Document:

<PAGE>

                                                                     EXHIBIT 4.2

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

                         POOLING AND SERVICING AGREEMENT

                                     BETWEEN

                         CAPITAL AUTO RECEIVABLES, INC.

                                       AND

                      GENERAL MOTORS ACCEPTANCE CORPORATION

                           DATED AS OF _________, 20__

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

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                            PAGE
<S>                                                                                                         <C>
ARTICLE I DEFINITIONS...................................................................................      1

  SECTION 1.01  Definitions.............................................................................      1
  SECTION 1.02  Owner of a Receivable...................................................................      2

ARTICLE II PURCHASE AND SALE OF RECEIVABLES.............................................................      2

  SECTION 2.01  Purchase and Sale of Receivables........................................................      2
  SECTION 2.02  Receivables Purchase Price..............................................................      3
  SECTION 2.03  The Closing.............................................................................      3
  SECTION 2.04  Custody of Receivable Files.............................................................      3

ARTICLE III ADMINISTRATION AND SERVICING OF RECEIVABLES.................................................      4

  SECTION 3.01  Duties of the Servicer..................................................................      4
  SECTION 3.02  Collection of Receivable Payments.......................................................      5
  SECTION 3.03  Rebates on Full Prepayments on Scheduled Interest Receivables...........................      5
  SECTION 3.04  Realization Upon Liquidating Receivables................................................      5
  SECTION 3.05  Maintenance of Insurance Policies.......................................................      6
  SECTION 3.06  Maintenance of Security Interests in Vehicles...........................................      6
  SECTION 3.07  Covenants, Representations and Warranties of the Servicer...............................      6
  SECTION 3.08  Purchase of Receivables Upon Breach of Covenant.........................................      8
  SECTION 3.09  Total Servicing Fee; Payment of Certain Expenses by Servicer............................      8
  SECTION 3.10  Servicer's Accounting...................................................................      8
  SECTION 3.11  Application of Collections..............................................................      9

ARTICLE IV REPRESENTATIONS AND WARRANTIES...............................................................     10

  SECTION 4.01  Representations and Warranties as to the Receivables....................................     10
  SECTION 4.02  Additional Representations and Warranties of GMAC.......................................     13
  SECTION 4.03  Representations and Warranties of CARI..................................................     14

ARTICLE V ADDITIONAL AGREEMENTS.........................................................................     15

  SECTION 5.01  Conflicts With Further Transfer and Servicing Agreements................................     15
  SECTION 5.02  Protection of Title.....................................................................     15
  SECTION 5.03  Other Liens or Interests................................................................     15
  SECTION 5.04  Repurchase Events.......................................................................     16
  SECTION 5.05  Indemnification.........................................................................     16
  SECTION 5.06  Further Assignments.....................................................................     16
  SECTION 5.07  Pre-Closing Collections.................................................................     16

ARTICLE VI CONDITIONS...................................................................................     17

  SECTION 6.01  Conditions to Obligation of CARI........................................................     17
  SECTION 6.02  Conditions To Obligation of GMAC........................................................     17

ARTICLE VII MISCELLANEOUS PROVISIONS....................................................................     18

  SECTION 7.01  Amendment...............................................................................     18
  SECTION 7.02  Survival................................................................................     18
  SECTION 7.03  Notices.................................................................................     18
  SECTION 7.04  GOVERNING LAW...........................................................................     18
</TABLE>

                                        i

<PAGE>

<TABLE>
<S>                                                                                                          <C>
  SECTION 7.05  Waivers.................................................................................     18
  SECTION 7.06  Costs and Expenses......................................................................     18
  SECTION 7.07  Confidential Information................................................................     18
  SECTION 7.08  Headings................................................................................     19
  SECTION 7.09  Counterparts............................................................................     19
  SECTION 7.10  No Petition Covenant....................................................................     19
  SECTION 7.11  Limitations on Rights of Others.........................................................     19
</TABLE>

EXHIBIT A       Form of First Step Receivables Assignment

SCHEDULE A      Schedule of Receivables

APPENDIX A      Definitions, Rules of Construction and Notices

APPENDIX B      Additional Representations and Warranties

                                       ii

<PAGE>

      THIS POOLING AND SERVICING AGREEMENT, dated as of _______, 20__ between
CAPITAL AUTO RECEIVABLES, INC., a Delaware corporation ("CARI"), and GENERAL
MOTORS ACCEPTANCE CORPORATION, a Delaware corporation (herein referred to as
"GMAC" in its capacity as seller of the Receivables and as the "Servicer" in its
capacity as servicer of the Receivables).

      WHEREAS, CARI desires to purchase on the date hereof a portfolio of
automobile and light truck retail instalment sale contracts, direct purchase
money loans and related rights owned by GMAC;

      WHEREAS, GMAC is willing to sell such contracts and related rights to
CARI;

      WHEREAS, CARI may wish to sell or otherwise transfer on the date hereof
such contracts and related rights, or interests therein, to a trust,
corporation, partnership or other entity (any such entity being the "Issuer");

      WHEREAS, the Issuer may issue debentures, notes, participations,
certificates of beneficial interest, partnership interests or other interests or
securities (collectively, any such issued interests or securities being
"Securities") to fund its acquisition of such contracts and related rights;

      WHEREAS, the Issuer may wish to provide in the agreements pursuant to
which it acquires its interest in such contracts and related rights and issues
the Securities (all such agreements, including the Trust Sale and Servicing
Agreement and the Indenture, being collectively the "Further Transfer and
Servicing Agreements") that GMAC shall service such contracts;

      WHEREAS, the Servicer is willing to service such contracts in accordance
with the terms hereof for the benefit of CARI and, by its execution of the
Further Transfer and Servicing Agreements, will be willing to service such
contracts in accordance with the terms of such Further Transfer and Servicing
Agreements for the benefit of the Issuer and each other party identified or
described herein or in the Further Transfer and Servicing Agreements as having
an interest as owner, trustee, secured party, or holder of Securities (the
Issuer and all such parties under the Further Transfer and Servicing Agreements
being "Interested Parties") with respect to such contracts, and the proceeds
thereof, as the interests of such parties may appear from time to time.

      NOW, THEREFORE, in consideration of the premises and the mutual covenants
herein contained, the parties hereto agree as follows:

                                    ARTICLE I
                                   DEFINITIONS

      SECTION 1.01 Definitions. Certain capitalized terms used in this Agreement
are defined in and shall have the respective meanings assigned to them in Part I
of Appendix A to this Agreement. All references herein to "the Agreement" or
"this Agreement" are to this Pooling and Servicing Agreement as it may be
amended, supplemented or modified from time to time, and all references herein
to Articles and Sections are to Articles or Sections of this

                                        1

<PAGE>

Agreement unless otherwise specified. The rules of construction set forth in
Part II of such Appendix A shall be applicable to this Agreement.

      SECTION 1.02 Owner of a Receivable. For purposes of this Agreement, the
"Owner" of a Receivable shall mean CARI until the sale, transfer, assignment or
other conveyance of such Receivable by CARI pursuant to the terms of the Further
Transfer and Servicing Agreements, and thereafter shall mean the Issuer;
provided, that GMAC or CARI, as applicable, shall be the "Owner" of any
Receivable from and after the time that such Person shall acquire such
Receivable, whether pursuant to Section 3.08 or 5.04 of this Agreement, any
provision of the Further Transfer and Servicing Agreements or otherwise.

                                   ARTICLE II
                        PURCHASE AND SALE OF RECEIVABLES

      SECTION 2.01 Purchase and Sale of Receivables.

            (a) Purchase. On the Closing Date, subject to satisfaction of the
conditions specified in Article VI and the First Step Receivables Assignment
(and, in any event, immediately prior to consummation of the related
transactions contemplated by the Further Transfer and Servicing Agreements, if
any), GMAC shall sell, transfer, assign and otherwise convey to CARI, without
recourse:

                  (i) all right, title and interest of GMAC in, to and under the
Receivables listed on the Schedule of Receivables and (A) in the case of
Receivables that are Scheduled Interest Receivables, all monies due thereunder
on and after the Cutoff Date and (B) in the case of Receivables that are Simple
Interest Receivables, all monies received thereon on and after the Cutoff Date,
in each case, exclusive of any amounts allocable to the premium for physical
damage insurance force-placed by GMAC covering any related Financed Vehicle;

                  (ii) the interest of GMAC in the security interests in the
Financed Vehicles granted by Obligors pursuant to the Receivables and, to the
extent permitted by law, any accessions thereto;

                  (iii) the interest of GMAC in any proceeds from claims on any
physical damage, credit life, credit disability or other insurance policies
covering Financed Vehicles or Obligors;

                  (iv) the interest of GMAC in any proceeds from recourse
against Dealers on the Receivables;

                  (v) all right, title and interest of the Seller in, to and
under the First Step Receivables Assignment; and

                  (vi) the present and future claims, demands, causes and choses
in action in respect of any or all the foregoing described in clauses (i), (ii),
(iii), (iv), and (v) above and all payments on or under and all proceeds of
every kind and nature whatsoever in respect of any or all the foregoing,
including all proceeds of the conversion of any or all of the foregoing,
voluntary or involuntary, into cash or other liquid property, all cash proceeds,
accounts, accounts

                                       2

<PAGE>

receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts,
insurance proceeds, investment property, payment intangible, general
intangibles, condemnation awards, rights to payment of any and every kind and
other forms of obligations and receivables, instruments and other property which
at any time constitute all or part of or are included in the proceeds of any of
the foregoing.

      The property described in clauses (i) through (vi) above is referred to
herein collectively as the "Purchased Property."

            (b) [Intentionally Omitted].

            (c) It is the intention of GMAC and CARI that the transfer and
assignment of Receivables contemplated by this Agreement and the First Step
Receivables Assignment shall constitute a sale of the Receivables from GMAC to
CARI and the beneficial interest in and title to the Receivables shall not be
part of GMAC's estate in the event of the filing of a bankruptcy petition by or
against GMAC under any bankruptcy law.

            (d) The transfer and assignment of Receivables contemplated by this
Agreement and the First Step Receivables Assignment does not constitute and is
not intended to result in any assumption by CARI of any obligation of GMAC to
the Obligors, Dealers, insurers or any other Person in connection with the
Receivables, any Dealer Agreements, any insurance policies or any agreement or
instrument relating to any of them.

      SECTION 2.02 Receivables Purchase Price. In consideration for the
Purchased Property, CARI shall, on the Closing Date, pay to GMAC an amount equal
to the Initial Aggregate Discounted Principal Balance in respect of the
Receivables and GMAC shall execute and deliver to CARI an assignment in the form
attached hereto as Exhibit A (the "First Step Receivables Assignment"). The
Initial Aggregate Discounted Principal Balance, which is equal to
$_____________, shall be paid to GMAC in immediately available funds.

      SECTION 2.03 The Closing. The sale and purchase of the Receivables shall
take place at the offices of Kirkland & Ellis LLP, 200 East Randolph Drive,
Chicago, Illinois 60601, on the Closing Date at a time mutually agreeable to
GMAC and CARI, and will occur simultaneously with the closing of transactions
contemplated by the Further Transfer and Servicing Agreements.

      SECTION 2.04 Custody of Receivable Files. In connection with the sale,
transfer and assignment of the Receivables to CARI pursuant to this Agreement
and the First Step Receivables Assignment, CARI, simultaneously with the
execution and delivery of this Agreement, shall enter into the Custodian
Agreement with the Custodian, pursuant to which CARI shall revocably appoint the
Custodian, and the Custodian shall accept such appointment, to act as the agent
of CARI as Custodian of the following documents or instruments which shall be
constructively delivered to CARI with respect to each Receivable:

            (a) the fully executed original of the installment sale contract or
direct purchase money loan, as applicable, for such Receivable;

            (b) documents evidencing or related to any Insurance Policy;

                                       3

<PAGE>

            (c) the original credit application of each Obligor, fully executed
by each such Obligor on GMAC's customary form, or on a form approved by GMAC,
for such application;

            (d) where permitted by law, the original certificate of title (when
received) and otherwise such documents, if any, that GMAC keeps on file in
accordance with its customary procedures indicating that the Financed Vehicle is
owned by the Obligor and subject to the interest of GMAC as first lienholder or
secured party; and

            (e) any and all other documents that GMAC keeps on file in
accordance with its customary procedures relating to the individual Receivable,
Obligor or Financed Vehicle.

                                   ARTICLE III
                   ADMINISTRATION AND SERVICING OF RECEIVABLES

      SECTION 3.01 Duties of the Servicer.

            (a) The Servicer is hereby appointed and authorized to act as agent
for the Owner of the Receivables and in such capacity shall manage, service,
administer and make collections on the Receivables with reasonable care, using
that degree of skill and attention that the Servicer exercises with respect to
comparable automotive receivables that it services for itself or others. The
Servicer hereby accepts such appointment and authorization and agrees to perform
the duties of Servicer with respect to the Receivables set forth herein and in
the Further Transfer and Servicing Agreements.

            (b) The Servicer's duties shall include collection and posting of
all payments, responding to inquiries of Obligors, investigating delinquencies,
sending payment coupons to Obligors, reporting tax information to Obligors,
policing the collateral, accounting for collections and furnishing monthly and
annual statements to the Owner of any Receivables with respect to distributions,
generating federal income tax information and performing the other duties
specified herein. Subject to the provisions of Section 3.02, the Servicer shall
follow its customary standards, policies and procedures and shall have full
power and authority, acting alone, to do any and all things in connection with
such managing, servicing, administration and collection that it may deem
necessary or desirable.

            (c) Without limiting the generality of the foregoing, the Servicer
is hereby authorized and empowered by the Owner of the Receivables, pursuant to
this Section 3.01, to execute and deliver, on behalf of all Interested Parties,
or any of them, any and all instruments of satisfaction or cancellation, or of
partial or full release or discharge, and all other comparable instruments, with
respect to the Receivables and the Financed Vehicles. The Servicer is hereby
authorized to commence, in its own name or in the name of the Owner of such
Receivable a legal proceeding to enforce a Liquidating Receivable as
contemplated by Section 3.04, to enforce all obligations of GMAC and CARI under
this Agreement and under the Further Transfer and Servicing Agreements or to
commence or participate in a legal proceeding (including without limitation a
bankruptcy proceeding) relating to or involving a Receivable or a Liquidating
Receivable. If the Servicer commences or participates in such a legal proceeding
in its own name, the Servicer is hereby authorized and empowered by the Owner of
the Receivables pursuant to this Section 3.01, to obtain possession of the
related Financed Vehicle and

                                       4

<PAGE>

immediately and without further action on the part of the Owner or the Servicer,
the Owner of such Receivable shall thereupon automatically assign in trust such
Receivable and the security interest in the related Financed Vehicle to the
Servicer for the benefit of the Interested Parties for purposes of commencing or
participating in any such proceeding as a party or claimant. Upon such automatic
assignment, the Servicer will be, and will have all the rights and duties of, a
secured party under the UCC and other applicable law with respect to such
Receivable and the related Financed Vehicle. At the Servicer's request from time
to time, the Owner of a Receivable assigned under this Section 3.01 shall
provide the Servicer with evidence of the assignment in trust for the benefit of
the Interested Parties as may be reasonably necessary for the Servicer to take
any of the actions set forth in the following sentence.

            (d) The Servicer is hereby authorized and empowered by the Owner of
a Receivable to execute and deliver in the Servicer's name any notices, demands,
claims, complaints, responses, affidavits or other documents or instruments in
connection with any such proceeding. Any Owner of Receivables shall furnish the
Servicer with any powers of attorney and other documents and take any other
steps which the Servicer may deem necessary or appropriate to enable the
Servicer to carry out its servicing and administrative duties under this
Agreement and the Further Transfer and Servicing Agreements. Except to the
extent required by the preceding two sentences, the authority and rights granted
to the Servicer in this Section 3.01 shall be nonexclusive and shall not be
construed to be in derogation of the retention by the Owner of a Receivable of
equivalent authority and rights.

      SECTION 3.02 Collection of Receivable Payments. The Servicer shall make
reasonable efforts to collect all payments called for under the terms and
provisions of the Receivables as and when the same shall become due, and shall
follow such collection practices, policies and procedures as it follows with
respect to comparable automotive receivables that it services for itself or
others in connection therewith. Except as provided in Section 3.07(a)(iii), the
Servicer is hereby authorized to grant extensions, rebates or adjustments on a
Receivable without the prior consent of the Owner of such Receivable. The
Servicer is authorized in its discretion to waive any prepayment charge, late
payment charge or any other fees that may be collected in the ordinary course of
servicing such Receivable.

      SECTION 3.03 Rebates on Full Prepayments on Scheduled Interest
Receivables. If the amount of a full Prepayment by an Obligor under a Scheduled
Interest Receivable, after adjustment for the Rebate, is less than the amount
that would be payable under the actuarial method if a full Prepayment were made
at the end of the billing month under such Scheduled Interest Receivable, either
because the Rebate calculated under the terms of such Receivable is greater than
the amount calculable under the actuarial method or because the Servicer's
customary servicing procedure is to credit a greater Rebate, the Servicer, as
part of its servicing duties, shall remit such difference to the Owner of such
Receivable.

      SECTION 3.04 Realization Upon Liquidating Receivables. The Servicer shall
use reasonable efforts, consistent with its customary practices, policies and
procedures, to repossess or otherwise comparably convert the ownership of any
Financed Vehicle that it has reasonably determined should be repossessed or
otherwise converted following a default under the Receivable secured by the
Financed Vehicle. The Servicer is authorized to follow such customary practices,
policies and procedures as it follows with respect to comparable automotive

                                       5

<PAGE>

receivables that it services for itself or others, which customary practices,
policies and procedures may include reasonable efforts to realize upon any
recourse to Dealers, selling the related Financed Vehicle at public or private
sale and other actions by the Servicer in order to realize upon such a
Receivable. The Servicer is hereby authorized to exercise its discretion
consistent with its customary practices, policies and procedures and the terms
of this Agreement, in servicing Liquidating Receivables so as to maximize the
realization of those Liquidating Receivables, including the discretion to choose
to sell or not to sell any of the Liquidating Receivables on behalf of CARI or
any other Owner. The Servicer shall not be liable for any such exercise of its
discretion to sell or not to sell such Liquidating Receivables made in good
faith. The foregoing is subject to the provision that, in any case in which the
Financed Vehicle shall have suffered damage, the Servicer shall not expend funds
in connection with any repair or towards the repossession of such Financed
Vehicle unless it shall determine in its discretion that such repair and/or
repossession shall increase the proceeds of liquidation of the related
Receivable by an amount greater than the amount of such expenses. The Servicer
shall be entitled to receive Liquidation Expenses with respect to each
Liquidating Receivable at such time as the Receivable becomes a Liquidating
Receivable (or as may otherwise be provided in the Further Transfer and
Servicing Agreements).

      SECTION 3.05 Maintenance of Insurance Policies. The Servicer shall, in
accordance with its customary practices, policies and procedures, require that
each Obligor shall have obtained physical damage insurance covering the Financed
Vehicle as of the execution of the related Receivable. The Servicer shall, in
accordance with its customary practices, policies and procedures, monitor such
physical damage insurance with respect to each Receivable.

      SECTION 3.06 Maintenance of Security Interests in Vehicles. The Servicer
shall, in accordance with its customary practices, policies and procedures and
at its own expense, take such steps as are necessary to maintain perfection of
the security interest created by each Receivable in the related Financed
Vehicle. The Owner of each Receivable hereby authorizes the Servicer to
re-perfect such security interest on behalf of such Owner, as necessary because
of the relocation of a Financed Vehicle, or for any other reason.

