Document:

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                                                                     Exhibit 4.4

                              CUSTODIAL AGREEMENT

     CUSTODIAL AGREEMENT, dated as of June 1, 2000 (as amended or otherwise
modified from time to time, this "Agreement"), among PF FUNDING II, LLC, as
Transferor, PEOPLEFIRST FINANCE, LLC, as Seller and Servicer, PEOPLEFIRST.COM
VEHICLE RECEIVABLES OWNER TRUST 2000-1, as Issuer and NORWEST BANK MINNESOTA,
NATIONAL ASSOCIATION, as Indenture Trustee (the "Indenture Trustee") and THE
BANK OF NEW YORK, as Custodian (the "Custodian").

     A.   Pursuant to the terms of the Sale and Servicing Agreement dated as of
June 1, 2000 among PeopleFirst.com Vehicle Receivables Owner Trust 2000-1, as
Issuer (the "Issuer"), PF Funding II, LLC, as Transferor, PeopleFirst Finance,
LLC, as Seller and Servicer, Prudential Securities Secured Financing
Corporation, as Depositor and Norwest Bank Minnesota, National Association, as
Indenture Trustee and Backup Servicer (the "Sale and Servicing Agreement"), the
Seller will assign to the Transferor all of its right, title and interest in the
Receivables.

     B.   Pursuant to the terms of the Sale and Servicing Agreement (i) the
Transferor will assign all of its right, title and interest in the Receivables
to the Depositor and (ii) the Depositor will assign all of its right, title and
interest in the Receivables to the Issuer.

     C.   Pursuant to the Indenture dated as of June 1, 2000 between the Issuer
and the Indenture Trustee (the "Indenture"), the Issuer will pledge to the
Indenture Trustee all of its right, title and interest in the Receivables.

     D.  The Custodian is a New York banking corporation; and

     E.   Pursuant to terms of the Sale and Servicing Agreement, the Servicer
intends to deliver to the Custodian certain documents specified in this
Agreement (collectively, the "Collateral"), and the Servicer desires the
Custodian take possession of the Collateral as the custodian for, and bailee of,
(i) the Indenture Trustee for the benefit of the Noteholders and the Insurer,
or, (ii) after all unpaid principal and interest on the Notes and all amounts
owing to the Insurer have been paid in full, the Owner Trustee for the benefit
of the Certificateholders, in accordance with the terms and conditions of this
Agreement in order to perfect the security interest of Indenture Trustee or the
Owner Trustee, as applicable; and

     The parties, intending to be legally bound, hereby agree as follows:

     1.   Definitions. Terms not defined in this Agreement shall have the
          -----------
respective meanings assigned to them in the Sale and Servicing Agreement or the
Indenture. The following terms shall have the following meanings when used in
this Agreement:

     "Authorized Representatives" shall have the meaning set forth in Section
      --------------------------
19.

     "Certification" has the meaning set forth in Section 4.
      -------------

     "Collateral" has the meaning set forth in the Recitals hereto.
      ----------

     "Contract" means a motor vehicle loan evidenced by a note and security
      --------
agreement.
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     "Custodian's Receivable Files" means, with respect to a Financed Vehicle,
      ----------------------------
those documents listed in Section 2 of this Agreement that are delivered to the
Custodian and all documents subsequently delivered to the Custodian pursuant to
the last sentence of Section 2.

     "Cut-Off Date" means the Cutoff Date.
      ------------

     "Deficiency" means a failure of a document to correspond to the information
      ----------
on the Schedule of Receivables or the absence of a required document from a
Custodian's Receivable File pursuant to Section 2.

     "Indenture" has the meaning assigned to such term in the Recitals hereto.
      ---------

     "Insurance Policy" means with respect to a Contract and Financed Vehicle,
      ----------------
any insurance policy required to be maintained by the Obligor that covers
physical damage to and theft of the Financed Vehicle or any liability arising
out of the use of such Financed Vehicle.

     "PeopleFirst" means PeopleFirst, LLC.
      -----------

     "Sale and Servicing Agreement" has the meaning assigned to such term in the
      ----------------------------
Recitals hereto.

     "Schedule of Receivables" means the schedule of Receivables to be delivered
      -----------------------
to the Custodian on the date of delivery to the Custodian of the Custodian's
Receivable Files, in both hard copy and floppy disk, to be annexed hereto as
Exhibit 5 such schedule setting forth the following information with respect to
each Receivable:

     (i)    the loan number and name of the related Obligor;

     (ii)   the original principal amount;

     (iii)  the Cutoff Date;

     (iv)   the principal amount outstanding as of the Cutoff Date;

     (v)    the interest rate (APR);

     (vi)   the original term to maturity;

     (vii)  the remaining term to maturity as of the Cutoff Date; and

     (viii) the day of the month on which the scheduled monthly payment of
            principal and interest are required to be made.

     2.   Appointment of Custodian.  The Transferor, Indenture Trustee and the
          ------------------------
Issuer hereby appoint the Custodian, and the Custodian hereby accepts such
appointment, to act exclusively as the agent for the Indenture Trustee, on
behalf of the Noteholders, and the Insurer until the Notes are paid in full and
thereafter, on behalf of the Issuer as custodian of the documents and
instruments listed in Section 3 hereof.

     3.   Delivery of Custodian's Receivable Files. The Servicer hereby
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certifies that it shall deliver and release to the Custodian as custodian for,
and bailee of (i) the Indenture Trustee for the benefit of the Noteholders and
the Insurer, or, (ii) after all unpaid principal and interest on the Notes and
all amounts owing to the Insurer have been paid in full, the Issuer, the
following documents pertaining to

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each of the Receivables identified in a Schedule of Receivables, a copy of which
Schedule of Receivables shall be provided to the Custodian, in a form acceptable
to the Custodian, on computer readable disk or via electronic transfer by the
Servicer:

          (a)  the executed cancelled check for the related Contract;

          (b)  a copy of the Note and Security Agreement for such Contract;

          (c)  the original certificate of title or, if not yet received,
evidence that an application therefor has been submitted with the appropriate
authority, a guaranty of title from a dealer or such other document (as used in
the applicable jurisdiction) that the Servicer shall have on file in accordance
with the Servicer's customary procedures, evidencing the security interest of
the originator;

          (d)  the originals of all assumption, consolidation, extension,
modification or waiver agreements, if any, relating to such Receivable; and

          (e)  [any] other documents that the Servicer shall keep on file, in
accordance with its customary procedures, or reasonably required by the Issuer,
from time to time to be kept on file, relating to a Receivable, the related
Obligor or the related Financed Vehicle.

     The Servicer hereby certifies that it shall deliver to the Custodian an
electronic copy of the credit application by the related obligor via electronic
transfer.

     The Custodian shall be entitled to rely upon each Schedule of Receivables
provided by the Servicer as the conclusive schedule in its review, pursuant to
Sections 4 and 17(b) hereof, of the Receivable Files delivered to it by the
Servicer.  From time to time, the Servicer shall forward to the Custodian for
inclusion in the appropriate Custodian's Receivable File any additional original
loan documents evidencing any assumption, consolidation, extension, modification
or waiver of a Receivable approved by the Servicer.

