Document:

<PAGE>

                  This ADMINISTRATION AGREEMENT, dated as of November [ ], 2000
(as the same may be amended, supplemented or otherwise modified from time to
time and in effect, this "Agreement"), is by and among MMCA AUTO OWNER TRUST
2000-2, a Delaware business trust (the "Issuer"), MITSUBISHI MOTORS CREDIT OF
AMERICA, INC., a Delaware corporation, as administrator (the "Administrator"),
and BANK OF TOKYO - MITSUBISHI TRUST COMPANY, a New York 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 [ ]% Class A-1 Asset Backed
Notes, [ ]% Class A-2 Asset Backed Notes, [ ]% Class A-3 Asset Backed Notes,
[ ]% Class A-4 Asset Backed Notes and [ ]% Class B Asset Backed Notes
(collectively, the "Notes") pursuant to the Indenture, dated as of November [ ],
2000 (as amended, supplemented or otherwise modified and in effect from time to
time, the "Indenture"), between the Issuer and the Indenture Trustee (terms not
defined in this Agreement shall have the meaning set forth in, or incorporated
by reference into, the Sale and Servicing Agreement or, if not defined therein,
in the Indenture or in the amended and restated trust agreement, dated as of
October 1, 1999, between the Administrator, as beneficiary, and Chase Manhattan
Bank USA, N.A. (formerly known as Chase Manhattan Bank Delaware), a Delaware
banking corporation, as trustee);

                  WHEREAS, the Issuer has entered into certain agreements in
connection with the issuance of the Notes and of certain beneficial interests
in the Issuer, including (i) a Sale and Servicing Agreement, dated as of
November [ ], 2000 (as amended, supplemented or otherwise modified and in
effect from time to time, the "Sale and Servicing Agreement"), among the
Issuer, Mitsubishi Motors Credit of America Inc., as servicer, and MMCA Auto
Receivables Trust, as seller (the "Seller"), (ii) a Letter of Representations,
dated November [ ], 2000 (as amended, supplemented or otherwise modified and in
effect from time to time, the "Note Depository Agreement"), among the Issuer,
the Administrator, the Indenture Trustee and The Depository Trust Company
("DTC") relating to the Notes, and (iii) the Indenture (the Sale and Servicing
Agreement, the Note Depository Agreement and the Indenture being referred to
hereinafter collectively as the "Related Agreements");

                  WHEREAS, pursuant to the Related Agreements, the Issuer and
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 interests in the Issuer (the registered
holders of such interests being referred to herein as the "Certificateholders");

                  WHEREAS, the Issuer and the Owner Trustee desire to have the
Administrator perform certain of the duties of the Issuer and the Owner Trustee
referred to in the preceding

<PAGE>

clause and to provide such additional services consistent with the terms of this
Agreement and the Related Agreements as the Issuer and the Owner Trustee may
from time to time request; and

                  WHEREAS, the 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
sufficiency of which are hereby acknowledged, the parties agree as follows:

         1. Duties of the Administrator. (a) Duties with Respect to the Related
Agreements. (i) The Administrator agrees to perform all its duties as
Administrator under the Note Depository Agreement. In addition, the
Administrator shall consult with the Owner Trustee regarding the duties of the
Issuer or the Owner Trustee under the Related Agreements. The 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 Related Agreements. The Administrator shall prepare for
execution by the Issuer or the Owner Trustee, 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 Related Agreements. In
furtherance of the foregoing, the 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 (references
are to sections of the Indenture):

                  (A) causing the Note Register to be kept and notifying the
         Indenture Trustee of any appointment of a new Note Registrar and the
         location, or change in location, of the Note Register (Section 2.5);

                  (B) notifying the Noteholders of the final principal payment
         on their Notes (Section 2.8(e));

                  (C) preparing or obtaining the documents and instruments
         required for authentication of the Notes and delivering the same to the
         Indenture Trustee (Section 2.2);

                  (D) preparing, obtaining or filing of the instruments,
         opinions and certificates and other documents required for the release
         of collateral (Section 2.10);

                  (E) maintaining an office in the Borough of Manhattan, City of
         New York, for registration of transfer or exchange of the Notes
         (Section 3.2);

                                        2

<PAGE>

                  (F) causing newly appointed Paying Agents, if any, to deliver
         to the Indenture Trustee the instrument specified in the Indenture
         regarding funds held in trust (Section 3.3);

                  (G) directing the Indenture Trustee to deposit monies with
         Paying Agents, if any, other than the Indenture Trustee (Section 3.3);

                  (H) obtaining and preserving 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 3.4);

                  (I) preparing all supplements and amendments to the Indenture
         and all financing statements, continuation statements, instruments of
         further assurance and other instruments and taking such other action as
         is necessary or advisable to protect the Trust Estate (Section 3.5);

                  (J) delivering the Opinion of Counsel on the Closing Date and
         annually delivering Opinions of Counsel as to the Trust Estate, and
         annually delivering the Officer's Certificate and certain other
         statements as to compliance with the Indenture (Sections 3.6 and 3.9);

                  (K) identifying to the Indenture Trustee in an Officer's
         Certificate a Person with whom the Issuer has contracted to perform its
         duties under the Indenture (Section 3.7(b));

                  (L) notifying the Indenture Trustee and the Rating Agencies of
         an Event of Servicing Termination under the Sale and Servicing
         Agreement and, if such Event of Servicing Termination arises from the
         failure of the Servicer to perform any of its duties under the Sale and
         Servicing Agreement with respect to the Receivables, taking all
         reasonable steps available to remedy such failure (Section 3.7(d));

                  (M) causing the Servicer to comply with Sections 3.7, 3.9,
         3.10, 3.11, 3.12, 3.13, 3.14, and 4.11 and Article VII of the Sale and
         Servicing Agreement (Section 3.14);

                  (N) preparing and obtaining documents and instruments required
         for the release of the Issuer from its properties or assets (Section
         3.10(b));

                  (O) delivering written notice to the Indenture Trustee and the
         Rating Agencies of each Event of Default under the Indenture and each
         default by the Issuer, the Servicer or the Seller under the Sale and
         Servicing Agreement and by the Seller or Mitsubishi Motors Credit of
         America, Inc. under the Purchase Agreement (Section 3.19);

                                        3

<PAGE>

                  (P) monitoring the Issuer's obligations as to the satisfaction
         and discharge of the Indenture and preparing an Officer's Certificate
         and obtaining the Opinion of Counsel and the Independent Certificate
         relating thereto (Section 4.1);

                  (Q) delivering to the Noteholders and the Note Owners any
         Officer's Certificate received from the Issuer regarding the default in
         the observance or performance of any material covenant or agreement of
         the Issuer made in the Indenture or the breach of any representation or
         warranty of the Issuer made in the Indenture or in any certificate or
         other writing delivered pursuant to the Indenture (Sections 5.1 and
         7.4(b));

                  (R) complying with any written direction of the Indenture
         Trustee with respect to the sale of the Trust Estate at one or more
         public or private sales called and conducted in any manner permitted by
         law if an Event of Default shall have occurred and be continuing
         (Section 5.4);

                  (S) preparing and delivering notice to the Noteholders of the
         removal of the Indenture Trustee and appointing a successor Indenture
         Trustee (Section 6.8);

                  (T) preparing 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 (Section 6.10);

                  (U) furnishing the Indenture Trustee with the names and
         addresses of the Noteholders during any period when the Indenture
         Trustee is not the Note Registrar (Section 7.1);

                  (V) preparing and, after execution by the Issuer, filing with
         the Securities and Exchange Commission (the "Commission"), any
         applicable state agencies and the Indenture Trustee, 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 transmitting such summaries, as
         necessary, to the Noteholders (Section 7.3);

                  (W) delivering to the Noteholders of Officer's Certificates
         and reports, if any, delivered to the Indenture Trustee pursuant to
         Section 3.10 and 3.11 of the Sale and Servicing Agreement (Section
         7.4);

                  (X) opening one or more accounts in the Issuer's name,
         preparing and delivering 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
         8.2 and 8.3);

                                        4

<PAGE>

                  (Y) preparing an Issuer Request and Officer's Certificate and
         obtaining an Opinion of Counsel and Independent Certificates, if
         necessary, for the release of the Trust Estate (Sections 8.4 and 8.5);

                  (Z) preparing Issuer Orders and obtaining Opinions of Counsel
         with respect to the execution of supplemental indentures and mailing to
         the Noteholders and to the Rating Agencies notices with respect to such
         supplemental indentures (Sections 9.1, 9.2 and 9.3);

                  (AA) executing and delivering new Notes conforming to any
         supplemental indenture (Section 9.6);

                  (A2) notifying the Noteholders and the Rating Agencies of
         redemption of the Notes or causing the Indenture Trustee to provide
         such notification (Section 10.1);

                  (B2) preparing and delivering all Officer's Certificates and
         Opinions of Counsel and obtaining any Independent Certificates with
         respect to any requests by the Issuer to the Indenture Trustee to take
         any action under the Indenture (Section 11.1(a));

                  (C2) preparing and delivering Officer's Certificates and
         obtaining any Independent Certificates necessary for the release of
         property from the lien of the Indenture (Section 11.1(b));

                  (D2) notifying the Rating Agencies, upon the failure of the
         Indenture Trustee to give such notification, of the information
         required pursuant to Section 11.4 of the Indenture (Section 11.4);

                  (E2) preparing and delivering to the Noteholders and the
         Indenture Trustee any agreements with respect to alternate payment and
         notice provisions (Section 11.6);

                  (F2) recording the Indenture, if applicable (Section 11.15);
         and

                  (G2) preparing Definitive Notes in accordance with the
         instructions of the Clearing Agency (Section 2.13).

                  (ii)     The Administrator will:

                  (A) pay the Indenture Trustee from time to time reasonable
         compensation for all services rendered by the Indenture Trustee 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 upon its request for all reasonable
         expenses, disbursements and

                                        5

<PAGE>

         advances incurred or made by the Indenture Trustee 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;

                  (C) indemnify the Indenture Trustee and its 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, 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 (in its individual and trust
         capacities) and its 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 Trust Agreement,
         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 Trust Agreement.

         (b) Additional Duties. (i) In addition to the duties of the
Administrator set forth above, the 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 5.5 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 Administrator and to each
successor Administrator appointed pursuant to the terms hereof, one or more
powers of attorney substantially in the form of Exhibit A hereto, appointing the
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 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 Administrator. Such responsibilities
shall include obtaining and maintaining any licenses required to be obtained or
maintained by the Issuer under the Pennsylvania Motor Vehicle Sales Finance Act.
In addition, the Administrator shall promptly notify the Indenture Trustee and
the Owner Trustee in writing of any amendment to the Pennsylvania Motor Vehicle
Sales Finance Act that would affect the duties or obligations of the Indenture
Trustee or the Owner Trustee under any Basic Document and shall assist the
Indenture Trustee or the Owner Trustee in obtaining and maintaining any licenses
required to be obtained or main-

                                        6

<PAGE>

tained by the Indenture Trustee or the Owner Trustee thereunder. In connection
therewith, the Administrator shall cause the Seller to pay all fees and expenses
under such Act.

                  (ii) Notwithstanding anything in this Agreement or the Related
Agreements to the contrary, the Administrator shall be responsible for promptly
notifying the Owner Trustee in the event that any withholding tax is imposed on
the Issuer's payments (or allocations of income) to a Certificateholder as
contemplated in Section 5.2(c) of the Trust Agreement. Any such notice shall
specify the amount of any withholding tax required to be withheld by the Owner
Trustee pursuant to such provision.