      SECTION 3.07 Covenants, Representations and Warranties of the Servicer. As
of the Closing Date, the Servicer hereby makes the following representations,
warranties and covenants on which CARI relies in accepting the Receivables
hereunder and pursuant to the First Step Receivables Assignment, and on which
the Issuer shall rely in accepting such Receivables and executing and delivering
the Securities under the Further Transfer and Servicing Agreements.

            (a) The Servicer covenants that from and after the closing
hereunder:

                  (i) Liens in Force. Except as contemplated in this Agreement
or the Further Transfer and Servicing Agreements, the Servicer shall not release
in whole or in part any Financed Vehicle from the security interest securing the
related Receivable;

                  (ii) No Impairment. The Servicer shall do nothing to impair
the rights or security interest of CARI or any Interested Party in and to the
Purchased Property; and

                                       6

<PAGE>

                  (iii) No Modifications. The Servicer shall not amend or
otherwise modify any Receivable such that the Amount Financed, the Annual
Percentage Rate, the total number of Scheduled Payments (in the case of a
Scheduled Interest Receivable) or the number of originally scheduled due dates
(in the case of a Simple Interest Receivable), is altered or such that the last
Scheduled Payment (in the case of a Scheduled Interest Receivable) or the last
scheduled due date (in the case of a Simple Interest Receivable) occurs after
the Final Scheduled Distribution Date.

            (b) Upon the execution of this Agreement and the Further Transfer
and Servicing Agreements, the Servicer represents and warrants to the Issuer and
CARI that as of the Closing Date in addition to the representations and
warranties in Sections 4.01 and 4.02 being true that as of the Closing Date:

                  (i) Organization and Good Standing. The Servicer has been duly
organized and is validly existing and in good standing under the laws of its
state of incorporation, with power and authority to own its properties and to
conduct its business as such properties are presently owned and such business is
presently conducted, and had at all relevant times, and now has, power,
authority and legal right to service the Receivables as provided herein and in
the Further Transfer and Servicing Agreements;

                  (ii) Due Qualification. The Servicer 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 (including the servicing of the
Receivables) requires or shall require such qualification;

                  (iii) Power and Authority. The Servicer has the power and
authority to execute and deliver this Agreement and the Further Transfer and
Servicing Agreements and to carry out the terms of such agreements; and the
Servicer's execution, delivery and performance of this Agreement and the Further
Transfer and Servicing Agreements have been duly authorized by the Servicer by
all necessary corporate action;

                  (iv) Binding Obligation. The Further Transfer and Servicing
Agreements and this Agreement, when duly executed and delivered, shall
constitute the legal, valid and binding obligations of the Servicer enforceable
in accordance with their respective terms, except as enforceability may be
limited by bankruptcy, insolvency, reorganization, or other similar laws
affecting the enforcement of creditors' rights in general and by general
principles of equity, regardless of whether such enforceability is considered in
a proceeding in equity or at law;

                  (v) No Violation. The consummation by the Servicer of the
transactions contemplated by this Agreement and the Further Transfer and
Servicing Agreements, and the fulfillment by the Servicer of the terms hereof
and thereof, shall not conflict with, result in any breach of any of the terms
and provisions of, or constitute (with or without notice or lapse of time) a
default under, the articles of incorporation or by-laws of the Servicer, or any
indenture, agreement, mortgage, deed of trust or other instrument to which the
Servicer is a party or by which it is bound, or result in the creation or
imposition of any Lien upon any of its properties pursuant to the terms of any
such indenture, agreement, mortgage, deed of trust or

                                       7

<PAGE>

other instrument, other than this Agreement and the Further Transfer and
Servicing Agreements, or violate any law or, to the best of the Servicer's
knowledge, any order, rule or regulation applicable to the Servicer of any court
or of any federal or state regulatory body, administrative agency or other
governmental instrumentality having jurisdiction over the Servicer or any of its
properties; and

                  (vi) No Proceedings. To the Servicer's knowledge, there are no
proceedings or investigations pending, or threatened, before any court,
regulatory body, administrative agency or other tribunal or governmental
instrumentality having jurisdiction over the Servicer or its properties (A)
asserting the invalidity of this Agreement and the Further Transfer and
Servicing Agreements or any Securities issued thereunder, (B) seeking to prevent
the issuance of such Securities or the consummation of any of the transactions
contemplated by the Further Transfer and Servicing Agreements, or (C) seeking
any determination or ruling that might materially and adversely affect this
Agreement, the performance by the Servicer of its obligations under, or the
validity or enforceability of, the Further Transfer and Servicing Agreements.

      SECTION 3.08 Purchase of Receivables Upon Breach of Covenant. Upon
discovery by any of the Servicer, CARI or any party under the Further Transfer
and Servicing Agreements of a breach of any of the covenants set forth in
Sections 3.06 and 3.07(a), the party discovering such breach shall give prompt
written notice thereof to the others. As of the last day of the second Monthly
Period following its discovering or receiving notice of such breach (or, at the
Servicer's election, the last day of the first Monthly Period so following), the
Servicer shall, unless it shall have cured such breach in all material respects,
purchase from the Owner thereof any Receivable materially and adversely affected
by such breach as determined by such Owner and, on the related Distribution
Date, the Servicer shall pay the Administrative Purchase Payment, and shall be
entitled to receive the Released Administrative Amount, if any. It is understood
and agreed that the obligation of the Servicer to purchase any Receivable with
respect to which such a breach has occurred and is continuing shall, if such
obligation is fulfilled, constitute the sole remedy against the Servicer for
such breach available to CARI or any Interested Party.

      SECTION 3.09 Total Servicing Fee; Payment of Certain Expenses by Servicer.
The Servicer is entitled to receive the Total Servicing Fee and Supplemental
Servicing Fees out of collections in respect of the Receivables. The Servicer
shall also be entitled to Investment Earnings as, and to the extent, set forth
in the Further Transfer and Servicing Agreements. Subject to any limitations on
the Servicer's liability under the Further Transfer and Servicing Agreements,
the Servicer shall be required to pay all expenses incurred by it in connection
with its activities under this Agreement and under the Further Transfer and
Servicing Agreements (including fees and disbursements of the Issuer, any
trustees and independent accountants, taxes imposed on the Servicer, expenses
incurred in connection with distributions and reports to holders of Securities
and all other fees and expenses not expressly stated under this Agreement or the
Further Transfer and Servicing Agreements to be for the account of the holders
of Securities).

      SECTION 3.10 Servicer's Accounting. On each Determination Date under a
Further Transfer and Servicing Agreement, the Servicer shall deliver to each of
the trustees and

                                       8

<PAGE>

other applicable parties under the Further Transfer and Servicing Agreements and
to CARI and the Rating Agencies a Servicer's Accounting with respect to the
immediately preceding Monthly Period executed by the President or any Vice
President of the Servicer containing all information necessary to each such
party for making any distributions required by the Further Transfer and
Servicing Agreements, and all information necessary to each such party for
sending any statements required under the Further Transfer and Servicing
Agreements. Receivables to be purchased by the Servicer under Sections 3.08 or
5.04 or to be repurchased by CARI or GMAC under the Further Transfer and
Servicing Agreements as of the last day of any Monthly Period shall be
identified by Receivable number (as set forth in the Schedule of Receivables).
With respect to any Receivables for which CARI is the Owner, the Servicer shall
deliver to CARI such accountings relating to such Receivables and the actions of
the Servicer with respect thereto as CARI may reasonably request.

      SECTION 3.11 Application of Collections. For the purposes of this
Agreement and the Further Transfer and Servicing Agreements, no later than each
Distribution Date all collections for the related Monthly Period shall be
applied by the Servicer as follows:

            (a) With respect to each Scheduled Interest Receivable (other than
an Administrative Receivable or a Warranty Receivable), payments by or on behalf
of the Obligor which are not Supplemental Servicing Fees shall be applied first
to reduce outstanding advances of shortfalls in collections, if any, made
pursuant to the Further Transfer and Servicing Agreements with respect to such
Receivable. Next, the amount of any such payments in excess of Supplemental
Servicing Fees and any such advances with respect to such Receivable shall be
applied to the Scheduled Payment with respect to such Receivable. Any amount of
such payments remaining after the applications described in the preceding two
sentences constitutes an Excess Payment with respect to such Receivable, and
such Excess Payment (to the extent it does not constitute a Payment Ahead) shall
be applied to prepay such Receivable. If the amounts applied under the first two
sentences of this Section 3.11(a) shall be less than the Scheduled Payment,
whether as a result of any extension granted to the Obligor or otherwise, then
the Deferred Prepayment, if any, with respect to such Receivable shall be
applied by the Servicer to the extent of the shortfall, and such Deferred
Prepayment shall be reduced accordingly.

            (b) With respect to all Simple Interest Receivables (other than
Administrative Receivables and Warranty Receivables), payments by or on behalf
of the Obligors which are not Supplemental Servicing Fees shall be applied first
to the payment to the Servicer of Excess Simple Interest Collections, if any,
and next to principal and interest on all such Simple Interest Receivables.

            (c) With respect to each Administrative Receivable and Warranty
Receivable, payments by or on behalf of the Obligor shall be applied in the same
manner, except that any Released Administrative Amount or Released Warranty
Amount shall be remitted to the Servicer or CARI, as applicable. In the case of
a Scheduled Interest Receivable, a Warranty Payment shall be applied to reduce
any advances described in Section 3.11(a) and such Warranty Payment or an
Administrative Purchase Payment, as applicable, shall be applied to the
Scheduled Payment, in each case to the extent that the payments by or on behalf
of the Obligor shall be insufficient, and then to prepay such Receivable in
full. In the case of a Simple Interest

                                       9

<PAGE>

Receivable, a Warranty Payment or an Administrative Payment, as applicable,
shall be applied to principal and interest on such Receivable.

                                   ARTICLE IV
                         REPRESENTATIONS AND WARRANTIES

      SECTION 4.01 Representations and Warranties as to the Receivables. GMAC
makes the following representations and warranties as to the Receivables on
which CARI relies in accepting the Receivables. Such representations and
warranties speak as of the Closing Date, and shall survive the sale, transfer
and assignment of the Receivables to CARI and the subsequent assignment and
transfer pursuant to the Further Transfer and Servicing Agreements:

            (a) Characteristics of Receivables.

            Each Receivable:

                  (i) is secured by a Financed Vehicle, was originated in the
United States by GMAC or one of its subsidiaries or a Dealer for the retail sale
of a Financed Vehicle in the ordinary course of business, was fully and properly
executed by the parties thereto, if not originated by GMAC, was purchased by
GMAC from one of its subsidiaries or from such Dealer under an existing Dealer
Agreement, and was validly assigned by such subsidiary or such Dealer to GMAC in
accordance with its terms,

                  (ii) has created or shall create a valid, binding and
enforceable first priority security interest in favor of GMAC in the Financed
Vehicle, which security interest is assignable by GMAC to CARI,

                  (iii) contains customary and enforceable provisions such as to
render the rights and remedies of the holder thereof adequate for realization
against the collateral of the benefits of the security,

                  (iv) is a Scheduled Interest Receivable or a Simple Interest
Receivable,

                  (v) provides for level monthly payments (provided that the
payment in the first month and the final month of the life of the Receivable may
be different from the level payment) that shall amortize the Amount Financed by
maturity and shall yield interest at the Annual Percentage Rate,

                  (vi) has an original term of not less than ___ and not greater
than __ months and a remaining term of not less than six months,

                  (vii) has been acquired by GMAC under one of its "special
incentive rate financing programs," as such term is defined by the Servicer on
the date such Receivable was originated, designed to encourage purchases of new
cars and light trucks manufactured by General Motors Corporation;

                  (viii) has a first payment due date on or after _________,
____;

                                       10

<PAGE>

                  (ix) was originated on or after __________, ____; and

                  (x) as of the Cutoff Date, was not considered past due, that
is, the payments due on that Receivable in excess of $25 have been received
within 30 days of the payment date, and was not a Liquidating Receivable.

            In addition, Scheduled Interest Receivables represent (based on
Principal Balances) __% of the Aggregate Principal Balance, with the balance of
the Receivables being Simple Interest Receivables.

            (b) Creation, Perfection and Priority of Security Interests. The
representations and warranties regarding creation, perfection and priority of
security interests in the Purchased Property, which are attached to this
Agreement as Appendix B, are true and correct to the extent that they are
applicable.

            (c) Schedule of Receivables. The information set forth in the
Schedule of Receivables is true and correct in all material respects, and no
selection procedures believed to be adverse to CARI or to holders of the
Securities issued under the Further Transfer and Servicing Agreements were
utilized in selecting the Receivables from those receivables of GMAC which meet
the selection criteria set forth in this Agreement;

            (d) Compliance With Law. All requirements of applicable federal,
state and local laws, and regulations thereunder, including, without limitation,
usury laws, the Federal Truth-in-Lending Act, the Equal Credit Opportunity Act,
the Fair Credit Billing Act, the Fair Credit Reporting Act, the Fair Debt
Collection Practices Act, the Federal Trade Commission Act, the Magnuson-Moss
Warranty Act, the Federal Reserve Board's Regulations "B" and "Z", the
Servicemembers Civil Relief Act of 2003, the Texas Consumer Credit Code, and
state adaptations of the National Consumer Act and of the Uniform Consumer
Credit Code and other consumer credit laws and equal credit opportunity and
disclosure laws, in respect of any of the Receivables and other Purchased
Property, have been complied with in all material respects, and each Receivable
and the sale of the Financed Vehicle evidenced thereby complied at the time it
was originated or made and now complies in all material respects with all legal
requirements of the jurisdiction in which it was originated or made;

            (e) Binding Obligation. Each Receivable represents the genuine,
legal, valid and binding payment obligation in writing of the Obligor thereon,
enforceable by the holder thereof in accordance with its terms, except as
enforceability may be limited by bankruptcy, insolvency, reorganization or
similar laws affecting the enforcement of creditors' rights in general and by
equity, regardless of whether such enforceability is considered in a proceeding
in equity or at law;

            (f) Security Interest in Financed Vehicle. Immediately prior to the
sale, transfer and assignment thereof pursuant hereto and the First Step
Receivables Assignment, each Receivable was secured by a validly perfected first
priority security interest in the Financed Vehicle in favor of GMAC as secured
party or all necessary and appropriate action had been commenced that would
result in the valid perfection of a first priority security interest in the
Financed Vehicle in favor of GMAC as secured party;

                                       11

<PAGE>

            (g) Receivables In Force. No Receivable has been satisfied,
subordinated or rescinded, and the Financed Vehicle securing each such
Receivable has not been released from the lien of the related Receivable in
whole or in part;

            (h) No Waiver. Since the Cutoff Date, no provision of a Receivable
has been waived, altered or modified in any respect;

            (i) No Defenses. No right of rescission, setoff, counterclaim or
defense has been asserted or threatened with respect to any Receivable;

            (j) No Liens. To the best of GMAC's knowledge: (1) there are no
liens or claims that have been filed for work, labor or materials affecting any
Financed Vehicle securing any Receivable that are or may be liens prior to, or
equal or coordinate with, the security interest in the Financed Vehicle granted
by the Receivable; (2) no contribution failure has occurred with respect to any
Benefit Plan which is sufficient to give rise to a lien under Section 302(f) of
ERISA with respect to any Receivable; and (3) no tax lien has been filed and no
claim related thereto is being asserted with respect to any Receivable;

            (k) Insurance. Each Obligor is required to maintain a physical
damage insurance policy of the type that GMAC requires in accordance with its
customary underwriting standards for the purchase of automotive receivables;

            (l) Good Title. No Receivable has been sold, transferred, assigned
or pledged by GMAC to any Person other than CARI; immediately prior to the
conveyance of the Receivables pursuant to this Agreement and the First Step
Receivables Assignment, GMAC had good and marketable title thereto, free of any
Lien; and, upon execution and delivery of this Agreement by GMAC, CARI shall
have all of the right, title and interest of GMAC in and to the Receivables, the
unpaid indebtedness evidenced thereby and the collateral security therefor, free
of any Lien;

            (m) Lawful Assignment. No Receivable was originated in, or is
subject to the laws of, any jurisdiction the laws of which would make unlawful
the sale, transfer and assignment of such Receivable under this Agreement, the
Trust Sale and Servicing Agreement or the Indenture, as applicable;

            (n) All Filings Made. All filings (including, without limitation,
UCC filings) necessary in any jurisdiction to give CARI a first priority
perfected ownership interest in the Receivables shall have been made;

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

            (p) No Documents or Instruments. No Receivable, or constituent part
thereof, constitutes a "negotiable instrument" or "negotiable document of title"
(as such terms are used in the UCC); and

            (q) No Amendment. No Receivable has been amended or otherwise
modified such that the total number of the Obligor's Scheduled Payments (in the
case of a Scheduled

                                       12

<PAGE>

Interest Receivable) or the number of originally scheduled due dates (in the
case of a Simple Interest Receivable) is increased or such that the Amount
Financed is increased.

      SECTION 4.02 Additional Representations and Warranties of GMAC. GMAC
hereby represents and warrants to CARI as of the Closing Date, both in its
capacity as the seller of the Receivables hereunder and in its capacity as
Servicer, that:

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

            (b) Due Qualification. GMAC 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 (including the servicing of the Receivables)
requires or shall require such qualification;

            (c) Power and Authority. GMAC has the power and authority to execute
and deliver this Agreement and the First Step Receivables Assignment and to
carry out its terms; GMAC has full power and authority to sell and assign the
property to be sold and assigned to CARI and to service the Receivables as
provided herein and in the Further Transfer and Servicing Agreements, has duly
authorized such sale and assignment to CARI by all necessary corporate action;
and the execution, delivery and performance of this Agreement and the First Step
Receivables Assignment have been duly authorized by GMAC by all necessary
corporate action;

            (d) Valid Sale; Binding Obligation. This Agreement and the First
Step Receivables Assignment, when duly executed and delivered, shall constitute
a valid sale, transfer and assignment of the Receivables, enforceable against
creditors of and purchasers from GMAC; and this Agreement together with the
First Step Receivables Assignment, when duly executed and delivered, shall
constitute a legal, valid and binding obligation of GMAC enforceable in
accordance with its terms, except as enforceability may be limited by
bankruptcy, insolvency, reorganization or other similar laws affecting the
enforcement of creditors' rights in general and by general principles of equity,
regardless of whether such enforceability is considered in a proceeding in
equity or at law;

            (e) No Violation. The consummation of the transactions contemplated
by this Agreement and the First Step Receivables Assignment and the fulfillment
of the terms of this Agreement and the First Step Receivables Assignment shall
not conflict with, result in any breach of any of the terms and provisions of,
or constitute (with or without notice or lapse of time) a default under, the
articles of incorporation or by-laws of GMAC, or any indenture, agreement,
mortgage, deed of trust or other instrument to which GMAC is a party or by which
it is bound, or result in the creation or imposition of any Lien upon any of its
properties pursuant to the terms of any such indenture, agreement, mortgage,
deed of trust or other instrument, other than this Agreement and the First Step
Receivables Assignment or violate any law or, to the best of GMAC's knowledge,
any order, rule or regulation applicable to GMAC of any court or of any

                                       13

<PAGE>

federal or state regulatory body, administrative agency or other governmental
instrumentality having jurisdiction over GMAC or any of its properties;

            (f) No Proceedings. To GMAC's knowledge, there are no proceedings or
investigations pending, or threatened, before any court, regulatory body,
administrative agency or other tribunal or governmental instrumentality having
jurisdiction over GMAC or its properties (A) asserting the invalidity of this
Agreement and the First Step Receivables Assignment, (B) seeking to prevent the
consummation of any of the transactions contemplated by this Agreement and the
First Step Receivables Assignment, or (C) seeking any determination or ruling
that might materially and adversely affect the performance by GMAC of its
obligations under, or the validity or enforceability of, this Agreement and the
First Step Receivables Assignment;

      SECTION 4.03 Representations and Warranties of CARI. CARI hereby
represents and warrants to GMAC as of the Closing Date:

            (a) Organization and Good Standing. CARI has been duly organized and
is validly existing as a corporation in good standing under the laws of the
State of Delaware, with power and authority to own its properties and to conduct
its business as such properties are presently owned and such business is
presently conducted, and had at all relevant times, and now has, power,
authority and legal right to acquire and own the Receivables;

            (b) Due Qualification. CARI 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 qualification;

            (c) Power and Authority. CARI has the power and authority to execute
and deliver this Agreement and the First Step Receivables Assignment and to
carry out its terms and the execution, delivery and performance of this
Agreement and the First Step Receivables Assignment have been duly authorized by
CARI by all necessary corporate action;

            (d) No Violation. The consummation of the transactions contemplated
by this Agreement and the First Step Receivables Assignment and the fulfillment
of the terms of this Agreement and the First Step Receivables Assignment shall
not conflict with, result in any breach of any of the terms and provisions of or
constitute (with or without notice or lapse of time) a default under, the
certificate of incorporation or by-laws of CARI, or any indenture, agreement,
mortgage, deed of trust or other instrument to which CARI is a party or by which
it is bound, or result in the creation or imposition of any Lien upon any of its
properties pursuant to the terms of any such indenture, agreement or other
instrument, other than any Further Transfer and Servicing Agreement or violate
any law or, to the best of CARI's knowledge, any order, rule or regulation
applicable to CARI of any court or of any federal or state regulatory body,
administrative agency or other governmental instrumentality having jurisdiction
over CARI or any of its properties; and

            (e) No Proceedings. To CARI's knowledge, there are no proceedings or
investigations pending, or threatened, before any court, regulatory body,
administrative agency

                                       14

<PAGE>

or other tribunal or governmental instrumentality having jurisdiction over CARI
or its properties (i) asserting the invalidity of this Agreement and the First
Step Receivables Assignment, or (ii) seeking any determination or ruling that
might materially and adversely affect the performance by CARI of its obligations
under, or the validity or enforceability of, this Agreement and the First Step
Receivables Assignment.

