Document:

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                                                                     EXHIBIT 4.1

                                                                  EXECUTION COPY

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                              AMENDED AND RESTATED
                                 TRUST AGREEMENT

                                      among

                         WFS RECEIVABLES CORPORATION 2,

                        FINANCIAL SECURITY ASSURANCE INC.

                                       and

                 CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION,
                                as Owner Trustee

                           Dated as of August 28, 2003

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                                TABLE OF CONTENTS

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                                            ARTICLE ONE

                                            DEFINITIONS

Section 1.01.  Capitalized Terms.............................................................    1
Section 1.02.  Other Definitional Provisions.................................................    5
Section 1.03.  Usage of Terms................................................................    5

                                            ARTICLE TWO

                                           ORGANIZATION

Section 2.01.  Name..........................................................................    6
Section 2.02.  Office........................................................................    6
Section 2.03.  Purposes and Powers...........................................................    6
Section 2.04.  Appointment of Owner Trustee..................................................    7
Section 2.05.  Initial Capital Contribution of Owner Trust Estate............................    7
Section 2.06.  Declaration of Trust..........................................................    7
Section 2.07.  Title to Trust Property.......................................................    7
Section 2.08.  Situs of Trust................................................................    8
Section 2.09.  Representations and Warranties of the Depositor...............................    8
Section 2.10.  Federal Income Tax Allocations................................................    9

                                           ARTICLE THREE

                            TRUST CERTIFICATES AND TRANSFER OF INTERESTS

Section 3.01.  Initial Ownership.............................................................   10
Section 3.02.  The Trust Certificates........................................................   10
Section 3.03.  Authentication and Delivery of Trust Certificates.............................   10
Section 3.04.  Registration of Transfer and Exchange of Trust Certificates...................   10
Section 3.05.  Mutilated, Destroyed, Lost or Stolen Trust Certificates.......................   12
Section 3.06.  Persons Deemed Owners.........................................................   13
Section 3.07.  Access to List of Certificateholders' Names and Addresses.....................   13
Section 3.08.  Maintenance of Office or Agency...............................................   13
Section 3.09.  Appointment of Paying Agent...................................................   13
Section 3.10.  Ownership by WFSRC2 of Trust Certificates.....................................   14
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                                                      ARTICLE FOUR

                                               ACTIONS BY OWNER TRUSTEE

Section 4.01.  Prior Notice to Owners with Respect to Certain Matters.......................................    15
Section 4.02.  Action by Owners with Respect to Certain Matters.............................................    15
Section 4.03.  Action by Owners with Respect to Bankruptcy..................................................    16
Section 4.04.  Restrictions on Owners' Power................................................................    16
Section 4.05.  Majority Control.............................................................................    16

                                                     ARTICLE FIVE

                                    APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

Section 5.01.  Establishment of Trust Account...............................................................    17
Section 5.02.  Application of Trust Funds...................................................................    17
Section 5.03.  Method of Payment............................................................................    18
Section 5.04.  No Segregation of Monies; No Interest........................................................    18
Section 5.05.  Accounting and Reports to the Noteholders, Owners, the Internal Revenue Service and Others...    18
Section 5.06.  Signature on Returns; Tax Matters............................................................    18

                                                    ARTICLE SIX

                                      AUTHORITY AND DUTIES OF OWNER TRUSTEE

Section 6.01.  General Authority............................................................................    19
Section 6.02.  General Duties...............................................................................    19
Section 6.03.  Action Upon Instruction......................................................................    19
Section 6.04.  No Duties Except as Specified in this Agreement or in Instructions...........................    20
Section 6.05.  No Action Except Under Specified Documents or Instructions...................................    20
Section 6.06.  Restrictions.................................................................................    21

                                                   ARTICLE SEVEN

                                            CONCERNING THE OWNER TRUSTEE

Section 7.01.  Acceptance of Trusts and Duties..............................................................    22
Section 7.02.  Furnishing of Documents......................................................................    23
Section 7.03.  Representations and Warranties...............................................................    23
Section 7.04.  Reliance; Advice of Counsel..................................................................    24
Section 7.05.  Not Acting in Individual Capacity............................................................    24
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Section 7.06.  Owner Trustee Not Liable for Trust Certificates, Notes or Contracts..........................    24
Section 7.07.  Owner Trustee May Own Trust Certificates and Notes...........................................    25
Section 7.08.  Sales Finance Licenses.......................................................................    25

                                               ARTICLE EIGHT

                                       COMPENSATION OF OWNER TRUSTEE

Section 8.01.  Owner Trustee's Fees and Expenses............................................................    26
Section 8.02.  Indemnification..............................................................................    26
Section 8.03.  Payments to the Owner Trustee................................................................    26

                                               ARTICLE NINE

                                       TERMINATION OF TRUST AGREEMENT

Section 9.01.  Termination of Trust Agreement...............................................................    27

                                               ARTICLE TEN

                           SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

Section 10.01.  Eligibility Requirements for Owner Trustee..................................................    29
Section 10.02.  Resignation or Removal of Owner Trustee.....................................................    29
Section 10.03.  Successor Owner Trustee.....................................................................    30
Section 10.04.  Merger or Consolidation of Owner Trustee....................................................    30
Section 10.05.  Appointment of Co-Trustee or Separate Trustee...............................................    30

                                             ARTICLE ELEVEN

                                             MISCELLANEOUS

Section 11.01.  Supplements and Amendments..................................................................    32
Section 11.02.  No Legal Title to Trust Estate in Owners....................................................    33
Section 11.03.  Limitations on Rights of Others.............................................................    33
Section 11.04.  Notices.....................................................................................    33
Section 11.05.  Severability of Provisions..................................................................    35
Section 11.06.  Counterparts................................................................................    35
Section 11.07.  Successors and Assigns......................................................................    35
Section 11.08.  No Petition.................................................................................    35
Section 11.09.  No Recourse.................................................................................    36
Section 11.10.  Certificates Nonassessable and Fully Paid...................................................    36
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Section 11.11.  Headings....................................................................................    36
Section 11.12.  Governing Law...............................................................................    36
Section 11.13.  Depositor Payment Obligation................................................................    36
Section 11.14.  Insurer Default or Insolvency...............................................................    36
Section 11.15.  Limited Recourse............................................................................    36

                                                     EXHIBITS

Exhibit A - Form of Certificate of Trust....................................................................   A-1
Exhibit B - Form of Trust Certificate.......................................................................   B-1
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                                       iv

<PAGE>

         This AMENDED AND RESTATED TRUST AGREEMENT, dated as of August 28, 2003,
is among WFS RECEIVABLES CORPORATION 2, a Nevada corporation (the "Depositor"),
FINANCIAL SECURITY ASSURANCE INC., a New York corporation ("Financial
Security"), and CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION, a national
banking association, as trustee (the "Owner Trustee").

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

         NOW, THEREFORE, in consideration of the mutual covenants contained
herein, and other good and valuable consideration, the receipt and adequacy of
which are hereby acknowledged, the parties hereto agree as follows:

                                   ARTICLE ONE

                                   DEFINITIONS

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

         "Administration Agreement" means the administration agreement, dated as
of August 1, 2003, among the Trust, the Depositor, the Indenture Trustee and the
Administrator, as the same may be amended or supplemented from time to time.

         "Administrator" means Westcorp, as specified in the Administration
Agreement.

         "Affiliate" has the meaning specified in the Sale and Servicing
Agreement.

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

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

         "Bankruptcy Code" means Title 11 of the United States Code, as amended
from time to time.

         "Basic Documents" has the meaning specified in the Indenture.

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

         "Business Day" has the meaning specified in the Sale and Servicing
Agreement.

<PAGE>

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

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

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

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

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

         "Closing Date" means August 28, 2003.

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

         "Commission" means the United States Securities and Exchange
Commission, and its successors.

         "Contract" has the meaning specified in the Sale and Servicing
Agreement.

         "Contract Files" has the meaning specified in the Sale and Servicing
Agreement.

         "Depositor" means WFSRC2 in its capacity as a depositor hereunder, and
its successors.

         "Distribution Date" has the meaning specified in the Sale and Servicing
Agreement.

         "Eligible Account" has the meaning specified in the Sale and Servicing
Agreement.

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

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

         "Financed Vehicle" has the meaning specified in the Sale and Servicing
Agreement.

         "Grant" has the meaning specified in the Indenture.

         "Indemnified Parties" has the meaning specified in Section 8.02.

                                       2

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         "Indenture" means the indenture dated as of August 1, 2003, between the
Trust and Deutsche Bank Trust Company Americas, as Indenture Trustee, as the
same may be amended or supplemented from time to time.

         "Indenture Trustee" has the meaning specified in the Sale and Servicing
Agreement.

         "Instructing Party" has the meaning specified in Section 6.03(a).

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

         "Interest Rate Swap Agreement" has the meaning specified in the Sale
and Servicing Agreement.

         "Master Servicer" has the meaning specified in the Sale and Servicing
Agreement.

         "Noteholder" has the meaning specified in the Indenture.

         "Notes" has the meaning specified in the Indenture.

         "Opinion of Counsel" has the meaning specified in the Sale and
Servicing Agreement.

         "Outstanding Amount" has the meaning specified in the Sale and
Servicing Agreement.

         "Owner" means each Holder of a Trust Certificate.

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

         "Owner Trustee Corporate Trust Office" means the office of the Owner
Trustee at which its corporate trust business shall be administered, which
initially shall be Chase Manhattan Bank USA, National Association, c/o JP Morgan
Chase Bank, 500 Stanton Christiana Road, OPS4/3rd Floor, Newark, Delaware 19713,
Attention: Institutional Trust Services, or such other office at such other
address as the Owner Trustee may designate from time to time by notice to the
Certificateholders, the Master Servicer; the Depositor and the Insurer. The
address of JP Morgan Chase Bank at 4 New York Plaza, 6th Floor, New York, New
York 10004-2477, shall be its address for purposes of its acting as Certificate
Registrar and as agent of the Owner Trustee pursuant to Sections 3.04 and 3.08,
or such other office at such other address as the Owner Trustee may designate
from time to time by notice to the Certificateholders, the Master Servicer, the
Depositor and the Insurer.

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

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

                                       3

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         "Policy Expiration Date" has the meaning specified in the Indenture.

         "Rating Agency" has the meaning specified in the Sale and Servicing
Agreement.

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

         "Responsible Officer" has the meaning specified in the Sale and
Servicing Agreement.

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

         "Sale and Servicing Agreement" means the sale and servicing agreement,
dated as of August 1, 2003, among the Trust, as Issuer, the Depositor, as
Seller, WFS, as Master Servicer, and Westcorp, as indemnifier, as the same may
be amended or supplemented from time to time.

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

         "Seller" means WFSRC2, in its capacity as seller under the Sale and
Servicing Agreement, and its successors.

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

         "Swap Counterparty" has the meaning specified in the Sale and Servicing
Agreement.

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

         "Trust" means the trust established by this Agreement.

         "Trust Accounts" has the meaning specified in the Sale and Servicing
Agreement.

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

         "Trust Estate" means all right, title and interest of the Trust in and
to the property and rights assigned to the Trust pursuant to Article Two of the
Sale and Servicing Agreement, all funds on deposit from time to time in the
Trust Accounts and all other property of the Trust from time to time, including
any rights of the Owner Trustee and the Trust pursuant to the Sale and Servicing
Agreement and the Administration Agreement; provided, however, that any amount
contributed to the Trust for the purposes of investing in accordance with
Section 2.03(b) and any proceeds thereof shall not constitute part of the Trust
Estate and shall not be subject to the Lien of the Indenture.

         "United States" has the meaning specified in the Sale and Servicing
Agreement.

         "Westcorp" means Westcorp, and its successors.

                                       4

<PAGE>

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

         "WFSRC2" means WFS Receivables Corporation 2, and its successors.

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

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

                                       5

<PAGE>

                                  ARTICLE TWO

                                  ORGANIZATION

         Section 2.01. Name. The Trust created hereby shall be known as "WFS
Financial 2003-3 Owner Trust", in which name the Owner Trustee may conduct the
activities of the Trust, make and execute contracts and other instruments on
behalf of the Trust and sue and be sued.

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

         Section 2.03. Purposes and Powers.

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

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

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

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

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

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

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

         (b) The Trust shall also have the power to actively invest, at its
discretion, in United States Treasury securities for the purposes of realizing a
gain; provided, however, that (i) the Trust must not invest more than $100,000
in such securities and (ii) the funds used to purchase such securities must not
be subject to the Lien of the Indenture.

                                       6

<PAGE>

         (c) The Trust shall not engage in any activities other than in
connection with the foregoing. Nothing contained herein shall be deemed to
authorize the Owner Trustee, on behalf of the Trust, to engage in any business
operations or any activities other than those set forth in Sections 2.03(a) and
2.03(b). Specifically, the Owner Trustee, on behalf of the Trust, shall have no
authority to engage in any business operations, acquire any assets other than
those specifically included in the Trust Estate under Section 1.01 or otherwise
vary the assets held by the Trust, except as set forth in this Section.
Similarly, the Owner Trustee shall have no discretionary duties other than
performing those ministerial acts set forth above necessary to accomplish the
purpose of the Trust as set forth in Sections 2.03(a) and 2.03(b).

         Section 2.04. Appointment of Owner Trustee. The Depositor hereby
appoints the Owner Trustee as trustee of the Trust effective as of the date
hereof, to have all the rights, powers and duties set forth herein, and the
Owner Trustee hereby accepts such appointment.

         Section 2.05. Initial Capital Contribution of Owner Trust Estate. The
Depositor hereby sells, assigns, transfers, conveys and sets over to the Owner
Trustee, as of the date hereof, the sum of $1.00. The Owner Trustee hereby
acknowledges receipt in trust from the Depositor, as of the date hereof, of the
foregoing contribution, which shall constitute the initial Trust Estate and
shall be deposited in the Certificate Distribution Account. The Depositor shall
pay the organizational expenses of the Trust as they may arise or shall, upon
the request of the Owner Trustee, promptly reimburse the Owner Trustee for any
such expenses paid by the Owner Trustee.

         Section 2.06. Declaration of Trust. The Owner Trustee hereby declares
that it will hold the Trust Estate in trust upon and subject to the conditions
set forth herein for the sole purpose of conserving the Trust Estate and
collecting and disbursing the periodic income therefrom for the use and benefit
of the Owners, subject to the obligations of the Trust under the Basic
Documents. It is the intention of the parties hereto that the Trust constitute a
statutory trust under the Statutory Trust Act and that this Agreement constitute
the governing instrument of such statutory trust. It is the intention of the
parties hereto that, solely for income and franchise tax purposes, the Trust
shall be treated as a disregarded entity or a partnership, with equity holders
of such entity being the Certificateholders. It is also the intention of the
parties hereto that the Notes be treated as debt of the Trust. The parties agree
that, unless otherwise required by appropriate tax authorities, the Trust will
file or cause to be filed annual or other necessary returns, reports and other
forms consistent with the foregoing characterization of the Trust for such tax
purposes. Effective as of the date hereof, the Owner Trustee shall have all
rights, powers and duties set forth herein and in the Statutory Trust Act for
the sole purpose and to the extent necessary to accomplish the purpose of the
Trust as set forth in the introductory sentence of Section 2.03. This Agreement
amends and restates in full the trust agreement executed by the parties to this
Agreement, dated as of July 31, 2003.

         Section 2.07. Title to Trust Property. Legal title to the Trust Estate
shall be vested at all times in the Trust as a separate legal entity except
where applicable law in any jurisdiction requires title to any part of the Trust
Estate to be vested in a trustee or trustees, in which case title shall be
deemed to be vested in the Owner Trustee, a co-trustee or a separate trustee, as
the case may be.

                                       7

<PAGE>

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

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

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

                  (ii) the Depositor is duly qualified to do business as a
         foreign corporation in good standing and has obtained all necessary
         licenses and approvals in all jurisdictions in which the ownership or
         lease of property or the conduct of its business requires such
         qualifications;

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

                  (iv) the consummation of the transactions contemplated by this
         Agreement and the fulfillment of the terms hereof do not conflict with,
         result in the breach of any of the terms and provisions of, nor
         constitute (with or without notice or lapse of time) a default under,
         the articles of incorporation or bylaws of the Depositor, or any
         indenture, agreement or other instrument to which the Depositor is a
         party or by which it is bound; nor result in the creation or imposition
         of any Lien upon any of the properties of the Depositor pursuant to the
         terms of any such indenture, agreement or other instrument (other than
         pursuant to the Basic Documents); nor violate any law or any order,
         rule or regulation applicable to the Depositor of any court or of any
         federal or state regulatory body, administrative agency or other
         governmental instrumentality having jurisdiction over the Depositor or
         its properties; and

                  (v) there are no proceedings or investigations pending, or to
         the Depositor's best knowledge threatened, before any court, regulatory
         body, administrative agency or other governmental instrumentality
         having jurisdiction over the Depositor or its

                                       8

<PAGE>

         properties (A) asserting the invalidity of this Agreement, any of the
         other Basic Documents or the Trust Certificates, (B) seeking to prevent
         the issuance of the Trust Certificates or the consummation of any of
         the transactions contemplated by this Agreement or any of the other
         Basic Documents, (C) seeking any determination or ruling that might
         materially and adversely affect the performance by the Depositor of its
         obligations under, or the validity or enforceability of, this
         Agreement, any of the other Basic Documents or the Trust Certificates
         or (D) involving the Depositor and which might adversely affect the
         federal income tax or other federal, state or local tax attributes of
         the Trust Certificates.

         Section 2.10. Federal Income Tax Allocations.

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

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

                                       9

<PAGE>

                                 ARTICLE THREE

                  TRUST CERTIFICATES AND TRANSFER OF INTERESTS

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

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

         Section 3.03. Authentication and Delivery of Trust Certificates. The
Owner Trustee shall cause to be authenticated and delivered upon the order of
the Depositor, in exchange for the Contracts and the other assets of the Trust,
simultaneously with the sale, assignment and transfer to the Trust of the
Contracts, and the constructive delivery to the Owner Trustee of the Contract
Files and the other assets of the Trust, Trust Certificates duly authenticated
by the Owner Trustee, evidencing the entire ownership of the Trust and Notes
issued by the Owner Trustee and authenticated by the Indenture Trustee in
aggregate principal amount of, in the case of the (i) Class A-1 Notes,
$275,000,000, (ii) Class A-2 Notes, $370,000,000, (iii) Class A-3A Notes,
$203,000,000, (iv) Class A-3B Notes, 367,000,000 and (v) Class A-4 Notes,
$435,000,000. No Trust Certificate shall be entitled to any benefit under this
Agreement, or be valid for any purpose, unless there appears on such Trust
Certificate a certificate of authentication substantially in the form set forth
in the form of Trust Certificate attached hereto as Exhibit B, executed by the
Owner Trustee or its authenticating agent, by manual signature, and such
certificate upon any Trust Certificate shall be conclusive evidence, and the
only evidence, that such Trust Certificate has been duly authenticated and
delivered hereunder. The provisions of Sections 7.01, 7.03, 7.04 and 8.01 shall
apply to any authenticating agent hereunder. Upon issuance, authentication and
delivery pursuant to the terms hereof, the Trust Certificates will be entitled
to the benefits of this Agreement.

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

         (a) The Certificate Registrar shall keep or cause to be kept, a
Certificate Register, subject to such reasonable regulations as it may
prescribe. The Certificate Register shall provide for the registration of Trust
Certificates and transfers and exchanges of Trust Certificates as provided
herein. JP Morgan Chase Bank at 4 New York Plaza, 6th Floor, New York, New York
10004-2477, Attention: Structured Finance Services (ABS) as agent for the Owner
Trustee, is hereby initially appointed Certificate Registrar for the purpose of
registering Trust Certificates

                                       10

<PAGE>

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

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

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

         (d) No service charge shall be made for any registration of transfer or
exchange of Trust Certificates, but the Owner Trustee may require payment of a
sum sufficient to cover any tax or governmental charge that may be imposed in
connection with any transfer or exchange of Trust Certificates.

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

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

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

                                       11

<PAGE>

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

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

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

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

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

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

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

                                       12

<PAGE>

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

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

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

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

                                       13

<PAGE>

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

         Section 3.10. Ownership by WFSRC2 of Trust Certificates. WFSRC2 shall
on the Closing Date retain Trust Certificates representing at least 100% of the
Certificate Percentage Interest and shall thereafter retain beneficial and
record ownership of Trust Certificates representing at least 1% of the
Certificate Percentage Interest (the "Retained Trust Certificate Percentage").
Any attempted transfer of any Trust Certificate that would reduce the interest
of WFSRC2 in the Trust below the Retained Trust Certificate Percentage shall be
void. The Owner Trustee shall cause any Trust Certificate issued to WFSRC2 on
the Closing Date (and any Trust Certificate issued in exchange therefor) to
contain a legend stating "THIS TRUST CERTIFICATE IS NON-TRANSFERABLE EXCEPT AS
PROVIDED IN SECTION 3.10 OF THE TRUST AGREEMENT".

                                       14

<PAGE>

                                  ARTICLE FOUR

                            ACTIONS BY OWNER TRUSTEE

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

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

                  (ii) the election by the Trust to file an amendment to the
         Certificate of Trust (unless such amendment is required to be filed
         under the Statutory Trust Act);

                  (iii) the amendment of the Indenture by a supplemental
         indenture in circumstances where the consent of any Noteholder is
         required;

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

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

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

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

                                       15

<PAGE>

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

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

         Section 4.04. Restrictions on Owners' Power. The Owners shall not
direct the Owner Trustee to take or to refrain from taking any action if such
action or inaction would be contrary to any obligation of the Trust or the Owner
Trustee under this Agreement or any of the other Basic Documents or would be
contrary to the purpose of the Trust as set forth in Section 2.03, nor shall the
Owner Trustee be obligated to follow any such direction, if given.

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

                                       16

<PAGE>

                                  ARTICLE FIVE

                   APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

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

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

         Section  5.02. Application of Trust Funds.

         (a) On each Distribution Date, the Owner Trustee, at the direction of
the Master Servicer, will distribute to Certificateholders, in proportion to
each Certificateholder's Certificate Percentage Interest, amounts deposited into
the Certificate Distribution Account pursuant to Sections 5.06 and 9.01 of the
Sale and Servicing Agreement and Sections 2.07(e) and 5.06(a) of the Indenture
with respect to such Distribution Date.

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

         (c) In the event that any withholding tax is imposed on the Trust's
payment (or allocations of income) to an Owner, such tax shall reduce the amount
otherwise distributable to the Owner in accordance with this Section. The Owner
Trustee is hereby authorized and directed to retain, or cause the Paying Agent
to retain, from amounts otherwise distributable to the Owners sufficient funds
for the payment of any tax that is legally owed by the Trust (but such
authorization shall not prevent the Owner Trustee from contesting any such tax
in appropriate proceedings, and withholding payment of such tax, if permitted by
law, pending the outcome of such proceedings). The amount of any withholding tax
imposed with respect to an Owner shall be treated as cash distributed to such
Owner at the time it is withheld by the Trust and remitted to the appropriate
taxing authority. If there is a possibility that withholding tax is payable with
respect to a distribution, the Owner Trustee may in its sole discretion withhold
such amounts in accordance with this subsection.

                                       17

<PAGE>

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

         Section 5.04. No Segregation of Monies; No Interest. Subject to
Sections 5.01 and 5.02, monies received by the Owner Trustee hereunder need not
be segregated in any manner except to the extent required by law or the Sale and
Servicing Agreement and may be deposited under such general conditions as may be
prescribed by law, and the Owner Trustee shall not be liable for any interest
thereon.

         Section 5.05. Accounting and Reports to the Noteholders, Owners, the
Internal Revenue Service and Others. The Owner Trustee shall (i) maintain (or
cause to be maintained) the books of the Trust on a calendar year basis and the
accrual method of accounting, (ii) deliver to each Owner, as may be required by
the Code and applicable Treasury Regulations, such information as may be
required (including Schedule K-1) to enable each Owner to prepare its federal
and state income tax returns, (iii) file such tax returns relating to the Trust
(including a partnership information return, IRS Form 1065) and make such
elections as from time to time may be required or appropriate under any
applicable state or federal statute or any rule or regulation thereunder so as
to maintain the Trust's characterization as a partnership or a disregarded
entity for federal income tax purposes, (iv) cause such tax returns to be signed
in the manner required by law and (v) collect or cause to be collected any
withholding tax as described in and in accordance with Section 5.02(c) with
respect to income or distributions to Owners. The Owner Trustee shall elect
under Section 1278 of the Code to include in income currently any market
discount that accrues with respect to the Contracts. The Owner Trustee shall not
make the election provided under Section 754 of the Code.

         Section 5.06. Signature on Returns; Tax Matters. WFSRC2 shall sign on
behalf of the Trust, the tax returns, if any are required, of the Trust and
shall ensure that any taxes incurred by the Trust, if any, are duly paid by the
Persons owing such taxes.

                                       18

<PAGE>

                                  ARTICLE SIX

                      AUTHORITY AND DUTIES OF OWNER TRUSTEE

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

         Section 6.02. General Duties. Subject to the provisions and limitations
of Sections 2.03 and 2.06, it shall be the duty of the Owner Trustee to
discharge (or cause to be discharged through the Administrator or such agents as
shall be appointed with the consent of the Insurer) all of its responsibilities
pursuant to the terms of this Agreement and the other Basic Documents to which
the Trust is a party and to administer the Trust in the interest of the Owners,
subject to the Basic Documents and in accordance with the provisions of this
Agreement. Notwithstanding the foregoing, the Owner Trustee shall be deemed to
have discharged its duties and responsibilities hereunder and under the other
Basic Documents to the extent the Administrator has agreed in the Administration
Agreement to perform any act or to discharge any duty of the Owner Trustee
hereunder or under any Basic Document, regardless of whether the Administration
Agreement is subsequently terminated or rejected by the Administrator, and the
Owner Trustee shall not be held liable for the default or failure of the
Administrator to carry out its obligations under the Administration Agreement.

         Section 6.03. Action Upon Instruction.

