Document:

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                                                                        4(f)(29)

                               AMENDMENT NO. 2 TO
                     AMENDED AND RESTATED SECURITY AGREEMENT

                  AMENDMENT NO. 2 TO AMENDED AND RESTATED SECURITY AGREEMENT
(this "Amendment"), dated as of November 2, 2001, among KITTY HAWK FUNDING
CORPORATION, a Delaware corporation, as a secured party (together with its
successors and assigns, the "Company"), CAC FUNDING CORP., a Nevada corporation,
as debtor (together with its successors and assigns, the "Debtor"), CREDIT
ACCEPTANCE CORPORATION, a Michigan corporation, individually and as servicer
(together with its successors and assigns, the "Servicer"), and BANK OF AMERICA,
N.A., a national banking association ("Bank of America"), individually and as
collateral agent (together with its successors and assigns in such capacity, the
"Collateral Agent"), amending that certain Amended and Restated Security
Agreement (as amended to the date hereof, the "Security Agreement"), dated as of
July 20, 2001, among the Company, the Debtor, the Servicer and Bank of America,
individually and as Collateral Agent.

                  WHEREAS, the Debtor desires a Subsequent Funding as of the
date set forth above (the "November 2001 Funding");

                  WHEREAS, in order to secure the November 2001 Funding the
Debtor desires to utilize as collateral certain Loans and related property
related to the Funding that occurred on March 12, 2001 in addition to new Loans
and related property as set forth in Amendment No. 6 to the Contribution
Agreement dated as of even date herewith; and

                  WHEREAS, on the terms and conditions set forth herein, the
parties to the Security Agreement wish to amend the Security Agreement and set
forth certain other agreements as provided herein.

                  NOW, THEREFORE, the parties hereby agree as follows:

                  SECTION 1. Defined Terms. As used in this Amendment
capitalized terms have the same meanings assigned thereto in the Security
Agreement.

                  SECTION 2.  Amendments.

         (a) Section 1.1 of the Security Agreement is hereby amended by amending
the definition of "Blended Advance Rate" as follows (solely for

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convenience, changed text is italicized):

                  ""Blended Advance Rate" shall mean, as applicable, either (i)
                  the percentage designated by the Company, in its sole
                  discretion, on the day of the most recent Funding as the
                  Blended Advance Rate applicable to the Loans which are the
                  subject of such Funding, or (ii) the percentage designated by
                  the Company, in its sole discretion (using methodology similar
                  to that utilized in determining Blended Advance Rates in
                  connection with Fundings that occurred prior to the date of
                  this Amended and Restated Agreement and which may take into
                  account the fees and expenses of any Back-up Servicer), on the
                  day funds are released to the Debtor pursuant to the Release
                  Provisions as the Blended Advance Rate applicable to the Loans
                  which are the subject of such release. As of the Closing Date,
                  the Blended Advance Rate will be 72.77%."

         (b)      Section 1.1 of  the Security Agreement is hereby amended by
adding the following definitions (in appropriate alphabetical order):

                  ""Back-up Servicer" shall have the meaning specified in
                  Section 4.8."

                           ""Back-up Servicing Agreement" shall have the meaning
                  specified in Section 4.8."

                  ""November 2001 Funding" means the Funding that occurred on
                  November 2, 2001."

         (c)      Section 3.2(c)(ii) of the Security Agreement is hereby amended
as follows (solely for convenience, changed text is italicized):

                  "(ii) all information with respect to the Dealer Agreements
                  and the Loans and the Contracts and the other Collateral
                  provided to the Collateral Agent by the Debtor or the Servicer
                  was true and correct in all material respects as of the date
                  such information was provided to the Collateral Agent and the
                  methodology and assumptions applied by the Debtor and the
                  Servicer in respect of forecasting collections on the
                  Contracts has been consistently applied since December 1,
                  1999;

         (d)      Section 5.1(a)(vi) of the Security Agreement is hereby amended
as follows (solely for convenience, changed text is italicized):