                  (iii) Notwithstanding anything in this Agreement or the
Related Agreements to the contrary, the Administrator shall be responsible for
performing the duties of the Issuer or the Owner Trustee set forth in Section
[5.2](b) and (c), Section 5.5(a), (b), (c), (d) [and (e)], the penultimate
[paragraph] of Section 5.5 and Section 5.6(a) of the Trust Agreement with
respect to, among other things, accounting and reports to the
Certificateholders.

                  (iv) The Administrator will provide prior to [January 15,
2001], a certificate of a Responsible Officer 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 Administrator 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 Administrator shall perform the duties of the
Administrator specified in Section 10.2 of the Trust Agreement required to be
performed in connection with the resignation or removal of the Owner Trustee,
and any other duties expressly required to be performed by the Administrator
under the Trust Agreement or any other Related Agreement.

                  (vi) In carrying out the foregoing duties or any of its other
obligations under this Agreement, the 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 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 Administrator are non-ministerial, the Administrator
shall not take any action unless within a reasonable time before the taking of
such action, the Administrator shall have notified the Owner Trustee of the
proposed action and the Owner Trustee shall not have withheld consent or
provided an alternative direction. For the purpose of the preceding sentence,
"non-ministerial matters" shall include, without limitation:

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

                                        7

<PAGE>

                  (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 Permitted Investments);

                  (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 Administrators or Successor
         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 Administrator shall not be obligated to, and shall not, (x) make
any payments to the Noteholders under the Related Agreements or (y) take any
other action that the Issuer directs the Administrator not to take on its
behalf.

         2. Records. The 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, the Owner
Trustee and the Indenture Trustee at any time during normal business hours.

         3. Compensation. As compensation for the performance of the
Administrator's obligations under this Agreement and, as reimbursement for its
expenses related thereto, the Administrator shall be entitled to $500 per month
which shall be solely an obligation of the Seller.

         4. Additional Information To Be Furnished to the Issuer. The
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 Administrator. For all purposes of this
Agreement, the 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 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 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

                                        8

<PAGE>

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

         7. Other Activities of Administrator. Nothing herein shall prevent the
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.

         8. Term of Agreement; Resignation and Removal of Administrator. (a)
This Agreement shall continue in force until the dissolution of the Issuer, upon
which event this Agreement shall automatically terminate.

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

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

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

                  (i) the 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 (10) days (or, it such default cannot be cured in
such time, shall not give within ten (10) 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 sixty (60) days, in respect of the 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 Administrator or any
substantial part of its property or order the winding-up or liquidation of its
affairs; or

                  (iii) the 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 such law, shall consent to the appointment of a receiver, liquidator,
assignee, trustee, custodian, sequestrator or similar official for the
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.

                                        9

<PAGE>

         The Administrator agrees that if any of the events specified in clauses
(ii) or (iii) of this Section 8 shall occur, it shall give written notice
thereof to the Issuer and the Indenture Trustee within seven (7) days after the
happening of such event.

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

         (f) The appointment of any successor Administrator shall be effective
only after satisfaction of the Rating Agency Condition with respect to the
proposed appointment.

         (g) Subject to Section 8(e) and 8(f), the Administrator acknowledges
that upon the appointment of a Successor Servicer pursuant to the Sale and
Servicing Agreement, the Administrator shall immediately resign and such
Successor Servicer shall automatically become the Administrator under this
Agreement.

         9. Action upon Termination, Resignation or Removal. Promptly upon the
effective date of termination of this Agreement pursuant to Section 8(a), the
resignation of the Administrator pursuant to Section 8(b) or the removal of the
Administrator pursuant to Section 8(c) or (d), the Administrator shall be
entitled to be paid all fees and reimbursable expenses accruing to it to this
date of such termination, resignation or removal. The 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 Administrator. In the event of the resignation of the Administrator
pursuant to Section 8(b) or the removal of the Administrator pursuant to Section
8(c) or (d), the 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 Administrator.

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

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

                  MMCA Auto Owner Trust 2000-2
                  c/o Wilmington Trust Company
                  Rodney Square North
                  1100 North Market Street
                  Wilmington, Delaware 19890-0001
                  Attention:  Corporate Trust Administration Department
                  Telephone:  (302) 651-1000
                  Telecopy:  (302) 651-8882

                                       10

<PAGE>

         (b)      if to the Administrator, to:

                  Mitsubishi Motors Credit of America, Inc.
                  6363 Katella Avenue
                  Cypress, California 90630-5205
                  Attention:  Executive Vice President and Treasurer
                  Telephone:  (714) 236-1500
                  Telecopy:  (714) 236-1600

         (c)      If to the Indenture Trustee, to:

                  Bank of Tokyo - Mitsubishi Trust Company
                  1251 Avenue of the Americas
                  New York, NY 10020
                  Attention: Corporate Trust Administration
                  Telephone:  (212) 782-5909
                  Telecopy:  (212) 782-5900

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 Administrator
and the Indenture Trustee, with the written consent of the Owner Trustee but
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, as
set forth in an Opinion of Counsel satisfactory to the Indenture Trustee and the
Owner Trustee, materially and adversely affect the interest of any Noteholder or
Certificateholder. This Agreement may also be amended by the Issuer, the
Administrator and the Indenture Trustee with the written consent of the Owner
Trustee and the holders of Notes evidencing at least a majority of the
Outstanding Amount of the Notes, voting as a group, and the holders of
Certificates evidencing at least a majority of the Certificate Balance 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 the Noteholders or the
Certificateholders or (ii) reduce the aforesaid percentages of the holders of
Notes and 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 Administrator may not amend
this Agreement without the consent of the Seller, which permission shall not be
unreasonably withheld.

                                       11

<PAGE>

         12. Successors and Assigns. This Agreement may not be assigned by the
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. Any assignment without such consent and
satisfaction shall be null and void. An assignment with such consent and
satisfaction, if accepted by the assignee, shall bind the assignee hereunder in
the same manner as the Administrator is bound hereunder. Notwithstanding the
foregoing, this Agreement may be assigned by the 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 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
Administrator is bound hereunder. 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, 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 affect 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 unenforceability in any jurisdiction shall
not invalidate or render unenforceable such provision in any other jurisdiction.

         17. Not Applicable to Mitsubishi Motors Credit of America, Inc. in
Other Capacities. Nothing in this Agreement shall affect any obligation
Mitsubishi Motors Credit of America, Inc. may have in any capacity other than as
Administrator under this Agreement.

         18. Limitation of Liability of Owner Trustee and Indenture Trustee. (a)
Notwithstanding anything contained herein to the contrary, this instrument has
been countersigned by Wilmington Trust Company not in its individual capacity
but solely in its capacity as Owner Trustee of the Issuer and in no event shall
Wilmington Trust Company 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

                                       12

<PAGE>

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 Bank of Tokyo - Mitsubishi Trust Company not
in its individual capacity but solely as Indenture Trustee and in no event shall
Bank of Tokyo - Mitsubishi Trust Company 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.

         19. Third-Party Beneficiary. The Owner Trustee is a third-party
beneficiary to this Agreement and is entitled to the rights and benefits
hereunder and may enforce the provisions hereof as if it were a party hereto.

         20. Successor Servicer and Administrator. The Administrator shall
undertake, as promptly as possible after the giving of notice of termination to
the Servicer of the Servicer's rights and powers pursuant to Section 8.2 of the
Sale and Servicing Agreement, to enforce the provisions of Section 8.2 with
respect to the appointment of a successor Servicer. Such successor Servicer
shall, upon compliance with the last sentence of Section 8.2 of the Sale and
Servicing Agreement, become the successor Administrator hereunder; provided,
however, that if the Indenture Trustee shall become such successor
Administrator, the Indenture Trustee shall not be required to perform any
obligations or duties or conduct any activities as successor Administrator that
would be prohibited by law and not within the banking and trust powers of the
Indenture Trustee. In such event, the Indenture Trustee may appoint a
sub-administrator to perform such obligations and duties.

         21. No Petition; Subordination; Claims Against Seller. (a)
Notwithstanding any prior termination of this Agreement, the Seller, the
Administrator, the Owner Trustee 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 or government authority for the
purpose of commencing or sustaining a case against the Issuer under any Federal
or state bankruptcy, insolvency or similar law or appointing a receiver,
liquidator, assignee, trustee, custodian, sequestrator or other similar official
of the Issuer or any substantial part of its property, or ordering the winding
up or liquidation of the affairs of the Issuer.

                  (b) Notwithstanding any prior termination of this Agreement,
(x) the Issuer, the Administrator, the Owner Trustee 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 Seller, acquiesce, petition or otherwise
invoke or cause the Seller to invoke the process of any court or government
authority for the purpose of commencing or sustaining a case against the Seller
under any Federal or state bankruptcy, insolvency or similar law or appointing a
receiver, liquidator, assignee, trustee, custodian, sequestrator or other
similar official of the Seller or any

                                       13

<PAGE>

substantial part of its property, or ordering the winding up or liquidation of
the affairs of the Seller; (y) any claim that the Issuer, the Administrator, the
Owner Trustee and the Indenture Trustee may have at any time against the
Subtrust Assets of any Subtrust unrelated to the Notes, the Certificates or the
Receivables, and any claim that they may have at any time against the Seller
that they may seek to enforce against the Subtrust Assets of any Subtrust
unrelated to the Notes, the Certificates or the Receivables, shall be
subordinate to the payment in full, including post-petition interest, in the
event that the Seller becomes a debtor or debtor in possession in a case under
any applicable Federal or state bankruptcy, insolvency or other similar law now
or hereafter in effect or otherwise subject to any insolvency, reorganization,
liquidation, rehabilitation or other similar proceedings, of the claims of the
holders of any Securities related to such unrelated Subtrust and the holders of
any other notes, bonds, contracts or other obligations that are related to such
unrelated Subtrust and (z) the Issuer, the Administrator, the Owner Trustee and
the Indenture Trustee hereby irrevocably make the election afforded by Title 11
United States Code Section 1111(b)(1)(A)(i) to secured creditors to receive the
treatment afforded by Title 11 United States Code Section 1111(b)(2) with
respect to any secured claim that they may have at any time against the
Depositor. The obligations of the Seller under this Agreement are limited to the
related Subtrust and the related Subtrust Assets.

                                       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.

                         MMCA AUTO OWNER TRUST 2000-2

                         By:    WILMINGTON TRUST COMPANY,
                                not in its individual capacity but solely as
                                Owner Trustee

                         By:   ________________________________________________
                               Name:
                               Title:

                         BANK OF TOKYO-MITSUBISHI
                          TRUST COMPANY,
                         not in its individual capacity but solely as Indenture
                         Trustee

                         By:   ________________________________________________
                               Name:
                               Title:

                         MITSUBISHI MOTORS CREDIT
                          OF AMERICA, INC.,
                          as Administrator

                         By:   ________________________________________________
                               Name:
                               Title:

<PAGE>

                                                                      EXHIBIT A

                                POWER OF ATTORNEY

STATE OF DELAWARE         }
                          }
COUNTY OF NEW CASTLE      }

         KNOW ALL MEN BY THESE PRESENTS, that Wilmington Trust Company, a
banking corporation, not in its individual capacity but solely as owner trustee
(the "Owner Trustee") for MMCA AUTO OWNER TRUST 2000-2 (the "Issuer"), does
hereby make, constitute and appoint Mitsubishi Motors Credit of America, Inc.,
in its capacity as administrator under the Administration Agreement dated as of
November [ ], 2000 (the "Administration Agreement"), among the Issuer,
Mitsubishi Motors Credit of America, Inc. and Bank of Tokyo - Mitsubishi Trust
Company, 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 Issuer all such documents, reports, filings, instruments,
certificates and opinions as it should be the duty of the Owner Trustee or the
Issuer to prepare, file or deliver pursuant to the Related Agreements, or
pursuant to Section 5.5 of the Trust Agreement, including, without limitation,
to appear for and represent the Owner Trustee and the Issuer in connection with
the preparation, filing and audit of Federal, state and local tax returns
pertaining to the Issuer, 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 Administration Agreement.

