Document:

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                                                                     EXHIBIT 4.1

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                      CAPITAL ONE AUTO FINANCE TRUST 200  -
                                                        -- --

                     Class A-1     % Loan Asset Backed Notes
                               ----
                     Class A-2     % Loan Asset Backed Notes
                               ----
                     Class A-3     % Loan Asset Backed Notes
                               ----
                     Class A-4     % Loan Asset Backed Notes
                               ----
                      Class B     % Loan Asset Backed Notes
                              ----

                                   ----------

                                    INDENTURE

                            Dated as of        , 200
                                        -------     --

                                   ----------

              [NAME OF INDENTURE TRUSTEE], as the Indenture Trustee

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                             CROSS REFERENCE TABLE/1/

  TIA                                                                 Indenture
Section                                                                Section
-------                                                               ---------
310       (a)(1)...................................................   6.11
          (a)(2)...................................................   6.11
          (a)(3)...................................................   6.10; 6.11
          (a)(4)...................................................   N.A/2/
          (a)(5)...................................................   6.11
          (b)......................................................   6.8; 6.11
          (c)......................................................   N.A.
311       (a)......................................................   6.12
          (b)......................................................   6.12
          (c)......................................................   N.A.
312       (a)......................................................   7.1
          (b)......................................................   7.2
          (c)......................................................   7.2
313       (a)......................................................   7.3
          (b)(1)...................................................   7.3
          (b)(2)...................................................   7.3
          (c)......................................................   7.3
          (d)......................................................   7.3
314       (a)......................................................   3.9
          (b)......................................................   11.15, 3.6
          (c)(1)...................................................   11.15
          (c)(2)...................................................   11.1
          (c)(3)...................................................   11.1
          (d)......................................................   11.1
          (e)......................................................   11.1
          (f)......................................................   N.A.
315       (a)......................................................   6.1(b)
          (b)......................................................   6.5(b)
          (c)......................................................   6.1(a)
          (d)......................................................   6.1(c)
          (e)......................................................   5.13
316       (a)(1)(A)................................................   5.11
          (a)(1)(B)................................................   5.12
          (a)(2)...................................................   N.A.
          (b)......................................................   5.7
          (c)......................................................   5.6(b)
317       (a)(1)...................................................   5.3(b)
          (a)(2)...................................................   5.3(d)
          (b)......................................................   3.3
318       (a)......................................................   11.7

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     Note: This Cross Reference Table shall not, for any purpose, be deemed to
     be part of this Indenture. N.A. means Not Applicable.

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                                TABLE OF CONTENTS

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ARTICLE I     DEFINITIONS AND INCORPORATION BY REFERENCE.............................................2

   SECTION 1.1     Definitions.......................................................................2

   SECTION 1.2     Incorporation by Reference of Trust Indenture Act.................................2

   SECTION 1.3     Other Interpretive Provisions.....................................................2

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

   SECTION 2.1     Form..............................................................................3

   SECTION 2.2     Execution, Authentication and Delivery............................................3

   SECTION 2.3     Temporary Notes...................................................................3

   SECTION 2.4     Registration of Transfer and Exchange.............................................4

   SECTION 2.5     Mutilated, Destroyed, Lost or Stolen Notes........................................5

   SECTION 2.6     Persons Deemed Owners.............................................................6

   SECTION 2.7     Payment of Principal and Interest; Defaulted Interest.............................6

   SECTION 2.8     Cancellation......................................................................7

   SECTION 2.9     Release of Collateral.............................................................7

   SECTION 2.10    Book-Entry Notes..................................................................7

   SECTION 2.11    Notices to Clearing Agency........................................................8

   SECTION 2.12    Definitive Notes..................................................................8

   SECTION 2.13    Authenticating Agents.............................................................9

   SECTION 2.14    Tax Treatment.....................................................................9

ARTICLE III   COVENANTS.............................................................................10

   SECTION 3.1     Payment of Principal and Interest................................................10

   SECTION 3.2     Maintenance of Office or Agency..................................................10

   SECTION 3.3     Money for Payments To Be Held in Trust...........................................10

   SECTION 3.4     Existence........................................................................12

   SECTION 3.5     Protection of Collateral.........................................................12

   SECTION 3.6     Opinions as to Collateral........................................................12

   SECTION 3.7     Performance of Obligations; Servicing of Receivables.............................13

   SECTION 3.8     Negative Covenants...............................................................13

   SECTION 3.9     Annual Compliance Statement......................................................14

   SECTION 3.10    Servicer's Obligations...........................................................15

   SECTION 3.11    Restrictions on Certain Other Activities.........................................15

   SECTION 3.12    Restricted Payments..............................................................15
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   SECTION 3.13    Notice of Events of Default......................................................16

   SECTION 3.14    Further Instruments and Acts.....................................................16

   SECTION 3.15    Compliance with Laws.............................................................16

   SECTION 3.16    Removal of Administrator.........................................................16

   SECTION 3.17    Perfection Representations.......................................................16

ARTICLE IV    SATISFACTION AND DISCHARGE............................................................16

   SECTION 4.1     Satisfaction and Discharge of Indenture..........................................16

   SECTION 4.2     Application of Trust Money.......................................................17

   SECTION 4.3     Repayment of Monies Held by Paying Agent.........................................17

ARTICLE V     REMEDIES..............................................................................18

   SECTION 5.1     Events of Default................................................................18

   SECTION 5.2     Acceleration of Maturity; Waiver of Event of Default.............................19

   SECTION 5.3     Collection of Indebtedness and Suits for Enforcement by the Indenture
                      Trustee.......................................................................20

   SECTION 5.4     Remedies; Priorities.............................................................22

   SECTION 5.5     Optional Preservation of the Collateral..........................................24

   SECTION 5.6     Limitation of Suits..............................................................24

   SECTION 5.7     Unconditional Rights of Noteholders To Receive Principal and Interest............25

   SECTION 5.8     Restoration of Rights and Remedies...............................................25

   SECTION 5.9     Rights and Remedies Cumulative...................................................25

   SECTION 5.10    Delay or Omission Not a Waiver...................................................25

   SECTION 5.11    Control by Noteholders...........................................................26

   SECTION 5.12    Waiver of Past Defaults..........................................................26

   SECTION 5.13    Undertaking for Costs............................................................27

   SECTION 5.14    Waiver of Stay or Extension Laws.................................................27

   SECTION 5.15    Action on Notes..................................................................27

   SECTION 5.16    Performance and Enforcement of Certain Obligations...............................27

   SECTION 5.17    Sale of Collateral...............................................................28

ARTICLE VI    THE INDENTURE TRUSTEE.................................................................28

   SECTION 6.1     Duties of the Indenture Trustee..................................................28
</TABLE>

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   SECTION 6.2     Rights of the Indenture Trustee..................................................30

   SECTION 6.3     Individual Rights of the Indenture Trustee.......................................30

   SECTION 6.4     The Indenture Trustee's Disclaimer...............................................31

   SECTION 6.5     Notice of Defaults...............................................................31

   SECTION 6.6     Reports by the Indenture Trustee to Noteholders..................................31

   SECTION 6.7     Compensation and Indemnity.......................................................31

   SECTION 6.8     Removal, Resignation and Replacement of the Indenture Trustee....................32

   SECTION 6.9     Successor Indenture Trustee by Merger............................................33

   SECTION 6.10    Appointment of Co-Indenture Trustee or Separate Indenture Trustee................34

   SECTION 6.11    Eligibility; Disqualification....................................................35

   SECTION 6.12    Preferential Collection of Claims Against the Issuer.............................35

ARTICLE VII   NOTEHOLDERS' LISTS AND REPORTS........................................................35

   SECTION 7.1     The Issuer to Furnish the Indenture Trustee Names and Addresses of
                      Noteholders...................................................................35

   SECTION 7.2     Preservation of Information; Communications to Noteholders.......................35

   SECTION 7.3     Reports by the Indenture Trustee.................................................36

ARTICLE VIII  ACCOUNTS, DISBURSEMENTS AND RELEASES..................................................36

   SECTION 8.1     Collection of Money..............................................................36

   SECTION 8.2     Trust Accounts...................................................................36

   SECTION 8.3     General Provisions Regarding Accounts............................................37

   SECTION 8.4     Release of Collateral............................................................38

   SECTION 8.5     Opinion of Counsel...............................................................39

ARTICLE IX    SUPPLEMENTAL INDENTURES...............................................................39

   SECTION 9.1     Supplemental Indentures Without Consent of Noteholders...........................39

   SECTION 9.2     Supplemental Indentures with Consent of Noteholders..............................40

   SECTION 9.3     Execution of Supplemental Indentures.............................................42

   SECTION 9.4     Effect of Supplemental Indenture.................................................42

   SECTION 9.5     Conformity With Trust Indenture Act..............................................42

   SECTION 9.6     Reference in Notes to Supplemental Indentures....................................42
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ARTICLE X     REDEMPTION OF NOTES...................................................................43

   SECTION 10.1    Redemption.......................................................................43

   SECTION 10.2    Form of Redemption Notice........................................................43

   SECTION 10.3    Notes Payable on Redemption Date.................................................44

ARTICLE XI    MISCELLANEOUS.........................................................................44

   SECTION 11.1    Compliance Certificates and Opinions, etc........................................44

   SECTION 11.2    Form of Documents Delivered to the Indenture Trustee.............................45

   SECTION 11.3    Acts of Noteholders..............................................................46

   SECTION 11.4    Notices..........................................................................47

   SECTION 11.5    Notices to Noteholders; Waiver...................................................47

   SECTION 11.6    Alternate Payment and Notice Provisions..........................................48

   SECTION 11.7    Conflict with Trust Indenture Act................................................48

   SECTION 11.8    Effect of Headings and Table of Contents.........................................48

   SECTION 11.9    Successors and Assigns...........................................................48

   SECTION 11.10   Separability.....................................................................48

   SECTION 11.11   Benefits of Indenture............................................................48

   SECTION 11.12   Legal Holidays...................................................................48

   SECTION 11.13   GOVERNING LAW....................................................................49

   SECTION 11.14   Counterparts.....................................................................49

   SECTION 11.15   Recording of Indenture...........................................................49

   SECTION 11.16   Trust Obligation.................................................................49

   SECTION 11.17   No Petition......................................................................49

   SECTION 11.18   Intent...........................................................................50

   SECTION 11.19   Submission to Jurisdiction.......................................................50

   SECTION 11.20   Subordination of Claims..........................................................50

   SECTION 11.21   Limitation of Liability of Owner Trustee.........................................51

Exhibit A   Form of Notes
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     This INDENTURE, dated as of        , 200  (as amended, modified or
                                 -------     --
supplemented from time to time, this "Indenture"), is between CAPITAL ONE AUTO
FINANCE TRUST 200  -  , a Delaware statutory trust (the "Issuer"), and [NAME OF
                 -- --
INDENTURE TRUSTEE], a               , solely as trustee and not in its
                      --------------
individual capacity (the "Indenture Trustee").

     Each party agrees as follows for the benefit of the other party and the
equal and ratable benefit of the Holders of the Issuer's Class A-1     % Auto
                                                                   ----
Loan Asset Backed Notes (the "Class A-1 Notes"), Class A-2     % Auto Loan Asset
                                                           ----
Backed Notes (the "Class A-2 Notes"), Class A-3     % Auto Loan Asset Backed
                                                ----
Notes (the "Class A-3 Notes"), the Class A-4     % Auto Loan Asset Backed Notes
                                             ----
(the "Class A-4 Notes"; together with the Class A-1 Notes, the Class A-2 Notes
and the Class A-3 Notes, the "Class A Notes"), and then for the equal and
ratable benefit of the Holders of the Issuer's Class B     % Auto Loan Asset
                                                       ----
Backed Notes (the "Class B Notes"; and together with the Class A Notes, the
"Notes").

                                 GRANTING CLAUSE

     The Issuer, 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 except as set forth herein, and to secure
compliance with the provisions of this Indenture, hereby Grants in trust to the
Indenture Trustee on the Closing Date, as trustee for the benefit of the
Noteholders, all of the Issuer's right, title and interest, whether now owned or
hereafter acquired, in and to (i) the Trust Estate and (ii) all present and
future claims, demands, causes and choses in action in respect of any or all of
the Trust Estate and all payments on or under and all proceeds of every kind and
nature whatsoever in respect of any or all of the Trust Estate, 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, securities, financial assets and other
property which at any time constitute all or part of or are included in the
proceeds of any of the Trust Estate (collectively, the "Collateral").

     The Indenture Trustee, on behalf of the Noteholders, acknowledges the
foregoing Grant, accepts the trusts under this Indenture and agrees to perform
its duties required in this Indenture in accordance with the provisions of this
Indenture.

     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 except as set forth
herein, and to secure compliance with the provisions of this Indenture, all as
provided in this Indenture.

     Without limiting the foregoing Grant, any Receivable purchased by the
Seller or the Servicer pursuant to Section 2.3 or Section 3.6, respectively, of
the Sale and Servicing Agreement shall be deemed to be automatically released
from the lien of this Indenture without any action being taken by the Indenture
Trustee upon payment by the Seller or the Servicer, as applicable, of the
related Repurchase Price for such Repurchased Receivable.

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              ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE

     SECTION 1.1 Definitions. Capitalized terms are used in this Indenture as
defined in Appendix A to the Sale and Servicing Agreement dated as of
      , 200  (as amended, modified or supplemented from time to time, the
------     --
"Sale and Servicing Agreement"), among Capital One Auto Receivables LLC, as
seller, the Issuer, Capital One Auto Finance, Inc., as servicer, and the
Indenture Trustee.

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

     "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 Indenture Trustee.

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

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

     SECTION 1.3 Other Interpretive Provisions. All terms defined in this
Indenture shall have the defined meanings when used in any certificate or other
document delivered pursuant hereto unless otherwise defined therein. For
purposes of this Indenture and all such certificates and other documents, unless
the context otherwise requires: (a) accounting terms not otherwise defined in
this Indenture, and accounting terms partly defined in this Indenture to the
extent not defined, shall have the respective meanings given to them under GAAP
(provided, that, to the extent that the definitions in this Indenture and GAAP
conflict, the definitions in this Indenture shall control); (b) the words
"hereof," "herein" and "hereunder" and words of similar import refer to this
Indenture as a whole and not to any particular provision of this Indenture; (c)
references to any Article, Section, Schedule or Exhibit are references to
Articles, Sections, Schedules and Exhibits in or to this Indenture and
references to any paragraph, subsection, clause or other subdivision within any
Section or definition refer to such paragraph, subsection, clause or other
subdivision of such Section or definition; (d) the term "including" and all
variations thereof means "including without limitation"; (e) except as otherwise
expressly provided herein, references to any law or regulation refer to that law
or regulation as amended from time to time and include any successor law or
regulation; (f) references to any Person include that Person's successors and
assigns; and (g) headings are for purposes of reference only and shall not
otherwise affect the meaning or interpretation of any provision hereof.

                                        2

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                              ARTICLE II THE NOTES

     SECTION 2.1 Form. The Class A-1 Notes, Class A-2 Notes, Class A-3 Notes,
Class A-4 Notes and Class B Notes, in each case together with the Indenture
Trustee's certificate of authentication, shall be in substantially the form set
forth in Exhibit A hereto, respectively, with such appropriate insertions,
omissions, substitutions and other variations as are required or permitted by
this Indenture and may have such letters, numbers or other marks of
identification and such legends or endorsements placed thereon as may,
consistently herewith, be determined by the officers executing the 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 Exhibit A hereto are part of the terms of this Indenture.

     SECTION 2.2 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 Indenture Trustee shall, upon Issuer Order, authenticate and deliver
Class A-1 Notes for original issue in an aggregate outstanding principal amount
of $          , Class A-2 Notes for original issue in an aggregate outstanding
    ----------
principal amount of $          , Class A-3 Notes for original issue in an
                     ----------
aggregate outstanding principal amount of $          , Class A-4 Notes for
                                           ----------
original issue in an aggregate outstanding principal amount of $           and
                                                                ----------
Class B Notes for original issue in an aggregate outstanding principal amount of
$          . The aggregate outstanding principal amount of Class A-1 Notes,
 ----------
Class A-2 Notes, Class A-3 Notes, Class A-4 Notes and Class B Notes outstanding
at any time may not exceed such amounts except as provided in Section 2.5.

     Each Note shall be dated the date of its authentication. The Notes shall be
issuable as registered Notes in the minimum denomination of $250,000 and in
integral multiples of $1,000 in excess thereof (except for one Note of each
Class which may be issued in a denomination other than an integral multiple of
$1,000).

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

     SECTION 2.3 Temporary Notes. Pending the preparation of Definitive Notes,
the Issuer may execute, and upon receipt of an the Issuer Order, the Indenture
Trustee shall authenticate and deliver, temporary Notes which are printed,
lithographed, typewritten, mimeographed or

                                        3

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otherwise produced, of the tenor of the Definitive Notes in lieu of which they
are issued and with such variations not inconsistent with the terms of this
Indenture as the officers executing such Notes may determine, as evidenced by
their execution of such Notes.

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

     SECTION 2.4 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 Indenture Trustee shall
initially be "Note Registrar" for the purpose of registering Notes and transfers
of Notes as herein provided. Upon any resignation of any Note Registrar, the
Issuer shall promptly appoint a successor or, if it elects not to make such an
appointment, assume the duties of Note Registrar.

     If a Person other than the Indenture Trustee is appointed by the Issuer as
Note Registrar, the Issuer shall give the Indenture Trustee prompt written
notice of the appointment of such Note Registrar and of the location, and any
change in the location, of the Note Register, and the Indenture Trustee shall
have the right to inspect the Note Register at all reasonable times and to
obtain copies thereof, and the Indenture Trustee shall have the right to
conclusively rely upon a certificate executed on behalf of Note Registrar by a
Responsible Officer thereof as to the names and addresses of the Noteholders 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 3.2, if the
requirements of Section 8-401 of the UCC are met, the Issuer shall execute and
upon its written request the Indenture Trustee shall authenticate and the
Noteholder shall obtain from the Indenture Trustee, in the name of the
designated transferee or transferees, one or more new Notes, in any authorized
denominations, of the same Class and a like aggregate outstanding principal
amount.

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

                                        4

<PAGE>

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

     Every Note presented or surrendered for registration of transfer or
exchange shall be (i) duly endorsed by, or be accompanied by a written
instrument of transfer in form and substance satisfactory to the Issuer and the
Indenture Trustee duly executed by the Noteholder thereof or its
attorney-in-fact duly authorized in writing, with such signature guaranteed by
an "eligible grantor institution" meeting the requirements of the Note Registrar
which requirements include membership or participation in a Securities Transfer
Agents Medallion Program ("Stamp") or such other "signature guarantee program"
as may be determined by the Note Registrar in addition to, or in substitution
for, Stamp, all in accordance with the Exchange Act and (ii) accompanied by such
other documents as the Indenture Trustee may require.

     No service charge shall be made to a Noteholder for any registration of
transfer or exchange of Notes, but the Issuer may require payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection with any registration of transfer or exchange of Notes, other than
exchanges pursuant to Section 2.3 or Section 9.6 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 any Notes selected for redemption or of any Note for a period of 15
days preceding the due date for any payment with respect to such Note.

     SECTION 2.5 Mutilated, Destroyed, Lost or Stolen Notes. If (i) any
mutilated Note is surrendered to the Indenture Trustee, or the Indenture Trustee
receives evidence to its satisfaction of the destruction, loss or theft of any
Note, and (ii) there is delivered to the Indenture Trustee such security or
indemnity as may be required by it to hold the Issuer and the Indenture Trustee
harmless, then, in the absence of notice to the Issuer, the Note Registrar or
the Indenture Trustee that such Note has been acquired by a "protected
purchaser" (as contemplated by Article 8 of the UCC), and provided that the
requirements of Section 8-405 of the UCC are met, the Issuer shall execute and
upon its written request the Indenture Trustee shall authenticate and deliver,
in exchange for or in lieu of any such mutilated, destroyed, lost or stolen
Note, a replacement Note; provided 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 upon delivery of the security or indemnity
herein required pay such destroyed, lost or stolen Note when so due or payable
or upon the Redemption Date without surrender thereof. If, after the delivery of
such replacement Note or payment of a destroyed, lost or stolen Note pursuant to
the proviso to the preceding sentence, a "protected purchaser" (as contemplated
by 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 and the
Indenture Trustee shall be entitled to recover such replacement Note (or such
payment) from the Person to whom it was delivered or any Person taking such
replacement Note from such Person to whom such replacement Note was delivered or
any assignee of such Person, except a "protected purchaser" (as contemplated by
Article 8 of the UCC), and shall be entitled to recover upon the security or
indemnity provided therefor to the

                                        5

<PAGE>

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

     Upon the issuance of any replacement Note under this Section 2.5, the
Issuer or the Indenture Trustee may require the payment by the Noteholder of a
sum sufficient to cover any tax or other governmental charge that may be imposed
in relation thereto and any other reasonable expenses (including the fees and
expenses of the Indenture Trustee or the Note Registrar) connected therewith.

     Every replacement Note issued pursuant to this Section 2.5 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 2.5 are exclusive and shall preclude (to the
extent lawful) all other rights and remedies with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Notes.

     SECTION 2.6 Persons Deemed Owners. Prior to due presentment for
registration of transfer of any Note, the Issuer, the Indenture Trustee and any
agent of the Issuer or the Indenture Trustee may treat the Person in whose name
any Note is registered (as of the day of determination) as the owner of such
Note for the purpose of receiving payments of principal of and interest, if any,
on such Note and for all other purposes whatsoever, whether or not such Note be
overdue, and neither the Issuer, the Indenture Trustee nor any agent of the
Issuer or the Indenture Trustee shall be affected by notice to the contrary.

     SECTION 2.7 Payment of Principal and Interest; Defaulted Interest. (a) The
Notes shall accrue interest at its respective Interest Rate, and such interest
shall be due and payable on each Payment Date as specified therein, subject to
Sections 3.1 and 8.2. Any installment of interest or principal, if any, due and
payable on any Note which is punctually paid or duly provided for by the Issuer
on the applicable Payment Date shall be paid to the Person in whose name such
Note (or one or more Predecessor Notes) is registered on the Record Date, 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 2.12, 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 Payment Date or on the Final Scheduled Payment Date for such
Class (and except for the Redemption Price for any Note called for redemption
pursuant to Section 10.1) which shall be payable as provided below. The funds
represented by any such checks returned undelivered shall be held in accordance
with Section 3.3.

     (b) The principal of each Note shall be payable in installments on each
Payment Date as provided in Section 8.2. Notwithstanding the foregoing, the
entire unpaid principal amount of the Notes and all accrued interest thereon
shall be due and payable, if not previously paid, on the

                                        6

<PAGE>

earlier of (i) the date on which an Event of Default shall have occurred and be
continuing, if the Indenture Trustee or the Holders of a majority of the
aggregate outstanding principal amount of the Controlling Class, have declared
the Notes to be immediately due and payable in the manner provided in Section
5.2 and (ii) with respect to any Class of Notes, on the Final Scheduled Payment
Date for that Class. All principal payments on each Class of Notes shall be made
pro rata to the Noteholders of such Class entitled thereto. The Indenture
Trustee shall notify the Person in whose name a Note is registered at the close
of business on the Record Date preceding the Payment Date on which Indenture
Trustee expects that the final installment of principal of and interest on such
Note will be paid. Such notice shall be transmitted prior to such final Payment
Date 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 10.2.

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

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

     SECTION 2.9 Release of Collateral. Subject to Section 11.1, the Indenture
Trustee shall release property from the Lien of this Indenture only upon receipt
of an Issuer Request accompanied by an Officer's Certificate, an Opinion of
Counsel and Independent Certificates in accordance with TIA (S)(S) 314(c) and
314(d)(1) or an Opinion of Counsel in lieu of such Independent Certificates to
the effect that the TIA does not require any such Independent Certificates. If
the Commission shall issue an exemptive order under TIA Section 304(d) modifying
the Issuer's obligations under TIA Sections 314(c) and 314(d)(1), subject to
Section 11.1 and the terms of the Transaction Documents, the Indenture Trustee
shall release property from the Lien of this Indenture in accordance with the
conditions and procedures set forth in such exemptive order.

     SECTION 2.10 Book-Entry Notes. The Notes, upon original issuance, will be
issued in the form of typewritten Notes representing the Book-Entry Notes, to be
delivered to the Indenture Trustee, as agent for DTC, the initial Clearing
Agency, by, or on behalf of, the Issuer.

                                        7

<PAGE>

One fully registered Note shall be issued with respect to each $500 million in
principal amount of each Class of Notes and any such lesser amount. 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 shall receive a
Definitive Note representing such Note Owner's interest in such Note, except as
provided in Section 2.12. Unless and until definitive, fully registered Notes
(the "Definitive Notes") have been issued to Note Owners pursuant to Section
2.12:

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

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

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

     (d) 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
or among such Note Owners and the Clearing Agency and/or the Clearing Agency
Participants or Persons acting through Clearing Agency Participants. Pursuant to
the Depository Agreement, unless and until Definitive Notes are issued pursuant
to Section 2.12, the initial Clearing Agency will make book-entry transfers
among the Clearing Agency Participants and receive and transmit payments of
principal of and interest on the Notes to such Clearing Agency Participants; and

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

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

     SECTION 2.12 Definitive Notes. If (a) the Administrator advises the
Indenture Trustee in writing that the Clearing Agency is no longer willing or
able to properly discharge its responsibilities with respect to the Notes, and
the Administrator or the Indenture Trustee is unable to locate a qualified
successor, (b) the Administrator at its option advises the Indenture Trustee in
writing that it elects to terminate the book-entry system through the Clearing

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<PAGE>

Agency or (c) after the occurrence of an Event of Default, Note Owners
representing beneficial interests aggregating at least a majority of the
aggregate outstanding principal amount of the Outstanding Notes, voting together
as a single Class, advise the Indenture Trustee through the Clearing Agency or
its successor in writing that the continuation of a book entry system through
the Clearing Agency or its successor is no longer in the best interests of the
Note Owners, then the Clearing Agency shall notify all Note Owners and the
Indenture Trustee of the occurrence of any such event and of the availability of
Definitive Notes to Note Owners requesting the same. Upon surrender to the
Indenture Trustee of the typewritten Note or Notes representing the Book-Entry
Notes by the Clearing Agency, accompanied by registration instructions, the
Issuer shall execute and the Indenture Trustee shall authenticate the Definitive
Notes in accordance with the instructions of the Clearing Agency. None of the
Issuer, Note Registrar or the Indenture Trustee shall be liable for any delay in
delivery of such instructions and may conclusively rely on, and shall be
protected in relying on, such instructions. Upon the issuance of Definitive
Notes, the Indenture Trustee shall recognize the Holders of the Definitive Notes
as Noteholders.

     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 2.13 Authenticating Agents. (a) Upon the request of the Issuer, the
Indenture Trustee shall, and if the Indenture Trustee so chooses, the Indenture
Trustee may appoint one or more Persons (each, an "Authenticating Agent") with
power to act on its behalf and subject to its direction in the authentication of
Notes in connection with issuance, transfers and exchanges under Sections 2.2,
2.3, 2.4, 2.5 and 9.6, as fully to all intents and purposes as though each such
Authenticating Agent had been expressly authorized by those Sections to
authenticate such Notes. For all purposes of this Indenture, the authentication
of Notes by an Authenticating Agent pursuant to this Section shall be deemed to
be the authentication of Notes "by the Indenture Trustee." The Indenture Trustee
shall be the Authenticating Agent in the absence of any appointment thereof.

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

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

     (d) The provisions of Section 6.4 shall be applicable to any Authenticating
Agent.

     SECTION 2.14 Tax Treatment. The Issuer has entered into this Indenture, and
the Notes shall be issued, with the intention that, solely for federal, state
and local income and franchise tax purposes, the Notes shall qualify as
indebtedness secured by the Collateral. The Issuer, by

                                        9

<PAGE>

entering into this Indenture, and each Noteholder, by its acceptance of a Note
(and each Note Owner by its acceptance of an interest in the applicable
Book-Entry Note), agree to treat the Notes for federal, state and local income
and franchise tax purposes as indebtedness.

                              ARTICLE III COVENANTS

     SECTION 3.1 Payment of Principal and Interest. The Issuer will duly and
punctually pay the principal of and interest on the Notes in accordance with the
terms of the Notes and this Indenture. Without limiting the foregoing and
subject to Section 8.2, on each Payment Date the Issuer shall cause to be paid
all amounts on deposit in the Collection Account which represent Collections
received by the Servicer during the preceding Collection Period. Amounts
properly withheld under the Internal Revenue Code by any Person from a payment
to any Noteholder of interest and/or principal shall be considered to have been
paid by the Issuer to such Noteholder for all purposes of this Indenture.
Interest accrued on the Notes shall be due and payable on each Payment Date. The
final interest payment on each Class of Notes is due on the earlier of (a) the
Payment Date (including any Redemption Date) on which the principal amount of
that Class of Notes is reduced to zero or (b) the applicable Final Scheduled
Payment Date for that Class of Notes.

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

     SECTION 3.3 Money for Payments To Be Held in Trust. As provided in Section
8.2 and 5.4, all payments of amounts due and payable with respect to any Notes
that are to be made from amounts withdrawn from the Trust Accounts shall be made
on behalf of the Issuer by the Indenture Trustee or by another Paying Agent, and
no amounts so withdrawn therefrom for payments on the Notes shall be paid over
to the Issuer except as provided in this Section and Section 4.4 of the Sale and
Servicing Agreement.

     On or prior to each Payment Date and Redemption Date, the Issuer shall
deposit or cause to be deposited into the Collection Account an aggregate sum
sufficient to pay the amounts then becoming due under the Notes and other
Persons entitled to payment on each Payment Date, and the Paying Agent shall
hold such sum to be held in trust for the benefit of the Persons entitled
thereto pursuant to the Transaction Documents and (unless the Paying Agent is
the Indenture Trustee) shall promptly notify the Indenture Trustee in writing of
its action or failure so to act.

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

                                       10

<PAGE>

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

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

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

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

          (iv) immediately resign as a Paying Agent and forthwith pay to the
     Indenture Trustee all sums held by it in trust for the payment of Notes if
     at any time it ceases to meet the standards required to be met by a Paying
     Agent 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 Indenture Trustee all sums held in trust by such
Paying Agent, such sums to be held by the Indenture Trustee upon the same trusts
as those upon which such sums were held by such Paying Agent; and upon such a
payment by any Paying Agent to the Indenture Trustee, such Paying Agent shall be
released from all further liability with respect to such money.

     Subject to applicable laws with respect to the escheat of funds, any money
held by the Indenture Trustee or any Paying Agent in trust for the payment of
any amount due with respect to any Note and remaining unclaimed for two years
after such amount has become due and payable shall be discharged from such trust
and distributed by the Indenture Trustee to the Issuer on Issuer Request and the
Holder of such Note shall thereafter, as an unsecured general creditor, look
only to the Issuer for payment thereof and all liability of the Indenture
Trustee or such Paying Agent with respect to such trust money shall thereupon
cease; provided, however, that the Indenture Trustee or such Paying Agent,
before being required to make any such repayment, shall at the reasonable
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 date shall not be less than 30
days from the date of such publication, any unclaimed balance of such money then
remaining shall be paid to the Issuer. The Indenture Trustee may also adopt and
employ, at the written direction of and at the expense

                                       11

<PAGE>

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

     SECTION 3.4 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.

