Document:

<PAGE>

                                                                    Exhibit 10.1

                          SUBSEQUENT PURCHASE AGREEMENT

         This SUBSEQUENT PURCHASE AGREEMENT (this "Agreement") is dated as of
August 8, 2002, and by and between FRANKLIN CAPITAL CORPORATION, a Utah
corporation (the "Seller"), and FRANKLIN RECEIVABLES LLC, a Delaware limited
liability company (the "Purchaser").

                           W I T N E S S E T H:

         WHEREAS, the Seller and the Purchaser are parties to the Purchase
Agreement, dated as of June 1, 2002 (as amended or supplemented from time to
time, the "Purchase Agreement");

         WHEREAS, pursuant to the Purchase Agreement and this Agreement, the
Seller wishes to convey the Subsequent Receivables to the Purchaser; and

         WHEREAS, the Purchaser is willing to accept such conveyance subject to
the terms and conditions hereof.

         NOW, THEREFORE, in consideration of the foregoing and for good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Seller and the Purchaser hereby agree as follows:

         1. Defined Terms. Capitalized terms used herein shall have the meanings
ascribed to them in the Purchase Agreement, unless otherwise defined herein.

                  "Subsequent Cutoff Date" shall mean, with respect to the
Subsequent Receivables conveyed hereby, August 1, 2002.

                  "Subsequent Closing Date" shall mean, with respect to the
 Subsequent Receivables conveyed hereby, August 8, 2002.

         2. Subsequent Schedule of Receivables. Annexed hereto as Schedule A is
a supplement to Schedule A to the Purchase Agreement listing the Receivables
that constitute the Subsequent Receivables to be conveyed pursuant to this
Agreement on the Subsequent Closing Date.

         3. Conveyance of Subsequent Receivables. In consideration of the
Purchaser's delivery to or upon the order of the Seller of $21,236,691.73 (the
"Subsequent Receivables Purchase Price"), the Seller does hereby sell, transfer,
assign, set over and otherwise convey to the Purchaser, without recourse (except
as provided in the Purchase Agreement), all right title and interest of the
Seller in and to:

                                       1

<PAGE>

                           (i)      the Subsequent Receivables listed on
                                    Schedule A hereto, and all moneys due
                                    thereon on or after the related Subsequent
                                    Cutoff Date;

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

                           (iii)    any proceeds with respect to such Subsequent
                                    Receivables from claims on any physical
                                    damage, credit life or disability insurance
                                    policies covering the related Financed
                                    Vehicles or Obligors and any proceeds from
                                    the liquidation of such Subsequent
                                    Receivables;

                           (iv)     any proceeds from any Subsequent Receivable
                                    repurchased by a Dealer, pursuant to a
                                    Dealer Agreement, as a result of a breach of
                                    representation or warranty in the related
                                    Dealer Agreement;

                           (v)      all of the Seller's rights under any
                                    extended warranty service contracts on the
                                    related Financed Vehicles;

                           (vi)     the related Receivables Files; and

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

         4. Representations and Warranties of the Seller. The Seller hereby
represents and warrants to the Purchaser as of the date of this Agreement and as
of the Subsequent Closing Date that:

                  (a) Legal, Valid and Binding Obligation. This Agreement
         constitutes a legal, valid and binding obligation of the Seller,
         enforceable against the Seller in accordance with its terms, except as
         such enforceability may be limited by applicable bankruptcy,
         insolvency, reorganization, moratorium or other similar laws now or
         hereafter in effect affecting the enforcement of creditors' rights in
         general and except as such enforceability may be limited by general
         principles of equity (whether considered in a suit at law or equity).

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

                  (c) Due Qualification. The Seller is duly qualified to do
         business as a foreign corporation and is in good standing, and has
         obtained all necessary licenses and

                                       2

<PAGE>

         approvals, in all jurisdictions in which the ownership or lease of
         property or the conduct of its business shall require such
         qualifications.