     4.   Certification.  Within two (2) Business Days after the delivery to the
          -------------
Custodian of the Custodian's Receivable Files (or within such shorter period of
time as the Custodian shall agree), the Custodian shall deliver to the Indenture
Trustee, a certification (the "Certification"), in substantially the form
                               -------------
annexed as Exhibit 1, to the effect that (except as described on the attached
exception report) the Custodian has received a Custodian's Receivable File for
each Receivable listed on the related Schedule of Receivables and it has
received (i) all documents required to be delivered to it pursuant to Section 3
of this Agreement in its possession, (ii) such documents have been reviewed by
it and have not been mutilated, damaged, torn or otherwise physically altered
and relate to such Receivable identified on the Schedule of Receivables, (iii)
based on its examination and only as to the foregoing documents, the information
set forth in items (i), (ii), (v) and (vi) of the definition of Schedule of
Receivables respecting such Receivable accurately reflects the information on
the Schedule of Receivables and (iv) based on its examination, the Contract is
an executed original counterpart. The Custodian shall include in the
Certification any Deficiencies revealed in such review attached as an exception
report to the Certification. The Custodian shall not be required to review the
content (except to the extent necessary to certify to its presence or absence)
of any such document in order to deliver the Certification. The Custodian shall
be under no duty or obligation to inspect, review or examine any such documents,
instruments, certificates or other papers to determine that they are genuine,
enforceable, or appropriate for the represented purpose or that they are other
than what they purport to be on their face.

     5.   Deficiencies in Custodian's Receivable Files. (a)  If the
          --------------------------------------------
Certification discloses that any of the documents enumerated in Section 3 are
missing or discloses any Deficiencies in the documents

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included in any Custodian's Receivable Files delivered to the Custodian, then
the Indenture Trustee shall promptly notify the Custodian, with a copy to the
Servicer, in the form of Exhibit 4, that (1) the Servicer shall deliver the
missing documents noted in the Certification to the Custodian within ten (10)
calendar days of the date of such notice, (2) the Indenture Trustee has waived
the Deficiencies noted in the Certification, (3) the Servicer shall cure the
Deficiencies within ten (10) calendar days of the date of such notice, or (4)
the Servicer shall repurchase such Receivable in accordance with the terms of
the Sale and Servicing Agreement.

          (b)  If the Indenture Trustee's notice pursuant to Section 5(a) above
states that the Servicer shall take either of the actions specified in clauses
(1) or (3) of subsection (a) above and the Servicer fails to take such actions
within ten (10) calendar days of the date of such notice, then the Custodian
shall notify the Indenture Trustee and the Servicer of such failure and shall
release or retain the deficient Custodian's Receivable File in accordance with
the written instructions of the Indenture Trustee in the form of Exhibit 4.

          (c)  If the Indenture Trustee's notice pursuant to Section 5(a) above
states that the Servicer shall take the actions specified in clause (4) of
subsection (a) above, then the Custodian shall return the deficient Custodian's
Receivable File to the Servicer upon receipt of instructions to release the
Custodian's Receivable File from the Indenture Trustee in the form of Exhibit 4.

          (d)  Within 10 (ten) calendar days after receipt by the Custodian of
any additional documents pursuant to Section 5(a), the Custodian shall review
such documents and deliver to the Indenture Trustee and the Servicer an
exception report listing any Deficiencies with respect to such documents. If the
notification shall indicate any remaining Deficiencies with respect to such
additional documents, the provisions of this Section 5 shall again be followed.
Within two (2) Business Days of the last Business Day of each calendar month,
the Custodian shall deliver to the Indenture Trustee and the Servicer a revised
exception report with respect to all of the Custodian's Receivable Files. If the
revised exception report shall indicate any remaining Deficiencies in any of the
Custodian's Receivable Files, the provisions of this Section 5 shall again be
followed.

     6.   Obligations of the Custodian.  (a)  The Custodian shall segregate and
          ----------------------------
maintain continuous custody of all items constituting the Custodian's Receivable
Files in secure, fire rated facilities in accordance with its customary
standards for such custody. The Custodian makes no representations as to and
shall not be responsible to verify (i) the validity, legality, enforceability,
sufficiency, due authorization or genuineness of any document in each
Custodian's Receivable File or of any of the Receivables or (ii) the
collectibility, insurability, effectiveness or suitability of any Receivable.

          (b)  With respect to the documents constituting each Custodian's
Receivable File that are delivered to the Custodian, the Custodian shall (i) act
exclusively as the custodian for, and the bailee of, the Indenture Trustee on
behalf of the Noteholders and the Insurer and the Owner Trustee on behalf of the
Certificateholders, (ii) hold all documents constituting such Custodian's
Receivable File received by it for the exclusive use and benefit of the
Indenture Trustee, and (iii) make disposition thereof only in accordance with
the terms of this Agreement or with written instructions furnished by the
Indenture Trustee.

          (c)  In the event that (i) the Indenture Trustee or the Custodian
shall be served by a third party with any type of levy, attachment, writ or
court order with respect to any Custodian's Receivable File or a document
included within a Custodian's Receivable File or (ii) a third party shall
institute any court proceeding by which any Custodian's Receivable File or a
document included within a Custodian's Receivable File shall be required to be
delivered otherwise than in accordance with the

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provisions of this Agreement, the party or parties receiving such service shall
promptly deliver or cause to be delivered to the other parties to this Agreement
copies of all court papers, orders, documents and other materials concerning
such proceedings. The Custodian shall continue to hold and maintain all the
Custodian's Receivable Files that are the subject of such proceedings pending a
final order of a court of competent jurisdiction permitting or directing
disposition thereof. Upon final determination of such court, the Custodian shall
dispose of such Custodian's Receivable File or a document included within such
Custodian's Receivable File as directed by such determination or, if no such
determination is made, in accordance with the provisions of this Agreement.
Expenses of the Custodian incurred as a result of such proceedings shall be
borne by the Issuer.

     7.   Release of Custodian's Receivable File. From time to time and as
          --------------------------------------
appropriate for the foreclosure or servicing of any of the Receivables, the
Custodian is hereby authorized, upon receipt of a written request of the
Servicer acknowledged by the Indenture Trustee in substantially the form annexed
as Exhibit 2 (a "Request for Release and Receipt of Documents"), to release to
                 --------------------------------------------
the Servicer by the close of business on the second Business Day following such
request, the related Custodian's Receivable File or the documents from a
Custodian's Receivable File set forth in such request and receipt. All documents
so released to the Servicer shall be held by the Servicer in trust for the
benefit of the Indenture Trustee in accordance with the Sale and Servicing
Agreement. The Servicer shall return to the Custodian each and every document
previously requested from the Custodian's Receivable File when the Servicer's
need therefore in connection with such foreclosure or servicing no longer
exists, unless the Receivable shall be liquidated, in which case, upon receipt
of a certification to this effect from the Servicer to the Custodian
acknowledged by the Indenture Trustee in substantially the form annexed as
Exhibit 2, the Servicer's prior receipt shall be returned by the Custodian to
the Servicer. The Indenture Trustee agrees to acknowledge, within one Business
Day of receipt, any Request for Release and Receipt of Documents properly
completed and submitted by the Servicer, and not unreasonably to withhold any
such acknowledgment.

     8.   Release Upon Redelivery or Payment.  Upon the redelivery of any
          ----------------------------------
Receivable pursuant to the Sale and Servicing Agreement or the payment in full
of any Receivable, which shall be evidenced by the delivery to the Custodian of
a Request for Release and Receipt of Documents in the form of Exhibit 2 executed
by the Servicer and acknowledged by the Indenture Trustee, the Custodian shall
promptly release the Custodian's Receivable File to the Servicer.

     9.   Fees and Expenses of the Custodian.  It is understood that the
          ----------------------------------
Custodian will charge the Servicer such fees for its services, and shall be
entitled to reimbursement from the Issuer for expenses, under this Agreement as
are set forth on the separate fee letter submitted to the Issuer by the
Custodian.

