Document:

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                                                                     EXHIBIT 4.2

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                                    INDENTURE

                                     between

                       DAIMLERCHRYSLER AUTO TRUST 2000-B,
                                    as Issuer

                                       and

                         BANK ONE, NATIONAL ASSOCIATION,
                              as Indenture Trustee

                             Dated as of May 1, 2000

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                                TABLE OF CONTENTS
<TABLE>
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                                                                                                        PAGE
                                                                                                        ----
                                                   ARTICLE I
                                 Definitions and Incorporation by Reference
<S>                                                                                                     <C>
         SECTION 1.02.     Definitions.......................................................................2
         SECTION 1.02.     Incorporation by Reference of Trust Indenture Act.................................9
         SECTION 1.03.     Rules of Construction.............................................................9

                                                  ARTICLE II
                                                   The Notes

         SECTION 2.01.     Form.............................................................................10
         SECTION 2.02.     Execution, Authentication and Delivery...........................................10
         SECTION 2.03.     Temporary Notes..................................................................11
         SECTION 2.04.     [Reserved].......................................................................11
         SECTION 2.05.     Registration; Registration of Transfer and Exchange..............................11
         SECTION 2.06.     Mutilated, Destroyed, Lost or Stolen Notes.......................................12
         SECTION 2.07.     Persons Deemed Owner.............................................................13
         SECTION 2.08.     Payment of Principal and Interest; Defaulted Interest............................13
         SECTION 2.09.     Cancellation.....................................................................14
         SECTION 2.10.     Release of Collateral............................................................14
         SECTION 2.11.     Book-Entry Notes.................................................................14
         SECTION 2.12.     Notices to Clearing Agency.......................................................15
         SECTION 2.13.     Definitive Notes.................................................................15
         SECTION 2.14.     Tax Treatment....................................................................16

                                                 ARTICLE III
                                                  Covenants

         SECTION 3.01.     Payment of Principal and Interest................................................16
         SECTION 3.02.     Maintenance of Office or Agency..................................................16
         SECTION 3.03.     Money for Payments To Be Held in Trust...........................................16
         SECTION 3.04.     Existence........................................................................18
         SECTION 3.05.     Protection of Trust Estate.......................................................18
         SECTION 3.06.     Opinions as to Trust Estate......................................................19
         SECTION 3.07.     Performance of Obligations; Servicing of Receivables.............................19
         SECTION 3.08.     Negative Covenants...............................................................21
         SECTION 3.09.     Annual Statement as to Compliance................................................21
         SECTION 3.10.     Issuer May Consolidate, etc., Only on Certain Terms..............................22
         SECTION 3.11.     Successor or Transferee..........................................................23
         SECTION 3.12.     No Other Business................................................................23
         SECTION 3.13.     No Borrowing.....................................................................24
         SECTION 3.14.     Servicer's Obligations...........................................................24
         SECTION 3.15.     Guarantees, Loans, Advances and Other Liabilities................................24
         SECTION 3.16.     Capital Expenditures.............................................................24
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<TABLE>
<S>                                                                                                         <C>
         SECTION 3.17.     Removal of Administrator.........................................................24
         SECTION 3.18.     Restricted Payments..............................................................24
         SECTION 3.19.     Notice of Events of Default......................................................24
         SECTION 3.20.     Further Instruments and Acts.....................................................24

                                                  ARTICLE IV
                                          Satisfaction and Discharge

         SECTION 4.01.     Satisfaction and Discharge of Indenture..........................................25
         SECTION 4.02.     Application of Trust Money.......................................................26
         SECTION 4.03.     Repayment of Moneys Held by Paying Agent.........................................26

                                                  ARTICLE V
                                                  Remedies

         SECTION 5.01.     Events of Default................................................................26
         SECTION 5.02.     Acceleration of Maturity; Rescission and Annulment...............................27
         SECTION 5.03.     Collection of Indebtedness and Suits for Enforcement
                           by Indenture Trustee.............................................................28
         SECTION 5.04.     Remedies; Priorities.............................................................30
         SECTION 5.05.     Optional Preservation of the Receivables.........................................31
         SECTION 5.06.     Limitation of Suits..............................................................32
         SECTION 5.07.     Unconditional Rights of Noteholders To Receive
                           Principal and Interest...........................................................32
         SECTION 5.08.     Restoration of Rights and Remedies...............................................32
         SECTION 5.09.     Rights and Remedies Cumulative...................................................33
         SECTION 5.10.     Delay or Omission Not a Waiver...................................................33
         SECTION 5.11.     Control by Noteholders...........................................................33
         SECTION 5.12.     Waiver of Past Defaults..........................................................34
         SECTION 5.13.     Undertaking for Costs............................................................34
         SECTION 5.14.     Waiver of Stay or Extension Laws.................................................34
         SECTION 5.15.     Action on Notes..................................................................34
         SECTION 5.16.     Performance and Enforcement of Certain Obligations...............................35

                                                 ARTICLE VI
                                           The Indenture Trustee

         SECTION 6.01.     Duties of Indenture Trustee......................................................35
         SECTION 6.02.     Rights of Indenture Trustee......................................................36
         SECTION 6.03.     Individual Rights of Indenture Trustee...........................................37
         SECTION 6.04.     Indenture Trustee's Disclaimer...................................................37
         SECTION 6.05.     Notice of Defaults...............................................................37
         SECTION 6.06.     Reports by Indenture Trustee to Holders..........................................37
         SECTION 6.07.     Compensation and Indemnity.......................................................37
         SECTION 6.08.     Replacement of Indenture Trustee.................................................38
         SECTION 6.09.     Successor Indenture Trustee by Merger............................................39
         SECTION 6.10.     Appointment of Co-Indenture Trustee or
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<TABLE>
<S>                                                                                                         <C>
                           Separate Indenture Trustee.......................................................39
         SECTION 6.11.     Eligibility; Disqualification....................................................40
         SECTION 6.12.     Preferential Collection of Claims Against Issuer.................................40
         SECTION 6.13.     Pennsylvania Motor Vehicle Sales Finance Act Licenses............................40

                                                 ARTICLE VII
                                        Noteholders' Lists and Reports

         SECTION 7.01.     Issuer To Furnish Indenture Trustee Names and Addresses of Noteholders...........41
         SECTION 7.02.     Preservation of Information; Communications
                           to Noteholders...................................................................41
         SECTION 7.03.     Reports by Issuer................................................................41
         SECTION 7.04.     Reports by Indenture Trustee.....................................................42

                                                 ARTICLE VIII
                                     Accounts, Disbursements and Releases

         SECTION 8.01.     Collection of Money..............................................................42
         SECTION 8.02.     Deposit Account..................................................................42
         SECTION 8.03.     General Provisions Regarding Accounts............................................43
         SECTION 8.04.     Release of Trust Estate..........................................................44
         SECTION 8.05.     Opinion of Counsel...............................................................45

                                                 ARTICLE IX
                                          Supplemental Indentures

         SECTION 9.01.     Supplemental Indentures Without Consent of Noteholders...........................45
         SECTION 9.02.     Supplemental Indentures with Consent of Noteholders..............................46
         SECTION 9.03.     Execution of Supplemental Indentures.............................................47
         SECTION 9.04.     Effect of Supplemental Indenture.................................................48
         SECTION 9.05.     Conformity with Trust Indenture Act..............................................48
         SECTION 9.06.     Reference in Notes to Supplemental Indentures....................................48

                                                ARTICLE X
                                           Redemption of Notes

         SECTION 10.01.    Redemption.......................................................................48
         SECTION 10.02.    Form of Redemption Notice........................................................49
         SECTION 10.03.    Notes Payable on Redemption Date.................................................49

                                               ARTICLE XI
                                             Miscellaneous

         SECTION 11.01.    Compliance Certificates and Opinions, etc........................................49
         SECTION 11.02.    Form of Documents Delivered to Indenture Trustee.................................51
         SECTION 11.03.    Acts of Noteholders..............................................................52
         SECTION 11.04.    Notices, etc., to Indenture Trustee, Issuer and
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<TABLE>

<S>                                                                                                         <C>
                           Rating Agencies..................................................................52
         SECTION 11.05.    Notices to Noteholders; Waiver...................................................53
         SECTION 11.06.    Alternate Payment and Notice Provisions..........................................53
         SECTION 11.07.    Conflict with Trust Indenture Act................................................53
         SECTION 11.08.    Effect of Headings and Table of Contents.........................................54
         SECTION 11.09.    Successors and Assigns...........................................................54
         SECTION 11.10.    Separability.....................................................................54
         SECTION 11.11.    Benefits of Indenture............................................................54
         SECTION 11.12.    Legal Holidays...................................................................54
         SECTION 11.13.    GOVERNING LAW....................................................................54
         SECTION 11.14.    Counterparts.....................................................................54
         SECTION 11.15.    Recording of Indenture...........................................................54
         SECTION 11.16.    Trust Obligation.................................................................55
         SECTION 11.17.    No Petition......................................................................55
         SECTION 11.18.    Inspection.......................................................................55
</TABLE>

SCHEDULE A        -        Schedule of Receivables

EXHIBIT A-1       -        Form of Class A-1 Note
EXHIBIT A-2       -        Form of Class A-2 Note
EXHIBIT A-3       -        Form of Class A-3 Note
EXHIBIT A-4       -        Form of Class A-4 Note
EXHIBIT B         -        Form of Note Depository Agreement

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     INDENTURE dated as of May 1, 2000, between DAIMLERCHRYSLER AUTO TRUST
2000-B, a Delaware business trust (the "Issuer"), and BANK ONE, NATIONAL
ASSOCIATION, a national banking association, as trustee and not in its
individual capacity (the "Indenture Trustee").

     Each party agrees as follows for the benefit of the other party and for the
equal and ratable benefit of the Holders of the Issuer's Class A-1 6.72% Asset
Backed Notes (the "Class A-1 Notes"), Class A-2 7.30% Asset Backed Notes (the
"Class A-2 Notes"), Class A-3 7.53% Asset Backed Notes (the "Class A-3 Notes")
and Class A-4 7.63% Asset Backed Notes (the "Class A-4 Notes" and, together with
the Class A-1 Notes, the Class A-2 Notes and Class A-3 Notes, the "Notes"):

                                GRANTING CLAUSE

     The Issuer hereby Grants to the Indenture Trustee at the Closing Date, as
Indenture Trustee for the benefit of the Holders of the Notes, all of the
Issuer's right, title and interest in and to (a) the Receivables and all moneys
received thereon on and after April 27, 2000; (b) the security interests in the
Financed Vehicles granted by Obligors pursuant to the Receivables and any other
interest of the Issuer in such Financed Vehicles; (c) any proceeds with respect
to the Receivables from claims on any physical damage, credit life or disability
insurance policies covering Financed Vehicles or Obligors; (d) any proceeds with
respect to the Receivables from recourse to Dealers thereon with respect to
which the Servicer has determined in accordance with its customary servicing
procedures that eventual payment in full is unlikely; (e) any Financed Vehicle
that shall have secured a Receivable and that shall have been acquired by or on
behalf of the Seller, the Servicer, the Company or the Issuer; (f) all funds on
deposit from time to time in the Deposit Account, including the Reserve Account
Initial Deposit, and in all investments and proceeds thereof (including all
income thereon); (g) the Sale and Servicing Agreement (including the Issuer's
right to cause the Seller to repurchase Receivables from the Issuer under
certain circumstances described therein); and (h) all present and future claims,
demands, causes of action and chooses 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 (collectively, the "Collateral").

     The foregoing Grant is made in trust to secure the payment of principal of
and interest on, and any other amounts owing in respect of, the Notes, equally
and ratably without prejudice, priority or distinction, and to secure compliance
with the provisions of this Indenture, all as provided in this Indenture.

     The Indenture Trustee, as Indenture Trustee on behalf of the Holders of the
Notes, acknowledges such Grant, accepts the trusts under this Indenture in
accordance with the provisions of this Indenture and agrees to perform its
duties required in this Indenture to the best

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of its ability to the end that the interests of the Holders of the Notes may be
adequately and effectively protected.

                                    ARTICLE I

                   Definitions and Incorporation by Reference

     SECTION 1.01. (a) Definitions. Except as otherwise specified herein or as
the context may otherwise require, the following terms have the respective
meanings set forth below for all purposes of this Indenture.

     "Act" has the meaning specified in Section 11.03(a).

     "Administration Agreement" means the Administration Agreement dated as of
May 1, 2000, among the Administrator, the Issuer and the Indenture Trustee.

     "Administrator" means Chrysler Financial Company L.L.C., a Michigan limited
liability company, or any successor Administrator under the Administration
Agreement.

     "Affiliate" means, with respect to any specified Person, any other Person
controlling or controlled by or under common control with such specified Person.
For the purposes of this definition, "control" when used with respect to any
Person means the power to direct the management and policies of such Person,
directly or indirectly, whether through the ownership of voting securities, by
contract or otherwise; and the terms "controlling" and "controlled" have
meanings correlative to the foregoing.

     "Authorized Officer" means, with respect to the Issuer, any officer of the
Owner Trustee who is authorized to act for the Owner Trustee in matters relating
to the Issuer and who is identified on the list of Authorized Officers delivered
by the Owner Trustee to the Indenture Trustee on the Closing Date (as such list
may be modified or supplemented from time to time thereafter) and, so long as
the Administration Agreement is in effect, any Vice President or more senior
officer of the Administrator who is authorized to act for the Administrator in
matters relating to the Issuer and to be acted upon by the Administrator
pursuant to the Administration Agreement and who is identified on the list of
Authorized Officers delivered by the Administrator to the Indenture Trustee on
the Closing Date (as such list may be modified or supplemented from time to time
thereafter).