     SECTION 3.5 Protection of Collateral. The Issuer intends the security
interest Granted pursuant to this Indenture in favor of the Indenture Trustee on
behalf of the Noteholders to be prior to all other Liens in respect of the
Collateral, and the Issuer shall take all actions necessary to obtain and
maintain, for the benefit of the Indenture Trustee on behalf of the Noteholders,
a first Lien on and a first priority, perfected security interest in the
Collateral. The Issuer shall from time to time execute and deliver all such
supplements and amendments hereto and all such financing statements,
continuation statements, instruments of further assurance and other instruments,
all as prepared by the Administrator and delivered to the Issuer, and shall take
such other action necessary or advisable to:

     (a) Grant more effectively all or any portion of the Collateral;

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

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

     (d) enforce any of the Collateral; or

     (e) preserve and defend title to the Collateral and the rights of the
Indenture Trustee and the Noteholders in the Collateral against the claims of
all Persons.

     The Issuer hereby designates the Indenture Trustee its agent and
attorney-in-fact and hereby authorizes the Indenture Trustee to file all
financing statements, continuation statements or other instruments required to
be executed (if any) pursuant to this Section. Notwithstanding any statement to
the contrary contained herein or in any other Transaction Document, the Issuer
shall not be required to notify any insurer with respect to any Insurance Policy
about any aspect of the transactions contemplated by the Transaction Documents.

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

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<PAGE>

     (b) Within 120 days after the beginning of each calendar year, beginning
with April 30, 200  , the Issuer shall furnish to the Indenture Trustee an
                  --
Opinion of Counsel either stating that, in the opinion of such counsel, such
action has been taken with respect to the recording, filing, re-recording and
refiling of this Indenture, any indentures supplemental hereto and any other
requisite documents and with respect to the execution and filing of any
financing statements and continuation statements as are necessary to maintain
the Lien and security interest created by this Indenture and reciting the
details of such action or stating that in the opinion of such counsel no such
action is necessary to maintain such lien and security interest. Such Opinion of
Counsel shall also describe the recording, filing, re-recording and refiling of
this Indenture, any indentures supplemental hereto and any other requisite
documents and the execution and filing of any financing statements and
continuation statements that will, in the opinion of such counsel, be required
to maintain the lien and security interest of this Indenture until April 30 in
the following calendar year.

     SECTION 3.7 Performance of Obligations; Servicing of Receivables. (a) The
Issuer shall not take any action and shall use its best efforts not to permit
any action to be taken by others, including the Administrator, that would
release any Person from any of such Person's 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
ordered by any bankruptcy or other court or as expressly provided in this
Indenture, the Transaction Documents or such other instrument or agreement.

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

     (c) The Issuer shall, and shall cause the Administrator and the Servicer
to, punctually perform and observe all of its respective obligations and
agreements contained in this Indenture, the other Transaction Documents and the
instruments and agreements included in the Collateral, including but not limited
to preparing (or causing to prepared) and 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 Transaction 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 Transaction Document or any provision thereof other
than in accordance with the amendment provisions set forth in such Transaction
Document.

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

     (a) engage in any activities other than financing, acquiring, owning,
pledging and managing the Receivables and the other Collateral as contemplated
by this Indenture and the other Transaction Documents;

                                       13

<PAGE>

     (b) except as expressly permitted by this Indenture or in the other
Transaction Documents, sell, transfer, exchange or otherwise dispose of any of
the properties or assets of the Issuer;

     (c) 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;

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

     (e) (i) permit the validity or effectiveness of this Indenture to be
impaired, or permit the Lien of this Indenture to be amended, hypothecated,
subordinated, terminated or discharged, or permit any Person to be released from
any covenants or obligations with respect to the Notes under this Indenture
except as may be expressly permitted hereby, (ii) permit any Lien (other than
Permitted Liens) or to be created on or extend to or otherwise arise upon or
burden the assets of the Issuer or any part thereof or any interest therein or
the proceeds thereof and (iii) permit the Lien of this Indenture not to
constitute a valid first priority (other than with respect to any Permitted
Lien) security interest in the Collateral (it being understood that (A) either
each Receivable constituting part of the Collateral is secured by a first
priority validly perfected security interest in the Financed Vehicle in favor of
the Originator, as secured party, or all necessary actions with respect to the
Receivable have been taken or will be taken to perfect a first priority security
interest in the Financed Vehicle in favor of the Originator, as secured party
and (B) the Issuer shall not be required to notify any insurer with respect to
any Insurance Policy obtained by an Obligor about any aspect of the transactions
contemplated by the Transaction Documents);

     (f) incur, assume or guarantee any indebtedness other than indebtedness
incurred in accordance with the Transaction Documents; or

     (g) merge or consolidate with, or transfer substantially all of its assets
to, any other Person.

     SECTION 3.9 Annual Compliance Statement.

     (a) The Issuer shall deliver to the Indenture Trustee and each Rating
Agency, within 120 days after the end of each calendar year (commencing with the
year ending December 31, 200  ), an Officer's Certificate stating, as to the
                            --
Responsible Officer signing such Officer's Certificate, that:

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

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

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<PAGE>

     (b) The Issuer shall:

          (i) file with the Indenture Trustee, within 15 days after the Issuer
     is required (if at all) to file the same with the Commission, copies of the
     annual reports and such other information, documents and reports (or copies
     of such portions of any of the foregoing as the Commission may from time to
     time by rules and regulations prescribe) as the Issuer may be required to
     file with the Commission pursuant to Section 13 or 15(d) of the Exchange
     Act or such other reports required pursuant to TIA Section 314(a)(1);

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

          (iii) supply to the Indenture Trustee (and the Indenture Trustee shall
     transmit by mail to all Noteholders as required by 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 3.9(b) as may
     be required pursuant to rules and regulations prescribed from time to time
     by the Commission.

     (c) Unless the Issuer otherwise determines, the fiscal year of the Issuer
shall be the same as the fiscal year of the Servicer.

     SECTION 3.10 Servicer's Obligations. The Issuer shall cause the Servicer to
comply with the Sale and Servicing Agreement.

     SECTION 3.11 Restrictions on Certain Other Activities. The Issuer shall
not: (i) engage in any activities other than financing, acquiring, owning,
pledging and managing the Trust Estate and the other Collateral in the manner
contemplated by the Transaction Documents; (ii) issue, incur, assume, guarantee
or otherwise become liable, directly or indirectly, for any indebtedness other
than the Notes; (iii) make any loan, advance or credit to, guarantee (directly
or indirectly or by an instrument having the effect of assuring another's
payment or performance on any obligation or capability of so doing or
otherwise), endorse or otherwise become contingently liable, directly or
indirectly, in connection with the obligations, stocks or dividends of, own,
purchase, repurchase or acquire (or agree contingently to do so) any stock,
obligations, assets or securities of, or any other interest in, or make any
capital contribution to, any other Person; or (iv) make any expenditure (by
long-term or operating lease or otherwise) for capital assets (either realty or
personalty).

     SECTION 3.12 Restricted Payments. The Issuer shall not, directly or
indirectly, (a) pay any dividend or make any distribution (by reduction of
capital or otherwise), whether in cash, property, securities or a combination
thereof, to the Owner Trustee or any owner of a beneficial interest in the
Issuer or otherwise with respect to any ownership or equity interest or security
in or of the Issuer or to the Servicer or the Administrator, (b) redeem,
purchase, retire or otherwise acquire for value any such ownership or equity
interest or security or (c) set aside or otherwise segregate any amounts for any
such purpose; provided that the Issuer may cause to be made, (i)

                                       15

<PAGE>

distributions to the Servicer, the Administrator, the Owner Trustee, the
Indenture Trustee, the Noteholders and the Certificateholders as permitted by,
and to the extent funds are available for such purpose under this Indenture, the
Sale and Servicing Agreement or the Trust Agreement and (ii) distributions to
the Indenture Trustee pursuant to Section 2(a)(ii) of the Administration
Agreement. Other than as set forth in the preceding sentence, the Issuer will
not, directly or indirectly, make distributions from the Trust Accounts.

     SECTION 3.13 Notice of Events of Default. The Issuer shall promptly deliver
to the Indenture Trustee and each Rating Agency written notice in the form of an
Officer's Certificate of any event which with the giving of notice, the lapse of
time or both would become an Event of Default, its status and what action the
Issuer is taking or proposes to take with respect thereto.

     SECTION 3.14 Further Instruments and Acts. Upon request of the Indenture
Trustee, 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 3.15 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 Transaction Document.

     SECTION 3.16 Removal of Administrator. For so long as any Notes are
Outstanding, the Issuer shall not remove the Administrator without cause unless
the Rating Agency Condition shall have been satisfied in connection therewith.

     SECTION 3.17 Perfection Representations. The Issuer hereby represents and
warrants to the Indenture Trustee as follows:

     (a) Good Title. None of the Collateral has been sold, transferred, assigned
or pledged by the Issuer to any Person other than the Indenture Trustee;
immediately prior to the conveyance of the Collateral pursuant to this
Indenture, the Issuer has good and marketable title thereto, free of any Lien;
and, upon execution and delivery of this Indenture by the Issuer, the Indenture
Trustee shall have all of the right, title and interest of the Issuer, in, to
and under the Collateral, free of any Lien (other than Permitted Liens); and

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

                      ARTICLE IV SATISFACTION AND DISCHARGE

     SECTION 4.1 Satisfaction and Discharge of Indenture. This Indenture shall
cease to be of further effect with respect to the Notes except as to (a) rights
of registration of transfer and exchange, (b) substitution of mutilated,
destroyed, lost or stolen Notes, (c) rights of Noteholders to receive payments
of principal thereof and interest thereon, (d) Sections 3.3, 3.4, 3.5, 3.8,
3.10, 3.11, 3.12, (e) the rights, obligations and immunities of the Indenture
Trustee hereunder (including the rights of the Indenture Trustee under Section
6.7 and the obligations of the Indenture Trustee under Section 4.2) and (f) the
rights of Noteholders as beneficiaries hereof

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with respect to the property so deposited with the Indenture Trustee payable to
all or any of them, and the Indenture Trustee, on demand of and at the expense
of the Issuer, shall execute proper instruments acknowledging satisfaction and
discharge of this Indenture with respect to the Notes, when:

     (a) either (i) all Notes theretofore authenticated and delivered (other
than (1) Notes that have been destroyed, lost or stolen and that have been
replaced or paid as provided in Section 2.5 and (2) Notes for which payment
money has theretofore been deposited in trust or segregated and held in trust by
the Issuer and thereafter repaid to the Issuer or discharged from such trust, as
provided in Section 3.3) have been delivered to the Indenture Trustee for
cancellation or (ii) all Notes not theretofore delivered to the Indenture
Trustee for cancellation (1) have become due and payable, (2) will become due
and payable at the Final Scheduled Payment Date within one year, or (3) are to
be called for redemption within one year under arrangements satisfactory to the
Indenture Trustee for the giving of notice of redemption by the Indenture
Trustee in the name, and at the expense, of the Issuer, and the Issuer, in the
case of clauses (1), (2) or (3), has irrevocably deposited or caused to be
irrevocably deposited with the Indenture Trustee cash or direct obligations of
or obligations guaranteed by the United States of America (which will mature
prior to the date such amounts are payable), in trust for such purpose, in an
amount sufficient to pay and discharge the entire indebtedness on such Notes not
theretofore delivered to the Indenture Trustee for cancellation when due to the
Final Scheduled Payment Date or Redemption Date (if Notes shall have been called
for redemption pursuant to Section 10.1), as the case may be;

     (b) the Issuer has paid or caused to be paid all other sums payable
hereunder by the Issuer;

     (c) the Issuer has delivered to the Indenture Trustee an Officer's
Certificate, an Opinion of Counsel and (if required by the TIA or the Indenture
Trustee) a certificate from a firm of certified public accountants, each meeting
the applicable requirements of Section 11.1(a) and, subject to Section 11.2, and
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 an Officer's Certificate, stating that the Rating Agency Condition
has been satisfied).

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

     SECTION 4.3 Repayment of Monies Held by Paying Agent. In connection with
the satisfaction and discharge of this Indenture with respect to the Notes, all
monies then held by any Paying Agent other than the Indenture Trustee under the
provisions of this Indenture with respect to such Notes shall, upon demand of
the Issuer, be paid to the Indenture Trustee to be held and

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<PAGE>

applied according to Section 3.3 and thereupon such Paying Agent shall be
released from all further liability with respect to such monies.

                               ARTICLE V REMEDIES

     SECTION 5.1 Events of Default. The occurrence and continuation 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) shall constitute a
default under this Indenture (each, an "Event of Default"):

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

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

               (c) any failure by the Issuer to duly observe or perform in any
          material respect any of its material covenants or agreements 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), which failure materially and adversely
          affects the interests of the Noteholders, and such failure shall
          continue unremedied for a period of 90 days after there shall have
          been given, by registered or certified mail, to the Issuer by the
          Indenture Trustee by Noteholders evidencing at least 25% of the
          aggregate outstanding principal amount of the Outstanding Notes, a
          written notice specifying such failure and requiring it to be remedied
          and stating that such notice is a "Notice of Default" hereunder;

               (d) any representation or warranty of the Issuer made in this
          Indenture proves to have been incorrect in any material respect when
          made, which failure materially and adversely affects the rights of the
          Noteholders, and which failure continues unremedied for 30 days after
          there shall have been given, by registered or certified mail, to the
          Issuer by the Indenture Trustee or by Noteholders evidencing at least
          25% of the aggregate outstanding principal amount of the Outstanding
          Notes, a written notice specifying such failure and requiring it to be
          remedied and stating that such notice is a "Notice of Default"
          hereunder;

               (e) the filing of a decree or order for relief by a court having
          jurisdiction in the premises in respect of the Issuer or any
          substantial part of the Collateral 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 Collateral, 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

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<PAGE>

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

     SECTION 5.2 Acceleration of Maturity; Waiver of Event of Default. Except as
set forth in the following sentence, if an Event of Default should occur and be
continuing, then and in every such case the Indenture Trustee or the Noteholders
representing not less than a majority of the aggregate outstanding principal
amount of the Controlling Class may declare all the Notes to be immediately due
and payable, by a notice in writing to the Issuer (and to the Indenture Trustee
if given by Noteholders), and upon any such declaration the unpaid principal
amount of such Notes, together with accrued and unpaid interest thereon through
the date of acceleration, shall become immediately due and payable. If an Event
of Default specified in Section 5.1(e) or (f) occurs, all unpaid principal,
together with all accrued and unpaid interest thereon, of all Notes, and all
other amounts payable hereunder, shall automatically become due and payable
without any declaration or other act on the part of the Indenture Trustee or any
Noteholder.

     At any time after such declaration of acceleration of maturity has been
made and before a judgment or decree for payment of the money due has been
obtained by the Indenture Trustee as hereinafter in this Article V, the
Noteholders representing a majority of the aggregate outstanding principal
amount of the Controlling Class, by written notice to the Issuer and the
Indenture Trustee, may rescind and annul such declaration and its consequences
if:

     (a) the Issuer has paid or deposited with the Indenture Trustee a sum
sufficient to pay (i) all payments of principal of and interest on all Notes and
all other amounts that would then be due hereunder or upon such Notes if the
Event of Default giving rise to such acceleration had not occurred, and (ii) all
sums paid or advanced by the Indenture Trustee hereunder and the reasonable
compensation, expenses, disbursements and advances of the Indenture Trustee and
its agents and counsel; and

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

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

     If the Notes have been declared due and payable or have automatically
become due and payable following an Event of Default, the Indenture Trustee may
institute proceedings to collect amounts due, exercise remedies as a secured
party (including foreclosure or sale of the Collateral) or elect to maintain the
Collateral and continue to apply the proceeds from the

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<PAGE>

Collateral as if there had been no declaration of acceleration. Any sale of the
Collateral by the Indenture Trustee will be subject to the terms and conditions
of Section 5.4.

     SECTION 5.3 Collection of Indebtedness and Suits for Enforcement by the
Indenture Trustee. (a) The Issuer covenants that if (i) default is made in the
payment of any interest on any Note of the Controlling Class when the same
becomes due and payable, and such default continues for a period of five days,
or (ii) default is made in the payment of the principal of or any installment of
the principal of any Note when the same becomes due and payable, the Issuer
will, upon demand of the Indenture Trustee in writing as directed by a majority
of the aggregate outstanding principal amount of the Controlling Class, pay to
the Indenture Trustee, 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 Indenture
Trustee and its agents and counsel.

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

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

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

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<PAGE>

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

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

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

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

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

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

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

                                       21

<PAGE>

Class A Notes and then for the ratable benefit of the Holders of the Class B
Notes, to the extent set forth in Section 5.4(b).

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

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

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

          (ii) institute proceedings from time to time for the complete or
     partial foreclosure of this Indenture with respect to the Collateral;

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

          (iv) Subject to Section 5.17, after an acceleration of the maturity of
     the Notes pursuant to Section 5.2, sell the Collateral or any portion
     thereof or rights or interest therein, at one or more public or private
     sales called and conducted in any manner permitted by law;

provided, however, that the Indenture Trustee may not sell or otherwise
liquidate the Collateral following an Event of Default unless (A) the holders of
100% of the aggregate outstanding principal amount of the Controlling Class have
consented to such liquidation, (B) the proceeds of such sale or liquidation are
sufficient to pay in full the principal of and the accrued interest on the
Outstanding Notes or (C) the default relates to the failure to pay interest or
principal when due (a "Payment Default") and the Indenture Trustee determines
(but shall have no obligation to make such determination) that the Collections
on the Receivables will not be sufficient on an ongoing basis to make all
payments on the Notes as they would have become due if the Notes had not been
declared due and payable; and the Indenture Trustee obtains the consent of the
holders of 66-2/3% of the aggregate outstanding principal amount of the
Controlling Class. In determining such sufficiency or insufficiency with respect
to clauses (B) and (C) of the preceding sentence, the Indenture Trustee may, but
need not, obtain and rely upon an opinion of an Independent investment banking
or accounting firm of national reputation as to the feasibility of such proposed
action and as to the sufficiency of the Trust Estate for such purpose.
Notwithstanding anything herein to the contrary, if the Event of Default does
not relate to a Payment Default or Bankruptcy Event with respect to the Issuer,
the Indenture Trustee may not sell or otherwise liquidate the Trust Estate
unless the Holders of all Outstanding Notes consent to such sale or the

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<PAGE>

proceeds of such sale are sufficient to pay in full the principal of and accrued
interest on the Outstanding Notes.

     (b) Notwithstanding the provisions of Section 8.2 or Section 4.4 of the
Sale and Servicing Agreement, if the Indenture Trustee collects any money or
property pursuant to this Article V and the Notes have been accelerated, it
shall pay out such money or property (and other amounts, including all amounts
held on deposit in the Reserve Account) held as Collateral for the benefit of
the Noteholders (net of liquidation costs associated with the sale of the Trust
Estate) in the following order of priority:

          (i) first, to the Indenture Trustee and the Owner Trustee, any accrued
     and unpaid fees (including any unpaid Indenture Trustee or Owner Trustee
     fees with respect to prior periods) and any reasonable expenses (including
     indemnification amounts) not previously paid by the Servicer; provided that
     aggregate expenses payable to the Indenture Trustee and the Owner Trustee
     pursuant to this clause (i) and Section 4.4(a)(1) of the Sale and Servicing
     Agreement shall be limited to $150,000 per annum;

          (ii) second, to the Servicer, the Servicing Fee and all unpaid
     Servicing Fees with respect to prior periods;

          (iii) third, to the Class A Noteholders, the Class A Note Interest;
     provided that if there are not sufficient funds available to pay the entire
     amount of the Class A Note Interest, the amounts available shall be applied
     to the payment of such interest on the Class A Notes on a pro rata basis
     based upon the amount of interest payable to each Class of Class A Notes;

          (iv) fourth, to the Holders of the Class A-1 Notes in respect of
     principal thereof until the Class A-1 Notes have been paid in full;

          (v) fifth, to the Holders of the Class A-2 Notes, Class A-3 Notes and
     Class A-4 Notes, in respect of principal thereon, on a pro rata basis
     (based on the aggregate outstanding principal amount of the Outstanding
     Notes of each Class on such Payment Date), until all Classes of the Class A
     Notes have been paid in full;

          (vi) sixth, to the Holders of the Class B Notes, the Class B Note
     Interest;

          (vii) seventh, to the Holders of the Class B Notes in respect of
     principal thereon until the Class B Notes have been paid in full;

          (viii) eighth, to the Indenture Trustee and the Owner Trustee, any
     accrued and unpaid fees, reasonable expenses and indemnity payments which
     have not previously been paid; and

          (ix) ninth, any remaining funds shall be distributed to or at the
     direction of the Certificateholder.

     The Indenture 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

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<PAGE>

mail to each Noteholder and the Indenture Trustee a notice that states the
record date, the payment date and the amount to be paid.

     Prior to an acceleration of the Notes after an Event of Default, if the
Indenture Trustee collects any money or property pursuant to this Article V,
such amounts shall be deposited into the Collection Account and distributed in
accordance with Section 4.4 of the Sale and Servicing Agreement and Section 8.2
hereof.

     SECTION 5.5 Optional Preservation of the Collateral. If the Notes have been
declared or are automatically due and payable under Section 5.2 following an
Event of Default and such declaration or automatic occurrence and its
consequences have not been rescinded and annulled, if permitted hereunder, the
Indenture Trustee may, but need not, elect to maintain possession of the Trust
Estate and continue to apply the proceeds thereof in accordance with Sections
5.4(b). It is the intent 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 Indenture Trustee shall take such intent 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 Indenture
Trustee may, but need not, obtain and rely upon an opinion of an Independent
investment banking or accounting firm of national reputation as to the
feasibility of such proposed action and as to the sufficiency of the Trust
Estate for such purpose.

     SECTION 5.6 Limitation of Suits. (a) 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 Indenture
     Trustee of a continuing Event of Default;

          (ii) the Holders of not less than 25% of the aggregate outstanding
     principal amount of the Controlling Class, have made written request to the
     Indenture Trustee to institute such proceeding in respect of such Event of
     Default in its own name as the Indenture Trustee hereunder;

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

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

          (v) no direction inconsistent with such written request has been given
     to the Indenture Trustee during such 60-day period by the Holders of a
     majority of the aggregate outstanding principal amount of the Outstanding
     Notes.

No Noteholder or group of Noteholders shall have any right in any manner
whatever by virtue of, or by availing of, any provision of this Indenture to
affect, disturb or prejudice the rights of any other

                                       24

<PAGE>

Noteholders or to obtain or to seek to obtain priority or preference over any
other Noteholders or to enforce any right under this Indenture, except, in each
case, to the extent and in the manner herein provided.

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

     (b) No Noteholder shall have any right to vote except as provided pursuant
to this Indenture and the Notes, nor any right in any manner to otherwise
control the operation and management of the Issuer. However, in connection with
any action as to which Noteholders are entitled to vote or consent under this
Indenture and the Notes, the Issuer may set a record date for purposes of
determining the identity of Noteholders entitled to vote or consent in
accordance with TIA Section 316(c).

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

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

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

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

                                       25

<PAGE>

as often as may be deemed expedient, by the Indenture Trustee or by the
Noteholders, as the case may be.

     SECTION 5.11 Control by Noteholders. Subject to the provisions of Sections
5.4, 5.6, 6.2(d) and 6.2(e), Noteholders holding not less than a majority of the
aggregate outstanding principal amount of the Controlling Class, shall have the
right to direct the time, method and place of conducting any proceeding for any
remedy available to the Indenture Trustee with respect to the Notes or with
respect to the exercise of any trust or power conferred on the Indenture
Trustee; provided that

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

               (b) subject to the express terms of the proviso and the last
          sentence of Section 5.4)(a), any direction to the Indenture Trustee to
          sell or liquidate the Trust Estate shall be by the Holders of Notes
          representing not less than 100% of the aggregate outstanding principal
          amount of the Outstanding Notes unless the proceeds of such sale are
          sufficient to pay in full the principal of and accrued interest on the
          Outstanding Notes;

               (c) if the conditions set forth in Section 5.5 have been
          satisfied and the Indenture Trustee elects to retain the Trust Estate
          pursuant to such Section, then any direction to the Indenture Trustee
          by Holders of Notes representing less than 100% of the aggregate
          outstanding principal amount of the Outstanding Notes to sell or
          liquidate the Trust Estate shall be of no force and effect;

               (d) the Indenture Trustee may take any other action deemed proper
          by the Indenture Trustee that is not inconsistent with such direction,
          applicable law and the terms of this Indenture; and

               (e) such direction shall be in writing;

provided, further, that, subject to Section 6.1, the Indenture Trustee need not
take any action that it determines might expose it to personal liability or
might materially adversely affect or unduly prejudice the rights of any
Noteholders not consenting to such action.

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

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     Upon any such waiver, such Event of 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
prior, subsequent or other Default or Event of Default or impair any right
consequent thereto.

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

     SECTION 5.14 Waiver of Stay or Extension Laws. The Issuer covenants (to the
extent that it may lawfully do so) that it 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 advantage of any such law, and covenants that it will not hinder,
delay or impede the execution of any power herein granted to the Indenture
Trustee, but will suffer and permit the execution of every such power as though
no such law had been enacted.

     SECTION 5.15 Action on Notes. The Indenture Trustee's right to seek and
recover judgment on the Notes or under this Indenture shall not be affected by
the seeking, obtaining or application of any other relief under or with respect
to this Indenture. Neither the lien of this Indenture nor any rights or remedies
of the Indenture Trustee or the Noteholders shall be impaired by the recovery of
any judgment by the Indenture Trustee against the Issuer or by the levy of any
execution under such judgment upon any portion of the Trust Estate or upon any
of the assets of the Issuer. Any money or property collected by the Indenture
Trustee shall be applied in accordance with Section 5.4(b), if the maturity of
the Notes has been accelerated pursuant to Section 5.2, or Section 4.4 of the
Sale and Servicing Agreement and Section 8.2 of this Indenture, if the maturity
of the Notes has not been accelerated.

     SECTION 5.16 Performance and Enforcement of Certain Obligations. (a)
Promptly following a request from the Indenture Trustee to do so, the Issuer
shall take all such lawful action as the Indenture Trustee may request to compel
or secure the performance and observance (i) by the Seller and the Servicer, as
applicable, of each of their obligations to the Issuer under or in connection
with the Sale and Servicing Agreement, (ii) or by the Seller or COAF, as
applicable, of each of their obligations under or in connection with the
Purchase Agreement, (iii)

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by COAF or the Originator, as applicable, of each of their obligations under or
in connection with the Sale Agreement, in each case, 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 and the Purchase Agreement, as the case may be, to the
extent and in the manner directed by the Indenture Trustee, including the
transmission of notices of default on the part of the Seller, the Servicer or
COAF thereunder and the institution of legal or administrative actions or
proceedings to compel or secure performance by the Seller or the Servicer of
each of their obligations under the Sale and Servicing Agreement or by the
Seller or COAF, as applicable, of each of their obligations under or in
connection with the Purchase Agreement.

     (b) If an Event of Default has occurred and is continuing, the Indenture
Trustee may, and, at the direction (which direction shall be in writing) of the
Holders of a majority of the aggregate outstanding principal amount of the
Controlling Class shall, exercise all rights, remedies, powers, privileges and
claims of the Issuer against the Seller or the Servicer under or in connection
with the Sale and Servicing Agreement, against the Seller or COAF under the
Purchase Agreement or against COAF or the Originator under the Sale Agreement,
including the right or power to take any action to compel or secure performance
or observance by the Seller, the Servicer, COAF or the Originator 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, the Purchase Agreement or the Sale Agreement, as applicable, and any
right of the Issuer to take such action shall be suspended.

     SECTION 5.17 Sale of Collateral. If the Indenture Trustee acts to sell the
Collateral or any part thereof, pursuant to Section 5.4(a), the Indenture
Trustee shall publish a notice in an Authorized Newspaper stating that the
Indenture Trustee intends to effect such a sale in a commercially reasonable
manner and on commercially reasonable terms, which shall include the
solicitation of competitive bids. Following such publication, the Indenture
Trustee shall, unless otherwise prohibited by applicable law from any such
action, sell the Collateral or any part thereof, in such manner and on such
terms as provided above to the highest bidder, provided, however, that the
Indenture Trustee may from time to time postpone any sale by public announcement
made at the time and place of such sale. The Indenture Trustee shall give notice
to the Seller and the Servicer of any proposed sale, and the Seller, the
Servicer or any Affiliate thereof shall be permitted to bid for the Collateral
at any such sale. The Indenture Trustee may obtain a prior determination from a
conservator, receiver or trustee in bankruptcy of the Issuer that the terms and
manner of any proposed sale are commercially reasonable. The power to effect any
sale of any portion of the Collateral pursuant to Section 5.4 and this Section
5.17 shall not be exhausted by any one or more sales as to any portion of the
Collateral remaining unsold, but shall continue unimpaired until the entire
Collateral shall have been sold or all amounts payable on the Notes shall have
been paid.

                        ARTICLE VI THE INDENTURE TRUSTEE

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

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<PAGE>

     (b) Prior to the occurrence of an Event of Default:

          (i) the Indenture Trustee undertakes to perform such duties and only
     such duties as are specifically set forth in this Indenture and the other
     Transaction Documents to which it is a party and no implied covenants or
     obligations shall be read into this Indenture or the other Transaction
     Documents against the Indenture Trustee; and

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

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

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

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

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

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

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

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

     (g) No provision of this Indenture or any other Transaction Document shall
require the Indenture Trustee to expend or risk its own funds or otherwise incur
financial liability in the performance of any of its duties hereunder or
thereunder 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 indemnity
satisfactory to it against such risk or liability is not reasonably assured to
it.

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

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<PAGE>

     (i) The Indenture Trustee shall take all actions required to be taken by
the Indenture Trustee under the Sale and Servicing Agreement.

     SECTION 6.2 Rights of the Indenture Trustee. (a) The Indenture Trustee may
conclusively rely on any document believed by it to be genuine and to have been
signed or presented by the proper person. The Indenture Trustee need not
investigate any fact or matter stated in the document.

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

     (c) The Indenture Trustee may execute any of the trusts or powers hereunder
or perform any duties hereunder either directly or by or through agents or
attorneys or a custodian or nominee, and the Indenture Trustee shall not be
responsible for any misconduct or negligence on the part of, or for the
supervision of, the Administrator, any co-trustee or separate trustee appointed
in accordance with the provisions of Section 6.10, or any other such agent,
attorney, custodian or nominee appointed with due care by it hereunder.

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

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

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

     SECTION 6.3 Individual Rights of the Indenture Trustee. Subject to Section
310 of the TIA, the Indenture Trustee in its individual or any other capacity
may become the owner or pledgee of Notes and may otherwise deal with the Seller,
the Owner Trustee, the Administrator and their respective Affiliates with the
same rights it would have if it were not the Indenture Trustee, and the Seller,
the Owner Trustee, the Administrator and their respective Affiliates may
maintain normal commercial banking and investment banking relationships with the
Indenture Trustee and its Affiliates. Any Paying Agent, Note Registrar,
co-registrar, co-paying agent, co-trustee or separate trustee may do the same
with like rights. However, the Indenture Trustee must comply with Section 6.11.