     10.  Examination of Custodian's Receivable Files.  Upon reasonable prior
          -------------------------------------------
written notice to the Custodian (but no less than one Business Day), the
Indenture Trustee and the Insurer and their respective authorized
representatives, will be permitted during the Custodian's normal business hours
to examine the Custodian's Receivable Files, documents, records and other papers
in the possession, or under the control, of the Custodian relating to any or all
of the Receivables.

     11.  Transfer of Custodian's Receivable Files Upon Termination.  If the
          ---------------------------------------------------------
Custodian is furnished with written notice and satisfactory evidence from the
Indenture Trustee that (i) all unpaid principal and interest on the Notes and
all amounts owing to the Insurer have been paid in full and (ii) from the Owner
Trustee that the Trust has been terminated, the Custodian shall, upon written
request of the Indenture Trustee release to such Persons as the Owner Trustee
shall designate such Custodian's Receivable Files relating to such Receivables
and the Custodian shall endorse the Receivable contracts only as, and if, the
Owner Trustee shall request in writing.

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     12.  Insurance of the Custodian.  The Custodian shall, at its own expense,
          --------------------------
maintain at all times during the term of this Agreement and keep in full force
and effect (a) fidelity insurance, (b) theft of documents insurance, and (c)
forgery insurance. All such insurance shall be in amounts, with standard
coverage and subject to deductibles, as are customary for similar insurance
typically maintained by banks that act as custodian in similar transactions.

     13.  Periodic Statements. The Custodian by electronic transfer shall
          -------------------
provide monthly to the Indenture Trustee a list of all the Receivables for which
the Custodian holds a Custodian's Receivable File pursuant to this Agreement.
Such list shall include the loan number and name of the related Obligor and may
be in the form of a copy of the Schedule of Receivables with manual deletions to
specifically denote any Receivables redelivered since the date of this
Agreement.

     14.  Copies of Documents.  Within ten days after the written request and at
          -------------------
the expense of the Servicer, the Custodian shall provide the Indenture Trustee
with copies of the documents in the Custodian's Receivable Files.

     15.  Resignation by and Removal of the Custodian: Successor Custodian. (a)
          ----------------------------------------------------------------
The Custodian may at any time resign and terminate its obligations under this
Agreement upon at least thirty (30) days prior written notice to the Servicer,
Insurer and Indenture Trustee. Promptly after receipt of notice of the
Custodian's resignation, the Controlling Party shall appoint, by written
instrument, a successor custodian. If the Controlling Party fails to appoint a
successor within 30 days, the Servicer shall appoint a successor custodian. If
both the Servicer and the Controlling Party fail to appoint a successor
custodian pursuant to the terms hereof, the Custodian may petition a court of
competent jurisdiction to appoint a successor custodian. One original
counterpart of such instrument of appointment shall be delivered to the
Servicer, Insurer and Indenture Trustee and the successor custodian.

          (b)  The Controlling Party, with or without cause, upon at least
thirty (30) days' written notice to the Custodian, may remove and discharge the
Custodian (or any successor custodian thereafter appointed) from the performance
of its obligations under this Agreement. A copy of such notice shall be
delivered to each of (i) the Servicer, (ii) if the Insurer is the Controlling
Party, the Indenture Trustee and the Owner Trustee or (iii) if the Indenture
Trustee is the Controlling Party, the Owner Trustee. Promptly after the giving
of notice of removal of the Custodian, the Controlling Party shall appoint, by
written instrument, a successor custodian reasonably acceptable to the Servicer.
One original counterpart of such instrument of appointment shall be delivered to
each of the Servicer, and to each of the Custodian and the successor custodian.

          (c)  No resignation or removal of the Custodian and no appointment of
a successor custodian under this Section 15 shall become effective until the
acceptance of a successor custodian hereunder.

          (d)  In the event of any such resignation or removal, the Custodian
shall promptly transfer to the successor custodian, as directed in writing by
the Controlling Party, all of the Custodian's Receivable Files being
administered pursuant to this Agreement.

     16.  Indemnity.  The Servicer agrees to indemnify and hold harmless the
          ---------
Custodian against any and all claims, losses, liabilities, damages or expenses
(including, but not limited to, attorneys' fees, court costs and costs of
investigation) (Collectively, "Losses") of any kind or nature whatsoever arising
out of or in connection with this Agreement that may be imposed upon, incurred
by or asserted against the Custodian; provided, however, that this Section shall
not relieve the Custodian from liability for its willful misfeasance, bad faith
or gross negligence.

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     17.  Limitation of Liability.  (a)  In the absence of bad faith, gross
          -----------------------
negligence or willful misconduct on the part of the Custodian, the Custodian
shall not be liable to the Issuer, Servicer, Seller, Insurer, Indenture Trustee,
Owner Trustee, Noteholders and Certificateholders or any other Person with
respect to any action taken or not taken by it in good faith in the performance
of its obligations under this Agreement. The obligations of the Custodian shall
be determined solely by the express provisions of this Agreement. No
representation, warranty, covenant, agreement, obligation or duty of the
Custodian shall be implied with respect to this Agreement or the Custodian's
services hereunder.

          (b)  In the Custodian's review of documents pursuant to Section 4 of
this Agreement, the Custodian shall be under no duty or obligation to inspect,
review or examine the Custodian's Receivable Files to determine that the
contents thereof are genuine, enforceable or appropriate for the represented
purpose or that they have been actually recorded or that they are other than
what they purport to be on their face.

          (c)  The Custodian may rely, and shall be protected in acting or
refraining to act, upon and need not verify the accuracy of, any (i) oral
instructions from any Person the Custodian believes to be authorized to give
such instructions, who shall only be, with respect to the Servicer, Owner
Trustee, Indenture Trustee and Insurer, a Person whom the Custodian believes in
good faith to be Authorized Representatives, and (ii) any written instruction,
notice, order, request, direction, certificate, opinion or other instrument or
document believed by the Custodian to be genuine and to have been signed and
presented by the proper party or parties, which, with respect to the Controlling
Party, Servicer and Indenture Trustee, shall mean signature and presentation by
Authorized Representatives whether such presentation is by personal delivery,
express delivery or facsimile.

          (d)  The Custodian may consult with counsel selected by it with
reasonable care and with regard to legal questions arising out of or in
connection with this Agreement, and the advice or opinion of such counsel shall
be full and complete authorization and protection in respect of any action
taken, omitted or suffered by the Custodian in reasonable reliance, in good
faith, and in accordance therewith.

          (e)  No provision of this Agreement shall require the Custodian to
expend or risk its own funds or otherwise incur financial liability in the
performance of its duties under this Agreement if it shall have reasonable
grounds for believing that repayment of such funds or adequate indemnity is not
reasonably assured to it.

          (f)  The Custodian shall not be responsible or liable for, and makes
no representation or warranty with respect to, the validity, adequacy or
perfection of any lien upon, or security interest in, any Receivables or
Custodian's Receivable Files.

          (g)  In no event will the Custodian be liable for special,
consequential or punitive damages.

     18.  Term of Agreement.  This Agreement shall be terminated upon (a) the
          -----------------
final payment or other liquidation (or advance with respect thereto) of the last
Receivable in the Custodian's Receivable Files, (b) the disposition of all
property acquired upon foreclosure of any Receivable in the Custodian's
Receivable Files, and (c) the termination of the Indenture.

     If any of the circumstances described in clause (a), (b) or clause (c) of
this Section 18 shall occur, promptly after written notice from the Servicer to
such effect, all documents remaining in the Custodian's Receivable Files shall
be delivered to, or at the direction of, the Servicer.