                  (d) Power and Authority. The Seller has the power and
         authority to execute and deliver this Agreement and to carry out its
         terms; the Seller has full power and authority to sell and assign the
         property sold and assigned to the Purchaser hereby and has duly
         authorized such sale and assignment to the Purchaser by all necessary
         corporate action; and the execution, delivery and performance of this
         Agreement has been duly authorized by the Seller by all necessary
         corporate action.

                (e) No Violation. The consummation of the transactions
        contemplated by this Agreement and the fulfillment of the terms hereof
        shall not conflict with, result in any breach of any of the terms and
        provisions of, nor constitute (with or without notice or lapse of time)
        or both a default under, the articles 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; nor result in the creation or
        imposition of any Lien upon any of its properties pursuant to the terms
        of any such indenture, agreement or other instrument (other than this
        Agreement); nor violate any law or, to the best of the Seller's
        knowledge, any order, rule or regulation applicable to the Seller of any
        court or of any Federal or state regulatory body, administrative agency
        or other governmental instrumentality having jurisdiction over the
        Seller or its properties.

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

                (g) Insolvency. As of the Subsequent Cutoff Date and the
        Subsequent Closing Date, the Seller is not insolvent nor will it be made
        insolvent after giving effect to the conveyance set forth in Section 3
        of this Agreement, nor is it aware of any pending insolvency with
        respect to the Seller.

                  (h) Principal Balance. The aggregate Principal Balance of the
         Subsequent Receivables listed on Schedule A annexed hereto and conveyed
         to the Purchaser pursuant this Agreement as of the Subsequent Cutoff
         Date is $21,236,691.73.

         5. Seller's Conditions Precedent. The obligation of the Purchaser to
acquire the Subsequent Receivables hereunder is subject to the satisfaction, on
or prior to the Subsequent Purchase Date, of the following conditions precedent:

                  (a) Representations and Warranties. Each of the
         representations and warranties made by the Seller in Section 4 of this
         Agreement and in the Purchase

                                       3

<PAGE>

         Agreement shall be true and correct as of the date of this Agreement
         and as of the Subsequent Purchase Date;

                  (b) Purchase Agreement Conditions. Each of the conditions set
         forth in Sections 2.02(b) and 4.01 of the Purchase Agreement applicable
         to the conveyance of Subsequent Receivables shall have been satisfied;

                  (c) Collections. The Seller shall have delivered to the
         Purchaser for deposit to the Collection Account all collections in
         respect of Subsequent Receivables required to be deposited by the
         Purchaser to the Collection Account pursuant to Section 5.2(b) of the
         Sale and Servicing Agreement;

                  (d) Delivery of Assignment. The Seller shall have delivered an
         Assignment substantially in the form of Exhibit A to the Purchase
         Agreement; and

                  (e) Additional Information. The Seller shall have delivered to
         the Purchaser such information as was reasonably requested by the
         Purchaser to satisfy itself as to (i) the accuracy of the
         representations and warranties set forth in Section 4 of this Agreement
         and in the Purchase Agreement and (ii) the satisfaction of the
         conditions set forth in this Section 5.

         6. Purchaser's Conditions Precedent. The obligation of the Seller to
sell the Subsequent Receivables hereunder is subject to the satisfaction of the
following conditions precedent:

                  (a) Representations and Warranties. Each of the
         representations and warranties made by the Purchaser in Section 3.01 of
         the Purchase Agreement shall be true and correct as of the date of this
         Agreement and as of the Subsequent Purchase Date;

                  (b) Subsequent Receivables Purchase Price. On the Subsequent
         Closing Date, the Purchaser shall have delivered to the Seller the
         purchase price specified in Section 3 of this Agreement.

         7. Ratification of Agreement. As supplemented by this Agreement, the
Purchase Agreement is in all respects ratified and confirmed and the Purchase
Agreement as so supplemented by this Agreement shall be read, taken and
construed as one and the same instrument.