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

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

         (c) Whenever the Owner Trustee is unable to decide between alternative
courses of action permitted or required by the terms of this Agreement or under
any other Basic Document, the Owner Trustee shall promptly give notice (in such
form as shall be appropriate under the circumstances) to the Instructing Party
requesting instruction as to the course of action to be adopted, and to the
extent the Owner Trustee acts in good faith in accordance with any written

                                       19

<PAGE>

instruction of the Instructing Party received, the Owner Trustee shall not be
liable on account of such action to any Person. If the Owner Trustee shall not
have received appropriate instruction within ten days of such notice (or within
such shorter period of time as reasonably may be specified in such notice or may
be necessary under the circumstances) it may, but shall be under no duty to,
take or refrain from taking such action not inconsistent with this Agreement and
the other Basic Documents, as it shall deem to be in the best interests of the
Owners, and shall have no liability to any Person for such action or inaction.

         (d) In the event that the Owner Trustee is unsure as to the application
of any provision of this Agreement or any other Basic Document or any such
provision is ambiguous as to its application, or is, or appears to be, in
conflict with any other applicable provision, or in the event that this
Agreement permits any determination by the Owner Trustee or is silent or is
incomplete as to the course of action that the Owner Trustee is required to take
with respect to a particular set of facts, the Owner Trustee may give notice (in
such form as shall be appropriate under the circumstances) to the Instructing
Party requesting instruction and, to the extent that the Owner Trustee acts or
refrains from acting in good faith in accordance with any such instruction
received, the Owner Trustee shall not be liable, on account of such action or
inaction, to any Person. If the Owner Trustee shall not have received
appropriate instruction within ten days of such notice (or within such shorter
period of time as reasonably may be specified in such notice or may be necessary
under the circumstances) it may, but shall be under no duty to, take or refrain
from taking such action not inconsistent with this Agreement or the other Basic
Documents, as it shall deem to be in the best interests of the Owners, and shall
have no liability to any Person for such action or inaction.

         Section 6.04. No Duties Except as Specified in this Agreement or in
Instructions. The Owner Trustee shall not have any duty or obligation to manage,
make any payment with respect to, register, record, sell, dispose of or
otherwise deal with the Trust Estate, or to otherwise take or refrain from
taking any action under, or in connection with, any document contemplated hereby
to which the Owner Trustee is a party, except as expressly provided by the terms
of this Agreement or in any document or written instruction received by the
Owner Trustee pursuant to Section 6.03 and no implied duties or obligations
shall be read into this Agreement or any other Basic Document against the Owner
Trustee. The Owner Trustee shall have no responsibility for filing any financing
or continuation statement in any public office at any time or to otherwise
perfect or maintain the perfection of any security interest or lien granted to
it hereunder or to prepare or file any Commission filing for the Trust or to
record this Agreement or any other Basic Document. The Owner Trustee
nevertheless agrees that it will, at its own cost and expense, promptly take all
action as may be necessary to discharge any liens (other than the lien of the
Indenture) on any part of the Trust Estate that result from actions by, or
claims against, the Owner Trustee that are not related to the ownership or the
administration of the Trust Estate.

         Section 6.05. No Action Except Under Specified Documents or
Instructions. The Owner Trustee shall not manage, control, use, sell, dispose of
or otherwise deal with any part of the Trust Estate except in accordance with
(i) the powers granted to and the authority conferred upon the Owner Trustee
pursuant to this Agreement, (ii) the other Basic Documents and (iii) any
document or instruction delivered to the Owner Trustee pursuant to Section 6.03.

                                       20

<PAGE>

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

                                       21

<PAGE>

                                 ARTICLE SEVEN

                          CONCERNING THE OWNER TRUSTEE

         Section 7.01. Acceptance of Trusts and Duties. The Owner Trustee
accepts the trusts hereby created and agrees to perform its duties hereunder
with respect to such trusts but only upon the terms of this Agreement. The Owner
Trustee also agrees to disburse all monies actually received by it constituting
part of the Trust Estate upon the terms of this Agreement and the other Basic
Documents. The Owner Trustee shall not be answerable or accountable hereunder or
under any other Basic Document under any circumstances, except (i) for its own
willful misconduct or negligence or (ii) in the case of the inaccuracy of any
representation or warranty contained in Section 7.03 expressly made by the Owner
Trustee. In particular, but not by way of limitation (and subject to the
exceptions set forth in the preceding sentence):

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

                  (ii) the Owner Trustee shall not be liable with respect to any
         action taken or omitted to be taken by it in accordance with the
         instructions of the Administrator, the Instructing Party or any Owner;

                  (iii) no provision of this Agreement or any other Basic
         Document shall require the Owner Trustee to expend or risk funds or
         otherwise incur any financial liability in the performance of any of
         its rights or powers hereunder or under any other Basic Document if the
         Owner Trustee shall have reasonable grounds for believing that
         repayment of such funds or adequate indemnity against such risk or
         liability is not reasonably assured or provided to it;

                  (iv) under no circumstances shall the Owner Trustee be liable
         for indebtedness evidenced by or arising under any of the Basic
         Documents, including the principal of and interest on the Notes or the
         Trust Certificates;

                  (v) the Owner Trustee shall not be responsible for or in
         respect of the validity or sufficiency of this Agreement or for the due
         execution hereof by the Depositor or for the form, character,
         genuineness, sufficiency, value or validity of any of the Trust Estate,
         or for or in respect of the validity or sufficiency of the Basic
         Documents, other than the certificate of authentication on the Trust
         Certificates, and the Owner Trustee shall in no event assume or incur
         any liability, duty or obligation to any Noteholder or to any Owner,
         other than as expressly provided for herein or expressly agreed to in
         the other Basic Documents;

                  (vi) the Owner Trustee shall not be liable for the default or
         misconduct of the Administrator, WFSRC2, as Seller or Depositor, the
         Insurer, the Indenture Trustee or the Master Servicer under any of the
         Basic Documents or otherwise, and the Owner Trustee shall have no
         obligation or liability to perform the obligations of the Owner Trustee
         or the Trust under this Agreement or the other Basic Documents that are
         required to be performed by the Administrator under the Administration
         Agreement, the Indenture

                                       22

<PAGE>

         Trustee under the Indenture or the Master Servicer or WFSRC2, as Seller
         or Depositor, under the Sale and Servicing Agreement;

                  (vii) the Owner Trustee shall be under no obligation to
         exercise any of the rights or powers vested in it by this Agreement, or
         to institute, conduct or defend any litigation under this Agreement or
         otherwise or in relation to this Agreement or any other Basic Document,
         at the request, order or direction of the Instructing Party, unless
         such Instructing Party has offered to the Owner Trustee security or
         indemnity satisfactory to it against the costs, expenses and
         liabilities that may be incurred by the Owner Trustee therein or
         thereby; the right of the Owner Trustee to perform any discretionary
         act enumerated in this Agreement or in any other Basic Document shall
         not be construed as a duty, and the Owner Trustee shall not be
         answerable for other than its negligence or willful misconduct in the
         performance of any such act; and

                  (viii) notwithstanding anything to the contrary herein or in
         any other 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 thereunder and the refusal to comply with any such
         instructions shall not constitute a default or breach under any Basic
         Document.

         Section 7.02. Furnishing of Documents. The Owner Trustee shall furnish
to the Owners promptly upon receipt of a written request therefor, duplicates or
copies of all reports, notices, requests, demands, certificates, financial
statements and any other instruments furnished to the Owner Trustee under the
Basic Documents.

         Section 7.03. Representations and Warranties. The Owner Trustee hereby
represents and warrants to the Depositor, the Owners and the Insurer that:

                  (i) it is a banking association duly organized and validly
         existing under the laws of the United States. It has all requisite
         corporate power and authority to execute, deliver and perform its
         obligations under this Agreement;

                  (ii) it has taken all corporate action necessary to authorize
         the execution and delivery by it of this Agreement, and this Agreement
         will be executed and delivered by one of its officers who is duly
         authorized to execute and deliver this Agreement on its behalf; and

                  (iii) neither the execution nor the delivery by it of this
         Agreement, nor the consummation by it of the transactions contemplated
         hereby nor compliance by it with any of the terms or provisions hereof
         will contravene any federal or State of Delaware law, governmental rule
         or regulation governing the banking or trust powers of the Owner
         Trustee or any judgment or order binding on it, or constitute any
         default under its charter documents or bylaws or any indenture,
         mortgage, contract, agreement or instrument to

                                       23

<PAGE>

         which it is a party or by which any of its properties may be bound or
         result in the creation or imposition of any lien, charge or encumbrance
         on the Trust Estate resulting from actions by or claims against the
         Owner Trustee individually which are unrelated to this Agreement or the
         other Basic Documents.

         Section 7.04. Reliance; Advice of Counsel.

         (a) The Owner Trustee shall incur no liability to anyone in acting upon
any signature, instrument, notice, resolution, request, consent, order,
certificate, report, opinion, bond or other document or paper believed by it to
be genuine and believed by it to be signed by the proper party or parties. The
Owner Trustee may accept a certified copy of a resolution of the board of
directors or other governing body of any corporate party as conclusive evidence
that such resolution has been duly adopted by such body and that the same is in
full force and effect. As to any fact or matter the method of determination of
which is not specifically prescribed herein, the Owner Trustee may for all
purposes hereof rely on a certificate, signed by the president or any vice
president or by the treasurer or other authorized officers of the relevant
party, as to such fact or matter and such certificate shall constitute full
protection to the Owner Trustee for any action taken or omitted to be taken by
it in good faith in reliance thereon.

         (b) In the exercise or administration of the trusts hereunder and in
the performance of its duties and obligations under this Agreement or the other
Basic Documents, the Owner Trustee (i) may act directly or through its agents or
attorneys pursuant to agreements entered into with any of them, and the Owner
Trustee shall not be liable for the conduct or misconduct of such agents or
attorneys if such agents or attorneys shall have been selected by the Owner
Trustee with reasonable care and (ii) may consult with counsel, accountants and
other skilled persons to be selected with reasonable care and employed by it.
The Owner Trustee shall not be liable for anything done, suffered or omitted in
good faith by it in accordance with the written opinion or advice of any such
counsel, accountants or other such persons and not contrary to this Agreement or
any other Basic Document.

         Section 7.05. Not Acting in Individual Capacity. Except as otherwise
provided in this Article Seven, in accepting the trusts hereby created, Chase
Manhattan Bank USA, National Association acts solely as Owner Trustee hereunder
and not in its individual capacity, and all Persons having any claim against the
Owner Trustee by reason of the transactions contemplated by this Agreement or
any other Basic Document shall look only to the Trust Estate for payment or
satisfaction thereof.

         Section 7.06. Owner Trustee Not Liable for Trust Certificates, Notes or
Contracts. The recitals contained herein and in the Trust Certificates (other
than the signature of the Owner Trustee and the certificate of authentication on
the Trust Certificates) shall be taken as the statements of the Depositor, and
the Owner Trustee assumes no responsibility for the correctness thereof. The
Owner Trustee makes no representations as to the validity or sufficiency of this
Agreement, any other Basic Document or the Trust Certificates (other than the
signature of the Owner Trustee and the certificate of authentication on the
Trust Certificates and the representations and warranties in Section 7.03) or
the Notes, or of any Contract or related documents. The Owner Trustee shall at
no time have any responsibility or liability for or with respect to the
legality, validity and enforceability of any Contract, or the perfection and
priority of any security

                                       24

<PAGE>

interest created by any Contract in any Financed Vehicle or the maintenance of
any such perfection and priority, or for or with respect to the sufficiency of
the Trust Estate or its ability to generate the payments to be distributed to
Certificateholders under this Agreement or the Noteholders under the Indenture,
including, without limitation, the existence, condition and ownership of any
Financed Vehicle; the existence and enforceability of any insurance thereon; the
existence and contents of any Contract on any computer or other record thereof;
the validity of the assignment of any Contract to the Trust or of any
intervening assignment; the completeness of any Contract; the performance or
enforcement of any Contract; the compliance by the Depositor, the Insurer or the
Master Servicer with any warranty or representation made under any Basic
Document or in any related document or the accuracy of any such warranty or
representation; or any action of the Administrator, the Indenture Trustee or the
Master Servicer or any subservicer taken in the name of the Owner Trustee.

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

         Section 7.08. Sales Finance Licenses. The Owner Trustee, in its
individual capacity, shall use its best efforts to maintain, and the Owner
Trustee shall cooperate with the Administrator in order to cause the Trust to
maintain, the effectiveness of all sales finance company licenses required under
the Maryland Code Annotated, Financial Institutions Section 11-401 et seq., and
all licenses required under the Pennsylvania Motor Vehicle Sales Finance Act
(including signing any license applications required to be signed by the Trust)
in connection with this Agreement and the other Basic Documents and the
transactions contemplated hereby and thereby until such time as the Trust shall
terminate in accordance with the terms hereof.

                                       25

<PAGE>

                                 ARTICLE EIGHT
                          COMPENSATION OF OWNER TRUSTEE

         Section 8.01. Owner Trustee's Fees and Expenses. The Owner Trustee
shall receive as compensation for its services hereunder such fees as have been
separately agreed upon before the date hereof between the Seller and the Owner
Trustee, and the Owner Trustee shall be entitled to be reimbursed by the Seller
for its other reasonable expenses hereunder, including the reasonable
compensation, expenses and disbursements of such agents, representatives,
experts and counsel as the Owner Trustee may employ in connection with the
exercise and performance of its rights and its duties hereunder.

         Section 8.02. Indemnification. The Seller shall be liable as primary
obligor for, and shall indemnify the Owner Trustee and its successors, assigns,
agents and servants (collectively, the "Indemnified Parties") from and against,
any and all liabilities, obligations, losses, damages, taxes, claims, actions
and suits, and any and all reasonable costs, expenses and disbursements
(including reasonable legal fees and expenses) of any kind and nature whatsoever
(collectively, "Expenses") which may at any time be imposed on, incurred by or
asserted against the Owner Trustee or any Indemnified Party in any way relating
to or arising out of this Agreement, the other Basic Documents, the Trust
Estate, the administration of the Trust Estate or the action or inaction of the
Owner Trustee hereunder, except only that the Seller shall not be liable for or
required to indemnify an Indemnified Party from and against Expenses arising or
resulting from any of the matters described in the third sentence of Section
7.01. The indemnities contained in this Section shall survive the resignation or
termination of the Owner Trustee or the termination of this Agreement. In the
event of any claim, action or proceeding for which indemnity will be sought
pursuant to this Section, the Owner Trustee's choice of legal counsel shall be
subject to the approval of the Depositor, which approval shall not be
unreasonably withheld.

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

                                       26

<PAGE>

                                  ARTICLE NINE

                         TERMINATION OF TRUST AGREEMENT

         Section 9.01. Termination of Trust Agreement.

         (a) The Trust shall dissolve upon the final distribution by the Owner
Trustee of all monies or other property or proceeds of the Trust Estate in
accordance with the terms of the Indenture, the Sale and Servicing Agreement and
Article Five and the payment by the Trust of all amounts it owes to the Swap
Counterparty under the terms of the Interest Rate Swap Agreement. The
bankruptcy, liquidation, dissolution, death or incapacity of any Owner shall not
(i) operate to terminate this Agreement or the Trust, (ii) entitle such Owner's
legal representatives or heirs to claim an accounting or to take any action or
proceeding in any court for a partition or winding up of all or any part of the
Trust or Trust Estate or (iii) otherwise affect the rights, obligations and
liabilities of the parties hereto.

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

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

         (d) In the event that all of the Certificateholders shall not surrender
their Trust Certificates for cancellation within six months after the date
specified in the above-mentioned written notice, the Owner Trustee shall give a
second written notice to the remaining Certificateholders to surrender their
Trust Certificates for cancellation and receive the final distribution with
respect thereto. If within one year after the second notice all the Trust
Certificates shall not have been surrendered for cancellation, the Owner Trustee
may take appropriate steps, or may appoint an agent to take appropriate steps,
to contact the remaining Certificateholders concerning surrender of their Trust
Certificates, and the cost thereof shall be paid out of the funds and other
assets that shall remain subject to this Agreement. Any funds remaining in the
Trust after

                                       27

<PAGE>

exhaustion of such remedies at least 18 months after the date of dissolution
shall be distributed by the Owner Trustee to a charity designated by the Master
Servicer.

         (e) Upon the winding up of the Trust and payment of its liabilities or
reasonable provision therefore in accordance with Section 3808 of the Statutory
Trust Act, the Owner Trustee shall cause the Certificate of Trust to be
cancelled by filing a certificate of cancellation with the Secretary of State in
accordance with the provisions of Section 3810 of the Statutory Trust Act and
this Agreement (other than Article Eight) and the Trust shall terminate.

                                       28

<PAGE>

                                  ARTICLE TEN

             SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

         Section 10.01. Eligibility Requirements for Owner Trustee. The Owner
Trustee shall at all times be a corporation satisfying the provisions of Section
3807(a) of the Statutory Trust Act; authorized to exercise corporate trust
powers; having a combined capital and surplus of at least $50,000,000 and
subject to supervision or examination by federal or state authorities; and
having (or having a parent that has) a rating of at least Baa3 by Moody's and
A-1 by Standard & Poor's. If such corporation shall publish reports of condition
at least annually pursuant to law or to the requirements of the aforesaid
supervising or examining authority, then for the purpose of this Section, the
combined capital and surplus of such corporation shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition
so published. In case at any time the Owner Trustee shall cease to be eligible
in accordance with the provisions of this Section, the Owner Trustee shall
resign immediately in the manner and with the effect specified in Section 10.02.

         Section 10.02. Resignation or Removal of Owner Trustee. The Owner
Trustee may at any time resign and be discharged from the trusts hereby created
by giving written notice thereof to the Administrator and the Insurer. Upon
receiving such notice of resignation, the Administrator shall promptly appoint a
successor Owner Trustee by written instrument, in duplicate, one copy of which
instrument shall be delivered to the resigning Owner Trustee and one copy to the
successor Owner Trustee. If no successor Owner Trustee shall have been so
appointed and have accepted appointment within 30 days after the giving of such
notice of resignation, the resigning Owner Trustee or the Insurer may petition
any court of competent jurisdiction for the appointment of a successor Owner
Trustee.

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

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

                                       29

<PAGE>

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

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

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

         Section 10.04. Merger or Consolidation of Owner Trustee. Any
corporation into which the Owner Trustee may be merged or converted or with
which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Owner Trustee shall be a party, or any
corporation succeeding to all or substantially all of the corporate trust
business of the Owner Trustee, shall be the successor of the Owner Trustee
hereunder, without the execution or filing of any instrument or any further act
on the part of any of the parties hereto, anything herein to the contrary
notwithstanding; provided, that such corporation shall be eligible pursuant to
Section 10.01 and, provided, further, that the Owner Trustee shall mail notice
of such merger or consolidation to each Rating Agency.

         Section 10.05. Appointment of Co-Trustee or Separate Trustee.
Notwithstanding any other provisions of this Agreement, at any time, for the
purpose of meeting any legal requirements of any jurisdiction in which any part
of the Trust Estate or any Financed Vehicle may at the time be located, the
Administrator and the Owner Trustee acting jointly shall have the power and
shall execute and deliver all instruments to appoint one or more Persons
approved by the Administrator and Owner Trustee to act as co-trustee, jointly
with the Owner Trustee, or as separate trustee or separate trustees, of all or
any part of the Trust Estate, and to vest in such Person, in such capacity, such
title to the Trust or any part thereof and, subject to the other provisions of
this Section, such powers, duties, obligations, rights and trusts as the
Administrator and the Owner Trustee may consider necessary or desirable. If the
Administrator shall not have joined in such appointment within 15 days after the
receipt by it of a request so to do, the Owner Trustee alone shall have the
power to make such appointment. No co-trustee or separate trustee under this
Agreement shall be required to meet the terms of eligibility as a successor
Owner

                                       30

<PAGE>

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

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

                  (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 Estate or any portion
         thereof in any such jurisdiction) shall be exercised and performed
         singly by such separate trustee or co-trustee, but solely at the
         direction of the Owner Trustee;

                  (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

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

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

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

                                       31

<PAGE>

                                 ARTICLE ELEVEN

                                 MISCELLANEOUS

         Section 11.01. Supplements and Amendments.

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

         (b) This Agreement may also be amended from time to time with the prior
written consent of the Insurer (so long as an Insurer Default shall not have
occurred and be continuing) by the Depositor and the Owner Trustee, with the
consent of the Holders of Trust Certificates evidencing not less than 66 2/3% of
the aggregate Certificate Percentage Interest (which consent of any Holder of a
Note or Trust Certificate given pursuant to this Section or pursuant to any
other provision of this Agreement shall be conclusive and binding on such Holder
and on all future Holders of such Note or Trust Certificate, as the case may be,
issued upon the transfer thereof or in exchange thereof or in lieu thereof
whether or not notation of such consent is made thereon) and, if such amendment
materially and adversely affects the interests of the Noteholders, with the
consent of Holders (as such term is defined in the Indenture) of Notes
evidencing not less than 66 2/3% of the Outstanding Amount of the Notes, voting
together as a single class, for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of this Agreement,
or of modifying in any manner the rights of the Noteholders or the
Certificateholders; provided, however, that no such amendment shall increase or
reduce in any manner the amount of, or accelerate or delay the timing of, (i)
collections of payments on Contracts or distributions that shall be required to
be made for the benefit of the Noteholders or the Certificateholders or any
Interest Rate or (ii) reduce the aforesaid percentage of the Outstanding Amount
of the Notes and the Certificate Percentage Interest required to consent to any
such amendment, without the consent of the Insurer, the Swap Counterparty and
the Holders of all outstanding Notes and Trust Certificates.

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

         (d) Promptly after the execution of any such amendment or consent, the
Owner Trustee shall furnish written notification of the substance of such
amendment or consent to each Certificateholder. It shall not be necessary for
the consent of Certificateholders, Noteholders or the Indenture Trustee pursuant
to this Section to approve the particular form of any proposed amendment or
consent, but it shall be sufficient if such consent shall approve the substance
thereof. The manner of obtaining such consents (and any other consents of
Certificateholders provided for in this Agreement or in any other Basic
Document) and of evidencing the

                                       32

<PAGE>

authorization of the execution thereof by Certificateholders shall be subject to
such reasonable requirements as the Owner Trustee may prescribe.

         (e) Promptly after the execution of any amendment to the Certificate of
Trust, the Owner Trustee shall cause the filing of such amendment with the
Secretary of State.

         (f) In connection with the execution of any amendment to this Agreement
or any other Basic Document to which the Issuer is a party and for which
amendment the Owner Trustee's consent is sought, the Owner Trustee shall be
entitled to receive and conclusively rely upon an Opinion of Counsel to the
effect that such amendment is authorized or permitted by the Basic Documents and
that all conditions precedent in the Basic Documents for the execution and
delivery thereof by the Issuer or the Owner Trustee, as the case may be, have
been satisfied. The Owner Trustee may, but shall not be obligated to, enter into
any such amendment that affects the Owner Trustee's own rights, duties or
immunities under this Agreement or otherwise.

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

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

         Section 11.04. Notices. All demands, notices and communications under
this Agreement shall be in writing personally delivered or mailed by certified
mail, return receipt requested, and shall be deemed to have been duly given upon
receipt in the case of:

         (a) if to the Owner Trustee, to:

                  Chase Manhattan Bank USA, National Association
                  c/o JP Morgan Chase Bank
                  500 Stanton Christiana Road, OPS4/3rd Floor
                  Newark, Delaware  19713
                  Attention: Institutional Trust Services

                                       33

<PAGE>

         (b) if to the WFSRC2, to:

                  WFS Receivables Corporation 2
                  444 East Warm Springs Road #116,
                  Las Vegas, Nevada  89119
                  Attention: Keith Ford

         (c) if to the Certificate Registrar or the agent for the Owner Trustee,
to:

                  JP Morgan Chase Bank
                  500 Stanton Christiana Road, OPS4/3rd Floor
                  Newark, Delaware  19713
                  Attention: Institutional Trust Services

                  with a copy to:

                  JP Morgan Chase Bank
                  4 New York Plaza, 6th Floor
                  New York, New York  10004-2477

         (d) if to the Insurer, to:

                  Financial Security Assurance Inc.
                  350 Park Avenue
                  New York, New York  10022
                  Attention:  Transaction Oversight Department
                  Telex No.:  (212) 688-3101
                  Confirmation:  (212) 826-0100
                  Telecopy Nos.: (212) 339-3518 and (212) 339-3529 (in each case
                  in which notice or other communication to Financial Security
                  refers to an Event of Default, a claim on the Note Policy or
                  with respect to which failure on the part of Financial
                  Security to respond shall be deemed to constitute consent or
                  acceptance, then a copy of such other notice or other
                  communication should also be sent to the attention of the
                  General Counsel and the Head - Financial Guaranty Group
                  "URGENT MATERIAL ENCLOSED")

         (e) if to the Swap Counterparty, to:

                  Bank of America, N.A.
                  Sears Tower
                  233 South Wacker Drive,  Suite 2800, IL1-003-27-20
                  Chicago, Illinois  60606

                                       34

<PAGE>

                  Attention:  Swap Operations
                  Telephone: 312-234-2732
                  Facsimile: 312-234-3603

                  with a copy to:

                  Bank of America, N.A.
                  315 Montgomery Street,  CA5-704-10-25
                  San Francisco, California  94104
                  Attention:  Capital Markets Documentation
                  Facsimile: 415-953-7997

or to such other address as any party shall have provided to the other party in
writing. Any notice required or permitted to be mailed to a Certificateholder
shall be given by first-class mail, postage prepaid, at the address of such
Holder as shown in the Certificate Register. Any notice so mailed within the
time prescribed in this Agreement shall be conclusively presumed to have been
duly given, whether or not the Certificateholder receives such notice.

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

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

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

         Section 11.08. No Petition.

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

         (b) The Owner Trustee, by entering into this Agreement, each
Certificateholder, by accepting a Trust Certificate, and the Indenture Trustee
and each Noteholder, by accepting the benefits of this Agreement, hereby
covenant and agree that they will not at any time institute against the Seller,
the Depositor or the Trust, or join in any institution against the Seller, the
Depositor or the Trust of, any bankruptcy proceedings under any United States
federal or state

                                       35

<PAGE>

bankruptcy or similar law in connection with any obligations relating to the
Trust Certificates, the Notes, this Agreement or any of the other Basic
Documents.