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<PAGE>

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

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

     SECTION 6.6 Reports by the Indenture Trustee to Noteholders. The Indenture
Trustee, at the expense of the Issuer, shall deliver to each Noteholder, not
later than the latest date permitted by law, such information as may be required
by law to enable such Holder to prepare its federal and state income tax
returns.

     SECTION 6.7 Compensation and Indemnity. (a) The Issuer shall cause the
Servicer to pay to [NAME OF INDENTURE TRUSTEE] pursuant to the Sale and
Servicing Agreement from time to time compensation for all services rendered by
[NAME OF INDENTURE TRUSTEE] pursuant to the Transaction Documents pursuant to a
fee letter between the Servicer and [NAME OF INDENTURE TRUSTEE] (which
compensation shall not be limited by any provision of law in regard to the
compensation of a trustee to an express trust).

     (b) The Issuer jointly and severally with the Seller, COAF, the
Administrator and the Servicer, except as otherwise expressly provided herein,
agrees to reimburse the Indenture Trustee any expense incurred by the Indenture
Trustee in pursuing remedies pursuant to Section 5.4 (including, but not limited
to, the reasonable compensation, expenses and disbursements of its agents and
counsel and allocable costs of in-house counsel); provided, however, in no event
shall the Issuer, the Seller, the Administrator, COAF or the Servicer pay or
reimburse the Indenture Trustee or the agents or counsel, including in-house
counsel of either, for any expenses, disbursements and advances incurred or made
by the Indenture Trustee in connection with any action or inaction on the part
of the Indenture Trustee for which a court of competent jurisdiction has found
the Indenture Trustee to be grossly negligent.

     (c) The Issuer jointly and severally with the Seller, COAF, the
Administrator and the Servicer, agrees to indemnify the Indenture Trustee and
its officers, directors, employees and agents for, and to hold them harmless
against, any loss, liability or expense incurred without gross negligence or bad
faith on the part of the Indenture Trustee arising out of, or in connection
with, the acceptance or administration of this trust, including the costs and
expenses of defending itself against any claim in connection with the exercise
or performance of any of its powers or duties hereunder; provided, however,
that:

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<PAGE>

          (i) with respect to any such claim the Indenture Trustee shall have
     given the Issuer, the Seller, COAF, the Administrator or the Servicer
     written notice thereof promptly after the Indenture Trustee shall have
     actual knowledge thereof; provided that failure to notify shall not relieve
     the parties of their obligations hereunder;

          (ii) while maintaining absolute control over its own defense, the
     Indenture Trustee shall cooperate and consult fully with the Owner Trustee,
     the Seller, the Transferor, the Administrator and the Servicer in preparing
     such defense; provided that the interests of the Indenture Trustee are not
     adverse to those of such parties;

          (iii) notwithstanding anything to the contrary in this Section, none
     of the Issuer, the Seller, COAF, the Administrator or the Servicer shall be
     liable for settlement of any such claim by the Indenture Trustee entered
     into without the prior consent of the such parties, which consent shall not
     be unreasonably withheld or delayed; and

          (iv) the Indenture Trustee, its officers, directors, employees and
     agents, as a group, shall be entitled to counsel separate from the Issuer,
     the Seller, COAF, the Administrator and the Servicer; to the extent such
     parties' interests are not adverse to the interests of the Indenture
     Trustee, its officers, directors, employees or agents, the Indenture
     Trustee may agree to be represented by the same counsel as the Issuer, the
     Seller, the Transferor or the Servicer.

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

     (e) The Seller agrees to assume and to pay, and to indemnify, defend and
hold harmless the Indenture Trustee and the Noteholders from any taxes which may
at any time be asserted with respect to, and as of the date of, the Grant of the
Trust Estate to the Indenture Trustee, including, without limitation, any sales,
gross receipts, general corporation, personal property, privilege or license
taxes (but with respect to the Noteholders only, not including any federal,
state or other taxes arising out of the creation of the issuance of the Notes or
payments with respect thereto) and costs, expenses and reasonable counsel fees
in defending against the same.

     SECTION 6.8 Removal, Resignation and Replacement of the Indenture Trustee.
The Indenture Trustee may resign at any time by so notifying the Issuer, the
Administrator, the Servicer and each Rating Agency. The Holders of a majority of
the aggregate outstanding principal amount of the Controlling Class may remove
the Indenture Trustee without cause by so notifying the Indenture Trustee and
the Issuer, and following that removal may appoint a successor to the Indenture
Trustee. The Issuer shall remove the Indenture Trustee if:

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

               (b) a Bankruptcy Event occurs with respect to the Indenture
          Trustee;

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<PAGE>

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

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

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

     A successor Indenture Trustee shall deliver a written acceptance of its
appointment to the retiring Indenture Trustee and to the Issuer. Thereupon the
resignation or removal of the retiring Indenture Trustee shall become effective,
and the successor Indenture Trustee, without any further act, deed or
conveyance, shall have all the rights, powers and duties of the Indenture
Trustee under this Indenture subject to satisfaction of the Rating Agency
Condition. The successor Indenture Trustee shall mail a notice of its succession
to Noteholders. The retiring Indenture Trustee shall promptly transfer all
property held by it as the Indenture Trustee to the successor Indenture Trustee.

     If a successor Indenture Trustee does not take office within 60 days after
the retiring Indenture Trustee resigns or is removed, the retiring Indenture
Trustee, the Issuer or the Holders of a majority of the aggregate outstanding
principal amount of the Controlling Class may petition any court of competent
jurisdiction for the appointment of a successor Indenture Trustee.

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

     Any resignation or removal of the Indenture Trustee and appointment of a
successor Indenture Trustee pursuant to any of the provisions of this Section
shall not become effective until acceptance of appointment by the successor
Indenture Trustee pursuant to this Section 6.8 and payment of all fees and
expenses owed to the outgoing Indenture Trustee.

     Notwithstanding the resignation or removal of the Indenture Trustee
pursuant to this Section, the Issuer's and Administrator's obligations under
Section 6.7 shall continue for the benefit of the retiring Indenture Trustee.

     The Indenture Trustee shall not be liable for the acts or omissions of any
successor Indenture Trustee.

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

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<PAGE>

     In case at the time such successor or successors by merger, conversion or
consolidation to the Indenture Trustee shall succeed to the trusts created by
this Indenture any of the Notes shall have been authenticated but not delivered,
any such successor to the Indenture Trustee may adopt the certificate of
authentication of any predecessor trustee, and deliver such Notes so
authenticated; and in case at that time any of the Notes shall not have been
authenticated, any successor to the Indenture Trustee may authenticate such
Notes either in the name of any predecessor hereunder or in the name of the
successor to the Indenture Trustee.

     SECTION 6.10 Appointment of Co-Indenture Trustee or Separate Indenture
Trustee. (a) Notwithstanding any other provisions of this Indenture, at any
time, after delivering written notice to the Administrator, 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 Indenture 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, or
separate trustee or separate trustees, of all or any part of the Trust Estate,
and to vest in such Person or Persons, in such capacity and for the benefit of
the Noteholders, 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 Indenture Trustee and the Administrator
may consider necessary or desirable. No co-trustee or separate trustee hereunder
shall be required to meet the terms of eligibility as a successor trustee under
Section 6.11 and no notice to Noteholders of the appointment of any co-trustee
or separate trustee shall be required under Section 6.8.

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

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

          (ii) no separate trustee or co-trustee hereunder shall be personally
     liable by reason of any act or omission of any other trustee hereunder,
     including acts or omissions of predecessor or successor trustees; and

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

     (c) Any notice, request or other writing given to the Indenture Trustee
shall be deemed to have been given to each of then separate trustees and
co-trustees, as effectively as if given to each of them. Every instrument
appointing any separate trustee or co-trustee shall refer to this Indenture and
the conditions of this Article VI. Each separate trustee and co-trustee, upon
its

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<PAGE>

acceptance of the trusts conferred, shall be vested with the estates or property
specified in its instrument of appointment, either jointly with the Indenture
Trustee or separately, as may be provided therein, subject to all the provisions
of this Indenture, specifically including every provision of this Indenture
relating to the conduct of, affecting the liability of, or affording protection
to, the Indenture Trustee. Every such instrument shall be filed with the
Indenture Trustee and a copy thereof given to the Administrator.

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

     SECTION 6.11 Eligibility; Disqualification. The Indenture Trustee shall at
all times satisfy the requirements of TIA (S) 310(a) and, in addition, shall
have a combined capital and surplus of at least $50,000,000 as set forth in its
most recent published annual report of condition and shall have a long term debt
rating of investment grade or better by each Rating Agency or shall otherwise be
acceptable to each Rating Agency. The Indenture Trustee shall also satisfy the
requirements of TIA (S) 310(b). Neither the Issuer nor any Affiliate of the
Issuer may serve as Indenture Trustee.

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

                   ARTICLE VII NOTEHOLDERS' LISTS AND REPORTS

     SECTION 7.1 The Issuer to Furnish the Indenture Trustee Names and Addresses
of Noteholders. The Issuer shall furnish or cause to be furnished to the
Indenture Trustee (a) not more than five days after each Record Date, a list, in
such form as the Indenture Trustee may reasonably require, of the names and
addresses of the Noteholders as of such Record Date, and (b) at such other times
as the Indenture Trustee may request in writing, within 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 (i) the Indenture Trustee is the Note Registrar, or
(ii) the Notes are issued as Book-Entry Notes, no such list shall be required to
be furnished to the Indenture Trustee.

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

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furnished to it as provided in such Section 7.1 upon receipt of a new list so
furnished; provided, however, that so long as the Indenture Trustee is the Note
Registrar or the Notes are issued as Book-Entry Notes, no such list shall be
required to be preserved or maintained.

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

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

     SECTION 7.3 Reports by the Indenture Trustee. If required by TIA (S)
313(a), within 60 days after each March 31, beginning with March 31, 200  , the
                                                                        --
Indenture Trustee shall mail to each Noteholder as required by TIA (S)(S)
313(c), a brief report dated as of such date that complies with TIA (S) 313(a).
The Indenture Trustee also shall comply with TIA (S) 313(b). A copy of each
report at the time of its mailing to Noteholders shall be filed by the Indenture
Trustee with the Commission and each stock exchange, if any, on which the Notes
are listed. The Issuer shall notify the Indenture Trustee if and when the Notes
are listed on any stock exchange.

               ARTICLE VIII ACCOUNTS, DISBURSEMENTS AND RELEASES

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

     SECTION 8.2 Trust Accounts. (a) Trust Accounts. On or prior to the Closing
Date, the Issuer shall cause the Servicer to establish, in the name of Indenture
Trustee, the Trust Accounts as provided in Section 4.1 of the Sale and Servicing
Agreement.

     (b) On or before each Payment Date, the Issuer shall cause the Servicer to
deposit all Available Collections with respect to the Collection Period
preceding such Payment Date in the Collection Account as provided in Sections
4.2 and 4.3 of the Sale and Servicing Agreement. On or before each Payment Date,
all amounts required to be withdrawn from the Reserve Account and deposited in
the Collection Account pursuant to Section 4.3 of the Sale and

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Servicing Agreement shall be withdrawn by the Indenture Trustee from the Reserve
Account and deposited to the Collection Account.

     (c) Prior to the acceleration of the Notes pursuant to Section 5.2 of this
Indenture, on each Payment Date and Redemption Date, the Indenture Trustee shall
distribute all amounts on deposit in the Principal Distribution Account to
Noteholders in respect of the Notes to the extent of the funds therein in the
following order of priority:

          (i) first, to the Holders of the Class A-1 Notes on a pro rata basis
     in respect of principal, until the Class A-1 Notes are paid in full;

          (ii) second, to the other Class A Notes, sequentially to the Class A-2
     Notes, the Class A-3 Notes and the Class A-4 Notes, the amount required to
     reduce the aggregate outstanding principal balance of the Class A Notes to
     an amount equal to 97.75% of the Pool Balance as of the last day of the
     preceding calendar month plus amounts, if any, on deposit in the
     Pre-Funding Account on the last day of the preceding calendar month; and

          (iii) third, to the Class B Notes, the amount required to reduce the
     outstanding principal balance of the Class B Notes to an amount equal to
     2.25% of the Pool Balance as of the last day of the preceding calendar
     month plus amounts, if any, on deposit in the Pre-Funding Account on the
     last day of the preceding calendar month.

     (d) On the first Payment Date following the termination of the Pre-Funding
Period, the Indenture Trustee shall, based on the information set forth in the
related Servicer's Certificate, withdraw any remaining funds on deposit in the
Pre-Funding Account (including investment earnings or income) and pay an amount
equal to the amount of such funds in the following priority:

          (i) to pay to the holders of the Class A Notes their pro rata portion
     of such funds (based on the original principal balance of the Class A Notes
     as a fraction of the original principal balance of all Notes) subject to
     the following:

               (a) if the aggregate amount of such funds exceeds $100,000, to
          pay the outstanding Class A Notes, the portion of such funds to the
          holders of each Class of Class A Notes on a pro rata basis (based on
          the original principal balance of each Class of the Class A Notes as a
          fraction of the original principal balance of the Class A Notes); and

               (b) if the aggregate amount of such funds is less than or equal
          to $100,000, to pay the Class A Notes, the portion of such funds in
          sequential order of priority beginning with the Class A-1 Notes; and

          (ii) to pay to the holders of the Class B Notes their pro rata portion
     of such funds (based on the original principal balance of the Class B Notes
     as a fraction of the original principal balance of all Notes).

     SECTION 8.3 General Provisions Regarding Accounts. (a) The funds in the
Trust Accounts shall be invested in Eligible Investments in accordance with and
subject to Section

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4.1(b) of the Sale and Servicing Agreement and all interest and investment
income (net of losses and investment expenses) on funds on deposit in the Trust
Accounts shall constitute Available Funds and shall be distributed in accordance
with the provisions of Section 4.4 of the Sale and Servicing Agreement. The
Indenture Trustee shall not be directed 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 Indenture Trustee
to make any such investment or sale, if requested by Indenture Trustee, the
Issuer shall deliver to Indenture Trustee an Opinion of Counsel, acceptable to
Indenture Trustee, to such effect.

     (b) Subject to Section 6.1(c), the Indenture Trustee shall not in any way
be held liable by reason of any insufficiency in any of the Trust Accounts
resulting from any loss on any Eligible Investment included therein, except for
losses attributable to the Indenture Trustee's failure to make payments on any
such Eligible Investments issued by the Indenture Trustee in its commercial
capacity as principal obligor and not as trustee, in accordance with their
terms.

     (c) If (i) investment directions shall not have been given in writing by
the Servicer in accordance with Section 4.1(b) of the Sale and Servicing
Agreement for any funds on deposit in the Trust Accounts to the Indenture
Trustee by 11:00 a.m., New York City time (or such other time as may be agreed
by the Servicer and the Indenture Trustee), on any Business Day or (ii) a
Default or Event of Default shall have occurred and be continuing with respect
to the Notes but the Notes shall not have been declared due and payable pursuant
to Section 5.2 or (iii) if the Notes shall have been declared due and payable
following a Default and amounts collected or received from the Trust Estate are
being applied in accordance with Section 5.4 as if there had not been such a
declaration, then the Indenture Trustee shall, to the fullest extent
practicable, invest and reinvest funds in the Trust Accounts in one or more
Eligible Investments in accordance with the standing instructions most recently
given by the Servicer.

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

     (b) The Indenture Trustee shall, at such time as there are no Notes
Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have
been paid, release any remaining portion of the Collateral 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. Such
release shall include release of the lien of this Indenture and transfer of
dominion and control over the Trust Accounts to the Issuer or its designee. The
Indenture Trustee shall release property from the Lien of this Indenture
pursuant to this Section only upon receipt of an Issuer Request accompanied by
an Officer's Certificate, an Opinion of Counsel and (if required by the TIA)

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<PAGE>

Independent Certificates in accordance with TIA (S)(S) 314(c) and 314(d)(1)
meeting the applicable requirements of Section 11.1.

     Each Noteholder or Note Owner, by its acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in a Note, acknowledges that from time to
time the Indenture Trustee shall release the Lien of this Indenture on any
Receivable to be sold to (i) the Seller in accordance with Section 2.3 of the
Sale and Servicing Agreement, (ii) to Servicer in accordance with Section 3.6 of
the Sale and Servicing Agreement and (iii) to COAF in accordance with Section
3.3 of the Purchase Agreement.

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

                       ARTICLE IX SUPPLEMENTAL INDENTURES

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

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

          (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 contained herein and in
     the Notes;

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

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

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<PAGE>

          (v) to cure any ambiguity, to correct or to supplement any provision
     herein or in any supplemental indenture which may be inconsistent with any
     other provision herein or in any supplemental indenture or to make any
     other provisions with respect to matters or questions arising under this
     Indenture or in any supplemental indenture; provided that such action shall
     not materially and adversely affect the interests of the Noteholders;

          (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 VI;

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

          (viii) to add, modify or eliminate such provisions as may be necessary
     or advisable in order to enable (a) the transfer to the Issuer of all or
     any portion of the Receivables to be derecognized under GAAP by the Seller
     to the Issuer, (b) the Issuer to avoid becoming a member of Seller's
     consolidated group under GAAP or (c) the Seller or any of its Affiliates to
     otherwise comply with or obtain more favorable treatment under any law or
     regulation or any accounting rule or principle; it being a condition to any
     such amendment that the Rating Agency Condition be satisfied.

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

     (b) The Issuer and the Indenture Trustee, when authorized by an Issuer
Order, may, also without the consent of any Noteholder, enter into an indenture
or indentures supplemental hereto for the purpose of adding any provisions to,
or changing in any manner or eliminating any of the provisions of, this
Indenture or of modifying in any manner (other than the modifications set forth
in Section 9.2, which require consent of each Noteholder affected thereby) the
rights of the Noteholders under this Indenture; provided (i) that the Rating
Agency Condition shall have been satisfied with respect to such action, and (ii)
that such action shall not, as evidenced by an Opinion of Counsel, (A)
materially and adversely affects the interests of any Noteholder, (B) affect the
treatment of the Notes as debt for federal income tax purposes, or (C) be deemed
to cause a taxable exchange of the Notes for federal income tax purposes.

     SECTION 9.2 Supplemental Indentures with Consent of Noteholders. The Issuer
and the Indenture Trustee, when authorized by an Issuer Order, also may, with
prior notice to the Rating Agencies and with the consent of the Holders of not
less than a majority of the aggregate outstanding principal amount of the
Outstanding Notes, voting together as a single Class, by Act of such Holders
delivered to the Issuer and the Indenture Trustee, enter into an indenture or
indentures supplemental hereto for the purpose of adding any provisions to, or
changing in any manner or eliminating any of the provisions of, this Indenture
or of modifying in any manner the

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<PAGE>

rights of the Noteholders under this Indenture; provided that no such
supplemental indenture shall, without the consent of the Holder of each
Outstanding Note affected thereby:

          (i) change the date of payment of any installment of principal
     (including, without limitation, the Final Scheduled Payment Date) 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
     provision 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 V, to the payment of any such amount due on the Notes
     on or after the respective due dates thereof (or, in the case of
     redemption, on or after the Redemption Date);

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

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

          (iv) reduce the percentage of the aggregate outstanding principal
     amount of the Outstanding Notes required to direct the Indenture Trustee to
     direct the Issuer to sell or liquidate the Trust Estate pursuant to Section
     5.4 if the proceeds of such sale would be insufficient to pay the aggregate
     outstanding principal amount of the Outstanding Notes plus accrued but
     unpaid interest on the Notes;

          (v) modify any provision of this Section in any respect adverse to the
     interests of the Noteholders except to increase any percentage specified
     herein or to provide that certain additional provisions of this Indenture
     or the Transaction 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 Payment Date (including the calculation of
     any of the individual components of such calculation) or to affect the
     rights of the Noteholders to the benefit of any provisions for the
     mandatory redemption of the Notes contained herein;

          (vii) permit the creation of any Lien ranking prior to or on a parity
     with the Lien of this Indenture with respect to any part of the Trust
     Estate or, except as otherwise permitted or contemplated herein or in the
     Transaction Documents, terminate the Lien of this Indenture on any property
     at any time subject hereto or deprive any Noteholder of the security
     provided by the Lien of this Indenture; or

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<PAGE>

          (viii) impair the right to institute suit for the enforcement of
     payment as provided in Section 5.7.

     Any such supplemental indenture shall be executed only upon delivery of an
Opinion of Counsel to the same effect as in Section 9.1(b)(ii).

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

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

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

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

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

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<PAGE>

executed by the Issuer and authenticated and delivered by the Indenture Trustee
in exchange for Outstanding Notes.

                         ARTICLE X REDEMPTION OF NOTES

     SECTION 10.1 Redemption. (a) Each of the Notes is subject to redemption in
whole, but not in part, at the direction of the Servicer pursuant to Section 8.1
of the Sale and Servicing Agreement, on any Payment Date on which the Servicer
exercises its option to purchase the Trust Estate pursuant to said Section 8.1,
for a purchase price equal to the Optional Purchase Price, which amount shall be
deposited by the Servicer into the Collection Account on the Redemption Date.

     (b) Each of the Notes is subject to redemption in whole, but not in part,
on any Payment Date occurring after the end of the Pre-Funding Period on which
the sum of the amounts in the Reserve Account and the remaining Available Funds
after the payments under clauses first through eighth of Section 4.4(a) of the
Sale and Servicing Agreement would be sufficient to pay in full the aggregate
unpaid Note Balance of all of the Outstanding Notes as determined by the
Servicer. On such Payment Date, (i) the Indenture Trustee upon written direction
from the Servicer shall transfer all amounts on deposit in the Reserve Account
to the Collection Account and (ii) the Outstanding Notes shall be redeemed in
whole, but not in part.

     (c) If the Notes are to be redeemed pursuant to Sections 10.1(a) or
10.1(b), the Administrator or the Issuer shall provide at least 20 days' prior
notice of the redemption of the Notes to the Indenture Trustee and the Owner
Trustee, and the Indenture Trustee shall provide prompt (but not later than 10
days prior to the applicable Redemption Date) notice thereof to the Noteholders.

     SECTION 10.2 Form of Redemption Notice. Notice of redemption under Section
10.1 shall be given by the Indenture Trustee by facsimile or by first-class
mail, postage prepaid, transmitted or mailed 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.

          All notices of redemption shall state:

          (i) the Redemption Date;

          (ii) the Redemption Price;

          (iii) that the Record Date otherwise applicable to such Redemption
     Date is not applicable and that payments shall be made only upon
     presentation and surrender of such Notes, and 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
     3.2); and

          (iv) that interest on the Notes shall cease to accrue on the
     Redemption Date.

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

     SECTION 10.3 Notes Payable on Redemption Date. The Notes to be redeemed
shall, following notice of redemption as required by Section 10.2 (in the case
of redemption pursuant to Section 10.1), on the Redemption Date become due and
payable at the 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.

                            ARTICLE XI MISCELLANEOUS

     SECTION 11.1 Compliance Certificates and Opinions, etc. (a) Upon any
application or request by the Issuer to the Indenture Trustee to take any action
under any provision of this Indenture, the Issuer shall furnish to the Indenture
Trustee (i) an Officer's Certificate stating that all conditions precedent, if
any, provided for in this Indenture relating to the proposed action have been
complied with that satisfies TIA Section 314(c)(1), (ii) an Opinion of Counsel
stating that in the opinion of such counsel all such conditions precedent, if
any, have been complied with that satisfies TIA Section 314(c)(2) and (iii) if
required by the TIA in the case of condition precedent compliance with which is
subject to verification by accountants, a certificate or opinion of an
accountant that satisfies TIA Section 314(c)(3), except that, in the case of any
such application or request as to which the furnishing of such documents is
specifically required by any provision of this Indenture, no additional
certificate or opinion need be furnished.

     Every certificate or opinion in accordance with TIA Section 314(e) 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 Indenture Trustee that is to be made the basis for the
release of any property or securities subject to the lien of this Indenture, the
Issuer shall, in addition to any obligation imposed in Section 11.1(a) or
elsewhere in this Indenture, furnish to the Indenture Trustee an Officer's
Certificate

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<PAGE>

certifying or stating the opinion of each person signing such certificate as to
the fair value in accordance with TIA Section 314(d) (within 90 days of such
deposit) to the Issuer of the Collateral or other property or securities to be
so deposited.

     (ii) Whenever the Issuer is required to furnish to the Indenture Trustee an
Officer's Certificate certifying or stating the opinion of any signer thereof as
to the matters described in clause (i) above, the Issuer shall also deliver to
the Indenture Trustee an Independent Certificate as to the same matters, if the
fair value in accordance with TIA Section 314(d) to the Issuer of the property
or securities to be so deposited and of all other such securities made the basis
of any such withdrawal or release since the commencement of the then-current
fiscal year of the Issuer, as set forth in the certificates delivered pursuant
to clause (i) and this clause (ii), is 10% or more of the aggregate outstanding
principal amount of the Outstanding Notes, but such a certificate need not be
furnished with respect to any securities so deposited, if the fair value thereof
to the Issuer as set forth in the related Officer's Certificate is less than
$25,000 or less than one percent of the aggregate outstanding principal amount
of the Outstanding Notes.

     (iii) Other than as contemplated by Section 11.1(b)(v), whenever any
property or securities are to be released from the lien of this Indenture, the
Issuer shall also furnish to the Indenture Trustee an Officer's Certificate
certifying or stating the opinion of each person signing such certificate as to
the fair value (within 90 days of such release) of the property or securities
proposed to be released and stating that in the opinion of such person the
proposed release will not impair the security under this Indenture in
contravention of the provisions hereof.

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

     (v) Notwithstanding Section 2.9 or any other provision of this Section, the
Issuer may (A) collect, liquidate, sell or otherwise dispose of Receivables and
Financed Vehicles as and to the extent permitted or required by the Transaction
Documents and (B) make cash payments out of the Trust Accounts as and to the
extent permitted or required by the Transaction Documents.

     SECTION 11.2 Form of Documents Delivered to the Indenture 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 other matters, and any such Person may certify or give an opinion
as to such matters in one or several documents.

                                       45

<PAGE>

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

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

     SECTION 11.3 Acts of Noteholders. (a) Any request, demand, authorization,
direction, notice, consent, waiver or other action provided by this Indenture to
be given or taken by Noteholders may be embodied in and evidenced by one or more
instruments of substantially similar tenor signed by such Noteholders in person
or by agents duly appointed in writing; and except as herein otherwise expressly
provided such action shall become effective when such instrument or instruments
are delivered to the Indenture Trustee, and, where it is hereby expressly
required, to the Issuer. Such instrument or instruments (and the action embodied
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 6.1)
conclusive in favor of the Indenture 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 Indenture
          Trustee deems sufficient.

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

               (d) Any request, demand, authorization, direction, notice,
          consent, waiver or other action by any Noteholder shall bind the
          Holder of every Note issued upon

                                       46

<PAGE>

          the registration thereof or in exchange therefor or in lieu thereof,
          in respect of anything done, omitted or suffered to be done by the
          Indenture Trustee or the Issuer in reliance thereon, whether or not
          notation of such action is made upon such Note.

     SECTION 11.4 Notices. All demands, notices and communications hereunder
shall be in writing and shall be delivered or mailed by registered or certified
first-class United States mail, postage prepaid, hand delivery, prepaid courier
service, or by telecopier, and addressed in each case as follows: (i) if to the
Issuer, c/o the Owner Trustee, at                             ,
                                  ----------------------------
                                 (telecopier no. (   )    -    , Attention:
--------------------------------                  ---  --- ----
                          , with a copy to the Administrator, at 1680 Capital
--------------------------
One Drive, McLean, Virginia 22102 (telecopier no. (703) 720-2121), Attention:
Manager of Securitization, with a copy to Capital One Auto Finance, Inc., 1680
Capital One Drive, McLean, Virginia 22102 (telecopier no. (703) 720-2227),
Attention: Funding Counsel, with a copy to the Indenture Trustee, at 4 New York
Plaza, 6th Floor, New York, New York 10004-2477 (telecopier no. (212) 623-5932),
Attention: Structured Finance Administration - Capital One Auto Finance Trust
200  ;  (ii) if to the Indenture Trustee, at                            ,
   -- --                                     ---------------------------
                              (telecopier no. (   )    -    ), Attention:
-----------------------------                  ---  --- ----
                            ; (iii) if to Moody's, to Moody's Investors Service,
----------------------------
Inc., 99 Church Street, New York, New York 10007 (telecopier no. (212)
298-7139), Attention: ABS Monitoring Group; (iv) if to S&P, to Standard & Poor's
Ratings Services, 55 Water Street, New York, New York 10041 (telecopier no.
(212) 438-2664), Attention: Asset Backed Surveillance Group; or (v) at such
other address as shall be designated by any of the foregoing in a written notice
to the other parties hereto. Delivery shall occur only upon receipt or reported
tender of such communication by an officer of the recipient entitled to receive
such notices located at the address of such recipient for notices hereunder.

     SECTION 11.5 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 or via Electronic Transmission 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 Indenture 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 to Noteholders when such notice is required to be given
pursuant to any provision of this Indenture, then any

                                       47

<PAGE>

manner of giving such notice as shall be satisfactory to the Indenture 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 an Event
of Default.

     SECTION 11.6 Alternate Payment and Notice Provisions. Notwithstanding any
provision of this Indenture or any of the Notes to the contrary, the Issuer may
enter into any agreement with any Noteholder providing for a method of payment,
or notice by the Indenture Trustee or any Paying Agent to such Noteholder, that
is different from the methods provided for in this Indenture for such payments
or notices, provided that such methods are reasonable and consented to by the
Indenture Trustee (which consent shall not be unreasonably withheld). The Issuer
will furnish to the Indenture Trustee a copy of each such agreement and the
Indenture Trustee will cause payments to be made and notices to be given in
accordance with such agreements.

     SECTION 11.7 Conflict with Trust Indenture Act. If any provision hereof
limits, qualifies or conflicts with another provision hereof that is required 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 (S)(S) 310 through 317 that impose duties on any
person (including the provisions automatically deemed included herein unless
expressly excluded by this Indenture) are a part of and govern this Indenture,
whether or not physically contained herein.

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

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

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

     SECTION 11.11 Benefits of Indenture. Nothing in this Indenture or in the
Notes, express or implied, shall give to any Person, other than the parties
hereto and their successors hereunder, and the Noteholders, 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.

     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

                                       48

<PAGE>

Business Day with the same force and effect as if made on the date on which
nominally due, and no interest shall accrue for the period from and after any
such nominal date.

     SECTION 11.13 GOVERNING LAW. THIS INDENTURE SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, 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 11.14 Counterparts. This Indenture may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, but
all such counterparts shall together constitute but one and the same instrument.

