Document:

Exhibit 10.2

          This OWNER TRUST ADMINISTRATION AGREEMENT dated as of [___] among
[_________], ACTING NOT IN ITS INDIVIDUAL CAPACITY BUT SOLELY AS OWNER TRUSTEE
OF REGIONS AUTO RECEIVABLES TRUST 200_-_, a Delaware common law trust (the
"Issuer"), REGIONS BANK, an Alabama state banking corporation, as
administrator (the "Owner Trust Administrator"), and [INDENTURE TRUSTEE], a [
] banking corporation, not in its individual capacity but solely as Indenture
Trustee (the "Indenture Trustee"),

                             W I T N E S S E T H :

          WHEREAS, the Issuer is issuing [___]% Asset Backed Notes, Class
[A-1], [___]% Asset Backed Notes, Class [A-2], [___]% Asset Backed Notes,
Class [A-3] and [___]% Asset Backed Notes, Class [A-4] (collectively, the
"Class [A] Notes") and [___]% Asset Backed Notes, Class [B] (the "Class [B]
Notes" and, together with the Class [A] Notes, the "Notes") pursuant to the
Indenture dated as of [___] (as amended and supplemented from time to time,
the "Indenture"), between the Issuer and the Indenture Trustee and is issuing
[___]% Asset Backed Certificates, Class [C] (the "Class [C] Certificates" or
the "Certificates" and, together with the Notes, the "Securities") pursuant to
the Amended and Restated Trust Agreement dated as of [___] (as amended and
supplemented from time to time, the "Trust Agreement"), between Regions
Acceptance LLC, as depositor, and [OWNER TRUSTEE], not in its individual
capacity but solely as owner trustee (capitalized terms used and not otherwise
defined herein shall have the meanings assigned to such terms in the Indenture
or the Trust Agreement, as applicable);

          WHEREAS, the Issuer has entered into certain agreements in
connection with the issuance of the Securities and of certain beneficial
ownership interests in the Issuer, including (i) a Sale and Servicing
Agreement dated as of [___] (as amended and supplemented from time to time,
the "Sale and Servicing Agreement"), among the Issuer, Regions Bank, as seller
(in such capacity, the "Seller"), master servicer (in such capacity, the
"Master Servicer"), administrator and custodian, and the Indenture Trustee,
(ii) a Letter of Representations dated [___] (as amended and supplemented from
time to time, the "Depository Agreement"), among the Issuer, the Indenture
Trustee, the Owner Trust Administrator and The Depository Trust Company
("DTC") relating to the Notes and the Certificates and (iii) the Indenture
(the Sale and Servicing Agreement, the Depository Agreement, the Indenture and
the Trust Agreement being referred to hereinafter collectively as the "Related
Agreements");

          WHEREAS, pursuant to the Related Agreements, the Issuer and [OWNER
TRUSTEE], as owner trustee (the "Owner Trustee"), are required to perform
certain duties in connection with (a) the Notes and the collateral therefor
pledged pursuant to the Indenture (the "Collateral") and (b) the beneficial
ownership interests in the Issuer (the registered holders of such interests
being referred to herein as the "Owners");

          WHEREAS, the Issuer and the Owner Trustee desire to have the Owner
Trust Administrator perform certain of the duties of the Issuer and the Owner
Trustee referred to in the preceding clause and to provide such additional
services consistent with the terms of this

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Agreement and the Related Agreements as the Issuer and the Owner Trustee may
from time to time request; and

          WHEREAS, the Owner Trust Administrator has the capacity to provide
the services required hereby and is willing to perform such services for the
Issuer and the Owner Trustee on the terms set forth herein;

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

          1.   Duties of the Owner Trust Administrator.

          (a)  Duties with Respect to the Depository Agreement and the
               Indenture.

               (i) The Owner Trust Administrator agrees to perform all its
          duties as Owner Trust Administrator and all the duties of the Issuer
          and the Owner Trustee under the Depository Agreement. In addition,
          the Owner Trust Administrator shall consult with the Owner Trustee
          regarding the duties of the Issuer or the Owner Trustee under the
          Indenture and the Depository Agreement. The Owner Trust
          Administrator shall monitor the performance of the Issuer and shall
          advise the Owner Trustee when action is necessary to comply with the
          Issuer's or the Owner Trustee's duties under the Indenture and the
          Depository Agreement. The Owner Trust Administrator shall prepare
          for execution by the Issuer, or shall cause the preparation by other
          appropriate persons of, all such documents, reports, filings,
          instruments, certificates and opinions that it shall be the duty of
          the Issuer or the Owner Trustee to prepare, file or deliver pursuant
          to the Indenture and the Depository Agreement. In furtherance of the
          foregoing, the Owner Trust Administrator shall take all appropriate
          action that is the duty of the Issuer or the Owner Trustee to take
          pursuant to the Indenture including, without limitation, such of the
          foregoing as are required with respect to the following matters
          under the Indenture (parenthetical section references are to
          sections of the Indenture):

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

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

               (C) reserved;

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

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

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

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

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

               (I) the obtaining and preservation of the Issuer's
               qualification to do business in each jurisdiction in which such
               qualification is or shall be necessary to protect the validity
               and enforceability of the Indenture, the Notes, the Collateral
               and each other instrument and agreement included in the Trust
               Estate (Section 3.04);

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

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

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

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

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

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

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

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<PAGE>

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

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

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

               (T) the preparation of any written instruments required to
               confirm more fully the authority of any co-trustee or separate
               trustee and any written instruments necessary in connection
               with the resignation or removal of any co-trustee or separate
               trustee (Sections 6.08 and 6.10);

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

               (V) provide reasonable and appropriate assistance to the
               Depositor or its designees (including [___]), as applicable,
               with the preparation and filing with the Commission, any
               applicable state agencies and the Indenture Trustee of
               documents required to be filed on a periodic basis with, and
               summaries thereof as may be required by rules and regulations
               prescribed by, the Commission and any applicable state agencies
               and the transmission of such summaries, as necessary, to the
               Noteholders (Section 7.03);

               (W) the opening of one or more accounts in the Issuer's name,
               the preparation and delivery of Issuer Orders, Officer's
               Certificates and Opinions of Counsel and all other actions
               necessary with respect to investment and reinvestment of funds
               in the Trust Accounts (Sections 8.02 and 8.03);

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

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

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

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

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

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

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

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

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

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

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

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

                    (ii)   The Owner Trust Administrator will:

               (A) pay the Indenture Trustee (and any separate trustee or
               co-trustee appointed pursuant to Section 6.10 of the Indenture
               (a "Separate Trustee")) from time to time reasonable
               compensation for all services rendered by the Indenture Trustee
               or Separate Trustee, as the case may be, under the Indenture
               (which compensation shall not be limited by any provision of
               law in regard to the compensation of a trustee of an express
               trust);

               (B) except as otherwise expressly provided in the Indenture,
               reimburse the Indenture Trustee or any Separate Trustee upon
               its request for all reasonable expenses, disbursements and
               advances incurred or made by the Indenture Trustee or Separate
               Trustee, as the case may be, in accordance with any provision
               of the Indenture (including the reasonable compensation,
               expenses and disbursements of its agents and counsel), except
               any such expense, disbursement or advance as may be
               attributable to its negligence or bad faith;

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               (C) indemnify the Indenture Trustee and any Separate Trustee
               and their respective agents for, and hold them harmless
               against, any losses, liability or expense incurred without
               negligence or bad faith on their part, arising out of or in
               connection with the acceptance or administration of the
               transactions contemplated by the Indenture and the other Basic
               Documents, including the reasonable costs and expenses of
               defending themselves against any claim or liability in
               connection with the exercise or performance of any of their
               powers or duties under the Indenture; and

               (D) indemnify the Owner Trustee and its agents, successors,
               assigns and servants in accordance with Section 8.02 of the
               Trust Agreement to the extent that amounts thereunder have not
               been paid pursuant to Section 5.06 of the Sale and Servicing
               Agreement.

        (b)    Additional Duties.

                   (i) In addition to the duties of the Owner Trust
        Administrator set forth above, the Owner Trust Administrator shall
        perform such calculations and shall prepare or shall cause the
        preparation by other appropriate persons of, and shall execute on
        behalf of the Issuer or the Owner Trustee, all such documents,
        reports, filings, instruments, certificates and opinions that it shall
        be the duty of the Issuer or the Owner Trustee to prepare, file or
        deliver pursuant to the Related Agreements or Section 5.05(a), (b),
        (c) or (d) of the Trust Agreement, and at the request of the Owner
        Trustee shall take all appropriate action that it is the duty of the
        Issuer or the Owner Trustee to take pursuant to the Related
        Agreements. In furtherance thereof, the Owner Trustee shall, on behalf
        of itself and of the Issuer, execute and deliver to the Owner Trust
        Administrator and to each successor Owner Trust Administrator
        appointed pursuant to the terms hereof, one or more powers of attorney
        substantially in the form of Exhibit A hereto, appointing the Owner
        Trust Administrator the attorney-in-fact of the Owner Trustee and the
        Issuer for the purpose of executing on behalf of the Owner Trustee and
        the Issuer all such documents, reports, filings, instruments,
        certificates and opinions. Subject to Section 5 of this Agreement, and
        in accordance with the directions of the Owner Trustee, the Owner
        Trust Administrator shall administer, perform or supervise the
        performance of such other activities in connection with the Collateral
        (including the Related Agreements) as are not covered by any of the
        foregoing provisions and as are expressly requested by the Owner
        Trustee and are reasonably within the capability of the Owner Trust
        Administrator. Such responsibilities shall include providing to the
        Depositor and the Indenture Trustee the monthly servicing report in an
        appropriate electronic form and shall exclude the actual filing of any
        reports pursuant to the Securities Exchange Act of 1934.