     "Basic Documents" means the Certificate of Trust, the Trust Agreement, the
Sale and Servicing Agreement, the Purchase Agreement, the Administration
Agreement, the Note Depository Agreement and other documents and certificates
delivered in connection therewith.

     "Book-Entry Notes" means a beneficial interest in the Class A-2 Notes,
Class A-3 Notes and Class A-4 Notes, ownership and transfers of which shall be
made through book entries by a Clearing Agency as described in Section 2.11.

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     "Business Day" means any day other than a Saturday, a Sunday or a day on
which banking institutions or trust companies in The City of New York are
authorized or obligated by law, regulation or executive order to remain closed.

     "Certificate of Trust" means the certificate of trust of the Issuer
substantially in the form of Exhibit B to the Trust Agreement.

     "Class A-1 Interest Accrual Period" means the period from and including the
most recent Payment Date on which interest has been paid (or, in the case of the
first Payment Date, the Closing Date) to but excluding the following Payment
Date.

     "Class A-1 Interest Rate" means 6.72% per annum (computed on the basis of
the actual number of days in the Class A-1 Interest Accrual Period divided by
360).

     "Class A-1 Notes" means the Class A-1 6.72% Asset Backed Notes,
substantially in the form of Exhibit A-1.

     "Class A-2 Interest Rate" means 7.30% per annum (computed on the basis of a
360-day year consisting of twelve 30-day months).

     "Class A-2 Notes" means the Class A-2 7.30% Asset Backed Notes,
substantially in the form of Exhibit A-2.

     "Class A-3 Interest Rate" means 7.53% per annum (computed on the basis of a
360-day year consisting of twelve 30-day months).

     "Class A-3 Notes" means the Class A-3 7.53% Asset Backed Notes,
substantially in the form of Exhibit A-3.

     "Class A-4 Interest Rate" means 7.63% per annum (computed on the basis of a
360-day year consisting of twelve 30-day months).

     "Class A-4 Notes" means the Class A-4 7.63% Asset Backed Notes,
substantially in the form of Exhibit A-4.

     "Clearing Agency" means an organization registered as a "clearing agency"
pursuant to Section 17A of the Exchange Act.

     "Clearing Agency Participant" means a broker, dealer, bank, other financial
institution or other Person for whom from time to time a Clearing Agency effects
book-entry transfers and pledges of securities deposited with the Clearing
Agency.

     "Closing Date" means May 15, 2000.

     "Code" means the Internal Revenue Code of 1986, as amended from time to
time, and Treasury Regulations promulgated thereunder.

     "Collateral" has the meaning specified in the Granting Clause of this
Indenture.

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     "Company" means DaimlerChrysler Retail Receivables LLC, a Michigan limited
liability company, any successor in interest and any transferee of the Rights
(as defined in the Purchase Agreement) that becomes such transferee in
accordance with Section 5.06 of the Purchase Agreement.

     "Corporate Trust Office" means the principal office of the Indenture
Trustee at which at any particular time its corporate trust business shall be
administered, which office at the date of execution of this Agreement is located
at 1 Bank One Plaza, Mailcode IL1-0126, Chicago, Illinois 60670-0126, Attention:
Corporate Trust Services Division, or at such other address as the Indenture
Trustee may designate from time to time by notice to the Noteholders and the
Issuer, or the principal corporate trust office of any successor Indenture
Trustee at the address designated by such successor Indenture Trustee by notice
to the Noteholders and the Issuer.

     "Default" means any occurrence that is, or with notice or the lapse of time
or both would become, an Event of Default.

     "Definitive Notes" has the meaning specified in Section 2.11.

     "Event of Default" has the meaning specified in Section 5.01.

     "Exchange Act" means the Securities Exchange Act of 1934, as amended.

     "Executive Officer" means, with respect to any corporation, the Chief
Executive Officer, Chief Operating Officer, Chief Financial Officer, President,
Executive Vice President, any Vice President, the Secretary or the Treasurer of
such corporation; and with respect to any partnership, any general partner
thereof.

     "Grant" means mortgage, pledge, bargain, warrant, alienate, remise,
release, convey, assign, transfer, create, and grant a lien upon and a security
interest in and a right of set-off against, deposit, set over and confirm
pursuant to this Indenture. A Grant of the Collateral or of any other agreement
or instrument shall include all rights, powers and options (but none of the
obligations) of the granting party thereunder, including the immediate and
continuing right to claim for, collect, receive and give receipt for principal
and interest payments in respect of the Collateral and all other moneys payable
thereunder, to give and receive notices and other communications, to make
waivers or other agreements, to exercise all rights and options, to bring
Proceedings in the name of the granting party or otherwise, and generally to do
and receive anything that the granting party is or may be entitled to do or
receive thereunder or with respect thereto.

     "Holder" or "Noteholder" means the Person in whose name a Note is
registered on the Note Register.

     "Indenture Trustee" means Bank One, National Association, a national
banking association, as Indenture Trustee under this Indenture, or any successor
Indenture Trustee under this Indenture.

     "Independent" means, when used with respect to any specified Person, that
the Person (a) is in fact independent of the Issuer, any other obligor on the
Notes, the Seller and any

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Affiliate of any of the foregoing Persons, (b) does not have any direct
financial interest or any material indirect financial interest in the Issuer,
any such other obligor, the Seller or any Affiliate of any of the foregoing
Persons and (c) is not connected with the Issuer, any such other obligor, the
Seller or any Affiliate of any of the foregoing Persons as an officer, employee,
promoter, underwriter, trustee, partner, director or person performing similar
functions.

     "Independent Certificate" means a certificate or opinion to be delivered to
the Indenture Trustee under the circumstances described in, and otherwise
complying with, the applicable requirements of Section 11.01, made by an
Independent appraiser or other expert appointed by an Issuer Order and approved
by the Indenture Trustee in the exercise of reasonable care, and such opinion or
certificate shall state that the signer has read the definition of "Independent"
in this Indenture and that the signer is Independent within the meaning thereof.

     "Interest Accrual Period" means, with respect to any Payment Date and the
Notes, other than the Class A-1 Notes, the period from and including the eighth
day of the month preceding the month of such Payment Date (or, in the case of
the first Payment Date, the Closing Date) to and including the seventh day of
the month of such Payment Date.

     "Interest Rate" means the Class A-1 Interest Rate, the Class A-2 Interest
Rate, the Class A-3 Interest Rate or the Class A-4 Interest Rate.

     "Issuer" means DaimlerChrysler Auto Trust 2000-B until a successor replaces
it and, thereafter, means the successor and, for purposes of any provision
contained herein and required by the TIA, each other obligor on the Notes.

     "Issuer Order" or "Issuer Request" means a written order or request signed
in the name of the Issuer by any one of its Authorized Officers and delivered to
the Indenture Trustee.

     "Notes" means Class A-1 Notes, Class A-2 Notes, Class A-3 Notes or Class
A-4 Notes.

     "Note Depository Agreement" means the agreement dated May 15, 2000, among
the Issuer, the Administrator, the Indenture Trustee and The Depository Trust
Company, as the initial Clearing Agency, relating to the Class A-1 Notes, the
Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes, substantially in
the form of Exhibit B.

     "Note Owner" means, with respect to a Book-Entry Note, the Person who is
the beneficial owner of such Book-Entry Note, as reflected on the books of the
Clearing Agency or on the books of a Person maintaining an account with such
Clearing Agency (directly as a Clearing Agency Participant or as an indirect
participant, in each case in accordance with the rules of such Clearing Agency).

     "Note Register" and "Note Registrar" have the respective meanings specified
in Section 2.05.

     "Officer's Certificate" means a certificate signed by any Authorized
Officer of the Issuer, under the circumstances described in, and otherwise
complying with, the applicable requirements of Section 11.01, and delivered to
the Indenture Trustee. Unless otherwise specified, any

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reference in this Indenture to an Officer's Certificate shall be to an Officer's
Certificate of any Authorized Officer of the Issuer.

     "Opinion of Counsel" means one or more written opinions of counsel who may,
except as otherwise expressly provided in this Indenture, be an employee of or
counsel to the Issuer and who shall be satisfactory to the Indenture Trustee,
and which opinion or opinions shall be addressed to the Indenture Trustee as
Indenture Trustee, shall comply with any applicable requirements of Section
11.01 and shall be in form and substance satisfactory to the Indenture Trustee.

     "Outstanding" means, as of the date of determination, all Notes theretofore
authenticated and delivered under this Indenture except:

          (i)   Notes theretofore cancelled by the Note Registrar or delivered
to the Note Registrar for cancellation;

          (ii)  Notes or portions thereof the payment for which money in the
necessary amount has been theretofore deposited with the Indenture Trustee or
any Paying Agent in trust for the Holders of such Notes (provided, however, that
if such Notes are to be redeemed, notice of such redemption has been duly given
pursuant to this Indenture or provision for such notice has been made,
satisfactory to the Indenture Trustee); and

          (iii) Notes in exchange for or in lieu of which other Notes have been
authenticated and delivered pursuant to this Indenture unless proof satisfactory
to the Indenture Trustee is presented that any such Notes are held by a bona
fide purchaser;

provided, that in determining whether the Holders of the requisite Outstanding
Amount of the Notes have given any request, demand, authorization, direction,
notice, consent or waiver hereunder or under any Basic Document, Notes owned by
the Issuer, any other obligor upon the Notes, the Seller or any Affiliate of any
of the foregoing Persons shall be disregarded and deemed not to be Outstanding,
except that, in determining whether the Indenture Trustee shall be protected in
relying upon any such request, demand, authorization, direction, notice, consent
or waiver, only Notes that the Indenture Trustee knows to be so owned shall be
so disregarded. Notes so owned that have been pledged in good faith may be
regarded as Outstanding if the pledgee establishes to the satisfaction of the
Indenture Trustee the pledgee's right so to act with respect to such Notes and
that the pledgee is not the Issuer, any other obligor upon the Notes, the Seller
or any Affiliate of any of the foregoing Persons.

     "Outstanding Amount" means the aggregate principal amount of all Notes, or
Class of Notes, as applicable, Outstanding at the date of determination.

     "Owner Trustee" means Chase Manhattan Bank Delaware, not in its individual
capacity but solely as Owner Trustee under the Trust Agreement, or any successor
Owner Trustee under the Trust Agreement.

     "Paying Agent" means the Indenture Trustee or any other Person that meets
the eligibility standards for the Indenture Trustee specified in Section 6.11
and is authorized by the Issuer to

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make payments to and distributions from the Deposit Account, including payments
of principal of or interest on the Notes on behalf of the Issuer.

     "Payment Date" has the meaning assigned to it in the Sale And Servicing
Agreement.

     "Person" means any individual, corporation, estate, partnership, joint
venture, association, joint stock company, trust (including any beneficiary
thereof), unincorporated organization or government or any agency or political
subdivision thereof.

     "Predecessor Note" means, with respect to any particular Note, every
previous Note evidencing all or a portion of the same debt as that evidenced by
such particular Note; and, for the purpose of this definition, any Note
authenticated and delivered under Section 2.06 in lieu of a mutilated, lost,
destroyed or stolen Note shall be deemed to evidence the same debt as the
mutilated, lost, destroyed or stolen Note.

     "Proceeding" means any suit in equity, action at law or other judicial or
administrative proceeding.

     "Purchase Agreement" means the Purchase Agreement dated as of May 1, 2000,
between the Seller and the Company.

     "Rating Agency Condition" means, with respect to any action, that each
Rating Agency shall have been given 10 days (or such shorter period as is
acceptable to each Rating Agency) prior notice thereof and that each of the
Rating Agencies shall have notified the Seller, the Servicer and the Issuer in
writing that such action will not result in a reduction or withdrawal of the
then current rating of the Notes.

     "Rating Agency" means Moody's Investors Service ("Moody's") and Standard &
Poor's Ratings Services, a division of The McGraw-Hill Companies, Inc.
("Standard & Poor's"). If no such organization or successor is any longer in
existence, "Rating Agency" shall be a nationally recognized statistical rating
organization or other comparable Person designated by the Issuer, notice of
which designation shall be given to the Indenture Trustee, the Owner Trustee and
the Servicer.

     "Record Date" means, with respect to a Payment Date or Redemption Date, the
close of business on the day immediately preceding such Payment Date or
Redemption Date or, if Definitive Notes have been issued pursuant to Section
2.13, the 15th day of the preceding month.

     "Redemption Date" means, in the case of a redemption of the Notes pursuant
to Section 10.01, the Payment Date specified by the Servicer or the Issuer
pursuant to Section 10.01.

     "Redemption Price" means in connection with a redemption of the Notes
pursuant to Section 10.01, an amount equal to the unpaid principal amount of the
Notes redeemed plus accrued and unpaid interest thereon at the weighted average
of the Interest Rates for each Class of Notes being so redeemed to but excluding
the Redemption Date.

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     "Registered Holder" means the Person in whose name a Note is registered on
the Note Register on the applicable Record Date.

