose of any of
the properties or assets of the Issuer, except the Issuer may (i) collect,
liquidate, sell or otherwise dispose of Receivables (including Warranty
Receivables, Administrative Receivables and Liquidating Receivables), (ii) make
cash payments out of the Designated Accounts, Payment Ahead Servicing Account
and the

                                       15

<PAGE>

Certificate Distribution Account and (iii) take other actions, in each case as
contemplated by the Basic Documents;

                  (b) 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;

                  (c) voluntarily commence any insolvency, readjustment of debt,
marshaling of assets and liabilities or other proceeding, or apply for an order
by a court or agency or supervisory authority for the winding-up or liquidation
of its affairs or any other event specified in Section 5.1(f); or

                  (d) either (i) permit the validity or effectiveness of this
Indenture to be impaired, or permit the lien of this Indenture to be amended,
hypothecated, subordinated, terminated or discharged, or permit any Person to be
released from any covenants or obligations with respect to the Notes under this
Indenture except as may be expressly permitted hereby, (ii) permit any lien,
charge, excise, claim, security interest, mortgage or other encumbrance (other
than the lien of this Indenture) to be created on or extend to or otherwise
arise upon or burden the 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),
or (iii) permit the lien of this Indenture not to constitute a valid first
priority security interest in the Trust Estate (other than with respect to any
such tax, mechanics' or other lien).

            SECTION 3.9 Annual Statement as to Compliance. The Issuer shall
deliver to the Indenture Trustee on or before August 15 of each year, beginning
August 15, 2004, an Officer's Certificate signed by an Authorized Officer, dated
as of June 30 of such year, stating that:

                  (a) a review of the activities of the Issuer during the
preceding 12-month period (or, with respect to the first such Officer's
Certificate, such period as shall have elapsed since the Closing Date) and of
performance under this Indenture has been made under such Authorized Officer's
supervision; and

                  (b) to the best of such Authorized Officer's knowledge, based
on such review, the Issuer has fulfilled all of its obligations under this
Indenture throughout such period, or, if there has been a default in the
fulfillment of any such obligation, specifying each such default known to such
Authorized Officer and the nature and status thereof. A copy of such certificate
may be obtained by any Noteholder by a request in writing to the Issuer
addressed to the Corporate Trust Office of the Indenture Trustee.

            SECTION 3.10 Consolidation, Merger, etc., of Issuer; Disposition of
Trust Assets.

                  (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

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States of America, or any State and shall expressly assume, by an indenture
supplemental hereto, executed and delivered to the Indenture Trustee, in form
satisfactory to the Indenture Trustee, the due and timely payment of the
principal of and interest on all Notes and the performance or observance of
every agreement and covenant of this Indenture on the part of the Issuer to be
performed or observed, all as provided herein;

                           (ii)     immediately after giving effect to such
merger or consolidation, 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 transaction and such Person;

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

                           (v)      the Issuer shall have delivered to the
Indenture Trustee an Officer's Certificate and an Opinion of Counsel addressed
to the Issuer, each stating:

                                    (A)      that such consolidation or merger
         and such supplemental indenture comply with this Section 3.10;

                                    (B)      that such consolidation or merger
         and such supplemental indenture shall have no material adverse tax
         consequence to the Issuer or any Financial Party; and

                                    (C)      that all conditions precedent
         herein provided for in this Section 3.10 have been complied with, which
         shall include any filing required by the Exchange Act.

                  (b) Except as otherwise expressly permitted by this Indenture
or the other Basic Documents, the Issuer shall not sell, convey, exchange,
transfer or otherwise dispose of any of its properties or assets, including
those included in the Trust Estate, to any Person, unless:

                           (i)      the Person that acquires such properties or
assets of the Issuer (1) shall be a United States citizen or a Person organized
and existing under the laws of the United States of America or any State and (2)
by an indenture supplemental hereto, executed and delivered to the Indenture
Trustee, in form satisfactory to the Indenture Trustee:

                                    (A)      expressly assumes the due and
         punctual payment of the principal of and interest on all Notes and the
         performance or observance of every agreement and covenant of this
         Indenture on the part of the Issuer to be performed or observed, all as
         provided herein;

                                    (B)      expressly agrees that all right,
         title and interest so sold, conveyed, exchanged, transferred or
         otherwise disposed of shall be subject and subordinate to the rights of
         the Secured Parties;

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<PAGE>

                                    (C)      unless otherwise provided in such
         supplemental indenture, expressly agrees to indemnify, defend and hold
         harmless the Issuer against and from any loss, liability or expense
         arising under or related to this Indenture and the Notes; and

                                    (D)      expressly agrees that such Person
         (or if a group of Persons, then one specified Person) shall make all
         filings with the Commission (and any other appropriate Person) required
         by the Exchange Act in connection with the Notes;

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

                           (iii)    the Rating Agency Condition shall have been
satisfied with respect to such transaction and such Person;

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

                           (v)      the Issuer shall have delivered to the
Indenture Trustee an Officer's Certificate and an Opinion of Counsel addressed
to the Issuer, each stating that:

                                    (A)      such sale, conveyance, exchange,
         transfer or disposition and such supplemental indenture comply with
         this Section 3.10;

                                    (B)      such sale, conveyance, exchange,
         transfer or disposition and such supplemental indenture have no
         material adverse tax consequence to the Trust or to any Financial
         Parties; and

                                    (C)      that all conditions precedent
         herein provided for in this Section 3.10 have been complied with, which
         shall include any filing required by the Exchange Act.

         SECTION 3.11 Successor or Transferee.

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

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

            SECTION 3.12 No Other Business. The Issuer shall not engage in any
business or activity other than acquiring, holding and managing the Collateral
and the proceeds therefrom in the manner contemplated by the Basic Documents,
issuing the Notes and the Certificates,

                                       18

<PAGE>

making payments on the Notes and the Certificates and such other activities that
are necessary, suitable or convenient to accomplish the foregoing or are
incidental thereto, as set forth in Section 2.3 of the Trust Agreement.

            SECTION 3.13 No Borrowing. The Issuer shall not issue, incur,
assume, guarantee or otherwise become liable, directly or indirectly, for any
indebtedness for money borrowed other than indebtedness for money borrowed in
respect of the Notes or otherwise in accordance with the Basic Documents.

            SECTION 3.14 Guarantees, Loans, Advances and Other Liabilities.
Except as contemplated by this Indenture or the other Basic Documents, the
Issuer shall not make any loan or advance or credit to, or guarantee (directly
or indirectly or by an instrument having the effect of assuring another's
payment or performance on any obligation or capability of so doing or
otherwise), endorse or otherwise become contingently liable, directly or
indirectly, in connection with the obligations, stocks or dividends of, or own,
purchase, repurchase or acquire (or agree contingently to do so) any stock,
obligations, assets or securities of, or any other interest in, or make any
capital contribution to, any other Person.

            SECTION 3.15 Servicer's Obligations. The Issuer shall use its best
efforts to cause the Servicer to comply with its obligations under Section 3.10
of the Pooling and Servicing Agreement and Sections 4.01 and 4.02 of the Trust
Sale and Servicing Agreement.

            SECTION 3.16 Capital Expenditures. The Issuer shall not make any
expenditure (whether by long-term or operating lease or otherwise) for capital
assets (either real, personal or intangible property) other than the purchase of
the Receivables and other property and rights from the Seller pursuant to the
Trust Sale and Servicing Agreement.

            SECTION 3.17 Removal of Administrator. So long as any Notes are
Outstanding, the Issuer shall not remove the Administrator without cause unless
the Rating Agency Condition shall have been satisfied in connection with such
removal.

            SECTION 3.18 Restricted Payments. Except for payments of principal
or interest on or redemption of the Notes, so long as any Notes are Outstanding,
the Issuer shall not, directly or indirectly:

                  (a) 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, in each case with respect to any ownership or equity
interest or similar security in or of the Issuer or to the Servicer;

                  (b) redeem, purchase, retire or otherwise acquire for value
any such ownership or equity interest or similar security; or

                  (c) set aside or otherwise segregate any amounts for any such
purpose;

provided, however, that the Issuer may make, or cause to be made, distributions
to the Servicer, the Seller, the Indenture Trustee, the Owner Trustee, and the
Financial Parties as permitted by, and to the extent funds are available for
such purpose under, the Trust Sale and Servicing

                                       19

<PAGE>

Agreement, the Trust Agreement or the other Basic Documents. The Issuer shall
not, directly or indirectly, make payments to or distributions from the
Collection Account except in accordance with the Basic Documents.

            SECTION 3.19 Notice of Events of Default. The Issuer agrees to give
the Indenture Trustee and the Rating Agencies prompt written notice of each
Event of Default hereunder, each Servicer Default, each default on the part of
the Seller of its obligations under the Trust Sale and Servicing Agreement and
each default on the part of GMAC of its obligations under the Pooling and
Servicing Agreement.

            SECTION 3.20 Further Instruments and Acts. Upon request of the
Indenture Trustee, the Issuer shall execute and deliver such further instruments
and do such further acts as may be reasonably necessary or proper to carry out
more effectively the purpose of this Indenture.

            SECTION 3.21 Indenture Trustee's Assignment of Administrative
Receivables and Warranty Receivables. Upon receipt of the Administrative
Purchase Payment or the Warranty Payment with respect to an Administrative
Receivable or a Warranty Receivable, as the case may be, the Indenture Trustee
shall assign, without recourse, representation or warranty, to the Servicer or
the Warranty Purchaser, as the case may be, all the Indenture Trustee's right,
title and interest in and to such repurchased Receivable, all monies due
thereon, the security interest in the related Financed Vehicle, proceeds from
any Insurance Policies, proceeds from recourse against the Dealer on such
Receivable and the interests of the Indenture Trustee in certain rebates of
premiums and other amounts relating to the Insurance Policies and any documents
relating thereto, such assignment being an assignment outright and not for
security; and the Servicer or the Warranty Purchaser, as applicable, shall
thereupon own such Receivable, and all such security and documents, free of any
further obligation to the Indenture Trustee, the Noteholders or the
Certificateholders with respect thereto. If in any enforcement suit or legal
proceeding it is held that the Servicer may not enforce a Receivable on the
ground that it is not a real party in interest or a holder entitled to enforce
the Receivable, the Indenture Trustee shall, at the Servicer's expense, take
such steps as the Servicer deems necessary to enforce the Receivable, including
bringing suit in the Indenture Trustee's name or the names of the Noteholders or
the Certificateholders.

            SECTION 3.22 Representations and Warranties by the Issuer to the
Indenture Trustee. The Issuer hereby represents and warrants to the Indenture
Trustee as follows:

                  (a) Good Title. No Receivable has been sold, transferred,
assigned or pledged by the Issuer to any Person other than the Indenture
Trustee; immediately prior to the conveyance of the Receivables pursuant to this
Indenture, the Issuer had good and marketable title thereto, free of any Lien;
and, upon execution and delivery of this Indenture by the Issuer, the Indenture
Trustee shall have all of the right, title and interest of the Issuer in, to and
under the Receivables, the unpaid indebtedness evidenced thereby and the
collateral security therefor, free of any Lien; and

                                       20

<PAGE>

                  (b) All Filings Made. All filings (including, without
limitation, UCC filings) necessary in any jurisdiction to give the Indenture
Trustee a first priority perfected security interest in the Receivables shall
have been made.

                                   ARTICLE IV
                           SATISFACTION AND DISCHARGE

            SECTION 4.1 Satisfaction and Discharge of Indenture. This Indenture
shall cease to be of further effect with respect to the Notes except as to: (i)
rights of registration of transfer and exchange; (ii) substitution of mutilated,
destroyed, lost or stolen Notes; (iii) rights of Noteholders to receive payments
of principal thereof and interest thereon; (iv) Sections 3.3, 3.4, 3.5, 3.8,
3.10, 3.12, 3.13, 3.19 and 3.21; (v) the rights, obligations and immunities of
the Indenture Trustee hereunder (including the rights of the Indenture Trustee
under Section 6.7 and the obligations of the Indenture Trustee under Sections
4.2 and 4.4); and (vi) the rights of Noteholders as beneficiaries hereof with
respect to the property so deposited with the Indenture Trustee payable to all
or any of them, and the Indenture Trustee, on demand of and at the expense of
the Issuer, shall execute proper instruments acknowledging satisfaction and
discharge of this Indenture with respect to the Notes, if:

                  (a) either:

                           (i)      all Notes theretofore authenticated and
delivered (other than (A) Notes that have been destroyed, lost or stolen and
that have been replaced or paid as provided in Section 2.5 and (B) Notes for
whose payment money has theretofore been deposited in trust or segregated and
held in trust by the Issuer and thereafter repaid to the Issuer or discharged
from such trust, as provided in Section 3.3) have been delivered to the
Indenture Trustee for cancellation; or

                           (ii)     all Notes not theretofore delivered to the
Indenture Trustee for cancellation:

                                    (A)      have become due and payable,

                                    (B)      will be due and payable on their
         respective Final Scheduled Distribution Dates within one year, or

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

and the Issuer, in the case of (A), (B) or (C) of subsection 4.1(a)(ii) above,
has irrevocably deposited or caused to be irrevocably deposited with the
Indenture Trustee cash or direct obligations of or obligations guaranteed by the
United States of America (which will mature prior to the date such amounts are
payable), in trust for such purpose, in an amount sufficient to pay and
discharge the entire unpaid principal and accrued interest on such Notes not
theretofore delivered to the Indenture Trustee for cancellation when due on the
Final Scheduled Distribution Date for such Notes or the Redemption Date for such
Notes (if such Notes have been called for redemption pursuant to Section 10.1),
as the case may be;

                                       21

<PAGE>

                  (b) the Issuer has paid or caused to be paid all other sums
payable hereunder or under any Third Party Instrument by the Issuer; and

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

            SECTION 4.2 Application of Trust Money. All monies deposited with
the Indenture Trustee pursuant to Section 4.1 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 Indenture Trustee
may determine, to the Holders of the particular Notes for the payment or
redemption of which such monies have been deposited with the Indenture Trustee,
of all sums due and to become due thereon for principal and interest and to
payment of any other Secured Party or any holder of any Third Party Instrument
of all sums, if any, due or to become due to any other Secured Party or any
holder of any Third Party Instrument under and in accordance with this
Indenture; but such monies need not be segregated from other funds except to the
extent required herein, in the Trust Sale and Servicing Agreement, or as
required by law.

            SECTION 4.3 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 Indenture Trustee under
the provisions of this Indenture with respect to such Notes shall, upon demand
of the Issuer, be paid to the Indenture Trustee to be held and applied according
to Section 3.3 and thereupon such Paying Agent shall be released from all
further liability with respect to such monies.

            SECTION 4.4 Duration of Position of Indenture Trustee.
Notwithstanding the earlier payment in full of all principal and interest due to
the Noteholders under the terms of the Notes and the cancellation of the Notes
pursuant to Section 3.1, the Indenture Trustee shall continue to act in the
capacity as Indenture Trustee hereunder and, for the benefit of the
Certificateholders, shall comply with its obligations under Sections 5.01(a),
7.02 and 7.03 of the Trust Sale and Servicing Agreement, as appropriate, until
such time as all payments in respect of Certificate Balance and interest due to
the Certificateholders have been paid in full.

                                   ARTICLE V
                              DEFAULT AND REMEDIES

            SECTION 5.1 Events of Default. For the purposes of this Indenture,
"Event of Default" wherever used herein, means any one of the following events:

                  (a) failure to pay the full Noteholders' Interest
Distributable Amount on any class of Notes on any Distribution Date, and such
default shall continue for a period of five (5) days; or

                  (b) except as set forth in Section 5.1(c), failure to pay any
instalment of the principal of any Note as and when the same becomes due and
payable, and such default

                                       22

<PAGE>

continues unremedied for a period of thirty (30) days after there shall have
been given, by registered or certified mail, to the Servicer by the Indenture
Trustee or to the Servicer and the Indenture Trustee by the Holders of not less
than 25% of the Outstanding Amount of the Notes, a written notice specifying
such default and demanding that it be remedied and stating that such notice is a
"Notice of Default" hereunder; or

                  (c) failure to pay in full the outstanding principal balance
of any class of Notes by the Final Scheduled Distribution Date for such class;
or

                  (d) default in the observance or performance in any material
respect 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 specifically dealt with in this Section 5.1) which
failure materially and adversely affects the rights of the Noteholders, and such
default shall continue or not be cured, for a period of 30 days after there
shall have been given, by registered or certified mail, to the Issuer and the
Seller (or the Servicer, as applicable) by the Indenture Trustee or to the
Issuer and the Seller (or the Servicer, as applicable) and the Indenture Trustee
by the Holders of at least 25% of the Outstanding Amount of the Notes, a written
notice specifying such default, demanding that it be remedied and stating that
such notice is a "Notice of Default" hereunder; or

                  (e) 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 90
consecutive days; or

                  (f) the commencement by the Issuer of a voluntary case under
any applicable federal or state bankruptcy, insolvency or other similar law now
or hereafter in effect, or the consent by the Issuer to the entry of an order
for relief in an involuntary case under any such law, or the consent by the
Issuer to the appointment or taking possession by a receiver, liquidator,
assignee, custodian, trustee, sequestrator or similar official of the Issuer or
for any substantial part of the 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 Indenture Trustee within five Business Days
after learning 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 Section 5.1(d), its status and
what action the Issuer is taking or proposes to take with respect thereto.

            SECTION 5.2 Acceleration of Maturity; Rescission and Annulment.

                  (a) If an Event of Default should occur and be continuing,
then and in every such case, unless the principal amount of the Notes shall have
already become due and payable, either the Indenture Trustee or the Holders of
Notes representing not less than a majority of the

                                       23

<PAGE>

Outstanding Amount of the Notes may declare all the Notes to be immediately due
and payable, by a notice in writing to the Issuer (and to the Indenture Trustee
if given by the Noteholders) setting forth the Event or Events of Default, and
upon any such declaration the unpaid principal amount of such Notes, together
with accrued and unpaid interest thereon through the date of acceleration, shall
become immediately due and payable.

                  (b) At any time after such declaration of acceleration of
maturity of the Notes has been made and before a judgment or decree for payment
of the money due thereunder has been obtained by the Indenture Trustee as
hereinafter provided in this Article V, the Holders of Notes representing a
majority of the Outstanding Amount of the Notes, by written notice to the Issuer
and the Indenture Trustee, may waive all Defaults set forth in the notice
delivered pursuant to Section 5.2(a), and rescind and annul such declaration and
its consequences; provided, that no such rescission and annulment shall extend
to or affect any other Default or impair any right consequent thereto; and
provided further, that if the Indenture Trustee shall have proceeded to enforce
any right under this Indenture and such Proceedings shall have been discontinued
or abandoned because of such rescission and annulment or for any other reason,
or such Proceedings shall have been determined adversely to the Indenture
Trustee, then and in every such case, the Indenture Trustee, the Issuer and the
Noteholders, as the case may be, shall be restored respectively to their former
positions and rights hereunder, and all rights, remedies and powers of the
Indenture Trustee, the Issuer and the Noteholders, as the case may be, shall
continue as though no such Proceedings had been commenced.

            SECTION 5.3 Collection of Indebtedness and Suits for Enforcement by
Indenture Trustee.

                  (a) The Issuer covenants that if an Event of Default occurs
and such Event of Default has not been waived pursuant to Section 5.12, the
Issuer shall, upon demand of the Indenture Trustee, pay to the Indenture
Trustee, for the ratable benefit of the Noteholders in accordance with their
respective outstanding principal amounts, the whole amount then due and payable
on such Notes for principal and interest, with interest upon the overdue
principal, at the rate borne by the Notes and in addition thereto such further
amount as shall be sufficient to cover the costs and expenses of collection,
including the reasonable compensation, expenses, disbursements and advances of
the Indenture Trustee and its agents and counsel.

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

                  (c) If an Event of Default occurs and is continuing, the
Indenture Trustee may, as more particularly provided in Section 5.4, in its
discretion, proceed to protect and enforce its rights and the rights of the
Noteholders, by such appropriate Proceedings as the Indenture Trustee shall deem
most effective to protect and enforce any such rights, whether for the specific
enforcement of any covenant or agreement in this Indenture or in aid of the
exercise of any

                                       24

<PAGE>

power granted herein, or to enforce any other proper remedy or legal or
equitable right vested in the Indenture Trustee by this Indenture or by
applicable law.

                  (d) If 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 if a receiver, assignee or trustee in bankruptcy or
reorganization, liquidator, sequestrator or similar official shall have been
appointed for or taken possession of the Issuer or its property or such other
obligor or Person, or in case of any other comparable judicial Proceedings
relative to the Issuer or other obligor upon the Notes, or to the creditors or
property of the Issuer or such other obligor, the Indenture Trustee,
irrespective of whether the principal of any Notes shall then be due and payable
as therein expressed or by declaration or otherwise and irrespective of whether
the Indenture Trustee shall have made any demand pursuant to the provisions of
this Section 5.3, shall be entitled and empowered, by intervention in such
Proceedings or otherwise:

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

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

and any trustee, receiver, liquidator, custodian or other similar official in
any such Proceeding is hereby authorized by each of such Noteholders to make
payments to the Indenture Trustee for application in accordance with the
priorities set forth in the Basic Documents, and, if the Indenture Trustee shall
consent to the making of payments directly to such Noteholders, to pay to the
Indenture Trustee such amounts as shall be sufficient to cover reasonable
compensation to the Indenture Trustee, each predecessor trustee and their
respective agents, attorneys and counsel, and all other expenses and liabilities
incurred, and all advances made, by the Indenture Trustee and each predecessor
trustee except as a result of negligence or bad faith.

                                       25

<PAGE>

                  (e) Nothing herein contained shall be deemed to authorize the
Indenture Trustee to authorize or consent to or vote for or accept or adopt on
behalf of any Noteholder any plan of reorganization, arrangement, adjustment or
composition affecting the Notes or the rights of any Holder thereof or to
authorize the Indenture 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.

                  (f) All rights of action and of asserting claims under this
Indenture, or under any of the Notes, may be enforced by the Indenture Trustee
without the possession of any of the Notes or the production thereof in any
trial or other Proceedings relative thereto, and any such Proceedings instituted
by the Indenture Trustee shall be brought in its own name as trustee of an
express trust, and any recovery of judgment, subject to the payment of the
expenses, disbursements and compensation of the Indenture Trustee, each
predecessor Trustee and their respective agents and attorneys, shall be for the
benefit of the Secured Parties in accordance with the priorities set forth in
the Basic Documents.

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

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

                           (i)      institute Proceedings in its own name and as
trustee of an express trust for the collection of all amounts then due and
payable on the Notes or under this Indenture with respect thereto, whether by
declaration of acceleration 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 take any other appropriate action to protect and enforce the
rights and remedies of the Indenture Trustee and the Noteholders; and

                           (iv)     sell the Trust Estate or any portion thereof
or rights or interest therein, at one or more public or private sales called and
conducted in any manner permitted by law or elect to have the Issuer maintain
possession of the Receivables and continue to apply collections on such
Receivables as if there had been no declaration of acceleration; provided,
however, that the Indenture Trustee may not sell or otherwise liquidate the
Trust Estate following an Event of Default and acceleration of the Notes, unless
(i) (A) the Holders of all of the aggregate Outstanding Amount of the Notes
consent thereto (and if such Event of Default results under Section 5.1(d) of
this Indenture, the Holders of Certificates representing all of the

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Voting Interests also consent thereto) or (B) the proceeds of such sale or
liquidation distributable to the Noteholders and the Certificateholders are
sufficient to discharge in full the principal of and the accrued interest on the
Notes and an amount in respect of the Certificates equal to (x) the sum of the
Certificate Balance and any Noteholders' Principal Carryover Shortfall or
Certificateholders' Principal Carryover Shortfall and (y) the Certificateholders
Interest Distributable Amount, each at the date of such sale or liquidation or
(C) (x) there has been an Event of Default under Section 5.1(a), (b) or (c) or
otherwise arising from a failure to make a required payment of principal on any
Notes, (y) the Indenture 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 and when they would have become due if the Notes had
not been declared due and payable, and (z) the Indenture Trustee obtains the
consent of Holders of a majority of the aggregate Outstanding Amount of the
Notes and (ii) 10 days' prior written notice of sale or liquidation has been
given to the Rating Agencies. In determining such sufficiency or insufficiency
with respect to clauses (B) and (C), the Indenture Trustee may, but need not,
obtain and rely upon an opinion of an Independent investment banking or
accounting firm of national reputation as to the feasibility of such proposed
action and as to the sufficiency of the Trust Estate for such purpose.

            (b) If the Indenture Trustee collects any money or property pursuant
to this Article V, it shall pay out the money or property in the following
order:

                           FIRST: to the Indenture Trustee for amounts due under
                  Section 6.7 and then to the Owner Trustee for amounts due to
                  the Owner Trustee (not including amounts due for payments to
                  the Certificateholders) under the Trust Agreement or the Trust
                  Sale and Servicing Agreement; and

                           SECOND: to the Collection Account, for distribution
                  pursuant to Sections 8.01(b) and (e) of the Trust Sale and
                  Servicing Agreement.