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

     SECTION 11.16 Trust Obligation. Each Noteholder or Note Owner, by
acceptance of a Note, or, in the case of a Note Owner or a beneficial interest
in a Note, by accepting the benefits of this Agreement, covenants and agrees
that no recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuer, the Owner Trustee or the Indenture Trustee on the
Notes or under this Indenture or any certificate or other writing delivered in
connection herewith or therewith, against (i) the Indenture Trustee or the Owner
Trustee in their respective individual capacities, (ii) any Certificateholder or
any other owner of a beneficial interest in the Issuer, (iii) the Servicer, the
Administrator or the Seller or (iv) any partner, owner, beneficiary, agent,
officer, director, employee, successor or assign of any Person described in
clauses (i), (ii) and (iii) above, except as any such Person may have expressly
agreed (it being understood that the Indenture Trustee and the Owner Trustee
have no such obligations in their individual capacity) and except that any such
partner, owner or beneficiary shall be fully liable, to the extent provided by
applicable law, for any unpaid consideration for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity.

     SECTION 11.17 No Petition. Each of the Indenture Trustee, by entering into
this Indenture, and each Noteholder and Note Owner, by accepting a Note or, in
the case of a Note Owner, a beneficial interest in a Note, hereby covenants and
agrees that prior to the date which is one year and one day after payment in
full of all obligations of each Bankruptcy Remote Party in respect of all
securities issued by the Bankruptcy Remote Parties, (i) such party shall not
authorize any Bankruptcy Remote Party to commence a voluntary winding-up or
other voluntary case or other proceeding seeking liquidation, reorganization or
other relief with respect to such Bankruptcy Remote Party or its debts under any
bankruptcy, insolvency or other similar law now or hereafter in effect in any
jurisdiction or seeking the appointment of an administrator, a trustee,
receiver, liquidator, custodian or other similar official with respect to such
Bankruptcy Remote Party or any substantial part of its property or to consent to
any such relief or to the appointment

                                       49

<PAGE>

of or taking possession by any such official in an involuntary case or other
proceeding commenced against such Bankruptcy Remote Party, or to make a general
assignment for the benefit of, its creditors generally, any party hereto or any
other creditor of such Bankruptcy Remote Party, and (ii) none of the parties
hereto shall commence, join or institute against, with any other Person, any
proceeding against such Bankruptcy Remote Party under any bankruptcy,
reorganization, arrangement, liquidation or insolvency law or statute now or
hereafter in effect in any jurisdiction.

     SECTION 11.18 Intent.

     (a) It is the intent of the Issuer that the Notes constitute indebtedness
for all financial accounting purposes and the Issuer agrees and each purchaser
of a Note (by virtue of the acquisition of such Note or an interest therein)
shall be deemed to have agreed, to treat the Notes as indebtedness for all
financial accounting purposes.

     (b) It is the intent of the Issuer that the Notes constitute indebtedness
of the Issuer for all tax purposes and the Issuer agrees and each purchaser of a
Note (by virtue of the acquisition of such Note or an interest therein) shall be
deemed to have agreed to treat the Notes as indebtedness for all tax purposes.

     SECTION 11.19 Submission to Jurisdiction. Each of the parties hereto hereby
irrevocably and unconditionally:

     (a) submits for itself and its property in any legal action or proceeding
relating to this Agreement or any documents executed and delivered in connection
herewith, or for recognition and enforcement of any judgment in respect thereof,
to the nonexclusive general jurisdiction of the courts of the State of New York,
the courts of the United States of America for the Southern District of New York
and appellate courts from any thereof;

     (b) consents that any such action or proceeding may be brought in such
courts and waives any objection that it may now or hereafter have to the venue
of such action or proceeding in any such court or that such action or proceeding
was brought in an inconvenient court and agrees not to plead or claim the same;

     (c) agrees that service of process in any such action or proceeding may be
effected by mailing a copy thereof by registered or certified mail (or any
substantially similar form of mail), postage prepaid, to such Person at its
address determined in accordance with Section 11.4 of this Agreement; and

     (d) agrees that nothing herein shall affect the right to effect service of
process in any other manner permitted by law or shall limit the right to sue in
any other jurisdiction.

     SECTION 11.20 Subordination of Claims. The Issuer's obligations under this
Indenture are obligations solely of the Issuer and will not constitute a claim
against the Seller to the extent that the Issuer does not have funds sufficient
to make payment of such obligations. In furtherance of and not in derogation of
the foregoing, each of the Owner Trustee (in its individual capacity

                                       50

<PAGE>

and as the Owner Trustee), by accepting the benefits of this agreement, the
Certificateholder, by accepting the Certificate, and Indenture Trustee (in its
individual capacity and as Indenture Trustee), by entering into this Indenture,
and each Noteholder and each Note Owner, by accepting the benefits of this
Indenture, hereby acknowledges and agrees that such Person has no right, title
or interest in or to the Other Assets of the Seller. To the extent that,
notwithstanding the agreements and provisions contained in the preceding
sentence, each of the Owner Trustee, the Indenture Trustee, each Noteholder or
Note Owner and the Certificateholder either (i) asserts an interest or claim to,
or benefit from, Other Assets, or (ii) is deemed to have any such interest,
claim to, or benefit in or from Other Assets, whether by operation of law, legal
process, pursuant to applicable provisions of insolvency laws or otherwise
(including by virtue of Section 1111(b) of the Bankruptcy Code or any successor
provision having similar effect under the Bankruptcy Code), then such Person
further acknowledges and agrees that any such interest, claim or benefit in or
from Other Assets is and will be expressly subordinated to the indefeasible
payment in full, which, under the terms of the relevant documents relating to
the securitization or conveyance of such Other Assets, are entitled to be paid
from, entitled to the benefits of, or otherwise secured by such Other Assets
(whether or not any such entitlement or security interest is legally perfected
or otherwise entitled to a priority of distributions or application under
applicable law, including insolvency laws, and whether or not asserted against
the Seller), including the payment of post-petition interest on such other
obligations and liabilities. This subordination agreement will be deemed a
subordination agreement within the meaning of Section 510(a) of the Bankruptcy
Code. Each of the Indenture Trustee (in its individual capacity and as the
Indenture Trustee), by entering into or accepting this agreement, the
Certificateholder, by accepting the Certificate, and the Owner Trustee, and each
Noteholder or Note Owner, by accepting the benefits of this Indenture, hereby
further acknowledges and agrees that no adequate remedy at law exists for a
breach of this Section and the terms of this Section may be enforced by an
action for specific performance. The provisions of this Section will be for the
third party benefit of those entitled to rely thereon and will survive the
termination of this Indenture.

     SECTION 11.21 Limitation of Liability of Owner Trustee. It is expressly
understood and agreed by and between the parties hereto that (i) this Indenture
is executed and delivered by [NAME OF OWNER TRUSTEE], not in its individual
capacity but solely as Owner Trustee under the Trust Agreement in the exercise
of the power and authority conferred and vested in it as such Owner Trustee,
(ii) each of the representations, undertakings and agreements made herein by the
Issuer are not personal representations, undertakings and agreements of [NAME OF
OWNER TRUSTEE], but are binding only on the trust estate created pursuant to the
Trust Agreement, (iii) nothing contained herein shall be construed as creating
any liability on [NAME OF OWNER TRUSTEE], individually or personally, to perform
any covenant of the Issuer either expressed or implied contained herein, all
such liability, if any, being expressly waived by the parties hereto and by any
person claiming by, through or under any such party, and (iv) under no
circumstances shall [NAME OF OWNER TRUSTEE] be personally liable for the payment
of any indebtedness or expense of the Issuer or be liable for the breach or
failure of any obligation, representation, warranty or covenant made or
undertaken by the Issuer under this Indenture.

                  [Remainder of Page Intentionally Left Blank]

                                       51

<PAGE>

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

                                        CAPITAL ONE AUTO FINANCE TRUST 200  -
                                                                          -- --

                                        By: [NAME OF OWNER TRUSTEE], not in
                                        its individual capacity but solely as
                                        Owner Trustee

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

                                        [NAME OF INDENTURE TRUSTEE], a
                                                                    , not in
                                        ----------------------------
                                        its individual capacity but solely as
                                        the Indenture Trustee

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

                                                                2003-2 Indenture

<PAGE>

                                   Exhibit A

                                 CLASS A-1 NOTE

REGISTERED                              $_____________________/1/
No. R-1                                 CUSIP NO. ____________
                                        ISIN. ________________

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

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

                      CAPITAL ONE AUTO FINANCE TRUST 200_-_

                 _______% CLASS A-1 AUTO LOAN ASSET BACKED NOTE

     Capital One Auto Finance Trust 200_-_, a statutory trust organized and
existing under the laws of the State of Delaware (including any successor, the
"Issuer"), for value received, hereby promises to pay to CEDE & CO., or
registered assigns, the principal sum of _______________________________________
____________________________ DOLLARS ($__________), in monthly installments on
the 15th of each month, or if such day is not a Business Day, on the immediately
succeeding Business Day, commencing on ________ 15, 200_ (each, a "Payment
Date") until the principal of this Note is paid or made available for payment,
and to pay interest due and payable on each Payment Date on the Class A-1 Note
Balance as of the preceding Payment Date (after giving effect to all payments of
principal made on the preceding Payment Date), or as of the Closing Date in the
case of the first Payment Date, at the rate per annum shown above (the "Interest
Rate"), in each case as and to the extent set forth in Sections 2.7, 3.1, 5.4(b)
and 8.2 of the Indenture and Section 4.4 of the Sale and Servicing Agreement;
provided, however, that the entire Class A-1 Note Balance shall be due and
payable on the earliest of ________ 15, 200_ (the "Final Scheduled Payment
Date"), (ii) the Redemption Date, if any, pursuant to Section 10.1 of the
Indenture and (iii) the date the Notes are accelerated after an Event of Default
pursuant to Section 5.2 of the Indenture. Interest on this Note will accrue for
each Payment Date from and including the preceding Payment Date (or, in the case
of the initial Payment Date, from and

----------
/1/  Denominations of $250,000 and integral multiples of $1,000 in excess
thereof.

<PAGE>

including the Closing Date) to but excluding such Payment Date. Interest will be
computed on the basis of actual days elapsed and a 360-day year. Such principal
of and interest on this Note shall be paid in the manner specified on the
reverse 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.

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

     Unless the certificate of authentication hereon has been executed by the
Indenture Trustee the name of which 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.

<PAGE>

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

Dated:
      ---------------------------

                                        CAPITAL ONE AUTO FINANCE TRUST 200_-_

                                        By: [NAME OF OWNER TRUSTEE], not in its
                                            individual capacity but solely as
                                            Owner Trustee

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

<PAGE>

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Dated:
      ---------------------------

                                        [NAME OF INDENTURE TRUSTEE], a
                                        _______________, not in its individual
                                        capacity but solely as Indenture Trustee

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

<PAGE>

                                [REVERSE OF NOTE]

     This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its _______% Class A-1 Auto Loan Asset-Backed Notes (herein called
the "A-1 Notes" or the "Notes"), all issued under an Indenture dated as of
________, 200_ (such Indenture, as supplemented or amended, is herein called the
"Indenture"), between the Issuer and [NAME OF INDENTURE TRUSTEE], a
____________________________, not in its individual capacity but solely as
trustee (the "Indenture Trustee"), which term includes any successor Indenture
Trustee under the Indenture, to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Indenture Trustee and the Noteholders.
The Notes are subject to all terms of the Indenture and the Sale and Servicing
Agreement. All terms used in this Note that are not otherwise defined herein and
that are defined in the Indenture or the Sale and Servicing Agreement shall have
the meanings assigned to them in Appendix A of the Sale and Servicing Agreement.

     The Class A Notes are and will be equally and ratably secured by the
collateral pledged as security therefor as provided in the Indenture. The Class
B Notes are subordinated to the Class A Notes, and are secured by the collateral
pledged as security therefor on a subordinated basis as provided in the
Indenture. All covenants and agreements made by the Issuer in the Indenture are
for the benefit of the Holders of the Class A Notes and the Class B Notes.

     Principal payable on the Notes will be paid on each Payment Date in the
amount specified in the Indenture and in the Sale and Servicing Agreement. As
described above, that the entire Class A-1 Note Balance shall be due and payable
on the earliest of (i) ________, 200_ (the "Final Scheduled Payment Date"), (ii)
the Redemption Date, if any, pursuant to Section 10.1 of the Indenture and (iii)
the date the Notes are accelerated after an Event of Default pursuant to Section
5.2 of 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 of and interest on this Note due and payable on each
Payment Date, Redemption Date or upon acceleration 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 Depository (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 Payment 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
Payment Date or Redemption Date, then the Indenture 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 Payment Date or Redemption Date by
notice mailed prior

<PAGE>

to such Payment 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 Indenture Trustee or at the office of the
Indenture Trustee's agent appointed for such purposes located in The City of New
York.

     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 Seller, the Servicer, the Owner Trustee or the Indenture
Trustee on the Notes or under this Indenture or any certificate or other writing
delivered in connection herewith or therewith, against (i) the Seller, the
Servicer, the Indenture 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, employee or agent of the Seller,
the Servicer, the Indenture Trustee or the Owner Trustee in its individual
capacity, any holder of a beneficial interest in the Issuer, the Seller, the
Servicer, the Owner Trustee or the Indenture Trustee or of any successor or
assign of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee
in its individual capacity, except as any such Person may have expressly agreed
(it being understood that the Indenture Trustee and the Owner Trustee have no
such obligations in their individual capacity) and except that any such partner,
owner or beneficiary shall be fully liable, to the extent provided by applicable
law, for any unpaid consideration for stock, unpaid capital contribution or
failure to pay any installment or call owing to such entity.

     It is the intent of the Seller, the Servicer, the Noteholders and the Note
Owners that, for purposes of federal and state income tax and any other tax
measured in whole or in part by income, the Notes will qualify as indebtedness
of the Issuer. The Noteholders, by acceptance of a Note, agree to treat, and to
take no action inconsistent with the treatment of, the Notes for such tax
purposes as indebtedness of the Issuer.

     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, prior
to the date which is one year and one day after payment in full of all
obligations of each Bankruptcy Remote Party in respect of all securities issued
by any Bankruptcy Remote Party (i) such party shall not authorize any Bankruptcy
Remote Party to commence a voluntary winding-up or other voluntary case or other
proceeding seeking liquidation, reorganization or other relief with respect to
such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or
other similar law now or hereafter in effect in any jurisdiction or seeking the
appointment of an administrator, a trustee, receiver, liquidator, custodian or
other similar official with respect to such Bankruptcy Remote Party or any
substantial part of its property or to consent to any such relief or to the
appointment of or taking possession by any such official in any involuntary case
or other proceeding commenced against such Bankruptcy Remote Party, or to make a
general assignment for the benefit of, its creditors generally, any party hereto
or any other creditor of such Bankruptcy Remote Party, and (ii) none of the
parties hereto shall commence or join with any other Person in commencing any
proceeding against such Bankruptcy Remote Party under any bankruptcy,
reorganization, liquidation or insolvency law or statute now or hereafter in
effect in any jurisdiction.

<PAGE>

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

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

<PAGE>

                                   ASSIGNMENT

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

________________________________________________________________________________

     FOR VALUE RECEIVED, the undersigned hereby sells,

assigns and transfers unto _____________________________________________________
                                      (name and address of assignee)

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

Dated:                                                           */
      --------------------   ------------------------------------

                                        Signature Guaranteed:

                                        ----------------------------------------
                                        Signatures must be guaranteed by an
                                        "eligible guarantor institution" meeting
                                        the requirements of the Note Registrar,
                                        which requirements include membership or
                                        participation in STAMP or such other
                                        "signature guarantee program" as may be
                                        determined by the Note Registrar in
                                        addition to, or in substitution for,
                                        STAMP, all in accordance with the
                                        Securities Exchange Act of 1934, as
                                        amended.

----------

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

<PAGE>

                                 CLASS A-2 NOTE

REGISTERED                              $_____________________/2/
No. R-1                                 CUSIP NO._____________
                                        ISIN._________________

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

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

                      CAPITAL ONE AUTO FINANCE TRUST 200_-_

                 _______% CLASS A-2 AUTO LOAN ASSET BACKED NOTE

     Capital One Auto Finance Trust 200_-_, a statutory trust organized and
existing under the laws of the State of Delaware (including any successor, the
"Issuer"), for value received, hereby promises to pay to CEDE & CO., or
registered assigns, the principal sum of ______________________________________
DOLLARS ($___________), in monthly installments on the 15th of each month, or if
such day is not a Business Day, on the immediately succeeding Business Day,
commencing on ________ 15, 200_ (each, a "Payment Date") until the principal of
this Note is paid or made available for payment, and to pay interest due and
payable on each Payment Date on the Class A-2 Note Balance as of the preceding
Payment Date (after giving effect to all payments of principal made on the
preceding Payment Date), or as of the Closing Date in the case of the first
Payment Date, at the rate per annum shown above (the "Interest Rate"), in each
case as and to the extent set forth in Sections 2.7, 3.1, 5.4(b) and 8.2 of the
Indenture and Section 4.4 of the Sale and Servicing Agreement; provided,
however, that the entire Class A-2 Note Balance shall be due and payable on the
earliest of (i) ________ 15, 200_ (the "Final Scheduled Payment Date"), (ii) the
Redemption Date, if any, pursuant to Section 10.1 of the Indenture and (iii) the
date the Notes are accelerated after an Event of Default pursuant to Section 5.2
of the Indenture. Interest on this Note will accrue for each Payment Date from
and including the preceding Payment Date (or, in the case of the initial Payment
Date, from and

----------
/2/  Denominations of $250,000 and integral multiples of $1,000 in excess
thereof.

<PAGE>

including the Closing Date) to but excluding such Payment Date. Interest will be
computed on the basis of a 360-day year of twelve 30-day months. Such principal
of and interest on this Note shall be paid in the manner specified on the
reverse hereof.

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

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

     Unless the certificate of authentication hereon has been executed by the
Indenture Trustee the name of which 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.

<PAGE>

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

Dated:
       --------------------------

                                        CAPITAL ONE AUTO FINANCE TRUST 200_-_

                                        By: [NAME OF OWNER TRUST], not in its
                                            individual capacity but solely as
                                            Owner Trustee

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

<PAGE>

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Dated:
       --------------------------

                                        [NAME OF INDENTURE TRUSTEE], a
                                        _______________________, not in its
                                        individual capacity but solely as
                                        Indenture Trustee

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

<PAGE>

                                [REVERSE OF NOTE]

     This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its 1.44% Class A-2 Auto Loan Asset-Backed Notes (herein called
the "A-2 Notes" or the "Notes"), all issued under an Indenture dated as of
________, 200_ (such Indenture, as supplemented or amended, is herein called the
"Indenture"), between the Issuer and [NAME OF INDENTURE TRUSTEE], a
______________________________, not in its individual capacity but solely as
trustee (the "Indenture Trustee"), which term includes any successor Indenture
Trustee under the Indenture, to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Indenture Trustee and the Noteholders.
The Notes are subject to all terms of the Indenture and the Sale and Servicing
Agreement. All terms used in this Note that are not otherwise defined herein and
that are defined in the Indenture or the Sale and Servicing Agreement shall have
the meanings assigned to them in Appendix A of the Sale and Servicing Agreement.

     The Class A Notes are and will be equally and ratably secured by the
collateral pledged as security therefor as provided in the Indenture. The Class
B Notes are subordinated to the Class A Notes, and are secured by the collateral
pledged as security therefor on a subordinated basis as provided in the
Indenture. All covenants and agreements made by the Issuer in the Indenture are
for the benefit of the Holders of the Class A Notes and the Class B Notes.

     Principal payable on the Notes will be paid on each Payment Date in the
amount specified in the Indenture and in the Sale and Servicing Agreement. As
described above, that the entire Class A-2 Note Balance shall be due and payable
on the earliest of (i) ________ 15, 200_ (the "Final Scheduled Payment Date"),
(ii) the Redemption Date, if any, pursuant to Section 10.1 of the Indenture and
(iii) the date the Notes are accelerated after an Event of Default pursuant to
Section 5.2 of 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 of and interest on this Note due and payable on each
Payment Date, Redemption Date or upon acceleration 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 Depository (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 Payment 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
Payment Date or Redemption Date, then the Indenture 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 Payment Date or Redemption Date by
notice mailed prior to such Payment Date or Redemption Date and the amount then
due and payable shall be payable

<PAGE>

only upon presentation and surrender of this Note at the Corporate Trust Office
of the Indenture Trustee or at the office of the Indenture Trustee's agent
appointed for such purposes located in The City of New York.

     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 Seller, the Servicer, the Owner Trustee or the Indenture
Trustee on the Notes or under this Indenture or any certificate or other writing
delivered in connection herewith or therewith, against (i) the Seller, the
Servicer, the Indenture 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, employee or agent of the Seller,
the Servicer, the Indenture Trustee or the Owner Trustee in its individual
capacity, any holder of a beneficial interest in the Issuer, the Seller, the
Servicer the Owner Trustee or the Indenture Trustee or of any successor or
assign of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee
in its individual capacity, except as any such Person may have expressly agreed
(it being understood that the Indenture Trustee and the Owner Trustee have no
such obligations in their individual capacity) and except that any such partner,
owner or beneficiary shall be fully liable, to the extent provided by applicable
law, for any unpaid consideration for stock, unpaid capital contribution or
failure to pay any installment or call owing to such entity.

     It is the intent of the Seller, the Servicer, the Noteholders and the Note
Owners that, for purposes of federal and state income tax and any other tax
measured in whole or in part by income, the Notes will qualify as indebtedness
of the Issuer. The Noteholders, by acceptance of a Note, agree to treat, and to
take no action inconsistent with the treatment of, the Notes for such tax
purposes as indebtedness of the Issuer.

     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 prior
to the date which is one year and one day after payment in full of all
obligations of each Bankruptcy Remote Party in respect of all securities issued
by any Bankruptcy Remote Party (i) such party shall not authorize any Bankruptcy
Remote Party to commence a voluntary winding-up or other voluntary case or other
proceeding seeking liquidation, reorganization or other relief with respect to
such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or
other similar law now or hereafter in effect in any jurisdiction or seeking the
appointment of an administrator, a trustee, receiver, liquidator, custodian or
other similar official with respect to such Bankruptcy Remote Party or any
substantial part of its property or to consent to any such relief or to the
appointment of or taking possession by any such official in any involuntary case
or other proceeding commenced against such Bankruptcy Remote Party, or to make a
general assignment for the benefit of, its creditors generally, any party hereto
or any other creditor of such Bankruptcy Remote Party, and (ii) none of the
parties hereto shall commence or join with any other Person in commencing any
proceeding against such Bankruptcy Remote Party under any bankruptcy,
reorganization, liquidation or insolvency law or statute now or hereafter in
effect in any jurisdiction.

     This Note and the Indenture shall be construed in accordance with the laws
of the State of New York, without reference to its conflict of law provisions,
and the obligations, rights and

<PAGE>

remedies of the parties hereunder and thereunder shall be determined in
accordance with such laws.

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

<PAGE>

                                   ASSIGNMENT

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

________________________________________________________________________________

     FOR VALUE RECEIVED, the undersigned hereby sells,

assigns and transfers unto _____________________________________________________
                                      (name and address of assignee)

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

Dated:                                                           */
       -------------------   ------------------------------------

                                        Signature Guaranteed:

                                        ----------------------------------------
                                        Signatures must be guaranteed by an
                                        "eligible guarantor institution" meeting
                                        the requirements of the Note Registrar,
                                        which requirements include membership or
                                        participation in STAMP or such other
                                        "signature guarantee program" as may be
                                        determined by the Note Registrar in
                                        addition to, or in substitution for,
                                        STAMP, all in accordance with the
                                        Securities Exchange Act of 1934, as
                                        amended.

----------

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

<PAGE>

                                 CLASS A-3 NOTE

REGISTERED                              $_____________________/3/
No. R-1                                 CUSIP NO. ____________
                                        ISIN. ________________

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

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

                      CAPITAL ONE AUTO FINANCE TRUST 200_-_

                  _____% CLASS A-3 AUTO LOAN ASSET BACKED NOTE

     Capital One Auto Finance Trust 200_-_, a statutory trust organized and
existing under the laws of the State of Delaware (including any successor, the
"Issuer"), for value received, hereby promises to pay to CEDE & CO., or
registered assigns, the principal sum of _______________________________________
____________________________________________ DOLLARS ($___________), in monthly
installments on the 15th of each month, or if such day is not a Business Day, on
the immediately succeeding Business Day, commencing on ________ 15, 200_ (each,
a "Payment Date") until the principal of this Note is paid or made available for
payment, and to pay interest due and payable on each Payment Date on the Class
A-3 Note Balance as of the preceding Payment Date (after giving effect to all
payments of principal made on the preceding Payment Date), or as of the Closing
Date in the case of the first Payment Date, at the rate per annum shown above
(the "Interest Rate"), in each case as and to the extent set forth in Sections
2.7, 3.1, 5.4(b) and 8.2 of the Indenture and Section 4.4 of the Sale and
Servicing Agreement; provided, however, that the entire Class A-3 Note Balance
shall be due and payable on the earliest of ________ 15, 200_ (the "Final
Scheduled Payment Date"), (ii) the Redemption Date, if any, pursuant to Section
10.1 of the Indenture and (iii) the date the Notes are accelerated after an
Event of Default pursuant to Section 5.2 of the Indenture. Interest on this Note
will accrue for each Payment Date from and including the preceding Payment Date
(or, in the case of the initial Payment Date, from and

----------
/3/  Denominations of $250,000 and integral multiples of $1,000 in excess
thereof.

<PAGE>

including the Closing Date) to but excluding such Payment Date. Interest will be
computed on the basis of a 360-day year of twelve 30-day months. Such principal
of and interest on this Note shall be paid in the manner specified on the
reverse hereof.

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

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

     Unless the certificate of authentication hereon has been executed by the
Indenture Trustee the name of which 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.

<PAGE>

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

Dated:
      ---------------------------

                                        CAPITAL ONE AUTO FINANCE TRUST 200_-_

                                        By:  [NAME OF OWNER TRUSTEE], not in its
                                             individual capacity but solely as
                                             Owner Trustee

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

<PAGE>

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Dated:
      ---------------------------

                                        [NAME OF INDENTURE TRUSTEE],
                                        a ____________________________, not in
                                        its individual capacity but solely as
                                        Indenture Trustee

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

<PAGE>

                                [REVERSE OF NOTE]

     This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its _____ Class A-3 Auto Loan Asset-Backed Notes (herein called
the "A-3 Notes" or the "Notes"), all issued under an Indenture dated as of
____________________ (such Indenture, as supplemented or amended, is herein
called the "Indenture"), between the Issuer and [NAME OF INDENTURE TRUSTEE], a
____________________________, not in its individual capacity but solely as
trustee (the "Indenture Trustee"), which term includes any successor Indenture
Trustee under the Indenture, to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Indenture Trustee and the Noteholders.
The Notes are subject to all terms of the Indenture and the Sale and Servicing
Agreement. All terms used in this Note that are not otherwise defined herein and
that are defined in the Indenture or the Sale and Servicing Agreement shall have
the meanings assigned to them in Appendix A of the Sale and Servicing Agreement.

     The Class A Notes are and will be equally and ratably secured by the
collateral pledged as security therefor as provided in the Indenture. The Class
B Notes are subordinated to the Class A Notes, and are secured by the collateral
pledged as security therefor on a subordinated basis as provided in the
Indenture. All covenants and agreements made by the Issuer in the Indenture are
for the benefit of the Holders of the Class A Notes and the Class B Notes.

     Principal payable on the Notes will be paid on each Payment Date in the
amount specified in the Indenture and in the Sale and Servicing Agreement. As
described above, that the entire Class A-3 Note Balance shall be due and payable
on the earliest of (i) _____ 15, 200_ (the "Final Scheduled Payment Date"), (ii)
the Redemption Date, if any, pursuant to Section 10.1 of the Indenture and (iii)
the date the Notes are accelerated after an Event of Default pursuant to Section
5.2 of the Indenture. All principal payments on the Class A-3 Notes shall be
made pro rata to the Class A-3 Noteholders entitled thereto.

     Payments of principal of and interest on this Note due and payable on each
Payment Date, Redemption Date or upon acceleration 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 Depository (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 Payment 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
Payment Date or Redemption Date, then the Indenture 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 Payment Date or Redemption Date by
notice mailed prior to such Payment Date or Redemption Date and the amount then
due and payable shall be payable

<PAGE>

only upon presentation and surrender of this Note at the Corporate Trust Office
of the Indenture Trustee or at the office of the Indenture Trustee's agent
appointed for such purposes located in The City of New York.

     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 Seller, the Servicer, the Owner Trustee or the Indenture
Trustee on the Notes or under this Indenture or any certificate or other writing
delivered in connection herewith or therewith, against (i) the Seller, the
Servicer, the Indenture 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, employee or agent of the Seller,
the Servicer, the Indenture Trustee or the Owner Trustee in its individual
capacity, any holder of a beneficial interest in the Issuer, the Seller, the
Servicer, the Owner Trustee or the Indenture Trustee or of any successor or
assign of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee
in its individual capacity, except as any such Person may have expressly agreed
(it being understood that the Indenture Trustee and the Owner Trustee have no
such obligations in their individual capacity) and except that any such partner,
owner or beneficiary shall be fully liable, to the extent provided by applicable
law, for any unpaid consideration for stock, unpaid capital contribution or
failure to pay any installment or call owing to such entity.

     It is the intent of the Seller, the Servicer, the Noteholders and the Note
Owners that, for purposes of federal and state income tax and any other tax
measured in whole or in part by income, the Notes will qualify as indebtedness
of the Issuer. The Noteholders, by acceptance of a Note, agree to treat, and to
take no action inconsistent with the treatment of, the Notes for such tax
purposes as indebtedness of the Issuer.

     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, prior
to the date which is one year and one day after payment in full of all
obligations of each Bankruptcy Remote Party in respect of all securities issued
by any Bankruptcy Remote Party (i) such party shall not authorize any Bankruptcy
Remote Party to commence a voluntary winding-up or other voluntary case or other
proceeding seeking liquidation, reorganization or other relief with respect to
such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or
other similar law now or hereafter in effect in any jurisdiction or seeking the
appointment of an administrator, a trustee, receiver, liquidator, custodian or
other similar official with respect to such Bankruptcy Remote Party or any
substantial part of its property or to consent to any such relief or to the
appointment of or taking possession by any such official in any involuntary case
or other proceeding commenced against such Bankruptcy Remote Party, or to make a
general assignment for the benefit of, its creditors generally, any party hereto
or any other creditor of such Bankruptcy Remote Party, and (ii) none of the
parties hereto shall commence or join with any other Person in commencing any
proceeding against such Bankruptcy Remote Party under any bankruptcy,
reorganization, liquidation or insolvency law or statute now or hereafter in
effect in any jurisdiction.

     This Note and the Indenture shall be construed in accordance with the laws
of the State of New York, without reference to its conflict of law provisions,
and the obligations, rights and

<PAGE>

remedies of the parties hereunder and thereunder shall be determined in
accordance with such laws.