     "Responsible Officer" means, with respect to the Indenture Trustee, any
officer within the Corporate Trust Office of the Indenture Trustee, including
any Vice President, Assistant Vice President, Assistant Treasurer, Assistant
Secretary or any other officer of the Indenture Trustee customarily performing
functions similar to those performed by any of the above designated officers and
also, with respect to a particular matter, any other officer to whom such matter
is referred because of such officer's knowledge of and familiarity with the
particular subject.

     "Sale and Servicing Agreement" means the Sale and Servicing Agreement dated
as of May 1, 2000, between the Issuer and Chrysler Financial Company L.L.C., as
Seller and Servicer.

     "Schedule of Receivables" means the list of the Receivables set forth in
Schedule A (which Schedule may be in the form of microfiche).

     "Securities Act" means the Securities Act of 1933, as amended.

     "Seller" means Chrysler Financial Company L.L.C., in its capacity as seller
under the Sale and Servicing Agreement, and its successor in interest.

     "Servicer" means Chrysler Financial Company L.L.C., in its capacity as
servicer under the Sale and Servicing Agreement, and any Successor Servicer
thereunder.

     "State" means any one of the 50 States of the United States of America or
the District of Columbia.

     "Successor Servicer" has the meaning specified in Section 3.07(e).

     "Telerate Page 3750" means the page so designated on the Dow Jones Telerate
Service or such other page as may replace that page on that service, or such
other service as may be nominated as the information vendor, for the purpose of
displaying London interbank offered rates of major banks.

     "Trust Estate" means all money, instruments, rights and other property that
are subject or intended to be subject to the lien and security interest of this
Indenture for the benefit of the Noteholders (including, without limitation, all
property and interests Granted to the Indenture Trustee), including all proceeds
thereof.

     "Trust Indenture Act" or "TIA" means the Trust Indenture Act of 1939 as in
force on the date hereof, unless otherwise specifically provided.

     "UCC" means, unless the context otherwise requires, the Uniform Commercial
Code, as in effect in the relevant jurisdiction, as amended from time to time.

     (b) Except as otherwise specified herein or as the context may otherwise
require, capitalized terms used but not otherwise defined herein have the
respective meanings set forth in the Sale and Servicing Agreement for all
purposes of this Indenture.

                                       8
<PAGE>   14

     SECTION 1.02. Incorporation by Reference of Trust Indenture Act. Whenever
this Indenture refers to a provision of the TIA, the provision is incorporated
by reference in and made a part of this Indenture. The following TIA terms used
in this Indenture have the following meanings:

     "Commission" means the Securities and Exchange Commission.

     "indenture securities" means the Notes.

     "indenture security holder" means a Noteholder.

     "indenture to be qualified" means this Indenture.

     "indenture trustee" or "institutional trustee" means the Indenture Trustee.

     "obligor" on the indenture securities means the Issuer and any other
obligor on the indenture securities.

     All other TIA terms used in this Indenture that are defined by the TIA,
defined by TIA reference to another statute or defined by Commission rule have
the meaning assigned to them by such definitions.

     SECTION 1.03. Rules of Construction. Unless the context otherwise requires:

          (i)   a term has the meaning assigned to it;

          (ii)  an accounting term not otherwise defined has the meaning
assigned to it in accordance with generally accepted accounting principles as in
effect from time to time;

          (iii) "or" is not exclusive;

          (iv)  "including" means including without limitation;

          (v)   words in the singular include the plural and words in the plural
include the singular; and

          (vi)  any agreement, instrument or statute defined or referred to
herein or in any instrument or certificate delivered in connection herewith
means such agreement, instrument or statute as from time to time amended,
modified or supplemented and includes (in the case of agreements or instruments)
references to all attachments thereto and instruments incorporated therein;
references to a Person are also to its permitted successors and assigns.

                                       9
<PAGE>   15

                                   ARTICLE II

                                    The Notes

     SECTION 2.01. Form. The Class A-1 Notes, the Class A-2 Notes, the Class A-3
Notes and the Class A-4 Notes, in each case together with the Indenture
Trustee's certificate of authentication, shall be in substantially the form set
forth in Exhibit A-1, Exhibit A-2, Exhibit A-3 and Exhibit A-4, respectively,
with such appropriate insertions, omissions, substitutions and other variations
as are required or permitted by this Indenture, and may have such letters,
numbers or other marks of identification and such legends or endorsements placed
thereon as may, consistently herewith, be determined by the officers executing
such Notes, as evidenced by their execution of the Notes. Any portion of the
text of any Note may be set forth on the reverse thereof, with an appropriate
reference thereto on the face of the Note.

     The definitive Notes shall be typewritten, printed, lithographed or
engraved or produced by any combination of these methods (with or without steel
engraved borders), all as determined by the officers executing such Notes, as
evidenced by their execution of such Notes.

     Each Note shall be dated the date of its authentication. The terms of the
Notes set forth in Exhibit A-1, Exhibit A-2, Exhibit A-3 and Exhibit A-4 are
part of the terms of this Indenture.

     SECTION 2.02. Execution, Authentication and Delivery. The Notes shall be
executed on behalf of the Issuer by any of its Authorized Officers. The
signature of any such Authorized Officer on the Notes may be manual or
facsimile.

     Notes bearing the manual or facsimile signature of individuals who were at
any time Authorized Officers of the Issuer shall bind the Issuer,
notwithstanding that such individuals or any of them have ceased to hold such
offices prior to the authentication and delivery of such Notes or did not hold
such offices at the date of such Notes.

     The Indenture Trustee shall upon Issuer Order authenticate and deliver
Class A-1 Notes for original issue in an aggregate principal amount of
$408,420,000, Class A-2 Notes for original issue in an aggregate principal
amount of $620,000,000, Class A-3 Notes for original issue in an aggregate
principal amount of $455,000,000 and Class A-4 Notes for original issue in an
aggregate principal amount of $425,000,000. The aggregate principal amount of
Class A-1 Notes, Class A-2 Notes, Class A-3 Notes and Class A-4 Notes
outstanding at any time may not exceed such respective amounts except as
provided in Section 2.06.

     Each Note shall be dated the date of its authentication. The Notes shall be
issuable as registered Notes in the minimum denomination of $1,000 and in
integral multiples thereof.

     No Note shall be entitled to any benefit under this Indenture or be valid
or obligatory for any purpose, unless there appears on such Note a certificate
of authentication substantially in the form provided for herein executed by the
Indenture Trustee by the manual signature of one of its authorized signatories,
and such certificate upon any Note shall be conclusive evidence, and the only
evidence, that such Note has been duly authenticated and delivered hereunder.

                                       10
<PAGE>   16

     SECTION 2.03. Temporary Notes. Pending the preparation of definitive Notes,
the Issuer may execute, and upon receipt of an Issuer Order the Indenture
Trustee shall authenticate and deliver, temporary Notes that are printed,
lithographed, typewritten, mimeographed or otherwise produced, of the tenor of
the definitive Notes in lieu of which they are issued and with such variations
not inconsistent with the terms of this Indenture as the officers executing such
Notes may determine, as evidenced by their execution of such Notes.

     If temporary Notes are issued, the Issuer shall cause definitive Notes to
be prepared without unreasonable delay. After the preparation of definitive
Notes, the temporary Notes shall be exchangeable for definitive Notes upon
surrender of the temporary Notes at the office or agency of the Issuer to be
maintained as provided in Section 3.02, without charge to the Holder. Upon
surrender for cancellation of any one or more temporary Notes, the Issuer shall
execute, and the Indenture Trustee shall authenticate and deliver in exchange
therefor, a like principal amount of definitive Notes of authorized
denominations. Until so exchanged, the temporary Notes shall in all respects be
entitled to the same benefits under this Indenture as definitive Notes.

     SECTION 2.04. Limitations on Transfer of the Class A-1 Notes. The Class A-1
Notes have not been and will not be registered under the Securities Act and will
not be listed on any exchange. No transfer of a Class A-1 Note shall be made
unless such transfer is made pursuant to an effective registration statement
under the Securities Act and any applicable state securities laws or is exempt
from the registration requirements under the said Act and such state securities
laws. In the event that a transfer is to be made in reliance upon an exemption
from the Securities Act and state securities laws, in order to assure compliance
with the Securities Act and such laws, the Holder desiring to effect such
transfer and such Holder's prospective transferee shall each certify to the
Indenture Trustee and the Issuer in writing the facts surrounding such transfer.
There shall also be delivered to the Indenture Trustee an opinion of counsel
that such transfer may be made pursuant to an exemption from the Securities Act
and state securities laws, which opinion of counsel shall not be an expense of
the Trust, the Owner Trustee or the Indenture Trustee; provided that such
opinion of counsel in respect of the applicable state securities laws may be a
memorandum of law rather than an opinion if such counsel is not licensed in the
applicable jurisdiction. The Seller shall provide to any Holder of a Class A-1
Note and any prospective transferee designated by any such Holder, information
regarding the Class A-1 Notes and the Receivables and such other information as
shall be necessary to satisfy the condition to eligibility set forth in Rule
144(d) for transfer of any such Class A-1 Note without registration thereof
under the Securities Act pursuant to the registration exemption provided by Rule
144A. Each Holder of a Class A-1 Note desiring to effect such a transfer shall,
and does hereby agree to, indemnify the Issuer, the Owner Trustee, the Indenture
Trustee and the Seller against any liability that may result if the transfer is
not so exempt or is not made in accordance with federal and state securities
laws.

     The Owner Trustee shall cause each Class A-1 Note to contain a legend
stating that transfer of the Class A-1 Notes is subject to certain restrictions
and referring prospective purchasers of the Class A-1 Notes to this Section 2.04
with respect to such restrictions.

     SECTION 2.05. Registration; Registration of Transfer and Exchange. The
Issuer shall cause to be kept a register (the "Note Register") in which the
Issuer shall provide for the

                                       11
<PAGE>   17

registration of Notes and the registration of transfers of Notes. The Indenture
Trustee initially shall be the "Note Registrar" for the purpose of registering
Notes and transfers of Notes as herein provided. Upon any resignation of any
Note Registrar, the Issuer shall promptly appoint a successor or, if it elects
not to make such an appointment, assume the duties of Note Registrar.

     If a Person other than the Indenture Trustee is appointed by the Issuer as
Note Registrar, the Issuer will give the Indenture Trustee prompt written notice
of the appointment of such Note Registrar and of the location, and any change in
the location, of the Note Register, and the Indenture Trustee shall have the
right to inspect the Note Register at all reasonable times and to obtain copies
thereof, and the Indenture Trustee shall have the right to rely upon a
certificate executed on behalf of the Note Registrar by an Executive Officer
thereof as to the names and addresses of the Holders of the Notes and the
principal amounts and number of such Notes.

     Upon surrender for registration of transfer of any Note at the office or
agency of the Issuer to be maintained as provided in Section 3.02, if the
requirements of Section 8-401(a) of the UCC are met the Issuer shall execute,
and the Indenture Trustee shall authenticate and the Noteholder shall obtain
from the Indenture Trustee, in the name of the designated transferee or
transferees, one or more new Notes of the same Class in any authorized
denominations, of a like aggregate principal amount.

     At the option of the Holder, Notes may be exchanged for other Notes of the
same Class in any authorized denominations, of a like aggregate principal
amount, upon surrender of the Notes to be exchanged at such office or agency.
Whenever any Notes are so surrendered for exchange, if the requirements of
Section 8-401(a) of the UCC are met the Issuer shall execute, and the Indenture
Trustee shall authenticate and the Noteholder shall obtain from the Indenture
Trustee, the Notes which the Noteholder making the exchange is entitled to
receive.

     All Notes issued upon any registration of transfer or exchange of Notes
shall be the valid obligations of the Issuer, evidencing the same debt, and
entitled to the same benefits under this Indenture, as the Notes surrendered
upon such registration of transfer or exchange.

     Every Note presented or surrendered for registration of transfer or
exchange shall be duly endorsed by, or be accompanied by a written instrument of
transfer in form satisfactory to the Indenture Trustee duly executed by, the
Holder thereof or such Holder's attorney duly authorized in writing, with such
signature guaranteed by an "eligible guarantor institution" meeting the
requirements of the Note Registrar, which requirements include membership or
participation in the Securities Transfer Agent's Medallion Program ("STAMP") or
such other "signature guarantee program" as may be determined by the Note
Registrar in addition to, or in substitution for, STAMP, all in accordance with
the Exchange Act.

     No service charge shall be made to a Holder for any registration of
transfer or exchange of Notes, but the Issuer may require payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection with any registration of transfer or exchange of Notes, other than
exchanges pursuant to Section 2.03 or 9.06 not involving any transfer.

                                       12
<PAGE>   18

     The preceding provisions of this Section notwithstanding, the Issuer shall
not be required to make and the Note Registrar need not register transfers or
exchanges of Notes selected for redemption or of any Note for a period of 15
days preceding the due date for any payment with respect to the Note.

