Document:

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                                                                     EXHIBIT 4.1

                                                                  EXECUTION COPY

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                              AMENDED AND RESTATED
                                 TRUST AGREEMENT

                                     between

                         WFS RECEIVABLES CORPORATION 4,

                                       and

                 CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION,
                                as Owner Trustee

                          Dated as of February 27, 2004

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                                TABLE OF CONTENTS

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                                                    ARTICLE ONE

                                                    DEFINITIONS

Section 1.01.  Capitalized Terms............................................................................     1
Section 1.02.  Other Definitional Provisions................................................................     4
Section 1.03.  Usage of Terms...............................................................................     4

                                                    ARTICLE TWO

                                                   ORGANIZATION

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

                                                   ARTICLE THREE

                                   TRUST CERTIFICATES AND TRANSFER OF INTERESTS

Section 3.01.  Initial Ownership............................................................................    10
Section 3.02.  The Trust Certificates.......................................................................    10
Section 3.03.  Authentication and Delivery of Trust Certificates............................................    10
Section 3.04.  Registration of Transfer and Exchange of Trust Certificates..................................    10
Section 3.05.  Mutilated, Destroyed, Lost or Stolen Trust Certificates......................................    12
Section 3.06.  Persons Deemed Owners........................................................................    13
Section 3.07.  Access to List of Certificateholders' Names and Addresses....................................    13
Section 3.08.  Maintenance of Office or Agency..............................................................    13
Section 3.09.  Appointment of Paying Agent..................................................................    13
Section 3.10.  Ownership by WFSRC4 of Trust Certificates....................................................    14
Section 3.11.  Certificates Nonassessable and Fully Paid....................................................    14
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                                                   ARTICLE FOUR

                                             ACTIONS BY OWNER TRUSTEE

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

                                                   ARTICLE FIVE

                                    APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

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

                                                    ARTICLE SIX

                                       AUTHORITY AND DUTIES OF OWNER TRUSTEE

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

                                                   ARTICLE SEVEN

                                           CONCERNING THE OWNER TRUSTEE

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

                                                   ARTICLE EIGHT

                                           COMPENSATION OF OWNER TRUSTEE

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

                                                   ARTICLE NINE

                                          TERMINATION OF TRUST AGREEMENT

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

                                                    ARTICLE TEN

                              SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

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

                                                  ARTICLE ELEVEN

                                                   MISCELLANEOUS

Section 11.01.  Supplements and Amendments..................................................................    32
Section 11.02.  No Legal Title to Trust Estate in Owners....................................................    33
Section 11.03.  Limitations on Rights of Others.............................................................    33
Section 11.04.  Notices.....................................................................................    33
Section 11.05.  Severability of Provisions..................................................................    34
Section 11.06.  Counterparts................................................................................    34
Section 11.07.  Successors and Assigns......................................................................    34
Section 11.08.  No Petition.................................................................................    34
Section 11.09.  No Recourse.................................................................................    35
Section 11.10.  Headings....................................................................................    35
Section 11.11.  Governing Law...............................................................................    35
Section 11.12.  Depositor Payment Obligation................................................................    35
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Section 11.13.  Limited Recourse............................................................................    35

                                                     EXHIBITS

Exhibit A - Form of Certificate of Trust....................................................................   A-1
Exhibit B - Form of Trust Certificate.......................................................................   B-1
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<PAGE>

         This AMENDED AND RESTATED TRUST AGREEMENT, dated as of February 27,
2004, is between WFS RECEIVABLES CORPORATION 4, a California corporation (the
"Depositor"), and CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION, a national
banking association, as trustee (the "Owner Trustee").

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

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

                                  ARTICLE ONE

                                   DEFINITIONS

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

         "Administration Agreement" means the administration agreement, dated as
of February 1, 2004, among the Trust, the Depositor, the Indenture Trustee and
the Administrator.

         "Administrator" means Westcorp, in its capacity as Administrator under
the Administration Agreement.

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

         "Agreement" means this Amended and Restated Trust Agreement.

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

         "Bankruptcy Code" means Title 11 of the United States Code.

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

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

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

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

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

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

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

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

         "Closing Date" means February 27, 2004.

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

         "Commission" means the United States Securities and Exchange
Commission.

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

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

         "Depositor" means WFSRC4 in its capacity as a depositor hereunder.

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

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

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

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

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

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

         "Grant" has the meaning specified in the Indenture.

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

         "Indenture" means the indenture, dated as of February 1, 2004, between
the Trust and Deutsche Bank Trust Company Americas, as Indenture Trustee.

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

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

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

         "Noteholder" has the meaning specified in the Indenture.

         "Notes" has the meaning specified in the Indenture.

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

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

         "Owner" means each Holder of a Trust Certificate.

         "Owner Trustee" means Chase Manhattan Bank USA, National Association,
not in its individual capacity but solely as owner trustee under this Agreement.

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

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

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

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

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

         "Responsible Officer" means, with respect to the Owner Trustee, any
officer with direct responsibility for the administration of the Trust,
including any vice president, assistant secretary or other officer or assistant
officer of the Owner Trustee, to whom any corporate trust matter is referred at
the Owner Trustee Corporate Trust Office because of his or her knowledge of and
familiarity with the particular subject.

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

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         "Sale and Servicing Agreement" means the sale and servicing agreement,
dated as of February 1, 2004, among the Trust, as Issuer, the Depositor, as
Seller, WFS, as Master Servicer, and Westcorp, as indemnifier.

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

         "Seller" means WFSRC4, in its capacity as seller under the Sale and
Servicing Agreement.

         "Statutory Trust Act" means Chapter 38 of Title 12 of the Delaware
Code, 12 Del. Code Section 3801 et seq.

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

         "Trust" means the trust established by this Agreement.

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

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

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

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

         "WFS" means WFS Financial Inc.

         "WFSRC4" means WFS Receivables Corporation 4.

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

         Section 1.03. Usage of Terms. With respect to all terms in this
Agreement, unless the context otherwise requires, (i) a term has the meaning
assigned to it; (ii) an accounting term not otherwise defined has the meaning
assigned to it in accordance with generally accepted accounting principles as in
effect from time to time in the United States; (iii) "or" is not exclusive; (iv)
"including" means including without limitation; (v) words in the singular
include

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the plural and words in the plural include the singular; (vi) any agreement,
instrument or statute defined or referred to herein or in any instrument or
certificate delivered in connection herewith means such agreement, instrument or
statute as from time to time amended, modified or supplemented and includes (in
the case of agreements or instruments) references to all attachments thereto and
instruments incorporated therein; (vii) references to a Person are also to its
successors and permitted assigns; (viii) the words "hereof," "herein" and
"hereunder" and words of similar import when used in this Agreement shall refer
to this Agreement as a whole and not to any particular provision of this
Agreement ; (ix) Section, subsection, Schedule and Exhibit, as applicable,
references contained in this Agreement are references to Sections, subsections,
Schedules and Exhibits in or to this Agreement unless otherwise specified; and
(x) references to "writing" include printing, typing, lithography and other
means of reproducing words in a visible form.

                                       5
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                                  ARTICLE TWO

                                  ORGANIZATION

         Section 2.01.Name. The Trust created hereby shall be known as "WFS
Financial 2004-1 Owner Trust", in which name the Owner Trustee may conduct the
activities of the Trust, make and execute contracts and other instruments on
behalf of the Trust and sue and be sued.

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

         Section 2.03. Purposes and Powers.

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

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

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

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

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

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

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

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

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

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

         Section 2.05. Initial Capital Contribution of Owner Trust Estate. As of
January 16, 2004, the Depositor sold, assigned, transferred, conveyed and set
over to the Owner Trustee the sum of $1.00. The Owner Trustee hereby
acknowledges receipt in trust from the Depositor, as of the date hereof, of the
foregoing contribution, which shall constitute the initial Trust Estate and
shall be deposited in the Certificate Distribution Account. The Depositor shall
pay the organizational expenses of the Trust as they may arise or shall, upon
the request of the Owner Trustee, promptly reimburse the Owner Trustee for any
such expenses paid by the Owner Trustee.

         Section 2.06. Declaration of Trust. The Owner Trustee hereby declares
that it will hold the Trust Estate in trust upon and subject to the conditions
set forth herein for the sole purpose of conserving the Trust Estate and
collecting and disbursing the periodic income therefrom for the use and benefit
of the Owners, subject to the obligations of the Trust under the Basic
Documents. It is the intention of the parties hereto that the Trust constitute a
statutory trust under the Statutory Trust Act and that this Agreement constitute
the governing instrument of such statutory trust. It is the intention of the
parties hereto that, solely for income and franchise tax purposes, the Trust
shall be treated as a disregarded entity or a partnership, with equity holders
of such entity being the Certificateholders. It is also the intention of the
parties hereto that the Notes be treated as debt of the Trust. The parties agree
that, unless otherwise required by appropriate tax authorities, the Trust will
file or cause to be filed annual or other necessary returns, reports and other
forms consistent with the foregoing characterization of the Trust for such tax
purposes. Effective as of the date hereof, the Owner Trustee shall have all
rights, powers and duties set forth herein and in the Statutory Trust Act for
the sole purpose and to the extent necessary to accomplish the purpose of the
Trust as set forth in the introductory sentence of Section 2.03. This Agreement
amends and restates in full the trust agreement executed by the parties to this
Agreement, dated as of January 16, 2004.

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

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<PAGE>

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

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

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

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

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

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

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

                                       8
<PAGE>

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

         Section 2.10. Federal Income Tax Allocations.

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

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

                                       9
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                                 ARTICLE THREE

                  TRUST CERTIFICATES AND TRANSFER OF INTERESTS

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

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

         Section 3.03. Authentication and Delivery of Trust Certificates. The
Owner Trustee shall cause to be authenticated and delivered upon the order of
the Depositor, in exchange for the Contracts and the other assets of the Trust,
simultaneously with the sale, assignment and transfer to the Trust of the
Contracts, and the constructive delivery to the Owner Trustee of the Contract
Files and the other assets of the Trust, Trust Certificates duly authenticated
by the Owner Trustee, evidencing the entire ownership of the Trust and Notes
issued by the Owner Trustee and authenticated by the Indenture Trustee in
aggregate principal amount of, in the case of the (i) Class A-1 Notes,
$222,000,000, (ii) Class A-2 Notes, $555,000,000, (iii) Class A-3 Notes,
$200,000,000, (iv) Class A-4 Notes, $331,750,000, (v) Class B Notes,
$56,250,000, (vi) Class C Notes, $63,750,000 and (vii) Class D Notes,
$48,750,000. No Trust Certificate shall be entitled to any benefit under this
Agreement, or be valid for any purpose, unless there appears on such Trust
Certificate a certificate of authentication substantially in the form set forth
in the form of Trust Certificate attached as Exhibit B, executed by the Owner
Trustee or its authenticating agent, by manual signature, and such certificate
upon any Trust Certificate shall be conclusive evidence, and the only evidence,
that such Trust Certificate has been duly authenticated and delivered hereunder.
Upon issuance, authentication and delivery pursuant to the terms hereof, the
Trust Certificates will be entitled to the benefits of this Agreement.

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

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

                                       10
<PAGE>

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

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

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

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

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

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

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

                                       11
<PAGE>

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

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

                  (i)      It has neither acquired nor will it transfer any
         Trust Certificate it purchases (or any interest therein) or cause any
         such Trust Certificates (or any interest therein) to be marketed on or
         through an "established securities market" within the meaning of
         Section 7704(b)(1) of the Code, including an over-the-counter-market or
         an interdealer quotation system that regularly disseminates firm buy or
         sell quotations.

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

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

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

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

                                       12
<PAGE>

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

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

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

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

                                       13
<PAGE>

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

         Section 3.10. Ownership by WFSRC4 of Trust Certificates. WFSRC4 shall
on the Closing Date retain Trust Certificates representing at least 100% of the
Certificate Percentage Interest and shall thereafter retain beneficial and
record ownership of Trust Certificates representing at least 1% of the
Certificate Percentage Interest (the "Retained Trust Certificate Percentage").
Any attempted transfer of any Trust Certificate that would reduce the interest
of WFSRC4 in the Trust below the Retained Trust Certificate Percentage shall be
void. The Owner Trustee shall cause any Trust Certificate issued to WFSRC4 on
the Closing Date (and any Trust Certificate issued in exchange therefor) to
contain a legend stating "THIS TRUST CERTIFICATE IS NON-TRANSFERABLE EXCEPT AS
PROVIDED IN SECTION 3.10 OF THE TRUST AGREEMENT".

         Section 3.11. Certificates Nonassessable and Fully Paid.
Certificateholders shall not be personally liable for obligations of the Trust.
The interests represented by the Certificates shall be nonassessable for any
losses or expenses of the Trust or for any reason whatsoever, and, upon
authentication thereof pursuant to Section 3.03, the Certificates shall be
deemed fully paid.

                                       14
<PAGE>

                                  ARTICLE FOUR

                            ACTIONS BY OWNER TRUSTEE

         Section 4.01. Prior Notice to Owners with Respect to Certain Matters.
Subject to Section 4.04, the Owner Trustee shall not take action, with respect
to the following matters, unless the Owner Trustee shall have notified the
Certificateholders in writing, at least 30 days before the taking of such
action, of the proposed action and the Holders of Trust Certificates evidencing
at least a majority of the aggregate Certificate Percentage Interest shall not
have notified the Owner Trustee in writing prior to the 30th day after such
notice is given that such Holders have withheld consent or provided alternative
direction:

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

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

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

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

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

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

         Section 4.02. Action by Owners with Respect to Certain Matters. Subject
to the provisions and limitations of Section 4.04, the Owner Trustee shall not
have the power, except upon the direction of the majority of the Owners, to (i)
remove the Administrator pursuant to Section 8 of the Administration Agreement,
(ii) appoint a successor Administrator pursuant to Section 8 of the
Administration Agreement, (iii) remove the Master Servicer pursuant to Section
8.01 of the Sale and Servicing Agreement, (iv) except as expressly provided in
the Basic Documents, sell the Contracts after the termination of the Indenture,
(v) initiate any claim, suit or proceeding by the Trust or compromise any claim,
suit or proceeding brought by or against the Trust, (vi) authorize the merger,
consolidation or conversion of the Trust with or into any other statutory trust
or entity (other than in accordance with Section 3.10 of the Indenture) or

                                       15
<PAGE>

(vii) amend the Certificate of Trust. The Owner Trustee shall take the actions
referred to in the preceding sentence only upon written instructions signed by
the Owners.

         Section 4.03. Action by Owners with Respect to Bankruptcy. The Owner
Trustee shall not have the power to commence a voluntary proceeding in
bankruptcy relating to the Trust unless (i) all of the Notes have been paid in
full and (ii) each Owner approves of such commencement in writing in advance and
delivers to the Owner Trustee a certificate certifying that such Owner
reasonably believes that the Trust is insolvent.

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

         Section 4.05. Majority Control. Except as expressly provided herein,
any action that may be taken by the Owners under this Agreement may be taken by
the Holders of Trust Certificates evidencing not less than a majority of the
aggregate Certificate Percentage Interest. Except as expressly provided herein,
any written notice of the Owners delivered pursuant to this Agreement shall be
effective if signed by Holders of Trust Certificates evidencing not less than a
majority of the aggregate Certificate Percentage Interest at the time of the
delivery of such notice.

                                       16
<PAGE>

                                  ARTICLE FIVE

                   APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

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

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

         Section 5.02. Application of Trust Funds.

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

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

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

                                       17
<PAGE>

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

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

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

         Section 5.06. Signature on Returns; Tax Matters. WFSRC4 shall sign on
behalf of the Trust, the tax returns, if any are required, of the Trust and
shall ensure that any taxes incurred by the Trust, if any, are duly paid by the
Persons owing such taxes.

                                       18
<PAGE>

                                  ARTICLE SIX

                      AUTHORITY AND DUTIES OF OWNER TRUSTEE

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

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

         Section 6.03. Action Upon Instruction.

         (a)      Subject to Article Four, in accordance with the terms of the
Basic Documents, the Owners may by written instruction direct the Owner Trustee
in the management of the Trust. Such direction may be exercised at any time by
written instruction of the Owners pursuant to Article Four.

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

         (c)      Whenever the Owner Trustee is unable to decide between
alternative courses of action permitted or required by the terms of this
Agreement or under any other Basic Document, the Owner Trustee shall promptly
give notice (in such form as shall be appropriate under the circumstances) to
the Owners requesting instruction as to the course of action to be adopted, and
to the extent the Owner Trustee acts in good faith in accordance with any
written instruction of the Owners received, the Owner Trustee shall not be
liable on account of such action to any

                                       19
<PAGE>

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

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

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

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

         Section 6.06. Restrictions. The Owner Trustee shall not take any action
(i) that is inconsistent with the purposes of the Trust set forth in Section
2.03 or (ii) that, to the actual

                                       20
<PAGE>

knowledge of a Responsible Officer in the Owner Trustee Corporate Trust Office,
would result in the Trust's becoming taxable as a corporation for federal or
state income tax purposes. The Owners shall not direct the Owner Trustee to take
action that would violate the provisions of this Section.

                                       21
<PAGE>

                                 ARTICLE SEVEN

                          CONCERNING THE OWNER TRUSTEE

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

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

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

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

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

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

                  (vi)     the Owner Trustee shall not be liable for the default
         or misconduct of the Administrator, WFSRC4, as Seller or Depositor, the
         Indenture Trustee or the Master Servicer under any of the Basic
         Documents or otherwise, and the Owner Trustee shall have no obligation
         or liability to perform the obligations of the Owner Trustee or the
         Trust under this Agreement or the other Basic Documents that are
         required to be performed by the Administrator under the Administration
         Agreement, the Indenture

                                       22
<PAGE>

         Trustee under the Indenture or the Master Servicer or WFSRC4, as Seller
         or Depositor, under the Sale and Servicing Agreement;

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

                  (viii)   notwithstanding anything to the contrary herein or in
         any other document, the Owner Trustee shall not be required to execute,
         deliver or certify on behalf of the Trust or any other Person any
         filings, certificates, affidavits or other instruments required under
         the Sarbanes-Oxley Act of 2002; and

                  (ix)     notwithstanding any Person's right to instruct the
         Owner Trustee, neither the Owner Trustee nor any agent, employee,
         director or officer of the Owner Trustee shall have any obligation to
         execute any certificates or other documents required pursuant to the
         Sarbanes-Oxley Act of 2002 or the rules and regulations promulgated
         thereunder and the refusal to comply with any such instructions shall
         not constitute a default or breach under any Basic Document.

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

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

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

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

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

                                       23
<PAGE>

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

         Section 7.04. Reliance; Advice of Counsel.

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

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

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

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

                                       24
<PAGE>

legality, validity and enforceability of any Contract, or the perfection and
priority of any security interest created by any Contract in any Financed
Vehicle or the maintenance of any such perfection and priority, or for or with
respect to the sufficiency of the Trust Estate or its ability to generate the
payments to be distributed to Certificateholders under this Agreement or the
Noteholders under the Indenture, including the existence, condition and
ownership of any Financed Vehicle; the existence and enforceability of any
insurance thereon; the existence and contents of any Contract on any computer or
other record thereof; the validity of the assignment of any Contract to the
Trust or of any intervening assignment; the completeness of any Contract; the
performance or enforcement of any Contract; the compliance by the Depositor or
the Master Servicer with any warranty or representation made under any Basic
Document or in any related document or the accuracy of any such warranty or
representation; or any action of the Administrator, the Indenture Trustee or the
Master Servicer or any subservicer taken in the name of the Owner Trustee.

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

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

                                       25
<PAGE>

                                 ARTICLE EIGHT

                          COMPENSATION OF OWNER TRUSTEE

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

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

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

                                       26
<PAGE>

                                  ARTICLE NINE

                         TERMINATION OF TRUST AGREEMENT

         Section 9.01. Termination of Trust Agreement.

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

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

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

         (d)      In the event that all of the Certificateholders shall not
surrender their Trust Certificates for cancellation within six months after the
date specified in the above-mentioned written notice, the Owner Trustee shall
give a second written notice to the remaining Certificateholders to surrender
their Trust Certificates for cancellation and receive the final distribution
with respect thereto. If within one year after the second notice all the Trust
Certificates shall not have been surrendered for cancellation, the Owner Trustee
may take appropriate steps, or may appoint an agent to take appropriate steps,
to contact the remaining Certificateholders concerning surrender of their Trust
Certificates, and the cost thereof shall be paid out of the funds and other
assets that shall remain subject to this Agreement. Any funds remaining in the
Trust after exhaustion of such remedies at least 18 months after the date of
dissolution shall be distributed by the Owner Trustee to a charity designated by
the Master Servicer.

                                       27
<PAGE>

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

                                       28
<PAGE>

                                  ARTICLE TEN

             SUCCESSOR OWNER TRUSTEES AND ADDITIONAL OWNER TRUSTEES

         Section 10.01. Eligibility Requirements for Owner Trustee. The Owner
Trustee shall at all times be a corporation satisfying the provisions of Section
3807(a) of the Statutory Trust Act; authorized to exercise corporate trust
powers; having a combined capital and surplus of at least $50,000,000 and
subject to supervision or examination by federal or state authorities; and
having (or having a parent that has) a rating of at least "Baa3" by Moody's,
"A-1" by Standard & Poor's and "F1" from Fitch. If such corporation shall
publish reports of condition at least annually pursuant to law or to the
requirements of the aforesaid supervising or examining authority, then for the
purpose of this Section, the combined capital and surplus of such corporation
shall be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published. In case at any time the Owner Trustee
shall cease to be eligible in accordance with the provisions of this Section,
the Owner Trustee shall resign immediately in the manner and with the effect
specified in Section 10.02.

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

         If at any time the Owner Trustee shall cease to be eligible in
accordance with the provisions of Section 10.01 and shall fail to resign after
written request therefor by the Administrator, or if at any time the Owner
Trustee shall be legally unable to act, or shall be adjudged bankrupt or
insolvent, or a receiver of the Owner Trustee or of its property shall be
appointed, or any public officer shall take charge or control of the Owner
Trustee or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation, then the Administrator may remove the Owner
Trustee. If the Administrator shall remove the Owner Trustee under the authority
of the immediately preceding sentence, the Administrator shall promptly appoint
a successor Owner Trustee by written instrument, in duplicate, one copy of which
instrument shall be delivered to the outgoing Owner Trustee so removed and one
copy to the successor Owner Trustee, and shall pay all fees owed to the outgoing
Owner Trustee.