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            SECTION 5.5 Optional Preservation of the Receivables. If the Notes
have been declared to be due and payable under Section 5.2 following an Event of
Default and such declaration and its consequences have not been rescinded and
annulled in accordance with Section 5.2(b), the Indenture Trustee may, but need
not, elect to take and maintain possession of the Trust Estate. It is the desire
of the parties hereto and the Secured Parties that there be at all times
sufficient funds for the payment of the Secured Obligations to the Secured
Parties and the Indenture Trustee shall take such desire into account when
determining whether or not to take and maintain possession of the Trust Estate.
In determining whether to take and maintain possession of the Trust Estate, the
Indenture Trustee may, but need not, obtain and rely upon an opinion of an
Independent investment banking or accounting firm of national reputation as to
the feasibility of such proposed action and as to the sufficiency of the Trust
Estate for such purpose.

            SECTION 5.6 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:

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

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

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

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

                  (e) no direction inconsistent with such written request has
been given to the Indenture Trustee during such 60-day period by the Holders of
a majority of the Outstanding Amount of the Notes;

it being 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 of Notes or to enforce any right under this Indenture, except
in the manner herein provided and for the equal, ratable (on the basis of the
respective aggregate amount of principal and interest, respectively, due and
unpaid on the Notes held by each Noteholder) and common benefit of all holders
of Notes. For the protection and enforcement of the provisions of this Section
5.6, each and every Noteholder shall be entitled to such relief as can be given
either at law or in equity.

                  If the Indenture 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 Indenture Trustee in its sole discretion may

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<PAGE>

determine what action, if any, shall be taken, notwithstanding any other
provisions of this Indenture.

            SECTION 5.7 Unconditional Rights of Noteholders To Receive Principal
and Interest. Notwithstanding any other provisions in this Indenture, 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, if applicable, 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.

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

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

            SECTION 5.10 Delay or Omission Not a Waiver. No delay or omission of
the Indenture Trustee or any 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 V or by law
to the Indenture Trustee or to the Noteholders may be exercised from time to
time, and as often as may be deemed expedient, by the Indenture Trustee or by
the Noteholders, as the case may be.

            SECTION 5.11 Control by Noteholders. The Holders of a majority of
the Outstanding Amount of the Notes shall, subject to provision being made for
indemnification against costs, expenses and liabilities in a form satisfactory
to the Indenture Trustee, have the right to direct the time, method and place of
conducting any Proceeding for any remedy available to the Indenture Trustee with
respect to the Notes or exercising any trust or power conferred on the Indenture
Trustee; provided, however, that:

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

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                  (b) subject to the express terms of Section 5.4, any direction
to the Indenture 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;

                  (c) if the conditions set forth in Section 5.5 have been
satisfied and the Indenture Trustee elects to retain the Trust Estate pursuant
to Section 5.5, then any direction to the Indenture 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

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

provided, however, that, subject to Section 6.1, the Indenture Trustee need not
take any action that it determines might cause it to incur any liability or
might materially adversely affect the rights of any Noteholders not consenting
to such action.

            SECTION 5.12 Waiver of Past Defaults.

                  (a) Prior to the declaration of the acceleration of the
maturity of the Notes as provided in Section 5.2, the Holders 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 the 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 Indenture
Trustee and the Noteholders shall be restored to their respective former
positions and rights hereunder; but no such waiver shall extend to any
subsequent or other Default or impair any right consequent thereto.

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

            SECTION 5.13 Undertaking for Costs. All parties to this Indenture
agree, and each 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
Proceeding for the enforcement of any right or remedy under this Indenture, or
in any Proceeding against the Indenture Trustee for any action taken, suffered
or omitted by it as Trustee, the filing by any party litigant in such Proceeding
of an undertaking to pay the costs of such Proceeding, and that such court may
in its discretion assess reasonable costs, including reasonable attorneys' fees,
against any party litigant in such Proceeding, having due regard to the merits
and good faith of the claims or defenses made by such party litigant; but the
provisions of this Section 5.13 shall not apply to:

                  (a) any Proceeding instituted by the Indenture Trustee;

                  (b) any Proceeding 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

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<PAGE>

                  (c) any Proceeding instituted by any Noteholder for the
enforcement of the payment of principal of or interest on any Note on or after
the respective due dates expressed in such Note and in this Indenture (or, in
the case of redemption, on or after the Redemption Date).

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

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

            SECTION 5.16 Performance and Enforcement of Certain Obligations

                  (a) Promptly following a request from the Indenture Trustee to
do so and at the Administrator's expense, the Issuer agrees to take all such
lawful action as the Indenture Trustee may request to compel or secure the
performance and observance by the Seller and the Servicer of their respective
obligations to the Issuer under or in connection with the Trust Sale and
Servicing Agreement and the Pooling and Servicing Agreement or by GMAC of its
obligations under or in connection with the Pooling and Servicing Agreement in
accordance with the terms thereof or by any obligor under a Third Party
Instrument of its obligations under or in accordance with the Third Party
Instrument in accordance with the terms thereof, and to exercise any and all
rights, remedies, powers and privileges lawfully available to the Issuer under
or in connection with the Trust Sale and Servicing Agreement, the Pooling and
Servicing Agreement and any Third Party Instrument to the extent and in the
manner directed by the Indenture Trustee, including the transmission of notices
of default on the part of the Seller, the Servicer, or any obligor under a Third
Party Instrument thereunder and the institution of legal or administrative
actions or proceedings to compel or secure performance by the Seller or the
Servicer or any obligor under a Third Party Instrument of their respective
obligations under the Trust Sale and Servicing Agreement, the Pooling and
Servicing Agreement and any Third Party Instrument.

                  (b) If an Event of Default has occurred and is continuing, the
Indenture Trustee may, and, at the direction (which direction shall be in
writing or by telephone (confirmed in writing promptly thereafter)) of the
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, the Servicer or any obligor under a Third Party Instrument under or in
connection with the Trust Sale and Servicing Agreement, the Pooling and
Servicing Agreement or a Third Party

                                       31

<PAGE>

Instrument, including the right or power to take any action to compel or secure
performance or observance by the Seller or the Servicer of each of their
obligations to the Issuer thereunder and to give any consent, request, notice,
direction, approval, extension or waiver under the Trust Sale and Servicing
Agreement, and any right of the Issuer to take such action shall be suspended.

                  (c) If an Event of Default has occurred and is continuing, the
Indenture Trustee may, and, at the direction (which direction shall be in
writing or by telephone (confirmed in writing promptly thereafter)) of the
Holders of 66-2/3% of the Outstanding Amount of the Notes shall, exercise all
rights, remedies, powers, privileges and claims of the Seller against GMAC under
or in connection with the Pooling and Servicing Agreement, including the right
or power to take any action to compel or secure performance or observance by
GMAC of each of its obligations to the Seller thereunder and to give any
consent, request, notice, direction, approval, extension or waiver under the
Pooling and Servicing Agreement, and any right of the Seller to take such action
shall be suspended.

                                   ARTICLE VI
                              THE INDENTURE TRUSTEE

            SECTION 6.1 Duties of Indenture Trustee.

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

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

                           (i)      the Indenture Trustee undertakes to perform
such duties and only such duties as are specifically set forth in this Indenture
and the Trust Sale and Servicing Agreement and no implied covenants or
obligations shall be read into this Indenture, the Trust Sale and Servicing
Agreement or any other Basic Document against the Indenture Trustee; and

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

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

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

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

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

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

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

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

                  (g) Every provision of this Indenture relating to the
Indenture Trustee shall be subject to the provisions of this Section 6.1 and to
the provisions of the TIA.

            SECTION 6.2 Rights of Indenture Trustee.

                  (a) The Indenture Trustee may rely on any document believed by
it to be genuine and to have been signed or presented by the proper Person. The
Indenture Trustee need not investigate any fact or matter stated in the
document.

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

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

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

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

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<PAGE>

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

                  (g) The Indenture 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 direction, consent,
order, bond, debenture, note, other evidence of indebtedness or other paper or
document, but the Indenture Trustee, in its direction, may make such further
inquiry or investigation into such facts or matters as it may see fit.

                  (h) The Indenture Trustee shall not be deemed to have notice
of any Default or Event of Default unless a Responsible Officer of the Indenture
Trustee has actual knowledge thereof or unless written notice of any event which
is in fact such a default is received by the Indenture Trustee at the Corporate
Trust Office of the Indenture Trustee, and such notice references the Securities
and this Indenture.

                  (i) The rights, privileges, protections, immunities and
benefits given to the Indenture Trustee, including, without limitation, its
right to be indemnified, are extended to, and shall be enforceable by, the
Indenture Trustee in each of its capacities hereunder.

            SECTION 6.3 Indenture Trustee May Own Notes. The Indenture Trustee
in its individual or any other capacity may become the owner or pledgee of Notes
and may otherwise deal with the Issuer, the Servicer or any of their respective
Affiliates with the same rights it would have if it were not Indenture Trustee;
provided, however, that the Indenture Trustee shall comply with Sections 6.10
and 6.11. Any Paying Agent, Note Registrar, co-registrar or co-paying agent may
do the same with like rights.

            SECTION 6.4 Indenture Trustee's Disclaimer. The Indenture Trustee
shall not be responsible for and makes no representation as to the validity or
adequacy of this Indenture 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 the Indenture or in any document issued in
connection with the sale of the Notes or in the Notes other than the Indenture
Trustee's certificate of authentication.

            SECTION 6.5 Notice of Defaults. If a Default occurs and is
continuing and if it is known to a Responsible Officer of the Indenture Trustee,
the Indenture Trustee shall mail to each Noteholder 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, the Indenture 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.

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         SECTION 6.6       Reports by Indenture Trustee to Holders. The
Indenture Trustee shall deliver to each Noteholder the information and documents
set forth in Article VII, and, in addition, all such information with respect to
the Notes as may be required to enable such Holder to prepare its federal and
state income tax returns.

         SECTION 6.7       Compensation; Indemnity.

                  (a) The Issuer shall cause the Servicer pursuant to Section
3.09 of the Pooling and Servicing Agreement to pay to the Indenture Trustee from
time to time reasonable compensation for its services. The Indenture Trustee's
compensation shall not be limited by any law on compensation of a trustee of an
express trust. The Issuer shall cause the Servicer pursuant to Section 3.09 of
the Pooling and Servicing Agreement to reimburse the Indenture Trustee for all
reasonable out-of-pocket expenses incurred or made by it, including costs of
collection, in addition to the compensation for its services. Such expenses
shall include the reasonable compensation and expenses, disbursements and
advances of the Indenture Trustee's agents, external counsel, accountants and
experts. The Issuer shall cause the Servicer to indemnify the Indenture Trustee
in accordance with Section 6.01 of the Trust Sale and Servicing Agreement.

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

         SECTION 6.8       Replacement of Indenture Trustee.

                  (a) The Indenture Trustee may at any time give notice of its
intent to resign by so notifying the Issuer; provided, however, that no such
resignation shall become effective and the Indenture Trustee shall not resign
prior to the time set forth in Section 6.8(c). The Holders of a majority in
Outstanding Amount of the Notes may remove the Indenture Trustee by so notifying
the Indenture Trustee and may appoint a successor Indenture Trustee. Such
resignation or removal shall become effective in accordance with Section 6.8(c).
The Issuer shall remove the Indenture Trustee if:

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

                           (ii)     the Indenture Trustee is adjudged bankrupt
or insolvent;

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

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

                  (b) If the Indenture Trustee gives notice of its intent to
resign or is removed or if a vacancy exists in the office of the Indenture
Trustee for any reason (the Indenture Trustee in such event being referred to
herein as the retiring Indenture Trustee), the Issuer shall promptly appoint and
designate a successor Indenture Trustee.

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<PAGE>

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

                  (d) If a successor Indenture Trustee does not take office
within 60 days after the Indenture Trustee gives notice of its intent to resign
or is removed, the retiring Trustee, 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 and designation of a successor Indenture
Trustee.

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

                  (f) Notwithstanding the replacement of the Indenture Trustee
pursuant to this Section 6.8, the Issuer's obligations under Section 6.7 and the
Servicer's corresponding obligations under the Trust Sale and Servicing
Agreement shall continue for the benefit of the retiring Indenture Trustee.

         SECTION 6.9       Merger or Consolidation of Indenture Trustee.

                  (a) Any corporation into which the Indenture Trustee may be
merged or with which it may be consolidated, or any corporation resulting from
any merger or consolidation to which the Indenture Trustee shall be a party, or
any corporation succeeding to the corporate trust business of the Indenture
Trustee, shall be the successor of the Indenture Trustee under this Indenture;
provided, however, that such corporation shall be eligible under the provisions
of Section 6.11, without the execution or filing of any instrument or any
further act on the part of any of the parties to this Indenture, anything in
this Indenture to the contrary notwithstanding.

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

         SECTION 6.10       Appointment of Co-Indenture Trustee or Separate
Indenture Trustee.

                  (a) Notwithstanding any other provisions of this Indenture, at
any time, for the purpose of meeting any legal requirement of any jurisdiction
in which any part of the Trust Estate or any Financed Vehicle may at the time be
located, the Indenture Trustee shall have the

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<PAGE>

power and may execute and deliver all instruments to appoint one or more Persons
to act as a co-trustee or co-trustees, or separate trustee or separate trustees,
of all or any part of the Trust Estate, and to vest in such Person or Persons,
in such capacity and for the benefit of the Secured Parties and (only to the
extent expressly provided herein) the Certificateholders, such title to the
Trust Estate, or any part hereof, and, subject to the other provisions of this
Section 6.10, such powers, duties, obligations, rights and trusts as the
Indenture Trustee may consider necessary or desirable. No co-trustee or separate
trustee hereunder shall be required to meet the terms of eligibility as a
successor trustee under Section 6.11 and no notice to Noteholders of the
appointment of any co-trustee or separate trustee shall be required under
Section 6.8.

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

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

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

                           (iii)    the Indenture Trustee may at any time accept
the resignation of or remove any separate trustee or co-trustee.

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

                  (d) Any separate trustee or co-trustee may at any time
constitute the Indenture Trustee, its agent or attorney-in-fact with full power
and authority, to the extent not prohibited by law, to do any lawful act under
or in respect of this 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

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<PAGE>

Indenture Trustee, to the extent permitted by law, without the appointment of a
new or successor trustee.

         SECTION 6.11      Eligibility; Disqualification. The Indenture Trustee
shall at all times satisfy the requirements of TIA Section 310(a). The Indenture
Trustee shall have a combined capital and surplus of at least $50,000,000 as set
forth in its most recent published annual report of condition and (unless waived
by Moody's Investors Service, Inc.) it shall have a long term unsecured debt
rating of Baa3 or better by Moody's Investors Service, Inc. The Indenture
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.

         SECTION 6.12      Preferential Collection of Claims Against Issuer. The
Indenture Trustee shall comply with TIA Section 311(a), excluding any creditor
relationship listed in TIA Section 311(b). 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 Indenture Trustee.
The Indenture Trustee represents and warrants as of the Closing Date that:

                  (a) the Indenture Trustee (i) is a national banking
association duly organized, validly existing and in good standing under the laws
of the United States of America and (ii) satisfies the eligibility criteria set
forth in Section 6.11;

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

                  (c) the execution, delivery and performance by the Indenture
Trustee of this Indenture (i) shall not violate any provision of any law or
regulation governing the banking and trust powers of the Indenture Trustee or
any order, writ, judgment or decree of any court, arbitrator, or governmental
authority applicable to the Indenture Trustee or any of its assets, (ii) shall
not violate any provision of the corporate charter or by-laws of the Indenture
Trustee, or (iii) shall not violate any provision of, or constitute, with or
without notice or lapse of time, a default under, or result in the creation or
imposition of any lien on any properties included in the Trust Estate pursuant
to the provisions of any mortgage, indenture, contract, agreement or other
undertaking to which it is a party, which violation, default or lien could
reasonably be expected to have a materially adverse effect on the Indenture
Trustee's performance or ability to perform its duties under this Indenture or
on the transactions contemplated in this Indenture;

                  (d) the execution, delivery and performance by the Indenture
Trustee of this Indenture shall not require the authorization, consent or
approval of, the giving of notice to, the filing or registration with, or the
taking of any other action in respect of, any governmental authority or agency
regulating the banking and corporate trust activities of the Indenture Trustee;
and

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<PAGE>

                  (e) this Indenture has been duly executed and delivered
by the Indenture Trustee and constitutes the legal, valid and binding agreement
of the Indenture Trustee, enforceable in accordance with its terms.

         SECTION 6.14      Indenture Trustee May Enforce Claims Without
Possession of Notes. All rights of action and claims under this Indenture or the
Notes may be prosecuted and enforced by the Indenture Trustee without the
possession of any of the Notes or the production thereof in any proceeding
relating thereto, and any such proceeding instituted by the Indenture Trustee
shall be brought in its own name as Indenture Trustee. Any recovery of judgment
shall, after provision for the payment of the reasonable compensation, expenses,
disbursements and advances of the Indenture Trustee, its agents and counsel, be
for the ratable benefit of the Noteholders and (only to the extent expressly
provided herein) the Certificateholders in respect of which such judgment has
been obtained.

         SECTION 6.15      Suit for Enforcement. If an Event of Default shall
occur and be continuing, the Indenture Trustee, in its discretion may, subject
to the provisions of Section 6.1, proceed to protect and enforce its rights and
the rights of the Noteholders under this Indenture by Proceeding whether for the
specific performance of any covenant or agreement contained in this Indenture or
in aid of the execution of any power granted in this Indenture or for the
enforcement of any other legal, equitable or other remedy as the Indenture
Trustee, being advised by counsel, shall deem most effectual to protect and
enforce any of the rights of the Indenture Trustee or the Noteholders.

         SECTION 6.16      Rights of Noteholders to Direct Indenture Trustee.
Holders of Notes evidencing not less than 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 Indenture Trustee or
exercising any trust or power conferred on the Indenture Trustee; provided,
however, that subject to Section 6.1, the Indenture Trustee shall have the right
to decline to follow any such direction if the Indenture Trustee being advised
by counsel determines that the action so directed may not lawfully be taken, or
if the Indenture Trustee in good faith shall, by a Responsible Officer,
determine that the proceedings so directed would be illegal or subject it to
personal liability or be unduly prejudicial to the rights of Noteholders not
parties to such direction; and provided, further, that nothing in this Indenture
shall impair the right of the Indenture Trustee to take any action deemed proper
by the Indenture Trustee and which is not inconsistent with such direction by
the Noteholders.

                                  ARTICLE VII
                         NOTEHOLDERS' LISTS AND REPORTS

         SECTION 7.1      Issuer To Furnish Indenture Trustee Names and
Addresses of Noteholders. The Issuer shall furnish or cause to be furnished by
the Servicer to the Indenture Trustee (a) not more than five days before each
Distribution Date a list, in such form as the Indenture Trustee may reasonably
require, of the names and addresses of the Holders of Notes as of the close of
business on the related Record Date, and (b) at such other times as the
Indenture Trustee may request in writing, within 14 days after receipt by the
Issuer of any such request, a list of similar form and content as of a date not
more than 10 days prior to the time such list is

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<PAGE>

furnished; provided, however, that so long as the Indenture Trustee is the Note
Registrar, no such list shall be required to be furnished.

         SECTION 7.2       Preservation of Information, Communications to
Noteholders.

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

                  (b) Noteholders may communicate pursuant to TIA Section 312(b)
with other Noteholders with respect to their rights under this Indenture or
under the Notes.

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

         SECTION 7.3       Reports by Issuer.

                  (a) The Issuer shall:

                           (i)      file with the Indenture Trustee within 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 Indenture 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

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

         SECTION 7.4       Reports by Trustee.

                  (a) If required by TIA Section 313(a),within 60 days after
each August 15th, beginning with August 15, 2004, the Indenture Trustee shall
mail to each Noteholder as required by TIA Section 313(c) a brief report dated
as of such date that complies with TIA Section 313(a). The Indenture

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<PAGE>

Trustee also shall comply with TIA Section 313(b). A copy of any report
delivered pursuant to this Section 7.4(a) shall, at the time of its mailing to
Noteholders, be filed by the Indenture Trustee with the Commission and each
stock exchange, if any, on which the Notes are listed. The Issuer shall notify
the Indenture Trustee if and when the Notes are listed on any stock exchange.

                  (b) On each Distribution Date the Indenture Trustee shall
include with each payment to each Noteholder a copy of the statement for the
related Monthly Period or Periods applicable to such Distribution Date as
required pursuant to Section 4.09 of the Trust Sale and Servicing Agreement.

                                  ARTICLE VIII
                      ACCOUNTS, DISBURSEMENTS AND RELEASES

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

         SECTION 8.2       Designated Accounts; Payments.

                  (a) On or prior to the Closing Date, the Issuer shall cause
the Servicer to establish and maintain, in the name of the Indenture Trustee for
the benefit of the Financial Parties (and with respect to the Reserve Account,
for the benefit of the Servicer) the Designated Accounts as provided in Articles
IV and V of the Trust Sale and Servicing Agreement.

                  (b) On or before each Distribution Date, (i) amounts shall be
deposited in the Collection Account as provided in Section 4.06 of the Trust
Sale and Servicing Agreement and (ii) the Aggregate Noteholders' Interest
Distributable Amount and the Aggregate Noteholders' Principal Distributable
Amount shall be transferred from the Collection Account to the Note Distribution
Account as and to the extent provided in Section 4.06 of the Trust Sale and
Servicing Agreement.

                  (c) On each Distribution Date, the Indenture Trustee shall
apply and, as required, distribute to the Noteholders all amounts on deposit in
the Note Distribution Account (subject to the Servicer's rights under Section
5.03 of the Trust Sale and Servicing Agreement to Investment Earnings) in the
following order of priority and in the amounts determined as described below:

                           (i)      The Aggregate Noteholders' Interest
Distributable Amount shall be applied to each class of Notes, or in the case of
the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes, to each
tranche, in an amount equal to the sum of

                                       41

<PAGE>

                                    (A)      the Noteholders' Interest
         Distributable Amount for such class or tranche of Notes for such
         Distribution Date plus

                                    (B)      if there was any Noteholders'
         Interest Carryover Shortfall as of the close of the immediately
         preceding Distribution Date, a pro rata portion thereof determined on
         the basis of the amount of interest that was to be applied to such
         class or tranche of Notes on such preceding Distribution Date;

provided, however, that if there are not sufficient funds in the Note
Distribution Account to so apply the entire Aggregate Noteholders' Interest
Distributable Amount, the amount available in the Note Distribution Account for
such purpose shall be applied to each class of Notes, or in the case of the
Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes, to each tranche,
pro rata on the basis of the respective amount otherwise to be applied to such
class or tranche pursuant to this clause (i). The amount so applied to each
class of Notes, or in the case of the Class A-2 Notes, the Class A-3 Notes and
the Class A-4 Notes, to each tranche, shall be paid to the Holders thereof on
such Distribution Date.

                           (ii)     Unless otherwise provided in clause (iii)
         below, an amount equal to the Aggregate Noteholders' Principal
         Distributable Amount (or such lesser amount as has been deposited in
         the Note Distribution Account pursuant to Section 4.06(c)(vi) of the
         Trust Sale and Servicing Agreement) shall be applied to each class of
         Notes in the following amounts and in the following order of priority
         and any amount so applied shall be paid on such Distribution Date to
         the Holders of such class of Notes:

                                    (1)      first, to the Class A-1 Notes,
                           until the Outstanding Amount of the Class A-1 Notes
                           is reduced to zero;

                                    (2)      second, to the Class A-2 Notes,
                           until the Outstanding Amount of the Class A-2 Notes
                           is reduced to zero;

                                    (3)      third, to the Class A-3 Notes,
                           until the Outstanding Amount of the Class A-3 Notes
                           is reduced to zero; and

                                    (4)      fourth, to the Class A-4 Notes,
                           until the Outstanding Amount of the Class A-4 Notes
                           is reduced to zero.

                           (iii)    If the Notes have been declared immediately
due and payable following an Event of Default as provided in Section 5.2, until
such time as all Events of Default have been cured or waived as provided in
Section 5.2(b), any amounts remaining in the Note Distribution Account after the
applications described in Section 8.2(c)(i) and any amounts then on deposit or
deposited into the Note Distribution Account thereafter shall be applied in
accordance with Section 2.7(c).

         SECTION 8.3       General Provisions Regarding Accounts

                  (a) So long as no Default or Event of Default shall have
occurred and be continuing, all or a portion of the funds in the Designated
Accounts shall be invested in Eligible Investments and reinvested by the
Indenture Trustee upon Issuer Order, subject to the provisions

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<PAGE>

of Section 5.01(b) of the Trust Sale and Servicing Agreement. The Issuer shall
not direct the Indenture Trustee to make any investment of any funds or to sell
any investment held in any of the Designated Accounts unless the security
interest granted and perfected in such account shall 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 Indenture
Trustee to make any such investment or sale, if requested by the Indenture
Trustee, the Issuer shall deliver to the Indenture Trustee an Opinion of Counsel
acceptable to the Indenture Trustee, to such effect.

                  (b) Subject to Section 6.1(c), the Indenture Trustee shall not
in any way be held liable by reason of any insufficiency in any of the
Designated Accounts resulting from any loss on any Eligible Investment included
therein except for losses attributable to the Indenture Trustee's failure to
make payments on such Eligible Investments issued by the Indenture 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 Designated Accounts to the Indenture
Trustee by 11:00 a.m., New York City Time (or such other time as may be agreed
by the Issuer and the Indenture Trustee) on any Business Day; or (ii) a Default
or Event of Default shall have occurred and be continuing with respect to the
Notes but the Notes shall not have been declared due and payable pursuant to
Section 5.2, or, if such Notes shall have been declared due and payable
following an Event of Default, but amounts collected or receivable from the
Trust Estate are being applied in accordance with Section 5.5 as if there had
not been such a declaration; then the Indenture Trustee shall, to the fullest
extent practicable, invest and reinvest funds in the Designated Accounts in one
or more Eligible Investments selected by the Indenture Trustee.