                                       A-1

<PAGE>

 EXECUTED this ___ day of November.

                                   WILMINGTON TRUST COMPANY,
                                   not in its individual capacity but solely as
                                   Owner Trustee

                                   _____________________________________________
                                   Name:
                                   Title:

                                       A-2

<PAGE>

STATE OF DELAWARE        }
                         }
COUNTY OF NEW CASTLE     }

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

Sworn to before me this _____
day of November.

__________________________________________
Notary Public - State of Delaware

                                       A-3<PAGE>

                               PURCHASE AGREEMENT

     This PURCHASE AGREEMENT, dated as of November [ ], 2000 (as amended,
supplemented or otherwise modified and in effect from time to time, this
"Agreement"), by and between MITSUBISHI MOTORS CREDIT OF AMERICA, INC., a
Delaware corporation (the "Seller"), having its principal executive office at
6363 Katella Avenue, Cypress, California 90630-5205, and MMCA AUTO RECEIVABLES
TRUST, a Delaware business trust (the "Purchaser"), having its principal
executive office at 6363 Katella Avenue, Cypress, California 90630-5205.

     WHEREAS, in the regular course of its business, the Seller purchases
certain motor vehicle retail installment sale contracts secured by new and used
automobiles and sports-utility vehicles from motor vehicle dealers; and

     WHEREAS, the Seller and the Purchaser wish to set forth the terms pursuant
to which the Initial Receivables (such capitalized term and the other
capitalized terms used herein have the meanings assigned thereto pursuant to
Article I hereof) and certain additional property related thereto are to be
sold by the Seller to the Purchaser on the Closing Date and the Subsequent
Receivables and certain additional property related thereto are to be sold by
the Seller to the Purchaser from time to time during the Pre-Funding Period,
which Receivables and other property related thereto will be sold by the
Purchaser, pursuant to the Sale and Servicing Agreement, to the MMCA Auto Owner
Trust 2000-2 to be created pursuant to the Trust Agreement.

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

                                   ARTICLE I

                                  DEFINITIONS

     Terms not defined in this Agreement shall have the meaning set forth in,
or incorporated by reference into, the Sale and Servicing Agreement or, if not
defined therein, in 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):

     "Agreement" shall have the meaning specified in the preamble hereto.

     "Assignment" shall mean, for purposes of this Agreement, the First-Tier
Initial Assignment or any First-Tier Subsequent Assignment, as the context may
require.

<PAGE>

     "Closing" shall have the meaning specified in Section 2.3.

     "Closing Date" shall mean November [ ], 2000.

     "Cutoff Date" shall mean the Initial Cutoff Date or any Subsequent Cutoff
Date, as the context may require.

     ["Eligible Receivable" shall mean, each Initial Receivable as to which the
representations and warranties of the Seller in Section 3.1(b) shall be true
and correct in all material respects as of the Initial Cutoff Date, and (ii)
each Subsequent Receivable as to which the representations and warranties of
the Seller in Section 3.1(b) shall be true and correct in all material respects
as of the applicable Subsequent Cutoff Date.]

     "First-Tier Initial Assignment" shall mean the document of assignment in
substantially the form attached to this Agreement as Exhibit A-1.

     "First-Tier Subsequent Assignment" shall mean any document of assignment
in substantially the form attached to this Agreement as Exhibit A-2.

     "Indenture" shall mean the Indenture, dated as of November [ ], 2000,
between the Trust and Bank of Tokyo - Mitsubishi Trust Company, a New York
banking corporation, as Indenture Trustee, as the same may from time to time be
amended, supplemented or otherwise modified and in effect.

     "Initial Cutoff Date" shall mean November [ ], 2000.

     "Initial Receivable" shall mean, for purposes of this Agreement, each
motor vehicle retail installment sale contract described in the Schedule of
Initial Receivables attached hereto as Exhibit B and all rights and obligations
thereunder and any amendments, modifications or supplements to such motor
vehicle retail installment sale contract.

     "Initial Receivables Purchase Price" shall mean $[ ].

     "Officer's Certificate" shall mean, for purposes of this Agreement, a
certificate signed by the chairman, the president, any executive vice
president, vice president or the treasurer of the Seller, and delivered to the
Purchaser.

     "Placement Agency Agreement" shall mean the Placement Agency Agreement,
dated [ ], by and between Merrill Lynch, Pierce, Fenner & Smith Incorporated,
as placement agent, and the Purchaser, as the same may from time to time be
amended, supplemented or otherwise modified and in effect.

     "Prospectus" shall have the meaning assigned to such term in the
Underwriting Agreement.

                                       2

<PAGE>

     "Purchaser" shall mean MMCA Auto Receivables Trust, a Delaware business
trust, and its successors and assigns.

     "Receivable" shall mean, for purposes of this Agreement, any Initial
Receivable or Subsequent Receivable, as the context may require.

     "Relevant UCC" shall mean the Uniform Commercial Code, as in effect from
time to time in the relevant jurisdictions.

     "Repurchase Event" shall have the meaning specified in Section 6.2.

     "Sale and Servicing Agreement" shall mean the Sale and Servicing
Agreement, dated as of November [ ], 2000, among Mitsubishi Motors Credit of
America, Inc., as servicer, the Purchaser, as seller, and the Trust, as
purchaser, as the same may from time to time be amended, supplemented or
otherwise modified and in effect.

     "Schedule of Initial Receivables" shall mean, for purposes of this
Agreement, the list of Initial Receivables (which list may be in the form of
computer tape, microfiche or compact disk) annexed hereto as Exhibit B.

     "Schedule of Receivables" shall mean, for purposes of this Agreement, the
Schedule of Initial Receivables or any Schedule of Subsequent Receivables, as
the context may require.

     "Schedule of Subsequent Receivables" shall mean, for purposes of this
Agreement, any list of Subsequent Receivables (which list may be in the form of
microfiche or compact disk) attached as Schedule A to the related First-Tier
Subsequent Assignment.

     "Seller" shall mean Mitsubishi Motors Credit of America, Inc., a Delaware
corporation, and its successors and assigns.

     "Subsequent Cutoff Date", with respect to any Subsequent Receivable, shall
have the meaning specified in the related First-Tier Subsequent Assignment.

     "Subsequent Receivable" shall mean, for purposes of this Agreement, each
motor vehicle retail installment sale contract described in a Schedule of
Subsequent Receivables attached as Schedule A to a First-Tier Subsequent
Assignment and all rights and obligations thereunder and any amendments,
modifications or supplements to such motor vehicle retail installment sale
contract.

     "Subsequent Receivables Purchase Price" shall have the meaning specified
in Section 2.2(a).

                                       3

<PAGE>

     "Subsequent Transfer Date" shall mean, with respect to any Subsequent
Receivable, the Business Day during the Pre-Funding Period on which the related
First-Tier Subsequent Assignment is executed and delivered by the Seller to the
Purchaser pursuant to Section 4.1(b)(iii)(A).

     "Trust" shall mean the MMCA Auto Owner Trust 2000-2, a Delaware business
trust.

     "Trust Agreement" shall mean the Amended and Restated Trust Agreement,
dated as of November [ ], 2000, between the Purchaser, as depositor, and
Wilmington Trust Company, as Owner Trustee, as the same may from time to time
be amended, supplemented or otherwise modified and in effect.

     "Underwriting Agreement" shall mean, the Underwriting Agreement, dated [
], 2000, by and between Salomon Smith Barney Inc., as representative of the
several underwriters specified therein, and the Purchaser.

     "Yield Supplement Agreement" shall mean the Yield Supplement Agreement to
be entered into by the Seller and the Purchaser on the Closing Date, as the
same may from time to time be amended, supplemented or otherwise modified and
in effect, in substantially the form attached to the Sale and Servicing
Agreement as Exhibit D.

                                   ARTICLE II

                        PURCHASE AND SALE OF RECEIVABLES

     SECTION 2.1. Purchase and Sale of Receivables.

     On the Closing Date and each Subsequent Transfer Date, subject to the
terms and conditions of this Agreement, the Seller agrees to sell to the
Purchaser, and the Purchaser agrees to purchase from the Seller, the
Receivables set forth in the related Schedule of Receivables and the other
property relating thereto (as described below).

     (a) Sale of Initial Receivables. On the Closing Date, and simultaneously
with the transactions to be consummated pursuant to the Indenture, the Sale and
Servicing Agreement and the Trust Agreement, the Seller shall, pursuant to the
First-Tier Initial Assignment, sell, transfer, assign and otherwise convey to
the Purchaser, without recourse (subject to the obligations herein), all right,
title and interest of the Seller, whether now owned or hereafter acquired, in,
to and under the following, collectively: (i) the Initial Receivables; (ii)
with respect to Initial Receivables that are Actuarial Receivables, monies due
thereunder on or after the Initial Cutoff Date (including Payaheads) and, with
respect to Initial Receivables that are Simple Interest Receivables, monies
received thereunder on or after the Initial Cutoff Date; (iii) the security
interests in Financed Vehicles granted by Obligors pursuant to the Initial
Receivables and any other interest of the Seller in such Financed Vehicles;
(iv) all rights to

                                       4
<PAGE>

receive proceeds with respect to the Initial Receivables from claims on any
physical damage, theft, credit life or disability insurance policies covering
the related Financed Vehicles or related Obligors; (v) all rights to receive
proceeds with respect to the Initial Receivables from recourse to Dealers
thereon pursuant to the Dealer Agreements; (vi) all of the Seller's rights to
the Receivable Files that relate to the Initial Receivables; (vii) all payments
and proceeds with respect to the Initial Receivables held by the Seller; (viii)
all property (including the right to receive Liquidation Proceeds and
Recoveries and Financed Vehicles and the proceeds thereof acquired by the
Seller pursuant to the terms of an Initial Receivable that is a Final Payment
Receivable), guarantees and other collateral securing an Initial Receivable
(other than an Initial Receivable purchased by the Servicer or repurchased by
the Seller); (ix) all rebates of premiums and other amounts relating to
insurance policies and other items financed under the Initial Receivables in
effect as of the Initial Cutoff Date; and (x) all present and future claims,
demands, causes of action and choses in action in respect of any or all of the
foregoing and all payments on or under and all proceeds of every kind and
nature whatsoever in respect of any or all of the foregoing, including all
proceeds of the conversion thereof, voluntary or involuntary, into cash or
other liquid property, all cash proceeds, accounts, accounts receivable, notes,
drafts, acceptances, chattel paper, checks, deposit accounts, insurance
proceeds, condemnation awards, rights to payment of any and every kind and
other forms of obligations and receivables, instruments and other property
which at any time constitute all or part of or are included in the proceeds of
any of the foregoing.

     It is the intention of the Seller and the Purchaser that the transfer and
assignment of the Initial Receivables and the other property described in
clauses (i) through (x) of this Section 2.1(a) shall constitute a sale of the
Initial Receivables and such other property from the Seller to the Purchaser,
conveying good title thereto free and clear of any liens, and the Initial
Receivables and such other property shall not be part of the Seller's estate in
the event of the filing of a bankruptcy petition by or against the Seller under
any bankruptcy or similar law. However, in the event that the foregoing
transfer and assignment is deemed to be a pledge, the Seller hereby grants to
the Purchaser a first priority security interest in all of the Seller's right
to and interest in the Initial Receivables and other property described in the
preceding paragraph to secure a loan deemed to have been made by the Purchaser
to the Seller in an amount equal to the sum of the initial principal amount of
the Notes plus accrued interest thereon and the Initial Certificate Balance.