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

         Section 10.03. Successor Owner Trustee. Any successor Owner Trustee
appointed pursuant to Section 10.02 shall execute, acknowledge and deliver to
the Administrator and to its

                                       29
<PAGE>

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

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

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

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

         Section 10.05. Appointment of Co-Trustee or Separate Trustee.
Notwithstanding any other provisions of this Agreement, at any time, for the
purpose of meeting any legal requirements of any jurisdiction in which any part
of the Trust Estate or any Financed Vehicle may at the time be located, the
Administrator and the Owner Trustee acting jointly shall have the power and
shall execute and deliver all instruments to appoint one or more Persons
approved by the Administrator and Owner Trustee to act as co-trustee, jointly
with the Owner Trustee, or as separate trustee or separate trustees, of all or
any part of the Trust Estate, and to vest in such Person, in such capacity, such
title to the Trust or any part thereof and, subject to the other provisions of
this Section, such powers, duties, obligations, rights and trusts as the
Administrator and the Owner Trustee may consider necessary or desirable. If the
Administrator shall not have joined in such appointment within 15 days after the
receipt by it of a request so to do, the Owner Trustee alone shall have the
power to make such appointment. No co-trustee or separate trustee under this
Agreement shall be required to meet the terms of eligibility as a successor
Owner Trustee pursuant to Section 10.01, except that such co-trustee or
successor trustee shall have (or have a parent that has) a rating of at least
"Baa3" by Moody's and "A-1" by Standard & Poor's,

                                       30
<PAGE>

and no notice of the appointment of any co-trustee or separate trustee shall be
required pursuant to Section 10.03.

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

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

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

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

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

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

                                       31
<PAGE>

                                 ARTICLE ELEVEN

                                  MISCELLANEOUS

         Section 11.01. Supplements and Amendments.

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

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

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

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

                                       32
<PAGE>

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

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

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

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

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

         (a) if to the Owner Trustee, to:

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

         (b) if to the WFSRC4, to:

                  WFS Receivables Corporation 4
                  444 East Warm Springs Road #116,
                  Las Vegas, Nevada  89119
                  Attention: Keith Ford

                                       33
<PAGE>

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

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

                  with a copy to:

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

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

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

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

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

         Section 11.08. No Petition.

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

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

                                       34
<PAGE>

Depositor or the Trust of, any bankruptcy proceedings under any United States
federal or state bankruptcy or similar law in connection with any obligations
relating to the Trust Certificates, the Notes, this Agreement or any of the
other Basic Documents.

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

         Section 11.10. Headings. The headings of the various Articles and
Sections herein are for convenience of reference only and shall not define or
limit any of the terms or provisions hereof.

         Section 11.11. Governing Law. THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

         Section 11.12. Depositor Payment Obligation. The Depositor shall be
responsible for payment of the Administrator's compensation pursuant to Section
3 of the Administration Agreement and shall reimburse the Administrator for all
expenses and liabilities of the Administrator incurred thereunder.

         Section 11.13. Limited Recourse. Notwithstanding anything to the
contrary contained in this Agreement, the obligations of the Seller under
Sections 8.01 and 8.02 are solely the corporate obligations of the Seller and
shall be payable by the Seller, solely as provided in Sections 8.01 and 8.02.
The Seller shall only be required to pay any fees, expenses, indemnities or
other liabilities that it may incur under Section 8.01 or 8.02, as applicable,
(A) from funds available pursuant to, and in accordance with, the payment
priorities set forth in Section 5.05 of the Sale and Servicing Agreement and (B)
only to the extent it receives additional funds designated for such purposes or
to the extent the Seller has additional funds available (other than funds
described in the preceding clause (A)) that would be in excess of amounts that
would be necessary to pay the debt and other obligations as they become due of
such entity incurred in accordance with its certificate of incorporation and all
financing documents to which it is a party. The agreement set forth in the
preceding sentence shall constitute a subordination agreement for purposes of
Section 510(a) of the Bankruptcy Code. In addition, no amount owing by the
Seller hereunder in excess of the liabilities that it is required to pay in
accordance with the preceding sentence shall constitute a "claim" (as defined in
Section 101(5) of the Bankruptcy Code) against it.

                                       35
<PAGE>

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

                                          WFS RECEIVABLES CORPORATION 4

                                          By: __________________________________
                                              Name:
                                              Title:

                                          CHASE MANHATTAN BANK USA, NATIONAL
                                              ASSOCIATION,
                                              as Owner Trustee

                                          By: __________________________________
                                              Name:
                                              Title:

                                            Amended and Restated Trust Agreement
<PAGE>

                                                                       EXHIBIT A

                             CERTIFICATE OF TRUST OF
                        WFS FINANCIAL 2004-1 OWNER TRUST

         This Certificate of Trust of WFS Financial 2004-1 Owner Trust (the
"Trust"), dated as of January 16, 2004, is being duly executed and filed by
Chase Manhattan Bank USA, National Association, a national association, as
trustee, to form a statutory trust under the Delaware Statutory Trust Act (12
Del. Code, Section 3801 et seq.).

         1.       Name. The name of the statutory trust formed hereby is WFS
Financial 2004-1 Owner Trust.

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

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

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

                                          By: __________________________________
                                              Name:
                                              Title:

                                      A-1

<PAGE>

                                                                       EXHIBIT B

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

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

                        WFS FINANCIAL 2004-1 OWNER TRUST

                       AUTO RECEIVABLE BACKED CERTIFICATE

evidencing a fractional undivided interest in the Trust, as defined below, the
property of which includes, among other things, a pool of retail installment
sale contracts secured by new and used automobiles and light duty trucks
transferred to the Trust by WFS Receivables Corporation 4, a Nevada corporation
(the "Depositor").

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

NUMBER [C-1] [C-2]

         THIS CERTIFIES THAT WFS Receivables Corporation 4 is the registered
owner of [99%][1%] Certificate Percentage Interest nonassessable, fully-paid,
fractional undivided interest in the WFS Financial 2004-1 Owner Trust (the
"Trust") formed by the Depositor.

         The Trust was created pursuant to a Trust Agreement, dated as of
January 16, 2004, as amended and restated as of February 27, 2004 (as amended
and supplemented from time to time, the "Trust Agreement"), between the
Depositor and Chase Manhattan Bank USA, National Association, as owner trustee
(the "Owner Trustee"), a summary of certain of the pertinent provisions of which
is set forth below. Capitalized terms used herein that are not otherwise defined
shall have the meanings ascribed thereto in the Trust Agreement.

         This Trust Certificate is one of the duly authorized Trust Certificates
designated as "Auto Receivable Backed Certificates" (the "Trust Certificates").
Issued under the Indenture, dated as of February 1, 2004 (the "Indenture"),
between the Trust and Deutsche Bank Trust Company Americas, as Indenture
Trustee, are seven classes of Auto Receivable Backed Notes designated as "1.08%
Class A-1 Notes", "1.51% Class A-2 Notes", "2.19% Class A-3 Notes", "2.81% Class
A-4 Notes", "2.34% Class B Notes", "2.49% Class C Notes" and "3.17% Class D
Notes" (collectively, the "Notes"). This Trust Certificate is issued under and
is subject to the terms, provisions and conditions of the Trust Agreement, to
which Trust Agreement the Holder of this Trust Certificate by virtue of its
acceptance hereof assents and by which such Holder is bound.

                                      B-1

<PAGE>

The property of the Trust includes, among other things, a pool of retail
installment sale contracts (the "Contracts") for new and used automobiles and
light duty trucks (the "Financed Vehicles").

         Under the Trust Agreement, there will be distributed on the 20th of
each month or, if any such day is not a Business Day, the next succeeding
Business Day (each, a "Distribution Date"), commencing on April 20, 2004 and
ending no later than August 22, 2011 to the person in whose name this Trust
Certificate is registered at the close of business on the last calendar day
immediately preceding the related Distribution Date (the "Record Date"), such
Certificateholder's Certificate Percentage Interest in the amount to be
distributed to Certificateholders on such Distribution Date.

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

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

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

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

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

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

                                       B-2
<PAGE>

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

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

                                      B-3

<PAGE>

                            [REVERSE OF CERTIFICATE]

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

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

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

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

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

                                       B-4
<PAGE>

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

         The Seller may at the Seller's option purchase the Trust Estate at a
price specified in the Sale and Servicing Agreement, and such purchase of the
Contracts and other property of the Trust will effect early retirement of the
Trust Certificates; however, such right of purchase is exercisable only as of
any Distribution Date following the last day of a Collection Period as of which
the Aggregate Principal Balance is less than or equal to $150,000,000.

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

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

                                      B-5

<PAGE>

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

Dated: February __, 2004              WFS FINANCIAL 2004-1 OWNER TRUST

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

                                      By: ______________________________________
                                                  Authorized Signatory

                  OWNER TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

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

                                       OR

By:___________________________            By: ________________________________
      Authorized Signatory                        Authorized Signatory

                                   ASSIGNMENT

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

PLEASE INSERT SOCIAL SECURITY OR
OTHER IDENTIFYING NUMBER OF ASSIGNEE

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

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

                                      B-6

<PAGE>

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

Dated: ______________________

Signature Guaranteed:

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

                                                                     EXHIBIT 4.2

                                                                  EXECUTION COPY

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

                        WFS FINANCIAL 2004-1 OWNER TRUST,
                                   as Issuer,

                                       and

                      DEUTSCHE BANK TRUST COMPANY AMERICAS,
                                   as Trustee

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

                                    INDENTURE

                          Dated as of February 1, 2004

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

                                 $1,477,500,000
                          Auto Receivable Backed Notes

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

<PAGE>

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

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

<PAGE>

                                TABLE OF CONTENTS

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

                                    DEFINITIONS AND INCORPORATION BY REFERENCE

Section 1.01.  Definitions..................................................................................     2
Section 1.02.  Incorporation by Reference of Trust Indenture Act............................................    11
Section 1.03.  Rules of Construction........................................................................    12

                                                    ARTICLE TWO

                                                     THE NOTES

Section 2.01.  Form.........................................................................................    13
Section 2.02.  Execution, Authentication and Delivery.......................................................    13
Section 2.03.  Temporary Notes..............................................................................    13
Section 2.04.  Registration; Registration of Transfer and Exchange..........................................    14
Section 2.05.  Mutilated, Destroyed, Lost or Stolen Notes...................................................    15
Section 2.06.  Persons Deemed Owner.........................................................................    16
Section 2.07.  Payment of Principal and Interest; Defaulted Interest........................................    16
Section 2.08.  Cancellation.................................................................................    19
Section 2.09.  Book-Entry Notes.............................................................................    20
Section 2.10.  Notices to Clearing Agency...................................................................    20
Section 2.11.  Definitive Notes.............................................................................    20
Section 2.12.  Release of Collateral........................................................................    21
Section 2.13.  Tax Treatment................................................................................    21

                                                   ARTICLE THREE

                                                     COVENANTS

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

                                       i

<PAGE>

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

                                                   ARTICLE FOUR

                                            SATISFACTION AND DISCHARGE

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

                                                   ARTICLE FIVE

                                                     REMEDIES

Section 5.01.  Events of Default............................................................................    35
Section 5.02.  Rights upon Event of Default.................................................................    36
Section 5.03.  Collection of Indebtedness and Suits for Enforcement by Trustee..............................    37
Section 5.04.  Remedies.....................................................................................    38
Section 5.05.  Optional Preservation of the Contracts.......................................................    39
Section 5.06.  Priorities...................................................................................    39
Section 5.07.  Limitation of Suits..........................................................................    40
Section 5.08.  Unconditional Rights of Noteholders to Receive Principal and Interest........................    40
Section 5.09.  Restoration of Rights and Remedies...........................................................    40
Section 5.10.  Rights and Remedies Cumulative...............................................................    41
Section 5.11.  Delay or Omission Not a Waiver...............................................................    41
Section 5.12.  Control by Noteholders of Controlling Class..................................................    41
Section 5.13.  Waiver of Past Defaults......................................................................    42
Section 5.14.  Undertaking for Costs........................................................................    42
Section 5.15.  Waiver of Stay or Extension Laws.............................................................    42
Section 5.16.  Action on Notes..............................................................................    42
Section 5.17.  Performance and Enforcement of Certain Obligations...........................................    43

                                                    ARTICLE SIX

                                                    THE TRUSTEE

Section 6.01.  Duties of Trustee............................................................................    44
</TABLE>

                                       ii

<PAGE>

<TABLE>
<CAPTION>
                                                                                                               Page
                                                                                                               ----
<S>                                                                                                            <C>
Section 6.02.  Rights of Trustee............................................................................    45
Section 6.03.  Individual Rights of Trustee.................................................................    46
Section 6.04.  Trustee's Disclaimer.........................................................................    46
Section 6.05.  Notice of Defaults...........................................................................    47
Section 6.06.  Reports by Trustee to Holders................................................................    47
Section 6.07.  Compensation and Indemnity...................................................................    47
Section 6.08.  Replacement of Trustee.......................................................................    47
Section 6.09.  Successor Trustee by Merger..................................................................    49
Section 6.10.  Appointment of Co-Trustee or Separate Trustee................................................    49
Section 6.11.  Eligibility; Disqualification................................................................    50
Section 6.12.  Preferential Collection of Claims Against Issuer.............................................    50
Section 6.13.  Representations and Warranties of Trustee....................................................    50
Section 6.14.  Sales Finance Licenses.......................................................................    51

                                                   ARTICLE SEVEN

                                          NOTEHOLDERS' LISTS AND REPORTS

Section 7.01.  Issuer to Furnish Trustee Names and Addresses of Noteholders.................................    52
Section 7.02.  Preservation of Information; Communications to Noteholders...................................    52
Section 7.03.  Reports by Issuer............................................................................    52
Section 7.04.  Reports by Trustee...........................................................................    53

                                                   ARTICLE EIGHT

                                       ACCOUNTS, DISBURSEMENTS AND RELEASES

Section 8.01.  Collection of Money..........................................................................    54
Section 8.02.  Trust Accounts...............................................................................    54
Section 8.03.  General Provisions Regarding Accounts........................................................    54
Section 8.04.  Release of Trust Estate......................................................................    55
Section 8.05.  Opinion of Counsel...........................................................................    55

                                                   ARTICLE NINE

                                              SUPPLEMENTAL INDENTURES

Section 9.01.  Supplemental Indentures Without Consent of Noteholders.......................................    57
Section 9.02.  Supplemental Indentures With Consent of Noteholders..........................................    58
Section 9.03.  Execution of Supplemental Indentures.........................................................    59
Section 9.04.  Effect of Supplemental Indenture.............................................................    59
Section 9.05.  Conformity With Trust Indenture Act..........................................................    60
Section 9.06.  Reference in Notes to Supplemental Indentures................................................    60
</TABLE>

                                       iii

<PAGE>

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

                                                REDEMPTION OF NOTES

Section 10.01.  Redemption..................................................................................    61
Section 10.02.  Form of Redemption Notice...................................................................    61
Section 10.03.  Notes Payable on Redemption Date............................................................    62

                                                  ARTICLE ELEVEN

                                                   MISCELLANEOUS

Section 11.01.  Compliance Certificates and Opinions, etc...................................................    63
Section 11.02.  Form of Documents Delivered to Trustee......................................................    64
Section 11.03.  Acts of Noteholders.........................................................................    65
Section 11.04.  Notices, etc., to Trustee, Issuer and Rating Agencies.......................................    66
Section 11.05.  Notices to Noteholders; Waiver..............................................................    67
Section 11.06.  Alternate Payment and Notice Provisions.....................................................    67
Section 11.07.  Conflict With Trust Indenture Act...........................................................    68
Section 11.08.  Effect of Headings and Table of Contents....................................................    68
Section 11.09.  Successors and Assigns......................................................................    68
Section 11.10.  Severability................................................................................    68
Section 11.11.  Benefits of Indenture.......................................................................    68
Section 11.12.  Legal Holidays..............................................................................    68
Section 11.13.  Governing Law...............................................................................    68
Section 11.14.  Counterparts................................................................................    68
Section 11.15.  Recording of Indenture......................................................................    69
Section 11.16.  Trust Obligation............................................................................    69
Section 11.17.  No Petition.................................................................................    69
Section 11.18.  Inspection..................................................................................    69
Section 11.19.  Limitation of Liability of Owner Trustee....................................................    69
Section 11.20.  Limitation on Recourse Against WFSRC4.......................................................    70

                                                     EXHIBITS

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

                                       iv

<PAGE>

<TABLE>
<CAPTION>
                                                                                                               Page
                                                                                                               ----
<S>                                                                                                            <C>
Exhibit G       -  Form of Class B Note.....................................................................   G-1
Exhibit H       -  Form of Class C Note.....................................................................   H-1
Exhibit I       -  Form of Class D Note.....................................................................   I-1
Exhibit J       -  Form of Note Assignment..................................................................   J-1
</TABLE>

                                       v

<PAGE>

         This Indenture, dated as of February 1, 2004 (the "Indenture"), is
between WFS Financial 2004-1 Owner Trust, a Delaware statutory trust (the
"Issuer"), and Deutsche Bank Trust Company Americas, a New York banking
corporation, in its capacity as trustee (the "Trustee") and not in its
individual capacity.

         Each party agrees as follows for the benefit of the other parties and
for the equal and ratable benefit of the holders of the Issuer's 1.08% Class A-1
Notes (the "Class A-1 Notes"), 1.51% Class A-2 Notes (the "Class A-2 Notes"),
2.19% Class A-3 Notes (the "Class A-3 Notes"), 2.81% Class A-4 Notes (the "Class
A-4 Notes" and, together with the Class A-1 Notes, the Class A-2 Notes and the
Class A-3 Notes, the "Class A Notes"), 2.34% Class B Notes (the "Class B
Notes"), 2.49% Class C Notes (the "Class C Notes") and 3.17% Class D Notes (the
"Class D Notes" and, together with the Class A Notes, the Class B Notes and the
Class C Notes, the "Notes"):

                                 GRANTING CLAUSE

         The Issuer hereby Grants to the Trustee on the Closing Date, on behalf
of and for the benefit of the Holders of the Notes, without recourse, all of the
Issuer's right, title and interest (exclusive of the amount, if any, allocable
to any rebatable insurance premium financed by any Contract) in, to and under
the following personal property (collectively, the "Collateral") (i) the
Contracts secured by the Financed Vehicles (which Contracts shall be listed in
the Schedule of Contracts); (ii) certain monies due under the Contracts after
February 26, 2004, including all payments of Monthly P&I with respect to any
Financed Vehicle to which a Contract relates received after February 26, 2004
and all other proceeds received on or in respect of such Contracts; (iii)
security interests in the Financed Vehicles; (iv) amounts on deposit in the
Collection Account, the Note Distribution Account and the Spread Account,
including all Eligible Investments therein and all income from the investment of
funds therein and all proceeds therefrom; (v) proceeds from claims under certain
insurance policies in respect of individual Financed Vehicles or obligors under
the Contracts; (vi) certain rights under the Sale and Servicing Agreement; (vii)
the protective security interest in certain of the above-described property
granted by the Seller in favor of the Issuer; (viii) all present and future
claims, demands, causes and choses in action in respect of any or all of the
foregoing; and (ix) all payments on or under and all proceeds of every kind and
nature whatsoever in respect of any or all of the foregoing, including all
proceeds of the conversion, voluntary or involuntary, into cash or other liquid
property, all cash proceeds, accounts, accounts receivable, notes, drafts,
acceptances, chattel paper, checks, deposit accounts, insurance proceeds,
condemnation awards, rights to payment of any and every kind and other forms of
obligations and receivables, instruments and other property which at any time
constitute all or part of or are included in the proceeds of any of the
foregoing (as each such defined term is defined in Section 1.01).

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

         The Trustee, as Trustee on behalf of the Holders of the Notes,
acknowledges such Grant, accepts the trusts under this Indenture in accordance
with the provisions of this Indenture and

<PAGE>

agrees to perform its duties required in this Indenture to the best of its
ability to the end that the interests of the Holders of the Notes may be
adequately and effectively protected.

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

                                  ARTICLE ONE

                   DEFINITIONS AND INCORPORATION BY REFERENCE

         Section 1.01. Definitions. Except as otherwise specified herein or as
the context may otherwise require, the following terms have the respective
meanings set forth below for all purposes of this Indenture. Except as otherwise
specified herein or as the context may require, capitalized terms used herein
that are not otherwise defined herein shall have the meanings ascribed thereto
in the Sale and Servicing Agreement.

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

         "Administration Agreement" means the Administration Agreement, dated as
of the date hereof, among the Administrator, the Issuer, the Seller and the
Trustee.

         "Administrator" means Westcorp, in its capacity as administrator under
the Administration Agreement.

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

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

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

         "Backup Servicer Report Date" means the third Business Day following
the Distribution Date for each of February, May, August and November, commencing
May 25, 2004, or such other dates approved by each of the Master Servicer,
Backup Servicer and the Rating Agencies.

                                       2
<PAGE>

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

         "Basic Documents" means the Certificate of Trust, the Trust Agreement,
the Sale and Servicing Agreement, the Administration Agreement, the Note
Depository Agreement, the Sale and Assignment, the WFAL2 Assignment, the Control
Agreement and this Indenture.

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

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

         "Certificate Distribution Account" has the meaning specified in the
Trust Agreement.

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

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

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

         "Class A Notes" means the Class A-1 Notes, the Class A-2 Notes, the
Class A-3 Notes and the Class A-4 Notes.

         "Class A-1 Final Scheduled Distribution Date" means the February 2005
Distribution Date.

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

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

         "Class A-1 Rate" means 1.08% per annum.

         "Class A-2 Final Scheduled Distribution Date" means the July 2007
Distribution Date.

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

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

         "Class A-2 Rate" means 1.51% per annum.

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

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

                                       3
<PAGE>

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

         "Class A-3 Rate" means 2.19% per annum.

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

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

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

         "Class A-4 Rate" means 2.81% per annum.

         "Class B Final Scheduled Distribution Date" means the August 2011
Distribution Date.

         "Class B Noteholder" means the Person in whose name the Class B Note is
registered in the Note Register.

         "Class B Notes" means the Class B Notes, substantially in the form of
Exhibit G.