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

<PAGE>

                                   ASSIGNMENT

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

________________________________________________________________________________

     FOR VALUE RECEIVED, the undersigned hereby sells,

assigns and transfers unto _____________________________________________________
                                      (name and address of assignee)

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

Dated:                                                         */
      --------------------   ----------------------------------

                                        Signature Guaranteed:

                                        ---------------------------------------
                                        Signatures must be guaranteed by an
                                        "eligible guarantor institution" meeting
                                        the requirements of the Note Registrar,
                                        which requirements include membership or
                                        participation in STAMP or such other
                                        "signature guarantee program" as may be
                                        determined by the Note Registrar in
                                        addition to, or in substitution for,
                                        STAMP, all in accordance with the
                                        Securities Exchange Act of 1934, as
                                        amended.

----------

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

<PAGE>

                                 CLASS A-4 NOTE

REGISTERED                              $__________________/4/
No. R-1                                 CUSIP NO. _________
                                        ISIN. _____________

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

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

                      CAPITAL ONE AUTO FINANCE TRUST 200_-_

                  _____% CLASS A-4 AUTO LOAN ASSET BACKED NOTE

     Capital One Auto Finance Trust 200_-_, a statutory trust organized and
existing under the laws of the State of Delaware (including any successor, the
"Issuer"), for value received, hereby promises to pay to CEDE & CO., or
registered assigns, the principal sum of _______________________________________
_____________________________ DOLLARS ($______________), in monthly installments
on the 15th of each month, or if such day is not a Business Day, on the
immediately succeeding Business Day, commencing on ________ 15, 200_ (each, a
"Payment Date") until the principal of this Note is paid or made available for
payment, and to pay interest due and payable on each Payment Date on the Class
A-4 Note Balance as of the preceding Payment Date (after giving effect to all
payments of principal made on the preceding Payment Date), or as of the Closing
Date in the case of the first Payment Date, at the rate per annum shown above
(the "Interest Rate"), in each case as and to the extent set forth in Sections
2.7, 3.1, 5.4(b) and 8.2 of the Indenture and Section 4.4 of the Sale and
Servicing Agreement; provided, however, that the entire Class A-4 Note Balance
shall be due and payable on the earliest of ________ 15, 200_ (the "Final
Scheduled Payment Date"), (ii) the Redemption Date, if any, pursuant to Section
10.1 of the Indenture and (iii) the date the Notes are accelerated after an
Event of Default pursuant to Section 5.2 of the Indenture. Interest on this Note
will accrue for each Payment Date from and including the preceding Payment Date
(or, in the case of the initial Payment Date, from and

----------
/4/  Denominations of $250,000 and integral multiples of $1,000 in excess
thereof.

<PAGE>

including the Closing Date) to but excluding such Payment Date. Interest will be
computed on the basis of a 360-day year of twelve 30-day months. Such principal
of and interest on this Note shall be paid in the manner specified on the
reverse hereof.

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

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

     Unless the certificate of authentication hereon has been executed by the
Indenture Trustee the name of which 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.

<PAGE>

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

Dated:
      -------------------------------

                                        CAPITAL ONE AUTO FINANCE TRUST 200_-_

                                        By:  [NAME OF OWNER TRUSTEE], not in its
                                             individual capacity but solely as
                                             Owner Trustee

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

<PAGE>

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Dated:
      -------------------------------

                                        [NAME OF INDENTURE TRUSTEE], a
                                        ____________________, not in its
                                        individual capacity but solely as
                                        Indenture Trustee

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

<PAGE>

                                [REVERSE OF NOTE]

     This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its _____% Class A-4 Auto Loan Asset-Backed Notes (herein called
the "A-4 Notes" or the "Notes"), all issued under an Indenture dated as of
__________, 200_ (such Indenture, as supplemented or amended, is herein called
the "Indenture"), between the Issuer and [NAME OF INDENTURE TRUSTEE], a
____________________________, not in its individual capacity but solely as
trustee (the "Indenture Trustee"), which term includes any successor Indenture
Trustee under the Indenture, to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Indenture Trustee and the Noteholders.
The Notes are subject to all terms of the Indenture and the Sale and Servicing
Agreement. All terms used in this Note that are not otherwise defined herein and
that are defined in the Indenture or the Sale and Servicing Agreement shall have
the meanings assigned to them in Appendix A of the Sale and Servicing Agreement.

     The Class A Notes are and will be equally and ratably secured by the
collateral pledged as security therefor as provided in the Indenture. The Class
B Notes are subordinated to the Class A Notes, and are secured by the collateral
pledged as security therefor on a subordinated basis as provided in the
Indenture. All covenants and agreements made by the Issuer in the Indenture are
for the benefit of the Holders of the Class A Notes and the Class B Notes.

     Principal payable on the Notes will be paid on each Payment Date in the
amount specified in the Indenture and in the Sale and Servicing Agreement. As
described above, that the entire Class A-4 Note Balance shall be due and payable
on the earliest of (i) __________ 15, 200_ (the "Final Scheduled Payment Date"),
(ii) the Redemption Date, if any, pursuant to Section 10.1 of the Indenture and
(iii) the date the Notes are accelerated after an Event of Default pursuant to
Section 5.2 of 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 of and interest on this Note due and payable on each
Payment Date, Redemption Date or upon acceleration 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 Depository (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 Payment 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
Payment Date or Redemption Date, then the Indenture 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 Payment Date or Redemption Date by
notice mailed prior

<PAGE>

to such Payment 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 Indenture Trustee or at the office of the
Indenture Trustee's agent appointed for such purposes located in The City of New
York.

     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 Seller, the Servicer, the Owner Trustee or the Indenture
Trustee on the Notes or under this Indenture or any certificate or other writing
delivered in connection herewith or therewith, against (i) the Seller, the
Servicer, the Indenture 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, employee or agent of the Seller,
the Servicer, the Indenture Trustee or the Owner Trustee in its individual
capacity, any holder of a beneficial interest in the Issuer, the Seller, the
Servicer, the Owner Trustee or the Indenture Trustee or of any successor or
assign of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee
in its individual capacity, except as any such Person may have expressly agreed
(it being understood that the Indenture Trustee and the Owner Trustee have no
such obligations in their individual capacity) and except that any such partner,
owner or beneficiary shall be fully liable, to the extent provided by applicable
law, for any unpaid consideration for stock, unpaid capital contribution or
failure to pay any installment or call owing to such entity.

     It is the intent of the Seller, the Servicer, the Noteholders and the Note
Owners that, for purposes of federal and state income tax and any other tax
measured in whole or in part by income, the Notes will qualify as indebtedness
of the Issuer. The Noteholders, by acceptance of a Note, agree to treat, and to
take no action inconsistent with the treatment of, the Notes for such tax
purposes as indebtedness of the Issuer.

     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, prior
to the date which is one year and one day after payment in full of all
obligations of each Bankruptcy Remote Party in respect of all securities issued
by any Bankruptcy Remote Party (i) such party shall not authorize any Bankruptcy
Remote Party to commence a voluntary winding-up or other voluntary case or other
proceeding seeking liquidation, reorganization or other relief with respect to
such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or
other similar law now or hereafter in effect in any jurisdiction or seeking the
appointment of an administrator, a trustee, receiver, liquidator, custodian or
other similar official with respect to such Bankruptcy Remote Party or any
substantial part of its property or to consent to any such relief or to the
appointment of or taking possession by any such official in any involuntary case
or other proceeding commenced against such Bankruptcy Remote Party, or to make a
general assignment for the benefit of, its creditors generally, any party hereto
or any other creditor of such Bankruptcy Remote Party, and (ii) none of the
parties hereto shall commence or join with any other Person in commencing any
proceeding against such Bankruptcy Remote Party under any bankruptcy,
reorganization, liquidation or insolvency law or statute now or hereafter in
effect in any jurisdiction.

<PAGE>

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

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

<PAGE>

                                   ASSIGNMENT

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

________________________________________________________________________________

     FOR VALUE RECEIVED, the undersigned hereby sells,

assigns and transfers unto _____________________________________________________
                                     (name and address of assignee)

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

Dated:                                                          */
      --------------------   -------------------------------------

                                        Signature Guaranteed:

                                        ----------------------------------------
                                        Signatures must be guaranteed by an
                                        "eligible guarantor institution"
                                        meeting the requirements of the Note
                                        Registrar, which requirements include
                                        membership or participation in STAMP
                                        or such other "signature guarantee
                                        program" as may be determined by the
                                        Note Registrar in addition to, or in
                                        substitution for, STAMP, all in
                                        accordance with the Securities
                                        Exchange Act of 1934, as amended.

----------

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

<PAGE>

                                  CLASS B NOTE

REGISTERED                                   $______________________/5/
No. R-1                                      CUSIP NO. _____________
                                             ISIN. _________________

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

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

                      CAPITAL ONE AUTO FINANCE TRUST 200_-_

                   _____% CLASS B AUTO LOAN ASSET BACKED NOTE

     Capital One Auto Finance Trust 200_-_, a statutory trust organized and
existing under the laws of the State of Delaware (including any successor, the
"Issuer"), for value received, hereby promises to pay to CEDE & CO., or
registered assigns, the principal sum of _______________________________________
__________________________ DOLLARS ($__________), in monthly installments on the
15th of each month, or if such day is not a Business Day, on the immediately
succeeding Business Day, commencing on _____ 15,200_ (each, a "Payment Date")
until the principal of this Note is paid or made available for payment, and to
pay interest due and payable on each Payment Date on the Class B Note Balance as
of the preceding Payment Date (after giving effect to all payments of principal
made on the preceding Payment Date), or as of the Closing Date in the case of
the first Payment Date, at the rate per annum shown above (the "Interest Rate"),
in each case as and to the extent set forth in Sections 2.7, 3.1, 5.4(b) and 8.2
of the Indenture and Section 4.4 of the Sale and Servicing Agreement; provided,
however, that the entire Class B Note Balance shall be due and payable on the
earliest of __________ 15,200_ (the "Final Scheduled Payment Date"), (ii) the
Redemption Date, if any, pursuant to Section 10.1 of the Indenture and (iii) the
date the Notes are accelerated after an Event of Default pursuant to Section 5.2
of the Indenture. Interest on this Note will accrue for each Payment Date from
and including the preceding Payment Date (or, in the case of the initial

----------
/5/  Denominations of $ 250,000 and integral multiples of $ 1,000 in excess
thereof.

<PAGE>

Payment Date, from and including the Closing Date) to but excluding such Payment
Date. Interest will be computed on the basis of a 360-day year of twelve 30-day
months. Such principal of and interest on this Note shall be paid in the manner
specified on the reverse hereof.

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

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

     Unless the certificate of authentication hereon has been executed by the
Indenture Trustee the name of which 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.

<PAGE>

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

Dated:
      ----------------------
                                        CAPITAL ONE AUTO FINANCE TRUST 200_-_

                                        By:  [NAME OF OWNER TRUSTEE], not in its
                                             individual capacity but solely as
                                             Owner Trustee

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

<PAGE>

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

Dated:
      --------------------------------

                                        [NAME OF INDENTURE TRUSTEE],
                                        a ____________________________, not in
                                        its individual capacity but solely as
                                        Indenture Trustee

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

<PAGE>

                                [REVERSE OF NOTE]

     This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its _____% Class B Auto Loan Asset-Backed Notes (herein called the
"B Notes" or the "Notes"), all issued under an Indenture dated as of ________.
200_ (such Indenture, as supplemented or amended, is herein called the
"Indenture"), between the Issuer and [NAME OF INDENTURE TRUSTEE], a
____________________________, not in its individual capacity but solely as
trustee (the "Indenture Trustee"), which term includes any successor Indenture
Trustee under the Indenture, to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Indenture Trustee and the Noteholders.
The Notes are subject to all terms of the Indenture and the Sale and Servicing
Agreement. All terms used in this Note that are not otherwise defined herein and
that are defined in the Indenture or the Sale and Servicing Agreement shall have
the meanings assigned to them in Appendix A of the Sale and Servicing Agreement.

     The Class A Notes are and will be equally and ratably secured by the
collateral pledged as security therefor as provided in the Indenture. The Class
B Notes are subordinated to the Class A Notes, and are secured by the collateral
pledged as security therefor on a subordinated basis as provided in the
Indenture. All covenants and agreements made by the Issuer in the Indenture are
for the benefit of the Holders of the Class A Notes and the Class B Notes.

     Principal payable on the Notes will be paid on each Payment Date in the
amount specified in the Indenture and in the Sale and Servicing Agreement. As
described above, that the entire Class B Note Balance shall be due and payable
on the earliest of (i) ________ 15,200_ (the "Final Scheduled Payment Date"),
(ii) the Redemption Date, if any, pursuant to Section 10.1 of the Indenture and
(iii) the date the Notes are accelerated after an Event of Default pursuant to
Section 5.2 of the Indenture. All principal payments on the Class B Notes shall
be made pro rata to the Class B Noteholders entitled thereto.

     Payments of principal of and interest on this Note due and payable on each
Payment Date, Redemption Date or upon acceleration 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 Depository (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 Payment 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
Payment Date or Redemption Date, then the Indenture 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 Payment Date or Redemption Date by
notice mailed prior to such Payment Date or Redemption Date and the amount then
due and payable shall be payable

<PAGE>

only upon presentation and surrender of this Note at the Corporate Trust Office
of the Indenture Trustee or at the office of the Indenture Trustee's agent
appointed for such purposes located in The City of New York.

     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 Seller, the Servicer, the Owner Trustee or the Indenture
Trustee on the Notes or under this Indenture or any certificate or other writing
delivered in connection herewith or therewith, against (i) the Seller, the
Servicer, the Indenture 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, employee or agent of the Seller,
the Servicer, the Indenture Trustee or the Owner Trustee in its individual
capacity, any holder of a beneficial interest in the Issuer, the Seller, the
Servicer, the Owner Trustee or the Indenture Trustee or of any successor or
assign of the Seller, the Servicer, the Indenture Trustee or the Owner Trustee
in its individual capacity, except as any such Person may have expressly agreed
(it being understood that the Indenture Trustee and the Owner Trustee have no
such obligations in their individual capacity) and except that any such partner,
owner or beneficiary shall be fully liable, to the extent provided by applicable
law, for any unpaid consideration for stock, unpaid capital contribution or
failure to pay any installment or call owing to such entity.

     It is the intent of the Seller, the Servicer, the Noteholders and the Note
Owners that, for purposes of federal and state income tax and any other tax
measured in whole or in part by income, the Notes will qualify as indebtedness
of the Issuer. The Noteholders, by acceptance of a Note, agree to treat, and to
take no action inconsistent with the treatment of, the Notes for such tax
purposes as indebtedness of the Issuer.

     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, prior
to the date which is one year and one day after payment in full of all
obligations of each Bankruptcy Remote Party in respect of all securities issued
by any Bankruptcy Remote Party (i) such party shall not authorize any Bankruptcy
Remote Party to commence a voluntary winding-up or other voluntary case or other
proceeding seeking liquidation, reorganization or other relief with respect to
such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or
other similar law now or hereafter in effect in any jurisdiction or seeking the
appointment of an administrator, a trustee, receiver, liquidator, custodian or
other similar official with respect to such Bankruptcy Remote Party or any
substantial part of its property or to consent to any such relief or to the
appointment of or taking possession by any such official in any involuntary case
or other proceeding commenced against such Bankruptcy Remote Party, or to make a
general assignment for the benefit of, its creditors generally, any party hereto
or any other creditor of such Bankruptcy Remote Party, and (ii) none of the
parties hereto shall commence or join with any other Person in commencing any
proceeding against such Bankruptcy Remote Party under any bankruptcy,
reorganization, liquidation or insolvency law or statute now or hereafter in
effect in any jurisdiction.

     This Note and the Indenture shall be construed in accordance with the laws
of the State of New York, without reference to its conflict of law provisions,
and the obligations, rights and

<PAGE>

remedies of the parties hereunder and thereunder shall be determined in
accordance with such laws.

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

<PAGE>

                                   ASSIGNMENT

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

________________________________________________________________________________

     FOR VALUE RECEIVED, the undersigned hereby sells,

assigns and transfers unto _____________________________________________________
                                    (name and address of assignee)

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

Dated:                                                                 */
      ----------------------   ----------------------------------------

                                        Signature Guaranteed:

                                        ----------------------------------------
                                        Signatures must be guaranteed by an
                                        "eligible guarantor institution" meeting
                                        the requirements of the Note Registrar,
                                        which requirements include membership or
                                        participation in STAMP or such other
                                        "signature guarantee program" as may be
                                        determined by the Note Registrar in
                                        addition to, or in substitution for,
                                        STAMP, all in accordance with the
                                        Securities Exchange Act of 1934, as
                                        amended.

----------

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

                                                                     EXHIBIT 4.2

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

                          SALE AND SERVICING AGREEMENT

                                  by and among

                     CAPITAL ONE AUTO FINANCE TRUST 200  -  ,
                                                       -- --

                                    as Issuer

                       CAPITAL ONE AUTO RECEIVABLES, LLC,

                                    as Seller

                         CAPITAL ONE AUTO FINANCE, INC.,

                                   as Servicer

                                       and

                          [NAME OF INDENTURE TRUSTEE],

                              as Indenture Trustee

                           Dated as of         , 2003
                                       --------

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

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<S>                                                                                                 <C>
ARTICLE I     DEFINITIONS AND USAGE..................................................................1

   SECTION 1.1     Definitions.......................................................................1

   SECTION 1.2     Other Interpretive Provisions.....................................................1

ARTICLE II    CONVEYANCE OF PURCHASED ASSETS.........................................................2

   SECTION 2.1     Conveyance of Purchased Assets....................................................2

   SECTION 2.2     Representations and Warranties of the Seller as to each Receivable................2

   SECTION 2.3     Repurchase upon Breach............................................................2

   SECTION 2.4     Custody of Receivable Files.......................................................3

   SECTION 2.5     Funding Events....................................................................5

ARTICLE III   ADMINISTRATION AND SERVICING OF RECEIVABLES AND TRUST PROPERTY.........................6

   SECTION 3.1     Duties of Servicer................................................................6

   SECTION 3.2     Collection of Receivable Payments.................................................7

   SECTION 3.3     Realization Upon Receivables......................................................7

   SECTION 3.4     Maintenance of Security Interests in Financed Vehicles............................7

   SECTION 3.5     Covenants of Servicer.............................................................7

   SECTION 3.6     Purchase of Receivables Upon Breach...............................................7

   SECTION 3.7     Servicing Fee.....................................................................8

   SECTION 3.8     Servicer's Certificate............................................................8

   SECTION 3.9     Annual Officer's Certificate; Notice of Servicer Termination Event................8

   SECTION 3.10    Annual Independent Public Accountants' Report.....................................9

   SECTION 3.11    Servicer Expenses.................................................................9

ARTICLE IV    DISTRIBUTIONS; ACCOUNTS STATEMENTS TO CERTIFICATEHOLDERS AND THE NOTEHOLDERS...........9

   SECTION 4.1     Establishment of Accounts.........................................................9

   SECTION 4.2     Remittances......................................................................11

   SECTION 4.3     Additional Deposits and Payments.................................................11

   SECTION 4.4     Distributions....................................................................12

   SECTION 4.5     Net Deposits.....................................................................13

   SECTION 4.6     Statements to Certificateholders and Noteholders.................................13

   SECTION 4.7     No Duty to Confirm...............................................................14
</TABLE>

                                       -i-

<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<S>                                                                                                 <C>
ARTICLE V     THE SELLER............................................................................15

   SECTION 5.1     Representations and Warranties of Seller.........................................15

   SECTION 5.2     Liability of Seller; Indemnities.................................................16

   SECTION 5.3     Merger or Consolidation of, or Assumption of the Obligations of, Seller..........17

   SECTION 5.4     Limitation on Liability of Seller and Others.....................................17

   SECTION 5.5     Seller May Own Notes.............................................................18

   SECTION 5.6     Sarbanes-Oxley Act Requirements..................................................18

   SECTION 5.7     Compliance with Organizational Documents.........................................18

ARTICLE VI    THE SERVICER..........................................................................18

   SECTION 6.1     Representations of Servicer......................................................18

   SECTION 6.2     Indemnities of Servicer..........................................................19

   SECTION 6.3     Merger or Consolidation of, or Assumption of the Obligations of, Servicer........20

   SECTION 6.4     Limitation on Liability of Servicer and Others...................................21

   SECTION 6.5     Delegation of Duties.............................................................21

   SECTION 6.6     COAF Not to Resign as Servicer...................................................22

   SECTION 6.7     Servicer May Own Securities......................................................22

ARTICLE VII   TERMINATION OF SERVICER...............................................................22

   SECTION 7.1     Termination of Servicer..........................................................22

   SECTION 7.2     Notification to Noteholders......................................................23

ARTICLE VIII  OPTIONAL PURCHASE.....................................................................23

   SECTION 8.1     Optional Purchase of Trust Estate................................................23

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

   SECTION 9.1     Amendment........................................................................24

   SECTION 9.2     Protection of Title..............................................................25

   SECTION 9.3     Other Liens or Interests.........................................................26

   SECTION 9.4     Transfers Intended as Sale; Security Interest....................................26

   SECTION 9.5     Notices, Etc.....................................................................27

   SECTION 9.6     Choice of Law....................................................................28

   SECTION 9.7     Headings.........................................................................28
</TABLE>

                                      -ii-

<PAGE>

                                TABLE OF CONTENTS
                                   (continued)

<TABLE>
<S>                                                                                                 <C>
   SECTION 9.8     Counterparts.....................................................................28

   SECTION 9.9     Waivers..........................................................................28

   SECTION 9.10    Entire Agreement.................................................................28

   SECTION 9.11    Severability of Provisions.......................................................28

   SECTION 9.12    Binding Effect...................................................................29

   SECTION 9.13    Acknowledgment and Agreement.....................................................29

   SECTION 9.14    No Waiver; Cumulative Remedies...................................................29

   SECTION 9.15    Nonpetition Covenant.............................................................29

   SECTION 9.16    Submission to Jurisdiction.......................................................29

   SECTION 9.17    Limitation of Liability..........................................................30

   SECTION 9.18    Third-Party Beneficiaries........................................................30

Schedule I    Representations and Warranties

Exhibit A     Form of Notice of Funding Date
Exhibit B     Form of Joint Officer's Certificate
Exhibit C     Form of Assignment pursuant to Sale and Servicing Agreement

Appendix A    Definitions
</TABLE>

                                      -iii-

<PAGE>

     SALE AND SERVICING AGREEMENT, dated as of         , 2003 (as from time to
                                               --------
time amended, supplemented or otherwise modified and in effect, this
"Agreement"), by and among CAPITAL ONE AUTO FINANCE TRUST 200  -   (the
                                                             -- --
"Issuer"), a Delaware statutory trust, CAPITAL ONE AUTO RECEIVABLES, LLC, a
Delaware limited liability company, as seller (the "Seller"), CAPITAL ONE AUTO
FINANCE, INC., a Texas corporation ("COAF"), as servicer (in such capacity, the
"Servicer"), and [NAME OF INDENTURE TRUSTEE], a                        , as
                                                -----------------------
indenture trustee (the "Indenture Trustee").

     WHEREAS, the Issuer desires to purchase from the Seller a portfolio of
motor vehicle receivables, including motor vehicle retail installment sales
contracts and/or installment loans that are secured by new and used automobiles,
light-duty trucks and motorcycles;

     WHEREAS, the Seller is willing to sell such portfolio of motor vehicle
receivables and related property to the Issuer; and

     WHEREAS, COAF is willing to service such motor vehicle receivables and
related property on behalf of the Issuer;

     NOW, THEREFORE, in consideration of the premises and the mutual covenants
herein contained, and other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereto, intending to be
legally bound, agree as follows:

                                    ARTICLE I

                              DEFINITIONS AND USAGE

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

     SECTION 1.2 Other Interpretive Provisions. For purposes of this Agreement,
unless the context otherwise requires: (a) accounting terms not otherwise
defined in this Agreement, and accounting terms partly defined in this Agreement
to the extent not defined, shall have the respective meanings given to them
under generally accepted accounting principles; (b) terms defined in Article 9
of the UCC as in effect in the relevant jurisdiction and not otherwise defined
in this Agreement are used as defined in that Article; (c) the words "hereof,"
"herein" and "hereunder" and words of similar import refer to this Agreement as
a whole and not to any particular provision of this Agreement; (d) references to
any Article, Section, Schedule, Appendix or Exhibit are references to Articles,
Sections, Schedules, Appendices and Exhibits in or to this Agreement and
references to any paragraph, subsection, clause or other subdivision within any
Section or definition refer to such paragraph, subsection, clause or other
subdivision of such Section or definition; (e) the term "including" means
"including without limitation"; (f) except as otherwise expressly provided
herein, references to any law or regulation refer to that law or regulation as
amended from time to time and include any successor law or regulation; (g)
references to any Person include that Person's successors and assigns; and (h)
headings are for purposes of reference only and shall not otherwise affect the
meaning or interpretation of any provision hereof.

<PAGE>

                                   ARTICLE II

                         CONVEYANCE OF PURCHASED ASSETS

     SECTION 2.1 Conveyance of Purchased Assets. (a) In consideration of the
Issuer's sale and delivery to, or upon the order of, the Seller of all of the
Notes and the Certificate on the Closing Date, the Seller does hereby
irrevocably sell, transfer, assign and otherwise convey to the Issuer without
recourse (subject to the obligations herein) all right, title and interest of
the Seller, whether now owned or hereafter acquired, in and to the Initial
Transferred Assets, described in an Assignment in the form of Exhibit C
delivered on the Closing Date. The transfer, assignment and conveyance made
hereunder will not constitute and is not intended to result in an assumption by
the Issuer of any obligation of the Seller or the Originator to the Obligors,
the Dealers or any other Person in connection with the Receivables and the other
assets and properties conveyed hereunder or any agreement, document or
instrument related thereto.

     (b) In consideration of the payment of the purchase price from the
Pre-Funding Account, on each Funding Date the Seller does hereby sell, transfer,
assign, set over and otherwise convey to the Issuer without recourse (subject to
the obligations herein) all right, title and interest of the Seller, whether now
owned or hereafter acquired, in and to the Subsequent Transferred Assets,
described in an Assignment in the form of Exhibit C delivered on such Funding
Date. The purchase of the Subsequent Transferred Assets on each Funding Date
shall be made in accordance with the Purchase Agreement and this Agreement. The
transfer, assignment and conveyance made hereunder will not constitute and is
not intended to result in an assumption by the Issuer of any obligation of the
Seller or the Originator to the Obligors, the Dealers or any other Person in
connection with the Receivables and the other assets and properties conveyed
hereunder or any agreement, document or instrument related thereto.

     SECTION 2.2 Representations and Warranties of the Seller as to each
Receivable. On the date hereof or on each Funding Date, as the case may be, the
Seller hereby makes the representations and warranties set forth on Schedule I
as to the Receivables transferred, assigned, set over, sold and otherwise
conveyed to the Issuer under this Agreement on which such representations and
warranties the Issuer relies in acquiring the Receivables. Such representations
and warranties speak, with respect to any Receivable, as of the applicable
Cut-Off Date for such Receivable, but shall survive the Grant of the Receivables
by the Issuer to the Indenture Trustee pursuant to the Indenture.
Notwithstanding any statement to the contrary contained herein or in any other
Transaction Document, the Seller shall not be required to notify any insurer
with respect to any Insurance Policy obtained by an Obligor or to notify any
Dealer about any aspect of the transaction contemplated by the Transaction
Documents.

     SECTION 2.3 Repurchase upon Breach. Upon discovery by any party hereto of a
breach of any of the representations and warranties set forth in Section 2.2 at
the time such representations and warranties were made which materially and
adversely affects the interests of the Issuer or the Noteholders, the party
discovering such breach shall give prompt written notice thereof to the other
parties hereto; provided, that the failure to give such notice shall not affect
any obligation of the Seller hereunder. If the Seller does not correct or cure
such breach prior to the end of the Collection Period which includes the 60th
day (or, if the Seller elects, an earlier date) after the date that the Seller
became aware or was notified of such breach, then the Seller

                                        2

<PAGE>

shall purchase any Receivable affected by such breach which materially and
adversely affects the interests of the Issuer and the Noteholders from the
Issuer on the Payment Date following the end of such Collection Period. Any such
breach or failure will not be deemed to have a material and adverse effect if
such breach or failure does not affect the ability of the Issuer to receive and
retain timely payment in full on such Receivable. Any such purchase by the
Seller shall be at a price equal to the Repurchase Price. In consideration for
such repurchase, the Seller shall make (or shall cause to be made) a payment to
the Issuer equal to the Repurchase Price by depositing such amount into the
Collection Account prior to noon, New York City time on such Payment Date. Upon
payment of such Repurchase Price by the Seller, the Issuer and the Indenture
Trustee shall release and shall execute and deliver such instruments of release,
transfer or assignment, in each case without recourse or representation, as
shall be reasonably necessary to vest in the Seller or its designee any
Receivable repurchased pursuant hereto. It is understood and agreed that the
right to cause the Seller to purchase (or to enforce the obligations of COAF
under the Purchase Agreement to purchase) any Receivable as described above
shall constitute the sole remedy respecting such breach available to the Issuer
and the Indenture Trustee. Neither the Owner Trustee nor the Indenture Trustee
will have any duty to conduct an affirmative investigation as to the occurrence
of any condition requiring the repurchase of any Receivable pursuant to this
Section 2.3.

     SECTION 2.4 Custody of Receivable Files.

     (a) Custody. To assure uniform quality in servicing the Receivables and to
reduce administrative costs, the Issuer, upon the execution and delivery of this
Agreement, hereby revocably appoints the Servicer, and the Servicer hereby
accepts such appointment, to act as the agent of the Issuer and the Indenture
Trustee as custodian of the following documents or instruments, which are hereby
or will hereby be constructively delivered to the Indenture Trustee, as pledgee
of the Issuer pursuant to the Indenture with respect to each Receivable (but
only to the extent applicable to such Receivable and only to the extent held in
tangible paper form) (the "Receivable Files"):

          (i)  the fully executed original of the motor vehicle retail
               installment sales contract or the documentary draft and related
               note and security agreement related to such Receivable, including
               any written amendments or extensions thereto;

          (ii) the original credit application or a photocopy thereof to the
               extent held in paper form;

          (iii) the original Certificate of Title or, if not yet received,
               evidence that an application therefore has been submitted with
               the appropriate authority, a guaranty of title from a Dealer or
               such other document (electronic or otherwise, as used in the
               applicable jurisdiction) that the Servicer keeps on file, in
               accordance with its Customary Servicing Practices, evidencing the
               security interest of the Originator in the Financed Vehicle; and

                                        3

<PAGE>

          (iv) any and all other documents that the Servicer or the Seller keeps
               on file, in accordance with its Customary Servicing Practices,
               relating to a Receivable, an Obligor or a Financed Vehicle.

     (b) Safekeeping. The Servicer, in its capacity as custodian, shall hold the
Receivable Files for the benefit of the Issuer and the Indenture Trustee. In
performing its duties as custodian, the Servicer shall act in accordance with
its Customary Servicing Practices. In accordance with its Customary Servicing
Practices, the Servicer will conduct, or cause to be conducted, periodic audits
of the Receivable Files held by it under this Agreement, and of the related
accounts, records, and computer systems, in such a manner as would enable the
Issuer or the Indenture Trustee to verify the accuracy of the Servicer's record
keeping. The Servicer will promptly report to the Issuer and the Indenture
Trustee any failure on its part to hold a material portion of the Receivable
Files and maintain its accounts, records, and computer systems as herein
provided and promptly take appropriate action to remedy any such failure.
Nothing herein will be deemed to require an initial review or any periodic
review by the Issuer or the Indenture Trustee of the Receivable Files.