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     19.  Authorized Representatives. The names of the officers of the Servicer,
          --------------------------
Seller, Indenture Trustee, Owner Trustee and the Insurer who are authorized to
give and receive notices, requests and instructions and to deliver certificates
and documents in connection with this Agreement on behalf of such parties
("Authorized Representative") are set forth on Exhibit 3, along with the
  -------------------------
specimen signature of each such officer.  From time to time, the Owner Trustee,
Indenture Trustee, Insurer, Seller and Servicer may, by delivering to the
Custodian a revised exhibit, change the information previously given, but the
Custodian shall be entitled to rely conclusively on the last exhibit until
receipt of a superseding exhibit.

     20.  Notices.  All demands, notices and communications relating to this
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Agreement shall be in writing and shall be deemed to have been duly given if
mailed, by registered or certified mail, return receipt requested, or by
overnight courier, or, if by other means, when received by the other party or
parties at the address shown below, or such other address as may hereafter be
furnished to the other party or parties by like notice. Any such demand, notice
or communication hereunder shall be deemed to have been received on the date
delivered to or received at the premises of the addressee (as evidenced, in the
case of registered or certified mail, by the date noted on the return receipt).

          If to the Seller or Servicer:

          PeopleFirst Finance, LLC
          401 West A Street, Suite 1000
          San Diego, California  92101
          Attention:  W. Randolph Ellspermann
          Phone Number: (619) 544-0815
          Fax Number: (619) 232-4565

          If to the Custodian:
          The Bank of New York
          700 South Flower Street
          Second Floor
          Los Angeles, California 90017
          Attention:  Sue Haynie-Horn
          Phone Number:  (213) 630-6440
          Fax Number: (213)

          If to the Insurer:

          Financial Security Assurance Inc.
          350 Park Avenue
          New York, NY  10022
          Attention: Transaction Oversight Department
                 Re: PeopleFirst
          Phone Number: (212) 826-0100
          Fax Number: (212) 339-3518; (212) 339-3529

          If to the Indenture Trustee:

          Norwest National Bank, National Association
          Sixth Street & Marquette Avenue

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          Minneapolis, Minnesota 55479, MAC N9311-161
          Attention: Corporate Trust Services - Asset Backed Administration
          Phone Number: (612) 667-8058
          Fax Number: (612) 667-3464

          If to the Owner Trustee:

          Wilmington Trust Company
          1100 North Market Street
          Wilmington, DE  19890
          Attention: Corporation Trust Administration
          Phone Number: (302) 472-4700
          Fax Number: (302) 651-1576

     21.  Governing Law.  This Agreement shall be governed by, and construed in
          -------------
accordance with, the laws of the State of New York without regard to conflict of
laws applied in the State of New York.

     22.  Assignment.  No party to this Agreement may assign its rights or
          ----------
delegate its obligations under this Agreement without the express written
consent of the other parties, except as otherwise set forth in this Agreement.

     23.  Counterparts.  For the purpose of facilitating the execution of this
          ------------
Agreement and for other purposes, this Agreement may be executed simultaneously
in any number of counterparts, each of which shall be deemed to be an original
and together shall constitute and be one and the same instrument.

     24.  Headings.  The Section headings are not part of this Agreement and
          --------
shall not be used in its interpretation.

     25.  Use of Words.  The definitions set forth in this Agreement include
          ------------
both the singular and plural.

     26.  Transmission of Custodian's Receivable Files.  Written instructions as
          --------------------------------------------
to the method of shipment and shipper(s) the Custodian is directed to utilize in
connection with transmission of the Custodian's Receivable Files and loan
documents in the performance of the Custodian's duties hereunder shall be
delivered by the Servicer to the Custodian prior to any shipment of any
Custodian's Receivable Files and loan documents hereunder. The Servicer will
arrange for the provision of such services at its sole cost and expense (or, at
the Custodian's option, reimburse the Custodian for all costs and expenses
incurred by the Custodian consistent with such instructions) and will maintain
such insurance against loss or damage to Custodian's Receivable Files and loan
documents as the Servicer seems appropriate. Without limiting the generality of
the provisions of Section 17 above, it is expressly agreed that in no event
shall the Custodian have any liability for any losses or damages to any Person,
including, without limitation, the Servicer or the Issuer or Insurer, arising
out of actions of the Custodian consistent with instructions of the Servicer,
Issuer or Insurer.

     27.  Limitation of Liability.
          -----------------------

     It is expressly understood and agreed by the parties hereto that (a) this
Custodial Agreement is executed and delivered by Wilmington Trust Company, not
individually or personally but solely as Owner Trustee of the PeopleFirst.com
Vehicle Receivables Owner Trust 2000-1, in the exercises of the powers and
authority conferred and vested in it, (b) each of the representations,
undertakings and

                                       9
<PAGE>

agreements herein made on the part of the Trust is made and intended not as
personal representations, undertakings and agreements by Wilmington Trust
Company, but is made and intended for the purpose of binding only the Trust, (c)
nothing herein contained shall be construed as creating any liability on
Wilmington Trust Company individually or personally, to perform any covenant
either expressed or implied contained herein, all such liability, if any, being
expressly waived by the parties hereto and by any Person claiming by, through or
under the parties hereto and (d) under no circumstances shall Wilmington Trust
Company be personally liable for the payment of any indebtedness or expenses of
the Trust or be liable for the breach or failure of any obligation,
representation, warranty or covenant made or undertaken by the Trust under this
Custodial Agreement or any other related documents.

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

                           [Signature Page Follows]

                                       10
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the
day and year first above written.

                                   PEOPLEFIRST FINANCE, LLC,
                                     as Servicer

                                   By: /s/ Justin Tisler
                                       _____________________________________
                                       Name: Justin Tisler
                                       Title: Attorney-in-Fact

                                   NORWEST BANK MINNESOTA,
                                   NATIONAL ASSOCIATION, as Indenture
                                      Trustee

                                   By: /s/ S. Dignan
                                       _____________________________________
                                       Name: S. Dignan
                                       Title: Corporate Trust Officer

                                   THE BANK OF NEW YORK, as Custodian

                                   By: /s/ Mauro Palladino
                                       _____________________________________
                                       Name: Mauro Palladino
                                       Title: Vice President

                                   PEOPLEFIRST.COM VEHICLE
                                   RECEIVABLES OWNER TRUST 2000-1, by
                                   WILMINGTON TRUST COMPANY, not in its
                                   individual capacity, but solely as Owner
                                   Trustee

                                   By: /s/ Kathleen A. Pedelini
                                       ______________________________________
                                       Name: Kathleen A. Pedelini
                                       Title: Administrative Account Manager
<PAGE>

                                   PF FUNDING II, LLC,
                                   as Transferor

                                    by: /s/ Justin Tisler
                                        _____________________________________
                                        Name: Justin Tisler
                                        Title: Assistant Treasurer
<PAGE>

                                                                       EXHIBIT 1
                                                                       ---------

                                 CERTIFICATION
                                 -------------

[Indenture Trustee]

          Re:  Custodial Agreement (the "Custodial Agreement") dated as of
               June 1, 2000, among PF Funding II, LLC, as Transferor,
               PeopleFirst Finance, LLC, as Servicer, PeopleFirst.com Vehicle
               Receivables Owner Trust 2000-1 and Norwest Bank Minnesota,
               National Association ("Indenture Trustee") and The Bank of
                                      ------------------------------------
               New York, as ("Custodian")
               --------------------------

Ladies and Gentlemen:

     In accordance with the provisions of Section 3 of the above-referenced
Custodial Agreement, the undersigned, as the Custodian, hereby certifies that as
to each Receivable listed on the Schedule of Receivables (other than any
Receivable paid in full or any Receivable listed on the exception report
attached hereto) it has reviewed the Custodian's Receivable Files and has
determined that (i) all documents required to be delivered to it pursuant to
Section 3 of the Custodial Agreement are in its possession; (ii) such documents
have been reviewed by it and have not been mutilated, damaged, torn or otherwise
physically altered and relate to such Receivable identified on the Schedule of
Receivables; (iii) based on its examination and only as to the foregoing
documents, the information set forth in items (i) (ii) (v) and (vi) of the
definition of Schedule of Receivables respecting such Receivable accurately
reflects the information on the Schedule of Receivables; and (iv) based on its
examination, the Contract is an executed original counterpart. The Custodian
makes no representations as to and shall not be responsible to verify (i) the
validity, legality, enforceability, sufficiency, due authorization or
genuineness of any of the documents contained in each Custodian's Receivable
File or of any of the Receivables or (ii) the collectability, insurability,
effectiveness or suitability of any such Receivable.

