Document:

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                                     FORM OF

                         RECEIVABLES PURCHASE AGREEMENT

                                     between

                         HYUNDAI MOTOR FINANCE COMPANY,

                                   as Seller,

                                       and

                        HYUNDAI ABS FUNDING CORPORATION,

                                  as Depositor

                        Dated as of [__________], 200[_]

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                                TABLE OF CONTENTS

                                    ARTICLE I

                               Certain Definitions

                                   ARTICLE II

                            Conveyance of Receivables

<TABLE>
<S>                                                                             <C>
   Section 2.01.   Conveyance of Receivables.....................................2
   Section 2.02.   The Closing...................................................4

                              ARTICLE III

                    Representations and Warranties

   Section 3.01.   Representations and Warranties of Depositor...................4
   Section 3.02.   Representations and Warranties of Seller......................4

                              ARTICLE IV

                              Conditions

   Section 4.01.   Conditions to Obligation of the Depositor....................14
   Section 4.02.   Conditions to Obligation of the Seller.......................15

                               ARTICLE V

                        Covenants of the Seller

   Section 5.01.   Protection of Right, Title and Interest......................15
   Section 5.02.   Other Liens or Interests.....................................16
   Section 5.03.   Costs and Expenses...........................................16
   Section 5.04.   Hold Harmless................................................16

                              ARTICLE VI

                            Indemnification

   Section 6.01.   Indemnification..............................................16

                              ARTICLE VII

                       Miscellaneous Provisions

   Section 7.01.   Obligations of Seller........................................17
   Section 7.02.   Repurchase Events............................................17
   Section 7.03.   Depositor Assignment of Repurchased Receivables..............17
   Section 7.04.   Transfer to the Issuer.......................................17
   Section 7.05.   Amendment....................................................18
</TABLE>

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<TABLE>
<S>                <C>                                                          <C>
   Section 7.06.   Waivers .....................................................18
   Section 7.07.   Notices .....................................................18
   Section 7.08.   Costs and Expenses...........................................19
   Section 7.09.   Representations of the Seller and the Depositor..............19
   Section 7.10.   Confidential Information.....................................19
   Section 7.11.   Headings and Cross-References................................19
   Section 7.12.   GOVERNING LAW................................................19
   Section 7.13.   Counterparts.................................................19
   Section 7.14.   Third Party Beneficiary......................................19
   Section 7.15.   No Proceedings...............................................19
   Section 7.16.   Nonpetition Covenant.........................................19

EXHIBIT A       Subordinated Promissory Note...................................A-1
SCHEDULE I      Schedule of Receivables........................................I-1
SCHEDULE II     Receivable File Schedule......................................II-1
[SCHEDULE III   Reconveyance Documents.......................................III-1]
[SCHEDULE IV    Conduit Documents.............................................IV-1]
</TABLE>

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     RECEIVABLES PURCHASE AGREEMENT dated as of [__________], 200[_] between
HYUNDAI MOTOR FINANCE COMPANY, a California corporation, as seller (the
"Seller"), and HYUNDAI ABS FUNDING CORPORATION, a Delaware corporation, as
depositor (the "Depositor").

                                    RECITALS

     WHEREAS, in the regular course of its business, the Seller has purchased
certain motor vehicle retail installment sale contracts secured by new and used
automobiles, light-duty trucks, vans and minivans from motor vehicle dealers;

     WHEREAS, the Seller and the Depositor wish to set forth the terms pursuant
to which such contracts are to be sold by the Seller to the Depositor; and

     WHEREAS, the Depositor intends, concurrently with its purchases from time
to time hereunder, to convey all of its right, title and interest in and to
$[________] of such contracts to Hyundai Auto Receivables [Trust][LLC] 200[_]
(the "Issuer") pursuant to a Sale and Servicing Agreement dated as of
[__________], 200[_] (the "Sale and Servicing Agreement"), by and among the
Issuer, the Depositor, the Seller, Hyundai Motor Finance Company, as Servicer
and [____], as Indenture Trustee, and the Issuer intends to pledge all of its
right, title and interest in such contracts to the Indenture Trustee pursuant to
the Indenture.

     NOW, THEREFORE, in consideration of the foregoing, other good and valuable
consideration and the mutual terms and covenants contained herein, the parties
hereto agree as follows:

                                    ARTICLE I

                               Certain Definitions

     Terms not defined in this Agreement shall have the meanings assigned
thereto in the Sale and Servicing Agreement or the Indenture. As used in this
Agreement, the following terms shall, unless the context otherwise requires,
have the following meanings (such meanings to be equally applicable to the
singular and plural forms of the terms defined):

     "Agreement" shall mean this Receivables Purchase Agreement, as the same may
be amended and supplemented from time to time.

     "Closing Date" shall mean [______________].

     ["Conduit Documents" shall mean the documents listed on Schedule IV
hereto.]

     "Depositor" shall mean Hyundai ABS Funding Corporation, a Delaware
corporation, its successors and assigns.

     "Indemnified Losses" shall have the meaning specified in Section 6.01.

     "Indemnified Party" shall have the meaning specified in Section 6.01.

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     "Lien Certificate" means with respect to a Financed Vehicle, an original
certificate of title, certificate of lien or other notification issued by the
Registrar of Titles of the applicable state to a secured party which indicates
that the lien of the secured party on the Financed Vehicle is recorded on the
original certificate of title. In any jurisdiction in which the original
certificate of title is required to be given to the Obligor, the term "Lien
Certificate" shall mean only a certificate or notification issued to a secured
party.

     "Purchase Agreement" means the [Note Purchase Agreement] dated
[___________], 200[_], relating to Hyundai Auto Receivables [Trust][LLC] 200[_]
among the Depositor, HMFC and [____________], on behalf of itself and as
Representative of the Several Purchasers.

     "Receivable" shall mean any Contract listed on Schedule I hereto (which
Schedule may be in the form of microfiche).

     ["Reconveyance Documents" shall mean the documents listed on Schedule III
hereto.]

     "Registrar of Titles" means with respect to any state, the governmental
agency or body responsible for the registration of, and the issuance of
certificates of title relating to, motor vehicles and liens thereon.

     "Repurchase Event" shall have the meaning specified in Section 7.02.

     "Sale and Servicing Agreement" shall have the meaning set forth in the
recitals.

     "Schedule of Receivables" shall mean the list of Receivables annexed hereto
as Schedule I.

     "Seller" shall mean Hyundai Motor Finance Company, a California
corporation, its successors and assigns.

     "Subordinated Promissory Note" shall have the meaning specified in Section
2.01(b).

     "Transfer Date" shall mean the Closing Date.

     "Transfer Tax" shall have the meaning specified in Section 3.02(b)(xlvii).

                                   ARTICLE II

                            Conveyance of Receivables

     Section 2.01. Conveyance of Receivables. (a) In consideration of the
Depositor's delivery to or upon the order of the Seller on the Closing Date, the
purchase price for each Receivable (and all other interests transferred to the
Depositor in connection with the sale to the Depositor of such Receivable) shall
be an amount equal to the Principal Balance of such Receivables on the date of
sale (the "Purchase Price"). The Depositor shall make payment in respect of the
Purchase Price upon demand by the Seller.

                                       2

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     (b) The Depositor may pay part or all of the Purchase Price in cash, with
any balance paid by delivery to the Seller of a subordinated revolving credit
note of the Depositor in the form of Exhibit A attached hereto (the
"Subordinated Promissory Note"). The Subordinated Promissory Note shall
automatically increase upon each sale of the Receivables of the Seller hereunder
to reflect, and in the amount of, the Purchase Price for such Receivables, if
any, which was not paid in cash.

          The outstanding principal amount of the Subordinated Promissory Note
shall bear interest at a rate per annum equal to the prime rate as published on
such day (or, if not then published, on the most recently preceding day) in The
Wall Street Journal as the "Prime Rate." Changes in the rate payable hereunder
shall be effective on each day on which a change in the Prime Rate is published.
On each Distribution Date, the Depositor shall repay the accrued interest on,
and principal amount of, the Subordinated Promissory Note as and to the extent
of any amounts received by the Depositor from proceeds of collections of
Receivables, subject, however, to the prior right of the Issuer to receive
payments out of the collections pursuant to this Agreement.

     (c) The Seller does hereby sell, transfer, assign, set over and otherwise
convey to the Depositor, without recourse (subject to the obligations of the
Seller herein) all right, title, and interest of the Seller in and to:

          (i) the Receivables and all moneys received thereon on or after the
     Cutoff Date;

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

          (iii) any Liquidation Proceeds and any other proceeds with respect to
     the Receivables from claims on any physical damage, credit life or
     disability insurance policies covering Financed Vehicles or Obligors,
     including any vendor's single interest or other collateral protection
     insurance policy;

          (iv) any property that shall have secured any Receivable and that
     shall have been acquired by or on behalf of the Seller;

          (v) all documents and other items contained in the Receivable Files;

          (vi) all proceeds from any Receivable repurchased by a Dealer pursuant
     to a Dealer Agreement; and

          (vii) the proceeds of any and all of the foregoing.

     (d) The Seller and the Depositor intend that the transfer of assets by the
Seller to the Depositor pursuant to this Agreement be a sale of the ownership
interest in such assets to the Depositor, rather than the mere granting of a
security interest to secure a borrowing. In the event, however, that such
transfer is deemed not to be a sale but to be of a mere security interest to
secure a borrowing, the Seller shall be deemed to have hereby granted to the
Depositor a

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perfected first priority security interest in all such assets, and this
Agreement shall constitute a security agreement under applicable law. Pursuant
to the Sale and Servicing Agreement and Section 7.04 hereof, the Depositor may
sell, transfer and assign to the Issuer (i) all or any portion of the assets
assigned to the Depositor hereunder, (ii) all or any portion of the Depositor's
rights against the Seller under this Agreement and (iii) all proceeds thereof.
Such assignment may be made by the Depositor with or without an assignment by
the Depositor of its rights under this Agreement, and without further notice to
or acknowledgement from the Seller. The Seller waives, to the extent permitted
under applicable law, all claims, causes of action and remedies, whether legal
or equitable (including any right of setoff), against the Depositor or any
assignee of the Depositor relating to such action by the Depositor in connection
with the transactions contemplated by the Sale and Servicing Agreement.