     SECTION 2.06. Mutilated, Destroyed, Lost or Stolen Notes. If (i) any
mutilated Note is surrendered to the Indenture Trustee, or the Indenture Trustee
receives evidence to its satisfaction of the destruction, loss or theft of any
Note, and (ii) there is delivered to the Indenture Trustee such security or
indemnity as may be required by it to hold the Issuer and the Indenture Trustee
harmless, then, in the absence of notice to the Issuer, the Note Registrar or
the Indenture Trustee that such Note has been acquired by a bona fide purchaser,
and provided that the requirements of Sections 8-405 and 8-406 of the UCC are
met, the Issuer shall execute, and upon its request the Indenture Trustee shall
authenticate and deliver, in exchange for or in lieu of any such mutilated,
destroyed, lost or stolen Note, a replacement Note of the same Class; provided,
however, that if any such destroyed, lost or stolen Note, but not a mutilated
Note, shall have become or within seven days shall be due and payable, or shall
have been called for redemption, instead of issuing a replacement Note, the
Issuer may pay such destroyed, lost or stolen Note when so due or payable or
upon the Redemption Date without surrender thereof. If, after the delivery of
such replacement Note or payment of a destroyed, lost or stolen Note pursuant to
the proviso to the preceding sentence, a bona fide purchaser of the original
Note in lieu of which such replacement Note was issued presents for payment such
original Note, the Issuer and the Indenture Trustee shall be entitled to recover
such replacement Note (or such payment) from the Person to whom it was delivered
or any Person taking such replacement Note from such Person to whom such
replacement Note was delivered or any assignee of such Person, except a bona
fide purchaser, and shall be entitled to recover upon the security or indemnity
provided therefor to the extent of any loss, damage, cost or expense incurred by
the Issuer or the Indenture Trustee in connection therewith.

     Upon the issuance of any replacement Note under this Section, the Issuer
may require the payment by the Holder of such Note of a sum sufficient to cover
any tax or other governmental charge that may be imposed in relation thereto and
any other reasonable expenses (including the fees and expenses of the Indenture
Trustee) connected therewith.

     Every replacement Note issued pursuant to this Section in replacement of
any mutilated, destroyed, lost or stolen Note shall constitute an original
additional contractual obligation of the Issuer, whether or not the mutilated,
destroyed, lost or stolen Note shall be at any time enforceable by anyone, and
shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Notes duly issued hereunder.

     The provisions of this Section are exclusive and shall preclude (to the
extent lawful) all other rights and remedies with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Notes.

     SECTION 2.07. Persons Deemed Owner. Prior to due presentment for
registration of transfer of any Note, the Issuer, the Indenture Trustee and any
agent of the Issuer or the Indenture Trustee may treat the Person in whose name
any Note is registered (as of the day of determination) as the owner of such
Note for the purpose of receiving payments of principal of

                                       13
<PAGE>   19

and interest, if any, on such Note and for all other purposes whatsoever,
whether or not such Note be overdue, and none of the Issuer, the Indenture
Trustee or any agent of the Issuer or the Indenture Trustee shall be affected by
notice to the contrary.

     SECTION 2.08. Payment of Principal and Interest; Defaulted Interest. (a)
The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4
Notes shall accrue interest at the Class A-1 Interest Rate, the Class A-2
Interest Rate, the Class A-3 Interest Rate and the Class A-4 Interest Rate,
respectively, as set forth in Exhibits A-1, A-2, A-3 and A-4, respectively, and
such interest shall be payable on each Payment Date as specified therein,
subject to Section 3.01. Interest on each Class of Notes, other than the Class
A-1 Notes, will be calculated on the basis of a 360-day year consisting of
twelve 30-day months. Any installment of interest or principal payable on a Note
that is punctually paid or duly provided for by the Issuer on the applicable
Payment Date shall be paid to the Person in whose name such Note (or one or more
Predecessor Notes) is registered on the Record Date by check mailed first-class
postage prepaid to such Person's address as it appears on the Note Register on
such Record Date, except that, unless Definitive Notes have been issued pursuant
to Section 2.13, with respect to Notes registered on the Record Date in the name
of the nominee of the Clearing Agency (initially, such nominee to be Cede &
Co.), payment will be made by wire transfer in immediately available funds to
the account designated by such nominee and except for the final installment of
principal payable with respect to such Note on a Payment Date or on the
applicable class final scheduled Payment Date (and except for the Redemption
Price for any Note called for redemption pursuant to Section 10.01) which shall
be payable as provided below. The funds represented by any such checks returned
undelivered shall be held in accordance with Section 3.03.

     (b) The principal of each Note shall be payable in installments on each
Payment Date as provided in the forms of the Notes set forth in Exhibits A-1,
A-2, A-3 and A-4. Notwithstanding the foregoing, the entire unpaid principal
amount of the Notes shall be due and payable, if not previously paid, on the
date on which an Event of Default shall have occurred and be continuing, if the
Indenture Trustee or Holders of the Notes representing not less than a majority
of the Outstanding Amount of the Notes have declared the Notes to be immediately
due and payable in the manner provided in Section 5.02. All principal payments
on each Class of Notes shall be made pro rata to the Noteholders of such Class
entitled thereto. The Indenture Trustee shall notify the Person in whose name a
Note is registered at the close of business on the Record Date preceding the
Payment Date on which the Issuer expects that the final installment of principal
of and interest on such Note will be paid. Such notice shall be mailed or
transmitted by facsimile prior to such final Payment Date and shall specify that
such final installment will be payable only upon presentation and surrender of
such Note and shall specify the place where such Note may be presented and
surrendered for payment of such installment. Notices in connection with
redemptions of Notes shall be mailed to Noteholders as provided in Section
10.02.

     (c) If the Issuer defaults in a payment of interest on the Notes, the
Issuer shall pay defaulted interest (plus interest on such defaulted interest to
the extent lawful) at the applicable Interest Rate in any lawful manner. The
Issuer may pay such defaulted interest to the persons who are Noteholders on a
subsequent special record date, which date shall be at least five Business Days
prior to the payment date. The Issuer shall fix or cause to be fixed any such
special record date and payment date, and, at least 15 days before any such
special record date,

                                       14
<PAGE>   20

the Issuer shall mail to each Noteholder a notice that states the special record
date, the payment date and the amount of defaulted interest to be paid.

     SECTION 2.09. Cancellation. All Notes surrendered for payment, registration
of transfer, exchange or redemption shall, if surrendered to any Person other
than the Indenture Trustee, be delivered to the Indenture Trustee and shall be
promptly cancelled by the Indenture Trustee. The Issuer may at any time deliver
to the Indenture Trustee for cancellation any Notes previously authenticated and
delivered hereunder which the Issuer may have acquired in any manner whatsoever,
and all Notes so delivered shall be promptly cancelled by the Indenture Trustee.
No Notes shall be authenticated in lieu of or in exchange for any Notes
cancelled as provided in this Section, except as expressly permitted by this
Indenture. All cancelled Notes may be held or disposed of by the Indenture
Trustee in accordance with its standard retention or disposal policy as in
effect at the time unless the Issuer shall direct by an Issuer Order that they
be returned to it; provided, that such Issuer Order is timely and the Notes have
not been previously disposed of by the Indenture Trustee.

     SECTION 2.10. Release of Collateral. Subject to Section 11.01 and the terms
of the Basic Documents, the Indenture Trustee shall release property from the
lien of this Indenture only upon receipt of an Issuer Request accompanied by an
Officer's Certificate, an Opinion of Counsel and Independent Certificates in
accordance with TIA ss.ss. 314(c) and 314(d)(1) or an Opinion of Counsel in lieu
of such Independent Certificates to the effect that the TIA does not require any
such Independent Certificates.

     SECTION 2.11. Book-Entry Notes. The Class A-2 Notes, Class A-3 Notes and
Class A-4 Notes, upon original issuance, will be issued in the form of
typewritten Notes representing the Book-Entry Notes, to be delivered to The
Depository Trust Company, the initial Clearing Agency, by, or on behalf of, the
Issuer. The Book-Entry Notes shall be registered initially on the Note Register
in the name of Cede & Co., the nominee of the initial Clearing Agency, and no
Owner thereof will receive a definitive Note representing such Note Owner's
interest in such Note, except as provided in Section 2.13. Unless and until
definitive, fully registered Class A-2 Notes, Class A-3 Notes or Class A-4 Notes
(the "Definitive Notes") have been issued to such Note Owners pursuant to
Section 2.13:

          (i)   the provisions of this Section shall be in full force and
effect;

          (ii)  the Note Registrar and the Indenture Trustee shall be entitled
to deal with the Clearing Agency for all purposes of this Indenture (including
the payment of principal of and interest on the Book-Entry Notes and the giving
of instructions or directions hereunder) as the sole holder of the Book-Entry
Notes and shall have no obligation to the Note Owners;

          (iii) to the extent that the provisions of this Section conflict with
any other provisions of this Indenture, the provisions of this Section shall
control;

          (iv)  the rights of Note Owners shall be exercised only through the
Clearing Agency and shall be limited to those established by law and agreements
between such Note Owners and the Clearing Agency and/or the Clearing Agency
Participants pursuant to the Note Depository Agreement. Unless and until
Definitive Notes are issued pursuant to Section 2.13,

                                       15
<PAGE>   21

the initial Clearing Agency will make book-entry transfers among the Clearing
Agency Participants and receive and transmit payments of principal of and
interest on the Book-Entry Notes to such Clearing Agency Participants; and

          (v)   whenever this Indenture requires or permits actions to be taken
based upon instructions or directions of Holders of Notes evidencing a specified
percentage of the Outstanding Amount of the Notes, the Clearing Agency shall be
deemed to represent such percentage only to the extent that it has received
instructions to such effect from Note Owners and/or Clearing Agency Participants
owning or representing, respectively, such required percentage of the beneficial
interest in the Notes and has delivered such instructions to the Indenture
Trustee.

     SECTION 2.12. Notices to Clearing Agency. Whenever a notice or other
communication to the Noteholders is required under this Indenture, unless and
until Definitive Notes shall have been issued to such Note Owners pursuant to
Section 2.13, the Indenture Trustee shall give all such notices and
communications specified herein to be given to Holders of the Notes to the
Clearing Agency, and shall have no obligation to such Note Owners.

     SECTION 2.13. Definitive Notes. If (i) the Administrator advises the
Indenture Trustee in writing that the Clearing Agency is no longer willing or
able to properly discharge its responsibilities with respect to the Book-Entry
Notes and the Administrator is unable to locate a qualified successor, (ii) the
Administrator at its option advises the Indenture Trustee in writing that it
elects to terminate the book-entry system through the Clearing Agency or (iii)
after the occurrence of an Event of Default or a Servicer Default, Owners of the
Book-Entry Notes representing beneficial interests aggregating at least a
majority of the Outstanding Amount of such Notes advise the Clearing Agency in
writing that the continuation of a book-entry system through the Clearing Agency
is no longer in the best interests of such Note Owners, then the Clearing Agency
shall notify all Note Owners and the Indenture Trustee of the occurrence of any
such event and of the availability of Definitive Notes to Note Owners requesting
the same. Upon surrender to the Indenture Trustee of the typewritten Notes
representing the Book-Entry Notes by the Clearing Agency, accompanied by
registration instructions, the Issuer shall execute and the Indenture Trustee
shall authenticate the Definitive Notes in accordance with the instructions of
the Clearing Agency. None of the Issuer, the Note Registrar or the Indenture
Trustee shall be liable for any delay in delivery of such instructions and may
conclusively rely on, and shall be protected in relying on, such instructions.
Upon the issuance of Definitive Notes, the Indenture Trustee shall recognize the
Holders of the Definitive Notes as Noteholders.

     SECTION 2.14. Tax Treatment. The Issuer has entered into this Indenture,
and the Notes will be issued, with the intention that, for all purposes
including federal, state and local income, single business and franchise tax
purposes, the Notes will qualify as indebtedness secured by the Trust Estate.
The Issuer, by entering into this Indenture, and each Noteholder, by its
acceptance of a Note (and each Note Owner by its acceptance of an interest in
the applicable Book-Entry Note), agree to treat the Notes for all purposes
including federal, state and local income, single business and franchise tax
purposes as indebtedness of the Issuer.

                                       16
<PAGE>   22

                                   ARTICLE III

                                    Covenants

     SECTION 3.01. Payment of Principal and Interest. The Issuer will duly and
punctually pay the principal of and interest, if any, on the Notes in accordance
with the terms of the Notes and this Indenture. Without limiting the foregoing,
subject to Section 8.02(c), the Issuer will cause to be distributed all amounts
on deposit in the Deposit Account and allocated for distribution to the
Noteholders on a Payment Date pursuant to the Sale and Servicing Agreement (i)
for the benefit of the Class A-1 Notes, to the Class A-1 Noteholders, (ii) for
the benefit of the Class A-2 Notes, to the Class A-2 Noteholders, (iii) for the
benefit of the Class A-3 Notes, to the Class A-3 Noteholders and (iv) for the
benefit of the Class A-4 Notes, to the Class A-4 Noteholders. Amounts properly
withheld under the Code by any Person from a payment to any Noteholder of
interest and/or principal shall be considered as having been paid by the Issuer
to such Noteholder for all purposes of this Indenture.

     SECTION 3.02. Maintenance of Office or Agency. The Issuer will maintain in
the Borough of Manhattan, The City of New York, an office or agency where Notes
may be surrendered for registration of transfer or exchange, and where notices
and demands to or upon the Issuer in respect of the Notes and this Indenture may
be served. The Issuer hereby initially appoints the Indenture Trustee to serve
as its agent for the foregoing purposes. The Issuer will give prompt written
notice to the Indenture Trustee of the location, and of any change in the
location, of any such office or agency. If at any time the Issuer shall fail to
maintain any such office or agency or shall fail to furnish the Indenture
Trustee with the address thereof, such surrenders, notices and demands may be
made or served at the Corporate Trust Office, and the Issuer hereby appoints the
Indenture Trustee as its agent to receive all such surrenders, notices and
demands.