         Section 11.09. No Recourse. Each Certificateholder by accepting a Trust
Certificate acknowledges that such Certificateholder's Trust Certificates
represent beneficial interests in the Trust only and do not represent interests
in or obligations of the Depositor, the Master Servicer, the Seller, the
Administrator, the Owner Trustee, the Indenture Trustee or any of their
respective Affiliates and no recourse may be had against such parties or their
assets, except as may be expressly set forth or contemplated in this Agreement,
the Trust Certificates or the other Basic Documents.

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

         Section 11.11. Headings. The headings of the various Articles and
Sections herein are for convenience of reference only and shall not define or
limit any of the terms or provisions hereof.

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

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

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

         Section 11.15. Limited Recourse. Notwithstanding anything to the
contrary contained in this Agreement, the obligations of the Seller under
Sections 8.01 and 8.02 are solely the corporate obligations of the Seller and
shall be payable by the Seller, solely as provided in Sections 8.01 and 8.02.
The Seller shall only be required to pay (i) any fees, expenses, indemnities or
other liabilities that it may incur under Section 8.01 or 8.02, as applicable,
(A) from funds available pursuant to, and in accordance with, the payment
priorities set forth in Section 5.05 of the Sale and Servicing Agreement and (B)
to the extent the Seller has additional funds available (other than funds
described in the preceding clause (A)) that would be in excess of amounts that
would be necessary to pay the debt and other obligations as they become due of

                                       36

<PAGE>

such entity incurred in accordance with its certificate of incorporation and all
financing documents to which it is a party and (ii) any expenses, indemnities or
other liabilities that it may incur under Section 8.01 or 8.02, as applicable,
(A) from funds available pursuant to, and in accordance with, the payment
priorities set forth in Section 5.05 of the Sale and Servicing Agreement and (B)
only to the extent it receives additional funds designated for such purposes or
to the extent it has additional funds available (other than funds described in
the preceding clause (A)) that would be in excess of amounts that would be
necessary to pay its debt and other obligations as they become due incurred in
accordance with its certificate of incorporation and all financing documents to
which it is a party. The agreement set forth in the preceding sentence shall
constitute a subordination agreement for purposes of Section 510(a) of the
Bankruptcy Code. In addition, no amount owing by the Seller hereunder in excess
of the liabilities that it is required to pay in accordance with the preceding
sentence shall constitute a "claim" (as defined in Section 101(5) of the
Bankruptcy Code) against it.

                                       37

<PAGE>

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

                                              WFS RECEIVABLES CORPORATION 2

                                              By: ____________________________
                                                      John L. Coluccio
                                                         President

                                              FINANCIAL SECURITY ASSURANCE INC.

                                              By: ______________________________
                                                  Name:
                                                  Title:

                                              CHASE MANHATTAN BANK USA, NATIONAL
                                                ASSOCIATION,
                                                as Owner Trustee

                                              By: ______________________________
                                                  Name:
                                                  Title:

<PAGE>

                                                                       EXHIBIT A

                             CERTIFICATE OF TRUST OF
                        WFS FINANCIAL 2003-3 OWNER TRUST

         This Certificate of Trust of WFS Financial 2003-3 Owner Trust (the
"Trust"), dated as of July 31, 2003, is being duly executed and filed by Chase
Manhattan Bank USA, National Association, a national association, as trustee, to
form a statutory trust under the Delaware Statutory Trust Act (12 Del. Code,
Section 3801 et seq.).

         1.       Name. The name of the statutory trust formed hereby is WFS
Financial 2003-3 Owner Trust.

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

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

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

                                  By: __________________________________________
                                      Name:
                                      Title:

                                      A-1
<PAGE>

                                                                       EXHIBIT B

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

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

                        WFS FINANCIAL 2003-3 OWNER TRUST

                       AUTO RECEIVABLE BACKED CERTIFICATE

evidencing a fractional undivided interest in the Trust, as defined below, the
property of which includes, among other things, a pool of retail installment
sale contracts secured by new and used automobiles and light duty trucks
transferred to the Trust by WFS Receivables Corporation 2, a Nevada corporation
(the "Depositor").

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

NUMBER [C-1] [C-2]

         THIS CERTIFIES THAT WFS Receivables Corporation 2 is the registered
owner of [99%][1%] Certificate Percentage Interest nonassessable, fully-paid,
fractional undivided interest in the WFS Financial 2003-3 Owner Trust (the
"Trust") formed by the Depositor.

         The Trust was created pursuant to a Trust Agreement, dated as of July
31, 2003, as amended and restated as of August 28, 2003 (as amended and
supplemented from time to time, the "Trust Agreement"), among the Depositor,
Financial Security Assurance Inc. (the "Insurer") and Chase Manhattan Bank USA,
National Association, as owner trustee (the "Owner Trustee"), a summary of
certain of the pertinent provisions of which is set forth below. Capitalized
terms used herein that are not otherwise defined shall have the meanings
ascribed thereto in the Trust Agreement.

         This Trust Certificate is one of the duly authorized Trust Certificates
designated as "Auto Receivable Backed Certificates" (the "Trust Certificates").
Issued under the Indenture, dated as of August 1, 2003 (the "Indenture"),
between the Trust and Deutsche Bank Trust Company Americas, as Indenture
Trustee, are five classes of Notes designated as, "1.12875% Class A-1 Notes",
"1.58% Class A-2 Notes", "2.29% Class A-3A Notes", "Floating Rate Class A-3B
Notes" and "3.25% Class A-4 Notes" (collectively, the "Notes"). This Trust
Certificate is issued under and is subject to the terms, provisions and
conditions of the Trust Agreement, to which Trust Agreement the Holder of this
Trust Certificate by virtue of its acceptance hereof assents and by which such
Holder is bound. The property of the Trust includes, among other things, a

                                      B-1
<PAGE>

pool of retail installment sale contracts (the "Contracts") for new and used
automobiles and light duty trucks (the "Financed Vehicles").

         Under the Trust Agreement, there will be distributed on February 20,
May 20, August 20 and November 20 of each year or, if any such day is not a
Business Day, the next succeeding Business Day (each, a "Distribution Date"),
commencing on November 20, 2003 and ending no later than May 20, 2011 to the
person in whose name this Trust Certificate is registered at the close of
business on the last calendar day immediately preceding the related Distribution
Date (the "Record Date"), such Certificateholder's Certificate Percentage
Interest in the amount to be distributed to Certificateholders on such
Distribution Date.

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

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

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

         Distributions on this Trust Certificate will be made as provided in the
Trust Agreement by the Owner Trustee by wire transfer or check mailed to the
Certificateholder of record in the Certificate Register without the presentation
or surrender of this Trust Certificate or the making of any notation hereon.
Except as otherwise provided in the Trust Agreement and notwithstanding the
above, the final distribution on this Trust Certificate will be made after due
notice by the Owner Trustee of the pendency of such distribution and only upon
presentation and surrender of this Trust Certificate at the office of the Paying
Agent or the office or agency maintained for that purpose by the Owner Trustee
in The City of New York.

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

         Unless the certificate of authentication hereon shall have been
executed by an authorized officer of the Owner Trustee, by manual signature,
this Trust Certificate shall not entitle the

                                      B-2
<PAGE>

holder hereof to any benefit under the Trust Agreement or any other Basic
Document or be valid for any purpose.

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

                                      B-3
<PAGE>

                            [REVERSE OF CERTIFICATE]

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

         The Trust Agreement permits, with certain exceptions therein provided,
the amendment thereof and the modification of the rights and obligations of the
parties thereto and the rights of the Certificateholders under the Trust
Agreement at any time by the parties thereto with the consent of Holders of
Trust Certificates evidencing not less than 66 2/3% of the aggregate Certificate
Percentage Interest and, if such amendment materially and adversely affects the
interests of the Noteholders, with the consent of Holders of Notes evidencing
not less than 66 2/3% of the Outstanding Amount of the Notes. Any such consent
by the Holder of this Trust Certificate shall be conclusive and binding on such
Holder and on all future Holders of this Trust Certificate and of any Trust
Certificate issued upon the transfer hereof or in exchange herefor or in lieu
hereof, whether or not notation of such consent is made upon this Trust
Certificate. The Trust Agreement also permits the amendment thereof, in certain
limited circumstances, without the consent of the Holders of any of the Trust
Certificates or the Notes.

         As provided in the Trust Agreement and subject to certain limitations
therein set forth, the transfer of this Trust Certificate is registerable in the
Certificate Register upon surrender of this Trust Certificate for registration
of transfer at the offices or agencies of the Certificate Registrar maintained
in The City of New York, accompanied by a written instrument of transfer in form
satisfactory to the Owner Trustee and the Certificate Registrar duly executed by
the Holder hereof or such Holder's attorney duly authorized in writing, and
thereupon one or more new Trust Certificates evidencing the same aggregate
interest in the Trust will be issued to the designated transferee. The initial
Certificate Registrar appointed under the Trust Agreement is JP Morgan Chase
Bank.

         As provided in the Trust Agreement and subject to certain limitations
therein set forth, Trust Certificates are exchangeable for new Trust
Certificates evidencing the same Certificate Percentage Interest, as requested
by the Holder surrendering the same. No service charge will be made for any such
registration of transfer or exchange, but the Owner Trustee or the Certificate
Registrar may require payment of a sum sufficient to cover any tax or
governmental charge payable in connection therewith.

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

                                      B-4
<PAGE>

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

         The Seller may at the Seller's option purchase the Trust Estate at a
price specified in the Sale and Servicing Agreement, and such purchase of the
Contracts and other property of the Trust will effect early retirement of the
Trust Certificates; however, such right of purchase is exercisable only as of
any Distribution Date following the last day of a Due Period as of which the sum
of the Principal Balances of the Contracts is less than or equal to
$165,000,000.

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

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

                                      B-5
<PAGE>

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

Dated: August___, 2003     WFS FINANCIAL 2003-3 OWNER TRUST

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

                           By: _________________________________________________
                                            Authorized Signatory

                  OWNER TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

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

                                       OR

By:____________________________  By:____________________________________________
        Authorized Signatory                    Authorized Signatory

                                   ASSIGNMENT

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

PLEASE INSERT SOCIAL SECURITY OR
OTHER IDENTIFYING NUMBER OF ASSIGNEE

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

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

                                      B-6
<PAGE>

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

Dated: ___________

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

                                                                     EXHIBIT 4.2

                                                                  EXECUTION COPY

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

                        WFS FINANCIAL 2003-3 OWNER TRUST,
                                   as Issuer,

                                       and

                      DEUTSCHE BANK TRUST COMPANY AMERICAS,
                                   as Trustee

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

                                    INDENTURE

                           Dated as of August 1, 2003

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

                                 $1,650,000,000
                          Auto Receivable Backed Notes

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

<PAGE>

                    TRUST INDENTURE ACT CROSS-REFERENCE CHART
                  (this chart is not a part of this Indenture)

<TABLE>
<CAPTION>
TIA Section                                                 Indenture Reference
<S>                                                         <C>
310      (a)(1)...........................................        6.08, 6.11
         (a)(2)...........................................        6.11
         (a)(3)...........................................        6.10
         (a)(4)...........................................        Not Applicable
         (a)(5)...........................................        6.11
         (b)..............................................        6.11
         (c)..............................................        Not Applicable
311      (a)..............................................        6.12
         (b)..............................................        6.12
         (c)..............................................        Not Applicable
312      (a)..............................................        7.01, 7.02
         (b)..............................................        7.02
         (c)..............................................        7.02
313      (a)..............................................        7.04
         (b)..............................................        7.04
         (c)..............................................        7.04
         (d)..............................................        7.04
314      (a)..............................................        7.03
         (b)..............................................        3.06, 11.15
         (c)(1)...........................................        11.01
         (c)(2)...........................................        11.01
         (c)(3)...........................................        11.01
         (d)..............................................        8.04, 11.01
         (e)..............................................        11.01
315      (a)..............................................        6.01
         (b)..............................................        6.05, 11.05
         (c)..............................................        6.01
         (d)..............................................        6.01
         (d)(1)...........................................        6.01
         (d)(2)...........................................        6.01
         (d)(3)...........................................        6.01
         (e)..............................................        5.14
316      (a)..............................................        5.12; 5.13
         (a)(1)(A)........................................        5.12
         (a)(1)(B)........................................        5.13
         (a)(2)...........................................        Not Applicable
         (b)..............................................        5.08
         (c)..............................................        Not Applicable
317      (a)(1)...........................................        5.03
         (a)(2)...........................................        5.03
         (b)..............................................        3.03
318      (a)..............................................        11.07
</TABLE>

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                   Page
                                                                                   ----
<S>                                                                                <C>
                                   ARTICLE ONE

                   DEFINITIONS AND INCORPORATION BY REFERENCE

Section 1.01.  Definitions......................................................     2
Section 1.02.  Incorporation by Reference of Trust Indenture Act................    12
Section 1.03.  Rules of Construction............................................    13

                                   ARTICLE TWO

                                    THE NOTES

Section 2.01.  Form.............................................................    14
Section 2.02.  Execution, Authentication and Delivery...........................    14
Section 2.03.  Temporary Notes..................................................    14
Section 2.04.  Registration; Registration of Transfer and Exchange..............    15
Section 2.05.  Mutilated, Destroyed, Lost or Stolen Notes.......................    16
Section 2.06.  Persons Deemed Owner.............................................    17
Section 2.07.  Payment of Principal and Interest; Defaulted Interest............    17
Section 2.08.  Cancellation.....................................................    19
Section 2.09.  Book-Entry Notes.................................................    20
Section 2.10.  Notices to Clearing Agency.......................................    20
Section 2.11.  Definitive Notes.................................................    21
Section 2.12.  Release of Collateral............................................    21
Section 2.13.  Tax Treatment....................................................    21

                                  ARTICLE THREE

                                    COVENANTS

Section 3.01.  Payment of Principal and Interest................................    22
Section 3.02.  Maintenance of Office or Agency..................................    22
Section 3.03.  Money for Payments to be Held in Trust...........................    22
Section 3.04.  Existence........................................................    24
Section 3.05.  Protection of Trust Estate.......................................    24
Section 3.06.  Opinions as to Trust Estate......................................    25
Section 3.07.  Performance of Obligations; Servicing of Contracts...............    25
Section 3.08.  Negative Covenants...............................................    27
Section 3.09.  Annual Statement as to Compliance................................    27
Section 3.10.  Issuer May Consolidate, etc. Only on Certain Terms...............    28
Section 3.11.  Successor or Transferee..........................................    30
Section 3.12.  No Other Business................................................    30
Section 3.13.  No Borrowing.....................................................    30
Section 3.14.  Master Servicer's Obligations....................................    30
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
                                                                                           Page
                                                                                           ----
<S>                                                                                        <C>
Section 3.15.  Guarantees, Loans, Advances and Other Liabilities........................    30
Section 3.16.  Capital Expenditures.....................................................    31
Section 3.17.  Restricted Payments......................................................    31
Section 3.18.  Notice of Events of Default..............................................    31
Section 3.19.  Further Instruments and Acts.............................................    31
Section 3.20.  Compliance with Laws.....................................................    31
Section 3.21.  Amendments of Sale and Servicing Agreement and Trust Agreement...........    31
Section 3.22.  Removal of Administrator.................................................    31
Section 3.23.  Representations and Warranties of Issuer.................................    31

                                  ARTICLE FOUR

                           SATISFACTION AND DISCHARGE

Section 4.01.  Satisfaction and Discharge of Indenture..................................    33
Section 4.02.  Application of Trust Money...............................................    34
Section 4.03.  Repayment of Monies Held by Paying Agent.................................    34

                                  ARTICLE FIVE

                                    REMEDIES

Section 5.01.  Events of Default........................................................    35
Section 5.02.  Rights upon Event of Default.............................................    36
Section 5.03.  Collection of Indebtedness and Suits for Enforcement by Trustee;
               Authority of Controlling Party...........................................    37
Section 5.04.  Remedies.................................................................    39
Section 5.05.  Optional Preservation of the Contracts...................................    40
Section 5.06.  Priorities...............................................................    41
Section 5.07.  Limitation of Suits......................................................    42
Section 5.08.  Unconditional Rights of Noteholders to Receive Principal and Interest....    42
Section 5.09.  Restoration of Rights and Remedies.......................................    42
Section 5.10.  Rights and Remedies Cumulative...........................................    43
Section 5.11.  Delay or Omission Not a Waiver...........................................    43
Section 5.12.  Control by Noteholders...................................................    43
Section 5.13.  Waiver of Past Defaults..................................................    44
Section 5.14.  Undertaking for Costs....................................................    44
Section 5.15.  Waiver of Stay or Extension Laws.........................................    44
Section 5.16.  Action on Notes..........................................................    44
Section 5.17.  Performance and Enforcement of Certain Obligations.......................    45
Section 5.18.  Claims Under Note Policy.................................................    45
Section 5.19.  Preference Claims........................................................    46
</TABLE>

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                                   ARTICLE SIX

                                   THE TRUSTEE

Section 6.01.  Duties of Trustee..................................................    48
Section 6.02.  Rights of Trustee..................................................    49
Section 6.03.  Individual Rights of Trustee.......................................    51
Section 6.04.  Trustee's Disclaimer...............................................    51
Section 6.05.  Notice of Defaults.................................................    51
Section 6.06.  Reports by Trustee to Holders......................................    51
Section 6.07.  Compensation and Indemnity.........................................    51
Section 6.08.  Replacement of Trustee.............................................    52
Section 6.09.  Successor Trustee by Merger........................................    53
Section 6.10.  Appointment of Co-Trustee or Separate Trustee......................    53
Section 6.11.  Eligibility; Disqualification......................................    55
Section 6.12.  Preferential Collection of Claims Against Issuer...................    55
Section 6.13.  Representations and Warranties of Trustee..........................    55
Section 6.14.  Sales Finance Licenses.............................................    55

                                  ARTICLE SEVEN

                         NOTEHOLDERS' LISTS AND REPORTS

Section 7.01.  Issuer to Furnish Trustee Names and Addresses of Noteholders.......    56
Section 7.02.  Preservation of Information; Communications to Noteholders.........    56
Section 7.03.  Reports by Issuer..................................................    56
Section 7.04.  Reports by Trustee.................................................    57

                                  ARTICLE EIGHT

                      ACCOUNTS, DISBURSEMENTS AND RELEASES

Section 8.01.  Collection of Money................................................    58
Section 8.02.  Trust Accounts.....................................................    58
Section 8.03.  General Provisions Regarding Accounts..............................    58
Section 8.04.  Release of Trust Estate............................................    59
Section 8.05.  Opinion of Counsel.................................................    60

                                  ARTICLE NINE

                             SUPPLEMENTAL INDENTURES

Section 9.01.  Supplemental Indentures Without Consent of Noteholders.............    61
Section 9.02.  Supplemental Indentures With Consent of Noteholders................    62
Section 9.03.  Execution of Supplemental Indentures...............................    63
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Section 9.04.   Effect of Supplemental Indenture..................................    64
Section 9.05.   Conformity With Trust Indenture Act...............................    64
Section 9.06.   Reference in Notes to Supplemental Indentures.....................    64

                                   ARTICLE TEN

                               REDEMPTION OF NOTES

Section 10.01.  Redemption........................................................    65
Section 10.02.  Form of Redemption Notice.........................................    65
Section 10.03.  Notes Payable on Redemption Date..................................    66

                                 ARTICLE ELEVEN

                                  MISCELLANEOUS

Section 11.01.  Compliance Certificates and Opinions, etc.........................    67
Section 11.02.  Form of Documents Delivered to Trustee............................    68
Section 11.03.  Acts of Noteholders...............................................    69
Section 11.04.  Notices, etc., to Trustee, Issuer, Insurer and Rating Agencies....    70
Section 11.05.  Notices to Noteholders; Waiver....................................    71
Section 11.06.  Alternate Payment and Notice Provisions...........................    71
Section 11.07.  Conflict With Trust Indenture Act.................................    71
Section 11.08.  Effect of Headings and Table of Contents..........................    72
Section 11.09.  Successors and Assigns............................................    72
Section 11.10.  Severability......................................................    72
Section 11.11.  Benefits of Indenture.............................................    72
Section 11.12.  Legal Holidays....................................................    72
Section 11.13.  Governing Law.....................................................    72
Section 11.14.  Counterparts......................................................    72
Section 11.15.  Recording of Indenture............................................    72
Section 11.16.  Trust Obligation..................................................    73
Section 11.17.  No Petition.......................................................    73
Section 11.18.  Inspection........................................................    73
Section 11.19.  Limitation of Liability of Owner Trustee..........................    73
Section 11.20.  Limitation on Recourse Against WFSRC2.............................    74

                                    EXHIBITS

Schedule A   -  Schedule of Contracts.............................................  SA-1
Exhibit A    -  Form of Sale and Servicing Agreement..............................   A-1
Exhibit B    -  Form of Depository Agreement......................................   B-1
Exhibit C    -  Form of Class A-1 Note............................................   C-1
Exhibit D    -  Form of Class A-2 Note............................................   D-1
Exhibit E    -  Form of Class A-3A Note...........................................   E-1
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Exhibit F    -  Form of Class A-3B Note.........................................   F-1
Exhibit G    -  Form of Class A-4 Note..........................................   G-1
Exhibit H    -  Form of Note Assignment.........................................   H-1
Exhibit I    -  Form of Note Policy.............................................   I-1
</TABLE>

<PAGE>

         This Indenture, dated as of August 1, 2003 (the "Indenture"), is
between WFS Financial 2003-3 Owner Trust, a Delaware statutory trust (the
"Issuer"), and Deutsche Bank Trust Company Americas, a New York banking
corporation, in its capacity as trustee (the "Trustee") and not in its
individual capacity.

         Each party agrees as follows for the benefit of the other parties and
for the equal and ratable benefit of the holders of the Issuer's 1.12875% Class
A-1 Notes (the "Class A-1 Notes"), 1.58% Class A-2 Notes (the "Class A-2
Notes"), 2.29% Class A-3A Notes (the "Class A-3A Notes"), Floating Rate Class
A-3B Notes (the "Class A-3B Notes") and 3.25% Class A-4 Notes (the "Class A-4
Notes" and, together with the Class A-1 Notes, the Class A-2 Notes, the Class
A-3A Notes and the Class A-3B Notes, the "Notes"):

                                 GRANTING CLAUSE

         The Issuer hereby Grants to the Trustee on the Closing Date, on behalf
of and for the benefit of the Holders of the Notes, without recourse, all of the
Issuer's right, title and interest (exclusive of the amount, if any, allocable
to any rebatable insurance premium financed by any Contract) in, to and under
the following personal property (collectively, the "Collateral"): (i) the
Contracts secured by the Financed Vehicles (which Contracts shall be listed in
the Schedule of Contracts); (ii) certain monies due under the Contracts after
August 27, 2003, including all payments of Monthly P&I with respect to any
Financed Vehicle to which a Contract relates received after August 27, 2003 and
all other proceeds received on or in respect of such Contracts; (iii) security
interests in the Financed Vehicles; (iv) a financial guaranty insurance policy
to be issued by Financial Security for the exclusive benefit of Noteholders,
which will unconditionally and irrevocably guarantee payment of the Scheduled
Payments on each Distribution Date; (v) amounts on deposit in the Collection
Account, the Note Distribution Account and the Spread Account, including all
Eligible Investments therein and all income from the investment of funds therein
and all proceeds therefrom; (vi) proceeds from claims under certain insurance
policies in respect of individual Financed Vehicles or obligors under the
Contracts; (vii) certain rights under the Sale and Servicing Agreement; (viii)
the protective security interest in certain of the above-described property
granted by the Seller in favor of the Issuer; (ix) all present and future
claims, demands, causes and choses in action in respect of any or all of the
foregoing; (x) the Issuer's interest in the Interest Rate Swap Agreement; and
(xi) all payments on or under and all proceeds of every kind and nature
whatsoever in respect of any or all of the foregoing, including all proceeds of
the conversion, voluntary or involuntary, into cash or other liquid property,
all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances,
chattel paper, checks, deposit accounts, insurance proceeds, condemnation
awards, rights to payment of any and every kind and other forms of obligations
and receivables, instruments and other property which at any time constitute all
or part of or are included in the proceeds of any of the foregoing (as each such
defined term is defined in Section 1.01).

         The foregoing Grant is made in trust to secure the payment of principal
of and interest on, and any other amounts owing in respect of, the Notes,
equally and ratably without prejudice, priority or distinction, and to secure
compliance with the provisions of this Indenture, all as provided in this
Indenture.

<PAGE>

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

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

                                  ARTICLE ONE

                   DEFINITIONS AND INCORPORATION BY REFERENCE

         Section 1.01. Definitions.

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

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

         "Administration Agreement" means the Administration Agreement, dated as
of the date hereof, among the Administrator, the Issuer, the Seller and the
Trustee, as the same may be amended or supplemented from time to time.

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

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

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

                                       2
<PAGE>

         "Bankruptcy Code" has the meaning specified in the Trust Agreement.

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

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

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

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

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

         "Class A-1 Final Scheduled Distribution Date" means the August 2004
Distribution Date.

         "Class A-1 Noteholder" means the Person in whose name a Class A-1 Note
is registered in the Note Register.

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

         "Class A-1 Rate" means 1.12875% per annum.

         "Class A-2 Final Scheduled Distribution Date" means the May 2006
Distribution Date.

         "Class A-2 Noteholder" means the Person in whose name a Class A-2 Note
is registered in the Note Register.

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

         "Class A-2 Rate" means 1.58% per annum.

         "Class A-3 Final Scheduled Distribution Date" means the May 2008
Distribution Date.

         "Class A-3A Rate" means 2.29% per annum.

         "Class A-3A Noteholder" means the Person in whose name a Class A-3A
Note is registered in the Note Register.

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

         "Class A-3B Noteholder" means the Person in whose name a Class A-3B
Note is registered in the Note Register.

                                       3
<PAGE>

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

         "Class A-3B Rate" means the lesser of (i) the sum of (a) the LIBOR Rate
and (b) 0.13% per annum and (ii) the maximum rate permitted by applicable law.

         "Class A-4 Final Scheduled Distribution Date" means the May 2011
Distribution Date.

         "Class A-4 Noteholder" means the Person in whose name a Class A-4 Note
is registered in the Note Register.