     Section 2.02. The Closing. The sale and purchase of the Receivables shall
take place at a closing at the offices of Latham & Watkins LLP, [885 Third
Avenue, Suite 1000, New York, New York 10022], on the Closing Date,
simultaneously with the closing under (a) the Sale and Servicing Agreement, (b)
the Indenture and (c) the Trust Agreement.

                                  ARTICLE III

                         Representations and Warranties

     Section 3.01. Representations and Warranties of Depositor. The Depositor
hereby represents and warrants as follows to the Seller and the Indenture
Trustee as of the date hereof and the Transfer Date:

          (a) Organization and Good Standing. The Depositor has been duly
     organized and is validly existing as a corporation in good standing under
     the laws of the State of Delaware, with the corporate power and authority
     to own its properties and to conduct its business as such properties are
     currently owned and such business is presently conducted, including the
     corporate power, authority and legal right to acquire and sell the
     Receivables.

          (b) Power and Authority. The Depositor has the power and authority to
     execute and deliver this Agreement and to carry out its terms; and the
     execution, delivery and performance of this Agreement have been duly
     authorized by the Depositor by all necessary corporate action.

          (c) No Violation. The consummation of the transactions contemplated by
     this Agreement and the fulfillment of the terms hereof do not conflict
     with, result in any breach of any of the terms and provisions of, or
     constitute (with or without notice or lapse of time or both) a default
     under, the charter or bylaws of the Depositor, or any indenture, agreement
     or other instrument to which the Depositor is a party or by which it is
     bound.

     Section 3.02. Representations and Warranties of Seller.

                                       4

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     (a) The Seller hereby represents and warrants as follows to the Depositor
and the Indenture Trustee as of the date hereof and as of the Transfer Date:

          (i) Organization and Good Standing. The Seller has been duly organized
     and is validly existing as a corporation in good standing under the laws of
     the State of California, with the corporate power and authority to own its
     properties and to conduct its business as such properties are currently
     owned and such business is presently conducted.

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

          (iii) Power and Authority. The Seller has the power and authority to
     execute and deliver this Agreement and the other Basic Documents to which
     it is a party and to carry out their respective terms; the Seller had at
     all relevant times, and has, full power, authority and legal right to sell,
     transfer and assign the property sold, transferred and assigned to the
     Depositor hereby and has duly authorized such sale, transfer and assignment
     to the Depositor by all necessary corporate action; and the execution,
     delivery and performance of this Agreement and the other Basic Documents to
     which the Seller is a party have been duly authorized by the Seller by all
     necessary corporate action.

          (iv) No Violation. The consummation of the transactions contemplated
     by this Agreement and the other Basic Documents to which the Seller is a
     party and the fulfillment of their respective terms do not conflict with,
     result in any breach of any of the terms and provisions of, or constitute
     (with or without notice or lapse of time or both) a default under, the
     articles of incorporation or bylaws of the Seller, or any indenture,
     agreement or other instrument to which the Seller is a party or by which it
     is bound, or result in the creation or imposition of any Lien upon any of
     its properties pursuant to the terms of any such indenture, agreement or
     other instrument (other than this Agreement), or violate any law or, to the
     best of the Seller's knowledge, any order, rule or regulation applicable to
     the Seller of any court or of any federal or state regulatory body,
     administrative agency or other governmental instrumentality having
     jurisdiction over the Seller or its properties.

          (v) No Proceedings. There are no proceedings or investigations pending
     or, to the Seller's knowledge, threatened against the Seller before any
     court, regulatory body, administrative agency or other governmental
     instrumentality having jurisdiction over the Seller or its properties (i)
     asserting the invalidity of this Agreement or any other Basic Document to
     which the Seller is a party, (ii) seeking to prevent the consummation of
     any of the transactions contemplated by this Agreement or any other Basic
     Document to which the Seller is a party or (iii) seeking any determination
     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 or any other Basic Document to which the Seller is a party.

                                       5

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          (vi) Valid Sale, Binding Obligation. This Agreement and the other
     Basic Documents to which the Seller is a party, when duly executed and
     delivered by the other parties hereto and thereto, shall constitute legal,
     valid and binding obligations of the Seller, enforceable against the Seller
     in accordance with their respective terms, except as the enforceability
     thereof may be limited by bankruptcy, insolvency, reorganization and
     similar laws now or hereafter in effect relating to or affecting creditors'
     rights generally and to general principles of equity (whether applied in a
     proceeding at law or in equity).

          (vii) Chief Executive Office. The chief executive office of the Seller
     is located at 10550 Talbert Avenue, Fountain Valley, California 92708.

          (viii) No Consents. The Seller is not required to obtain the consent
     of any other party or any consent, license, approval, registration,
     authorization, or declaration of or with any governmental authority, bureau
     or agency in connection with the execution, delivery, performance,
     validity, or enforceability of this Agreement or any other Basic Document
     to which it is a party that has not already been obtained.

          (ix) Seller Information. No certificate of an officer, statement or
     document furnished in writing or report delivered pursuant to the terms
     hereof by the Seller contains any untrue statement of a material fact or
     omits to state any material fact necessary to make the certificate,
     statement, document or report not misleading.

          (x) Ordinary Course. The transactions contemplated by this Agreement
     and the other Basic Documents to which the Seller is a party are in the
     ordinary course of the Seller's business.

          (xi) Solvency. The Seller is not insolvent, nor will the Seller be
     made insolvent by the transfer of the Receivables, nor does the Seller
     contemplate any pending insolvency.

          (xii) Legal Compliance. The Seller is not in violation of, and the
     execution and delivery of this Agreement and the other Basic Documents to
     which the Seller is a party by it and its performance and compliance with
     the terms of this Agreement and the other Basic Documents to which the
     Seller is a party will not constitute a violation with respect to, any
     order or decree of any court or any order or regulation of any federal,
     state, municipal or governmental agency having jurisdiction, which
     violation would materially and adversely affect the Seller's condition
     (financial or otherwise) or operations or any of the Seller's properties or
     materially and adversely affect the performance of any of its duties under
     the Basic Documents.

          (xiii) Creditors. The Seller represents and warrants that it did not
     sell the Receivables to the Depositor with any intent to hinder, delay or
     defraud any of its creditors.

          (xiv) No Notice. The Seller represents and warrants that it acquired
     title to the Receivables in good faith, without notice of any adverse
     claim.

                                       6

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          (xv) Bulk Transfer. The Seller represents and warrants that the
     transfer, assignment and conveyance of the Receivables by the Seller
     pursuant to this Agreement are not subject to the bulk transfer laws or any
     similar statutory provisions in effect in any applicable jurisdiction.

     (b) The Seller makes the following representations and warranties with
respect to the Receivables, on which the Depositor relies in accepting the
Receivables and in transferring the Receivables to the Issuer under the Sale and
Servicing Agreement, and on which the Issuer relies in pledging the same to the
Indenture Trustee. Such representations and warranties speak as of the execution
and delivery of this Agreement as of the Closing Date, but shall survive the
sale, transfer and assignment of the Receivables to the Depositor, the
subsequent sale, transfer and assignment of the Receivables by the Depositor to
the Issuer pursuant to the Sale and Servicing Agreement and the pledge of the
Receivables by the Issuer to the Indenture Trustee pursuant to the Indenture.

          (i) Characteristics of Receivables. Each Receivable (A) was originated
     in the United States of America by a Dealer located in the United States of
     America for the retail sale of a Financed Vehicle in the ordinary course of
     such Dealer's business in accordance with the Seller's Credit and
     Collection Policy as of the date of origination of the related Receivable,
     is payable in United States dollars, has been fully and properly executed
     by the parties thereto, has been purchased by the Seller from such Dealer
     under an existing Dealer Agreement and has been validly assigned by such
     Dealer to the Seller, (B) has created or shall create a valid, subsisting
     and enforceable first priority security interest in favor of the Seller in
     the Financed Vehicle, which security interest is assignable by the Seller
     to the Depositor, and by the Depositor to the Issuer, (C) contains
     customary and enforceable provisions such that the rights and remedies of
     the holder thereof are adequate for realization against the collateral of
     the benefits of the security, (D) provides for fixed level monthly payments
     (provided that the payment in the last month of the term of the Receivable
     may be insignificantly different from the level payments) that fully
     amortize the Amount Financed by maturity and yield interest at the APR and
     (E) amortizes using the simple interest method.

          (ii) Compliance with Law. Each Receivable and the sale of the related
     Financed Vehicle complied at the time it was originated or made, and at the
     time of execution of this Agreement complies, in all material respects with
     all requirements of applicable federal, state and local laws, rulings and
     regulations thereunder, including usury laws, the Federal Truth-in-Lending
     Act, the Equal Credit Opportunity Act, the Fair Credit Billing Act, the
     Fair Credit Reporting 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 Gramm-Leach-Bliley Act, the Texas Consumer Credit
     Code and state adaptations of the National Consumer Act and of the Uniform
     Consumer Credit Code, and other consumer credit laws and equal credit
     opportunity and disclosure laws; and each Dealer has represented to the
     Seller that such Dealer had all necessary licenses and permits to originate
     such Receivables.

                                       7

<PAGE>

          (iii) Binding Obligation. Each Receivable represents the genuine,
     legal, valid and binding payment obligation of the Obligor thereon,
     enforceable by the holder thereof in accordance with its terms, except (A)
     as enforceability thereof may be limited by bankruptcy, insolvency,
     reorganization or similar laws affecting the enforcement of creditors'
     rights generally and by equitable limitations on the availability of
     specific remedies, regardless of whether such enforceability is considered
     in a proceeding in equity or at law and (B) as such Receivable may be
     modified by the application after the Transfer Date of the Soldiers' and
     Sailors' Civil Relief Act of 1940, as amended.

          (iv) No Government Obligor. No Receivable is due from the United
     States of America or any State or any agency, department, subdivision or
     instrumentality thereof.