     Capitalized words used herein shall have the respective meanings assigned
to them in the above-captioned Custodial Agreement.

                              The Bank of New York, as Custodian

                              By: __________________________________________
                                  Name: ____________________________________
                                  Title: ___________________________________
<PAGE>

                                EXCEPTION REPORT
                                ----------------
<PAGE>

                                                                       EXHIBIT 2
                                                                       ---------

                 REQUEST FOR RELEASE AND RECEIPT OF DOCUMENTS
                 --------------------------------------------

The Bank of New York
700 South Flower Street
Second Floor
Los Angeles, California 90017
Attention: Sue Haynie-Horn

          Re:  Custodial Agreement (the "Custodial Agreement") dated as of
               June 1, 2000, among PF Funding II, LLC, as Transferor,
               PeopleFirst Finance, LLC, as Servicer, PeopleFirst.com Vehicle
               Receivables Owner Trust 2000-1 and Norwest Bank Minnesota,
               National Association ("Indenture Trustee")  and The Bank of
                                      ------------------------------------
               New York, as ("Custodian")
               ------------------------

     In connection with the administration of the Receivables held by you as the
Custodian, we request the release of the (Custodian's Receivable File/specify
documents) for the Receivable described below, for the reason indicated.

Obligor's Name, Address & Zip Code:
----------------------------------

Receivable Number:
-----------------

Reason for Requesting Documents (check one)
-------------------------------

[_]    1.  Receivable Paid in Full

[_]    2.  Receivable Redelivered Pursuant to Section 8 of the Custodial
           Agreement

[_]    3.  Receivable Liquidated by ________________________

[_]    4.  Receivable in Foreclosure

[_]    5.  Other (explain)

     If item 1, 2 or 3 above is checked, and if all or part of the Custodian's
Receivable File was previously released to us, please release to us our previous
receipt on file with you, as well as any additional documents in your possession
relating to the above specified Receivable.
<PAGE>

     If Item 4 or 6 above is checked, upon our return of all of the above
document to you as the Custodian, please acknowledge your receipt by signing in
the space indicated below, and returning this form.

                              PEOPLEFIRST FINANCE, LLC, as Servicer

                              By: ______________________________________
                                  Name: ________________________________
                                  Title: _______________________________
                                  Date: ________________________________

ACKNOWLEDGED:

NORWEST BANK MINNESOTA,
NATIONAL ASSOCIATION, as Indenture Trustee

By: ______________________________________
    Name: ________________________________
    Title: _______________________________
    Date: ________________________________

DOCUMENTS RETURNED TO THE CUSTODIAN

THE BANK OF NEW YORK, as Custodian

By: ______________________________________
    Name: ________________________________
    Title: _______________________________
    Date: ________________________________

                                       2
<PAGE>

                                                                       EXHIBIT 3
                                                                       ---------

                          AUTHORIZED REPRESENTATIVES
                          --------------------------

     a)   of PeopleFirst Finance, LLC

Name                                                    Specimen Signature
--------------------------------------------------------------------------

1.

2.

3.

4.

5.

     b)  of Wilmington Trust Company

     c)  of Norwest Bank Minnesota, National Association

Name                                              Specimen Signature
----                                              ------------------

1.

2.

3.

4.

<PAGE>

     d)  of The Bank of New York

Name                                              Specimen Signature
----                                              ------------------

1.

2.

3.

4.

     e)  of Financial Security Assurance Inc.

Name                                              Specimen Signature
--------------------------------------------------------------------

1.

2.

3.

4.

                                       4
<PAGE>

                                                                       EXHIBIT 4
                                                                       ---------

                      NOTIFICATION IN EVENT OF DEFICIENCY
                        IN CUSTODIAN'S RECEIVABLE FILES
                      -----------------------------------

TO:  The Bank of New York
     700 South Flower Street
     Second Floor
     Los Angeles, California 90017
     Attention: Sue Haynie-Horn

          Re:  Custodial Agreement (the "Custodial Agreement") dated as of
               June 1, 2000, among PF Funding II LLC, as Transferor,
               PeopleFirst Finance, LLC, as Servicer, PeopleFirst.com Vehicle
               Receivables Owner Trust 2000-1 and Norwest Bank Minnesota,
               National Association and The Bank of New York, as Custodian
                                    --------------------------------------

     The undersigned, in accordance with Section 5 of the Custodial Agreement,
hereby notifies the Custodian that:

     The Servicer shall deliver the following documents to the Custodian within
     ten (10) calendar days from the date hereof.

                              (list of documents)

 .    The Indenture Trustee has waived the Deficiencies noted in the
     Certification.

 .    The Servicer shall cure the Deficiencies within ten (10) calendar days from
     the date hereof.

 .    The Servicer shall repurchase the deficient Receivable.

 .    The Custodian shall release the deficient Custodian's Receivable File to
     the Servicer.

 .    The Custodian shall retain the deficient Custodian's Receivable File.
<PAGE>

     Capitalized words used herein shall have the respective meanings assigned
to them in the above-captioned Custodial Agreement.

                         NORWEST BANK MINNESOTA,
                         NATIONAL ASSOCIATION

                         By: ________________________________
                             Name: __________________________
                             Title: _________________________
                             Date: __________________________

                                       6
<PAGE>

                                                                       EXHIBIT 5
                                                                       ---------

                            SCHEDULE OF RECEIVABLES
                            -----------------------<PAGE>

                                                                     Exhibit 4.5

[LOGO] FINANCIAL                            FINANCIAL GUARANTY
       SECURITY                             INSURANCE POLICY
       ASSURANCE(R)

OBLIGOR: PeopleFirst.com Vehicle Receivables Owner          Policy No.: 50956-N
     Trust 2000-1
OBLIGATIONS: $245,000,000 Asset Backed Notes, Classes A-1,  Date of Issuance:
     A-2, A-3 and A-4, as described in Endorsement No. 1          June 30, 2000
     hereto

          FINANCIAL SECURITY ASSURANCE INC. ("Financial Security"), for
consideration received, hereby UNCONDITIONALLY AND IRREVOCABLY GUARANTEES to
each Holder, subject only to the terms of this Policy (which includes each
endorsement hereto), the full and complete payment by the Obligator of Scheduled
Payments of principal of, and interest on, the Obligations.

          For the further protection of each Holder, Financial Security
irrevocably and unconditionally guarantees:

          (a)  payment of the amount of any distribution of principal of, or
     interest on, the Obligations made during the Term Of This Policy to such
     Holder that is subsequently avoided in whole or in part as a preference
     payment under applicable law (such payment to be made by Financial
     Security in accordance with Endorsement No. 1 hereto).

          (b)  payment of any amount required to be paid under this Policy by
     Financial Security following Financial Security's receipt of notice as
     described in Endorsement No. 1 hereto.