     (c) Maintenance of and Access to Records. The Servicer will maintain each
Receivable File at one of its offices in the United States, or at such other
location as specified to the Issuer and the Indenture Trustee by written notice
not later than ninety (90) days after any change in location (it being
understood that the Receivable Files, or any part thereof, may be maintained at
the offices of any Person to whom the Servicer has delegated responsibilities in
accordance with Section 6.5). The Servicer will make available to the Issuer and
the Indenture Trustee or their duly authorized representatives, attorneys or
auditors a list of locations of the Receivable Files upon request. The Servicer
will provide access to the Receivable Files, and the related accounts records,
and computer systems maintained by the Servicer at such times as the Issuer or
the Indenture Trustee direct, but only upon reasonable notice and during the
normal business hours at the respective offices of the Servicer.

     (d) Release of Documents. Upon written instructions from the Indenture
Trustee, the Servicer will release or cause to be released any document in the
Receivable Files to the Indenture Trustee, the Indenture Trustee's agent or the
Indenture Trustee's designee, as the case may be, at such place or places as the
Indenture Trustee may designate, as soon thereafter as is practicable. Any
document so released will be handled by the Indenture Trustee with due care and
returned to the Servicer for safekeeping as soon as the Indenture Trustee or its
agent or designee, as the case may be, has no further need therefor.

     (e) Instructions; Authority to Act. All instructions from the Indenture
Trustee will be in writing and signed by an Authorized Officer of the Indenture
Trustee, and the Servicer will be deemed to have received proper instructions
with respect to the Receivable Files upon its receipt of such written
instructions.

     (f) Custodian's Indemnification. Subject to Section 6.2, the Servicer as
custodian will indemnify the Issuer and the Indenture Trustee for any and all
liabilities, obligations, losses, compensatory damages, payments, costs, or
expenses of any kind whatsoever that may be imposed on, incurred, or asserted
against the Issuer or the Indenture Trustee as the result of any improper act or
omission in any way relating to the maintenance and custody by the Servicer as

                                        4

<PAGE>

custodian of the Receivable Files; provided, however, that the Servicer will not
be liable (i) to the Issuer for any portion of any such amount resulting from
the willful misconduct, bad faith or negligence of the Indenture Trustee or the
Issuer and (ii) to the Indenture Trustee for any portion of any such amount
resulting from the willful misconduct, bad faith or negligence of the Indenture
Trustee or the Issuer.

     (g) Effective Period and Termination. The Servicer's appointment as
custodian will become effective as of the Cut-Off Date and will continue in full
force and effect until terminated pursuant to this Section. If COAF resigns as
Servicer in accordance with the provisions of this Agreement or if all of the
rights and obligations of the Servicer have been terminated under Section 7.1,
the appointment of the Servicer as custodian hereunder may be terminated by the
Indenture Trustee, or by the Noteholders of Notes evidencing not less than a
majority of the aggregate outstanding principal amount of the Controlling Class,
in the same manner as the Indenture Trustee or such Noteholders may terminate
the rights and obligations of the Servicer under Section 7.1. As soon as
practicable after any termination of such appointment, the Servicer will deliver
to the Indenture Trustee or the Indenture Trustee's agent the Receivable Files
and the related accounts and records maintained by the Servicer at such place or
places as the Indenture Trustee may reasonably designate.

     SECTION 2.5 Funding Events.

     (a) A funding event (each, a "Funding Event") shall occur upon a Funding
Date and in accordance with the requirements of this Section.

     (b) During the Pre-Funding Period, the Issuer shall, on the Funding Dates,
(i) acquire Subsequent Transferred Assets from the Seller pursuant to Section
2.1(b) (and the Seller shall acquire such Subsequent Transferred Assets from
COAF pursuant to the Purchase Agreement) and (ii) Grant all of the Issuer's
right, title and interest in and to such Subsequent Transferred Assets to the
Indenture Trustee for the benefit of the Holders of the Notes. Such Subsequent
Transferred Assets shall be acquired at the option of the Issuer upon
instruction from the Servicer; provided that such Subsequent Transferred Assets
may not be acquired through the Pre-Funding Account if the effect of such
acquisition would be to (i) reduce the weighted average contract rate of the
Receivables included in the Transferred Assets to less than 5.00%, (ii) increase
the weighted average remaining term to maturity of the Receivables included in
the Transferred Assets to greater than 58 months or (iii) increase the portion
of the Receivables included in the Transferred Assets due from Obligors having a
billing address in any given state to a level greater than 10% of the aggregate
Principal Balance of the Receivables (except with respect to California).

     (c) The following procedures shall be followed to effect a Funding Event:

          (i) COAF will package and forward or cause to be packaged and
     forwarded to the Servicer the Receivables File with respect to each
     Subsequent Receivable.

          (ii) By the Funding Date, the Issuer shall deliver, or cause to be
     delivered, to the Indenture Trustee and the Servicer the following:

                                        5

<PAGE>

          (1)  a Notice of Funding Date (in the form of Exhibit A hereto) with
               the related Schedule of Receivables delivered by the Seller with
               respect thereto; and

          (2)  a Joint Officer's Certificate of COAF, the Seller and the Issuer
               (in the form of Exhibit B hereto).

                                   ARTICLE III

                         ADMINISTRATION AND SERVICING OF
                         RECEIVABLES AND TRUST PROPERTY

     SECTION 3.1 Duties of Servicer.

     (a) The Servicer is hereby appointed by the Issuer and authorized to act as
agent for the Issuer and in such capacity shall manage, service, administer and
make collections on the Receivables in accordance with its Customary Servicing
Practices, using the degree of skill and attention that the Servicer exercises
with respect to all comparable motor vehicle receivables that it services for
itself or others. The Servicer's duties will include collection and posting of
all payments, responding to inquiries of Obligors on such Receivables,
investigating delinquencies, sending invoices or payment coupons to Obligors,
reporting tax information to Obligors, accounting for collections and furnishing
monthly and annual statements to the Indenture Trustee with respect to
distributions. The Servicer hereby accepts such appointment and authorization
and agrees to perform the duties of Servicer with respect to the Receivables set
forth herein.

     (b) Without limiting the generality of the foregoing, the Servicer is
hereby authorized and empowered to execute and deliver, on behalf of itself, the
Issuer, the Owner Trustee, the Indenture Trustee, the Noteholders, the
Certificateholders, or any of them, any and all instruments of satisfaction or
cancellation, or partial or full release or discharge, and all other comparable
instruments, with respect to such Receivables or to the Financed Vehicles
securing such Receivables. If the Servicer commences a legal proceeding to
enforce a Receivable, the Issuer will thereupon be deemed to have automatically
assigned, solely for the purpose of collection, such Receivable to the Servicer.
If in any enforcement suit or legal proceeding it is held that the Servicer may
not enforce a Receivable on the ground that it is not a real party in interest
or a holder entitled to enforce the Receivable, the Issuer will, at the
Servicer's expense and direction, take steps to enforce the Receivable,
including bringing suit in its name or the names of the Indenture Trustee. The
Issuer will furnish the Servicer with any powers of attorney and other documents
reasonably necessary or appropriate to enable the Servicer to carry out its
servicing and administrative duties hereunder. The Servicer, at its expense,
will obtain on behalf of the Issuer all licenses, if any, required by the laws
of any jurisdiction to be held by the Issuer in connection with ownership of the
Receivables, and will make all filings and pay all fees as may be required in
connection therewith during the term hereof.

     (c) The Servicer hereby agrees that upon its resignation and the
appointment of a successor Servicer hereunder, the Servicer will terminate its
activities as Servicer hereunder in accordance with Section 7.1, and, in any
case, in a manner which the Indenture Trustee reasonably determines will
facilitate the transition of the performance of such activities to such
successor Servicer, and the Servicer shall cooperate with and assist such
successor Servicer.

                                        6

<PAGE>

     SECTION 3.2 Collection of Receivable Payments. The Servicer will make
reasonable efforts to collect all payments called for under the terms and
provisions of the Receivables as and when the same becomes due in accordance
with its Customary Servicing Practices. Subject to Section 3.5, the Servicer may
grant extensions, rebates, deferrals, amendments, modifications or adjustments
on a Receivable in accordance with its Customary Servicing Practices; provided,
however, that if the Servicer extends the date for final payment by the Obligor
of any Receivable beyond the last day of the Collection Period prior to the
Class B Final Scheduled Payment Date, it will promptly purchase such Receivable
in the manner provided in Section 3.6. The Servicer may in its discretion waive
any late payment charge or any other fees that may be collected in the ordinary
course of servicing a Receivable. Notwithstanding anything in this Agreement to
the contrary, the Servicer may refinance any Receivable by accepting a new
promissory note from the related Obligor and depositing the full outstanding
Principal Balance of such Receivable into the Collection Account. The receivable
created by such refinancing shall not be property of the Issuer.

     SECTION 3.3 Realization Upon Receivables. On behalf of the Issuer, the
Servicer will use reasonable efforts, consistent with its Customary Servicing
Practices, to repossess or otherwise convert the ownership of the Financed
Vehicle securing any Receivable as to which the Servicer had determined eventual
payment in full is unlikely unless it determines in its sole discretion that
repossession will not increase the Liquidation Proceeds by an amount greater
than the expense of such repossession. The Servicer will follow such Customary
Servicing Practices as it deems necessary or advisable, which may include
reasonable efforts to realize upon any recourse to any Dealer and selling the
Financed Vehicle at public or private sale. The foregoing will be subject to the
provision that, in any case in which the Financed Vehicle has suffered damage,
the Servicer shall not be required to expend funds in connection with the repair
or the repossession of such Financed Vehicle unless it determines in its sole
discretion that such repair and/or repossession will increase the Liquidation
Proceeds by an amount greater than the amount of such expenses.

     SECTION 3.4 Maintenance of Security Interests in Financed Vehicles. The
Servicer will, in accordance with its Customary Servicing Practices, take such
steps as are necessary to maintain perfection of the security interest created
by each Receivable in the related Financed Vehicle. The Issuer hereby authorizes
the Servicer to take such steps as are necessary to re-perfect such security
interest on behalf of the Issuer and the Indenture Trustee in the event of the
relocation of a Financed Vehicle or for any other reason.

     SECTION 3.5 Covenants of Servicer. The Servicer will not (i) release the
Financed Vehicle securing each such Receivable from the security interest
granted by such Receivable in whole or in part except in the event of payment in
full by or on behalf of the Obligor thereunder or payment in full less a
deficiency which the Servicer would not attempt to collect in accordance with
its Customary Servicing Practices or in connection with repossession or except
as may be required by an insurer in order to receive proceeds from any Insurance
Policy covering such Financed Vehicle or (ii) reduce the Contract Rate or
Principal Balance with respect to any Receivable other than as required by
applicable law.

     SECTION 3.6 Purchase of Receivables Upon Breach. Upon discovery by any
party hereto of a breach of any of the covenants set forth in Section 3.2, 3.3,
3.4 or 3.5 which

                                        7

<PAGE>

materially and adversely affects the interests of the Issuer or the Noteholders,
the party discovering such breach shall give prompt written notice thereof to
the other parties hereto; provided, that the failure to give such notice shall
not affect any obligation of the Servicer hereunder. If the Servicer does not
correct or cure such breach prior to the end of the Collection Period which
includes the 60th day (or, if the Servicer elects, an earlier date) after the
date that the Servicer became aware or was notified of such breach, then the
Servicer shall purchase any Receivable affected by such breach which materially
and adversely affects the interests of the Issuer and the Noteholders from the
Issuer on the Payment Date following the end of such Collection Period. Any such
breach or failure will not be deemed to have a material and adverse effect if
such breach or failure does not affect the ability of the Issuer to receive and
retain timely payment in full on such Receivable. Any such purchase by the
Servicer shall be at a price equal to the Repurchase Price. In consideration for
such repurchase, the Servicer shall make (or shall cause to be made) a payment
to the Issuer equal to the Repurchase Price by depositing such amount into the
Collection Account prior to noon, New York City time on such Payment Date. Upon
payment of such Repurchase Price by the Servicer, the Issuer and the Indenture
Trustee shall release and shall execute and deliver such instruments of release,
transfer or assignment, in each case without recourse or representation, as
shall be reasonably necessary to vest in the Servicer or its designee any
Receivable repurchased pursuant hereto. It is understood and agreed that the
obligation of the Servicer to purchase any Receivable as described above shall
constitute the sole remedy respecting such breach available to the Issuer and
the Indenture Trustee.

     SECTION 3.7 Servicing Fee. On each Payment Date, the Issuer shall pay to
the Servicer the Servicing Fee in accordance with Section 4.4 for the
immediately preceding Collection Period as compensation for its services. In
addition, the Servicer will be entitled to retain all Supplemental Servicing
Fees.

     SECTION 3.8 Servicer's Certificate. On the Determination Date preceding
each Payment Date, the Servicer shall deliver to the Indenture Trustee and each
Paying Agent, with a copy to each of the Rating Agencies, a Servicer's
Certificate containing all information necessary to make the payments, transfers
and distributions pursuant to Sections 4.3 and 4.4 on such Payment Date,
together with the written statements to be furnished by the Indenture Trustee to
the Noteholders pursuant to Section 4.6 hereof and Section 6.6 of the Indenture.
At the sole option of the Servicer, each Servicer's Certificate may be delivered
in electronic or hard copy format.

     SECTION 3.9 Annual Officer's Certificate; Notice of Servicer Termination
Event. (a) The Servicer will deliver to the Rating Agencies, the Issuer and the
Indenture Trustee on or before April 30 of each calendar year, beginning with
April 30, 200_, an Officer's Certificate, dated as of December 31 of the
preceding calendar year, stating that (i) a review of the activities of the
Servicer during the preceding calendar year (or since the Closing Date, in the
case of the first such Officer's Certificate) and of its performance under this
Agreement was made under the supervision of the officer signing such certificate
and (ii) to the best of such officer's knowledge, based on such review, the
Servicer has performed in all material respects its obligations under this
Agreement throughout such year (or since the Closing Date, in the case of the
first such Officer's Certificate), or, if there has been a material default in
the performance of any such obligation, specifying each such default known to
such officer and the nature and status thereof.

                                        8

<PAGE>

     (b) The Servicer will deliver to the Issuer, the Indenture Trustee and each
Rating Agency promptly after having obtained knowledge thereof written notice in
an Officer's Certificate of any event which with the giving of notice or lapse
of time, or both, would become a Servicer Termination Event.

     SECTION 3.10 Annual Independent Public Accountants' Report. The Servicer
shall cause a firm of independent certified public accountants, who may also
render other services to the Servicer or to its Affiliates, to deliver to the
Issuer, the Indenture Trustee and the Rating Agencies on or before March 15, of
each year, beginning March 15, 200_, a report addressed to the board of
directors of the Servicer, to the effect that such firm has examined the
financial statements of the Servicer or, if applicable, the parent corporation
of the Servicer, and issued its report thereon and that such examination: (a)
was made in accordance with generally accepted auditing standards, (b) included
tests relating to motor vehicle receivables serviced for others in accordance
with the Uniform Single Attestation Program for Mortgage Bankers, to the extent
the procedures in such program are applicable to the servicing obligations set
forth in this Agreement, and (c) except as described in the report, disclosed no
exceptions or errors in the records relating to the motor vehicle receivables
serviced for others that, in the firm's opinion, paragraph four of such Uniform
Single Attestation Program for Mortgage Bankers requires such firm to report.
The report will also indicate that the firm is independent of the Servicer
within the meaning of the Code of Professional Ethics of the American Institute
of Certified Public Accountants.

     SECTION 3.11 Servicer Expenses. The Servicer will be required to pay all
expenses (other than expenses described in the definition of Liquidation
Proceeds) incurred by it in connection with its activities hereunder, including
fees and disbursements of the Indenture Trustee, Owner Trustee (in accordance
with Section 8.1 of the Trust Agreement), independent accountants, taxes imposed
on the Servicer and expenses incurred in connection with distributions and
reports to the Noteholders and the Certificateholder.

                                   ARTICLE IV

                             DISTRIBUTIONS; ACCOUNTS
                        STATEMENTS TO CERTIFICATEHOLDERS
                               AND THE NOTEHOLDERS

     SECTION 4.1 Establishment of Accounts. (a) The Servicer shall cause to be
established:

          (i)  For the benefit of the Noteholders in the name of the Indenture
               Trustee, an Eligible Account (the "Collection Account"), bearing
               a designation clearly indicating that the funds deposited therein
               are held for the benefit of the Noteholders, which Eligible
               Account shall be established by and maintained with the Indenture
               Trustee or its designee.

          (ii) For the benefit of the Noteholders, in the name of the Indenture
               Trustee, an Eligible Account (the "Principal Distribution
               Account"), bearing a designation clearly indicating that the
               funds deposited therein are held for

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<PAGE>

               the benefit of the Noteholders, which Eligible Account shall be
               established by and maintained with the Indenture Trustee or its
               designee.

          (iii) For the benefit of the Noteholders, in the name of the Indenture
               Trustee, an Eligible Account (the "Reserve Account"), bearing a
               designation clearly indicating that the funds deposited therein
               are held for the benefit of the Noteholders, which Eligible
               Account shall be established by and maintained with the Indenture
               Trustee or its designee.

          (iv) For the benefit of the Noteholders, in the name of the Indenture
               Trustee, an Eligible Account (the "Pre-Funding Account"), bearing
               a designation clearly indicating that the funds deposited therein
               are held for the benefit of the Noteholders, which Eligible
               Account shall be established by and maintained with the Indenture
               Trustee or its designee.

     (b) Funds on deposit in the Collection Account, the Pre-Funding Account,
the Reserve Account and the Principal Distribution Account (collectively, the
"Trust Accounts") shall be invested by the Indenture Trustee in Eligible
Investments selected in writing by the Servicer and of which the Servicer
provides notification (pursuant to standing instructions or otherwise); provided
that it is understood and agreed that neither the Servicer, the Indenture
Trustee nor the Issuer shall be liable for any loss arising from such investment
in Eligible Investments. All such Eligible Investments shall be held by or on
behalf of Indenture Trustee as secured party for the benefit of the Noteholders.
Except to the extent the Rating Agency Condition is satisfied, all investments
of funds on deposit in the Trust Accounts shall mature so that such funds will
be available on the next Payment Date. No Eligible Investment shall be sold or
otherwise disposed of prior to its scheduled maturity unless a default occurs
with respect to such Eligible Investment and the Servicer directs the Indenture
Trustee in writing to dispose of such Eligible Investment.

     (c) The Indenture Trustee shall possess all right, title and interest in
all funds on deposit from time to time in the Trust Accounts and in all proceeds
thereof and all such funds, investments and proceeds shall be part of the Trust
Estate. Except as otherwise provided herein, the Trust Accounts shall be under
the sole dominion and control of Indenture Trustee for the benefit of the
Noteholders. If, at any time, any Trust Account ceases to be an Eligible
Account, the Servicer shall promptly notify the Indenture Trustee in writing
(unless such Trust Account is an account with the Indenture Trustee) and within
10 Business Days (or such longer period as to which each Rating Agency may
consent) after becoming aware of the fact, establish a new Trust Account as an
Eligible Account and shall direct the Indenture Trustee to transfer any cash
and/or any investments to such new Trust Account.

     (d) With respect to the Trust Account Property, the parties hereto agree
that:

          (i)  any Trust Account Property that is held in deposit accounts shall
               be held solely in Eligible Accounts and, except as otherwise
               provided herein, each such Eligible Account shall be subject to
               the exclusive custody and control of the Indenture Trustee, and,
               except as otherwise provided in the

                                       10

<PAGE>

               Transaction Documents, the Indenture Trustee or its designee
               shall have sole signature authority with respect thereto;

          (ii) any Trust Account Property that constitutes Physical Property
               shall be delivered to the Indenture Trustee or its designee, in
               accordance with paragraph (a) of the definition of "Delivery" and
               shall be held, pending maturity or disposition, solely by the
               Indenture Trustee or any such designee;

          (iii) any Trust Account Property that is an "uncertificated security"
               under Article 8 of the UCC and that is not governed by clause
               (ii) above shall be delivered to the Indenture Trustee or its
               designee in accordance with paragraph (c) of the definition of
               "Delivery" and shall be maintained by the Indenture Trustee or
               such designee, pending maturity or disposition, through continued
               registration of the Indenture Trustee's (or its designee's)
               ownership of such security; and

          (iv) any Trust Account Property that is a book-entry security held
               through the Federal Reserve System pursuant to Federal book-entry
               regulations shall be delivered in accordance with paragraph (b)
               of the definition of "Delivery" and shall be maintained by the
               Indenture Trustee or its designee or a financial intermediary (as
               such term is defined in Section 8-313(4) of the UCC) acting
               solely for the Indenture Trustee or such designee, pending
               maturity or disposition, through continued book-entry
               registration of such Trust Account Property as described in such
               paragraph.

     SECTION 4.2 Remittances. The Servicer shall deposit an amount equal to all
Collections into the Collection Account within two Business Days after receipt
or after deposit into the Lockbox Account, if applicable; provided, however,
that if the Monthly Remittance Condition is satisfied, then the Servicer shall
not be required to deposit into the Collection Account an amount equal to the
Collections received during any Collection Period until noon, New York City
time, on the following Payment Date. The "Monthly Remittance Condition" shall be
deemed to be satisfied if (i) COAF or one of its Affiliates is the Servicer,
(ii) no Servicer Termination Event has occurred and is continuing and (iii)
Capital One Financial Corporation has a short-term debt rating of at least
"Prime-1" from Moody's and "A-1" from Standard & Poor's. Notwithstanding the
foregoing, the Servicer may remit Collections to the Collection Account on any
other alternate remittance schedule (but not later than the related Payment
Date) if the Rating Agency Condition is satisfied with respect to such alternate
remittance schedule. Pending deposit into the Collection Account, Collections
may be commingled and used by the Servicer at its own risk and are not required
to be segregated from its own funds.

     SECTION 4.3 Additional Deposits and Payments. (a) On each Payment Date, the
Servicer and the Seller will deposit into the Collection Account the aggregate
Repurchase Price with respect to Repurchased Receivables purchased by the
Servicer or the Seller on such Payment Date and the Servicer will deposit into
the Collection Account all amounts to be paid under Section 8.1. All such
deposits with respect to a Payment Date will be made, in

                                       11

<PAGE>

immediately available funds by noon, New York City time, on such Payment Date
related to such Collection Period.

     (b) The Indenture Trustee will, on the Payment Date relating to each
Collection Period, withdraw from the Reserve Account the Reserve Account Draw
Amount and the investment income accrued during such Collection Period from the
investment of funds in the Reserve Account and deposit such amounts in the
Collection Account.

     (c) The Indenture Trustee will, on the Payment Date relating to each
Collection Period, withdraw from the Pre-Funding Account the investment income
accrued during such Collection Period from the investment of funds in the
Pre-Funding Account and deposit such amount in the Collection Account.

     (d) The Indenture Trustee will, on each Payment Date, withdraw from the
Reserve Account the Reserve Account Excess Amount, if any, for such Payment Date
and deposit such amount in the Collection Account.

     (e) On the Closing Date the Seller will deposit, or cause to be deposited
from proceeds of the sale of the Notes, into the Reserve Account an amount equal
to the Initial Reserve Account Deposit Amount.

     SECTION 4.4 Distributions.

     (a) Prior to any acceleration of the Notes pursuant to Section 5.2 of the
Indenture, on each Payment Date, the Indenture Trustee (based on information
contained in the Servicer's Certificate delivered on or before the related
Determination Date pursuant to Section 3.8) shall make the following deposits
and distributions, to the extent of Available Funds and the Reserve Account Draw
Amount, on deposit in the Collection Account for such Payment Date, in the
following order of priority:

          (1)  first, to the Indenture Trustee and the Owner Trustee, any
               accrued and unpaid fees (including unpaid Indenture Trustee or
               Owner Trustee fees with respect to prior periods) and any
               reasonable expenses (including indemnification amounts) not
               previously paid by the Servicer; provided, however, that expenses
               and indemnification amounts payable to the Indenture Trustee and
               the Owner Trustee pursuant to this clause first and clause first
               of Section 5.4(b)(i) of the Indenture shall be limited to
               $150,000 per annum in the aggregate;

          (2)  second, to the Servicer, the Servicing Fee and all unpaid
               Servicing Fees with respect to prior periods;

          (3)  third, to the Noteholders of Class A Notes, the Accrued Class A
               Note Interest due and accrued for the related Interest Period;
               provided, that if there are not sufficient funds available to pay
               the entire amount of the Accrued Class A Note Interest, the
               amounts available will be applied to the payment of such interest
               on the Class A Notes on a pro rata basis;

                                       12

<PAGE>

          (4)  fourth, to the Principal Distribution Account for distribution to
               the Noteholders pursuant to Section 8.2 of the Indenture, the
               First Allocation of Principal, if any;

          (5)  fifth, to the Noteholders of the Class B Notes, the Accrued Class
               B Note Interest due and accrued for the related Interest Period;

          (6)  sixth, to the Principal Distribution Account for distribution to
               the Noteholders in accordance with Section 8.2 of the Indenture,
               the Total Class A Allocation of Principal, if any;

          (7)  seventh, to the Reserve Account, any additional amounts required
               to increase the amount in the Reserve Account up to the Specified
               Reserve Account Balance;

          (8)  eighth, to the Principal Distribution Account for distribution to
               the Noteholders in accordance with Section 8.2 of the Indenture,
               the Total Class B Allocation of Principal, if any;

          (9)  ninth, to the Owner Trustee and the Indenture Trustee, expenses
               (including indemnification amounts) permitted under the Trust
               Agreement and the Indenture, as applicable, which have not been
               previously paid; and

          (10) tenth, to or at the direction of the Certificateholder, any funds
               remaining.

Notwithstanding any other provision of this Section 4.4, following the
occurrence and during the continuation of an Event of Default which has resulted
in an acceleration of the Notes, the Indenture Trustee shall apply all amounts
on deposit in the Collection Account pursuant to Section 5.4(b) of the
Indenture.

     (b) After the payment in full of the Notes and all other amounts payable
under Section 4.4(a), all Collections shall be paid to or in accordance with the
instructions provided from time to time by the Certificateholder.

     SECTION 4.5 Net Deposits. If the Monthly Remittance Condition is satisfied,
the Servicer shall be permitted to deposit into the Collection Account only the
net amount distributable to Persons other than the Servicer and its Affiliates
on the Payment Date. The Servicer shall, however, account as if all of the
deposits and distributions described herein were made individually.

     SECTION 4.6 Statements to Certificateholders and Noteholders. On or before
each Determination Date, the Servicer shall provide to the Indenture Trustee
(with a copy to each Rating Agency and the Issuer) for the Indenture Trustee to
forward to each Noteholder of record as of the most recent Record Date, a
statement setting forth for the Collection Period and Payment Date relating to
such Determination Date the following information (to the extent applicable):

                                       13

<PAGE>

     (a) the aggregate amount being paid on such Payment Date in respect of
interest on and principal of each Class of Notes;

     (b) the Class A-1 Note Balance, the Class A-2 Note Balance, the Class A-3
Note Balance, the Class A-4 Note Balance and the Class B Note Balance, in each
case after giving effect to payments on such Payment Date;

     (c) (i) the amount on deposit in the Reserve Account and the Specified
Reserve Account Balance, each as of the beginning and end of the related
Collection Period, (ii) the amount deposited in the Reserve Account in respect
of such Payment Date, if any, (iii) the Reserve Account Draw Amount and the
Reserve Account Excess Amount, if any, to be withdrawn from the Reserve Account
on such Payment Date, (iv) the balance on deposit in the Reserve Account on such
Payment Date after giving effect to withdrawals therefrom and deposits thereto
in respect of such Payment Date and (v) the change in such balance from the
immediately preceding Payment Date;

     (d) the First Allocation of Principal, the Regular Allocation of Principal,
the Total Class A Allocation of Principal, the Total Class B Allocation of
Principal, the Class A Allocation of Principal and the Class A-1 Allocation of
Principal for such Payment Date;

     (e) the Pool Balance and the Pool Factor as of the close of business on the
last day of the preceding Collection Period;

     (f) the amount of the Servicing Fee to be paid to the Servicer with respect
to the related Collection Period and the amount of any unpaid Servicing Fees and
the change in such amount from that of the prior Payment Date;

     (g) the amounts of the Class A-1 Noteholders' Interest Carryover Shortfall,
the Class A-2 Interest Carryover Shortfall, the Class A-3 Interest Carryover
Shortfall, the Class A-4 Interest Carryover Shortfall and the Class B
Noteholders' Interest Carryover Shortfall, if any, on such Payment Date and the
change in such amounts from the preceding Payment Date;

     (h) the aggregate Repurchase Price with respect to Repurchased Receivables
paid by (i) the Servicer and (ii) the Seller with respect to the related
Collection Period; and

     (i) the amount on deposit in the Pre-Funding Account (until the termination
of the Pre-Funding Period).

Each amount set forth pursuant to paragraph (a) or (g) above relating to the
Notes shall be expressed as a dollar amount per $1,000 of the initial principal
balance of the Notes (or Class thereof).

     The Indenture Trustee may make available via the Indenture Trustee's
internet website all reports or notices required to be provided by the Indenture
Trustee under this Section 4.6. Any information that is disseminated in
accordance with the provisions of this Section 4.6 shall not be required to be
disseminated in any other form or manner. The Indenture Trustee will make no
representation or warranties as to the accuracy or completeness of such
documents and will assume no responsibility therefor.

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<PAGE>

     The Indenture Trustee's internet website shall be initially located at
"              " or at such other address as shall be specified by the Indenture
 --------------
Trustee from time to time writing to the Noteholders, the Servicer, the Issuer
or any Paying Agent. In connection with providing access to the Indenture
Trustee's internet website, the Indenture Trustee may require registration and
the acceptance of a disclaimer. The Indenture Trustee shall not be liable for
the dissemination of information in accordance with this Agreement.

     SECTION 4.7 No Duty to Confirm. The Indenture Trustee shall have no duty or
obligation to verify or confirm the accuracy of any of the information or
numbers set forth in the Servicer's Certificate delivered by the Servicer to the
Indenture Trustee, and the Indenture Trustee shall be fully protected in relying
upon such Servicer's Certificate.

                                    ARTICLE V

                                   THE SELLER

     SECTION 5.1 Representations and Warranties of Seller. The Seller makes the
following representations and warranties as of the Closing Date and as of each
Funding Date on which the Issuer will be deemed to have relied in acquiring the
Transferred Assets. The representations and warranties speak as of the execution
and delivery of this Agreement and will survive the conveyance of the
Transferred Assets to the Issuer and the pledge thereof by the Issuer to the
Indenture Trustee pursuant to the Indenture:

     (a) Existence and Power. The Seller is a Delaware limited liability company
validly existing and in good standing under the laws of its state of
organization and has, in all material respects, full power and authority to own
its assets and operate its business as presently owned or operated, and to
execute, deliver and perform its obligations under the Transaction Documents to
which it is a party or affect the enforceability or collectibility of the
Receivables or any other part of the Transferred Assets. The Seller has obtained
all necessary licenses and approvals in each jurisdiction where the failure to
do so would materially and adversely affect the ability of the Seller to perform
its obligations under the Transaction Documents or affect the enforceability or
collectibility of the Receivables or any other part of the Transferred Assets.

