Document:

Exhibit 4.4

                            ADMINISTRATION AGREEMENT

         This ADMINISTRATION AGREEMENT, dated as of August 1, 2002 (as the same
may be amended, supplemented or otherwise modified from time to time and in
effect, this "Agreement"), is by and among MMCA AUTO OWNER TRUST 2002-3, a
Delaware business trust (the "Issuer"), MITSUBISHI MOTORS CREDIT OF AMERICA,
INC., a Delaware corporation, as administrator (the "Administrator"), and BANK
OF TOKYO-MITSUBISHI TRUST COMPANY, a New York banking corporation, not in its
individual capacity but solely as Indenture Trustee (the "Indenture Trustee").

                              W I T N E S S E T H:

         WHEREAS, the Issuer is issuing 1.7475% Class A-1 Asset Backed Notes,
2.15% Class A-2 Asset Backed Notes, 2.97% Class A-3 Asset Backed Notes, 3.57%
Class A-4 Asset Backed Notes, 3.86% Class B Asset Backed Notes and 4.60% Class C
Asset Backed Notes (collectively, the "Notes") pursuant to the Indenture, dated
as of August 1, 2002 (as amended, supplemented or otherwise modified and in
effect from time to time, the "Indenture"), between the Issuer and the Indenture
Trustee (terms not defined in this Agreement shall have the meaning set forth
in, or incorporated by reference into, the Indenture or, if not defined therein,
in the amended and restated trust agreement, dated as of July 29, 2002, between
the Administrator, as beneficiary, and Chase Manhattan Bank USA, National
Association, a national banking association, as trustee);

         WHEREAS, the Issuer has entered into certain agreements in connection
with the issuance of the Notes and of certain beneficial interests in the
Issuer, including (i) a Sale and Servicing Agreement, dated as of August 1, 2002
(as amended, supplemented or otherwise modified and in effect from time to time,
the "Sale and Servicing Agreement"), among the Issuer, Mitsubishi Motors Credit
of America, Inc., as servicer, and MMCA Auto Receivables Trust II, as seller
(the "Seller"), (ii) a Letter of Representations, dated as of the Closing Date
(as amended, supplemented or otherwise modified and in effect from time to time,
the "Note Depository Agreement"), among the Issuer, the Administrator, the
Indenture Trustee and The Depository Trust Company ("DTC") relating to the Notes
and (iii) the Indenture (collectively, the "Related Agreements");

         WHEREAS, pursuant to the Related Agreements, the Issuer and the Owner
Trustee are required to perform certain duties in connection with (a) the Notes
and the collateral therefor pledged pursuant to the Indenture (the "Collateral")
and (b) the beneficial interests in the Issuer (the registered holders of such
interests being referred to herein as the "Certificateholders");

         WHEREAS, the Issuer and the Owner Trustee desire to have the
Administrator perform certain of the duties of the Issuer and the Owner Trustee
referred to in the preceding clause and to provide such additional services
consistent with the terms of this Agreement and the Related Agreements as the
Issuer and the Owner Trustee may from time to time request; and

         WHEREAS, the Administrator has the capacity to provide the services
required hereby and is willing to perform such services for the Issuer and the
Owner Trustee on the terms set forth herein;

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

         1. Duties of the Administrator.

          (a) Duties with Respect to the Related Agreements.

               (i) The Administrator agrees to perform all its duties as
          Administrator under the Note Depository Agreement. In addition, the
          Administrator shall consult with the Owner Trustee regarding the
          duties of the Issuer or the Owner Trustee under the Related
          Agreements. The Administrator shall monitor the performance of the
          Issuer and shall advise the Owner Trustee when action is necessary to
          comply with the Issuer's or the Owner Trustee's duties under the
          Related Agreements. The Administrator shall prepare for execution by
          the Issuer or the Owner Trustee, or shall cause the preparation by
          other appropriate persons of, all such documents, reports, filings,
          instruments, certificates and opinions that it shall be the duty of
          the Issuer or the Owner Trustee to prepare, file or deliver pursuant
          to the Related Agreements. In furtherance of the foregoing, the
          Administrator shall take all appropriate action that is the duty of
          the Issuer or the Owner Trustee to take pursuant to the Indenture
          including, without limitation, such of the foregoing as are required
          with respect to the following matters under the Indenture (references
          are to sections of the Indenture):

          (A)  causing the Note Register to be kept and notifying the Indenture
               Trustee of any appointment of a new Note Registrar and the
               location, or change in location, of the Note Register (Section
               2.5);

          (B)  notifying the Noteholders of the final principal payment on their
               Notes (Section 2.8(e));

          (C)  preparing or obtaining the documents and instruments required for
               authentication of the Notes and delivering the same to the
               Indenture Trustee (Section 2.2);

          (D)  preparing, obtaining or filing of the instruments, opinions and
               certificates and other documents required for the release of
               collateral (Section 2.10);

          (E)  maintaining an office in the Borough of Manhattan, City of New
               York, for registration of transfer or exchange of the Notes
               (Section 3.2);

          (F)  causing newly appointed Paying Agents, if any, to deliver to the
               Indenture Trustee the instrument specified in the Indenture
               regarding funds held in trust (Section 3.3);

          (G)  directing the Indenture Trustee to deposit monies with Paying
               Agents, if any, other than the Indenture Trustee (Section 3.3);

          (H)  obtaining and preserving the Issuer's qualification to do
               business in each jurisdiction in which such qualification is or
               shall be necessary to protect the validity and enforceability of
               the Indenture, the Notes, the Collateral and each other
               instrument and agreement included in the Trust Estate (Section
               3.4);

          (I)  preparing all supplements and amendments to the Indenture and all
               financing statements, continuation statements, instruments of
               further assurance and other instruments and taking such other
               action as is necessary or advisable to protect the Trust Estate
               (Section 3.5);

          (J)  delivering the Opinion of Counsel on the Closing Date and
               annually delivering Opinions of Counsel as to the Trust Estate,
               and annually delivering the Officer's Certificate and certain
               other statements as to compliance with the Indenture (Sections
               3.6 and 3.9);

          (K)  identifying to the Indenture Trustee in an Officer's Certificate
               a Person with whom the Issuer has contracted to perform its
               duties under the Indenture (Section 3.7(b));

          (L)  notifying the Indenture Trustee and the Rating Agencies of an
               Event of Servicing Termination under the Sale and Servicing
               Agreement and, if such Event of Servicing Termination arises from
               the failure of the Servicer to perform any of its duties under
               the Sale and Servicing Agreement with respect to the Receivables,
               taking all reasonable steps available to remedy such failure
               (Section 3.7(d));

          (M)  causing the Servicer to comply with Sections 3.7, 3.9, 3.10,
               3.11, 3.12, 3.13, 3.14, and 4.9 and Article VII of the Sale and
               Servicing Agreement (Section 3.13);

          (N)  preparing and obtaining documents and instruments required for
               the conveyance or transfer of any of the Issuer's properties or
               assets (Section 3.10(b));

          (O)  delivering written notice to the Indenture Trustee and the Rating
               Agencies of each Event of Default under the Indenture and each
               default by the Issuer, the Servicer or the Seller under the Sale
               and Servicing Agreement, by the Seller or Mitsubishi Motors
               Credit of America, Inc. under the Purchase Agreement (Section
               3.18);

          (P)  monitoring the Issuer's obligations as to the satisfaction and
               discharge of the Indenture and preparing an Officer's Certificate
               and obtaining the Opinion of Counsel and the Independent
               Certificate relating thereto (Section 4.1);

          (Q)  delivering to the Noteholders and the Note Owners any Officer's
               Certificate received from the Issuer regarding the default in the
               observance or performance of any material covenant or agreement
               of the Issuer made in the Indenture or the breach of any
               representation or warranty of the Issuer made in the Indenture or
               in any certificate or other writing delivered pursuant to the
               Indenture (Sections 5.1 and 7.4(b));

          (R)  complying with any written direction of the Indenture Trustee
               with respect to the sale of the Trust Estate at one or more
               public or private sales called and conducted in any manner
               permitted by law if an Event of Default shall have occurred and
               be continuing (Section 5.4);

          (S)  preparing and delivering notice to the Noteholders of the removal
               of the Indenture Trustee and appointing a successor Indenture
               Trustee (Section 6.8);

          (T)  preparing any written instruments required to confirm more fully
               the authority of any co-trustee or separate trustee and any
               written instruments necessary in connection with the resignation
               or removal of any co-trustee or separate trustee (Section 6.10);

          (U)  furnishing the Indenture Trustee with the names and addresses of
               the Noteholders during any period when the Indenture Trustee is
               not the Note Registrar (Section 7.1);

          (V)  preparing and, after execution by the Issuer, filing with the
               Securities and Exchange Commission (the "Commission"), any
               applicable state agencies and the Indenture Trustee, documents
               required to be filed on a periodic basis with, and summaries
               thereof as may be required by rules and regulations prescribed
               by, the Commission and any applicable state agencies and
               transmitting such summaries, as necessary, to the Noteholders
               (Section 7.3);

          (W)  delivering to the Noteholders of Officer's Certificates and
               reports, if any, delivered to the Indenture Trustee pursuant to
               Sections 3.10 and 3.11 of the Sale and Servicing Agreement
               (Section 7.4);

          (X)  opening one or more accounts in the Issuer's name, preparing and
               delivering Issuer Orders, Officer's Certificates and Opinions of
               Counsel and all other actions necessary with respect to
               investment and reinvestment of funds in the Trust Accounts
               (Sections 8.2 and 8.3);

          (Y)  preparing an Issuer Request and Officer's Certificate and
               obtaining an Opinion of Counsel and Independent Certificates, if
               necessary, for the release of the Trust Estate (Sections 8.4 and
               8.5);

          (Z)  preparing Issuer Orders and obtaining Opinions of Counsel with
               respect to the execution of supplemental indentures and mailing
               to the Noteholders and to the Rating Agencies notices with
               respect to such supplemental indentures (Sections 9.1, 9.2 and
               9.3);

          (AA) executing and delivering new Notes conforming to any supplemental
               indenture (Section 9.6);

          (BB) notifying the Noteholders and the Rating Agencies of redemption
               of the Notes or causing the Indenture Trustee to provide such
               notification (Section 10.1);

          (CC) preparing and delivering all Officer's Certificates and Opinions
               of Counsel and obtaining any Independent Certificates with
               respect to any requests by the Issuer to the Indenture Trustee to
               take any action under the Indenture (Section 11.1(a));

          (DD) preparing and delivering Officer's Certificates and obtaining any
               Independent Certificates necessary for the release of property
               from the lien of the Indenture (Section 11.1(b));

          (EE) notifying the Rating Agencies, upon the failure of the Indenture
               Trustee to give such notification, of the information required
               pursuant to Section 11.4 of the Indenture (Section 11.4);

          (FF) preparing and delivering to the Noteholders and the Indenture
               Trustee any agreements with respect to alternate payment and
               notice provisions (Section 11.6);

          (GG) recording the Indenture, if applicable (Section 11.15); and

          (HH) preparing Definitive Notes in accordance with the instructions of
               the Clearing Agency (Section 2.13).

          (ii) The Administrator will:

          (A)  pay the Indenture Trustee from time to time reasonable
               compensation for all services rendered by the Indenture Trustee
               under the Indenture (which compensation shall not be limited by
               any provision of law in regard to the compensation of a trustee
               of an express trust);

          (B)  except as otherwise expressly provided in the Indenture,
               reimburse the Indenture Trustee upon its request for all
               reasonable expenses, disbursements and advances incurred or made
               by the Indenture Trustee in accordance with any provision of the
               Indenture (including the reasonable compensation, expenses and
               disbursements of its agents and counsel), except any such
               expense, disbursement or advance as may be attributable to its
               negligence or bad faith;

          (C)  indemnify the Indenture Trustee and its agents for, and hold them
               harmless against, any losses, liability or expense incurred
               without negligence or bad faith on their part, arising out of or
               in connection with the acceptance or administration of the
               transactions contemplated by the Indenture, including the
               reasonable costs and expenses of defending themselves against any
               claim or liability in connection with the exercise or performance
               of any of their powers or duties under the Indenture; and

          (D)  indemnify the Owner Trustee (in its individual and trust
               capacities) and its agents for, and hold them harmless against,
               any losses, liability or expense incurred without negligence or
               bad faith on their part, arising out of or in connection with the
               acceptance or administration of the transactions contemplated by
               the Trust Agreement, including the reasonable costs and expenses
               of defending themselves against any claim or liability in
               connection with the exercise or performance of any of their
               powers or duties under the Trust Agreement.

          (b) Additional Duties.