                   (ii) Notwithstanding anything in this Agreement or the
        Related Agreements to the contrary, the Owner Trust Administrator
        shall be responsible for promptly notifying the Owner Trustee and the
        Paying Agent in the event that any withholding tax is imposed on the
        Trust's payments (or allocations of income) to an Owner as
        contemplated in Section 5.02(d) of the Trust Agreement. Any such
        notice shall specify the amount of any withholding tax required to be
        withheld by the Owner Trustee and the Paying Agent pursuant to such
        provision.

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                   (iii) Notwithstanding anything in this Agreement or the
        Related Agreements to the contrary, the Owner Trust Administrator
        shall be responsible for performance of the duties of the Owner
        Trustee set forth in Section 5.05(a), (b), (c) and (d), the
        penultimate sentence of Section 5.05 and Section 5.06(a) of the Trust
        Agreement with respect to, among other things, accounting and reports
        to Owners; provided, however, that the Paying Agent shall distribute
        the Schedule K-1s (as prepared by the Administrator) necessary to
        enable each Owner to prepare its federal and state income tax returns.

                   (iv) The Owner Trust Administrator shall satisfy its
        obligations with respect to clauses (ii) and (iii) above by retaining,
        at the expense of the Trust payable by the Owner Trust Administrator,
        a firm of independent public accountants (the "Accountants")
        acceptable to the Owner Trustee, which shall perform the obligations
        of the Owner Trust Administrator thereunder. In connection with
        paragraph (ii) above, the Accountants will provide prior to [DATE] a
        letter in form and substance satisfactory to the Owner Trustee as to
        whether any tax withholding is then required and, if required, the
        procedures to be followed with respect thereto to comply with the
        requirements of the Code. The Accountants shall be required to update
        the letter in each instance that any additional tax withholding is
        subsequently required or any previously required tax withholding shall
        no longer be required.

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

                   (vi) In carrying out the foregoing duties or any of its
        other obligations under this Agreement, the Owner Trust Administrator
        may enter into transactions or otherwise deal with any of its
        affiliates; provided, however, that the terms of any such transactions
        or dealings shall be in accordance with any directions received from
        the Issuer and shall be, in the Owner Trust Administrator's opinion,
        no less favorable to the Issuer than would be available from
        unaffiliated parties.

(c)     Non-Ministerial Matters.

                   (i) With respect to matters that in the reasonable judgment
        of the Owner Trust Administrator are non-ministerial, the Owner Trust
        Administrator shall not take any action unless within a reasonable
        time before the taking of such action, the Owner Trust Administrator
        shall have notified the Owner Trustee of the proposed action and the
        Owner Trustee shall have withheld consent or provided an alternative
        direction. Unless explicitly provided under this Owner Trust
        Administration Agreement, for the purpose of the preceding sentence,
        "non-ministerial matters" shall include, without limitation:

               (A)    the amendment of or any supplement to the Indenture;

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               (B)    the  initiation of any claim or lawsuit by the Issuer and
               the compromise of any action, claim or lawsuit brought by or
               against the Issuer (other than in connection with the collection
               of the Receivables or Eligible Investment Receivables);

               (C)    the amendment, change or modification of the Related
               Agreements;

               (D)    the appointment of successor Note Registrars, successor
               Paying Agents and successor Indenture Trustees pursuant to the
               Indenture or the appointment of successor Owner Trust
               Administrators or Successor Master Servicers, or the consent to
               the assignment by the Note Registrar, Paying Agent or Indenture
               Trustee of its obligations under the Indenture; and

               (E)    the removal of the Indenture Trustee.

                   (ii) Notwithstanding anything to the contrary in this
        Agreement, the Owner Trust Administrator shall not be obligated to,
        and shall not, (x) make any payments to the Noteholders under the
        Related Agreements, (y) sell the Trust Estate pursuant to Section 5.04
        of the Indenture or (z) take any other action that the Issuer directs
        the Owner Trust Administrator not to take on its behalf.

          2. Records. The Owner Trust Administrator shall maintain appropriate
books of account and records relating to services performed hereunder, which
books of account and records shall be accessible for inspection by the Issuer
and the Depositor at any time during normal business hours.

          3. Compensation. As compensation for the performance of the Owner
Trust Administrator's obligations under this Agreement and as reimbursement
for its expenses related thereto, the Owner Trust Administrator shall be paid
by the Master Servicer as set forth in a separate agreement.

          4. Additional Information To Be Furnished to the Issuer. The Owner
Trust Administrator shall furnish to the Issuer from time to time such
additional information regarding the Collateral as the Issuer shall reasonably
request.

          5. Independence of the Owner Trust Administrator. For all purposes
of this Agreement, the Owner Trust Administrator shall be an independent
contractor and shall not be subject to the supervision of the Issuer or the
Owner Trustee with respect to the manner in which it accomplishes the
performance of its obligations hereunder. Unless expressly authorized by the
Issuer, the Owner Trust Administrator shall have no authority to act for or
represent the Issuer or the Owner Trustee in any way and shall not otherwise
be deemed an agent of the Issuer or the Owner Trustee.

          6. No Joint Venture. Nothing contained in this Agreement (i) shall
constitute the Owner Trust Administrator and either of the Issuer or the Owner
Trustee as members of any partnership, joint venture, association, syndicate,
unincorporated business or other separate entity, (ii) shall be construed to
impose any liability as such on any of them or (iii) shall be deemed to confer
on any

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of them any express, implied or apparent authority to incur any obligation or
liability on behalf of the others.

          7. Other Activities of Owner Trust Administrator.

          (a) Nothing herein shall prevent the Owner Trust Administrator or
its Affiliates from engaging in other businesses or, in its sole discretion,
from acting in a similar capacity as an administrator for any other person or
entity even though such person or entity may engage in business activities
similar to those of the Issuer, the Owner Trustee or the Indenture Trustee.

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

          8. Term of Agreement; Resignation and Removal of Owner Trust
Administrator.

          (a) This Agreement shall continue in force until the termination of
the Issuer, upon which event this Agreement shall automatically terminate.

          (b) Subject to Sections 8(e) and (f), the Owner Trust Administrator
may resign its duties hereunder by providing the Issuer with at least 60 days'
prior written notice.

          (c) Subject to Sections 8(e) and (f), the Issuer may remove the
Owner Trust Administrator without cause by providing the Owner Trust
Administrator with at least 60 days' prior written notice.

          (d) Subject to Sections 8(e) and (f), at the sole option of the
Issuer, the Owner Trust Administrator may be removed immediately upon written
notice of termination from the Issuer to the Owner Trust Administrator if any
of the following events shall occur:

               (i) the Owner Trust Administrator shall default in the
          performance of any of its duties under this Agreement and, after
          notice of such default, shall not cure such default within ten
          Business Days (or, if such default cannot be cured in such time,
          shall not give within ten days such assurance of cure as shall be
          reasonably satisfactory to the Issuer);

               (ii) a court having jurisdiction in the premises shall enter a
          decree or order for relief, and such decree or order shall not have
          been vacated within 60 days, in respect of the Owner Trust
          Administrator in any involuntary case under any applicable
          bankruptcy, insolvency or other similar law now or hereafter in
          effect or appoint a receiver, liquidator, assignee, custodian,
          trustee, sequestrator or similar official for the Owner Trust
          Administrator or any substantial part of its property or order the
          winding-up or liquidation of its affairs; or

               (iii) the Owner Trust Administrator shall commence a voluntary
          case under any applicable bankruptcy, insolvency or other similar
          law now or hereafter in effect, shall consent to the entry of an
          order for relief in an involuntary case under any

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          such law, shall consent to the appointment of a receiver, liquidator,
          assignee, trustee, custodian, sequestrator or similar official for
          the Owner Trust Administrator or any substantial part of its
          property, shall consent to the taking of possession by any such
          official of any substantial part of its property, shall make any
          general assignment for the benefit of creditors or shall fail
          generally to pay its debts as they become due.

               (iv) The Owner Trust Administrator agrees that if any of the
          events specified in clauses (ii) or (iii) of this Section shall
          occur, it shall give written notice thereof to the Issuer and the
          Indenture Trustee within seven days after the happening of such
          event.