     SECTION 3.03. Money for Payments To Be Held in Trust. As provided in
Section 8.02(a) and (b), all payments of amounts due and payable with respect to
any Notes that are to be made from amounts withdrawn from the Deposit Account
pursuant to Section 8.02(c) shall be made on behalf of the Issuer by the
Indenture Trustee or by another Paying Agent, and no amounts so withdrawn from
the Deposit Account for payments of Notes shall be paid over to the Issuer
except as provided in this Section.

     On or before the Business Day preceding each Payment Date and Redemption
Date, the Issuer shall allocate or cause to be allocated in the Deposit Account
for distribution to the Noteholders an aggregate sum sufficient to pay the
amounts then becoming due under the Notes, such sum to be held in trust for the
benefit of the Persons entitled thereto, and (unless the Paying Agent is the
Indenture Trustee) shall promptly notify the Indenture Trustee of its action or
failure so to act.

     The Issuer will cause each Paying Agent other than the Indenture Trustee to
execute and deliver to the Indenture Trustee an instrument in which such Paying
Agent shall agree with the Indenture Trustee (and if the Indenture Trustee acts
as Paying Agent, it hereby so agrees), subject to the provisions of this
Section, that such Paying Agent will:

                                       17
<PAGE>   23

          (i)   hold all sums held by it for the payment of amounts due with
respect to the Notes in trust for the benefit of the Persons entitled thereto
until such sums shall be paid to such Persons or otherwise disposed of as herein
provided and pay such sums to such Persons as herein provided;

          (ii)  give the Indenture Trustee notice of any default by the Issuer
(or any other obligor upon the Notes) of which it has actual knowledge in the
making of any payment required to be made with respect to the Notes;

          (iii) at any time during the continuance of any such default, upon the
written request of the Indenture Trustee, forthwith pay to the Indenture Trustee
all sums so held in trust by such Paying Agent;

          (iv)  immediately resign as a Paying Agent and forthwith pay to the
Indenture Trustee all sums held by it in trust for the payment of Notes if at
any time it ceases to meet the standards required to be met by a Paying Agent at
the time of its appointment; and

          (v)   comply with all requirements of the Code with respect to the
withholding from any payments made by it on any Notes of any applicable
withholding taxes imposed thereon and with respect to any applicable reporting
requirements in connection therewith.

     The Issuer may at any time, for the purpose of obtaining the satisfaction
and discharge of this Indenture or for any other purpose, by Issuer Order direct
any Paying Agent to pay to the Indenture Trustee all sums held in trust by such
Paying Agent, such sums to be held by the Indenture Trustee upon the same trusts
as those upon which the sums were held by such Paying Agent; and upon such
payment by any Paying Agent to the Indenture Trustee, such Paying Agent shall be
released from all further liability with respect to such money.

     Subject to applicable laws with respect to escheat of funds, any money held
by the Indenture Trustee or any Paying Agent in trust for the payment of any
amount due with respect to any Note and remaining unclaimed for two years after
such amount has become due and payable shall be discharged from such trust and
be paid to the Issuer on Issuer Request; and the Holder of such Note shall
thereafter, as an unsecured general creditor, look only to the Issuer for
payment thereof (but only to the extent of the amounts so paid to the Issuer),
and all liability of the Indenture Trustee or such Paying Agent with respect to
such trust money shall thereupon cease; provided, however, that the Indenture
Trustee or such Paying Agent, before being required to make any such repayment,
shall at the expense and direction of the Issuer cause to be published once, in
a newspaper published in the English language, customarily published on each
Business Day and of general circulation in The City of New York, notice that
such money remains unclaimed and that, after a date specified therein, which
shall not be less than 30 days from the date of such publication, any unclaimed
balance of such money then remaining will be repaid to the Issuer. The Indenture
Trustee shall also adopt and employ, at the expense and direction of the Issuer,
any other reasonable means of notification of such repayment (including, but not
limited to, mailing notice of such repayment to Holders whose Notes have been
called but have not been surrendered for redemption or whose right to or
interest in moneys due and payable but not claimed is determinable from the
records of the Indenture Trustee or of any Paying Agent, at the last address of
record for each such Holder).

                                       18
<PAGE>   24

     SECTION 3.04. Existence. The Issuer will keep in full effect its existence,
rights and franchises as a business trust under the laws of the State of
Delaware (unless it becomes, or any successor Issuer hereunder is or becomes,
organized under the laws of any other State or of the United States of America,
in which case the Issuer will keep in full effect its existence, rights and
franchises under the laws of such other jurisdiction) and will obtain and
preserve its qualification to do business in each jurisdiction in which such
qualification is or shall be necessary to protect the validity and
enforceability of this Indenture, the Notes, the Collateral and each other
instrument or agreement included in the Trust Estate.

     SECTION 3.05. Protection of Trust Estate. The Issuer will from time to time
execute and deliver all such supplements and amendments hereto and all such
financing statements, continuation statements, instruments of further assurance
and other instruments, and will take such other action necessary or advisable
to:

          (i)   maintain or preserve the lien and security interest (and the
priority thereof) of this Indenture or carry out more effectively the purposes
hereof;

          (ii)  perfect, publish notice of or protect the validity of any Grant
made or to be made by this Indenture;

          (iii) enforce any of the Collateral; or

          (iv)  preserve and defend title to the Trust Estate and the rights of
the Indenture Trustee and the Noteholders in such Trust Estate against the
claims of all persons and parties.

The Issuer hereby designates the Indenture Trustee its agent and
attorney-in-fact to execute any financing statement, continuation statement or
other instrument required to be executed pursuant to this Section 3.05.

     SECTION 3.06. Opinions as to Trust Estate. (a) On the Closing Date, the
Issuer shall furnish to the Indenture Trustee an Opinion of Counsel either
stating that, in the opinion of such counsel, such action has been taken with
respect to the recording and filing of this Indenture, any indentures
supplemental hereto, and any other requisite documents, and with respect to the
execution and filing of any financing statements and continuation statements, as
are necessary to perfect and make effective the lien and security interest of
this Indenture and reciting the details of such action, or stating that, in the
opinion of such counsel, no such action is necessary to make such lien and
security interest effective.

     (b) On or before March 31, in each calendar year, beginning in 2001, the
Issuer shall furnish to the Indenture Trustee an Opinion of Counsel either
stating that, in the opinion of such counsel, such action has been taken with
respect to the recording, filing, re-recording and refiling of this Indenture,
any indentures supplemental hereto and any other requisite documents and with
respect to the execution and filing of any financing statements and continuation
statements as is necessary to maintain the lien and security interest created by
this Indenture and reciting the details of such action, or stating that in the
opinion of such counsel no such action is necessary to maintain such lien and
security interest. Such Opinion of Counsel shall also describe the recording,
filing, re-recording and refiling of this Indenture, any indentures supplemental
hereto and any other requisite documents and the execution and filing of any
financing statements and

                                       19
<PAGE>   25

continuation statements that will, in the opinion of such counsel, be required
to maintain the lien and security interest of this Indenture until March 31 in
the following calendar year.

     SECTION 3.07. Performance of Obligations; Servicing of Receivables. (a) The
Issuer will not take any action and will use its best efforts not to permit any
action to be taken by others that would release any Person from any of such
Person's material covenants or obligations under any instrument or agreement
included in the Trust Estate or that would result in the amendment,
hypothecation, subordination, termination or discharge of, or impair the
validity or effectiveness of, any such instrument or agreement, except as
expressly provided in this Indenture, the Sale and Servicing Agreement or such
other instrument or agreement.

     (b) The Issuer may contract with other Persons to assist it in performing
its duties under this Indenture, and any performance of such duties by a Person
identified to the Indenture Trustee in an Officer's Certificate of the Issuer
shall be deemed to be action taken by the Issuer. Initially, the Issuer has
contracted with the Servicer and the Administrator to assist the Issuer in
performing its duties under this Indenture.

     (c) The Issuer will punctually perform and observe all of its obligations
and agreements contained in this Indenture, the Basic Documents and in the
instruments and agreements included in the Trust Estate, including but not
limited to filing or causing to be filed all UCC financing statements and
continuation statements required to be filed by the terms of this Indenture and
the Sale and Servicing Agreement in accordance with and within the time periods
provided for herein and therein. Except as otherwise expressly provided therein,
the Issuer shall not waive, amend, modify, supplement or terminate any Basic
Document or any provision thereof without the consent of the Indenture Trustee
or the Holders of at least a majority of the Outstanding Amount of the Notes.

     (d) If the Issuer shall have knowledge of the occurrence of a Servicer
Default under the Sale and Servicing Agreement, the Issuer shall promptly notify
the Indenture Trustee and the Rating Agencies thereof, and shall specify in such
notice the action, if any, the Issuer is taking with respect to such default. If
a Servicer Default shall arise from the failure of the Servicer to perform any
of its duties or obligations under the Sale and Servicing Agreement with respect
to the Receivables, the Issuer shall take all reasonable steps available to it
to remedy such failure.

     (e) As promptly as possible after the giving of notice of termination to
the Servicer of the Servicer's rights and powers pursuant to Section 8.01 of the
Sale and Servicing Agreement, the Issuer shall appoint a successor servicer (the
"Successor Servicer"), and such Successor Servicer shall accept its appointment
by a written assumption in a form acceptable to the Indenture Trustee. In the
event that a Successor Servicer has not been appointed and accepted its
appointment at the time when the Servicer ceases to act as Servicer, the
Indenture Trustee without further action shall automatically be appointed the
Successor Servicer. The Indenture Trustee may resign as the Servicer by giving
written notice of such resignation to the Issuer and in such event will be
released from such duties and obligations, such release not to be effective
until the date a new servicer enters into a servicing agreement with the Issuer
as provided below. Upon delivery of any such notice to the Issuer, the Issuer
shall obtain a new servicer as the Successor Servicer under the Sale and
Servicing Agreement. Any Successor Servicer other than the Indenture Trustee
shall (i) be an established financial institution having a net worth of not

                                       20
<PAGE>   26

less than $100,000,000 and whose regular business includes the servicing of
Contracts and (ii) enter into a servicing agreement with the Issuer having
substantially the same provisions as the provisions of the Sale and Servicing
Agreement applicable to the Servicer. If within 30 days after the delivery of
the notice referred to above, the Issuer shall not have obtained such a new
servicer, the Indenture Trustee may appoint, or may petition a court of
competent jurisdiction to appoint, a Successor Servicer. In connection with any
such appointment, the Indenture Trustee may make such arrangements for the
compensation of such successor as it and such successor shall agree, subject to
the limitations set forth below and in the Sale and Servicing Agreement, and in
accordance with Section 8.02 of the Sale and Servicing Agreement, the Issuer
shall enter into an agreement with such successor for the servicing of the
Receivables (such agreement to be in form and substance satisfactory to the
Indenture Trustee). If the Indenture Trustee shall succeed to the Servicer's
duties as servicer of the Receivables as provided herein, it shall do so in its
individual capacity and not in its capacity as Indenture Trustee and,
accordingly, the provisions of Article VI hereof shall be inapplicable to the
Indenture Trustee in its duties as the successor to the Servicer and the
servicing of the Receivables. In case the Indenture Trustee shall become
successor to the Servicer under the Sale and Servicing Agreement, the Indenture
Trustee shall be entitled to appoint as Servicer any one of its affiliates,
provided that it shall be fully liable for the actions and omissions of such
affiliate in such capacity as Successor Servicer.

     (f) Upon any termination of the Servicer's rights and powers pursuant to
the Sale and Servicing Agreement, the Issuer shall promptly notify the Indenture
Trustee. As soon as a Successor Servicer is appointed, the Issuer shall notify
the Indenture Trustee of such appointment, specifying in such notice the name
and address of such Successor Servicer.

     (g) Without derogating from the absolute nature of the assignment granted
to the Indenture Trustee under this Indenture or the rights of the Indenture
Trustee hereunder, the Issuer agrees (i) that it will not, without the prior
written consent of the Indenture Trustee or the Holders of at least a majority
in Outstanding Amount of the Notes, amend, modify, waive, supplement, terminate
or surrender, or agree to any amendment, modification, supplement, termination,
waiver or surrender of, the terms of any Collateral (except to the extent
otherwise provided in the Sale and Servicing Agreement) or the Basic Documents,
or waive timely performance or observance by the Servicer or the Seller under
the Sale and Servicing Agreement; and (ii) that any such amendment shall not (A)
increase or reduce in any manner the amount of, or accelerate or delay the
timing of, distributions that are required to be made for the benefit of the
Noteholders or (B) reduce the aforesaid percentage of the Notes that is required
to consent to any such amendment, without the consent of the Holders of all the
Outstanding Notes. If any such amendment, modification, supplement or waiver
shall be so consented to by the Indenture Trustee or such Holders, the Issuer
agrees, promptly following a request by the Indenture Trustee to do so, to
execute and deliver, in its own name and at its own expense, such agreements,
instruments, consents and other documents as the Indenture Trustee may deem
necessary or appropriate in the circumstances.