         "Class B Rate" means 2.34% per annum.

         "Class C Final Scheduled Distribution Date" means the August 2011
Distribution Date.

         "Class C Noteholder" means the Person in whose name the Class C Note is
registered in the Note Register.

         "Class C Notes" means the Class C Notes, substantially in the form of
Exhibit H.

         "Class C Rate" means 2.49% per annum.

         "Class D Final Scheduled Distribution Date" means the August 2011
Distribution Date.

         "Class D Noteholder" means the Person in whose name the Class D Note is
registered in the Note Register.

         "Class D Notes" means the Class D Notes, substantially in the form of
Exhibit I.

         "Class D Rate" means 3.17% per annum.

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

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

         "Closing Date" means February 27, 2004.

                                       4
<PAGE>

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

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

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

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

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

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

         "Control Agreement" means the deposit account control agreement, dated
as of February 1, 2004, among WFSRC4, the Trust, Western Financial Bank and the
Trustee.

         "Controlling Class" means so long as (i) any Class A Notes are
outstanding, the Class A Notes, (ii) no Class A Notes are outstanding but any
Class B Notes are outstanding, the Class B Notes, (iii) no Class B Notes are
outstanding but any Class C Notes are outstanding, the Class C Notes, and (iv)
no Class C Notes are outstanding but any Class D Notes are outstanding, the
Class D Notes.

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

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

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

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

         "Distribution Date" means the 20th day of each calendar month or, if
any such date shall not be a Business Day, the next succeeding Business Day,
commencing April 20, 2004.

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

         "DTC" means The Depository Trust Company.

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

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

                                       5
<PAGE>

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

         "Exchange Act" means the Securities Exchange Act of 1934.

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

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

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

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

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

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

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

                                       6
<PAGE>

         "Indenture" means this Indenture.

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

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

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

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

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

         "Issuer" means WFS Financial 2004-1 Owner Trust until a permitted
successor replaces it and, thereafter, means the successor and, for purposes of
any provision contained herein and required by the TIA, each other obligor on
the Notes.

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

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

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

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

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

         "Note Depository Agreement" means the agreement dated February 27,
2004, among the Issuer, the Trustee and DTC, as the initial Clearing Agency,
relating to the Notes, substantially in the form of Exhibit B.

                                       7
<PAGE>

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

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

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

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

         "Notes" means the Notes of the Issuer consisting of the Class A-1
Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes, the Class
B Notes, the Class C Notes or the Class D Notes.

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

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

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

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

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

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

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

provided, however, that in determining whether the Holder of the requisite
Outstanding Amount have given any request, demand, authorization, direction,
notice, consent or waiver hereunder or

                                       8
<PAGE>

under any other Basic Document, Notes owned by the Issuer, any other obligor
upon the Notes, the Seller, WFS or any of their respective Affiliates shall be
disregarded and deemed not to be Outstanding prior to the date on which the
Notes have been paid in full, except that, in determining whether the Trustee
shall be protected in relying upon any such request, demand, authorization,
direction, notice, consent or waiver, only Notes that the Trustee knows to be so
owned shall be so disregarded. Notes so owned that have been pledged in good
faith may be regarded as Outstanding if the pledgee establishes to the
satisfaction of the Trustee the pledgee's right so to act with respect to such
Notes and that the pledgee is not the Issuer, any other obligor upon the Notes,
the Seller, WFS or any of their respective Affiliates.

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

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

         "Paying Agent" means the Trustee or any other Person that meets the
eligibility standards for the Trustee specified in Section 6.11 and is
authorized by the Issuer to make the distributions from the Note Distribution
Account, including payment of principal of or interest on the Notes on behalf of
the Issuer.

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

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

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

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

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

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

                                       9
<PAGE>

month immediately preceding the month in which such Distribution Date or
Redemption Date occurs.

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

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

         "Registered Holder" means the Person in whose name a Note is registered
on the Note Register on the applicable Record Date.

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

         "Sale and Assignment" means the sale and assignment, dated as of the
date hereof, between WFS and WFSRC4.

         "Sale and Servicing Agreement" means the Sale and Servicing Agreement,
dated as of the date hereof, among the Issuer, the Seller, Westcorp and the
Master Servicer, substantially in the form of Exhibit A.

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

         "Seller" means WFS Receivables Corporation 4, in its capacity as seller
under the Sale and Servicing Agreement.

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

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

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

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

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

                                       10
<PAGE>

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

         "Termination Date" means the date on which the Trustee shall have
received payment and performance of all amounts and obligations which the Issuer
may owe to or on behalf of the Trustee for the benefit of the Noteholders under
this Indenture or the Notes.

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

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

         "Trust Agreement" means the Trust Agreement, dated as of January 16,
2004, as amended and restated as of February 27, 2004, between the Seller and
the Owner Trustee.

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

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

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

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

         "United States" means the United States of America.

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

         "WFAL2" means WFS Financial Auto Loans2, Inc.

         "WFAL2 Assignment" means the sale and assignment, dated as of February
1, 2004, between WFAL2 and WFS.

         "WFS" means WFS Financial Inc.

         "WFSRC4" means WFS Receivables Corporation 4.

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

         "Commission" means the Securities and Exchange Commission.

         "Indenture Securities" means the Notes.

                                       11
<PAGE>

         "Indenture Security Holder" means a Noteholder.

         "Indenture to be Qualified" means this Indenture.

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

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

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

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

                                       12
<PAGE>

                                   ARTICLE TWO

                                    THE NOTES

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

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

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

         The Trustee shall, upon receipt of an Issuer Order, authenticate and
deliver for original issue the following aggregate principal amount of Notes:
(i) $222,000,000 of Class A-1 Notes, (ii) $555,000,000 of Class A-2 Notes, (iii)
$200,000,000 of Class A-3 Notes, (iv) $331,750,000 of Class A-4 Notes, (v)
$56,250,000 of Class B Notes, (vi) $63,750,000 of Class C Notes and (vii)
$48,750,000 of Class D Notes. The aggregate principal amount of Class A-1 Notes,
Class A-2 Notes, Class A-3 Notes, Class A-4 Notes, Class B Notes, Class C Notes
and Class D Notes outstanding at any time may not exceed such respective
amounts, except as otherwise provided in Section 2.05.

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

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

         Section 2.03. Temporary Notes. Subject to Section 2.09, pending the
preparation of Definitive Notes, the Issuer may execute, and upon receipt of an
Issuer Order, the Trustee shall authenticate and deliver, temporary Notes that
are printed, lithographed, typewritten,

                                       13
<PAGE>

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

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

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

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

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

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

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

                                       14
<PAGE>

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

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

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

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

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

         Upon the issuance of any replacement Note under this Section, the
Issuer or the Trustee may require the payment by the Holder of such Note of a
sum sufficient to cover any tax or other

                                       15
<PAGE>

governmental charge that may be imposed in relation thereto and any other
reasonable expenses (including the fees and expenses of the Trustee or the Note
Registrar) connected therewith.

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

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

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

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

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

         (b)      Subject to Section 2.07(c), the principal of each Note shall
be payable on each Distribution Date to the extent provided in Article Five of
the Sale and Servicing Agreement and in the form of the related Note set forth
as an Exhibit hereto. The Trustee shall notify the Person in whose name a Note
is registered at the close of business on the Record Date preceding the
Distribution Date on which the Issuer expects that the final installment of
principal of and interest on such Note will be paid. Such notice shall be mailed
within five Business Days of such Distribution Date (or, in the case of Notes
registered in the name of Cede & Co., as

                                       16
<PAGE>

nominee of DTC, such notice shall be provided within one Business Day of such
Distribution Date) or receipt of notice of termination of the Issuer pursuant to
Section 9.01(c) of the Trust Agreement and shall specify that such final
installment will be payable only upon presentation and surrender of such Note
and shall specify the place where such Note may be presented and surrendered for
payment of such installment. Notices in connection with redemptions of Notes
shall be mailed to Noteholders as provided in Section 10.02. In addition, the
Administrator shall notify the Rating Agencies upon the final payment of
interest and principal of each Class of Notes, and upon the termination of the
Issuer, in each case pursuant to Section 1(a)(i) of the Administration
Agreement. The entire principal amount of a Class of Notes will be due and
payable, if not previously paid, on the related Final Scheduled Distribution
Date.

         (c)      Notwithstanding the foregoing, the entire unpaid interest on
and principal amount of the Notes shall be due and payable, if not previously
paid, on the date on which an Event of Default shall have occurred and be
continuing, if the Trustee or the Holders of Notes representing not less than a
majority of the Outstanding Amount of the Notes of the Controlling Class have
declared the Notes to be immediately due and payable in the manner provided in
Section 5.02. Following such declaration of acceleration, on each Distribution
Date or a payment date described in Section 5.06(b), all amounts on deposit in
the Collection Account, the Note Distribution Account or collected by the
Trustee pursuant to Article Five shall be paid in the following amounts and
order of priority:

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

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

                  (iii)    third, to Noteholders of the Class A Notes, the
         Interest Distributable Amount for each class of Class A Notes pro rata
         in proportion to their respective Interest Distributable Amounts,
         without preference or priority of any kind;

                  (A)      fourth, if an Event of Default described in Section
         5.1(i), (ii), (iv) or (v) has occurred and is continuing, in the
         following order of priority:

                           (1)      to the Holders of the Class A-1 Notes, the
                  outstanding principal amount of the Class A-1 Notes as of such
                  Distribution Date (prior to giving effect to any payment of
                  principal on such date) in reduction of principal until the
                  principal amount of the Class A-1 Notes has been paid in full;

                           (2)      to the Holders of each of the Class A-2
                  Notes, the Class A-3 Notes and the Class A-4 Notes, the
                  outstanding principal amount of each of the Class A-2 Notes,
                  the Class A-3 Notes and the Class A-4 Notes, respectively, pro
                  rata in proportion to their respective outstanding principal
                  amounts as of such Distribution Date (prior to giving effect
                  to any payment of principal on such date)

                                       17
<PAGE>

                  in reduction of principal until the principal amount of each
                  of such Classes has been paid in full;

                           (3)      to the Holders of the Class B Notes, the
                  Interest Distributable Amount for the Class B Notes;

                           (4)      to the Holders of the Class B Notes, the
                  outstanding principal amount of the Class B Notes as of such
                  Distribution Date (prior to giving effect to any payment of
                  principal on such date) in reduction of principal until the
                  principal amount of the Class B Notes has been paid in full;

                           (5)      to the Holders of the Class C Notes, the
                  Interest Distributable Amount for the Class C Notes;

                           (6)      to the Holders of the Class C Notes, the
                  outstanding principal amount of the Class C Notes as of such
                  Distribution Date (prior to giving effect to any payment of
                  principal on such date) in reduction of principal until the
                  principal amount of the Class C Notes has been paid in full;

                           (7)      to the Holders of the Class D Notes, the
                  Interest Distributable Amount for the Class D Notes; and

                           (8)      to the Holders of the Class D Notes, the
                  outstanding principal amount of the Class D Notes as of such
                  Distribution Date (prior to giving effect to any payment of
                  principal on such date) in reduction of principal until the
                  principal amount of the Class D Notes has been paid in full;
                  or

                  (B)      fourth, if an Event of Default described in Section
         5.1(iii) has occurred and is continuing, in the following order of
         priority:

                           (1)      to the Holders of the Class B Notes, the
                  Interest Distributable Amount for the Class B Notes;

                           (2)      to the Holders of the Class C Notes, the
                  Interest Distributable Amount for the Class C Notes;

                           (3)      to the Holders of the Class D Notes, the
                  Interest Distributable Amount for the Class D Notes;

                           (4)      to the Holders of the Class A-1 Notes, the
                  outstanding principal amount of the Class A-1 Notes as of such
                  Distribution Date (prior to giving effect to any payment of
                  principal on such date) in reduction of principal until the
                  principal amount of the Class A-1 Notes has been paid in full;

                           (5)      to the Holders of each of the Class A-2
                  Notes, the Class A-3 Notes and the Class A-4 Notes, the
                  outstanding principal amount of each of the Class A-2 Notes,
                  the Class A-3 Notes and the Class A-4 Notes, respectively, pro
                  rata in proportion to their respective outstanding principal
                  amounts as of such

                                       18
<PAGE>

                  Distribution Date (prior to giving effect to any payment of
                  principal on such date) in reduction of principal until the
                  principal amount of each of such Classes has been paid in
                  full;

                           (6)      to the Holders of the Class B Notes, the
                  outstanding principal amount of the Class B Notes as of such
                  Distribution Date (prior to giving effect to any payment of
                  principal on such date) in reduction of principal until the
                  principal amount of the Class B Notes has been paid in full;

                           (7)      to the Holders of the Class C Notes, the
                  outstanding principal amount of the Class C Notes as of such
                  Distribution Date (prior to giving effect to any payment of
                  principal on such date) in reduction of principal until the
                  principal amount of the Class C Notes has been paid in full;
                  and

                           (8)      to the Holders of the Class D Notes, the
                  outstanding principal amount of the Class D Notes as of such
                  Distribution Date (prior to giving effect to any payment of
                  principal on such date) in reduction of principal until the
                  principal amount of the Class D Notes has been paid in full;

                  (iv)     fifth, to WFSRC4, until it has received full
         repayment of its Spread Account Initial Deposit; and

                  (v)      sixth, to Certificate Distribution Account for
         distribution to the Holders of the Certificates in accordance with
         Section 5.02 of the Trust Agreement, any remaining amounts.

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

         Section 2.08. Cancellation. All Notes surrendered for payment,
registration of transfer, exchange or redemption shall, if surrendered to any
Person other than the Trustee, be delivered to the Trustee and shall be promptly
cancelled by the Trustee. The Issuer may at any time deliver to the Trustee for
cancellation any Notes previously authenticated and delivered hereunder which
the Issuer may have acquired in any manner whatsoever, and all Notes so
delivered shall be promptly cancelled by the Trustee. No Notes shall be
authenticated in lieu of or in exchange for any Notes cancelled as provided in
this Section, except as expressly permitted by this Indenture. All cancelled
Notes may be held or disposed of by the Trustee in accordance with its standard
retention or disposal policy as in effect at the time unless the Issuer shall
direct by an Issuer Order that they be destroyed or returned to it; provided
that such Issuer Order is timely and the Notes have not been previously disposed
of by the Trustee.

                                       19
<PAGE>

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

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

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

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

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

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

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

         Section 2.11. Definitive Notes.

         (a)      If (i)(A) the Administrator advises the Trustee in writing
that the Clearing Agency is no longer willing or able to properly discharge its
responsibilities as described in the Note Depository Agreement and (B) the
Trustee or the Administrator is unable to locate a qualified successor, (ii) the
Administrator at its option advises the Trustee in writing that it elects to

                                       20
<PAGE>

terminate the book-entry system through the Clearing Agency or (iii) after the
occurrence of an Event of Default, the Note Owners representing not less than a
majority of the Outstanding Amount of a Class of Notes advise the Trustee and
the Clearing Agency through the Clearing Agency Participants in writing that the
continuation of a book-entry system through the Clearing Agency is no longer in
the best interests of the related Note Owners, then the Trustee shall notify all
Note Owners of the related Class of Notes, through the Clearing Agency, of the
occurrence of such event and of the availability of Definitive Notes of the
related Class of Notes to Note Owners requesting the same. Upon surrender to the
Trustee of the Note or Notes representing the Book-Entry Notes by the Clearing
Agency, accompanied by registration instructions, the Issuer shall execute and
the Trustee shall authenticate the Definitive Notes in accordance with the
instructions of the Clearing Agency. None of the Issuer, the Note Registrar or
the Trustee shall be liable for any delay in delivery of such instructions and
may conclusively rely on, and shall be protected in relying on, such
instructions. Upon the issuance of Definitive Notes of a Class, the Trustee
shall recognize the Holders of the Definitive Notes as Noteholders hereunder.

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

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

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

                                       21
<PAGE>

                                  ARTICLE THREE

                                    COVENANTS

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

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

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

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

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

                                       22
<PAGE>

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

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

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

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

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

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

         Subject to applicable laws with respect to escheat of funds, any money
held by the Trustee or any Paying Agent in trust for the payment of any amount
due with respect to any Note and remaining unclaimed for two years after such
amount has become due and payable shall be discharged from such trust and upon
receipt of an Issuer Request shall be deposited by the Trustee in the Collection
Account; and the Holder of such Note shall thereafter, as an unsecured general
creditor, look only to the Issuer for payment thereof, and all liability of the
Trustee or such Paying Agent with respect to such trust money shall thereupon
cease; provided, however, that the Trustee or such Paying Agent, before being
required to make any such repayment, may at the expense of the Issuer cause to
be published once, in a newspaper published in the English language, customarily
published on each Business Day and of general circulation in The City of New
York, notice that such money remains unclaimed and that, after a date specified
therein, which shall not be less than 30 days from the date of such publication,
any unclaimed balance of such money then remaining will be repaid to or for the
account of the Issuer. The Trustee may also adopt and employ, at the expense of
the Issuer, any other reasonable means of notification of such repayment
(including mailing notice of such repayment to Holders whose Notes have been
called but have not been surrendered for redemption or whose right to or
interest in monies due and payable but not claimed is determinable from the
records of the Trustee or of any Paying Agent, at the last address of record for
each such Holder).

                                       23
<PAGE>

         Section 3.04. Existence. The Issuer will keep in full effect its
existence, rights and franchises as a statutory trust under the laws of the
State of Delaware (unless it becomes, or any successor Issuer hereunder is or
becomes, organized under the laws of any other state or of the United States, in
which case the Issuer will keep in full effect its existence, rights and
franchises under the laws of such other jurisdiction) and will obtain and
preserve its qualification to do business in each jurisdiction in which such
qualification is or shall be necessary to protect the validity and
enforceability of this Indenture, the Notes, the Collateral and each other
instrument or agreement included in the Trust Estate.

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

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

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

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

                  (iv)     enforce any of the Collateral;

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

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

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

         Section 3.06. Opinions as to Trust Estate.

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

                                       24
<PAGE>

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

         Section 3.07. Performance of Obligations; Servicing of Contracts;
Backup Servicer.

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

         (b)      The Issuer may contract with other Persons to assist it in
performing its duties and obligations under this Indenture, and any performance
of such duties by a Person identified to the Trustee in an Officer's Certificate
shall be deemed to be action taken by the Issuer. The Trustee shall not be
responsible for the action or inaction of the Master Servicer or the
Administrator. Initially, the Issuer has contracted with the Master Servicer and
the Administrator to assist the Issuer in performing its duties under this
Indenture.

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

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

         (e)      If the Issuer has given notice of termination to the Master
Servicer of the Master Servicer's rights and powers pursuant to Section 8.02 of
the Sale and Servicing Agreement, as promptly as possible thereafter, the Issuer
shall (subject to the right of the Trustee to direct such

                                       25
<PAGE>

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

         (f)      Upon any termination of the Master Servicer's rights and
powers pursuant to the Sale and Servicing Agreement, the Issuer shall promptly
notify the Trustee. As soon as a Successor Master Servicer is appointed, the
Issuer shall notify the Trustee of such appointment, specifying in such notice
the name and address of such successor Master Servicer.

         (g)      The Issuer agrees that it will not waive timely performance or
observance by the Master Servicer or the Seller of their respective duties under
the Basic Documents if the effect thereof would adversely affect the Holders of
the Notes.

         (h)      As long as Deutsche Bank Trust Company Americas is the
Trustee, the Trustee, in its individual capacity, shall act as Backup Servicer.
In accordance with Article Eight of the Sale and Servicing Agreement, the Backup
Servicer shall act as successor to the Master Servicer if the Master Servicer is
terminated pursuant to Section 8.06 of the Sale and Servicing Agreement. If the
Backup Servicer shall become successor to the Master Servicer under the Sale and
Servicing Agreement, the Backup Servicer may enter into subservicing agreements
with one or more subservicers approved by the Trustee for the servicing and
administration of the

                                       26
<PAGE>

Contracts (including holding the related Contract Files as custodian), provided
that it shall be fully liable for the actions and omissions of such subservicer
in such capacity as Master Servicer. Prior to any termination of the Master
Servicer pursuant to Section 8.06 of the Sale and Servicing Agreement, the
Backup Servicer shall (A) confirm prior to May 25, 2004 that the data provided
on data tapes to be received from the Master Servicer (provided the Backup
Servicer or its agent has received the data tapes) pursuant to Section 3.04(b)
of the Sale and Servicing Agreement are in a format compatible with the Backup
Servicer's computer systems, (B) on or prior to the third Business Day following
each Distribution Date, beginning May 25, 2004, transfer onto its computer
system the information provided on such data tapes, (C) on or prior to each
Backup Servicer Report Date, generate a statement (prepared using the data
obtained from related data tape) setting forth the same items provided on the
Distribution Date Statement for the Collection Period immediately preceding such
Backup Servicer Report Date (provided that the Backup Servicer has received such
Distribution Date Statement and the related data tape), (D) notify the Master
Servicer and the Trustee within 30 days of the related Backup Servicer Report
Date of any numerical discrepancies between the statement generated in clause
(C) above and the related Distribution Date Statement, assist the Master
Servicer in resolving such discrepancies and notify to the Trustee and the
Rating Agencies of any remaining discrepancies within 60 days of the related
Backup Servicer Report Date and (E) prior to the first Distribution Date, enter
into an agreement with Portfolio Financial Servicing Company (or such other
party as each Rating Agency deems acceptable) to perform certain duties and
obligations of the Backup Servicer hereunder.

         (i)      The parties hereto agree that the Backup Servicer will be
relying solely on the information provided to it by the Master Servicer in
performing its duties and obligations set forth in the last sentence of Section
3.07 (h).