         SECTION 8.4       Release of Trust Estate.

                  (a) Subject to the payment of its fees and expenses pursuant
to Section 6.7, the Indenture Trustee may, and when required by the provisions
of this Indenture shall, execute instruments to release property from the lien
of this Indenture, or convey the Indenture Trustee's interest in the same, in a
manner and under circumstances that are consistent with the provisions of this
Indenture. No party relying upon an instrument executed by the Indenture Trustee
as provided in this Article VIII shall be bound to ascertain the Indenture
Trustee's authority, inquire into the satisfaction of any conditions precedent
or see to the application of any monies.

                           (b)      The Indenture Trustee shall, at such time as
there are no Notes Outstanding and all sums due to the Indenture Trustee
pursuant to Section 6.7 have been paid and all amounts owing under each Third
Party Instrument have been paid, release any remaining portion of the Trust
Estate that secured the Notes and the other Secured Obligations from the lien of
this Indenture and release to the Issuer or any other Person entitled thereto
any funds then on deposit in the Designated Accounts. The Indenture Trustee
shall release property from the lien of this Indenture pursuant to this Section
8.4(b) only upon receipt by it of an Issuer Request and 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 11.1.

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<PAGE>

         SECTION 8.5       Opinion of Counsel. The Indenture Trustee shall
receive at least seven days' notice when requested by the Issuer to take any
action pursuant to Section 8.4(a), accompanied by copies of any instruments
involved, and the Indenture Trustee shall also require as a condition to such
action, an Opinion of Counsel and a Materiality Opinion, in form and substance
satisfactory to the Indenture Trustee, stating the legal effect of any such
action, outlining the steps required to complete the same, and concluding that
all conditions precedent to the taking of such action have been complied with
and such action shall not materially and adversely impair the security for the
Secured Obligations or the rights of the Secured Parties in contravention of the
provisions of this Indenture; provided, however, that such Opinion of Counsel
and Materiality Opinion 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 Indenture Trustee in connection
with any such action.

                                   ARTICLE IX
                             SUPPLEMENTAL INDENTURES

         SECTION 9.1       Supplemental Indentures Without Consent of
Noteholders.

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

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

                           (ii)     to evidence the succession, in compliance
with Section 3.10 and the applicable provisions hereof, of another Person to the
Issuer, and the assumption by any such successor of the covenants of the Issuer
contained herein and in the Notes contained;

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

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

                           (v)      to cure any ambiguity, to correct or
supplement any provision herein or in any supplemental indenture which may be
inconsistent with any other provision herein or in any supplemental indenture or
in any other Basic Document;

                           (vi)     to evidence and provide for the acceptance
of the appointment hereunder by a successor or additional trustee with respect
to the Notes and to add to or change

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<PAGE>

any of the provisions of this Indenture as shall be necessary to facilitate the
administration of the trusts hereunder by more than one trustee, pursuant to the
requirements of Article VI; or

                           (vii)    to modify, eliminate or add to the
provisions of this Indenture to such extent as shall be necessary to 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 be expressly required by the TIA, and the Indenture Trustee is hereby
authorized to join in the execution of any such supplemental indenture and to
make any further appropriate agreements and stipulations that may be therein
contained.

                  (b) The Issuer and the Indenture Trustee, when authorized by
an Issuer Order, may, also without the consent of any of the Noteholders but
with prior notice to the Rating Agencies at any time and from time to time enter
into one or more indentures supplemental hereto for the purpose of adding any
provisions to, changing in any manner, or eliminating any of the provisions of,
this Indenture or modifying in any manner the rights of the Noteholders under
this Indenture; provided, however, that such action shall not, as evidenced by
an Opinion of Counsel, adversely affect in any material respect the interests of
any Noteholder.

         SECTION 9.2       Supplemental Indentures With Consent of Noteholders.

                  (a) The Issuer and the Indenture Trustee, when authorized by
an Issuer Order, also may, with prior notice to the Rating Agencies 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 Indenture
Trustee, enter into an indenture or indentures supplemental hereto for the
purpose of adding any provisions to, changing in any manner, or eliminating any
of the provisions of, this Indenture or of modifying in any manner the rights of
the Noteholders under this Indenture; provided, however, that no such
supplemental indenture shall, without the consent of the Holder of each
Outstanding Note affected thereby:

                           (i)      change the due date of any instalment of
principal of or interest on any Note, or reduce the principal amount thereof,
the interest rate applicable thereto, or the Redemption Price with respect
thereto, change any place of payment where, or the coin or currency in which,
any Note or any interest thereon is payable, or impair the right to institute
suit for the enforcement of the provisions of this Indenture requiring the
application of funds available therefor, as provided in Article V, to the
payment of any such amount due on the Notes on or after the respective due dates
thereof (or, in the case of redemption, on or after the Redemption Date);

                           (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 as provided for in this
Indenture;

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

                           (iv)     reduce the percentage of the Outstanding
Amount of the Notes required to direct the Indenture Trustee to sell or
liquidate the Trust Estate pursuant to Section

                                       45

<PAGE>

5.4 if the proceeds of such sale would be insufficient to pay the principal
amount of and accrued but unpaid interest on the Outstanding Notes;

                           (v)      modify any provision of this Section 9.2 to
decrease the required minimum percentage necessary to approve any amendments to
any provisions of this Indenture or any of the Basic Documents;

                           (vi)     modify any of the provisions of this
Indenture in such manner as to affect the calculation of the amount of any
payment of interest or principal due on any Note on any Distribution Date
(including the calculation of any of the individual components of such
calculation), or modify or alter the provisions of the Indenture regarding the
voting of Notes held by the Issuer, the Seller or any Affiliate of either of
them; or

                           (vii)    permit the creation of any Lien ranking
prior to or on a parity with the lien of this Indenture with respect to any part
of the Trust Estate or, except as otherwise permitted or contemplated herein,
terminate the lien of this Indenture on any property at any time subject thereto
or deprive the Holder of any Note of the security afforded by the lien of this
Indenture.

                  (b) The Indenture Trustee may in its discretion determine
whether or not any Notes would be affected (such that the consent of each
Noteholder would be required) by any supplemental indenture proposed pursuant to
this Section 9.2 and any such determination shall be binding upon the Holders of
all Notes, whether authenticated and delivered thereunder before or after the
date upon which such supplemental indenture becomes effective. The Indenture
Trustee shall not be liable for any such determination made in good faith.

                  (c) It shall be sufficient if an Act of Noteholders approves
the substance, but not the form, of any proposed supplemental indenture.

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

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

         SECTION 9.4       Effect of Supplemental Indenture. Upon the execution
of any supplemental indenture pursuant to the provisions hereof, this Indenture
shall be and be deemed to be modified and amended in accordance therewith with
respect to the Notes affected thereby,

                                       46

<PAGE>

and the respective rights, limitations of rights, obligations, duties,
liabilities and immunities under this Indenture of the Indenture Trustee, the
Issuer and the Noteholders shall thereafter be determined, exercised and
enforced hereunder subject in all respects to such modifications and amendments,
and all the terms and conditions of any such supplemental indenture shall be and
be deemed to be part of the terms and conditions of this Indenture for any and
all purposes.

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

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

                                   ARTICLE X
                               REDEMPTION OF NOTES

         SECTION 10.1      Redemption. The Redeemable Notes are subject to
redemption in whole, but not in part, upon the exercise by the Servicer of its
option to purchase the Receivables pursuant to Section 8.01 of the Trust Sale
and Servicing Agreement. The date on which such redemption shall occur is the
Distribution Date following the Optional Purchase Date identified by Servicer in
its notice of exercise of such purchase option (the "Redemption Date"). The
purchase price for the Redeemable Notes shall be equal to the applicable
Redemption Price, provided the Issuer has available funds sufficient to pay such
amount. The Servicer or the Issuer shall furnish the Rating Agencies notice of
such redemption. If the Redeemable Notes are to be redeemed pursuant to this
Section 10.1, the Servicer or the Issuer shall furnish notice thereof to the
Indenture Trustee not later than 25 days prior to the Redemption Date and the
Indenture Trustee (based on such notice) shall withdraw from the Collection
Account and deposit into the Note Distribution Account, on the Redemption Date,
the aggregate Redemption Price of the Redeemable Notes, whereupon all such Notes
shall be due and payable on the Redemption Date.

         SECTION 10.2       Form of Redemption Notice. (a) Notice of redemption
of the Redeemable Notes under Section 10.1 shall be given by the Indenture
Trustee by first-class mail, postage prepaid, mailed not less than five days
prior to the applicable Redemption Date to each Noteholder of Redeemable Notes
of record at such Noteholder's address appearing in the Note Register.

                  (a)      All notices of redemption shall state:

                           (i)      the Redemption Date;

                           (ii)     the applicable Redemption Price; and

                                       47

<PAGE>

                           (iii)    the place where Redeemable Notes are to be
surrendered for payment of the Redemption Price (which shall be the Agency
Office of the Indenture Trustee to be maintained as provided in Section 3.2).

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

         SECTION 10.3      Notes Payable on Redemption Date. The Redeemable
Notes shall, following notice of redemption as required by Section 10.2, on the
Redemption Date cease to be Outstanding for purposes of this Indenture and shall
thereafter represent only the right to receive the applicable Redemption Price
and (unless the Issuer shall default in the payment of such Redemption Price) no
interest shall accrue on such Redemption Price for any period after the date to
which accrued interest is calculated for purposes of calculating such Redemption
Price.

                                   ARTICLE XI
                                  MISCELLANEOUS

         SECTION 11.1      Compliance Certificates and Opinions, etc.

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

                           (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 judgment 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.

                                       48

<PAGE>

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

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

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

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

                           (v)      Notwithstanding Section 2.9 or any other
provision of this Section 11.1, the Issuer may (A) collect, liquidate, sell or
otherwise dispose of Receivables as and to the extent permitted or required by
the Basic Documents, (B) make cash payments out of the Designated Accounts and
the Certificate Distribution Account as and to the extent permitted or required
by the Basic Documents and (C) take any other action not inconsistent with the
TIA.

                                       49

<PAGE>

         SECTION 11.2      Form of Documents Delivered to Indenture Trustee.

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

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

                  (c) Where any Person is required to make, give or execute two
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.

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

         SECTION 11.3      Acts of Noteholders.

                  (a) Any request, demand, authorization, direction, notice,
consent, waiver or other action provided by this Indenture to be given or taken
by Noteholders or a class of Noteholders may be embodied in and evidenced by one
or more instruments of substantially similar tenor signed by such Noteholders in
person or by agents duly appointed in writing; and except as herein otherwise
expressly provided such action shall become effective when such instrument or
instruments are delivered to the Indenture Trustee, and, where it is hereby
expressly required, to the Issuer. Such instrument or instruments (and the
action embodied 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

                                       50

<PAGE>

any such agent shall be sufficient for any purpose of this Indenture and
(subject to Section 6.1) conclusive in favor of the Indenture Trustee and the
Issuer, if made in the manner provided in this Section 11.3.

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

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

                  (d) Any request, demand, authorization, direction, notice,
consent, waiver or other action by the Holder of any Notes (or any one or more
Predecessor 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 Indenture Trustee or the
Issuer in reliance thereon, whether or not notation of such action is made upon
such Note.

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

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

                  (b) the Issuer by the Indenture Trustee or by any Noteholder
shall be sufficient for every purpose hereunder if in writing and either sent by
electronic facsimile transmission (with hard copy to follow via first class
mail) or mailed, by certified mail, return receipt requested to the Issuer and
the Owner Trustee each at the address specified in Appendix B to the Trust Sale
and Servicing Agreement.

                  The Issuer shall promptly transmit any notice received by it
from the Noteholders to the Indenture Trustee. The Indenture Trustee shall
likewise promptly transmit any notice received by it from the Noteholders to the
Issuer.

                  (c) Notices required to be given to the Rating Agencies by the
Issuer and the Indenture Trustee or the Owner Trustee shall be delivered as
specified in Appendix B to the Trust Sale and Servicing Agreement.

         SECTION 11.5      Notices to Noteholders; Waiver.

                  (a) Where this Indenture provides for notice to Noteholders of
any event, such notice shall be sufficiently given (unless otherwise herein
expressly provided) if it is in writing and mailed, first-class, postage prepaid
to each Noteholder affected by such event, at such Person's 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. If 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

                                       51

<PAGE>

Noteholders, and any notice that is mailed in the manner herein provided shall
conclusively be presumed to have been duly given regardless of whether such
notice is in fact actually received.

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

                  (c) In case, by reason of the suspension of regular mail
service as a result of a strike, work stoppage or similar activity, it shall be
impractical to mail notice of any event 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 Indenture Trustee
shall be deemed to be a sufficient giving of such notice.

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

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

         SECTION 11.7      Conflict with Trust Indenture Act.

                  (a) 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 TIA, such required provision shall control.

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

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

         SECTION 11.9      Successors and Assigns.

                  (a) All covenants and agreements in this Indenture and the
Notes by the Issuer shall bind its successors and assigns, whether so expressed
or not.

                                       52

<PAGE>

                  (b) All covenants and agreements of the Indenture Trustee in
this Indenture shall bind its successors and assigns, whether so expressed or
not.

         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. 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 to the extent expressly
provided herein, the Noteholders, the Certificateholders, any other party
secured hereunder, any other Person with an ownership interest in any part of
the Trust Estate and any holder of a Third Party Instrument, any benefit or any
legal or equitable right, remedy or claim under this Indenture. The holder of a
Third Party Instrument shall be a third-party beneficiary to this Agreement only
to the extent that it has any rights specified herein or rights with respect to
this Indenture specified under the Swap Counterparty Rights Agreement.

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

         SECTION 11.13     GOVERNING LAW. THIS INDENTURE SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK,
WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS OTHER THAN SECTION 5-1401 OF
THE NEW YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES
OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

         SECTION 11.14     Counterparts. This Indenture may be executed in any
number of counterparts, each of which so executed shall be deemed to be an
original, but all such counterparts shall together constitute but one and the
same instrument.

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

         SECTION 11.16     No Recourse. No recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuer, the Owner Trustee or
the Indenture Trustee on the Notes or under this Indenture or any certificate or
other writing delivered in connection herewith or therewith, against:

                  (a) the Indenture Trustee or the Owner Trustee in its
individual capacity;

                                       53

<PAGE>

                  (b) the Seller or any other owner of a beneficial interest in
the Issuer; or

                  (c) any partner, owner, beneficiary, agent, officer, director,
employee or agent of the Indenture Trustee or the Owner Trustee in its
individual capacity, the Seller or any other holder of a beneficial interest in
the Issuer, the Owner Trustee or the Indenture Trustee or of any successor or
assign of the Indenture Trustee or the Owner Trustee in its individual capacity
(or any of their successors or assigns), except as any such Person may have
expressly agreed (it being understood that the Indenture Trustee and the Owner
Trustee have no such obligations in their individual 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 instalment 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 VI, VII and
VIII of the Trust Agreement.

                                       54

<PAGE>

         SECTION 11.17     No Petition. The Indenture Trustee, by entering into
this Indenture, and each Noteholder and Note Owner, by accepting a Note (or
interest therein) issued hereunder, hereby covenant and agree that they shall
not, prior to the date which is one year and one day after the termination of
this Indenture with respect to the Issuer pursuant to Section 4.1, acquiesce,
petition or otherwise invoke or cause the Seller or the Issuer to invoke the
process of any court or government authority for the purpose of commencing or
sustaining a case against the Seller or the Issuer under any federal or state
bankruptcy, insolvency or similar law or appointing a receiver, liquidator,
assignee, trustee, custodian, sequestrator or other similar official of the
Seller or the Issuer or any substantial part of its property, or ordering the
winding up or liquidation of the affairs of the Seller or the Issuer.

         SECTION 11.18     Inspection. The Issuer agrees that, on reasonable
prior notice, it shall permit any representative of the Indenture Trustee,
during the Issuer's normal business hours, to examine all the books of account,
records, reports, and other papers of the Issuer, to make copies and extracts
therefrom, to cause such books to be audited by Independent certified public
accountants, and to discuss the Issuer's affairs, finances and accounts with the
Issuer's officers, employees and Independent certified public accountants, all
at such reasonable times and as often as may be reasonably requested. The
Indenture Trustee shall and shall cause its representatives to hold in
confidence all such information except to the extent disclosure may be required
by law (and all reasonable applications for confidential treatment are
unavailing) and except to the extent that the Indenture Trustee may reasonably
determine that such disclosure is consistent with its obligations hereunder.

         SECTION 11.19     Indemnification by and Reimbursement of the Servicer.
The Indenture Trustee acknowledges and agrees to reimburse (i) the Servicer and
its directors, officers, employees and agents in accordance with Section 6.03(b)
of the Trust Sale and Servicing Agreement and (ii) the Seller and its directors,
officers, employees and agents in accordance with Section 3.04 of the Trust Sale
and Servicing Agreement. The Indenture Trustee further acknowledges and accepts
the conditions and limitations with respect to the Servicer's obligation to
indemnify, defend and hold the Indenture Trustee harmless as set forth in
Section 6.01(a)(iv) of the Trust Sale and Servicing Agreement.

                                    * * * * *

                                       55

<PAGE>

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

                               CAPITAL AUTO RECEIVABLES ASSET
                               TRUST 2003-2

                               By: DEUTSCHE BANK TRUST COMPANY
                                   DELAWARE, not in its individual capacity
                                   but solely as Owner Trust

                               By: _____________________________________
                               Name:  Man Wing Li
                               Title: Attorney-In-Fact

                               BANK ONE, NATIONAL ASSOCIATION,
                               not in its individual capacity but solely as
                               Indenture Trustee

                               By: _____________________________________
                               Name:  Keith R. Richardson
                               Title: Vice President

<PAGE>

STATE OF ILLINOIS          )
                           ) ss
COUNTY OF COOK)

                  BEFORE ME, the undersigned authority, a Notary Public in and
for said county and state, on this day personally appeared Man Wing Li, known to
me to be the person and officer whose name is subscribed to the foregoing
instrument and acknowledged to me that the same was the act of the said Capital
Auto Receivables Asset Trust 2003-2, a Delaware statutory trust, and that she
executed the same as the act of said statutory trust for the purpose and
consideration therein expressed, and in the capacities therein stated.

                  GIVEN UNDER MY HAND AND SEAL OF OFFICE, this the ___ day of
June, 2003.

                               ______________________________________________
                               Notary Public in and for the State of Illinois

My commission expires:
______________________

<PAGE>

STATE OF ILLINOIS          )
                           ) ss
COUNTY OF COOK)

                  BEFORE ME, the undersigned authority, a Notary Public in and
for said county and state, on this day personally appeared Keith R. Richardson,
known to me to be the person and officer whose name is subscribed to the
foregoing instrument and acknowledged to me that the same was the act of the
said Bank One, National Association, and that he executed the same as the act of
said national banking association for the purpose and consideration therein
stated.
                  GIVEN UNDER MY HAND AND SEAL OF OFFICE, this the __ day of
June, 2003.

                               ______________________________________________
                               Notary Public in and for the State of Illinois

My commission expires:

______________________

<PAGE>

                                                                       EXHIBIT A

                                   LOCATION OF
                             SCHEDULE OF RECEIVABLES

The Schedule of Receivables on file at the offices of:

1.       The Indenture Trustee

2.       The Owner Trustee

3.       General Motors Acceptance Corporation

4.       Capital Auto Receivables, Inc.

<PAGE>

                                                                       EXHIBIT B

                        FORM OF NOTE DEPOSITORY AGREEMENT

<PAGE>

                                                                     EXHIBIT C-1

     FORM OF [CLASS A2a,][CLASS A3a][CLASS A4a] FIXED RATE ASSET BACKED NOTE

REGISTERED                                                         $____________

No. R-

                       SEE REVERSE FOR CERTAIN DEFINITIONS

CUSIP NO. __________

                           Unless this Note is presented by an authorized
         representative of The Depository Trust Company, a New York corporation
         ("DTC"), to the Issuer or its agent for registration of transfer,
         exchange or payment, and any Note issued is registered in the name of
         Cede & Co. or in such other name as is requested by an authorized
         representative of DTC (and any payment is made to Cede & Co. or to such
         other entity as is requested by an authorized representative of DTC),
         ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
         TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede
         & Co., has an interest herein.

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

                   CAPITAL AUTO RECEIVABLES ASSET TRUST 2003-2

              [CLASS A2a,][CLASS A3a][CLASS A4a] ASSET BACKED NOTES

                  CAPITAL AUTO RECEIVABLES ASSET TRUST 2003-2, a statutory trust
organized and existing under the laws of the State of Delaware (herein referred
to as the "Issuer"), for value received, hereby promises to pay to Cede & Co.,
or registered assigns, the principal sum of _______________ DOLLARS ($_________)
or such lesser outstanding amount as may be payable in accordance with the
Indenture (as defined on the reverse side of this Note), on each Distribution
Date in an amount equal to the result obtained by multiplying (i) a fraction,
the numerator of which is the principal amount hereof and the denominator of
which is aggregate principal amount for such [CLASS A2a][CLASS A3a][CLASS A4a]
Notes by (ii) the aggregate amount, if any, payable on such Distribution Date
from the Note Distribution Account in respect of principal on the [CLASS
A2a][CLASS A3a][CLASS A4a] Notes pursuant to Sections 2.7, 3.1 and 8.2(c) of the
Indenture; provided, however, that the entire unpaid principal amount of this
Note shall be due and payable on ___________ (the "Final Scheduled Distribution
Date"), unless the Note is earlier redeemed, pursuant to Section 10.1 of the
Indenture, in which case such unpaid principal amount shall be due on the
Redemption Date. The Issuer shall pay interest on this Note

                                     C-1-1

<PAGE>

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, for the
initial Distribution Date, the outstanding principal balance on the Closing
Date)). Interest on the [CLASS A2a][CLASS A3a][CLASS A4a] Notes will accrue from
and including the Closing Date, and will be payable on each Distribution Date in
an amount equal to the Noteholders' Interest Distributable Amount for such
Distribution Date for the [CLASS A2a][CLASS A3a][CLASS A4a] Notes. Interest will
be computed on the basis of a 360-day year of twelve 30-day months (or, in the
case of the initial Distribution Date, 34/360). Such principal of and interest
on this Note shall be paid in the manner specified on the reverse hereof. All
interest payments on each class of Notes on any Distribution Date shall be made
pro rata to the Noteholders of such class entitled thereto.

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

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

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

                  IN WITNESS WHEREOF, the Issuer has caused this instrument to
be signed, manually or in facsimile, by its Authorized Officer.

Date: June 11, 2003
                               CAPITAL AUTO RECEIVABLES ASSET TRUST 2003-2

                               By:   DEUTSCHE BANK TRUST COMPANY
                                     DELAWARE, not in its individual capacity
                                     but solely as Owner Trustee

                               By: _____________________________________
                               Name:  Man Wing Li
                               Title: Attorney-In-Fact

                                      C-1-2

<PAGE>

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

                               BANK ONE, NATIONAL ASSOCIATION, not in its
                               individual capacity but solely as
                               Indenture Trustee

                               By: ______________________________________
                               Name:  Keith R. Richardson
                               Title: Vice President

                                      C-1-3

<PAGE>

                                 REVERSE OF NOTE

                  This Note is one of a duly authorized issue of Notes of the
Issuer, designated as [CLASS A2a][CLASS A3a][CLASS A4a] Fixed Rate Asset Backed
Notes (herein called the "[CLASS A2a][CLASS A3a][CLASS A4a] NOTES"), all issued
under an Indenture, dated as of June 11, 2003 (such Indenture, as supplemented
or amended, is herein called the "Indenture"), between the Issuer and Bank One,
National Association, as trustee (the "Indenture Trustee", which term includes
any successor trustee under the Indenture), to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuer, the Indenture
Trustee and the Noteholders. The [CLASS A2a][CLASS A3a][CLASS A4a] Notes are one
of several duly authorized classes of Notes of the Issuer issued pursuant to the
Indenture (collectively, as to all Notes of all such classes, the "Notes"). The
Notes are governed by and subject to all terms of the Indenture (which terms are
incorporated herein and made a part hereof), to which Indenture the Holder of
this Note by virtue of acceptance hereof assents and by which such Holder is
bound. All capitalized terms used and not otherwise defined 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.

                  The [CLASS A2a][CLASS A3a][CLASS A4a] Notes and all other
Notes issued pursuant to the Indenture are and will be equally and ratably
secured by the Collateral pledged as security therefor as provided in the
Indenture.

                  Each Noteholder or Note Owner will be deemed to represent that
either (A)(i) it is not an "employee benefit plan" (as defined in Section 3(3)
of the United States Employee Retirement Income Security Act of 1974, as
amended, ("ERISA"), that is subject to the provisions of Title I of ERISA, (ii)
a "plan" described in Section 4975(e)(1) of the Internal Revenue Code of 1986
(as amended) (the "Code") or (iii) any entity whose underlying assets include
plan assets by reason of a plan's investment in the entity or (B) the purchase
and holding of the Note will not result in a non-exempt prohibited transaction
under Section 406 of ERISA or Section 4975 of the Code.