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

         "Class A-4 Rate" means 3.25% per annum.

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

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

         "Closing Date" means August 28, 2003.

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

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

         "Collection Account" has the meaning specified in the Sale and
Servicing Agreement.

         "Commission" has the meaning specified in the Trust Agreement.

         "Contracts" has the meaning specified in the Sale and Servicing
Agreement.

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

         "Corporate Trust Office" means the principal office of the Trustee at
which at any particular time its corporate trust business shall be administered
which office at date of the execution of this Indenture is located at 60 Wall
Street, 26th Floor, MS NYC60-2606, New York, New York 10005, Attention:
Corporate Trust & Agency Services - Structured Finance Services; or at such
other address as the Trustee may designate from time to time by notice to the
Noteholders, the Insurer and the Issuer, or the principal corporate trust office
of any successor Trustee (the address of which the successor Trustee will notify
the Noteholders, the Insurer and the Issuer).

         "Cut-Off Date" has the meaning specified in the Sale and Servicing
Agreement.

                                       4
<PAGE>

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

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

         "Distribution Date" means each February 20, May 20, August 20 and
November 20 or, if any such date shall not be a Business Day, the next
succeeding Business Day, commencing November 20, 2003.

         "Distribution Date Statement" has the meaning specified in the Sale and
Servicing Agreement.

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

         "Eligible Investment" has the meaning specified in the Sale and
Servicing Agreement.

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

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

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

         "Executive Officer" means, with respect to any corporation or
depository institution, the chief executive officer, chief operating officer,
chief financial officer, president, executive vice president, any Vice
President, the secretary or the treasurer of such corporation or depository
institution; and with respect to any partnership, any general partner thereof.

         "Final Scheduled Distribution Date" means the Class A-1 Final Scheduled
Distribution Date, the Class A-2 Final Scheduled Distribution Date, the Class
A-3 Final Scheduled Distribution Date or the Class A-4 Final Scheduled
Distribution Date, as the case may be.

         "Financed Vehicle" has the meaning specified in the Sale and Servicing
Agreement.

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

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

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

                                       5
<PAGE>

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

         "Indenture" means this Indenture, as the same may be amended or
supplemented from time to time.

         "Independent" means, when used with respect to any specified Person,
that the Person (i) is in fact independent of the Issuer, any other obligor upon
the Notes, the Seller and any of its Affiliates, (ii) does not have any direct
financial interest or any material indirect financial interest in the Issuer,
any such other obligor, the Seller and any of its Affiliates, and (iii) is not
connected with the Issuer, any such other obligor, the Seller and any of its
Affiliates as an officer, employee, promoter, underwriter, trustee, partner,
director or person performing similar functions; provided that a person who is
an Independent director or Independent officer of the Seller may be an
Independent director or Independent officer of an Affiliate of the Seller which
is a special purpose bankruptcy remote entity.

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

         "Insurance Agreement" means the Insurance, Indemnity and Pledge
Agreement, dated as of the date hereof, among the Insurer, the Issuer, the
Seller, the Master Servicer and the Trustee, as the same may be amended or
supplemented from time to time.

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

         "Insurer" means Financial Security, and its successors.

                                       6
<PAGE>

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

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

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

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

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

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

         "Interest Rate Swap Agreement" has the meaning specified in the Sale
and Servicing Agreement, as the same may be amended or supplemented from time to
time.

         "Issuer" means WFS Financial 2003-3 Owner Trust until a permitted
successor replaces it and, thereafter, means the successor and, for purposes of
any provision contained herein and required by the TIA, each other obligor on
the Notes.

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

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

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

         "Master Servicer Report Date" has the meaning specified in the Sale and
Servicing Agreement.

         "Monthly P&I" has the meaning specified in the Sale and Servicing
Agreement.

         "Moody's" has the meaning specified in the Sale and Servicing
Agreement.

                                       7
<PAGE>

         "Net Collections" has the meaning specified in the Sale and Servicing
Agreement.

         "Net Swap Payments" has the meaning specified in the Sale and Servicing
Agreement.

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

         "Note Depository Agreement" means the agreement dated August 28, 2003,
among the Issuer, the Trustee and DTC, as the initial Clearing Agency, relating
to the Notes, substantially in the form of Exhibit B.

         "Note Distribution Account" has the meaning specified in the Sale and
Servicing Agreement.

         "Note Interest Distributable Amount" has the meaning specified in the
Sale and Servicing Agreement.

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

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

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

         "Note Principal Distributable Amount" has the meaning specified in the
Sale and Servicing Agreement.

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

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

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

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

                                       8
<PAGE>

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

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

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

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

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

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

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

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

                                       9
<PAGE>

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

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

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

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

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

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

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

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

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

         "Redemption Price" means (i) in the case of a redemption of the Notes
pursuant to Section 10.01(a) and Section 9.01(a) of the Sale and Servicing
Agreement, an amount equal to the unpaid principal amount of the Notes redeemed
plus accrued and unpaid interest thereon for each Class of Notes being so
redeemed to but excluding the Redemption Date or (ii) in the case of a payment
made to Noteholders pursuant to Section 10.01(b), the amount on deposit in the
Note Distribution Account, but not in excess of the amount specified in clause
(i) above.

                                       10
<PAGE>

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

         "Sale and Servicing Agreement" means the Sale and Servicing Agreement,
dated as of the date hereof, among the Issuer, the Seller and the Master
Servicer, substantially in the form of Exhibit A, as the same may be amended or
supplemented from time to time.

         "Schedule of Contracts" means the listing of the Contracts specified in
Schedule A.

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

         "Seller" means WFS Receivables Corporation 2, in its capacity as seller
under the Sale and Servicing Agreement, and its successors in such capacity.

         "Servicing Fee" has the meaning specified in the Sale and Servicing
Agreement.

         "Spread Account" has the meaning specified in the Sale and Servicing
Agreement.

         "Spread Account Initial Deposit" has the meaning specified in the Sale
and Servicing Agreement.

         "Standard & Poor's" has the meaning specified in the Sale and Servicing
Agreement.

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

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

         "Swap Counterparty" has the meaning specified in the Sale and Servicing
Agreement.

         "Swap Termination Payments" has the meaning specified in the Sale and
Servicing Agreement.

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

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

                                       11
<PAGE>

         "Trust Accounts" has the meaning specified in the Sale and Servicing
Agreement.

         "Trust Agreement" means the Trust Agreement, dated as of July 31, 2003,
as amended and restated as of August 28, 2003, among the Seller, the Insurer and
the Owner Trustee, as the same may be amended or supplemented from time to time.

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

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

         "Trustee" means Deutsche Bank Trust Company Americas, as Trustee under
this Indenture, or any successor Trustee under this Indenture.

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

         "United States" means the United States of America.

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

         "Vice President" has the meaning specified in the Sale and Servicing
Agreement.

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

         "WFSRC2" means WFS Receivables Corporation 2, and its successors.

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

         Section 1.02. Incorporation by Reference of Trust Indenture Act.
Whenever this Indenture refers to a provision of the Trust Indenture Act
("TIA"), the provision is incorporated by reference in and made a part of this
Indenture. The following TIA terms used in this Indenture have the following
meanings:

         "Commission" means the Securities and Exchange Commission.

         "Indenture Securities" means the Notes.

         "Indenture Security Holder" means a Noteholder.

         "Indenture to be Qualified" means this Indenture.

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

                                       12
<PAGE>

         "Obligor" on the Indenture Securities means the Issuer and any other
obligor on the Indenture Securities.

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

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

                                       13
<PAGE>

                                   ARTICLE TWO

                                    THE NOTES

         Section 2.01. Form. The Class A-1 Notes, the Class A-2 Notes, the Class
A-3A Notes, the Class A-3B Notes and the Class A-4 Notes, in each case together
with the Trustee's certificate of authentication, shall be in substantially the
forms set forth as Exhibits to this Indenture with such appropriate insertions,
omissions, substitutions and other variations as are required or permitted by
this Indenture and may have such letters, numbers or other marks of
identification and such legends or endorsements placed thereon as may,
consistently herewith, be determined by the officers executing such Notes, as
evidenced by their execution of the Notes. Any portion of the text of any Note
may be set forth on the reverse thereof, with an appropriate reference thereto
on the face of the Note.

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

         Section 2.02. Execution, Authentication and Delivery. The Notes shall
be executed on behalf of the Issuer by any of its Authorized Officers. The
signature of any such Authorized Officer on the Notes may be manual or
facsimile. Notes bearing the manual or facsimile signature of individuals who
were at any time Authorized Officers of the Issuer shall bind the Issuer,
notwithstanding that such individuals or any of them have ceased to hold such
offices prior to the authentication and delivery of such Notes or did not hold
such offices at the date of such Notes.

         The Trustee shall, upon receipt of the Note Policy and an Issuer Order,
authenticate and deliver for original issue the following aggregate principal
amount of Notes: (i) $275,000,000 of Class A-1 Notes, (ii) $370,000,000 of Class
A-2 Notes, (iii) $203,000,000 of Class A-3A Notes, (iv) $367,000,000 of Class
A-3B Notes and (v) $435,000,000 of Class A-4 Notes. The aggregate principal
amount of Class A-1 Notes, Class A-2 Notes, Class A-3A Notes, the Class A-3B
Notes and the Class A-4 Notes outstanding at any time may not exceed such
respective amounts, except as otherwise provided in Section 2.05.

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

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

         Section 2.03. Temporary Notes. Subject to Section 2.09, pending the
preparation of Definitive Notes, the Issuer may execute, and upon receipt of an
Issuer Order, the Trustee shall authenticate and deliver, temporary Notes that
are printed, lithographed, typewritten, mimeographed or otherwise produced of
the tenor of the Definitive Notes in lieu of which they

                                       14
<PAGE>

are issued and with such variations not inconsistent with the terms of this
Indenture as the officers executing such Notes may determine, as evidenced by
their execution of such Notes.

         If temporary Notes are issued, the Issuer will cause Definitive Notes
to be prepared without unreasonable delay. After the preparation of Definitive
Notes, the temporary Notes shall be exchangeable for Definitive Notes upon
surrender of the temporary Notes at the office or agency of the Issuer to be
maintained as provided in Section 3.02, without charge to the related Holder.
Upon surrender for cancellation of any one or more temporary Notes, the Issuer
shall execute, and the Trustee shall authenticate and deliver in exchange
therefor, a like tenor and principal amount of Definitive Notes of authorized
denominations. Until so exchanged, the temporary Notes shall in all respects be
entitled to the same benefits under this Indenture as Definitive Notes.

         Section 2.04. Registration; Registration of Transfer and Exchange. The
Issuer shall cause to be kept a register (the "Note Register") in which, subject
to such reasonable regulations as it may prescribe, the Issuer shall provide for
the registration of Notes and the registration of transfers of Notes. The
Trustee shall be the initial "Note Registrar" for the purpose of registering
Notes and transfers of Notes as herein provided. Upon any resignation of any
Note Registrar, the Issuer shall promptly appoint a successor or, if it elects
not to make such an appointment, assume the duties of Note Registrar.

         If a Person other than the Trustee is appointed by the Issuer as Note
Registrar, the Issuer will give the Trustee prompt written notice of the
appointment of such Note Registrar and of the location, and any change in the
location, of the Note Register, and the Trustee shall have the right to inspect
the Note Register at all reasonable times and to obtain copies thereof, and the
Trustee shall have the right to rely upon a certificate executed on behalf of
the Note Registrar by an Executive Officer thereof as to the names and addresses
of the Holders of the Notes and the principal amounts and number of such Notes.

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

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

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

                                       15
<PAGE>

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

         No service charge shall be made to a Holder for any registration of
transfer or exchange of Notes, but the Issuer or the Trustee may require payment
of a sum sufficient to cover any tax or other governmental charge that may be
imposed in connection with any registration of transfer or exchange of Notes,
other than exchanges pursuant to Section 2.03 or 9.06 not involving any
transfer.

         The preceding provisions of this Section notwithstanding, the Issuer
shall not be required to make and the Note Registrar need not register transfers
or exchanges of Notes selected for redemption or of any Note for a period of 15
days preceding the due date for the payment in full of such Note.

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

         Section 2.05. Mutilated, Destroyed, Lost or Stolen Notes. If (i) any
mutilated Note is surrendered to the Trustee, or the Trustee receives evidence
to its satisfaction of the destruction, loss or theft of any Note, (ii) there is
delivered to the Trustee and the Insurer (unless an Insurer Default shall have
occurred and be continuing) such security or indemnity as may be required by
them to hold the Issuer, the Trustee and the Insurer harmless and (iii) the
requirements of Section 8-405 of the UCC are met, then, in the absence of notice
to the Issuer, the Note Registrar or the Trustee that such Note has been
acquired by a protected purchaser (as defined in Article 8 of the UCC), the
Issuer shall execute and upon its request the Trustee shall authenticate and
deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or
stolen Note, a replacement Note of the same Class; provided, however, that if
any such destroyed, lost or stolen Note, but not a mutilated Note, shall have
become or within seven days shall be due and payable, or shall have been called
for redemption, instead of issuing a replacement Note, the Issuer may pay such
destroyed, lost or stolen Note when so due or payable or upon the Redemption
Date without surrender thereof. If, after the delivery of such replacement Note
or payment of a destroyed, lost or stolen Note which has not been replaced as
permitted by the preceding sentence, a protected purchaser (as defined in
Article 8 of the UCC) of the original Note in lieu of which such replacement
Note was issued presents for payment such original Note, the Issuer, the Insurer
and the Trustee shall be entitled to recover such replacement Note (or such
payment) from the Person to whom it was delivered or any Person taking such
replacement Note from such Person to whom such replacement Note was delivered or
any assignee of such Person, except a protected purchaser (as defined in Article
8 of the UCC), and shall be entitled to recover upon the security or indemnity
provided therefor to the extent of any loss, damage, cost or expense incurred by
the Issuer or the Trustee in connection therewith.

                                       16
<PAGE>

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

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

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

         Section 2.06. Persons Deemed Owner. Prior to due presentment for
registration of transfer of any Note, the Issuer, the Trustee, the Insurer and
any of their respective agents may treat the Person in whose name any Note is
registered (as of the day of determination) as the owner of such Note for the
purpose of receiving payments of principal of and interest, if any, on such Note
and for all other purposes whatsoever, whether or not such Note be overdue, and
none of the Issuer, the Insurer, the Trustee nor any of their respective agents
shall be affected by notice to the contrary.

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

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

         (b)      Subject to Sections 2.07(e), 5.02(a) and 5.06(a), the
principal of each Note shall be payable on each Distribution Date to the extent
provided in Article Five of the Sale and Servicing Agreement and in the form of
the related Note set forth as an Exhibit hereto. The Trustee shall notify the
Person in whose name a Note is registered at the close of business on the

                                       17
<PAGE>

Record Date preceding the Distribution Date on which the Issuer expects that the
final installment of principal of and interest on such Note will be paid. Such
notice shall be mailed within five Business Days of such Distribution Date (or,
in the case of Notes registered in the name of Cede & Co., as nominee of DTC,
such notice shall be provided within one Business Day of such Distribution Date)
or receipt of notice of termination of the Issuer pursuant to Section 9.01(c) of
the Trust Agreement and shall specify that such final installment will be
payable only upon presentation and surrender of such Note and shall specify the
place where such Note may be presented and surrendered for payment of such
installment. Notices in connection with redemptions of Notes shall be mailed to
Noteholders as provided in Section 10.02. In addition, the Administrator shall
notify the Rating Agencies upon the final payment of interest and principal of
each Class of Notes, and upon the termination of the Issuer, in each case
pursuant to Section 1(a)(i) of the Administration Agreement.

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

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

         (e)      The entire unpaid principal amount of each Class of Notes
shall be due and payable, if not previously paid, on the related Final Scheduled
Distribution Date or on the date on which an Event of Default shall have
occurred and be continuing, so long as an Insurer Default shall not have
occurred and be continuing or, if an Insurer Default shall have occurred and be
continuing, on the date on which an Event of Default shall have occurred and be
continuing and the Trustee or the Holders of Notes representing not less than 66
2/3% of the Outstanding Amount of the Notes, voting together as a single Class,
have declared the Notes to be immediately due and payable in the manner provided
in Section 5.02. Following an acceleration upon an Event of Default, the Master
Servicer shall instruct the Trustee (based on the information contained in the
Distribution Date Statement delivered on the related Master Servicer Report Date
pursuant to Section 4.09 of the Sale and Servicing Agreement) to make the
following distributions of Net Collections for such Distribution Date, in the
following amounts and order of priority:

                  (i)      to the Master Servicer, the Servicing Fee, including
         any unpaid Servicing Fees with respect to one or more prior Due
         Periods;

                  (ii)     to the Swap Counterparty, any unpaid Net Swap
         Payments, including any unpaid Net Swap Payments with respect to one or
         more Due Periods;

                                       18
<PAGE>

                  (iii)    to the Indenture Trustee, any accrued and unpaid fees
         and expenses payable to the Indenture Trustee and to the Owner Trustee,
         any accrued and unpaid fees and expenses payable to the Owner Trustee,
         in each case to the extent such fees and expenses have not been
         previously paid by the Master Servicer;

                  (iv)     to the Note Distribution Account, the Note Interest
         Distributable Amount for each Class of Notes, for payment of interest
         on each such Class of Notes, pro rata in proportion to their respective
         Outstanding Amounts;

                  (v)      to the Note Distribution Account, the Outstanding
         Amount of the Class A-1 Notes, for payment of principal to the Holders
         of the Class A-1 Notes, until the Outstanding Amount of the Class A-1
         Notes has been reduced to zero;

                  (vi)     to the Note Distribution Account, the Outstanding
         Amount of the Class A-2 Notes, for payment of principal to the Holders
         of the Class A-2 Notes, until the Outstanding Amount of the Class A-2
         Notes has been reduced to zero;

                  (vii)    to the Note Distribution Account, the Outstanding
         Amount of the Class A-3A Notes and the Class A-3B Notes, for payment of
         principal to the Holders of the Class A-3A Notes and the Class A-3B
         Notes, pro rata based on their respective Outstanding Amounts, until
         the Outstanding Amount of each of the Class A-3A Notes and the Class
         A-3B Notes has been reduced to zero;

                  (viii)   to the Note Distribution Account, the Outstanding
         Amount of the Class A-4 Notes, for payment of principal to the Holders
         of the Class A-4 Notes, until the Outstanding Amount of the Class A-4
         Notes has been reduced to zero;

                  (ix)     to the Swap Counterparty, any Swap Termination
         Payments not paid to it pursuant to clause (ii) above;

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

                  (xi)     any excess amounts remaining after making the
         distributions described in clauses (i) through (x) above shall be
         distributed first, to WFSRC2 until WFSRC2 has received full repayment
         of its Spread Account Initial Deposit, and second, to the Owner Trustee
         for distribution to the Certificateholders in accordance with the Trust
         Agreement.

         Section 2.08. Cancellation. Subject to Section 2.07(d), all Notes
surrendered for payment, registration of transfer, exchange or redemption shall,
if surrendered to any Person other than the Trustee, be delivered to the Trustee
and shall be promptly cancelled by the Trustee. Subject to Section 2.07(d), the
Issuer may at any time deliver to the Trustee for cancellation any Notes
previously authenticated and delivered hereunder which the Issuer may have
acquired in any manner whatsoever, and all Notes so delivered shall be promptly
cancelled by the Trustee. No Notes shall be authenticated in lieu of or in
exchange for any Notes cancelled as provided in this Section, except as
expressly permitted by this Indenture. Subject to Section 2.07(d), all cancelled
Notes may be held or disposed of by the Trustee in accordance with its

                                       19
<PAGE>

standard retention or disposal policy as in effect at the time unless the Issuer
shall direct by an Issuer Order that they be destroyed or returned to it;
provided that such Issuer Order is timely and the Notes have not been previously
disposed of by the Trustee.

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

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

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

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

                  (iv)     the rights of Note Owners shall be exercised only
         through the Clearing Agency and shall be limited to those established
         by law and agreements between such Note Owners and the Clearing Agency
         or the Clearing Agency Participants; pursuant to the Note Depository
         Agreement, unless and until Definitive Notes are issued pursuant to
         Section 2.11, the Clearing Agency will make book-entry transfers among
         the Clearing Agency Participants and receive and transmit payments of
         principal of and interest on the Notes to such Clearing Agency
         Participants; and

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

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

                                       20
<PAGE>

         Section 2.11. Definitive Notes.

         (a)      If (i)(A) the Administrator advises the Trustee in writing
that the Clearing Agency is no longer willing or able to properly discharge its
responsibilities as described in the Note Depository Agreement, and (B) the
Trustee or the Administrator is unable to locate a qualified successor, (ii) the
Administrator at its option advises the Trustee in writing that it elects to
terminate the book-entry system through the Clearing Agency, or (iii) after the
occurrence of an Event of Default, the Note Owners representing not less than a
majority of the Outstanding Amount of a Class of Notes advise the Trustee and
the Clearing Agency through the Clearing Agency Participants in writing that the
continuation of a book-entry system through the Clearing Agency is no longer in
the best interests of the related Note Owners, then the Trustee shall notify all
Note Owners of the related Class of Notes, through the Clearing Agency, of the
occurrence of such event and of the availability of Definitive Notes of the
related Class of Notes to Note Owners requesting the same. Upon surrender to the
Trustee of the Note or Notes representing the Book-Entry Notes by the Clearing
Agency, accompanied by registration instructions, the Issuer shall execute and
the Trustee shall authenticate the Definitive Notes in accordance with the
instructions of the Clearing Agency. None of the Issuer, the Note Registrar or
the Trustee shall be liable for any delay in delivery of such instructions and
may conclusively rely on, and shall be protected in relying on, such
instructions. Upon the issuance of Definitive Notes of a Class, the Trustee
shall recognize the Holders of the Definitive Notes as Noteholders hereunder.

         The Trustee shall not be liable if the Trustee or the Administrator is
unable to locate a qualified successor Clearing Agency. The Definitive Notes
shall be typewritten, printed, lithographed or engraved or produced by any
combination of these methods (with or without steel engraved borders), all as
determined by the officers executing such Notes, as evidenced by their execution
of such Notes.

         Section 2.12. Release of Collateral. Subject to Section 11.01 and the
other Basic Documents, the Trustee shall release property from the lien of this
Indenture only upon receipt of an Issuer Request accompanied by an Officer's
Certificate, an Opinion of Counsel and Independent Certificates in accordance
with TIA Sections 314(c) and 314(d) or an Opinion of Counsel in lieu of such
Independent Certificates to the effect that the TIA does not require any such
Independent Certificates.

         Section 2.13. Tax Treatment. The Issuer has entered into this
Indenture, and the Notes will be issued, with the intention that, for federal,
state and local income, single business and franchise tax purposes, the Notes
will qualify as indebtedness of the Issuer secured by the Trust Estate. The
Issuer, by entering into this Indenture, and each Noteholder, by its acceptance
of its Note (and each Note Owner by its acceptance of an interest in the
applicable Book-Entry Note), agree to treat the Notes for federal, state and
local income, single business and franchise tax purposes as indebtedness of the
Issuer.

                                       21
<PAGE>

                                  ARTICLE THREE

                                    COVENANTS

         Section 3.01. Payment of Principal and Interest. The Issuer will duly
and punctually pay the principal of and interest, if any, on the Notes in
accordance with the terms of the Notes and this Indenture. Without limiting the
foregoing, subject to Section 8.02(c), the Issuer will cause to be distributed
all amounts on deposit in the Note Distribution Account in respect of the
related Due Period on a Distribution Date deposited therein pursuant to the Sale
and Servicing Agreement for the benefit of (i) the Class A-1 Notes, to the Class
A-1 Noteholders, (ii) the Class A-2 Notes, to the Class A-2 Noteholders, (iii)
the Class A-3A Notes, to the Class A-3A Noteholders, (iv) the Class A-3B Notes,
to the Class A-3B Noteholders and (v) the Class A-4 Notes, to the Class A-4
Noteholders. Amounts properly withheld under the Code by any Person from a
payment to any Noteholder of interest or principal shall be considered as having
been paid by the Issuer to such Noteholder for all purposes of this Indenture.

         Section 3.02. Maintenance of Office or Agency. The Issuer, will
maintain in The City of New York an office or agency where Notes may be
surrendered for registration of transfer or exchange, and where notices and
demands to or upon the Issuer in respect of the Notes and this Indenture may be
served. The Issuer hereby initially appoints the Trustee to serve as its agent
for the foregoing purposes. The Issuer will give prompt written notice to the
Trustee of the location, and of any change in the location, of any such office
or agency. If at any time the Issuer shall fail to maintain any such office or
agency or shall fail to furnish the Trustee with the address thereof, such
surrenders, notices and demands may be made or served at the Corporate Trust
Office, and the Issuer hereby appoints the Trustee as its agent to receive all
such surrenders, notices and demands.

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

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

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

                                       22
<PAGE>

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

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

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

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

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

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

         Subject to applicable laws with respect to escheat of funds, any money
held by the Trustee or any Paying Agent in trust for the payment of any amount
due with respect to any Note and remaining unclaimed for two years after such
amount has become due and payable shall be discharged from such trust and upon
receipt of an Issuer Request with the consent of the Insurer (unless an Insurer
Default shall have occurred and be continuing) shall be deposited by the Trustee
in the Collection Account; and the Holder of such Note shall thereafter, as an
unsecured general creditor, look only to the Issuer for payment thereof, and all
liability of the Trustee or such Paying Agent with respect to such trust money
shall thereupon cease; provided, however, that if such money or any portion
thereof had been previously deposited by the Insurer with the Trustee for the
payment of principal or interest on the Notes, to the extent any amounts are
owing to the Insurer, such amounts shall be paid promptly to the Insurer upon
receipt of a written request by the Insurer to such effect, and provided,
further, that the Trustee or such Paying Agent, before being required to make
any such repayment, may at the expense of the Issuer cause to be published once,
in a newspaper published in the English language, customarily published on each
Business Day and of general circulation in The City of New York, notice that
such money remains unclaimed and that, after a date specified therein, which
shall not be less than 30 days from the date of such publication, any unclaimed
balance of such money then remaining will be repaid to or for the account of the
Issuer. The Trustee may also adopt and

                                       23
<PAGE>

employ, at the expense of the Issuer, any other reasonable means of notification
of such repayment (including mailing notice of such repayment to Holders whose
Notes have been called but have not been surrendered for redemption or whose
right to or interest in monies due and payable but not claimed is determinable
from the records of the Trustee or of any Paying Agent, at the last address of
record for each such Holder).