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

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

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

                  (iii)    (A) permit the validity or effectiveness of this
Indenture to be impaired, or permit the lien created by this Indenture to be
amended, hypothecated, subordinated, terminated or discharged, or permit any
Person to be released from any covenants or obligations with respect to the
Notes under this Indenture except as may be expressly permitted hereby, (B)
permit any lien, charge, excise, claim, security interest, mortgage or other
encumbrance to be created on or extend to or otherwise arise upon or burden the
Trust Estate or any part thereof or any interest therein or the proceeds thereof
(other than (1) tax liens, mechanics' liens and other liens that arise by
operation of law, in each case on a Financed Vehicle and arising solely as a
result of an action or omission of the related

                                       27
<PAGE>

Obligor and (2) the lien of this Indenture), (C) permit the lien created by this
Indenture not to constitute a valid first priority (other than with respect to
any such tax, mechanics' or other lien) security interest in the Trust Estate or
(D) amend, modify or fail to comply with the provisions of the Basic Documents
without the prior written consent of the Holders of not less than a majority of
the Outstanding Amount of the Notes, except where the Basic Documents allow for
amendment or modification without the consent the Holders of the Notes, or such
greater percentage as may be specified in the particular provision; or

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

         Section 3.09. Annual Statement as to Compliance. The Issuer will
deliver to the Trustee, on or before 120 days after the end of each fiscal year
of the Issuer (commencing with the fiscal year ended December 31, 2004) an
Officer's Certificate stating, as to the Authorized Officer signing such
Officer's Certificate, that:

                  (a)      a review of the activities of the Issuer during such
         year (or such shorter period, with respect to the first such Officer's
         Certificate) and of performance under this Indenture has been made
         under such Authorized Officer's supervision; and

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

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

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

                  (i)      the Person (if other than the Issuer) formed by or
         surviving such consolidation or merger shall be a Person organized and
         existing under the laws of the United States or any State and shall
         expressly assume, by an indenture supplemental hereto, executed and
         delivered to the Trustee, in form and substance satisfactory to the
         Trustee, the due and punctual payment of the principal of and interest
         on all Notes and the performance or observance of every agreement and
         covenant of this Indenture and each other Basic Document on the part of
         the Issuer to be performed or observed, all as provided herein;

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

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

                  (iv)     the Issuer shall have received an Opinion of Counsel
         which shall be delivered to and shall be satisfactory to the Trustee
         shall have occurred and be

                                       28
<PAGE>

         continuing) to the effect that such consolidation or merger will not
         have any material adverse tax consequence to the Issuer, any Noteholder
         or any Certificateholder;

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

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

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

                  (i)      the Person that acquires by conveyance or transfer
         the properties and assets of the Issuer shall (A) be a United States
         citizen or a Person organized and existing under the laws of the United
         States or any State, (B) expressly assume, by an indenture supplemental
         hereto, executed and delivered to the Trustee, in form and substance
         satisfactory to the Trustee, the due and punctual payment of the
         principal of and interest on all Notes and the performance or
         observance of every agreement and covenant of this Indenture and each
         other Basic Document on the part of the Issuer to be performed or
         observed, all as provided herein, (C) expressly agree by means of such
         supplemental indenture that all right, title and interest so conveyed
         or transferred shall be subject and subordinate to the rights of
         Holders of the Notes, (D) unless otherwise provided in such
         supplemental indenture, expressly agree to indemnify, defend and hold
         harmless the Issuer against and from any loss, liability or expense
         arising under or related to this Indenture and the Notes and (E)
         expressly agree by means of such supplemental indenture that such
         Person (or if a group of Persons, then one specified Person) shall make
         all filings with the Commission (and any other appropriate Person)
         required by the Exchange Act in connection with the Notes;

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

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

                  (iv)     the Issuer shall have received an Opinion of Counsel
         which shall be delivered to and shall be satisfactory to the Trustee to
         the effect that such conveyance or transference will not have any
         material adverse tax consequence to the Issuer, any Noteholder or any
         Certificateholder;

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

                                       29
<PAGE>

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

         Section 3.11. Successor or Transferee.

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

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

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

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

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

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

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

                                       30
<PAGE>

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

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

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

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

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

         Section 3.22. Removal of Administrator. For so long as any Notes are
Outstanding, the Issuer shall not remove the Administrator without cause unless
the Rating Agency Condition shall have been satisfied in connection with such
removal.

         Section 3.23. Representations and Warranties of Issuer. The Issuer
hereby makes the following representations and warranties on which the Trustee
is deemed to have relied. Such representations and warranties speak as of the
execution and delivery of this Indenture and as of the Closing Date, but shall
survive the pledge of the Issuer to the Indenture Trustee pursuant to this
Indenture. The representations and warranties below may not be waived.

                  (i)      Security Interest. This Indenture creates a valid and
         continuing security interest (as defined in the applicable UCC) in the
         Contracts in favor of the Trustee, which

                                       31
<PAGE>

         security interest is prior to all other Liens and is enforceable as
         such as against creditors of and purchasers from the Issuer.

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

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

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

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

                                       32
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                                  ARTICLE FOUR

                           SATISFACTION AND DISCHARGE

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

                  (A)      either

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

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

                                    (i)      have become due and payable,

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

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

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

                                       33
<PAGE>

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

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

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

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

                                       34
<PAGE>

                                  ARTICLE FIVE

                                    REMEDIES

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

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

                  (ii)     default by the Issuer in the payment of the principal
         of or any installment of the principal of any Note when the same
         becomes due and payable, including with respect to each Class of Notes,
         the Final Scheduled Distribution Date for such Class;

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

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

                  (v)      the commencement by the Issuer of a voluntary case
         under any applicable federal or state bankruptcy, insolvency or other
         similar law now or hereafter in effect, or the consent by the Issuer to
         the entry of an order for relief in an involuntary case under any such
         law, or the consent by the Issuer to the appointment or taking
         possession by a receiver, liquidator, assignee, custodian, trustee,
         sequestrator or similar official of the

                                       35
<PAGE>

         Issuer or for any substantial part of the Trust Estate, or the making
         by the Issuer of any general assignment for the benefit of creditors,
         or the failure by the Issuer generally to pay its debts as such debts
         become due, or the taking of action by the Issuer in furtherance of any
         of the foregoing.

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

         Section 5.02. Rights upon Event of Default.

         (a)      If an Event of Default shall have occurred and be continuing,
the Trustee may, or if so requested in writing by Holders of Notes representing
at least a majority of the Outstanding Amount of the Notes of the Controlling
Class, upon prior written notice to each Rating Agency, shall declare by written
notice to the Issuer that the Notes become, whereupon they shall become,
immediately due and payable at par, together with accrued interest thereon and
all other amounts due hereunder. Notwithstanding anything to the contrary in
this paragraph, if an Event of Default specified in Section 5.01(iv) or (v)
shall occur and be continuing the Notes shall become immediately due and payable
at par, together with accrued interest thereon and all other amounts payable
hereunder, without any declaration or other act on the part of the Trustee or
any Holder of the Notes. Payments on the Notes upon a declaration of
acceleration of maturity pursuant to this Section shall be made in accordance
with Section 2.07(c).

         (b)      At any time after a declaration of acceleration of maturity
has been made and before a judgment or decree for payment of the amount due has
been obtained by the Trustee as hereinafter provided in this Article, the
Holders of Notes representing a majority of the Outstanding Amount of the Notes
of the Controlling Class, by written notice to the Issuer and the Trustee, may
rescind and annul such declaration and its consequences if:

                  (i)      the Issuer has paid or deposited with the Trustee a
         sum sufficient to pay:

                           (A)      all payments of principal of and interest on
                  all Notes and all other amounts that would then be due
                  hereunder or upon such Notes if the Event of Default giving
                  rise to such acceleration had not occurred; and

                           (B)      all sums paid or advanced by the Trustee
                  hereunder and the reasonable compensation, expenses,
                  disbursements and advances of the Trustee and its agents and
                  counsel and other amounts due and owing to the Trustee
                  pursuant to Section 6.07; and

                  (ii)     all Events of Default, other than the nonpayment of
         the principal of the Notes that has become due solely by such
         acceleration, have been cured or waived as provided in Section 5.13.

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

                                       36
<PAGE>

         Section 5.03. Collection of Indebtedness and Suits for Enforcement by
Trustee.

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

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

         (c)      If an Event of Default occurs and is continuing, the Trustee
may, as more particularly provided in Section 5.04, in its discretion, proceed
to protect and enforce its rights and the rights of the Noteholders, by such
appropriate Proceedings as the Trustee shall deem most effective to protect and
enforce any such rights, whether for the specific enforcement of any covenant or
agreement in this Indenture or in aid of the exercise of any power granted
herein, or to enforce any other proper remedy or legal or equitable right vested
in the Trustee by this Indenture or by law.

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

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

                                       37
<PAGE>

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

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

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

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

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

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

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

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

                                       38
<PAGE>

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

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

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

         Notwithstanding the foregoing, the Trustee may not sell or otherwise
liquidate the Trust Estate following an Event of Default described in Section
5.01(iii) unless (A) the Holders of 100% of the Outstanding Amount of the Notes
of the Controlling Class consent thereto, (B) the proceeds of such sale or
liquidation are sufficient to pay in full all amounts then due and unpaid on
such Notes in respect of principal and interest or (C) the Trustee determines
that the Trust Estate will not continue to provide sufficient funds for the
payment of principal of and interest on the Notes as they would have become due
if the Notes had not been declared due and payable, the Trustee provides prior
written notice of such sale or liquidation to each Rating Agency and Holders of
at least 66 2/3% of the Outstanding Amount of the Notes of the Controlling Class
consent to such sale or liquidation. In determining such sufficiency or
insufficiency with respect to clauses (B) and (C) of this paragraph, the Trustee
may, but need not, obtain and rely upon an opinion of an Independent investment
banking or accounting firm of national reputation as to the feasibility of such
proposed action and as to the sufficiency of the Trust Estate for such purpose.

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

         Section 5.06. Priorities.

         (a)      If the Trustee collects any money or property pursuant to this
Article, it shall deposit all amounts payable to Holders of the Notes into the
Note Distribution Account and distribute such amounts to the such Holders in the
order and priority set forth in Section 2.07(c).

                                       39
<PAGE>

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

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

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

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

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

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

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

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

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

         Section 5.08. Unconditional Rights of Noteholders to Receive Principal
and Interest. Notwithstanding any other provisions in this Indenture, the Holder
of any Note shall have the right, which is absolute and unconditional, to
receive payment of the principal of and interest on such Note on or after the
respective due dates thereof expressed in such Note or in this Indenture (or, in
the case of redemption, on or after the Redemption Date) and to institute suit
for the enforcement of any such payment, and such right shall not be impaired
without the consent of such Holder.

         Section 5.09. Restoration of Rights and Remedies. If the Trustee or any
Noteholder has instituted any Proceeding to enforce any right or remedy under
this Indenture and such

                                       40
<PAGE>

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

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

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

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

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

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

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

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

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

                                       41
<PAGE>

         Section 5.13. Waiver of Past Defaults. Prior to the declaration of the
acceleration of the maturity of the Notes as provided in Section 5.02, the
Holders of Notes of not less than a majority of the Outstanding Amount of the
Notes of the Controlling Class may waive any past Default or Event of Default
and its consequences except a Default or Event of Default (i) in payment of
principal of or interest on any of the Notes or (ii) in respect of a covenant or
provision hereof which cannot be supplemented, modified or amended without the
consent of the Holder of each Note. In the case of any such waiver, the Issuer,
the Trustee and the Holders of the Notes shall be restored to their former
positions and rights hereunder, respectively; but no such waiver shall extend to
any subsequent or other Default or Event of Default or impair any right
consequent thereto. The Issuer shall notify each Rating Agency of any waiver of
a Default or Event of Default.

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

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

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

         Section 5.16. Action on Notes. The Trustee's right to seek and recover
judgment on the Notes or under this Indenture shall not be affected by the
seeking, obtaining or application of any other relief under or with respect to
this Indenture. Neither the lien of this Indenture nor any rights or remedies of
the Trustee or the Noteholders shall be impaired by the recovery of any

                                       42
<PAGE>

judgment by the Trustee against the Issuer or by the levy of any execution under
such judgment upon any portion of the Trust Estate or upon any of the assets of
the Issuer. Any money or property collected by the Trustee shall be applied in
accordance with Section 5.06.

         Section 5.17. Performance and Enforcement of Certain Obligations.

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

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

                                       43
<PAGE>

                                   ARTICLE SIX

                                   THE TRUSTEE

         Section 6.01. Duties of Trustee.

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

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

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

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

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

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

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

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

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

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

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

                                       44
<PAGE>

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

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

         (i)      The Trustee shall, and hereby agrees that it will perform all
of the obligations and duties required of it under the Sale and Servicing
Agreement.

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

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

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

         Section 6.02. Rights of Trustee.

         (a)      Except as otherwise provided in Section 6.02(g) and the second
succeeding sentence, the Trustee may conclusively rely and shall be protected in
acting upon or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, consent, order, note,
direction, demand, election or other paper or document believed by it to be
genuine and to have been signed or presented by the proper person. The Trustee
need not investigate any fact or matter stated in the document. Notwithstanding
the foregoing, the Trustee, upon receipt of all resolutions, certificates,
statements, opinions, reports, documents, orders or other instruments furnished
to the Trustee that shall be specifically required to be furnished pursuant to
any provision of this Indenture, shall examine them to determine whether they
comply as to form to the requirements of this Indenture.

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

                                       45
<PAGE>

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

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

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

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

         (g)      The Trustee shall not be bound to make any investigation into
the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order, approval, bond or
other paper or document, unless requested in writing to do so by the Holders of
Notes evidencing not less than 25% of the Outstanding Amount of the Notes of the
Controlling Class; provided, however, that if the payment within a reasonable
time to the Trustee of the costs, expenses or liabilities likely to be incurred
by it in the making of such investigation is, in the opinion of the Trustee, not
reasonably assured to the Trustee by the security afforded to it by the terms of
this Indenture or the Sale and Servicing Agreement, the Trustee may require
reasonable indemnity against such cost, expense or liability as a condition to
so proceeding. The reasonable expense of each such investigation shall be paid
by the Person making such request, or, if paid by the Trustee, shall be
reimbursed by the Person making such request upon demand.

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

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

                                       46
<PAGE>

connection with the sale of the Notes or in the Notes other than the Trustee's
certificate of authentication.

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

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

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

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

         Section 6.08. Replacement of Trustee. The Trustee may resign at any
time by so notifying the Issuer and the Master Servicer. The Issuer shall remove
the Trustee if:

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

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<PAGE>

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

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

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

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

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

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

         If a successor Trustee does not take office within 45 days after the
retiring Trustee resigns or is removed, the retiring Trustee, the Issuer or the
Holders of a majority of the Outstanding Amount of the Notes of the Controlling
Class may petition any court of competent jurisdiction for the appointment of a
successor Trustee.

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

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

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<PAGE>

pursuant to this Section, the retiring Trustee shall be entitled to payment or
reimbursement of such amounts as such Person is entitled pursuant to Section
6.07.

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

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

         (a)      Notwithstanding any other provision of this Indenture, at any
time, for the purpose of meeting any legal requirement of any jurisdiction in
which any part of the Trust Estate may at the time be located, the Trustee and
the Administrator acting jointly shall have the power and may execute and
deliver all instruments to appoint one or more Persons to act as a co-trustee or
co-trustees, jointly with the Trustee, or separate trustee or separate trustees,
of all or any part of the Trust, and to vest in such Person or Persons, in such
capacity and for the benefit of the Noteholders, such title to the Trust Estate,
or any part hereof, and, subject to the other provisions of this Section, such
powers, duties, obligations, rights and trusts as the Trustee and the
Administrator may consider necessary or desirable. If the Administrator shall
not have joined in such appointment within 15 days after the receipt by it of a
request so to do, the Trustee alone shall have the power to make such
appointment. No co-trustee or separate trustee hereunder shall be required to
meet the terms of eligibility as a successor Trustee under Section 6.11 and no
notice to Noteholders of the appointment of any co-trustee or separate trustee
shall be required under Section 6.08.

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

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

                                       49
<PAGE>

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

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

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

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

         Section 6.11. Eligibility; Disqualification.

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

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

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

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

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

                                       50
<PAGE>

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

         Section 6.14. Sales Finance Licenses. The Issuer shall take such action
as, in its reasonable judgment, shall be necessary to maintain the effectiveness
of all sales finance company licenses required under the Maryland Code
Annotated, Financial Institutions Section 11-401 et seq. and all licenses
required under the Pennsylvania Motor Vehicle Sales Finance Act in connection
with this Indenture and the transactions contemplated hereby until the lien and
security interest of this Indenture shall no longer be in effect in accordance
with the terms hereof.

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<PAGE>

                                  ARTICLE SEVEN

                         NOTEHOLDERS' LISTS AND REPORTS

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

         Section 7.02. Preservation of Information; Communications to
Noteholders.

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

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

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

         Section 7.03. Reports by Issuer.

         (a)      The Issuer shall:

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

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

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

                                       52
<PAGE>

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

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

         Section 7.04. Reports by Trustee. To the extent that any of the events
described in TIA Section 313(a) shall have occurred, the Trustee shall, within
60 days after each December 15 beginning with December 15, 2004, mail to the
each Noteholder as required by TIA Section 313(c) a brief report dated as of
such date that complies with TIA Section 313(a). The Trustee also shall comply
with TIA Section 313(b).

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

                                       53
<PAGE>

                                  ARTICLE EIGHT

                      ACCOUNTS, DISBURSEMENTS AND RELEASES

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

         Section 8.02. Trust Accounts.

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

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

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

         Section 8.03. General Provisions Regarding Accounts.

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

                                       54
<PAGE>

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

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

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

         Section 8.04. Release of Trust Estate.

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

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

         Section 8.05. Opinion of Counsel. The Trustee shall receive at least
seven days' notice when requested by the Issuer to take any action pursuant to
Section 8.04(a), accompanied by copies of any instruments involved, and the
Trustee shall also require, as a condition to such

                                       55
<PAGE>

action, an Opinion of Counsel, in form and substance satisfactory to the
Trustee, stating the legal effect of any such action, outlining the steps
required to complete the same, and concluding that all conditions precedent to
the taking of such action have been complied with and such action will not
materially and adversely impair the security for the Notes or the rights of the
Noteholders in contravention of the provisions of this Indenture; provided,
however, that such Opinion of Counsel shall not be required to express an
opinion as to the fair value of the Trust Estate. Counsel rendering any such
opinion may rely, without independent investigation, on the accuracy and
validity of any certificate or other instrument delivered to the Trustee in
connection with any such action.

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<PAGE>

                                  ARTICLE NINE

                             SUPPLEMENTAL INDENTURES

         Section 9.01. Supplemental Indentures Without Consent of Noteholders.

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

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

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

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

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

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

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

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

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

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<PAGE>

         (b)      The Issuer and the Trustee, when authorized by an Issuer
Order, may, also without the consent of any of the Holders of the Notes, enter
into an indenture or indentures supplemental hereto for the purpose of adding
any provisions to, or changing in any manner or eliminating any of the
provisions of, this Indenture or of modifying in any manner the rights of the
Holders of the Notes under this Indenture; provided, however, that such action
must satisfy the Rating Agency Condition and shall not, as evidenced by an
Opinion of Counsel, adversely affect in any material respect the interests of
any Noteholder or result in the creation of a new security.

         Section 9.02. Supplemental Indentures With Consent of Noteholders. The
Issuer and the Trustee, when authorized by an Issuer Order, and with the consent
of the Holders of not less than 66 2/3% of the Outstanding Amount of the Notes
of the Controlling Class may enter into an indenture or indentures supplemental
hereto for the purpose of adding any provisions to, or changing in any manner or
eliminating any of the provisions of, this Indenture or of modifying in any
manner the rights of the Holders of the Notes under this Indenture; provided,
however, that such action must satisfy the Rating Agency Condition and no such
supplemental indenture shall, without the consent of the Holder of each
Outstanding Note affected thereby:

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

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

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

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

                  (v)      modify any provision of this Section except to
         increase any percentage specified herein or to provide that certain
         additional provisions of this Indenture or the

                                       58
<PAGE>

         other Basic Documents cannot be modified or waived without the consent
         of the Holder of each Outstanding Note affected thereby;

                  (vi)     modify any of the provisions of this Indenture in
         such manner as to affect the calculation of the amount of any payment
         of interest or principal due on any Note on any Distribution Date
         (including the calculation of any of the individual components of such
         calculation) or to affect the rights of the Holders of Notes to the
         benefit of any provisions for the mandatory redemption of the Notes
         contained herein; or

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

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

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

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

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

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

                                       59
<PAGE>

amendments, and all the terms and conditions of any such supplemental indenture
shall be and be deemed to be part of the terms and conditions of this Indenture
for any and all purposes.

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

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

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<PAGE>

                                  ARTICLE TEN

                               REDEMPTION OF NOTES

         Section 10.01. Redemption.

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

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

         Section 10.02. Form of Redemption Notice.

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

         All notices of redemption shall state:

                  (i)      the Redemption Date;

                  (ii)     the Redemption Price;

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

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<PAGE>

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

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

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

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

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<PAGE>

                                 ARTICLE ELEVEN

                                  MISCELLANEOUS

         Section 11.01. Compliance Certificates and Opinions, etc.

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

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

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

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

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

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

         (b)      (i)      Prior to the deposit of any Collateral or other
property or securities with the Trustee that is to be made the basis for the
release of any property subject to the lien created by this Indenture, the
Issuer shall, in addition to any obligation imposed in Section 11.01(a) or
elsewhere in this Indenture, furnish to the Trustee an Officer's Certificate
certifying or stating the opinion of the signer thereof such certificate as to
the fair value (within 90 days of such deposit) to the Issuer of the Collateral
or other property or securities to be so deposited.

                  (ii)     Whenever the Issuer is required to furnish to the
         Trustee an Officer's Certificate certifying or stating the opinion of
         any signer thereof as to the matters described in clause (i) above, the
         Issuer shall also deliver to the Trustee an Independent Certificate as
         to the same matters, if the fair value to the Issuer of the property to
         be so deposited and of all other such property made the basis of any
         such withdrawal or release

                                       63
<PAGE>

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

                  (iii)    Other than with respect to any release described in
         clause (A) or (B) of Section 11.01(b)(v), whenever any property or
         securities are to be released from the lien created by this Indenture,
         the Issuer shall also furnish to the Trustee an Officer's Certificate
         certifying or stating the opinion of each person signing such
         certificate as to the fair value (within 90 days of such release) of
         the property or securities proposed to be released and stating that in
         the opinion of such person the proposed release will not impair the
         security created by this Indenture in contravention of the provisions
         hereof.