               (i) In addition to the duties of the Administrator set forth
          above, the Administrator shall perform such calculations and shall
          prepare or shall cause the preparation by other appropriate persons
          of, and shall execute on behalf of the Issuer or the Owner Trustee,
          all such documents, reports, filings, instruments, certificates and
          opinions that it shall be the duty of the Issuer or the Owner Trustee
          to prepare, file or deliver pursuant to the Related Agreements or
          Section 5.5 of the Trust Agreement, and at the request of the Owner
          Trustee shall take all appropriate action that it is the duty of the
          Issuer or the Owner Trustee to take pursuant to the Related
          Agreements. In furtherance thereof, the Owner Trustee shall, on behalf
          of itself and of the Issuer, execute and deliver to the Administrator
          and to each successor Administrator appointed pursuant to the terms
          hereof, one or more powers of attorney substantially in the form of
          Exhibit A hereto, appointing the Administrator the attorney-in-fact of
          the Owner Trustee and the Issuer for the purpose of executing on
          behalf of the Owner Trustee and the Issuer all such documents,
          reports, filings, instruments, certificates and opinions. Subject to
          Section 5 of this Agreement, and in accordance with the directions of
          the Owner Trustee, the Administrator shall administer, perform or
          supervise the performance of such other activities in connection with
          the Collateral (including the Related Agreements) as are not covered
          by any of the foregoing provisions and as are expressly requested by
          the Owner Trustee and are reasonably within the capability of the
          Administrator. Such responsibilities shall include obtaining and
          maintaining any licenses required to be obtained or maintained by the
          Issuer under the Pennsylvania Motor Vehicle Sales Finance Act. In
          addition, the Administrator shall promptly notify the Indenture
          Trustee and the Owner Trustee in writing of any amendment to the
          Pennsylvania Motor Vehicle Sales Finance Act that would affect the
          duties or obligations of the Indenture Trustee or the Owner Trustee
          under any Basic Document and shall assist the Indenture Trustee or the
          Owner Trustee in obtaining and maintaining any licenses required to be
          obtained or maintained by the Indenture Trustee or the Owner Trustee
          thereunder. In connection therewith, the Administrator shall cause the
          Seller to pay all fees and expenses under such Act.

               (ii) Notwithstanding anything in this Agreement or the Related
          Agreements to the contrary, the Administrator shall be responsible for
          promptly notifying the Owner Trustee in the event that any withholding
          tax is imposed on the Issuer's payments (or allocations of income) to
          a Certificateholder as contemplated in Section 5.2(c) of the Trust
          Agreement. Any such notice shall specify the amount of any withholding
          tax required to be withheld by the Owner Trustee pursuant to such
          provision.

               (iii) Notwithstanding anything in this Agreement or the Related
          Agreements to the contrary, the Administrator shall be responsible for
          performing the duties of the Issuer or the Owner Trustee set forth in
          Section 5.2(b) and (c), Section 5.5(a), (b), (c), (d) and (e), the
          second paragraph of Section 5.5 and Section 5.6(a) of the Trust
          Agreement with respect to, among other things, accounting and reports
          to the Certificateholders.

               (iv) The Administrator will provide, prior to September 15, 2002,
          a certificate of a Responsible Officer in form and substance
          satisfactory to the Owner Trustee as to whether any tax withholding is
          then required and, if required, the procedures to be followed with
          respect thereto to comply with the requirements of the Code. The
          Administrator shall be required to update the letter in each instance
          that any additional tax withholding is subsequently required or any
          previously required tax withholding shall no longer be required.

               (v) The Administrator shall perform the duties of the
          Administrator specified in Section 10.2 of the Trust Agreement
          required to be performed in connection with the resignation or removal
          of the Owner Trustee, and any other duties expressly required to be
          performed by the Administrator under the Trust Agreement or any other
          Related Agreement.

               (vi) In carrying out the foregoing duties or any of its other
          obligations under this Agreement, the Administrator may enter into
          transactions or otherwise deal with any of its affiliates; provided,
          however, that the terms of any such transactions or dealings shall be
          in accordance with any directions received from the Issuer and shall
          be, in the Administrator's opinion, no less favorable to the Issuer
          than would be available from unaffiliated parties.

          (c)  Non-Ministerial Matters.

               (i) With respect to matters that in the reasonable judgment of
          the Administrator are non-ministerial, the Administrator shall not
          take any action unless within a reasonable time before the taking of
          such action, the Administrator shall have notified the Owner Trustee
          of the proposed action and the Owner Trustee shall not have withheld
          consent or provided an alternative direction. For the purpose of the
          preceding sentence, "non-ministerial matters" shall include, without
          limitation:

          (A)  the amendment of or any supplement to the Indenture;

          (B)  the initiation of any claim or lawsuit by the Issuer and the
               compromise of any action, claim or lawsuit brought by or against
               the Issuer (other than in connection with the collection of the
               Receivables or Permitted Investments);

          (C)  the amendment, change or modification of the Related Agreements;

          (D)  the appointment of successor Note Registrars, successor Paying
               Agents and successor Indenture Trustees pursuant to the Indenture
               or the appointment of successor Administrators or Successor
               Servicers, or the consent to the assignment by the Note
               Registrar, Paying Agent or Indenture Trustee of its obligations
               under the Indenture; and

          (E)  the removal of the Indenture Trustee.

               (ii) Notwithstanding anything to the contrary in this Agreement,
          the Administrator shall not be obligated to, and shall not, (x) make
          any payments to the Noteholders under the Related Agreements or (y)
          take any other action that the Issuer directs the Administrator not to
          take on its behalf.

         2. Records. The Administrator shall maintain appropriate books of
account and records relating to services performed hereunder, which books of
account and records shall be accessible for inspection by the Issuer, the Owner
Trustee and the Indenture Trustee at any time during normal business hours.

         3. Compensation. As compensation for the performance of the
Administrator's obligations under this Agreement and, as reimbursement for its
expenses related thereto, the Administrator shall be entitled to $500 per month
which shall be solely an obligation of the Seller.

         4. Additional Information to be Furnished to the Issuer. The
Administrator shall furnish to the Issuer from time to time such additional
information regarding the Collateral as the Issuer shall reasonably request.

         5. Independence of the Administrator. For all purposes of this
Agreement, the Administrator shall be an independent contractor and shall not be
subject to the supervision of the Issuer or the Owner Trustee with respect to
the manner in which it accomplishes the performance of its obligations
hereunder. Unless expressly authorized by the Issuer, the Administrator shall
have no authority to act for or represent the Issuer or the Owner Trustee in any
way and shall not otherwise be deemed an agent of the Issuer or the Owner
Trustee.

         6. No Joint Venture. Nothing contained in this Agreement (i) shall
constitute the Administrator and either of the Issuer or the Owner Trustee as
members of any partnership, joint venture, association, syndicate,
unincorporated business or other separate entity, (ii) shall be construed to
impose any liability as such on any of them or (iii) shall be deemed to confer
on any of them any express, implied or apparent authority to incur any
obligation or liability on behalf of the others.

         7. Other Activities of Administrator. Nothing herein shall prevent the
Administrator or its Affiliates from engaging in other businesses or, in its
sole discretion, from acting in a similar capacity as an administrator for any
other person or entity even though such person or entity may engage in business
activities similar to those of the Issuer, the Owner Trustee or the Indenture
Trustee.

         8. Term of Agreement; Resignation and Removal of Administrator.

          (a) This Agreement shall continue in force until the dissolution of
     the Issuer, upon which event this Agreement shall automatically terminate.

          (b) Subject to Sections 8(e) and 8(f), the Administrator may resign
     its duties hereunder by providing the Issuer with at least 60 days' prior
     written notice.

          (c) Subject to Sections 8(e) and 8(f), the Issuer may remove the
     Administrator without cause by providing the Administrator with at least 60
     days' prior written notice; provided, however, that in the event the
     Servicer is removed as the Servicer pursuant to Section 8.1 of the Sale and
     Servicing Agreement upon the occurrence of a Event of Servicing
     Termination, the Servicer shall be simultaneously removed as Administrator
     hereunder.

          (d) Subject to Sections 8(e) and 8(f), at the sole option of the
     Issuer, the Administrator may be removed immediately upon written notice of
     termination from the Issuer to the Administrator if any of the following
     events shall occur:

               (i) the Administrator shall default in the performance of any of
          its duties under this Agreement and, after notice of such default,
          shall not cure such default within 10 days (or, if such default cannot
          be cured in such time, shall not give within 10 days such assurance of
          cure as shall be reasonably satisfactory to the Issuer);

               (ii) a court having jurisdiction in the premises shall enter a
          decree or order for relief, and such decree or order shall not have
          been vacated within 60 days, in respect of the Administrator in any
          involuntary case under any applicable bankruptcy, insolvency or other
          similar law now or hereafter in effect or appoint a receiver,
          liquidator, assignee, custodian, trustee, sequestrator or similar
          official for the Administrator or any substantial part of its property
          or order the winding-up or liquidation of its affairs; or

               (iii) the Administrator shall commence a voluntary case under any
          applicable bankruptcy, insolvency or other similar law now or
          hereafter in effect, shall consent to the entry of an order for relief
          in an involuntary case under any such law, shall consent to the
          appointment of a receiver, liquidator, assignee, trustee, custodian,
          sequestrator or similar official for the Administrator or any
          substantial part of its property, shall consent to the taking of
          possession by any such official of any substantial part of its
          property, shall make any general assignment for the benefit of
          creditors or shall fail generally to pay its debts as they become due.

     The Administrator agrees that if any of the events specified in clauses
     (ii) or (iii) of this Section 8 shall occur, it shall give written notice
     thereof to the Issuer and the Indenture Trustee within seven days after the
     happening of such event.

          (e) No resignation or removal of the Administrator pursuant to this
     Section 8 shall be effective until a successor Administrator shall have
     been appointed by the Issuer and such successor Administrator shall have
     agreed in writing to be bound by the terms of this Agreement in the same
     manner as the Administrator is bound hereunder.

          (f) The appointment of any successor Administrator shall be effective
     only after satisfaction of the Rating Agency Condition with respect to the
     proposed appointment.

          (g) Subject to Section 8(e) and 8(f), the Administrator acknowledges
     that upon the appointment of a Successor Servicer pursuant to the Sale and
     Servicing Agreement, the Administrator shall immediately resign and such
     Successor Servicer shall automatically become the Administrator under this
     Agreement.

         9. Action upon Termination, Resignation or Removal. Promptly upon the
effective date of termination of this Agreement pursuant to Section 8(a), the
resignation of the Administrator pursuant to Section 8(b) or the removal of the
Administrator pursuant to Section 8(c) or (d), the Administrator shall be
entitled to be paid all fees and reimbursable expenses accruing to it to this
date of such termination, resignation or removal. The Administrator shall
forthwith upon such termination pursuant to Section 8(a) deliver to the Issuer
all property and documents of or relating to the Collateral then in the custody
of the Administrator. In the event of the resignation of the Administrator
pursuant to Section 8(b) or the removal of the Administrator pursuant to Section
8(c) or (d), the Administrator shall cooperate with the Issuer and take all
reasonable steps requested to assist the Issuer in making an orderly transfer of
the duties of the Administrator.

         10. Notices. Any notice, report or other communication given hereunder
shall be in writing and addressed as follows:

          (a) if to the Issuer or the Owner Trustee, to:

                  MMCA Auto Owner Trust 2002-3
                  c/o Wilmington Trust Company
                  Rodney Square North
                  1100 North Market Street
                  Wilmington, Delaware 19890-0001
                  Attention: Corporate Trust Administration Department
                  Telephone:  (302) 651-1000
                  Fax:  (302) 651-8882

          (b) if to the Administrator, to:

                  Mitsubishi Motors Credit of America, Inc.
                  6363 Katella Avenue
                  Cypress, California 90630-5205
                  Attention: Executive Vice President and Treasurer
                  Telephone:  (714) 236-1500
                  Fax:  (714) 236-1600

          (c) If to the Indenture Trustee, to:

                  Bank of Tokyo-Mitsubishi Trust Company
                  1251 Avenue of the Americas
                  New York, New York 10020-1104
                  Attention: Corporate Trust Administration
                  Telephone:  (212) 782-5909
                  Fax:  (212) 782-5900

or to such other address as any party shall have provided to the other parties
in writing. Any notice required to be in writing hereunder shall be deemed given
if such notice is mailed by certified mail, postage prepaid, or hand-delivered
to the address of such party as provided above.