                                    ARTICLE V
                              ADDITIONAL AGREEMENTS

      SECTION 5.01 Conflicts With Further Transfer and Servicing Agreements. To
the extent that any provision of Sections 5.02 through 5.04 of this Agreement
conflicts with any provision of the Further Transfer and Servicing Agreements,
the Further Transfer and Servicing Agreements shall govern.

      SECTION 5.02 Protection of Title.

            (a) Filings. GMAC shall authorize and execute, as applicable, and
file such financing statements and cause to be authorized and executed, as
applicable, and filed such continuation and other statements, all in such manner
and in such places as may be required by law fully to preserve, maintain and
protect the interest of CARI under this Agreement and the First Step Receivables
Assignment in the Receivables and the other Purchased Property and in the
proceeds thereof. GMAC shall deliver (or cause to be delivered) to CARI
file-stamped copies of, or filing receipts for, any document filed as provided
above, as soon as available following such filing GMAC hereby authorizes CARI
and its assigns to file all such financing statements and to file such financing
statements without its signature.

            (b) Name Change. GMAC shall not change its state of organization or
its name, identity or corporate structure in any manner that would, could or
might make any financing statement or continuation statement filed by GMAC in
accordance with Section 5.02(a) seriously misleading within the meaning of the
UCC, unless it shall have given CARI at least 60 days prior written notice
thereof.

            (c) Executive Office; Maintenance of Offices. GMAC shall give CARI
at least 60 days prior written notice of any relocation of its principal
executive office if, as a result of such relocation, the applicable provisions
of the UCC would require the filing of any amendment of any previously filed
financing or continuation statement or of any new financing statement. GMAC
shall at all times maintain each office from which it services Receivables and
its principal executive office within the United States of America.

            (d) New Debtor. In the event that GMAC shall change the jurisdiction
in which it is incorporated or otherwise enter into any transaction which would
result in a "new debtor" (as defined in the UCC) succeeding to the obligations
of GMAC hereunder, GMAC shall comply fully with the obligations of Section
5.02(a).

      SECTION 5.03 Other Liens or Interests. Except for the conveyances
hereunder and under the First Step Receivables Assignment and as contemplated by
the Further Transfer and Servicing Agreements, GMAC shall not sell, pledge,
assign or transfer the Receivables or other Purchased Property to any other
Person, or grant, create, incur, assume or suffer to exist

                                       15

<PAGE>

any Lien on any interest therein, and GMAC shall defend the right, title and
interest of CARI in, to and under such Receivables or other Purchased Property
against all claims of third parties claiming through or under GMAC.

      SECTION 5.04 Repurchase Events. By its execution of the Further Transfer
and Servicing Agreements to which it is a party, GMAC shall acknowledge the
assignment by CARI of such of its right, title and interest in, to and under
this Agreement and the First Step Receivables Assignment to the Issuer as shall
be provided in the Further Transfer and Servicing Agreements. GMAC hereby
covenants and agrees with CARI for the benefit of CARI and the Interested
Parties that in the event of a breach of any of GMAC's representations and
warranties contained in Section 4.01 hereof with respect to any Receivable (a
"Repurchase Event"), GMAC will repurchase such Receivable from the Issuer (if
the Issuer is then the Owner of such Receivable) on the date and for the amount
specified in the Further Transfer and Servicing Agreements, without further
notice from CARI hereunder. Upon the occurrence of a Repurchase Event with
respect to a Receivable for which CARI is the Owner, GMAC agrees to repurchase
such Receivable from CARI for an amount and upon the same terms as GMAC would be
obligated to repurchase such Receivable from the Issuer if the Issuer was then
the Owner thereof, and upon payment of such amount, GMAC shall have such rights
with respect to such Receivable as if GMAC had purchased such Receivable from
the Issuer as the Owner thereof. It is understood and agreed that the obligation
of GMAC to repurchase any Receivable as to which a breach has occurred and is
continuing shall, if such obligation is fulfilled, constitute the sole remedy
against GMAC for such breach available to CARI or any Interested Party.

      SECTION 5.05 Indemnification. GMAC shall indemnify CARI for any liability
as a result of the failure of a Receivable to be originated in compliance with
all requirements of law. This indemnity obligation shall be in addition to any
obligation that GMAC may otherwise have.

      SECTION 5.06 Further Assignments. GMAC acknowledges that CARI may,
pursuant to the Further Transfer and Servicing Agreements, sell the Receivables
to the Issuer and assign its rights hereunder and under the First Step
Receivables Assignment to the Issuer, subject to the terms and conditions of the
Further Transfer and Servicing Agreements, and that the Issuer may in turn
further pledge, assign or transfer its rights in the Receivables and this
Agreement and the First Step Receivables Assignment. GMAC further acknowledges
that CARI may assign its rights under the Custodian Agreement to the Issuer.

      SECTION 5.07 Pre-Closing Collections. Within two Business Days after the
Closing Date, GMAC shall transfer to the account or accounts designated by CARI
(or by the Issuer under the Further Transfer and Servicing Agreements) all
collections on the Receivables held by GMAC on the Closing Date and conveyed to
CARI pursuant to Section 2.01; provided that so long as the Monthly Remittance
Conditions are satisfied, such collections need not be transferred until the
first Distribution Date.

                                       16

<PAGE>

                                   ARTICLE VI
                                   CONDITIONS

      SECTION 6.01 Conditions to Obligation of CARI. The obligation of CARI to
purchase the Receivables hereunder and pursuant to the First Step Receivables
Assignment is subject to the satisfaction of the following conditions:

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

            (b) No Repurchase Event. No Repurchase Event shall have occurred on
or prior to the Closing Date.

            (c) Computer Files Marked. GMAC shall, at its own expense, on or
prior to the Closing Date, indicate in its computer files created in connection
with the Receivables that the Receivables have been sold to CARI pursuant to
this Agreement and the First Step Receivables Assignment and deliver to CARI the
Schedule of Receivables certified by an officer of GMAC to be true, correct and
complete.

            (d) Documents to be Delivered By GMAC.

                        (1) The Assignment. On the Closing Date, GMAC shall
execute and deliver the First Step Receivables Assignment.

                        (2) Evidence of UCC Filing. On or prior to the Closing
Date, GMAC shall record and file, at its own expense, a UCC-1 financing
statement in each jurisdiction in which required by applicable law, authorized
by and naming GMAC as seller or debtor, naming CARI as purchaser or secured
party, naming the Receivables and the other Purchased Property as collateral,
meeting the requirements of the laws of each such jurisdiction and in such
manner as is necessary to perfect the sale, transfer, assignment and conveyance
of such Receivables to CARI. GMAC shall deliver a file-stamped copy, or other
evidence satisfactory to CARI of such filing, to CARI on or prior to the Closing
Date.

                        (3) Other Documents. On the Closing Date, GMAC shall
provide such other documents as CARI may reasonably request.

            (e) Other Transactions. The transactions contemplated by the Further
Transfer and Servicing Agreements shall be consummated to the extent that such
transactions are intended to be substantially contemporaneous with the
transactions hereunder.

      SECTION 6.02 Conditions To Obligation of GMAC. The obligation of GMAC to
sell the Receivables to CARI hereunder or pursuant to the First Step Receivables
Assignment is subject to the satisfaction of the following conditions:

            (a) Representations and Warranties True. The representations and
warranties of CARI hereunder shall be true and correct as of the Closing Date
with the same effect as if then

                                       17

<PAGE>

made, and CARI shall have performed all obligations to be performed by it
hereunder or pursuant to the First Step Receivables Assignment on or prior to
the closing hereunder.

            (b) Receivables Purchase Price. On the Closing Date, CARI shall pay
to GMAC the Initial Aggregate Discounted Principal Balance as provided in
Section 2.02.

                                   ARTICLE VII
                            MISCELLANEOUS PROVISIONS

      SECTION 7.01 Amendment. This Agreement may be amended from time to time
(subject to any expressly applicable amendment provision of the Further Transfer
and Servicing Agreements) by a written amendment duly executed and delivered by
GMAC and CARI.

      SECTION 7.02 Survival. The representations and warranties of GMAC set
forth in Articles IV and V of this Agreement and of Servicer set forth in
Section 3.07 of this Agreement shall remain in full force and effect and shall
survive the Closing Date under Section 2.03 hereof and the closing under the
Further Transfer and Servicing Agreements.

      SECTION 7.03 Notices. All demands, notices and communications upon or to
GMAC or CARI under this Agreement shall be delivered as specified in Part III of
Appendix A to this Agreement.

      SECTION 7.04 GOVERNING LAW. THIS AGREEMENT AND THE FIRST STEP RECEIVABLES
ASSIGNMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL
LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF
LAWS THEREOF OR OF ANY OTHER JURISDICTION OTHER THAN SECTION 5-1401 OF THE NEW
YORK GENERAL OBLIGATIONS LAW, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES UNDER THIS AGREEMENT SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

      SECTION 7.05 Waivers. No failure or delay on the part of CARI in
exercising any power, right or remedy under this Agreement or the First Step
Receivables Assignment shall operate as a waiver thereof, nor shall any single
or partial exercise of any such power, right or remedy preclude any other or
further exercise thereof or the exercise of any other power, right or remedy.

      SECTION 7.06 Costs and Expenses. GMAC agrees to pay all reasonable
out-of-pocket costs and expenses of CARI, including fees and expenses of
counsel, in connection with the perfection as against third parties of CARI's
right, title and interest in, to and under the Receivables and the enforcement
of any obligation of GMAC hereunder.

      SECTION 7.07 Confidential Information. CARI agrees that it shall neither
use nor disclose to any person the names and addresses of the Obligors, except
in connection with the enforcement of CARI's rights hereunder, under the
Receivables, under the Further Transfer and Servicing Agreements or as required
by law.

                                       18

<PAGE>

      SECTION 7.08 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 7.09 Counterparts. This Agreement may be executed in two or more
counterparts and by different parties on separate counterparts, each of which
shall be an original, but all of which together shall constitute one and the
same instrument.

      SECTION 7.10 No Petition Covenant. Notwithstanding any prior termination
of this Agreement, GMAC shall not, prior to the date which is one year and one
day after the final distribution with respect to the Notes and the Certificates
to the Note Distribution Account or the Certificate Distribution Account, as
applicable, acquiesce, petition or otherwise invoke or cause CARI to invoke the
process of any court or government authority for the purpose of commencing or
sustaining a case against CARI under any federal or state bankruptcy, insolvency
or similar law or appointing a receiver, liquidator, assignee, trustee,
custodian, sequestrator or other similar official of CARI or any substantial
part of its property, or ordering the winding up or liquidation of the affairs
of CARI.

      SECTION 7.11 Limitations on Rights of Others. The provisions of this
Agreement and the First Step Receivables Assignment are solely for the benefit
of GMAC and CARI and, to the extent expressly provided herein, the Interested
Parties, and nothing in this Agreement, whether express or implied, shall be
construed to give to any other Person any legal or equitable right, remedy or
claim in, under, or in respect of this Agreement or any covenants, conditions or
provisions contained herein.

                                    * * * * *

                                       19

<PAGE>

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

                                       GENERAL MOTORS ACCEPTANCE CORPORATION

                                       By: _____________________________________
                                           Name:
                                           Title:

                                       CAPITAL AUTO RECEIVABLES, INC.

                                       By: _____________________________________
                                           Name:
                                           Title:

Signature Page to Pooling and Servicing Agreement

                                       20

<PAGE>

                                    EXHIBIT A
                                     FORM OF
                        FIRST STEP RECEIVABLES ASSIGNMENT
                   PURSUANT TO POOLING AND SERVICING AGREEMENT

      For value received, in accordance with the Pooling and Servicing
Agreement, dated as of _________, 20__ (the "Pooling and Servicing Agreement"),
between General Motors Acceptance Corporation, a Delaware corporation ("GMAC"),
and Capital Auto Receivables, Inc., a Delaware corporation ("CARI"), GMAC does
hereby sell, assign, transfer and otherwise convey unto CARI, without recourse,
(i) all right, title and interest of GMAC in, to and under the Receivables
listed on the Schedule of Receivables, attached as Schedule A hereto, and (a) in
the case of Receivables that are Scheduled Interest Receivables, all monies due
thereunder on and after the Cutoff Date and (b) in the case of Receivables that
are Simple Interest Receivables, all monies received thereon on and after the
Cutoff Date, in each case exclusive of any amounts allocable to the premium for
physical damage insurance force-placed by GMAC covering any related Financed
Vehicle; (ii) the interest of GMAC in the security interests in the Financed
Vehicles granted by Obligors pursuant to the Receivables and, to the extent
permitted by law, any accessions thereto; (iii) the interest of GMAC in any
proceeds from claims on any physical damage, credit life, credit disability or
other insurance policies covering Financed Vehicles or Obligors; (iv) the
interest of GMAC in any proceeds from recourse against Dealers on the
Receivables; (v) all right, title and interest of the Seller in, to and under
the First Step Receivables Assignment; and (vi) the present and future claims,
demands, causes and choses in action in respect of any or all the foregoing
described in clauses (i), (ii), (iii), (iv), and (v) above and all payments on
or under and all proceeds of every kind and nature whatsoever in respect of any
or all the foregoing, including all proceeds of the conversion of any or all of
the foregoing, 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, investment
property, payment intangible, general intangibles, condemnation awards, rights
to payment of any and every kind and other forms of obligations and receivables,
instruments and other property which at any time constitute all or part of or
are included in the proceeds of any of the foregoing.

      It is the intention of GMAC and CARI that the transfer and assignment of
Receivables contemplated by this First Step Receivables Assignment shall
constitute a sale of the Receivables from GMAC to CARI and the beneficial
interest in and title to the Receivables shall not be part of GMAC's estate in
the event of the filing of a bankruptcy petition by or against GMAC under any
bankruptcy law.

      The foregoing transfer and assignment of Receivables contemplated by the
Pooling and Servicing Agreement and this First Step Receivables Assignment does
not constitute and is not intended to result in any assumption by CARI of any
obligation of the undersigned to the Obligors, Dealers, insurers or any other
Person in connection with the Receivables, any Dealer Agreements, any insurance
policies or any agreement or instrument relating to any of them.

      This First Step Receivables Assignment is made pursuant to and upon the
representations, warranties and agreements on the part of the undersigned
contained in the

                                       A-1

<PAGE>

Pooling and Servicing Agreement and is to be governed by the Pooling and
Servicing Agreement.

      Capitalized terms used herein and not otherwise defined herein shall have
the meaning assigned to them in the Pooling and Servicing Agreement.

                                    * * * * *

                                       A-2

<PAGE>

      IN WITNESS WHEREOF, the undersigned has caused this First Step Receivables
Assignment to be duly executed as of ________, 20__.

                                       GENERAL MOTORS ACCEPTANCE CORPORATION

                                       By: _____________________________________
                                       Name:
                                       Title:

                                       A-3

<PAGE>

                                                                      SCHEDULE A

                             SCHEDULE OF RECEIVABLES

                         The Schedule of Receivables is
                           on file at the offices of:

                  1.    The Indenture Trustee

                  2.    The Owner Trustee

                  3.    General Motors Acceptance Corporation

                  4.    Capital Auto Receivables, Inc.

                                    * * * * *

<PAGE>

                                   APPENDIX A

PART I

            For ease of reference, capitalized terms defined herein have been
consolidated with and are contained in Appendix A to the Trust Sale and
Servicing Agreement of even date herewith among GMAC, CARI and Capital Auto
Receivables Asset Trust 20__-_, as amended and supplemented from time to time.

PART II

            For ease of reference, the rules of construction have been
consolidated with and are contained in Part II of Appendix A to the Trust Sale
and Servicing Agreement of even date herewith among GMAC, CARI and Capital Auto
Receivables Asset Trust 20__-_, as amended and supplemented from time to time.

PART III

            For ease of reference, the notice addresses and procedures have been
consolidated with and are contained in Appendix B to the Trust Sale and
Servicing Agreement of even date herewith among GMAC, CARI and Capital Auto
Receivables Asset Trust 20__-_, as amended and supplemented from time to time.

                                       A-1

<PAGE>

                                   APPENDIX B

Additional Representations and Warranties

1.    While it is the intention of GMAC and CARI that the transfer and
      assignment contemplated by this Agreement and the First Step Receivables
      Assignment shall constitute sales of the Purchased Property from GMAC to
      CARI, this Agreement, the Trust Sale and Servicing Agreement and the
      Indenture create a valid and continuing security interest (as defined in
      the applicable UCC) in the Purchased Property in favor of CARI, the Trust
      and the Indenture Trustee, as applicable, which security interest is prior
      to all other Liens, and is enforceable as such as against creditors of and
      purchasers from GMAC, CARI and the Issuer, respectively.

2.    All steps necessary to perfect GMAC's security interest against each
      Obligor in the property securing the Purchased Property have been taken.

3.    Prior to the sale of the Purchased Property to CARI under this Agreement,
      the Receivables constitute "tangible chattel paper" within the meaning of
      the applicable UCC.

4.    GMAC owns and has good and marketable title to the Purchased Property free
      and clear of any Lien, claim or encumbrance of any Person.