     (b) Sale of Subsequent Receivables. Subject to satisfaction of the
conditions set forth in Section 4.1(b), the Seller shall, pursuant to each
First-Tier Subsequent Assignment, sell, transfer, assign and otherwise convey
to the Purchaser, without recourse (subject to the obligations herein), all
right, title and interest of the Seller, whether now owned or hereafter
acquired, in, to and under the following, collectively: (i) the Subsequent
Receivables listed on Schedule A to the related First-Tier Subsequent
Assignment; (ii) with respect to the Subsequent Receivables that are Actuarial
Receivables, monies due thereunder on or after the related Subsequent Cutoff
Date (including Payaheads) and, with respect to Subsequent Receivables that are
Simple Interest Receivables, monies received thereunder on or after the related
Subsequent Cutoff Date; (iii) the security interests in Financed Vehicles
granted by Obligors

                                       5

<PAGE>

pursuant to such Subsequent Receivables and any other interest of the Seller in
such Financed Vehicles; (iv) all rights to receive proceeds with respect to
such Subsequent Receivables from claims on any physical damage, theft, credit
life or disability insurance policies covering the related Financed Vehicles or
related Obligors; (v) all rights to receive proceeds with respect to such
Subsequent Receivables from recourse to Dealers thereon pursuant to the related
Dealer Agreements; (vi) all of the Seller's rights to the Receivable Files that
relate to such Subsequent Receivables; (vii) all payments and proceeds with
respect to such Subsequent Receivables held by the Seller; (viii) all property
(including the right to receive Liquidation Proceeds and Recoveries and
Financed Vehicles and the proceeds thereof acquired by the Seller pursuant to
the terms of a Subsequent Receivable that is a Final Payment Receivable),
guarantees and other collateral securing a Subsequent Receivable (other than a
Subsequent Receivable purchased by the Servicer or repurchased by the Seller);
(ix) all rebates of premiums and other amounts relating to insurance policies
and other items financed under such Subsequent Receivables in effect as of the
related Subsequent Cutoff Date; and (x) all present and future claims, demands,
causes of action and choses in action in respect of any or all of the foregoing
and all payments on or under and all proceeds of every kind and nature
whatsoever in respect of any or all of the foregoing, including all proceeds of
the conversion thereof, voluntary or involuntary, into cash or other liquid
property, all cash proceeds, accounts, accounts receivable, notes, drafts,
acceptances, chattel paper, checks, deposit accounts, insurance proceeds,
condemnation awards, rights to payment of any and every kind and other forms of
obligations and receivables, instruments and other property which at any time
constitute all or part of or are included in the proceeds of any of the
foregoing.

     It is the intention of the Seller and the Purchaser that each transfer and
assignment of Subsequent Receivables and the other property described in
clauses (i) through (x) of this Section 2.1(b) shall constitute a sale of such
Subsequent Receivables and other property from the Seller to the Purchaser,
conveying good title thereto free and clear of any liens, and such Subsequent
Receivables and other property shall not be part of the Seller's estate in the
event of the filing of a bankruptcy petition by or against the Seller under any
bankruptcy or similar law. However, in the event that the foregoing transfer
and assignment is deemed to be a pledge, the Seller hereby grants to the
Purchaser a first priority security interest in all of the Seller's right to
and interest in such Subsequent Receivables and other property described in the
preceding paragraph to secure a loan deemed to have been made by the Purchaser
to the Seller in an amount equal to the sum of the initial principal amount of
the Notes plus accrued interest thereon and the Initial Certificate Balance.

     SECTION 2.2. Payment of the Purchase Price

     (a) Initial Receivables Purchase Price. In consideration for the Initial
Receivables, the other property described in Section 2.1(a) and delivery of the
Yield Supplement Agreement, the Purchaser shall, on or prior to the Closing
Date, pay to or upon the order of the Seller the Initial Receivables Purchase
Price. An amount equal to $[ ] of the Initial Receivables Purchase Price shall
be paid to the Seller in cash. The remainder of the Initial Receivables
Purchase Price shall be paid by crediting the Seller with a contribution to the
capital

                                       6

<PAGE>

of the Purchaser. The portion of the Initial Receivables Purchase Price to be
paid in cash shall be by federal wire transfer (same day) funds.

     (b) Subsequent Receivables Purchase Price. In consideration for the
Subsequent Receivables and the other property related thereto described in
Section 2.1(b) to be sold, transferred, assigned and otherwise conveyed to the
Purchaser on the related Subsequent Transfer Date, the Purchaser shall, on or
prior to such Subsequent Transfer Date, pay to or upon the order of the Seller
an amount (the related "Subsequent Receivables Purchase Price") equal to the
aggregate Principal Balance of the Subsequent Receivables as of the related
Subsequent Cutoff Date, plus any premium or minus any discount agreed upon by
the Seller and the Purchaser. Any Subsequent Receivables Purchase Price shall
be payable as follows: (i) cash in the amount released to the Purchaser from
the Pre-Funding Account pursuant to Section 4.8(a) of the Sale and Servicing
Agreement shall be paid to or upon the order of the Seller on the related
Subsequent Transfer Date by federal wire transfer (same day funds) and the
balance paid in cash as and when amounts are released to, or otherwise realized
by, the Purchaser from the Reserve Account and the Negative Carry Account in
accordance with the Sale and Servicing Agreement; or (ii) as otherwise agreed
by the Seller and the Purchaser.

     SECTION 2.3. The Closing. The sale and purchase of the Receivables shall
take place at a closing (the "Closing") at the offices of Skadden, Arps, Slate,
Meagher & Flom LLP, Four Times Square, New York, New York 10036-6522 on the
Closing Date, simultaneously with the closings under: (a) the Sale and
Servicing Agreement, pursuant to which the Purchaser will assign all of its
right, title and interest in, to and under the Initial Receivables, the Yield
Supplement Agreement and other property described in Section 2.1(a) to the
Trust in exchange for the Notes and the Certificates; (b) the Indenture,
pursuant to which the Trust will issue the Notes and pledge all of its right,
title and interest in, to and under the Trust Property to secure the Notes; (c)
the Trust Agreement, pursuant to which the Trust will issue the Certificates;
and (d) the Underwriting Agreement and the Placement Agency Agreement, pursuant
to which the Purchaser will sell the Notes to the Persons named therein.

                                  ARTICLE III

                         REPRESENTATIONS AND WARRANTIES

     SECTION 3.1. Representations and Warranties of the Purchaser. The
Purchaser hereby represents and warrants to the Seller as of the date hereof,
the Closing Date and each Subsequent Transfer Date:

     (a) Organization, etc. The Purchaser has been duly established and is
validly existing as a business trust in good standing under the laws of the
State of Delaware, with the power and authority to own its properties and to
conduct its business as such properties are currently owned and such business
is presently conducted, and had at all relevant times, and has, the power,
authority, and legal right to acquire and own the Receivables, and has the
power and authority to execute and deliver this Agreement and to carry out its
terms.

                                       7

<PAGE>

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

     (c) Due Authorization and Binding Obligation. This Agreement has been duly
authorized, executed and delivered by the Purchaser, and is the valid, binding
and enforceable obligation of the Purchaser except as the same may be limited
by insolvency, bankruptcy, reorganization or other laws relating to or
affecting the enforcement of creditors' rights or by general equity principles.

     (d) No Violation. The execution, delivery and performance by the Purchaser
of this Agreement and the consummation of the transactions contemplated hereby
and the fulfillment of the terms hereof will 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, its Certificate of Trust or
its amended and restated trust agreement, or conflict with, or breach any of
the terms or provisions of, or constitute (with or without notice or lapse of
time or both) a default under, any indenture, agreement, mortgage, deed of
trust or other instrument to which the Purchaser is a party or by which the
Purchaser is bound or to which any of its properties are subject, or result in
the creation or imposition of any lien upon any of its properties pursuant to
the terms of any such indenture, agreement, mortgage, deed of trust or other
instrument (other than this Agreement), or violate any law, order, rule, or
regulation, applicable to the Purchaser or its properties, of any federal or
state regulatory body, any court, administrative agency, or other governmental
instrumentality having jurisdiction over the Purchaser or any of its
properties.

     (e) No Proceedings. No proceedings or investigations are pending to which
the Purchaser is a party or of which any property of the Purchaser is the
subject, and, to the best knowledge of the Purchaser, no such proceedings or
investigations are threatened or contemplated by governmental authorities or
threatened by others, other than such proceedings or investigations which will
not have a material adverse effect upon the general affairs, financial
position, net worth or results of operations (on an annual basis) of the
Purchaser and which do not (i) assert the invalidity of this Agreement, (ii)
seek to prevent the consummation of any of the transactions contemplated by
this Agreement or (iii) seek any determination or ruling that might materially
and adversely affect the performance by the Purchaser of its obligations under,
or the validity or enforceability of, this Agreement.

     SECTION 3.2. Representations and Warranties of the Seller.

     (a) The Seller hereby represents and warrants to the Purchaser as of the
date hereof, the Closing Date and each Subsequent Transfer Date:

          (i) Organization, etc. The Seller has been duly incorporated and is
     validly existing as a corporation in good standing under the laws of the
     State of Delaware, with

                                       8

<PAGE>

     the power and authority to own its properties and to conduct its business
     as such properties are currently owned and such business is presently
     conducted, and is duly qualified to transact business and is in good
     standing in each jurisdiction in the United States of America in which the
     conduct of its business or the ownership or lease of its property requires
     such qualification.

          (ii) Power and Authority; Binding Obligation. The Seller has full
     power and authority to sell and assign the property sold and assigned to
     the Purchaser hereunder on the Closing Date and the property to be sold
     and assigned to the Purchaser hereunder on each Subsequent Transfer Date
     and has duly authorized such sales and assignments to the Purchaser by all
     necessary corporate action. This Agreement and the First-Tier Initial
     Assignment has been, and each First-Tier Subsequent Assignment has been or
     will be on or before the related Subsequent Transfer Date, duly
     authorized, executed and delivered by the Seller, and in each case shall
     constitute the legal, valid, binding and enforceable obligation of the
     Seller except as the same may be limited by insolvency, bankruptcy,
     reorganization or other laws relating to or affecting the enforcement of
     creditors' rights or by general equity principles.

          (iii) No Violation. The execution, delivery and performance by the
     Seller of this Agreement and the consummation of the transactions
     contemplated hereby and the fulfillment of the terms hereof will 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 certificate of incorporation or bylaws of the Seller, or
     conflict with, or breach any of the terms or provisions of, or constitute
     (with or without notice or lapse of time or both) a default under, any
     indenture, agreement, mortgage, deed of trust or other instrument to which
     the Seller is a party or by which the Seller is bound or any of its
     properties are subject, or result in the creation or imposition of any
     lien upon any of its properties pursuant to the terms of any such
     indenture, agreement, mortgage, deed of trust or other instrument (other
     than this Agreement), or violate any law, order, rule or regulation,
     applicable to the Seller or its properties, of any federal or state
     regulatory body, any court, administrative agency, or other governmental
     instrumentality having jurisdiction over the Seller or any of its
     properties.