         11. Amendments. This Agreement may be amended from time to time by a
written amendment duly executed and delivered by the Issuer, the Administrator
and the Indenture Trustee, with the written consent of the Owner Trustee and the
consent of the Certificateholder (which consent shall not be unreasonably
withheld) but without the consent of the Noteholders, for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions
of this Agreement in order to: (i) cure any ambiguity, to revise, correct or
supplement any provisions herein, (ii) enable the transfer to the Issuer of all
or any portion of the Receivables to be derecognized under GAAP, (iii) enable
the transfer to the Issuer of all or any portion of the Receivables to be
derecognized by MMCA under GAAP, (iv) enable the Issuer to avoid becoming a
member of the Servicer's consolidated group under GAAP or (v) enable the
Transferor or any Affiliate of the Transferor or any of their Affiliates to
otherwise comply with or obtain more favorable treatment under any law or
regulation or any accounting rule or principle; provided that such amendment
will not, as set forth in an Opinion of Counsel satisfactory to the Indenture
Trustee and the Owner Trustee, materially and adversely affect the interest of
any Noteholder or Certificateholder; provided, further, that no such amendment
shall be inconsistent with the derecognition of the Receivables by MMCA under
GAAP or cause the Issuer to become a member of MMCA's consolidated group under
GAAP. This Agreement may also be amended by the Issuer, the Administrator and
the Indenture Trustee with the written consent of the Owner Trustee and the
holders of Notes evidencing at least a majority of the Outstanding Amount of the
Notes, voting as a group, and the holders of Certificates evidencing at least a
majority of the Certificate Balance for the purpose of adding any provisions to
or changing in any manner or eliminating any of the provisions of this Agreement
or of modifying in any manner the rights of the Noteholders or the
Certificateholders; provided, however, that no such amendment may increase or
reduce in any manner the amount of, or accelerate or delay the timing of,
collections of payments on Receivables or distributions that are required to be
made for the benefit of the Noteholders or the Certificateholders or reduce the
aforesaid percentages of the holders of Notes and Certificates which are
required to consent to any such amendment, without the consent of the holders of
all the outstanding Notes and Certificates. Notwithstanding the foregoing, the
Administrator may not amend this Agreement without the consent of the Seller,
which permission shall not be unreasonably withheld.

         12. Successors and Assigns. This Agreement may not be assigned by the
Administrator unless such assignment is previously consented to in writing by
the Issuer and the Owner Trustee and subject to the satisfaction of the Rating
Agency Condition in respect thereof. Any assignment without such consent and
satisfaction shall be null and void. An assignment with such consent and
satisfaction, if accepted by the assignee, shall bind the assignee hereunder in
the same manner as the Administrator is bound hereunder. Notwithstanding the
foregoing, this Agreement may be assigned by the Administrator without the
consent of the Issuer or the Owner Trustee to a corporation or other
organization that is a successor (by merger, consolidation or purchase of
assets) to the Administrator; provided that such successor organization executes
and delivers to the Issuer, the Owner Trustee and the Indenture Trustee an
agreement in which such corporation or other organization agrees to be bound
hereunder by the terms of said assignment in the same manner as the
Administrator is bound hereunder. Subject to the foregoing, this Agreement shall
bind any successors or assigns of the parties hereto.

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

         14. Headings. The Section headings hereof have been inserted for
convenience of reference only and shall not be construed to affect the meaning,
construction or affect of this Agreement.

         15. Counterparts. This Agreement may be executed in counterparts, each
of which when so executed shall be an original, but all of which together shall
constitute but one and the same agreement.

         16. Severability. Any provision of this Agreement that is prohibited or
unenforceable in any jurisdiction shall be ineffective to the extent of such
prohibition or unenforceability without invalidating the remaining provisions
hereof and any such prohibition or unenforceability in any jurisdiction shall
not invalidate or render unenforceable such provision in any other jurisdiction.

         17. Not Applicable to Mitsubishi Motors Credit of America, Inc. in
Other Capacities. Nothing in this Agreement shall affect any obligation
Mitsubishi Motors Credit of America, Inc. may have in any capacity other than as
Administrator under this Agreement.

         18. Limitation of Liability of Owner Trustee and Indenture Trustee.

          (a) Notwithstanding anything contained herein to the contrary, this
     instrument has been countersigned by Wilmington Trust Company not in its
     individual capacity but solely in its capacity as Owner Trustee of the
     Issuer and in no event shall Wilmington Trust Company in its individual
     capacity or any beneficial owner of the Issuer have any liability for the
     representations, warranties, covenants, agreements or other obligations of
     the Issuer hereunder, as to all of which recourse shall be had solely to
     the assets of the Issuer. For all purposes of this Agreement, in the
     performance of any duties or obligations of the Issuer hereunder, the Owner
     Trustee shall be subject to, and entitled to the benefits of, the terms and
     provisions of Articles VI, VII and VIII of the Trust Agreement.

          (b) Notwithstanding anything contained herein to the contrary, this
     Agreement has been countersigned by Bank of Tokyo-Mitsubishi Trust Company
     not in its individual capacity but solely as Indenture Trustee and in no
     event shall Bank of Tokyo-Mitsubishi Trust Company have any liability for
     the representations, warranties, covenants, agreements or other obligations
     of the Issuer hereunder or in any of the certificates, notices or
     agreements delivered pursuant hereto, as to all of which recourse shall be
     had solely to the assets of the Issuer.

         19. Third-Party Beneficiary. The Owner Trustee is a third-party
beneficiary to this Agreement and is entitled to the rights and benefits
hereunder and may enforce the provisions hereof as if it were a party hereto.

         20. Successor Servicer and Administrator. The Administrator shall
undertake, as promptly as possible after the giving of notice of termination to
the Servicer of the Servicer's rights and powers pursuant to Section 8.2 of the
Sale and Servicing Agreement, to enforce the provisions of Section 8.2 with
respect to the appointment of a successor Servicer. Such successor Servicer
shall, upon compliance with the last sentence of Section 8.2 of the Sale and
Servicing Agreement, become the successor Administrator hereunder; provided,
however, that if the Indenture Trustee shall become such successor
Administrator, the Indenture Trustee shall not be required to perform any
obligations or duties or conduct any activities as successor Administrator that
would be prohibited by law and not within the banking and trust powers of the
Indenture Trustee. In such event, the Indenture Trustee may appoint a
sub-administrator to perform such obligations and duties.

         21. No Petition; Subordination; Claims Against Seller.

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

          (b) Notwithstanding any prior termination of this Agreement, (x) the
     Issuer, the Administrator, the Owner Trustee and the Indenture Trustee
     shall not, prior to the date which is one year and one day after the
     termination of this Agreement with respect to the Seller, acquiesce,
     petition or otherwise invoke or cause the Seller to invoke the process of
     any court or government authority for the purpose of commencing or
     sustaining a case against the Seller under any Federal or state bankruptcy,
     insolvency or similar law or appointing a receiver, liquidator, assignee,
     trustee, custodian, sequestrator or other similar official of the Seller or
     any substantial part of its property, or ordering the winding up or
     liquidation of the affairs of the Seller; (y) any claim that the Issuer,
     the Administrator, the Owner Trustee and the Indenture Trustee may have at
     any time against the Subtrust Assets of any Subtrust unrelated to the
     Notes, the Certificates or the Receivables, and any claim that they may
     have at any time against the Seller that they may seek to enforce against
     the Subtrust Assets of any Subtrust unrelated to the Notes, the
     Certificates or the Receivables, shall be subordinate to the payment in
     full, including post-petition interest, in the event that the Seller
     becomes a debtor or debtor in possession in a case under any applicable
     Federal or state bankruptcy, insolvency or other similar law now or
     hereafter in effect or otherwise subject to any insolvency, reorganization,
     liquidation, rehabilitation or other similar proceedings, of the claims of
     the holders of any Securities related to such unrelated Subtrust and the
     holders of any other notes, bonds, contracts or other obligations that are
     related to such unrelated Subtrust and (z) the Issuer, the Administrator,
     the Owner Trustee and the Indenture Trustee hereby irrevocably make the
     election afforded by Title 11 United States Code Section 1111(b)(1)(A)(i)
     to secured creditors to receive the treatment afforded by Title 11 United
     States Code Section 1111(b)(2) with respect to any secured claim that they
     may have at any time against the Depositor. The obligations of the Seller
     under this Agreement are limited to the related Subtrust and the related
     Subtrust Assets.
<PAGE>

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

                                    MMCA AUTO OWNER TRUST 2002-3

                                    By:  WILMINGTON TRUST COMPANY,
                                         not in its individual capacity
                                         but solely as Owner Trustee

                                    By: /s/ Patricia A. Evans
                                        -------------------------------
                                        Name: Patricia A. Evans
                                        Title: Assistant Vice President

                                    BANK OF TOKYO-MITSUBISHI TRUST COMPANY,
                                    not in its individual capacity but
                                    solely as Indenture Trustee

                                    By: /s/ F. Galarraga
                                        -------------------------------
                                        Name: F. Galarraga
                                        Title: Trust Officer

                                    MITSUBISHI  MOTORS CREDIT OF AMERICA, INC.,
                                    as Administrator

                                    By: /s/ C. A. Tredway
                                        -------------------------------
                                        Name: C. A. Tredway
                                        Title: Executive Vice President
                                               and General Manager
<PAGE>

                                                                       Exhibit A

                                POWER OF ATTORNEY

STATE OF DELAWARE          }
                           }
COUNTY OF NEW CASTLE       }

         KNOW ALL MEN BY THESE PRESENTS, that Wilmington Trust Company, a
banking corporation, not in its individual capacity but solely as owner trustee
(the "Owner Trustee") for MMCA AUTO OWNER TRUST _____ (the "Issuer"), does
hereby make, constitute and appoint Mitsubishi Motors Credit of America, Inc.,
in its capacity as administrator under the Administration Agreement dated as of
________, _____ (the "Administration Agreement"), among the Issuer, Mitsubishi
Motors Credit of America, Inc. and Bank of Tokyo-Mitsubishi Trust Company, as
Indenture Trustee, as the same may be amended from time to time, and its agents
and attorneys, as Attorneys-in-Fact to execute on behalf of the Owner Trustee or
the Issuer all such documents, reports, filings, instruments, certificates and
opinions as it should be the duty of the Owner Trustee or the Issuer to prepare,
file or deliver pursuant to the Related Agreements, or pursuant to Section 5.5
of the Trust Agreement, including, without limitation, to appear for and
represent the Owner Trustee and the Issuer in connection with the preparation,
filing and audit of Federal, state and local tax returns pertaining to the
Issuer, and with full power to perform any and all acts associated with such
returns and audits that the Owner Trustee could perform, including without
limitation, the right to distribute and receive confidential information, defend
and assert positions in response to audits, initiate and defend litigation, and
to execute waivers of restrictions on assessments of deficiencies, consents to
the extension of any statutory or regulatory time limit, and settlements.

         All powers of attorney for this purpose heretofore filed or executed by
the Owner Trustee are hereby revoked.

         Capitalized terms that are used and not otherwise defined herein shall
have the meanings ascribed thereto in the Administration Agreement.

         EXECUTED this ___ day of __________, _____.

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

                                             By:____________________________
                                                   Name:
                                                   Title:
<PAGE>

STATE OF DELAWARE          }
                           }
COUNTY OF NEW CASTLE       }

         Before me, the undersigned authority, on this day personally appeared
____________________, known to me to be the person whose name is subscribed to
the foregoing instruments, and acknowledged to me that he/she signed the same
for the purposes and considerations therein expressed.

Sworn to before me this ____
day of __________, _____.

__________________________________
Notary Public - State of DelawareEXHIBIT 10.1

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

                              PURCHASE AGREEMENT

                                    between

                   MITSUBISHI MOTORS CREDIT OF AMERICA, INC.

                                   as Seller

                                      and

                        MMCA AUTO RECEIVABLES TRUST II

                                 as Purchaser

                          Dated as of August 1, 2002

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

<PAGE>
<TABLE>
<CAPTION>

                               TABLE OF CONTENTS
                                                                                        Page
                                                                                        ----
<S>                       <C>                                                           <C>
ARTICLE I - DEFINITIONS AND USAGE........................................................1

ARTICLE II - PURCHASE AND SALE OF RECEIVABLES............................................1

         Section 2.1    Purchase and Sale of Receivables.................................1
         Section 2.2    Payment of the Purchase Price....................................4
         Section 2.3    The Closing......................................................4

ARTICLE III - REPRESENTATIONS AND WARRANTIES.............................................5

         Section 3.1    Representations and Warranties of the Purchaser..................5
         Section 3.2    Representations and Warranties of the Seller.....................6

ARTICLE IV - CONDITIONS.................................................................12

         Section 4.1    Conditions to Obligations of the Purchaser......................12
         Section 4.2    Conditions to Obligation of the Seller..........................14

ARTICLE V - COVENANTS OF THE SELLER.....................................................14

         Section 5.1    Protection of Right, Title and Interest.........................14
         Section 5.2    Other Liens or Interests........................................16
         Section 5.3    Costs and Expenses..............................................16
         Section 5.4    Indemnification.................................................16
         Section 5.5    Sale............................................................17

ARTICLE VI - MISCELLANEOUS PROVISIONS...................................................17

         Section 6.1    Obligations of Seller...........................................17
         Section 6.2    Repurchase Events...............................................17
         Section 6.3    Purchaser's Assignment of Repurchased Receivables...............17
         Section 6.4    Trust...........................................................17
         Section 6.5    Amendments......................................................18
         Section 6.6    Accountants' Letters............................................18
         Section 6.7    Waivers.........................................................18
         Section 6.8    Notices.........................................................18
         Section 6.9    Costs and Expenses..............................................19
         Section 6.10   Representations of the Seller and the Purchaser.................19
         Section 6.11   Confidential Information........................................19
         Section 6.12   Headings and Cross-References...................................19
         Section 6.13   Governing Law...................................................19
         Section 6.14   Agreements of Purchaser.........................................19
         Section 6.15   Counterparts....................................................19

                                   Exhibits
                                   --------

Form of First-Tier Initial Assignment ..........................................Exhibit A-1
Form of First-Tier Subsequent Assignment .......................................Exhibit A-2
Schedule of Initial Receivables ................................................Exhibit B

                                   Schedules
                                   ---------

Locations of Receivables Files .................................................Schedule A

</TABLE>

<PAGE>

         PURCHASE AGREEMENT, dated as of August 1, 2002 (as amended,
supplemented or otherwise modified and in effect from time to time, this
"Agreement"), by and between MITSUBISHI MOTORS CREDIT OF AMERICA, INC., a
Delaware corporation (the "Seller"), having its principal executive office at
6363 Katella Avenue, Cypress, California 90630-5205, and MMCA AUTO RECEIVABLES
TRUST II, a Delaware business trust (the "Purchaser"), having its principal
executive office at 6363 Katella Avenue, Cypress, California 90630-5205.