     (b) Authorization and No Contravention. The execution, delivery and
performance by the Seller of the Transaction Documents to which it is a party
have been duly authorized by all necessary action on the part of the Seller and
do not contravene or constitute a default under (i) any applicable law, rule or
regulation, (ii) its organizational documents or (iii) any indenture or
agreement or instrument to which the Seller is a party or by which its
properties are bound (other than violations of such laws, rules, regulations,
indentures or agreements which do not affect the legality, validity or
enforceability of any of such agreements and which, individually or in the
aggregate, would not materially and adversely affect the transactions
contemplated by, or the Seller's ability to perform its obligations under, the
Transaction Documents).

     (c) No Consent Required. No approval or authorization by, or filing with,
any Governmental Authority is required in connection with the execution,
delivery and performance

                                       15

<PAGE>

by the Seller of any Transaction Document other than (i) UCC filings, (ii)
approvals and authorizations that have previously been obtained and filings that
have previously been made and (iii) approval, authorizations or filings which,
if not obtained or made, would not have a material adverse effect on the
enforceability or collectibility of the Receivables or any other part of the
Transferred Assets or would materially and adversely affect the ability of the
Seller to perform its obligations under the Transaction Documents.

     (d) Binding Effect. Each Transaction Document to which the Seller is a
party constitutes the legal, valid and binding obligation of the Seller
enforceable against the Seller in accordance with its terms, except as such
enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium, receivership, conservatorship or other similar laws
affecting creditors' rights generally and, if applicable, the rights of
creditors of limited liability companies from time to time in effect or by
general principles of equity.

     (e) Lien Filings. The Seller is not aware of any material judgment, ERISA
or tax lien filings against the Seller.

     (f) No Proceedings. There are no actions, suits or proceedings pending or,
to the knowledge of the Seller, threatened against the Seller before or by any
Governmental Authority that (i) assert the invalidity or unenforceability of
this Agreement or any of the other Transaction Documents, (ii) seeking to
prevent the issuance of the Notes or the consummation of any of the transactions
contemplated by this Agreement or any of the other Transaction Documents, (iii)
seeking any determination or ruling that would materially and adversely affect
the performance by the Seller of its obligations under this Agreement or any of
the other Transaction Documents or the collectibility or enforceability of the
Receivables, or (iv) relating to the Seller that would materially and adversely
affect the federal or Applicable Tax State income, excise, franchise or similar
tax attributes of the Notes.

     SECTION 5.2 Liability of Seller; Indemnities. The Seller shall be liable in
accordance herewith only to the extent of the obligations specifically
undertaken by the Seller under this Agreement, and hereby agrees to the
following:

     (a) The Seller shall indemnify, defend, and hold harmless the Issuer, the
Owner Trustee, the Indenture Trustee, the Noteholders and the Certificateholder
from and against any loss, liability or expense incurred by reason of the
Seller's violation of federal or State securities laws in connection with the
registration or the sale of the Notes.

     (b) The Seller will pay any and all taxes levied or assessed upon the
Issuer or upon all or any part of the Trust Estate.

     (c) Indemnification under this Section 5.2 will survive the resignation or
removal of the Owner Trustee or the Indenture Trustee and the termination of
this Agreement and will include, without limitation, reasonable fees and
expenses of counsel and expenses of litigation. If the Seller has made any
indemnity payments pursuant to this Section 5.2 and the Person to or on behalf
of whom such payments are made thereafter collects any of such amounts from
others, such Person will promptly repay such amounts to the Seller, without
interest.

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<PAGE>

     (d) The Seller's obligations under this Section 5.2 are obligations solely
of the Seller and will not constitute a claim against the Seller to the extent
that the Seller does not have funds sufficient to make payment of such
obligations. In furtherance of and not in derogation of the foregoing, the
Issuer, the Servicer, the Indenture Trustee and the Owner Trustee, by entering
into or accepting this Agreement, acknowledge and agree that they have no right,
title or interest in or to the Other Assets of the Seller. To the extent that,
notwithstanding the agreements and provisions contained in the preceding
sentence, the Issuer, the Servicer, the Indenture Trustee or the Owner Trustee
either (i) asserts an interest or claim to, or benefit from, Other Assets, or
(ii) is deemed to have any such interest, claim to, or benefit in or from Other
Assets, whether by operation of law, legal process, pursuant to applicable
provisions of insolvency laws or otherwise (including by virtue of Section
1111(b) of the Bankruptcy Code or any successor provision having similar effect
under the Bankruptcy Code), then the Issuer, the Servicer, the Indenture Trustee
or the Owner Trustee further acknowledges and agrees that any such interest,
claim or benefit in or from Other Assets is and will be expressly subordinated
to the indefeasible payment in full, which, under the terms of the relevant
documents relating to the securitization or conveyance of such Other Assets, are
entitled to be paid from, entitled to the benefits of, or otherwise secured by
such Other Assets (whether or not any such entitlement or security interest is
legally perfected or otherwise entitled to a priority of distributions or
application under applicable law, including insolvency laws, and whether or not
asserted against the Seller), including the payment of post-petition interest on
such other obligations and liabilities. This subordination agreement will be
deemed a subordination agreement within the meaning of Section 510(a) of the
Bankruptcy Code. The Issuer, the Servicer, the Indenture Trustee and the Owner
Trustee each further acknowledges and agrees that no adequate remedy at law
exists for a breach of this Section 5.2(d) and the terms of this Section 5.2(d)
may be enforced by an action for specific performance. The provisions of this
Section 5.2(d) will be for the third party benefit of those entitled to rely
thereon and will survive the termination of this Agreement.

     SECTION 5.3 Merger or Consolidation of, or Assumption of the Obligations
of, Seller. Any Person (i) into which the Seller may be merged or consolidated,
(ii) resulting from any merger, conversion, or consolidation to which the Seller
is a party, (iii) succeeding to the business of the Seller, or (iv) more than
50% of the voting stock or voting power and 50% or more of the economic equity
of which is owned directly or indirectly by Capital One Financial Corporation,
which Person in any of the foregoing cases executes an agreement of assumption
to perform every obligation of the Seller under this Agreement, will be the
successor to the Seller under this Agreement without the execution or filing of
any document or any further act on the part of any of the parties to this
Agreement. Notwithstanding the foregoing, if the Seller enters into any of the
foregoing transactions and is not the surviving entity, (x) the Seller shall
deliver to the Indenture Trustee an Officer's Certificate and an Opinion of
Counsel each stating that such merger, conversion, consolidation or succession
and such agreement of assumption comply with this Section 5.3 and that all
conditions precedent, if any, provided for in this Agreement relating to such
transaction have been complied with and (y) the Seller will deliver to the
Indenture Trustee an Opinion of Counsel either (A) stating that, in the opinion
of such counsel, all financing statements and continuation statements and
amendments thereto have been executed and filed that are necessary fully to
preserve and protect the interest of the Issuer and the Indenture Trustee,
respectively, in the Receivables, and reciting the details of such filings, or
(B) stating that, in the opinion of such counsel, no such action is necessary to
preserve and protect such interest. The Seller will provide notice of any
merger, conversion, consolidation, or

                                       17

<PAGE>

succession pursuant to this Section 5.3 to the Rating Agencies. Notwithstanding
anything herein to the contrary, the execution of the foregoing agreement of
assumption and compliance with clauses (x) and (y) of this Section 5.3 will be
conditions to the consummation of any of the transactions referred to in clauses
(i), (ii) or (iii) of this Section 5.3 in which the Seller is not the surviving
entity.

     SECTION 5.4 Limitation on Liability of Seller and Others. The Seller and
any officer or employee or agent of the Seller may rely in good faith on the
advice of counsel or on any document of any kind, prima facie properly executed
and submitted by any Person respecting any matters arising hereunder. The Seller
will not be under any obligation to appear in, prosecute, or defend any legal
action that is not incidental to its obligations under this Agreement, and that
in its opinion may involve it in any expense or liability.

     SECTION 5.5 Seller May Own Notes. The Seller, and any Affiliate of the
Seller, may in its individual or any other capacity become the owner or pledgee
of Notes with the same rights as it would have if it were not the Seller or an
Affiliate thereof, except as otherwise expressly provided herein or in the other
Transaction Documents. Except as set forth herein or in the other Transaction
Documents, Notes so owned by the Seller or any such Affiliate will have an equal
and proportionate benefit under the provisions of this Agreement and the other
Transaction Documents, without preference, priority, or distinction as among all
of the Notes. Notes owned by the Issuer, Seller, Servicer, Administrator or any
of their respective Affiliates shall be disregarded with respect to the
determination of any request, demand, authorization, direction, notice, consent,
vote or waiver hereunder or under any other Transaction Document.

     SECTION 5.6 Sarbanes-Oxley Act Requirements. To the extent any documents
are required to be filed or any certification is required to be made with
respect to the Issuer or the Notes pursuant to the Sarbanes-Oxley Act , the
Seller shall prepare and execute any such document or certification and is
authorized to file such document or certification on behalf of the Issuer.

     SECTION 5.7 Compliance with Organizational Documents. The Seller shall
comply with its limited liability company agreement and other organizational
documents.

                                   ARTICLE VI

                                  THE SERVICER

     SECTION 6.1 Representations of Servicer. The Servicer makes the following
representations and warranties as of the Closing Date and as of each Funding
Date on which the Issuer will be deemed to have relied in acquiring the
Transferred Assets. The representations and warranties speak as of the execution
and delivery of this Agreement and will survive the conveyance of the
Transferred Assets to the Issuer and the pledge thereof by the Issuer to the
Indenture Trustee pursuant to the Indenture:

     (a) Existence and Power. The Servicer is a Texas corporation validly
existing and in good standing under the laws of its state of organization and
has, in all material respects, full power and authority to own its assets and
operate its business as presently owned or operated,

                                       18

<PAGE>

and to execute, deliver and perform its obligations under the Transaction
Documents to which it is a party or affect the enforceability or collectibility
of the Receivables or any other part of the Transferred Assets. The Servicer has
obtained all necessary licenses and approvals in each jurisdiction where the
failure to do so would materially and adversely affect the ability of the
Servicer to perform its obligations under the Transaction Documents or affect
the enforceability or collectibility of the Receivables or any other part of the
Transferred Assets.

     (b) Authorization and No Contravention. The execution, delivery and
performance by the Servicer of the Transaction Documents to which it is a party
have been duly authorized by all necessary action on the part of the Servicer
and do not contravene or constitute a default under (i) any applicable law, rule
or regulation, (ii) its organizational documents or (iii) any material indenture
or material agreement or instrument to which the Servicer is a party or by which
its properties are bound (other than violations of such laws, rules,
regulations, indentures or agreements which do not affect the legality, validity
or enforceability of any of such agreements and which, individually or if the
aggregate, would not materially and adversely affect the transactions
contemplated by, or the Servicer's ability to perform its obligations under, the
Transaction Documents).

     (c) No Consent Required. No approval or authorization by, or filing with,
any Governmental Authority is required in connection with the execution,
delivery and performance by the Servicer of any Transaction Document other than
(i) UCC filings, (ii) approvals and authorizations that have previously been
obtained and filings that have previously been made and (iii) approval,
authorizations or filings which, if not obtained or made, would not have a
material adverse effect on the enforceability or collectibility of the
Receivables or would materially and adversely affect the ability of the Servicer
to perform its obligations under the Transaction Documents.

     (d) Binding Effect. Each Transaction Document to which the Servicer is a
party constitutes the legal, valid and binding obligation of the Servicer
enforceable against the Servicer in accordance with its terms, except as such
enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium, receivership, conservatorship or other similar laws
affecting creditors' rights generally and, if applicable, the rights of
creditors of limited liability companies from time to time in effect or by
general principles of equity.

     (e) No Proceedings. There are no actions, suits or proceedings pending or,
to the knowledge of the Servicer, threatened against the Servicer before or by
any Governmental Authority that (i) assert the invalidity or unenforceability of
this Agreement or any of the other Transaction Documents, (ii) seeking to
prevent the issuance of the Notes or the consummation of any of the transactions
contemplated by this Agreement or any of the other Transaction Documents, (iii)
seeking any determination or ruling that would materially and adversely affect
the performance by the Servicer of its obligations under this Agreement or any
of the other Transaction Documents, or (iv) relating to the Servicer that would
materially and adversely affect the federal or Applicable Tax State income,
excise, franchise or similar tax attributes of the Notes.

                                       19

<PAGE>

     SECTION 6.2 Indemnities of Servicer. The Servicer will be liable in
accordance herewith only to the extent of the obligations specifically
undertaken by the Servicer under this Agreement, and hereby agrees to the
following:

     (a) The Servicer will defend, indemnify and hold harmless the Issuer, the
Owner Trustee, the Indenture Trustee, the Noteholders, the Certificateholder and
the Seller from and against any and all costs, expenses, losses, damages, claims
and liabilities, arising out of or resulting from the use, ownership or
operation by the Servicer or any Affiliate thereof of a Financed Vehicle.

     (b) The Servicer will indemnify, defend and hold harmless the Issuer, the
Owner Trustee and the Indenture Trustee from and against any taxes that may at
any time be asserted against any such Person with respect to the transactions
contemplated herein or in the other Transaction Documents, if any, including,
without limitation, any sales, gross receipts, general corporation, tangible
personal property, privilege, or license taxes (but, in the case of the Issuer,
not including any taxes asserted with respect to, and as of the date of, the
conveyance of the Receivables to the Issuer or the issuance and original sales
of the Notes, or asserted with respect to ownership of the Receivables, or
federal or other Applicable Tax State income taxes arising out of the
transactions contemplated by this Agreement and the other Transaction Documents)
and costs and expenses in defending against the same. For the avoidance of
doubt, the Servicer will not indemnify for any costs, expenses, losses, claims,
damages or liabilities due to the credit risk of the Obligor and for which
reimbursement would constitute recourse for uncollectible Receivables.

     (c) The Servicer will indemnify, defend and hold harmless the Issuer, the
Owner Trustee, the Indenture Trustee, the Noteholders, the Certificateholders
and the Seller from and against any and all costs, expenses, losses, claims,
damages, and liabilities to the extent that such cost, expense, loss, claim,
damage, or liability arose out of, or was imposed upon any such Person through,
the negligence, willful misfeasance, or bad faith (other than errors in
judgment) of the Servicer in the performance of its duties under this Agreement
or any other Transaction Document to which it is a party, or by reason of its
failure to perform its obligations or of reckless disregard of its obligations
and duties under this Agreement or any other Transaction Document to which it is
a party.

     (d) The Servicer will indemnify [NAME OF OWNER TRUSTEE] in its individual
capacity and as trustee and its successors, assigns, directors, officers,
employees and agents (the "Indemnified Parties") from and against, any and all
loss, liability, expense, tax, penalty or claim (including reasonable legal fees
and expenses) of any kind and nature whatsoever which may at any time be imposed
on, incurred by, or asserted against [NAME OF OWNER TRUSTEE] in its individual
capacity and as trustee or any Indemnified Party in any way relating to or
arising out of the Trust Agreement, the other Transaction Documents, the Trust
Estate, the administration of the Trust Estate or the action or inaction of
[NAME OF OWNER TRUSTEE] under the Trust Agreement; provided, however, that the
Servicer shall not be liable for or required to indemnify [NAME OF OWNER
TRUSTEE] from and against any of the foregoing expenses arising or resulting
from (i) its own willful misconduct, bad faith or gross negligence, (ii) the
inaccuracy of any representation or warranty contained in Section 7.3 of the
Trust Agreement expressly made by [NAME OF OWNER TRUSTEE] in its individual
capacity, (iii) liabilities arising from the

                                       20

<PAGE>

failure of [NAME OF OWNER TRUSTEE] to perform obligations expressly undertaken
by it in the last sentence of Section 6.4 of the Trust Agreement or (iv) taxes,
fees or other charges on, based on or measured by, any fees, commissions or
compensation received by the Owner Trustee. To the extent not paid by the
Servicer, such indemnification shall be paid in accordance with Section 4.4 of
this Agreement or Section 5.4(b) of the Indenture. The Servicer will compensate
the Indenture Trustee and indemnify the Indenture Trustee to the extent and
subject to the conditions set forth in Section 6.7 of the Indenture, except to
the extent that any cost, expense, loss, claim, damage or liability arises out
of or is incurred in connection with the performance by the Indenture Trustee of
the duties of a Successor Servicer hereunder.

     (e) Indemnification under this Section 6.2 by COAF (or any successor
thereto pursuant to Section 7.1) as Servicer, with respect to the period such
Person was the Servicer, will survive the termination of such Person as Servicer
or a resignation by such Person as Servicer as well as the termination of this
Agreement or the resignation or removal of the Owner Trustee or the Indenture
Trustee and will include reasonable fees and expenses of counsel and expenses of
litigation. If the Servicer has made any indemnity payments pursuant to this
Section 6.2 and the Person to or on behalf of whom such payments are made
thereafter collects any of such amounts from others, such Person will promptly
repay such amounts to the Servicer, without interest.

     SECTION 6.3 Merger or Consolidation of, or Assumption of the Obligations
of, Servicer. Any Person (i) into which the Servicer may be merged or
consolidated, (ii) resulting from any merger, conversion, or consolidation to
which the Servicer is a party, (iii) succeeding to the business of the Servicer,
or (iv) any company or other business entity of which Capital One Financial
Corporation owns, directly or indirectly, more than 50% of the voting stock or
voting power and 50% or more of the economic equity, which Person in any of the
foregoing cases executes an agreement of assumption to perform every obligation
of the Servicer under this Agreement, will be the successor to the Servicer
under this Agreement without the execution or filing of any paper or any further
act on the part of any of the parties to this Agreement. Notwithstanding the
foregoing, if the Servicer enters into any of the foregoing transactions and is
not the surviving entity, (x) the Servicer shall deliver to the Indenture
Trustee an Officer's Certificate and an Opinion of Counsel each stating that
such merger, conversion, consolidation, or succession and such agreement of
assumption comply with this Section 6.3 and that all conditions precedent
provided for in this Agreement relating to such transaction have been complied
with and (y) the Servicer will deliver to the Indenture Trustee an Opinion of
Counsel either (A) stating that, in the opinion of such counsel, all financing
statements and continuation statements and amendments thereto have been executed
and filed that are necessary fully to preserve and protect the interest of the
Issuer and the Indenture Trustee, respectively, in the Receivables, and reciting
the details of such filings, or (B) stating that, in the opinion of such
counsel, no such action is necessary to preserve and protect such interests. The
Servicer will provide notice of any merger, conversion, consolidation or
succession pursuant to this Section 6.3 to the Rating Agencies. Notwithstanding
anything herein to the contrary, the execution of the foregoing agreement of
assumption and compliance with clauses (x) and (y) of this Section 6.3 will be
conditions to the consummation of any of the transactions referred to in clauses
(i), (ii), or (iii) of this Section 6.3 in which the Servicer is not the
surviving entity.

     SECTION 6.4 Limitation on Liability of Servicer and Others. (a) Neither the
Servicer nor any of the directors or officers or employees or agents of the
Servicer will be under

                                       21

<PAGE>

any liability to the Issuer, the Indenture Trustee, the Owner Trustee, the
Noteholders or the Certificateholders, except as provided under this Agreement,
for any action taken or for refraining from the taking of any action pursuant to
this Agreement or for errors in judgment; provided, however, that this provision
will not protect the Servicer or any such Person against any liability that
would otherwise be imposed by reason of willful misfeasance or bad faith in the
performance of duties or by reason of its failure to perform its obligations or
of reckless disregard of obligations and duties under this Agreement, or by
reason of negligence in the performance of its duties under this Agreement
(except for errors in judgment). The Servicer and any director, officer or
employee or agent of the Servicer may rely in good faith on any Opinion of
Counsel or on any Officer's Certificate of the Seller or certificate of auditors
believed to be genuine and to have been signed by the proper party in respect of
any matters arising under this Agreement.

     (b) Except as provided in this Agreement, the Servicer will not be under
any obligation to appear in, prosecute, or defend any legal action that is not
incidental to its duties to service the Receivables in accordance with this
Agreement, and that in its opinion may involve it in any expense or liability;
provided, however, that the Servicer may undertake any reasonable action that it
may deem necessary or desirable in respect of this Agreement and the rights and
duties of the parties to this Agreement and the interests of the Noteholders and
Certificateholders under this Agreement. In such event, the legal expenses and
costs of such action and any liability resulting therefrom will be expenses,
costs and liabilities of the Servicer.

     SECTION 6.5 Delegation of Duties. The Servicer may, at any time without
notice or consent, delegate (a) any or all of its duties (including, without
limitation, its duties as custodian) under the Transaction Documents to any of
its Affiliates or (b) specific duties to sub-contractors who are in the business
of performing such duties; provided, that no such delegation shall relieve the
Servicer of its responsibility with respect to such duties and the Servicer
shall remain obligated and liable to the Issuer and the Indenture Trustee for
its duties hereunder as if the Servicer alone were performing such duties.

     SECTION 6.6 COAF Not to Resign as Servicer. Subject to the provisions of
Sections 6.3 and 6.5, (a) COAF will not resign from the obligations and duties
hereby imposed on it as Servicer under this Agreement except upon determination
that the performance of its duties under this Agreement by reason of a change in
applicable legal requirements is no longer permissible under applicable law and
(b) COAF will not assign this Agreement or any of its rights, powers, duties or
obligations hereunder. Notice of any such determination permitting the
resignation of COAF will be communicated to the Issuer and the Indenture Trustee
at the earliest practicable time (and, if such communication is not in writing,
will be confirmed in writing at the earliest practicable time) and any such
determination will be evidenced by an Opinion of Counsel to such effect
delivered to the Issuer and the Indenture Trustee concurrently with or promptly
after such notice. No such resignation will become effective until a successor
Servicer has assumed the responsibilities and obligations of COAF as Servicer.

     SECTION 6.7 Servicer May Own Securities. The Servicer, and any Affiliate of
the Servicer, may, in its individual or any other capacity, become the owner or
pledgee of Notes with the same rights as it would have if it were not the
Servicer or an Affiliate thereof, except as otherwise expressly provided herein
or in the other Transaction Documents. Except as set forth

                                       22

<PAGE>

herein or in the other Transaction Documents, Securities so owned by or pledged
to the Notes or such Affiliate will have an equal and proportionate benefit
under the provisions of this Agreement, without preference, priority or
distinction as among all of the Notes.

                                   ARTICLE VII

                             TERMINATION OF SERVICER

     SECTION 7.1 Termination of Servicer.

     (a) If a Servicer Termination Event shall have occurred and be continuing,
the Indenture Trustee may, at the direction of a majority of the aggregate
outstanding principal amount of the Controlling Class, by notice given to the
Servicer, the Owner Trustee, the Issuer, the Administrator, the Noteholders and
each Rating Agency, terminate the rights and obligations of the Servicer under
this Agreement with respect to the Receivables. In the event the Servicer is
removed or resigns as Servicer with respect to servicing the Receivables, the
Indenture Trustee shall appoint a successor Servicer. Upon the Servicer's
receipt of notice of termination the predecessor Servicer will continue to
perform its functions as Servicer under this Agreement only until the date
specified in such termination notice or, if no such date is specified in such
termination notice, until receipt of such notice. If a successor Servicer has
not been appointed at the time when the predecessor Servicer ceases to act as
Servicer in accordance with this Section, the Indenture Trustee without further
action will automatically be appointed the successor Servicer. Notwithstanding
the above, the Indenture Trustee, if it is legally unable or is unwilling to so
act, will appoint, or petition a court of competent jurisdiction to appoint a
successor Servicer. Any successor Servicer shall be an established institution
having a net worth of not less than $100,000,000 and whose regular business
includes the servicing of comparable motor vehicle receivables having an
aggregate outstanding principal amount of not less than $50,000,000.

     (b) Noteholders holding not less than a majority of the aggregate
outstanding principal amount of the Controlling Class may waive any Servicer
Termination Event.

     (c) If replaced, the Servicer agrees that it will use commercially
reasonable efforts to effect the orderly and efficient transfer of the servicing
of the Receivables to a successor Servicer.

     (d) Upon the effectiveness of the assumption by the successor Servicer of
its duties pursuant to this Section 7.1, the successor Servicer shall be the
successor in all respects to the Servicer in its capacity as Servicer under this
Agreement with respect to the Receivables, and shall be subject to all the
responsibilities, duties and liabilities relating thereto, except with respect
to the obligations of the predecessor Servicer that survive its termination as
Servicer, including indemnification obligations as set forth in Section 6.2(e).
In such event, the Indenture Trustee and the Owner Trustee are hereby authorized
and empowered to execute and deliver, on behalf of the predecessor Servicer, as
attorney-in-fact or otherwise, any and all documents and other instruments, and
to do or accomplish all other acts or things necessary or appropriate to effect
the purposes of such termination and replacement of the Servicer, whether to
complete the transfer and endorsement of the Receivables and related documents,
or otherwise. No Servicer

                                       23

<PAGE>

shall resign or be relieved of its duties under this Agreement, as Servicer of
the Receivables, until a newly appointed Servicer for the Receivables shall have
assumed the responsibilities and obligations of the resigning or terminated
Servicer under this Agreement.

     (e) In connection with such appointment, the Indenture Trustee may make
such arrangements for the compensation of the successor Servicer out of
Available Funds as it and such successor Servicer will agree; provided, however,
that no such compensation will be in excess of the amount paid to the
predecessor Servicer under this Agreement.

     SECTION 7.2 Notification to Noteholders. Upon any termination of, or
appointment of a successor to, the Servicer pursuant to this Article VII, the
Indenture Trustee will give prompt written notice thereof to the Owner Trustee,
the Issuer, the Administrator, each Rating Agency and to the Noteholders at
their respective addresses of record.

                                  ARTICLE VIII

                                OPTIONAL PURCHASE

     SECTION 8.1 Optional Purchase of Trust Estate. The Servicer shall have the
right at its option (the "Optional Purchase") to purchase the Trust Estate from
the Issuer on any Payment Date if, either before or after giving effect to any
payment of principal required to be made on such Payment Date, the aggregate
Pool Balance is less than or equal to 10% of the sum of the initial Pool Balance
plus the Initial Pre-Funding Account Deposit Amount. The purchase price for the
Trust Estate shall equal the Redemption Price (the "Optional Purchase Price"),
which amount shall be deposited by the Servicer into the Collection Account on
the Redemption Date. If the Servicer exercises the Optional Purchase, the Notes
shall be redeemed and in each case in whole but not in part on the related
Payment Date for the Redemption Price.

                                   ARTICLE IX

                            MISCELLANEOUS PROVISIONS

     SECTION 9.1 Amendment.

     (a) Any term or provision of this Agreement may be amended by the Seller
and the Servicer without the consent of the Indenture Trustee, any Noteholder,
the Issuer or the Owner Trustee; provided that such amendment shall not, as
evidenced by an Opinion of Counsel delivered to the Indenture Trustee and the
Owner Trustee materially and adversely affect the interests of the Noteholders,
the Indenture Trustee or the Owner Trustee.

     (b) Any term or provision of this Agreement may be amended by the Seller
and the Servicer but without the consent of the Indenture Trustee, any
Noteholder, the Issuer, the Owner Trustee or any other Person to add, modify or
eliminate any provisions as may be necessary or advisable in order to enable the
Seller, the Servicer or any of their Affiliates to comply with or obtain more
favorable treatment under any law or regulation or any accounting rule or
principle, it being a condition to any such amendment that the Rating Agency
Condition shall have been satisfied.

                                       24

<PAGE>

     (c) This Agreement (including Appendix A) may also be amended from time to
time by Seller, Servicer and the Indenture Trustee, with the consent of the
Noteholders evidencing not less than a majority of the aggregate outstanding
principal amount of the Outstanding Notes, voting 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; provided that no such amendment shall (i) reduce the interest
rate or principal amount of any Note, change the timing of distributions on any
Note or delay the Final Scheduled Payment Date of any Note without the consent
of the Holder of such Note, (ii) reduce the percentage of the aggregate
outstanding principal amount of the Outstanding Notes, the Holders of which are
required to consent to any matter without the consent of the Holders of at least
the percentage of the aggregate outstanding principal amount of the Outstanding
Notes which were required to consent to such matter before giving effect to such
amendment; provided, further, that the Indenture Trustee may not agree to any
amendment to this Agreement if such amendment failed to comply with the
requirements of Section 9.2 of the Indenture. It will not be necessary for the
consent of Noteholders to approve the particular form of any proposed amendment
or consent, but it will be sufficient if such consent approves the substance
thereof. The manner of obtaining such consents (and any other consents of
Noteholders provided for in this Agreement) and of evidencing the authorization
of the execution thereof by Noteholders will be subject to such reasonable
requirements as the Indenture Trustee may prescribe, including the establishment
of record dates pursuant to the Note Depository Agreement.

     (d) Prior to the execution of any such amendment, the Servicer shall
provide written notification of the substance of such amendment to each Rating
Agency; and promptly after the execution of any such amendment or consent, the
Servicer shall furnish a copy of such amendment or consent to each Rating Agency
and the Indenture Trustee.

     (e) Prior to the execution of any amendment to this Agreement, the Seller,
the Owner Trustee and the Indenture Trustee shall be entitled to receive and
conclusively rely upon an Opinion of Counsel stating that the execution of such
amendment is authorized or permitted by this Agreement and that all conditions
precedent to the execution and delivery of such amendment have been satisfied.
The Owner Trustee and the Indenture Trustee may, but shall not be obligated to,
enter into any such amendment which adversely affects the Owner Trustee's or the
Indenture Trustee's, as applicable, own rights, duties or immunities under this
Agreement. Furthermore, notwithstanding anything to the contrary herein, this
Agreement may not be amended in any way that would adversely affect the Owner
Trustee's rights, privileges, indemnities, duties or obligations under this
Agreement, the Transaction Documents or otherwise without the prior written
consent of the Owner Trustee.

     SECTION 9.2 Protection of Title.

     (a) The Seller shall authorize and file such financing statements and cause
to be authorized and filed such continuation and other statements, all in such
manner and in such places as may be required by law fully to preserve, maintain
and protect the interest of the Issuer and the Indenture Trustee under this
Agreement in the Receivables. The Seller shall deliver (or cause to be
delivered) to the Issuer file-stamped copies of, or filing receipts for, any
document filed as provided above, as soon as available following such filing.

                                       25

<PAGE>

     (b) Neither the Seller nor the Servicer shall change its name, identity,
organizational structure or jurisdiction of organization in any manner that
would make any financing statement or continuation statement filed by the Seller
in accordance with paragraph (a) above "seriously misleading" within the meaning
of Sections 9-506, 9-507 or 9-508 of the UCC, unless it shall have given the
Issuer and the Indenture Trustee at least five days' prior written notice
thereof and, to the extent necessary, has promptly filed amendments to
previously filed financing statements or continuation statements described in
paragraph (a) above.