          (iv) No Proceedings. No proceedings or investigations are pending to
     which the Seller is a party or of which any property of the Seller is the
     subject, and, to the best knowledge of the Seller, no such proceedings or
     investigations are threatened or contemplated by governmental authorities
     or threatened by others, other than such proceedings or investigations
     which will not have a material adverse effect upon the general affairs,
     financial position, net worth or results of operations (on an annual
     basis) of the Seller and do not (i) assert the invalidity of this
     Agreement, (ii) seek to prevent the consummation of any of the
     transactions contemplated by this Agreement or (iii) seek any
     determinations 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.

                                       9

<PAGE>

          (v) Florida Securities and Investor Protection Act. In connection
     with the offering of the Notes in the State of Florida, the Seller hereby
     certifies that it has complied with all provisions of Section 517.075 of
     the Florida Securities and Investor Protection Act.

     (b) The Seller makes the following representations and warranties as to
the Receivables on which the Purchaser relies in accepting the Receivables.
Such representations and warranties speak as of the Closing Date in the case of
the Initial Receivables and as of the applicable Subsequent Transfer Date in
the case of the Subsequent Receivables except to the extent otherwise provided
in the following representations and warranties, but shall survive the sale,
transfer, and assignment of the Receivables to the Purchaser hereunder and the
subsequent assignment and transfer of the Receivables pursuant to the Sale and
Servicing Agreement:

          (i) Characteristics of Receivables. Each Receivable (a) shall have
     been originated (x) in the United States of America by a Dealer for the
     consumer or commercial sale of a Financed Vehicle in the ordinary course
     of such Dealer's business or (y) by the Seller in connection with the
     refinancing by the Seller of a motor vehicle retail installment sale
     contract of the type described in subclause (x) above, shall have been
     fully and properly executed by the parties thereto, shall have been
     purchased by the Seller from such Dealer under an existing Dealer
     Agreement with the Seller (unless such Receivable was originated by the
     Seller in connection with a refinancing), and shall have been validly
     assigned by such Dealer to the Seller in accordance with its terms (unless
     such Receivable was originated by the Seller in connection with a
     refinancing), (b) shall have created or shall create a valid, binding,
     subsisting and enforceable first priority security interest in favor of
     the Seller on the related Financed Vehicle, which security interest has
     been validly assigned by shall assignable by the Seller to the Purchaser,
     (c) shall contain customary and enforceable provisions such that the
     rights and remedies of the holder thereof shall be adequate for
     realization against the collateral of the benefits of the security, (d) in
     the case of Standard Receivables, shall provide for monthly payments that
     fully amortize the Amount Financed by maturity of the Receivable and yield
     interest at the APR, (e) in the case of Final Payment Receivables, shall
     provide for a series of fixed level monthly payments and a larger payment
     due after such level monthly payments that fully amortize the Amount
     Financed by maturity and yield interest at the APR, (f) shall provide for,
     in the event that such contract is prepaid, a prepayment that fully pays
     the Principal Balance and all accrued and unpaid interest thereon, (g) is
     a retail installment sale contract, (h) is secured by a new or used
     automobile or sports-utility vehicle, and (i) is an Actuarial Receivable
     or a Simple Interest Receivable (and may also be a Final Payment
     Receivable).

          (ii) Schedule of Receivables. The information set forth in the
     related Schedule of Receivables shall be true and correct in all material
     respects as of the opening of business on the related Cutoff Date and no
     selection procedures believed to be adverse to the Noteholders or the
     Certificateholders shall have been utilized in selecting the Receivables
     from those receivables which meet the criteria contained herein. The

                                       10

<PAGE>

     compact disk or other listing regarding the Receivables made available to
     the Purchaser and its assigns (which compact disk or other listing is
     required to be delivered as specified herein) is true and correct in all
     respects.

          (iii) Compliance with Law. Each Receivable and the sale of the
     related Financed Vehicle shall have complied, at the time it was
     originated or made, and shall comply on the Closing Date (with respect to
     each Initial Receivable) or the related Subsequent Transfer Date (with
     respect to each Subsequent Receivable) in all material respects with all
     requirements of applicable Federal, state, and local laws, and regulations
     thereunder, including, without limitation, usury laws, the Federal
     Truth-in-Lending Act, the Equal Credit Opportunity Act, the Fair Credit
     Reporting Act, the Fair Credit Billing Act, the Fair Debt Collection
     Practices Act, the Federal Trade Commission Act, the Magnuson-Moss
     Warranty Act, the Federal Reserve Board's Regulations B and Z, the
     Soldiers' and Sailors' Civil Relief Act of 1940, the Texas Consumer Credit
     Code, and State adaptations of the Uniform Consumer Credit Code, and other
     consumer credit laws and equal credit opportunity and disclosure laws.

          (iv) Binding Obligation. Each Receivable shall represent the genuine,
     legal, valid and binding payment obligation in writing of the Obligor,
     enforceable by the holder thereof in accordance with its terms, except as
     enforceability may be limited by bankruptcy, insolvency, reorganization,
     or other similar laws affecting the enforcement of creditors' rights
     generally and by general principles of equity.

          (v) No Government Obligor. None of the Receivables is due from the
     United States of America or any state or from any agency, department or
     instrumentality of the United States of America or any state.

          (vi) Security Interest in Financed Vehicle. Immediately prior to the
     sale, assignment, and transfer thereof, each Receivable shall be secured
     by a valid, subsisting and enforceable perfected first priority security
     interest in the related Financed Vehicle in favor of the Seller as secured
     party and, at such time as enforcement of such security interest is
     sought, there shall exist a valid, subsisting and enforceable first
     priority perfected security interest in such Financed Vehicle for the
     benefit of the Seller and the Purchaser, respectively (subject to any
     statutory or other lien arising by operation of law after the Closing Date
     (with respect to each Initial Receivable) or the related Subsequent
     Transfer Date (with respect to each Subsequent Receivable) which is prior
     to such security interest).

          (vii) Receivables in Force. No Receivable shall have been satisfied,
     subordinated, or rescinded, nor shall any Financed Vehicle have been
     released from the Lien granted by the related Receivable in whole or in
     part, which security interest shall be assignable by the Seller to the
     Purchaser.

                                      11

<PAGE>

          (viii) No Waiver. No provision of a Receivable shall have been waived
     in such a manner that such Receivable fails to meet all of the
     representations and warranties made by the Seller in this Section 3.2(b)
     with respect thereto.

          (ix) No Defenses. No right of rescission, setoff, counterclaim, or
     defense shall have been asserted or threatened with respect to any
     Receivable.

          (x) No Liens. To the best of the Seller's knowledge, no liens or
     claims shall have been filed for work, labor, or materials relating to a
     Financed Vehicle that shall be liens prior to, or equal or coordinate
     with, the security interest in the Financed Vehicle granted by the
     Receivable.

          (xi) No Default; Repossession. Except for payment defaults continuing
     for a period of not more than thirty (30) days or payment defaults of 10%
     or less of a Scheduled Payment, in each case as of the related Cutoff
     Date, or the failure of the Obligor to maintain satisfactory physical
     damage insurance covering the Financed Vehicle, no default, breach,
     violation, or event permitting acceleration under the terms of any
     Receivable shall have occurred; no continuing condition that with notice
     or the lapse of time or both would constitute a default, breach,
     violation, or event permitting acceleration under the terms of any
     Receivable shall have arisen; the Seller shall not have waived any of the
     foregoing; and no Financed Vehicle shall have been repossessed as of the
     related Cutoff Date.

          (xii) Insurance. Each Contract shall require the related Obligor to
     maintain physical damage insurance (which insurance shall not be force
     placed insurance) covering the Financed Vehicle, in the amount determined
     by the Seller in accordance with its customary procedures.

          (xiii) Title. It is the intention of the Seller that each transfer
     and assignment of the Receivables herein contemplated constitute a sale of
     such Receivables from the Seller to the Purchaser and that the beneficial
     interest in, and title to, such Receivables not be part of the Seller's
     estate in the event of the filing of a bankruptcy petition by or against
     the Seller under any bankruptcy law. No Receivable has been sold,
     transferred, assigned, or pledged by the Seller to any Person other than
     the Purchaser. Immediately prior to each transfer and assignment of the
     Receivables herein contemplated, the Seller had good and marketable title
     to such Receivables free and clear of all Liens, encumbrances, security
     interests, and rights of others and, immediately upon the transfer
     thereof, the Purchaser shall have good and marketable title to such
     Receivables, free and clear of all Liens, encumbrances, security
     interests, and rights of others; and the transfer has been perfected by
     all necessary action under the Relevant UCC.

          (xiv) Valid Assignment. No Receivable shall have been originated in,
     or shall be subject to the laws of, any jurisdiction under which the sale,
     transfer, and assignment of such Receivable under this Agreement shall be
     unlawful, void, or voidable.

                                      12
<PAGE>

     The Seller has not entered into any agreement with any account debtor that
     prohibits, restricts or conditions the assignment of any portion of the
     Receivables.

          (xv) All Filings Made. All filings (including, without limitation,
     filings under the Relevant UCC) necessary in any jurisdiction to give the
     Purchaser a first priority perfected security interest in the Receivables
     shall be made within ten (10) days of the Closing Date (with respect to
     the Initial Receivables) or ten (10) days of the related Subsequent
     Transfer Date (with respect to the Subsequent Receivables).

          (xvi) Chattel Paper. Each Receivable constitutes "chattel paper" as
     defined in the Relevant UCC.

          (xvii) One Original. There shall be only one original executed copy
     of each Receivable in existence.

          (xviii) Principal Balance. Each Receivable had an original principal
     balance (net of unearned precomputed finance charges) of not more than
     $60,000, and a remaining Principal Balance as of the related Cutoff Date
     of not less than $100.

          (xix) No Bankrupt Obligors. No Receivable was due from an Obligor
     who, as of the related Cutoff Date, was the subject of a proceeding under
     the Bankruptcy Code of the United States or was bankrupt.

          (xx) New and Used Vehicles. Approximately [ %] of the Initial Pool
     Balance, constituting approximately [ %] of the total number of the
     Initial Receivables, relate to new automobiles and sports-utility
     vehicles, substantially all of which were manufactured or distributed by
     Mitsubishi Motors. Approximately [ %] of the Initial Pool Balance,
     constituting approximately [ %] of the total number of Initial
     Receivables, relate to used automobiles and sports-utility vehicle,
     substantially all of which were manufactured or distributed by Mitsubishi
     Motors. Approximately [ %] of the Initial Pool Balance, constituting
     approximately [ %] of the total number of Initial Receivables, relate to
     program automobiles and sports-utility vehicles, substantially all of
     which were manufactured or distributed by Mitsubishi Motors. Approximately
     [ %] of the Initial Pool Balance, constituting approximately [ %] of the
     total number of Initial Receivables, relate to used automobiles and
     sports-utility vehicles.

          (xxi) Origination. Each Receivable shall have an origination date
     during or after May 1996.

          (xxii) Maturity of Receivables. Each Receivable shall have, as of the
     related Cutoff Date, not more than sixty (60) remaining Scheduled Payments
     due.

          (xxiii) Weighted Average Number of Payments. As of the Initial Cutoff
     Date, the weighted average number of payments remaining until the maturity
     of the Initial

                                      13
<PAGE>

     Receivables shall be not more than [ ] Scheduled Payments. As of the
     related Subsequent Cutoff Date, the weighted average number of Scheduled
     Payments remaining until the maturity of any Subsequent Receivables
     transferred to the Trust on the same Subsequent Transfer Date shall be not
     more than [60] Scheduled Payments.

          (xxiv) Annual Percentage Rate. Each Receivable shall have an APR of
     at least 0% and not more than 30%.