     SECTION 3.08. Negative Covenants. So long as any Notes are Outstanding, the
Issuer shall not:

          (i) except as expressly permitted by this Indenture, the Purchase
Agreement or the Sale and Servicing Agreement, sell, transfer, exchange or
otherwise dispose of any of the

                                       21
<PAGE>   27

properties or assets of the Issuer, including those included in the Trust
Estate, unless directed to do so by the Indenture Trustee;

          (ii)  claim any credit on, or make any deduction from the principal or
interest payable in respect of, the Notes (other than amounts properly withheld
from such payments under the Code) or assert any claim against any present or
former Noteholder by reason of the payment of the taxes levied or assessed upon
any part of the Trust Estate; or

          (iii) (A) permit the validity or effectiveness of this Indenture to be
impaired, or permit the lien of this Indenture to be amended, hypothecated,
subordinated, terminated or discharged, or permit any Person to be released from
any covenants or obligations with respect to the Notes under this Indenture
except as may be expressly permitted hereby, (B) permit any lien, charge,
excise, claim, security interest, mortgage or other encumbrance (other than the
lien of this Indenture) to be created on or extend to or otherwise arise upon or
burden the Trust Estate or any part thereof or any interest therein or the
proceeds thereof (other than tax liens, mechanics' liens and other liens that
arise by operation of law, in each case on any of the Financed Vehicles and
arising solely as a result of an action or omission of the related Obligor) or
(C) permit the lien of this Indenture not to constitute a valid first priority
(other than with respect to any such tax, mechanics' or other lien) security
interest in the Trust Estate.

     SECTION 3.09. Annual Statement as to Compliance. The Issuer will deliver to
the Indenture Trustee, within 120 days after the end of each fiscal year of the
Issuer (commencing with the fiscal year 2000), an Officer's Certificate stating,
as to the Authorized Officer signing such Officer's Certificate, that:

          (i)   a review of the activities of the Issuer during such year and of
its performance under this Indenture has been made under such Authorized
Officer's supervision; and

          (ii)  to the best of such Authorized Officer's knowledge, based on
such review, the Issuer has complied with all conditions and covenants under
this Indenture throughout such year or, if there has been a default in its
compliance with any such condition or covenant, specifying each such default
known to such Authorized Officer and the nature and status thereof.

     SECTION 3.10. Issuer May Consolidate, etc., Only on Certain Terms. (a) The
Issuer shall not consolidate or merge with or into any other Person, unless:

          (i)   the Person (if other than the Issuer) formed by or surviving
such consolidation or merger shall be a Person organized and existing under the
laws of the United States of America or any State and shall expressly assume, by
an indenture supplemental hereto, executed and delivered to the Indenture
Trustee, in form satisfactory to the Indenture Trustee, the due and punctual
payment of the principal of and interest on all Notes and the performance or
observance of every agreement and covenant of this Indenture on the part of the
Issuer to be performed or observed, all as provided herein;

          (ii)  immediately after giving effect to such transaction, no Default
or Event of Default shall have occurred and be continuing;

                                       22
<PAGE>   28

          (iii) the Rating Agency Condition shall have been satisfied with
respect to such transaction;

          (iv)  the Issuer shall have received an Opinion of Counsel (and shall
have delivered copies thereof to the Indenture Trustee) to the effect that such
transaction will not have any material adverse tax consequence to the Issuer,
any Noteholder or any Certificateholder;

          (v)   any action that is necessary to maintain the lien and security
interest created by this Indenture shall have been taken; and

          (vi)  the Issuer shall have delivered to the Indenture Trustee an
Officer's Certificate and an Opinion of Counsel each stating that such
consolidation or merger and such supplemental indenture comply with this Article
III and that all conditions precedent herein provided for relating to such
transaction have been complied with (including any filing required by the
Exchange Act).

     (b) The Issuer shall not convey or transfer any of its properties or
assets, including those included in the Trust Estate, to any Person, unless:

          (i)   the Person that acquires by conveyance or transfer the
properties and assets of the Issuer the conveyance or transfer of which is
hereby restricted (A) shall be a United States citizen or a Person organized and
existing under the laws of the United States of America or any State, (B)
expressly assumes, by an indenture supplemental hereto, executed and delivered
to the Indenture Trustee, in form satisfactory to the Indenture Trustee, the due
and punctual payment of the principal of and interest on all Notes and the
performance or observance of every agreement and covenant of this Indenture on
the part of the Issuer to be performed or observed, all as provided herein, (C)
expressly agrees by means of such supplemental indenture that all right, title
and interest so conveyed or transferred shall be subject and subordinate to the
rights of Holders of the Notes, (D) unless otherwise provided in such
supplemental indenture, expressly agrees to indemnify, defend and hold harmless
the Issuer against and from any loss, liability or expense arising under or
related to this Indenture and the Notes and (E) expressly agrees by means of
such supplemental indenture that such Person (or if a group of Persons, then one
specified Person) shall make all filings with the Commission (and any other
appropriate Person) required by the Exchange Act in connection with the Notes;

          (ii)  immediately after giving effect to such transaction, no Default
or Event of Default shall have occurred and be continuing;

          (iii) the Rating Agency Condition shall have been satisfied with
respect to such transaction;

          (iv)  the Issuer shall have received an Opinion of Counsel (and shall
have delivered copies thereof to the Indenture Trustee) to the effect that such
transaction will not have any material adverse federal income or Michigan income
or single business tax consequence to the Issuer, any Noteholder or any
Certificateholder;

          (v)   any action that is necessary to maintain the lien and security
interest created by this Indenture shall have been taken; and

                                       23
<PAGE>   29

          (vi)  the Issuer shall have delivered to the Indenture Trustee an
Officer's Certificate and an Opinion of Counsel each stating that such
conveyance or transfer and such supplemental indenture comply with this Article
III and that all conditions precedent herein provided for relating to such
transaction have been complied with (including any filing required by the
Exchange Act).

     SECTION 3.11. Successor or Transferee. (a) Upon any consolidation or merger
of the Issuer in accordance with Section 3.10(a), the Person formed by or
surviving such consolidation or merger (if other than the Issuer) shall succeed
to, and be substituted for, and may exercise every right and power of, the
Issuer under this Indenture with the same effect as if such Person had been
named as the Issuer herein.

     (b) Upon a conveyance or transfer of all the assets and properties of the
Issuer pursuant to Section 3.10(b), DaimlerChrysler Auto Trust 2000-B will be
released from every covenant and agreement of this Indenture to be observed or
performed on the part of the Issuer with respect to the Notes immediately upon
the delivery of written notice to the Indenture Trustee stating that
DaimlerChrysler Auto Trust 2000-B is to be so released.

     SECTION 3.12. No Other Business. The Issuer shall not engage in any
business other than financing, purchasing, owning, selling and managing the
Receivables in the manner contemplated by this Indenture and the Basic Documents
and activities incidental thereto. The Issuer shall not fund the purchase of any
new Contracts.

     SECTION 3.13. No Borrowing. The Issuer shall not issue, incur, assume,
guarantee or otherwise become liable, directly or indirectly, for any
indebtedness.

     SECTION 3.14. Servicer's Obligations. The Issuer shall cause the Servicer
to comply with Sections 4.09, 4.10, 4.11 and 5.07 and Article IX of the Sale and
Servicing Agreement.

     SECTION 3.15. Guarantees, Loans, Advances and Other Liabilities. Except as
contemplated by the Sale and Servicing Agreement or this Indenture, the Issuer
shall not make any loan or advance or credit to, or guarantee (directly or
indirectly or by an instrument having the effect of assuring another's payment
or performance on any obligation or capability of so doing or otherwise),
endorse or otherwise become contingently liable, directly or indirectly, in
connection with the obligations, stocks or dividends of, or own, purchase,
repurchase or acquire (or agree contingently to do so) any stock, obligations,
assets or securities of, or any other interest in, or make any capital
contribution to, any other Person.

     SECTION 3.16. Capital Expenditures. The Issuer shall not make any
expenditure (by long-term or operating lease or otherwise) for capital assets
(either realty or personalty).

     SECTION 3.17. Removal of Administrator. So long as any Notes are
Outstanding, the Issuer shall not remove the Administrator without cause unless
the Rating Agency Condition shall have been satisfied in connection with such
removal.

     SECTION 3.18. Restricted Payments. The Issuer shall not, directly or
indirectly, (i) pay any dividend or make any distribution (by reduction of
capital or otherwise), whether in

                                       24
<PAGE>   30

cash, property, securities or a combination thereof, to the Owner Trustee or any
owner of a beneficial interest in the Issuer or otherwise with respect to any
ownership or equity interest or security in or of the Issuer or to the Servicer,
(ii) redeem, purchase, retire or otherwise acquire for value any such ownership
or equity interest or security or (iii) set aside or otherwise segregate any
amounts for any such purpose; provided, however, that the Issuer may make, or
cause to be made, (x) distributions as contemplated by, and to the extent funds
are available for such purpose under, the Sale and Servicing Agreement or the
Trust Agreement and (y) payments to the Indenture Trustee pursuant to Section
1(a)(ii) of the Administration Agreement. The Issuer will not, directly or
indirectly, make payments to or distributions from the Deposit Account except in
accordance with this Indenture and the Basic Documents.

     SECTION 3.19. Notice of Events of Default. The Issuer shall give the
Indenture Trustee and the Rating Agencies prompt written notice of each Event of
Default hereunder, each default on the part of the Servicer or the Seller of its
obligations under the Sale and Servicing Agreement and each default on the part
of the Company or the Seller of its obligations under the Purchase Agreement.

     SECTION 3.20. Further Instruments and Acts. Upon request of the Indenture
Trustee, the Issuer will execute and deliver such further instruments and do
such further acts as may be reasonably necessary or proper to carry out more
effectively the purpose of this Indenture.

                                   ARTICLE IV

                           Satisfaction and Discharge

     SECTION 4.01. Satisfaction and Discharge of Indenture. This Indenture shall
cease to be of further effect with respect to the Notes except as to (i) rights
of registration of transfer and exchange, (ii) substitution of mutilated,
destroyed, lost or stolen Notes, (iii) rights of Noteholders to receive payments
of principal thereof and interest thereon, (iv) Sections 3.03, 3.04, 3.05, 3.08,
3.10, 3.12 and 3.13, (v) the rights, obligations and immunities of the Indenture
Trustee hereunder (including the rights of the Indenture Trustee under Section
6.07 and the obligations of the Indenture Trustee under Section 4.02) and (vi)
the rights of Noteholders as beneficiaries hereof with respect to the property
so deposited with the Indenture Trustee payable to all or any of them, and the
Indenture Trustee, on demand of and at the expense of the Issuer, shall execute
proper instruments acknowledging satisfaction and discharge of this Indenture
with respect to the Notes, when:

                                       25
<PAGE>   31

               (A) either:

                              (1) all Notes theretofore authenticated and
delivered (other than (i) Notes that have been destroyed, lost or stolen and
that have been replaced or paid as provided in Section 2.06 and (ii) Notes for
whose payment money has theretofore been deposited in trust or segregated and
held in trust by the Issuer and thereafter repaid to the Issuer or discharged
from such trust, as provided in Section 3.03) have been delivered to the
Indenture Trustee for cancellation; or

                              (2) all Notes not theretofore delivered to the
Indenture Trustee for cancellation:

               a. have become due and payable,

               b. will become due and payable at the Class A-4 Final Scheduled
Payment Date within one year, or

               c. are to be called for redemption within one year under
arrangements satisfactory to the Indenture Trustee for the giving of notice of
redemption by the Indenture Trustee in the name, and at the expense, of the
Issuer,

               and the Issuer, in the case of a., b. or c. above, has
               irrevocably deposited or caused to be irrevocably deposited with
               the Indenture Trustee cash or direct obligations of or
               obligations guaranteed by the United States of America (which
               will mature prior to the date such amounts are payable), in trust
               for such purpose, in an amount sufficient to pay and discharge
               the entire indebtedness on such Notes not theretofore delivered
               to the Indenture Trustee for cancellation when due to the
               applicable final scheduled Payment Date or Redemption Date (if
               Notes shall have been called for redemption pursuant to Section
               10.01), as the case may be;

               (B) the Issuer has paid or caused to be paid all other sums
          payable hereunder by the Issuer; and

               (C) the Issuer has delivered to the Indenture Trustee an
          Officer's Certificate, an Opinion of Counsel and (if required by the
          TIA or the Indenture Trustee) an Independent Certificate from a firm
          of certified public accountants, each meeting the applicable
          requirements of Section 11.01(a) and, subject to Section 11.02, each
          stating that all conditions precedent herein provided for relating to
          the satisfaction and discharge of this Indenture have been complied
          with.

          SECTION 4.02. Application of Trust Money. All moneys deposited with
the Indenture Trustee pursuant to Section 4.01 hereof shall be held in trust and
applied by it, in accordance with the provisions of the Notes and this
Indenture, to the payment, either directly or through any Paying Agent, as the
Indenture Trustee may determine, to the Holders of the particular Notes for the
payment or redemption of which such moneys have been deposited with the
Indenture Trustee, of all sums due and to become due thereon for principal and
interest; but such moneys need not be segregated from other funds except to the
extent required herein or in the Sale and Servicing Agreement or required by
law.

                                       26

<PAGE>   32

          SECTION 4.03. Repayment of Moneys Held by Paying Agent. In connection
with the satisfaction and discharge of this Indenture with respect to the Notes,
all moneys then held by any Paying Agent other than the Indenture Trustee under
the provisions of this Indenture with respect to such Notes shall, upon demand
of the Issuer, be paid to the Indenture Trustee to be held and applied according
to Section 3.03 and thereupon such Paying Agent shall be released from all
further liability with respect to such moneys.