     (c) The Seller shall give the Issuer and the Indenture Trustee at least
five days' prior written notice of any change of location of the Seller for
purposes of Section 9-307 of the UCC and shall have taken all action prior to
making such change (or shall have made arrangements to take such action
substantially simultaneously with such change, if it is not possible to take
such action in advance) reasonably necessary or advisable to amend all
previously filed financing statements or continuation statements described in
paragraph (a) above.

     (d) The Servicer shall maintain (or shall cause its Sub-Servicer to
maintain) accounts and records as to each Receivable accurately and in
sufficient detail to permit (i) the reader thereof to know at any time the
status of such Receivable, including payments and recoveries made and payments
owing (and the nature of each) and (ii) reconciliation between payments or
recoveries on (or with respect to) each Receivable and the amounts from time to
time deposited in the Collection Account in respect of such Receivable.

     (e) The Servicer shall maintain (or shall cause its Sub-Servicer to
maintain) its computer systems so that, from time to time after the conveyance
under this Agreement of the Receivables, the master computer records (including
any backup archives) that refer to a Receivable shall indicate clearly the
interest of the Issuer in such Receivable and that such Receivable is owned by
the Issuer and has been pledged to the Indenture Trustee pursuant to the
Indenture. Indication of the Issuer's interest in a Receivable shall not be
deleted from or modified on such computer systems until, and only until, the
related Receivable shall have been paid in full or repurchased.

     (f) If at any time the Servicer shall propose to sell, grant a security
interest in or otherwise transfer any interest in motor vehicle receivables to
any prospective purchaser, lender or other transferee, the Servicer shall give
to such prospective purchaser, lender or other transferee computer tapes,
records or printouts (including any restored from backup archives) that, if they
shall refer in any manner whatsoever to any Receivable, shall indicate clearly
that such Receivable has been sold and is owned by the Issuer and has been
pledged to the Indenture Trustee.

     (g) The Servicer, upon receipt of reasonable prior notice, shall permit the
Indenture Trustee, the Owner Trustee and their respective agents at any time
during normal business hours to inspect, audit and, to the extent permitted by
applicable law, make copies of and abstracts from Servicer's (or any
Sub-Servicer's) records regarding any Receivable.

     (h) Upon request, the Servicer shall furnish to the Issuer or to the
Indenture Trustee, within thirty Business Days, a list of all Receivables (by
contract number and name of Obligor)

                                       26

<PAGE>

then owned by the Issuer, together with a reconciliation of such list to each of
the Servicer's Certificate's furnished before such request indicating removal of
Receivables from the Issuer.

     SECTION 9.3 Other Liens or Interests. Except for the conveyances and grants
of security interests pursuant to this Agreement and the other Transaction
Documents, the Seller shall not sell, pledge, assign or transfer the Receivables
or other property transferred to the Issuer to any other Person, or grant,
create, incur, assume or suffer to exist any Lien (other than Permitted Liens)
on any interest therein, and the Seller shall defend the right, title and
interest of the Issuer in, to and under such Receivables and other property
transferred to the Issuer against all claims of third parties claiming through
or under the Seller.

     SECTION 9.4 Transfers Intended as Sale; Security Interest.

     (a) Each of the parties hereto expressly intends and agrees that the
transfers contemplated and effected under this Agreement are complete and
absolute sales and transfers rather than pledges or assignments of only a
security interest and shall be given effect as such for all purposes. It is
further the intention of the parties hereto that the Receivables and related
Transferred Assets shall not be part of the Seller's estate in the event of a
bankruptcy or insolvency of the Seller. The sales and transfers by the Seller of
Receivables and related Transferred Assets hereunder are and shall be without
recourse to, or representation or warranty (express or implied) by, the Seller,
except as otherwise specifically provided herein. The limited rights of recourse
specified herein against the Seller are intended to provide a remedy for breach
of representations and warranties relating to the condition of the property
sold, rather than to the collectibility of the Receivables.

     (b) Notwithstanding the foregoing, in the event that the Receivables and
other Transferred Assets are held to be property of the Seller, or if for any
reason this Agreement is held or deemed to create indebtedness or a security
interest in the Receivables and other Transferred Assets, then it is intended
that:

          (i)  This Agreement shall be deemed to be a security agreement within
               the meaning of Articles 8 and 9 of the New York Uniform
               Commercial Code and the Uniform Commercial Code of any other
               applicable jurisdiction;

          (ii) The conveyance provided for in Section 2.1 shall be deemed to be
               a grant by the Seller, and the Seller hereby grants, to the
               Issuer of a security interest in all of its right (including the
               power to convey title thereto), title and interest, whether now
               owned or hereafter acquired, in and to the Receivables and other
               Transferred Assets, to secure such indebtedness and the
               performance of the obligations of the Seller hereunder;

          (iii) The possession by the Issuer, or the Servicer as the Issuer's
               agent, of the Receivables Files and any other property as
               constitute instruments, money, negotiable documents or chattel
               paper shall be deemed to be "possession by the secured party" or
               possession by the purchaser or a person designated by such
               purchaser, for purposes of perfecting the security

                                       27

<PAGE>

               interest pursuant to the New York Uniform Commercial Code and the
               Uniform Commercial Code of any other applicable jurisdiction; and

          (iv) Notifications to persons holding such property, and
               acknowledgments, receipts or confirmations from persons holding
               such property, shall be deemed to be notifications to, or
               acknowledgments, receipts or confirmations from, bailees or
               agents (as applicable) of the Issuer for the purpose of
               perfecting such security interest under applicable law.

     SECTION 9.5 Notices, Etc. All demands, notices and communications hereunder
shall be in writing and shall be delivered or mailed by registered or certified
first-class United States mail, postage prepaid, hand delivery, prepaid courier
service, or by Electronic Transmission, and addressed in each case as follows:
(i) if to the Issuer, c/o the Owner Trustee, at
                                                 (telecopier no.               ,
------------------------------------------------                 --------------
Attention:                      , with a copy to the Administrator, at 1680
           ---------------------
Capital One Drive, McLean, Virginia 22102 (telecopier no. (703) 720-2121),
Attention: Manager of Securitization, with a copy to Capital One Auto Finance,
Inc., 1680 Capital One Drive, McLean, Virginia 22102 (telecopier no. (703)
720-2227), Attention: Funding Counsel, with a copy to the Indenture Trustee, at
                                                 (telecopier no.             ),
------------------------------------------------                 -----------
Attention                      ; (ii) if to the Indenture Trustee, at
          ---------------------
                                                 (telecopier no.
------------------------------------------------
                ), Attention:                    ; (iii) if to the Seller, at
----------------              -------------------
1680 Capital One Drive, McLean, Virginia 22102 (telecopier no. (703) 720-2121),
Attention: Capital Markets; (iv) if to the Servicer, at 1680 Capital One Drive,
McLean, Virginia 22102 (telecopier no. (703) 720-2121), Attention: Manager of
Securitization, with a copy to Capital One Auto Finance, Inc., at 1680 Capital
One Drive, McLean, Virginia 22102 (telecopier no. (703) 720-2227), Attention:
Funding Counsel; (v) if to COAF, at 3901 N. Dallas Parkway, Plano, Texas 75093
(telecopier no. (888) 722-8255), Attention: Chief Financial Officer, with a copy
to Capital One Auto Finance, Inc., at 3901 N. Dallas Parkway, Plano, Texas 75093
(telecopier no. (866) 722-6341), Attention: Legal; (vi) if to Moody's, to
Moody's Investors Service, Inc., 99 Church Street, New York, New York 10007
(telecopier no. (212) 298-7139), Attention: ABS Monitoring Group; (vii) if to
S&P, to Standard & Poor's Ratings Services, 55 Water Street, New York, New York
10041 (telecopier no. (212) 438-2664), Attention: Asset Backed Surveillance
Group; or (viii) at such other address as shall be designated by any of the
foregoing in a written notice to the other parties hereto. Any notice required
or permitted to be mailed to a Noteholder shall be given by first class mail,
postage prepaid, at the address of such Noteholder as shown in the Note
Register. Delivery shall occur only upon receipt or reported tender of such
communication by an officer of the recipient entitled to receive such notices
located at the address of such recipient for notices hereunder; provided,
however, that any notice to a Noteholder mailed within the time prescribed in
this Agreement shall be conclusively presumed to have been duly given, whether
or not the Noteholder shall receive such notice.

     SECTION 9.6 Choice of Law. THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE INTERNAL, SUBSTANTIVE LAWS OF THE STATE OF NEW
YORK WITHOUT REFERENCE TO THE RULES THEREOF RELATING TO CONFLICTS OF LAW AND THE
OBLIGATIONS,

                                       28

<PAGE>

RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE
WITH SUCH LAWS.

     SECTION 9.7 Headings. The section headings hereof have been inserted for
convenience of reference only and shall not be construed to affect the meaning,
construction or effect of this Agreement.

     SECTION 9.8 Counterparts. This Agreement may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, but
all of such counterparts shall together constitute but one and the same
instrument.

     SECTION 9.9 Waivers. No failure or delay on the part of the Servicer, the
Seller, the Issuer or the Indenture Trustee in exercising any power or right
hereunder (to the extent such Person has any power or right hereunder) shall
operate as a waiver thereof, nor shall any single or partial exercise of any
such power or right preclude any other or further exercise thereof or the
exercise of any other power or right. No notice to or demand on any party hereto
in any case shall entitle it to any notice or demand in similar or other
circumstances. No waiver or approval by any party hereto under this Agreement
shall, except as may otherwise be stated in such waiver or approval, be
applicable to subsequent transactions. No waiver or approval under this
Agreement shall require any similar or dissimilar waiver or approval thereafter
to be granted hereunder.

     SECTION 9.10 Entire Agreement. The Transaction Documents contain a final
and complete integration of all prior expressions by the parties hereto with
respect to the subject matter thereof and shall constitute the entire agreement
among the parties hereto with respect to the subject matter thereof, superseding
all prior oral or written understandings. There are no unwritten agreements
among the parties.

     SECTION 9.11 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.

     SECTION 9.12 Binding Effect. This Agreement shall be binding upon and inure
to the benefit of the parties hereto and their respective successors and
permitted assigns. This Agreement shall create and constitute the continuing
obligations of the parties hereto in accordance with its terms, and shall remain
in full force and effect until such time as the parties hereto shall agree.

     SECTION 9.13 Acknowledgment and Agreement. By execution below, the Seller
expressly acknowledges and consents to the pledge, assignment and grant of a
security interest in the Receivables and the other Transferred Assets by the
Issuer to the Indenture Trustee pursuant to the Indenture for the benefit of the
Noteholders. In addition, the Seller hereby acknowledges and agrees that for so
long as the Notes are outstanding, the Indenture Trustee will have the right to
exercise all powers, privileges and claims of the Issuer under this Agreement.

                                       29

<PAGE>

     SECTION 9.14 No Waiver; Cumulative Remedies. The remedies herein provided
are cumulative and not exclusive of any remedies provided by law.

     SECTION 9.15 Nonpetition Covenant. Each party hereto agrees that, prior to
the date which is one year and one day after payment in full of all obligations
of each Bankruptcy Remote Party in respect of all securities issued by any
Bankruptcy Remote Party (i) such party shall not authorize any Bankruptcy Remote
Party to commence a voluntary winding-up or other voluntary case or other
proceeding seeking liquidation, reorganization or other relief with respect to
such Bankruptcy Remote Party or its debts under any bankruptcy, insolvency or
other similar law now or hereafter in effect in any jurisdiction or seeking the
appointment of an administrator, a trustee, receiver, liquidator, custodian or
other similar official with respect to such Bankruptcy Remote Party or any
substantial part of its property or to consent to any such relief or to the
appointment of or taking possession by any such official in an involuntary case
or other proceeding commenced against such Bankruptcy Remote Party, or to make a
general assignment for the benefit of, its creditors generally, any party hereto
or any other creditor of such Bankruptcy Remote Party, and (ii) none of the
parties hereto shall commence or join with any other Person in commencing any
proceeding against such Bankruptcy Remote Party under any bankruptcy,
reorganization, liquidation or insolvency law or statute now or hereafter in
effect in any jurisdiction. This Section shall survive the termination of this
Agreement.

     SECTION 9.16 Submission to Jurisdiction. Each of the parties hereto hereby
irrevocably and unconditionally:

     (a) submits for itself and its property in any legal action or proceeding
relating to this Agreement or any documents executed and delivered in connection
herewith, or for recognition and enforcement of any judgment in respect thereof,
to the nonexclusive general jurisdiction of the courts of the State of New York,
the courts of the United States of America for the Southern District of New York
and appellate courts from any thereof;

     (b) consents that any such action or proceeding may be brought in such
courts and waives any objection that it may now or hereafter have to the venue
of such action or proceeding in any such court or that such action or proceeding
was brought in an inconvenient court and agrees not to plead or claim the same;

     (c) agrees that service of process in any such action or proceeding may be
effected by mailing a copy thereof by registered or certified mail (or any
substantially similar form of mail), postage prepaid, to such Person at its
address determined in accordance with Section 3.3 of this Agreement; and

     (d) agrees that nothing herein shall affect the right to effect service of
process in any other manner permitted by law or shall limit the right to sue in
any other jurisdiction.

     SECTION 9.17 Limitation of Liability.

     (a) Notwithstanding anything contained herein to the contrary, this
Agreement has been executed and delivered by [NAME OF OWNER TRUSTEE], not in its
individual capacity but solely as Owner Trustee, and in no event shall it have
any liability for the representations, warranties, covenants, agreements or
other obligations of the Issuer hereunder or under the Notes

                                       30

<PAGE>

or any of the other Transaction Documents or in any of the certificates, notices
or agreements delivered pursuant thereto, as to all of which recourse shall be
had solely to the assets of the Issuer. Under no circumstances shall the Owner
Trust be personally liable for the payment of any indebtedness or expense of the
Issuer or be liable for the breach or failure of any obligations,
representation, warranty or covenant made or undertaken by the Issuer under the
Transaction Documents. For the purposes of this Agreement, in the performance of
its duties or obligations hereunder, Owner Trustee shall be subject to, and
entitled to the benefits of, the terms and provisions of Articles VI, VII and
VIII of the Trust Agreement.

     (b) Notwithstanding anything contained herein to the contrary, this
Agreement has been executed and delivered by [NAME OF INDENTURE TRUSTEE], not in
its individual capacity but solely as Indenture Trustee, and in no event shall
it have any liability for the representations, warranties, covenants, agreements
or other obligations of the Issuer under the Notes or any of the other
Transaction Documents or in any of the certificates, notices or agreements
delivered pursuant thereto, as to all of which recourse shall be had solely to
the assets of the Issuer. Under no circumstances shall the Indenture Trustee be
personally liable for the payment of any indebtedness or expense of the Issuer
or be liable for the breach or failure of any obligations, representation,
warranty or covenant made or undertaken by the Issuer under the Transaction
Documents. For the purposes of this Agreement, in the performance of its duties
or obligations hereunder, Indenture Trustee shall be subject to, and entitled to
the benefits of, the terms and provisions of Article VI of the Indenture.

     SECTION 9.18 Third-Party Beneficiaries. This Agreement shall inure to the
benefit of and be binding upon the parties hereto, the Noteholders and the
Certificateholders and their respective successors and permitted assigns and the
Owner Trustee shall be an express third party beneficiary hereof and may enforce
the provisions hereof as if it were a party hereto. Except as otherwise provided
in this Section, no other Person will have any right hereunder.

                                       31

<PAGE>

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

                                        CAPITAL ONE AUTO RECEIVABLES, LLC, as
                                        Seller

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

                                      S-1

<PAGE>

                                        CAPITAL ONE AUTO FINANCE TRUST 200  -  ,
                                                                          -- --
                                        as Issuer

                                        By: [NAME OF OWNER TRUSTEE],
                                            not in its individual capacity but
                                            solely as Owner Trustee

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

                                      S-2

<PAGE>

                                        CAPITAL ONE AUTO FINANCE, INC., as
                                        Servicer

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

                                      S-3

<PAGE>

                                        [NAME OF INDENTURE TRUSTEE], not in its
                                            individual capacity but solely as
                                            Indenture Trustee

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

                                      S-4

<PAGE>

                                                                      SCHEDULE I

         REPRESENTATIONS AND WARRANTIES WITH RESPECT TO THE RECEIVABLES

(a)  Characteristics of Receivables. Each Receivable:

               (i) has been fully and properly executed by the Obligor thereto;

               (ii) has been originated directly by the Originator in accordance
          with its customary practices;

               (iii) as of the Closing Date or Subsequent Funding Date, as
          applicable, is secured by a first priority validly perfected security
          interest in the Financed Vehicle in favor of the Originator, as
          secured party, or all necessary actions with respect to the Receivable
          has been taken or will be taken to perfect a first priority security
          interest in the Financed Vehicle in favor of the Originator, as
          secured party, which security interest, in either case, is assignable
          and has been so assigned by the Originator to COAF, by COAF to the
          Seller and by the Seller to the Issuer;

               (iv) contains customary and enforceable provisions such that the
          rights and remedies of the holder thereof are adequate for realization
          against the collateral of the benefits of the security;

               (v) provided, at origination, for level monthly payments which
          fully amortize the initial Principal Balance over the original term;
          provided, that the amount of the first or last payment may be
          different but in no event more than three times the level monthly
          payment;

               (vi) provides for interest at the Contract Rate specified in the
          Schedule of Receivables; and

               (vii) was originated in the United States;

(b)  Individual Characteristics. Each Receivables has the following individual
     characteristics as of its respective Cut-Off Date:

               (i) each Receivable is secured by a new or used automobile,
          light-duty truck or motorcycle;

               (ii) each Receivable has a Contract Rate of no less than 3.40%
          and not more than 9.50%;

               (iii) each Receivable had an original term to maturity of not
          more than 72 months and not less than 12 months and each Receivable
          has a remaining term to maturity, as of its respective Cut-Off Date,
          of four months or more;

                                                               Schedule I to the
                                                    Sale and Servicing Agreement

<PAGE>

               (iv) each Receivable had an original Principal Balance less than
          or equal to $100,000;

               (v) each Receivable has a Principal Balance on its respective
          Cut-Off Date of greater than or equal to $500;

               (vi) no Receivable has a scheduled maturity date later than
               , 200  ;
          -----     --

               (vii) no Receivable was more than 30 days past due as of the
          Cut-Off Date;

               (viii) the Originator has not received notice that any Obligor
          under a Receivable has filed for bankruptcy, and to the best of the
          Originator's knowledge without any independent investigation, no
          Obligor was the subject of any pending bankruptcy or insolvency
          proceeding;

               (ix) no Receivable is subject to a force-placed Insurance Policy
          on the related Financed Vehicle;

               (x) each Receivable is a Simple Interest Receivable, and
          scheduled payments under each Receivable have been applied in
          accordance with the method for allocating principal and interest set
          forth in the Receivable; and

               (xi) each of the Receivables were selected using no materially
          adverse selection procedures.

(c)  Schedule of Receivables. The information with respect to a Receivable
     transferred on the Closing Date or on any Funding Date set forth in the
     Schedule of Receivables for such date was true and correct in all material
     respects as of the respective Cut-Off Date for such Receivable.

(d)  Compliance with Law. The Receivable complied at the time it was originated
     or made, and the transfer of that Receivable to the Issuer complied at the
     time of transfer, in all material respects with all requirements of
     applicable federal, state and local laws, and regulations thereunder,
     including, to the extent applicable, usury laws, the Federal Truth in
     Lending Act, the Equal Credit Opportunity Act, the Fair Credit Reporting
     Act, the Federal Trade Commission Act, the Fair Debt Collection Practices
     Act, the Fair Credit Billing Act, the Magnuson-Moss Warranty Act, Federal
     Reserve Board Regulations B and Z, the Soldiers' and Sailors' Civil Relief
     Act of 1940, state adaptations of the National Consumer Act and of the
     Uniform Consumer Credit Code and any other consumer credit, equal
     opportunity and disclosure laws applicable to that Receivable.

(e)  Binding Obligation. The Receivable constitutes the legal, valid and binding
     payment obligation in writing of the Obligor, enforceable in all respects
     by the holder thereof in accordance with its terms, subject, as to
     enforcement, to applicable bankruptcy, insolvency, reorganization,
     liquidation or other similar laws and equitable principles relating to or
     affecting the enforcement of creditors' rights generally.

                                                               Schedule I to the
                                                    Sale and Servicing Agreement

                                       2

<PAGE>

(f)  Receivable in Force. The Receivable has not been satisfied, subordinated or
     rescinded nor has the related Financed Vehicle been released from the lien
     granted by the Receivable in whole or in part.

(g)  No Waiver. Since its respective Cut-Off Date, no provision of a Receivable
     has been waived.

(h)  No Default. Except for payment delinquencies continuing for a period of not
     more than 30 days as of the applicable Cut-Off Date, the Seller has no
     knowledge that a default, breach, violation or event permitting
     acceleration under the terms of the Receivable existed at the applicable
     Cut-Off Date or that any continuing condition that with notice or lapse of
     time, or both, would constitute a default, breach, violation or event
     permitting acceleration under the terms of the Receivable had arisen as of
     the applicable Cut-Off Date and the Seller has not waived any of the
     foregoing.

(i)  Insurance. The Receivable requires that the Obligor thereunder obtain
     comprehensive and collision insurance covering the Financed Vehicle.

(j)  No Government Obligor. The Obligor on the Receivable is not the United
     States of America or any state thereof or any local government, or any
     agency, department, political subdivision or instrumentality of the United
     States of America or any state thereof or any local government.

(k)  Assignment. No Receivable has been originated in, or is subject to the laws
     of, any jurisdiction under which the sale, transfer, assignment, conveyance
     or pledge of such Receivable would be unlawful, void, or voidable. The
     Seller has not entered into any agreement with any Obligor that prohibits,
     restricts or conditions the assignment of the related Receivable.

(l)  Good Title. It is the intention of the Seller that the sale, transfer,
     assignment and conveyance herein contemplated constitute an absolute sale,
     transfer, assignment and conveyance of the Receivables and that the
     Receivables not be part of the Seller's estate in the event of the filing
     of a bankruptcy petition by or against the Seller under any bankruptcy law.
     No Receivable has been sold, transferred, assigned, conveyed or pledged to
     any Person other than pursuant to the Transaction Documents. As of the
     Closing Date or Subsequent Funding Date, as applicable, and immediately
     prior to the sale and transfer herein contemplated, the Seller had good and
     marketable title to and was the sole owner of each Receivable free and
     clear of all Liens, and, immediately upon the sale and transfer thereof,
     the Issuer will have good and marketable title to each Receivable, free and
     clear of all Liens.

(m)  Filings. All filings (including, without limitation, UCC filings) necessary
     in any jurisdiction to give the Issuer a first priority, validly perfected
     ownership interest in the Receivables (other than the Related Security with
     respect thereto), and to give the Indenture Trustee a first priority
     perfected security interest therein, will be made within ten days of the
     Closing Date.

                                                               Schedule I to the
                                                    Sale and Servicing Agreement

                                       3

<PAGE>

(n)  Priority. The Receivable is not pledged, assigned, sold, subject to a
     security interest, or otherwise conveyed other than pursuant to the
     Transaction Documents. The Seller has not authorized the filing of and is
     not aware of any financing statements against the Originator, COAF or the
     Seller that include a description of collateral covering the Receivables
     other than any financing statement relating to security interests granted
     under the Transaction Documents or that have been terminated. The Sale and
     Servicing Agreement creates a valid and continuing security interest in the
     Receivable (other than the Related Security with respect thereto) in favor
     of the Issuer which security interest is prior to all other Liens and is
     enforceable as such against all other creditors of and purchasers and
     assignees from the Seller.

(o)  Characterization of Receivables. Each Receivable constitutes either
     "tangible chattel paper", an "account", a "promissory note" or a "payment
     intangible", each as defined in the UCC.

(p)  One Original. There is only one original executed copy of each Receivable
     in existence. The Servicer (or its agent) has possession of such original.
     If such original has been marked, then such original does not have any
     marks or notations indicating that it has been pledged, assigned or
     otherwise conveyed to any Person other than to a party to the Transaction
     Documents.

(q)  No Offset or Counterclaim. As of the Closing Date or Subsequent Funding
     Date, as applicable, there are no rights of rescission, offset, claim,
     counterclaim or defense, and the Seller has no knowledge of the same being
     asserted or threatened, with respect to any Receivable.

                                                               Schedule I to the
                                                    Sale and Servicing Agreement

                                       4

<PAGE>

                                                                       EXHIBIT A

                             NOTICE OF FUNDING DATE

     In accordance with the Indenture dated as of         , 200   (as amended or
                                                  --------     --
supplemented from time to time, the "Indenture") by and between Capital One Auto
Finance Trust 200  -   (the "Issuer"), and [NAME OF INDENTURE TRUSTEE, as
                 -- --
indenture trustee (the "Indenture Trustee"), the undersigned hereby gives notice
of the Funding Date to occur on or before         , 200   for each of the
                                          --------     --
Receivables listed on the Schedule of Receivables attached hereto executed by
the undersigned and accompanying this Notice of Funding Date. Unless otherwise
defined herein, capitalized terms have the meanings set forth in Appendix A to
the Sale and Servicing Agreement dated as of         , 200   among the Issuer,
                                             --------     --
the Indenture Trustee, Capital One Auto Finance, Inc. and Capital One Auto
Receivables, LLC, as Seller (the "Seller").

     Such Subsequent Receivables represent the following amounts:

Aggregate Principal Balance of Subsequent Receivables
   as of the Subsequent Cut-Off Date:                     $
                                                           ---------------------

Amount to be wired to or at the direction of the Seller
   in payment for such Subsequent Receivables:            $
                                                           ---------------------

Subsequent Cut-Off Date:                   , 200
                         ------------------     --

     The undersigned hereby certifies that, in connection with the Funding Date
specified above, the undersigned has complied with all terms and provisions
specified in Section 2.5 of the Sale and Servicing Agreement, including, but not
limited to, delivery of the Officer's Certificate, as specified therein.

                                        Date:                         , 200
                                              ------------------------     --

                                        CAPITAL ONE AUTO FINANCE TRUST 200  -
                                                                          -- --

                                        By: Capital One Auto Finance, Inc., as
                                            Administrator

                                        By:
                                           -------------------------------------

                                                               Exhibit A to the
                                                   Sale and Servicing Agreement

                                      A-1

<PAGE>

                                                                       EXHIBIT B

                              OFFICER'S CERTIFICATE

                                re: Funding Date

                         CAPITAL ONE AUTO FINANCE, INC.
                        CAPITAL ONE AUTO RECEIVABLES, LLC
                      CAPITAL ONE AUTO FINANCE TRUST 200  -
                                                        -- --

              To: [NAME OF INDENTURE TRUSTEE], as indenture trustee

     This Officer's Certificate is being issued in accordance with Section 2.5
of that certain Sale and Servicing Agreement dated as of         , 200  (as
                                                         --------     --
amended, modified or supplemented from time to time, the "Sale and Servicing
Agreement") by and among Capital One Auto Finance Trust 200  -   (the "Issuer"),
                                                           -- --
Capital One Auto Receivables, LLC (the "Seller"), Capital One Auto Finance, Inc.
(the "Servicer") and [NAME OF INDENTURE TRUSTEE], as indenture trustee. Terms
not otherwise defined herein shall have the meanings ascribed thereto in the
Indenture. Reference is hereby made to the Funding Date to occur on
            , 200  .
------------     --

     By his or her signature below, each of the undersigned officers on behalf
of the Servicer, the Seller, and the Issuer, as the case may be, certify that:

     (a) the representations and warranties of the Seller contained in Section
5.1 of the Sale and Servicing Agreement are true and correct as of the date
hereof are true and correct;

     (b) the representations and warranties of the Seller contained in Section
2.2 of the Sale and Servicing Agreement with respect to the Subsequent
Receivables to be acquired on the Funding Date are true and correct as of such
Funding Date;

     (c) the representations and warranties of the Servicer set forth in Section
6.1 of the Sale and Servicing Agreement are true and correct as of the date
hereof;

     (d) the documents listed in Section 2.5(c)(i) of the Sale and Servicing
Agreement will be delivered to the Servicer within two (2) Business Days
preceding the Funding Date specified herein; and

     (e) the requirements stated in Section 2.5 of the Sale and Servicing
Agreement regarding the Subsequent Receivables to be acquired on the Funding
Date have been met.

     All conditions in the Purchase Agreement and the Sale and Servicing
Agreement have been met.

                                                                Exhibit B to the
                                                    Sale and Servicing Agreement

                                      B-1

<PAGE>

                                        Date:                      , 200
                                              ---------------------     --

                                        CAPITAL ONE AUTO FINANCE TRUST 200  -
                                                                          -- --

                                        By: Capital One Auto Finance, Inc., as
                                            Administrator

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

                                        CAPITAL ONE AUTO FINANCE, INC.

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

                                        CAPITAL ONE AUTO RECEIVABLES, LLC

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

                                                               Exhibit B to the
                                                   Sale and Servicing Agreement

                                      B-2

<PAGE>

                                                                       EXHIBIT C

               ASSIGNMENT PURSUANT TO SALE AND SERVICING AGREEMENT

     For value received, in accordance with the Sale and Servicing Agreement
(the "Agreement"), dated as of         , 2003, between Capital One Auto Finance
                               --------
Trust 200  -  (the "Issuer"), Capital One Auto Receivables, LLC, a limited
         -- --
liability company organized under the laws of Delaware (the "Seller"), Capital
One Auto Finance, Inc., a Texas corporation ("COAF"), and [NAME OF INDENTURE
TRUSTEE] (the "Indenture Trustee"), on the terms and subject to the conditions
set forth in the Agreement, the Seller agrees to transfer, assign, set over,
sell and otherwise convey to the Issuer on         , 200   (the "Subsequent
                                           --------     --
Funding Date), all of its right, title and interest in, to and under the
Receivables set forth on the schedule of Receivables delivered by the Seller to
the Issuer on the date hereof (such schedule, together with any other Schedule
of Receivables delivered by Seller to the Issuer pursuant to the Agreement, the
"Schedule of Receivables"), and the Collections after the related Cut-Off Date
and the Related Security relating thereto, which sale shall be effective as of
such Cut-Off Date.

     The foregoing sale does not constitute and is not intended to result in any
assumption by the Purchaser of any obligation of the undersigned to the
Obligors, insurers or any other Person in connection with the Receivables, any
insurance policies or any agreement or instrument relating to any of them.

     This assignment is made pursuant to and upon the representations,
warranties and agreements on the part of the undersigned contained in the
Agreement and is governed by the Agreement.

     Capitalized terms used herein and not otherwise defined shall have the
meaning assigned to them in the Agreement.

     IN WITNESS HEREOF, the undersigned has caused this assignment to be duly
executed as of         , 200  .
               --------     --

                                        CAPITAL ONE AUTO RECEIVABLES, LLC

                                        By:
                                            ------------------------------------
                                        Name:
                                        Title:
                                                               Exhibit C to the
                                                   Sale and Servicing Agreement

                                      C-1

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