          (v) Obligor Bankruptcy. At the Cutoff Date, no Obligor is or has been,
     since the origination of the related Receivable, the subject of a
     bankruptcy proceeding.

          (vi) Schedule of Receivables. The information set forth in Schedule I
     to this Agreement is true and correct in all material respects as of the
     close of business on the Cutoff Date.

          (vii) Marking Records. By the Transfer Date, the Seller will have
     caused its computer and accounting records relating to each Receivable to
     be clearly and unambiguously marked to show that the Receivables have been
     sold to the Depositor by the Seller and transferred and assigned by the
     Depositor to the Issuer in accordance with the terms of the Sale and
     Servicing Agreement and pledged by the Issuer to the Indenture Trustee in
     accordance with the terms of the Indenture.

          (viii) Computer Tape. The computer tape regarding the Receivables made
     available by the Seller to the Depositor is complete and accurate in all
     respects as of the Transfer Date.

          (ix) No Adverse Selection. No selection procedures believed by the
     Seller to be adverse to the Noteholders or the Certificateholder were
     utilized in selecting the Receivables.

          (x) Chattel Paper. Each Receivable constitutes chattel paper within
     the meaning of the UCC as in effect in the state of origination.

          (xi) One Original. There is only one original executed copy of each
     Receivable.

          (xii) Receivables in Force. No Receivable has been satisfied,
     subordinated or rescinded, nor has any Financed Vehicle been released from
     the Lien of the related Receivable in whole or in part. None of the terms
     of any Receivable has been waived, altered or modified in any respect since
     its origination, except by instruments or documents identified in the
     related Receivable File. No Receivable has been modified as a result of the
     application of the Soldiers' and Sailors' Civil Relief Act of 1940, as
     amended.

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          (xiii) Lawful Assignment. No Receivable has been originated in, or is
     subject to the laws of, any jurisdiction the laws of which would make
     unlawful, void or voidable the sale, transfer and assignment of such
     Receivable under this Agreement, the Sale and Servicing Agreement or the
     pledge of such Receivable under the Indenture.

          (xiv) Title. It is the intention of the Seller that the transfers and
     assignments herein contemplated constitute sales of the Receivables from
     the Seller to the Depositor and that the beneficial interest in and title
     to the Receivables not be part of the debtor's estate in the event of the
     filing of a bankruptcy petition by or against the Seller under any
     bankruptcy law. No Receivable, other than the Receivables identified in the
     Reconveyance Documents, has been sold, transferred, assigned or pledged by
     the Seller to any Person other than to the Depositor or pursuant to this
     Agreement (or by the Depositor to any other Person other than to the Issuer
     pursuant to the Sale and Servicing Agreement). [Except with respect to the
     Liens under the Conduit Documents (which such Liens shall be released in
     accordance with provisions of the Reconveyance Documents),] immediately
     prior to the transfers and assignments herein contemplated, the Seller has
     good and marketable title to each Receivable free and clear of all Liens,
     and, immediately upon the transfer thereof, the Depositor shall have good
     and marketable title to each Receivable, free and clear of all Liens and,
     immediately upon the transfer thereof from the Depositor to the Issuer
     pursuant to the Sale and Servicing Agreement, the Issuer shall have good
     and marketable title to each Receivable, free and clear of all Liens and,
     immediately upon the pledge thereof from the Issuer to the Indenture
     Trustee pursuant to the Indenture, the Indenture Trustee shall have a first
     priority perfected security interest in each Receivable.

          (xv) Security Interest in Financed Vehicle. Immediately prior to its
     sale, assignment and transfer to the Depositor pursuant to this Agreement,
     each Receivable shall be secured by a validly perfected first priority
     security interest in the related Financed Vehicle in favor of the Seller as
     secured party, or all necessary and appropriate actions have been commenced
     that will result in the valid perfection of a first priority security
     interest in such Financed Vehicle in favor of the Seller as secured party.
     The Lien Certificate for each Financed Vehicle shows, or if a new or
     replacement Lien Certificate is being applied for with respect to such
     Financed Vehicle such Lien Certificate shall be received within 120 days of
     the Closing Date and shall show, the Seller named as the original secured
     party under each Receivable as the holder of a first priority security
     interest in such Financed Vehicle. With respect to each Receivable for
     which the Lien Certificate has not yet been returned from the Registrar of
     Titles, the Seller has received written evidence that such Lien Certificate
     showing the Seller as first lienholder has been applied for. Each Dealer's
     security interest in any Receivable originated by such Dealer has been
     validly assigned by the Dealer to the Seller. The Seller's security
     interest has been validly assigned to the Depositor pursuant to this
     Agreement. The Seller has the legal right to repossess or recover by legal
     process the Financed Vehicle in its name.

          (xvi) All Filings Made. All filings (including UCC filings, except for
     UCC releases required to be filed in accordance with the Reconveyance
     Documents) required to be made in any jurisdiction to give the Issuer a
     first perfected ownership interest in the

                                       9

<PAGE>

     Receivables and the Indenture Trustee a first priority perfected security
     interest in the Receivables have been made.

          (xvii) No Defenses. No Receivable is subject to any right of
     rescission, setoff, counterclaim, dispute or defense, including the defense
     of usury, whether arising out of transactions concerning the Receivable or
     otherwise, and the operation of any terms of the Receivable or the exercise
     by the Seller or the Obligor of any right under the Receivable will not
     render the Receivable unenforceable in whole or in part, and no such right
     of rescission, setoff, counterclaim, dispute or defense, including the
     defense of usury, has been asserted with respect thereto.

          (xviii) No Default. There has been no default, breach, violation or
     event permitting acceleration under the terms of any Receivable (other than
     payment delinquencies of not more than 30 days), and no condition exists or
     event has occurred and is continuing that with notice, the lapse of time or
     both would constitute a default, breach, violation or event permitting
     acceleration under the terms of any Receivable, and there has been no
     waiver of any of the foregoing. On or prior to the applicable Transfer
     Date, no Financed Vehicle has been repossessed.

          (xix) Insurance. The Seller, in accordance with its customary
     procedures, has determined that the Obligor has obtained physical damage
     insurance covering each Financed Vehicle and, under the terms of the
     related Receivable, the Obligor is required to maintain such insurance and
     to name the Seller as a loss payee.

          (xx) Final Scheduled Maturity Date. No Receivable has a final
     scheduled payment date after [____, 200_].

          (xxi) Certain Characteristics of the Receivables. As of the applicable
     Cutoff Date, (A) each Receivable had an original maturity of not less than
     [11 or more than 72] months and (B) no Receivable was more than 30 days
     past due.

          (xxii) No Foreign Obligor. All of the Receivables are due from
     Obligors who are citizens, or legal resident aliens, of the United States
     of America.

          (xxiii) No Extensions. The number or timing of scheduled payments has
     not been changed on any Receivable on or before the Closing Date, as
     applicable, except as reflected on the computer tape delivered in
     connection with the sale of the Receivables; provided, however, that
     Receivables may have had up to six extensions prior to the applicable
     representation date, subject to the following: (A) each such extension was
     made in conformity with the Extension Policy and (B) each extended
     Receivable satisfies in all material respects all applicable requirements
     under Seller's Credit and Collection Policy in effect from time to time.

          (xxiv) Scheduled Payments. Each Obligor has been instructed to make
     all scheduled payments to the Post Office Boxes. To the best knowledge of
     the Seller, each Obligor has paid the entire down payment called for by the
     contract.

                                       10

<PAGE>

          (xxv) Dealer Agreements. The representations and warranties of the
     Dealer in the Dealer Agreement with respect to each Receivable purchased by
     the Seller pursuant to such Dealer Agreement were true and correct in all
     material respects as of the date the Seller acquired such Receivable from
     that Dealer.

          (xxvi) No Fleet Sales. No Receivable has been included in a "fleet"
     sale (i.e., a sale to any single Obligor of more than five Financed
     Vehicles).

          (xxvii) Receivable Files Complete. There exists a Receivable File
     pertaining to each Receivable and such Receivable File contains, without
     limitation, (A) a fully executed original of the Receivable, (B) a
     certificate of insurance, application form for insurance signed by the
     Obligor, or a signed representation letter from the Obligor named in the
     Receivable pursuant to which the Obligor has agreed to obtain physical
     damage insurance for the related Financed Vehicle, (C) the original Lien
     Certificate or application therefor together with an assignment of the Lien
     Certificate executed by such Dealer to the Seller, (D) an original credit
     application signed by the Obligor and (E) the other documents that are set
     forth on Schedule II hereto. Each of such documents which is required to be
     signed by the Obligor has been signed by the Obligor in the appropriate
     spaces. All blanks on any form described in clauses (A), (B), (C), (D) and
     (E) above have been properly filled in and each form has otherwise been
     correctly prepared. Notwithstanding the above, the complete Receivable File
     for each Receivable, (x) shall fulfill the documentation requirements of
     the Seller's Credit and Collection Policy as in effect on the date of
     origination of such Receivable and (y) is in possession of the Servicer on
     the Transfer Date. The blanket power of attorney granted to the Indenture
     Trustee and the original Lien Certificate are the only documents necessary
     to permit the Indenture Trustee to submit the Lien Certificate for each
     Financed Vehicle for retitling in the name of the Indenture Trustee as
     secured party in the event such retitling were required or otherwise
     permitted under the Basic Documents.

          (xxviii) No Fraud or Misrepresentation. Each Receivable was originated
     by a Dealer and was sold by the Dealer to the Seller, to the best of the
     Seller's knowledge, without fraud or misrepresentation on the part of such
     Dealer in either case.

          (xxix) Receivables Not Assumable. No Receivable is assumable by
     another person in a manner which would release the Obligor thereof from
     such Obligor's obligations to the Seller with respect to such Receivable.

          (xxx) No Impairment. The Seller has not done anything to convey any
     right to any person that would result in such person having a right to
     payments due under a Receivable or otherwise to impair the rights of the
     Depositor in any Receivable or the proceeds thereof.

          (xxxi) Tax Liens. There is no Lien against any Financed Vehicle for
     delinquent taxes.

          (xxxii) No Corporate Obligor. All of the Receivables are due from
     Obligors who are natural persons.