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

                  (v)      Notwithstanding Section 2.12 or any other provision
         of this Section, the Issuer may, without compliance with the other
         provisions of this Section, (A) collect, liquidate, sell or otherwise
         dispose of the Contracts as and to the extent permitted or required by
         the Basic Documents and (B) make cash payments out of the Trust
         Accounts as and to the extent permitted or required by the Basic
         Documents, so long as the Issuer shall deliver to the Trustee every six
         months, commencing June 15, 2004, an Officer's Certificate stating that
         all the dispositions of Collateral described in clauses (A) or (B) that
         occurred during the preceding six calendar months were in the ordinary
         course of the Issuer's business and that the proceeds thereof were
         applied in accordance with the Basic Documents.

         Section 11.02. Form of Documents Delivered to Trustee. In any case
where several matters are required to be certified by, or covered by an opinion
of, any specified Person, it is not necessary that all such matters be certified
by, or covered by the opinion of, only one such Person, or that they be so
certified or covered by only one document, but one such Person may certify or
give an opinion with respect to some matters and one or more other such Persons
as to other matters, and any such Person may certify or give an opinion as to
such matters in one or several documents.

                                       64
<PAGE>

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

         Where any Person is required to make, give or execute two or more
applications, requests, consents, certificates, statements, opinions or other
instruments under this Indenture, they may, but need not, be consolidated and
form one instrument.

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

         Section 11.03. Acts of Noteholders.

         (a)      Any request, demand, authorization, direction, notice,
consent, waiver or other action provided by this Indenture to be given or taken
by Noteholders may be embodied in and evidenced by one or more instruments of
substantially similar tenor signed by such Noteholders in person or by agents
duly appointed in writing; and except as herein otherwise expressly provided,
such action shall become effective when such instrument or instruments are
delivered to the Trustee, and, where it is hereby expressly required, to the
Issuer. Such instrument or instruments (and the action embodied therein and
evidenced thereby) are herein sometimes referred to as the "Act" of the
Noteholders signing such instrument or instruments. Proof of execution of any
such instrument or of a writing appointing any such agent shall be sufficient
for any purpose of this Indenture and (subject to Section 6.01) conclusive in
favor of the Trustee and the Issuer, if made in the manner provided in this
Section.

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

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

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

                                       65
<PAGE>

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

         Section 11.04. Notices, etc., to Trustee, Issuer and Rating Agencies.

         (a)      Any request, demand, authorization, direction, notice,
consent, waiver, communication or Act of Noteholders or other documents provided
or permitted by this Indenture shall be in writing and addressed as follows:

         (i)      if to the Trustee, by any Noteholder or by the Issuer, to:

                  Deutsche Bank Trust Company Americas
                  60 Wall Street - 26th Floor
                  MS NYC60-2606
                  New York, New York  10005
                  Attention: Corporate Trust & Agency Services - Structured
                             Finance Services

         (ii)     if to the Issuer, by the Trustee or by any Noteholder, to:

                  WFS Financial 2004-1 Owner Trust
                  Chase Manhattan Bank USA, National Association
                  c/o JP Morgan Chase
                  500 Stanton Christiana Rd., OPS4 /3rd Floor
                  Newark, Delaware  19713
                  Attention:  Institutional Trust Services

         or any other address furnished in writing to the Trustee by the Issuer.

         (b)      Any notice required to be given to the Rating Agencies
hereunder shall be in writing and addressed as follows:

         (i)      if to Moody's, to:

                  Moody's Investors Service, Inc.
                  ABS Monitoring Department
                  99 Church Street
                  New York, New York  10007

         (ii)     if to Standard & Poor's, to:

                  Standard & Poor's
                  55 Water Street
                  New York, New York  10041
                  Attention: Asset Backed Surveillance Department

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<PAGE>

         (iii)    if to Fitch, to:

                  Fitch Ratings
                  One State Street Plaza
                  New York, New York  10004
                  Attention: Asset Backed Securities - Auto Group, 32nd Floor;
                  55 Water Street
                  New York, New York  10041
                  Attention: Asset Backed Surveillance Department

         or as to any of the foregoing, at such other address as shall be
designated by written notice to the other parties.

         Section 11.05. Notices to Noteholders; Waiver. Where this Indenture
provides for notice to Noteholders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing
and mailed, first-class, postage prepaid to each Noteholder affected by such
event, at his address as it appears on the Note Register, not later than the
latest date, and not earlier than the earliest date, prescribed for the giving
of such notice. In any case where notice to Noteholders is given by mail,
neither the failure to mail such notice nor any defect in any notice so mailed
to any particular Noteholder shall affect the sufficiency of such notice with
respect to other Noteholders, and any notice that is mailed in the manner herein
provided shall conclusively be presumed to have been duly given.

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

         In case, by reason of the suspension of regular mail service as a
result of a strike, work stoppage or similar activity, it shall be impractical
to mail notice of any event of Noteholders when such notice is required to be
given pursuant to any provision of this Indenture, then any manner of giving
such notice as shall be satisfactory to the Trustee shall be deemed to be a
sufficient giving of such notice.

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

         Section 11.06. Alternate Payment and Notice Provisions. Notwithstanding
any provision of this Indenture or any of the Notes to the contrary, the Issuer
may enter into any agreement with any Holder of a Note providing for a method of
payment, or notice by the Trustee or any Paying Agent to such Holder, that is
different from the methods provided for in this Indenture for such payments or
notices. The Issuer will furnish to the Trustee a copy of each such agreement

                                       67
<PAGE>

and the Trustee will cause payments to be made and notices to be given in
accordance with such agreements.

         Section 11.07. Conflict With Trust Indenture Act. If any provision
hereof limits, qualifies or conflicts with another provision hereof that is
required to be included in this indenture by any of the provisions of the Trust
Indenture Act, such required provision shall control.

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

         Section 11.08. Effect of Headings and Table of Contents. The Article
and Section headings herein and the Table of Contents are for convenience only
and shall not affect the construction hereof.

         Section 11.09. Successors and Assigns. All covenants and agreements in
this Indenture and the Notes by the Issuer shall bind its successors and
assigns, whether so expressed or not. All agreements of the Trustee in this
Indenture shall bind its successors, co-trustees and agents.

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

         Section 11.11. Benefits of Indenture. Nothing in this Indenture or in
the Notes, express or implied, shall give to any Person, other than the parties
hereto and their successors hereunder, and the Noteholders, and any other party
secured hereunder, and any other Person with an ownership interest in any part
of the Trust Estate, any benefit or any legal or equitable right, remedy or
claim under this Indenture.

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

         Section 11.13. Governing Law. THIS INDENTURE SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF CALIFORNIA AND THE OBLIGATIONS, RIGHTS,
AND REMEDIES OF THE PARTIES UNDER THIS INDENTURE SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS, EXCEPT THAT THE DUTIES OF THE TRUSTEE SHALL BE
GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

         Section 11.14. Counterparts. This Indenture may be executed in several
counterparts, each of which shall be an original and all of which shall
constitute but one and the same instrument.

                                       68
<PAGE>

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

         Section 11.16. Trust Obligation. No recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuer, the Owner Trustee or
the Trustee on the Notes or under this Indenture or any certificate or other
writing delivered in connection herewith or therewith, against (i) the Trustee
or the Owner Trustee in its individual capacity, (ii) any owner of a beneficiary
interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer,
director, employee or agent of the Trustee or the Owner Trustee in its
individual capacity, any holder of a beneficial interest in the Issuer, the
Owner Trustee or the Trustee or of any successor or assign of the Trustee or the
Owner Trustee in its individual capacity, except as any such Person may have
expressly agreed (it being understood that the Trustee and the Owner Trustee
have no such obligations in their individual capacity) and except that any such
partner, owner or beneficiary shall be fully liable, to the extent provided by
applicable law, for any unpaid consideration for stock, unpaid capital
contribution or failure to pay any installment or call owing to such entity. For
all purposes of this Indenture, in the performance of any duties or obligations
of the Issuer hereunder, the Owner Trustee shall be subject to, and entitled to
the benefits of, the terms and provisions of Articles Six, Seven and Eight of
the Trust Agreement.

         Section 11.17. No Petition. The parties hereto, by entering into this
Indenture, and each Noteholder, by accepting a Note or a beneficial interest in
a Note, hereby covenant and agree that they will not at any time institute
against either Seller or the Issuer, or join in any institution against either
Seller or the Issuer of, any bankruptcy, reorganization, arrangement, insolvency
or liquidation proceedings, or other proceedings under any United States federal
or state bankruptcy or similar law in connection with any obligations relating
to the Notes, this Indenture or any of the other Basic Documents.

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

         Section 11.19. Limitation of Liability of Owner Trustee.
Notwithstanding anything contained herein to the contrary, this instrument has
been countersigned by Chase Manhattan Bank USA, National Association not in its
individual capacity but solely in its capacity as Owner Trustee of the Issuer
and in no event shall Chase Manhattan Bank USA, National Association in

                                       69
<PAGE>

its individual capacity or any beneficial owner of the Issuer have any liability
for the representations, warranties, covenants, agreements or other obligations
of the Issuer hereunder, as to all of which recourse shall be had solely to the
assets of the Issuer. For all purposes of this Indenture, in the performance of
any duties or obligations of the Issuer hereunder, the Owner Trustee shall be
subject to, and entitled to the benefits of, the terms and provisions of
Articles Six, Seven and Eight of the Trust Agreement.

         Section 11.20. Limitation on Recourse Against WFSRC4. Notwithstanding
anything to the contrary contained in this Indenture, the obligations of WFSRC4
under the Basic Documents are solely the corporate obligations of WFSRC4, and
shall be payable by WFSRC4, solely as provided the Basic Documents. WFSRC4 shall
only be required to pay (a) any fees, expenses, indemnities or other liabilities
that it may incur under the Basic Documents from funds available pursuant to,
and in accordance with, the payment priorities set forth in this Indenture and
(ii) to the extent WFSRC4 has additional funds available (other than funds
described in the preceding clause (i)) that would be in excess of amounts that
would be necessary to pay the debt and other obligations of WFSRC4 incurred in
accordance with WFSRC4's certificate of incorporation and all financing
documents to which WFSRC4 is a party. The agreement set forth in the preceding
sentence shall constitute a subordination agreement for purposes of Section
510(a) of the Bankruptcy Code. In addition, no amount owing by WFSRC4 hereunder
in excess of the liabilities that it is required to pay in accordance with the
preceding sentence shall constitute a "claim" (as defined in Section 101(5) of
the Bankruptcy Code) against it.

                                       70
<PAGE>

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

                                  WFS FINANCIAL 2004-1 OWNER TRUST

                                  By: CHASE MANHATTAN BANK USA, NATIONAL
                                      ASSOCIATION,
                                      not in its individual capacity but solely
                                      on behalf of the Issuer as Owner Trustee
                                      under the Trust Agreement

                                  By: __________________________________________
                                      Name:
                                      Title:

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

                                  By: __________________________________________
                                      Name:
                                      Title:

<PAGE>

                                                                      SCHEDULE A

                              SCHEDULE OF CONTRACTS

Omitted -- Schedules of Contracts on file at the offices of the Seller, the
Master Servicer and the Owner Trustee.

                                      SA-1

<PAGE>

                                                                       EXHIBIT A

                      FORM OF SALE AND SERVICING AGREEMENT

                                       A-1

<PAGE>

                                                                       EXHIBIT B

                        FORM OF NOTE DEPOSITORY AGREEMENT

                                       B-1

<PAGE>

                                                                       EXHIBIT C

                             FORM OF CLASS A-1 NOTE

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

         THIS SECURITY IS NOT A SAVINGS ACCOUNT OR DEPOSIT AND IT IS NOT INSURED
BY THE UNITED STATES OR ANY AGENCY OR FUND OF THE UNITED STATES.

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

                        WFS FINANCIAL 2004-1 OWNER TRUST

                              1.08% CLASS A-1 NOTE

REGISTERED                                                          $222,000,000

No. R-A1                                                   CUSIP NO. 92927E AA 4

         WFS Financial 2004-1 Owner Trust, a statutory trust organized and
existing under the laws of the State of Delaware (the "Issuer"), for value
received, hereby promises to pay to Cede & Co., or registered assigns, the
principal sum of Two Hundred Twenty Two Million Dollars ($222,000,000), payable
to the extent described in the Indenture referred to on the reverse hereof on
each Distribution Date; provided, however, that the entire unpaid principal
amount of this Note shall be payable on the earlier of February 21, 2005 (the
"Class A-1 Final Scheduled Distribution Date") and the Redemption Date, if any,
selected pursuant to the Indenture.

         The Issuer will pay interest on this Note at the rate per annum shown
above on each Distribution Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note outstanding on the
preceding Distribution Date (after giving effect to all payments of principal
made on the preceding Distribution Date), or on the Closing Date in the case of
the first Distribution Date or if no interest has yet been paid, subject to
certain

                                      C-1
<PAGE>

limitations contained in the Indenture. Interest on this Note will accrue for
each Distribution Date from, and including, the prior Distribution Date on which
interest has been paid to but excluding the current Distribution Date or, in the
case of the first Distribution Date or if no interest has yet been paid, from,
and including, February 27, 2004. The Issuer shall pay interest on overdue
installments of interest at the Class A-1 Rate to the extent lawful. Interest
will be computed on the basis of a 360-day year and the actual number of days
elapsed during the related Interest Period. Such principal of and interest on
this Note shall be paid in the manner specified on the reverse hereof.

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

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

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

                                      C-2
<PAGE>

         IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed,
manually or in facsimile, by an Authorized Officer, as set forth below.

Date: February __, 2004           WFS FINANCIAL 2004-1 OWNER TRUST

                                  By: CHASE MANHATTAN BANK USA, NATIONAL
                                      ASSOCIATION, not in its individual
                                      capacity but solely on behalf of the
                                      Issuer as Owner Trustee, under the Trust
                                      Agreement

                                  By: __________________________________________
                                      Name:
                                      Title:

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

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

                                  By: __________________________________________
                                                Authorized Signatory

                                      C-3
<PAGE>

                           [REVERSE OF CLASS A-1 NOTE]

         This Note is one of a duly authorized issue of Auto Receivable Backed
Notes of the Issuer, designated as its 1.08% Class A-1 Notes (the "Class A-1
Notes"), all issued under an Indenture, dated as of February 1, 2004 (the
"Indenture"), between the Issuer and Deutsche Bank Trust Company Americas, as
trustee (the "Trustee"), to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Trustee and the Holders of the Notes.
The Notes are subject to all terms of the Indenture. All terms used in this Note
that are defined in the Indenture, as supplemented or amended, shall have the
meanings assigned to them in or pursuant to the Indenture, as so supplemented or
amended.

         The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the
Class A-4 Notes, the Class B Notes, the Class C Notes and the Class D Notes
(collectively, the "Notes") are and, except as otherwise provided in the
Indenture and the Sale and Servicing Agreement, will be equally and ratably
secured by the collateral pledged as security therefor as provided in the
Indenture.

         Principal payable on the Class A-1 Notes will be paid on each
Distribution Date in the amount specified in the Indenture and in the Sale and
Servicing Agreement. As described above, the entire unpaid principal amount of
this Note will be payable on the earlier of the Class A-1 Final Scheduled
Distribution Date and the Redemption Date, if any, selected pursuant to the
Indenture. Notwithstanding the foregoing, under certain circumstances, the
entire unpaid principal amount of the Class A-1 Notes shall be due and payable
following the occurrence and continuance of an Event of Default, as described in
the Indenture. All principal payments on the Class A-1 Notes shall be made pro
rata to the Class A-1 Noteholders entitled thereto.

         Payments of principal and interest on this Note due and payable on each
Distribution Date or Redemption Date shall be made by check mailed to the Person
whose name appears as the Registered Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on the
related Record Date, except that with respect to Notes registered on the Record
Date in the name of the nominee of the Clearing Agency (initially, such nominee
to be Cede & Co.), payments will be made by wire transfer in immediately
available funds to the account designated by such nominee. Such checks shall be
mailed to the Person entitled thereto at the address of such Person as it
appears on the Note Register as of the applicable Record Date without requiring
that this Note be submitted for notation of payment. Any reduction in the
principal amount of this Note (or any one or more Predecessor Notes) affected by
any payments made on any Distribution Date or Redemption Date shall be binding
upon all future Holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not noted hereon. If funds are expected to be available, as provided in the
Indenture, for payment in full of the remaining unpaid principal amount of this
Note on a Distribution Date or Redemption Date, then the Trustee, in the name of
and on behalf of the Issuer, will notify the Person who was the Registered
Holder hereof as of the Record Date preceding such Distribution Date or
Redemption Date by notice mailed within 20 days of such Distribution Date or
Redemption Date and the amount then due and payable shall be payable only upon
presentation and surrender of this Note at the Corporate Trust Office of the
Trustee or at the office of the Trustee's agent appointed for such purposes
located in The City of New York.

                                      C-4
<PAGE>

         As provided in the Indenture, the Notes may be redeemed pursuant to the
Indenture, in whole, but not in part, at the option of the Seller, on any
Distribution Date following the last day of a Collection Period as of which the
Aggregate Principal Balance is less than or equal to $150,000,000.

         As provided in the Indenture and subject to certain limitations set
forth therein, the transfer of this Note may be registered on the Note Register
upon surrender of this Note for registration of transfer at the office or agency
designated by the Issuer pursuant to the Indenture. No service charge will be
charged for any registration of transfer or exchange of this Note, but the
transferor may be required to pay a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any such registration
of transfer or exchange.

         Each Noteholder or Note Owner, by acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that no
recourse may be taken, directly or indirectly, with respect to the obligations
of the Issuer, the Owner Trustee or the Trustee on the Notes or under the
Indenture or any certificate or other writing delivered in connection therewith,
against (i) the Trustee or the Owner Trustee in its individual capacity, (ii)
any owner of a beneficial interest in the Issuer or (iii) any partner, owner,
beneficiary, agent, officer, director or employee of the Trustee or the Owner
Trustee in its individual capacity, any holder of a beneficial interest in the
Issuer, the Owner Trustee or the Trustee or of any successor or assign of the
Trustee or the Owner Trustee in its individual capacity, except as any such
Person may have expressly agreed and except that any such partner, owner or
beneficiary shall be fully liable, to the extent provided by applicable law, for
any unpaid consideration for stock, unpaid capital contribution or failure to
pay any installment or call owing to such entity.

         Each Noteholder or Note Owner, by acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that by
accepting the benefits of the Indenture and such Note that such Noteholder or
Note Owner will not at any time institute against the Seller or the Issuer, or
join in any institution against the Seller or the Issuer of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings under any
United States federal or state bankruptcy or similar law in connection with any
obligations relating to the Notes, the Indenture or the other Basic Documents.

         The Issuer has entered into the Indenture, and this Note is issued with
the intention that, for federal, state and local income, single business and
franchise tax purposes, the Notes will qualify as indebtedness of the Issuer
secured by the Trust Estate. Each Noteholder, by acceptance of a Note (and each
Note Owner by acceptance of a beneficial interest in a Note), agrees to treat
the Notes for federal, state and local income, single business and franchise tax
purposes as indebtedness of the Issuer.

         Prior to the due presentment for registration of transfer of this Note,
the Issuer and the Trustee and any agent of the Issuer and the Trustee may treat
the Person in whose name this Note (as of the day of determination or as of such
other date as may be specified in the Indenture) is registered as the owner
hereof for all purposes, whether or not this Note be overdue, and neither the
Issuer, the Trustee nor any such agent shall be affected by notice to the
contrary.

                                      C-5
<PAGE>

         The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer with the consent of the Holders of Notes representing at
least 66 2/3% of the Outstanding Amount of the Notes of Controlling Class. The
Indenture also contains provisions permitting the Holders of Notes representing
specified percentages of the Outstanding Amount of the Notes or the Notes of the
Controlling Class, on behalf of the Holders of all the Notes, to waive
compliance by the Issuer with certain provisions of the Indenture and certain
past defaults under the Indenture and their consequences. Any such consent or
waiver by the Holder of this Note (or any one of more Predecessor Notes) shall
be conclusive and binding upon such Holder and upon all future Holders of this
Note and of any Note issued upon the registration of transfer hereof or in
exchange hereof or in lieu hereof whether or not notation of such consent or
waiver is made upon this Note. The Indenture also permits the Trustee to amend
or waive certain terms and conditions set forth in the Indenture without the
consent of Holders of the Notes issued thereunder.

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

         This Note and the Indenture shall be construed in accordance with the
laws of the State of California, and the obligations, rights and remedies of the
parties hereunder and thereunder shall be determined in accordance with such
laws, except that the duties of the Trustee under the Indenture shall be
governed by New York law.

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

                                      C-6
<PAGE>

                                                                       EXHIBIT D

                             FORM OF CLASS A-2 NOTE

         THIS NOTE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A-1
NOTES TO THE EXTENT DESCRIBED IN THE INDENTURE REFERRED TO HEREIN.

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

           THIS SECURITY IS NOT A SAVINGS ACCOUNT OR DEPOSIT AND IT IS
NOT INSURED BY THE UNITED STATES OR ANY AGENCY OR FUND OF THE UNITED STATES.

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

                        WFS FINANCIAL 2004-1 OWNER TRUST

                              1.51% CLASS A-2 NOTE

REGISTERED                                                          $400,000,000

No. R-A2-1                                                 CUSIP NO. 92927E AB 2

         WFS Financial 2004-1 Owner Trust, a statutory trust organized and
existing under the laws of the State of Delaware (the "Issuer"), for value
received, hereby promises to pay to Cede & Co., or registered assigns, the
principal sum of Four Hundred Million Dollars ($400,000,000), payable on each
Distribution Date in an amount equal to the result obtained by multiplying (i) a
fraction the numerator of which is $400,000,000 and the denominator of which is
$555,000,000 by (ii) the aggregate principal amount, if any, payable from the
Note Distribution Account in respect of principal on the Class A-2 Notes
pursuant to the extent described in the Indenture referred to on the reverse
hereof; provided, however, that the entire unpaid principal amount of this Note
shall be payable on the earlier of July 20, 2007 (the "Class A-2 Final Scheduled
Distribution Date") and the Redemption Date, if any, selected pursuant to the
Indenture. No payments of principal of the Class A-2 Notes shall be made until
the principal amount of the Class A-1 Notes has been reduced to zero.