                                   ARTICLE V

                                    Remedies

          SECTION 5.01. Events of Default. "Event of Default", wherever used
herein, means any one of the following events (whatever the reason for such
Event of Default and whether it shall be voluntary or involuntary or be effected
by operation of law or pursuant to any judgment, decree or order of any court or
any order, rule or regulation of any administrative or governmental body):

               (i) default in the payment of any interest on any Note when the
same becomes due and payable, and such default shall continue for a period of
five days;

               (ii) default in the payment of the principal of or any
installment of the principal of any Note when the same becomes due and payable;
or

               (iii) default in the observance or performance of any covenant or
agreement of the Issuer made in this Indenture (other than a covenant or
agreement, a default in the observance or performance of which is elsewhere in
this Section specifically dealt with), or any representation or warranty of the
Issuer made in this Indenture or in any certificate or other writing delivered
pursuant hereto or in connection herewith proving to have been incorrect in any
material respect as of the time when the same shall have been made, and such
default shall continue or not be cured, or the circumstance or condition in
respect of which such misrepresentation or warranty was incorrect shall not have
been eliminated or otherwise cured, for a period of 30 days after there shall
have been given, by registered or certified mail, to the Issuer by the Indenture
Trustee or to the Issuer and the Indenture Trustee by the Holders of at least
25% of the Outstanding Amount of the Notes, a written notice specifying such
default or incorrect representation or warranty and requiring it to be remedied
and stating that such notice is a notice of Default hereunder; or

               (iv) the filing of a decree or order for relief by a court having
jurisdiction in the premises in respect of the Issuer or any substantial part of
the Trust Estate in an involuntary case under any applicable federal or state
bankruptcy, insolvency or other similar law now or hereafter in effect, or
appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or
similar official of the Issuer or for any substantial part of the Trust Estate,
or ordering the winding-up or liquidation of the Issuer's affairs, and such
decree or order shall remain unstayed and in effect for a period of 60
consecutive days; or

                                       27

<PAGE>   33

               (v) the commencement by the Issuer of a voluntary case under any
applicable federal or state bankruptcy, insolvency or other similar law now or
hereafter in effect, or the consent by the Issuer to the entry of an order for
relief in an involuntary case under any such law, or the consent by the Issuer
to the appointment or taking possession by a receiver, liquidator, assignee,
custodian, trustee, sequestrator or similar official of the Issuer or for any
substantial part of the Trust Estate, or the making by the Issuer of any general
assignment for the benefit of creditors, or the failure by the Issuer generally
to pay its debts as such debts become due, or the taking of any action by the
Issuer in furtherance of any of the foregoing.

The Issuer shall deliver to the Indenture Trustee, within five days after the
occurrence thereof, written notice in the form of an Officer's Certificate of
any event which with the giving of notice and the lapse of time would become an
Event of Default under clause (iii), its status and what action the Issuer is
taking or proposes to take with respect thereto.

          SECTION 5.02. Acceleration of Maturity; Rescission and Annulment. If
an Event of Default should occur and be continuing, then and in every such case
the Indenture Trustee or the Holders of Notes representing not less than a
majority of the Outstanding Amount of the Notes may declare all the Notes to be
immediately due and payable, by a notice in writing to the Issuer (and to the
Indenture Trustee if given by Noteholders), and upon any such declaration the
unpaid principal amount of such Notes, together with accrued and unpaid interest
thereon through the date of acceleration, shall become immediately due and
payable.

          At any time after such declaration of acceleration of maturity has
been made and before a judgment or decree for payment of the money due has been
obtained by the Indenture Trustee as hereinafter in this Article V provided, the
Holders of Notes representing a majority of the Outstanding Amount of the Notes,
by written notice to the Issuer and the Indenture Trustee, may rescind and annul
such declaration and its consequences if:

               (i) the Issuer has paid or deposited with the Indenture Trustee a
sum sufficient to pay:

                         (A) all payments of principal of and interest on all
Notes and all other amounts that would then be due hereunder or upon such Notes
if the Event of Default giving rise to such acceleration had not occurred; and

                         (B) all sums paid or advanced by the Indenture Trustee
hereunder and the reasonable compensation, expenses, disbursements and advances
of the Indenture Trustee and its agents and counsel; and

               (ii) all Events of Default, other than the nonpayment of the
principal of the Notes that has become due solely by such acceleration, have
been cured or waived as provided in Section 5.12.

No such rescission shall affect any subsequent default or impair any right
consequent thereto.

          SECTION 5.03. Collection of Indebtedness and Suits for Enforcement by
Indenture Trustee. (a) The Issuer covenants that if (i) default is made in the
payment of any interest on any Note when the same becomes due and payable, and
such default continues for a period of

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<PAGE>   34

five days, or (ii) default is made in the payment of the principal of or any
installment of the principal of any Note when the same becomes due and payable,
the Issuer will, upon demand of the Indenture Trustee, pay to it, for the
benefit of the Holders of the Notes, the whole amount then due and payable on
such Notes for principal and interest, with interest on the overdue principal
and, to the extent payment at such rate of interest shall be legally
enforceable, on overdue installments of interest at the rate borne by the Notes
and, in addition thereto, such further amount as shall be sufficient to cover
the costs and expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Indenture Trustee and its agents and
counsel.

          (b) In case the Issuer shall fail forthwith to pay such amounts upon
such demand, the Indenture Trustee, in its own name and as trustee of an express
trust, may institute a Proceeding for the collection of the sums so due and
unpaid, and may prosecute such Proceeding to judgment or final decree, and may
enforce the same against the Issuer or other obligor upon such Notes and collect
in the manner provided by law out of the property of the Issuer or other obligor
upon such Notes, wherever situated, the moneys adjudged or decreed to be
payable.

          (c) If an Event of Default occurs and is continuing, the Indenture
Trustee may, as more particularly provided in Section 5.04, in its discretion,
proceed to protect and enforce its rights and the rights of the Noteholders, by
such appropriate Proceedings as the Indenture Trustee shall deem most effective
to protect and enforce any such rights, whether for the specific enforcement of
any covenant or agreement in this Indenture or in aid of the exercise of any
power granted herein, or to enforce any other proper remedy or legal or
equitable right vested in the Indenture Trustee by this Indenture or by law.

          (d) In case there shall be pending, relative to the Issuer or any
other obligor upon the Notes or any Person having or claiming an ownership
interest in the Trust Estate, Proceedings under Title 11 of the United States
Code or any other applicable federal or state bankruptcy, insolvency or other
similar law, or in case a receiver, assignee or trustee in bankruptcy or
reorganization, or liquidator, sequestrator or similar official shall have been
appointed for or taken possession of the Issuer or its property or such other
obligor or Person, or in case of any other comparable judicial Proceedings
relative to the Issuer or other obligor upon the Notes, or to the creditors or
property of the Issuer or such other obligor, the Indenture Trustee,
irrespective of whether the principal of any Notes shall then be due and payable
as therein expressed or by declaration or otherwise and irrespective of whether
the Indenture Trustee shall have made any demand pursuant to the provisions of
this Section, shall be entitled and empowered, by intervention in such
Proceedings or otherwise:

               (i) to file and prove a claim or claims for the whole amount of
principal and interest owing and unpaid in respect of the Notes and to file such
other papers or documents as may be necessary or advisable in order to have the
claims of the Indenture Trustee (including any claim for reasonable compensation
to the Indenture Trustee and each predecessor Indenture Trustee, and their
respective agents, attorneys and counsel, and for reimbursement of all expenses
and liabilities incurred, and all advances made, by the Indenture Trustee and
each predecessor Indenture Trustee, except as a result of negligence or bad
faith) and of the Noteholders allowed in such Proceedings;

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<PAGE>   35

               (ii) unless prohibited by applicable law and regulations, to vote
on behalf of the Holders of Notes in any election of a trustee, a standby
trustee or Person performing similar functions in any such Proceedings;

               (iii) to collect and receive any moneys or other property payable
or deliverable on any such claims and to distribute all amounts received with
respect to the claims of the Noteholders and of the Indenture Trustee on their
behalf; and

               (iv) to file such proofs of claim and other papers or documents
as may be necessary or advisable in order to have the claims of the Indenture
Trustee or the Holders of Notes allowed in any Proceedings relative to the
Issuer, its creditors and its property;

and any trustee, receiver, liquidator, custodian or other similar official in
any such Proceeding is hereby authorized by each of such Noteholders to make
payments to the Indenture Trustee and, in the event that the Indenture Trustee
shall consent to the making of payments directly to such Noteholders, to pay to
the Indenture Trustee such amounts as shall be sufficient to cover reasonable
compensation to the Indenture Trustee, each predecessor Indenture Trustee and
their respective agents, attorneys and counsel, and all other expenses and
liabilities incurred, and all advances made, by the Indenture Trustee and each
predecessor Indenture Trustee except as a result of negligence or bad faith.

          (e) Nothing herein contained shall be deemed to authorize the
Indenture Trustee to authorize or consent to or vote for or accept or adopt on
behalf of any Noteholder any plan of reorganization, arrangement, adjustment or
composition affecting the Notes or the rights of any Holder thereof or to
authorize the Indenture Trustee to vote in respect of the claim of any
Noteholder in any such proceeding except, as aforesaid, to vote for the election
of a trustee in bankruptcy or similar Person.

          (f) All rights of action and of asserting claims under this Indenture,
or under any of the Notes, may be enforced by the Indenture Trustee without the
possession of any of the Notes or the production thereof in any trial or other
Proceedings relative thereto, and any such action or Proceedings instituted by
the Indenture Trustee shall be brought in its own name as trustee of an express
trust, and any recovery of judgment, subject to the payment of the expenses,
disbursements and compensation of the Indenture Trustee, each predecessor
Indenture Trustee and their respective agents and attorneys, shall be for the
ratable benefit of the Holders of the Notes.

          (g) In any Proceedings brought by the Indenture Trustee (and also any
Proceedings involving the interpretation of any provision of this Indenture to
which the Indenture Trustee shall be a party), the Indenture Trustee shall be
held to represent all the Holders of the Notes, and it shall not be necessary to
make any Noteholder a party to any such Proceedings.

          SECTION 5.04. Remedies; Priorities. (a) If an Event of Default shall
have occurred and be continuing, the Indenture Trustee may do one or more of the
following (subject to Section 5.05):

               (i) institute Proceedings in its own name and as trustee of an
express trust for the collection of all amounts then payable on the Notes or
under this Indenture with respect

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<PAGE>   36

thereto, whether by declaration or otherwise, enforce any judgment obtained and
collect from the Issuer and any other obligor upon such Notes moneys adjudged
due;

               (ii) institute Proceedings from time to time for the complete or
partial foreclosure of this Indenture with respect to the Trust Estate;

               (iii) exercise any remedies of a secured party under the UCC and
take any other appropriate action to protect and enforce the rights and remedies
of the Indenture Trustee and the Holders of the Notes; and

               (iv) sell the Trust Estate or any portion thereof or rights or
interest therein, at one or more public or private sales called and conducted in
any manner permitted by law;

provided, however, that the Indenture Trustee may not sell or otherwise
liquidate the Trust Estate following an Event of Default, other than an Event of
Default described in Section 5.01(i) or (ii), unless (A) the Holders of 100% of
the Outstanding Amount of the Notes consent thereto, (B) the proceeds of such
sale or liquidation distributable to the Noteholders are sufficient to discharge
in full all amounts then due and unpaid upon such Notes for principal and
interest or (C) the Indenture Trustee determines that the Trust Estate will not
continue to provide sufficient funds for the payment of principal of and
interest on the Notes as they would have become due if the Notes had not been
declared due and payable, and the Indenture Trustee obtains the consent of
Holders of 66% of the Outstanding Amount of the Notes. In determining such
sufficiency or insufficiency with respect to clause (B) and (C), the Indenture
Trustee may, but need not, obtain and rely upon an opinion of an Independent
investment banking or accounting firm of national reputation as to the
feasibility of such proposed action and as to the sufficiency of the Trust
Estate for such purpose.

          (b) If the Indenture Trustee collects any money or property pursuant
to this Article V, it shall pay out the money or property in the following
order:

               FIRST: to the Indenture Trustee for amounts due under Section
          6.07;

               SECOND: to the Noteholders for amounts due and unpaid on the
          Notes for interest (including any premium), ratably, without
          preference or priority of any kind, according to the amounts due and
          payable on the Notes for interest (including any premium);

               THIRD: to the Noteholders in the following order of priority:

               (a) to Holders of the Class A-1 Notes for amounts due and unpaid
          on the Class A-1 Notes for principal, ratably, without preference or
          priority of any kind, according to the amounts due and payable on the
          Class A-1 Notes for principal, until the Outstanding Amount of the
          Class A-1 Notes is reduced to zero;

               (b) to Holders of the Class A-2 Notes for amounts due and unpaid
          on the Class A-2 Notes for principal, ratably, without preference or
          priority of any kind, according to the amounts due and payable on the
          Class A-2 Notes for principal, until the Outstanding Amount of the
          Class A-2 Notes is reduced to zero;

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<PAGE>   37

               (c) to Holders of the Class A-3 Notes for amounts due and unpaid
          on the Class A-3 Notes for principal, ratably, without preference or
          priority of any kind, according to the amounts due and payable on the
          Class A-3 Notes for principal, until the Outstanding Amount of the
          Class A-3 Notes is reduced to zero; and

               (d) to Holders of the Class A-4 Notes for amounts due and unpaid
          on the Class A-4 Notes for principal, ratably, without preference or
          priority of any kind, according to the amounts due and payable on the
          Class A-4 Notes for principal, until the Outstanding Amount of the
          Class A-4 Notes is reduced to zero;

               FIFTH: to the Issuer for distribution pursuant to the Trust
          Agreement.