                                       11

<PAGE>

          (xxxiii) No Liens. No Liens or claims have been filed for work, labor,
     or materials relating to a Financed Vehicle that are prior to, or equal or
     coordinate with, the security interest in the Financed Vehicle granted by
     the related Receivable.

          (xxxiv) Servicing. Each Receivable has been serviced in conformity
     with all applicable laws, rules and regulation and in conformity with the
     Seller's policies and procedures which are consistent with customary,
     prudent industry standards.

          (xxxv) APR. No Receivable has an APR of less than [__]% and the
     weighted average coupon on the pool of Receivables is at least [__]%.

          (xxxvi) Remaining Term. Each Receivable has a remaining term of at
     least [__] months and no more than [__] months.

          (xxxvii) Seasoning. The weighted average number of months since the
     initial installment due date for the Receivables is at least [__] months.

          (xxxviii) Remaining Balance. Each Receivable has a remaining balance
     of at least $[___] and not greater than $[____].

          (xxxix) New Vehicles. At least [____]% of the aggregate principal
     balance of the Receivables is secured by Financed Vehicles which were new
     at the date of origination.

          (xl) No Advances. No advances have been made to Obligors in order to
     meet any representation and warranties herein set forth.

          (xli) No Repossessions. No Financed Vehicle has been repossessed on or
     prior to the applicable Transfer Date.

          (xlii) No Omissions. There have been no material omissions or
     misstatements in any document provided or statement made to the Depositor
     concerning the Receivables by or on behalf of the Seller in connection with
     the transactions contemplated by this Agreement.

          (xliii) No Proceedings Pending. As of the Cutoff Date, there are no
     proceedings pending, or to the best of the Seller's knowledge, threatened,
     wherein the Obligor or any governmental agency has alleged that any
     Receivable is illegal or unenforceable.

          (xliv) Dealer Agreements. Each Dealer from whom the Seller purchases
     Receivables has entered into a Dealer Agreement with the Seller providing
     for the sale of Receivables from time to time by such Dealer to the Seller.

          (xlv) Receivable Obligations. The Seller has duly fulfilled all
     obligations to be fulfilled on its part under or in connection with the
     origination, acquisition and assignment of the Receivables. To the best of
     the Seller's knowledge, no notice to or consent from any Obligor is
     necessary to effect the acquisition of the Receivables by the Indenture
     Trustee.

                                       12

<PAGE>

          (xlvi) Taxes. The sale, transfer, assignment and conveyance of the
     Receivables by the Seller pursuant to this Agreement is not subject to and
     will not result in any tax, fee or governmental charge payable by the
     Seller, the Issuer or the Indenture Trustee to any federal, state or local
     government ("Transfer Taxes") other than Transfer Taxes which have or will
     be paid by the Seller as due. In the event the Issuer or the Indenture
     Trustee receives actual notice of any Transfer Taxes arising out of the
     transfer, assignment and conveyance of the Receivables, on written demand
     by the Issuer or the Indenture Trustee, or upon the Seller's otherwise
     being given notice thereof by the Issuer or the Indenture Trustee, the
     Seller shall pay, and otherwise indemnify and hold the Issuer and the
     Indenture Trustee harmless, on an after-tax basis, from and against any and
     all such Transfer Taxes (it being understood that the Noteholders, the
     Indenture Trustee and the Issuer shall have no obligation to pay such
     Transfer Taxes).

          (xlvii) Computer Tape. The computer tape from which the selection of
     the Receivables being acquired on the Closing Date was made available to
     the accountants that are providing a comfort letter to the Noteholders in
     connection with the numerical information regarding the Receivables and the
     Notes.

          (xlviii) No Future Disbursement. At the time each Receivable was
     acquired from the Dealer, the Amount Financed was fully disbursed. There is
     no requirement for future advances of principal thereunder, and, other than
     in connection with Dealer participations, all fees and expenses in
     connection with the origination of such Receivable have been paid.

          (xlix) Physical Damage Insurance Policy. In connection with the
     purchase of each Receivable, the Seller required the related Dealer to
     furnish evidence that the related Financed Vehicle was covered by a
     physical damage insurance policy (i) in an amount at least equal to the
     lesser of (a) the actual cash value of the related Financed Vehicle or (b)
     the unpaid principal balance owing on such Receivable, (ii) naming the
     Seller as a loss payee and (iii) insuring against loss and damage due to
     fire, theft, transportation, collision and other risks generally covered by
     comprehensive and collision coverage.

          (l) Dealer Agreement. The Dealer that sold each Receivable to the
     Seller has entered into the Dealer Agreement and such Dealer Agreement,
     together with the assignment and related documentation signed by the
     Dealer, constitutes the entire agreement between the Seller and the related
     Dealer with respect to the sale of such Receivable to the Seller. Each such
     Dealer Agreement is in full force and effect and is the legal, valid and
     binding obligation of such Dealer; there have been no material defaults by
     such Dealer or by the Seller under such Dealer Agreement; the Seller has
     fully performed all of its obligations under such Dealer Agreement; the
     Seller has not made any statements or representations to such Dealer
     (whether written or oral) inconsistent with any term of such Dealer
     Agreement; the Purchase Price (as specified in the applicable Dealer
     Agreement) for such Receivable has been paid in full by the Seller; there
     is no other payment of principal due to such Dealer from the Seller for the
     purchase of such Receivable; such Dealer has no right, title or interest in
     or to any Receivable; there is no prior course of dealing between such
     Dealer and the Seller which will

                                       13

<PAGE>

     materially and adversely affect the terms of such Dealer Agreement; and any
     payment owed to such Dealer by the Seller is a corporate obligation of the
     Seller.

          (li) Condition of Financed Vehicle. Each Receivable requires the
     Obligor to maintain the related Financed Vehicle in good and workable
     order.

          (lii) Condition of Financed Vehicle as of Transfer Date. To the best
     of the Seller's knowledge, each Financed Vehicle was properly delivered to
     the related Obligor in good repair, without defects and in satisfactory
     order, and each Financed Vehicle is in good operating condition and repair
     as of the Transfer Date.

          (liii) Business of Obligor. To the best of the Seller's knowledge, no
     Obligor is a Person involved in the business of leasing or selling
     equipment of a type similar to the Financed Vehicles.

          (liv) No Consumer Leases. No Receivable constitutes a "consumer lease"
     under either (a) the UCC as in effect in the jurisdiction whose law governs
     the Receivable or (b) the Consumer Leasing Act, 15 USC 1667.

          (lv) Balance as of Cutoff Date. The aggregate principal balance of the
     Receivables as of the Cutoff Date is equal to $[________].

          (lvi) Prepayment or Termination. No Receivable permits early
     termination or prepayment unless the amount to be paid by or on behalf of
     the Obligor in respect of such prepayment or termination is at all times
     equal to or in excess of what the related Purchase Amount would be.

                                   ARTICLE IV

                                   Conditions

     Section 4.01. Conditions to Obligation of the Depositor. The obligation of
the Depositor to purchase the Receivables is subject to the satisfaction of the
following conditions:

          (a) Representations and Warranties True. The representations and
     warranties of the Seller hereunder shall be true and correct on the
     Transfer Date 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 Transfer Date.

          (b) Computer Files Marked. The Seller shall, at its own expense, on or
     prior to the Transfer Date, indicate in its computer files that the
     Receivables have been sold to the Depositor pursuant to this Agreement and
     deliver to the Depositor the Schedule of Receivables, certified by the
     Seller's President, a Vice President or the Treasurer to be true, correct
     and complete.

          (c) Documents To Be Delivered by the Seller on the Transfer Date.

                                       14

<PAGE>

               (i) Evidence of UCC Filing. On or prior to the 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,
          naming the Seller as debtor and naming the Depositor as secured party,
          describing the Receivables and the other assets assigned to the
          Depositor pursuant to Section 2.01 hereof, 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
          Receivables and such other assets to the Depositor. The Seller shall
          deliver to the Depositor a file-stamped copy or other evidence
          satisfactory to the Depositor of such filing on or prior to the
          Transfer Date.

               (ii) Other Documents. Such other documents as the Depositor may
          reasonably request.

          (d) Other Transactions. The transactions contemplated by the Sale and
     Servicing Agreement, the Indenture and the Trust Agreement to be
     consummated on the Transfer Date shall be consummated on such date.

     Section 4.02. Conditions to Obligation of the Seller. The obligation of the
Seller to sell the Receivables to the Depositor is subject to the satisfaction
of the following conditions:

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

          (b) Receivables Purchase Price. On the Transfer Date, the Depositor
     shall have delivered to the Seller the Purchase Price specified in Section
     2.01.

                                   ARTICLE V

                             Covenants of the Seller

     The Seller agrees with the Depositor and the Indenture Trustee as follows:

     Section 5.01. Protection of Right, Title and Interest.

     (a) Filings. The Seller shall cause, at its own expense, all financing
statements and continuation statements and any other necessary documents (other
than the costs to re-title the Financed Vehicles in order to name a party other
than the Seller as lienholder) covering the right, title and interest of the
Seller, the Depositor, the Trust and the Indenture Trustee, respectively, in and
to the Receivables and the other property included in the Trust Estate to be
promptly filed and at all times to be kept recorded, registered and filed, all
in such manner and in such places as may be required by law fully to preserve
and protect the right, title and interest of the Depositor hereunder, the Trust
under the Sale and Servicing Agreement and the Indenture Trustee under the
Indenture in and to the Receivables and the other property included in the Trust
Estate. The Seller shall deliver to the Depositor and the Indenture Trustee
file-stamped copies of, or filing receipts for, any document recorded,
registered or filed as provided above, as soon as available

                                       15

<PAGE>

following such recordation, registration or filing. The Depositor shall
cooperate fully with the Seller in connection with the obligations set forth
above and will execute any and all documents reasonably required to fulfill the
intent of this paragraph.

     (b) Name Change. If the Seller makes any change in its name, identity or
corporate structure that would make any financing statement or continuation
statement filed in accordance with paragraph (a) above seriously misleading
within the applicable provisions of the UCC or any title statute, the Seller
shall give the Depositor, the Indenture Trustee and the Owner Trustee written
notice thereof at least 45 days prior to such change and shall promptly file
such financing statements or amendments as may be necessary to continue the
perfection of the Depositor's interest in the property conveyed pursuant to
Section 2.01.