         Section 3.04. Existence. The Issuer will keep in full effect its
existence, rights and franchises as a 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, in
which case the Issuer will keep in full effect its existence, rights and
franchises under the laws of such other jurisdiction) and will obtain and
preserve its qualification to do business in each jurisdiction in which such
qualification is or shall be necessary to protect the validity and
enforceability of this Indenture, the Notes, the Collateral and each other
instrument or agreement included in the Trust Estate.

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

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

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

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

                  (iv)     enforce any of the Collateral;

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

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

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

                                       24
<PAGE>

         Section 3.06. Opinions as to Trust Estate.

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

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

         Section 3.07. Performance of Obligations; Servicing of Contracts.

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

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

         (c)      The Issuer will, and will cause the Administrator to,
punctually perform and observe all of the obligations and agreements of the
Issuer and the Administrator contained in this Indenture, the other Basic
Documents and in the instruments and agreements included in the Trust Estate,
including filing or causing to be filed all UCC financing statements and
continuation statements required to be filed by the terms of this Indenture and
the other Basic Documents in accordance with and within the time periods
provided for herein and therein. Except as otherwise expressly provided therein,
the Issuer shall not waive, amend, modify, supplement or terminate any Basic
Document or any provision thereof without the consent of the

                                       25
<PAGE>

Trustee or the Holders of at least 66 2/3% of the Outstanding Amount of the
Notes or such greater percentage as may be specified in the particular
provision.

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

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

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

                                       26
<PAGE>

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

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

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

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

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

                  (iii)    (A) permit the validity or effectiveness of this
         Indenture to be impaired, or permit the lien created by this Indenture
         to be amended, hypothecated, subordinated, terminated or discharged, or
         permit any Person to be released from any covenants or obligations with
         respect to the Notes under this Indenture except as may be expressly
         permitted hereby, (B) permit any lien, charge, excise, claim, security
         interest, mortgage or other encumbrance (other than the lien of this
         Indenture or the lien in favor of the Insurer created by the Insurance
         Agreement) to be created on or extend to or otherwise arise upon or
         burden the Trust Estate or any part thereof or any interest therein or
         the proceeds thereof (other than (1) the lien in favor of the Insurer
         created by the Insurance Agreement, (2) any 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 and (3) the lien of this Indenture),
         (C) permit the lien created by this Indenture not to constitute a valid
         first priority (other than with respect to any such tax, mechanics' or
         other lien) security interest in the Trust Estate or (D) amend, modify
         or fail to comply with the provisions of the Basic Documents without
         the prior written consent of the Controlling Party, except where the
         Basic Documents allow for amendment or modification without the consent
         or approval of the Controlling Party; or

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

         Section 3.09. Annual Statement as to Compliance. The Issuer will
deliver to the Trustee and the Insurer, on or before 120 days after the end of
each fiscal year of the Issuer (commencing with the fiscal year ended December
31, 2003) an Officer's Certificate stating, as to the Authorized Officer signing
such Officer's Certificate, that:

                                       27
<PAGE>

         (a)      a review of the activities of the Issuer during such year (or
such shorter period, with respect to the first such Officer's Certificate) 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 complied with all conditions and covenants under
this Indenture throughout such year (or shorter period, with respect to the
first such Officer's Certificate), or, if there has been a default in the
compliance of any such condition or covenant, specifying each such default known
to such Authorized Officer and the nature and status thereof.

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

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

                  (i)      the Person (if other than the Issuer) formed by or
         surviving such consolidation or merger shall be a Person organized and
         existing under the laws of the United States or any State and shall
         expressly assume, by an indenture supplemental hereto, executed and
         delivered to the Trustee, in form and substance satisfactory to the
         Trustee and the Insurer (so long as no Insurer Default shall have
         occurred and be continuing), the due and punctual payment of the
         principal of and interest on all Notes and the performance or
         observance of every agreement and covenant of this Indenture and each
         other Basic Document on the part of the Issuer to be performed or
         observed, all as provided herein;

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

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

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

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

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

                  (vii)    so long as no Insurer Default shall have occurred and
         be continuing, the Issuer shall have given the Insurer written notice
         of such consolidation or merger at least

                                       28
<PAGE>

         20 Business Days prior to the consummation of such action and shall
         have received the prior written approval of the Insurer of such
         consolidation or merger and the Issuer or the Person (if other than the
         Issuer) formed by or surviving such consolidation or merger has a net
         worth, immediately after such consolidation or merger, that is (A)
         greater than zero and (B) not less than the net worth of the Issuer
         immediately prior to giving effect to such consolidation or merger.

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

                  (i)      the Person that acquires by conveyance or transfer
         the properties and assets of the Issuer shall (A) be a United States
         citizen or a Person organized and existing under the laws of the United
         States or any State, (B) expressly assume, by an indenture supplemental
         hereto, executed and delivered to the Trustee, in form and substance
         satisfactory to the Trustee and the Insurer (so long as no Insurer
         Default shall have occurred and be continuing), the due and punctual
         payment of the principal of and interest on all Notes and the
         performance or observance of every agreement and covenant of this
         Indenture and each other Basic Document on the part of the Issuer to be
         performed or observed, all as provided herein, (C) expressly agree by
         means of such supplemental indenture that all right, title and interest
         so conveyed or transferred shall be subject and subordinate to the
         rights of Holders of the Notes, (D) unless otherwise provided in such
         supplemental indenture, expressly agree to indemnify, defend and hold
         harmless the Issuer against and from any loss, liability or expense
         arising under or related to this Indenture and the Notes and (E)
         expressly agree by means of such supplemental indenture that such
         Person (or if a group of Persons, then one specified Person) shall make
         all filings with the Commission (and any other appropriate Person)
         required by the Exchange Act in connection with the Notes;

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

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

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

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

                  (vi)     the Issuer shall have delivered to the Trustee an
         Officer's Certificate and an Opinion of Counsel (which shall describe
         the actions taken as required by clause (v) above or that no such
         actions will be taken) each stating that such conveyance or
         trans-

                                       29
<PAGE>

         ference and such supplemental indenture comply with this Article Three
         and that all conditions precedent herein provided for relating to such
         transaction have been complied with (including any filings required by
         the Exchange Act); and

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

         Section 3.11. Successor or Transferee.

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

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

         Section 3.12. No Other Business. The Issuer shall not engage in any
business other than financing, purchasing, owning, selling and managing the
Contracts in the manner contemplated by this Indenture and the other Basic
Documents and activities incidental thereto.

         Section 3.13. No Borrowing. The Issuer shall not issue, incur, assume,
guarantee or otherwise become liable, directly or indirectly, for any
Indebtedness except for (i) the Notes, (ii) obligations or Indebtedness owing
from time to time to the Insurer under the Insurance Agreement and (iii) any
other Indebtedness permitted by or arising under the other Basic Documents. The
proceeds of the Notes shall be used exclusively to fund the Issuer's purchase of
the Contracts and the other assets specified in the Sale and Servicing
Agreement, to fund the Spread Account and to pay the transactional expenses of
the Issuer.

         Section 3.14. Master Servicer's Obligations. The Issuer shall cause the
Master Servicer to comply with the Sale and Servicing Agreement, including
Section 5.07 and Articles Four and Seven thereof.

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

                                       30
<PAGE>

any stock, obligations, assets or securities of, any other interest in, or make
any capital contribution to, any other Person.

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

         Section 3.17. Restricted Payments. Except as expressly permitted by the
Basic Documents, the Issuer shall not, directly or indirectly, (i) pay any
dividend or make any distribution (by reduction of capital or otherwise),
whether in cash, property, securities or a combination thereof, to the Owner
Trustee or any owner of a beneficial interest in the Issuer or otherwise with
respect to any ownership or equity interest or security in or of the Issuer or
to the Master Servicer, (ii) redeem, purchase, retire or otherwise acquire for
value any such ownership or equity interest or security or (iii) set aside or
otherwise segregate any amounts for any such purpose; provided, however, that
the Issuer may make, or cause to be made, (A) distributions to the Master
Servicer, the Owner Trustee and the Certificateholders as contemplated by, and
to the extent funds are available for such purpose under, the Sale and Servicing
Agreement or the Trust Agreement and (B) payments to the Trustee and the Owner
Trustee pursuant to Section 1(a)(ii) of the Administration Agreement. The Issuer
will not, directly or indirectly, make payments to or distributions from the
Collection Account except in accordance with this Indenture and the other Basic
Documents.

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

         Section 3.19. Further Instruments and Acts. Upon request of the Trustee
or the Insurer, the Issuer will execute and deliver such further instruments and
do such further acts as may be reasonably necessary or proper to carry out more
effectively the purpose of this Indenture.

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

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

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

         Section 3.23. Representations and Warranties of Issuer. The Issuer
hereby makes the following representations and warranties on which the Trustee
is deemed to have relied. Such representations and warranties speak as of the
execution and delivery of this Indenture and as of

                                       31
<PAGE>

the Closing Date, but shall survive the pledge of the Issuer to the Indenture
Trustee pursuant to this Indenture. The representations and warranties below may
not be waived.

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

                  (ii)     Chattel Paper. Each Contract constitutes "tangible
         chattel paper" as defined in the applicable UCC.

                  (iii)    Perfection. The Issuer has caused or will have
         caused, within ten days, the filing of all appropriate financing
         statements in the proper filing office in the appropriate jurisdictions
         under applicable law in order to perfect the security interest in the
         Contracts granted to the Trustee hereunder.

                  (iv)     Priority. Other than the security interest granted to
         the Trustee pursuant to this Indenture (subject to the lien of the
         Insurer pursuant to the Insurance Agreement), the Issuer has not
         pledged, assigned, sold, granted a security interest in, or otherwise
         conveyed any of the Contracts. The Issuer has not authorized the filing
         of and is not aware of any financing statements against Issuer that
         include a description of collateral covering the Contracts other than
         any financing statement relating to the security interest granted to
         the Trustee hereunder or that has been terminated.

                  (v)      Tax Lien. The Issuer is not aware of any judgment or
         tax lien filings against it.

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<PAGE>

                                  ARTICLE FOUR

                           SATISFACTION AND DISCHARGE

         Section 4.01. Satisfaction and Discharge of Indenture. This Indenture
shall cease to be of further effect with respect to the Notes except as to (i)
rights of registration of transfer and exchange, (ii) substitution of mutilated,
destroyed, lost or stolen Notes, (iii) rights of Noteholders to receive payments
of principal thereof and interest thereon, (iv) Sections 3.03, 3.04, 3.05, 3.07,
3.08, 3.10, 3.12, 3.13, 3.20 and 3.21, (v) the rights, obligations and
immunities of the Trustee hereunder (including the rights of the Trustee under
Section 6.07 and the obligations of the Trustee under Section 4.02), (vi) the
rights of Noteholders as beneficiaries hereof with respect to the property so
deposited with the Trustee payable to all or any of them and (vii) the
obligation of the Trustee to make claims under the Note Policy, which shall
survive the Class A-4 Final Scheduled Distribution Date and extend through any
preference period applicable with respect to the Notes or any payments made in
respect of the Notes, and the Trustee, on demand of and at the expense of the
Issuer, shall execute proper instruments acknowledging satisfaction and
discharge of this Indenture with respect to the Notes, when

         either

                  (1)      all Notes theretofore authenticated and delivered
         (other than (i) Notes that have been destroyed, lost or stolen and that
         have been replaced or paid as provided in Section 2.05 and (ii) Notes
         for whose payment money has theretofore been deposited in trust or
         segregated and held in trust by the Issuer and thereafter repaid to the
         Issuer or discharged from such trust, as provided in Section 3.03) have
         been delivered to the Trustee for cancellation and the Note Policy has
         expired and been returned to the Insurer for cancellation; or

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

                  (i)      have become due and payable,

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

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

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

                                       33
<PAGE>

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

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

         Section 4.02. Application of Trust Money. All monies deposited with the
Trustee pursuant to Section 4.01 shall be held in trust and applied by it, in
accordance with the provisions of the Notes and this Indenture, to the payment,
either directly or through any Paying Agent, as the Trustee may determine, to
the Holders of the particular Notes for the payment or redemption of which such
monies have been deposited with the Trustee, of all sums due and to become due
thereon for principal and interest and all other amounts due under this
Indenture and the Basic Documents; but such monies need not be segregated from
other funds except to the extent required herein or in the Sale and Servicing
Agreement or required by applicable law.

         Section 4.03. Repayment of Monies Held by Paying Agent. In connection
with the satisfaction and discharge of this Indenture with respect to the Notes,
all monies then held by any Paying Agent other than the Trustee under the
provisions of this Indenture with respect to such Notes shall, upon demand of
the Issuer, be paid to the Trustee to be held and applied according to Section
3.03 and thereupon such Paying Agent shall be released from all further
liability with respect to such monies.

                                       34
<PAGE>

                                  ARTICLE FIVE

                                    REMEDIES

         Section 5.01. Events of Default. "Event of Default", wherever used
herein, means the occurrence of any one of the following events (whatever the
reason for such Event of Default and whether it shall be voluntary or
involuntary or be effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any
administrative or governmental body):

                  (i)      default by the Issuer in the payment of any interest
         on any Note when the same becomes due and payable, and such default
         shall continue for a period of five days, without taking into account
         the effect of any payment under the Note Policy;

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

                  (iii)    default in the observance or performance of any
         covenant or agreement of the Issuer made in this Indenture (other than
         a covenant or agreement, a default in the observance or performance of
         which is elsewhere in this Section specifically dealt with), or any
         representation or warranty of the Issuer made in this Indenture, any
         other Basic Document or in any certificate or other writing delivered
         pursuant hereto or in connection herewith proves to have been incorrect
         in any material respect as of the time when the same shall have been
         made, and such default shall continue or not be cured, or the
         circumstance or condition in respect of which such misrepresentation or
         warranty was incorrect shall not have been eliminated or otherwise
         cured, for a period of 30 days after there shall have been given, by
         registered or certified mail, to the Issuer and the Trustee by the
         Insurer (so long as an Insurer Default shall not have occurred and be
         continuing) or, if an Insurer Default shall have occurred and be
         continuing, to the Issuer by the Trustee or to the Issuer and the
         Trustee by the Holders of at least 25% of the Outstanding Amount of the
         Notes, voting together as a single Class, a written notice specifying
         such default or incorrect representation or warranty and requiring it
         to be remedied and stating that such notice is a "Notice of Default"
         hereunder;

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

                  (v)      the commencement by the Issuer of a voluntary case
         under any applicable federal or state bankruptcy, insolvency or other
         similar law now or hereafter in effect, or the consent by the Issuer to
         the entry of an order for relief in an involuntary case under

                                       35
<PAGE>

         any such law, or the consent by the Issuer to the appointment or taking
         possession by a receiver, liquidator, assignee, custodian, trustee,
         sequestrator or similar official of the Issuer or for any substantial
         part of the Trust Estate, or the making by the Issuer of any general
         assignment for the benefit of creditors, or the failure by the Issuer
         generally to pay its debts as such debts become due, or the taking of
         action by the Issuer in furtherance of any of the foregoing.

         The Issuer shall deliver to the Trustee and the Insurer, within five
days after obtaining knowledge of the occurrence thereof, written notice in the
form of an Officer's Certificate of any event which with the giving of notice
and the lapse of time would become an Event of Default under clause (iii) above,
its status and what action the Issuer is taking or proposes to take with respect
thereto.

         Section 5.02. Rights upon Event of Default.

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

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

                  (ii)     to Holders of the Class A-1 Notes for amounts due and
         unpaid on the Class A-1 Notes for principal, until the Outstanding
         Amount of the Class A-1 Notes is reduced to zero;

                  (iii)    to Holders of the Class A-2 Notes for amounts due and
         unpaid on the Class A-2 Notes for principal, until the Outstanding
         Amount of the Class A-2 Notes is reduced to zero;

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

                  (v)      to Holders of the Class A-4 Notes for amounts due and
         unpaid on the Class A-4 Notes for principal, until the Outstanding
         Amount of the Class A-4 Notes is reduced to zero.

         (b)      So long as no Insurer Default has occurred and is continuing,
in the event the Notes are accelerated due to an Event of Default, the Insurer
shall have the right (in addition to

                                       36
<PAGE>

its obligation to pay Scheduled Payments on the Notes in accordance with the
Note Policy), but not the obligation, to elect:

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

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

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

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

         (a)      The Issuer covenants that if the Notes are accelerated
following the occurrence of an Event of Default, the Issuer will, upon demand of
the Trustee, pay to it, for the benefit of the Holders of the Notes, the whole
amount then due and payable on such Notes for principal and interest, with
interest upon the overdue principal, and, to the extent payment at such rate of
interest shall be legally enforceable, upon overdue installments of interest, at
the applicable Interest Rate and in addition thereto such further amount as
shall be sufficient to cover the costs and expenses of collection, including the
reasonable compensation, expenses, disbursements and advances of the Trustee and
its agents and counsel.

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

         (c)      If an Event of Default occurs and is continuing, the Trustee
may in its discretion but with the consent of the Controlling Party (except as
provided in Section 5.03(d)), proceed to

                                       37
<PAGE>

protect and enforce the rights of the Noteholders, by such appropriate
Proceedings as the Trustee shall deem most effective to protect and enforce any
such rights, whether for the specific enforcement of any covenant or agreement
in this Indenture or in aid of the exercise of any power granted herein, or to
enforce any other proper remedy or legal or equitable right vested in the
Trustee by this Indenture or by law.

         (d)      Notwithstanding anything to the contrary contained in this
Indenture and regardless of whether an Insurer Default shall have occurred and
be continuing, if the Issuer fails to perform its obligations under Section
10.01(b) when and as due, the Trustee may in its discretion (and without the
consent of the Controlling Party) proceed to protect and enforce its rights and
the rights of the Noteholders by such appropriate proceedings as the Trustee
shall deem most effective to protect and enforce any such rights, whether for
specific performance of any covenant or agreement in this Indenture or in aid of
the exercise of any power granted herein, or to enforce any other remedy or
legal or equitable right vested in the Trustee by this Indenture or by law;
provided that the Trustee shall only be entitled to take any such actions
without the consent of the Controlling Party to the extent such actions (i) are
taken only to enforce the Issuer's obligations to redeem the principal amount of
Notes and (ii) are taken only against the portion of the Collateral, if any,
consisting of the Spread Account, any investments therein and any proceeds
thereof.

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

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

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

                                       38
<PAGE>

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

                  (iv)     to file such proofs of claim and other papers or
         documents as may be necessary or advisable in order to have the claims
         of the Trustee or the Holders of Notes allowed in any Proceedings
         relative to the Issuer, its creditors and its property; and any
         trustee, receiver, liquidator, custodian or other similar official in
         any such Proceeding is hereby authorized by each of such Noteholders to
         make payments to the Trustee, and, in the event that the Trustee shall
         consent to the making of payments directly to such Noteholders, to pay
         to the Trustee such amounts as shall be sufficient to cover reasonable
         compensation to the Trustee, each predecessor Trustee and their
         respective agents, attorneys and counsel, and all other expenses and
         liabilities incurred, and all advances made, by the Trustee and each
         predecessor Trustee except as a result of negligence or bad faith.

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

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

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

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

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

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

                                       39
<PAGE>

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

                  (iv)     sell or otherwise liquidate, or direct the Trustee or
         the Master Servicer to sell or otherwise liquidate the Trust Estate or
         any portion thereof or rights or interests therein, at one or more
         public or private sales called and conducted in any manner permitted by
         law and deliver the proceeds of such sale or liquidation to the Trustee
         for distribution in accordance with the terms of this Indenture;
         provided, however, that, except as otherwise provided in the
         immediately succeeding sentence, no such sale or liquidation can be
         made if the proceeds of such sale or liquidation distributable to the
         Noteholders are not sufficient to pay all outstanding principal of and
         accrued interest on the Notes.

         Notwithstanding the foregoing, the proceeds of such sale or liquidation
need not be sufficient to pay all outstanding principal of and accrued interest
on the Notes if (A) the Insurer is the Controlling Party and the related Event
of Default arose as described in clause (i), (ii), (iv) or (v) of Section 5.01
or (B) the Trustee is the Controlling Party and the related Event of Default
arose as described in clause (i), (ii), (iv) or (v) of Section 5.01 and (1) the
Holders of 100% of the Outstanding Amount of the Notes, voting together as a
single class, consent to such sale or liquidation or (2) the Trustee determines
that the Trust Estate will not continue to provide sufficient funds for the
payment of principal of and interest on the Notes as they would have become due
if the Notes had not been declared due and payable, the Trustee provides prior
written notice of such sale or liquidation to each Rating Agency and Holders of
66 2/3% of the Outstanding Amount of the Notes, voting together as a single
class, consent to such sale or liquidation. In determining such sufficiency or
insufficiency of (i) the proceeds of such sale or liquidation to pay all
outstanding principal of and accrued interest on the Notes or (ii) the Trust
Estate to provide sufficient funds for the payment of principal of and interest
on the Notes as they would have become due if the Notes had not been declared
due and payable, the Trustee may, but need not, obtain and rely upon an opinion
of an Independent investment banking or accounting firm of national reputation
as to the feasibility of such proposed action and as to the sufficiency of the
Trust Estate for such purpose.

         Section 5.05. Optional Preservation of the Contracts. If the Trustee is
the Controlling Party and if the Notes have been declared to be due and payable
under Section 5.02 following an Event of Default and such declaration and its
consequences have not been rescinded and annulled, the Trustee may, but need
not, elect to maintain possession of the Trust Estate. It is the desire of the
parties hereto and the Noteholders that there be at all times sufficient funds
for the payment of principal of and interest on the Notes, and the Trustee shall
take such desire into account when determining whether or not to maintain
possession of the Trust Estate. In determining whether to maintain possession of
the Trust Estate, the Trustee may, but need not, obtain and rely upon an opinion
of an Independent investment banking or accounting firm of national reputation
as to the feasibility of such proposed action and as to the sufficiency of the
Trust Estate for such purpose.

                                       40
<PAGE>

         Section 5.06. Priorities.

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

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

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

                  (iii)    to Holders of the Class A-1 Notes for amounts due and
         unpaid on the Class A-1 Notes for principal, according to the amounts
         due and payable on the Class A-1 Notes for principal, until the
         Outstanding Amount of the Class A-1 Notes is reduced to zero;

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

                  (v)      amounts due and owing to the Swap Counterparty, not
         paid to it pursuant to clause (i) above;

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

                  (vii)    any excess amounts remaining after making the
         distributions described in clauses (i) through (vi) above shall be
         distributed in the following order of priority: into the Spread Account
         until the amounts deposited therein equal the Specified Spread Account
         Balance, with any excess being distributed, first, to the Insurer, to
         the extent of any Unreimbursed Insurer Amounts, second, to WFSRC2 until
         WFSRC2 has received full repayment of its Spread Account Initial
         Deposit, and third, to the Owner Trustee for distribution in accordance
         with the Trust Agreement.

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

                                       41
<PAGE>

         Section 5.07. Limitation of Suits. No Holder of any Note shall have any
right to institute any Proceeding, judicial or otherwise, with respect to this
Indenture, or for the appointment of a receiver or trustee, or for any other
remedy hereunder, unless:

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

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

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

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

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

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

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

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

         Section 5.08. Unconditional Rights of Noteholders to Receive Principal
and Interest. Notwithstanding any other provisions in this Indenture, the Holder
of any Note shall have the right, which is absolute and unconditional, to
receive payment of the principal of and interest on such Note on or after the
respective due dates thereof expressed in such Note or in this Indenture (or, in
the case of redemption, on or after the Redemption Date) and to institute suit
for the enforcement of any such payment, and such right shall not be impaired
without the consent of such Holder; provided, however, that so long as an
Insurer Default shall not have occurred and be continuing, no such suit shall be
instituted.

         Section 5.09. Restoration of Rights and Remedies. If the Controlling
Party or any Noteholder has instituted any Proceeding to enforce any right or
remedy under this Indenture and such Proceeding has been discontinued or
abandoned for any reason or has been determined

                                       42
<PAGE>

adversely to the Trustee or to such Noteholder, then and in every such case the
Issuer, the Trustee and the Noteholders shall, subject to any determination in
such Proceeding, be restored severally and respectively to their former
positions hereunder, and thereafter all rights and remedies of the Trustee and
the Noteholders shall continue as though no such Proceeding had been instituted.

         Section 5.10. Rights and Remedies Cumulative. No right or remedy herein
conferred upon or reserved to the Controlling Party or to the Noteholders is
intended to be exclusive of any other right or remedy, and every right and
remedy shall, to the extent permitted by law, be cumulative and in addition to
every other right and remedy given hereunder or now or hereafter existing at law
or in equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy.

         Section 5.11. Delay or Omission Not a Waiver. No delay or omission of
the Controlling Party or any Holder of any Note to exercise any right or remedy
accruing upon any Default or Event of Default shall impair any such right or
remedy or constitute a waiver of any such Default or Event of Default or an
acquiescence therein. Every right and remedy given by this Article Five or by
law to the Trustee or to the Noteholders may be exercised from time to time, and
as often as may be deemed expedient, by the Trustee or by the Noteholders, as
the case may be.

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

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

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

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

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

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

                                       43
<PAGE>

         Section 5.13. Waiver of Past Defaults. If an Insurer Default shall have
occurred and be continuing, the Holders of Notes of not less than a majority of
the Outstanding Amount of the Notes, voting together as a single Class, may
waive any past Default or Event of Default and its consequences except a Default
or Event of Default (i) in payment of principal of or interest on any of the
Notes or (ii) in respect of a covenant or provision hereof which cannot be
supplemented, modified or amended without the consent of the Holder of each
Note. In the case of any such waiver, the Issuer, the Trustee and the Holders of
the Notes shall be restored to their former positions and rights hereunder,
respectively; but no such waiver shall extend to any subsequent or other Default
or Event of Default or impair any right consequent thereto. The Issuer shall
notify each Rating Agency of any waiver of a Default or Event of Default.