          (e) No resignation or removal of the Owner Trust Administrator
pursuant to this Section shall be effective until (i) a successor Owner Trust
Administrator shall have been appointed by the Issuer and (ii) such successor
Owner Trust Administrator shall have agreed in writing to be bound by the
terms of this Agreement in the same manner as the Owner Trust Administrator is
bound hereunder and (iii) the Owner Trustee and the Indenture Trustee consent
to the successor Owner Trust Administrator.

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

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

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

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

          9. Action upon Termination, Resignation or Removal. Promptly upon
the effective date of termination of this Agreement pursuant to Section 8(a)
or the resignation or removal of the

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Owner Trust Administrator pursuant to Section 8(b) or (c), respectively, the
Owner Trust Administrator shall be entitled to be paid all fees and
reimbursable expenses accruing to it to the date of such termination,
resignation or removal. The Owner Trust Administrator shall forthwith upon
such termination pursuant to Section 8(a) deliver to the Issuer all property
and documents of or relating to the Collateral then in the custody of the
Owner Trust Administrator. In the event of the resignation or removal of the
Owner Trust Administrator pursuant to Section 8(b) or (c), respectively, the
Owner Trust Administrator shall cooperate with the Issuer and take all
reasonable steps requested to assist the Issuer in making an orderly transfer
of the duties of the Owner Trust Administrator.

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

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

                      Regions Auto Receivables Trust 200_-_
                      417 20th Street North
                      Birmingham, Alabama 35203
                      Attention:

               (ii)   if to the Owner Trust Administrator, to:

                      [___]
                      Attention: [___]

               (iii)  if to the Indenture Trustee, to:

                      [___]
                      Attention:  [___]

or to such other address as any party shall have provided to the other parties
in writing. Any notice required to be in writing hereunder shall be deemed
given if such notice is mailed by certified mail, postage prepaid, or hand-
delivered to the address of such party as provided above.

          11. Amendments. This Agreement may be amended from time to time by a
written amendment duly executed and delivered by the Issuer, the Owner Trust
Administrator and the Indenture Trustee, with the written consent of the Owner
Trustee, without the consent of the Noteholders and the Certificateholders,
for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of this Agreement or of modifying in any
manner the rights of the Noteholders or Certificateholders; provided that such
amendment will not materially and adversely affect the interest of any
Noteholder or Certificateholder. This Agreement may also be amended by the
Issuer, the Owner Trust Administrator and the Indenture Trustee with the
written consent of the Owner Trustee, Noteholders holding not less than a
majority of the Outstanding Amount of the Class [A] Notes, Noteholders holding
not less than a majority of the Outstanding Amount of the Class [B] Notes, and
the Holders of Outstanding Class [C] Certificates evidencing not less than a
majority of the Outstanding Class [C] Certificate Balance (excluding for
purposes of this Section 11 Certificates held by the Seller or any of its
affiliates) for the purpose of adding any provisions to or changing in any
manner or eliminating

                                      11
<PAGE>

any of the provisions of this Agreement or of modifying in any manner the
rights of Noteholders or the Certificateholders; provided, however, that
no such amendment may (i) increase or reduce in any manner the amount of,
or accelerate or delay the timing of, collections of payments on Receivables
or distributions that are required to be made for the benefit of the
Noteholders or Certificateholders or (ii) reduce the aforesaid percentage of
the holders of Class [A] Notes, the Class [B] Notes or the Class [C]
Certificates which are required to consent to any such amendment, without the
consent of the holders of all the outstanding Notes and Certificates.
Notwithstanding the foregoing, the Owner Trust Administrator may not amend
this Agreement without the permission of the Seller, which permission shall
not be unreasonably withheld.

          12. Successors and Assigns. This Agreement may not be assigned by
the Owner Trust Administrator unless such assignment is previously consented
to in writing by the Issuer and the Owner Trustee and subject to the
satisfaction of the Rating Agency Condition in respect thereof. An assignment
with such consent and satisfaction, if accepted by the assignee, shall bind
the assignee hereunder in the same manner as the Owner Trust Administrator is
bound hereunder. Notwithstanding the foregoing, this Agreement may be assigned
by the Owner Trust Administrator without the consent of the Issuer or the
Owner Trustee to a corporation or other organization that is a successor (by
merger, consolidation or purchase of assets) to the Owner Trust Administrator;
provided that such successor organization executes and delivers to the Issuer,
the Owner Trustee and the Indenture Trustee an agreement in which such
corporation or other organization agrees to be bound hereunder by the terms of
said assignment in the same manner as the Owner Trust Administrator is bound
hereunder and represents that it has the financial ability to satisfy its
indemnification obligations hereunder. Notwithstanding the foregoing, the
Owner Trust Administrator can transfer its obligations to any affiliate that
succeeds to substantially all of the assets and liabilities of the Owner Trust
Administrator and who has represented and warranted that it is not less
creditworthy of the Owner Trust Administrator. Subject to the foregoing, this
Agreement shall bind any successors or assigns of the parties hereto.

          13. GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF
LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES
HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

          14. Headings. The section headings hereof have been inserted for
convenience of reference only and shall not be construed to affect the
meaning, construction or effect of this Agreement.

          15. Counterparts. This Agreement may be executed in counterparts,
each of which when so executed shall be an original, but all of which together
shall constitute but one and the same agreement.

          16. Severability. Any provision of this Agreement that is prohibited
or unenforceable in any jurisdiction shall be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining
provisions hereof and any such prohibition or

                                      12
<PAGE>

unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

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

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

          (a) Notwithstanding anything contained herein to the contrary, this
instrument has been countersigned by the Owner Trustee solely in its capacity
as Owner Trustee and in no event shall the Owner Trustee in its individual
capacity or any beneficial owner of the Issuer have any liability for the
representations, warranties, covenants, agreements or other obligations of the
Issuer hereunder, as to all of which recourse shall be had solely to the
assets of the Issuer. For all purposes of this Agreement, in the performance
of any duties or obligations of the Issuer hereunder, the Owner Trustee shall
be subject to, and entitled to the benefits of, the terms and provisions of
Articles VI, VII and VIII of the Trust Agreement.

          (b) Notwithstanding anything contained herein to the contrary, this
Agreement has been countersigned by the Indenture Trustee solely as Indenture
Trustee and in no event shall the Indenture Trustee have any liability for the
representations, warranties, covenants, agreements or other obligations of the
Issuer hereunder or in any of the certificates, notices or agreements
delivered pursuant hereto, as to all of which recourse shall be had solely to
the assets of the Issuer.

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

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

          20. Nonpetition Covenants. Notwithstanding any prior termination of
this Agreement, the Owner Trust Administrator and the Indenture Trustee shall
not, prior to the date which is one year and one day after the termination of
this Agreement with respect to the Issuer, acquiesce, petition or otherwise
invoke or cause the Issuer to invoke the process of any court of government
authority for the purpose of commencing or sustaining a case against the
Issuer

                                      13
<PAGE>

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

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

                                      14
<PAGE>

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

                                    [ISSUER]

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

                                    By:     _______________________________
                                            Name:
                                            Title:

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

                                    By:     ______________________________
                                            Name:
                                            Title:

                                    REGIONS BANK,
                                      as Owner Trust Administrator

                                    By:     ______________________________
                                            Name:
                                            Title:

                                      15
<PAGE>
                                                                EXHIBIT A

                               POWER OF ATTORNEY

STATE OF NEW YORK   }
                    }
COUNTY OF NEW YORK  }

          KNOW ALL MEN BY THESE PRESENTS, that [OWNER TRUSTEE], a Delaware
banking corporation, not in its individual capacity but solely as owner
trustee (the "Owner Trustee") for [ISSUER] (the "Trust"), does hereby make,
constitute and appoint REGIONS BANK, as administrator (the "Owner Trust
Administrator") under the Owner Trust Administration Agreement dated [___]
(the "Owner Trust Administration Agreement"), among the Trust, the Owner Trust
Administrator and [INDENTURE TRUSTEE], as Indenture Trustee, as the same may
be amended from time to time, and its agents and attorneys, as
Attorneys-in-Fact to execute on behalf of the Owner Trustee or the Trust all
such documents, reports, filings, instruments, certificates and opinions as it
should be the duty of the Owner Trustee or the Trust to prepare, file or
deliver pursuant to the Basic Documents, or pursuant to Section 5.05(a), (b),
(c) or (d) of the Trust Agreement, including, without limitation, to appear
for and represent the Owner Trustee and the Trust in connection with the
preparation, filing and audit of federal, state and local tax returns
pertaining to the Trust, and with full power to perform any and all acts
associated with such returns and audits that the Owner Trustee could perform,
including without limitation, the right to distribute and receive confidential
information, defend and assert positions in response to audits, initiate and
defend litigation, and to execute waivers of restrictions on assessments of
deficiencies, consents to the extension of any statutory or regulatory time
limit, and settlements.

          All powers of attorney for this purpose heretofore filed or executed
by the Owner Trustee are hereby revoked.