          Financial Security shall be subrogated to the rights of each Holder to
receive payments under the Obligations to the extent of any payment by Financial
Security hereunder.

          Except to the extent expressly modified by an endorsement hereto, the
following terms shall have the meanings specified for all purposes of this
Policy. "Holder" means the registered owner of any Obligation as indicated on
the registration books maintained by or on behalf of the Obligor for such
purpose or, if the Obligation is in bearer form, the holder of the Obligation.
"Scheduled Payments" means payments which are scheduled to be made during the
Term Of This Policy in accordance with the original terms of the Obligations
when issued and without regard to any amendment or modification of such
Obligations thereafter; payments which become due on an accelerated basis as a
result of (a) a default by the Obligor, (b) an election by the Obligor to pay
principal on an accelerated basis or (c) any other cause, shall not constitute
"Scheduled Payments" unless Financial Security shall elect, in its sole
discretion, to pay such principal due upon such acceleration together with any
accrued interest to the date of acceleration. "Term Of This Policy" shall have
the meaning set forth in Endorsement No. 1 hereto.

          This Policy sets forth in full the undertaking of Financial Security,
and shall not be modified, altered or affected by any other agreement or
instrument, including any modification or amendment thereto, or by the merger,
consolidation or dissolution of the Obligor. Except to the extent expressly
modified by an endorsement hereto, the premiums paid in respect of this Policy
are nonrefundable for any reason whatsoever, including payment, or provision
being made for payment, of the Obligations prior to maturity. This Policy may
not be canceled or revoked during the Term Of This Policy. THIS POLICY IS NOT
COVERED BY THE PROPERTY/CASUALTY INSURANCE SECURITY FUND SPECIFIED IN ARTICLE 76
OF THE NEW YORK INSURANCE LAW.

          In witness whereof, FINANCIAL SECURITY ASSURANCE INC. has caused this
Policy to be executed on its behalf by its Authorized Officer.

                                   FINANCIAL SECURITY ASSURANCE INC.

                                   By   /s/  Roger K. Taylor
                                      ------------------------------------
                                             Authorized Officer

A subsidiary of Financial Security Assurance Holdings Ltd.
350 Park Avenue, New York, N.Y. 10022-6022                        (212) 826-0100
Form 100NY (5/89)

<PAGE>

           ENDORSEMENT NO. 1 TO FINANCIAL GUARANTY INSURANCE POLICY

FINANCIAL SECURITY                           350 Park Avenue
ASSURANCE INC.                               New York, New York  10022

OBLIGOR:  PeopleFirst.com Vehicle Receivables Owner Trust 2000-1

OBLIGATIONS:            $31,000,000 Class A-1 6.713% Asset Backed Notes
                       $109,000,000 Class A-2 7.275% Asset Backed Notes
                        $34,000,000 Class A-3 7.365% Asset Backed Notes
                        $71,000,000 Class A-4 7.405% Asset Backed Notes

Policy No.:  50956-N
Date of Issuance:  June 30, 2000

          1.   Definitions.  For all purposes of this Policy, the terms
               -----------
specified below shall have the meanings or constructions provided below.
Capitalized terms used herein and not otherwise defined herein shall have the
meanings provided in the Indenture unless the context shall otherwise require.

          "Business Day" means any day other than (i) a Saturday or Sunday or
           ------------
(ii) a day on which banking institutions in the City of San Diego, California,
New York, New York, Minneapolis, Minnesota or Wilmington, Delaware or any other
location of the Servicer, any successor Servicer, successor Owner Trustee or
successor Indenture Trustee are authorized or obligated by law, executive order
or government decree to be closed.

          "Class A Notes" shall mean the $31,000,000 Class A-1 6.713% Asset
           -------------
Backed Notes, the $109,000,000 Class A-2 7.275% Asset Backed Notes, the
$34,000,000 Class A-3 7.365% Asset Backed Notes and the $71,000,000 Class A-4
7.405% Asset Backed Notes.

          "Class A Noteholder" shall mean the Holder of a Class A-1 Note, Class
           ------------------
A-2 Note, Class A-3 Note or Class A-4 Note; provided, however Class A Noteholder
                                            --------  -------
shall not include the Obligor or any affiliates or successors thereof in the
event the Obligor, or any such affiliate or successor, is a registered or
beneficial owner of the Obligation.

          "Financial Security" means Financial Security Assurance Inc., a New
           ------------------
York stock insurance company.

          "Holder" shall have the meaning set forth in the Indenture.
           ------

          "Indenture" means the Indenture, dated as of June 1, 2000, between
           ---------
PeopleFirst.com Vehicle Receivables Owner Trust 2000-1, a Delaware business
trust,
<PAGE>

Policy No. 50956-N                               Date of Issuance: June 30, 2000

and Norwest Bank Minnesota, National Association as Indenture Trustee, as
amended from time to time in accordance with its terms.

          "Indenture Trustee" means Norwest Bank Minnesota, National
           -----------------
Association, a national banking association, in its capacity as Indenture
Trustee under the Indenture and any successor in such capacity.

          "Noteholders' Interest Carryover Shortfall" shall have the meaning set
           -----------------------------------------
forth in the Sale and Servicing Agreement.

          "Noteholders Interest Distributable Amount" shall have the meaning set
           -----------------------------------------
forth in the Sale and Servicing Agreement.

          "Noteholders' Principal Distributable Amount" shall have the meaning
           -------------------------------------------
set forth in the Sale and Servicing Agreement.

          "Policy" means this Financial Guaranty Insurance Policy and includes
           ------
each endorsement thereto.

          "Receipt" and "Received" mean actual delivery to Financial Security
           -------       --------
and to its Fiscal Agent (as defined below), if any, prior to 12:00 noon, New
York City time, on a Business Day; delivery either on a day that is not a
Business Day, or after 12:00 noon, New York City time, shall be deemed to be
"Receipt" on the next succeeding Business Day. If any notice or certificate
given hereunder by the Indenture Trustee is not in proper form or is not
properly completed, executed or delivered, it shall be deemed not to have been
Received, and Financial Security or its Fiscal Agent shall promptly so advise
the Indenture Trustee and the Indenture Trustee may submit an amended notice.

          "Sale and Servicing Agreement" means the Sale and Servicing Agreement,
           ----------------------------
dated as of June 1, 2000, among the Obligor, as Issuer, Prudential Securities
Secured Financing Corporation, as Depositor, PeopleFirst Finance, LLC, in its
individual capacity and as Servicer, and Norwest Bank Minnesota, National
Association as Indenture Trustee and Backup Servicer, as amended from time to
time in accordance with its terms.

          "Scheduled Payments" means, with respect to each Payment Date, the
           ------------------
distribution to be made to the Class A Noteholders in an aggregate amount equal
to the Noteholders' Interest Distributable Amount and the Noteholders' Principal
Distributable Amount due and payable on such Payment Date, in each case in
accordance with the original terms of the Class A Notes when issued and without
regard to any amendment or modification of the Class A Notes, the Indenture or
the Sale and Servicing Agreement, except amendments or modifications to which
Financial Security has given its prior written consent; provided, however, that
                                                        --------  -------
Scheduled Payments shall not include (x) any portion of the Noteholders'
Interest Distributable Amount due to Class A Noteholders because the appropriate
notice and certificate for payment in proper form was not timely Received by
Financial Security or (y) any portion of the Noteholders' Interest Distributable
Amount due to Class A Noteholders representing interest on any Noteholders'
Interest Carryover Shortfall, unless, in each case, Financial Security elects,

                                       2
<PAGE>

Policy No. 50956-N                               Date of Issuance: June 30, 2000

in its sole discretion, to pay such amount in whole or in part. Scheduled
Payments do not include payments that become due on an accelerated basis as a
result of (a) a default by the Obligor, (b) an election by the Obligor to pay
principal on an accelerated basis, (c) the occurrence of an Event of Default
under the Indenture or (d) any other cause, unless, in each case, Financial
Security elects, in its sole discretion, to pay in whole or in part such
principal due upon acceleration, together with any accrued interest to the date
of acceleration. Scheduled Payments shall not include any amounts due in respect
of the Class A Notes attributable to any increase in interest rate, penalty or
other sum payable by the Obligor by reason of any default or event of default in
respect of the Obligations, or by reason of any deterioration of the
creditworthiness of the Obligor nor shall Scheduled Payments include, nor shall
coverage be provided under the Policy in respect of, any taxes, withholding or
other charge imposed by any governmental authority due in connection with the
payment of any Scheduled Payment to a Class A Noteholder.