          (xxv) Scheduled Payments. No Receivable shall have a payment of which
     more than 10% of such payment is more than thirty (30) days overdue as of
     the related Cutoff Date.

          (xxvi) Location of Receivable Files. The Receivable Files shall be
     kept at one or more of the locations listed in Schedule A hereto.

          (xxvii) Capped Receivables and Simple Interest Receivables. Except to
     the extent that there has been no material adverse effect on Noteholders
     or Certificateholders, each Capped Receivable has been treated
     consistently by the Seller as a Simple Interest Receivable and payments
     with respect to each Simple Interest Receivable have been allocated
     consistently in accordance with the Simple Interest Method.

          (xxviii) Agreement. The representations and warranties of the Seller
     in Section 6.1 are true and correct.

          (xxix) Other Data. The tabular data and the numerical data relating
     to the characteristics of the Receivables contained in the Prospectus are
     true and correct in all material respects.

          (xxx) Last Scheduled Payments. The aggregate principal balance of the
     Last Scheduled Payments of Final Payment Receivables that are Initial
     Receivables, as a percentage of the Initial Pool Balance as of the Initial
     Cutoff Date, shall be not greater than [ ]%. The aggregate principal
     balance of the Last Scheduled Payments of Final Payment Receivables that
     are Subsequent Receivables sold to the Purchaser on a Subsequent Transfer
     Date, as of the related Subsequent Cutoff Date, as a percentage of the
     aggregate principal balance of all of such Subsequent Receivables as of
     such related Subsequent Cutoff Date, shall be not greater than [ ]%.

          (xxxi) Receivable Yield Supplement Amounts. An amount equal to the
     sum of all projected Yield Supplement Amounts for all future Payment Dates
     with respect to each Deferred Payment Receivable, assuming that no
     prepayments are made on the Deferred Payment Receivable, has been
     deposited to the Yield Supplement Account on or prior to the Closing Date
     or the related Subsequent Transfer Date, as applicable.

                                       14

<PAGE>

          (xxxii) Prepaid Receivables. No Receivable shall have been pre-paid
     by more than six monthly payments as of the related Cutoff Date.

          (xxxiii) Limited Credit Experience. The aggregate principal balance
     of the Subsequent Receivables sold to the Purchaser on a Subsequent
     Transfer Date on which the Obligor has limited credit experience, as of
     the related Subsequent Cutoff Date, as a percentage of the aggregate
     principal balance of all of such Subsequent Receivables as of such related
     Subsequent Cutoff Date, shall be not greater than [ ]%.

          (xxxiv) Deferred Payment Receivables. As of the Initial Cutoff Date
     $[ ] total Principal Balance of Deferred Payment Receivables included in
     the Initial Receivables had a first payment that, as of the date of
     inception of the Receivable, was deferred for _____ days.

          (xxxv) Modified Receivables. The APR of any Modified Receivable is
     equal to the APR of the related Deferred Payment Receivable. The date on
     which the final Scheduled Payment is due on a Modified Receivable is not
     different than the date set forth in the related Contract as the date on
     which the final Scheduled Payment under such Receivable is due. No
     Deferred Payment Receivable became a Modified Receivable after [_________,
     2001.]

                                   ARTICLE IV

                                   CONDITIONS

     SECTION 4.1. Conditions to Obligations of the Purchaser.

     (a) Initial Receivables. The obligation of the Purchaser to purchase the
Initial Receivables is subject to the satisfaction of the following conditions:

          (i) Representations and Warranties True. The representations and
     warranties of the Seller hereunder shall be true and correct on the
     Closing 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 Closing Date.

          (ii) Computer Files Marked. The Seller shall, at its own expense, on
     or prior to the Closing Date, indicate in its computer files that the
     Initial Receivables have been sold to the Purchaser pursuant to this
     Agreement and the First-Tier Initial Assignment and deliver to the
     Purchaser the Schedule of Initial Receivables certified by an officer of
     the Seller to be true, correct and complete.

          (iii) Documents to be delivered by the Seller at the Closing.

                                      15

<PAGE>

               (A) The First-Tier Initial Assignment. At the Closing, the
          Seller will execute and deliver the First-Tier Initial Assignment in
          substantially the form of Exhibit A-1 hereto.

               (B) The Yield Supplement Agreement. At the Closing, the Seller
          will execute and deliver the Yield Supplement Agreement.

               (C) Evidence of UCC Filing. Within ten (10) days of the Closing
          Date, the Seller shall record and file, at its own expense, a UCC-1
          financing statement in each jurisdiction in which required by
          applicable law, executed by the Seller, as seller or debtor, and
          naming the Purchaser, as purchaser or secured party, naming the
          Initial Receivables and the other property conveyed under Section
          2.1(a) as collateral, meeting the requirements of the laws of each
          such jurisdiction and in such manner as is necessary to perfect the
          sale, transfer, assignment and conveyance of the Initial Receivables
          to the Purchaser. The Seller shall deliver a file- stamped copy, or
          other evidence satisfactory to the Purchaser of such filing, to the
          Purchaser within ten (10) days of the Closing Date.

               (D) Other Documents. Such other documents as the Purchaser may
          reasonably request.

          (iv) Other Transactions. The transactions contemplated by the Sale
     and Servicing Agreement, the Indenture, the Trust Agreement and the
     Underwriting Agreement shall be consummated on the Closing Date.

     (b) Subsequent Receivables. The obligation of the Purchaser to purchase
the Subsequent Receivables to be conveyed to the Purchaser on each Subsequent
Transfer Date is subject to the satisfaction of the following conditions:

          (i) Representations and Warranties True. The representations and
     warranties of the Seller under Section 3.2(a) with respect to the Seller
     and Section 3.2(b) with respect to such Subsequent Receivables shall be
     true and correct as of the date as of which such representations and
     warranties are made, and the Seller shall have performed all obligations
     to be performed by it hereunder on or prior to the related Subsequent
     Transfer Date.

          (ii) Computer Files Marked. The Seller shall, at its own expense, on
     or prior to the related Subsequent Transfer Date, indicate in its computer
     files that such Subsequent Receivables have been sold to the Purchaser
     pursuant to this Agreement and the related First-Tier Subsequent
     Assignment and deliver to the Purchaser the related First-Tier Subsequent
     Assignment, including the related Schedule of Subsequent Receivables
     certified by an officer of the Seller to be true, correct and complete.

                                      16

<PAGE>

          (iii) Documents to be delivered by the Seller on the related
     Subsequent Transfer Date.

               (A) The First-Tier Subsequent Assignment. On the related
          Subsequent Transfer Date, the Seller will execute and deliver the
          related First-Tier Subsequent Assignment in substantially the form of
          Exhibit A-2 hereto.

               (B) Evidence of UCC Filing. Within ten (10) days of the related
          Subsequent Transfer Date, the Seller shall record and file, at its
          own expense, a UCC-1 financing statement in each jurisdiction in
          which required by applicable law, executed by the Seller, as seller
          or debtor, and naming the Purchaser, as purchaser or secured party,
          naming such Subsequent Receivables and the other property conveyed
          under Section 2.1(b) as collateral, meeting the requirements of the
          laws of each such jurisdiction and in such manner as is necessary to
          perfect the sale, transfer, assignment and conveyance of such
          Subsequent Receivables to the Purchaser. The Seller shall deliver a
          file-stamped copy, or other evidence satisfactory to the Purchaser of
          such filing, to the Purchaser within ten (10) days of the related
          Subsequent Transfer Date.

               (C) Officer's Certificate. The Seller shall have delivered to
          the Purchaser an Officer's Certificate confirming the satisfaction of
          each condition precedent specified in this Section 4.1(b)
          (substantially in the form attached as Annex A to the form of
          First-Tier Subsequent Assignment attached hereto as Exhibit A-2).

               (D) Other Documents. Such other documents as the Purchaser may
          reasonably request.

          (iv) As of the related Subsequent Transfer Date: (A) the Seller was
     not insolvent and will not become insolvent as a result of the transfer of
     such Subsequent Receivables on the related Subsequent Transfer Date, (B)
     the Seller did not intend to incur or believe that it would incur debts
     that would be beyond the Seller's ability to pay as such debts matured,
     (C) such transfer was not made by the Seller with actual intent to hinder,
     delay or defraud any Person and (D) the assets of the Seller did not
     constitute unreasonably small capital to carry out its business as
     conducted.

          (v) No selection procedures believed by the Seller to be adverse to
     the interests of the Purchaser, the Trust, the Noteholders or the
     Certificateholders shall have been utilized in selecting the Subsequent
     Receivables.

                                      17

<PAGE>

          (vi) The addition of the Subsequent Receivables will not result in a
     material adverse tax consequence to the Purchaser, the Trust, the
     Noteholders or the Certificateholders.

          (vii) All the conditions to the transfer of the Subsequent
     Receivables from the Purchaser to the Trust specified in Section 2.1(d) of
     the Sale and Servicing Agreement shall have been satisfied.

     SECTION 4.2. Conditions to Obligation of the Seller. The obligation of the
Seller to sell the Initial Receivables to the Purchaser on the Closing Date and
any Subsequent Receivables to the Purchaser on the related Subsequent Transfer
Date is subject to the satisfaction of the following conditions:

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

     (b) Receivables Purchase Prices. (i) On or prior to the Closing Date, the
Purchaser shall deliver to the Seller the Receivables Purchase Price, as
provided in Section 2.2(a); and (ii) on or prior to each Subsequent Transfer
Date, the Purchaser shall have delivered to the Seller the related Subsequent
Receivables Purchase Price, as provided in Section 2.2(b).

                                   ARTICLE V

                            COVENANTS OF THE SELLER

     The Seller agrees with the Purchaser as follows; provided, that to the
extent that any provision of this Article V conflicts with any provision of the
Sale and Servicing Agreement, the Sale and Servicing Agreement shall govern:

     SECTION 5.1. Protection of Right, Title and Interest.

     (a) The Seller shall execute and file such financing statements and cause
to be executed and filed such continuation statements, all in such manner and
in such places as may be required by law fully to preserve, maintain, and
protect the interest of the Purchaser under this Agreement in, to and under the
Receivables and the other property conveyed hereunder and in the proceeds
thereof. The Seller shall deliver (or cause to be delivered) to the Purchaser
file-stamped copies of, or filing receipts for, any document filed as provided
above, as soon as available following such filing.

     (b) The Seller shall not change its name, identity, or corporate structure
in any manner that would, could, or might make any financing statement or

                                      18
<PAGE>

continuation statement filed by the Seller in accordance with paragraph (a)
above seriously misleading within the meaning of Section 9-402(7) of the
Relevant UCC, unless it shall have given the Purchaser at least sixty (60)
days' prior written notice thereof and shall have promptly filed appropriate
amendments to all previously filed financing statements or continuation
statements.

     (c) The Seller shall give the Purchaser at least sixty (60) days' prior
written notice of any relocation of its principal executive office if, as a
result of such relocation, the applicable provisions of the Relevant UCC would
require the filing of any amendment of any previously filed financing or
continuation statement or of any new financing statement and shall promptly
file any such amendment, continuation statement or new financing statement. The
Seller shall at all times maintain each office from which it shall service
Receivables, and its principal executive office, within the United States of
America.

     (d) The Seller shall maintain accounts and records as to each Receivable
accurately and in sufficient detail to permit the reader thereof to know at any
time the status of such Receivable, including payments and recoveries made and
payments owing (and the nature of each).