          Capitalized terms that are used and not otherwise defined herein
shall have the meanings ascribed thereto in the Owner Trust Administration
Agreement.

        EXECUTED this ____ day of ____________, 200_.

                                         [OWNER TRUSTEE]
                                         not in its individual capacity
                                         but solely as Owner Trustee

                                         ________________________________
                                         Name:
                                         Title:

<PAGE>

STATE OF ___________  }
                      }
COUNTY OF _________   }

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

Sworn to before me this ___
day of _______, 200__.

_____________________________________

Notary Public - State of ____________Exhibit 10.3

                    FORM OF RECEIVABLES PURCHASE AGREEMENT

                                    between

                                 REGIONS BANK,

                                  as Seller,

                                      and

                            REGIONS ACCEPTANCE LLC,

                                 as Depositor

                               Dated as of [___]

<PAGE>

                               Table of Contents
                                                                        Page
                                                                        ----

                                   Article I

                              Certain Definitions

                                  Article II

                           Conveyance of Receivables

Section 2.01.  Conveyance of Receivables...................................3
Section 2.02.  The Closing.................................................4

                                  Article III

                        Representations and Warranties

Section 3.01.  Representations and Warranties of the Depositor.............4
Section 3.02.  Representations and Warranties of the Seller................5

                                  Article IV

                                  Conditions

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

                                   Article V

                            Covenants of the Seller

Section 5.01.  Protection of Right, Title and Interest....................17
Section 5.02.  Other Liens or Interests...................................17
Section 5.03.  Costs and Expenses.........................................17
Section 5.04.  Hold Harmless..............................................18

                                  Article VI

                           Miscellaneous Provisions

Section 6.01.  Obligations of Seller......................................18
Section 6.02.  Repurchase Events..........................................18
Section 6.03.  Depositor Assignment of Repurchased Receivables............18
Section 6.04.  Transfer to the Issuer.....................................18
Section 6.05.  Amendment..................................................19

                                      i
<PAGE>

Section 6.06.  Waivers....................................................19
Section 6.07.  Notices....................................................19
Section 6.08.  Costs and Expenses.........................................20
Section 6.09.  Representations of the Seller and the Depositor............20
Section 6.10.  Confidential Information...................................20
Section 6.11.  Headings and Cross-References..............................20
Section 6.12.  GOVERNING LAW..............................................20
Section 6.13.  Counterparts...............................................20
Section 6.14.  Third Party Beneficiary....................................20
Section 6.15.  No Proceedings.............................................20

Exhibit A      Matters Addressed in Opinion of Seller's Counsel
Schedule I     Initial Data Schedule
Schedule II    Final Schedule of Receivables
Schedule III   Perfection Representations, Warranties and Covenants
Schedule IV    Location of Receivable Files

                                      ii

<PAGE>
         RECEIVABLES PURCHASE AGREEMENT dated as of [___], between REGIONS
BANK, an Alabama state banking corporation as seller (the "Seller") and
REGIONS ACCEPTANCE LLC, a Delaware limited liability company, as depositor
(the "Depositor").

                                   RECITALS

         WHEREAS, in the regular course of its business, the Seller has
originated or purchased certain [retail installment sales contracts, retail
installment loans, purchase money notes or other notes] secured by [new and
used automobiles, light-duty trucks, motorcycles, recreational vehicles, vans,
minivans and/or sport utility vehicles];

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

         WHEREAS, the Depositor intends, concurrently with its purchase
hereunder, to convey all of its right, title and interest in and to all of
such contracts and loan notes to [ISSUER] (the "Issuer") pursuant to a Sale
and Servicing Agreement dated as of [___] (the "Sale and Servicing
Agreement"), by and among the Issuer, the Depositor, the Seller, Regions Bank,
as Master Servicer, Administrator and Custodian, and [INDENTURE TRUSTEE], as
Indenture Trustee, and the Issuer intends to pledge all of its right, title
and interest in and to such contracts and loan notes to the Indenture Trustee
pursuant to the Indenture dated as of [___] (the "Indenture"), by and between
the Issuer and the Indenture Trustee.

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

                                  Article I

                              Certain Definitions

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

         "8-K Filing" shall mean the filing by the Depositor, dated [___],
with the United States Securities and Exchange Commission on Form 8-K
concerning the Receivables listed on Schedule B hereto.

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

         "Conveyed Assets" shall have the meaning set forth in Section 2.01.

         "Depositor" shall mean Regions Acceptance LLC, a Delaware limited
liability company and its successors and assigns.

<PAGE>

         "Indenture" shall have the meaning set forth in the recitals.

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

         "Prospectus" shall have the meaning set forth in the Underwriting
Agreement.

         "Prospectus Supplement" means the Prospectus Supplement dated [___]
relating to [ISSUER].

         "Receivables" shall mean the Receivables listed on Schedule II hereto
(which Schedule may be in the form of microfiche).

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

         "Registration Statement" means Registration Statement No. 333-100339
filed by the Depositor with the Securities and Exchange Commission in the form
in which it became effective on [___].

         "Repurchase Event" shall have the meaning specified in Section 6.02.

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

         "Schedules of Receivables" shall mean the lists of Receivables
annexed hereto as Schedule I and Schedule II (which Schedules may be in the
form of microfiche).

         "Seller" shall mean Regions Bank and its successors and assigns.

         "Subsequent Receivable" shall mean any Receivable originated after
the Initial Cutoff Date.

         "Transfer Date" shall mean the Closing Date.

         "Underwriters" means each of Morgan Keegan & Company, Inc.,
[____________], [___] and [___].

         "Underwriting Agreement" means the Underwriting Agreement dated
[___] relating to [ISSUER] between the Depositor and the Underwriters.

                                      2
<PAGE>

                                  Article II

                           Conveyance of Receivables

         Section 2.01. Conveyance of Receivables.

             (a) In consideration of the Depositor's delivery to or upon the
order of the Seller on the Closing Date of (i) $[___] (the "Purchase Price") and
(ii) an uncertificated residual beneficial ownership interest in the Trust,
the Seller does hereby transfer, set over and otherwise convey to the
Depositor, without recourse (subject to the obligations of the Seller set
forth herein) all right, title, and interest of the Seller in and to:

               (i) the Receivables and all monies received thereon after the
          Initial Cutoff Date in the case of Receivables originated on or
          before the Initial Cutoff Date and all monies received thereon on or
          after the date of origination in the case of Receivables originated
          after the Initial Cutoff Date;

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

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

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

               (v) the proceeds from any Master Servicer's errors and
          omissions protection policy, any fidelity bond and any blanket
          physical damage policy, to the extent such proceeds relate to any
          Financed Vehicle;

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

               (vii) the proceeds of any and all of the foregoing
          (collectively, with the assets listed in clauses (i) through (vii)
          above, the "Conveyed Assets").

             (b) The Seller and the Depositor intend that the transfer of assets
by the Seller to the Depositor pursuant to this Agreement be a sale of the
ownership interest in such assets to the Depositor (for all non-tax purposes),
rather than the mere granting of a security interest to secure a borrowing.
The Seller and the Depositor shall record each such transfer as a sale or
purchase (as the case may be) on its books and records for legal purposes. In
the event, however, that such transfer is deemed not to be a sale but to be of
a mere security interest to secure a borrowing, the Seller shall be deemed to
have hereby granted to the Depositor a security interest in all accounts,
money, chattel paper, securities, instruments, documents, deposit accounts,
certificates of deposit, letters of credit, advices of credit, banker's
acceptances, uncertificated securities, general

                                      3
<PAGE>

intangibles, contract rights, goods and other property consisting of, arising
from or relating to such Conveyed Assets, which security interest shall be
perfected and of first priority, and this Agreement shall constitute a
security agreement under applicable law. Pursuant to the Sale and Servicing
Agreement and Section 6.04 hereof, the Depositor may transfer to the Issuer
(i) all or any portion of the assets assigned to the Depositor hereunder, (ii)
all or any portion of the Depositor's rights against the Seller under this
Agreement and (iii) all proceeds thereof. Such assignment may be made by the
Depositor with or without an assignment by the Depositor of its rights under
this Agreement, and without further notice to or acknowledgement from the
Seller. The Seller waives, to the extent permitted under applicable law, all
claims, causes of action and remedies, whether legal or equitable (including
any right of setoff), against the Depositor or any assignee of the Depositor
relating to such action by the Depositor in connection with the transactions
contemplated by the Sale and Servicing Agreement.

         Section 2.02. The Closing. The sale and purchase of the Receivables
shall take place at a closing at [___] on the Closing Date, simultaneously
with the closing under (a) the Sale and Servicing Agreement, (b) the Indenture
and (c) the Trust Agreement.

                                 Article III

                        Representations and Warranties

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

             (a) Organization and Good Standing. The Depositor is duly organized
and validly existing as a limited liability company in good standing under the
laws of the State of Delaware, with all requisite power and authority to own
its properties and to conduct its business as such properties are currently
owned and such business is currently conducted.