         WHEREAS, in the regular course of its business, the Seller purchases
certain motor vehicle retail installment sale contracts secured by new and
used automobiles and sports-utility vehicles from motor vehicle dealers; and

         WHEREAS, the Seller and the Purchaser wish to set forth the terms
pursuant to which the Initial Receivables (such capitalized term and the other
capitalized terms used herein have the meanings assigned thereto pursuant to
Article I hereof) and other property related thereto will be sold by the
Seller to the Purchaser on the Closing Date and the Subsequent Receivables and
other property related thereto will be sold by the Seller to the Purchaser
from time to time during the Pre-Funding Period, which Receivables and other
property related thereto will be sold by the Purchaser, pursuant to the Sale
and Servicing Agreement, to the Trust to be created pursuant to the Trust
Agreement.

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

                      ARTICLE I - DEFINITIONS AND USAGE

         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 to the Indenture (the "Indenture"), dated as of August 1, 2002,
between MMCA Auto Owner Trust 2002-3, as issuer, and Bank of Tokyo-Mitsubishi
Trust Company, as indenture trustee, which also contains rules as to usage
that shall be applicable herein. The term "Seller" herein shall mean
Mitsubishi Motors Credit of America, Inc, its successors and assigns.

                 ARTICLE II - PURCHASE AND SALE OF RECEIVABLES

         Section 2.1 Purchase and Sale of Receivables.

         On the Closing Date and on each Subsequent Transfer Date, subject to
the terms and conditions of this Agreement, the Seller agrees to sell to the
Purchaser, and the Purchaser agrees to purchase from the Seller, the
Receivables set forth in the related Schedule of Receivables and the other
property relating thereto (as described below).

         (a) Sale of Initial Receivables. Subject to satisfaction of the
conditions set forth in Section 4.1(a), on the Closing Date, and
simultaneously with the transactions to be consummated pursuant to the
Indenture, the Sale and Servicing Agreement and the Trust Agreement, the
Seller shall, pursuant to the First-Tier Initial Assignment, sell, transfer,
assign and otherwise convey to the Purchaser, without recourse (subject to the
obligations herein), all right, title and interest of the Seller, whether now
owned or hereafter acquired, in, to and under the following, collectively:

         (i) the Initial Receivables;

         (ii) with respect to Initial Receivables that are Actuarial
Receivables, monies due thereunder after the Initial Cutoff Date (including
Payaheads) and, with respect to Initial Receivables that are Simple Interest
Receivables, monies received thereunder after the Initial Cutoff Date;

         (iii) the security interests in Financed Vehicles granted by Obligors
pursuant to the Initial Receivables and any other interest of the Seller in
such Financed Vehicles;

         (iv) all rights to receive proceeds with respect to the Initial
Receivables from claims on any physical damage, theft, credit life or
disability insurance policies covering the related Financed Vehicles or
related Obligors;

         (v) all rights to receive proceeds with respect to the Initial
Receivables from recourse to Dealers thereon pursuant to the Dealer
Agreements;

         (vi) all of the Seller's rights to the Receivable Files that relate
to the Initial Receivables;

         (vii) all payments and proceeds with respect to the Initial
Receivables held by the Seller;

         (viii) all property (including the right to receive Liquidation
Proceeds and Recoveries and Financed Vehicles and the proceeds thereof
acquired by the Seller pursuant to the terms of an Initial Receivable that is
a Final Payment Receivable), guarantees and other collateral securing an
Initial Receivable (other than an Initial Receivable purchased by the Servicer
or repurchased by the Seller);

         (ix) all rebates of premiums and other amounts relating to insurance
policies and other items financed under the Initial Receivables in effect as
of the Initial Cutoff Date; and

         (x) all present and future claims, demands, causes of action and
choses in action in respect of any or all of the foregoing and all payments on
or under and all proceeds of every kind and nature whatsoever in respect of
any or all of the foregoing, including all proceeds of the conversion thereof,
voluntary or involuntary, into cash or other liquid property, all cash
proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel
paper, checks, deposit accounts, insurance proceeds, condemnation awards,
rights to payment of any and every kind and other forms of obligations and
receivables, instruments and other property which at any time constitute all
or part of or are included in the proceeds of any of the foregoing.

         It is the intention of the Seller and the Purchaser that the transfer
and assignment of the Initial Receivables and the other property described in
clauses (i) through (x) of this Section 2.1(a) shall constitute a sale of the
Initial Receivables and such other property from the Seller to the Purchaser,
conveying good title thereto free and clear of any liens, and the Initial
Receivables and such other property shall 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 or similar law. However, in the event that the foregoing
transfer and assignment is deemed to be a pledge, the Seller hereby grants to
the Purchaser a first priority security interest in all of the Seller's right
to and interest in the Initial Receivables and other property described in the
preceding paragraph to secure a loan deemed to have been made by the Purchaser
to the Seller in an amount equal to the sum of the initial principal amount of
the Notes plus accrued interest thereon and the Initial Certificate Balance.

         (b) Sale of Subsequent Receivables. Subject to satisfaction of the
conditions set forth in Section 4.1(b), the Seller shall, pursuant to each
First-Tier Subsequent Assignment, sell, transfer, assign and otherwise convey
to the Purchaser, without recourse (subject to the obligations herein), all
right, title and interest of the Seller, whether now owned or hereafter
acquired, in, to and under the following, collectively:

         (i) the Subsequent Receivables listed on Schedule A to the related
First-Tier Subsequent Assignment;

         (ii) with respect to the Subsequent Receivables that are Actuarial
Receivables, monies due thereunder on or after the related Subsequent Cutoff
Date (including Payaheads) and, with respect to Subsequent Receivables that
are Simple Interest Receivables, monies received thereunder on or after the
related Subsequent Cutoff Date;

         (iii) the security interests in Financed Vehicles granted by Obligors
pursuant to such Subsequent Receivables and any other interest of the Seller
in such Financed Vehicles;

         (iv) all rights to receive proceeds with respect to such Subsequent
Receivables from claims on any physical damage, theft, credit life or
disability insurance policies covering the related Financed Vehicles or
related Obligors;

         (v) all rights to receive proceeds with respect to such Subsequent
Receivables from recourse to Dealers thereon pursuant to the related Dealer
Agreements;

         (vi) all of the Seller's rights to the Receivable Files that relate
to such Subsequent Receivables;

         (vii) all payments and proceeds with respect to such Subsequent
Receivables held by the Seller;

         (viii) all property (including the right to receive Liquidation
Proceeds and Recoveries and Financed Vehicles and the proceeds thereof
acquired by the Seller pursuant to the terms of a Subsequent Receivable that
is a Final Payment Receivable), guarantees and other collateral securing a
Subsequent Receivable (other than a Subsequent Receivable purchased by the
Servicer or repurchased by the Seller);

         (ix) all rebates of premiums and other amounts relating to insurance
policies and other items financed under such Subsequent Receivables in effect
as of the related Subsequent Cutoff Date; and

         (x) all present and future claims, demands, causes of action and
choses in action in respect of any or all of the foregoing and all payments on
or under and all proceeds of every kind and nature whatsoever in respect of
any or all of the foregoing, including all proceeds of the conversion thereof,
voluntary or involuntary, into cash or other liquid property, all cash
proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel
paper, checks, deposit accounts, insurance proceeds, condemnation awards,
rights to payment of any and every kind and other forms of obligations and
receivables, instruments and other property which at any time constitute all
or part of or are included in the proceeds of any of the foregoing.

         It is the intention of the Seller and the Purchaser that each
transfer and assignment of Subsequent Receivables and the other property
described in clauses (i) through (x) of this Section 2.1(b) shall constitute a
sale of such Subsequent Receivables and other property from the Seller to the
Purchaser, conveying good title thereto free and clear of any liens, and such
Subsequent Receivables and other property shall 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 or similar law. However, in the event that the
foregoing transfer and assignment is deemed to be a pledge, the Seller hereby
grants to the Purchaser a first priority security interest in all of the
Seller's right to and interest in such Subsequent Receivables and other
property described in the preceding paragraph to secure a loan deemed to have
been made by the Purchaser to the Seller in an amount equal to the sum of the
initial principal amount of the Notes plus accrued interest thereon and the
Initial Certificate Balance.

         Section 2.2 Payment of the Purchase Price.

         (a) Initial Receivables Purchase Price. In consideration for the
Initial Receivables, the other property described in Section 2.1(a) and
delivery of the Yield Supplement Agreement, the Purchaser shall, on or prior
to the Closing Date, pay to or upon the order of the Seller the Initial
Receivables Purchase Price. An amount equal to $399,010,302.32 of the Initial
Receivables Purchase Price shall be paid to the Seller in cash. The remainder
of the Initial Receivables Purchase Price shall be paid by crediting the
Seller with a contribution to the capital of the Purchaser. The portion of the
Initial Receivables Purchase Price to be paid in cash shall be by federal wire
transfer (same day) funds.

         (b) Subsequent Receivables Purchase Price. In consideration for the
Subsequent Receivables and the other property related thereto described in
Section 2.1(b) to be sold, transferred, assigned and otherwise conveyed to the
Purchaser on the related Subsequent Transfer Date, the Purchaser shall, on or
prior to such Subsequent Transfer Date, pay to or upon the order of the Seller
an amount (the related "Subsequent Receivables Purchase Price") equal to the
aggregate Principal Balance of the Subsequent Receivables as of the related
Subsequent Cutoff Date, plus any premium or minus any discount agreed upon by
the Seller and the Purchaser. Any Subsequent Receivables Purchase Price shall
be payable as follows: (i) cash in the amount released to the Purchaser from
the Pre-Funding Account pursuant to Section 4.11(a) of the Sale and Servicing
Agreement shall be paid to or upon the order of the Seller on the related
Subsequent Transfer Date by federal wire transfer (same day funds) and the
balance paid in cash as and when amounts are released to, or otherwise
realized by, the Purchaser from the Reserve Account and the Negative Carry
Account in accordance with the Sale and Servicing Agreement; or (ii) as
otherwise agreed by the Seller and the Purchaser.

         Section 2.3 The Closing. The sale and purchase of the Receivables
shall take place at a closing (the "Closing") at the offices of Skadden, Arps,
Slate, Meagher & Flom LLP, Four Times Square, New York, New York 10036-6522 on
the Closing Date, simultaneously with the closings under: (a) the Sale and
Servicing Agreement, pursuant to which the Purchaser will assign all of its
right, title and interest in, to and under the Initial Receivables, the Yield
Supplement Agreement and other property described in Section 2.1(a) to the
Trust in exchange for the Notes and the Certificates; (b) the Indenture,
pursuant to which the Trust will issue the Notes and pledge all of its right,
title and interest in, to and under the Trust Property to secure the Notes;
(c) the Trust Agreement, pursuant to which the Trust will issue the
Certificates; and (d) the Underwriting Agreement, pursuant to which the
Purchaser will sell the Notes to the Persons named therein.

                 ARTICLE III - REPRESENTATIONS AND WARRANTIES

         Section 3.1 Representations and Warranties of the Purchaser. The
Purchaser hereby represents and warrants to the Seller as of the date hereof,
the Closing Date and each Subsequent Transfer Date:

         (a) Organization, etc. The Purchaser has been duly established and is
validly existing as a business trust in good standing under the laws of the
State of Delaware, with the power and authority to own its properties and to
conduct its business as such properties are currently owned and such business
is presently conducted, and had at all relevant times, and has, the power,
authority, and legal right to acquire and own the Receivables, and has the
power and authority to execute and deliver this Agreement and to carry out its
terms.

         (b) Due Qualification. The Purchaser is duly qualified to do business
as a foreign business trust in good standing, and has obtained all necessary
licenses and approvals, in all jurisdictions in which the ownership or lease
of property or the conduct of its business shall require such qualifications.