5.    GMAC 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 Purchased Property granted to CARI hereunder, the
      Issuer under the Trust Sale and Servicing Agreement and the Indenture
      Trustee under the Indenture.

6.    Other than the security interest granted to CARI pursuant to the Basic
      Documents, the Issuer under the Trust Sale and Servicing Agreement and the
      Indenture Trustee under the Indenture none of GMAC, CARI or the Issuer has
      pledged, assigned, sold, granted a security interest in, or otherwise
      conveyed any of the Purchased Property. None of GMAC, CARI or the Issuer
      has authorized the filing of, nor is GMAC aware of, any financing
      statements against GMAC, CARI or the Issuer that include a description of
      collateral covering the Purchased Property other than the financing
      statements relating to the security interests granted to CARI, the Issuer
      and the Indenture Trustee under the Basic Documents or any financing
      statement that has been terminated. GMAC is not aware of any judgment or
      tax lien filings against GMAC, CARI or the Issuer.

7.    GMAC, as Servicer, has in its possession all original copies of the
      Receivables Files and other documents that constitute or evidence the
      Receivables and the Purchased Property. The Receivables Files and other
      documents that constitute or evidence the Purchased Property do not have
      any marks or notations indicating that they have been pledged, assigned or
      otherwise conveyed to any Person other than CARI.

                                       B-1<PAGE>

                                                                     EXHIBIT 4.5

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

                                 TRUST AGREEMENT

                                     BETWEEN

                         CAPITAL AUTO RECEIVABLES, INC.

                                     SELLER

                                       AND

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

                                  OWNER TRUSTEE

                           DATED AS OF _________, 20__

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

<PAGE>

TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                               PAGE
                                                                                                               ----
<S>                                                                                                            <C>
ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE........................................................     1

  SECTION 1.1   DEFINITIONS.................................................................................     1

ARTICLE II ORGANIZATION.....................................................................................     1

  SECTION 2.1   NAME........................................................................................     1
  SECTION 2.2   OFFICE......................................................................................     1
  SECTION 2.3   PURPOSES AND POWERS.........................................................................     1
  SECTION 2.4   APPOINTMENT OF OWNER TRUSTEE................................................................     2
  SECTION 2.5   INITIAL CAPITAL CONTRIBUTION OF OWNER TRUST ESTATE..........................................     2
  SECTION 2.6   DECLARATION OF TRUST........................................................................     2
  SECTION 2.7   LIABILITY OF THE CERTIFICATEHOLDERS.........................................................     3
  SECTION 2.8   TITLE TO TRUST PROPERTY.....................................................................     3
  SECTION 2.9   SITUS OF TRUST..............................................................................     3
  SECTION 2.10  REPRESENTATIONS AND WARRANTIES OF THE SELLER................................................     3
  SECTION 2.11  TAX TREATMENT...............................................................................     4

ARTICLE III THE CERTIFICATES................................................................................     4

  SECTION 3.1   INITIAL CERTIFICATE OWNERSHIP...............................................................     4
  SECTION 3.2   FORM OF THE CERTIFICATES....................................................................     4
  SECTION 3.3   EXECUTION, AUTHENTICATION AND DELIVERY......................................................     5
  SECTION 3.4   REGISTRATION; REGISTRATION OF TRANSFER AND EXCHANGE OF CERTIFICATES.........................     5
  SECTION 3.5   MUTILATED, DESTROYED, LOST OR STOLEN CERTIFICATES...........................................     6
  SECTION 3.6   PERSONS DEEMED CERTIFICATEHOLDERS...........................................................     7
  SECTION 3.7   ACCESS TO LIST OF CERTIFICATEHOLDERS' NAMES AND ADDRESSES...................................     7
  SECTION 3.8   MAINTENANCE OF CORPORATE TRUST OFFICE.......................................................     7
  SECTION 3.9   APPOINTMENT OF PAYING AGENT.................................................................     7
  SECTION 3.10  [RESERVED.].................................................................................     8
  SECTION 3.11  BOOK-ENTRY CERTIFICATES.....................................................................     8
  SECTION 3.12  NOTICES TO CLEARING AGENCY..................................................................     9
  SECTION 3.13  DEFINITIVE CERTIFICATES.....................................................................     9
  SECTION 3.14  SELLER AS CERTIFICATEHOLDER.................................................................     9

ARTICLE IV ACTIONS BY OWNER TRUSTEE.........................................................................    10

  SECTION 4.1   PRIOR NOTICE TO CERTIFICATEHOLDERS WITH RESPECT TO CERTAIN MATTERS..........................    10
  SECTION 4.2   ACTION BY CERTIFICATEHOLDERS WITH RESPECT TO CERTAIN MATTERS................................    10
  SECTION 4.3   ACTION BY CERTIFICATEHOLDERS WITH RESPECT TO BANKRUPTCY.....................................    10
  SECTION 4.4   RESTRICTIONS ON CERTIFICATEHOLDERS' POWER...................................................    11
  SECTION 4.5   MAJORITY CONTROL............................................................................    11

ARTICLE V APPLICATION OF TRUST FUNDS; CERTAIN DUTIES........................................................    11

  SECTION 5.1   ESTABLISHMENT OF CERTIFICATE DISTRIBUTION ACCOUNT...........................................    11
  SECTION 5.2   APPLICATION OF TRUST FUNDS..................................................................    11
  SECTION 5.3   METHOD OF PAYMENT...........................................................................    12
  SECTION 5.4   ACCOUNTING AND REPORTS TO THE CERTIFICATEHOLDERS, THE INTERNAL REVENUE SERVICE AND OTHERS...    13
  SECTION 5.5   SIGNATURE ON RETURNS; OTHER TAX MATTERS.....................................................    13

ARTICLE VI THE OWNER TRUSTEE................................................................................    13

  SECTION 6.1   DUTIES OF OWNER TRUSTEE.....................................................................    13
  SECTION 6.2   RIGHTS OF OWNER TRUSTEE.....................................................................    14
</TABLE>

                                        i

<PAGE>

<TABLE>
<S>                                                                                                             <C>
  SECTION 6.3   ACCEPTANCE OF TRUSTS AND DUTIES.............................................................    14
  SECTION 6.4   ACTION UPON INSTRUCTION BY CERTIFICATEHOLDERS...............................................    16
  SECTION 6.5   FURNISHING OF DOCUMENTS.....................................................................    17
  SECTION 6.6   REPRESENTATIONS AND WARRANTIES OF OWNER TRUSTEE.............................................    17
  SECTION 6.7   RELIANCE; ADVICE OF COUNSEL.................................................................    17
  SECTION 6.8   OWNER TRUSTEE MAY OWN CERTIFICATES AND NOTES................................................    18
  SECTION 6.9   COMPENSATION AND INDEMNITY..................................................................    18
  SECTION 6.10  REPLACEMENT OF OWNER TRUSTEE................................................................    19
  SECTION 6.11  MERGER OR CONSOLIDATION OF OWNER TRUSTEE....................................................    20
  SECTION 6.12  APPOINTMENT OF CO-TRUSTEE OR SEPARATE TRUSTEE...............................................    20
  SECTION 6.13  ELIGIBILITY REQUIREMENTS FOR OWNER TRUSTEE..................................................    21

ARTICLE VII TERMINATION OF TRUST AGREEMENT..................................................................    21

  SECTION 7.1   TERMINATION OF TRUST AGREEMENT..............................................................    21

ARTICLE VIII AMENDMENTS.....................................................................................    22

  SECTION 8.1   AMENDMENTS WITHOUT CONSENT OF CERTIFICATEHOLDERS OR NOTEHOLDERS.............................    22
  SECTION 8.2   AMENDMENTS WITH CONSENT OF CERTIFICATEHOLDERS AND NOTEHOLDERS...............................    23
  SECTION 8.3   FORM OF AMENDMENTS..........................................................................    23

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

  SECTION 9.1   NO LEGAL TITLE TO OWNER TRUST ESTATE........................................................    24
  SECTION 9.2   LIMITATIONS ON RIGHTS OF OTHERS.............................................................    24
  SECTION 9.3   DERIVATIVE ACTIONS..........................................................................    24
  SECTION 9.4   NOTICES.....................................................................................    24
  SECTION 9.5   SEVERABILITY................................................................................    24
  SECTION 9.6   COUNTERPARTS................................................................................    25
  SECTION 9.7   SUCCESSORS AND ASSIGNS......................................................................    25
  SECTION 9.8   NO PETITION.................................................................................    25
  SECTION 9.9   NO RECOURSE.................................................................................    25
  SECTION 9.10  HEADINGS....................................................................................    26
  SECTION 9.11  GOVERNING LAW...............................................................................    26
  SECTION 9.12  [RESERVED]..................................................................................    26
  SECTION 9.13  INDEMNIFICATION BY AND REIMBURSEMENT OF THE SERVICER........................................    26
  SECTION 9.14  EFFECT OF AMENDMENT AND RESTATEMENT.........................................................    26
  SECTION 9.15  TRANSFER RESTRICTIONS ON CERTIFICATES.......................................................    26
</TABLE>

                                       ii

<PAGE>

            TRUST AGREEMENT, dated as of __________, 20__, between CAPITAL AUTO
RECEIVABLES, INC., a Delaware corporation, as Seller, and
________________________, a __________________ corporation, as Owner Trustee.

            WHEREAS, the Seller and Owner Trustee entered into a certain trust
agreement dated ___________, 20__ (the "Original Trust Agreement"), which
contemplated this Trust Agreement.

            WHEREAS, the Seller and the Owner Trustee desire hereby to amend and
restate the Original Trust Agreement in its entirety.

            NOW THEREFORE, the Seller and the Owner Trustee hereby agree as
follows:

                                    ARTICLE I
                   DEFINITIONS AND INCORPORATION BY REFERENCE

      Section 1.1 Definitions. Certain capitalized terms used in this Agreement
shall have the respective meanings assigned to them in Part I of Appendix A to
the Trust Sale and Servicing Agreement of even date herewith, among the Seller,
the Servicer and the Trust (the "Trust Sale and Servicing Agreement"). All
references herein to "the Agreement" or "this Agreement" are to this Trust
Agreement, and all references herein to Articles, Sections and subsections are
to Articles, Sections and subsections of this Agreement unless otherwise
specified. The rules of construction set forth in Part II of such Appendix shall
be applicable to this Agreement.

                                   ARTICLE II
                                  ORGANIZATION

      Section 2.1 Name. The Trust created hereby shall be known as "Capital Auto
Receivables Asset Trust 20__-_" in which name the Owner Trustee may conduct the
business of the Trust, make and execute contracts and other instruments on
behalf of the Trust and sue and be sued on behalf of the Trust. The Owner
Trustee is hereby authorized to file the Certificate of Trust on behalf of the
Trust pursuant to Section 3810(a) of the Statutory Trust Act.

      Section 2.2 Office. The office of the Trust shall be in care of the Owner
Trustee at the Corporate Trust Office or at such other address in Delaware as
the Owner Trustee may designate by written notice to the Certificateholders and
the Seller.

      Section 2.3 Purposes and Powers. The purpose of the Trust is, and the
Trust shall have the power and authority, to engage in the following activities:

            (a) to acquire, manage and hold the Receivables;

            (b) to issue the Notes pursuant to the Indenture and the
Certificates pursuant to this Agreement, and to sell, transfer or exchange the
Notes and the Certificates;

            (c) to acquire certain property and assets from the Seller on the
Closing Date pursuant to the Trust Sale and Servicing Agreement and any other
Further Transfer and Servicing Agreements, to make payments to the Noteholders
and the Certificateholders, to make deposits into

<PAGE>

and withdrawals from the Reserve Account and to pay the organizational, start-up
and transactional expenses of the Trust;

            (d) to assign, grant, transfer, pledge, mortgage and convey the
Trust Estate pursuant to the terms of the Indenture and to hold, manage and
distribute to the Certificateholders pursuant to the terms of this Agreement and
the Trust Sale and Servicing Agreement any portion of the Trust Estate released
from the lien of, and remitted to the Trust pursuant to, the Indenture;

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

            (f) to enter into interest rate swaps and caps and other derivative
instruments in connection with the Offered Certificates and the Offered Notes;

            (g) to enter into interest rate swaps and caps and other derivative
instruments in connection with the Retained Certificates;

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

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

            The Trust shall not engage in any activity other than in connection
with the foregoing or other than as required or authorized by the terms of this
Agreement or the Basic Documents.

      Section 2.4 Appointment of Owner Trustee. The Seller 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.

      Section 2.5 Initial Capital Contribution of Owner Trust Estate. The Seller
hereby sold, assigned, transferred, conveyed and set over to the Owner Trustee,
as of _________, 20__, the sum of $1. The Owner Trustee hereby acknowledges
receipt in trust from the Seller, as of _________, 20__, of the foregoing
contribution, which constituted the initial Owner Trust Estate and was deposited
in the Certificate Distribution Account. The Seller shall pay 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 2.6 Declaration of Trust. The Owner Trustee hereby declares that
it shall hold the Owner Trust Estate (in the name of the Trust and not in the
Owner Trustee's name for the Trust, except as required by, and in accordance
with, Section 2.8) in trust upon and subject to the conditions set forth herein
for the use and benefit of the Certificateholders, 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, that
this Agreement constitute the governing instrument of such statutory trust and
that the Certificates represent the beneficial interests therein. The rights of
the Certificateholders shall be determined as set forth herein and in the

                                       2

<PAGE>

Statutory Trust Act and the relationship between the parties hereto created by
this Agreement shall not constitute indebtedness for any purpose. 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 with respect to accomplishing
the purposes of the Trust.

      Section 2.7 Liability of the Certificateholders. Certificateholders and
holders of beneficial interests therein shall be entitled to the same limitation
of personal liability extended to stockholders of private corporations for
profit organized under the General Corporation Law of the State of Delaware.

      Section 2.8 Title to Trust Property. Legal title to all the Owner 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 Owner Trust Estate to be vested in a trustee or trustees, in which case
title shall be deemed to be transferred to and vested in the Owner Trustee, a
co-trustee and/or a separate trustee, as the case may be. Any such trustee shall
take such part of the Owner Trust Estate subject to the security interest of the
Indenture Trustee therein established under the Indenture. Such trustee's
acceptance of its appointment shall constitute acknowledgment of such security
interest and shall constitute a Grant to the Indenture Trustee of a security
interest in all property held by such trustee. Any such trustee shall prepare
and file all such financing statements naming such trustee as debtor that are
necessary or advisable to perfect, make effective or continue the lien and
security interest of the Indenture Trustee.

      Section 2.9 Situs of Trust. The Trust shall be located and administered in
the States of Delaware or New York. All bank accounts maintained by the Owner
Trustee on behalf of the Trust shall be located in 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 shall be received by the Trust only in Delaware or New York, and
payments shall be made by the Trust only from Delaware or New York. The only
office of the Trust shall be the Corporate Trust Office in Delaware.

      Section 2.10 Representations and Warranties of the Seller. The Seller
hereby represents and warrants to the Owner Trustee that:

            (a) The Seller has been duly organized and is validly existing as a
corporation in good standing under the laws of the State of Delaware, with power
and authority to own its properties and to conduct its business as such
properties are presently owned and such business is presently conducted and had
at all relevant times, and now has, power, authority and legal right to acquire
and own the Receivables contemplated to be transferred to the Trust pursuant to
the Trust Sale and Servicing Agreement.

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

            (c) The Seller has the power and authority to execute and deliver
this Agreement and any other Basic Documents to which the Seller is a party and
to carry out its terms, the Seller

                                       3

<PAGE>

has full power and authority to sell and assign the property to be sold and
assigned to and deposited with the Issuer as part of the Trust and the Seller
has duly authorized such sale and assignment to the Issuer by all necessary
corporate action; and the execution, delivery and performance of this Agreement
have been duly authorized by the Seller by all necessary corporate action.

            (d) The consummation of the transactions contemplated by this
Agreement and any other Basic Documents to which the Seller is a party, and the
fulfillment of the terms of this Agreement and any other Basic Documents to
which the Seller is a party do not conflict with, result in any breach of any of
the terms and provisions of or constitute (with or without notice or lapse of
time) a default under, the certificate of incorporation or by-laws of the
Seller, or any indenture, agreement or other instrument to which the Seller is a
party or by which it is bound, or result in the creation or imposition of any
Lien upon any of its properties pursuant to the terms of any such indenture,
agreement or other instrument (other than pursuant to the Basic Documents), or
violate any law or, to the best of the Seller's knowledge, any order, rule or
regulation applicable to the Seller of any court or of any federal or state
regulatory body, administrative agency or other governmental instrumentality
having jurisdiction over the Seller or any of its properties.

      Section 2.11 Tax Treatment. The Seller and the Owner Trustee, by entering
into this Agreement, and the Certificateholders, by acquiring any Certificates
or interest therein, (i) express their intention that the Certificates will
qualify as equity interests in either (A) a division of the Seller, or any other
single Person, disregarded as a separate entity for federal income tax purposes
if all Certificates are owned solely by the Seller or by such single Person, or
(B) a partnership for federal income tax purposes if the Certificates are owned
by more than one Person and (ii) unless otherwise required by the appropriate
taxing authorities, agree to treat the Certificates as equity interests in an
entity as described in clause (i) of this Section 2.11 for the purposes of
federal income taxes, state and local income and franchise taxes, Michigan
single business tax, and any other taxes imposed upon, measured by, or based
upon gross or net income. The parties agree that, unless otherwise required by
appropriate tax authorities, the Trust shall file or cause to be filed annual or
other necessary returns, reports and other forms consistent with such
characterization of the Trust for such tax purposes.

                                   ARTICLE III
                                THE CERTIFICATES

      Section 3.1 Initial Certificate Ownership. As of the formation of the
Trust by the contribution by the Seller pursuant to Section 2.5 and until the
issuance of the Certificates, the Seller has been the sole Certificateholder.

      Section 3.2 Form of the Certificates.

            (a) The Certificates shall be substantially in one of the forms set
forth as Exhibit A-1 or A-2, as applicable (collectively, "Exhibit A"), and
shall be issued in minimum denominations of $20,000 and integral multiples of
$1,000 in excess thereof; provided, however, that one Certificate may be issued
in a denomination that includes any residual amount. The Certificates shall
represent the entire beneficial interest in the Trust. The Certificates shall be
executed on behalf of the Trust by manual or facsimile signature of a
Responsible Officer of the Owner Trustee. Certificates bearing the manual or
facsimile signatures of individuals who were, at the time when

                                       4

<PAGE>

such signatures shall have been affixed, authorized to sign on behalf of the
Trust, shall be duly issued, fully paid and non-assessable beneficial interests
in the Trust, notwithstanding that such individuals or any of them shall have
ceased to be so authorized prior to the authentication and delivery of such
Certificates or did not hold such offices at the date of authentication and
delivery of such Certificates.

            (b) The Definitive Certificates 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 Certificates, as evidenced by their execution of such Certificates.

            (c) The Certificates shall be issued in fully-registered form. The
terms of the Certificates set forth in Exhibit A shall form part of this
Agreement.

      Section 3.3 Execution, Authentication and Delivery. Concurrently with the
sale of the Receivables to the Trust pursuant to the Trust Sale and Servicing
Agreement, the Owner Trustee shall cause Certificates in an aggregate principal
amount equal to the initial Certificate Balance to be executed on behalf of the
Trust, authenticated and delivered to or upon the written order of the Seller,
signed by its chairman of the board, its president or any vice president,
without further corporate action by the Seller, in authorized denominations. No
Certificate shall entitle its holder to any benefit under this Agreement, or
shall be valid for any purpose, unless there shall appear on such Certificate a
certificate of authentication substantially in the form set forth in Exhibit A,
executed by the Owner Trustee or the Owner Trustee's authenticating agent, by
manual signature. Such authentication shall constitute conclusive evidence that
such Certificate shall have been duly authenticated and delivered hereunder. All
Certificates shall be dated the date of their authentication.