     Section 5.02. Other Liens or Interests. Except for the conveyances
hereunder and pursuant to the Basic Documents, the Seller shall not sell,
pledge, assign or transfer to any Person, or grant, create, incur, assume, or
suffer to exist any Lien on, or any interest in, to or under the Receivables,
and the Seller shall defend the right, title and interest of the Depositor, the
Trust and the Indenture Trustee in, to and under the Receivables against all
claims of third parties claiming through or under the Seller.

     Section 5.03. 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 Depositor's, the Issuer's and the Indenture Trustee's right,
title and interest in and to the Receivables and the other property included in
the Trust Estate.

     Section 5.04. Hold Harmless. Seller shall protect, defend, indemnify and
hold the Depositor and the Issuer and their respective assigns and their
attorneys, accountants, employees, officers and directors harmless from and
against all losses, liabilities, claims, damages and expenses of every kind and
character, as incurred, resulting from or relating to or arising out of (i) the
inaccuracy, nonfulfillment or breach of any representation, warranty, covenant
or agreement made by Seller in this Agreement, (ii) any legal action, including,
without limitation, any counterclaim, that has either been settled by the
litigants (which settlement, if Seller is not a party thereto shall be with the
consent of Seller) or has proceeded to judgment by a court of competent
jurisdiction, in either case to the extent it is based upon alleged facts that,
if true, would constitute a breach of any representation, warranty, covenant or
agreement made by Seller in this Agreement, (iii) any actions or omissions of
Seller or any employee or agent of Seller or any Dealer occurring prior to the
Transfer Date with respect to any of the Receivables or Financed Vehicles or
(iv) any failure of a Receivable to be originated in compliance with all
requirements of law. These indemnity obligations shall be in addition to any
obligation that the Seller may otherwise have.

                                   ARTICLE VI

                                 Indemnification

     Section 6.01. Indemnification.

                                       16

<PAGE>

     Without limiting any other rights any such Person may have hereunder or
under applicable law, the Seller hereby indemnifies and holds harmless the
Depositor and its officers, directors, agents and employees (each an
"Indemnified Party") from and against any and all damages, losses, claims,
liabilities, penalties, costs and expenses (including reasonable attorneys' fees
and court costs) (all of the foregoing collectively, the "Indemnified Losses")
at any time imposed on or incurred by any Indemnified Party arising out of or
otherwise relating to this Agreement, the transactions contemplated hereby or
the acquisition of any of the Receivables, or any action taken or omitted by any
of the Indemnified Parties, whether arising by reason of the acts to be
performed by the Seller hereunder or otherwise, excluding only Indemnified
Losses to the extent (a) such Indemnified Losses resulted from gross negligence
or willful misconduct of the Indemnified Party seeking indemnification, (b) due
to the financial inability of the Obligor to pay a Receivable and for which
reimbursement would constitute recourse to the Seller for uncollectible
Receivables or (c) such Indemnified Losses include taxes on, or measured by, the
overall net income of the Depositor or any other Indemnified Party.

                                  ARTICLE VII

                            Miscellaneous Provisions

     Section 7.01. 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 7.02. Repurchase Events. The Seller hereby covenants and agrees
with the Depositor for the benefit of the Depositor, the Indenture Trustee, the
Issuer, the Owner Trustee, the Certificateholder and the Noteholders that the
occurrence of a breach of any of the Seller's representations and warranties
contained in Section 3.02(b), without regard to any limitation set forth in such
representation or warranty concerning the knowledge of the Seller as to the
facts stated therein, with respect to any Receivable shall constitute an event
obligating the Seller to repurchase such Receivables if the interests of the
Depositor, the Indenture Trustee, the Owner Trustee, the Issuer and the
Securityholders are materially and adversely affected by such breach (each, a
"Repurchase Event"), at the Purchase Amount, from the Depositor or from the
Issuer, as applicable, unless any such breach shall have been cured by the last
day of the first Collection Period following the discovery or notice thereof by
or to the Seller or the Servicer. The repurchase obligation of the Seller shall
constitute the sole remedy available to the Depositor, the Indenture Trustee,
the Owner Trustee, the Issuer and the Securityholders against the Seller with
respect to any Repurchase Event.

     Section 7.03. Depositor Assignment of Repurchased Receivables. With respect
to all Receivables repurchased by the Seller pursuant to this Agreement, the
Depositor shall assign, without recourse, representation or warranty, to the
Seller all of the Depositor's right, title and interest in and to such
Receivables and all security and documents relating thereto.

     Section 7.04. Transfer to the Issuer. The Seller acknowledges and agrees
that (1) the Depositor will, pursuant to the Sale and Servicing Agreement,
transfer and assign the Receivables and assign its rights under this Agreement
with respect thereto to the Issuer and, pursuant to the Indenture, the Issuer
will pledge the Receivables to the Indenture Trustee, and (2) the
representations and warranties contained in this Agreement and the rights of the

                                       17

<PAGE>

Depositor under this Agreement, including under Section 7.02, are intended to
benefit the Issuer, the Noteholders and the Certificateholder. The Seller hereby
consents to such transfers and assignments and agrees that enforcement of a
right or remedy hereunder by the Indenture Trustee, the Owner Trustee or the
Issuer shall have the same force and effect as if the right or remedy had been
enforced or executed by the Depositor.

     Section 7.05. Amendment. This Agreement may be amended from time to time,
with prior written notice to the Rating Agencies but without the consent of the
Noteholders or the Certificateholder, by a written amendment duly executed and
delivered by the Seller and the Depositor, 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 Noteholders or the
Certificateholder; provided that such amendment shall not, as evidenced by an
Opinion of Counsel, materially and adversely affect the interest of any
Noteholder or Certificateholder. This Agreement may also be amended by the
Seller and the Depositor, with prior written notice to the Rating Agencies and
the prior written consent of Holders of Notes evidencing at least a majority of
the Outstanding Amount of the Notes and Holders of Certificates evidencing at
least a majority of the Certificate Balance (excluding, for purposes of this
Section 7.05, Certificates held by the Seller or any of its affiliates), 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 Certificateholder; provided, however, that no such
amendment may (i) 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 Noteholders or the
Certificateholder or (ii) reduce the aforesaid percentage of the Notes or the
Certificates that is required to consent to any such amendment, without the
consent of the Holders of all the outstanding Notes and Certificates.

     Section 7.06. Waivers. No failure or delay on the part of the Depositor,
the Issuer or the Indenture Trustee in exercising any power, right or remedy
under this Agreement or the Bill of Sale 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 7.07. Notices. All demands, notices and communications under this
Agreement shall be in writing, personally delivered or mailed by certified mail,
return receipt requested, to: (1) in the case of the Seller, Hyundai Motor
Finance Company, 10550 Talbert Avenue, Fountain Valley, California 92708,
Attention: Vice President, Finance, with a copy to General Counsel; (2) in the
case of the Depositor, Hyundai ABS Funding Corporation, 10550 Talbert Avenue,
Fountain Valley, California 92708, Attention: Vice President and Secretary, with
a copy to General Counsel; (3) in the case of Moody's, Moody's Investors
Service, Inc., ABS Monitoring Department, 99 Church Street, New York, New York
10007; (4) in the case of Standard & Poor's, Standard & Poor's, a division of
The McGraw-Hill Companies, Inc., 55 Water Street (40th Floor), New York, New
York 10041, Attention: Asset Backed Surveillance Department; [(5) in the case of
Fitch, Fitch Rating, One State Street Plaza, New York, New York 10004;]or as to
each of the foregoing, at such other address as shall be designated by written
notice to the other parties.

                                       18

<PAGE>

     Section 7.08. Costs and Expenses. The Seller shall 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
Depositor, in connection with the perfection as against third parties of the
Depositor's, the Issuer's and the Indenture Trustee's right, title and interest
in and to the Receivables and the enforcement of any obligation of the Seller
hereunder.

     Section 7.09. Representations of the Seller and the Depositor. The
respective agreements, representations, warranties and other statements by the
Seller and the Depositor set forth in or made pursuant to this Agreement shall
remain in full force and effect and will survive the closing under Section 2.02
and the transfers and assignments referred to in Section 7.04.

     Section 7.10. Confidential Information. The Depositor agrees that it will
neither use nor disclose to any Person the names and addresses of the Obligors,
except to enforce the Depositor's rights hereunder, under the Receivables, under
the Sale and Servicing Agreement or any other Basic Document, or as required by
any of the foregoing or by law.

     Section 7.11. 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 7.12. GOVERNING LAW. THIS AGREEMENT AND THE ASSIGNMENT SHALL BE
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER OR THEREUNDER SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS.

     Section 7.13. Counterparts. This Agreement may be executed in counterparts,
each of which shall be an original, but all of which together shall constitute
one and the same instrument.

     Section 7.14. Third Party Beneficiary. The Indenture Trustee is an express
third party beneficiary of this Agreement and shall be entitled to enforce the
provisions of this Agreement as if it were a party hereto.

     Section 7.15. No Proceedings. So long as this Agreement is in effect, and
for one year plus one day following its termination, the Seller agrees that it
will not file any involuntary petition or otherwise institute any bankruptcy,
reorganization arrangement, insolvency or liquidation proceeding or other
proceedings under any federal or state bankruptcy law or similar law against the
Trust.

     Section 7.16. Nonpetition Covenant. Notwithstanding any prior termination
of this Agreement, the Seller shall not, prior to the date that is one year and
one day after the termination of this Agreement with respect to the Depositor,
acquiesce, petition or otherwise invoke or cause the Depositor to invoke the
process of any court or government authority for the purpose of commencing or
sustaining a case against the Depositor 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 Depositor or
any substantial part of its property, or ordering the winding up or liquidation
of the affairs of the Depositor.