         (c) Due Authorization and Binding Obligation. This Agreement has been
duly authorized, executed and delivered by the Purchaser, and is the valid,
binding and enforceable obligation of the Purchaser except as the same may be
limited by insolvency, bankruptcy, reorganization or other laws relating to or
affecting the enforcement of creditors' rights or by general equity
principles.

         (d) No Violation. The execution, delivery and performance by the
Purchaser of this Agreement and the consummation of the transactions
contemplated hereby and the fulfillment of the terms hereof will not conflict
with, result in any breach of any of the terms and provisions of, or
constitute (with or without notice or lapse of time or both) a default under,
its Certificate of Trust or its amended and restated trust agreement, or
conflict with, or breach any of the terms or provisions of, or constitute
(with or without notice or lapse of time or both) a default under, any
indenture, agreement, mortgage, deed of trust or other instrument to which the
Purchaser is a party or by which the Purchaser is bound or to which any of its
properties are subject, or result in the creation or imposition of any lien
upon any of its properties pursuant to the terms of any such indenture,
agreement, mortgage, deed of trust or other instrument (other than this
Agreement), or violate any law, order, rule, or regulation, applicable to the
Purchaser or its properties, of any federal or state regulatory body, any
court, administrative agency, or other governmental instrumentality having
jurisdiction over the Purchaser or any of its properties.

         (e) No Proceedings. No proceedings or investigations are pending to
which the Purchaser is a party or of which any property of the Purchaser is
the subject, and, to the best knowledge of the Purchaser, no such proceedings
or investigations are threatened or contemplated by governmental authorities
or threatened by others, other than such proceedings or investigations which
will not have a material adverse effect upon the general affairs, financial
position, net worth or results of operations (on an annual basis) of the
Purchaser and which do not (i) assert the invalidity of this Agreement, (ii)
seek to prevent the consummation of any of the transactions contemplated by
this Agreement or (iii) seek any determination or ruling that might materially
and adversely affect the performance by the Purchaser of its obligations
under, or the validity or enforceability of, this Agreement.

         Section 3.2 Representations and Warranties of the Seller.

         (a) The Seller hereby represents and warrants to the Purchaser as of
the date hereof, the Closing Date and each Subsequent Transfer Date:

              (i) Organization, etc. The Seller has been duly incorporated and
     is validly existing as a corporation in good standing under the laws of
     the State of Delaware, with the power and authority to own its properties
     and to conduct its business as such properties are currently owned and
     such business is presently conducted, and is duly qualified to transact
     business and is in good standing in each jurisdiction in the United
     States of America in which the conduct of its business or the ownership
     or lease of its property requires such qualification.

              (ii) Power and Authority; Binding Obligation. The Seller has
     full power and authority to sell and assign the property sold and
     assigned to the Purchaser hereunder on the Closing Date and the property
     to be sold and assigned to the Purchaser hereunder on each Subsequent
     Transfer Date and has duly authorized such sales and assignments to the
     Purchaser by all necessary corporate action. This Agreement and the
     First-Tier Initial Assignment has been, and each First-Tier Subsequent
     Assignment will be, on or before the related Subsequent Transfer Date,
     duly authorized, executed and delivered by the Seller, and in each case
     shall constitute the legal, valid, binding and enforceable obligation of
     the Seller except as the same may be limited by insolvency, bankruptcy,
     reorganization or other laws relating to or affecting the enforcement of
     creditors' rights or by general equity principles.

              (iii) No Violation. The execution, delivery and performance by
     the Seller of this Agreement and the consummation of the transactions
     contemplated hereby and the fulfillment of the terms hereof will not
     conflict with, result in any breach of any of the terms and provisions
     of, or constitute (with or without notice or lapse of time or both) a
     default under, the certificate of incorporation or bylaws of the Seller,
     or conflict with, or breach any of the terms or provisions of, or
     constitute (with or without notice or lapse of time or both) a default
     under, any indenture, agreement, mortgage, deed of trust or other
     instrument to which the Seller is a party or by which the Seller is bound
     or any of its properties are subject, or result in the creation or
     imposition of any lien upon any of its properties pursuant to the terms
     of any such indenture, agreement, mortgage, deed of trust or other
     instrument (other than this Agreement), or violate any law, order, rule
     or regulation, applicable to the Seller or its properties, of any federal
     or state regulatory body, any court, administrative agency, or other
     governmental instrumentality having jurisdiction over the Seller or any
     of its properties.

              (iv) No Proceedings. No proceedings or investigations are
     pending to which the Seller is a party or of which any property of the
     Seller is the subject, and, to the best knowledge of the Seller, no such
     proceedings or investigations are threatened or contemplated by
     governmental authorities or threatened by others, other than such
     proceedings or investigations which will not have a material adverse
     effect upon the general affairs, financial position, net worth or results
     of operations (on an annual basis) of the Seller and do not (i) assert
     the invalidity of this Agreement, (ii) seek to prevent the consummation
     of any of the transactions contemplated by this Agreement or (iii) seek
     any determinations or ruling that might materially and adversely affect
     the performance by the Seller of its obligations under, or the validity
     or enforceability of, this Agreement.

              (v) Florida Securities and Investor Protection Act. In
     connection with the offering of the Notes in the State of Florida, the
     Seller hereby certifies that it has complied with all provisions of
     Section 517.075 of the Florida Securities and Investor Protection Act.

         (b) The Seller makes the following representations and warranties as
to the Receivables on which the Purchaser relies in accepting the Receivables.
Such representations and warranties speak as of the Closing Date, in the case
of the Initial Receivables, and as of the applicable Subsequent Transfer Date,
in the case of the Subsequent Receivables, except to the extent otherwise
provided in the following representations and warranties, but shall survive
the sale, transfer, and assignment of the Receivables to the Purchaser
hereunder and the subsequent assignment and transfer of the Receivables
pursuant to the Sale and Servicing Agreement:

              (i) Characteristics of Receivables. Each Receivable (a) shall
         have been originated (x) in the United States of America by a Dealer
         for the consumer or commercial sale of a Financed Vehicle in the
         ordinary course of such Dealer's business or (y) by the Seller in
         connection with the refinancing by the Seller of a motor vehicle
         retail installment sale contract of the type described in subclause
         (x) above, shall have been fully and properly executed by the parties
         thereto, shall have been purchased by the Seller from such Dealer
         under an existing Dealer Agreement with the Seller (unless such
         Receivable was originated by the Seller in connection with a
         refinancing), and shall have been validly assigned by such Dealer to
         the Seller in accordance with its terms (unless such Receivable was
         originated by the Seller in connection with a refinancing), (b) shall
         have created or shall create a valid, binding, subsisting and
         enforceable first priority security interest in favor of the Seller
         on the related Financed Vehicle, which security interest has been
         validly assigned by the Seller to the Purchaser, (c) shall contain
         customary and enforceable provisions such that the rights and
         remedies of the holder thereof shall be adequate for realization
         against the collateral of the benefits of the security, (d) in the
         case of Standard Receivables, shall provide for monthly payments that
         fully amortize the Amount Financed by maturity of the Receivable and
         yield interest at the APR, (e) in the case of Balloon Payment
         Receivables and Final Payment Receivables, shall provide for a series
         of fixed level monthly payments and a larger payment due after such
         level monthly payments that fully amortize the Amount Financed by
         maturity and yield interest at the APR, (f) shall provide for, in the
         event that such contract is prepaid, a prepayment that fully pays the
         Principal Balance and all accrued and unpaid interest thereon, (g) is
         a retail installment sale contract, (h) is secured by a new or used
         automobile or sports-utility vehicle and (i) is an Actuarial
         Receivable or a Simple Interest Receivable (and may also be a Balloon
         Payment Receivable or a Final Payment Receivable).

              (ii) Schedule of Receivables. The information set forth in the
         related Schedule of Receivables shall be true and correct in all
         material respects as of the opening of business on the related Cutoff
         Date and no selection procedures believed to be adverse to the
         Noteholders or the Certificateholders shall have been utilized in
         selecting the Receivables from those receivables which meet the
         criteria contained herein. The compact disk or other listing
         regarding the Receivables made available to the Purchaser and its
         assigns (which compact disk or other listing is required to be
         delivered as specified herein) is true and correct in all respects.

              (iii) Compliance with Law. Each Receivable and the sale of the
         related Financed Vehicle shall have complied, at the time it was
         originated or made, and shall comply on the Closing Date (with
         respect to each Initial Receivable) or the related Subsequent
         Transfer Date (with respect to each Subsequent Receivable) in all
         material respects with all requirements of applicable Federal, state,
         and local laws, and regulations thereunder including, without
         limitation, usury laws, the Federal Truth-in-Lending Act, the Equal
         Credit Opportunity Act, the Fair Credit Reporting Act, the Fair
         Credit Billing Act, the Fair Debt Collection Practices Act, the
         Federal Trade Commission Act, the Magnuson-Moss Warranty Act, the
         Federal Reserve Board's Regulations B and Z, the Soldiers' and
         Sailors' Civil Relief Act of 1940, the Texas Consumer Credit Code,
         and State adaptations of the Uniform Consumer Credit Code, and other
         consumer credit laws and equal credit opportunity and disclosure
         laws.

              (iv) Binding Obligation. Each Receivable shall represent the
         genuine, legal, valid and binding payment obligation in writing of
         the Obligor, enforceable by the holder thereof in accordance with its
         terms, except as enforceability may be limited by bankruptcy,
         insolvency, reorganization, or other similar laws affecting the
         enforcement of creditors' rights generally and by general principles
         of equity.

              (v) No Government Obligor. None of the Receivables is due from
         the United States of America or any state or from any agency,
         department or instrumentality of the United States of America or any
         state.

              (vi) Security Interest in Financed Vehicle. Immediately prior to
         the sale, assignment, and transfer thereof, each Receivable shall be
         secured by a valid, subsisting and enforceable perfected first
         priority security interest in the related Financed Vehicle in favor
         of the Seller as secured party and, at such time as enforcement of
         such security interest is sought, there shall exist a valid,
         subsisting and enforceable first priority perfected security interest
         in such Financed Vehicle for the benefit of the Seller and the
         Purchaser, respectively (subject to any statutory or other lien
         arising by operation of law after the Closing Date (with respect to
         each Initial Receivable) or the related Subsequent Transfer Date
         (with respect to each Subsequent Receivable) which is prior to such
         security interest), or all necessary and appropriate action with
         respect to such Receivables shall have been taken to perfect a first
         priority security interest in such Financed Vehicle for the benefit
         of the Seller and the Purchaser, respectively.

              (vii) Receivables in Force. No Receivable shall have been
         satisfied, subordinated, or rescinded, nor shall any Financed Vehicle
         have been released from the Lien granted by the related Receivable in
         whole or in part, which security interest shall be assignable by the
         Seller to the Purchaser.

              (viii) No Waiver. No provision of a Receivable shall have been
         waived in such a manner that such Receivable fails to meet all of the
         representations and warranties made by the Seller in this Section
         3.2(b) with respect thereto.

              (ix) No Defenses. No right of rescission, setoff, counterclaim,
         or defense shall have been asserted or threatened with respect to any
         Receivable.

              (x) No Liens. To the best of the Seller's knowledge, no liens or
         claims shall have been filed for work, labor, or materials relating
         to a Financed Vehicle that shall be liens prior to, or equal or
         coordinate with, the security interest in the Financed Vehicle
         granted by the Receivable.

              (xi) No Default; Repossession. Except for payment defaults
         continuing for a period of not more than 30 days or payment defaults
         of 10% or less of a Scheduled Payment, in each case as of the related
         Cutoff Date, or the failure of the Obligor to maintain satisfactory
         physical damage insurance covering the Financed Vehicle, no default,
         breach, violation, or event permitting acceleration under the terms
         of any Receivable shall have occurred; no continuing condition that
         with notice or the lapse of time or both would constitute a default,
         breach, violation, or event permitting acceleration under the terms
         of any Receivable shall have arisen; the Seller shall not have waived
         any of the foregoing; and no Financed Vehicle shall have been
         repossessed as of the related Cutoff Date.

              (xii) Insurance. Each Contract shall require the related Obligor
         to maintain physical damage insurance (which insurance shall not be
         force placed insurance) covering the Financed Vehicle, in the amount
         determined by the Seller in accordance with its customary procedures.

              (xiii) Title. It is the intention of the Seller that each
         transfer and assignment of the Receivables herein contemplated
         constitute a sale of such Receivables from the Seller to the
         Purchaser and that the beneficial interest in, and title to, such
         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,
         or pledged by the Seller to any Person other than the Purchaser.
         Immediately prior to each transfer and assignment of the Receivables
         herein contemplated, the Seller had good and marketable title to such
         Receivables free and clear of all Liens, encumbrances, security
         interests, and rights of others and, immediately upon the transfer
         thereof, the Purchaser shall have good and marketable title to such
         Receivables, free and clear of all Liens, encumbrances, security
         interests, and rights of others; and the transfer has been perfected
         by all necessary action under the Relevant UCC.