     (e) The Seller shall maintain its computer systems so that, from and after
the time of sale hereunder of the Receivables to the Purchaser, the Seller's
master computer records (including any back-up archives) that refer to a
Receivable shall indicate clearly the interest of the Purchaser in such
Receivable and that such Receivable is owned by the Purchaser (or, upon sale of
the Receivables to the Trust, by the Trust). Indication of the Purchaser's
ownership of a Receivable shall be deleted from or modified on the Seller's
computer systems when, and only when, the Receivable shall have been paid in
full or repurchased.

     (f) If at any time the Seller shall propose to sell, grant a security
interest in, or otherwise transfer any interest in any automobile or
sports-utility vehicle receivables (other than the Receivables) to any
prospective purchaser, lender, or other transferee, the Seller shall give to
such prospective purchaser, lender, or other transferee computer tapes, compact
disks, records, or print-outs (including any restored from back-up archives)
that, if they shall refer in any manner whatsoever to any Receivable, shall
indicate clearly that such Receivable has been sold and is owned by the
Purchaser or its assignee unless such Receivable has been paid in full or
repurchased.

     (g) The Seller shall permit the Purchaser and its agents at any time
during normal business hours to inspect, audit, and make copies of and
abstracts from the Seller's records regarding any Receivable.

     (h) Upon request, the Seller shall furnish to the Purchaser, within ten
(10) Business Days, a list of all Receivables (by contract number and name of
Obligor) then owned by the Purchaser, together with a reconciliation of such
list to the Schedule of Receivables.

                                      19
<PAGE>

     SECTION 5.2. Other Liens or Interests. Except for the conveyances
hereunder, the Seller will not sell, pledge, assign or transfer any Receivable
to any other Person, or grant, create, incur, assume or suffer to exist any
Lien on any interest therein, and the Seller shall defend the right, title, and
interest of the Purchaser in, to and under the Receivables against all claims
of third parties claiming through or under the Seller; provided, however, that
the Seller's obligations under this Section 5.2 shall terminate upon the
termination of the Trust pursuant to the Trust Agreement.

     SECTION 5.3. Costs and Expenses. The Seller agrees to pay all reasonable
costs and disbursements in connection with the perfection, as against all third
parties, of the Purchaser's right, title and interest in, to and under the
Receivables.

     SECTION 5.4. Indemnification.

     (a) The Seller shall defend, indemnify, and hold harmless the Purchaser
from and against any and all costs, expenses, losses, damages, claims, and
liabilities, arising out of or resulting from the failure of a Receivable to be
originated in compliance with all requirements of law and for any breach of any
of the Seller's representations and warranties contained herein.

     (b) The Seller shall defend, indemnify, and hold harmless the Purchaser
from and against any and all costs, expenses, losses, damages, claims, and
liabilities, arising out of or resulting from the use, ownership, or operation
by the Seller or any Affiliate thereof of a Financed Vehicle.

     (c) The Seller shall defend, indemnify, and hold harmless the Purchaser
from and against any and all taxes, except for taxes on the net income of the
Purchaser, that may at any time be asserted against the Purchaser with respect
to the transactions contemplated herein and in the Yield Supplement Agreement,
including, without limitation, any sales, gross receipts, general corporation,
tangible personal property, privilege, or license taxes and costs and expenses
in defending against the same.

     (d) The Seller shall defend, indemnify, and hold harmless the Purchaser
from and against any and all costs, expenses, losses, damages, claims and
liabilities to the extent that such cost, expense, loss, damage, claim or
liability arose out of, or was imposed upon the Purchaser through, the
negligence, willful misfeasance, or bad faith of the Seller in the performance
of its duties under this Agreement or the Yield Supplement Agreement, as the
case may be, or by reason of reckless disregard of the Seller's obligations and
duties under the Agreement or the Yield Supplement Agreement, as the case may
be.

     (e) The Seller shall defend, indemnify, and hold harmless the Purchaser
from and against all costs, expenses, losses, damages, claims and liabilities
arising out of or incurred in connection with the acceptance or performance of
the Seller's trusts and duties

                                      20

<PAGE>

as Servicer under the Sale and Servicing Agreement, except to the extent that
such cost, expense, loss, damage, claim or liability shall be due to the
willful misfeasance, bad faith, or negligence (except for errors in judgment)
of the Purchaser.

     These indemnity obligations shall be in addition to any obligation that
the Seller may otherwise have.

     SECTION 5.5. Sale. The Seller agrees to treat this conveyance for all
purposes (including without limitation tax and financial accounting purposes)
as an absolute transfer on all relevant books, records, tax returns, financial
statements and other applicable documents.

     SECTION 5.6. Transfer of Subsequent Receivables. The Seller agrees to
transfer to the Purchaser, pursuant to Section 2.1(b), Subsequent Receivables
with an aggregate Adjusted Principal Balance as of the related Cutoff Dates
approximately equal to $___________, subject only to the availability of such
Subsequent Receivables.

     (b) Subject to Section 2.1(b), the Seller agrees to sell to the Purchaser
on each Payment Date during the Pre-Funding and Reinvestment Period, and the
Purchaser agrees to purchase from the Seller during such period, Eligible
Receivables having an aggregate Principal Balance equal to the Required
Reinvestment Amount for the preceding Collection Period, subject only to the
availability of such Receivables.

     (c) On or prior to each Determination Date during the Pre-Funding and
Reinvestment Period, the Purchaser, or the Servicer on its behalf, shall inform
the Seller of a Negative Carry Account Shortfall with respect to the following
Payment Date. The Seller shall have the option, but not the obligation, to pay
to the Purchaser an amount equal to such Negative Carry Account Shortfall by
depositing an amount equal to the Negative Carry Account Shortfall in the
Pre-Funding and Reinvestment Account on or prior to the second Business Day
preceding the Payment Date following the Determination Date.

                                   ARTICLE VI

                            MISCELLANEOUS PROVISIONS

     SECTION 6.1. 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 6.2. Repurchase Events. The Seller hereby covenants and agrees
with the Purchaser for the benefit of the Purchaser, the Indenture Trustee, the
Owner Trustee, the Noteholders and the Certificateholders, that the occurrence
of a breach of any of the Seller's representations and warranties contained in
Section 3.2(b) shall constitute an event obligating the

                                      21
<PAGE>

Seller to repurchase Receivables hereunder (each, a "Repurchase Event") at a
price equal to the Purchase Amount from the Purchaser or from the Trust.
Subject to Section 5.4(a), the repurchase obligation of the Seller shall
constitute the sole remedy to the Purchaser, the Indenture Trustee, the Owner
Trustee, the Noteholders and the Certificateholders against the Seller with
respect to any Repurchase Event.

     SECTION 6.3. Purchaser's Assignment of Repurchased Receivables. With
respect to all Receivables repurchased by the Seller pursuant to Section 6.2 of
this Agreement, the Purchaser shall assign, without recourse, representation or
warranty, to the Seller all the Purchaser's right, title and interest in, to
and under such Receivables, and all security and documents relating thereto.

     SECTION 6.4. Trust. The Seller acknowledges that:

     (a) The Purchaser will, pursuant to the Sale and Servicing Agreement, sell
the Initial Receivables to the Trust on the Closing Date and the Subsequent
Receivables to the Trust on the related Subsequent Transfer Dates and assign
its rights under this Agreement and the Yield Supplement Agreement to the Owner
Trustee for the benefit of the Noteholders and the Certificateholders, and that
the representations and warranties contained in this Agreement and the rights
of the Purchaser under this Agreement, including under Sections 6.2 and 6.3,
are intended to benefit the Trust, the Noteholders and the Certificateholders.
The Seller hereby consents to such sale and assignment.

     (b) The Trust will, pursuant to the Indenture, pledge the Receivables and
its rights under this Agreement and the Yield Supplement Agreement to the
Indenture Trustee for the benefit of the Noteholders, and the representations
and warranties contained in this Agreement and the rights of the Purchaser
under this Agreement, including under Sections 6.2 and 6.3, are intended to
benefit the Noteholders. The Seller hereby consents to such pledge.

     SECTION 6.5. Amendment. This Agreement may be amended from time to time by
a written amendment duly executed and delivered by the Seller and the
Purchaser; provided, however, that any such amendment that materially adversely
affects the rights of the Noteholders or the Certificateholders under the
Indenture, Sale and Servicing Agreement or Trust Agreement shall be consented
to by the Holders of Notes evidencing not less than 51% of the then Outstanding
Notes and the Holders of Certificates evidencing not less than 51% of the
Certificate Balance.

     SECTION 6.6. Accountants' Letters.

     (a) Ernst & Young LLP will perform certain procedures regarding the
characteristics of the Receivables described in the Schedule of Initial
Receivables set forth as Exhibit B hereto and will compare those
characteristics to the information with respect to the Initial Receivables
contained in the Prospectus.

                                       22

<PAGE>

     (b) Seller will cooperate with the Purchaser and Ernst & Young LLP in
making available all information and taking all steps reasonably necessary to
permit such accountants to complete the procedures set forth in Section 6.6(a)
above and to deliver the letters required of them under the Underwriting
Agreement.

     (c) Ernst & Young LLP will deliver to the Purchaser a letter, dated the
date of the Prospectus, in the form previously agreed to by the Seller and the
Purchaser, with respect to the financial and statistical information contained
in the Prospectus under the captions "Delinquency Experience," "Net Credit Loss
and Repossession Experience" and "Contracts Providing for Balloon Payments:
Loss Experience on Returned Vehicles" and with respect to such other
information as may be agreed in the forms of such letters.

     SECTION 6.7. Waivers. No failure or delay on the part of the Purchaser in
exercising any power, right or remedy under this Agreement or any Assignment
shall operate as a waiver thereof, nor shall any single or partial exercise of
any such power, right or remedy preclude any other or further exercise thereof
or the exercise of any other power, right or remedy.

     SECTION 6.8. Notices. All communications and notices pursuant hereto to
either party shall be in writing or by confirmed facsimile or telecopy and
addressed or delivered to it at its address shown in the opening portion of
this Agreement or at such other address as may be designated by it by notice to
the other party and, if mailed or sent by telecopy or facsimile, shall be
deemed given when mailed or when electronic confirmation of the telecopy or
facsimile is received.

     SECTION 6.9. Costs and Expenses. The Seller will 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 Purchaser,
excluding fees and expenses of counsel, in connection with the perfection as
against third parties of the Purchaser's right, title and interest in, to and
under the Receivables and the enforcement of any obligation of the Seller
hereunder.

     SECTION 6.10. Representations of the Seller and the Purchaser. The
respective agreements, representations, warranties and other statements by the
Seller and the Purchaser set forth in or made pursuant to this Agreement shall
remain in full force and effect and will survive the Closing.

     SECTION 6.11. Confidential Information. The Purchaser agrees that it will
neither use nor disclose to any Person the names and addresses of the Obligors,
except in connection with the enforcement of the Purchaser's rights hereunder,
under the Receivables, the Sale and Servicing Agreement or as required by law.

     SECTION 6.12. Headings and Cross-References. The various headings in this
Agreement are included for convenience only and shall not affect the meaning or
interpretation

                                      23

<PAGE>

of any provision of this Agreement. References in this Agreement to Section
names or numbers are to such Sections of this Agreement.

     SECTION 6.13. Governing Law. This Agreement and each Assignment shall be
governed by, and construed in accordance with, the internal laws of the State
of New York.

     SECTION 6.14. Agreements of Purchaser.

       (a) The Purchaser will not commingle any of its assets with those of the
Seller or the ultimate parent of the Purchaser.

       (b) The Purchaser will maintain separate corporate records and books of
account from those of the Seller or the ultimate parent of the Purchaser.