      Section 3.4 Registration; Registration of Transfer and Exchange of
Certificates.

            (a) The Certificate Registrar shall keep or cause to be kept, at the
office or agency maintained pursuant to Section 3.8, a Certificate Register in
which, subject to such reasonable regulations as it may prescribe, the Owner
Trustee shall provide for the registration of Certificates and of transfers and
exchanges of Certificates as provided herein; provided, however, that no
Certificate may be subdivided upon transfer or exchange such that the
denomination of any resulting Certificate is less than $20,000.
_____________________________ shall be the initial Certificate Registrar. Upon
any resignation of a Certificate Registrar, the Owner Trustee shall promptly
appoint a successor or, if it elects not to make such an appointment, assume the
duties of Certificate Registrar.

            (b) Upon surrender for registration of transfer of any Certificate
at the office or agency maintained pursuant to Section 3.8, the Owner Trustee
shall execute on behalf of the Trust, 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 Certificates in authorized
denominations of a like aggregate amount dated the date of authentication by the
Owner Trustee or any authenticating agent.

                                       5

<PAGE>

            (c) At the option of a Holder, Certificates may be exchanged for
other Certificates of authorized denominations of a like aggregate principal
amount upon surrender of the Certificates to be exchanged at the Corporate Trust
Office maintained pursuant to Section 3.8. Whenever any Certificates are so
surrendered for exchange, the Owner Trustee shall execute on behalf of the
Trust, authenticate and deliver (or shall cause its authenticating agent to
authenticate and deliver) one or more Certificates dated the date of
authentication by the Owner Trustee or any authenticating agent. Such
Certificates shall be delivered to the Holder making the exchange.

            (d) Every 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 or his attorney duly authorized in writing and such other
documents and instruments as may be required by Section 3.4(b). Each Certificate
surrendered for registration of transfer or exchange shall be canceled and
subsequently destroyed or otherwise disposed of by the Owner Trustee or
Certificate Registrar in accordance with its customary practice.

            (e) The Owner Trustee or the Certificate Registrar may require
payment of a sum sufficient to cover any tax or governmental charge that may be
imposed and any other expenses of the Owner Trustee in connection with any
transfer or exchange of Certificates.

      Section 3.5 Mutilated, Destroyed, Lost or Stolen Certificates.

            (a) If (i) any mutilated Certificate is surrendered to the
Certificate Registrar, or the Certificate Registrar receives evidence to its
satisfaction of the destruction, loss or theft of any Certificate, and (ii)
there is delivered to the Certificate Registrar, the Owner Trustee and the Trust
such security or indemnity as may be required by them to hold each of them
harmless, then, in the absence of notice to the Certificate Registrar or the
Owner Trustee that such Certificate has been acquired by a protected purchaser,
the Owner Trustee shall execute on behalf of the Trust and the Owner Trustee
shall authenticate and deliver (or shall cause its authenticating agent to
authenticate and deliver), in exchange for or in lieu of any such mutilated,
destroyed, lost or stolen Certificate, a replacement Certificate in authorized
denominations of a like aggregate principal amount; provided, however, that if
any such destroyed, lost or stolen Certificate, but not a mutilated Certificate,
shall have become or within seven days shall be due and payable, then instead of
issuing a replacement Certificate the Owner Trustee may pay such destroyed, lost
or stolen Certificate when so due or payable.

            (b) If, after the delivery of a replacement Certificate or payment
in respect of a destroyed, lost or stolen Certificate pursuant to Section
3.5(a), a protected purchaser of the original Certificate in lieu of which such
replacement Certificate was issued presents for payment such original
Certificate, the Owner Trustee shall be entitled to recover such replacement
Certificate (and any distributions or payments made with respect thereto) or
such payment from the Person to whom it was delivered or any Person taking such
replacement Certificate from such Person to whom such replacement Certificate
was delivered or any assignee of such Person, except a protected purchaser, 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 Owner Trustee in
connection therewith.

                                       6

<PAGE>

            (c) In connection with the issuance of any replacement Certificate
under this Section 3.5, the Owner Trustee may require the payment by the Holder
of such Certificate of a sum sufficient to cover any tax or other governmental
charge that may be imposed in relation thereto and any other reasonable expenses
(including the fees and expenses of the Owner Trustee and the Certificate
Registrar) connected therewith.

            (d) Any duplicate Certificate issued pursuant to this Section 3.5 in
replacement of any mutilated, destroyed, lost or stolen Certificate shall
constitute an original additional beneficial interest in the Trust, whether or
not the mutilated, destroyed, lost or stolen Certificate shall be found at any
time or be enforced by anyone, and shall be entitled to all the benefits of this
Agreement equally and proportionately with any and all other Certificates duly
issued hereunder.

            (e) The provisions of this Section 3.5 are exclusive and shall
preclude (to the extent lawful) all other rights and remedies with respect to
the replacement or payment of mutilated, destroyed, lost or stolen Certificates.

      Section 3.6 Persons Deemed Certificateholders. Prior to due presentation
of a Certificate for registration of transfer, the Owner Trustee or the
Certificate Registrar may treat the Person in whose name any Certificate shall
be registered in the Certificate Register as the Certificateholder of such
Certificate for the purpose of receiving distributions pursuant to Article V and
for all other purposes whatsoever, and neither the Owner Trustee nor the
Certificate Registrar shall be affected by any notice to the contrary.

      Section 3.7 Access to List of Certificateholders' Names and Addresses. The
Owner Trustee shall furnish or cause to be furnished to the Servicer and the
Seller, within 15 days after receipt by the Owner Trustee of a request therefor
from the Servicer or the Seller in writing, a list of the names and addresses of
the Certificateholders as of the most recent Record Date. Each Holder, by
receiving and holding a Certificate, shall be deemed to have agreed not to hold
any of the Servicer, the Seller or the Owner Trustee accountable by reason of
the disclosure of its name and address, regardless of the source from which such
information was derived.

      Section 3.8 Maintenance of Corporate Trust Office. The Owner Trustee shall
maintain in the Borough of Manhattan, the City of New York, an office or offices
or agency or agencies where 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 Certificates and the Basic Documents may be served. The Owner
Trustee initially designates the offices of ________________________________, as
its principal office for such purposes. The Owner Trustee shall give prompt
written notice to the Seller, to the Servicer and to the Certificateholders of
any change in the location of the Certificate Register or any such office or
agency.

      Section 3.9 Appointment of Paying Agent. Except as otherwise provided in
Section 5.2, the Paying Agent shall make distributions to Certificateholders
from the Certificate Distribution Account pursuant to Section 5.2 and shall
report the amounts of such distributions to the Owner Trustee and the Servicer;
provided that no such reports shall be required so long as the Seller is the
sole Certificateholder. 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.

                                       7

<PAGE>

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 shall initially be __________________________, and any
co-paying agent chosen by ______________________, and acceptable to the Owner
Trustee. ________________________ shall be permitted to resign as Paying Agent
upon 30 days' written notice to the Owner Trustee. If ______________________
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 shall 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 6.3, 6.6, 6.7 and
6.9 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, certificate registrar or authenticating
agent appointed hereunder. Any reference in this Agreement to the Paying Agent
shall include any co-paying agent unless the context requires otherwise.

      Section 3.10 [Reserved.]

      Section 3.11 Book-Entry Certificates. Except for the Definitive
Certificates issued pursuant to this Agreement, the Certificates, upon original
issuance, shall be issued in the form of a printed Certificate or Certificates
representing Book-Entry Certificates, to be delivered to The Depository Trust
Company, the initial Clearing Agency, by or on behalf of the Trust. Book-Entry
Certificates shall be issued in the form of Exhibit A-2. Such Certificate or
Certificates shall initially be registered on the Certificate Register in the
name of Cede & Co., the nominee of the initial Clearing Agency and no
Certificate Owner other than the Seller shall receive a definitive Certificate
representing such Certificate Owner's interest in such Certificate, except as
provided in Section 3.13. Unless and until Definitive Certificates shall have
been issued to Certificate Owners pursuant to Section 3.13:

            (a) the provisions of this Section 3.11 shall be in full force and
effect;

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

            (c) to the extent that the provisions of this Section 3.11 conflict
with any other provisions of this Agreement, the provisions of this Section 3.11
shall control;

            (d) the rights of the Certificate Owners shall be exercised only
through the Clearing Agency and shall be limited to those established by law and
agreements between such Certificate Owners and the Clearing Agency and/or the
Clearing Agency Participants, unless and

                                       8

<PAGE>

until Definitive Certificates are issued pursuant to Section 3.13, the initial
Clearing Agency will make book-entry transfers among the Clearing Agency
Participants and receive and transmit payments of principal of and interest on
the Certificates to such Clearing Agency Participants;

            (e) whenever this Agreement requires or permits actions to be taken
based upon instructions or directions of Holders of Certificates evidencing a
specified percentage of the Voting Interests, the Clearing Agency shall be
deemed to represent such percentage only to the extent that it has received
instructions to such effect from Certificate Owners and/or Clearing Agency
Participants owning or representing, respectively, such required percentage of
Voting Interests and has delivered such instructions to the Owner Trustee;

provided, however, that the provisions of this Section 3.11 shall not be
applicable in respect of Certificates issued to the Seller. The Seller or the
Owner Trustee may set a record date for the purpose of determining the identity
of Holders of Certificates entitled to vote or to consent to any action by vote
as provided in this Agreement.

      Section 3.12 Notices to Clearing Agency. Whenever a notice or other
communication to the Certificateholders is required under this Agreement, unless
and until Definitive Certificates shall have been issued to Certificate Owners
pursuant to Section 3.13, the Owner Trustee shall give all such notices and
communications specified herein to be given to Certificateholders to the
Clearing Agency and shall have no further obligation to the Certificate Owners.

      Section 3.13 Definitive Certificates. Fully registered definitive
Certificates representing a beneficial interest in the Certificates ("Definitive
Certificates") may be issued under this Agreement. Definitive Certificates shall
be issued in the form set forth in Exhibit A-1. In addition, to the extent (a)
the Administrator advises the Owner Trustee in writing that the Clearing Agency
is no longer willing or able to properly discharge its responsibilities with
respect to the Certificates and the Administrator is unable to locate a
qualified successor, (b) the Administrator at its option advises the Owner
Trustee in writing that it elects to terminate the book-entry system through the
Clearing Agency, or (c) after the occurrence of an Event of Default or a
Servicer Default, Certificate Owners representing beneficial interests
aggregating at least a majority of the Voting Interests advise the Clearing
Agency in writing that the continuation of a book-entry system through the
Clearing Agency is no longer in the best interest of the Certificate Owners,
then the Clearing Agency shall notify all Certificate Owners and the Owner
Trustee of the occurrence of any such event and of the availability of
Definitive Certificates to Certificate Owners requesting the same. Upon
surrender to the Owner Trustee of the printed Certificate or Certificates
representing the Book-Entry Certificates by the Clearing Agency, accompanied by
registration instructions, the Owner Trustee shall execute and authenticate the
Definitive Certificates in accordance with the instructions of the Clearing
Agency. Neither the Certificate Registrar nor the Owner 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 Certificates, the Owner Trustee shall recognize the Holders of the
Definitive Certificates as Certificateholders.

      Section 3.14 Seller as Certificateholder. The Seller in its individual or
any other capacity may become the owner or pledgee of Certificates and may
otherwise deal with the Owner Trustee or its Affiliates as if it were not the
Seller.

                                       9

<PAGE>

                                   ARTICLE IV
                            ACTIONS BY OWNER TRUSTEE

      Section 4.1 Prior Notice to Certificateholders with Respect to Certain
Matters. The Owner Trustee shall not take action with respect to the following
matters, unless (i) the Owner Trustee shall have notified the Certificateholders
in writing of the proposed action at least 30 days and not more than 45 days
before the taking of such action, and (ii) the Certificateholders shall not have
notified the Owner Trustee in writing prior to the 30th day after such notice is
given that such Certificateholders have withheld consent or provided alternative
direction:

            (a) the initiation of any claim or lawsuit by the Trust (other than
an action to collect on a Receivable or an action by the Indenture Trustee
pursuant to the Indenture) and the compromise of any action, claim or lawsuit
brought by or against the Trust (other than an action to collect on a Receivable
or an action by the Indenture Trustee pursuant to the Indenture);

            (b) the election by the Trust to file an amendment to the
Certificate of Trust, a conformed copy of which is attached hereto as Exhibit B;

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

            (d) 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 interests of the Certificateholders;

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

            (f) the appointment pursuant to the Indenture of a successor Note
Registrar, Paying Agent 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 or Indenture Trustee or Certificate Registrar of its
obligations under the Indenture or this Agreement, as applicable.

      Section 4.2 Action by Certificateholders with Respect to Certain Matters.
The Owner Trustee shall not have the power, except upon the written direction of
the Certificateholders, to remove the Administrator under the Administration
Agreement pursuant to Section 10 thereof, appoint a successor Administrator
pursuant to Section 10 of the Administration Agreement, remove the Servicer
under the Trust Sale and Servicing Agreement pursuant to Section 7.02 thereof or
except as expressly provided in the Basic Documents, sell the Receivables or any
interest therein after the termination of the Indenture. The Owner Trustee shall
take the actions referred to in the preceding sentence only upon written
instructions signed by the Certificateholders.

      Section 4.3 Action by Certificateholders with Respect to Bankruptcy.
Notwithstanding any prior termination of this Agreement, the Owner Trustee shall
not have the power to commence a voluntary proceeding in bankruptcy relating to
the Trust without the unanimous prior approval of all Certificateholders
(including the Seller) and the delivery to the Owner Trustee by each such
Certificateholder of a certificate certifying that such Certificateholder
reasonably believes that the

                                       10

<PAGE>

Trust is insolvent; provided, however, that under no circumstances shall the
Owner Trustee commence or join in commencing any such proceeding prior to the
date that is one year and one day after the termination of the Trust.

      Section 4.4 Restrictions on Certificateholders' Power. The
Certificateholders shall not direct the Owner Trustee to take or 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, including Section 2.3 of
this Agreement, or any of the Basic Documents, nor shall the Owner Trustee be
obligated to follow any such direction, if given. The Certificateholders shall
not and shall not direct the Owner Trustee to take action that would violate the
provisions of Section 6.1 and, if given, the Owner Trustee shall not be
obligated to follow any such direction.

      Section 4.5 Majority Control. Except as expressly provided herein, any
action that may be taken or consent that may be given or withheld by the
Certificateholders under this Agreement shall be effective if such action is
taken or such consent is given or withheld by the Holders of Certificates
evidencing not less than a majority of the Voting Interests as of the close of
the preceding Distribution Date. Except as expressly provided herein, any
written notice, instruction, direction or other document of the
Certificateholders delivered pursuant to this Agreement shall be effective if
signed by Holders of Certificates evidencing not less than a majority of the
Voting Interests at the time of the delivery of such notice.

                                    ARTICLE V
                   APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

      Section 5.1 Establishment of Certificate Distribution Account.

            (a) Except as otherwise provided in Section 5.2, the Servicer, for
the benefit of the Certificateholders, shall establish and maintain in the name
of the Trust an Eligible Deposit Account known as the Capital Auto Receivables
Asset Trust 20__-_ Certificate Distribution Account (the "Certificate
Distribution Account"), bearing an additional designation clearly indicating
that the funds deposited therein are held for the benefit of the
Certificateholders.

            (b) The Trust shall possess all right, title and interest in and to
all funds on deposit from time to time in the Certificate Distribution Account
and in all proceeds thereof. Except as otherwise provided herein, in the
Indenture or in the Trust 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 Deposit Account, the
Owner Trustee (or the Servicer 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 10 Business Days (or such longer period, not to
exceed 30 calendar days, as to which each Rating Agency may consent) establish a
new Certificate Distribution Account as an Eligible Deposit Account and shall
transfer any cash and/or any investments to such new Certificate Distribution
Account.

      Section 5.2 Application of Trust Funds.

            (a) On each Distribution Date, the Owner Trustee shall distribute to
the Certificateholders, on a pro rata basis, amounts equal to the amounts
deposited in the Certificate

                                       11

<PAGE>

Distribution Account pursuant to Sections 4.06 and 4.07 of the Trust Sale and
Servicing Agreement on or prior to such Distribution Date. Notwithstanding the
foregoing or anything else to the contrary in this Agreement or the other Basic
Documents, if and for so long as Certificates representing in the aggregate a
100% beneficial interest in the Trust are held by the Seller, (i) no Certificate
Distribution Account shall be required to be established or maintained and (ii)
all distributions and payments on the Certificates (including the final
distribution as contemplated by Section 7.1(c) hereof) required hereunder or
under the Trust Sale and Servicing Agreement shall be made directly to the
Seller by the Indenture Trustee (whether or not the Trust Sale and Servicing
Agreement otherwise contemplates deposit into the Certificate Distribution
Account) and the Owner Trustee shall have no duty or liability to see to such
distribution.

            (b) On each Distribution Date, the Owner Trustee shall send to each
Certificateholder the statement provided to the Owner Trustee by the Servicer
pursuant to Section 4.09(a) of the Trust Sale and Servicing Agreement on such
Distribution Date setting forth, among other things, the amount of the
distribution allocable to Certificate Balance and to interest, the Certificate
Balance after giving effect to such distribution the balance of the Reserve
Account (and amounts, if any, distributed from the Reserve Account) and the
Total Servicing Fee with respect to such Distribution Date or Monthly Period, as
applicable; provided that no such statement shall be required to be sent by the
Owner Trustee if and for so long as the Seller is the sole Certificateholder.

            (c) If any withholding tax is imposed on the Trust's payment (or
allocations of income) to a Certificateholder, such tax shall reduce the amount
otherwise distributable to the Certificateholder in accordance with this Section
5.2; provided that the Owner Trustee shall not have an obligation to withhold
any such amount if and for so long as the Seller is the sole Certificateholder.
The Owner Trustee is hereby authorized and directed to retain from amounts
otherwise distributable to the Certificateholders 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 a Certificateholder shall be treated as cash distributed to such
Certificateholder 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 (such as a distribution to a non-U.S.
Certificateholder), the Owner Trustee may in its sole discretion withhold such
amounts in accordance with this Section 5.2(c). If a Certificateholder wishes to
apply for a refund of any such withholding tax, the Owner Trustee shall
reasonably cooperate with such Certificateholder in making such claim so long as
such Certificateholder agrees to reimburse the Owner Trustee for any
out-of-pocket expenses incurred.

            (d) If the Indenture Trustee holds escheated funds for payment to
the Trust pursuant to Section 3.3(e) of the Indenture, the Owner Trustee shall,
upon notice from the Indenture Trustee that such funds exist, submit on behalf
of the Trust an Issuer Order to the Indenture Trustee pursuant to Section 3.3(e)
of the Indenture instructing the Indenture Trustee to pay such funds to or at
the order of the Seller.