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

         Section 5.14. Undertaking for Costs. All parties to this Indenture
agree, and each Holder of any Note by such Holder's acceptance thereof shall be
deemed to have agreed, that any court may in its discretion require, in any suit
for the enforcement of any right or remedy under this Indenture, or in any suit
against the Trustee for any action taken, suffered or omitted by it as Trustee,
the filing by any party litigant in such suit of an undertaking to pay the costs
of such suit and that such court may in its discretion assess reasonable costs,
including reasonable attorneys' fees, against any party litigant in such suit,
having due regard to the merits and good faith of the claims or defenses made by
such party litigant; but the provisions of this Section shall not apply to (i)
any suit instituted by the Trustee, (ii) any suit instituted by any Noteholder,
or group of Noteholders, in each case holding in the aggregate more than 10% of
the Outstanding Amount of the Notes or (iii) any suit instituted by any
Noteholder for the enforcement of the payment of principal of or interest on any
Note on or after the respective due dates expressed in such Note and in this
Indenture (or, in the case of redemption, on or after the Redemption Date).

         Section 5.15. Waiver of Stay or Extension Laws. The Issuer covenants
(to the extent that it may lawfully do so) that it will not at any time insist
upon, or plead or in any manner whatsoever, claim or take the benefit or
advantage of, any stay or extension law wherever enacted, now or at any time
hereafter in force, that may affect the covenants or the performance of this
Indenture; and the Issuer (to the extent that it may lawfully do so) hereby
expressly waives all benefit or advantages of any such law, and covenants that
it will not hinder, delay or impede the execution of any power herein granted to
the Trustee, but will suffer and permit the execution of every such power as
though no such law had been enacted.

         Section 5.16. Action on Notes. The Trustee's right to seek and recover
judgment on the Notes or under this Indenture shall not be affected by the
seeking, obtaining or application of any other relief under or with respect to
this Indenture. Neither the lien of this Indenture nor any rights or remedies of
the Trustee or the Noteholders shall be impaired by the recovery of any judgment
by the Trustee against the Issuer or by the levy of any execution under such
judgment upon any portion of the Trust Estate or upon any of the assets of the
Issuer. Any money or property collected by the Trustee shall be applied in
accordance with Section 5.06.

                                       44
<PAGE>

         Section 5.17. Performance and Enforcement of Certain Obligations.

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

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

         Section 5.18. Claims Under Note Policy.

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

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

         (c)      The Trustee shall (i) receive as attorney-in-fact of each
Noteholder any Note Policy Claim Amount from the Insurer and (ii) deposit the
same in the Note Distribution

                                       45
<PAGE>

Account for distribution to Noteholders as provided in Sections 3.01 or 5.02.
Any and all Note Policy Claim Amounts disbursed by the Trustee from claims made
under the Note Policy shall not be considered payment by the Issuer or from the
Spread Account with respect to such Notes, and shall not discharge the
obligations of the Issuer with respect thereto. The Insurer shall, to the extent
it makes any payment with respect to the Notes, become subrogated to the rights
of the recipients of such payments to the extent of such payments. Subject to
and conditioned upon any payment with respect to the Notes by or on behalf of
the Insurer, the Trustee shall assign to the Insurer all rights to the payment
of interest or principal with respect to the Notes which are then due for
payment to the extent of all payments made by the Insurer and the Insurer may
exercise any option, vote, right, power or the like with respect to the Notes to
the extent that it has made payment pursuant to the Note Policy. To evidence
such subrogation, the Note Registrar shall note the Insurer's rights as subrogee
upon the register of Noteholders upon receipt from the Insurer of proof of
payment by the Insurer of any Note Interest Distributable Amount or Note
Principal Distributable Amount. The foregoing subrogation shall in all cases be
subject to the rights of the Noteholders to receive all Scheduled Payments in
respect of the Notes.

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

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

         Section 5.19. Preference Claims.

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

                                       46
<PAGE>

         (b)      To the extent that a Responsible Officer has actual knowledge
thereof, the Trustee shall promptly notify the Insurer of any proceeding or the
institution of any action seeking the avoidance as a preferential transfer under
applicable bankruptcy, insolvency, receivership, rehabilitation or similar law
(a "Preference Claim") of any distribution made with respect to the Notes. Each
Holder, by its purchase of Notes, and the Trustee hereby agree that so long as
an Insurer Default shall not have occurred and be continuing, the Insurer may at
any time during the continuation of any proceeding relating to a Preference
Claim direct all matters relating to such Preference Claim including, without
limitation, (i) the direction of any appeal of any order relating to any
Preference Claim and (ii) the posting of any surety, supersedeas or performance
bond pending any such appeal at the expense of the Insurer, but subject to
reimbursement as provided in the Insurance Agreement. In addition, and without
limitation of the foregoing, as set forth in Section 5.18(c), the Insurer shall
be subrogated to, and each Noteholder and the Trustee hereby delegate and
assign, to the fullest extent permitted by law, the rights of the Trustee and
each Noteholder in the conduct of any proceeding with respect to a Preference
Claim, including, without limitation, all rights of any party to an adversary
proceeding action with respect to any court order issued in connection with any
such Preference Claim. In addition, for so long as the Insurer guarantees
amounts owing on the RIC and has not defaulted in the making of any payment
required to be made by it pursuant to such guaranty, the Insurer shall have the
right to initiate and control a proceeding against the obligor under the RIC but
only to the extent such proceeding relates to the amounts so guaranteed and no
settlement of any other proceeding or claim that would adversely affect the
Insurer's rights to recover such amounts shall be affected without the prior
written consent of the Insurer.

                                       47
<PAGE>

                                   ARTICLE SIX

                                   THE TRUSTEE

         Section 6.01. Duties of Trustee.

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

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

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

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

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

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

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

                  (iii)    the Trustee shall not be liable with respect to any
         action it takes or omits to take in good faith in accordance with a
         direction received by it pursuant to Section 5.12.

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

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

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

                                       48
<PAGE>

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

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

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

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

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

         (l)      In no event shall the Trustee be liable for any indirect,
special, punitive or consequential loss or damage of any kind whatsoever,
including lost profits, even if the Trustee has been advised of the likelihood
of such loss or damage and regardless of the form of action.

         (m)      In no event shall the Trustee be liable (but the Trustee may
be subject to removal) for any failure or delay in the performance of its
obligations hereunder because of circumstances beyond its control, including
acts of God, flood, war (whether declared or undeclared), terrorism, fire, riot,
embargo, government action, including any laws, ordinances, regulations,
governmental action or the like which delay, restrict or prohibit the providing
of the services contemplated by this Indenture.

         Section 6.02. Rights of Trustee.

         (a)      Except as otherwise provided in Section 6.02(g) and the second
succeeding sentence, the Trustee may conclusively rely and shall be protected in
acting upon or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice,

                                       49
<PAGE>

request, consent, order, note, direction, demand, election or other paper or
document believed by it to be genuine and to have been signed or presented by
the proper person. The Trustee need not investigate any fact or matter stated in
the document. Notwithstanding the foregoing, the Trustee, upon receipt of all
resolutions, certificates, statements, opinions, reports, documents, orders or
other instruments furnished to the Trustee that shall be specifically required
to be furnished pursuant to any provision of this Indenture, shall examine them
to determine whether they comply as to form to the requirements of this
Indenture.

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

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

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

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

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

         (g)      The Trustee shall not be bound to make any investigation into
the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order, approval, bond or
other paper or document, unless requested in writing to do so by the Insurer (so
long as no Insurer Default shall have occurred and be continuing) or (if an
Insurer Default shall have occurred and be continuing) by the Holders of Notes
evidencing not less than 25% of the Outstanding Amount of the Notes, voting
together as a single Class; provided, however, that if the payment within a
reasonable time to the Trustee of the costs, expenses or liabilities likely to
be incurred by it in the making of such investigation is, in the opinion of the
Trustee, not reasonably assured to the Trustee by the security afforded to it by
the

                                       50
<PAGE>

terms of this Indenture or the Sale and Servicing Agreement, the Trustee may
require reasonable indemnity against such cost, expense or liability as a
condition to so proceeding. The reasonable expense of each such investigation
shall be paid by the Person making such request, or, if paid by the Trustee,
shall be reimbursed by the Person making such request upon demand.

         Section 6.03. Individual Rights of Trustee. The Trustee in its
individual or any other capacity may become the owner or pledgee of Notes and
may otherwise deal with the Issuer or its Affiliates with the same rights it
would have if it were not Trustee. Any Paying Agent, Note Registrar,
co-registrar or co-paying agent may do the same with like rights. However, the
Trustee is required to comply with Sections 6.11 and 6.12.

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

         Section 6.05. Notice of Defaults. If a Default occurs and is continuing
and if it is known to a Responsible Officer of the Trustee, the Trustee shall
mail to each Noteholder and the Insurer notice of the Default within 90 days
after it occurs. Except in the case of a Default in payment of principal of or
interest on any Note (including payments pursuant to the redemption of Notes),
the Trustee may withhold the notice if and so long as a committee of its
Responsible Officers in good faith determines that withholding the notice is in
the interests of Noteholders.

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

         Section 6.07. Compensation and Indemnity. The Issuer shall, or shall
cause the Administrator to, pay to the Trustee from time to time reasonable
compensation for its services. The Trustee's compensation shall not be limited
by any law on compensation of a trustee of an express trust. The Issuer shall,
or shall cause the Administrator to, reimburse the Trustee for all reasonable
out-of-pocket expenses incurred or made by it, including costs of collection, in
addition to the compensation for its services. Such expenses shall include the
reasonable compensation and expenses, disbursements and advances of the
Trustee's agents, counsel, accountants and experts. The Issuer shall, or shall
cause the Administrator to, indemnify the Trustee against any and all loss,
liability or expense (including attorneys' fees) incurred by it in connection
with the administration of this trust and the performance of its duties
hereunder. The Trustee shall notify the Issuer and the Administrator promptly of
any claim for which it may seek indemnity. Failure by the Trustee to so notify
the Issuer and the Administrator shall not relieve the Issuer or the
Administrator of its obligations hereunder. The Issuer shall, or shall cause the
Administrator to, defend any such claim, and the Trustee may have separate
counsel and the Issuer shall, or shall cause the Administrator to, pay the fees
and expenses of such counsel. Neither the Issuer nor the Administrator need
reimburse any expense or indemnify against any loss, liability or expense
incurred by the Trustee through the Trustee's own willful misconduct, negligence
or bad faith.

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<PAGE>

         The Issuer's payment obligations to the Trustee pursuant to this
Section shall survive the discharge of this Indenture or the resignation or
removal of the Trustee; provided, however, that neither the Issuer nor the
Administrator need reimburse any expense or indemnify against any loss,
liability or expense incurred by the Trustee through the Trustee's own willful
misconduct, negligence or bad faith. When the Trustee incurs expenses after the
occurrence of a Default specified in Section 5.01(iv) or (v) with respect to the
Issuer, the expenses are intended to constitute expenses of administration under
Title 11 of the United States Code or any other applicable federal or state
bankruptcy, insolvency or similar law.

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

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

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

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

                  (iv)     the Trustee otherwise becomes incapable of acting; or

                  (v)      the Trustee breaches any representation, warranty or
         covenant made by it under any Basic Document (including any failure or
         delay in the performance of any of its obligations because of
         circumstances beyond its control, as contemplated by Section 6.01(m)).

         The Issuer shall remove the Trustee if an Insurer Default shall have
occurred and be continuing and any of the events described in clauses (ii)
through (v) above have occurred. If the Trustee resigns or is removed or if a
vacancy exists in the office of Trustee for any reason (the Trustee in such
event being referred to herein as the retiring Trustee), the Issuer shall
promptly appoint a successor Trustee reasonably acceptable to the Insurer (so
long as an Insurer Default

                                       52
<PAGE>

shall not have occurred and be continuing). If the Issuer fails to appoint such
a successor Trustee, the Insurer may appoint a successor Trustee.

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

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

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

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

         Section 6.09. Successor Trustee by Merger. If the Trustee consolidates
with, merges or converts into, or transfers all or substantially all its
corporate trust business or assets to, another corporation or banking
association, the resulting, surviving or transferee corporation without any
further act shall be the successor Trustee; provided, that such corporation or
banking association shall be otherwise qualified and eligible under Section
6.11. The Trustee shall provide the Insurer and each Rating Agency prompt notice
of any such transaction. If, at the time such merger, conversion or
consolidation any of the Notes have been authenticated but not delivered, the
successor trustee may adopt the certificate of authentication of the predecessor
trustee and deliver such Notes so authenticated; and if at that time any of the
Notes have not been authenticated, the successor to the Trustee may authenticate
those Notes either in the name of the predecessor trustee hereunder or in the
name of the successor to the Trustee; and in all such cases such certificates
shall have the full force such a certificate may have in the Notes or in this
Indenture.

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

         (a)      Notwithstanding any other provision of this Indenture, at any
time, for the purpose of meeting any legal requirement of any jurisdiction in
which any part of the Trust Estate may at the time be located, the Trustee and
the Administrator acting jointly shall have the power and may execute and
deliver all instruments to appoint one or more Persons to act as a co-trustee or
co-trustees, jointly with the Trustee, or separate trustee or separate trustees,
of all or

                                       53
<PAGE>

any part of the Trust, and to vest in such Person or Persons, in such capacity
and for the benefit of the Noteholders and the Insurer, such title to the Trust
Estate, or any part hereof, and, subject to the other provisions of this
Section, such powers, duties, obligations, rights and trusts as the Trustee and
the Administrator may consider necessary or desirable. If the Administrator
shall not have joined in such appointment within 15 days after the receipt by it
of a request so to do, the Trustee alone shall have the power to make such
appointment. No co-trustee or separate trustee hereunder shall be required to
meet the terms of eligibility as a successor Trustee under Section 6.11 and no
notice to Noteholders of the appointment of any co-trustee or separate trustee
shall be required under Section 6.08.

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

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

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

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

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

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

                                       54
<PAGE>

anything to the contrary in this Indenture, the appointment of any separate
trustee or co-trustee shall not relieve the Trustee of its obligations and
duties under this Indenture.

         Section 6.11. Eligibility; Disqualification.

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

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

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

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

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

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

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

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                                 ARTICLE SEVEN

                         NOTEHOLDERS' LISTS AND REPORTS

         Section 7.01. Issuer to Furnish Trustee Names and Addresses of
Noteholders. The Issuer will furnish or cause to be furnished to the Trustee (i)
not more than five days after each Record Date, a list, in such form as the
Trustee may reasonably require, of the names and addresses of the Holders of
Notes as of such Record Date and (ii) at such other times as the Trustee may
request in writing, within 30 days after receipt by the Issuer of any such
request, a list of similar form and content as of a date not more than ten days
prior to the time such list is furnished; provided, however, that so long as the
Trustee is the Note Registrar, no such list shall be required to be furnished.
The Trustee or, if the Trustee is not the Note Registrar, the Issuer shall
furnish to the Insurer in writing at such times as the Insurer may reasonably
request a copy of the list.

         Section 7.02. Preservation of Information; Communications to
Noteholders.

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

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

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

         Section 7.03. Reports by Issuer.

         (a)      The Issuer shall:

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

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

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

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<PAGE>

         7.03(a) as may be required by rules and regulations prescribed from
         time to time by the Commission.

         (b)      Unless the Issuer otherwise determines, the fiscal year of the
Issuer shall end on December 31 of each year.

         Section 7.04. Reports by Trustee. To the extent that any of the events
described in TIA Section 313(a) shall have occurred, the Trustee shall, within
60 days after each December 15 beginning with December 15, 2003, mail to the
Insurer and each Noteholder as required by TIA Section 313(c) a brief report
dated as of such date that complies with TIA Section 313(a). The Trustee also
shall comply with TIA Section 313(b).

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

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                                 ARTICLE EIGHT

                      ACCOUNTS, DISBURSEMENTS AND RELEASES

         Section 8.01. Collection of Money. Except as otherwise expressly
provided herein, the Trustee may demand payment or delivery of, and shall
receive and collect, directly and without intervention or assistance of any
fiscal agent or other intermediary, all money and other property payable to or
receivable by the Trustee pursuant to this Indenture and the Sale and Servicing
Agreement. The Trustee shall apply all such money received by it as provided in
this Indenture and the Sale and Servicing Agreement. Except as otherwise
expressly provided in this Indenture, if any default occurs in the making of any
payment or performance under any agreement or instrument that is part of the
Trust Estate, the Trustee may take such action as may be appropriate to enforce
such payment or performance, including the institution and prosecution of
appropriate Proceedings. Any such action shall be without prejudice to any right
to claim a Default or Event of Default under this Indenture and any right to
proceed thereafter as provided in Article Five.

         Section 8.02. Trust Accounts.

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

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

         (c)      Subject to Section 2.07(e), on each Distribution Date, the
Trustee shall distribute all amounts on deposit in the Note Distribution Account
in respect of such Distribution Date to Noteholders in respect of the Notes to
the extent of amounts due and unpaid on the Notes for principal and interest in
the amounts and priority set forth in Section 5.05 of the Sale and Servicing
Agreement.

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

         Section 8.03. General Provisions Regarding Accounts.

         (a)      So long as no Default or Event of Default shall have occurred
and be continuing, all or a portion of the funds in the Trust Accounts shall be
invested in Eligible Investments and reinvested by the Trustee upon receipt of
an Issuer Order, subject to the provisions of Section 5.01(b) of the Sale and
Servicing Agreement. Except as otherwise provided in Section 5.01(b) of the Sale
and Servicing Agreement, all income or other gain from investments

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<PAGE>

of monies deposited in such Trust Accounts shall be deposited by the Trustee in
the related Trust Account and any loss resulting from such investments shall be
charged to the related Trust Account. The Issuer will not direct the Trustee to
make any investment of any funds or to sell any investment held in any of the
Trust Accounts unless the security interest Granted and perfected in such
account will continue to be perfected in such investment or the proceeds of such
sale, in either case without any further action by any Person, and, in
connection with any direction to the Trustee to make any such investment or
sale, if requested by the Trustee, the Issuer shall deliver to the Trustee an
Opinion of Counsel, acceptable to the Trustee, to such effect.

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

         (c)      If (i) the Issuer shall have failed to give investment
directions for any funds on deposit in the Trust Accounts to the Trustee by
11:00 a.m., New York City time (or such other time as may be agreed by the
Issuer and Trustee), on any Business Day, (ii) a Default or Event of Default
shall have occurred and be continuing with respect to the Notes but the Notes
have not been declared due and payable pursuant to Section 5.02 or (iii) if such
Notes have been declared due and payable following an Event of Default but
amounts collected or receivable from the Trust Estate are being applied in
accordance with Section 5.05 as if there had not been such a declaration, then
the Trustee shall, to the fullest extent practicable, invest and reinvest funds
in the Trust Accounts in one or more Eligible Investments.

         Section 8.04. Release of Trust Estate.

         (a)      Subject to the payment of its fees and expenses pursuant to
Section 6.07, the Trustee may, and when required by the provisions of this
Indenture shall, execute instruments to release property from the lien of this
Indenture, or convey the Trustee's interest in the same, in a manner and under
circumstances that are not inconsistent with the provisions of this Indenture.
No party relying upon an instrument executed by the Trustee as provided in this
Article shall be bound to ascertain the Trustee's authority, inquire into the
satisfaction of any conditions precedent or the application of any monies.

         (b)      The Trustee shall, at such time as there are no Notes
Outstanding and all sums due the Trustee pursuant to Section 6.07 have been
paid, release any remaining portion of the Trust Estate that secured the Notes
from the lien of this Indenture and release to the Issuer or any other Person
entitled thereto any funds then on deposit in the Trust Accounts. The Trustee
shall release property from the lien of this Indenture pursuant to this Section
8.04(b) only upon receipt of an Issuer Request accompanied by (i) an Officer's
Certificate and an Opinion of Counsel, in each case stating that all conditions
precedent provided in this Indenture have been complied with and (ii) if
required by the TIA, Independent Certificates in accordance with TIA Sections
314(c) and 314(d)(1) meeting the applicable requirements of Section 11.01.

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<PAGE>

         Section 8.05. Opinion of Counsel. The Trustee shall receive at least
seven days' notice when requested by the Issuer to take any action pursuant to
Section 8.04(a), accompanied by copies of any instruments involved, and the
Trustee shall also require, as a condition to such action, an Opinion of
Counsel, in form and substance satisfactory to the Trustee, stating the legal
effect of any such action, outlining the steps required to complete the same,
and concluding that all conditions precedent to the taking of such action have
been complied with and such action will not materially and adversely impair the
security for the Notes or the rights of the Noteholders in contravention of the
provisions of this Indenture; provided, however, that such Opinion of Counsel
shall not be required to express an opinion as to the fair value of the Trust
Estate. Counsel rendering any such opinion may rely, without independent
investigation, on the accuracy and validity of any certificate or other
instrument delivered to the Trustee in connection with any such action.

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<PAGE>

                                  ARTICLE NINE

                             SUPPLEMENTAL INDENTURES

         Section 9.01. Supplemental Indentures Without Consent of Noteholders.

         (a)      Without the consent of the Holders of any Notes but with the
consent of the Insurer (unless an Insurer Default shall have occurred and be
continuing or the Policy Expiration Date has occurred) and with prior notice to
each Rating Agency, the Issuer and the Trustee, when authorized by an Issuer
Order, and the other parties hereto at any time and from time to time, may enter
into one or more indentures supplemental hereto (which shall conform to the
provisions of the TIA as in force at the date of the execution thereof), in form
satisfactory to the Trustee, for any of the following purposes:

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

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

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

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

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

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

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

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<PAGE>

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

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

         Section 9.02. Supplemental Indentures With Consent of Noteholders. The
Issuer and the Trustee, when authorized by an Issuer Order, also may, with prior
notice to each Rating Agency, with the consent of the Insurer (unless an Insurer
Default shall have occurred and be continuing) and with the consent of the
Holders of not less than 66 2/3% of the Outstanding Amount of the Notes, by Act
of such Holders delivered to the Issuer and the Trustee, enter into an indenture
or indentures supplemental hereto for the purpose of adding any provisions to,
or changing in any manner or eliminating any of the provisions of, this
Indenture or of modifying in any manner the rights of the Holders of the Notes
under this Indenture; provided, however, that, no such supplemental indenture
shall, without the prior written consent of the Swap Counterparty, modify or
amend this Indenture in the manner contemplated in Sections 1(h)(vii)(a) though
(e) of the ISDA Schedule to the Interest Rate Swap Agreement; provided, further,
that, subject to the express rights of the Insurer under the Basic Documents, no
such supplemental indenture shall, without the consent of the Holder of each
Outstanding Note affected thereby:

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

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

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<PAGE>

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

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

                  (v)      modify any provision of this Section except to
         increase any percentage specified herein or to provide that certain
         additional provisions of this Indenture or the other Basic Documents
         cannot be modified or waived without the consent of the Holder of each
         Outstanding Note affected thereby;

                  (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 to affect the rights of the Holders of Notes to the
         benefit of any provisions for the mandatory redemption of the Notes
         contained herein; or

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

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

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

         Promptly after the execution by the parties hereto of any supplemental
indenture pursuant to this Section, the Trustee shall mail to the Holders of the
Notes to which such amendment or supplemental indenture relates a notice setting
forth in general terms the substance of such supplemental indenture. Any failure
of the Trustee to mail such notice, or any defect therein, shall not, however,
in any way impair or affect the validity of any such supplemental indenture.

         Section 9.03. Execution of Supplemental Indentures. In executing, or
permitting the additional trusts created by, any supplemental indenture
permitted by this Article or the modifications thereby of the trusts created by
this Indenture, the Trustee shall be entitled to receive and, subject to
Sections 6.01 and 6.02 shall be fully protected in relying upon, an Opinion of
Counsel stating that the execution of such supplemental indenture is authorized
or permitted by this Indenture. The Trustee may, but shall not be obligated to,
enter into any such

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<PAGE>

supplemental indenture that affects the Trustee's own rights, duties,
liabilities or immunities under this Indenture or otherwise.

         Section 9.04. Effect of Supplemental Indenture. Upon the execution of
any supplemental indenture pursuant to the provisions hereof, this Indenture
shall be and be deemed to be modified and amended in accordance therewith with
respect to the Notes affected thereby, and the respective rights, limitations of
rights, obligations, duties, liabilities and immunities under this Indenture of
the parties hereto and the Holders of the Notes shall thereafter be determined,
exercised and enforced hereunder subject in all respects to such modifications
and amendments, and all the terms and conditions of any such supplemental
indenture shall be and be deemed to be part of the terms and conditions of this
Indenture for any and all purposes.

         Section 9.05. Conformity With Trust Indenture Act. Every amendment of
this Indenture and every supplemental indenture executed pursuant to this
Article shall conform to the requirements of the Trust Indenture Act as then in
effect so long as this Indenture shall then be qualified under the Trust
Indenture Act.

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

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                                  ARTICLE TEN

                               REDEMPTION OF NOTES

         Section 10.01. Redemption.

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

         (b)      In the event that the assets of the Issuer are sold pursuant
to Section 5.04 of this Indenture, the proceeds of such sale shall be
distributed as provided in Section 5.06(a). If amounts are to be paid to
Noteholders pursuant to this Section 10.01(b), the Master Servicer or the Issuer
shall, to the extent practicable, furnish notice of such event to the Trustee
not later than 20 days prior to the Redemption Date whereupon all such amounts
shall be payable on the Redemption Date.

         Section 10.02. Form of Redemption Notice.

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

         All notices of redemption shall state:

                  (i)      the Redemption Date;

                  (ii)     the Redemption Price;

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

                                       65
<PAGE>

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

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

         (b)      Notwithstanding the foregoing, prior notice of redemption
under Section 10.01(b) is not required to be given to Noteholders.

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

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                                 ARTICLE ELEVEN

                                  MISCELLANEOUS

         Section 11.01. Compliance Certificates and Opinions, etc.

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

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

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

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

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

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

         (b)      (i)      Prior to the deposit of any Collateral or other
property or securities with the Trustee that is to be made the basis for the
release of any property subject to the lien created by this Indenture, the
Issuer shall, in addition to any obligation imposed in Section 11.01(a) or
elsewhere in this Indenture, furnish to the Trustee and the Insurer (so long as
no Insurer Default shall have occurred and be continuing) an Officer's
Certificate certifying or stating the opinion of the signer thereof such
certificate as to the fair value (within 90 days of such deposit) to the Issuer
of the Collateral or other property or securities to be so deposited.