                  Each Noteholder or Note Owner, by acceptance of a Note or, in
the case of a Note Owner, a beneficial interest in a Note, covenants and agrees
that no recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the
Notes or under the Indenture or any certificate or other writing delivered in
connection therewith, against (i) the Indenture Trustee or the Owner Trustee in
their individual capacities, (ii) the Seller or any other owner of a beneficial
interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer,
director or employee of the Indenture Trustee or the Owner Trustee in their
individual capacities, any holder of a beneficial interest in the Issuer, the
Owner Trustee or the Indenture Trustee or of any successor or assign of the
Indenture Trustee or the Owner Trustee in their individual capacities, except as
any such Person may have expressly agreed 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

                                      C-1-4

<PAGE>

Indenture such Noteholder will not, prior to the date which is one year and one
day after the termination of the Indenture with respect to the Issuer,
acquiesce, petition or otherwise invoke or cause the Seller or the Issuer to
invoke the process of any court or government authority for the purpose of
commencing or sustaining a case against the Seller or the Issuer under any
federal or state bankruptcy, insolvency or similar law or appointing a receiver,
liquidator, assignee, trustee, custodian, sequestrator or other similar official
of the Seller or the Issuer or any substantial part of its property, or ordering
the winding up or liquidation of the affairs of the Seller or the Issuer.

                  Each Noteholder, by acceptance of a Note or, in the case of a
Note Owner, a beneficial interest in a Note, expresses its intention that this
Note qualifies under applicable tax law as indebtedness secured by the
Collateral and, unless otherwise required by appropriate taxing authorities,
agrees to treat the Notes as indebtedness secured by the Collateral for the
purpose of federal income taxes, state and local income and franchise taxes,
Michigan single business tax, and any other taxes imposed upon, measured by or
based upon gross or net income.

                  Prior to the due presentment for registration of transfer of
this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the
Indenture Trustee may treat the Person in whose name this Note (as of the day of
determination or as of such other date as may be specified in the Indenture) is
registered as the owner hereof for all purposes, whether or not this Note shall
be overdue, and neither the Issuer, the Indenture 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 Noteholders under the Indenture
at any time by the Issuer with the consent of the Holders of Notes representing
a majority of the Outstanding Amount of all 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
Indenture Trustee to amend or waive certain terms and conditions set forth in
the Indenture without the consent of the Noteholders.

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

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

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

                                     C-1-5

<PAGE>

                  This Note and the Indenture shall be construed in accordance
with the laws of the State of New York, without reference to its conflict of law
provisions, and the obligations, rights and remedies of the parties hereunder
and thereunder shall be determined in accordance with such laws.

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

                  Anything herein to the contrary notwithstanding, except as
expressly provided in the Basic Documents, neither the Seller, the Servicer, the
Indenture Trustee nor the Owner Trustee in their respective individual
capacities, any owner of a beneficial interest in the Issuer, nor any of their
respective partners, beneficiaries, agents, officers, directors, employees or
successors or assigns, shall be personally liable for, nor shall recourse be had
to any of them for, the payment of principal of or interest on, or performance
of, or omission to perform, any of the covenants, obligations or
indemnifications contained in this Note or the Indenture, it being expressly
understood that said covenants, obligations and indemnifications have been made
by the Owner Trustee solely as the Owner Trustee in the assets of the Issuer.
The Holder of this Note by the acceptance hereof agrees that, except as
expressly provided in the Basic Documents, in the case of an Event of Default
under the Indenture, the Holder shall have no claim against any of the foregoing
for any deficiency, loss or claim therefrom; provided, however, that nothing
contained herein shall be taken to prevent recourse to, and enforcement against,
the assets of the Issuer for any and all liabilities, obligations and
undertakings contained in the Indenture or in this Note.

                                     C-1-6

<PAGE>

                                   ASSIGNMENT

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

_________________________________

                  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and
transfers unto _______________________________________________
__________________________________________________________________
                         (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints ____________________________________, as attorney, to transfer said
Note on the books kept for registration thereof, with full power of substitution
in the premises.

Dated:__________________            __________________________________(1)

                                             Signature Guaranteed:

_________________________           __________________________________

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

(1)  NOTE: The signature to this assignment must correspond with the name of the
       registered owner as it appears on the face of the within Note in every
       particular, without alteration, enlargement or any change whatsoever.

                                      C-1-7

<PAGE>

                                                                     EXHIBIT C-2

                    FORM OF [CLASS A2b][CLASS A3b][CLASS A4b]
                         FLOATING RATE ASSET BACKED NOTE

REGISTERED                                                         $____________

No. R-

                       SEE REVERSE FOR CERTAIN DEFINITIONS

                                                                   CUSIP NO. N/A

CUSIP NO. __________

                           Unless this Note is presented by an authorized
         representative of The Depository Trust Company, a New York corporation
         ("DTC"), to the Issuer or its agent for registration of transfer,
         exchange or payment, and any Note issued is registered in the name of
         Cede & Co. or in such other name as is requested by an authorized
         representative of DTC (and any payment is made to Cede & Co. or to such
         other entity as is requested by an authorized representative of DTC),
         ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
         TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede
         & Co., has an interest herein.

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

                   CAPITAL AUTO RECEIVABLES ASSET TRUST 2003-2

       [CLASS A2a][CLASS A3a][CLASS A4a] FLOATING RATE ASSET BACKED NOTES

                  CAPITAL AUTO RECEIVABLES ASSET TRUST 2003-2, a statutory trust
organized and existing under the laws of the State of Delaware (herein referred
to as the "Issuer"), for value received, hereby promises to pay to Cede & Co.,
or registered assigns, the principal sum of _______________ DOLLARS ($_________)
or such lesser outstanding amount as may be payable in accordance with the
Indenture (as defined on the reverse side of this Note), on each Distribution
Date in an amount equal to the result obtained by multiplying (i) a fraction,
the numerator of which is the principal amount hereof and the denominator of
which is the aggregate principal amount for such [CLASS A2b][CLASS A3b][CLASS
A4b] Notes, by (ii) the aggregate amount, if any, payable on such Distribution
Date from the Note Distribution Account in respect of principal on the [CLASS
A2b][CLASS A3b][CLASS A4b] Notes pursuant to Sections 2.7, 3.1 and 8.2(c) of the
Indenture; provided, however, that the entire unpaid principal amount of this
Note shall be due and payable on [______________] (the "Final Scheduled
Distribution Date"), unless the Note is earlier redeemed, pursuant to Section
10.1 of the Indenture, in which

                                     C-2-1

<PAGE>

case such unpaid principal amount shall be due on the Redemption Date. The
Issuer shall pay interest on this Note 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,
for the initial Distribution Date, the outstanding principal balance on the
Closing Date)). Interest on the [CLASS A2b][CLASS A3b][CLASS A4b] Notes will
accrue from and including the Closing Date, and will be payable on each
Distribution Date in an amount equal to the Noteholders' Interest Distributable
Amount for such Distribution Date for the [CLASS A2b][CLASS A3b][CLASS A4b]
Notes. Interest will be computed on the basis of actual number of days elapsed
from and including the prior Distribution Date (or, in the case of the first
Distribution Date, from and including the Closing Date) to but excluding the
current Distribution Date and a 360-day year. Such principal of and interest on
this Note shall be paid in the manner specified on the reverse hereof. All
interest payments on each class of Notes on any Distribution Date shall be made
pro rata to the Noteholders of such class entitled thereto.

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

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

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

                                     C-2-2

<PAGE>

                  IN WITNESS WHEREOF, the Issuer has caused this instrument to
be signed, manually or in facsimile, by its Authorized Officer.

Date: June 11, 2003

                               CAPITAL AUTO RECEIVABLES ASSET TRUST 2003-2

                               By:   DEUTSCHE BANK TRUST COMPANY
                                     DELAWARE, not in its individual capacity
                                     but solely as Owner Trustee

                               By: _____________________________________
                               Name:  Man Wing Li
                               Title: Attorney-In-Fact

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

                               BANK ONE, NATIONAL ASSOCIATION, not in its
                               individual capacity but solely as
                               Indenture Trustee

                               By: ______________________________________
                               Name:  Keith R. Richardson
                               Title: Vice President

                                      C-2-3

<PAGE>

                                 REVERSE OF NOTE

                  This Note is one of a duly authorized issue of Notes of the
Issuer, designated as its [CLASS A2b, A3b, A4b] Floating Rate Asset Backed Notes
(herein called the "[CLASS A2b][CLASS A3b][CLASS A4b] NOTES"), all issued under
an Indenture, dated as of June 11, 2003 (such Indenture, as supplemented or
amended, is herein called the "Indenture"), between the Issuer and Bank One,
National Association, as trustee (the "Indenture Trustee", which term includes
any successor trustee under the Indenture), to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuer, the Indenture
Trustee and the Noteholders. The [CLASS A2b][CLASS A3b][CLASS A4b] Notes are one
of several duly authorized classes of Notes of the Issuer issued pursuant to the
Indenture (collectively, as to all Notes of all such classes, the "Notes"). The
Notes are governed by and subject to all terms of the Indenture (which terms are
incorporated herein and made a part hereof), to which Indenture the Holder of
this Note by virtue of acceptance hereof assents and by which such Holder is
bound. All capitalized terms used and not otherwise defined 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.

                  The [CLASS A2b][CLASS A3b][CLASS A4b] Notes and all other
Notes issued pursuant to the Indenture are and will be equally and ratably
secured by the Collateral pledged as security therefor as provided in the
Indenture.

                  Each Noteholder or Note Owner will be deemed to represent that
either (A)(i) it is not an "employee benefit plan" (as defined in Section 3(3)
of the United States Employee Retirement Income Security Act of 1974, as
amended, ("ERISA"), that is subject to the provisions of Title I of ERISA, (ii)
a "plan" described in Section 4975(e)(1) of the Internal Revenue Code of 1986
(as amended) (the "Code") or (iii) any entity whose underlying assets include
plan assets by reason of a plan's investment in the entity or (B) the purchase
and holding of the Note will not result in a non-exempt prohibited transaction
under Section 406 of ERISA or Section 4975 of the Code.

                  Each Noteholder or Note Owner, by acceptance of a Note or, in
the case of a Note Owner, a beneficial interest in a Note, covenants and agrees
that no recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the
Notes or under the Indenture or any certificate or other writing delivered in
connection therewith, against (i) the Indenture Trustee or the Owner Trustee in
their individual capacities, (ii) the Seller or any other owner of a beneficial
interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer,
director or employee of the Indenture Trustee or the Owner Trustee in their
individual capacities, any holder of a beneficial interest in the Issuer, the
Owner Trustee or the Indenture Trustee or of any successor or assign of the
Indenture Trustee or the Owner Trustee in their individual capacities, except as
any such Person may have expressly agreed 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 instalment 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

                                      C-2-4

<PAGE>

Indenture such Noteholder will not, prior to the date which is one year and one
day after the termination of the Indenture with respect to the Issuer,
acquiesce, petition or otherwise invoke or cause the Seller or the Issuer to
invoke the process of any court or government authority for the purpose of
commencing or sustaining a case against the Seller or the Issuer under any
federal or state bankruptcy, insolvency or similar law or appointing a receiver,
liquidator, assignee, trustee, custodian, sequestrator or other similar official
of the Seller or the Issuer or any substantial part of its property, or ordering
the winding up or liquidation of the affairs of the Seller or the Issuer.

                  Each Noteholder, by acceptance of a Note or, in the case of a
Note Owner, a beneficial interest in a Note, expresses its intention that this
Note qualifies under applicable tax law as indebtedness secured by the
Collateral and, unless otherwise required by appropriate taxing authorities,
agrees to treat the Notes as indebtedness secured by the Collateral for the
purpose of federal income taxes, state and local income and franchise taxes,
Michigan single business tax, and any other taxes imposed upon, measured by or
based upon gross or net income.

                  Prior to the due presentment for registration of transfer of
this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the
Indenture Trustee may treat the Person in whose name this Note (as of the day of
determination or as of such other date as may be specified in the Indenture) is
registered as the owner hereof for all purposes, whether or not this Note shall
be overdue, and neither the Issuer, the Indenture 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 Noteholders under the Indenture
at any time by the Issuer with the consent of the Holders of Notes representing
a majority of the Outstanding Amount of all 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
Indenture Trustee to amend or waive certain terms and conditions set forth in
the Indenture without the consent of the Noteholders.

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

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

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

                                     C-2-5

<PAGE>

                  This Note and the Indenture shall be construed in accordance
with the laws of the State of New York, without reference to its conflict of law
provisions, and the obligations, rights and remedies of the parties hereunder
and thereunder shall be determined in accordance with such laws.

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

                  Anything herein to the contrary notwithstanding, except as
expressly provided in the Basic Documents, neither the Seller, the Servicer, the
Indenture Trustee nor the Owner Trustee in their respective individual
capacities, any owner of a beneficial interest in the Issuer, nor any of their
respective partners, beneficiaries, agents, officers, directors, employees or
successors or assigns, shall be personally liable for, nor shall recourse be had
to any of them for, the payment of principal of or interest on, or performance
of, or omission to perform, any of the covenants, obligations or
indemnifications contained in this Note or the Indenture, it being expressly
understood that said covenants, obligations and indemnifications have been made
by the Owner Trustee solely as the Owner Trustee in the assets of the Issuer.
The Holder of this Note by the acceptance hereof agrees that, except as
expressly provided in the Basic Documents, in the case of an Event of Default
under the Indenture, the Holder shall have no claim against any of the foregoing
for any deficiency, loss or claim therefrom; provided, however, that nothing
contained herein shall be taken to prevent recourse to, and enforcement against,
the assets of the Issuer for any and all liabilities, obligations and
undertakings contained in the Indenture or in this Note.

                                      C-2-6

<PAGE>

                                   ASSIGNMENT

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

_________________________________

                  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and
transfers unto _______________________________________________
__________________________________________________________________
                      (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints ____________________________________, as attorney, to transfer said
Note on the books kept for registration thereof, with full power of substitution
in the premises.

Dated:__________________       __________________________________(2)

                                      Signature Guaranteed:

_________________________      __________________________________

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

(2)  NOTE: The signature to this assignment must correspond with the name of the
       registered owner as it appears on the face of the within Note in every
       particular, without alteration, enlargement or any change whatsoever.

                                     C-2-7

<PAGE>

                                                                     EXHIBIT C-3

                                FORM OF CLASS A-1
                         FLOATING RATE ASSET BACKED NOTE

REGISTERED                                                         $____________

No. R-

                       SEE REVERSE FOR CERTAIN DEFINITIONS

                                                                   CUSIP NO. N/A

                           THE SECURITIES REPRESENTED BY THIS NOTE WERE
         ORIGINALLY ISSUED ON JUNE 11, 2003, HAVE NOT BEEN REGISTERED UNDER THE
         SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR APPLICABLE STATE
         SECURITIES LAWS AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF AN
         EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR APPLICABLE STATE
         SECURITIES LAWS OR AN EXEMPTION FROM REGISTRATION THEREUNDER.

                           THIS NOTE (AND INTERESTS THEREIN) ARE ALSO SUBJECT TO
         THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERENCED BELOW.

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

                   CAPITAL AUTO RECEIVABLES ASSET TRUST 2003-2

                   CLASS A-1 FLOATING RATE ASSET BACKED NOTES

                  CAPITAL AUTO RECEIVABLES ASSET TRUST 2003-2, a statutory trust
organized and existing under the laws of the State of Delaware (herein referred
to as the "Issuer"), for value received, hereby promises to pay to
_______________, or registered assigns, the principal sum of _______ DOLLARS
($______) payable in accordance with the Indenture (as defined on the reverse
side of this Note), on each Distribution Date in an amount equal to the result
obtained by multiplying (i) a fraction, the numerator of which is the initial
principal amount hereof and the denominator of which is the initial aggregate
principal amount for such Class A-1 Notes, by (ii) the aggregate amount, if any,
payable on such Distribution Date from the Note Distribution Account in respect
of principal on the Class A-1 Notes pursuant to Sections 2.7, 3.1 and 8.2(c) of
the Indenture; provided, however, that the entire unpaid principal amount of
this Note shall be due and payable on June 15, 2004 (the "Final Scheduled
Distribution Date"). The Issuer shall pay interest on this Note 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

                                     C-3-1

<PAGE>

made on the preceding Distribution Date (or, for the initial Distribution Date,
the outstanding principal balance on the Closing Date)). Interest on the Class
A-1 Notes will accrue from and including the Closing Date, and will be payable
on each Distribution Date in an amount equal to the Noteholders' Interest
Distributable Amount for such Distribution Date for the Class A-1 Notes.
Interest will be computed on the basis of actual number of days elapsed from and
including the prior Distribution Date (or, in the case of the first Distribution
Date, from and including the Closing Date) to but excluding the current
Distribution Date and a 360-day year. Such principal of and interest on this
Note shall be paid in the manner specified on the reverse hereof. All interest
payments on each class of Notes on any Distribution Date shall be made pro rata
to the Noteholders of such class entitled thereto.

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

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

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

                                      C-3-2

<PAGE>

                  IN WITNESS WHEREOF, the Issuer has caused this instrument to
be signed, manually or in facsimile, by its Authorized Officer.

Date: June 11, 2003

                               CAPITAL AUTO RECEIVABLES ASSET TRUST
                               2003-2

                               By:   DEUTSCHE BANK TRUST COMPANY
                                     DELAWARE, not in its individual capacity
                                     but solely as Owner Trustee

                               By: _____________________________________
                               Name:  Man Wing Li
                               Title: Attorney-In-Fact

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

                               BANK ONE, NATIONAL ASSOCIATION, not in its
                               individual capacity but solely as
                               Indenture Trustee

                               By: ______________________________________
                               Name:  Keith R. Richardson
                               Title: Vice President

                                REVERSE OF NOTE

                  This Note is one of a duly authorized issue of Notes of the
Issuer, designated as its Class A-1 Floating Rate Asset Backed Notes (herein
called the "Class A-1 Notes"), all issued under an Indenture, dated as of June
11, 2003 (such Indenture, as supplemented or amended, is herein called the
"Indenture"), between the Issuer and Bank One, National Association, as trustee

                                     C-3-3

<PAGE>

(the "Indenture Trustee", which term includes any successor trustee under the
Indenture), to which Indenture and all indentures supplemental thereto reference
is hereby made for a statement of the respective rights and obligations
thereunder of the Issuer, the Indenture Trustee and the Noteholders. The Class
A-1 Notes are one of several duly authorized classes of Notes of the Issuer
issued pursuant to the Indenture (collectively, as to all Notes of all such
classes, the "Notes"). The Notes are governed by and subject to all terms of the
Indenture (which terms are incorporated herein and made a part hereof), to which
Indenture the Holder of this Note by virtue of acceptance hereof assents and by
which such Holder is bound. All capitalized terms used and not otherwise defined
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.

                  The Class A-1 Notes and all other Notes issued pursuant to the
Indenture are and will be equally and ratably secured by the Collateral pledged
as security therefor as provided in the Indenture.

                  Each Noteholder or Note Owner will be deemed to represent that
either (A) (i) it is not an "employee benefit plan" (as defined in Section 3(3)
of the United States Employee Retirement Income Security Act of 1974, as amended
("ERISA"), that is subject to the provisions of Title I of ERISA, (ii) a "plan"
as described in Section 4875(e)(1) of the Internal Revenue Code of 1986, as
amended (the "Code") or (iii) any entity whose underlying assets include plan
assets by reason of a plan's investment in the entity or (B) the purchase and
holding of the Note will not result in a non-exempt prohibited transaction under
Section 406 of ERISA or Section 4975 of the Code.

                  Each Noteholder or Note Owner, by acceptance of a Note or, in
the case of a Note Owner, a beneficial interest in a Note, covenants and agrees
that no recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the
Notes or under the Indenture or any certificate or other writing delivered in
connection therewith, against (i) the Indenture Trustee or the Owner Trustee in
their individual capacities, (ii) the Seller or any other owner of a beneficial
interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer,
director or employee of the Indenture Trustee or the Owner Trustee in their
individual capacities, any holder of a beneficial interest in the Issuer, the
Owner Trustee or the Indenture Trustee or of any successor or assign of the
Indenture Trustee or the Owner Trustee in their individual capacities, except as
any such Person may have expressly agreed 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 instalment 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 such Noteholder will not, prior
to the date which is one year and one day after the termination of the Indenture
with respect to the Issuer, acquiesce, petition or otherwise invoke or cause the
Seller or the Issuer to invoke the process of any court or government authority
for the purpose of commencing or sustaining a case against the Seller or the
Issuer under any federal or state bankruptcy, insolvency or similar law or
appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or
other similar official of the Seller or the Issuer or any substantial part of
its property, or ordering the winding up or liquidation of the affairs of the
Seller or the Issuer.

                                     C-3-4

<PAGE>

                  Each Noteholder, by acceptance of a Note or, in the case of a
Note Owner, a beneficial interest in a Note, expresses its intention that this
Note qualifies under applicable tax law as indebtedness secured by the
Collateral and, unless otherwise required by appropriate taxing authorities,
agrees to treat the Notes as indebtedness secured by the Collateral for the
purpose of federal income taxes, state and local income and franchise taxes,
Michigan single business tax, and any other taxes imposed upon, measured by or
based upon gross or net income.

                  Prior to the due presentment for registration of transfer of
this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the
Indenture Trustee may treat the Person in whose name this Note (as of the day of
determination or as of such other date as may be specified in the Indenture) is
registered as the owner hereof for all purposes, whether or not this Note shall
be overdue, and neither the Issuer, the Indenture 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 Noteholders under the Indenture
at any time by the Issuer with the consent of the Holders of Notes representing
a majority of the Outstanding Amount of all 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
Indenture Trustee to amend or waive certain terms and conditions set forth in
the Indenture without the consent of the Noteholders.

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

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

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

                  This Note and the Indenture shall be construed in accordance
with the laws of the State of New York, without reference to its conflict of law
provisions, and the obligations, rights and remedies of the parties hereunder
and thereunder shall be determined in accordance with such laws.

                  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-3-5

<PAGE>

                  Anything herein to the contrary notwithstanding, except as
expressly provided in the Basic Documents, neither the Seller, the Servicer, the
Indenture Trustee nor the Owner Trustee in their respective individual
capacities, any owner of a beneficial interest in the Issuer, nor any of their
respective partners, beneficiaries, agents, officers, directors, employees or
successors or assigns, shall be personally liable for, nor shall recourse be had
to any of them for, the payment of principal of or interest on, or performance
of, or omission to perform, any of the covenants, obligations or
indemnifications contained in this Note or the Indenture, it being expressly
understood that said covenants, obligations and indemnifications have been made
by the Owner Trustee solely as the Owner Trustee in the assets of the Issuer.
The Holder of this Note by the acceptance hereof agrees that, except as
expressly provided in the Basic Documents, in the case of an Event of Default
under the Indenture, the Holder shall have no claim against any of the foregoing
for any deficiency, loss or claim therefrom; provided, however, that nothing
contained herein shall be taken to prevent recourse to, and enforcement against,
the assets of the Issuer for any and all liabilities, obligations and
undertakings contained in the Indenture or in this Note.

                                   ASSIGNMENT

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

_________________________________

                  FOR VALUE RECEIVED, the undersigned hereby sells, assigns and
transfers unto _______________________________________________
__________________________________________________________________
                       (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints ____________________________________, as attorney, to transfer said
Note on the books kept for registration thereof, with full power of substitution
in the premises.

Dated:__________________            __________________________________(3)

                                             Signature Guaranteed:

_________________________           __________________________________

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

(3)  NOTE: The signature to this assignment must correspond with the name of the
       registered owner as it appears on the face of the within Note in every
       particular, without alteration, enlargement or any change whatsoever.

                                     C-3-6

<PAGE>

                                                                       EXHIBIT D

                             RULE 144A CERTIFICATE

Capital Auto Receivables, Inc.
Corporation Trust Center
1209 Orange Street
Wilmington, DE 19801

Bank One, National Association,
as Indenture Trustee
1 Bank One Plaza, Mail Code 162-0481
Chicago, IL 60670 - 0126

Ladies and Gentlemen:

                  In connection with the purchase of the Class A-1 Floating Rate
Asset Backed Note, (the "Class A-1 Notes") of the Capital Auto Receivables Asset
Trust 2003-2, the undersigned buyer ("Buyer") hereby acknowledges, represents
and agrees that:

         (a) Buyer is a "qualified institutional buyer" as defined under Rule
144A ("Rule 144A") under the Securities Act of 1933, as amended (the "Securities
Act"), acting for its own account or for the accounts of other "qualified
institutional buyers" as defined under Rule 144A under the Securities Act. Buyer
is familiar with Rule 144A under the Securities Act and Buyer is aware that the
seller of the applicable Class A-1 Notes, as applicable, to the Buyer and other
parties intend to rely on the statements made herein and the exemption from the
registration requirements of the Securities Act provided by Rule 144A.

         (b) Buyer is purchasing the applicable Class A-1 Notes for its own
account (or the accounts of other "qualified institutional buyers"), not with a
view to, or for offer or sale in connection with, any distribution thereof,
subject to the disposition of Buyer's property (or property held in the accounts
of other "qualified institutional buyers") being at all times within Buyer's
control and subject to Buyer's ability to resell such Class A-1 Notes pursuant
to Rule 144A under the Securities Act. Buyer agrees to offer, sell or otherwise
transfer such Class A-1 Notes only in conformity with the restrictions on
transfer set forth in the Indenture dated as of June 11, 2003 pursuant to which
the Class A-1 Notes were issued and the legend set forth on the definitive
physical certificate evidencing the Class A-1 Notes.