             (b) Due Qualification. The Depositor is duly qualified to do
business as a foreign limited liability company in good standing, and has
obtained all necessary licenses and approvals in all jurisdictions where the
failure to do so would materially and adversely affect the Depositor's ability
to acquire the Receivables or the validity or enforceability of the Receivables.

             (c) Power and Authority. The Depositor has the limited liability
company power and authority to execute, deliver and perform this Agreement and
the other Basic Documents to which it is a party and to carry out their
respective terms; the Depositor has full power and authority to sell and
assign the property to be sold and assigned to and deposited with the Issuer,
and the Depositor shall have duly authorized such sale and assignment to the
Issuer by all necessary limited liability company action; and the execution,
delivery and performance of this Agreement and the other Basic Documents to
which the Depositor is a party have been duly authorized by the Depositor by
all necessary limited liability company action.

             (d) Binding Obligation. This Agreement and the other Basic
Documents to which the Depositor is a party, when duly executed and delivered
by the other parties hereto and

                                      4
<PAGE>

thereto, shall constitute legal, valid and binding obligations of the
Depositor, enforceable against the Depositor in accordance with their
respective terms, except as the enforceability thereof may be limited by
bankruptcy, insolvency, reorganization or similar laws now or hereafter in
effect relating to or affecting creditors' rights generally and to general
principles of equity (whether applied in a proceeding at law or in equity).

             (e) No Violation. The consummation of the transactions contemplated
by this Agreement and the fulfillment of the terms hereof do not conflict
with, result in any breach of any of the terms and provisions of, or
constitute (with or without notice or lapse of time or both) a default under,
the limited liability company agreement of the Depositor, or any indenture,
agreement or other instrument to which the Depositor is a party or by which it
is bound, or violate any law, rules or regulation applicable to the Depositor
of any court or federal or state regulatory body, administrative agency or
other governmental instrumentality having jurisdiction over the Depositor.

             (f) No Proceedings. There are no proceedings or investigations
pending or, to the Depositor's knowledge, threatened against the Depositor
before any court, regulatory body, administrative agency or other governmental
instrumentality having jurisdiction over the Depositor or its properties (i)
asserting the invalidity of this Agreement or any other Basic Document to
which the Depositor is a party, (ii) seeking to prevent the consummation of
any of the transactions contemplated by this Agreement or any other Basic
Document to which the Depositor is a party or (iii) seeking any determination
or ruling that might materially and adversely affect the performance by the
Depositor of its obligations under, or the validity or enforceability of, this
Agreement or any other Basic Document to which the Depositor is a party.

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

             (h) Perfection Representation. The Seller makes all of the
representations, warranties and covenants set forth in Schedule III.

         Section 3.02. Representations and Warranties of the Seller.

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

               (i) Organization and Good Standing. The Seller is an Alabama
          state banking corporation duly organized and validly existing as a
          banking institution under the laws of the State of Alabama and
          continues to hold a valid certificate to do business as such, and
          has the power to own its assets and to transact the business in
          which it is currently engaged. The Seller is duly authorized to
          transact business and has obtained all necessary licenses and
          approvals, and is in good standing in each jurisdiction in which the
          character of the business transacted by it or any properties owned
          or leased by it requires such authorization.

                                      5
<PAGE>

               (ii) Power and Authority. The Seller has the power and
          authority to make, execute, deliver and perform this Agreement and
          all of the transactions contemplated under this Agreement and the
          other Basic Documents to which the Seller is a party, and has taken
          all necessary action to authorize the execution, delivery and
          performance of this Agreement and the other Basic Documents to which
          the Seller is a party. When executed and delivered, this Agreement
          and the other Basic Documents to which the Seller is a party will
          constitute legal, valid and binding obligations of the Seller
          enforceable in accordance with their respective terms, except as
          enforcement of such terms may be limited by bankruptcy, insolvency
          or similar laws affecting the enforcement of creditors' rights
          generally and by the availability of equitable remedies and except
          as enforcement of such terms may be limited by receivership,
          conservatorship and supervisory powers of bank regulatory agencies
          generally.

               (iii) No Violation. The execution, delivery and performance by
          the Seller of this Agreement and the other Basic Documents to which
          the Seller is a party will not violate any provision of any existing
          state, federal or, to the best knowledge of the Seller, local law or
          regulation or any order or decree of any court applicable to the
          Seller or any provision of the articles of association or
          incorporation or the bylaws of the Seller, or constitute a breach of
          any mortgage, indenture, contract or other agreement to which the
          Seller is a party or by which the Seller may be bound or result in
          the creation or imposition of any lien upon any of the Seller's
          properties pursuant to any such mortgage, indenture, contract or
          other agreement (other than this Agreement).

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

               (v) Chief Executive Office. The chief executive office of the
          Seller is located at 417 20th Street North, Birmingham, Alabama
          35203.

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

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

                                      6
<PAGE>

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

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

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

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

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

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

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

               (i) Characteristics of Receivables. Each Receivable (A) was
          originated in the United States of America by the Seller or by a
          Dealer located in the United States of America for the retail sale
          of a Financed Vehicle, in each case, in the ordinary course of the
          applicable Dealer's business in accordance with the Seller's credit
          policies as of the date of origination or acquisition of the related
          Receivable, is payable in United States dollars, has been fully and
          properly executed by the parties thereto, has

                                      7
<PAGE>

          been originated by the Seller through or purchased by the Seller
          from such Dealer under an existing Dealer Agreement (or approved
          form of assignment) and, in the case of each Receivable originated
          by a Dealer and sold to the Seller, has been validly assigned by
          such Dealer to the Seller, (B) has created or shall create a valid,
          subsisting and enforceable first priority perfected security interest
          in favor of the Seller in the Financed Vehicle, which security
          interest is assignable by the Seller and reassignable by the
          assignee, (C) contains customary and enforceable provisions such that
          the rights and remedies of the holder thereof are adequate for
          realization against the collateral of the benefits of the security,
          (D) provides for fixed level monthly payments (provided that the
          payment in the last month of the term of the Receivable may be
          minimally different from the level scheduled payments) that fully
          amortize the Amount Financed by maturity and yield interest at the
          APR and (E) amortizes using the simple interest method.

               (ii) Compliance with Law. Each Receivable complied at the time
          it was originated or made, and at the Closing Date complies, in all
          material respects with all requirements of applicable federal, state
          and, to the best knowledge of the Seller, local laws, rulings and
          regulations thereunder.

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

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

               (v) Obligor Bankruptcy. To the best of the Seller's knowledge,
          at the Cutoff Date with respect to the Initial Receivables and at
          the Subsequent Cutoff Date with respect to the Subsequent
          Receivables, no Obligor is or has been, since the origination of the
          related Receivable, the subject of a bankruptcy proceeding.

               (vi) Schedules of Receivables. With respect to the Receivables,
          the information set forth in Schedule II to this Agreement is true
          and correct in all material respects as of the close of business on
          the Closing Date.

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

                                      8
<PAGE>

               (viii) Computer Tape. The computer tape regarding the
          receivables listed on Schedule I hereto made available by the Seller
          to the Depositor for use in preparing the Prospectus Supplement was
          complete and accurate in all material respects as of the Initial
          Cutoff Date and as of the date of the Prospectus Supplement and the
          computer tape regarding the Receivables to be made available by the
          Seller to the Depositor for use in preparing the 8-K Filing and
          Schedule II hereto is complete and accurate in all material respects
          as of the Closing Date.

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

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

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

               (xii) Receivables in Force. No Receivable has been satisfied,
          subordinated or rescinded, nor has any Financed Vehicle been
          released from the Lien of the related Receivable in whole or in
          part. None of the terms of any Receivable has been waived, altered
          or modified in any respect since its origination, except by
          instruments or documents identified in the related Receivable File;
          and no Receivable has been granted an extension except as noted in
          the servicing records of such Receivable and each such extension has
          been granted in accordance with the Seller's extension policy set
          forth in Exhibit D-1 to the Sale and Servicing Agreement. No
          Receivable has been modified as a result of the application of the
          Soldiers' and Sailors' Civil Relief Act of 1940, as amended.

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

               (xiv) Title. It is the intention of the Seller that the
          transfers and assignments herein contemplated constitute sales of
          the Receivables from the Seller to the Depositor and that the
          beneficial interest in and title to the Receivables not be part of
          the debtor's estate in the event of the appointment of a receiver or
          conservator for the Seller under any receivership, bankruptcy law,
          insolvency or banking law. Immediately prior to the Closing Date, no
          Receivable has been sold, transferred, assigned or pledged by the
          Seller to any Person other than to the Depositor or pursuant to this
          Agreement. Immediately prior to the transfers and assignments herein
          contemplated, the Seller has good and marketable title to each
          Receivable free and clear of all Liens, and, immediately upon the
          transfer thereof, the Depositor shall have good and marketable title
          to each Receivable, free and clear of all Liens and, immediately
          upon the transfer thereof from the Depositor to the Issuer in
          accordance with the terms of the Sale and Servicing

                                      9
<PAGE>

          Agreement and the representations and warranties of the Depositor set
          forth therein, the Issuer shall have good and marketable title to each
          Receivable, free and clear of all Liens and, immediately upon the
          pledge thereof from the Issuer to the Indenture Trustee in
          accordance with the terms of the Indenture, the Indenture Trustee
          shall have a first priority perfected security interest in each
          Receivable.