                  (ii)     Whenever the Issuer is required to furnish to the
         Trustee and the Insurer an Officer's Certificate certifying or stating
         the opinion of any signer thereof as to the matters described in clause
         (i) above, the Issuer shall also deliver to the Trustee and the Insurer
         an Independent Certificate as to the same matters, if the fair value to
         the Issuer of

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<PAGE>

         the property to be so deposited and of all other such property made the
         basis of any such withdrawal or release since the commencement of the
         then-current fiscal year of the Issuer, as set forth in the Officer's
         Certificates delivered pursuant to clause (i) above and this clause
         (ii), is 10% or more of the Outstanding Amount of the Notes, but such
         Officer's Certificate need not be furnished with respect to any
         property so deposited, if the fair value thereof to the Issuer as set
         forth in the related Officer's Certificate is less than $25,000 or less
         than one percent of the Outstanding Amount of the Notes.

                  (iii)    Other than with respect to any release described in
         clause (A) or (B) of Section 11.01(b)(v), whenever any property or
         securities are to be released from the lien created by this Indenture,
         the Issuer shall also furnish to the Trustee and the Insurer (so long
         as no Insurer Default shall have occurred and be continuing) an
         Officer's Certificate certifying or stating the opinion of each person
         signing such certificate as to the fair value (within 90 days of such
         release) of the property or securities proposed to be released and
         stating that in the opinion of such person the proposed release will
         not impair the security created by this Indenture in contravention of
         the provisions hereof.

                  (iv)     Whenever the Issuer is required to furnish to the
         Trustee and the Insurer an Officer's Certificate certifying or stating
         the opinion of any signer thereof as to the matters described in clause
         (iii) above, the Issuer shall also furnish to the Trustee and the
         Insurer an Independent Certificate as to the same matters if the fair
         value of the property or securities and of all other property (other
         than property described in clauses (A) or (B) of Section 11.01(b)(v))
         or securities released from the lien created by this Indenture since
         the commencement of the then current fiscal year, as set forth in the
         Officer's Certificates required by clause (iii) above and this clause
         (iv), equals 10% or more of the Outstanding Amount of the Notes, but
         such Officer's Certificate need not be furnished in the case of any
         release of property or securities if the fair value thereof as set
         forth in the related Officer's Certificate is less than $25,000 or less
         than one percent of the then Outstanding Amount of the Notes.

                  (v)      Notwithstanding Section 2.12 or any other provision
         of this Section, the Issuer may, without compliance with the other
         provisions of this Section, (A) collect, liquidate, sell or otherwise
         dispose of the Contracts as and to the extent permitted or required by
         the Basic Documents and (B) make cash payments out of the Trust
         Accounts as and to the extent permitted or required by the Basic
         Documents, so long as the Issuer shall deliver to the Trustee every six
         months, commencing December 15, 2003, an Officer's Certificate stating
         that all the dispositions of Collateral described in clauses (A) or (B)
         that occurred during the preceding six calendar months were in the
         ordinary course of the Issuer's business and that the proceeds thereof
         were applied in accordance with the Basic Documents.

         Section 11.02. Form of Documents Delivered to Trustee. In any case
where several matters are required to be certified by, or covered by an opinion
of, any specified Person, it is not necessary that all such matters be certified
by, or covered by the opinion of, only one such Person, or that they be so
certified or covered by only one document, but one such Person may certify or
give an opinion with respect to some matters and one or more other such Persons
as to

                                       68
<PAGE>

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

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

         Where any Person is required to make, give or execute 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.

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

         Section 11.03. Acts of Noteholders.

         (a)      Any request, demand, authorization, direction, notice,
consent, waiver or other action provided by this Indenture to be given or taken
by Noteholders may be embodied in and evidenced by one or more instruments of
substantially similar tenor signed by such Noteholders in person or by agents
duly appointed in writing; and except as herein otherwise expressly provided,
such action shall become effective when such instrument or instruments are
delivered to the Trustee, and, where it is hereby expressly required, to the
Issuer. Such instrument or instruments (and the action embodied therein and
evidenced thereby) are herein sometimes referred to as the "Act" of the
Noteholders signing such instrument or instruments. Proof of execution of any
such instrument or of a writing appointing any such agent shall be sufficient
for any purpose of this Indenture and (subject to Section 6.01) conclusive in
favor of the Trustee and the Issuer, if made in the manner provided in this
Section.

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

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

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<PAGE>

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

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

         (a)      Any request, demand, authorization, direction, notice,
consent, waiver or Act of Noteholders or other documents provided or permitted
by this Indenture shall be in writing and if such request, demand,
authorization, direction, notice, consent, waiver or Act of Noteholders is to be
made upon, given or furnished to or filed with:

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

                  (ii)     the Issuer by the Trustee or by any Noteholder shall
         be sufficient for every purpose hereunder if in writing, personally
         delivered, sent by facsimile transmission and confirmed or mailed by
         overnight service, to the Issuer addressed to: WFS Financial 2003-3
         Owner Trust, in care of Chase Manhattan Bank USA, National Association,
         as Owner Trustee, c/o JP Morgan Chase, Attention: Institutional Trust
         Services, 500 Stanton Christiana Road, OPS4/3rd Floor, Newark, Delaware
         19713, or at any other address furnished in writing to the Trustee by
         the Issuer; or

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

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

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

         (b)      Notices required to be given to the Rating Agencies by the
Issuer, the Trustee or the Owner Trustee shall be in writing, personally
delivered, sent by facsimile transmission and confirmed or mailed by overnight
service, to (i) in the case of Moody's, at Moody's Investors

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<PAGE>

Service, Inc., ABS Monitoring Department, 99 Church Street, New York, New York
10007 and (ii) in the case of Standard & Poor's, at Standard & Poor's, 55 Water
Street, New York, New York 10041, Attention: Asset Backed Surveillance
Department; or as to each of the foregoing, at such other address as shall be
designated by written notice to the other parties.

         Section 11.05. Notices to Noteholders; Waiver. Where this Indenture
provides for notice to Noteholders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing
and mailed, first-class, postage prepaid to each Noteholder affected by such
event, at his address as it appears on the Note Register, not later than the
latest date, and not earlier than the earliest date, prescribed for the giving
of such notice. In any case where notice to Noteholders is given by mail,
neither the failure to mail such notice nor any defect in any notice so mailed
to any particular Noteholder shall affect the sufficiency of such notice with
respect to other Noteholders, and any notice that is mailed in the manner herein
provided shall conclusively be presumed to have been duly given.

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

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

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

         Section 11.06. Alternate Payment and Notice Provisions. Notwithstanding
any provision of this Indenture or any of the Notes to the contrary, the Issuer
may enter into any agreement with any Holder of a Note providing for a method of
payment, or notice by the Trustee or any Paying Agent to such Holder, that is
different from the methods provided for in this Indenture for such payments or
notices. The Issuer will furnish to the Trustee a copy of each such agreement
and the Trustee will cause payments to be made and notices to be given in
accordance with such agreements.

         Section 11.07. Conflict With Trust Indenture Act. If any provision
hereof limits, qualifies or conflicts with another provision hereof that is
required to be included in this indenture by any of the provisions of the Trust
Indenture Act, such required provision shall control.

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

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<PAGE>

         Section 11.08. Effect of Headings and Table of Contents. The Article
and Section headings herein and the Table of Contents are for convenience only
and shall not affect the construction hereof.

         Section 11.09. Successors and Assigns. All covenants and agreements in
this Indenture and the Notes by the Issuer shall bind its successors and
assigns, whether so expressed or not. All agreements of the Trustee in this
Indenture shall bind its successors, co-trustees and agents.

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

         Section 11.11. Benefits of Indenture. Each of the Insurer and its
successors and assigns shall be a third-party beneficiary to the provisions of
this Indenture, and shall be entitled to rely upon and directly to enforce such
provisions of this Indenture so long as no Insurer Default shall have occurred
and be continuing. Nothing in this Indenture or in the Notes, express or
implied, shall give to any Person, other than the parties hereto and their
successors hereunder, and the Noteholders, and any other party secured
hereunder, and any other Person with an ownership interest in any part of the
Trust Estate, any benefit or any legal or equitable right, remedy or claim under
this Indenture. The Insurer may disclaim any of its rights and powers under this
Indenture, but not its duties and obligations under the Note Policy, upon
delivery of a written notice to the Trustee.

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

         Section 11.13. Governing Law. THIS INDENTURE SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA AND THE OBLIGATIONS, RIGHTS,
AND REMEDIES OF THE PARTIES UNDER THIS INDENTURE SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS, EXCEPT THAT THE DUTIES OF THE TRUSTEE SHALL BE
GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

         Section 11.14. Counterparts. This Indenture may be executed in several
counterparts, each of which shall be an original and all of which shall
constitute but one and the same instrument.

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

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<PAGE>

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

         Section 11.17. No Petition. The parties hereto, by entering into this
Indenture, and each Noteholder, by accepting a Note or a beneficial interest in
a Note, hereby covenant and agree that they will not at any time institute
against either Seller or the Issuer, or join in any institution against either
Seller or the Issuer of, any bankruptcy, reorganization, arrangement, insolvency
or liquidation proceedings, or other proceedings under any United States federal
or state bankruptcy or similar law in connection with any obligations relating
to the Notes, this Indenture or any of the other Basic Documents.

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

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

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<PAGE>

         Section 11.20. Limitation on Recourse Against WFSRC2. Notwithstanding
anything to the contrary contained in this Indenture, the obligations of WFSRC2
under the Basic Documents are solely the corporate obligations of WFSRC2, and
shall be payable by WFSRC2, solely as provided the Basic Documents. WFSRC2 shall
only be required to pay (a) any fees, expenses, indemnities or other liabilities
that it may incur under the Basic Documents from funds available pursuant to,
and in accordance with, the payment priorities set forth in this Indenture and
(ii) to the extent WFSRC2 has additional funds available (other than funds
described in the preceding clause (i)) that would be in excess of amounts that
would be necessary to pay the debt and other obligations of WFSRC2 incurred in
accordance with WFSRC2's certificate of incorporation and all financing
documents to which WFSRC2 is a party. The agreement set forth in the preceding
sentence shall constitute a subordination agreement for purposes of Section
510(a) of the Bankruptcy Code. In addition, no amount owing by WFSRC2 hereunder
in excess of the liabilities that it is required to pay in accordance with the
preceding sentence shall constitute a "claim" (as defined in Section 101(5) of
the Bankruptcy Code) against it.

                                       74
<PAGE>

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

                                         WFS FINANCIAL 2003-3 OWNER TRUST

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

                                         By: ___________________________________
                                             Name:
                                             Title:

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

                                         By: ___________________________________
                                             Name:
                                             Title:

<PAGE>

                                                                      SCHEDULE A

                              SCHEDULE OF CONTRACTS

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

                                      SA-1

<PAGE>

                                                                       EXHIBIT A

                      FORM OF SALE AND SERVICING AGREEMENT

                                      A-1

<PAGE>

                                                                       EXHIBIT B

                        FORM OF NOTE DEPOSITORY AGREEMENT

                                      B-1

<PAGE>

                                                                       EXHIBIT C

                             FORM OF CLASS A-1 NOTE

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

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

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

                        WFS FINANCIAL 2003-3 OWNER TRUST

                             1.12875% CLASS A-1 NOTE

REGISTERED                                                       $275,000,000.00

No. R-A1                                                   CUSIP NO. 92927A AA 2

         WFS Financial 2003-3 Owner Trust, a statutory trust organized and
existing under the laws of the State of Delaware (the "Issuer"), for value
received, hereby promises to pay to Cede & Co., or registered assigns, the
principal sum of Two Hundred Seventy Five Million Dollars ($275,000,000.00),
payable to the extent described in the Indenture referred to on the reverse
hereof on each Distribution Date; provided, however, that the entire unpaid
principal amount of this Note shall be payable on the earlier of August 20, 2004
(the "Class A-1 Final Scheduled Distribution Date") and the Redemption Date, if
any, selected pursuant to the Indenture.

         The Issuer will pay interest on this Note at the rate per annum shown
above on each Distribution Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note outstanding on the
preceding Distribution Date (after giving effect to all payments of principal
made on the preceding Distribution Date), or on the Closing Date in the case of
the first Distribution Date or if no interest has yet been paid, subject to
certain

                                      C-1

<PAGE>

limitations contained in the Indenture. Interest on this Note will accrue for
each Distribution Date from, and including, the prior Distribution Date on which
interest has been paid to but excluding the current Distribution Date or, in the
case of the first Distribution Date or if no interest has yet been paid, from,
and including, August 28, 2003. The Issuer shall pay interest on overdue
installments of interest at the Class A-1 Rate to the extent lawful. Interest
will be computed on the basis of a 360-day year and the actual number of days
elapsed during the related Interest Period. Such principal of and interest on
this Note shall be paid in the manner specified on the reverse hereof.

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

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

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

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

                                      C-2

<PAGE>

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

Date: August __, 2003                    WFS FINANCIAL 2003-3 OWNER TRUST

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

                                         By: ___________________________________
                                             Name:
                                             Title:

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

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

                                         By: ___________________________________
                                                    Authorized Signatory

                                      C-3

<PAGE>

                           [REVERSE OF CLASS A-1 NOTE]

         This Note is one of a duly authorized issue of Auto Receivable Backed
Notes of the Issuer, designated as its 1.12875% Class A-1 Notes (the "Class A-1
Notes"), all issued under an Indenture, dated as of August 1, 2003 (the
"Indenture"), between the Issuer and Deutsche Bank Trust Company Americas, as
trustee (the "Trustee"), to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Insurer, the Trustee and the Holders
of the Notes. The Notes are subject to all terms of the Indenture. All terms
used in this Note that are defined in the Indenture, as supplemented or amended,
shall have the meanings assigned to them in or pursuant to the Indenture, as so
supplemented or amended.

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

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

         Payments of principal and interest on this Note due and payable on each
Distribution Date or Redemption Date shall be made by check mailed to the Person
whose name appears as the registered Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on the
related Record Date, except that with respect to Notes registered on the Record
Date in the name of the nominee of the Clearing Agency (initially, such nominee
to be Cede & Co.), payments will be made by wire transfer in immediately
available funds to the account designated by such nominee. Such checks shall be
mailed to the Person entitled thereto at the address of such Person as it
appears on the Note Register as of the applicable Record Date without requiring
that this Note be submitted for notation of payment. Any reduction in the
principal amount of this Note (or any one or more Predecessor Notes) affected by
any payments made on any Distribution Date or Redemption Date shall be binding
upon all future Holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not noted hereon. If funds are expected to be available, as provided in the
Indenture, for payment in full of the remaining unpaid principal amount of this
Note on a Distribution Date or Redemption Date, then the Trustee, in the name of
and on behalf of the Issuer, will notify the Person who was the registered
Holder hereof as of the Record Date preceding such Distribution Date or
Redemption Date by notice mailed within 20 days of such Distribution Date or
Redemption Date and the amount then due and payable shall be payable only upon
presentation and surrender of this Note at the Corporate Trust Office of the
Trustee or at the office of the Trustee's agent appointed for such purposes
located in The City of New York.

                                      C-4

<PAGE>

         As provided in the Indenture, the Notes may be redeemed pursuant to the
Indenture, in whole, but not in part, at the option of the Seller, on any
Distribution Date following the last day of a Due Period as of which the
Aggregate Principal Balance is less than or equal to $165,000,000.

         As provided in the Indenture and subject to certain limitations set
forth therein, the transfer of this Note may be registered on the Note Register
upon surrender of this Note for registration of transfer at the office or agency
designated by the Issuer pursuant to the Indenture. No service charge will be
charged for any registration of transfer or exchange of this Note, but the
transferor may be required to pay a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any such registration
of transfer or exchange.

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

         Each Noteholder or Note Owner, by acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that by
accepting the benefits of the Indenture and such Note that such Noteholder or
Note Owner will not at any time institute against the Seller or the Issuer, or
join in any institution against the Seller or the Issuer of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings under any
United States federal or state bankruptcy or similar law in connection with any
obligations relating to the Notes, the Indenture or the other Basic Documents.

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

         Prior to the due presentment for registration of transfer of this Note,
the Issuer, the Trustee and the Insurer and any agent of the Issuer, the Trustee
or the Insurer may treat the Person in whose name this Note (as of the day of
determination or as of such other date as may be specified in the Indenture) is
registered as the owner hereof for all purposes, whether or not this Note be
overdue, and neither the Issuer, the Trustee nor any such agent shall be
affected by notice to the contrary.

                                      C-5

<PAGE>

         The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer with the consent of the Insurer and of the Holders of Notes
representing 66 2/3% of the Outstanding Amount of the Notes, voting together as
a single Class. The Indenture also contains provisions permitting the Holders of
Notes representing specified percentages of the Outstanding Amount of the Notes,
on behalf of the Holders of all the Notes, to waive compliance by the Issuer
with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of
this Note (or any one of more Predecessor Notes) shall be conclusive and binding
upon such Holder and upon all future Holders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange hereof or in lieu hereof
whether or not notation of such consent or waiver is made upon this Note. The
Indenture also permits the Trustee to amend or waive certain terms and
conditions set forth in the Indenture without the consent of Holders of the
Notes issued thereunder.

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

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

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

                                      C-6
<PAGE>

                                                                       EXHIBIT D

                             FORM OF CLASS A-2 NOTE

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

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

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

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

                        WFS FINANCIAL 2003-3 OWNER TRUST

                              1.58% CLASS A-2 NOTE

REGISTERED                                                       $370,000,000.00

No. R-A2                                                   CUSIP NO. 92927A AB 0

         WFS Financial 2003-3 Owner Trust, a statutory trust organized and
existing under the laws of the State of Delaware (the "Issuer"), for value
received, hereby promises to pay to Cede & Co., or registered assigns, the
principal sum of Three Hundred Seventy Million Dollars ($370,000,000.00),
payable to the extent described in the Indenture referred to on the reverse
hereof on each Distribution Date; provided, however, that the entire unpaid
principal amount of this Note shall be payable on the earlier of May 22, 2006
(the "Class A-2 Final Scheduled Distribution Date") and the Redemption Date, if
any, selected pursuant to the Indenture. No payments of principal of the Class
A-2 Notes shall be made until the principal amount of the Class A-1 Notes has
been reduced to zero.

                                       D-1

<PAGE>

         The Issuer will pay interest on this Note at the rate per annum shown
above on each Distribution Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note outstanding on the
preceding Distribution Date (after giving effect to all payments of principal
made on the preceding Distribution Date), or on the Closing Date in the case of
the first Distribution Date or if no interest has yet been paid, subject to
certain limitations contained in the Indenture. Interest on this Note will
accrue for each Distribution Date from, and including, the 20th day of the month
of the prior Distribution Date on which interest has been paid to, but
excluding, the 20th day of the month of the current Distribution Date or, in the
case of the first Distribution Date or if no interest has yet been paid, from,
and including, August 28, 2003. The Issuer shall pay interest on overdue
installments of interest at the Class A-2 Rate to the extent lawful. Interest
will be computed on the basis of a 360-day year consisting of twelve 30-day
months. Such principal of and interest on this Note shall be paid in the manner
specified on the reverse hereof.

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

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

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

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

                                       D-2

<PAGE>

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

Date: August __, 2003           WFS FINANCIAL 2003-3 OWNER TRUST

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

                                By: ____________________________________________
                                    Name:
                                    Title:

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

                                DEUTCHE BANK TRUST COMPANY
                                AMERICAS,
                                not in its individual capacity but solely as
                                Trustee,

                                By: ____________________________________________
                                            Authorized Signatory

                                       D-3

<PAGE>

                           [REVERSE OF CLASS A-2 NOTE]

         This Note is one of a duly authorized issue of Auto Receivable Backed
Notes of the Issuer, designated as 1.58% Class A-2 Notes (the "Class A-2
Notes"), all issued under an Indenture, dated as of August 1, 2003 (the
"Indenture"), between the Issuer and Deutsche Bank Trust Company Americas, as
trustee (the "Trustee"), to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Insurer, the Trustee and the Holders
of the Notes. The Notes are subject to all terms of the Indenture. All terms
used in this Note that are defined in the Indenture, as supplemented or amended,
shall have the meanings assigned to them in or pursuant to the Indenture, as so
supplemented or amended.

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

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

         Payments of principal and interest on this Note due and payable on each
Distribution Date or Redemption Date shall be made by check mailed to the Person
whose name appears as the registered Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on the
related Record Date, except that with respect to Notes registered on the Record
Date in the name of the nominee of the Clearing Agency (initially, such nominee
to be Cede & Co.), payments will be made by wire transfer in immediately
available funds to the account designated by such nominee. Such checks shall be
mailed to the Person entitled thereto at the address of such Person as it
appears on the Note Register as of the applicable Record Date without requiring
that this Note be submitted for notation of payment. Any reduction in the
principal amount of this Note (or any one or more Predecessor Notes) affected by
any payments made on any Distribution Date or Redemption Date shall be binding
upon all future Holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not noted hereon. If funds are expected to be available, as provided in the
Indenture, for payment in full of the remaining unpaid principal amount of this
Note on a Distribution Date or Redemption Date, then the Trustee, in the name of
and on behalf of the Issuer, will notify the Person who was the registered
Holder hereof as of the Record Date preceding such Distribution Date or
Redemption Date by notice mailed within 20 days of such Distribution Date or
Redemption Date and the amount then due and payable shall be payable only upon
presentation and surrender of this Note at the Corporate Trust Office of the
Trustee or at the office of the Trustee's agent appointed for such purposes
located in The City of New York.

                                       D-4

<PAGE>

         As provided in the Indenture, the Notes may be redeemed pursuant to the
Indenture, in whole, but not in part, at the option of the Seller, on any
Distribution Date following the last day of a Due Period as of which the
Aggregate Principal Balance is less than or equal to $165,000,000.

         As provided in the Indenture and subject to certain limitations set
forth therein, the transfer of this Note may be registered on the Note Register
upon surrender of this Note for registration of transfer at the office or agency
designated by the Issuer pursuant to the Indenture. No service charge will be
charged for any registration of transfer or exchange of this Note, but the
transferor may be required to pay a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any such registration
of transfer or exchange.

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

         Each Noteholder or Note Owner, by acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that by
accepting the benefits of the Indenture and such Note that such Noteholder or
Note Owner will not at any time institute against the Seller or the Issuer, or
join in any institution against the Seller or the Issuer of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings under any
United States federal or state bankruptcy or similar law in connection with any
obligations relating to the Notes, the Indenture or the other Basic Documents.

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

         Prior to the due presentment for registration of transfer of this Note,
the Issuer, the Trustee and the Insurer and any agent of the Issuer, the Trustee
or the Insurer may treat the Person in whose name this Note (as of the day of
determination or as of such other date as may be specified in the Indenture) is
registered as the owner hereof for all purposes, whether or not this Note be
overdue, and neither the Issuer, the Trustee nor any such agent shall be
affected by notice to the contrary.

                                       D-5

<PAGE>

         The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer with the consent of the Insurer and of the Holders of Notes
representing 66 2/3% of the Outstanding Amount of the Notes, voting together as
single class. The Indenture also contains provisions permitting the Holders of
Notes representing specified percentages of the Outstanding Amount of the Notes,
on behalf of the Holders of all the Notes, to waive compliance by the Issuer
with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of
this Note (or any one of more Predecessor Notes) shall be conclusive and binding
upon such Holder and upon all future Holders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange hereof or in lieu hereof
whether or not notation of such consent or waiver is made upon this Note. The
Indenture also permits the Trustee to amend or waive certain terms and
conditions set forth in the Indenture without the consent of Holders of the
Notes issued thereunder.

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

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

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

                                       D-6

<PAGE>

                                                                       EXHIBIT E

                             FORM OF CLASS A-3A NOTE

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

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

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

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

                        WFS FINANCIAL 2003-3 OWNER TRUST

                             2.29% CLASS A-3A NOTES

REGISTERED                                                       $203,000,000.00

No. R-A3A                                                  CUSIP NO. 92927A AC 8

         WFS Financial 2003-3 Owner Trust, a statutory trust organized and
existing under the laws of the State of Delaware (the "Issuer"), for value
received, hereby promises to pay to Cede & Co., or registered assigns, the
principal sum of Two Hundred Three Million Dollars ($203,000,000.00), payable to
the extent described in the Indenture referred to on the reverse hereof on each
Distribution Date; provided, however, that the entire unpaid principal amount of
this Note shall be payable on the earlier of May 20, 2008 (the "Class A-3 Final
Scheduled Distribution Date") and the Redemption Date, if any, selected pursuant
to the Indenture. No payments of principal of the Class A-3A Notes shall be made
until the principal amount of the Class A-1 Notes and the Class A-2 Notes has
been reduced to zero.

                                       E-1

<PAGE>

         The Issuer will pay interest on this Note at the rate per annum shown
above on each Distribution Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note outstanding on the
preceding Distribution Date (after giving effect to all payments of principal
made on the preceding Distribution Date), or on the Closing Date in the case of
the first Distribution Date or if no interest has yet been paid, subject to
certain limitations contained in the Indenture. Interest on this Note will
accrue for each Distribution Date from, and including, the 20th day of the month
of the prior Distribution Date on which interest has been paid to, but
excluding, the 20th day of the month of the current Distribution Date or, in the
case of the first Distribution Date or if no interest has yet been paid, from,
and including, August 28, 2003. The Issuer shall pay interest on overdue
installments of interest at the Class A-3A Rate to the extent lawful. Interest
will be computed on the basis of a 360-day year consisting of twelve 30-day
months. Such principal of and interest on this Note shall be paid in the manner
specified on the reverse hereof.