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                  "(vi) (A) (x) with respect to Income Collections that relate
                  to the July 2001 Funding as of each Remittance Date up to and
                  including the January 2002 Remittance Date and (y) with
                  respect to Income Collections that relate to the November 2001
                  Funding as of each Remittance Date up to and including (I) the
                  March 2002 Remittance Date if a Back-up Servicer has been
                  designated and entered into a Back-up Servicing Agreement on
                  or prior to January 31, 2002 pursuant to Section 4.8 or (II)
                  the January 2002 Remittance Date if a Back-up Servicer has not
                  been designated or has not entered into a Back-up Servicing
                  Agreement on or prior to January 31, 2002 pursuant to Section
                  4.8, to the Debtor provided that (a) a Termination Date shall
                  not have occurred and a Potential Termination Event or a
                  Termination Event shall not have occurred or be continuing,
                  (b) after giving effect to such release to the Debtor, the Net
                  Investment related to any Funding will not be greater than the
                  product of (x) the applicable Aggregate Outstanding Eligible
                  Loan Balance minus the applicable Excluded Loan Balance and
                  (y) the applicable Blended Advance Rate, (c) additional Loans
                  which are satisfactory to the Agent are being conveyed to the
                  Debtor on such Remittance Date as described in Section 5.5
                  hereof, and, (d) the Required Reserve Account Balance is
                  deposited in the Reserve Account or the Debtor shall have
                  given irrevocable instructions to the Collateral Agent to
                  withhold from the proceeds of such release and to deposit in
                  the Reserve Account, an amount equal to the amount necessary
                  to cause the amount on deposit in the Reserve Account as of
                  such Remittance Date (after giving effect to any deposits or
                  withdrawals to occur on such date) to at least equal the
                  Required Reserve Account Balance after giving effect to such
                  release of funds; otherwise (B) to the Noteholder to reduce
                  the Net Investment, until the Net Investment has been reduced
                  to zero (it being understood that to the extent the conditions
                  provided for in part (A) above are not satisfied such that all
                  amounts that could have been released under this clause (vi)
                  are eligible for release to the Debtor, then only those funds
                  eligible for release shall be paid to the Debtor and the
                  remainder shall be paid to the Noteholder);"

         (e)      Section 5.1(b)(ii) of the Security Agreement is hereby amended
as follows (solely for convenience, changed text is italicized):

                  "(ii) to the Noteholder to reduce the related Net Investment
                  to an

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                  amount equal to the product of (x) the applicable Blended
                  Advance Rate (with respect to the July 2001 Funding or the
                  November 2001 Funding, the respective weighted average Blended
                  Advance Rate for such Funding and all releases related
                  thereto) and (y) (a) the applicable Aggregate Outstanding
                  Eligible Loan Balance determined as of the last day of the
                  related Collection Period minus (b) the applicable Excluded
                  Loan Balance;"

         (f)      Section 5.1(b)(iv) of the Security Agreement is hereby amended
as follows (solely for convenience, changed text is italicized):

                  "(iv)(A) (x) with respect to Principal Collections that relate
                  to the July 2001 Funding as of each Remittance Date up to and
                  including the January 2002 Remittance Date and (y) with
                  respect to Principal Collections that relate to the November
                  2001 Funding as of each Remittance Date up to and including
                  (I) the March 2002 Remittance Date if a Back-up Servicer has
                  been designated and entered into a Back-up Servicing Agreement
                  on or prior to January 31, 2002 pursuant to Section 4.8 or
                  (II) the January 2002 Remittance Date if a Back-up Servicer
                  has not been designated or has not entered into a Back-up
                  Servicing Agreement on or prior to January 31, 2002 pursuant
                  to Section 4.8, to the Debtor, provided that (a) a Termination
                  Date shall not have occurred and a Potential Termination Event
                  or a Termination Event shall not have occurred or be
                  continuing, (b) additional Loans which are satisfactory to the
                  Agent are being conveyed to the Debtor on such Remittance Date
                  as described in Section 5.5 hereof, and (c) the Required
                  Reserve Account Balance is deposited in the Reserve Account or
                  the Debtor shall have given irrevocable instructions to the
                  Collateral Agent to withhold from the proceeds of such release
                  and to deposit in the Reserve Account, an amount equal to the
                  amount necessary to cause the amount on deposit in the Reserve
                  Account as of such Remittance Date (after giving effect to any
                  deposits or withdrawals to occur on such date) to at least
                  equal the Required Reserve Account Balance after giving effect
                  to such release of funds; otherwise (B) to the Noteholder to
                  reduce the related Net Investment, until the related Net
                  Investment has been reduced to zero, then to any other Net
                  Investment(s) until reduced to zero (it being understood that
                  to the extent the conditions provided for in part (A) above
                  are not satisfied such that all amounts that could have been
                  released under this clause (iv) are eligible for release to
                  the