                                       19

<PAGE>

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

                                       HYUNDAI MOTOR FINANCE COMPANY

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

                                       HYUNDAI ABS FUNDING CORPORATION

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

<PAGE>

                                                                       EXHIBIT A

                          Subordinated Promissory Note

[____________], 200[_]

     FOR VALUE RECEIVED, HYUNDAI ABS FUNDING CORPORATION ("Depositor"), hereby
promises to pay to the order of HYUNDAI MOTOR FINANCE COMPANY ("Seller"), at the
principal office of Seller at 10550 Talbert Avenue, Fountain Valley, California,
or at such other place as Seller may designate from time to time, the unpaid
principal amount hereof, together with accrued interest thereon at a rate per
annum equal to the prime rate as published on such day (or, if not then
published, on the most recently preceding day) in The Wall Street Journal as the
"Prime Rate" (changes in the rate payable hereunder shall be effective on each
day on which a change in the Prime Rate is published), in lawful money of the
United States of America and in immediately available funds, on the sixtieth
(60th) day after the termination of the Purchase Agreement referred to below or,
if such sixtieth (60th) day is not a Business Day, on the first Business Day
thereafter (such sixtieth (60th) day or later Business Day being referred to as
the "Maturity Date"), together with costs of collection and reasonable
attorney's fees incurred by Seller in the collection of the indebtedness
evidenced hereby. Except as otherwise defined herein, capitalized terms used
herein and defined in the Receivables Purchase Agreement dated as of
[___________], 200[_] between Depositor and Seller (as amended and modified or
supplemented from time to time the "Purchase Agreement") shall be used herein as
so defined. Interest shall be computed hereunder for the actual number of days
elapsed on the basis of a year consisting of three hundred sixty five (365)
days.

     All accrued interest on the principal amount of this Note will be due and
payable on each Settlement Date; provided, however, that on or prior to the
Maturity Date, unless Seller instructs Depositor otherwise, such interest may be
paid by means of an increase in the amount of the unpaid principal amount hereof
by an amount equal to the interest being so paid.

     The principal amount of this Note shall be initially established and
thereafter adjusted from time to time in accordance with the terms and
conditions of the Purchase Agreement (the terms and conditions of which are
hereby incorporated in this Note by this reference) and the terms of this Note.
Seller shall record the initial principal amount of this Note, all adjustments
thereto and all payments thereof on Schedule A annexed hereto and made a part
hereof, or on a continuation thereof which shall be attached hereto and made a
part hereof, and any such recordation shall, absent manifest error, constitute
prima facie evidence of the information so recorded; provided, however, that the
failure to so record shall not limit the obligations of Depositor hereunder or
under the Purchase Agreement.

     Depositor and, by its acceptance of this Note, Seller hereby acknowledge
and agree that any and all payments made or payable in respect of this Note are
and shall remain subordinate and junior in right of payment to any right of the
six classes of notes, designated as [_____]% Asset Backed Notes, Class A-1,
[___]% Asset Backed Notes, Class A-2, [____]% Asset Backed Notes, Class A-3,
[___]% Asset Backed Notes, Class B, [____]% Asset Backed Notes, Class C, and
[____]% Asset Backed Notes, Class D, issued pursuant to the Indenture, dated as
of [___________], 200[_] (as amended, supplemented, amended and restated or
otherwise modified

<PAGE>

from time to time), between the Hyundai Auto Receivables [Trust][LLC] 200[_] and
[____] and the Hyundai Auto Receivables [Trust][LLC] 200[_] Asset Backed Trust
Certificates, issued pursuant to the Amended and Restated Trust Agreement, dated
as of [_________], 200[_] (as amended, supplemented, amended and restated or
otherwise modified from time to time, the "Trust Agreement"), between the
Depositor and [__________________], acting not in its individual capacity but
solely as owner trustee under the Trust Agreement, to receive any payment by the
Depositor thereunder. Depositor shall have the right to pay all or any part of
the unpaid principal amount of this Note without premium or penalty at any time;
provided, that interest shall be paid on the amount repaid to and including the
date of repayment.

     Depositor hereby waives presentment, diligence, notice of dishonor,
payment, demand, protest, notice of protest, notice of nonpayment and all other
demands and notices of every kind in connection with the delivery, acceptance,
performance and enforcement of this Note and, to the full extent permitted by
law, the right to plead any statute of limitations as a defense to any demands
hereunder. Depositor and, by its acceptance of this Note, Seller also assent to
extension of the time of payment, forbearance or other indulgence without
notice.

     This Note applies to, inures to the benefit of, and binds the successors
and assigns of, Depositor and Seller. Neither Depositor nor Seller may assign
any duties or obligations hereunder without the prior written consent of the
other party. THIS NOTE IS MADE UNDER, AND ALL QUESTIONS CONCERNING THE
CONSTRUCTION, VALIDITY AND INTERPRETATION OF THIS NOTE SHALL BE GOVERNED BY, THE
INTERNAL LAWS OF THE STATE OF NEW YORK.

     On the first Business Day after the Maturity Date at the close of business
of which all principal and accrued interest owing on this Note have been paid in
full, this Note will be surrendered to Depositor for cancellation.

                                       2

<PAGE>

     IN WITNESS WHEREOF, Depositor has executed and delivered this Note by its
duly authorized officer as of the day hereof.

                                       HYUNDAI ABS FUNDING CORPORATION

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

                                       3

<PAGE>

                                                                      ANNEX I to
                                                                       EXHIBIT A

                                     ANNEX A

                            REVOLVING PROMISSORY NOTE

<TABLE>
<CAPTION>
                                     UNPAID
                                   PRINCIPAL
       INCREASE IN   DECREASE IN     AMOUNT
        PRINCIPAL     PRINCIPAL      AFTER      REASON  FOR   NOTATION
DATE     AMOUNT        AMOUNT      ADJUSTMENT   ADJUSTMENT*    MADE BY
----   -----------   -----------   ----------   -----------   --------
<S>    <C>           <C>           <C>          <C>           <C>
                                   $            Initial
                                                Balance
</TABLE>

----------
*    Describe or use appropriate code specified below:

     A=increase in lieu of cash payment of interest

     B=increase/decrease pursuant to section 1.2 of the Purchase and Sale
     Agreement

     C=decrease due to payment of principal

<PAGE>

                                                                      SCHEDULE I

                             Schedule of Receivables

<PAGE>

                                                                     SCHEDULE II

                            Receivable File Schedule

1.   All documents obtained or created in connection with the credit
     investigation.

2.   All Obligor records including without limitation (i) file copy of
     Receivable; (ii) copy of Dealer assignment (if applicable) and any
     intervening assignments; (iii) warranty copy (if applicable); (iv) credit
     life insurance policy (if applicable); (v) proof of auto insurance or
     obligor agreement to provide such insurance; (vi) title application; (vii)
     contract verification sheet; and (viii) original application.

3.   Original document envelope together with all documents maintained therein.

4.   Any and all other documents that the Servicer shall keep on file in
     accordance with its customary procedures relating to a Receivable, an
     Obligor or a Financed Vehicle.

<PAGE>

                                                                  [SCHEDULE III]

                            [Reconveyance Agreements]

<PAGE>

                                                                   [SCHEDULE IV]

                               [Conduit Documents]<PAGE>

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

                                     FORM OF

                            ADMINISTRATION AGREEMENT

                                      among

                  HYUNDAI AUTO RECEIVABLES [TRUST][LLC] 200[_],

                HYUNDAI MOTOR FINANCE COMPANY, as Administrator,

                                       and

                [________________________], as Indenture Trustee

                        Dated as of [___________], 200[_]

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

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                Page
                                                                                ----
<S>                                                                               <C>
Section 1.1   Duties of the Administrator with Respect to the Depository
                 Agreement and the Indenture.................................      2
Section 1.2   Additional Duties..............................................      6
Section 1.3   Non-Ministerial Matters........................................      7
Section 2.    Records........................................................      7
Section 3.    Compensation...................................................      7
Section 4.    Additional Information To Be Furnished to the Issuer...........      7
Section 5.    Independence of the Administrator..............................      7
Section 6.    No Joint Venture...............................................      8
Section 7.    Other Activities of Administrator..............................      8
Section 8.    Term of Agreement; Resignation and Removal of Administrator....      8
Section 9.    Action upon Termination, Resignation or Removal................      9
Section 10.   Notices........................................................     10
Section 11.   Amendments.....................................................     10
Section 12.   Successors and Assigns.........................................     11
Section 13.   GOVERNING LAW..................................................     11
Section 14.   Headings.......................................................     11
Section 15.   Counterparts...................................................     12
Section 16.   Severability...................................................     12
Section 17.   Not Applicable to [___________________]in Other Capacities.....     12
Section 18.   Limitation of Liability of Owner Trustee and Indenture
                 Trustee.....................................................     12
Section 19.   Third-Party Beneficiary........................................     12
Section 20.   Nonpetition Covenants..........................................     13
</TABLE>

                                        i

<PAGE>

<TABLE>
<S>                                                                               <C>
Section 21.   Liability of Administrator.....................................     13
</TABLE>

                                       ii

<PAGE>

          This ADMINISTRATION AGREEMENT dated as of [________], 200[_] among
HYUNDAI AUTO RECEIVABLES [TRUST][LLC] 200[_], a Delaware [statutory business
trust][limited liability company] (the "Issuer"), HYUNDAI MOTOR FINANCE COMPANY,
a California corporation, as administrator (the "Administrator"), and
[__________________________], a [_________] 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 was formed pursuant to the [Trust
Agreement][Limited Liability Company Agreement] dated as of [__________], 200[_]
(as amended and supplemented from time to time, the "[Trust Agreement]" ["LLC
Agreement"]), between Hyundai ABS Funding Corporation, as depositor (the
"Depositor"), and [___________________], not in its individual capacity but
solely as owner trustee (the "Owner Trustee"), and is issuing [_____]% Asset
Backed Notes, Class A-1, [_____]% Asset Backed Notes, Class A-2, and [_____]%
Asset Backed Notes, Class A-3 (collectively, the "Class A Notes"), [_____]%
Asset Backed Notes, Class B (the "Class B Notes"), [_____]% Asset Backed Notes,
Class C (the "Class C Notes"), and [_____]% Asset Backed Notes, Class D Notes
(the "Class D Notes", and, collectively with the Class A Notes, the Class B
Notes and the Class C Notes, the "Notes") pursuant to the Indenture dated as of
[________], 200[_] (as amended and supplemented from time to time, the
"Indenture"), between the Issuer and the Indenture Trustee, and is issuing asset
backed certificates (the "Trust Certificates" and, collectively with the Notes,
the "Securities") [pursuant to the Trust Agreement] (capitalized terms used and
not otherwise defined herein shall have the meanings assigned to such terms in
the Indenture or the Trust Agreement, as applicable);