               (xv) Security Interest in Financed Vehicle. Immediately prior
          to its sale, assignment and transfer to the Depositor pursuant to
          this Agreement, each Receivable is secured by a first priority
          perfected security interest in the related Financed Vehicle in favor
          of the Seller as secured party, or all necessary and appropriate
          actions have been commenced that will result in the valid perfection
          of a first priority security interest in such Financed Vehicle in
          favor of the Seller as secured party. The Lien Certificate for each
          Financed Vehicle shows, or if a new or replacement Lien Certificate
          is being applied for with respect to such Financed Vehicle such Lien
          Certificate shall be received within 120 days of the Closing Date
          and shall show, the Seller or its predecessor in interest named as
          the original secured party under each Receivable as the holder of a
          first priority security interest in such Financed Vehicle. Each
          Dealer's security interest in any Receivable originated by such
          Dealer has been validly assigned by the Dealer to the Seller. The
          Seller's security interest has been validly assigned to the
          Depositor pursuant to this Agreement.

               (xvi) All Filings Made. All filings (including UCC filings)
          required to be made in any jurisdiction to give the Issuer a first
          perfected ownership interest in the Receivables and the Indenture
          Trustee a first priority perfected security interest in the
          Receivables have been made or will be made on the Closing Date.

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

               (xviii) No Default. There has been no default, breach,
          violation or event permitting acceleration under the terms of any
          Receivable (other than payment delinquencies of not more than 29
          days) as of the Cutoff Date, and no condition exists or event has
          occurred and is continuing that with notice, the lapse of time or
          both would constitute a default, breach, violation or event
          permitting acceleration under the terms of any Receivable, and there
          has been no waiver of any of the foregoing. On or prior to the
          applicable Transfer Date, no Financed Vehicle has been repossessed.

               (xix) Insurance. The Seller, in accordance with its customary
          procedures, has required that the Obligor obtains physical damage
          insurance covering each Financed Vehicle (i) in an amount at least
          equal to the lesser of (a) the actual cash value of the related
          Financed Vehicle or (b) the unpaid principal balance owing on such
          Receivable, (ii) naming the Seller as a loss payee and (iii)
          insuring against loss and

                                      10
<PAGE>

          damage due to fire, theft, transportation, collision and other risks
          generally covered by comprehensive and collision coverage and, under
          the terms of the related Receivable, the Obligor is required to
          maintain such insurance.

               (xx) Final Scheduled Maturity Date. No Receivable has a final
          scheduled payment date later than six months prior to the
          Certificate Final Scheduled Distribution Date.

               (xxi) Certain Characteristics of the Receivables. As of the
          Initial Cutoff Date (in the case of the Initial Receivables) or the
          date of origination (in the case of the Subsequent Receivables), as
          applicable, (A) each Receivable had an original maturity of not less
          than 12 or more than 84 months and (B) no Receivable was more than
          30 days past due.

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

               (xxiii) No Extensions. The number or timing of scheduled
          payments has not been changed on any Receivable on or before the
          Closing Date, except as reflected on the computer tape delivered in
          connection with the sale of the Receivables.

               (xxiv) Scheduled Payments. Each Receivable had a first
          scheduled payment due on or prior to 67 calendar days after the
          Closing Date. Each Obligor has been instructed to make all scheduled
          payments to the Seller. To the best knowledge of the Seller, each
          Obligor has paid the entire down payment called for by the contract.

               (xxv) No Fleet Sales. None of the Receivables have been
          included in a "fleet" sale (i.e., a sale to any single Obligor of
          more than seven Financed Vehicles).

               (xxvi) Receivable Files Complete. There exists a Receivable
          File pertaining to each Receivable and such Receivable File
          contains, without limitation, (A) a fully executed original of the
          Receivable, (B) the original Lien Certificate together with such
          other documents that the Seller shall keep on file in accordance
          with its customary procedures evidencing the security interest of
          the Seller in the related Financed Vehicle, and (C) any and all
          other documents that the Master Servicer shall have kept on file in
          accordance with its customary procedures relating to a Receivable,
          an Obligor or a Financed Vehicle. Each of such documents that is
          required to be signed by the Obligor has been signed by the Obligor
          in the appropriate spaces. All blanks on any form described in
          clauses (A), (B) and (C) above have been properly filled in and each
          form has otherwise been correctly prepared in all material respects.
          Notwithstanding the above, the complete Receivable File for each
          Receivable, (x) shall fulfill the documentation requirements of the
          Seller's credit policies as in effect on the date of origination of
          such Receivable and (y) is in possession of the Master Servicer or
          the Custodian or its designee, as applicable, on the Transfer Date.
          The blanket power of attorney granted to the Indenture Trustee, a
          security agreement and the original Lien Certificate are the only
          documents necessary to permit the Indenture Trustee to submit the
          Lien Certificate for each Financed Vehicle for retitling in the name
          of the Indenture

                                      11
<PAGE>

          Trustee as secured party in the event such retitling were required or
          otherwise permitted under the Basic Documents.

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

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

               (xxix) Tax Liens. To the best of the Seller's knowledge, there
          is no Lien against any Financed Vehicle for delinquent taxes.

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

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

               (xxxii) Corporate Obligors. Less than [___]% of the Receivables
          are due from Obligors who are not natural persons.

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

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

               (xxxv) Remaining Term. Each Receivable has a remaining term of
          at least three months and no more than 72 months.

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

               (xxxvii) Remaining Balance. Each Receivable has a remaining
          balance of at least $[___] and no more than $[___].

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

                                      12
<PAGE>

               (xxxix) Initial Payment. The Obligor with respect to each
          Receivable originated prior to [___] has made at least one scheduled
          payment.

               (xl) No Proceedings. As of the Transfer Date, there are no
          proceedings pending, nor to the best of the Seller's knowledge,
          threatened, wherein the Obligor or any governmental agency has
          alleged that any Receivable is illegal or unenforceable.

               (xli) Dealer Agreement. Each Dealer from whom the Seller
          purchases Receivables directly has entered into a Dealer Agreement
          with the Seller providing for the sale of Receivables from time to
          time by such Dealer to the Seller or uses an approved form of
          assignment. Each Dealer Agreement and assignment form is
          substantially in the form attached to the Sale and Servicing
          Agreement as Exhibit D, except for immaterial modifications or
          deviations from the Dealer Agreement or assignment form. Such
          modifications and deviations from the Dealer Agreement or assignment
          form will not have a material adverse effect on the Noteholders or
          Certificateholders. Such Dealer Agreement and/or the assignment and
          related documentation signed by or provided to the Dealer,
          constitutes the entire agreement between the Seller and the related
          Dealer with respect to the sale of such Receivable to the Seller.
          Each applicable Dealer Agreement and form of assignment is in full
          force and effect, there have been no material defaults by the Seller
          under such Dealer Agreement; the Seller has fully performed all of
          its obligations under such Dealer Agreement or form of assignment;
          the Seller has not made any statements or representations to such
          Dealer (whether written or oral) inconsistent with any term of such
          Dealer Agreement or form of assignment; the purchase price for such
          Receivable has been paid in full, other than any dealer reserve, by
          the Seller; and any payment owed to such Dealer by the Seller is a
          corporate obligation of the Seller.

               (xlii) Seller's Obligations. The Seller has duly fulfilled all
          obligations to be fulfilled on its part under or in connection with
          the origination, acquisition and/or assignment of the Receivables.

               (xliii) No Consent. To the best of the Seller's knowledge, no
          notice to or consent from any Obligor is necessary to effect the
          acquisition of the Receivables by the Depositor or the Trust or the
          pledge of the Receivables by the Trust to the Indenture Trustee.

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

                                      13
<PAGE>

          from and against any and all such Transfer Taxes (it being understood
          that the Noteholders, the Indenture Trustee and the Issuer shall
          have no obligation to pay such Transfer Taxes).

               (xlv) Other Receivables. Neither the Obligor on any Receivable
          nor any of its affiliates is the obligor on Receivables with an
          aggregate principal amount representing more than [___]% of the
          Original Pool Balance.

               (xlvi) Aggregate Balance. The Original Pool Balance is equal to
          $[___].

               (xlvii) Geographic Distribution. As of the Initial Cutoff Date
          [___]%, [___]%, [___]%, [___]%, [___]% and [___]% of the Receivables
          (based on principal balance and location of the applicable Dealer)
          were located in [___], [___], [___], [___], [____] and [___],
          respectively.