                                      D-1
<PAGE>

         The Issuer will pay interest on this Note at the rate per annum shown
above on each Distribution Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note outstanding on the
preceding Distribution Date (after giving effect to all payments of principal
made on the preceding Distribution Date), or on the Closing Date in the case of
the first Distribution Date or if no interest has yet been paid, subject to
certain limitations contained in the Indenture. Interest on this Note will
accrue for each Distribution Date from, and including, the 20th day of the month
of the prior Distribution Date on which interest has been paid to, but
excluding, the 20th day of the month of the current Distribution Date or, in the
case of the first Distribution Date or if no interest has yet been paid, from,
and including, February 27, 2004. The Issuer shall pay interest on overdue
installments of interest at the Class A-2 Rate to the extent lawful. Interest
will be computed on the basis of a 360-day year consisting of twelve 30-day
months. Such principal of and interest on this Note shall be paid in the manner
specified on the reverse hereof.

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

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

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

                                      D-2
<PAGE>

         IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed,
manually or in facsimile, by an Authorized Officer, as set forth below.

Date: February __, 2004           WFS FINANCIAL 2004-1 OWNER TRUST

                                  By: CHASE MANHATTAN BANK USA, NATIONAL
                                      ASSOCIATION, not in its individual
                                      capacity but solely on behalf of the
                                      Issuer as Owner Trustee, under the Trust
                                      Agreement

                                  By: _________________________________________
                                      Name:
                                      Title:

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

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

                                  By: _________________________________________
                                                Authorized Signatory

                                      D-3
<PAGE>

                           [REVERSE OF CLASS A-2 NOTE]

         This Note is one of a duly authorized issue of Auto Receivable Backed
Notes of the Issuer, designated as its 1.51% Class A-2 Notes (the "Class A-2
Notes"), all issued under an Indenture, dated as of February 1, 2004 (the
"Indenture"), between the Issuer and Deutsche Bank Trust Company Americas, as
trustee (the "Trustee"), to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Trustee and the Holders of the Notes.
The Notes are subject to all terms of the Indenture. All terms used in this Note
that are defined in the Indenture, as supplemented or amended, shall have the
meanings assigned to them in or pursuant to the Indenture, as so supplemented or
amended.

         The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, Class
A-4 Notes, the Class B Notes, the Class C Notes and the Class D Notes
(collectively, the "Notes") are and, except as otherwise provided in the
Indenture and the Sale and Servicing Agreement, will be equally and ratably
secured by the collateral pledged as security therefor as provided in the
Indenture.

         Principal payable on the Class A-2 Notes will be paid on each
Distribution Date in the amount specified in the Indenture and in the Sale and
Servicing Agreement. As described above, the entire unpaid principal amount of
this Note will be payable on the earlier of the Class A-2 Final Scheduled
Distribution Date and the Redemption Date, if any, selected pursuant to the
Indenture. Notwithstanding the foregoing, under certain circumstances, the
entire unpaid principal amount of the Class A-2 Notes shall be due and payable
following the occurrence and continuance of an Event of Default, as described in
the Indenture. All principal payments on the Class A-2 Notes shall be made pro
rata to the Class A-2 Noteholders entitled thereto.

         Payments of principal and interest on this Note due and payable on each
Distribution Date or Redemption Date shall be made by check mailed to the Person
whose name appears as the Registered Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on the
related Record Date, except that with respect to Notes registered on the Record
Date in the name of the nominee of the Clearing Agency (initially, such nominee
to be Cede & Co.), payments will be made by wire transfer in immediately
available funds to the account designated by such nominee. Such checks shall be
mailed to the Person entitled thereto at the address of such Person as it
appears on the Note Register as of the applicable Record Date without requiring
that this Note be submitted for notation of payment. Any reduction in the
principal amount of this Note (or any one or more Predecessor Notes) affected by
any payments made on any Distribution Date or Redemption Date shall be binding
upon all future Holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not noted hereon. If funds are expected to be available, as provided in the
Indenture, for payment in full of the remaining unpaid principal amount of this
Note on a Distribution Date or Redemption Date, then the Trustee, in the name of
and on behalf of the Issuer, will notify the Person who was the Registered
Holder hereof as of the Record Date preceding such Distribution Date or
Redemption Date by notice mailed within 20 days of such Distribution Date or
Redemption Date and the amount then due and payable shall be payable only upon
presentation and surrender of this Note at the Corporate Trust Office of the
Trustee or at the office of the Trustee's agent appointed for such purposes
located in The City of New York.

                                      D-4
<PAGE>

         As provided in the Indenture, the Notes may be redeemed pursuant to the
Indenture, in whole, but not in part, at the option of the Seller, on any
Distribution Date following the last day of a Collection Period as of which the
Aggregate Principal Balance is less than or equal to $150,000,000.

         As provided in the Indenture and subject to certain limitations set
forth therein, the transfer of this Note may be registered on the Note Register
upon surrender of this Note for registration of transfer at the office or agency
designated by the Issuer pursuant to the Indenture. No service charge will be
charged for any registration of transfer or exchange of this Note, but the
transferor may be required to pay a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any such registration
of transfer or exchange.

         Each Noteholder or Note Owner, by acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that no
recourse may be taken, directly or indirectly, with respect to the obligations
of the Issuer, the Owner Trustee or the Trustee on the Notes or under the
Indenture or any certificate or other writing delivered in connection therewith,
against (i) the Trustee or the Owner Trustee in its individual capacity, (ii)
any owner of a beneficial interest in the Issuer or (iii) any partner, owner,
beneficiary, agent, officer, director or employee of the Trustee or the Owner
Trustee in its individual capacity, any holder of a beneficial interest in the
Issuer, the Owner Trustee or the Trustee or of any successor or assign of the
Trustee or the Owner Trustee in its individual capacity, except as any such
Person may have expressly agreed and except that any such partner, owner or
beneficiary shall be fully liable, to the extent provided by applicable law, for
any unpaid consideration for stock, unpaid capital contribution or failure to
pay any installment or call owing to such entity.

         Each Noteholder or Note Owner, by acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that by
accepting the benefits of the Indenture and such Note that such Noteholder or
Note Owner will not at any time institute against the Seller or the Issuer, or
join in any institution against the Seller or the Issuer of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings under any
United States federal or state bankruptcy or similar law in connection with any
obligations relating to the Notes, the Indenture or the other Basic Documents.

         The Issuer has entered into the Indenture, and this Note is issued with
the intention that, for federal, state and local income, single business and
franchise tax purposes, the Notes will qualify as indebtedness of the Issuer
secured by the Trust Estate. Each Noteholder, by acceptance of a Note (and each
Note Owner by acceptance of a beneficial interest in a Note), agrees to treat
the Notes for federal, state and local income, single business and franchise tax
purposes as indebtedness of the Issuer.

         Prior to the due presentment for registration of transfer of this Note,
the Issuer and the Trustee and any agent of the Issuer and the Trustee may treat
the Person in whose name this Note (as of the day of determination or as of such
other date as may be specified in the Indenture) is registered as the owner
hereof for all purposes, whether or not this Note be overdue, and neither the
Issuer, the Trustee nor any such agent shall be affected by notice to the
contrary.

                                      D-5
<PAGE>

         The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer with the consent of the Holders of Notes representing at
least 66 2/3% of the Outstanding Amount of the Notes of the Controlling Class.
The Indenture also contains provisions permitting the Holders of Notes
representing specified percentages of the Outstanding Amount of the Notes or the
Notes of the Controlling Class, on behalf of the Holders of all the Notes, to
waive compliance by the Issuer with certain provisions of the Indenture and
certain past defaults under the Indenture and their consequences. Any such
consent or waiver by the Holder of this Note (or any one of more Predecessor
Notes) shall be conclusive and binding upon such Holder and upon all future
Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange hereof or in lieu hereof whether or not notation of such
consent or waiver is made upon this Note. The Indenture also permits the Trustee
to amend or waive certain terms and conditions set forth in the Indenture
without the consent of Holders of the Notes issued thereunder.

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

         This Note and the Indenture shall be construed in accordance with the
laws of the State of California, and the obligations, rights and remedies of the
parties hereunder and thereunder shall be determined in accordance with such
laws, except that the duties of the Trustee under the Indenture shall be
governed by New York law.

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

                                      D-6
<PAGE>

                                                                       EXHIBIT D

                             FORM OF CLASS A-2 NOTE

         THIS NOTE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A-1 NOTES TO
THE EXTENT DESCRIBED IN THE INDENTURE REFERRED TO HEREIN.

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

         THIS SECURITY IS NOT A SAVINGS ACCOUNT OR DEPOSIT AND IT IS NOT INSURED
BY THE UNITED STATES OR ANY AGENCY OR FUND OF THE UNITED STATES.

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

                        WFS FINANCIAL 2004-1 OWNER TRUST

                              1.51% CLASS A-2 NOTE

REGISTERED                                                          $155,000,000

No. R-A2-2                                                 CUSIP NO. 92927E AB 2

         WFS Financial 2004-1 Owner Trust, a statutory trust organized and
existing under the laws of the State of Delaware (the "Issuer"), for value
received, hereby promises to pay to Cede & Co., or registered assigns, the
principal sum of One Hundred Fifty Five Million Dollars ($155,000,000), payable
on each Distribution Date in an amount equal to the result obtained by
multiplying (i) a fraction the numerator of which is $155,000,000 and the
denominator of which is $555,000,000 by (ii) the aggregate principal amount, if
any, payable from the Note Distribution Account in respect of principal on the
Class A-2 Notes pursuant to the extent described in the Indenture referred to on
the reverse hereof; provided, however, that the entire unpaid principal amount
of this Note shall be payable on the earlier of July 20, 2007 (the "Class A-2
Final Scheduled Distribution Date") and the Redemption Date, if any, selected
pursuant to the Indenture. No payments of principal of the Class A-2 Notes shall
be made until the principal amount of the Class A-1 Notes has been reduced to
zero.

                                      D-1
<PAGE>

         The Issuer will pay interest on this Note at the rate per annum shown
above on each Distribution Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note outstanding on the
preceding Distribution Date (after giving effect to all payments of principal
made on the preceding Distribution Date), or on the Closing Date in the case of
the first Distribution Date or if no interest has yet been paid, subject to
certain limitations contained in the Indenture. Interest on this Note will
accrue for each Distribution Date from, and including, the 20th day of the month
of the prior Distribution Date on which interest has been paid to, but
excluding, the 20th day of the month of the current Distribution Date or, in the
case of the first Distribution Date or if no interest has yet been paid, from,
and including, February 27, 2004. The Issuer shall pay interest on overdue
installments of interest at the Class A-2 Rate to the extent lawful. Interest
will be computed on the basis of a 360-day year consisting of twelve 30-day
months. Such principal of and interest on this Note shall be paid in the manner
specified on the reverse hereof.

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

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

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

                                      D-2
<PAGE>

         IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed,
manually or in facsimile, by an Authorized Officer, as set forth below.

Date: February __, 2004           WFS FINANCIAL 2004-1 OWNER TRUST

                                  By: CHASE MANHATTAN BANK USA, NATIONAL
                                      ASSOCIATION,
                                      not in its individual capacity but solely
                                      on behalf of the Issuer as Owner Trustee,
                                      under the Trust Agreement

                                  By: __________________________________________
                                      Name:
                                      Title:

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

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

                                  By: __________________________________________
                                               Authorized Signatory

                                      D-3
<PAGE>

                           [REVERSE OF CLASS A-2 NOTE]

         This Note is one of a duly authorized issue of Auto Receivable Backed
Notes of the Issuer, designated as its 1.51% Class A-2 Notes (the "Class A-2
Notes"), all issued under an Indenture, dated as of February 1, 2004 (the
"Indenture"), between the Issuer and Deutsche Bank Trust Company Americas, as
trustee (the "Trustee"), to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Trustee and the Holders of the Notes.
The Notes are subject to all terms of the Indenture. All terms used in this Note
that are defined in the Indenture, as supplemented or amended, shall have the
meanings assigned to them in or pursuant to the Indenture, as so supplemented or
amended.

         The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, Class
A-4 Notes, the Class B Notes, the Class C Notes and the Class D Notes
(collectively, the "Notes") are and, except as otherwise provided in the
Indenture and the Sale and Servicing Agreement, will be equally and ratably
secured by the collateral pledged as security therefor as provided in the
Indenture.

         Principal payable on the Class A-2 Notes will be paid on each
Distribution Date in the amount specified in the Indenture and in the Sale and
Servicing Agreement. As described above, the entire unpaid principal amount of
this Note will be payable on the earlier of the Class A-2 Final Scheduled
Distribution Date and the Redemption Date, if any, selected pursuant to the
Indenture. Notwithstanding the foregoing, under certain circumstances, the
entire unpaid principal amount of the Class A-2 Notes shall be due and payable
following the occurrence and continuance of an Event of Default, as described in
the Indenture. All principal payments on the Class A-2 Notes shall be made pro
rata to the Class A-2 Noteholders entitled thereto.

         Payments of principal and interest on this Note due and payable on each
Distribution Date or Redemption Date shall be made by check mailed to the Person
whose name appears as the Registered Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on the
related Record Date, except that with respect to Notes registered on the Record
Date in the name of the nominee of the Clearing Agency (initially, such nominee
to be Cede & Co.), payments will be made by wire transfer in immediately
available funds to the account designated by such nominee. Such checks shall be
mailed to the Person entitled thereto at the address of such Person as it
appears on the Note Register as of the applicable Record Date without requiring
that this Note be submitted for notation of payment. Any reduction in the
principal amount of this Note (or any one or more Predecessor Notes) affected by
any payments made on any Distribution Date or Redemption Date shall be binding
upon all future Holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not noted hereon. If funds are expected to be available, as provided in the
Indenture, for payment in full of the remaining unpaid principal amount of this
Note on a Distribution Date or Redemption Date, then the Trustee, in the name of
and on behalf of the Issuer, will notify the Person who was the Registered
Holder hereof as of the Record Date preceding such Distribution Date or
Redemption Date by notice mailed within 20 days of such Distribution Date or
Redemption Date and the amount then due and payable shall be payable only upon
presentation and surrender of this Note at the Corporate Trust Office of the
Trustee or at the office of the Trustee's agent appointed for such purposes
located in The City of New York.

                                      D-4
<PAGE>

         As provided in the Indenture, the Notes may be redeemed pursuant to the
Indenture, in whole, but not in part, at the option of the Seller, on any
Distribution Date following the last day of a Collection Period as of which the
Aggregate Principal Balance is less than or equal to $150,000,000.

         As provided in the Indenture and subject to certain limitations set
forth therein, the transfer of this Note may be registered on the Note Register
upon surrender of this Note for registration of transfer at the office or agency
designated by the Issuer pursuant to the Indenture. No service charge will be
charged for any registration of transfer or exchange of this Note, but the
transferor may be required to pay a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any such registration
of transfer or exchange.

         Each Noteholder or Note Owner, by acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that no
recourse may be taken, directly or indirectly, with respect to the obligations
of the Issuer, the Owner Trustee or the Trustee on the Notes or under the
Indenture or any certificate or other writing delivered in connection therewith,
against (i) the Trustee or the Owner Trustee in its individual capacity, (ii)
any owner of a beneficial interest in the Issuer or (iii) any partner, owner,
beneficiary, agent, officer, director or employee of the Trustee or the Owner
Trustee in its individual capacity, any holder of a beneficial interest in the
Issuer, the Owner Trustee or the Trustee or of any successor or assign of the
Trustee or the Owner Trustee in its individual capacity, except as any such
Person may have expressly agreed and except that any such partner, owner or
beneficiary shall be fully liable, to the extent provided by applicable law, for
any unpaid consideration for stock, unpaid capital contribution or failure to
pay any installment or call owing to such entity.

         Each Noteholder or Note Owner, by acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that by
accepting the benefits of the Indenture and such Note that such Noteholder or
Note Owner will not at any time institute against the Seller or the Issuer, or
join in any institution against the Seller or the Issuer of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings under any
United States federal or state bankruptcy or similar law in connection with any
obligations relating to the Notes, the Indenture or the other Basic Documents.

         The Issuer has entered into the Indenture, and this Note is issued with
the intention that, for federal, state and local income, single business and
franchise tax purposes, the Notes will qualify as indebtedness of the Issuer
secured by the Trust Estate. Each Noteholder, by acceptance of a Note (and each
Note Owner by acceptance of a beneficial interest in a Note), agrees to treat
the Notes for federal, state and local income, single business and franchise tax
purposes as indebtedness of the Issuer.

         Prior to the due presentment for registration of transfer of this Note,
the Issuer and the Trustee and any agent of the Issuer and the Trustee may treat
the Person in whose name this Note (as of the day of determination or as of such
other date as may be specified in the Indenture) is registered as the owner
hereof for all purposes, whether or not this Note be overdue, and neither the
Issuer, the Trustee nor any such agent shall be affected by notice to the
contrary.

                                      D-5
<PAGE>

         The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer with the consent of the Holders of Notes representing at
least 66 2/3% of the Outstanding Amount of the Notes of the Controlling Class.
The Indenture also contains provisions permitting the Holders of Notes
representing specified percentages of the Outstanding Amount of the Notes or the
Notes of the Controlling Class, on behalf of the Holders of all the Notes, to
waive compliance by the Issuer with certain provisions of the Indenture and
certain past defaults under the Indenture and their consequences. Any such
consent or waiver by the Holder of this Note (or any one of more Predecessor
Notes) shall be conclusive and binding upon such Holder and upon all future
Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange hereof or in lieu hereof whether or not notation of such
consent or waiver is made upon this Note. The Indenture also permits the Trustee
to amend or waive certain terms and conditions set forth in the Indenture
without the consent of Holders of the Notes issued thereunder.

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

         This Note and the Indenture shall be construed in accordance with the
laws of the State of California, and the obligations, rights and remedies of the
parties hereunder and thereunder shall be determined in accordance with such
laws, except that the duties of the Trustee under the Indenture shall be
governed by New York law.

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

                                      D-6
<PAGE>

                                                                       EXHIBIT E

                             FORM OF CLASS A-3 NOTE

         THIS NOTE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A-1 NOTES
AND THE CLASS A-2 NOTES TO THE EXTENT DESCRIBED IN THE INDENTURE REFERRED TO
HEREIN.

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

         THIS SECURITY IS NOT A SAVINGS ACCOUNT OR DEPOSIT AND IT IS NOT INSURED
BY THE UNITED STATES OR ANY AGENCY OR FUND OF THE UNITED STATES.

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

                        WFS FINANCIAL 2004-1 OWNER TRUST

                              2.19% CLASS A-3 NOTES

REGISTERED                                                          $200,000,000

No. R-A3                                                   CUSIP NO. 92927E AC 0

         WFS Financial 2004-1 Owner Trust, a statutory trust organized and
existing under the laws of the State of Delaware (the "Issuer"), for value
received, hereby promises to pay to Cede & Co., or registered assigns, the
principal sum of Two Hundred Million Dollars ($200,000,000), payable to the
extent described in the Indenture referred to on the reverse hereof on each
Distribution Date; provided, however, that the entire unpaid principal amount of
this Note shall be payable on the earlier of June 20, 2008 (the "Class A-3 Final
Scheduled Distribution Date") and the Redemption Date, if any, selected pursuant
to the Indenture. No payments of principal of the Class A-3 Notes shall be made
until the principal amount of the Class A-1 Notes and the Class A-2 Notes has
been reduced to zero.

         The Issuer will pay interest on this Note at the rate per annum shown
above on each Distribution Date until the principal of this Note is paid or made
available for payment, on the

                                      E-1
<PAGE>

principal amount of this Note outstanding on the preceding Distribution Date
(after giving effect to all payments of principal made on the preceding
Distribution Date), or on the Closing Date in the case of the first Distribution
Date or if no interest has yet been paid, subject to certain limitations
contained in the Indenture. Interest on this Note will accrue for each
Distribution Date from, and including, the 20th day of the month of the prior
Distribution Date on which interest has been paid to, but excluding, the 20th
day of the month of the current Distribution Date or, in the case of the first
Distribution Date or if no interest has yet been paid, from, and including,
February 27, 2004. The Issuer shall pay interest on overdue installments of
interest at the Class A-3 Rate to the extent lawful. Interest will be computed
on the basis of a 360-day year consisting of twelve 30-day months. Such
principal of and interest on this Note shall be paid in the manner specified on
the reverse hereof.

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

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

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

                                      E-2
<PAGE>

         IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed,
manually or in facsimile, by an Authorized Officer, as set forth below.

Date: February __, 2004           WFS FINANCIAL 2004-1 OWNER TRUST

                                  By: CHASE MANHATTAN BANK USA, NATIONAL
                                      ASSOCIATION, not in its individual
                                      capacity but solely on behalf of the
                                      Issuer as Owner Trustee, under the Trust
                                      Agreement

                                  By: _________________________________________
                                      Name:
                                      Title:

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

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

                                  By: _________________________________________
                                              Authorized Signatory

                                      E-3
<PAGE>

                           [REVERSE OF CLASS A-3 NOTE]

         This Note is one of a duly authorized issue of Auto Receivable Backed
Notes of the Issuer, designated as its 2.19% Class A-3 Notes (the "Class A-3
Notes"), all issued under an Indenture, dated as of February 1, 2004 (the
"Indenture"), between the Issuer and Deutsche Bank Trust Company Americas, as
trustee (the "Trustee"), to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Trustee and the Holders of the Notes.
The Notes are subject to all terms of the Indenture. All terms used in this Note
that are defined in the Indenture, as supplemented or amended, shall have the
meanings assigned to them in or pursuant to the Indenture, as so supplemented or
amended.

         The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, Class
A-4 Notes, the Class B Notes, the Class C Notes and the Class D Notes
(collectively, the "Notes") are and, except as otherwise provided in the
Indenture and the Sale and Servicing Agreement, will be equally and ratably
secured by the collateral pledged as security therefor as provided in the
Indenture.

         Principal payable on the Class A-3 Notes will be paid on each
Distribution Date in the amount specified in the Indenture and in the Sale and
Servicing Agreement. As described above, the entire unpaid principal amount of
this Note will be payable on the earlier of the Class A-3 Final Scheduled
Distribution Date and the Redemption Date, if any, selected pursuant to the
Indenture. Notwithstanding the foregoing, under certain circumstances, the
entire unpaid principal amount of the Class A-3 Notes shall be due and payable
following the occurrence and continuance of an Event of Default, as described in
the Indenture. All principal payments on the Class A-3 Notes shall be made pro
rata to the Class A-3 Noteholders entitled thereto.