       (c) The Purchaser will conduct its business from an office separate from
the Seller or the ultimate parent of the Purchaser.

     SECTION 6.15. Counterparts. This Agreement may be executed in two or more
counterparts and by different parties on separate counterparts, each of which
shall be an original, but all of which together shall constitute one and the
same instrument.

                                      24

<PAGE>

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

                                      MITSUBISHI MOTORS CREDIT OF
                                      AMERICA, INC., as Seller

                                      By:
                                         -------------------------------------
                                         Name:
                                         Title:

                                      MMCA AUTO RECEIVABLES TRUST,
                                       as Purchaser

                                      By:
                                         -------------------------------------
                                         Name:
                                         Title:

<PAGE>

                                                                    EXHIBIT A-1

                     FORM OF FIRST-TIER INITIAL ASSIGNMENT

     For value received, in accordance with the Purchase Agreement, dated as of
__________, between the undersigned and MMCA AUTO RECEIVABLES TRUST (the
"Purchaser") (as amended, supplemented or otherwise modified and in effect from
time to time, the "Purchase Agreement"), the undersigned does hereby sell,
assign, transfer and otherwise convey unto the Purchaser, without recourse
(subject to the obligations in the Purchase Agreement), all right, title and
interest of the undersigned, whether now owned or hereafter acquired, in, to
and under the following, collectively: (i) the Initial Receivables; (ii) with
respect to Initial Receivables that are Actuarial Receivables, monies due
thereunder on or after the Initial Cutoff Date (including Payaheads) and, with
respect to Initial Receivables that are Simple Interest Receivables, monies
received thereunder on or after the Initial Cutoff Date; (iii) the security
interests in Financed Vehicles granted by Obligors pursuant to the Initial
Receivables and any other interest of the Seller in such Financed Vehicles;
(iv) all rights to receive proceeds with respect to the Initial Receivables
from claims on any physical damage, theft, credit life or disability insurance
policies covering the related Financed Vehicles or related Obligors; (v) all
rights to receive proceeds with respect to the Initial Receivables from
recourse to Dealers thereon pursuant to the Dealer Agreements; (vi) all of the
Seller's rights to the Receivable Files that relate to the Initial Receivables;
(vii) all payments and proceeds with respect to the Initial Receivables held by
the Seller; (viii) all property (including the right to receive Liquidation
Proceeds and Recoveries and Financed Vehicles and the proceeds thereof acquired
by the Seller pursuant to the terms of an Initial Receivable that is a Final
Payment Receivable), guarantees and other collateral securing an Initial
Receivable (other than an Initial Receivable purchased by the Servicer or
repurchased by the Seller); (ix) all rebates of premiums and other amounts
relating to insurance policies and other items financed under the Initial
Receivables in effect as of the Initial Cutoff Date; and (x) all present and
future claims, demands, causes of action and choses in action in respect of any
or all of the foregoing and all payments on or under and all proceeds of every
kind and nature whatsoever in respect of any or all of the foregoing, including
all proceeds of the conversion thereof, voluntary or involuntary, into cash or
other liquid property, all cash proceeds, accounts, accounts receivable, notes,
drafts, acceptances, chattel paper, checks, deposit accounts, insurance
proceeds, condemnation awards, rights to payment of any and every kind and
other forms of obligations and receivables, instruments and other property
which at any time constitute all or part of or are included in the proceeds of
any of the foregoing. The foregoing sale does not constitute and is not
intended to result in any assumption by the Purchaser of any obligation of the
undersigned to the Obligors, insurers or any other Person in connection with
the Initial Receivables, the related Receivable Files, any insurance policies
or any agreement or instrument relating to any of them.

     This First-Tier Initial Assignment is made pursuant to and upon the
representations, warranties and agreements on the part of the undersigned
contained in the Purchase Agreement and is to be governed by the Purchase
Agreement.

                                     A-1-1

<PAGE>

     In the event that the foregoing sale, assignment, transfer and conveyance
is deemed to be a pledge, the undersigned hereby grants to the Purchaser a
first priority security interest in all of the undersigned's right to and
interest in the Initial Receivables and other property described in clauses (i)
through (x) above to secure a loan deemed to have been made by the Purchaser to
the undersigned in an amount equal to the sum of the initial principal amount
of the Notes plus accrued interest thereon and the Initial Certificate Balance.

     This First-Tier Initial Assignment shall be construed in accordance with
the laws of the State of New York and the obligations of the undersigned under
this First-Tier Initial Assignment shall be determined in accordance with such
laws.

     Capitalized terms used and not otherwise defined herein shall have the
meanings assigned to such terms in, or incorporated by reference into, the
Purchase Agreement.

     IN WITNESS WHEREOF, the undersigned has caused this First-Tier Initial
Assignment to be duly executed as of __________.

                                      MITSUBISHI MOTORS CREDIT
                                      OF AMERICA, INC.

                                      By:
                                         -------------------------------------
                                         Name:
                                         Title:

<PAGE>

                                                                    EXHIBIT A-2

                    FORM OF FIRST-TIER SUBSEQUENT ASSIGNMENT

     For value received, in accordance with the Purchase Agreement, dated as of
[__________], between the undersigned and MMCA AUTO RECEIVABLES TRUST (the
"Purchaser") (as amended, supplemented or otherwise modified and in effect from
time to time, the "Purchase Agreement"), the undersigned does hereby sell,
assign, transfer and otherwise convey unto the Purchaser, without recourse
(subject to the obligations in the Purchase Agreement), all right, title and
interest of the undersigned, whether now owned or hereafter acquired, in, to
and under the following, collectively: (i) the Subsequent Receivables set forth
in the Schedule of Subsequent Receivables attached hereto as Schedule A; (ii)
with respect to the Subsequent Receivables that are Actuarial Receivables,
monies due thereunder on or after [________], [______] (the "Subsequent Cutoff
Date") (including Payaheads) and, with respect to Subsequent Receivables that
are Simple Interest Receivables, monies received thereunder on or after the
Subsequent Cutoff Date; (iii) the security interests in Financed Vehicles
granted by Obligors pursuant to such Subsequent Receivables and any other
interest of the Seller in such Financed Vehicles; (iv) all rights to receive
proceeds with respect to such Subsequent Receivables from claims on any
physical damage, theft, credit life or disability insurance policies covering
the related Financed Vehicles or related Obligors; (v) all rights to receive
proceeds with respect to such Subsequent Receivables from recourse to Dealers
thereon pursuant to Dealer Agreements; (vi) all of the Seller's rights to the
Receivable Files that relate to such Subsequent Receivables; (vii) all payments
and proceeds with respect to such Subsequent Receivables held by the Seller;
(viii) all property (including the right to receive Liquidation Proceeds and
Recoveries and Financed Vehicles and the proceeds thereof acquired by the
Seller pursuant to the terms of a Subsequent Receivable that is a Final Payment
Receivable), guarantees and other collateral securing a Subsequent Receivable
(other than a Subsequent Receivable purchased by the Servicer or repurchased by
the Seller); (ix) all rebates of premiums and other amounts relating to
insurance policies and other items financed under such Subsequent Receivables
in effect as of the Subsequent Cutoff Date; and (x) all present and future
claims, demands, causes of action and choses in action in respect of any or all
of the foregoing and all payments on or under and all proceeds of every kind
and nature whatsoever in respect of any or all of the foregoing, including all
proceeds of the conversion thereof, voluntary or involuntary, into cash or
other liquid property, all cash proceeds, accounts, accounts receivable, notes,
drafts, acceptances, chattel paper, checks, deposit accounts, insurance
proceeds, condemnation awards, rights to payment of any and every kind and
other forms of obligations and receivables, instruments and other property
which at any time constitute all or part of or are included in the proceeds of
any of the foregoing. The foregoing sale does not constitute and is not
intended to result in any assumption by the Purchaser of any obligation of the
undersigned to the Obligors, insurers or any other Person in connection with
the Subsequent Receivables, the related Receivable Files, any insurance
policies or any agreement or instrument relating to any of them.

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

                                     A-2-1

<PAGE>

Purchase Agreement (including the Officer's Certificate of the Seller
accompanying this First-Tier Subsequent Assignment) and is to be governed by
the Purchase Agreement.

     The Seller hereby represents that as of the Subsequent Cut-off Date the
aggregate Principal Balance of the Subsequent Receivables conveyed hereby was
$[____________].

     In the event that the foregoing sale, assignment, transfer and conveyance
is deemed to be a pledge, the undersigned hereby grants to the Purchaser a
first priority security interest in all of the undersigned's right to and
interest in the Subsequent Receivables and other property described in clauses
(i) through (x) above to secure a loan deemed to have been made by the
Purchaser to the undersigned in an amount equal to the sum of the initial
principal amount of the Notes plus accrued interest thereon and the Initial
Certificate Balance.

     This First-Tier Subsequent Assignment shall be construed in accordance
with the laws of the State of New York and the obligations of the undersigned
under this First-Tier Subsequent Assignment shall be determined in accordance
with such laws.

     Capitalized terms used and not otherwise defined herein shall have the
meanings assigned to such terms in, or incorporated by reference into, the
Purchase Agreement.

     IN WITNESS WHEREOF, the undersigned has caused this First-Tier Subsequent
Assignment to be duly executed as of [_________ __, _____].

                                MITSUBISHI MOTORS CREDIT
                                OF AMERICA, INC.

                                By:
                                   -------------------------------------
                                   Name:
                                   Title:

<PAGE>

                                                                     SCHEDULE A

               SCHEDULE OF SUBSEQUENT RECEIVABLES PROVIDED TO THE
            INDENTURE TRUSTEE ON THE SUBSEQUENT CLOSING DATE, WHICH
              MAY BE ON COMPUTER TAPE, COMPACT DISK, OR MICROFICHE

                                     A-2-3

<PAGE>

                                                                        ANNEX A

                             OFFICERS' CERTIFICATE

     The undersigned officer of Mitsubishi Motors Credit of America, Inc., a
Delaware corporation (the "Seller"), does hereby certify, pursuant to Section
4.1(b)(iii)(C) of the Purchase Agreement, dated as of [__________] (as amended,
supplemented or otherwise modified and in effect from time to time, the
"Purchase Agreement"), between the Seller and MMCA Auto Receivables Trust, a
Delaware business trust (the "Purchaser"), that all of the conditions precedent
to the transfer to the Purchaser of the Subsequent Receivables listed on
Schedule A to the First-Tier Subsequent Assignment delivered herewith, and the
other property and rights related to such Subsequent Receivables as described
in Section 2.1(b) of the Purchase Agreement, have been satisfied on or prior to
the related Subsequent Transfer Date.

     Capitalized terms used but not defined herein shall have the meanings
assigned to such terms in the Purchase Agreement.

     IN WITNESS WHEREOF, the undersigned have caused this certificate to be
duly executed this [______] day of [_______________], [______].

                                      By:
                                         -------------------------------------
                                         Name:
                                         Title:

                                     A-2-4

<PAGE>

                                                                      EXHIBIT B

                  SCHEDULE OF INITIAL RECEIVABLES PROVIDED TO
                   THE INDENTURE TRUSTEE ON THE CLOSING DATE,
                         WHICH MAY BE ON COMPUTER TAPE,
                          COMPACT DISK, OR MICROFICHE

                                      B-1

<PAGE>

                                                                     SCHEDULE A

                         Locations of Receivables Files

Corporate Office
6363 Katella Avenue
P.O. Box 6038
Cypress, CA  90630-5205

National Service Center
10805 Holder Street, Third Floor
P.O. Box 6043
Cypress, CA  90630-0040

                                      SA-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00016-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00016-of-00352.parquet"}]]