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                  Debtor, then only those funds eligible for release shall be
                  paid to the Debtor and the remainder shall be paid to the
                  Noteholder);"

         (g)      Article 4 of the Security Agreement is hereby amended by
adding the following Section 4.8:

                  "SECTION 4.8 Back-Up Servicer. On or before January 31, 2002,
                  the Servicer shall designate a back-up servicer acceptable to
                  the Collateral Agent in its sole discretion (the "Back-up
                  Servicer"), which such back-up servicer shall have entered
                  into a back-up servicing agreement on or before January 31,
                  2002 that is satisfactory in form and substance (including,
                  but not limited to, the scope of the back-up servicer's duties
                  and responsibilities specified therein) to the Collateral
                  Agent in its sole discretion (a "Back-up Servicing
                  Agreement")."

                  SECTION 3. Exhibit G. Exhibit G, the Form of Monthly
Servicer's Certificate appended to the Security Agreement is hereby deleted and
replaced with the attached revised Form of Monthly Servicer's Certificate.

                  SECTION 4. Blended Advance Rate. The Company has determined a
Blended Advance Rate for the November 2001 Funding that has been based in part
on assumptions with respect to collections received on the Loans related to such
Funding (the "November Blended Advance Rate"). The Debtor and/or the Servicer
shall provide, on or prior to November 12, 2001, confirmation as to the
correctness of such assumptions to the Company and if upon receipt thereof the
Company determines that the November Blended Advance Rate was higher than it
would otherwise have been had such information been available to the Company
prior to the November 2001 Funding, the Company shall have the right to apply a
revised November Blended Advance Rate retroactive to November 2, 2001, at which
point the Debtor shall, on or prior to November 16, 2001, either (i) pay to the
Company such amount as is necessary to reduce the Net Investment related to the
November 2001 Funding (the "November Net Investment") such that the November Net
Investment will not be greater than the product of (x) the applicable Aggregate
Outstanding Eligible Loan Balance minus the applicable Excluded Loan Balance and
(y) the revised November Blended Advance Rate, or (ii) provide additional Loans
and related Contracts as collateral for the November 2001 Funding such that the
November Net Investment will not be greater than the product of (x) the
applicable Aggregate Outstanding Eligible Loan Balance (including the additional
Loans and related Contracts added pursuant hereto) minus the applicable Excluded
Loan

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Balance and (y) the revised November Blended Advance Rate. The failure by the
Debtor to take one of the actions provided for in clause (i) or (ii) above in
the time required shall constitute a Termination Event under the Security
Agreement.

                  SECTION 5. Application of March 2001 Funding Collection.
Notwithstanding Section 5.1 of the Security Agreement, the Collateral Agent
shall utilize and apply all funds in the Collection Account that relate to the
Funding that occurred on March 12, 2001 (the "March 2001 Funding") on behalf of
the Debtor towards payment of the amounts required to be paid to the Company in
connection with the Release Agreement dated as of even date herewith among the
Debtor, Servicer, Company, and the Collateral Agent .

                  SECTION 6. November 2001 Funding. The collateral for the
November 2001 Funding will include certain Loans and related property related to
the Funding that occurred on March 12, 2001 as identified on Exhibit A hereto in
addition to new Loans and related property as set forth in Amendment No. 6 to
the Contribution Agreement dated as of even date herewith (collectively, the
"November Funding Collateral"), and all references to the Net Investment with
respect to the November 2001 Funding shall refer to the Net Investment related
to the November Funding Collateral.