              (xiv) Valid Assignment. No Receivable shall have been originated
         in, or shall be subject to the laws of, any jurisdiction under which
         the sale, transfer, and assignment of such Receivable under this
         Agreement shall be unlawful, void, or voidable. The Seller has not
         entered into any agreement with any obligor that prohibits, restricts
         or conditions the assignment of any portion of the Receivables.

              (xv) All Filings Made. All filings (including, without
         limitation, filings under the Relevant UCC) necessary in any
         jurisdiction to give the Purchaser a first priority perfected
         security interest in the Receivables shall be made within 10 days of
         the Closing Date (with respect to the Initial Receivables) or within
         10 days of the related Subsequent Transfer Date (with respect to the
         Subsequent Receivables).

              (xvi) Chattel Paper. Each Receivable constitutes "chattel paper"
         as defined in the Relevant UCC.

              (xvii) One Original. There shall be only one original executed
         copy of each Receivable in existence.

              (xviii) Principal Balance. Each Receivable had an original
         principal balance (net of unearned precomputed finance charges) of
         not more than $60,000, and a remaining Principal Balance as of the
         related Cutoff Date of not less than $100.

              (xix) No Bankrupt Obligors. No Receivable was due from an
         Obligor who, as of the related Cutoff Date, was the subject of a
         proceeding under the Bankruptcy Code of the United States or was
         bankrupt.

              (xx) New and Used Vehicles. Approximately 98.18% of the Initial
         Pool Balance, constituting approximately 96.88% of the total number
         of the Initial Receivables, relate to new automobiles and
         sports-utility vehicles, substantially all of which were manufactured
         or distributed by Mitsubishi Motors. Approximately 1.50% of the
         Initial Pool Balance, constituting approximately 2.43% of the total
         number of Initial Receivables, relate to used automobiles and
         sports-utility vehicle, substantially all of which were manufactured
         or distributed by Mitsubishi Motors. Approximately 0.32% of the
         Initial Pool Balance, constituting approximately 0.70% of the total
         number of Initial Receivables, relate to program automobiles and
         sports-utility vehicles, substantially all of which were manufactured
         or distributed by Mitsubishi Motors.

              (xxi) Origination. Each Receivable shall have an origination
         date during or after January 27, 1999.

              (xxii) Maturity of Receivables. Each Receivable shall have, as
         of the related Cutoff Date, not more than 72 remaining Scheduled
         Payments due.

              (xxiii) Weighted Average Number of Payments. As of the Initial
         Cutoff Date, the weighted average number of payments remaining until
         the maturity of the Initial Receivables shall be not more than 72
         Scheduled Payments. As of each Subsequent Cutoff Date, the weighted
         average number of payments remaining until the maturity of any
         related Subsequent Receivables shall be not more than 72 Scheduled
         Payments.

              (xxiv) Annual Percentage Rate. Each Receivable shall have an APR
         of at least 0% and not more than 30%.

              (xxv) Scheduled Payments. No Receivable shall have a payment of
         which more than 10% of such payment is more than 30 days overdue as
         of the related Cutoff Date.

              (xxvi) Location of Receivable Files. The Receivable Files shall
         be kept at one or more of the locations listed in Schedule A hereto.

              (xxvii) Capped Receivables and Simple Interest Receivables.
         Except to the extent that there has been no material adverse effect
         on Noteholders or Certificateholders, each Capped Receivable has been
         treated consistently by the Seller as a Simple Interest Receivable
         and payments with respect to each Simple Interest Receivable have
         been allocated consistently in accordance with the Simple Interest
         Method.

              (xxviii) Other Data. The tabular data and the numerical data
         relating to the characteristics of the Receivables contained in the
         Prospectus are true and correct in all material respects.

              (xxix) Last Scheduled Payments. The aggregate principal balance
         of the Last Scheduled Payments of Balloon Payment Receivables and
         Final Payment Receivables that are Initial Receivables, as a
         percentage of the Initial Pool Balance as of the Initial Cutoff Date,
         shall be not greater than 7.15%. The aggregate principal balance of
         the Last Scheduled Payments of Balloon Payment Receivables and Final
         Payment Receivables that are Subsequent Receivables sold to the
         Purchaser on a Subsequent Transfer Date, as of the related Subsequent
         Cutoff Date, as a percentage of the aggregate principal balance of
         all of such Subsequent Receivables as of such related Subsequent
         Cutoff Date, shall be not greater than 7.15%.

              (xxx) Receivable Yield Supplement Amounts. An amount equal to
         the sum of all projected Yield Supplement Amounts for all future
         Payment Dates with respect to each Deferred Payment Receivable and
         each Deferred Balloon Payment Receivable, assuming that no
         prepayments are made on the Deferred Payment Receivable or the
         Deferred Balloon Payment Receivable, as the case may be, has been
         deposited to the Yield Supplement Account on or prior to the Closing
         Date or the related Subsequent Transfer Date, as applicable.

              (xxxi) Prepaid Receivables. No Receivable shall have been
         pre-paid by more than six monthly payments as of the related Cutoff
         Date.

              (xxxii) Limited Credit Experience. The aggregate principal
         balance of the Subsequent Receivables sold to the Purchaser on a
         Subsequent Transfer Date on which the Obligor has limited credit
         experience, as of the related Subsequent Cutoff Date, as a percentage
         of the aggregate principal balance of all of such Subsequent
         Receivables as of such related Subsequent Cutoff Date, shall be not
         greater than 5.70%.

              (xxxiii) Deferred Payment Receivables. As of the Initial Cutoff
         Date, $128,402,141.03 total Principal Balance of Deferred Payment
         Receivables included in the Initial Receivables had a first payment
         that, as of the date of inception of the Receivable, was deferred for
         300 days or greater. As of the Initial Cutoff Date, $50,240,124.87
         total Principal Balance of Deferred Payment Receivables included in
         the Initial Receivables had a first payment that, as of the date of
         inception of the Receivable, was deferred for a period of between 200
         and 299 days. As of the Initial Cutoff Date $30,120,031.55 total
         Principal Balance of Deferred Payment Receivables included in the
         Initial Receivables had a first payment that, as of the date of
         inception of the Receivable, was deferred for a period of between 100
         and 199 days. As of the Initial Cutoff Date $6,761,295.64 total
         Principal Balance of Deferred Payment Receivables included in the
         Initial Receivables had a first payment that, as of the date of
         inception of the Receivable, was deferred for a period of 99 days or
         less. In no case will the first payment on a Deferred Payment
         Receivable be due later than 480 days after the date of inception of
         that Receivable.

              (xxxiv) Long Deferment Period Receivables. As of the Initial
         Cutoff Date, $128,402,141.03 total principal balance of Deferred
         Payment Receivables included in the Initial Receivables were Long
         Deferment Period Receivables.

              (xxxv) Reinvested Receivables. With respect to Reinvested
         Receivables transferred to the Issuer on the related Subsequent
         Transfer Date, none of such Receivables are Deferred Payment
         Receivables.

              (xxxvi) Deferred Balloon Payment Receivables. As of the Initial
         Cutoff Date, $6,761,295.64 total principal balance of Deferred
         Balloon Payment Receivables were originated with a deferral period of
         90 days, and $30,120,031.55 total principal balance of Deferred
         Balloon Payment Receivables were originated with a deferral period of
         180 days.

              (xxxvii) Modified Receivables. The APR of any Modified
         Receivable is equal to the APR of the related Deferred Payment
         Receivable. The date on which the final Scheduled Payment is due on a
         Modified Receivable is not different than the date set forth in the
         related Contract as the date on which the final Scheduled Payment
         under such Receivable is due. No Deferred Payment Receivable became a
         Modified Receivable after 90 days following the date the first
         Scheduled Payment on the Receivable was due.

                           ARTICLE IV - CONDITIONS

         Section 4.1 Conditions to Obligations of the Purchaser. (a) Initial
Receivables. The obligation of the Purchaser to purchase the Initial
Receivables is subject to the satisfaction of the following conditions:

              (i) Representations and Warranties True. The representations and
         warranties of the Seller hereunder shall be true and correct on the
         Cutoff Date or on the Closing Date, as appropriate, with the same
         effect as if then made, and the Seller shall have performed all
         obligations to be performed by it hereunder on or prior to the
         Closing Date.

              (ii) Computer Files Marked. The Seller shall, at its own
         expense, on or prior to the Closing Date, indicate in its computer
         files that the Initial Receivables have been sold to the Purchaser
         pursuant to this Agreement and the First-Tier Initial Assignment and
         deliver to the Purchaser the Schedule of Initial Receivables
         certified by an officer of the Seller to be true, correct and
         complete.

              (iii) Documents to be delivered by the Seller at the Closing.

                        (1) The First-Tier Initial Assignment. At the Closing,
            the Seller will execute and deliver the First-Tier Initial
            Assignment in substantially the form of Exhibit A-1 hereto.

                        (2) The Yield Supplement Agreement. At the Closing,
            the Seller will execute and deliver the Yield Supplement
            Agreement.

                        (3) Evidence of UCC Filing. Within 10 days of the
            Closing Date, the Seller shall record and file, at its own
            expense, a UCC financing statement in each jurisdiction in which
            required by applicable law, authorized by the Seller, as seller or
            debtor, and naming the Purchaser, as purchaser or secured party,
            naming the Initial Receivables and the other property conveyed
            under Section 2.1(a) as collateral, meeting the requirements of
            the laws of each such jurisdiction and in such manner as is
            necessary to perfect the sale, transfer, assignment and conveyance
            of the Initial Receivables to the Purchaser. The Seller shall
            deliver a file-stamped copy, or other evidence satisfactory to the
            Purchaser of such filing, to the Purchaser within 10 days of the
            Closing Date.

                        (4) Other Documents. Such other documents as the
            Purchaser may reasonably request.

              (iv) Other Transactions. The transactions contemplated by the
     Sale and Servicing Agreement, the Indenture, the Trust Agreement and the
     Underwriting Agreement shall be consummated on the Closing Date.

         (b) Subsequent Receivables. The obligation of the Purchaser to
purchase the Subsequent Receivables to be conveyed to the Purchaser on each
Subsequent Transfer Date is subject to the satisfaction of the following
conditions:

              (i) Representations and Warranties True. The representations and
     warranties of the Seller under Section 3.2(a) with respect to the Seller
     and Section 3.2(b) with respect to such Subsequent Receivables shall be
     true and correct as of the date as of which such representations and
     warranties are made, and the Seller shall have performed all obligations
     to be performed by it hereunder on or prior to the related Subsequent
     Transfer Date.

              (ii) Computer Files Marked. The Seller shall, at its own
     expense, on or prior to the related Subsequent Transfer Date, indicate in
     its computer files that such Subsequent Receivables have been sold to the
     Purchaser pursuant to this Agreement and the related First-Tier
     Subsequent Assignment and deliver to the Purchaser the related First-Tier
     Subsequent Assignment, including the related Schedule of Subsequent
     Receivables certified by an officer of the Seller to be true, correct and
     complete.

              (iii) Documents to be delivered by the Seller on the related
     Subsequent Transfer Date.

                        (1) The First-Tier Subsequent Assignment. On the
            related Subsequent Transfer Date, the Seller will execute and
            deliver the related First-Tier Subsequent Assignment in
            substantially the form of Exhibit A-2 hereto.

                        (2) Evidence of UCC Filing. Within 10 days of the
            related Subsequent Transfer Date, the Seller shall record and
            file, at its own expense, a UCC financing statement in each
            jurisdiction in which required by applicable law, executed by the
            Seller, as seller or debtor, and naming the Purchaser, as
            purchaser or secured party, naming such Subsequent Receivables and
            the other property conveyed under Section 2.1(b) as collateral,
            meeting the requirements of the laws of each such jurisdiction and
            in such manner as is necessary to perfect the sale, transfer,
            assignment and conveyance of such Subsequent Receivables to the
            Purchaser. The Seller shall deliver a file-stamped copy, or other
            evidence satisfactory to the Purchaser of such filing, to the
            Purchaser within 10 days of the related Subsequent Transfer Date.

                        (3) Officer's Certificate. The Seller shall have
            delivered to the Purchaser an Officer's Certificate confirming the
            satisfaction of each condition precedent specified in this Section
            4.1(b) (substantially in the form attached as Annex A to the form
            of First-Tier Subsequent Assignment attached hereto as Exhibit A-2).

                        (4) Other Documents. Such other documents as the
            Purchaser may reasonably request.

              (iv) As of the related Subsequent Transfer Date: (A) the Seller
     was not insolvent and will not become insolvent as a result of the
     transfer of such Subsequent Receivables on the related Subsequent
     Transfer Date, (B) the Seller did not intend to incur or believe that it
     would incur debts that would be beyond the Seller's ability to pay as
     such debts matured, (C) such transfer was not made by the Seller with
     actual intent to hinder, delay or defraud any Person and (D) the assets
     of the Seller did not constitute unreasonably small capital to carry out
     its business as conducted.