          "Term Of This Policy" means the period from and including the Date of
           -------------------
Issuance to and including the latest of the date on which (i) the outstanding
principal amount of Class A Notes has been reduced to zero and all distributions
of the Noteholders' Interest Distributable Amount have been paid on the Class A
Notes, (ii) any period during which any payment on the Class A Notes could have
been avoided in whole or in part as a preference payment under applicable
bankruptcy, insolvency, receivership or similar law has expired, and (iii) if
any proceedings requisite to avoidance as a preference payment have been
commenced prior to the occurrence of (i) and (ii), a final and nonappealable
order in resolution of each such proceeding has been entered.

          2.  Notices and Conditions to Payment in Respect of Scheduled
              ---------------------------------------------------------
Payments. Following Receipt by Financial Security of a notice and certificate
--------
from the Indenture Trustee in the form attached as Exhibit A to this
Endorsement, Financial Security will pay any amount payable hereunder in respect
of Scheduled Payments on the Obligations out of the funds of Financial Security
on the later to occur of (a) 12:00 noon, New York City time, on the third
Business Day following such Receipt; and (b) 12:00 noon, New York City time, on
the Business Day preceding the applicable Payment Date to which such claim
relates. Payments due hereunder in respect of Scheduled Payments will be
disbursed by wire transfer of immediately available funds to the Policy Payments
Account established pursuant to the Sale and Servicing Agreement or, if no such
Policy Payments Account has been established, to the Indenture Trustee.

          Financial Security shall be entitled to pay any amount hereunder in
respect of Scheduled Payments on the Obligations, including any amount due on
the Obligations on an accelerated basis, whether or not any notice and
certificate shall have been Received by Financial Security as provided above;
provided, however, that by acceptance of this Policy the Indenture Trustee
agrees to provide to Financial Security, upon request by Financial Security to
the Indenture Trustee, a notice and certificate in respect of any such payments
made by Financial Security. Financial Security shall be entitled to pay
hereunder any amount due on the Obligations that becomes due on an accelerated
basis at any time or from time to time after such amount becomes due, in whole
or in part, prior to the scheduled date of payment thereof; Scheduled Payments
insured hereunder shall not include interest, in respect of principal paid
hereunder on an accelerated basis,

                                       3
<PAGE>

Policy No. 50956-N                       Date of Issuance: June 30, 2000

accruing from and after the date of such payment of principal. Financial
Security's obligations hereunder in respect of Scheduled Payments shall be
discharged to the extent funds are disbursed by Financial Security as provided
herein whether or not such funds are properly applied by the Indenture Trustee.

          3.   Notices and Conditions to Payment in Respect of Scheduled
               ---------------------------------------------------------
Payments Avoided as Preference Payments.  If any Scheduled Payment is avoided as
---------------------------------------
a preference payment under applicable bankruptcy, insolvency, receivership or
similar law, Financial Security will pay such amount out of the funds of
Financial Security on the later of (a) the date when due to be paid pursuant to
the Order (as defined below) or (b) the first to occur of (i) the fourth
Business Day following Receipt by Financial Security from the Indenture Trustee
of (A) a certified copy of the order (the "Order") of the court or other
governmental body that exercised jurisdiction to the effect that the Class A
Noteholder is required to return the amount of any Scheduled Payment distributed
with respect to the Class A Notes during the Term Of This Policy because such
distributions were avoidable as preference payments under applicable bankruptcy
law, (B) a certificate of the Class A Noteholder that the Order has been entered
and is not subject to any stay and (C) an assignment duly executed and delivered
by the Class A Noteholder, in such form as is reasonably required by Financial
Security and provided to the Class A Noteholder by Financial Security,
irrevocably assigning to Financial Security all rights and claims of the Class A
Noteholder relating to or arising under the Class A Notes against the debtor
that made such preference payment or otherwise with respect to such preference
payment, or (ii) the date of Receipt by Financial Security from the Indenture
Trustee of the items referred to in clauses (A), (B) and (C) above if, at least
four Business Days prior to such date of Receipt, Financial Security shall have
Received written notice from the Indenture Trustee that such items were to be
delivered on such date and such date was specified in such notice. Such payment
shall be disbursed to the receiver, conservator, debtor-in-possession or trustee
in bankruptcy named in the Order and not to the Indenture Trustee or any Class A
Noteholder directly (unless a Class A Noteholder has previously paid such amount
to the receiver, conservator, debtor-in-possession or trustee in bankruptcy
named in the Order, in which case such payment shall be disbursed to the
Indenture Trustee for distribution to such Class A Noteholder upon proof of such
payment reasonably satisfactory to Financial Security). In connection with the
foregoing, Financial Security shall have the rights provided pursuant to Section
5A.2 of the Sale and Servicing Agreement.

          4.   Governing Law.  This Policy shall be governed by and construed in
               -------------
accordance with the laws of the State of New York, without giving effect to the
conflict of laws principles thereof.

          5.   Fiscal Agent.  At any time during the Term Of This Policy,
               ------------
Financial Security may appoint a fiscal agent (the "Fiscal Agent") for purposes
of this Policy by written notice to the Indenture Trustee at the notice address
specified in the Sale and Servicing Agreement specifying the name and notice
address of the Fiscal Agent. From and after the date of receipt of such notice
by the Indenture Trustee, (i) copies of all notices and documents required to be
delivered to Financial Security pursuant to this Policy shall be simultaneously
delivered to the Fiscal Agent and to Financial Security and

                                       4
<PAGE>

Policy No. 50956-N                       Date of Issuance: June 30, 2000

shall not be deemed Received until Received by both and (ii) all payments
required to be made by Financial Security under this Policy may be made directly
by Financial Security or by the Fiscal Agent on behalf of Financial Security.
The Fiscal Agent is the agent of Financial Security only and the Fiscal Agent
shall in no event be liable to any Class A Noteholder for any acts of the Fiscal
Agent or any failure of Financial Security to deposit, or cause to be deposited,
sufficient funds to make payments due under this Policy.

          6.   Waiver of Defenses.  To the fullest extent permitted by
               ------------------
applicable law, Financial Security agrees not to assert, and hereby waives, for
the benefit of each Class A Noteholder, all rights (whether by counterclaim,
setoff or otherwise) and defenses (including, without limitation, the defense of
fraud), whether acquired by subrogation, assignment or otherwise, to the extent
that such rights and defenses may be available to Financial Security to avoid
payment of its obligations under this Policy in accordance with the express
provisions of this Policy.