                                      D-1

<PAGE>

         (c) Buyer acknowledges that you and others will rely upon its
confirmations, acknowledgments and agreements set forth herein, and Buyer agrees
to notify you promptly in writing if any of the information herein ceases to be
accurate and complete.

                               ------------------------------------
                               Print Name of Buyer

                               By: ________________________________

                               Name:

                               Title:

                               Date: ______________________________

                                      D-2<PAGE>
                                                                    EXHIBIT 4.2
================================================================================

                                 TRUST AGREEMENT

                                     BETWEEN

                         CAPITAL AUTO RECEIVABLES, INC.

                                     SELLER

                                       AND

                      DEUTSCHE BANK TRUST COMPANY DELAWARE

                                  OWNER TRUSTEE

                            DATED AS OF JUNE 11, 2003

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

<PAGE>

TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                                   PAGE
                                                                                                                   ----
<S>                                                                                                                <C>
ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE..............................................................   1

   SECTION 1.1       DEFINITIONS..................................................................................   1

ARTICLE II ORGANIZATION...........................................................................................   1

   SECTION 2.1       NAME.........................................................................................   1
   SECTION 2.2       OFFICE.......................................................................................   1
   SECTION 2.3       PURPOSES AND POWERS..........................................................................   1
   SECTION 2.4       APPOINTMENT OF OWNER TRUSTEE.................................................................   2
   SECTION 2.5       INITIAL CAPITAL CONTRIBUTION OF OWNER TRUST ESTATE...........................................   2
   SECTION 2.6       DECLARATION OF TRUST.........................................................................   2
   SECTION 2.7       LIABILITY OF THE CERTIFICATEHOLDERS..........................................................   3
   SECTION 2.8       TITLE TO TRUST PROPERTY......................................................................   3
   SECTION 2.9       SITUS OF TRUST...............................................................................   3
   SECTION 2.10      REPRESENTATIONS AND WARRANTIES OF THE SELLER.................................................   3
   SECTION 2.11      TAX TREATMENT................................................................................   4

ARTICLE III THE CERTIFICATES......................................................................................   4

   SECTION 3.1       INITIAL CERTIFICATE OWNERSHIP................................................................   4
   SECTION 3.2       FORM OF THE CERTIFICATES.....................................................................   4
   SECTION 3.3       EXECUTION, AUTHENTICATION AND DELIVERY.......................................................   5
   SECTION 3.4       REGISTRATION; REGISTRATION OF TRANSFER AND EXCHANGE OF CERTIFICATES..........................   5
   SECTION 3.5       MUTILATED, DESTROYED, LOST OR STOLEN CERTIFICATES............................................   6
   SECTION 3.6       PERSONS DEEMED CERTIFICATEHOLDERS............................................................   7
   SECTION 3.7       ACCESS TO LIST OF CERTIFICATEHOLDERS' NAMES AND ADDRESSES....................................   7
   SECTION 3.8       MAINTENANCE OF CORPORATE TRUST OFFICE........................................................   7
   SECTION 3.9       APPOINTMENT OF PAYING AGENT..................................................................   7
   SECTION 3.10      [RESERVED.]..................................................................................   8
   SECTION 3.11      BOOK-ENTRY CERTIFICATES......................................................................   8
   SECTION 3.12      NOTICES TO CLEARING AGENCY...................................................................   9
   SECTION 3.13      DEFINITIVE CERTIFICATES......................................................................   9
   SECTION 3.14      SELLER AS CERTIFICATEHOLDER..................................................................  10

ARTICLE IV ACTIONS BY OWNER TRUSTEE...............................................................................  10

   SECTION 4.1       PRIOR NOTICE TO CERTIFICATEHOLDERS WITH RESPECT TO CERTAIN MATTERS...........................  10
   SECTION 4.2       ACTION BY CERTIFICATEHOLDERS WITH RESPECT TO CERTAIN MATTERS.................................  10
   SECTION 4.3       ACTION BY CERTIFICATEHOLDERS WITH RESPECT TO BANKRUPTCY......................................  11
   SECTION 4.4       RESTRICTIONS ON CERTIFICATEHOLDERS' POWER....................................................  11
   SECTION 4.5       MAJORITY CONTROL.............................................................................  11

ARTICLE V APPLICATION OF TRUST FUNDS; CERTAIN DUTIES..............................................................  11

   SECTION 5.1       ESTABLISHMENT OF CERTIFICATE DISTRIBUTION ACCOUNT............................................  11
   SECTION 5.2       APPLICATION OF TRUST FUNDS...................................................................  12
   SECTION 5.3       METHOD OF PAYMENT............................................................................  13
   SECTION 5.4       ACCOUNTING AND REPORTS TO THE CERTIFICATEHOLDERS, THE INTERNAL REVENUE SERVICE AND OTHERS....  13
   SECTION 5.5       SIGNATURE ON RETURNS; OTHER TAX MATTERS......................................................  13

ARTICLE VI THE OWNER TRUSTEE......................................................................................  13

   SECTION 6.1       DUTIES OF OWNER TRUSTEE......................................................................  14
   SECTION 6.2       RIGHTS OF OWNER TRUSTEE......................................................................  14
</TABLE>

                                       i

<PAGE>

<TABLE>
<S>                                                                                                                  <C>
   SECTION 6.3       ACCEPTANCE OF TRUSTS AND DUTIES..............................................................   15
   SECTION 6.4       ACTION UPON INSTRUCTION BY CERTIFICATEHOLDERS................................................   16
   SECTION 6.5       FURNISHING OF DOCUMENTS......................................................................   17
   SECTION 6.6       REPRESENTATIONS AND WARRANTIES OF OWNER TRUSTEE..............................................   17
   SECTION 6.7       RELIANCE; ADVICE OF COUNSEL..................................................................   18
   SECTION 6.8       OWNER TRUSTEE MAY OWN CERTIFICATES AND NOTES.................................................   18
   SECTION 6.9       COMPENSATION AND INDEMNITY...................................................................   19
   SECTION 6.10      REPLACEMENT OF OWNER TRUSTEE.................................................................   19
   SECTION 6.11      MERGER OR CONSOLIDATION OF OWNER TRUSTEE.....................................................   20
   SECTION 6.12      APPOINTMENT OF CO-TRUSTEE OR SEPARATE TRUSTEE................................................   20
   SECTION 6.13      ELIGIBILITY REQUIREMENTS FOR OWNER TRUSTEE...................................................   21

ARTICLE VII TERMINATION OF TRUST AGREEMENT........................................................................   22

   SECTION 7.1       TERMINATION OF TRUST AGREEMENT...............................................................   22

ARTICLE VIII AMENDMENTS...........................................................................................   23

   SECTION 8.1       AMENDMENTS WITHOUT CONSENT OF CERTIFICATEHOLDERS OR NOTEHOLDERS..............................   23
   SECTION 8.2       AMENDMENTS WITH CONSENT OF CERTIFICATEHOLDERS AND NOTEHOLDERS................................   23
   SECTION 8.3       FORM OF AMENDMENTS...........................................................................   24

ARTICLE IX MISCELLANEOUS..........................................................................................   24

   SECTION 9.1       NO LEGAL TITLE TO OWNER TRUST ESTATE.........................................................   24
   SECTION 9.2       LIMITATIONS ON RIGHTS OF OTHERS..............................................................   24
   SECTION 9.3       DERIVATIVE ACTIONS...........................................................................   25
   SECTION 9.4       NOTICES......................................................................................   25
   SECTION 9.5       SEVERABILITY.................................................................................   25
   SECTION 9.6       COUNTERPARTS.................................................................................   25
   SECTION 9.7       SUCCESSORS AND ASSIGNS.......................................................................   25
   SECTION 9.8       NO PETITION..................................................................................   25
   SECTION 9.9       NO RECOURSE..................................................................................   26
   SECTION 9.10      HEADINGS.....................................................................................   26
   SECTION 9.11      GOVERNING LAW................................................................................   26
   SECTION 9.12      [RESERVED]...................................................................................   26
   SECTION 9.13      INDEMNIFICATION BY AND REIMBURSEMENT OF THE SERVICER.........................................   26
   SECTION 9.14      EFFECT OF AMENDMENT AND RESTATEMENT..........................................................   27
   SECTION 9.15      TRANSFER RESTRICTIONS ON CERTIFICATES........................................................   27
</TABLE>

                                       ii

<PAGE>

                  TRUST AGREEMENT, dated as of June 11, 2003, between CAPITAL
AUTO RECEIVABLES, INC., a Delaware corporation, as Seller, and DEUTSCHE BANK
TRUST COMPANY DELAWARE, a Delaware banking corporation, as Owner Trustee.

                  WHEREAS, the Seller and Owner Trustee entered into a certain
trust agreement dated May 30, 2003 (the "Original Trust Agreement"), which
contemplated this Trust Agreement.

                  WHEREAS, the Seller and the Owner Trustee desire hereby to
amend and restate the Original Trust Agreement in its entirety.

                  NOW THEREFORE, the Seller and the Owner Trustee hereby agree
as follows:

                                   ARTICLE I
                   DEFINITIONS AND INCORPORATION BY REFERENCE

         Section 1.1 Definitions. Certain capitalized terms used in this
Agreement shall have the respective meanings assigned to them in Part I of
Appendix A to the Trust Sale and Servicing Agreement of even date herewith,
among the Seller, the Servicer and the Trust (the "Trust Sale and Servicing
Agreement"). All references herein to "the Agreement" or "this Agreement" are to
this Trust Agreement, and all references herein to Articles, Sections and
subsections are to Articles, Sections and subsections of this Agreement unless
otherwise specified. The rules of construction set forth in Part II of such
Appendix shall be applicable to this Agreement.

                                   ARTICLE II
                                  ORGANIZATION

         Section 2.1 Name. The Trust created hereby shall be known as "Capital
Auto Receivables Asset Trust 2003-2" in which name the Owner Trustee may conduct
the business of the Trust, make and execute contracts and other instruments on
behalf of the Trust and sue and be sued on behalf of the Trust. The Owner
Trustee is hereby authorized to file the Certificate of Trust on behalf of the
Trust pursuant to Section 3810(a) of the Statutory Trust Statute.

         Section 2.2 Office. The office of the Trust shall be in care of the
Owner Trustee at the Corporate Trust Office or at such other address in Delaware
as the Owner Trustee may designate by written notice to the Certificateholders
and the Seller.

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

                  (a)      to acquire, manage and hold the Receivables;

                  (b)      to issue the Notes pursuant to the Indenture and the
Certificates pursuant to this Agreement, and to sell, transfer or exchange the
Notes and the Certificates;

                  (c)      to acquire certain property and assets from the
Seller on the Closing Date pursuant to the Trust Sale and Servicing Agreement
and any other Further Transfer and Servicing Agreements, to make payments to the
Noteholders and the Certificateholders, to make

<PAGE>

deposits into and withdrawals from the Reserve Account and to pay the
organizational, start-up and transactional expenses of the Trust;

                  (d)      to assign, grant, transfer, pledge, mortgage and
convey the Trust Estate pursuant to the terms of the Indenture and to hold,
manage and distribute to the Certificateholders pursuant to the terms of this
Agreement and the Trust Sale and Servicing Agreement any portion of the Trust
Estate released from the lien of, and remitted to the Trust pursuant to, the
Indenture;

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

                  (f)      to enter into interest rate swaps and caps and other
derivative instruments in connection with the Offered Certificates and the
Offered Notes;

                  (g)      to enter into interest rate swaps and caps and other
derivative instruments in connection with the Retained Certificates;

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

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

                  The Trust shall not engage in any activity other than in
connection with the foregoing or other than as required or authorized by the
terms of this Agreement or the Basic Documents.

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

         Section 2.5 Initial Capital Contribution of Owner Trust Estate. The
Seller hereby sold, assigned, transferred, conveyed and set over to the Owner
Trustee, as of May 30, 2003, the sum of $1. The Owner Trustee hereby
acknowledges receipt in trust from the Seller, as of May 30, 2003, of the
foregoing contribution, which constituted the initial Owner Trust Estate and was
deposited in the Certificate Distribution Account. The Seller shall pay
organizational expenses of the Trust as they may arise or shall, upon the
request of the Owner Trustee, promptly reimburse the Owner Trustee for any such
expenses paid by the Owner Trustee.

         Section 2.6 Declaration of Trust. The Owner Trustee hereby declares
that it shall hold the Owner Trust Estate (in the name of the Trust and not in
the Owner Trustee's name for the Trust, except as required by, and in accordance
with, Section 2.8) in trust upon and subject to the conditions set forth herein
for the use and benefit of the Certificateholders, subject to the obligations of
the Trust under the Basic Documents. It is the intention of the parties hereto
that the Trust constitute a statutory trust under the Statutory Trust Statute,
that this Agreement

                                        2

<PAGE>

constitute the governing instrument of such statutory trust and that the
Certificates represent the beneficial interests therein. The rights of the
Certificateholders shall be determined as set forth herein and in the Statutory
Trust Statute and the relationship between the parties hereto created by this
Agreement shall not constitute indebtedness for any purpose. Effective as of the
date hereof, the Owner Trustee shall have all rights, powers and duties set
forth herein and in the Statutory Trust Statute with respect to accomplishing
the purposes of the Trust.

         Section 2.7 Liability of the Certificateholders. Certificateholders and
holders of beneficial interests therein shall be entitled to the same limitation
of personal liability extended to stockholders of private corporations for
profit organized under the Delaware General Corporation Law.

         Section 2.8 Title to Trust Property. Legal title to all the Owner Trust
Estate shall be vested at all times in the Trust as a separate legal entity
except where applicable law in any jurisdiction requires title to any part of
the Owner Trust Estate to be vested in a trustee or trustees, in which case
title shall be deemed to be transferred to and vested in the Owner Trustee, a
co-trustee and/or a separate trustee, as the case may be. Any such trustee shall
take such part of the Owner Trust Estate subject to the security interest of the
Indenture Trustee therein established under the Indenture. Such trustee's
acceptance of its appointment shall constitute acknowledgment of such security
interest and shall constitute a Grant to the Indenture Trustee of a security
interest in all property held by such trustee. Any such trustee shall prepare
and file all such financing statements naming such trustee as debtor that are
necessary or advisable to perfect, make effective or continue the lien and
security interest of the Indenture Trustee.

         Section 2.9 Situs of Trust. The Trust shall be located and administered
in the States of Delaware or New York. All bank accounts maintained by the Owner
Trustee on behalf of the Trust shall be located in the State of Delaware or the
State of New York. 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 shall be received by the Trust only in Delaware or New York, and
payments shall be made by the Trust only from Delaware or New York. The only
office of the Trust shall be the Corporate Trust Office in Delaware.

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

                  (a)      The Seller has been duly organized and is validly
existing as a corporation in good standing under the laws of the State of
Delaware, with power and authority to own its properties and to conduct its
business as such properties are presently owned and such business is presently
conducted and had at all relevant times, and now has, power, authority and legal
right to acquire and own the Receivables contemplated to be transferred to the
Trust pursuant to the Trust Sale and Servicing Agreement.

                  (b)      The Seller 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.

                                        3

<PAGE>

                  (c)      The Seller has the power and authority to execute and
deliver this Agreement and the other Basic Documents to which the Seller is a
party and to carry out its terms, the Seller has full power and authority to
sell and assign the property to be sold and assigned to and deposited with the
Issuer as part of the Trust and the Seller has duly authorized such sale and
assignment to the Issuer by all necessary corporate action; and the execution,
delivery and performance of this Agreement have been duly authorized by the
Seller by all necessary corporate action.

                  (d)      The consummation of the transactions contemplated by
this Agreement and any other Basic Documents to which the Seller is a party, and
the fulfillment of the terms of this Agreement and any other Basic Documents to
which the Seller is a party do not conflict with, result in any breach of any of
the terms and provisions of or constitute (with or without notice or lapse of
time) a default under, the certificate of incorporation or by-laws of the
Seller, or any indenture, agreement or other instrument to which the Seller is a
party or by which it is bound, or result in the creation or imposition of any
Lien upon any of its properties pursuant to the terms of any such indenture,
agreement or other instrument (other than pursuant to the Basic Documents), or
violate any law or, to the best of the Seller's knowledge, any order, rule or
regulation applicable to the Seller of any court or of any federal or state
regulatory body, administrative agency or other governmental instrumentality
having jurisdiction over the Seller or any of its properties.

         Section 2.11 Tax Treatment. The Seller and the Owner Trustee, by
entering into this Agreement, and the Certificateholders, by acquiring any
Certificates or interest therein, (i) express their intention that the
Certificates will qualify as equity interests in either (A) a division of the
Seller, or any other single Person, disregarded as a separate entity for federal
income tax purposes if all Certificates are owned solely by the Seller or by
such single Person, or (B) a partnership for federal income tax purposes if the
Certificates are owned by more than one Person and (ii) unless otherwise
required by the appropriate taxing authorities, agree to treat the Certificates
as equity interests in an entity as described in clause (i) of this Section 2.11
for the purposes of federal income taxes, state and local income and franchise
taxes, Michigan single business tax, and any other taxes imposed upon, measured
by, or based upon gross or net income. The parties agree that, unless otherwise
required by appropriate tax authorities, the Trust shall file or cause to be
filed annual or other necessary returns, reports and other forms consistent with
such characterization of the Trust for such tax purposes.

                                  ARTICLE III
                                THE CERTIFICATES

         Section 3.1 Initial Certificate Ownership. As of the formation of the
Trust by the contribution by the Seller pursuant to Section 2.5 and until the
issuance of the Certificates, the Seller has been the sole Certificateholder.

         Section 3.2 Form of the Certificates. The Certificates shall be
substantially in one of the forms set forth as Exhibit A-1 or A-2, as applicable
(collectively, "Exhibit A"), and shall be issued in minimum denominations of
$20,000 and integral multiples of $1,000 in excess thereof; provided, however,
that one Certificate may be issued in a denomination that includes any residual
amount. The Certificates shall represent the entire beneficial interest in the
Trust. The

                                        4

<PAGE>

Certificates shall be executed on behalf of the Trust by manual or facsimile
signature of a Responsible Officer of the Owner Trustee. Certificates bearing
the manual or facsimile signatures of individuals who were, at the time when
such signatures shall have been affixed, authorized to sign on behalf of the
Trust, shall be duly issued, fully paid and non-assessable beneficial interests
in the Trust, notwithstanding that such individuals or any of them shall have
ceased to be so authorized prior to the authentication and delivery of such
Certificates or did not hold such offices at the date of authentication and
delivery of such Certificates.

                  (b)      The Definitive Certificates 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 Certificates, as evidenced by their execution of such
Certificates.

                  (c)      The Certificates shall be issued in fully-registered
form. The terms of the Certificates set forth in Exhibit A shall form part of
this Agreement.

         Section 3.3 Execution, Authentication and Delivery. Concurrently with
the sale of the Receivables to the Trust pursuant to the Trust Sale and
Servicing Agreement, the Owner Trustee shall cause Certificates in an aggregate
principal amount equal to the initial Certificate Balance to be executed on
behalf of the Trust, authenticated and delivered to or upon the written order of
the Seller, signed by its chairman of the board, its president or any vice
president, without further corporate action by the Seller, in authorized
denominations. No Certificate shall entitle its holder to any benefit under this
Agreement, or shall be valid for any purpose, unless there shall appear on such
Certificate a certificate of authentication substantially in the form set forth
in Exhibit A, executed by the Owner Trustee or Deutsche Bank Trust Company
Americas, as the Owner Trustee's authenticating agent, by manual signature. Such
authentication shall constitute conclusive evidence that such Certificate shall
have been duly authenticated and delivered hereunder. All Certificates shall be
dated the date of their authentication.

         Section 3.4 Registration; Registration of Transfer and Exchange of
Certificates.

                  (a)      The Certificate Registrar shall keep or cause to be
kept, at the office or agency maintained pursuant to Section 3.8, a Certificate
Register in which, subject to such reasonable regulations as it may prescribe,
the Owner Trustee shall provide for the registration of Certificates and of
transfers and exchanges of Certificates as provided herein; provided, however,
that no Certificate may be subdivided upon transfer or exchange such that the
denomination of any resulting Certificate is less than $20,000. Deutsche Bank
Trust Company Americas shall be the initial Certificate Registrar. Upon any
resignation of a Certificate Registrar, the Owner Trustee shall promptly appoint
a successor or, if it elects not to make such an appointment, assume the duties
of Certificate Registrar.

                  (b)      Upon surrender for registration of transfer of any
Certificate at the office or agency maintained pursuant to Section 3.8, the
Owner Trustee shall execute on behalf of the Trust, authenticate and deliver (or
shall cause Deutsche Bank Trust Company Americas as its authenticating agent to
authenticate and deliver), in the name of the designated transferee or
transferees, one or more new Certificates in authorized denominations of a like
aggregate amount dated the date of authentication by the Owner Trustee or any
authenticating agent.

                                        5

<PAGE>

                  (c)      At the option of a Holder, Certificates may be
exchanged for other Certificates of authorized denominations of a like aggregate
principal amount upon surrender of the Certificates to be exchanged at the
Corporate Trust Office maintained pursuant to Section 3.8. Whenever any
Certificates are so surrendered for exchange, the Owner Trustee shall execute on
behalf of the Trust, authenticate and deliver (or shall cause Deutsche Bank
Trust Company Americas as its authenticating agent to authenticate and deliver)
one or more Certificates dated the date of authentication by the Owner Trustee
or any authenticating agent. Such Certificates shall be delivered to the Holder
making the exchange.

                  (d)      Every Certificate presented or surrendered for
registration of transfer or exchange shall be accompanied by a written
instrument of transfer in form satisfactory to the Owner Trustee and the
Certificate Registrar duly executed by the Holder or his attorney duly
authorized in writing and such other documents and instruments as may be
required by Section 3.4(b). Each Certificate surrendered for registration of
transfer or exchange shall be canceled and subsequently destroyed or otherwise
disposed of by the Owner Trustee or Certificate Registrar in accordance with its
customary practice.

                  (e)      The Owner Trustee or the Certificate Registrar may
require payment of a sum sufficient to cover any tax or governmental charge that
may be imposed and any other expenses of the Owner Trustee in connection with
any transfer or exchange of Certificates.

         Section 3.5 Mutilated, Destroyed, Lost or Stolen Certificates.

                  (a)      If (i) any mutilated Certificate is surrendered to
the Certificate Registrar, or the Certificate Registrar receives evidence to its
satisfaction of the destruction, loss or theft of any Certificate, and (ii)
there is delivered to the Certificate Registrar, the Owner Trustee and the Trust
such security or indemnity as may be required by them to hold each of them
harmless, then, in the absence of notice to the Certificate Registrar or the
Owner Trustee that such Certificate has been acquired by a protected purchaser,
the Owner Trustee shall execute on behalf of the Trust and the Owner Trustee
shall authenticate and deliver (or shall cause Deutsche Bank Trust Company
Americas as its authenticating agent to authenticate and deliver), in exchange
for or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a
replacement Certificate in authorized denominations of a like aggregate
principal amount; provided, however, that if any such destroyed, lost or stolen
Certificate, but not a mutilated Certificate, shall have become or within seven
days shall be due and payable, then instead of issuing a replacement Certificate
the Owner Trustee may pay such destroyed, lost or stolen Certificate when so due
or payable.

                  (b)      If, after the delivery of a replacement Certificate
or payment in respect of a destroyed, lost or stolen Certificate pursuant to
Section 3.5(a), a protected purchaser of the original Certificate in lieu of
which such replacement Certificate was issued presents for payment such original
Certificate, the Owner Trustee shall be entitled to recover such replacement
Certificate (and any distributions or payments made with respect thereto) or
such payment from the Person to whom it was delivered or any Person taking such
replacement Certificate from such Person to whom such replacement Certificate
was delivered or any assignee of such Person, except a protected purchaser, and
shall be entitled to recover upon the

                                        6

<PAGE>

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

                  (c)      In connection with the issuance of any replacement
Certificate under this Section 3.5, the Owner Trustee may require the payment by
the Holder of such Certificate 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 Owner Trustee and
the Certificate Registrar) connected therewith.

                  (d)      Any duplicate Certificate issued pursuant to this
Section 3.5 in replacement of any mutilated, destroyed, lost or stolen
Certificate shall constitute an original additional beneficial interest in the
Trust, whether or not the mutilated, destroyed, lost or stolen Certificate shall
be found at any time or be enforced by anyone, and shall be entitled to all the
benefits of this Agreement equally and proportionately with any and all other
Certificates duly issued hereunder.

                  (e)      The provisions of this Section 3.5 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
Certificates.

         Section 3.6 Persons Deemed Certificateholders. Prior to due
presentation of a Certificate for registration of transfer, the Owner Trustee or
the Certificate Registrar may treat the Person in whose name any Certificate
shall be registered in the Certificate Register as the Certificateholder of such
Certificate for the purpose of receiving distributions pursuant to Article V and
for all other purposes whatsoever, and neither the Owner Trustee nor the
Certificate Registrar shall be affected by any notice to the contrary.

         Section 3.7 Access to List of Certificateholders' Names and Addresses.
The Owner Trustee shall furnish or cause to be furnished to the Servicer and the
Seller, within 15 days after receipt by the Owner Trustee of a request therefor
from the Servicer or the Seller in writing, a list of the names and addresses of
the Certificateholders as of the most recent Record Date. Each Holder, by
receiving and holding a Certificate, shall be deemed to have agreed not to hold
any of the Servicer, the Seller or the Owner Trustee accountable by reason of
the disclosure of its name and address, regardless of the source from which such
information was derived.