      Section 5.3 Method of Payment. Subject to Section 7.1(c), distributions
required to be made to Certificateholders on any Distribution Date shall be made
to each Certificateholder of record on the related Record Date (i) by wire
transfer, in immediately available funds, to the account

                                       12

<PAGE>

of such Holder at a bank or other entity having appropriate facilities therefor,
if (x) the Certificates are Definitive Certificates, and such Certificateholder
shall have provided to the Certificate Registrar appropriate written
instructions at least five Business Days prior to such Record Date and the
distribution required to be made to such Holder on such Distribution Date
exceeds $100,000 or (y) the Certificates are Book-Entry Certificates, or, (ii)
if neither clause (i)(x) nor clause (i)(y) is applicable, by check mailed to
such Certificateholder at the address of such Certificateholder appearing in the
Certificate Register.

      Section 5.4 Accounting and Reports to the Certificateholders, the Internal
Revenue Service and Others. The Owner Trustee shall maintain (or cause to be
maintained) the books of the Trust on a calendar year basis on the accrual
method of accounting, deliver to each Certificateholder, as may be required by
the Code and applicable Treasury Regulations or otherwise, such information as
may be required to enable each Certificateholder to prepare its federal income
tax return, file such tax returns relating to the Trust and make such elections
as may from time to time be required or appropriate under any applicable state
or federal statute or rule or regulation thereunder so as to maintain the
Trust's characterization as an entity described in clause (i) of Section 2.11
for federal income tax purposes, cause such tax returns to be signed in the
manner required by law and collect or cause to be collected any withholding tax
as described in and in accordance with Section 5.2(c) with respect to income or
distributions to Certificateholders. The Trust shall allocate items of income,
gain, deduction and loss to the partners of the Trust in accordance with their
economic interests in the Trust. With respect to interest expense of the Trust,
the Trust shall allocate to the Certificateholders their share of the entire
amount of such interest expense.

      Section 5.5 Signature on Returns; Other Tax Matters. The Owner Trustee
shall sign on behalf of the Trust any and all tax returns of the Trust, unless
applicable law requires a Certificateholder to sign such documents, in which
case such documents shall be signed by the Seller. To the extent one may be
required, the Seller shall be the "tax matters partner" of the Trust pursuant to
the Code.

                                   ARTICLE VI
                                THE OWNER TRUSTEE

      Section 6.1 Duties of Owner Trustee.

            (a) The Owner Trustee undertakes to perform such duties, and only
such duties, as are specifically set forth in this Agreement and the other Basic
Documents, including the administration of the Trust in the interest of the
Certificateholders, subject to the Basic Documents and in accordance with the
provisions of this Agreement. No implied covenants or obligations shall be read
into this Agreement.

            (b) Notwithstanding the foregoing, the Owner Trustee shall be deemed
to have discharged its duties and responsibilities hereunder and under the 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, and the Owner Trustee shall not be liable
for the default or failure of the Administrator to carry out its obligations
under the Administration Agreement.

                                       13

<PAGE>

            (c) In the absence of bad faith on its part, the Owner Trustee may
conclusively rely upon certificates or opinions furnished to the Owner Trustee
and conforming to the requirements of this Agreement in determining the truth of
the statements and the correctness of the opinions contained therein; provided,
however, that the Owner Trustee shall have examined such certificates or
opinions so as to determine compliance of the same with the requirements of this
Agreement.

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

                  (i) this Section 6.1(d) shall not limit the effect of Section
6.1(a) or (b);

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

                  (iii) the Owner 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 4.1, 4.2 or 6.4.

            (e) Subject to Sections 5.1 and 5.2, monies received by the Owner
Trustee hereunder need not be segregated in any manner except to the extent
required by law or the Trust 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.

            (f) The Owner Trustee shall not take any action that (i) is
inconsistent with the purposes of the Trust set forth in Section 2.3 or (ii)
would, to the actual knowledge of a Responsible Officer of the Owner Trustee,
result in the Trust's becoming taxable as a corporation for federal income tax
purposes. The Certificateholders shall not direct the Owner Trustee to take
action that would violate the provisions of this Section 6.1.

      Section 6.2 Rights of Owner Trustee. The Owner Trustee is authorized and
directed to execute and deliver the Basic Documents 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, in such form as the Seller shall approve 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 and directs in writing with respect to the Basic
Documents.

      Section 6.3 Acceptance of Trusts and Duties. Except as otherwise provided
in this Article VI, in accepting the trusts hereby created,
_______________________________ 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
Basic Document shall look only to the Owner Trust Estate for payment or
satisfaction thereof. 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 Owner Trust Estate upon
the terms of the

                                       14

<PAGE>

Basic Documents and this Agreement. The Owner Trustee shall not be liable or
accountable hereunder or under any Basic Document under any circumstances,
except for its own negligent action, its own negligent failure to act or its own
willful misconduct or in the case of the inaccuracy of any representation or
warranty contained in Section 6.6 and 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):

            (a) the Owner Trustee shall at no time have any responsibility or
liability for, or with respect to, the legality, validity and enforceability of
any Receivable, or the perfection and priority of any security interest created
by any Receivable in any Financed Vehicle or the maintenance of any such
perfection and priority, or for, or with respect to, the sufficiency of the
Owner Trust Estate or its ability to generate the payments to be distributed to
Certificateholders under this Agreement or to Noteholders under the Indenture,
including, without limitation: the existence, condition and ownership of any
Financed Vehicle; the existence and enforceability of any insurance thereon; the
existence and contents of any Receivable on any computer or other record
thereof; the validity of the assignment of any Receivable to the Trust or of any
intervening assignment; the completeness of any Receivable; the performance or
enforcement of any Receivable; the compliance by the Seller or the 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 Trustee or the Servicer or any sub-servicer taken in the
name of the Owner Trustee;

            (b) 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 Certificateholder;

            (c) no provision of this Agreement or any 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 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;

            (d) 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 Certificate Balance of and
interest on the Certificates;

            (e) the Owner Trustee shall not be responsible for or in respect of
and makes no representation as to the validity or sufficiency of any provision
of this Agreement other than as explicitly set forth herein or for the due
execution hereof by the Seller or for the form, character, genuineness,
sufficiency, value or validity of any of the Owner Trust Estate or for, or in
respect of, the validity or sufficiency of the Basic Documents, the Notes, the
Certificates (other than the certificate of authentication on the Certificates)
or of any Receivables or any related documents, and the Owner Trustee shall in
no event assume or incur any liability, duty or obligation to any Noteholder or
to any Certificateholder, other than as expressly provided for herein and in the
Basic Documents;

                                       15

<PAGE>

            (f) the Owner Trustee shall not be liable for the default or
misconduct of the Administrator, the Indenture Trustee, the Seller or the
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 Trust
under this Agreement or the Basic Documents that are required to be performed by
the Administrator under the Administration Agreement, the Indenture Trustee
under the Indenture or the Servicer under the Pooling and Servicing Agreement or
the Trust Sale and Servicing Agreement; and

            (g) 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 Basic Document, at the request, order or direction of any
of the Certificateholders, unless such Certificateholders 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 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.

            (h) Notwithstanding anything to the contrary contained herein or in
any other Basic Document, the Owner Trustee shall not be required to execute,
deliver or certify on behalf of the Trust or any other Person any filings,
certificates, affidavits or other instruments required under the Sarbanes-Oxley
Act of 2002. Notwithstanding any Person's right to instruct the Owner Trustee,
neither the Owner Trustee nor any agent, employee, director or officer of the
Owner Trustee shall have any obligation to execute any certificates or other
documents required pursuant to the Sarbanes-Oxley Act of 2002 or the rules and
regulations promulgated pursuant thereto, and the refusal to comply with any
such instructions shall not constitute a default or breach under any Basic
Document. In the event that the Owner Trustee, on behalf of the Trust, does not
execute, deliver or certify any filings, certificates, affidavits or other
instruments required under the Sarbanes-Oxley Act of 2002, an Officer of the
Administrator shall, on behalf of the Trust, execute, deliver or make such
certification.

      Section 6.4 Action upon Instruction by Certificateholders.

            (a) Subject to Section 4.4, the Certificateholders 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
Certificateholders pursuant to Section 4.5.

            (b) Notwithstanding the foregoing, the Owner Trustee shall not be
required to take any action hereunder or under any 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 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 any Basic Document, or is unsure as to the application, intent,
interpretation or meaning of any provision of this Agreement or the Basic
Documents, the Owner Trustee shall promptly give notice (in such form as shall
be

                                       16

<PAGE>

appropriate under the circumstances) to the Certificateholders 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 such instruction
received, the Owner Trustee shall not be liable on account of such action to any
Person. If the Owner Trustee shall not have received appropriate instructions
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 which is consistent, in its view, with this Agreement or the
Basic Documents, and as it shall deem to be in the best interests of the
Certificateholders, and the Owner Trustee shall have no liability to any Person
for any such action or inaction.

      Section 6.5 Furnishing of Documents. The Owner Trustee shall furnish to
the Certificateholders, 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 6.6 Representations and Warranties of Owner Trustee. The Owner
Trustee hereby represents and warrants to the Seller, for the benefit of the
Certificateholders, that:

            (a) It is a banking corporation duly organized, validly existing and
in good standing under the laws of the state of its incorporation. It has
satisfied the eligibility requirements set forth in Section 6.13.

            (b) It has full power, authority and legal right to execute, deliver
and perform this Agreement, and has taken all necessary action to authorize the
execution, delivery and performance by it of this Agreement.

            (c) The execution, delivery and performance by it of this Agreement
(i) shall not violate any provision of any law or regulation governing the
banking and trust powers of the Owner Trustee or any order, writ, judgment or
decree of any court, arbitrator or governmental authority applicable to the
Owner Trustee or any of its assets, (ii) shall not violate any provision of the
corporate charter or by-laws of the Owner Trustee or (iii) shall not violate any
provision of, or constitute, with or without notice or lapse of time, a default
under, or result in the creation or imposition of any lien on any properties
included in the Trust pursuant to the provisions of any mortgage, indenture,
contract, agreement or other undertaking to which it is a party, which
violation, default or lien could reasonably be expected to have a materially
adverse effect on the Owner Trustee's performance or ability to perform its
duties as Owner Trustee under this Agreement or on the transactions contemplated
in this Agreement.

            (d) This Agreement has been duly executed and delivered by the Owner
Trustee and constitutes the legal, valid and binding agreement of the Owner
Trustee, enforceable in accordance with its terms, except as enforceability may
be limited by bankruptcy, insolvency, reorganization, or other similar laws
affecting the enforcement of creditors' rights in general and by general
principles of equity, regardless of whether such enforceability is considered in
a proceeding in equity or at law.

      Section 6.7 Reliance; Advice of Counsel.

                                       17

<PAGE>

            (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 and
need not investigate any fact or matter in any such document. 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 the 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 Basic
Documents, the Owner Trustee may act directly or through its agents, attorneys,
custodians or nominees (including the granting of a power of attorney to
officers of ___________________________ to execute and deliver any Basic
Documents, Certificate, Note or other documents related thereto on behalf of the
Owner Trustee) 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,
attorneys, custodians or nominees if such agents, attorneys, custodians or
nominees shall have been selected by the Owner Trustee with reasonable care; and
may consult with counsel, accountants and other skilled professionals 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 opinion or advice of any such counsel, accountants or other such
Persons and not contrary to this Agreement or any Basic Document.

      Section 6.8 Owner Trustee May Own Certificates and Notes.
________________________________ or any successor Owner Trustee in its
individual or any other capacity may become the owner or pledgee of Certificates
or Notes and may deal with the Seller, the Administrator, the Indenture Trustee
and the Servicer in transactions in the same manner as it would have if it were
not the Owner Trustee.

      Section 6.9 Compensation and Indemnity. 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 Servicer and the Owner Trustee, and the
Owner Trustee, any paying agent, registrar, authenticating agent or co-trustee
shall be entitled to be reimbursed by the Servicer for its other reasonable
expenses hereunder, including the reasonable compensation, expenses and
disbursements of such agents, custodians, nominees, representatives, experts and
external counsel as the Owner Trustee may employ in connection with the exercise
and performance of its rights and its duties hereunder. The Servicer shall
indemnify the Owner Trustee, any paying agent, registrar, authenticating agent
or co-trustee and its successors, assigns, agents and servants in accordance
with the provisions of Section 6.01 of the Trust Sale and Servicing Agreement.
The indemnities contained in this Section 6.9 shall survive the resignation or
removal of the Owner Trustee or the termination of this Agreement. Any amounts
paid to the Owner Trustee pursuant to this Article VI shall be deemed not to be
a part of the Owner Trust Estate immediately after such payment.

                                       18

<PAGE>

      Section 6.10 Replacement of Owner Trustee.

            (a) The Owner Trustee may give notice of its intent to resign and be
discharged from the trusts hereby created by giving notice thereof to the
Administrator provided that no such resignation shall become effective, and the
Owner Trustee shall not resign, prior to the time set forth in Section 6.10(c).
If no successor Owner Trustee shall have been appointed pursuant to Section
6.10(b) and have accepted such appointment within 30 days after the giving of
such notice, the Owner Trustee giving such notice may petition any court of
competent jurisdiction for the appointment of a successor Owner Trustee. The
Administrator shall remove the Owner Trustee if:

                  (i) the Owner Trustee shall cease to be eligible in accordance
with the provisions of Section 6.13 and shall fail to resign after written
request therefor by the Administrator;

                  (ii) the Owner Trustee shall be adjudged bankrupt or
insolvent;

                  (iii) a receiver or other public officer shall be appointed or
take charge or control of the Owner Trustee or of its property or affairs for
the purpose of rehabilitation, conservation or liquidation; or

                  (iv) the Owner Trustee shall otherwise be incapable of acting.

            (b) If the Owner Trustee gives notice of its intent to resign or is
removed or if a vacancy exists in the office of Owner Trustee for any reason 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.

            (c) Any resignation or removal of the Owner Trustee and appointment
of a successor Owner Trustee pursuant to any of the provisions of this Section
6.10 shall not become effective and no such resignation shall be deemed to have
occurred until a written acceptance of appointment is delivered by the successor
Owner Trustee to the outgoing Owner Trustee and the Administrator and all fees
and expenses due to the outgoing Owner Trustee are paid. Any successor Owner
Trustee appointed pursuant to this Section 6.10 shall be eligible to act in such
capacity in accordance with Section 6.13 and, following compliance with the
preceding sentence, 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 Administrator shall provide notice
of such resignation or removal of the Owner Trustee to each of the Rating
Agencies.

            (d) 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. 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.

            (e) Upon acceptance of appointment by a successor Owner Trustee
pursuant to this Section 6.10, the Administrator shall mail notice of the
successor of such Owner Trustee to all Certificateholders, the Indenture
Trustee, the Noteholders and the Rating Agencies.

                                       19

<PAGE>

      Section 6.11 Merger or Consolidation of Owner Trustee. Any Person into
which the Owner Trustee may be merged or converted or with which it may be
consolidated, or any Person resulting from any merger, conversion or
consolidation to which the Owner Trustee shall be a party, or any Person
succeeding to all or substantially all of the corporate trust business of the
Owner Trustee, shall be the successor of the Owner Trustee hereunder, provided
such Person shall be eligible pursuant to Section 6.13, and without the
execution or filing of any instrument or any further act on the part of any of
the parties hereto; provided, however, that the Owner Trustee shall mail notice
of such merger or consolidation to the Rating Agencies.

      Section 6.12 Appointment of Co-Trustee or Separate Trustee.

            (a) Notwithstanding any other provisions of this Agreement, at any
time, for the purpose of meeting any legal requirement of any jurisdiction in
which any part of the Owner Trust Estate or any Financed Vehicle may at the time
be located, the Administrator and the Owner Trustee acting jointly shall, at the
expense of the Servicer, have the power and shall, at the expense of the
Servicer, execute and deliver all instruments to appoint one or more Persons
approved by the Owner Trustee to act as co-trustee, jointly with the Owner
Trustee, or as separate trustee or trustees, of all or any part of the Owner
Trust Estate, and to vest in such Person (in the name of the Trust and not in
such Person's name for the Trust, except to the extent otherwise required by,
and in accordance with, Section 2.8), in such capacity, such title to the Trust,
or any part thereof, and, subject to the other provisions of this Section 6.12,
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 trustee pursuant to
Section 6.13 and no notice of the appointment of any co-trustee or separate
trustee shall be required pursuant to Section 6.10.

            (b) 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 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.

                                       20

<PAGE>

            (c) 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.

            (d) 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 trustee.

      Section 6.13 Eligibility Requirements for Owner Trustee. The Owner Trustee
shall at all times satisfy the requirement of Section 26(a)(1) of the Investment
Company Act. The Owner Trustee shall at all times: (a) be a corporation
satisfying the provisions of Section 3807(a) of the Statutory Trust Act; (b) be
authorized to exercise corporate trust powers; (c) have a combined capital and
surplus of at least $50,000,000 and be subject to supervision or examination by
federal or state authorities; and (d) have (or have a parent which has) a
long-term unsecured debt rating of at least BBB- by Standard & Poor's Ratings
Services and at least Baa3 by Moody's Investors Service, Inc. 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 6.13, 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. If at any time the
Owner Trustee shall cease to be eligible in accordance with the provisions of
this Section 6.13, the Owner Trustee shall resign immediately in the manner and
with the effect specified in Section 6.10.

                                   ARTICLE VII
                         TERMINATION OF TRUST AGREEMENT

      Section 7.1 Termination of Trust Agreement.

            (a) This Agreement (other than Section 6.9) and the Trust shall
terminate in accordance with Section 3808 of the Statutory Trust Act and be of
no further force or effect on the final distribution by the Owner Trustee of all
monies or other property or proceeds of the Owner Trust Estate in accordance
with the terms of the Indenture, the Trust Sale and Servicing Agreement
(including the exercise by the Servicer of its option to purchase the
Receivables pursuant to Section 8.01(a) of the Trust Sale and Servicing
Agreement), the Interest Rate Swaps and Article V. The bankruptcy, liquidation,
dissolution, death or incapacity of any Certificateholder shall not (x) operate
to terminate this Agreement or the Trust, (y) entitle such Certificateholder's
legal representatives or heirs to claim an accounting or to take any action or
proceeding in any court for a partition or

                                       21

<PAGE>

winding up of all or any part of the Trust or the Owner Trust Estate or (z)
otherwise affect the rights, obligations and liabilities of the parties hereto.

            (b) Neither the Seller nor any Certificateholder shall be entitled
to revoke or terminate the Trust or this Agreement.

            (c) Subject to Section 5.2(a), notice of any termination of the
Trust, specifying the Distribution Date upon which the Certificateholders shall
surrender their 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 notice of such
termination from the Servicer given pursuant to Section 8.01(c) of the Trust
Sale and Servicing Agreement, stating: (i) the Distribution Date upon or with
respect to which final payment of the Certificates shall be made upon
presentation and surrender of the Certificates at the office of the Paying Agent
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
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 Certificates, the
Paying Agent shall cause to be distributed to Certificateholders amounts
distributable on such Distribution Date pursuant to Section 5.2.

            (d) If all of the Certificateholders shall not surrender their
Certificates for cancellation within six months after the date specified in the
written notice referred to in Section 7.1(c), the Owner Trustee shall give a
second written notice to the remaining Certificateholders to surrender their
Certificates for cancellation and receive the final distribution with respect
thereto. If within one year after the second notice all the 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 Certificates, and
the cost thereof shall be paid out of the funds and other assets that shall
remain subject to this Agreement. Subject to applicable laws with respect to
escheat of funds, any funds remaining in the Trust after exhaustion of such
remedies in the preceding sentence shall be deemed property of the Seller and
distributed by the Owner Trustee to the Seller, and the Owner Trustee shall have
no further liability to the Certificateholders with respect thereto.