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

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

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

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

                                       E-2

<PAGE>

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

Date: August __, 2003           WFS FINANCIAL 2003-3 OWNER TRUST

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

                                By: ____________________________________________
                                    Name:
                                    Title:

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

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

                                    By: ________________________________________
                                                   Authorized Signatory

                                       E-3

<PAGE>

                          [REVERSE OF CLASS A-3A NOTE]

         This Note is one of a duly authorized issue of Auto Receivable Backed
Notes of the Issuer, designated as its 2.29% Class A-3A Notes (the "Class A-3A
Notes"), all issued under an Indenture, dated as of August 1, 2003 (the
"Indenture"), between the Issuer and Deutsche Bank Trust Company Americas, as
trustee (the "Trustee"), to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Insurer, the Trustee and the Holders
of the Notes. The Notes are subject to all terms of the Indenture. All terms
used in this Note that are defined in the Indenture, as supplemented or amended,
shall have the meanings assigned to them in or pursuant to the Indenture, as so
supplemented or amended.

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

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

         Payments of principal and interest on this Note due and payable on each
Distribution Date or Redemption Date shall be made by check mailed to the Person
whose name appears as the registered Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on the
related Record Date, except that with respect to Notes registered on the Record
Date in the name of the nominee of the Clearing Agency (initially, such nominee
to be Cede & Co.), payments will be made by wire transfer in immediately
available funds to the account designated by such nominee. Such checks shall be
mailed to the Person entitled thereto at the address of such Person as it
appears on the Note Register as of the applicable Record Date without requiring
that this Note be submitted for notation of payment. Any reduction in the
principal amount of this Note (or any one or more Predecessor Notes) affected by
any payments made on any Distribution Date or Redemption Date shall be binding
upon all future Holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not noted hereon. If funds are expected to be available, as provided in the
Indenture, for payment in full of the remaining unpaid principal amount of this
Note on a Distribution Date or Redemption Date, then the Trustee, in the name of
and on behalf of the Issuer, will notify the Person who was the registered
Holder hereof as of the Record Date preceding such Distribution Date or
Redemption Date by notice mailed within 20 days of such Distribution Date or
Redemption Date and the amount then due and payable shall be payable only upon
presentation and surrender of this Note at the Corporate Trust Office of the
Trustee or at the office of the Trustee's agent appointed for such purposes
located in The City of New York.

                                       E-4

<PAGE>

         As provided in the Indenture, the Notes may be redeemed pursuant to the
Indenture, in whole, but not in part, at the option of the Seller, on any
Distribution Date following the last day of a Due Period as of which the
Aggregate Principal Balance is less than or equal to $165,000,000.

         As provided in the Indenture and subject to certain limitations set
forth therein, the transfer of this Note may be registered on the Note Register
upon surrender of this Note for registration of transfer at the office or agency
designated by the Issuer pursuant to the Indenture. No service charge will be
charged for any registration of transfer or exchange of this Note, but the
transferor may be required to pay a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any such registration
of transfer or exchange.

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

         Each Noteholder or Note Owner, by acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that by
accepting the benefits of the Indenture and such Note that such Noteholder or
Note Owner will not at any time institute against the Seller or the Issuer, or
join in any institution against the Seller or the Issuer of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings under any
United States federal or state bankruptcy or similar law in connection with any
obligations relating to the Notes, the Indenture or the other Basic Documents.

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

         Prior to the due presentment for registration of transfer of this Note,
the Issuer, the Trustee and the Insurer and any agent of the Issuer, the Trustee
or the Insurer may treat the Person in whose name this Note (as of the day of
determination or as of such other date as may be specified in the Indenture) is
registered as the owner hereof for all purposes, whether or not this Note be
overdue, and neither the Issuer, the Trustee nor any such agent shall be
affected by notice to the contrary.

                                       E-5

<PAGE>

         The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer with the consent of the Insurer and of the Holders of Notes
representing 66 2/3% of the Outstanding Amount of the Notes, voting together as
a single Class. The Indenture also contains provisions permitting the Holders of
Notes representing specified percentages of the Outstanding Amount of the Notes,
on behalf of the Holders of all the Notes, to waive compliance by the Issuer
with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of
this Note (or any one of more Predecessor Notes) shall be conclusive and binding
upon such Holder and upon all future Holders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange hereof or in lieu hereof
whether or not notation of such consent or waiver is made upon this Note. The
Indenture also permits the Trustee to amend or waive certain terms and
conditions set forth in the Indenture without the consent of Holders of the
Notes issued thereunder.

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

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

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

                                       E-6

<PAGE>

                                                                       EXHIBIT F

                             FORM OF CLASS A-3B NOTE

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

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

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

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

                        WFS FINANCIAL 2003-3 OWNER TRUST

                         FLOATING RATE CLASS A-3B NOTES

REGISTERED                                                       $367,000,000.00

No. R-A3B                                                  CUSIP NO. 92927A AD 6

         WFS Financial 2003-3 Owner Trust, a statutory trust organized and
existing under the laws of the State of Delaware (the "Issuer"), for value
received, hereby promises to pay to Cede & Co., or registered assigns, the
principal sum of Three Hundred Sixty Seven Million Dollars ($367,000,000.00),
payable to the extent described in the Indenture referred to on the reverse
hereof on each Distribution Date; provided, however, that the entire unpaid
principal amount of this Note shall be payable on the earlier of May 20, 2008
(the "Class A-3 Final Scheduled Distribution Date") and the Redemption Date, if
any, selected pursuant to the Indenture. No payments of principal of the Class
A-3B Notes shall be made until the principal amount of the Class A-1 Notes and
the Class A-2 Notes has been reduced to zero.

                                       F-1

<PAGE>

         The Issuer will pay interest on this Note at the rate per annum equal
to the LIBOR Rate plus 0.13% (to the extent that such rate does not exceed the
maximum rate permitted by applicable law) on each Distribution Date until the
principal of this Note is paid or made available for payment, on the principal
amount of this Note outstanding on the preceding Distribution Date (after giving
effect to all payments of principal made on the preceding Distribution Date), or
on the Closing Date in the case of the first Distribution Date or if no interest
has yet been paid, subject to certain limitations contained in the Indenture.
Interest on this Note will accrue for each Distribution Date from, and
including, the prior Distribution Date on which interest has been paid to, but
excluding, the current Distribution Date or, in the case of the first
Distribution Date or if no interest has yet been paid, from, and including,
August 28, 2003. The Issuer shall pay interest on overdue installments of
interest at the Class A-3B Rate to the extent lawful. Interest will be computed
on the basis of a 360-day year and the actual number of days elapsed during the
related Interest Period. Such principal of and interest on this Note shall be
paid in the manner specified on the reverse hereof.

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

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

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

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

                                       F-2

<PAGE>

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

Date: August __, 2003           WFS FINANCIAL 2003-3 OWNER TRUST

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

                                By: ____________________________________________
                                    Name:
                                    Title:

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

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

                                By: ____________________________________________
                                               Authorized Signatory

                                       F-3

<PAGE>

                          [REVERSE OF CLASS A-3B NOTE]

         This Note is one of a duly authorized issue of Auto Receivable Backed
Notes of the Issuer, designated as Floating Rate Class A-3B Notes (the "Class
A-3B Notes"), all issued under an Indenture, dated as of August 1, 2003 (the
"Indenture"), between the Issuer and Deutsche Bank Trust Company Americas, as
trustee (the "Trustee"), to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Insurer, the Trustee and the Holders
of the Notes. The Notes are subject to all terms of the Indenture. All terms
used in this Note that are defined in the Indenture, as supplemented or amended,
shall have the meanings assigned to them in or pursuant to the Indenture, as so
supplemented or amended.

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

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

         Payments of principal and interest on this Note due and payable on each
Distribution Date or Redemption Date shall be made by check mailed to the Person
whose name appears as the registered Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on the
related Record Date, except that with respect to Notes registered on the Record
Date in the name of the nominee of the Clearing Agency (initially, such nominee
to be Cede & Co.), payments will be made by wire transfer in immediately
available funds to the account designated by such nominee. Such checks shall be
mailed to the Person entitled thereto at the address of such Person as it
appears on the Note Register as of the applicable Record Date without requiring
that this Note be submitted for notation of payment. Any reduction in the
principal amount of this Note (or any one or more Predecessor Notes) affected by
any payments made on any Distribution Date or Redemption Date shall be binding
upon all future Holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not noted hereon. If funds are expected to be available, as provided in the
Indenture, for payment in full of the remaining unpaid principal amount of this
Note on a Distribution Date or Redemption Date, then the Trustee, in the name of
and on behalf of the Issuer, will notify the Person who was the registered
Holder hereof as of the Record Date preceding such Distribution Date or
Redemption Date by notice mailed within 20 days of such Distribution Date or
Redemption Date and the amount then due and payable shall be payable only upon
presentation and surrender of this Note at the Corporate Trust Office of the
Trustee or at the office of the Trustee's agent appointed for such purposes
located in The City of New York.

                                       F-4

<PAGE>

         As provided in the Indenture, the Notes may be redeemed pursuant to the
Indenture, in whole, but not in part, at the option of the Seller, on any
Distribution Date following the last day of a Due Period as of which the
Aggregate Principal Balance is less than or equal to $165,000,000.

         As provided in the Indenture and subject to certain limitations set
forth therein, the transfer of this Note may be registered on the Note Register
upon surrender of this Note for registration of transfer at the office or agency
designated by the Issuer pursuant to the Indenture. No service charge will be
charged for any registration of transfer or exchange of this Note, but the
transferor may be required to pay a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any such registration
of transfer or exchange.

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

         Each Noteholder or Note Owner, by acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that by
accepting the benefits of the Indenture and such Note that such Noteholder or
Note Owner will not at any time institute against the Seller or the Issuer, or
join in any institution against the Seller or the Issuer of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings under any
United States federal or state bankruptcy or similar law in connection with any
obligations relating to the Notes, the Indenture or the other Basic Documents.

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

         Prior to the due presentment for registration of transfer of this Note,
the Issuer, the Trustee and the Insurer and any agent of the Issuer, the Trustee
or the Insurer may treat the Person in whose name this Note (as of the day of
determination or as of such other date as may be specified in the Indenture) is
registered as the owner hereof for all purposes, whether or not this Note be
overdue, and neither the Issuer, the Trustee nor any such agent shall be
affected by notice to the contrary.

                                       F-5

<PAGE>

         The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer with the consent of the Insurer and of the Holders of Notes
representing 66 2/3%of the Outstanding Amount of the Notes, voting together as a
single Class. The Indenture also contains provisions permitting the Holders of
Notes representing specified percentages of the Outstanding Amount of the Notes,
on behalf of the Holders of all the Notes, to waive compliance by the Issuer
with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of
this Note (or any one of more Predecessor Notes) shall be conclusive and binding
upon such Holder and upon all future Holders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange hereof or in lieu hereof
whether or not notation of such consent or waiver is made upon this Note. The
Indenture also permits the Trustee to amend or waive certain terms and
conditions set forth in the Indenture without the consent of Holders of the
Notes issued thereunder.

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

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

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

                                       F-6

<PAGE>

                                                                       EXHIBIT G

                             FORM OF CLASS A-4 NOTES

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

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

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

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

                        WFS FINANCIAL 2003-3 OWNER TRUST

                              3.25% CLASS A-4 NOTE

REGISTERED                                                       $400,000,000.00

No. R-A4-1                                                 CUSIP NO. 92927A AE 4

         WFS Financial 2003-3 Owner Trust, a statutory trust organized and
existing under the laws of the State of Delaware (the "Issuer"), for value
received, hereby promises to pay to Cede & Co., or registered assigns, the
principal sum of Four Hundred Million Dollars ($400,000,000.00), payable on each
Distribution Date in an amount equal to the result obtained by multiplying (i) a
fraction the numerator of which is $400,000,000.00 and the denominator of which
is $435,000,000.00 by (ii) the aggregate amount, if any, payable from the Note
Distribution Account in respect of principal on the Class A-4 Notes pursuant to
the extent described in the Indenture referred to on the reverse hereof;
provided, however, that the entire unpaid principal amount of this Note shall be
payable on the earlier of May 20, 2011 (the "Class A-4 Final Scheduled
Distribution Date") and the Redemption Date, if any, selected pursuant to the
Indenture. No payments of principal of the Class A-4 Notes shall be made until
the principal

                                       G-1

<PAGE>

amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3A Notes and the
Class A-3B Notes has been reduced to zero.

         The Issuer will pay interest on this Note at the rate per annum shown
above on each Distribution Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note outstanding on the
preceding Distribution Date (after giving effect to all payments of principal
made on the preceding Distribution Date), or on the Closing Date in the case of
the first Distribution Date or if no interest has yet been paid, subject to
certain limitations contained in the Indenture. Interest on this Note will
accrue for each Distribution Date from, and including, the 20th day of the month
of the prior Distribution Date on which interest has been paid to, but
excluding, the 20th day of the month of the current Distribution Date or, in the
case of the first Distribution Date or if no interest has yet been paid, from,
and including, August 28, 2003. The Issuer shall pay interest on overdue
installments of interest at the Class A-4 Rate to the extent lawful. Interest
will be computed on the basis of a 360-day year consisting of twelve 30-day
months. Such principal of and interest on this Note shall be paid in the manner
specified on the reverse hereof.

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

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

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

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

                                       G-2

<PAGE>

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

Date: August __, 2003           WFS FINANCIAL 2003-3 OWNER TRUST

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

                                By: ____________________________________________
                                    Name:
                                    Title:

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

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

                                By: ____________________________________________
                                               Authorized Signatory

                                      G-3

<PAGE>

                           [REVERSE OF CLASS A-4 NOTE]

         This Note is one of a duly authorized issue of Auto Receivable Backed
Notes of the Issuer, designated as its 3.25% Class A-4 Notes (the "Class A-4
Notes"), all issued under an Indenture, dated as of August 1, 2003 (the
"Indenture"), between the Issuer and Deutsche Bank Trust Company Americas, as
trustee (the "Trustee"), to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Insurer, the Trustee and the Holders
of the Notes. The Notes are subject to all terms of the Indenture. All terms
used in this Note that are defined in the Indenture, as supplemented or amended,
shall have the meanings assigned to them in or pursuant to the Indenture, as so
supplemented or amended.

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

         Principal payable on the Class A-4 Notes will be paid on each
Distribution Date in the amount specified in the Indenture and in the Sale and
Servicing Agreement. As described above, the entire unpaid principal amount of
this Note will be payable on the earlier of the Class A-4 Final Scheduled
Distribution Date and the Redemption Date, if any, selected pursuant to the
Indenture. Notwithstanding the foregoing, under certain circumstances, the
entire unpaid principal amount of the Class A-4 Notes shall be due and payable
following the occurrence and continuance of an Event of Default, as described in
the Indenture. All principal payments on the Class A-4 Notes shall be made pro
rata to the Class A-4 Noteholders entitled thereto.

         Payments of principal and interest on this Note due and payable on each
Distribution Date or Redemption Date shall be made by check mailed to the Person
whose name appears as the registered Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on the
related Record Date, except that with respect to Notes registered on the Record
Date in the name of the nominee of the Clearing Agency (initially, such nominee
to be Cede & Co.), payments will be made by wire transfer in immediately
available funds to the account designated by such nominee. Such checks shall be
mailed to the Person entitled thereto at the address of such Person as it
appears on the Note Register as of the applicable Record Date without requiring
that this Note be submitted for notation of payment. Any reduction in the
principal amount of this Note (or any one or more Predecessor Notes) affected by
any payments made on any Distribution Date or Redemption Date shall be binding
upon all future Holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not noted hereon. If funds are expected to be available, as provided in the
Indenture, for payment in full of the remaining unpaid principal amount of this
Note on a Distribution Date or Redemption Date, then the Trustee, in the name of
and on behalf of the Issuer, will notify the Person who was the registered
Holder hereof as of the Record Date preceding such Distribution Date or
Redemption Date by notice mailed within 20 days of such Distribution Date or
Redemption Date and the amount then due and payable shall be payable only upon
presentation and surrender of this Note at the Corporate Trust Office of the
Trustee or at the office of the Trustee's agent appointed for such purposes
located in The City of New York.

                                       G-4

<PAGE>

         As provided in the Indenture, the Notes may be redeemed pursuant to the
Indenture, in whole, but not in part, at the option of the Seller, on any
Distribution Date following the last day of a Due Period as of which the
Aggregate Principal Balance is less than or equal to $165,000,000.

         As provided in the Indenture and subject to certain limitations set
forth therein, the transfer of this Note may be registered on the Note Register
upon surrender of this Note for registration of transfer at the office or agency
designated by the Issuer pursuant to the Indenture. No service charge will be
charged for any registration of transfer or exchange of this Note, but the
transferor may be required to pay a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any such registration
of transfer or exchange.

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

         Each Noteholder or Note Owner, by acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that by
accepting the benefits of the Indenture and such Note that such Noteholder or
Note Owner will not at any time institute against the Seller or the Issuer, or
join in any institution against the Seller or the Issuer of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings under any
United States federal or state bankruptcy or similar law in connection with any
obligations relating to the Notes, the Indenture or the other Basic Documents.

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

         Prior to the due presentment for registration of transfer of this Note,
the Issuer, the Trustee and the Insurer and any agent of the Issuer, the Trustee
or the Insurer may treat the Person in whose name this Note (as of the day of
determination or as of such other date as may be specified in the Indenture) is
registered as the owner hereof for all purposes, whether or not this Note be
overdue, and neither the Issuer, the Trustee nor any such agent shall be
affected by notice to the contrary.

                                       G-5

<PAGE>

         The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer with the consent of the Insurer and of the Holders of Notes
representing 66 2/3% of the Outstanding Amount of the Notes, voting together as
single class. The Indenture also contains provisions permitting the Holders of
Notes representing specified percentages of the Outstanding Amount of the Notes,
on behalf of the Holders of all the Notes, to waive compliance by the Issuer
with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of
this Note (or any one of more Predecessor Notes) shall be conclusive and binding
upon such Holder and upon all future Holders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange hereof or in lieu hereof
whether or not notation of such consent or waiver is made upon this Note. The
Indenture also permits the Trustee to amend or waive certain terms and
conditions set forth in the Indenture without the consent of Holders of the
Notes issued thereunder.

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

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

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

                                       G-6

<PAGE>

                                                                       EXHIBIT G

                             FORM OF CLASS A-4 NOTES

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

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

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

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

                        WFS FINANCIAL 2003-3 OWNER TRUST

                              3.25% CLASS A-4 NOTE

REGISTERED                                                        $35,000,000.00

No. R-A4-2                                                 CUSIP NO. 92927A AE 4

         WFS Financial 2003-3 Owner Trust, a statutory trust organized and
existing under the laws of the State of Delaware (the "Issuer"), for value
received, hereby promises to pay to Cede & Co., or registered assigns, the
principal sum of Thirty Five Million Dollars ($35,000,000.00), payable on each
Distribution Date in an amount equal to the result obtained by multiplying (i) a
fraction the numerator of which is $35,000,000.00 and the denominator of which
is $435,000,000.00 by (ii) the aggregate amount, if any, payable from the Note
Distribution Account in respect of principal on the Class A-4 Notes pursuant to
the extent described in the Indenture referred to on the reverse hereof;
provided, however, that the entire unpaid principal amount of this Note shall be
payable on the earlier of May 20, 2011 (the "Class A-4 Final Scheduled
Distribution Date") and the Redemption Date, if any, selected pursuant to the
Indenture. No payments of principal of the Class A-4 Notes shall be made until
the principal

                                      G-1

<PAGE>

amount of the Class A-1 Notes, the Class A-2 Notes, the Class A-3A Notes and the
Class A-3B Notes has been reduced to zero.

         The Issuer will pay interest on this Note at the rate per annum shown
above on each Distribution Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note outstanding on the
preceding Distribution Date (after giving effect to all payments of principal
made on the preceding Distribution Date), or on the Closing Date in the case of
the first Distribution Date or if no interest has yet been paid, subject to
certain limitations contained in the Indenture. Interest on this Note will
accrue for each Distribution Date from, and including, the 20th day of the month
of the prior Distribution Date on which interest has been paid to, but
excluding, the 20th day of the month of the current Distribution Date or, in the
case of the first Distribution Date or if no interest has yet been paid, from,
and including, August 28, 2003. The Issuer shall pay interest on overdue
installments of interest at the Class A-4 Rate to the extent lawful. Interest
will be computed on the basis of a 360-day year consisting of twelve 30-day
months. Such principal of and interest on this Note shall be paid in the manner
specified on the reverse hereof.

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

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

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

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

                                       G-2

<PAGE>

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

Date: August __, 2003           WFS FINANCIAL 2003-3 OWNER TRUST

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

                                By: ____________________________________________
                                    Name:
                                    Title:

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

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

                                By: ____________________________________________
                                                Authorized Signatory

                                       G-3

<PAGE>

                           [REVERSE OF CLASS A-4 NOTE]

         This Note is one of a duly authorized issue of Auto Receivable Backed
Notes of the Issuer, designated as its 3.25% Class A-4 Notes (the "Class A-4
Notes"), all issued under an Indenture, dated as of August 1, 2003 (the
"Indenture"), between the Issuer and Deutsche Bank Trust Company Americas, as
trustee (the "Trustee"), to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Insurer, the Trustee and the Holders
of the Notes. The Notes are subject to all terms of the Indenture. All terms
used in this Note that are defined in the Indenture, as supplemented or amended,
shall have the meanings assigned to them in or pursuant to the Indenture, as so
supplemented or amended.

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

         Principal payable on the Class A-4 Notes will be paid on each
Distribution Date in the amount specified in the Indenture and in the Sale and
Servicing Agreement. As described above, the entire unpaid principal amount of
this Note will be payable on the earlier of the Class A-4 Final Scheduled
Distribution Date and the Redemption Date, if any, selected pursuant to the
Indenture. Notwithstanding the foregoing, under certain circumstances, the
entire unpaid principal amount of the Class A-4 Notes shall be due and payable
following the occurrence and continuance of an Event of Default, as described in
the Indenture. All principal payments on the Class A-4 Notes shall be made pro
rata to the Class A-4 Noteholders entitled thereto.

         Payments of principal and interest on this Note due and payable on each
Distribution Date or Redemption Date shall be made by check mailed to the Person
whose name appears as the registered Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on the
related Record Date, except that with respect to Notes registered on the Record
Date in the name of the nominee of the Clearing Agency (initially, such nominee
to be Cede & Co.), payments will be made by wire transfer in immediately
available funds to the account designated by such nominee. Such checks shall be
mailed to the Person entitled thereto at the address of such Person as it
appears on the Note Register as of the applicable Record Date without requiring
that this Note be submitted for notation of payment. Any reduction in the
principal amount of this Note (or any one or more Predecessor Notes) affected by
any payments made on any Distribution Date or Redemption Date shall be binding
upon all future Holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not noted hereon. If funds are expected to be available, as provided in the
Indenture, for payment in full of the remaining unpaid principal amount of this
Note on a Distribution Date or Redemption Date, then the Trustee, in the name of
and on behalf of the Issuer, will notify the Person who was the registered
Holder hereof as of the Record Date preceding such Distribution Date or
Redemption Date by notice mailed within 20 days of such Distribution Date or
Redemption Date and the amount then due and payable shall be payable only upon
presentation and surrender of this Note at the Corporate Trust Office of the
Trustee or at the office of the Trustee's agent appointed for such purposes
located in The City of New York.

                                       G-4

<PAGE>

         As provided in the Indenture, the Notes may be redeemed pursuant to the
Indenture, in whole, but not in part, at the option of the Seller, on any
Distribution Date following the last day of a Due Period as of which the
Aggregate Principal Balance is less than or equal to $165,000,000.

         As provided in the Indenture and subject to certain limitations set
forth therein, the transfer of this Note may be registered on the Note Register
upon surrender of this Note for registration of transfer at the office or agency
designated by the Issuer pursuant to the Indenture. No service charge will be
charged for any registration of transfer or exchange of this Note, but the
transferor may be required to pay a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any such registration
of transfer or exchange.

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

         Each Noteholder or Note Owner, by acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that by
accepting the benefits of the Indenture and such Note that such Noteholder or
Note Owner will not at any time institute against the Seller or the Issuer, or
join in any institution against the Seller or the Issuer of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings under any
United States federal or state bankruptcy or similar law in connection with any
obligations relating to the Notes, the Indenture or the other Basic Documents.

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

         Prior to the due presentment for registration of transfer of this Note,
the Issuer, the Trustee and the Insurer and any agent of the Issuer, the Trustee
or the Insurer may treat the Person in whose name this Note (as of the day of
determination or as of such other date as may be specified in the Indenture) is
registered as the owner hereof for all purposes, whether or not this Note be
overdue, and neither the Issuer, the Trustee nor any such agent shall be
affected by notice to the contrary.

                                       G-5

<PAGE>

         The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer with the consent of the Insurer and of the Holders of Notes
representing 66 2/3% of the Outstanding Amount of the Notes, voting together as
single class. The Indenture also contains provisions permitting the Holders of
Notes representing specified percentages of the Outstanding Amount of the Notes,
on behalf of the Holders of all the Notes, to waive compliance by the Issuer
with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of
this Note (or any one of more Predecessor Notes) shall be conclusive and binding
upon such Holder and upon all future Holders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange hereof or in lieu hereof
whether or not notation of such consent or waiver is made upon this Note. The
Indenture also permits the Trustee to amend or waive certain terms and
conditions set forth in the Indenture without the consent of Holders of the
Notes issued thereunder.

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

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

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

                                       G-6

<PAGE>

                                                                       EXHIBIT H

                             FORM OF NOTE ASSIGNMENT

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

PLEASE INSERT SOCIAL SECURITY OR
OTHER IDENTIFYING NUMBER OF ASSIGNEE

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

________________________________________________________________________________
the within Note, and all rights thereunder, hereby irrevocably constituting and
appointing

________________________________________________________________________________
to transfer said Note on the books kept for registration thereof, with full
power of substitution in the premises.

Dated: _____________________

Signature Guaranteed By:

____________________________________    ________________________________________
Signature must be guaranteed by an      Notice: The signature(s)on this
eligible guarantor institution which    assignment must correspond with the
is a participant in the Securities      name(s) as it appears on the face of the
Transfer Agent's Medallion Program      within Note in every particular, without
(STAMP) or similar signature            alteration, enlargement, or any change
guarantee program.                      whatsoever.

____________________________________
        (Authorized Officer)

                                       H-1

<PAGE>

                                                                       EXHIBIT I

                               FORM OF NOTE POLICY

                                       I-1

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