          WHEREAS, the Issuer has entered into certain agreements in connection
with the issuance of the Securities, including (i) a Sale and Servicing
Agreement dated as of [___________], 200[_] (as amended and supplemented from
time to time, the "Sale and Servicing Agreement"), among Hyundai Motor Finance
Company, as seller (in such capacity, the "Seller") and as servicer (in such
capacity the "Servicer"), the Depositor, the Issuer and the Indenture Trustee,
(ii) a Letter of Representations dated [___________], 200[_] (as amended and
supplemented from time to time, the "Depository Agreement"), among the Issuer,
the Indenture Trustee, the Administrator and The Depository Trust Company
("DTC") relating to the Notes and (iii) the Indenture (the Sale and Servicing
Agreement, the Depository Agreement, the Indenture and the Trust Agreement being
referred to hereinafter collectively as the "Related Agreements");

          WHEREAS, pursuant to the Related Agreements, the Issuer and 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 ownership interests in the Issuer (the registered holders
of such interests being referred to herein as the "Owners");

          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

<PAGE>

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 adequacy of
which are hereby acknowledged, the parties agree as follows:

Section   1.1 Duties of the Administrator with Respect to the Depository
          Agreement and the Indenture.

          The Administrator agrees to perform all its duties as Administrator
and all the duties of the Issuer and the Owner Trustee under the Depository
Agreement. In addition, the Administrator shall consult with the Owner Trustee
regarding the duties of the Issuer or the Owner Trustee under the Indenture and
the Depository Agreement. 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 Indenture and the
Depository Agreement. The Administrator shall prepare for execution by the
Issuer, 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 Indenture and the Depository Agreement. 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 (parenthetical section references are to
sections of the Indenture):

          (A) the duty to cause the Note Register to be kept and to give the
Indenture Trustee notice of any appointment of a new Note Registrar and the
location, or change in location, of the Note Register (Section 2.04);

          (B) the notification of Noteholders of the final principal payment on
their Notes (Section 2.08(b));

          (C) the preparation of or obtaining of the documents and instruments
required for authentication of the Notes and delivery of the same to the
Indenture Trustee (Section 2.02);

          (D) the preparation, obtaining or filing of the instruments, opinions
and certificates and other documents required for the release of collateral
(Section 4.04);

          (E) the maintenance of an office in the Borough of Manhattan, City of
New York, for registration of transfer or exchange of Notes (Section 3.02);

          (F) the duty to cause newly appointed Paying Agents, if any, to
deliver to the Indenture Trustee the instrument specified in the Indenture
regarding funds held in trust (Section 3.03);

                                       2

<PAGE>

          (G) the direction to the Indenture Trustee to deposit moneys with
Paying Agents, if any, other than the Indenture Trustee (Section 3.03);

          (H) the obtaining and preservation of 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 3.04);

          (I) the preparation of all supplements and amendments to the Indenture
and all financing statements, continuation statements, instruments of further
assurance and other instruments and the taking of such other action as is
necessary or advisable to protect the Trust Estate (Section 3.05);

          (J) the delivery of the Opinion of Counsel on the Closing Date and the
annual delivery of Opinions of Counsel as to the Trust Estate, and the annual
delivery of the Officer's Certificate and certain other statements as to
compliance with the Indenture (Sections 3.06 and 3.09);

          (K) the identification to the Indenture Trustee in an Officer's
Certificate of a Person with whom the Issuer has contracted to perform its
duties under the Indenture (Section 3.07(b));

          (L) the delivery of written notice to the Indenture Trustee and the
Rating Agencies of a Servicer Default under the Sale and Servicing Agreement
and, if such Servicer Default arises from the failure of the Servicer to perform
any of its duties under the Sale and Servicing Agreement with respect to the
Receivables, the taking of all reasonable steps available to remedy such failure
(Section 3.07(d));

          (M) the duty to cause the Servicer to comply with Sections 4.09, 4.10,
4.11 and Article VII of the Sale and Servicing Agreement (Section 3.14);

          (N) the preparation and obtaining of documents and instruments
required for the release of the Issuer from its obligations under the Indenture
(Section 3.10(b));

          (O) the delivery of written notice to the Indenture Trustee and the
Rating Agencies of each Event of Default under the Indenture and each default by
the Servicer or the Seller under the Sale and Servicing Agreement and by the
Seller or the Company under the Receivables Purchase Agreement (Section 3.19);

          (P) the monitoring of the Issuer's obligations as to the satisfaction
and discharge of the Indenture and the preparation and execution of an Officer's
Certificate and the obtaining of the Opinion of Counsel and the Independent
Certificate relating thereto (Section 4.01);

          (Q) the compliance with any written directive of the Indenture Trustee
with respect to the sale of the Trust Estate in a commercially reasonable manner
if an Event of Default shall have occurred and be continuing (Section 5.04);

                                       3

<PAGE>

          (R) the preparation and delivery of notice to Noteholders of the
removal of the Indenture Trustee and the appointment of a successor Indenture
Trustee (Section 6.08);

          (S) the preparation of 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 (Sections 6.08 and 6.10);

          (T) the furnishing to the Indenture Trustee with the names and
addresses of Noteholders during any period when the Indenture Trustee is not the
Note Registrar (Section 7.01);

          (U) provide reasonable and appropriate assistance to the Depositor or
its designees, as applicable, with the preparation and filing with the
Commission, any applicable state agencies and the Indenture Trustee of 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 the transmission of such summaries, as necessary,
to the Noteholders (Section 7.03);

          (V) the opening of one or more accounts in the Issuer's name, the
preparation and delivery of 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 8.02 and 8.03);

          (W) the preparation of an Issuer Request and Officer's Certificate and
the obtaining of an Opinion of Counsel and Independent Certificates, if
necessary, for the release of the Trust Estate (Sections 8.04 and 8.05);

          (X) the preparation of Issuer Orders and the obtaining of Opinions of
Counsel with respect to the execution of supplemental indentures and the mailing
to the Noteholders of notices with respect to such supplemental indentures
(Sections 9.01, 9.02 and 9.03);

          (Y) the execution and delivery of new Notes conforming to any
supplemental indenture (Section 9.05);

          (Z) the duty to notify Noteholders of redemption of the Notes or to
cause the Indenture Trustee to provide such notification (Section 10.02);

          (AA) the preparation and delivery of all Officer's Certificates,
Opinions of Counsel and Independent Certificates with respect to any requests by
the Issuer to the Indenture Trustee to take any action under the Indenture
(Section 11.01(a));

          (BB) the preparation and delivery of Officer's Certificates and the
obtaining of Independent Certificates, if necessary, for the release of property
from the lien of the Indenture (Section 11.01(b));

                                       4

<PAGE>

          (CC) the notification of the Rating Agencies, upon the failure of the
Indenture Trustee to give such notification, of the information required
pursuant to Section 11.04 of the Indenture (Section 11.04);

          (DD) the preparation and delivery to Noteholders and the Indenture
Trustee of any agreements with respect to alternate payment and notice
provisions (Section 11.06);

          (EE) the recording of the Indenture, if applicable (Section 11.14);

          (FF) the preparation of Definitive Notes in accordance with the
instructions of the Clearing Agency (Section 2.12);

          (GG) the direction to Paying Agents to pay to the Indenture Trustee
all sums held in trust by such Paying Agents (Section 3.03); and

          (HH) provide the Indenture Trustee with the information necessary to
deliver to each Noteholder such information as may be reasonably required to
enable such Holder to prepare its United States federal and state and local
income or franchise tax returns (Section 6.06).

The Administrator will:

          (A) pay the Indenture Trustee (and any separate trustee or co-trustee
appointed pursuant to Section 6.10 of the Indenture (a "Separate Trustee")) from
time to time reasonable compensation for all services rendered by the Indenture
Trustee or Separate Trustee, as the case may be, 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 or any Separate Trustee upon its request for all
reasonable expenses, disbursements and advances incurred or made by the
Indenture Trustee or Separate Trustee, as the case may be, 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 any Separate Trustee and their
respective 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 and the other Basic Documents, 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 and its agents, successors, assigns
and servants in accordance with Section 8.02 of the Trust Agreement to the
extent that amounts thereunder have not been paid pursuant to Section 5.05 of
the Sale and Servicing Agreement.

                                       5

<PAGE>

Section 1.2 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 5.04(a), (b), (c) or (d) 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 providing to the Depositor and the Indenture Trustee the monthly
servicing report in an appropriate electronic form.

               (ii) Notwithstanding anything in this Agreement or the Related
Agreements to the contrary, the Administrator shall be responsible for
performance of the duties of the Owner Trustee set forth in Section 5.04(a),
(b), (c) and (d), the penultimate sentence of Section 5.04 and Section 5.05(a)
of the Trust Agreement with respect to, among other things, accounting and
reports to Owners; provided, however, that the Owner Trustee shall retain
responsibility for the distribution of the Schedule K-1s (as prepared by the
Administrator) necessary to enable each Owner to prepare its federal and state
income tax returns.

               (iii) The Administrator shall satisfy its obligations with
respect to clause (ii) above by retaining, at the expense of the Trust payable
by the Administrator, a firm of independent public accountants (the
"Accountants") acceptable to the Owner Trustee, which shall perform the
obligations of the Administrator thereunder.

               (iv) The Administrator shall perform the duties of the
Administrator including, without limitation, those specified in Sections 8.01,
8.02 and 10.02 of the Trust Agreement required to be performed in connection
with the fees, expenses and indemnification and the resignation or removal of
the Owner Trustee, and any other duties expressly required to be performed by
the Administrator under the Trust Agreement.