               (xlviii) No Advances. No advances have been made to Obligors in
          order to meet any representation or warranty herein set forth;
          provided, however, that Receivables may have had up to three
          extensions prior to the Cutoff Date, subject to the following: (A)
          each such extension was made in conformity with the Extension Policy
          and (B) each extended Receivable satisfies in all material respects
          all applicable requirements under the Seller's credit and collection
          policies as of the date of its origination.

               (xlix) Amount Financed. At the time each Receivable was
          originated, the Amount Financed was fully disbursed. There is no
          requirement for future advances of principal thereunder, and all
          fees and expenses in connection with the origination of such
          Receivable have been paid.

               (l) Official Record. This Agreement is and shall remain at all
          times prior to the termination hereof an official record of the
          Seller as referred to in Section 13(e) of the Federal Deposit
          Insurance Act, as amended by 12 U.S.C. Section 1823(e).

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

                                  Article IV

                                  Conditions

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

                                      14
<PAGE>

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

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

             (c) Documents to be Delivered by the Seller on the Transfer Date:

               (i) Reserved.

               (ii) Evidence of UCC Filing. On or prior to the Closing Date,
          the Seller shall record and file, at its own expense, a UCC-1
          financing statement in each of the State of [___] and [____] County
          [___], executed by the Seller, as seller or debtor, and naming the
          Depositor, as secured party, describing the Receivables and the
          other assets assigned to the Depositor pursuant to Section 2.01,
          meeting the requirements of the laws of each such jurisdiction and
          in such manner as is necessary to perfect the sale, transfer,
          assignment and conveyance of the Receivables and such other assets
          to the Depositor. The Seller shall deliver to the Depositor a
          file-stamped copy or other evidence satisfactory to the Depositor of
          such filing on or prior to the Transfer Date.

               (iii) Opinions of Seller's Counsel. On or prior to the Closing
          Date, the Depositor shall have received the opinions of counsel to
          the Seller, in form and substance satisfactory to the Depositor, as
          to the matters set forth in Exhibit A hereto and such other matters
          as the Depositor has heretofore requested or may reasonably request.

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

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

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

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

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

                                      15
<PAGE>

             (c) Opinion of Counsel. The Depositor shall have furnished to the
Seller an Opinion of Counsel, dated the Closing Date, to the effect that:

               (i) the Depositor has been duly incorporated and is validly
          existing as a limited liability company in good standing under the
          laws of the State of Delaware, with full limited liability company
          power and authority to own its properties and conduct its business
          as described in the Prospectus;

               (ii) each of this Agreement, the Sale and Servicing Agreement
          and the Trust Agreement has been duly authorized, executed and
          delivered by the Depositor and constitutes a legal, valid and
          binding obligation of the Depositor, enforceable against the
          Depositor in accordance with its terms except as limited by
          bankruptcy, insolvency, reorganization, moratorium, fraudulent
          conveyance, receivership, conservatorship or similar laws relating
          to or affecting creditors' rights generally or the rights of
          creditors, or of the FDIC as insurer, regulator, conservator or
          receiver, of banks the accounts of which are insured by the FDIC in
          particular and except that such counsel need express no opinion as
          to the availability of equitable remedies or the enforceability of
          rights of indemnification for violations of federal securities laws;

               (iii) no consent, approval, authorization or order of, or
          filing with, any court or governmental agency or body is required
          for the consummation by the Depositor of the transactions
          contemplated herein or in this Agreement, the Sale and Servicing
          Agreement, the Trust Agreement or the Indenture (collectively, the
          "Basic Documents"), except such as may be required under the blue
          sky or securities laws of any jurisdiction in connection with the
          purchase and sale of the Notes and Certificates by the Underwriters,
          the filing of the UCC-1 financing statements relating to the
          conveyance of the Receivables and the other Trust Property by the
          Seller to the Depositor and of the Receivables and the other Trust
          Property by the Depositor to the Trust and by the Trust to the
          Indenture Trustee for the benefit of the Noteholders and the filing
          of the UCC-1 financing statements relating to the security interests
          in the Eligible Investments included in the Reserve Account, and
          such other approvals (which shall be specified in such opinion) as
          have been obtained and such filings as have been made or are in the
          process of being made; and

               (iv) none of the issue and sale of the Notes and Certificates,
          the execution and delivery of this Agreement, the Sale and Servicing
          Agreement, the Trust Agreement or this Agreement, the consummation
          of any other of the transactions herein or therein contemplated or
          the fulfillment of the terms hereof or thereof will conflict with,
          result in a breach or violation of, or constitute a default under,
          the limited liability company agreement of the Depositor or the
          terms of any indenture or other agreement or instrument known to
          such counsel and to which the Depositor is a party or by which it is
          bound, or any judgment, order or decree known to such counsel to be
          applicable to the Depositor of any court, regulatory body,
          administrative agency, governmental body, or arbitrator having
          jurisdiction over the Depositor.

               (v) the Registration Statement, and each amendment thereto, as
          of its effective date (other than any financial, numerical or
          statistical information contained

                                      16
<PAGE>

          or incorporated by reference therein, as to which such counsel need
          express no opinion) complied as to form in all material respects with
          the requirements of the Act and the Rules and Regulations.

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

                                  Article V

                            Covenants of the Seller

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

         Section 5.01. Protection of Right, Title and Interest.

             (a) Filings. The Seller shall cause at its own expense all
financing statements and continuation statements and any other necessary
documents covering the right, title and interest of the Seller, the Depositor,
the Trust and the Indenture Trustee, respectively, in and to the Receivables
and the other property included in the Trust Estate to be promptly filed and at
all times to be kept recorded, registered and filed, all in such manner and in
such places as may be required by law fully to preserve and protect the right,
title and interest of the Depositor hereunder, the Trust under the Sale and
Servicing Agreement and the Indenture Trustee under the Indenture in and to
the Receivables and the other property included in the Trust Estate. The
Seller shall deliver to the Depositor and the Indenture Trustee file stamped
copies of, or filing receipts for, any document recorded, registered or filed
as provided above, as soon as available following such recordation,
registration or filing. The Depositor shall cooperate fully with the Seller in
connection with the obligations set forth above and will execute any and all
documents reasonably required to fulfill the intent of this paragraph.

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

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

         Section 5.03. Costs and Expenses. The Seller agrees to pay all
reasonable costs and disbursements in connection with the perfection, as
against all third parties claiming through or

                                      17
<PAGE>

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

         Section 5.04. Hold Harmless. The Seller shall protect, defend,
indemnify and hold the Depositor, the Issuer, the Underwriters and their
respective assigns and their employees, officers, directors and agents
harmless from and against all losses, liabilities, claims and damages of every
kind and character, including any legal or other expenses reasonably incurred,
as incurred, resulting from or relating to or arising out of (i) the
inaccuracy, nonfulfillment or breach of any representation, warranty, covenant
or agreement made by the Seller in this Agreement, (ii) any legal action,
including, without limitation, any counterclaim, that has either been settled
by the litigants or has proceeded to judgment by a court of competent
jurisdiction, in either case to the extent it is based upon alleged facts
that, if true, would constitute a breach of any representation, warranty,
covenant or agreement made by the Seller in this Agreement, (iii) any actions
or omissions of the Seller occurring prior to the Transfer Date with respect
to any of the Receivables or Financed Vehicles or (iv) any failure of a
Receivable to be originated in compliance with all applicable requirements of
law. These indemnity obligations shall be in addition to any obligation that
the Seller may otherwise have.

                                  Article VI

                           Miscellaneous Provisions

         Section 6.01. Obligations of Seller. The obligations of the Seller
under this Agreement shall not be affected by reason of any invalidity,
illegality or irregularity of any Receivable.

         Section 6.02. Repurchase Events. The Seller hereby covenants and
agrees with the Depositor for the benefit of the Depositor, the Indenture
Trustee, the Issuer, the Owner Trustee, the Certificateholders and the
Noteholders that the occurrence of a breach of any of the Seller's
representations and warranties contained in Section 3.02(b) that materially
and adversely affects the interests of the Issuer, the Indenture Trustee, the
Owner Trustee, the Certificateholders or the Noteholders in any Receivable,
without regard to any limitation set forth in such representation or warranty
concerning the knowledge of the Seller as to the facts stated therein, shall
constitute an event obligating the Seller to repurchase the Receivables to
which such failure or breach is applicable (each, a "Repurchase Event"), at
the Purchase Amount, from the Depositor or from the Issuer, as applicable,
unless any such failure or breach shall have been cured by the last day of the
first Collection Period commencing after the discovery or notice thereof by or
to the Seller or the Master Servicer.

         Section 6.03. Depositor Assignment of Repurchased Receivables. With
respect to all Receivables repurchased by the Seller pursuant to this
Agreement, the Depositor shall assign, without recourse, representation or
warranty, to the Seller all of the Depositor's right, title and interest in
and to such Receivables and all security and documents relating thereto.