                  SECTION 7. Representations and Warranties. The Debtor hereby
makes to the Collateral Agent, the Company and the Bank Investors, on and as of
the date hereof, all of the representations and warranties set forth in Sections
3.1 and 3.2 of the Security Agreement, except that to the extent that any of
such representations and warranties expressly relate to an earlier date, such
representations and warranties shall be true and correct as of such earlier
date.

                  SECTION 8. Effectiveness. This Amendment shall become
effective when it has been signed by the parties hereto.

                  SECTION 9. Costs and Expenses. The Debtor shall pay all of the
Company's, the Bank Investors' and the Collateral Agent's cost and expenses
(including out of pocket expenses and reasonable attorneys fees and
disbursements) incurred by them in connection with the preparation, execution
and delivery of this Amendment.

                  SECTION 10. Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

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                  SECTION 11. Severability; Counterparts. This Amendment may be
executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed shall be deemed to be an
original and all of which when taken together shall constitute one and the same
instrument. Any provisions of this Amendment which are prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, 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.

                  SECTION 12. Captions. The captions in this Amendment are for
convenience of reference only and shall not define or limit any of the terms or
provisions hereof.

                  SECTION 13. Ratification. Except as expressly affected by the
provisions hereof, the Security Agreement as amended shall remain in full force
and effect in accordance with its terms and ratified and confirmed by the
parties hereto. On and after the date hereof, each reference in the Security
Agreement to "this Agreement", "hereunder", "herein" or words of like import
shall mean and be a reference to the Security Agreement as amended by this
Amendment.

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                  IN WITNESS WHEREOF, the parties hereto have executed and
delivered this Amendment No.2 to the Amended and Restated Security Agreement as
of the date first written above.

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                                   CAC FUNDING CORP., as Debtor

                                   By: /S/ Matthew F. Hilzinger
                                      -------------------------
                                   Name: Matthew F. Hilzinger
                                   Title:   Chief Financial Officer

                                       CREDIT
                                   ACCEPTANCE CORPORATION, Individually and as
                                   Servicer

                                   By: /S/ Matthew F. Hilzinger
                                      -------------------------
                                   Name: Matthew F. Hilzinger
                                   Title:   Chief Financial Officer

                                   KITTY HAWK FUNDING CORPORATION,
                                    as Company

                                   By: /S/ Andy Yan
                                   Name: Andy Yan
                                   Title: Vice President

                                   BANK OF AMERICA, N.A., individually,
                                   as Collateral Agent

                                   By: /S/ Christopher G. Young
                                      -------------------------
                                   Name: Christopher G. Young
                                   Title: Vice President<PAGE>
                                                                        4(f)(30)
                               AMENDMENT NO. 7 TO
                             NOTE PURCHASE AGREEMENT

         AMENDMENT NO. 7 TO NOTE PURCHASE AGREEMENT (this "Amendment"), dated as
of November 2, 2001, among KITTY HAWK FUNDING CORPORATION, a Delaware
corporation, as a secured party (together with its successors and assigns, the
"Company"), CAC FUNDING CORP., a Nevada corporation, as issuer (together with
its successors and assigns, the "Issuer") and BANK OF AMERICA, N.A., a national
banking association ("Bank of America"), individually and as agent for the
Company and the Bank Investors (together with its successors and assigns in such
capacity, the "Agent"), amending that certain Note Purchase Agreement (as
amended to the date hereof, the "Note Purchase Agreement"), dated as of July 7,
1998, among the Company, the Issuer and Bank of America (known under the Note
Purchase Agreement as "NationsBank, N.A."), individually and as the Agent.

         WHEREAS, on the terms and conditions set forth herein, the parties
thereto wish to amend the Note Purchase Agreement as provided herein.

         NOW, THEREFORE, the parties hereby agree as follows:

         SECTION 1. Defined Terms. As used in this Amendment capitalized terms
have the same meanings assigned thereto in the Note Purchase Agreement.

         SECTION 2. Amendments.

                   (a) Section 1.1 of the Note Purchase Agreement is hereby
         amended by deleting the reference to "July 19, 2002" in the definition
         of "Commitment Termination Date" and replacing such reference with
         "November 1, 2002".

                   (b) Section 1.1 of the Note Purchase Agreement is hereby
         amended by deleting the reference to "July 19, 2002" in clause (viii)
         of the definition of "Termination Date" and replacing such reference
         with "November 1, 2002".