               (v) 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.

                                       6

<PAGE>

Section 1.3 Non-Ministerial Matters.

          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 have withheld consent or provided an alternative
direction. Unless explicitly provided under this Administration Agreement, 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).

          (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.

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, (y) sell the Trust Estate pursuant to
Section 5.04 of the Indenture or (z) take any other action that the Issuer
directs the Administrator not to take on its behalf.

Section 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 at any time
during normal business hours.

Section 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 paid by the Servicer as set
forth in Schedule C to the Sale and Servicing Agreement.

Section 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.

Section 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.

                                       7

<PAGE>

Section 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.

Section 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.

          The Administrator and its affiliates may generally engage in any kind
of business with any person party to a Related Agreement, any of its affiliates
and any person who may do business with or own securities of any such person or
any of its affiliates, without any duty to account therefor to the Issuer, the
Owner Trustee or the Indenture Trustee.

Section 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 (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 (f), the Issuer may remove the
Administrator without cause by providing the Administrator with at least 60
days' prior written notice.

          (d) Subject to Sections 8(e) and (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 ten Business Days (or, if such default cannot be cured
in such time, shall not give within ten 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

                                        8

<PAGE>

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 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 shall be effective until (i) a successor administrator shall have been
appointed by the Issuer, (ii) 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 and (iii) the Owner Trustee and the Indenture
Trustee consent to the successor administrator.

          (f) The appointment of any successor administrator shall be effective
only after receipt of written confirmation from each Rating Agency that the
proposed appointment will not result in the qualification, downgrading or
withdrawal of any rating assigned to the Notes by such Rating Agency.

          (g) A successor administrator shall execute, acknowledge and deliver a
written acceptance of its appointment hereunder to the resigning Administrator
and to the Issuer. Thereupon the resignation or removal of the resigning
Administrator shall become effective, and the successor administrator shall have
all the rights, powers and duties of the Administrator under this Agreement. The
successor administrator shall mail a notice of its succession to the Noteholders
and the Certificateholders. The resigning Administrator shall promptly transfer
or cause to be transferred all property and any related agreements, documents
and statements held by it as Administrator to the successor administrator and
the resigning Administrator shall execute and deliver such instruments and do
other things as may reasonably be required for fully and certainly vesting in
the successor administrator all rights, power, duties and obligations hereunder.

          (h) In no event shall a resigning Administrator be liable for the acts
or omissions of any successor administrator hereunder.

          (i) In the exercise or administration of its duties hereunder and
under the Related Documents, the Administrator may act directly or through its
agents or attorneys pursuant to agreements entered into with any of them, and
the Administrator shall not be liable for the conduct or misconduct of such
agents or attorneys if such agents or attorneys shall have been selected by the
Administrator with due care.

Section 9. Action upon Termination, Resignation or Removal. Promptly upon the
effective date of termination of this Agreement pursuant to Section 8(a) or the
resignation or removal of the Administrator pursuant to Section 8(b) or (c),
respectively, the Administrator shall be entitled to be paid all fees and
reimbursable expenses accruing to it to the date of such termination,
resignation or removal. The Administrator shall forthwith upon such termination
pursuant to

                                       9

<PAGE>

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 or removal of the Administrator pursuant to Section 8(b) or (c),
respectively, 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.

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

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

                        Hyundai Auto Receivables [Trust][LLC] 200[_]
                        In care of [___________________]
                        [_____________________]
                        [_____________________]
                        [_____________],[_______________]
                        Attention: [_______________]

               (ii) if to the Administrator, to:

                        Hyundai Motor Finance Company
                        10550 Talbert Avenue
                        Fountain Valley, CA 92708
                        Attention: Vice President, Finance

                    with a copy to the Vice President,
                    General Counsel

               (iii) if to the Indenture Trustee, to:

                        [___________________]
                        [___________________]
                        [_____________],[_____________]
                        Attention: [___________]

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.

Section 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,
without the consent of the Noteholders and the Certificateholders, for the
purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of this Agreement; provided that (i) such amendment will not
materially and adversely affect the interest of any Noteholder or
Certificateholder as confirmed by an opinion of counsel provided to the
Indenture Trustee and (ii) the Administrator shall have delivered to the Owner
Trustee and the Indenture Trustee, an Opinion of Counsel stating that, in the
opinion of such counsel, either (A) all financing

                                       10

<PAGE>

statements and continuation statements have been filed that are necessary to
fully preserve and protect the interest of the Owner Trustee and the Indenture
Trustee in the Receivables, and reciting the details of such filings or
referring to prior Opinions of Counsel in which such details are given, or (B)
no such action shall be necessary to preserve and protect such interest. 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 Controlling
Class and the holders of Trust Certificates evidencing at least a majority of
the Certificate Percentage Interests 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 Noteholders or the
Certificateholders; provided, however, that no such amendment may (i) 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 Certificateholders or (ii) reduce the
aforesaid percentage of the holders of Notes and Trust Certificates which are
required to consent to any such amendment, without the consent of the holders of
all the outstanding Notes and Trust Certificates. Notwithstanding the foregoing,
the Administrator may not amend this Agreement without the permission of the
Seller, which permission shall not be unreasonably withheld.

Section 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. 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 and represents that it has the financial
ability to satisfy its indemnification obligations hereunder. Notwithstanding
the foregoing, the Administrator can transfer its obligations to any affiliate
that succeeds to substantially all of the assets and liabilities of the
Administrator and who has represented and warranted that it is not less
creditworthy than the Administrator. Subject to the foregoing, this Agreement
shall bind any successors or assigns of the parties hereto.

Section 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 LAW
PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER
SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

Section 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 effect of this Agreement.

                                       11

<PAGE>

Section 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.

Section 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.

Section 17. Not Applicable to [___________________]in Other Capacities. Nothing
in this Agreement shall affect any obligation [___________________]may have in
any other capacity.

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

          (a) Notwithstanding anything contained herein to the contrary, this
instrument has been executed by the Owner Trustee solely in its capacity as
Owner Trustee and in no event shall the Owner Trustee 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 the Indenture Trustee solely as Indenture
Trustee and in no event shall the Indenture Trustee 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.

          (c) No recourse under any obligation, covenant or agreement of the
Issuer contained in this Agreement shall be had against any agent of the Issuer
(including the Administrator and the Owner Trustee) as such by the enforcement
of any assessment or by any legal or equitable proceeding, by virtue of any
statute or otherwise; it being expressly agreed and understood that this
Agreement is solely an obligation of the Issuer as a Delaware [statutory
business trust][limited liability company], and that no personal liability
whatever shall attach to or be incurred by any agent of the Issuer (including
the Administrator and the Owner Trustee), as such, under or by reason of any of
the obligations, covenants or agreements of the Issuer contained in this
Agreement, or implied therefrom, and that any and all personal liability for
breaches by the Issuer of any such obligations, covenants or agreements, either
at common law or at equity, or by statute or constitution, of every such agent
is hereby expressly waived as a condition of and in consideration for the
execution of this Agreement.

Section 19. Third-Party Beneficiary. The Seller, the Depositor and the Owner
Trustee are third-party beneficiaries to this Agreement and are entitled to the
rights and benefits hereunder and may enforce the provisions hereof as if each
were a party hereto.

                                       12

<PAGE>

Section 20. Nonpetition Covenants. Notwithstanding any prior termination of this
Agreement, the Administrator 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 of 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.

Section 21. Liability of Administrator. Notwithstanding any provision of this
Agreement, the Administrator shall not have any obligations under this Agreement
other than those specifically set forth herein, and no implied obligations of
the Administrator shall be read into this Agreement. Neither the Administrator
nor any of its directors, officers, agents or employees shall be liable for any
action taken or omitted to be taken in good faith by it or them under or in
connection with this Agreement, except for its or their own gross negligence or
willful misconduct and in no event shall the Administrator be liable under or in
connection with this Agreement for indirect, special or consequential losses or
damages of any kind, including lost profits, even if advised of the possibility
thereof and regardless of the form of action by which such losses or damages may
be claimed. Without limiting the foregoing, the Administrator may (a) consult
with legal counsel (including counsel for the Issuer), independent public
accountants and other experts selected by it and shall not be liable for any
action taken or omitted to be taken in good faith by it in accordance with the
advice of such counsel, accountants or experts and (b) shall incur no liability
under or in respect of this Agreement by acting upon any notice (including
notice by telephone), consent, certificate or other instrument or writing (which
may be by facsimile) believed by it to be genuine and signed or sent by the
proper party or parties.

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

                                       HYUNDAI AUTO RECEIVABLES [TRUST][LLC]
                                       200[_]

                                       By: [_______________________], not in its
                                           individual capacity but solely
                                           as Owner Trustee

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

                                       13

<PAGE>

                                       [________________________], not in its
                                       individual capacity but solely as
                                       Indenture Trustee

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

                                       HYUNDAI MOTOR FINANCE COMPANY,
                                       as Administrator

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

                                       14

<PAGE>

                                                                       EXHIBIT A

                                POWER OF ATTORNEY

STATE OF DELAWARE       )
                        )
COUNTY OF DELAWARE      )

          KNOW ALL MEN BY THESE PRESENTS, that Hyundai Auto Receivables
[Trust][LLC] 200[_] (the "Issuer"), does hereby make, constitute and appoint
Hyundai Motor Finance Company, as administrator (the "Administrator") under the
Administration Agreement dated [___________], 200[_] (the "Administration
Agreement"), among the Issuer, the Administrator, the Owner Trustee, and
[_______________], 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 Basic
Documents, or pursuant to Section 5.04(a), (b), (c) or (d) 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 [___________], 200[_].

                                       HYUNDAI AUTO RECEIVABLES [TRUST][LLC]
                                       200[_]

                                       By:[__________________________]not in its
                                           individual capacity but solely as
                                           Owner Trustee

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

                                       A-1

<PAGE>

STATE OF DELAWARE       )
                        )
COUNTY OF DELAWARE      )

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

Sworn to before me this ___
day of [___________], 200[_].

Notary Public - State of _________________

                                       A-2

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