          7.   Notices.  All notices to be given hereunder shall be in writing
               -------
(except as otherwise specifically provided herein) and shall be mailed by
registered mail or personally delivered or telecopied to Financial Security as
follows:

              Financial Security Assurance Inc.
              350 Park Avenue
              New York, NY  10022
              Attention:  Senior Vice President-Transaction Oversight
              Re: PeopleFirst.com Vehicle Receivables Owner Trust 2000-1
              Telecopy No.:  (212) 339-3518
              Confirmation:  (212) 826-0100

Financial Security may specify a different address or addresses by writing
mailed or delivered to the Indenture Trustee.

          8.   Priorities.  In the event any term or provision of the face of
               ----------
this Policy is inconsistent with the provisions of this Endorsement, the
provisions of this Endorsement shall take precedence and shall be binding.

          9.   Exclusions From Insurance Guaranty Funds.  This Policy is not
               ----------------------------------------
covered by the Property/Casualty Insurance Security Fund specified in Article 76
of the New York Insurance Law. This Policy is not covered by the Florida
Insurance Guaranty Association created under Part II of Chapter 631 of the
Florida Insurance Code. In the event Financial Security were to become
insolvent, any claims arising under this Policy are excluded from coverage by
the California Insurance Guaranty Association, established pursuant to Article
14.2 of Chapter 1 of Part 2 of Division 1 of the California Insurance Code.

                                       5
<PAGE>

Policy No. 50956-N                               Date of Issuance: June 30, 2000

          10.  Surrender of Policy.  The Indenture Trustee shall surrender this
               -------------------
Policy to Financial Security for cancellation upon expiration of the Term Of
This Policy.

          IN WITNESS WHEREOF, FINANCIAL SECURITY ASSURANCE INC. has caused this
Endorsement No. 1 to be executed by its Authorized Officer.

                            FINANCIAL SECURITY ASSURANCE INC.

                            By:   Roger K. Taylor
                                -----------------------------------
                                    Authorized Officer

                                       6
<PAGE>

                                                      Exhibit A To Endorsement 1

                        NOTICE OF CLAIM AND CERTIFICATE
                        -------------------------------

                       (Letterhead of Indenture Trustee)

Financial Security Assurance Inc.
350 Park Avenue
New York, NY  10022

     Re:  PeopleFirst.com Vehicle Receivables Owner Trust 2000-1
                $31,000,000 Class A-1 6.713% Asset Backed Notes
               $109,000,000 Class A-2 7.275% Asset Backed Notes
                $34,000,000 Class A-3 7.365% Asset Backed Notes
                $71,000,000 Class A-4 7.405% Asset Backed Notes
                -----------------------------------------------

          The undersigned, a duly authorized officer of Norwest Bank Minnesota,
National Association (the "Indenture Trustee") hereby certifies to Financial
Security Assurance Inc. ("Financial Security"), with reference to Financial
Guaranty Insurance Policy No. 50956-N dated June 30, 2000 (the "Policy") issued
by Financial Security in respect of the $31,000,000 Class A-1 6.713% Asset
Backed Notes (the "Class A-1 Notes"), the $109,000,000 Class A-2 7.275% Asset
Backed Notes (the "Class A-2 Notes"), the $34,000,000 Class A-3 7.365% Asset
Backed Notes (the "Class A-3 Notes"), and the $71,000,000 Class A-4 7.405% Asset
Backed Notes (the "Class A-4 Notes" and together with the Class A-1 Notes, Class
A-2 Notes and the Class A-3 Notes, the "Class A Notes") of the above referenced
Trust, that:

               (i)    The Indenture Trustee is the Indenture Trustee under the
          Indenture for the Class A Noteholders.

               (ii)   The sum of all amounts on deposit (or scheduled to be on
          deposit) in the Note Distribution Account and available for
          distribution to the Class A Noteholders pursuant to the Sale and
          Servicing Agreement will be $___________ (the "Shortfall") less than
          the Scheduled Payments with respect to the Payment Date occurring
          _______ __, ____.

               (iii)  The Indenture Trustee is making a claim under the Policy
          for the Shortfall to be applied to distributions of Scheduled Payments
          with respect to the Class A Notes.

               (iv)   The Indenture Trustee agrees that, following receipt of
          funds from Financial Security, it shall (a) hold such amounts in trust
          and apply the same directly to the payment of Scheduled Payments on
          the Obligations when due; (b) not apply such funds for any other
          purpose; (c) not commingle such funds with other funds held by the
          Indenture Trustee and (d) maintain an accurate record of such payments
          with respect

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          to each Class A Note and the corresponding claim on the Policy and
          proceeds thereof and, if the Class A Note is required to be
          surrendered or presented for such payment, shall stamp on each such
          Class A Note the legend "$[insert applicable amount] paid by Financial
          Security and the balance hereof has been canceled and reissued" and
          than shall deliver such Class A Note to Financial Security.

               (v)    The Indenture Trustee, on behalf of the Class A
          Noteholders, hereby assigns to Financial Security the rights of the
          Class A Noteholders with respect to the Class A Notes to the extent of
          any payments under the Policy, including, without limitation, any
          amounts due to the Class A Noteholders in respect of securities law
          violations arising from the offer and sale of the Class A Notes. The
          foregoing assignment is in addition to, and not in limitation of,
          rights of subrogation otherwise available to Financial Security in
          respect of such payments. The Indenture Trustee shall take such action
          and deliver such instruments as may be reasonably requested or
          required by Financial Security to effectuate the purpose or provisions
          of this clause (v).

               (vi)   The Indenture Trustee, on its behalf and on behalf of the
          Class A Noteholders, hereby appoints Financial Security as agent and
          attorney-in-fact for the Indenture Trustee and each such Class A
          Noteholder in any legal proceeding with respect to the Class A Notes.
          The Indenture Trustee hereby agrees that Financial Security may at any
          time during the continuation of any proceeding by or against any
          debtor with respect to which a Preference Claim (as defined below) or
          other claim with respect to the Class A Notes is asserted under the
          United States Bankruptcy Code or any other applicable bankruptcy,
          insolvency, receivership, rehabilitation or similar law (an
          "Insolvency Proceeding") direct all matters relating to such
          Insolvency Proceeding, including without limitation, (A) all matters
          relating to any claim in connection with an Insolvency Proceeding
          seeking the avoidance as a preferential transfer of any payment made
          with respect to the Class A Notes (a "Preference Claim"), (B) the
          direction of any appeal of any order relating to any Preference Claim
          at the expense of Financial Security but subject to reimbursement as
          provided in the Insurance Agreement and (C) the posting of any surety,
          supersedeas or performance bond pending any such appeal. In addition,
          the Indenture Trustee hereby agrees that Financial Security shall be
          subrogated to, and the Indenture Trustee on its behalf and on behalf
          of each Class A Noteholder, hereby delegates and assigns, to the
          fullest extent permitted by law, the rights of the Indenture Trustee
          and each Class A Noteholder in the conduct of any Insolvency
          Proceeding, including, without limitation, all rights of any party to
          an adversary proceeding or action with respect to any court order
          issued in connection with any such Insolvency Proceeding.

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                    (vii)  Payment should be made by wire transfer directed to
          [Specify Account].

          Unless the context otherwise requires, capitalized terms used in this
Notice of Claim and Certificate and not defined herein shall have the meanings
provided in the Policy.

          IN WITNESS WHEREOF, the Indenture Trustee has executed and delivered
this Notice of Claim and Certificate as of the ____ day of _______________,
_______.

                              NORWEST BANK MINNESOTA,
                                NATIONAL ASSOCIATION
                              not in its individual capacity but solely as
                              Indenture Trustee

                              By: _________________________________
                              Title:

---------------------------------------------
For Financial Security or Fiscal Agent Use Only

Wire transfer sent on ______________________________________ by
_______________________________________________________________

Confirmation Number  __________________________________________

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