         SECTION 3. Representations and Warranties. The Issuer hereby makes to
the Agent, the Company and the Bank Investors, on and as of the date hereof, all
of the representations and warranties set forth in Section 4.1 of the Note
Purchase Agreement and Sections 3.1 and 3.2 of the Security Agreement, except
that to the extent that any of such representations and warranties expressly
relate to an earlier date, such representations and warranties shall be true and
correct as of such earlier date.

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         SECTION 4. Effectiveness. This Amendment shall become effective when it
has been signed by the parties hereto.

         SECTION 5. Condition Precedent to Subsequent Funding. Prior to the
Subsequent Funding on or next succeeding the date hereof, the Debtor shall
obtain and, unless otherwise consented to by the Agent, have at all times in
effect, an interest rate cap agreement (the "Interest Rate Cap") with a
financial institution (the "Cap Counterparty"), which shall at all times during
the term of the Interest Rate Cap be acceptable to the Agent and shall have at
all times a rating of at least "A3" from Moody's and "A-" from Standard & Poor's
and which has irrevocably and unconditionally agreed that, prior to the date
which is one year and one day after the payment in full of all Commercial Paper
issued by the Company, it will not acquiesce, petition or otherwise invoke or
cause the Debtor to invoke the process of any Governmental Authority for the
purpose of commencing or sustaining a case against the Debtor 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 Debtor or any substantial part of its property or ordering the winding-up
or liquidation of the affairs of the Debtor. The Interest Rate Cap shall be in
form and substance acceptable to the Agent and shall provide (i) that all
amounts payable thereunder shall be paid by the Cap Counterparty directly to the
Collection Account, (ii) that the Debtor's rights thereunder have been
irrevocably assigned to, and a security interest therein has been granted to,
the Collateral Agent for the benefit of the Secured Parties, (iii) for a strike
rate of not more than 6.5% per annum, and (iv) that it covers a notional amount
corresponding to an amortization schedule provided by the Collateral Agent and
attached hereto as Exhibit A. Nothing in this Section shall be interpreted as
limiting in any way the other conditions to Funding in the Note Purchase
Agreement or the Security Agreement.

         SECTION 6. Costs and Expenses. The Issuer shall pay all of the
Company's, the Bank Investors' and the Agent's cost and expenses (including out
of pocket expenses and reasonable attorneys fees and disbursements) incurred by
them in connection with the preparation, execution and delivery of this
Amendment.

         SECTION 7. Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

         SECTION 8. Severability; Counterparts. This Amendment may be executed
in any number of counterparts and by different parties hereto in separate

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counterparts, each of which when so executed shall be deemed to be an original
and all of which when taken together shall constitute one and the same
instrument. Any provisions of this Amendment which are prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, 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.

         SECTION 9. Captions. The captions in this Amendment are for convenience
of reference only and shall not define or limit any of the terms or provisions
hereof.

         SECTION 10. Ratification. Except as expressly affected by the
provisions hereof, the Note Purchase Agreement as amended shall remain in full
force and effect in accordance with its terms and ratified and confirmed by the
parties hereto. On and after the date hereof, each reference in the Note
Purchase Agreement to "this Agreement", "hereunder", "herein" or words of like
import shall mean and be a reference to the Agreement as amended by this
Amendment.

            [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

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         IN WITNESS WHEREOF, the parties hereto have executed and delivered this
Amendment No. 7 to the Note Purchase Agreement as of the date first written
above.

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                                     CAC FUNDING CORP., as Issuer

                                     By: /S/ Robert R. Krakowiak
                                         ---------------------------
                                         Name: Robert R. Krakowiak
                                         Title: Treasurer

                                     KITTY HAWK FUNDING CORPORATION,
                                     as Company

                                     By: /S/ Andy Yan
                                         ------------
                                         Name: Andy Yan
                                         Title: Vice President

                                     BANK OF AMERICA, N.A., Individually and
                                     as Collateral Agent

                                     By: /S/ Christopher G. Young
                                         ------------------------
                                         Name: Christopher G. Young
                                         Title:  Vice President

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