            (e) Upon the winding up and termination of the Trust in accordance
with Section 3808 of the Statutory Trust Act and this Section, the Owner Trustee
shall cause the Certificate of Trust to be canceled by filing a certificate of
cancellation with the Secretary of State in accordance with the provisions of
Section 3810 of the Statutory Trust Act.

                                  ARTICLE VIII
                                   AMENDMENTS

      Section 8.1 Amendments Without Consent of Certificateholders or
Noteholders. This Agreement may be amended by the Seller and the Owner Trustee
without the consent of any of the Noteholders or the Certificateholders (but
with prior notice to each of the Rating Agencies), to (i) cure any ambiguity,
(ii) correct or supplement any provision in this Agreement that may be defective
or inconsistent with any other provision in this Agreement or any other Basic
Document, (iii) add

                                       22

<PAGE>

or supplement any credit enhancement for the benefit of the Noteholders or the
Certificateholders (provided that if any such addition shall affect any class of
Noteholders or Certificateholders differently than any other class of
Noteholders or Certificateholders, then such addition shall not, as evidenced by
an Opinion of Counsel, adversely affect in any material respect the interests of
any class of the Noteholders or the Certificateholders), (iv) add to the
covenants, restrictions or obligations of the Seller or the Owner Trustee, (v)
evidence and provide for the acceptance of the appointment of a successor
trustee with respect to the Owner Trust Estate and add to or change any
provisions as shall be necessary to facilitate the administration of the trusts
hereunder by more than one trustee pursuant to Article VI, and (vi) add, change
or eliminate any other provision of this Agreement in any manner that shall not,
as evidenced by an Opinion of Counsel, adversely affect in any material respect
the interests of the Noteholders or the Certificateholders.

      Section 8.2 Amendments With Consent of Certificateholders and Noteholders.
This Agreement may be amended from time to time by the Seller and the Owner
Trustee with the consent of Noteholders whose Notes evidence not less than a
majority of the Outstanding Amount of the Notes as of the close of the preceding
Distribution Date and the consent of Certificateholders whose Certificates
evidence not less than a majority of the Voting Interests as of the close of the
preceding Distribution Date (which consent, whether given pursuant to this
Section 8.2 or pursuant to any other provision of this Agreement, shall be
conclusive and binding on such Person and on all future holders of such Notes or
Certificates and of any Notes or Certificates issued upon the transfer thereof
or in exchange thereof or in lieu thereof whether or not notation of such
consent is made upon the Notes or Certificates) 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 (a)
increase or reduce in any manner the amount of, or accelerate or delay the
timing of, collections of payments on Receivables or distributions that shall be
required to be made on any Note or Certificate, the Pass Through Rate or the
Specified Reserve Account Balance or (b) reduce the aforesaid percentage
required to consent to any such amendment, without the consent of the holders of
all Notes and all of the Voting Interests with respect to Certificates then
outstanding. The Owner Trustee shall furnish notice to each of the Rating
Agencies prior to obtaining consent to any proposed amendment under this Section
8.2.

      Section 8.3 Form of Amendments.

            (a) Promptly after the execution of any amendment, supplement or
consent pursuant to Section 8.1 or 8.2, the Owner Trustee shall furnish written
notification of the substance of such amendment or consent to each
Certificateholder and the Indenture Trustee.

            (b) It shall not be necessary for the consent of Certificateholders,
the Noteholders or the Indenture Trustee pursuant to Section 8.2 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.

                                       23

<PAGE>

            (c) 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.

            (d) Prior to the execution of any amendment to this Agreement or the
Certificate of Trust, the Owner Trustee shall be entitled to receive and
conclusively rely upon an Opinion of Counsel stating that the execution of such
amendment is authorized or permitted by this Agreement. The Owner Trustee may,
but shall not be obligated to, enter into any such amendment which affects the
Owner Trustee's own rights, duties or immunities under this Agreement or
otherwise.

                                   ARTICLE IX
                                  MISCELLANEOUS

      Section 9.1 No Legal Title to Owner Trust Estate. The Certificateholders
shall not have legal title to any part of the Owner Trust Estate. The
Certificateholders shall be entitled to receive distributions with respect to
their undivided ownership interest therein only in accordance with Articles V
and VII. No transfer, by operation of law or otherwise, of any right, title, and
interest of the Certificateholders to and in their ownership interest in the
Owner 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 Owner Trust Estate.

      Section 9.2 Limitations on Rights of Others. Except for Section 9.13, the
provisions of this Agreement are solely for the benefit of the Owner Trustee,
the Seller, the Certificateholders, the Administrator and, to the extent
expressly provided herein, the Indenture Trustee and the Noteholders, and
nothing in this Agreement, whether express or implied, shall be construed to
give to any other Person any legal or equitable right, remedy or claim in the
Owner Trust Estate or under or in respect of this Agreement or any covenants,
conditions or provisions contained herein.

      Section 9.3 Derivative Actions. Any provision contained herein to the
contrary notwithstanding, the right of any Certificate Owner to bring a
derivative action in the right of the Trust is hereby made expressly subject to
the following limitations and requirements:

            (a) such Certificate Owner must meet all requirements set forth in
the Statutory Trust Act; and

            (b) no Certificate Owner may bring a derivative action in the right
of the Trust without the prior written consent of Certificate Owners owning, in
the aggregate, a beneficial interest in Certificates representing 50% of the
then outstanding Certificate Balance.

      Section 9.4 Notices. All demands, notices and communications upon or to
the Seller, the Servicer, the Administrator, the Indenture Trustee, the Owner
Trustee or the Rating Agencies under this Agreement shall be delivered as
specified in Appendix B to the Trust Sale and Servicing Agreement.

      Section 9.5 Severability. 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

                                       24

<PAGE>

enforceability of the other provisions of this Agreement or of the Certificates
or the rights of the holders thereof.

      Section 9.6 Counterparts. This Agreement may be executed by the parties
hereto in separate counterparts, each of which when so executed and delivered
shall be an original, but all such counterparts shall together constitute one
and the same instrument.

      Section 9.7 Successors and Assigns. All covenants and agreements contained
herein shall be binding upon, and inure to the benefit of, the Seller, the Owner
Trustee and each Certificateholder and their respective successors and permitted
assigns, all as herein provided. Any request, notice, direction, consent, waiver
or other instrument or action by a Certificateholder shall bind the successors
and assigns of such Certificateholder.

      Section 9.8 No Petition. The Owner Trustee by entering this Trust
Agreement and each Certificateholder or Certificate Owner, by accepting a
Certificate (or interest therein) issued hereunder, hereby covenant and agree
that they shall not (nor shall they join with or solicit another person to),
prior to the day that is one year and one day after the termination of the Trust
and of each other trust heretofore formed by the Seller, acquiesce, petition or
otherwise invoke or cause the Seller or the Trust to invoke in any court or
government authority for the purpose of commencing or sustaining a case against
the Seller or the Trust under any federal or state bankruptcy, insolvency or
similar law or appointing a receiver, liquidator, assignee, trustee, custodian,
sequestrator or other similar official of the Seller or the Trust or any
substantial part of its property, or ordering the winding up or liquidation of
the affairs of the Seller or the Trust.

      Section 9.9 No Recourse. Each Certificateholder by accepting a Certificate
(or any interest therein) acknowledges that such Person's Certificate (or
interest therein) represents beneficial interests in the Trust only and does not
represent interests in or obligations of the Seller, the Servicer, the
Administrator, the Owner Trustee, the Indenture Trustee or any Affiliate thereof
and no recourse, either directly or indirectly, may be had against such parties
or their assets, except as may be expressly set forth or contemplated in this
Agreement, the Certificates or the Basic Documents. Except as expressly provided
in the Basic Documents, none of the Seller, the Servicer or the Owner Trustee in
their respective individual capacities, or any of their respective partners,
beneficiaries, agents, officers, directors, employees or successors or assigns,
shall be personally liable for, or shall recourse be had to any of them for the
distribution of any amount with respect to the Certificates or the Trust's
performance of, or omission to perform, any obligations or indemnifications
contained in the Certificates, this Agreement or the Basic Documents, it being
expressly understood that such Certificateholder obligations have been made
solely by the Trust. Each Certificateholder by the acceptance of a Certificate
(or beneficial interest therein) agrees except as expressly provided in the
Basic Documents, in the event of nonpayment of any amounts with respect to the
Certificates, it shall have no claim against any of the foregoing Persons for
any deficiency, loss or claim therefrom. In the event that any of the foregoing
covenants of each Certificateholder and Certificate Owner is prohibited by, or
declared illegal or otherwise unenforceable against any such Certificateholder
or Certificate Owner under applicable law by any court or other authority of
competent jurisdiction, and, as a result, a Certificateholder or Certificate
Owner is deemed to have an interest in any assets of the Seller or any Affiliate
of the Seller other than the Trust ("other assets"), each Certificateholder and
Certificate Owner agrees that (i) its claim against any such other assets shall
be, and hereby is, subject and subordinate in all respects to the

                                       25

<PAGE>

rights of other Persons to whom rights in the other assets have been expressly
granted ("entitled Persons"), including to the payment in full of all amounts
owing to such entitled Persons, and (ii) the covenant set forth in the preceding
clause (i) constitutes a "subordination agreement" within the meaning of, and
subject to, Section 510(a) of the Bankruptcy Code.

      Section 9.10 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 9.11 Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF DELAWARE, WITHOUT
REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS THEREOF OR OF ANY OTHER
JURISDICTION, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER
SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

      Section 9.12 [Reserved].

      Section 9.13 Indemnification by and Reimbursement of the Servicer. The
Owner Trustee acknowledges and agrees to reimburse (i) the Servicer and its
directors, officers, employees and agents in accordance with Section 6.03(b) of
the Trust Sale and Servicing Agreement and (ii) the Seller and its directors,
officers, employees and agents in accordance with Section 3.04 of the Trust Sale
and Servicing Agreement. The Owner Trustee further acknowledges and accepts the
conditions and limitations with respect to the Servicer's obligation to
indemnify, defend and hold the Owner Trustee harmless as set forth in Section
6.01(a)(iv) of the Trust Sale and Servicing Agreement.

      Section 9.14 Effect of Amendment and Restatement. It is the intent of the
parties hereto that this Trust Agreement shall as of _________, 20__, replace in
its entirety the Original Trust Agreement; provided, that with respect to the
period of time from _________, 20__ through _________, 20__, the rights and
obligations of the parties shall be governed by the Original Trust Agreement;
provided further, that the amendment and restatement of the Original Trust
Agreement shall not affect any of the grants, conveyances or transfers
contemplated by the Original Trust Agreement to have occurred prior to the date
hereof.

      Section 9.15 Transfer Restrictions on Certificates. It is the intent of
the parties hereto that the Certificates (or an interest therein) may be
acquired by or for the account of Benefit Plan only if it is an "accredited
investor" as defined in Rule 501(a)(1) of Regulation D under the Securities Act,
and any holder of the Certificates that is a Benefit Plan shall be deemed to
have represented and warranted that it is an "accredited investor."

                                    * * * * *

                                       26

<PAGE>

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

                                       ________________________________________,
                                       as Owner Trustee

                                       By: _____________________________________
                                       Name:
                                       Title:

                                       CAPITAL AUTO RECEIVABLES, INC.

                                       By: _____________________________________
                                       Name:
                                       Title:

Acknowledged and Accepted:

________________________________
as Paying Agent

By: ____________________________
Name:
Title:

<PAGE>

                                                                     EXHIBIT A-1

                        [FORM OF DEFINITIVE CERTIFICATE]

NUMBER R-                                                          $____________

                                                            CUSIP NO. __________

                       SEE REVERSE FOR CERTAIN DEFINITIONS

      [THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
      1933, AS AMENDED (THE "ACT"), AND THE VARIOUS STATE SECURITIES LAWS. NO
      TRANSFER OF THIS CERTIFICATE SHALL BE MADE UNLESS SUCH TRANSFER IS MADE IN
      A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE ACT OR ANY
      APPLICABLE STATE SECURITIES LAWS AND IS OTHERWISE IN COMPLIANCE WITH THE
      RESTRICTIONS SET FORTH IN THE TRUST AGREEMENT.]

      THIS CERTIFICATE (OR AN INTEREST HEREIN) MAY NOT BE ACQUIRED BY OR FOR THE
      ACCOUNT OF (I) AN "EMPLOYEE BENEFIT PLAN" (AS DEFINED IN SECTION 3(3) OF
      THE UNITED STATES EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS
      AMENDED ("ERISA")), THAT IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA,
      (II) A "PLAN" DESCRIBED IN SECTION 4975(e)(1) OF THE INTERNAL REVENUE CODE
      OR (III) ANY ENTITY WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON
      OF A PLAN'S INVESTMENT IN THE ENTITY (EACH A "BENEFIT PLAN INVESTOR")
      EXCEPT IF SUCH INVESTOR REPRESENTS, WARRANTS AND COVENANTS THAT, AT THE
      TIME OF ACQUISITION AND THROUGHOUT THE PERIOD IT HOLDS THE CERTIFICATES,
      IT IS AN "ACCREDITED INVESTOR" as DEFINED in RULE 501(a)(1) OF REGULATION
      D UNDER THE ACT. BY ACCEPTING AND HOLDING THIS CERTIFICATE, THE HOLDER
      HEREOF AND ANY RELATED CERTIFICATE OWNER SHALL EACH BE DEEMED TO HAVE
      REPRESENTED AND WARRANTED THAT IT complies with the foregoing restriction.

      EACH CERTIFICATE HOLDER OR CERTIFICATE OWNER, BY ACCEPTING THIS
      CERTIFICATE (OR INTEREST THEREIN), (i) EXPRESSES ITS INTENTION THAT THE
      CERTIFICATES WILL QUALIFY UNDER APPLICABLE TAX LAW AS PARTNERSHIP
      INTERESTS IN A PARTNERSHIP, WITH THE ASSETS OF THE PARTNERSHIP BEING THE
      ASSETS HELD BY THE TRUST, AND (ii) UNLESS OTHERWISE REQUIRED BY
      APPROPRIATE TAXING AUTHORITIES, AGREES TO TREAT THE CERTIFICATES AS
      INTERESTS IN SUCH A PARTNERSHIP FOR PURPOSES OF FEDERAL INCOME, STATE AND
      LOCAL INCOME AND FRANCHISE

<PAGE>

      TAXES, MICHIGAN SINGLE BUSINESS TAX AND ANY OTHER TAXES IMPOSED UPON,
      MEASURED BY OR BASED UPON GROSS OR NET INCOME.

      EACH CERTIFICATE OR CERTIFICATE OWNER, BY ITS ACCEPTANCE OF THIS
      CERTIFICATE (OR INTEREST THEREIN), COVENANTS AND AGREES THAT SUCH
      CERTIFICATE HOLDER OR CERTIFICATE OWNER, AS THE CASE MAY BE, SHALL NOT,
      PRIOR TO THE DATE WHICH IS ONE YEAR AND ONE DAY AFTER THE TERMINATION OF
      THE TRUST AGREEMENT, ACQUIESCE, PETITION OR OTHERWISE INVOKE OR CAUSE THE
      SELLER TO INVOKE THE PROCESS OF ANY COURT OR GOVERNMENTAL AUTHORITY FOR
      THE PURPOSE OF COMMENCING OR SUSTAINING A CASE AGAINST THE SELLER UNDER
      ANY FEDERAL OR STATE BANKRUPTCY, INSOLVENCY, REORGANIZATION OR SIMILAR LAW
      OR APPOINTING A RECEIVER, LIQUIDATOR, ASSIGNEE, TRUSTEE, CUSTODIAN,
      SEQUESTRATOR OR OTHER SIMILAR OFFICIAL OF THE SELLER OR ANY SUBSTANTIAL
      PART OF ITS PROPERTY, OR ORDERING THE WINDING UP OR LIQUIDATION OR THE
      AFFAIRS OF THE SELLER.

                   CAPITAL AUTO RECEIVABLES ASSET TRUST 20__-_

                          ___% ASSET BACKED CERTIFICATE

      evidencing a fractional undivided interest in the Trust, as defined below,
      the property of which includes a pool of retail instalment sales contracts
      and direct purchase money loans secured by new automobiles and light
      trucks and sold to the Trust by Capital Auto Receivables, Inc.

      (This Certificate does not represent an interest in or obligation of
      Capital Auto Receivables, Inc., General Motors Acceptance Corporation or
      General Motors Corporation or any of their respective affiliates, except
      to the extent described in the Basic Documents.)

            THIS CERTIFIES THAT ______________is the registered owner of a
nonassessable, fully-paid, fractional undivided interest in Capital Auto
Receivables Asset Trust 20__-_ (the "Trust") formed by Capital Auto Receivables,
Inc., a Delaware corporation. The Certificate Balance represented by this
Certificate on the date of its original issuance is equal to $_________.

            The Trust was created pursuant to a trust agreement, dated as of
__________, 20__ (as amended and restated as of ________, 20__ and as amended
and supplemented from time to time, the "Trust Agreement"), between the Seller
and _________________________, as owner trustee (the "Owner Trustee"), a summary
of certain of the pertinent provisions of which is set forth below. To the
extent not otherwise defined herein, the capitalized terms used herein have the
meanings assigned to them in the Trust Agreement.

            This Certificate is one of the duly authorized Certificates
designated as ___% Asset Backed Certificates (the "Certificates"). This
Certificate is issued under and is subject to the terms,

                                     A-1-2

<PAGE>

provisions and conditions of the Trust Agreement, the terms of which are
incorporated herein by reference and made a part hereof, to which Trust
Agreement the holder of this Certificate by virtue of the acceptance hereof
assents and by which such holder is bound.

            Under the Trust Agreement, there shall be distributed on the 15th
day of each month or, if such 15th day is not a Business Day, the next Business
Day, commencing on ________, 20__ (each, a "Distribution Date"), to the person
in whose name this Certificate is registered on the related Record Date (as
defined below), such Certificateholder's fractional undivided interest in the
amount of interest on and distributions in respect of Certificate Balance to be
distributed to Certificateholders on such Distribution Date. The "Record Date,"
with respect to any Distribution Date, means the last day of the preceding
Monthly Period.

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

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

            It is the intent of the Seller, the Owner Trustee and the
Certificateholders that, for purposes of federal income, state and local income
and franchise taxes, Michigan single business tax and any other taxes imposed
upon, measured by or based upon gross or net income, the Trust shall be treated
as either (A) a division of the Seller, or any other single Person, and
disregarded as a separate entity, if all Certificates are owned solely by the
Seller or by such single Person, or (B) a partnership if the Certificates are
owned by more than one Person. Except as otherwise required by appropriate
taxing authorities, the Seller and the other Certificateholders by acceptance of
a Certificate agree to treat, and to take no action inconsistent with the
treatment of, the Certificates for such tax purposes as interests in such a
disregarded entity or partnership as described in the previous sentence.

            This Certificate (or an interest herein) may not be acquired by or
for the account of (i) an "employee benefit plan" (as defined in Section 3(3) of
the United States Employee Retirement Income Security Act of 1974, as amended
("ERISA")), that is subject to the provisions of Title I of ERISA, (ii) a "plan"
described in Section 4975(e)(1) of the Internal Revenue Code or (iii) any entity
whose underlying assets include plan assets by reason of a plan's investment in
the entity except by an investor that represents, warrants and covenants that,
at the time of acquisition and throughout the period it holds the certificates,
that is an "accredited investor" as defined in Rule 501(a)(1) of Regulation D
under the Act.