         Section 6.04. Transfer to the Issuer. The Seller acknowledges and
agrees that (1) the Depositor will, pursuant to the Sale and Servicing
Agreement, transfer and assign the Receivables and assign its rights under
this Agreement with respect thereto to the Issuer and,

                                      18
<PAGE>

pursuant to the Indenture, the Issuer will pledge the Receivables to the
Indenture Trustee, and (2) the representations and warranties contained in this
Agreement and therights of the Depositor under this Agreement, including under
Section 6.02, are intended to benefit the Issuer, the Noteholders and the
Certificateholder. The Seller hereby consents to such transfers and assignments
and agree that enforcement of a right or remedy hereunder by the Indenture
Trustee, the Owner Trustee or the Issuer shall have the same force and effect
as if the right or remedy had been enforced or executed by the Depositor.

         Section 6.05. Amendment. This Agreement may be amended from time to
time, with prior written notice to the Rating Agencies, but without the
consent of the Noteholders or the Certificateholders, by a written amendment
duly executed and delivered by the Seller and the Depositor, for the purpose
of adding any provisions to or changing in any manner or eliminating any of
the provisions of this Agreement or of modifying in any manner the rights of
Noteholders or Certificateholders; provided that such amendment shall not, as
evidenced by an Opinion of Counsel, materially and adversely affect the
interest of any Noteholder or Certificateholder; provided further, that such
action shall be deemed not to adversely affect in any material respect the
interests of any Noteholder or Certificateholder and no Opinion of Counsel to
that effect shall be required if the person requesting the amendment obtains a
letter from the Rating Agencies stating that the amendment would not result in
the downgrading or withdrawal of the ratings of then assigned to the Notes and
the Certificates. This Agreement may also be amended by the Seller and the
Depositor, with prior written notice to the Rating Agencies and the prior
written consent of [Holders of Notes evidencing at least a majority of the
Outstanding Amount of the Class [A] Notes, Holders of Class [B] Notes
evidencing at least a majority of the Class [B] Note Balance and Holders of
Class [C] Certificates evidencing at least a majority of the Class [C]
Certificate Balance (excluding, for purposes of this Section 6.05,
Certificates held by the Seller or any of its affiliates)], for the purpose of
adding any provisions to or changing in any manner or eliminating any of the
provisions of this Agreement or of modifying in any manner the rights of the
Noteholders or the Certificateholders; provided, however, that no such
amendment may (i) increase or reduce in any manner the amount of, or
accelerate or delay the timing of, collections of payments on Receivables or
distributions that are required to be made for the benefit of Noteholders or
Certificateholders or (ii) reduce the aforesaid percentage of [the Class [A]
Notes, the Class [B] Notes or the Class [C] Certificates] that is required to
consent to any such amendment, without the consent of the Holders of all the
outstanding Notes and Certificates.

         Section 6.06. Waivers. No failure or delay on the part of the
Depositor, the Issuer or the Indenture Trustee in exercising any power, right
or remedy under this Agreement or the Bill of Sale shall operate as a waiver
thereof, nor shall any single or partial exercise of any such power, right or
remedy preclude any other or further exercise thereof or the exercise of any
other power, right or remedy.

         Section 6.07. Notices. All demands, notices and communications under
this Agreement shall be in writing, personally delivered, faxed and followed
by first class mail, or mailed by certified mail, return receipt requested,
and shall be deemed to have been duly given upon receipt (a) in the case of
the Depositor, to 417 20th Street North, Birmingham, Alabama 35203; (b) in the
case of the Master Servicer, Administrator and Custodian, to 417 20th Street
North, Birmingham, Alabama 35203, (c) in the case of the Seller, 417 20th
Street North, Birmingham, Alabama 35203; (d) in the case of the Issuer or the
Owner Trustee, at the Corporate Trust

                                      19
<PAGE>

Administration Department (as defined in the Trust Agreement); (e) in
the case of [RATING AGENCY], to [ADDRESS], Attention: [___], and (f) in the
case of [RATING AGENCY], to [ADDRESS], Attention: [___]; or, as to each of the
foregoing, at such other address as shall be designated by written notice to
the other parties.

         Section 6.08. Costs and Expenses. The Seller shall pay all expenses
incident to the performance of its obligations under this Agreement and the
Seller agrees to pay all reasonable out-of-pocket costs and expenses of the
Depositor, in connection with the perfection of the Depositor's, the Issuer's
and the Indenture Trustee's right, title and interest in and to the
Receivables and the enforcement of any obligation of the Seller hereunder as
contemplated by the Basic Documents.

         Section 6.09. Representations of the Seller and the Depositor. The
respective agreements, representations, warranties and other statements by the
Seller and the Depositor set forth in or made pursuant to this Agreement shall
remain in full force and effect and will survive the closing under Section
2.02 and the transfers and assignments referred to in Section 6.04.

         Section 6.10. Confidential Information. The Depositor agrees that it
will neither use nor disclose to any Person the names and addresses of the
Obligors or any other personally identifiable information of an Obligor,
except in connection with the enforcement of the Depositor's rights hereunder,
under the Receivables, under the Sale and Servicing Agreement or any other
Basic Document, or as required by any of the foregoing or by law.

         Section 6.11. Headings and Cross-References. The various headings in
this Agreement are included for convenience only and shall not affect the
meaning or interpretation of any provision of this Agreement. References in
this Agreement to section names or numbers are to such Sections of this
Agreement.

         Section 6.12. GOVERNING LAW. THIS AGREEMENT AND THE ASSIGNMENT SHALL
BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AND THE
OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER OR THEREUNDER SHALL
BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

         Section 6.13. Counterparts. This Agreement may be executed in
counterparts, each of which shall be an original, but all of which together
shall constitute one and the same instrument.

         Section 6.14. Third Party Beneficiary. The Indenture Trustee is an
express third party beneficiary of this Agreement and shall be entitled to
enforce the provisions of this Agreement as if it were a party hereto.

         Section 6.15. No Proceedings. So long as this Agreement is in effect,
and for one year plus one day following its termination, each of the Seller
and the Depositor agrees that it will not file any involuntary petition or
otherwise institute any bankruptcy, reorganization arrangement, insolvency or
liquidation proceeding or other proceedings under any federal or state
bankruptcy law or similar law against the Trust.

                                      20
<PAGE>

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

                                         REGIONS BANK, as Seller

                                         By:_________________________________
                                            Name:
                                            Title:

                                         REGIONS ACCEPTANCE LLC, as Depositor

                                         By:_________________________________
                                            Name:
                                            Title:

                                      21
<PAGE>

                                   EXHIBIT A

               MATTERS ADDRESSED IN OPINION OF SELLER'S COUNSEL

 [As set forth in Section 8(e) and Section 8(k) of the Underwriting Agreement.]

<PAGE>

                                  SCHEDULE I

                             Initial Data Schedule

                     [On file with the Indenture Trustee]

<PAGE>

                                  SCHEDULE II

                         Final Schedule of Receivables

                     [On file with the Indenture Trustee]

                                      24
<PAGE>

                                 SCHEDULE III

             Perfection Representations, Warranties and Covenants

         1. General. The Receivables Purchase Agreement creates a valid and
continuing security interest (as defined in the UCC) in all of the Seller's
right, title and interest in and to the Receivables in favor of the
Depositor's which, (a) is enforceable upon execution of the Receivables
Purchase Agreement against creditors of and purchasers from the Seller as such
enforceability may be limited by applicable debtor relief laws, now or
hereafter in effect, and by general principles of equity (whether considered
in a suit at law or in equity), and (b) upon filing of the financing
statements described in clause 4 below will be prior to all other Liens (other
than Liens permitted pursuant to clause 5 below).

         2. Characterization. The Receivables constitute "tangible chattel
paper" within the meaning of UCC Section 9-102. The Seller has taken all steps
necessary to perfect its security interest against the Obligor in the Financed
Vehicles securing the Receivables.

         3. Creation. Immediately prior to the conveyance of the Receivables
pursuant to the Receivables Purchase Agreement, the Seller owns and has good
and marketable title to, or has a valid security interest in, the Receivables
free and clear of any Lien, claim or encumbrance of any Person.

         4. Perfection. The Seller has caused or will have caused, within ten
days of the Closing Date, the filing of all appropriate financing statements
in the proper filing office in the appropriate jurisdictions under applicable
law in order to perfect the security interest granted to the Depositor under
the Receivables Purchase Agreement in the Receivables.

         5. Priority. Other than the security interests granted to the
Depositor pursuant to the Receivables Purchase Agreement, the Seller has not
pledged, assigned, sold, granted a security interest in, or otherwise conveyed
any of the Receivables, the Seller has not authorized the filing of and is not
aware of any financing statements against the Seller that includes a
description of collateral covering the Receivables other than any financing
statement (i) relating to the security interests granted to the Depositor
under the Receivables Purchase Agreement (ii) that has been terminated, or
(iii) that has been granted pursuant to the terms of the Basic Documents. None
of the tangible chattel paper that constitutes or evidences the Receivables
has any marks or notations indicating that they are pledged, assigned or
otherwise conveyed to any Person other than Indenture Trustee.

<PAGE>

                                  SCHEDULE IV

                         Location of Receivable Files

[___]

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