         Payments of principal and interest on this Note due and payable on each
Distribution Date or Redemption Date shall be made by check mailed to the Person
whose name appears as the Registered Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on the
related Record Date, except that with respect to Notes registered on the Record
Date in the name of the nominee of the Clearing Agency (initially, such nominee
to be Cede & Co.), payments will be made by wire transfer in immediately
available funds to the account designated by such nominee. Such checks shall be
mailed to the Person entitled thereto at the address of such Person as it
appears on the Note Register as of the applicable Record Date without requiring
that this Note be submitted for notation of payment. Any reduction in the
principal amount of this Note (or any one or more Predecessor Notes) affected by
any payments made on any Distribution Date or Redemption Date shall be binding
upon all future Holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not noted hereon. If funds are expected to be available, as provided in the
Indenture, for payment in full of the remaining unpaid principal amount of this
Note on a Distribution Date or Redemption Date, then the Trustee, in the name of
and on behalf of the Issuer, will notify the Person who was the Registered
Holder hereof as of the Record Date preceding such Distribution Date or
Redemption Date by notice mailed within 20 days of such Distribution Date or
Redemption Date and the amount then due and payable shall be payable only upon
presentation and surrender of this Note at the Corporate Trust Office of the
Trustee or at the office of the Trustee's agent appointed for such purposes
located in The City of New York.

                                      E-4
<PAGE>

         As provided in the Indenture, the Notes may be redeemed pursuant to the
Indenture, in whole, but not in part, at the option of the Seller, on any
Distribution Date following the last day of a Collection Period as of which the
Aggregate Principal Balance is less than or equal to $150,000,000.

         As provided in the Indenture and subject to certain limitations set
forth therein, the transfer of this Note may be registered on the Note Register
upon surrender of this Note for registration of transfer at the office or agency
designated by the Issuer pursuant to the Indenture. No service charge will be
charged for any registration of transfer or exchange of this Note, but the
transferor may be required to pay a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any such registration
of transfer or exchange.

         Each Noteholder or Note Owner, by acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that no
recourse may be taken, directly or indirectly, with respect to the obligations
of the Issuer, the Owner Trustee or the Trustee on the Notes or under the
Indenture or any certificate or other writing delivered in connection therewith,
against (i) the Trustee or the Owner Trustee in its individual capacity, (ii)
any owner of a beneficial interest in the Issuer or (iii) any partner, owner,
beneficiary, agent, officer, director or employee of the Trustee or the Owner
Trustee in its individual capacity, any holder of a beneficial interest in the
Issuer, the Owner Trustee or the Trustee or of any successor or assign of the
Trustee or the Owner Trustee in its individual capacity, except as any such
Person may have expressly agreed and except that any such partner, owner or
beneficiary shall be fully liable, to the extent provided by applicable law, for
any unpaid consideration for stock, unpaid capital contribution or failure to
pay any installment or call owing to such entity.

         Each Noteholder or Note Owner, by acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that by
accepting the benefits of the Indenture and such Note that such Noteholder or
Note Owner will not at any time institute against the Seller or the Issuer, or
join in any institution against the Seller or the Issuer of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings under any
United States federal or state bankruptcy or similar law in connection with any
obligations relating to the Notes, the Indenture or the other Basic Documents.

         The Issuer has entered into the Indenture, and this Note is issued with
the intention that, for federal, state and local income, single business and
franchise tax purposes, the Notes will qualify as indebtedness of the Issuer
secured by the Trust Estate. Each Noteholder, by acceptance of a Note (and each
Note Owner by acceptance of a beneficial interest in a Note), agrees to treat
the Notes for federal, state and local income, single business and franchise tax
purposes as indebtedness of the Issuer.

         Prior to the due presentment for registration of transfer of this Note,
the Issuer and the Trustee and any agent of the Issuer or the Trustee may treat
the Person in whose name this Note (as of the day of determination or as of such
other date as may be specified in the Indenture) is registered as the owner
hereof for all purposes, whether or not this Note be overdue, and neither the
Issuer, the Trustee nor any such agent shall be affected by notice to the
contrary.

                                      E-5
<PAGE>

         The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer with the consent of the Holders of Notes representing at
least 66 2/3% of the Outstanding Amount of the Notes of the Controlling Class.
The Indenture also contains provisions permitting the Holders of Notes
representing specified percentages of the Outstanding Amount of the Notes or of
the Notes of the Controlling Class, on behalf of the Holders of all the Notes,
to waive compliance by the Issuer with certain provisions of the Indenture and
certain past defaults under the Indenture and their consequences. Any such
consent or waiver by the Holder of this Note (or any one of more Predecessor
Notes) shall be conclusive and binding upon such Holder and upon all future
Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange hereof or in lieu hereof whether or not notation of such
consent or waiver is made upon this Note. The Indenture also permits the Trustee
to amend or waive certain terms and conditions set forth in the Indenture
without the consent of Holders of the Notes issued thereunder.

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

         This Note and the Indenture shall be construed in accordance with the
laws of the State of California, and the obligations, rights and remedies of the
parties hereunder and thereunder shall be determined in accordance with such
laws, except that the duties of the Trustee under the Indenture shall be
governed by New York law.

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

                                      E-6
<PAGE>

                                                                       EXHIBIT F

                             FORM OF CLASS A-4 NOTE

         THIS NOTE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A-1 NOTES,
THE CLASS A-2 NOTES AND THE CLASS A-3 NOTES TO THE EXTENT DESCRIBED IN THE
INDENTURE REFERRED TO HEREIN.

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

         THIS SECURITY IS NOT A SAVINGS ACCOUNT OR DEPOSIT AND IT IS NOT INSURED
BY THE UNITED STATES OR ANY AGENCY OR FUND OF THE UNITED STATES.

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

                        WFS FINANCIAL 2004-1 OWNER TRUST

                              2.81% CLASS A-4 NOTE

REGISTERED                                                          $331,750,000

No. R-A4                                                   CUSIP NO. 92927E AD 8

         WFS Financial 2004-1 Owner Trust, a statutory trust organized and
existing under the laws of the State of Delaware (the "Issuer"), for value
received, hereby promises to pay to Cede & Co., or registered assigns, the
principal sum of Three Hundred Thirty One Million Seven Hundred Fifty Thousand
Dollars ($331,750,000), payable to the extent described in the Indenture
referred to on the reverse hereof on each Distribution Date; provided, however,
that the entire unpaid principal amount of this Note shall be payable on the
earlier of August 22, 2011 (the "Class A-4 Final Scheduled Distribution Date")
and the Redemption Date, if any, selected pursuant to the Indenture. No payments
of principal of the Class A-4 Notes shall be made until the principal amount of
the Class A-1 Notes, the Class A-2 Notes and the Class A-3 Notes has been
reduced to zero.

                                      F-1
<PAGE>

         The Issuer will pay interest on this Note at the rate per annum shown
above on each Distribution Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note outstanding on the
preceding Distribution Date (after giving effect to all payments of principal
made on the preceding Distribution Date), or on the Closing Date in the case of
the first Distribution Date or if no interest has yet been paid, subject to
certain limitations contained in the Indenture. Interest on this Note will
accrue for each Distribution Date from, and including, the 20th day of the month
of the prior Distribution Date on which interest has been paid to, but
excluding, the 20th day of the month of the current Distribution Date or, in the
case of the first Distribution Date or if no interest has yet been paid, from,
and including, February 27, 2004. The Issuer shall pay interest on overdue
installments of interest at the Class A-4 Interest Rate to the extent lawful.
Interest will be computed on the basis of a 360-day year consisting of twelve
30-day months. Such principal of and interest on this Note shall be paid in the
manner specified on the reverse hereof.

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

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

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

                                      F-2
<PAGE>

         IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed,
manually or in facsimile, by an Authorized Officer, as set forth below.

Date: February __, 2004           WFS FINANCIAL 2004-1 OWNER TRUST

                                  By: CHASE MANHATTAN BANK USA, NATIONAL
                                      ASSOCIATION,
                                      not in its individual capacity but solely
                                      on behalf of the Issuer as Owner Trustee,
                                      under the Trust Agreement

                                  By: __________________________________________
                                      Name:
                                      Title:

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

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

                                  By: __________________________________________
                                                Authorized Signatory

                                      F-3
<PAGE>

                           [REVERSE OF CLASS A-4 NOTE]

         This Note is one of a duly authorized issue of Auto Receivable Backed
Notes of the Issuer, designated as its 2.81% Class A-4 Notes (the "Class A-4
Notes"), all issued under an Indenture, dated as of February 1, 2004 (the
"Indenture"), between the Issuer and Deutsche Bank Trust Company Americas, as
trustee (the "Trustee"), to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Trustee and the Holders of the Notes.
The Notes are subject to all terms of the Indenture. All terms used in this Note
that are defined in the Indenture, as supplemented or amended, shall have the
meanings assigned to them in or pursuant to the Indenture, as so supplemented or
amended.

         The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the
Class A-4 Notes, the Class B Notes, the Class C Notes and the Class D Notes
(collectively, the "Notes") are and, except as otherwise provided in the
Indenture and the Sale and Servicing Agreement, will be equally and ratably
secured by the collateral pledged as security therefor as provided in the
Indenture.

         Principal payable on the Class A-4 Notes will be paid on each
Distribution Date in the amount specified in the Indenture and in the Sale and
Servicing Agreement. As described above, the entire unpaid principal amount of
this Note will be payable on the earlier of the Class A-4 Final Scheduled
Distribution Date and the Redemption Date, if any, selected pursuant to the
Indenture. Notwithstanding the foregoing, under certain circumstances, the
entire unpaid principal amount of the Class A-4 Notes shall be due and payable
following the occurrence and continuance of an Event of Default, as described in
the Indenture. All principal payments on the Class A-4 Notes shall be made pro
rata to the Class A-4 Noteholders entitled thereto.

         Payments of principal and interest on this Note due and payable on each
Distribution Date or Redemption Date shall be made by check mailed to the Person
whose name appears as the Registered Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on the
related Record Date, except that with respect to Notes registered on the Record
Date in the name of the nominee of the Clearing Agency (initially, such nominee
to be Cede & Co.), payments will be made by wire transfer in immediately
available funds to the account designated by such nominee. Such checks shall be
mailed to the Person entitled thereto at the address of such Person as it
appears on the Note Register as of the applicable Record Date without requiring
that this Note be submitted for notation of payment. Any reduction in the
principal amount of this Note (or any one or more Predecessor Notes) affected by
any payments made on any Distribution Date or Redemption Date shall be binding
upon all future Holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not noted hereon. If funds are expected to be available, as provided in the
Indenture, for payment in full of the remaining unpaid principal amount of this
Note on a Distribution Date or Redemption Date, then the Trustee, in the name of
and on behalf of the Issuer, will notify the Person who was the Registered
Holder hereof as of the Record Date preceding such Distribution Date or
Redemption Date by notice mailed within 20 days of such Distribution Date or
Redemption Date and the amount then due and payable shall be payable only upon
presentation and surrender of this Note at the Corporate Trust Office of the
Trustee or at the office of the Trustee's agent appointed for such purposes
located in The City of New York.

                                      F-4
<PAGE>

         As provided in the Indenture, the Notes may be redeemed pursuant to the
Indenture, in whole, but not in part, at the option of the Seller, on any
Distribution Date following the last day of a Collection Period as of which the
Aggregate Principal Balance is less than or equal to $150,000,000.

         As provided in the Indenture and subject to certain limitations set
forth therein, the transfer of this Note may be registered on the Note Register
upon surrender of this Note for registration of transfer at the office or agency
designated by the Issuer pursuant to the Indenture. No service charge will be
charged for any registration of transfer or exchange of this Note, but the
transferor may be required to pay a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any such registration
of transfer or exchange.

         Each Noteholder or Note Owner, by acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that no
recourse may be taken, directly or indirectly, with respect to the obligations
of the Issuer, the Owner Trustee or the Trustee on the Notes or under the
Indenture or any certificate or other writing delivered in connection therewith,
against (i) the Trustee or the Owner Trustee in its individual capacity, (ii)
any owner of a beneficial interest in the Issuer or (iii) any partner, owner,
beneficiary, agent, officer, director or employee of the Trustee or the Owner
Trustee in its individual capacity, any holder of a beneficial interest in the
Issuer, the Owner Trustee or the Trustee or of any successor or assign of the
Trustee or the Owner Trustee in its individual capacity, except as any such
Person may have expressly agreed and except that any such partner, owner or
beneficiary shall be fully liable, to the extent provided by applicable law, for
any unpaid consideration for stock, unpaid capital contribution or failure to
pay any installment or call owing to such entity.

         Each Noteholder or Note Owner, by acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that by
accepting the benefits of the Indenture and such Note that such Noteholder or
Note Owner will not at any time institute against the Seller or the Issuer, or
join in any institution against the Seller or the Issuer of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings under any
United States federal or state bankruptcy or similar law in connection with any
obligations relating to the Notes, the Indenture or the other Basic Documents.

         The Issuer has entered into the Indenture, and this Note is issued with
the intention that, for federal, state and local income, single business and
franchise tax purposes, the Notes will qualify as indebtedness of the Issuer
secured by the Trust Estate. Each Noteholder, by acceptance of a Note (and each
Note Owner by acceptance of a beneficial interest in a Note), agrees to treat
the Notes for federal, state and local income, single business and franchise tax
purposes as indebtedness of the Issuer.

         Prior to the due presentment for registration of transfer of this Note,
the Issuer and the Trustee and any agent of the Issuer or the Trustee may treat
the Person in whose name this Note (as of the day of determination or as of such
other date as may be specified in the Indenture) is registered as the owner
hereof for all purposes, whether or not this Note be overdue, and neither the
Issuer, the Trustee nor any such agent shall be affected by notice to the
contrary.

                                      F-5
<PAGE>

         The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer with the consent of the Holders of Notes representing at
least 66 2/3% of the Outstanding Amount of the Notes of the Controlling Class.
The Indenture also contains provisions permitting the Holders of Notes
representing specified percentages of the Outstanding Amount of the Notes or of
the Notes of the Controlling Class, on behalf of the Holders of all the Notes,
to waive compliance by the Issuer with certain provisions of the Indenture and
certain past defaults under the Indenture and their consequences. Any such
consent or waiver by the Holder of this Note (or any one of more Predecessor
Notes) shall be conclusive and binding upon such Holder and upon all future
Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange hereof or in lieu hereof whether or not notation of such
consent or waiver is made upon this Note. The Indenture also permits the Trustee
to amend or waive certain terms and conditions set forth in the Indenture
without the consent of Holders of the Notes issued thereunder.

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

         This Note and the Indenture shall be construed in accordance with the
laws of the State of California, and the obligations, rights and remedies of the
parties hereunder and thereunder shall be determined in accordance with such
laws, except that the duties of the Trustee under the Indenture shall be
governed by New York law.

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

                                      F-6
<PAGE>

                                                                       EXHIBIT G

                              FORM OF CLASS B NOTE

         THIS NOTE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A-1 NOTES,
THE CLASS A-2 NOTES, THE CLASS A-3 NOTES AND THE CLASS A-4 NOTES TO THE EXTENT
DESCRIBED IN THE INDENTURE REFERRED TO HEREIN.

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

         THIS SECURITY IS NOT A SAVINGS ACCOUNT OR DEPOSIT AND IT IS NOT INSURED
BY THE UNITED STATES OR ANY AGENCY OR FUND OF THE UNITED STATES.

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

                        WFS FINANCIAL 2004-1 OWNER TRUST

                               2.34% CLASS B NOTE

REGISTERED                                                           $56,250,000

No. R-B-1                                                  CUSIP NO. 92927E AE 6

         WFS Financial 2004-1 Owner Trust, a statutory trust organized and
existing under the laws of the State of Delaware (the "Issuer"), for value
received, hereby promises to pay to Cede & Co., or registered assigns, the
principal sum of Fifty Six Million Two Hundred Fifty Thousand Dollars
($56,250,000), payable to the extent described in the Indenture referred to on
the reverse hereof on each Distribution Date; provided, however, that the entire
unpaid principal amount of this Note shall be payable on the earlier of August
22, 2011 (the "Class B Final Scheduled Distribution Date") and the Redemption
Date, if any, selected pursuant to the Indenture. No payments of principal of
the Class B Notes shall be made until the principal amount of the Class A-1
Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes has been
reduced to zero.

                                      G-1
<PAGE>

         The Issuer will pay interest on this Note at the rate per annum shown
above on each Distribution Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note outstanding on the
preceding Distribution Date (after giving effect to all payments of principal
made on the preceding Distribution Date), or on the Closing Date in the case of
the first Distribution Date or if no interest has yet been paid, subject to
certain limitations contained in the Indenture. Interest on this Note will
accrue for each Distribution Date from, and including, the 20th day of the month
of the prior Distribution Date on which interest has been paid to, but
excluding, the 20th day of the month of the current Distribution Date or, in the
case of the first Distribution Date or if no interest has yet been paid, from,
and including, February 27, 2004. The Issuer shall pay interest on overdue
installments of interest at the Class B Interest Rate to the extent lawful.
Interest will be computed on the basis of a 360-day year consisting of twelve
30-day months. Such principal of and interest on this Note shall be paid in the
manner specified on the reverse hereof.

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

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

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

                                      G-2
<PAGE>

         IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed,
manually or in facsimile, by an Authorized Officer, as set forth below.

Date: February __, 2004           WFS FINANCIAL 2004-1 OWNER TRUST

                                  By: CHASE MANHATTAN BANK USA, NATIONAL
                                      ASSOCIATION,
                                      not in its individual capacity but solely
                                      on behalf of the Issuer as Owner Trustee,
                                      under the Trust Agreement

                                  By: __________________________________________
                                      Name:
                                      Title:

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

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

                                  By: __________________________________________
                                                Authorized Signatory

                                      G-3
<PAGE>

                            [REVERSE OF CLASS B NOTE]

         This Note is one of a duly authorized issue of Auto Receivable Backed
Notes of the Issuer, designated as its 2.34% Class B Notes (the "Class B
Notes"), all issued under an Indenture, dated as of February 1, 2004 (the
"Indenture"), between the Issuer and Deutsche Bank Trust Company Americas, as
trustee (the "Trustee"), to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Trustee and the Holders of the Notes.
The Notes are subject to all terms of the Indenture. All terms used in this Note
that are defined in the Indenture, as supplemented or amended, shall have the
meanings assigned to them in or pursuant to the Indenture, as so supplemented or
amended.

         The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the
Class A-4 Notes, the Class B Notes, the Class C Notes and the Class D Notes
(collectively, the "Notes") are and, except as otherwise provided in the
Indenture and the Sale and Servicing Agreement, will be equally and ratably
secured by the collateral pledged as security therefor as provided in the
Indenture.

         Principal payable on the Class B Notes will be paid on each
Distribution Date in the amount specified in the Indenture and in the Sale and
Servicing Agreement. As described above, the entire unpaid principal amount of
this Note will be payable on the earlier of the Class B Final Scheduled
Distribution Date and the Redemption Date, if any, selected pursuant to the
Indenture. Notwithstanding the foregoing, under certain circumstances, the
entire unpaid principal amount of the Class B Notes shall be due and payable
following the occurrence and continuance of an Event of Default, as described in
the Indenture. All principal payments on the Class B Notes shall be made pro
rata to the Class B Noteholders entitled thereto.

         Payments of principal and interest on this Note due and payable on each
Distribution Date or Redemption Date shall be made by check mailed to the Person
whose name appears as the Registered Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on the
related Record Date, except that with respect to Notes registered on the Record
Date in the name of the nominee of the Clearing Agency (initially, such nominee
to be Cede & Co.), payments will be made by wire transfer in immediately
available funds to the account designated by such nominee. Such checks shall be
mailed to the Person entitled thereto at the address of such Person as it
appears on the Note Register as of the applicable Record Date without requiring
that this Note be submitted for notation of payment. Any reduction in the
principal amount of this Note (or any one or more Predecessor Notes) affected by
any payments made on any Distribution Date or Redemption Date shall be binding
upon all future Holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not noted hereon. If funds are expected to be available, as provided in the
Indenture, for payment in full of the remaining unpaid principal amount of this
Note on a Distribution Date or Redemption Date, then the Trustee, in the name of
and on behalf of the Issuer, will notify the Person who was the Registered
Holder hereof as of the Record Date preceding such Distribution Date or
Redemption Date by notice mailed within 20 days of such Distribution Date or
Redemption Date and the amount then due and payable shall be payable only upon
presentation and surrender of this Note at the Corporate Trust Office of the
Trustee or at the office of the Trustee's agent appointed for such purposes
located in The City of New York.

                                      G-4
<PAGE>

         As provided in the Indenture, the Notes may be redeemed pursuant to the
Indenture, in whole, but not in part, at the option of the Seller, on any
Distribution Date following the last day of a Collection Period as of which the
Aggregate Principal Balance is less than or equal to $150,000,000.

         As provided in the Indenture and subject to certain limitations set
forth therein, the transfer of this Note may be registered on the Note Register
upon surrender of this Note for registration of transfer at the office or agency
designated by the Issuer pursuant to the Indenture. No service charge will be
charged for any registration of transfer or exchange of this Note, but the
transferor may be required to pay a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any such registration
of transfer or exchange.

         Each Noteholder or Note Owner, by acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that no
recourse may be taken, directly or indirectly, with respect to the obligations
of the Issuer, the Owner Trustee or the Trustee on the Notes or under the
Indenture or any certificate or other writing delivered in connection therewith,
against (i) the Trustee or the Owner Trustee in its individual capacity, (ii)
any owner of a beneficial interest in the Issuer or (iii) any partner, owner,
beneficiary, agent, officer, director or employee of the Trustee or the Owner
Trustee in its individual capacity, any holder of a beneficial interest in the
Issuer, the Owner Trustee or the Trustee or of any successor or assign of the
Trustee or the Owner Trustee in its individual capacity, except as any such
Person may have expressly agreed and except that any such partner, owner or
beneficiary shall be fully liable, to the extent provided by applicable law, for
any unpaid consideration for stock, unpaid capital contribution or failure to
pay any installment or call owing to such entity.

         Each Noteholder or Note Owner, by acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that by
accepting the benefits of the Indenture and such Note that such Noteholder or
Note Owner will not at any time institute against the Seller or the Issuer, or
join in any institution against the Seller or the Issuer of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings under any
United States federal or state bankruptcy or similar law in connection with any
obligations relating to the Notes, the Indenture or the other Basic Documents.