            Each Certificateholder or Certificate Owner by its acceptance of a
Certificate (or an interest therein) covenants and agrees that such
Certificateholder shall not, prior to the date which is one year and one day
after the termination of the Trust, acquiesce, petition or otherwise invoke or
cause the Seller or the Owner Trustee to invoke the process of any court or
governmental authority for the purpose of commencing or sustaining a case
against the Seller or the Owner Trustee

                                     A-1-3

<PAGE>

under any federal or state bankruptcy, insolvency, reorganization or similar law
or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator
or other similar official of the Seller or the Owner Trustee or any substantial
part of its property, or ordering the winding up or liquidation of the affairs
of the Seller or the Owner Trustee.

            Except as otherwise provided in the Trust Agreement, distributions
on this Certificate shall 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
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 Certificate shall be made after due notice by the Owner Trustee of the
pendency of such distribution and only upon presentation and surrender of this
Certificate at the office maintained for such purpose by the Owner Trustee in
the Borough of Manhattan, the City of New York.

            Reference is hereby made to the further provisions of this
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
Certificate shall not entitle the holder hereof to any benefit under the Trust
Agreement or the Trust Sale and Servicing Agreement or be valid for any purpose.

            THIS CERTIFICATE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE INTERNAL LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO THE
PRINCIPLES OF CONFLICTS OF LAWS THEREOF OR OF ANY OTHER JURISDICTION, AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN
ACCORDANCE WITH SUCH LAWS.

                                     A-1-4

<PAGE>

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

Dated: ______, 20__                    CAPITAL AUTO RECEIVABLES ASSET
                                       TRUST 20__-_

                                          ______________________________________
                                          not in its individual capacity but
                                          solely as Owner Trustee

                                          By: __________________________________
                                              Name:
                                              Title:

                  OWNER TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

___________________________________,   OR  _________________________________,
not in its individual capacity but         not in its individual capacity but
solely as Owner Trustee                    solely as Owner Trustee
                                           by _______________________________,
                                           as Authenticating Agent

By: __________________________________     By: _________________________________
Name:                                      Name:
Title:                                     Title:

                                     A-1-5

<PAGE>

                             REVERSE OF CERTIFICATE

            The Certificates do not represent an obligation of, or an interest
in, the Seller, the Servicer, General Motors Corporation, the Indenture Trustee,
the Owner Trustee or any affiliates of any of them and no recourse may be had
against such parties or their assets, except as may be expressly set forth or
contemplated herein or in the Trust Agreement or the Basic Documents. In
addition, this 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 Receivables (and certain other amounts), all as
more specifically set forth herein and in the Basic Documents. A copy of each of
the Trust Sale and Servicing Agreement and the Trust Agreement may be examined
during normal business hours at the principal office of the Seller, and at such
other places, if any, designated by the Seller, by any Certificateholder upon
written request. In the event of any conflict between the terms of this
Certificate and the terms of the Basic Documents, the terms of the Basic
Documents shall govern.

            The Trust Agreement permits, with certain exceptions therein
provided, the amendment thereof and the modification of the rights and
obligations of the Seller and the rights of the Certificateholders under the
Trust Agreement at any time by the Seller and the Owner Trustee with the consent
of the Holders of the Notes evidencing not less than a majority of the
Outstanding Amount of the Notes as of the close of the preceding Distribution
Date and the consent of Certificateholders whose Certificates evidence not less
than a majority of the Voting Interests as of the close of the preceding
Distribution Date. Any such consent by the Holder of this Certificate shall be
conclusive and binding on such Holder and on all future Holders of this
Certificate and of any 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 Certificate. The Trust Agreement also permits the amendment
thereof, in certain circumstances, without the consent of the Holders of any of
the Certificates or the Notes.

            As provided in the Trust Agreement and subject to certain
limitations therein set forth, the transfer of this Certificate is registerable
in the Certificate Register upon surrender of this Certificate for registration
of transfer at the offices or agencies of the Certificate Registrar maintained
by the Owner Trustee 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 Certificates
of authorized denominations 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 ____________________________________.

            The Certificates are issuable only as registered Certificates
without coupons in denominations of $20,000 or integral multiples of $1,000 in
excess thereof; provided, however, that one Certificate may be issued in a
denomination that includes any residual amount. As provided in the Trust
Agreement and subject to certain limitations therein set forth, Certificates are
exchangeable for new Certificates of authorized denominations evidencing the
same aggregate denomination, as requested by the Holder surrendering the same;
provided, however, that no Certificate may be subdivided such that the
denomination of any resulting Certificate is less than $20,000. No service
charge shall be made for any such registration of transfer or exchange, but the
Owner Trustee or the

                                     A-1-6

<PAGE>

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

            The obligations and responsibilities created by the Trust Agreement
and the Trust created thereby shall terminate in accordance with Article VII of
the Trust Agreement.

                                     A-1-7

<PAGE>

                                   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 Certificate, and all rights thereunder, hereby irrevocably
constituting and appointing

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

Dated:                                       _____________________________*
                                             Signature Guaranteed:

                                             _____________________________*

* NOTICE: The signature to this assignment must correspond with the name as it
appears upon the face of the within Certificate in every particular, without
alteration, enlargement or any change whatever. Such signature must be
guaranteed by a member firm of the New York Stock Exchange or a commercial bank
or trust company.

                                     A-1-8

<PAGE>

                                                                     EXHIBIT A-2

                        [FORM OF BOOK-ENTRY CERTIFICATE]

NUMBER R-                                                       $_______________

                                                           CUSIP NO. ___________

                       SEE REVERSE FOR CERTAIN DEFINITIONS

            UNLESS THIS CERTIFICATE 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 CERTIFICATE 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 CERTIFICATE (OR AN INTEREST HEREIN) MAY NOT BE ACQUIRED BY OR
            FOR THE ACCOUNT OF (I) AN "EMPLOYEE BENEFIT PLAN" (AS DEFINED IN
            SECTION 3(3) OF THE UNITED STATES EMPLOYEE RETIREMENT INCOME
            SECURITY ACT OF 1974, AS AMENDED ("ERISA")), THAT IS SUBJECT TO THE
            PROVISIONS OF TITLE I OF ERISA, (II) A "PLAN" DESCRIBED IN SECTION
            4975(E)(1) OF THE INTERNAL REVENUE CODE OR (III) ANY ENTITY WHOSE
            UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN'S
            INVESTMENT IN THE ENTITY (EACH A "BENEFIT PLAN INVESTOR") except IF
            SUCH INVESTOR REPRESENTS, WARRANTS AND COVENANTS THAT, AT THE TIME
            OF ACQUISITION AND THROUGHOUT THE PERIOD IT HOLDS THE CERTIFICATES,
            IT IS AN "ACCREDITED INVESTOR" AS DEFINED IN RULE 501(a)(1) OF
            REGULATION D UNDER THE ACT. BY ACCEPTING AND HOLDING THIS
            CERTIFICATE, THE HOLDER HEREOF AND ANY RELATED CERTIFICATE OWNER
            SHALL EACH BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT IT
            complies with the foregoing restriction.

            EACH CERTIFICATE HOLDER OR CERTIFICATE OWNER, BY ACCEPTING THIS
            CERTIFICATE (OR INTEREST THEREIN), (i) EXPRESSES ITS INTENTION THAT
            THE CERTIFICATES WILL QUALIFY UNDER APPLICABLE TAX LAW AS
            PARTNERSHIP INTERESTS IN A

<PAGE>

            PARTNERSHIP, WITH THE ASSETS OF THE PARTNERSHIP BEING THE ASSETS
            HELD BY THE TRUST, AND (ii) UNLESS OTHERWISE REQUIRED BY APPROPRIATE
            TAXING AUTHORITIES, AGREES TO TREAT THE CERTIFICATES AS INTERESTS IN
            SUCH A PARTNERSHIP FOR PURPOSES OF FEDERAL INCOME, STATE AND LOCAL
            INCOME AND FRANCHISE TAXES, MICHIGAN SINGLE BUSINESS TAX AND ANY
            OTHER TAXES IMPOSED UPON, MEASURED BY OR BASED UPON GROSS OR NET
            INCOME.

            EACH CERTIFICATE OR CERTIFICATE OWNER, BY ITS ACCEPTANCE OF THIS
            CERTIFICATE (OR INTEREST THEREIN), COVENANTS AND AGREES THAT SUCH
            CERTIFICATE HOLDER OR CERTIFICATE OWNER, AS THE CASE MAY BE, SHALL
            NOT, PRIOR TO THE DATE WHICH IS ONE YEAR AND ONE DAY AFTER THE
            TERMINATION OF THE TRUST AGREEMENT, ACQUIESCE, PETITION OR OTHERWISE
            INVOKE OR CAUSE THE SELLER TO INVOKE THE PROCESS OF ANY COURT OR
            GOVERNMENTAL AUTHORITY FOR THE PURPOSE OF COMMENCING OR SUSTAINING A
            CASE AGAINST THE SELLER UNDER ANY FEDERAL OR STATE BANKRUPTCY,
            INSOLVENCY, REORGANIZATION OR SIMILAR LAW OR APPOINTING A RECEIVER,
            LIQUIDATOR, ASSIGNEE, TRUSTEE, CUSTODIAN, SEQUESTRATOR OR OTHER
            SIMILAR OFFICIAL OF THE SELLER OR ANY SUBSTANTIAL PART OF ITS
            PROPERTY, OR ORDERING THE WINDING UP OR LIQUIDATION OR THE AFFAIRS
            OF THE SELLER.

                   CAPITAL AUTO RECEIVABLES ASSET TRUST 20__-_

                          ___% ASSET BACKED CERTIFICATE

            evidencing a fractional undivided interest in the Trust, as defined
            below, the property of which includes a pool of retail instalment
            sales contracts and direct purchase money loans secured by new
            automobiles and light trucks and sold to the Trust by Capital Auto
            Receivables, Inc.

            (This Certificate does not represent an interest in or obligation of
            Capital Auto Receivables, Inc., General Motors Acceptance
            Corporation or General Motors Corporation or any of their respective
            affiliates, except to the extent described in the Basic Documents.)

                  THIS CERTIFIES THAT Cede & Co. is the registered owner of a
nonassessable, fully-paid, fractional undivided interest in Capital Auto
Receivables Asset Trust 20__-_ (the "Trust") formed by Capital Auto Receivables,
Inc., a Delaware corporation. The Certificate Balance represented by this
Certificate on its date of original issuance is equal to $_____________.

                  The Trust was created pursuant to a trust agreement, dated as
of _________, 20__ (as amended and restated as of ________, 20__ and as amended
and supplemented from time to time, the "Trust Agreement"), between the Seller
and __________________________, as owner trustee (the "Owner Trustee"), a
summary of certain of the pertinent provisions of which is set forth

                                     A-2-2

<PAGE>

below. To the extent not otherwise defined herein, the capitalized terms used
herein have the meanings assigned to them in the Trust Agreement.

                  This Certificate is one of the duly authorized Certificates
designated as "___% Asset Backed Certificates" (the "Certificates"). This
Certificate is issued under and is subject to the terms, provisions and
conditions of the Trust Agreement, the terms of which are incorporated herein by
reference and made a part hereof, to which Trust Agreement the holder of this
Certificate by virtue of the acceptance hereof assents and by which such holder
is bound.

                  Under the Trust Agreement, there shall be distributed on the
15th day of each month or, if such 15th day is not a Business Day, the next
Business Day, commencing on ________, 20__ (each, a "Distribution Date"), to the
person in whose name this Certificate is registered on the related Record Date
(as defined below), such Certificateholder's fractional undivided interest in
the amount of interest on and distributions in respect of Certificate Balance to
be distributed to Certificateholders on such Distribution Date. The "Record
Date," with respect to any Distribution Date, means the close of business on the
date immediately preceding such Distribution Date.

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

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

                  It is the intent of the Seller, the Owner Trustee and the
Certificateholders that, for purposes of federal income, state and local income
and franchise taxes, Michigan single business tax and any other taxes imposed
upon, measured by or based upon gross or net income, the Trust shall be treated
as either (A) a division of the Seller, or any other single Person, and
disregarded as a separate entity, if all Certificates are owned solely by the
Seller or by such single Person, or (B) a partnership if the Certificates are
owned by more than one Person. Except as otherwise required by appropriate
taxing authorities, the Seller and the other Certificateholders by acceptance of
a Certificate agree to treat, and to take no action inconsistent with the
treatment of, the Certificates for such tax purposes as interests in such a
disregarded entity or partnership as described in the previous sentence.

                  Each Certificateholder or Certificate Owner by its acceptance
of a Certificate (or an interest therein) covenants and agrees that such
Certificateholder shall not, prior to the date which is one year and one day
after the termination of the Trust, acquiesce, petition or otherwise invoke or
cause the Seller or the Owner Trustee to invoke the process of any court or
governmental authority for the purpose of commencing or sustaining a case
against the Seller or the Owner Trustee under any federal or state bankruptcy,
insolvency, reorganization or similar law or appointing a receiver, liquidator,
assignee, trustee, custodian, sequestrator or other similar official of the
Seller or the Owner Trustee or any substantial part of its property, or ordering
the winding up or liquidation of the affairs of the Seller or the Owner Trustee.

                                     A-2-3

<PAGE>

                  This Certificate (or an interest herein) may not be acquired
by or for the account of (i) an "employee benefit plan" (as defined in Section
3(3) of the United States Employee Retirement Income Security Act of 1974, as
amended ("ERISA")), that is subject to the provisions of Title I of ERISA, (ii)
a "plan" described in Section 4975(e)(1) of the Internal Revenue Code or (iii)
any entity whose underlying assets include plan assets by reason of a plan's
investment in the entity except by an investor that represents, warrants and
covenants that, at the time of acquisition and throughout the period it holds
the certificates, that is an "accredited investor" as defined in Rule 501(a)(1)
of Regulation D under the Act.

                  Except as otherwise provided in the Trust Agreement,
distributions on this Certificate shall 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 Certificate or the making of any notation hereon, except
that with respect to Certificates registered on the Record Date in the name of
the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.),
payments shall be made by wire transfer in immediately available funds to the
account designated by such nominee. Except as otherwise provided in the Trust
Agreement and notwithstanding the above, the final distribution on this
Certificate shall be made after due notice by the Owner Trustee of the pendency
of such distribution and only upon presentation and surrender of this
Certificate at the office maintained for such purpose by the Owner Trustee in
the Borough of Manhattan, the City of New York.

                  Reference is hereby made to the further provisions of this
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 Certificate shall not entitle the holder hereof to any benefit under the
Trust Agreement or the Trust Sale and Servicing Agreement or be valid for any
purpose.

                  THIS CERTIFICATE SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO
THE PRINCIPLES OF CONFLICTS OF LAWS THEREOF OR OF ANY OTHER JURISDICTION, AND
THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE
DETERMINED IN ACCORDANCE WITH SUCH LAWS.

                                     A-2-4

<PAGE>

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

Dated: _______, 20__                      CAPITAL AUTO RECEIVABLES ASSET
                                          TRUST 20__-_

                                          ______________________________________
                                          not in its individual capacity but
                                          solely as Owner Trustee

                                          By: ____________________________
                                          Name:
                                          Title:

                  OWNER TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

_______________________________,            OR  _______________________________,
not in its individual capacity but solely       not in its individual capacity
as Owner Trustee                                but solely as Owner Trustee
                                                by ____________________________,
                                                as Authenticating Agent

By:________________________________             By: ____________________________
Name:                                           Name:
Title:                                          Title:

                                     A-2-5

<PAGE>

                             REVERSE OF CERTIFICATE

            The Certificates do not represent an obligation of, or an interest
in, the Seller, the Servicer, General Motors Corporation, the Indenture Trustee,
the Owner Trustee or any affiliates of any of them and no recourse may be had
against such parties or their assets, except as may be expressly set forth or
contemplated herein or in the Trust Agreement or the Basic Documents. In
addition, this 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 Receivables (and certain other amounts), all as
more specifically set forth herein and in the Basic Documents. A copy of each of
the Trust Sale and Servicing Agreement and the Trust Agreement may be examined
during normal business hours at the principal office of the Seller, and at such
other places, if any, designated by the Seller, by any Certificateholder upon
written request. In the event of any conflict between the terms of this
Certificate and the terms of the Basic Documents, the terms of the Basic
Documents shall govern.

            The Trust Agreement permits, with certain exceptions therein
provided, the amendment thereof and the modification of the rights and
obligations of the Seller and the rights of the Certificateholders under the
Trust Agreement at any time by the Seller and the Owner Trustee with the consent
of the Holders of the Notes evidencing not less than a majority of the
Outstanding Amount of the Notes as of the close of the preceding Distribution
Date and the consent of Certificateholders whose Certificates evidence not less
than a majority of the Voting Interests as of the close of the preceding
Distribution Date. Any such consent by the Holder of this Certificate shall be
conclusive and binding on such Holder and on all future Holders of this
Certificate and of any 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 Certificate. The Trust Agreement also permits the amendment
thereof, in certain circumstances, without the consent of the Holders of any of
the Certificates or the Notes.

            As provided in the Trust Agreement and subject to certain
limitations therein set forth, the transfer of this Certificate is registerable
in the Certificate Register upon surrender of this Certificate for registration
of transfer at the offices or agencies of the Certificate Registrar maintained
by the Owner Trustee 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 Certificates
of authorized denominations 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 ________________________________.

            The Certificates are issuable only as registered Certificates
without coupons in denominations of $20,000 or integral multiples of $1,000 in
excess thereof; provided, however, that one Certificate may be issued in a
denomination that includes any residual amount. As provided in the Trust
Agreement and subject to certain limitations therein set forth, Certificates are
exchangeable for new Certificates of authorized denominations evidencing the
same aggregate denomination, as requested by the Holder surrendering the same;
provided, however, that no Certificate may be subdivided such that the
denomination of any resulting Certificate is less than $20,000. No service
charge shall be made for any such registration of transfer or exchange, but the
Owner Trustee or the

                                     A-2-6

<PAGE>

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

            The obligations and responsibilities created by the Trust Agreement
and the Trust created thereby shall terminate in accordance with Article VII of
the Trust Agreement.

                                     A-2-7

<PAGE>

                                   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 Certificate, and all rights thereunder, hereby irrevocably
constituting and appointing

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

Dated:                                       _____________________________*
                                             Signature Guaranteed:

                                             _____________________________*

* NOTICE: The signature to this assignment must correspond with the name as it
appears upon the face of the within Certificate in every particular, without
alteration, enlargement or any change whatever. Such signature must be
guaranteed by a member firm of the New York Stock Exchange or a commercial bank
or trust company.

                                     A-2-8

<PAGE>

                                                                       EXHIBIT B

                             CERTIFICATE OF TRUST OF
                   CAPITAL AUTO RECEIVABLES ASSET TRUST 20__-_

            THIS Certificate of Trust of Capital Auto Receivables Asset Trust
20__-_ (the "Trust") is being duly executed and filed by the undersigned, as
trustee, to form a statutory trust under the Delaware Statutory Trust Act (12
Del. C. Section 3801 et seq.) (the "Act").

            1. Name. The name of the statutory trust formed hereby is Capital
Auto Receivables Asset Trust 20__-_.

            2. Delaware Trustee. The name and business address of the trustee of
the Trust in the State of Delaware are ____________________________________.

            3. This Certificate of Trust shall be effective on ___________,
20__.

                  IN WITNESS WHEREOF, the undersigned has executed this
Certificate of Trust in accordance with Section 3811(a)(1) of the Act.

                                   ______________________________, not in its
                                   individual capacity but solely as Owner
                                   Trustee

                                   By: _________________________________________
                                   Name:
                                   Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00074-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00074-of-00352.parquet"}]]