              (v) No selection procedures believed by the Seller to be adverse
     to the interests of the Purchaser, the Trust, the Noteholders or the
     Certificateholders shall have been utilized in selecting the Subsequent
     Receivables.

              (vi) The addition of the Subsequent Receivables will not result
     in a material adverse tax consequence to the Purchaser, the Trust, the
     Noteholders or the Certificateholders.

              (vii) All the conditions to the transfer of the Subsequent
     Receivables from the Purchaser to the Trust specified in Section 2.1(d)
     of the Sale and Servicing Agreement shall have been satisfied.

         Section 4.2 Conditions to Obligation of the Seller. The obligation of
the Seller to sell the Initial Receivables to the Purchaser on the Closing
Date and any Subsequent Receivables to the Purchaser on the related Subsequent
Transfer Date is subject to the satisfaction of the following conditions:

         (a) Representations and Warranties True. The representations and
warranties of the Purchaser hereunder shall be true and correct on the Closing
Date or the related Subsequent Transfer Date, as applicable, with the same
effect as if then made, and the Purchaser shall have performed all obligations
to be performed by it hereunder on or prior to the Closing Date or the related
Subsequent Transfer Date, as applicable.

         (b) Receivables Purchase Prices. (i) On or prior to the Closing Date,
the Purchaser shall deliver to the Seller the Initial Receivables Purchase
Price as provided in Section 2.2(a) and (ii) on or prior to each Subsequent
Transfer Date, the Purchaser shall have delivered to the Seller the related
Subsequent Receivables Purchase Price as provided in Section 2.2(b).

                     ARTICLE V - COVENANTS OF THE SELLER

         The Seller agrees with the Purchaser as follows; provided, that to
the extent that any provision of this Article V conflicts with any provision
of the Sale and Servicing Agreement, the Sale and Servicing Agreement shall
govern:

         Section 5.1 Protection of Right, Title and Interest.

         (a) The Seller shall authorize and file such financing statements and
cause to be authorized and filed such continuation 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 Purchaser under this Agreement in,
to and under the Receivables and the other property conveyed hereunder and in
the proceeds thereof. The Seller shall deliver (or cause to be delivered) to
the Purchaser file-stamped copies of, or filing receipts for, any document
filed as provided above, as soon as available following such filing.

         (b) The Seller shall not change its name, identity, or corporate
structure in any manner that would, could, or might make any financing
statement or continuation statement filed by the Seller in accordance with
paragraph (a) above seriously misleading within the meaning of Section
9-506(b) of the Relevant UCC, unless it shall have given the Purchaser at
least 60 days' prior written notice thereof and shall have promptly filed
appropriate amendments to all previously filed financing statements or
continuation statements.

         (c) The Seller shall give the Purchaser at least 60 days' prior
written notice of any relocation of its principal executive office or of any
change in its jurisdiction of organization if, as a result of such relocation
or change, the applicable provisions of the Relevant UCC would require the
filing of any amendment of any previously filed financing or continuation
statement or of any new financing statement and shall promptly file any such
amendment, continuation statement or new financing statement. The Seller shall
at all times maintain each office from which it shall service Receivables, its
principal executive office, and its jurisdiction of organization within the
United States of America.

         (d) The Seller shall maintain accounts and records as to each
Receivable accurately and in sufficient detail to permit 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).

         (e) The Seller shall maintain its computer systems so that, from and
after the time of sale hereunder of the Receivables to the Purchaser, the
Seller's master computer records (including any back-up archives) that refer
to a Receivable shall indicate clearly the interest of the Purchaser in such
Receivable and that such Receivable is owned by the Purchaser (or, upon sale
of the Receivables to the Trust, by the Trust). Indication of the Purchaser's
ownership of a Receivable shall be deleted from or modified on the Seller's
computer systems when, and only when, the Receivable shall have been paid in
full or repurchased.

         (f) If at any time the Seller shall propose to sell, grant a security
interest in, or otherwise transfer any interest in any automobile or
sports-utility vehicle receivables (other than the Receivables) to any
prospective purchaser, lender, or other transferee, the Seller shall give to
such prospective purchaser, lender, or other transferee computer tapes,
compact disks, records, or print-outs (including any restored from back-up
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 Purchaser or its assignee unless such Receivable has been paid in
full or repurchased.

         (g) The Seller shall permit the Purchaser and its agents at any time
during normal business hours to inspect, audit, and make copies of and
abstracts from the Seller's records regarding any Receivable.

         (h) Upon request, the Seller shall furnish to the Purchaser, within
10 Business Days, a list of all Receivables (by contract number and name of
Obligor) then owned by the Purchaser, together with a reconciliation of such
list to the Schedule of Receivables.

         Section 5.2 Other Liens or Interests. Except for the conveyances
hereunder, the Seller will not sell, pledge, assign or transfer any Receivable
to any other Person, or grant, create, incur, assume or suffer to exist any
Lien on any interest therein, and the Seller shall defend the right, title,
and interest of the Purchaser in, to and under the Receivables against all
claims of third parties claiming through or under the Seller; provided,
however, that the Seller's obligations under this Section 5.2 shall terminate
upon the termination of the Trust pursuant to the Trust Agreement.

         Section 5.3 Costs and Expenses. The Seller agrees to pay all
reasonable costs and disbursements in connection with the perfection, as
against all third parties, of the Purchaser's right, title and interest in, to
and under the Receivables.

         Section 5.4 Indemnification.

         (a) The Seller shall defend, indemnify, and hold harmless the
Purchaser from and against any and all costs, expenses, losses, damages,
claims, and liabilities, arising out of or resulting from the failure of a
Receivable to be originated in compliance with all requirements of law and for
any breach of any of the Seller's representations and warranties contained
herein.

         (b) The Seller shall defend, indemnify, and hold harmless the
Purchaser 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 Seller or any Affiliate thereof of a Financed Vehicle.

         (c) The Seller shall defend, indemnify, and hold harmless the
Purchaser from and against any and all taxes, except for taxes on the net
income of the Purchaser, that may at any time be asserted against the
Purchaser with respect to the transactions contemplated herein and in the
Yield Supplement Agreement, including, without limitation, any sales, gross
receipts, general corporation, tangible personal property, privilege, or
license taxes and costs and expenses in defending against the same.

         (d) The Seller shall defend, indemnify, and hold harmless the
Purchaser from and against any and all costs, expenses, losses, damages,
claims and liabilities to the extent that such cost, expense, loss, damage,
claim or liability arose out of, or was imposed upon the Purchaser through,
the negligence, willful misfeasance, or bad faith of the Seller in the
performance of its duties under this Agreement or the Yield Supplement
Agreement, as the case may be, or by reason of reckless disregard of the
Seller's obligations and duties under the Agreement or the Yield Supplement
Agreement, as the case may be.

         (e) The Seller shall defend, indemnify, and hold harmless the
Purchaser from and against all costs, expenses, losses, damages, claims and
liabilities arising out of or incurred in connection with the acceptance or
performance of the Seller's trusts and duties as Servicer under the Sale and
Servicing Agreement, except to the extent that such cost, expense, loss,
damage, claim or liability shall be due to the willful misfeasance, bad faith,
or negligence (except for errors in judgment) of the Purchaser.

         These indemnity obligations shall be in addition to any obligation
that the Seller may otherwise have.

         Section 5.5 Sale. The Seller agrees to treat this conveyance for all
purposes (including without limitation tax and financial accounting purposes)
as an absolute transfer on all relevant books, records, tax returns, financial
statements and other applicable documents.

         Section 5.6 Transfer of Subsequent Receivables. The Seller agrees to
transfer to the Purchaser, pursuant to Section 2.1(b), Subsequent Receivables
with an aggregate Principal Balance as of the related Cutoff Dates
approximately equal to $158,539,161.88, subject only to the availability of
such Subsequent Receivables.

                    ARTICLE VI - MISCELLANEOUS PROVISIONS

         Section 6.1 Obligations of Seller. The obligations of the Seller
under this Agreement shall not be affected by reason of any invalidity,
illegality or irregularity of any Receivable.

         Section 6.2 Repurchase Events. The Seller hereby covenants and agrees
with the Purchaser for the benefit of the Purchaser, the Indenture Trustee,
the Owner Trustee, the Noteholders and the Certificateholders, that the
occurrence of a breach of any of the Seller's representations and warranties
contained in Section 3.2(b) shall constitute an event obligating the Seller to
repurchase Receivables hereunder (each, a "Repurchase Event") at a price equal
to the Purchase Amount from the Purchaser or from the Trust. Subject to
Section 5.4(a), the repurchase obligation of the Seller shall constitute the
sole remedy to the Purchaser, the Indenture Trustee, the Owner Trustee, the
Noteholders and the Certificateholders against the Seller with respect to any
Repurchase Event.

         Section 6.3 Purchaser's Assignment of Repurchased Receivables. With
respect to all Receivables repurchased by the Seller pursuant to Section 6.2
of this Agreement, the Purchaser shall assign, without recourse,
representation or warranty, to the Seller all the Purchaser's right, title and
interest in, to and under such Receivables, and all security and documents
relating thereto.

         Section 6.4 Trust. The Seller acknowledges that:

         (a) The Purchaser will, pursuant to the Sale and Servicing Agreement,
sell the Initial Receivables to the Trust on the Closing Date and the
Subsequent Receivables to the Trust on the related Subsequent Transfer Dates
and assign its rights under this Agreement and the Yield Supplement Agreement
to the Owner Trustee for the benefit of the Noteholders and the
Certificateholders, and that the representations and warranties contained in
this Agreement and the rights of the Purchaser under this Agreement, including
under Sections 6.2 and 6.3, are intended to benefit the Trust, the Noteholders
and the Certificateholders. The Seller hereby consents to such sale and
assignment.

         (b) The Trust will, pursuant to the Indenture, pledge the Receivables
and its rights under this Agreement and the Yield Supplement Agreement to the
Indenture Trustee for the benefit of the Noteholders, and the representations
and warranties contained in this Agreement and the rights of the Purchaser
under this Agreement, including under Sections 6.2 and 6.3, are intended to
benefit the Noteholders. The Seller hereby consents to such pledge.

         Section 6.5 Amendments.

         (a) This Agreement may be amended from time to time by a written
amendment duly executed and delivered by the Seller and the Purchaser;
provided, however, that any such amendment that materially adversely affects
the rights of the Noteholders or the Certificateholders under the Indenture,
Sale and Servicing Agreement or Trust Agreement shall be consented to by the
Holders of Notes evidencing not less than 51% of the then Outstanding Notes
and the Holders of Certificates evidencing not less than 51% of the
Certificate Balance.

         (b) Notwithstanding anything contained herein to the contrary, this
Agreement may be amended by the Seller and the Purchaser, but without the
consent of any of the Holders to add, modify or eliminate such provisions as
may be necessary or advisable in order to (a) cure any ambiguity, to revise,
correct or supplement any provisions herein, (b) enable the transfer to the
Trust of all or any portion of the Receivables to be derecognized by the
Seller under GAAP, (c) enable the Trust to avoid becoming a member of the
Seller's consolidated group under GAAP or (d) enable the Transferor or any
Affiliate of the Transferor or any of their Affiliates to otherwise comply
with or obtain more favorable treatment under any law or regulation or any
accounting rule or principle; provided, however, it shall be a condition to
any such amendment that the Rating Agency Condition be met; and provided,
further, that no such amendment shall be inconsistent with the derecognition
by the Seller of the Receivables under GAAP or cause the Purchaser to become a
member of the Seller's consolidated group under GAAP.

         Section 6.6 Accountants' Letters.

         (a) Ernst & Young LLP will perform certain procedures regarding the
characteristics of the Receivables described in the Schedule of Initial
Receivables set forth as Exhibit B hereto and will compare those
characteristics to the information with respect to the Initial Receivables
contained in the Prospectus.

         (b) Seller will cooperate with the Purchaser and Ernst & Young LLP in
making available all information and taking all steps reasonably necessary to
permit such accountants to complete the procedures set forth in Section 6.6(a)
above and to deliver the letters required of them under the Underwriting
Agreement.

         (c) Ernst & Young LLP will deliver to the Purchaser a letter, dated
the date of the Prospectus, in the form previously agreed to by the Seller and
the Purchaser, with respect to the financial and statistical information
contained in the Prospectus under the captions "Delinquency Experience," "Net
Credit Loss and Repossession Experience" and "Contracts Providing for Balloon
Payments: Loss Experience on Returned Vehicles," and with respect to such
other information as may be agreed in the forms of such letters.

         Section 6.7 Waivers. No failure or delay on the part of the Purchaser
in exercising any power, right or remedy under this Agreement or any
Assignment shall operate as a waiver thereof, nor shall any single or partial
exercise of any such power, right or remedy preclude any other or further
exercise thereof or the exercise of any other power, right or remedy.