         The Issuer has entered into the Indenture, and this Note is issued with
the intention that, for federal, state and local income, single business and
franchise tax purposes, the Notes will qualify as indebtedness of the Issuer
secured by the Trust Estate. Each Noteholder, by acceptance of a Note (and each
Note Owner by acceptance of a beneficial interest in a Note), agrees to treat
the Notes for federal, state and local income, single business and franchise tax
purposes as indebtedness of the Issuer.

         Prior to the due presentment for registration of transfer of this Note,
the Issuer and the Trustee and any agent of the Issuer or the Trustee may treat
the Person in whose name this Note (as of the day of determination or as of such
other date as may be specified in the Indenture) is registered as the owner
hereof for all purposes, whether or not this Note be overdue, and neither the
Issuer, the Trustee nor any such agent shall be affected by notice to the
contrary.

                                      G-5
<PAGE>

         The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer with the consent of the Holders of Notes representing at
least 66 2/3% of the Outstanding Amount of the Notes of the Controlling Class.
The Indenture also contains provisions permitting the Holders of Notes
representing specified percentages of the Outstanding Amount of the Notes or of
the Notes of the Controlling Class, on behalf of the Holders of all the Notes,
to waive compliance by the Issuer with certain provisions of the Indenture and
certain past defaults under the Indenture and their consequences. Any such
consent or waiver by the Holder of this Note (or any one of more Predecessor
Notes) shall be conclusive and binding upon such Holder and upon all future
Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange hereof or in lieu hereof whether or not notation of such
consent or waiver is made upon this Note. The Indenture also permits the Trustee
to amend or waive certain terms and conditions set forth in the Indenture
without the consent of Holders of the Notes issued thereunder.

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

         This Note and the Indenture shall be construed in accordance with the
laws of the State of California, and the obligations, rights and remedies of the
parties hereunder and thereunder shall be determined in accordance with such
laws, except that the duties of the Trustee under the Indenture shall be
governed by New York law.

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

                                      G-6
<PAGE>

                                                                       EXHIBIT H

                              FORM OF CLASS C NOTE

         THIS NOTE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A-1 NOTES,
THE CLASS A-2 NOTES, THE CLASS A-3 NOTES, THE CLASS A-4 NOTES AND THE CLASS B
NOTES TO THE EXTENT DESCRIBED IN THE INDENTURE REFERRED TO HEREIN.

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

         THIS SECURITY IS NOT A SAVINGS ACCOUNT OR DEPOSIT AND IT IS NOT INSURED
BY THE UNITED STATES OR ANY AGENCY OR FUND OF THE UNITED STATES.

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

                        WFS FINANCIAL 2004-1 OWNER TRUST

                               2.49% CLASS C NOTE

REGISTERED                                                           $63,750,000

No. R-C-1                                                  CUSIP NO. 92927E AF 3

          WFS Financial 2004-1 Owner Trust, a statutory trust organized
and existing under the laws of the State of Delaware (the "Issuer"), for value
received, hereby promises to pay to Cede & Co., or registered assigns, the
principal sum of Sixty Three Million Seven Hundred Fifty Thousand Dollars
($63,750,000), payable to the extent described in the Indenture referred to on
the reverse hereof on each Distribution Date; provided, however, that the entire
unpaid principal amount of this Note shall be payable on the earlier of August
22, 2011 (the "Class C Final Scheduled Distribution Date") and the Redemption
Date, if any, selected pursuant to the Indenture. No payments of principal of
the Class C Notes shall be made until the principal amount of the Class A-1
Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes and the
Class B Notes has been reduced to zero.

                                      H-1
<PAGE>

         The Issuer will pay interest on this Note at the rate per annum shown
above on each Distribution Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note outstanding on the
preceding Distribution Date (after giving effect to all payments of principal
made on the preceding Distribution Date), or on the Closing Date in the case of
the first Distribution Date or if no interest has yet been paid, subject to
certain limitations contained in the Indenture. Interest on this Note will
accrue for each Distribution Date from, and including, the 20th day of the month
of the prior Distribution Date on which interest has been paid to, but
excluding, the 20th day of the month of the current Distribution Date or, in the
case of the first Distribution Date or if no interest has yet been paid, from,
and including, February 27, 2004. The Issuer shall pay interest on overdue
installments of interest at the Class C Interest Rate to the extent lawful.
Interest will be computed on the basis of a 360-day year consisting of twelve
30-day months. Such principal of and interest on this Note shall be paid in the
manner specified on the reverse hereof.

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

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

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

                                      H-2
<PAGE>

         IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed,
manually or in facsimile, by an Authorized Officer, as set forth below.

Date: February __, 2004           WFS FINANCIAL 2004-1 OWNER TRUST

                                  By: CHASE MANHATTAN BANK USA, NATIONAL
                                      ASSOCIATION,
                                      not in its individual capacity but solely
                                      on behalf of the Issuer as Owner Trustee,
                                      under the Trust Agreement

                                  By: __________________________________________
                                      Name:
                                      Title:

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

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

                                  By: __________________________________________
                                                 Authorized Signatory

                                      H-3
<PAGE>

                            [REVERSE OF CLASS C NOTE]

         This Note is one of a duly authorized issue of Auto Receivable Backed
Notes of the Issuer, designated as its 2.49% Class C Notes (the "Class C
Notes"), all issued under an Indenture, dated as of February 1, 2004 (the
"Indenture"), between the Issuer and Deutsche Bank Trust Company Americas, as
trustee (the "Trustee"), to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Trustee and the Holders of the Notes.
The Notes are subject to all terms of the Indenture. All terms used in this Note
that are defined in the Indenture, as supplemented or amended, shall have the
meanings assigned to them in or pursuant to the Indenture, as so supplemented or
amended.

         The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the
Class A-4 Notes, the Class B Notes, the Class C Notes and the Class D Notes
(collectively, the "Notes") are and, except as otherwise provided in the
Indenture and the Sale and Servicing Agreement, will be equally and ratably
secured by the collateral pledged as security therefor as provided in the
Indenture.

         Principal payable on the Class C Notes will be paid on each
Distribution Date in the amount specified in the Indenture and in the Sale and
Servicing Agreement. As described above, the entire unpaid principal amount of
this Note will be payable on the earlier of the Class C Final Scheduled
Distribution Date and the Redemption Date, if any, selected pursuant to the
Indenture. Notwithstanding the foregoing, under certain circumstances, the
entire unpaid principal amount of the Class C Notes shall be due and payable
following the occurrence and continuance of an Event of Default, as described in
the Indenture. All principal payments on the Class C Notes shall be made pro
rata to the Class C Noteholders entitled thereto.

         Payments of principal and interest on this Note due and payable on each
Distribution Date or Redemption Date shall be made by check mailed to the Person
whose name appears as the Registered Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on the
related Record Date, except that with respect to Notes registered on the Record
Date in the name of the nominee of the Clearing Agency (initially, such nominee
to be Cede & Co.), payments will be made by wire transfer in immediately
available funds to the account designated by such nominee. Such checks shall be
mailed to the Person entitled thereto at the address of such Person as it
appears on the Note Register as of the applicable Record Date without requiring
that this Note be submitted for notation of payment. Any reduction in the
principal amount of this Note (or any one or more Predecessor Notes) affected by
any payments made on any Distribution Date or Redemption Date shall be binding
upon all future Holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not noted hereon. If funds are expected to be available, as provided in the
Indenture, for payment in full of the remaining unpaid principal amount of this
Note on a Distribution Date or Redemption Date, then the Trustee, in the name of
and on behalf of the Issuer, will notify the Person who was the Registered
Holder hereof as of the Record Date preceding such Distribution Date or
Redemption Date by notice mailed within 20 days of such Distribution Date or
Redemption Date and the amount then due and payable shall be payable only upon
presentation and surrender of this Note at the Corporate Trust Office of the
Trustee or at the office of the Trustee's agent appointed for such purposes
located in The City of New York.

                                      H-4
<PAGE>

         As provided in the Indenture, the Notes may be redeemed pursuant to the
Indenture, in whole, but not in part, at the option of the Seller, on any
Distribution Date following the last day of a Collection Period as of which the
Aggregate Principal Balance is less than or equal to $150,000,000.

         As provided in the Indenture and subject to certain limitations set
forth therein, the transfer of this Note may be registered on the Note Register
upon surrender of this Note for registration of transfer at the office or agency
designated by the Issuer pursuant to the Indenture. No service charge will be
charged for any registration of transfer or exchange of this Note, but the
transferor may be required to pay a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any such registration
of transfer or exchange.

         Each Noteholder or Note Owner, by acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that no
recourse may be taken, directly or indirectly, with respect to the obligations
of the Issuer, the Owner Trustee or the Trustee on the Notes or under the
Indenture or any certificate or other writing delivered in connection therewith,
against (i) the Trustee or the Owner Trustee in its individual capacity, (ii)
any owner of a beneficial interest in the Issuer or (iii) any partner, owner,
beneficiary, agent, officer, director or employee of the Trustee or the Owner
Trustee in its individual capacity, any holder of a beneficial interest in the
Issuer, the Owner Trustee or the Trustee or of any successor or assign of the
Trustee or the Owner Trustee in its individual capacity, except as any such
Person may have expressly agreed and except that any such partner, owner or
beneficiary shall be fully liable, to the extent provided by applicable law, for
any unpaid consideration for stock, unpaid capital contribution or failure to
pay any installment or call owing to such entity.

         Each Noteholder or Note Owner, by acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that by
accepting the benefits of the Indenture and such Note that such Noteholder or
Note Owner will not at any time institute against the Seller or the Issuer, or
join in any institution against the Seller or the Issuer of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings under any
United States federal or state bankruptcy or similar law in connection with any
obligations relating to the Notes, the Indenture or the other Basic Documents.

         The Issuer has entered into the Indenture, and this Note is issued with
the intention that, for federal, state and local income, single business and
franchise tax purposes, the Notes will qualify as indebtedness of the Issuer
secured by the Trust Estate. Each Noteholder, by acceptance of a Note (and each
Note Owner by acceptance of a beneficial interest in a Note), agrees to treat
the Notes for federal, state and local income, single business and franchise tax
purposes as indebtedness of the Issuer.

         Prior to the due presentment for registration of transfer of this Note,
the Issuer and the Trustee and any agent of the Issuer or the Trustee may treat
the Person in whose name this Note (as of the day of determination or as of such
other date as may be specified in the Indenture) is registered as the owner
hereof for all purposes, whether or not this Note be overdue, and neither the
Issuer, the Trustee nor any such agent shall be affected by notice to the
contrary.

                                      H-5
<PAGE>

         The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer with the consent of the Holders of Notes representing at
least 66 2/3% of the Outstanding Amount of the Notes of the Controlling Class.
The Indenture also contains provisions permitting the Holders of Notes
representing specified percentages of the Outstanding Amount of the Notes or of
the Notes of the Controlling Class, on behalf of the Holders of all the Notes,
to waive compliance by the Issuer with certain provisions of the Indenture and
certain past defaults under the Indenture and their consequences. Any such
consent or waiver by the Holder of this Note (or any one of more Predecessor
Notes) shall be conclusive and binding upon such Holder and upon all future
Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange hereof or in lieu hereof whether or not notation of such
consent or waiver is made upon this Note. The Indenture also permits the Trustee
to amend or waive certain terms and conditions set forth in the Indenture
without the consent of Holders of the Notes issued thereunder.

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

         This Note and the Indenture shall be construed in accordance with the
laws of the State of California, and the obligations, rights and remedies of the
parties hereunder and thereunder shall be determined in accordance with such
laws, except that the duties of the Trustee under the Indenture shall be
governed by New York law.

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

                                      H-6
<PAGE>

                                                                       EXHIBIT I

                              FORM OF CLASS D NOTE

         THIS NOTE IS SUBORDINATED IN RIGHT OF PAYMENT TO THE CLASS A-1 NOTES,
THE CLASS A-2 NOTES, THE CLASS A-3 NOTES, THE CLASS A-4 NOTES, THE CLASS B NOTES
AND THE CLASS C NOTES TO THE EXTENT DESCRIBED IN THE INDENTURE REFERRED TO
HEREIN.

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

         THIS SECURITY IS NOT A SAVINGS ACCOUNT OR DEPOSIT AND IT IS NOT INSURED
BY THE UNITED STATES OR ANY AGENCY OR FUND OF THE UNITED STATES.

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

                        WFS FINANCIAL 2004-1 OWNER TRUST

                               3.17% CLASS D NOTE

REGISTERED                                                           $48,750,000

No. R-D-1                                                  CUSIP NO. 92927E AG 1

         WFS Financial 2004-1 Owner Trust, a statutory trust organized and
existing under the laws of the State of Delaware (the "Issuer"), for value
received, hereby promises to pay to Cede & Co., or registered assigns, the
principal sum of Forty Eight Million Seven Hundred Fifty Thousand Dollars
($48,750,000), payable to the extent described in the Indenture referred to on
the reverse hereof on each Distribution Date; provided, however, that the entire
unpaid principal amount of this Note shall be payable on the earlier of August
22, 2011 (the "Class D Final Scheduled Distribution Date") and the Redemption
Date, if any, selected pursuant to the Indenture. No payments of principal of
the Class D Notes shall be made until the principal amount of the Class A-1
Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes, the Class
B Notes and the Class C Notes has been reduced to zero.

                                      I-1
<PAGE>

         The Issuer will pay interest on this Note at the rate per annum shown
above on each Distribution Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note outstanding on the
preceding Distribution Date (after giving effect to all payments of principal
made on the preceding Distribution Date), or on the Closing Date in the case of
the first Distribution Date or if no interest has yet been paid, subject to
certain limitations contained in the Indenture. Interest on this Note will
accrue for each Distribution Date from, and including, the 20th day of the month
of the prior Distribution Date on which interest has been paid to, but
excluding, the 20th day of the month of the current Distribution Date or, in the
case of the first Distribution Date or if no interest has yet been paid, from,
and including, February 27, 2004. The Issuer shall pay interest on overdue
installments of interest at the Class D Interest Rate to the extent lawful.
Interest will be computed on the basis of a 360-day year consisting of twelve
30-day months. Such principal of and interest on this Note shall be paid in the
manner specified on the reverse hereof.

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

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

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

                                      I-2
<PAGE>

         IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed,
manually or in facsimile, by an Authorized Officer, as set forth below.

Date: February __, 2004           WFS FINANCIAL 2004-1 OWNER TRUST

                                  By: CHASE MANHATTAN BANK USA, NATIONAL
                                      ASSOCIATION,
                                      not in its individual capacity but solely
                                      on behalf of the Issuer as Owner Trustee,
                                      under the Trust Agreement

                                  By: _________________________________________
                                      Name:
                                      Title:

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

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

                                  By: _________________________________________
                                                 Authorized Signatory

                                      I-3
<PAGE>

                            [REVERSE OF CLASS D NOTE]

         This Note is one of a duly authorized issue of Auto Receivable Backed
Notes of the Issuer, designated as its 3.17% Class D Notes (the "Class D
Notes"), all issued under an Indenture, dated as of February 1, 2004 (the
"Indenture"), between the Issuer and Deutsche Bank Trust Company Americas, as
trustee (the "Trustee"), to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Trustee and the Holders of the Notes.
The Notes are subject to all terms of the Indenture. All terms used in this Note
that are defined in the Indenture, as supplemented or amended, shall have the
meanings assigned to them in or pursuant to the Indenture, as so supplemented or
amended.

         The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the
Class A-4 Notes, the Class B Notes, the Class C Notes and the Class D Notes
(collectively, the "Notes") are and, except as otherwise provided in the
Indenture and the Sale and Servicing Agreement, will be equally and ratably
secured by the collateral pledged as security therefor as provided in the
Indenture.

         Principal payable on the Class D Notes will be paid on each
Distribution Date in the amount specified in the Indenture and in the Sale and
Servicing Agreement. As described above, the entire unpaid principal amount of
this Note will be payable on the earlier of the Class D Final Scheduled
Distribution Date and the Redemption Date, if any, selected pursuant to the
Indenture. Notwithstanding the foregoing, under certain circumstances, the
entire unpaid principal amount of the Class D Notes shall be due and payable
following the occurrence and continuance of an Event of Default, as described in
the Indenture. All principal payments on the Class D Notes shall be made pro
rata to the Class D Noteholders entitled thereto.

         Payments of principal and interest on this Note due and payable on each
Distribution Date or Redemption Date shall be made by check mailed to the Person
whose name appears as the Registered Holder of this Note (or one or more
Predecessor Notes) on the Note Register as of the close of business on the
related Record Date, except that with respect to Notes registered on the Record
Date in the name of the nominee of the Clearing Agency (initially, such nominee
to be Cede & Co.), payments will be made by wire transfer in immediately
available funds to the account designated by such nominee. Such checks shall be
mailed to the Person entitled thereto at the address of such Person as it
appears on the Note Register as of the applicable Record Date without requiring
that this Note be submitted for notation of payment. Any reduction in the
principal amount of this Note (or any one or more Predecessor Notes) affected by
any payments made on any Distribution Date or Redemption Date shall be binding
upon all future Holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not noted hereon. If funds are expected to be available, as provided in the
Indenture, for payment in full of the remaining unpaid principal amount of this
Note on a Distribution Date or Redemption Date, then the Trustee, in the name of
and on behalf of the Issuer, will notify the Person who was the Registered
Holder hereof as of the Record Date preceding such Distribution Date or
Redemption Date by notice mailed within 20 days of such Distribution Date or
Redemption Date and the amount then due and payable shall be payable only upon
presentation and surrender of this Note at the Corporate Trust Office of the
Trustee or at the office of the Trustee's agent appointed for such purposes
located in The City of New York.

                                      I-4
<PAGE>

         As provided in the Indenture, the Notes may be redeemed pursuant to the
Indenture, in whole, but not in part, at the option of the Seller, on any
Distribution Date following the last day of a Collection Period as of which the
Aggregate Principal Balance is less than or equal to $150,000,000.

         As provided in the Indenture and subject to certain limitations set
forth therein, the transfer of this Note may be registered on the Note Register
upon surrender of this Note for registration of transfer at the office or agency
designated by the Issuer pursuant to the Indenture. No service charge will be
charged for any registration of transfer or exchange of this Note, but the
transferor may be required to pay a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any such registration
of transfer or exchange.

         Each Noteholder or Note Owner, by acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that no
recourse may be taken, directly or indirectly, with respect to the obligations
of the Issuer, the Owner Trustee or the Trustee on the Notes or under the
Indenture or any certificate or other writing delivered in connection therewith,
against (i) the Trustee or the Owner Trustee in its individual capacity, (ii)
any owner of a beneficial interest in the Issuer or (iii) any partner, owner,
beneficiary, agent, officer, director or employee of the Trustee or the Owner
Trustee in its individual capacity, any holder of a beneficial interest in the
Issuer, the Owner Trustee or the Trustee or of any successor or assign of the
Trustee or the Owner Trustee in its individual capacity, except as any such
Person may have expressly agreed and except that any such partner, owner or
beneficiary shall be fully liable, to the extent provided by applicable law, for
any unpaid consideration for stock, unpaid capital contribution or failure to
pay any installment or call owing to such entity.

         Each Noteholder or Note Owner, by acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that by
accepting the benefits of the Indenture and such Note that such Noteholder or
Note Owner will not at any time institute against the Seller or the Issuer, or
join in any institution against the Seller or the Issuer of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings under any
United States federal or state bankruptcy or similar law in connection with any
obligations relating to the Notes, the Indenture or the other Basic Documents.

         The Issuer has entered into the Indenture, and this Note is issued with
the intention that, for federal, state and local income, single business and
franchise tax purposes, the Notes will qualify as indebtedness of the Issuer
secured by the Trust Estate. Each Noteholder, by acceptance of a Note (and each
Note Owner by acceptance of a beneficial interest in a Note), agrees to treat
the Notes for federal, state and local income, single business and franchise tax
purposes as indebtedness of the Issuer.

         Prior to the due presentment for registration of transfer of this Note,
the Issuer and the Trustee and any agent of the Issuer or the Trustee may treat
the Person in whose name this Note (as of the day of determination or as of such
other date as may be specified in the Indenture) is registered as the owner
hereof for all purposes, whether or not this Note be overdue, and neither the
Issuer, the Trustee nor any such agent shall be affected by notice to the
contrary.

                                      I-5
<PAGE>

         The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer with the consent of the Holders of Notes representing at
least 66 2/3% of the Outstanding Amount of the Notes of the Controlling Class.
The Indenture also contains provisions permitting the Holders of Notes
representing specified percentages of the Outstanding Amount of the Notes or of
the Notes of the Controlling Class, on behalf of the Holders of all the Notes,
to waive compliance by the Issuer with certain provisions of the Indenture and
certain past defaults under the Indenture and their consequences. Any such
consent or waiver by the Holder of this Note (or any one of more Predecessor
Notes) shall be conclusive and binding upon such Holder and upon all future
Holders of this Note and of any Note issued upon the registration of transfer
hereof or in exchange hereof or in lieu hereof whether or not notation of such
consent or waiver is made upon this Note. The Indenture also permits the Trustee
to amend or waive certain terms and conditions set forth in the Indenture
without the consent of Holders of the Notes issued thereunder.

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

         This Note and the Indenture shall be construed in accordance with the
laws of the State of California, and the obligations, rights and remedies of the
parties hereunder and thereunder shall be determined in accordance with such
laws, except that the duties of the Trustee under the Indenture shall be
governed by New York law.

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

                                      I-6
<PAGE>

                                                                       EXHIBIT J

                             FORM OF NOTE ASSIGNMENT

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

PLEASE INSERT SOCIAL SECURITY OR
OTHER IDENTIFYING NUMBER OF ASSIGNEE

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

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

________________________________________________________________________________
to transfer said Note on the books kept for registration thereof, with full
power of substitution in the premises.

Dated: ___________________

Signature Guaranteed By:

________________________________        ___________________________________
Signature must be guaranteed by         Notice: The signature(s) on this
an eligible guarantor                   assignment must correspond with
institution which is a                  the name(s) as it appears on the
participant in the Securities           face of the within Note in every
Transfer Agent's Medallion              particular, without alteration,
Program (STAMP) or similar              enlargement, or any change
signature guarantee program.            whatsoever.

________________________________
      (Authorized Officer)

                                      J-1

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