         Section 3.8 Maintenance of Corporate Trust Office. The Owner Trustee
shall maintain in the Borough of Manhattan, the City of New York, an office or
offices or agency or agencies where Certificates may be surrendered for
registration of transfer or exchange and where notices and demands to or upon
the Owner Trustee in respect of the Certificates and the Basic Documents may be
served. The Owner Trustee initially designates the offices of Deutsche Bank
Trust Company Americas, 60 Wall Street, New York, NY 10005, as its principal
office for such purposes. The Owner Trustee shall give prompt written notice to
the Seller, to the Servicer and to the Certificateholders of any change in the
location of the Certificate Register or any such office or agency.

         Section 3.9 Appointment of Paying Agent. Except as otherwise provided
in Section 5.2, the Paying Agent shall make distributions to Certificateholders
from the Certificate Distribution

                                        7

<PAGE>

Account pursuant to Section 5.2 and shall report the amounts of such
distributions to the Owner Trustee and the Servicer; provided that no such
reports shall be required so long as the Seller is the sole Certificateholder.
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 shall initially be Deutsche Bank Trust
Company Americas, and any co-paying agent chosen by Deutsche Bank Trust Company
Americas, and acceptable to the Owner Trustee. Deutsche Bank Trust Company
Americas shall be permitted to resign as Paying Agent upon 30 days' written
notice to the Owner Trustee. If Deutsche Bank Trust Company Americas 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 shall 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 6.3, 6.6, 6.7 and
6.9 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, certificate registrar or authenticating
agent appointed hereunder. Any reference in this Agreement to the Paying Agent
shall include any co-paying agent unless the context requires otherwise.

         Section 3.10 [Reserved.]

         Section 3.11 Book-Entry Certificates. Except for the Definitive
Certificates issued pursuant to this Agreement, the Certificates, upon original
issuance, shall be issued in the form of a printed Certificate or Certificates
representing Book-Entry Certificates, to be delivered to The Depository Trust
Company, the initial Clearing Agency, by or on behalf of the Trust. Book-Entry
Certificates shall be issued in the form of Exhibit A-2. Such Certificate or
Certificates shall initially be registered on the Certificate Register in the
name of Cede & Co., the nominee of the initial Clearing Agency and no
Certificate Owner other than the Seller shall receive a definitive Certificate
representing such Certificate Owner's interest in such Certificate, except as
provided in Section 3.13. Unless and until Definitive Certificates shall have
been issued to Certificate Owners pursuant to Section 3.13:

                  (a)      the provisions of this Section 3.11 shall be in full
force and effect;

                  (b)      the Certificate Registrar and the Owner Trustee shall
be entitled to deal with the Clearing Agency for all purposes of this Agreement
(including the payment of principal of and interest on the Certificates and the
giving of instructions or directions hereunder) as the sole Holder of the
Certificate, and shall have no obligation to the Certificate Owners;

                                        8

<PAGE>

                  (c)      to the extent that the provisions of this Section
3.11 conflict with any other provisions of this Agreement, the provisions of
this Section 3.11 shall control;

                  (d)      the rights of the Certificate Owners shall be
exercised only through the Clearing Agency and shall be limited to those
established by law and agreements between such Certificate Owners and the
Clearing Agency and/or the Clearing Agency Participants, unless and until
Definitive Certificates are issued pursuant to Section 3.13, the initial
Clearing Agency will make book-entry transfers among the Clearing Agency
Participants and receive and transmit payments of principal of and interest on
the Certificates to such Clearing Agency Participants;

                  (e)      whenever this Agreement requires or permits actions
to be taken based upon instructions or directions of Holders of Certificates
evidencing a specified percentage of the Voting Interests, the Clearing Agency
shall be deemed to represent such percentage only to the extent that it has
received instructions to such effect from Certificate Owners and/or Clearing
Agency Participants owning or representing, respectively, such required
percentage of Voting Interests and has delivered such instructions to the Owner
Trustee;

provided, however, that the provisions of this Section 3.11 shall not be
applicable in respect of Certificates issued to the Seller. The Seller or the
Owner Trustee may set a record date for the purpose of determining the identity
of Holders of Certificates entitled to vote or to consent to any action by vote
as provided in this Agreement.

         Section 3.12 Notices to Clearing Agency. Whenever a notice or other
communication to the Certificateholders is required under this Agreement, unless
and until Definitive Certificates shall have been issued to Certificate Owners
pursuant to Section 3.13, the Owner Trustee shall give all such notices and
communications specified herein to be given to Certificateholders to the
Clearing Agency and shall have no further obligation to the Certificate Owners.

         Section 3.13 Definitive Certificates. Fully registered definitive
Certificates representing a beneficial interest in the Certificates ("Definitive
Certificates") may be issued under this Agreement. Definitive Certificates shall
be issued in the form set forth in Exhibit A-1. In addition, to the extent (a)
the Administrator advises the Owner Trustee in writing that the Clearing Agency
is no longer willing or able to properly discharge its responsibilities with
respect to the Certificates and the Administrator is unable to locate a
qualified successor, (b) the Administrator at its option advises the Owner
Trustee in writing that it elects to terminate the book-entry system through the
Clearing Agency, or (c) after the occurrence of an Event of Default or a
Servicer Default, Certificate Owners representing beneficial interests
aggregating at least a majority of the Voting Interests advise the Clearing
Agency in writing that the continuation of a book-entry system through the
Clearing Agency is no longer in the best interest of the Certificate Owners,
then the Clearing Agency shall notify all Certificate Owners and the Owner
Trustee of the occurrence of any such event and of the availability of
Definitive Certificates to Certificate Owners requesting the same. Upon
surrender to the Owner Trustee of the printed Certificate or Certificates
representing the Book-Entry Certificates by the Clearing Agency, accompanied by
registration instructions, the Owner Trustee shall execute and authenticate the
Definitive Certificates in accordance with the instructions of the Clearing
Agency. Neither the Certificate Registrar nor the Owner Trustee shall be liable
for any delay in

                                        9

<PAGE>

delivery of such instructions and may conclusively rely on, and shall be
protected in relying on, such instructions. Upon the issuance of Definitive
Certificates, the Owner Trustee shall recognize the Holders of the Definitive
Certificates as Certificateholders.

         Section 3.14 Seller as Certificateholder. The Seller in its individual
or any other capacity may become the owner or pledgee of Certificates and may
otherwise deal with the Owner Trustee or its Affiliates as if it were not the
Seller.

                                   ARTICLE IV
                            ACTIONS BY OWNER TRUSTEE

         Section 4.1 Prior Notice to Certificateholders with Respect to Certain
Matters. The Owner Trustee shall not take action with respect to the following
matters, unless (i) the Owner Trustee shall have notified the Certificateholders
in writing of the proposed action at least 30 days and not more than 45 days
before the taking of such action, and (ii) the Certificateholders shall not have
notified the Owner Trustee in writing prior to the 30th day after such notice is
given that such Certificateholders have withheld consent or provided alternative
direction:

                  (a)      the initiation of any claim or lawsuit by the Trust
(other than an action to collect on a Receivable or an action by the Indenture
Trustee pursuant to the Indenture) and the compromise of any action, claim or
lawsuit brought by or against the Trust (other than an action to collect on a
Receivable or an action by the Indenture Trustee pursuant to the Indenture);

                  (b)      the election by the Trust to file an amendment to the
Certificate of Trust, a conformed copy of which is attached hereto as Exhibit B;

                  (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 interests of the
Certificateholders;

                  (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 that would not materially adversely affect the
interests of the Certificateholders; or

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

         Section 4.2 Action by Certificateholders with Respect to Certain
Matters. The Owner Trustee shall not have the power, except upon the written
direction of the Certificateholders, to remove the Administrator under the
Administration Agreement pursuant to Section 10 thereof, appoint a successor
Administrator pursuant to Section 10 of the Administration Agreement, remove the
Servicer under the Trust Sale and Servicing Agreement pursuant to Section 7.02

                                       10

<PAGE>

thereof or except as expressly provided in the Basic Documents, sell the
Receivables or any interest therein after the termination of the Indenture. The
Owner Trustee shall take the actions referred to in the preceding sentence only
upon written instructions signed by the Certificateholders.

         Section 4.3 Action by Certificateholders with Respect to Bankruptcy.
Notwithstanding any prior termination of this Agreement, the Owner Trustee shall
not have the power to commence a voluntary proceeding in bankruptcy relating to
the Trust without the unanimous prior approval of all Certificateholders
(including the Seller) and the delivery to the Owner Trustee by each such
Certificateholder of a certificate certifying that such Certificateholder
reasonably believes that the Trust is insolvent; provided, however, that under
no circumstances shall the Owner Trustee commence or join in commencing any such
proceeding prior to the date that is one year and one day after the termination
of the Trust.

         Section 4.4 Restrictions on Certificateholders' Power. The
Certificateholders shall not direct the Owner Trustee to take or refrain from
taking any action if such action or inaction would be contrary to any obligation
of the Trust or the Owner Trustee under this Agreement, including Section 2.3 of
this Agreement, or any of the Basic Documents, nor shall the Owner Trustee be
obligated to follow any such direction, if given. The Certificateholders shall
not and shall not direct the Owner Trustee to take action that would violate the
provisions of Section 6.1 and, if given, the Owner Trustee shall not be
obligated to follow any such direction.

         Section 4.5 Majority Control. Except as expressly provided herein, any
action that may be taken or consent that may be given or withheld by the
Certificateholders under this Agreement shall be effective if such action is
taken or such consent is given or withheld by the Holders of Certificates
evidencing not less than a majority of the Voting Interests as of the close of
the preceding Distribution Date. Except as expressly provided herein, any
written notice, instruction, direction or other document of the
Certificateholders delivered pursuant to this Agreement shall be effective if
signed by Holders of Certificates evidencing not less than a majority of the
Voting Interests at the time of the delivery of such notice.

                                   ARTICLE V
                   APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

         Section 5.1 Establishment of Certificate Distribution Account

                  (a)      Except as otherwise provided in Section 5.2, the
Servicer, for the benefit of the Certificateholders, shall establish and
maintain in the name of the Trust an Eligible Deposit Account known as the
Capital Auto Receivables Asset Trust 2003-2 Certificate Distribution Account
(the "Certificate Distribution Account"), bearing an additional designation
clearly indicating that the funds deposited therein are held for the benefit of
the Certificateholders.

                  (b)      The Trust shall possess all right, title and interest
in and to all funds on deposit from time to time in the Certificate Distribution
Account and in all proceeds thereof. Except as otherwise provided herein, in the
Indenture or in the Trust Sale and Servicing Agreement, the Certificate
Distribution Account shall be under the sole dominion and control of

                                       11

<PAGE>

the Owner Trustee for the benefit of the Certificateholders. If, at any time,
the Certificate Distribution Account ceases to be an Eligible Deposit Account,
the Owner Trustee (or the Servicer 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 10 Business Days (or such longer period, not to
exceed 30 calendar days, as to which each Rating Agency may consent) establish a
new Certificate Distribution Account as an Eligible Deposit Account and shall
transfer any cash and/or any investments to such new Certificate Distribution
Account.

         Section 5.2 Application of Trust Funds

                  (a)      On each Distribution Date, the Owner Trustee shall
distribute to the Certificateholders, on a pro rata basis, amounts equal to the
amounts deposited in the Certificate Distribution Account pursuant to Sections
4.06 and 4.07 of the Trust Sale and Servicing Agreement on or prior to such
Distribution Date. Notwithstanding the foregoing or anything else to the
contrary in this Agreement or the other Basic Documents, if and for so long as
Certificates representing in the aggregate a 100% beneficial interest in the
Trust are held by the Seller, (i) no Certificate Distribution Account shall be
required to be established or maintained and (ii) all distributions and payments
on the Certificates (including the final distribution as contemplated by Section
7.1(c) hereof) required hereunder or under the Trust Sale and Servicing
Agreement shall be made directly to the Seller by the Indenture Trustee (whether
or not the Trust Sale and Servicing Agreement otherwise contemplates deposit
into the Certificate Distribution Account) and the Owner Trustee shall have no
duty or liability to see to such distribution.

                  (b)      On each Distribution Date, the Owner Trustee shall
send to each Certificateholder the statement provided to the Owner Trustee by
the Servicer pursuant to Section 4.09(a) of the Trust Sale and Servicing
Agreement on such Distribution Date setting forth, among other things, the
amount of the distribution allocable to Certificate Balance and to interest, the
Certificate Balance after giving effect to such distribution the balance of the
Reserve Account (and amounts, if any, distributed from the Reserve Account) and
the Total Servicing Fee with respect to such Distribution Date or Monthly
Period, as applicable; provided that no such statement shall be required to be
sent by the Owner Trustee if and for so long as the Seller is the sole
Certificateholder.

                  (c)      If any withholding tax is imposed on the Trust's
payment (or allocations of income) to a Certificateholder, such tax shall reduce
the amount otherwise distributable to the Certificateholder in accordance with
this Section 5.2; provided that the Owner Trustee shall not have an obligation
to withhold any such amount if and for so long as the Seller is the sole
Certificateholder. The Owner Trustee is hereby authorized and directed to retain
from amounts otherwise distributable to the Certificateholders 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 a Certificateholder shall be treated as cash distributed
to such Certificateholder at the time it is withheld by the Trust and remitted
to the appropriate taxing authority. If there is a possibility that withholding
tax is payable with respect to a distribution (such as a distribution to a
non-U.S. Certificateholder), the Owner Trustee may in its sole discretion
withhold such amounts in accordance with this Section 5.2(c). If a
Certificateholder

                                       12

<PAGE>

wishes to apply for a refund of any such withholding tax, the Owner Trustee
shall reasonably cooperate with such Certificateholder in making such claim so
long as such Certificateholder agrees to reimburse the Owner Trustee for any
out-of-pocket expenses incurred.

                  (d)      If the Indenture Trustee holds escheated funds for
payment to the Trust pursuant to Section 3.3(e) of the Indenture, the Owner
Trustee shall, upon notice from the Indenture Trustee that such funds exist,
submit on behalf of the Trust an Issuer Order to the Indenture Trustee pursuant
to Section 3.3(e) of the Indenture instructing the Indenture Trustee to pay such
funds to or at the order of the Seller.

         Section 5.3 Method of Payment. Subject to Section 7.1(c), distributions
required to be made to Certificateholders on any Distribution Date shall be made
to each Certificateholder of record on the related Record Date (i) by wire
transfer, in immediately available funds, to the account of such Holder at a
bank or other entity having appropriate facilities therefor, if (x) the
Certificates are Definitive Certificates, and such Certificateholder shall have
provided to the Certificate Registrar appropriate written instructions at least
five Business Days prior to such Record Date and the distribution required to be
made to such Holder on such Distribution Date exceeds $100,000 or (y) the
Certificates are Book-Entry Certificates, or, (ii) if neither clause (i)(x) nor
clause (i)(y) is applicable, by check mailed to such Certificateholder at the
address of such Certificateholder appearing in the Certificate Register.

         Section 5.4 Accounting and Reports to the Certificateholders, the
Internal Revenue Service and Others. The Owner Trustee shall maintain (or cause
to be maintained) the books of the Trust on a calendar year basis on the accrual
method of accounting, deliver to each Certificateholder, as may be required by
the Code and applicable Treasury Regulations or otherwise, such information as
may be required to enable each Certificateholder to prepare its federal income
tax return, file such tax returns relating to the Trust and make such elections
as may from time to time be required or appropriate under any applicable state
or federal statute or rule or regulation thereunder so as to maintain the
Trust's characterization as an entity described in clause (i) of Section 2.11
for federal income tax purposes, cause such tax returns to be signed in the
manner required by law and collect or cause to be collected any withholding tax
as described in and in accordance with Section 5.2(c) with respect to income or
distributions to Certificateholders. In the event that the Internal Revenue
Service were to contend successfully that the Trust is not a grantor trust but
is rather a partnership for federal income tax purposes, the Trust shall
allocate items of income, gain, deduction and loss to the partners of the Trust
in accordance with their economic interests in the Trust. With respect to
interest expense of the Trust, the Trust shall allocate to the
Certificateholders their share of the entire amount of such interest expense.

         Section 5.5 Signature on Returns; Other Tax Matters. The Owner Trustee
shall sign on behalf of the Trust any and all tax returns of the Trust, unless
applicable law requires a Certificateholder to sign such documents, in which
case such documents shall be signed by the Seller. To the extent one may be
required, the Seller shall be the "tax matters partner" of the Trust pursuant to
the Code.

                                   ARTICLE VI
                                THE OWNER TRUSTEE

                                       13

<PAGE>

         Section 6.1 Duties of Owner Trustee

                  (a)      The Owner Trustee undertakes to perform such duties,
and only such duties, as are specifically set forth in this Agreement and the
other Basic Documents, including the administration of the Trust in the interest
of the Certificateholders, subject to the Basic Documents and in accordance with
the provisions of this Agreement. No implied covenants or obligations shall be
read into this Agreement.

                  (b)      Notwithstanding the foregoing, the Owner Trustee
shall be deemed to have discharged its duties and responsibilities hereunder and
under the 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, and the Owner Trustee shall
not be liable for the default or failure of the Administrator to carry out its
obligations under the Administration Agreement.

                  (c)      In the absence of bad faith on its part, the Owner
Trustee may conclusively rely upon certificates or opinions furnished to the
Owner Trustee and conforming to the requirements of this Agreement in
determining the truth of the statements and the correctness of the opinions
contained therein; provided, however, that the Owner Trustee shall have examined
such certificates or opinions so as to determine compliance of the same with the
requirements of this Agreement.

                  (d)      The Owner 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 Section 6.1(d) shall not limit the
effect of Section 6.1(a) or (b);

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

                           (iii)    the Owner 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 4.1, 4.2 or 6.4.

                  (e)      Subject to Sections 5.1 and 5.2, monies received by
the Owner Trustee hereunder need not be segregated in any manner except to the
extent required by law or the Trust 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.

                  (f)      The Owner Trustee shall not take any action that (i)
is inconsistent with the purposes of the Trust set forth in Section 2.3 or (ii)
would, to the actual knowledge of a Responsible Officer of the Owner Trustee,
result in the Trust's becoming taxable as a corporation for federal income tax
purposes. The Certificateholders shall not direct the Owner Trustee to take
action that would violate the provisions of this Section 6.1.

         Section 6.2 Rights of Owner Trustee. The Owner Trustee is authorized
and directed to execute and deliver the Basic Documents and each certificate or
other document attached as an

                                       14

<PAGE>

exhibit to or contemplated by the Basic Documents to which the Trust is to be a
party, in such form as the Seller shall approve 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
and directs in writing with respect to the Basic Documents.

         Section 6.3 Acceptance of Trusts and Duties. Except as otherwise
provided in this Article VI, in accepting the trusts hereby created, Deutsche
Bank Trust Company Delaware 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
Basic Document shall look only to the Owner Trust Estate for payment or
satisfaction thereof. The Owner Trustee accepts the trusts hereby created and
agrees to perform its duties hereunder with respect to such trusts but only upon
the terms of this Agreement. The Owner Trustee also agrees to disburse all
monies actually received by it constituting part of the Owner Trust Estate upon
the terms of the Basic Documents and this Agreement. The Owner Trustee shall not
be liable or accountable hereunder or under any Basic Document under any
circumstances, except for its own negligent action, its own negligent failure to
act or its own willful misconduct or in the case of the inaccuracy of any
representation or warranty contained in Section 6.6 and 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 at no time have any
responsibility or liability for, or with respect to, the legality, validity and
enforceability of any Receivable, or the perfection and priority of any security
interest created by any Receivable in any Financed Vehicle or the maintenance of
any such perfection and priority, or for, or with respect to, the sufficiency of
the Owner Trust Estate or its ability to generate the payments to be distributed
to Certificateholders under this Agreement or to Noteholders under the
Indenture, including, without limitation: the existence, condition and ownership
of any Financed Vehicle; the existence and enforceability of any insurance
thereon; the existence and contents of any Receivable on any computer or other
record thereof; the validity of the assignment of any Receivable to the Trust or
of any intervening assignment; the completeness of any Receivable; the
performance or enforcement of any Receivable; the compliance by the Seller or
the Servicer with any warranty or representation made under any Basic Document
or in any related document or the accuracy of any such warranty or
representation or any action of the Administrator, the Trustee or the Servicer
or any sub-servicer taken in the name 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 or any Certificateholder;

                  (c)      no provision of this Agreement or any 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 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;

                                       15

<PAGE>

                  (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
Certificate Balance of and interest on the Certificates;

                  (e)      the Owner Trustee shall not be responsible for or in
respect of and makes no representation as to the validity or sufficiency of any
provision of this Agreement other than as explicitly set forth herein or for the
due execution hereof by the Seller or for the form, character, genuineness,
sufficiency, value or validity of any of the Owner Trust Estate or for, or in
respect of, the validity or sufficiency of the Basic Documents, the Notes, the
Certificates (other than the certificate of authentication on the Certificates)
or of any Receivables or any related documents, and the Owner Trustee shall in
no event assume or incur any liability, duty or obligation to any Noteholder or
to any Certificateholder, other than as expressly provided for herein and in the
Basic Documents;

                  (f)      the Owner Trustee shall not be liable for the default
or misconduct of the Administrator, the Indenture Trustee, the Seller or the
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 Trust
under this Agreement or the Basic Documents that are required to be performed by
the Administrator under the Administration Agreement, the Indenture Trustee
under the Indenture or the Servicer under the Pooling and Servicing Agreement or
the Trust 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 Basic Document, at the request, order or
direction of any of the Certificateholders, unless such Certificateholders have
offered to the Owner Trustee security or indemnity satisfactory to it against
the costs, expenses and liabilities that may be incurred by the Owner Trustee
therein or thereby. The right of the Owner Trustee to perform any discretionary
act enumerated in this Agreement or in any 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.

                  (h)      Notwithstanding anything to the contrary contained
herein or in any other Basic Document, the Owner Trustee shall not be required
to execute, deliver or certify on behalf of the Trust or any other Person any
filings, certificates, affidavits or other instruments required under the
Sarbanes-Oxley Act of 2002. Notwithstanding any Person's right to instruct the
Owner Trustee, neither the Owner Trustee nor any agent, employee, director or
officer of the Owner Trustee shall have any obligation to execute any
certificates or other documents required pursuant to the Sarbanes-Oxley Act of
2002 or the rules and regulations promulgated pursuant thereto, and the refusal
to comply with any such instructions shall not constitute a default or breach
under any Basic Document. In the event that the Owner Trustee, on behalf of the
Trust, does not execute, deliver or certify any filings, certificates,
affidavits or other instruments required under the Sarbanes-Oxley Act of 2002,
an Officer of the Administrator shall, on behalf of the Trust, execute, deliver
or make such certification.

         Section 6.4 Action upon Instruction by Certificateholders.

                                       16

<PAGE>

                  (a)      Subject to Section 4.4, the Certificateholders 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
Certificateholders pursuant to Section 4.5.

                  (b)      Notwithstanding the foregoing, the Owner Trustee
shall not be required to take any action hereunder or under any Basic Document
if the Owner Trustee shall have reasonably determined, or shall have been
advised by counsel, that such action is likely to result in liability on the
part of the Owner Trustee or is contrary to the terms hereof or of any Basic
Document or is otherwise contrary to law.

                  (c)      Whenever the Owner Trustee is unable to decide
between alternative courses of action permitted or required by the terms of this
Agreement or any Basic Document, or is unsure as to the application, intent,
interpretation or meaning of any provision of this Agreement or the Basic
Documents, the Owner Trustee shall promptly give notice (in such form as shall
be appropriate under the circumstances) to the Certificateholders requesting
instruction as to the course of action to be adopted, and, to the extent the
Owner Trustee acts in good faith in accordance with any such instruction
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 instructions
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 which is consistent, in its view, with this Agreement or the
Basic Documents, and as it shall deem to be in the best interests of the
Certificateholders, and the Owner Trustee shall have no liability to any Person
for any such action or inaction.

         Section 6.5 Furnishing of Documents. The Owner Trustee shall furnish to
the Certificateholders, promptly upon receipt of a written request therefor,
duplicates or copies of all reports, notices, requests, demands, certificates,
financial statements and any other instruments furnished to the Owner Trustee
under the Basic Documents.

         Section 6.6 Representations and Warranties of Owner Trustee. The Owner
Trustee hereby represents and warrants to the Seller, for the benefit of the
Certificateholders, that:

                  (a)      It is a banking corporation duly organized, validly
existing and in good standing under the laws of the state of its incorporation.
It has satisfied the eligibility requirements set forth in Section 6.13.

                  (b)      It has full power, authority and legal right to
execute, deliver and perform this Agreement, and has taken all necessary action
to authorize the execution, delivery and performance by it of this Agreement.

                  (c)      The execution, delivery and performance by it of this
Agreement (i) shall not violate any provision of any law or regulation governing
the banking and trust powers of the Owner Trustee or any order, writ, judgment
or decree of any court, arbitrator or governmental authority applicable to the
Owner Trustee or any of its assets, (ii) shall not violate any provision of the
corporate charter or by-laws of the Owner Trustee or (iii) shall not violate any
provision of, or constitute, with or without notice or lapse of time, a default
under, or result in the creation

                                       17

<PAGE>

or imposition of any lien on any properties included in the Trust pursuant to
the provisions of any mortgage, indenture, contract, agreement or other
undertaking to which it is a party, which violation, default or lien could
reasonably be expected to have a materially adverse effect on the Owner
Trustee's performance or ability to perform its duties as Owner Trustee under
this Agreement or on the transactions contemplated in this Agreement.