         Section 6.8 Notices. All communications and notices pursuant hereto
to either party shall be in writing or by confirmed facsimile and addressed or
delivered to it at its address shown in the opening portion of this Agreement
or at such other address as may be designated by it by notice to the other
party and, if mailed or sent by facsimile, shall be deemed given when mailed
or when electronic confirmation of the facsimile is received.

         Section 6.9 Costs and Expenses. The Seller will pay all expenses
incident to the performance of its obligations under this Agreement and the
Seller agrees to pay all reasonable out-of-pocket costs and expenses of the
Purchaser, excluding fees and expenses of counsel, in connection with the
perfection as against third parties of the Purchaser's right, title and
interest in, to and under the Receivables and the enforcement of any
obligation of the Seller hereunder.

         Section 6.10 Representations of the Seller and the Purchaser. The
respective agreements, representations, warranties and other statements by the
Seller and the Purchaser set forth in or made pursuant to this Agreement shall
remain in full force and effect and will survive the Closing.

         Section 6.11 Confidential Information. The Purchaser agrees that it
will neither use nor disclose to any Person the names and addresses of the
Obligors, except in connection with the enforcement of the Purchaser's rights
hereunder, under the Receivables, the Sale and Servicing Agreement or as
required by law.

         Section 6.12 Headings and Cross-References. The various headings in
this Agreement are included for convenience only and shall not affect the
meaning or interpretation of any provision of this Agreement. References in
this Agreement to Section names or numbers are to such Sections of this
Agreement.

         Section 6.13 Governing Law. This Agreement and each Assignment shall
be governed by, and construed in accordance with, the laws of the State of New
York without reference to its conflict of laws provisions (other than section
5-1401 of the general obligations law) and the rights and remedies of the
parties hereunder should be determined in accordance with such laws.

         Section 6.14 Agreements of Purchaser.

         (a) The Purchaser will not commingle any of its assets with those of
the Seller or the ultimate parent of the Purchaser.

         (b) The Purchaser will maintain separate corporate records and books
of account from those of the Seller or the ultimate parent of the Purchaser.

         (c) The Purchaser will conduct its business from an office separate
from the Seller or the ultimate parent of the Purchaser.

         Section 6.15 Counterparts. This Agreement may be executed in two or
more counterparts and by different parties on separate counterparts, each of
which shall be an original, but all of which together shall constitute one and
the same instrument.

         IN WITNESS WHEREOF, the parties hereby have caused this Purchase
Agreement to be executed by their respective officers thereunto duly
authorized as of the date and year first above written.

                                   MITSUBISHI MOTORS CREDIT OF AMERICA, INC.,
                                   as Seller

                                     By: /s/ C. A. Tredway
                                        -------------------------------
                                        Name:  C. A. Tredway
                                        Title: Executive Vice President
                                               and General Manager

                                   MMCA AUTO RECEIVABLES TRUST II,
                                   as Purchaser

                                   By: /s/ Hideyuki Kitamura
                                       -----------------------------
                                       Name:  Hideyuki Kitamura
                                       Title: Secretary & Treasurer

<PAGE>

                                                                    Exhibit A-1
                                                                    -----------

                    [Form of First-Tier Initial Assignment]

                           Dated: __________, _____

         For value received, in accordance with the Purchase Agreement, dated
as of __________, _____, between the undersigned and MMCA AUTO RECEIVABLES
TRUST II (the "Purchaser") (as amended, supplemented or otherwise modified and
in effect from time to time, the "Purchase Agreement"), the undersigned does
hereby sell, assign, transfer and otherwise convey unto the Purchaser, without
recourse (subject to the obligations in the Purchase Agreement), all right,
title and interest of the undersigned, whether now owned or hereafter
acquired, in, to and under the following, collectively:

         (i)      the Initial Receivables;

         (ii)     with respect to Initial Receivables that are Actuarial
                  Receivables, monies due thereunder after the Initial Cutoff
                  Date (including Payaheads) and, with respect to Initial
                  Receivables that are Simple Interest Receivables, monies
                  received thereunder after the Initial Cutoff Date;

         (iii)    the security interests in Financed Vehicles granted by
                  Obligors pursuant to the Initial Receivables and any other
                  interest of the Seller in such Financed Vehicles;

         (iv)     all rights to receive proceeds with respect to the Initial
                  Receivables from claims on any physical damage, theft,
                  credit life or disability insurance policies covering the
                  related Financed Vehicles or related Obligors;

         (v)      all rights to receive proceeds with respect to the Initial
                  Receivables from recourse to Dealers thereon pursuant to the
                  Dealer Agreements;

         (vi)     all of the Seller's rights to the Receivable Files that
                  relate to the Initial Receivables;

         (vii)    all payments and proceeds with respect to the Initial
                  Receivables held by the Seller;

         (viii)   all property (including the right to receive Liquidation
                  Proceeds and Recoveries and Financed Vehicles and the
                  proceeds thereof acquired by the Seller pursuant to the
                  terms of an Initial Receivable that is a Final Payment
                  Receivable), guarantees and other collateral securing an
                  Initial Receivable (other than an Initial Receivable
                  purchased by the Servicer or repurchased by the Seller);

         (ix)     all rebates of premiums and other amounts relating to
                  insurance policies and other items financed under the
                  Initial Receivables in effect as of the Initial Cutoff Date;
                  and

         (x)      all present and future claims, demands, causes of action and
                  choses in action in respect of any or all of the foregoing
                  and all payments on or under and all proceeds of every kind
                  and nature whatsoever in respect of any or all of the
                  foregoing, including all proceeds of the conversion thereof,
                  voluntary or involuntary, into cash or other liquid
                  property, all cash proceeds, accounts, accounts receivable,
                  notes, drafts, acceptances, chattel paper, checks, deposit
                  accounts, insurance proceeds, condemnation awards, rights to
                  payment of any and every kind and other forms of obligations
                  and receivables, instruments and other property which at any
                  time constitute all or part of or are included in the
                  proceeds of any of the foregoing.

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 Initial
Receivables, the related Receivable Files, any insurance policies or any
agreement or instrument relating to any of them.

         This First-Tier Initial Assignment is made pursuant to and upon the
representations, warranties and agreements on the part of the undersigned
contained in the Purchase Agreement and is to be governed by the Purchase
Agreement.

         In the event that the foregoing sale, assignment, transfer and
conveyance is deemed to be a pledge, the undersigned hereby grants to the
Purchaser a first priority security interest in all of the undersigned's right
to and interest in the Initial Receivables and other property described in
clauses (i) through (x) above to secure a loan deemed to have been made by the
Purchaser to the undersigned in an amount equal to the sum of the initial
principal amount of the Notes plus accrued interest thereon and the Initial
Certificate Balance.

         This First-Tier Initial Assignment shall be construed in accordance
with the laws of the State of New York and the obligations of the undersigned
under this First-Tier Initial Assignment shall be determined in accordance
with such laws.

         Capitalized terms used and not otherwise defined herein shall have
the meanings assigned to such terms in, or incorporated by reference into, the
Purchase Agreement.

         IN WITNESS WHEREOF, the undersigned has caused this First-Tier
Initial Assignment to be duly executed as of __________, _____.

                                   MITSUBISHI MOTORS CREDIT OF AMERICA, INC.

                                   By: _______________________
                                       Name:
                                       Title:
<PAGE>

                                                                   Exhibit A-2
                                                                   -----------

                  [Form of First-Tier Subsequent Assignment]

                           Dated: __________, _____

         For value received, in accordance with the Purchase Agreement, dated
as of __________, _____, between the undersigned and MMCA AUTO RECEIVABLES
TRUST II (the "Purchaser") (as amended, supplemented or otherwise modified and
in effect from time to time, the "Purchase Agreement"), the undersigned does
hereby sell, assign, transfer and otherwise convey unto the Purchaser, without
recourse (subject to the obligations in the Purchase Agreement), all right,
title and interest of the undersigned, whether now owned or hereafter
acquired, in, to and under the following, collectively:

         (i)      the Subsequent Receivables set forth in the Schedule of
                  Subsequent Receivables attached hereto as Schedule A;

         (ii)     with respect to the Subsequent Receivables that are
                  Actuarial Receivables, monies due thereunder on or after
                  __________, _____ (the "Subsequent Cutoff Date") (including
                  Payaheads) and, with respect to Subsequent Receivables that
                  are Simple Interest Receivables, monies received thereunder
                  on or after the Subsequent Cutoff Date;

         (iii)    the security interests in Financed Vehicles granted by
                  Obligors pursuant to such Subsequent Receivables and any
                  other interest of the Seller in such Financed Vehicles;

         (iv)     all rights to receive proceeds with respect to such
                  Subsequent Receivables from claims on any physical damage,
                  theft, credit life or disability insurance policies covering
                  the related Financed Vehicles or related Obligors;

         (v)      all rights to receive proceeds with respect to such
                  Subsequent Receivables from recourse to Dealers thereon
                  pursuant to Dealer Agreements;

         (vi)     all of the Seller's rights to the Receivable Files that
                  relate to such Subsequent Receivables;

         (vii)    all payments and proceeds with respect to such Subsequent
                  Receivables held by the Seller;

         (viii)   all property (including the right to receive Liquidation
                  Proceeds and Recoveries and Financed Vehicles and the
                  proceeds thereof acquired by the Seller pursuant to the
                  terms of a Subsequent Receivable that is a Final Payment
                  Receivable), guarantees and other collateral securing a
                  Subsequent Receivable (other than a Subsequent Receivable
                  purchased by the Servicer or repurchased by the Seller);

         (ix)     all rebates of premiums and other amounts relating to
                  insurance policies and other items financed under such
                  Subsequent Receivables in effect as of the Subsequent Cutoff
                  Date; and

         (x)      all present and future claims, demands, causes of action and
                  choses in action in respect of any or all of the foregoing
                  and all payments on or under and all proceeds of every kind
                  and nature whatsoever in respect of any or all of the
                  foregoing, including all proceeds of the conversion thereof,
                  voluntary or involuntary, into cash or other liquid
                  property, all cash proceeds, accounts, accounts receivable,
                  notes, drafts, acceptances, chattel paper, checks, deposit
                  accounts, insurance proceeds, condemnation awards, rights to
                  payment of any and every kind and other forms of obligations
                  and receivables, instruments and other property which at any
                  time constitute all or part of or are included in the
                  proceeds of any of the foregoing.

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 Subsequent
Receivables, the related Receivable Files, any insurance policies or any
agreement or instrument relating to any of them.

         This First-Tier Subsequent Assignment is made pursuant to and upon
the representations, warranties and agreements on the part of the undersigned
contained in the Purchase Agreement and is to be governed by the Purchase
Agreement.

         The Seller hereby represents that as of the Subsequent Cut-off Date
the aggregate Principal Balance of the Subsequent Receivables conveyed hereby
was $____________.

         In the event that the foregoing sale, assignment, transfer and
conveyance is deemed to be a pledge, the undersigned hereby grants to the
Purchaser a first priority security interest in all of the undersigned's right
to and interest in the Subsequent Receivables and other property described in
clauses (i) through (x) above to secure a loan deemed to have been made by the
Purchaser to the undersigned in an amount equal to the sum of the initial
principal amount of the Notes plus accrued interest thereon and the Initial
Certificate Balance.

         This First-Tier Subsequent Assignment shall be construed in
accordance with the laws of the State of New York and the obligations of the
undersigned under this First-Tier Subsequent Assignment shall be determined in
accordance with such laws.

         Capitalized terms used and not otherwise defined herein shall have
the meanings assigned to such terms in, or incorporated by reference into, the
Purchase Agreement.

         IN WITNESS WHEREOF, the undersigned has caused this First-Tier
Subsequent Assignment to be duly executed as of _________, _____.

                                   MITSUBISHI MOTORS CREDIT OF AMERICA, INC.

                                   By: _______________________
                                       Name:
                                       Title:
<PAGE>

                                                   Schedule A (to Exhibit A-2)

              SCHEDULE OF SUBSEQUENT RECEIVABLES PROVIDED TO THE
            INDENTURE TRUSTEE ON THE SUBSEQUENT CLOSING DATE, WHICH
             MAY BE ON COMPUTER TAPE, COMPACT DISK, OR MICROFICHE

<PAGE>

                                                                     Exhibit B
                                                                     ---------

                  SCHEDULE OF INITIAL RECEIVABLES PROVIDED TO
                  THE INDENTURE TRUSTEE ON THE CLOSING DATE,
                  WHICH MAY BE ON COMPACT DISK OR MICROFICHE

<PAGE>

                                                                     SCHEDULE A
                                                                     ----------

                        Locations of Receivables Files
                        ------------------------------

Corporate Office
----------------
6363 Katella Avenue
P.O. Box 6038
Cypress, CA  90630-5205

National Service Center
-----------------------
10805 Holder Street, Third Floor
P.O. Box 6043
Cypress, CA  90630-0040

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