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

         9. GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK INCLUDING, WITHOUT LIMITATION, SECTIONS 5-1401
AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW AND RULE 327(B) OF THE NEW
YORK CIVIL

                                       4

<PAGE>

PRACTICE LAWS AND RULES, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
HEREUNDER OR THEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

         10. Third Party Beneficiary. The Security Insurer is an express third
party beneficiary of this Agreement.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       5

<PAGE>

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

                                   FRANKLIN RECEIVABLES LLC,
                                       as Purchaser

                                    By:     Franklin Capital Corporation,
                                                its managing member

                                            By:  /s/ Harold E. Miller, Jr.
                                                 ------------------------------
                                                Name: Harold E. Miller, Jr.
                                                Title:   President/CEO

                                   FRANKLIN CAPITAL CORPORATION,
                                       as Seller

                                   By:   /s/ Harold E. Miller, Jr.
                                         ------------------------------
                                       Name: Harold E. Miller, Jr.
                                       Title: President/CEO

                                       6

<PAGE>

                                                                      SCHEDULE A
                                                to Subsequent Purchase Agreement

                       SCHEDULE OF SUBSEQUENT RECEIVABLES

                                       7<PAGE>

                                                                    Exhibit 10.2

                                   ASSIGNMENT

                For value received, in accordance with the Purchase Agreement,
dated as of June 1, 2002 (the "Purchase Agreement"), between the undersigned and
Franklin Receivables LLC (the "Purchaser") and the Subsequent Purchase
Agreement, dated as of August 8, 2002, between the undersigned and the Purchaser
(the "Subsequent Purchase Agreement"), the undersigned does hereby sell, assign,
transfer and otherwise convey unto the Purchaser, without recourse, all right,
title and interest of the undersigned in and to (i) the Subsequent Receivables,
and all monies representing interest and principal payments received thereon on
and after the Subsequent Cutoff Date; (ii) the security interest of the Seller
in the Financed Vehicles granted by the Obligors pursuant to the Subsequent
Receivables and any other interest of the Seller in such Financed Vehicles;
(iii) the interest of the Seller in any proceeds with respect to the Subsequent
Receivables from claims on any physical damage, credit life or disability
insurance policies relating to the Financed Vehicles or Obligors and any
proceeds from the liquidation of the Subsequent Receivables; (iv) the interest
of the Seller in any proceeds from any Subsequent Receivables repurchased by a
Dealer pursuant to a Dealer Agreement as a result of a breach of a
representation or warranty in the related Dealer Agreement; (v) all rights under
any extended warranty service contracts on the related Financed Vehicles; (vi)
the related Receivables Files; and (vii) the proceeds of any and all of the
foregoing. The foregoing sale does not constitute and is not intended to result
in any assumption by the Purchaser of any obligation of the undersigned to the
Obligors, insurers or any other

<PAGE>

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

                This Assignment is made pursuant to and upon the
representations, warranties and agreements on the part of the undersigned
contained in the Purchase Agreement and the Subsequent Purchase Agreement and is
to be governed by the Purchase Agreement and the Subsequent Purchase Agreement.
The undersigned acknowledges and agrees that the Purchaser may further assign
the items enumerated in clauses (i) through (vii) above to Franklin Auto Trust
2002-1 which may in turn assign its interests in the items in (i) through (vii)
above to The Bank of New York, as trustee (the "Trustee") for the benefit of the
Noteholders, the Certificateholders and the Security Insurer, and that the
Trustee will have the right to enforce any of the rights of the Purchaser under
the Purchase Agreement and the Subsequent Purchase Agreement.

                Capitalized terms used herein and not otherwise defined shall
have the meaning assigned to them in the Purchase Agreement or the Subsequent
Purchase Agreement.

                [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

<PAGE>

                IN WITNESS WHEREOF, the undersigned has caused this Assignment
to be duly executed as of August 8, 2002.

                          FRANKLIN CAPITAL CORPORATION

                          By: /s/ Harold E. Miller, Jr.
                              ----------------------------------------
                              Name:  Harold E. Miller, Jr.
                              Title:  President/CEO

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00041-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00041-of-00352.parquet"}]]