                  (d)      This Agreement has been duly executed and delivered
by the Owner Trustee and constitutes the legal, valid and binding agreement of
the Owner Trustee, enforceable in accordance with its terms, except as
enforceability may be limited by bankruptcy, insolvency, reorganization, or
other similar laws affecting the enforcement of creditors' rights in general and
by general principles of equity, regardless of whether such enforceability is
considered in a proceeding in equity or at law.

         Section 6.7 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
and need not investigate any fact or matter in any such document. The Owner
Trustee may accept a certified copy of a resolution of the board of directors or
other governing body of any corporate party as conclusive evidence that such
resolution has been duly adopted by such body and that the same is in full force
and effect. As to any fact or matter the method of the determination of which is
not specifically prescribed herein, the Owner Trustee may for all purposes
hereof rely on a certificate, signed by the president or any vice president or
by the treasurer or other authorized officers of the relevant party, as to such
fact or matter, and such certificate shall constitute full protection to the
Owner Trustee for any action taken or omitted to be taken by it in good faith in
reliance thereon.

                  (b)      In the exercise or administration of the trusts
hereunder and in the performance of its duties and obligations under this
Agreement or the Basic Documents, the Owner Trustee may act directly or through
its agents, attorneys, custodians or nominees (including the granting of a power
of attorney to officers of Deutsche Bank Trust Company Americas to execute and
deliver any Basic Documents, Certificate, Note or other documents related
thereto on behalf of the Owner Trustee) 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, attorneys, custodians or nominees if such agents,
attorneys, custodians or nominees shall have been selected by the Owner Trustee
with reasonable care; and may consult with counsel, accountants and other
skilled professionals 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 opinion or advice of any such counsel,
accountants or other such Persons and not contrary to this Agreement or any
Basic Document.

         Section 6.8 Owner Trustee May Own Certificates and Notes. Deutsche Bank
Trust Company Delaware or any successor Owner Trustee in its individual or any
other capacity may become the owner or pledgee of Certificates or Notes and may
deal with the Seller, the Administrator, the Indenture Trustee and the Servicer
in transactions in the same manner as it would have if it were not the Owner
Trustee.

                                       18

<PAGE>

         Section 6.9 Compensation and Indemnity. 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 Servicer and the Owner Trustee,
and the Owner Trustee, any paying agent, registrar, authenticating agent or
co-trustee shall be entitled to be reimbursed by the Servicer for its other
reasonable expenses hereunder, including the reasonable compensation, expenses
and disbursements of such agents, custodians, nominees, representatives, experts
and external counsel as the Owner Trustee may employ in connection with the
exercise and performance of its rights and its duties hereunder. The Servicer
shall indemnify the Owner Trustee, any paying agent, registrar, authenticating
agent or co-trustee and its successors, assigns, agents and servants in
accordance with the provisions of Section 6.01 of the Trust Sale and Servicing
Agreement. The indemnities contained in this Section 6.9 shall survive the
resignation or removal of the Owner Trustee or the termination of this
Agreement. Any amounts paid to the Owner Trustee pursuant to this Article VI
shall be deemed not to be a part of the Owner Trust Estate immediately after
such payment.

         Section 6.10 Replacement of Owner Trustee

                  (a)      The Owner Trustee may give notice of its intent to
resign and be discharged from the trusts hereby created by giving notice thereof
to the Administrator provided that no such resignation shall become effective,
and the Owner Trustee shall not resign, prior to the time set forth in Section
6.10(c). If no successor Owner Trustee shall have been appointed pursuant to
Section 6.10(b) and have accepted such appointment within 30 days after the
giving of such notice, the Owner Trustee giving such notice may petition any
court of competent jurisdiction for the appointment of a successor Owner
Trustee. The Administrator shall remove the Owner Trustee if:

                           (i)      the Owner Trustee shall cease to be eligible
in accordance with the provisions of Section 6.13 and shall fail to resign after
written request therefor by the Administrator;

                           (ii)     the Owner Trustee shall be adjudged bankrupt
or insolvent;

                           (iii)    a receiver or other public officer shall be
appointed or take charge or control of the Owner Trustee or of its property or
affairs for the purpose of rehabilitation, conservation or liquidation; or

                           (iv)     the Owner Trustee shall otherwise be
incapable of acting.

                  (b)      If the Owner Trustee gives notice of its intent to
resign or is removed or if a vacancy exists in the office of Owner Trustee for
any reason 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.

                  (c)      Any resignation or removal of the Owner Trustee and
appointment of a successor Owner Trustee pursuant to any of the provisions of
this Section 6.10 shall not become effective and no such resignation shall be
deemed to have occurred until a written acceptance of appointment is delivered
by the successor Owner Trustee to the outgoing Owner Trustee and the

                                       19

<PAGE>

Administrator and all fees and expenses due to the outgoing Owner Trustee are
paid. Any successor Owner Trustee appointed pursuant to this Section 6.10 shall
be eligible to act in such capacity in accordance with Section 6.13 and,
following compliance with the preceding sentence, 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
Administrator shall provide notice of such resignation or removal of the Owner
Trustee to each of the Rating Agencies.

                  (d)      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. 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.

                  (e)      Upon acceptance of appointment by a successor Owner
Trustee pursuant to this Section 6.10, the Administrator shall mail notice of
the successor of such Owner Trustee to all Certificateholders, the Indenture
Trustee, the Noteholders and the Rating Agencies.

         Section 6.11 Merger or Consolidation of Owner Trustee. Any Person into
which the Owner Trustee may be merged or converted or with which it may be
consolidated, or any Person resulting from any merger, conversion or
consolidation to which the Owner Trustee shall be a party, or any Person
succeeding to all or substantially all of the corporate trust business of the
Owner Trustee, shall be the successor of the Owner Trustee hereunder, provided
such Person shall be eligible pursuant to Section 6.13, and without the
execution or filing of any instrument or any further act on the part of any of
the parties hereto; provided, however, that the Owner Trustee shall mail notice
of such merger or consolidation to the Rating Agencies.

         Section 6.12 Appointment of Co-Trustee or Separate Trustee

                  (a)      Notwithstanding any other provisions of this
Agreement, at any time, for the purpose of meeting any legal requirement of any
jurisdiction in which any part of the Owner Trust Estate or any Financed Vehicle
may at the time be located, the Administrator and the Owner Trustee acting
jointly shall, at the expense of the Servicer, have the power and shall, at the
expense of the Servicer, execute and deliver all instruments to appoint one or
more Persons approved by the Owner Trustee to act as co-trustee, jointly with
the Owner Trustee, or as separate trustee or trustees, of all or any part of the
Owner Trust Estate, and to vest in such Person (in the name of the Trust and not
in such Person's name for the Trust, except to the extent otherwise required by,
and in accordance with, Section 2.8), in such capacity, such title to the Trust,
or any part thereof, and, subject to the other provisions of this Section 6.12,
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 trustee pursuant to
Section 6.13 and no notice of the appointment of any co-trustee or separate
trustee shall be required pursuant to Section 6.10.

                                       20

<PAGE>

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

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

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

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

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

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

         Section 6.13 Eligibility Requirements for Owner Trustee. The Owner
Trustee shall at all times satisfy the requirement of Section 26(a)(1) of the
Investment Company Act. The Owner Trustee shall at all times: (a) be a
corporation satisfying the provisions of Section 3807(a) of the Statutory Trust
Statute; (b) be authorized to exercise corporate trust powers; (c) have a
combined capital and surplus of at least $50,000,000 and be subject to
supervision or examination by federal or state authorities; and (d) have (or
have a parent which has) a long-term unsecured debt rating of at least BBB- by
Standard & Poor's Ratings Services and at least Baa3 by Moody's Investors
Service, Inc. If such corporation shall publish reports of condition at least
annually, pursuant to law or to the requirements of the aforesaid supervising or
examining

                                       21

<PAGE>

authority, then for the purpose of this Section 6.13, 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. If at
any time the Owner Trustee shall cease to be eligible in accordance with the
provisions of this Section 6.13, the Owner Trustee shall resign immediately in
the manner and with the effect specified in Section 6.10.

                                  ARTICLE VII
                         TERMINATION OF TRUST AGREEMENT

         Section 7.1 Termination of Trust Agreement

                  (a)      This Agreement (other than Section 6.9) and the Trust
shall terminate in accordance with Section 3808 of the Statutory Trust Statute
and be of no further force or effect on the final distribution by the Owner
Trustee of all monies or other property or proceeds of the Owner Trust Estate in
accordance with the terms of the Indenture, the Trust Sale and Servicing
Agreement (including the exercise by the Servicer of its option to purchase the
Receivables pursuant to Section 8.01(a) of the Trust Sale and Servicing
Agreement), the Interest Rate Swaps and Article V. The bankruptcy, liquidation,
dissolution, death or incapacity of any Certificateholder shall not (x) operate
to terminate this Agreement or the Trust, (y) entitle such Certificateholder's
legal representatives or heirs to claim an accounting or to take any action or
proceeding in any court for a partition or winding up of all or any part of the
Trust or the Owner Trust Estate or (z) otherwise affect the rights, obligations
and liabilities of the parties hereto.

                  (b)      Neither the Seller nor any Certificateholder shall be
entitled to revoke or terminate the Trust or this Agreement.

                  (c)      Subject to Section 5.2(a), notice of any termination
of the Trust, specifying the Distribution Date upon which the Certificateholders
shall surrender their Certificates to the Paying Agent for payment of the final
distribution and cancellation, shall be given by the Owner Trustee by letter to
Certificateholders mailed within five Business Days of receipt of notice of such
termination from the Servicer given pursuant to Section 8.01(c) of the Trust
Sale and Servicing Agreement, stating: (i) the Distribution Date upon or with
respect to which final payment of the Certificates shall be made upon
presentation and surrender of the Certificates at the office of the Paying Agent
therein designated; (ii) the amount of any such final payment; and (iii) that
the Record Date otherwise applicable to such Distribution Date is not
applicable, payments being made only upon presentation and surrender of the
Certificates at the office of the Paying Agent therein specified. The Owner
Trustee shall give such notice to the Certificate Registrar (if other than the
Owner Trustee) and the Paying Agent at the time such notice is given to
Certificateholders. Upon presentation and surrender of the Certificates, the
Paying Agent shall cause to be distributed to Certificateholders amounts
distributable on such Distribution Date pursuant to Section 5.2.

                  (d)      If all of the Certificateholders shall not surrender
their Certificates for cancellation within six months after the date specified
in the written notice referred to in Section 7.1(c), the Owner Trustee shall
give a second written notice to the remaining Certificateholders to surrender
their Certificates for cancellation and receive the final distribution with
respect thereto. If within one year after the second notice all the Certificates
shall not have been

                                       22

<PAGE>

surrendered for cancellation, the Owner Trustee may take appropriate steps, or
may appoint an agent to take appropriate steps, to contact the remaining
Certificateholders concerning surrender of their Certificates, and the cost
thereof shall be paid out of the funds and other assets that shall remain
subject to this Agreement. Subject to applicable laws with respect to escheat of
funds, any funds remaining in the Trust after exhaustion of such remedies in the
preceding sentence shall be deemed property of the Seller and distributed by the
Owner Trustee to the Seller, and the Owner Trustee shall have no further
liability to the Certificateholders with respect thereto.

                  (e)      Upon the winding up and termination of the Trust in
accordance with Section 3808 of the Statutory Trust Statute and this Section,
the Owner Trustee shall cause the Certificate of Trust to be canceled by filing
a certificate of cancellation with the Secretary of State in accordance with the
provisions of Section 3810 of the Statutory Trust Statute.

                                  ARTICLE VIII
                                   AMENDMENTS

         Section 8.1 Amendments Without Consent of Certificateholders or
Noteholders. This Agreement may be amended by the Seller and the Owner Trustee
without the consent of any of the Noteholders or the Certificateholders (but
with prior notice to each of the Rating Agencies), to (i) cure any ambiguity,
(ii) correct or supplement any provision in this Agreement that may be defective
or inconsistent with any other provision in this Agreement or any other Basic
Document, (iii) add or supplement any credit enhancement for the benefit of the
Noteholders or the Certificateholders (provided that if any such addition shall
affect any class of Noteholders or Certificateholders differently than any other
class of Noteholders or Certificateholders, then such addition shall not, as
evidenced by an Opinion of Counsel, adversely affect in any material respect the
interests of any class of the Noteholders or the Certificateholders), (iv) add
to the covenants, restrictions or obligations of the Seller or the Owner
Trustee, (v) evidence and provide for the acceptance of the appointment of a
successor trustee with respect to the Owner Trust Estate and add to or change
any provisions as shall be necessary to facilitate the administration of the
trusts hereunder by more than one trustee pursuant to Article VI, and (vi) add,
change or eliminate any other provision of this Agreement in any manner that
shall not, as evidenced by an Opinion of Counsel, adversely affect in any
material respect the interests of the Noteholders or the Certificateholders.

         Section 8.2 Amendments With Consent of Certificateholders and
Noteholders. This Agreement may be amended from time to time by the Seller and
the Owner Trustee with the consent of Noteholders whose Notes evidence not less
than a majority of the Outstanding Amount of the Notes as of the close of the
preceding Distribution Date and the consent of Certificateholders whose
Certificates evidence not less than a majority of the Voting Interests as of the
close of the preceding Distribution Date (which consent, whether given pursuant
to this Section 8.2 or pursuant to any other provision of this Agreement, shall
be conclusive and binding on such Person and on all future holders of such Notes
or Certificates and of any Notes or Certificates issued upon the transfer
thereof or in exchange thereof or in lieu thereof whether or not notation of
such consent is made upon the Notes or Certificates) 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 (a)
increase or reduce in

                                       23

<PAGE>

any manner the amount of, or accelerate or delay the timing of, collections of
payments on Receivables or distributions that shall be required to be made on
any Note or Certificate, the Pass Through Rate or the Specified Reserve Account
Balance or (b) reduce the aforesaid percentage required to consent to any such
amendment, without the consent of the holders of all Notes and all of the Voting
Interests with respect to Certificates then outstanding. The Owner Trustee shall
furnish notice to each of the Rating Agencies prior to obtaining consent to any
proposed amendment under this Section 8.2.

         Section 8.3 Form of Amendments.

                  (a)      Promptly after the execution of any amendment,
supplement or consent pursuant to Section 8.1 or 8.2, the Owner Trustee shall
furnish written notification of the substance of such amendment or consent to
each Certificateholder and the Indenture Trustee.

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

                  (c)      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.

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

                                   ARTICLE IX
                                  MISCELLANEOUS

         Section 9.1 No Legal Title to Owner Trust Estate. The
Certificateholders shall not have legal title to any part of the Owner Trust
Estate. The Certificateholders shall be entitled to receive distributions with
respect to their undivided ownership interest therein only in accordance with
Articles V and VII. No transfer, by operation of law or otherwise, of any right,
title, and interest of the Certificateholders to and in their ownership interest
in the Owner Trust Estate shall operate to terminate this Agreement or the
trusts hereunder or entitle any transferee to an accounting or to the transfer
to it of legal title to any part of the Owner Trust Estate.

         Section 9.2 Limitations on Rights of Others. Except for Section 9.13,
the provisions of this Agreement are solely for the benefit of the Owner
Trustee, the Seller, the Certificateholders, the Administrator and, to the
extent expressly provided herein, the Indenture Trustee and the Noteholders, and
nothing in this Agreement, whether express or implied, shall be construed to
give to any other Person any legal or equitable right, remedy or claim in the
Owner Trust Estate

                                       24

<PAGE>

or under or in respect of this Agreement or any covenants, conditions or
provisions contained herein.

         Section 9.3 Derivative Actions. Any provision contained herein to the
contrary notwithstanding, the right of any Certificate Owner to bring a
derivative action in the right of the Trust is hereby made expressly subject to
the following limitations and requirements:

                  (a)      such Certificate Owner must meet all requirements set
forth in the Statutory Trust Statute; and

                  (b)      no Certificate Owner may bring a derivative action in
the right of the Trust without the prior written consent of Certificate Owners
owning, in the aggregate, a beneficial interest in Certificates representing 50%
of the then outstanding Certificate Balance.

         Section 9.4 Notices. All demands, notices and communications upon or to
the Seller, the Servicer, the Administrator, the Indenture Trustee, the Owner
Trustee or the Rating Agencies under this Agreement shall be delivered as
specified in Appendix B to the Trust Sale and Servicing Agreement.

         Section 9.5 Severability. 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 Certificates
or the rights of the holders thereof.

         Section 9.6 Counterparts. This Agreement may be executed by the parties
hereto in separate counterparts, each of which when so executed and delivered
shall be an original, but all such counterparts shall together constitute one
and the same instrument.

         Section 9.7 Successors and Assigns. All covenants and agreements
contained herein shall be binding upon, and inure to the benefit of, the Seller,
the Owner Trustee and each Certificateholder and their respective successors and
permitted assigns, all as herein provided. Any request, notice, direction,
consent, waiver or other instrument or action by a Certificateholder shall bind
the successors and assigns of such Certificateholder.

         Section 9.8 No Petition. The Owner Trustee by entering this Trust
Agreement and each Certificateholder or Certificate Owner, by accepting a
Certificate (or interest therein) issued hereunder, hereby covenant and agree
that they shall not (nor shall they join with or solicit another person to),
prior to the day that is one year and one day after the termination of the Trust
and of each other trust heretofore formed by the Seller, acquiesce, petition or
otherwise invoke or cause the Seller or the Trust to invoke in any court or
government authority for the purpose of commencing or sustaining a case against
the Seller or the Trust under any federal or state bankruptcy, insolvency or
similar law or appointing a receiver, liquidator, assignee, trustee, custodian,
sequestrator or other similar official of the Seller or the Trust or any
substantial part of its property, or ordering the winding up or liquidation of
the affairs of the Seller or the Trust.

                                       25

<PAGE>

         Section 9.9 No Recourse. Each Certificateholder by accepting a
Certificate (or any interest therein) acknowledges that such Person's
Certificate (or interest therein) represents beneficial interests in the Trust
only and does not represent interests in or obligations of the Seller, the
Servicer, the Administrator, the Owner Trustee, the Indenture Trustee or any
Affiliate thereof and no recourse, either directly or indirectly, may be had
against such parties or their assets, except as may be expressly set forth or
contemplated in this Agreement, the Certificates or the Basic Documents. Except
as expressly provided in the Basic Documents, none of the Seller, the Servicer
or the Owner Trustee in their respective individual capacities, or any of their
respective partners, beneficiaries, agents, officers, directors, employees or
successors or assigns, shall be personally liable for, or shall recourse be had
to any of them for the distribution of any amount with respect to the
Certificates or the Trust's performance of, or omission to perform, any
obligations or indemnifications contained in the Certificates, this Agreement or
the Basic Documents, it being expressly understood that such Certificateholder
obligations have been made solely by the Trust. Each Certificateholder by the
acceptance of a Certificate (or beneficial interest therein) agrees except as
expressly provided in the Basic Documents, in the event of nonpayment of any
amounts with respect to the Certificates, it shall have no claim against any of
the foregoing Persons for any deficiency, loss or claim therefrom. In the event
that any of the foregoing covenants of each Certificateholder and Certificate
Owner is prohibited by, or declared illegal or otherwise unenforceable against
any such Certificateholder or Certificate Owner under applicable law by any
court or other authority of competent jurisdiction, and, as a result, a
Certificateholder or Certificate Owner is deemed to have an interest in any
assets of the Seller or any Affiliate of the Seller other than the Trust ("other
assets"), each Certificateholder and Certificate Owner agrees that (i) its claim
against any such other assets shall be, and hereby is, subject and subordinate
in all respects to the rights of other Persons to whom rights in the other
assets have been expressly granted ("entitled Persons"), including to the
payment in full of all amounts owing to such entitled Persons, and (ii) the
covenant set forth in the preceding clause (i) constitutes a "subordination
agreement" within the meaning of, and subject to, Section 510(a) of the
Bankruptcy Code.

         Section 9.10 Headings. The headings of the various Articles and
Sections herein are for convenience of reference only and shall not define or
limit any of the terms or provisions hereof.

         Section 9.11 Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF DELAWARE, WITHOUT
REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS THEREOF OR OF ANY OTHER
JURISDICTION, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER
SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

         Section 9.12 [Reserved]

         Section 9.13 Indemnification by and Reimbursement of the ServiCer. The
Owner Trustee acknowledges and agrees to reimburse (i) the Servicer and its
directors, officers, employees and agents in accordance with Section 6.03(b) of
the Trust Sale and Servicing Agreement and (ii) the Seller and its directors,
officers, employees and agents in accordance with Section 3.04 of the Trust Sale
and Servicing Agreement. The Owner Trustee further

                                       26

<PAGE>

acknowledges and accepts the conditions and limitations with respect to the
Servicer's obligation to indemnify, defend and hold the Owner Trustee harmless
as set forth in Section 6.01(a)(iv) of the Trust Sale and Servicing Agreement.

         Section 9.14 Effect of Amendment and Restatement. It is the intent of
the parties hereto that this Trust Agreement shall as of June 11, 2003, replace
in its entirety the Original Trust Agreement; provided, that with respect to the
period of time from May 30, 2003 through June 10, 2003, the rights and
obligations of the parties shall be governed by the Original Trust Agreement;
provided further, that the amendment and restatement of the Original Trust
Agreement shall not affect any of the grants, conveyances or transfers
contemplated by the Original Trust Agreement to have occurred prior to the date
hereof.

         Section 9.15 Transfer Restrictions on Certificates.

It is the intent of the parties hereto that the Certificates (or an interest
therein) may not be acquired by or for the account of a Benefit Plan, except by
an insurance company general account that represents, warrants and covenants
that, at the time of acquisition and throughout the period it holds the
certificates, (a) it is eligible for and meets the requirements of the
Department of Labor Prohibited Transaction Class Exemption 95-60, (b) less than
25% of the assets of such general account are (or represent) assets of a Benefit
Plan Investor and (c) it is not a service provider to the issuer or an affiliate
of the issuer, and would not otherwise be excluded under 29 C.F.R.
2510.3-101(f)(1).

                                    * * * * *

                                       27

<PAGE>

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

                                                 DEUTSCHE BANK TRUST COMPANY
                                                 DELAWARE,
                                                 as Owner Trustee

                                                 By: ___________________________
                                                 Name:
                                                 Title:

                                                 CAPITAL AUTO RECEIVABLES, INC.

                                                 By:  __________________________
                                                 Name:  S. N. Richard
                                                 Title: Manager - Securitization

Acknowledged and Accepted:
DEUTSCHE BANK TRUST
COMPANY AMERICAS
as Paying Agent

By:  __________________________
Name:  Man Wing Li
Title: Associate

<PAGE>

                                                                     EXHIBIT A-1

                        [FORM OF DEFINITIVE CERTIFICATE]

NUMBER R-                                                          $____________

                                                          CUSIP NO. ____________

                       SEE REVERSE FOR CERTAIN DEFINITIONS

         THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
         1933, AS AMENDED (THE "ACT"), AND THE VARIOUS STATE SECURITIES LAWS. NO
         TRANSFER OF THIS CERTIFICATE SHALL BE MADE UNLESS SUCH TRANSFER IS MADE
         IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE ACT OR
         ANY APPLICABLE STATE SECURITIES LAWS AND IS OTHERWISE IN COMPLIANCE
         WITH THE RESTRICTIONS SET FORTH IN THE TRUST AGREEMENT.

         THIS CERTIFICATE (OR AN INTEREST HEREIN) MAY NOT BE ACQUIRED BY OR FOR
         THE ACCOUNT OF (i) AN "EMPLOYEE BENEFIT PLAN" (AS DEFINED IN SECTION
         3(3) OF THE UNITED STATES EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
         1974, AS AMENDED ("ERISA")), THAT IS SUBJECT TO THE PROVISIONS OF TITLE
         I OF ERISA, (ii) A "PLAN" DESCRIBED IN SECTION 4975(e)(1) OF THE
         INTERNAL REVENUE CODE OR (iii) ANY ENTITY WHOSE UNDERLYING ASSETS
         INCLUDE PLAN ASSETS BY REASON OF A PLAN'S INVESTMENT IN THE ENTITY
         (EACH A "BENEFIT PLAN INVESTOR") except by an insurance company general
         account that represents, warrants and covenants that, at the time of
         acquisition and throughout the period it holds the certificates, (i) it
         is eligible for and meets the requirements of the Department of Labor
         prohibited transaction class exemption 95-60, (ii) less than 25% of the
         assets of such general account are (or represent) assets of a benefit
         plan investor and (iii) it is not the collateral manager or any other
         service provider to the trust or an affiliate of the foregoing, and
         would not otherwise be excluded under 29 C.F.R. 2510.3-101(f)(1). BY
         ACCEPTING AND HOLDING THIS CERTIFICATE, THE HOLDER HEREOF AND ANY
         RELATED CERTIFICATE OWNER SHALL EACH BE DEEMED TO HAVE REPRESENTED AND
         WARRANTED THAT IT complies with the foregoing restrictions AND, IF
         REQUESTED TO DO SO BY THE SELLER, SUCH PERSON SHALL EXECUTE AND DELIVER
         TO THE

<PAGE>

         OWNER TRUSTEE AN UNDERTAKING LETTER TO SUCH EFFECT IN THE FORM
         SPECIFIED IN THE TRUST AGREEMENT.

                   CAPITAL AUTO RECEIVABLES ASSET TRUST 2003-2

                     FLOATING RATE ASSET BACKED CERTIFICATE

         evidencing a fractional undivided interest in the Trust, as defined
         below, the property of which includes a pool of retail instalment sale
         contracts secured by new automobiles and light trucks and sold to the
         Trust by Capital Auto Receivables, Inc.

         (This Certificate does not represent an interest in or obligation of
         Capital Auto Receivables, Inc., General Motors Acceptance Corporation
         or General Motors Corporation or any of their respective affiliates,
         except to the extent described in the Basic Documents.)

                  THIS CERTIFIES THAT ______________is the registered owner of a
nonassessable, fully-paid, fractional undivided interest in Capital Auto
Receivables Asset Trust 2003-2 (the "Trust") formed by Capital Auto Receivables,
Inc., a Delaware corporation. The Certificate Balance represented by this
Certificate on the date of its original issuance is equal to $911,344.19.

                  The Trust was created pursuant to a trust agreement, dated as
of May 30, 2003 (as amended and restated as of June 11, 2003 and as amended and
supplemented from time to time, the "Trust Agreement"), between the Seller and
Deutsche Bank Trust Company Delaware, as owner trustee (the "Owner Trustee"), a
summary of certain of the pertinent provisions of which is set forth below. To
the extent not otherwise defined herein, the capitalized terms used herein have
the meanings assigned to them in the Trust Agreement.

                  This Certificate is one of the duly authorized Certificates
designated as Floating Rate Asset Backed Certificates (the "Certificates"). This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Trust Agreement, the terms of which are incorporated herein by
reference and made a part hereof, to which Trust Agreement the holder of this
Certificate by virtue of the acceptance hereof assents and by which such holder
is bound.

                  Under the Trust Agreement, there shall be distributed on the
15th day of each month or, if such 15th day is not a Business Day, the next
Business Day, commencing on July 15, 2003 (each, a "Distribution Date"), to the
person in whose name this Certificate is registered on the related Record Date
(as defined below), such Certificateholder's fractional undivided interest in
the amount of interest on and distributions in respect of Certificate Balance to
be distributed to Certificateholders on such Distribution Date. The "Record
Date," with respect to any Distribution Date, means the last day of the
preceding Monthly Period.

                  The distributions in respect of Certificate Balance and
interest on this Certificate 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 Trust with respect to this
Certificate shall be applied first to interest due and payable on this
Certificate as

                                     A-1-2

<PAGE>

provided above and then to the unpaid distributions in respect of Certificate
Balance of this Certificate.

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

                  It is the intent of the Seller, the Owner Trustee and the
Certificateholders that, for purposes of federal income, state and local income
and franchise taxes, Michigan single business tax and any other taxes imposed
upon, measured by or based upon gross or net income, the Trust shall be treated
as either (A) a division of the Seller, or any other single Person, and
disregarded as a separate entity, if all Certificates are owned solely by the
Seller or by such single Person, or (B) a partnership if the Certificates are
owned by more than one Person. Except as otherwise required by appropriate
taxing authorities, the Seller and the other Certificateholders by acceptance of
a Certificate agree to treat, and to take no action inconsistent with the
treatment of, the Certificates for such tax purposes as interests in such a
disregarded entity or partnership as described in the previous sentence.

                  This Certificate (or an interest herein) may not be acquired
by or for the account of (i) an "employee benefit plan" (as defined in Section
3(3) of the United States Employee Retirement Income Security Act of 1974, as
amended ("ERISA")), that is subject to the provisions of Title I of ERISA, (ii)
a "plan" described in Section 4975(e)(1) of the Internal Revenue Code or (iii)
any entity whose underlying assets include plan assets by reason of a plan's
investment in the entity except by an insurance company general account that
represents, warrants and covenants that, at the time of acquisition and
throughout the period it holds the certificates, (i) it is eligible for and
meets the requirements of the Department of Labor prohibited transaction class
exemption 95-60, (ii) less than 25% of the assets of such general account are
(or represent) assets of a benefit plan investor and (iii) it is not the
collateral manager or any other service provider to the trust or an affiliate of
the foregoing, and would not otherwise be excluded under 29 C.F.R.
2510.3-101(f)(1).

                  Each Certificateholder or Certificate Owner by its acceptance
of a Certificate (or an interest therein) covenants and agrees that such
Certificateholder shall not, prior to the date which is one year and one day
after the termination of the Trust, acquiesce, petition or otherwise invoke or
cause the Seller or the Owner Trustee to invoke the process of any court or
governmental authority for the purpose of commencing or sustaining a case
against the Seller or the Owner Trustee under any federal or state bankruptcy,
insolvency, reorganization or similar law or appointing a receiver, liquidator,
assignee, trustee, custodian, sequestrator or other similar official of the
Seller or the Owner Trustee or any substantial part of its property, or ordering
the winding up or liquidation of the affairs of the Seller or the Owner Trustee.

                  Except as otherwise provided in the Trust Agreement,
distributions on this Certificate shall 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 Certificate or the making of any notation hereon. Except as
otherwise provided in the Trust Agreement and notwithstanding the above, the
final distribution on this Certificate shall be made after due notice by the
Owner Trustee of the pendency of such

                                     A-1-3

<PAGE>

distribution and only upon presentation and surrender of this Certificate at the
office maintained for such purpose by the Owner Trustee in the Borough of
Manhattan, the City of New York.

                  Reference is hereby made to the further provisions of this
Certificate set forth on the reverse hereof, which further provisions shall for
all purposes have the same effect as if set forth at this place.

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

                  THIS CERTIFICATE SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO
THE PRINCIPLES OF CONFLICTS OF LAWS THEREOF OR OF ANY OTHER JURISDICTION, AND
THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS.

                                     A-1-4

<PAGE>

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

Dated: June 11, 2003          CAPITAL AUTO RECEIVABLES ASSET
                              TRUST 2003-2

                                 DEUTSCHE BANK TRUST COMPANY
                                 DELAWARE,
                                 not in its individual capacity but solely as
                                 Owner Trustee

                                 By: ________________________________________
                                 Name:  Man Wing Li
                                 Title: Attorney-in-Fact

                  OWNER TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

<TABLE>
<S>                                                   <C>
DEUTSCHE BANK TRUST COMPANY OR                        DEUTSCHE BANK TRUST COMPANY
DELAWARE,                                             DELAWARE,
not in its individual capacity but solely             not in its individual capacity but solely
as Owner Trustee                                      as Owner Trustee
                                                      by Deutsche Bank Trust Company Americas,
                                                      as Authenticating Agent

By: ______________________________________            By: _____________________________________
Name:  Man Wing Li                                    Name:  [__]
Title: Attorney-in-Fact                               Title: [__]
</TABLE>

                                     A-1-5

<PAGE>

                             REVERSE OF CERTIFICATE

                  The Certificates do not represent an obligation of, or an
interest in, the Seller, the Servicer, General Motors Corporation, the Indenture
Trustee, the Owner Trustee or any affiliates of any of them and no recourse may
be had against such parties or their assets, except as may be expressly set
forth or contemplated herein or in the Trust Agreement or the Basic Documents.
In addition, this Certificate is not guaranteed by any governmental agency or
instrumentality and is limited in right of payment to certain collections and
recoveries with respect to the Receivables (and certain other amounts), all as
more specifically set forth herein and in the Basic Documents. A copy of each of
the Trust Sale and Servicing Agreement and the Trust Agreement may be examined
during normal business hours at the principal office of the Seller, and at such
other places, if any, designated by the Seller, by any Certificateholder upon
written request. In the event of any conflict between the terms of this
Certificate and the terms of the Basic Documents, the terms of the Basic
Documents shall govern.

                  The Trust Agreement permits, with certain exceptions therein
provided, the amendment thereof and the modification of the rights and
obligations of the Seller and the rights of the Certificateholders under the
Trust Agreement at any time by the Seller and the Owner Trustee with the consent
of the Holders of the Notes evidencing not less than a majority of the
Outstanding Amount of the Notes as of the close of the preceding Distribution
Date and the consent of Certificateholders whose Certificates evidence not less
than a majority of the Voting Interests as of the close of the preceding
Distribution Date. Any such consent by the Holder of this Certificate shall be
conclusive and binding on such Holder and on all future Holders of this
Certificate and of any 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 Certificate. The Trust Agreement also permits the amendment
thereof, in certain circumstances, without the consent of the Holders of any of
the Certificates or the Notes.

                  As provided in the Trust Agreement and subject to certain
limitations therein set forth, the transfer of this Certificate is registerable
in the Certificate Register upon surrender of this Certificate for registration
of transfer at the offices or agencies of the Certificate Registrar maintained
by the Owner Trustee 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 Certificates
of authorized denominations 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 Deutsche Bank Trust Company Americas, New
York, New York.

                  The Certificates are issuable only as registered Certificates
without coupons in denominations of $20,000 or integral multiples of $1,000 in
excess thereof; provided, however, that one Certificate may be issued in a
denomination that includes any residual amount. As provided in the Trust
Agreement and subject to certain limitations therein set forth, Certificates are
exchangeable for new Certificates of authorized denominations evidencing the
same aggregate denomination, as requested by the Holder surrendering the same;
provided, however, that no Certificate may be subdivided such that the
denomination of any resulting Certificate is less than $20,000. No service
charge shall be made for any such registration of transfer or

                                      A-1-5

<PAGE>

exchange, but the Owner Trustee or the Certificate Registrar may require payment
of a sum sufficient to cover any tax or governmental charge payable in
connection therewith.

                  The Owner Trustee, the Certificate Registrar and any agent of
the Owner Trustee or the Certificate Registrar may treat the Person in whose
name this Certificate is registered as the owner hereof for all purposes, and
none of the Owner Trustee, the Certificate Registrar or any such agent shall be
affected by any notice to the contrary.

                  The obligations and responsibilities created by the Trust
Agreement and the Trust created thereby shall terminate in accordance with
Article VII of the Trust Agreement.

                                     A-1-6

<PAGE>

                                   ASSIGNMENT

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

PLEASE INSERT SOCIAL SECURITY
OR OTHER IDENTIFYING NUMBER
OF ASSIGNEE

________________________________________________________________________________

(Please print or type name and address, including postal zip code, of assignee)

________________________________________________________________________________

the within Certificate, and all rights thereunder, hereby irrevocably
constituting and appointing

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

Dated:                                            _____________________________*
                                                  Signature Guaranteed:

                                                  _____________________________*

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

                                     A-1-7

<PAGE>

                                                                     EXHIBIT A-2

                        [FORM OF BOOK-ENTRY CERTIFICATE]

NUMBER R-                                                            $_________

                                                        [CUSIP NO.  139732 EA 5]

                       SEE REVERSE FOR CERTAIN DEFINITIONS

         UNLESS THIS CERTIFICATE 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 CERTIFICATE 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 CERTIFICATE (OR AN INTEREST HEREIN) MAY NOT BE ACQUIRED BY OR FOR
         THE ACCOUNT OF (i) AN "EMPLOYEE BENEFIT PLAN" (AS DEFINED IN SECTION
         3(3) OF THE UNITED STATES EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
         1974, AS AMENDED ("ERISA")), THAT IS SUBJECT TO THE PROVISIONS OF TITLE
         I OF ERISA, (ii) A "PLAN" DESCRIBED IN SECTION 4975(e)(1) OF THE
         INTERNAL REVENUE CODE OR (iii) ANY ENTITY WHOSE UNDERLYING ASSETS
         INCLUDE PLAN ASSETS BY REASON OF A PLAN'S INVESTMENT IN THE ENTITY
         except by an insurance company general account that represents,
         warrants and covenants that, at the time of acquisition and throughout
         the period it holds the certificates, (i) it is eligible for and meets
         the requirements of the Department of Labor prohibited transaction
         class exemption 95-60, (ii) less than 25% of the assets of such general
         account are (or represent) assets of a benefit plan investor and (iii)
         it is not the collateral manager or any other service provider to the
         trust or an affiliate of the foregoing, and would not otherwise be
         excluded under 29 C.F.R. 2510.3-101(f)(1). BY ACCEPTING AND HOLDING
         THIS CERTIFICATE, THE HOLDER HEREOF AND ANY RELATED CERTIFICATE OWNER
         SHALL EACH BE DEEMED TO HAVE

<PAGE>

         REPRESENTED AND WARRANTED THAT IT complies with the foregoing
         restrictions AND, IF REQUESTED TO DO SO BY THE SELLER, SUCH PERSON
         SHALL EXECUTE AND DELIVER TO THE OWNER TRUSTEE AN UNDERTAKING LETTER TO
         SUCH EFFECT IN THE FORM SPECIFIED IN THE TRUST AGREEMENT.

                   CAPITAL AUTO RECEIVABLES ASSET TRUST 2003-2

                     FLOATING RATE ASSET BACKED CERTIFICATE

         evidencing a fractional undivided interest in the Trust, as defined
         below, the property of which includes a pool of retail instalment sale
         contracts secured by new automobiles and light trucks and sold to the
         Trust by Capital Auto Receivables, Inc.

         (This Certificate does not represent an interest in or obligation of
         Capital Auto Receivables, Inc., General Motors Acceptance Corporation
         or General Motors Corporation or any of their respective affiliates,
         except to the extent described in the Basic Documents.)

                  THIS CERTIFIES THAT Cede & Co. is the registered owner of a
nonassessable, fully-paid, fractional undivided interest in Capital Auto
Receivables Asset Trust 2003-2 (the "Trust") formed by Capital Auto Receivables,
Inc., a Delaware corporation. The Certificate Balance represented by this
Certificate on its date of original issuance is equal to $_______.

                  The Trust was created pursuant to a trust agreement, dated as
of May 30, 2003 (as amended and restated as of June 11, 2003 and as amended and
supplemented from time to time, the "Trust Agreement"), between the Seller and
Deutsche Bank Trust Company Delaware, as owner trustee (the "Owner Trustee"), a
summary of certain of the pertinent provisions of which is set forth below. To
the extent not otherwise defined herein, the capitalized terms used herein have
the meanings assigned to them in the Trust Agreement.

                  This Certificate is one of the duly authorized Certificates
designated as "Floating Rate Asset Backed Certificates" (the "Certificates").
This Certificate is issued under and is subject to the terms, provisions and
conditions of the Trust Agreement, the terms of which are incorporated herein by
reference and made a part hereof, to which Trust Agreement the holder of this
Certificate by virtue of the acceptance hereof assents and by which such holder
is bound.

                  Under the Trust Agreement, there shall be distributed on the
15th day of each month or, if such 15th day is not a Business Day, the next
Business Day, commencing on July 15, 2003 (each, a "Distribution Date"), to the
person in whose name this Certificate is registered on the related Record Date
(as defined below), such Certificateholder's fractional undivided interest in
the amount of interest on and distributions in respect of Certificate Balance to
be distributed to Certificateholders on such Distribution Date. The "Record
Date," with respect to any Distribution Date, means the close of business on the
date immediately preceding such Distribution Date.

                                     A-2-2

<PAGE>

                  The distributions in respect of Certificate Balance and
interest on this Certificate 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 Trust with respect to this
Certificate shall be applied first to interest due and payable on this
Certificate as provided above and then to the unpaid distributions in respect of
Certificate Balance of this Certificate.

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

                  It is the intent of the Seller, the Owner Trustee and the
Certificateholders that, for purposes of federal income, state and local income
and franchise taxes, Michigan single business tax and any other taxes imposed
upon, measured by or based upon gross or net income, the Trust shall be treated
as either (A) a division of the Seller, or any other single Person, and
disregarded as a separate entity, if all Certificates are owned solely by the
Seller or by such single Person, or (B) a partnership if the Certificates are
owned by more than one Person. Except as otherwise required by appropriate
taxing authorities, the Seller and the other Certificateholders by acceptance of
a Certificate agree to treat, and to take no action inconsistent with the
treatment of, the Certificates for such tax purposes as interests in such a
disregarded entity or partnership as described in the previous sentence.

                  Each Certificateholder or Certificate Owner by its acceptance
of a Certificate (or an interest therein) covenants and agrees that such
Certificateholder shall not, prior to the date which is one year and one day
after the termination of the Trust, acquiesce, petition or otherwise invoke or
cause the Seller or the Owner Trustee to invoke the process of any court or
governmental authority for the purpose of commencing or sustaining a case
against the Seller or the Owner Trustee under any federal or state bankruptcy,
insolvency, reorganization or similar law or appointing a receiver, liquidator,
assignee, trustee, custodian, sequestrator or other similar official of the
Seller or the Owner Trustee or any substantial part of its property, or ordering
the winding up or liquidation of the affairs of the Seller or the Owner Trustee.

                  This Certificate (or an interest therein) may not be acquired
by or for the account of (i) an "employee benefit plan" (as defined in Section
3(3) of the United States Employee Retirement Income Security Act of 1974, as
amended ("ERISA")) that is subject to the provisions of Title I of ERISA, (ii) a
"plan" described in Section 4975(e)(1) of the Internal Revenue Code or (iii) any
entity whose underlying assets include plan assets by reason of a plan's
investment in the entity.

                  Except as otherwise provided in the Trust Agreement,
distributions on this Certificate shall 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 Certificate or the making of any notation hereon, except
that with respect to Certificates registered on the Record Date in the name of
the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.),
payments shall be made by wire transfer in immediately available funds to the
account designated by such nominee. Except as otherwise provided in the Trust
Agreement and notwithstanding the above, the final distribution

                                     A-2-3

<PAGE>

on this Certificate shall be made after due notice by the Owner Trustee of the
pendency of such distribution and only upon presentation and surrender of this
Certificate at the office maintained for such purpose by the Owner Trustee in
the Borough of Manhattan, the City of New York.

                  Reference is hereby made to the further provisions of this
Certificate set forth on the reverse hereof, which further provisions shall for
all purposes have the same effect as if set forth at this place.

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

                  THIS CERTIFICATE SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD THE
PRINCIPLES OF CONFLICTS OF LAWS THEREOF OR OF ANY OTHER JURISDICTION, AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS.

                                     A-2-4

<PAGE>

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

Dated: June 11, 2003        CAPITAL AUTO RECEIVABLES ASSET
                            TRUST 2003-2

                               DEUTSCHE BANK TRUST COMPANY
                               DELAWARE,

                               not in its individual capacity but solely as
                               Owner Trustee

                               By: ________________________________________
                               Name:  Man Wing Li
                               Title: Attorney-in-Fact

                  OWNER TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

<TABLE>
<S>                                             <C>
DEUTSCHE BANK TRUST COMPANY                     OR DEUTSCHE BANK TRUST COMPANY DELAWARE,
DELAWARE,                                       not in its individual capacity but solely
not in its individual capacity but solely       as Owner Trustee
as Owner Trustee                                by Deutsche Bank Trust Company Americas,
                                                as Authenticating Agent

By:________________________________             By: __________________________________
Name:  Man Wing Li                              Name:  [__]
Title: Attorney-in-Fact                         Title: [__]
</TABLE>

                                     A-2-4

<PAGE>

                             REVERSE OF CERTIFICATE

                  The Certificates do not represent an obligation of, or an
interest in, the Seller, the Servicer, General Motors Corporation, the Indenture
Trustee, the Owner Trustee or any affiliates of any of them and no recourse may
be had against such parties or their assets, except as may be expressly set
forth or contemplated herein or in the Trust Agreement or the Basic Documents.
In addition, this Certificate is not guaranteed by any governmental agency or
instrumentality and is limited in right of payment to certain collections and
recoveries with respect to the Receivables (and certain other amounts), all as
more specifically set forth herein and in the Basic Documents. A copy of each of
the Trust Sale and Servicing Agreement and the Trust Agreement may be examined
during normal business hours at the principal office of the Seller, and at such
other places, if any, designated by the Seller, by any Certificateholder upon
written request. In the event of any conflict between the terms of this
Certificate and the terms of the Basic Documents, the terms of the Basic
Documents shall govern.

                  The Trust Agreement permits, with certain exceptions therein
provided, the amendment thereof and the modification of the rights and
obligations of the Seller and the rights of the Certificateholders under the
Trust Agreement at any time by the Seller and the Owner Trustee with the consent
of the Holders of the Notes evidencing not less than a majority of the
Outstanding Amount of the Notes as of the close of the preceding Distribution
Date and the consent of Certificateholders whose Certificates evidence not less
than a majority of the Voting Interests as of the close of the preceding
Distribution Date. Any such consent by the Holder of this Certificate shall be
conclusive and binding on such Holder and on all future Holders of this
Certificate and of any 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 Certificate. The Trust Agreement also permits the amendment
thereof, in certain circumstances, without the consent of the Holders of any of
the Certificates or the Notes.

                  As provided in the Trust Agreement and subject to certain
limitations therein set forth, the transfer of this Certificate is registerable
in the Certificate Register upon surrender of this Certificate for registration
of transfer at the offices or agencies of the Certificate Registrar maintained
by the Owner Trustee 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 Certificates
of authorized denominations 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 Deutsche Bank Trust Company Americas, New
York, New York.

                  The Certificates are issuable only as registered Certificates
without coupons in denominations of $20,000 or integral multiples of $1,000 in
excess thereof; provided, however, that one Certificate may be issued in a
denomination that includes any residual amount. As provided in the Trust
Agreement and subject to certain limitations therein set forth, Certificates are
exchangeable for new Certificates of authorized denominations evidencing the
same aggregate denomination, as requested by the Holder surrendering the same;
provided, however, that no Certificate may be subdivided such that the
denomination of any resulting Certificate is less than $20,000. No service
charge shall be made for any such registration of transfer or

                                     A-2-5

<PAGE>

exchange, but the Owner Trustee or the Certificate Registrar may require payment
of a sum sufficient to cover any tax or governmental charge payable in
connection therewith.

                  The Owner Trustee, the Certificate Registrar and any agent of
the Owner Trustee or the Certificate Registrar may treat the Person in whose
name this Certificate is registered as the owner hereof for all purposes, and
none of the Owner Trustee, the Certificate Registrar or any such agent shall be
affected by any notice to the contrary.

                  The obligations and responsibilities created by the Trust
Agreement and the Trust created thereby shall terminate in accordance with
Article VII of the Trust Agreement.

                                     A-2-6

<PAGE>

                                   ASSIGNMENT

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

PLEASE INSERT SOCIAL SECURITY
OR OTHER IDENTIFYING NUMBER
OF ASSIGNEE

________________________________________________________________________________

(Please print or type name and address, including postal zip code, of assignee)

________________________________________________________________________________

the within Certificate, and all rights thereunder, hereby irrevocably
constituting and appointing

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

Dated:                                            _____________________________*
                                                  Signature Guaranteed:

                                                  _____________________________*

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

                                     A-2-7

<PAGE>

                                                                       EXHIBIT B

                             CERTIFICATE OF TRUST OF
                   CAPITAL AUTO RECEIVABLES ASSET TRUST 2003-2

                  THIS Certificate of Trust of Capital Auto Receivables Asset
Trust 2003-2 (the "Trust") is being duly executed and filed by the undersigned,
as trustee, to form a statutory trust under the Delaware Statutory Trust Act (12
Del. C. Section 3801 et seq.) (the "Act").

         1. Name. The name of the statutory trust formed hereby is Capital Auto
Receivables Asset Trust 2003-2.

         2. Delaware Trustee. The name and business address of the trustee of
the Trust in the State of Delaware are Deutsche Bank Trust Company Delaware,
E.A. Delle Donne Corporate Center, Montgomery Building, 1011 Centre Road,
Wilmington, Delaware 19805-1266.

         3. This Certificate of Trust shall be effective on May 30, 2003.

                  IN WITNESS WHEREOF, the undersigned has executed this
Certificate of Trust in accordance with Section 3811(a)(1) of the Act.

                                 DEUTSCHE BANK TRUST COMPANY
                                 DELAWARE, not in its
                                 individual capacity but solely as Owner Trustee

                                 By: __________________________________________
                                 Name:
                                 Title:

                                     A-2-7

<PAGE>

                                                                       EXHIBIT C

                               UNDERTAKING LETTER

Capital Auto Receivables, Inc.
Corporation Trust Center
1209 Orange Street
Wilmington, DE 19801

Deutsche Bank Trust Company Delaware
as Owner Trustee of Capital Auto Receivables Asset Trust 2003-2
E.A. Delle Donne Corporate Center
Montgomery Building
1011 Centre Road, Suite 200
Wilmington, DE 19805-1266

Ladies and Gentlemen:

                  In connection with our purchase of record or beneficial
ownership of the ____ Asset Backed Certificate (the "Certificate") of the
Capital Auto Receivables Asset Trust 2003-2, the undersigned purchaser, record
owner or beneficial owner hereby acknowledges, represents and warrants that such
purchaser, record owner or beneficial owner:

                  (1)      is not, and has not acquired the Certificate by, or
for the benefit of, (i) an employee benefit plan (as defined in Section 3(3) of
the Employee Retirement Income Security Act of 1974, as amended ("ERISA")) that
is subject to the provisions of Title I of ERISA, (ii) a plan described in
Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended, or (iii)
any entity whose underlying assets include plan assets by reason of a plan's
investment in the entity whose underlying assets include plan assets by reason
of a plan's investment in the entity; and

                  (2)      acknowledges that you and others will rely on our
acknowledgments, representations and warranties, and agrees to notify you
promptly in writing if any of our representations or warranties herein cease to
be accurate and complete.

                                                  ______________________________
                                                  Name of Certificate Owner

                                                  By:___________________________

                                                  Name:
                                                  Title:
                                                  Date: ________________________

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