The Indenture Trustee may fix a record date and payment date for any payment to
Noteholders pursuant to this Section. At least 15 days before such record date,
the Issuer shall mail to each Noteholder and the Indenture Trustee a notice that
states the record date, the payment date and the amount to be paid.

          SECTION 5.05. Optional Preservation of the Receivables. If the Notes
have been declared to be due and payable under Section 5.02 following an Event
of Default and such declaration and its consequences have not been rescinded and
annulled, the Indenture Trustee may, but need not, elect to maintain possession
of the Trust Estate. It is the desire of the parties hereto and the Noteholders
that there be at all times sufficient funds for the payment of principal of and
interest on the Notes, and the Indenture Trustee shall take such desire into
account when determining whether or not to maintain possession of the Trust
Estate. In determining whether to maintain possession of the Trust Estate, the
Indenture Trustee may, but need not, obtain and rely upon an opinion of an
Independent investment banking or accounting firm of national reputation as to
the feasibility of such proposed action and as to the sufficiency of the Trust
Estate for such purpose.

          SECTION 5.06. Limitation of Suits. No Holder of any Note shall have
any right to institute any Proceeding, judicial or otherwise, with respect to
this Indenture, or for the appointment of a receiver or trustee, or for any
other remedy hereunder, unless:

               (i) such Holder has previously given written notice to the
Indenture Trustee of a continuing Event of Default;

               (ii) the Holders of not less than 25% of the Outstanding Amount
of the Notes have made written request to the Indenture Trustee to institute
such Proceeding in respect of such Event of Default in its own name as Indenture
Trustee hereunder;

               (iii) such Holder or Holders have offered to the Indenture
Trustee reasonable indemnity against the costs, expenses and liabilities to be
incurred in complying with such request;

               (iv) the Indenture Trustee for 60 days after its receipt of such
notice, request and offer of indemnity has failed to institute such Proceedings;
and

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<PAGE>   38

               (v) no direction inconsistent with such written request has been
given to the Indenture Trustee during such 60-day period by the Holders of a
majority of the Outstanding Amount of the Notes.

It is understood and intended that no one or more Holders of Notes shall have
any right in any manner whatever by virtue of, or by availing of, any provision
of this Indenture to affect, disturb or prejudice the rights of any other
Holders of Notes or to obtain or to seek to obtain priority or preference over
any other Holders or to enforce any right under this Indenture, except in the
manner herein provided.

          In the event the Indenture Trustee shall receive conflicting or
inconsistent requests and indemnity from two or more groups of Holders of Notes,
each representing less than a majority of the Outstanding Amount of the Notes,
the Indenture Trustee in its sole discretion may determine what action, if any,
shall be taken, notwithstanding any other provisions of this Indenture.

          SECTION 5.07. Unconditional Rights of Noteholders To Receive Principal
and Interest. Notwithstanding any other provisions in this Indenture, the Holder
of any Note shall have the right, which is absolute and unconditional, to
receive payment of the principal of and interest, if any, on such Note on or
after the respective due dates thereof expressed in such Note or in this
Indenture (or, in the case of redemption, on or after the Redemption Date) and
to institute suit for the enforcement of any such payment, and such right shall
not be impaired without the consent of such Holder.

          SECTION 5.08. Restoration of Rights and Remedies. If the Indenture
Trustee or any Noteholder has instituted any Proceeding to enforce any right or
remedy under this Indenture and such Proceeding has been discontinued or
abandoned for any reason or has been determined adversely to the Indenture
Trustee or to such Noteholder, then and in every such case the Issuer, the
Indenture Trustee and the Noteholders shall, subject to any determination in
such Proceeding, be restored severally and respectively to their former
positions hereunder, and thereafter all rights and remedies of the Indenture
Trustee and the Noteholders shall continue as though no such Proceeding had been
instituted.

          SECTION 5.09. Rights and Remedies Cumulative. No right or remedy
herein conferred upon or reserved to the Indenture Trustee or to the Noteholders
is intended to be exclusive of any other right or remedy, and every right and
remedy shall, to the extent permitted by law, be cumulative and in addition to
every other right and remedy given hereunder or now or hereafter existing at law
or in equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy.

          SECTION 5.10. Delay or Omission Not a Waiver. No delay or omission of
the Indenture Trustee or any Holder of any Note to exercise any right or remedy
accruing upon any Default or Event of Default shall impair any such right or
remedy or constitute a waiver of any such Default or Event of Default or an
acquiescence therein. Every right and remedy given by this Article V or by law
to the Indenture Trustee or to the Noteholders may be exercised from

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<PAGE>   39

time to time, and as often as may be deemed expedient, by the Indenture Trustee
or by the Noteholders, as the case may be.

          SECTION 5.11. Control by Noteholders. The Holders of a majority of the
Outstanding Amount of the Notes shall have the right to direct the time, method
and place of conducting any Proceeding for any remedy available to the Indenture
Trustee with respect to the Notes or exercising any trust or power conferred on
the Indenture Trustee; provided that:

               (i) such direction shall not be in conflict with any rule of law
or with this Indenture;

               (ii) subject to the express terms of Section 5.04, any direction
to the Indenture Trustee to sell or liquidate the Trust Estate shall be by
Holders of Notes representing not less than 100% of the Outstanding Amount of
the Notes;

               (iii) if the conditions set forth in Section 5.05 have been
satisfied and the Indenture Trustee elects to retain the Trust Estate pursuant
to such Section, then any direction to the Indenture Trustee by Holders of Notes
representing less than 100% of the Outstanding Amount of the Notes to sell or
liquidate the Trust Estate shall be of no force and effect; and

               (iv) the Indenture Trustee may take any other action deemed
proper by the Indenture Trustee that is not inconsistent with such direction.

Notwithstanding the rights of Noteholders set forth in this Section, subject to
Section 6.01, the Indenture Trustee need not take any action that it determines
might involve it in liability or might materially adversely affect the rights of
any Noteholders not consenting to such action.

          SECTION 5.12. Waiver of Past Defaults. Prior to the declaration of the
acceleration of the maturity of the Notes as provided in Section 5.02, the
Holders of Notes of not less than a majority of the Outstanding Amount of the
Notes may waive any past Default or Event of Default and its consequences except
a Default (a) in payment of principal of or interest on any of the Notes or (b)
in respect of a covenant or provision hereof which cannot be modified or amended
without the consent of the Holder of each Note. In the case of any such waiver,
the Issuer, the Indenture Trustee and the Holders of the Notes shall be restored
to their former positions and rights hereunder, respectively; but no such waiver
shall extend to any subsequent or other Default or impair any right consequent
thereto.

          Upon any such waiver, such Default shall cease to exist and be deemed
to have been cured and not to have occurred, and any Event of Default arising
therefrom shall be deemed to have been cured and not to have occurred, for every
purpose of this Indenture; but no such waiver shall extend to any subsequent or
other Default or Event of Default or impair any right consequent thereto.

          SECTION 5.13. Undertaking for Costs. All parties to this Indenture
agree, and each Holder of a Note by such Holder's acceptance thereof shall be
deemed to have agreed, that any court may in its discretion require, in any suit
for the enforcement of any right or remedy under this Indenture, or in any suit
against the Indenture Trustee for any action taken, suffered or omitted by it as
Indenture Trustee, the filing by any party litigant in such suit of an
undertaking

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<PAGE>   40

to pay the costs of such suit, and that such court may in its discretion assess
reasonable costs, including reasonable attorneys' fees, against any party
litigant in such suit, having due regard to the merits and good faith of the
claims or defenses made by such party litigant; but the provisions of this
Section shall not apply to (a) any suit instituted by the Indenture Trustee, (b)
any suit instituted by any Noteholder, or group of Noteholders, in each case
holding in the aggregate more than 10% of the Outstanding Amount of the Notes or
(c) any suit instituted by any Noteholder for the enforcement of the payment of
principal of or interest on any Note on or after the respective due dates
expressed in such Note and in this Indenture (or, in the case of redemption, on
or after the Redemption Date).

          SECTION 5.14. Waiver of Stay or Extension Laws. The Issuer covenants
(to the extent that it may lawfully do so) that it will not at any time insist
upon, or plead or in any manner whatsoever claim or take the benefit or
advantage of, any stay or extension law wherever enacted, now or at any time
hereafter in force, that may affect the covenants or the performance of this
Indenture; and the Issuer (to the extent that it may lawfully do so) hereby
expressly waives all benefit or advantage of any such law, and covenants that it
will not hinder, delay or impede the execution of any power herein granted to
the Indenture Trustee, but will suffer and permit the execution of every such
power as though no such law had been enacted.

          SECTION 5.15. Action on Notes. The Indenture Trustee's right to seek
and recover judgment on the Notes or under this Indenture shall not be affected
by the seeking, obtaining or application of any other relief under or with
respect to this Indenture. Neither the lien of this Indenture nor any rights or
remedies of the Indenture Trustee or the Noteholders shall be impaired by the
recovery of any judgment by the Indenture Trustee against the Issuer or by the
levy of any execution under such judgment upon any portion of the Trust Estate
or upon any of the assets of the Issuer. Any money or property collected by the
Indenture Trustee shall be applied in accordance with Section 5.04(b).

          SECTION 5.16. Performance and Enforcement of Certain Obligations. (a)
Promptly following a request from the Indenture Trustee to do so and at the
Administrator's expense, the Issuer shall take all such lawful action as the
Indenture Trustee may request to compel or secure the performance and observance
by the Seller or the Servicer, as applicable, of each of their obligations to
the Issuer under or in connection with the Sale and Servicing Agreement or by
the Seller or the Company, as applicable, of each of their obligations under or
in connection with the Purchase Agreement, and to exercise any and all rights,
remedies, powers and privileges lawfully available to the Issuer under or in
connection with the Sale and Servicing Agreement to the extent and in the manner
directed by the Indenture Trustee, including the transmission of notices of
default on the part of the Seller or the Servicer thereunder and the institution
of legal or administrative actions or proceedings to compel or secure
performance by the Seller or the Servicer of each of their obligations under the
Sale and Servicing Agreement.

          (b) If an Event of Default has occurred and is continuing, the
Indenture Trustee may, and at the direction (which direction shall be in writing
or by telephone (confirmed in writing promptly thereafter)) of the Holders of
66% of the Outstanding Amount of the Notes shall, exercise all rights, remedies,
powers, privileges and claims of the Issuer against the Seller or the Servicer
under or in connection with the Sale and Servicing Agreement, or against the
Company or the Seller under or in connection with the Purchase Agreement,
including the right or power to

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<PAGE>   41

take any action to compel or secure performance or observance by the Seller or
the Servicer, or the Company or the Seller, as the case may be, of each of their
obligations to the Issuer thereunder and to give any consent, request, notice,
direction, approval, extension or waiver under the Sale and Servicing Agreement
or the Purchase Agreement, as the case may be, and any right of the Issuer to
take such action shall be suspended.

                                   ARTICLE VI

                              The Indenture Trustee

          SECTION 6.01. Duties of Indenture Trustee. (a) If an Event of Default
has occurred and is continuing, the Indenture Trustee shall exercise the rights
and powers vested in it by this Indenture and use the same degree of care and
skill in their exercise as a prudent person would exercise or use under the
circumstances in the conduct of such person's own affairs.

          (b) Except during the continuance of an Event of Default:

               (i) the Indenture Trustee undertakes to perform such duties and
only such duties as are specifically set forth in this Indenture and no implied
covenants or obligations shall be read into this Indenture against the Indenture
Trustee; and

               (ii) in the absence of bad faith on its part, the Indenture
Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon certificates or opinions
furnished to the Indenture Trustee and conforming to the requirements of this
Indenture; however, the Indenture Trustee shall examine the certificates and
opinions to determine whether or not they conform to the requirements of this
Indenture.

          (c) The Indenture Trustee may not be relieved from liability for its
own negligent action, its own negligent failure to act or its own willful
misconduct, except that:

               (i) this paragraph does not limit the effect of paragraph (b) of
this Section;

               (ii) the Indenture Trustee shall not be liable for any error of
judgment made in good faith by a Responsible Officer unless it is proved that
the Indenture Trustee was negligent in ascertaining the pertinent facts; and

               (iii) the Indenture Trustee shall not be liable with respect to
any action it takes or omits to take in good faith in accordance with a
direction received by it pursuant to Section 5.11.

          (d) Every provision of this Indenture that in any way relates to the
Indenture Trustee is subject to paragraphs (a), (b), (c) and (g) of this
Section.

          (e) The Indenture Trustee shall not be liable for interest on any
money received by it except as the Indenture Trustee may agree in writing with
the Issuer.

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<PAGE>   42

          (f) Money held in trust by the Indenture Trustee need not be
segregated from other funds except to the extent required by law or the terms of
this Indenture or the Sale and Servicing Agreement.

          (g) No provision of this Indenture shall require the Indenture Trustee
to expend or risk its own funds or otherwise incur financial liability in the
performance of any of its duties hereunder or in the exercise of any of its
rights or powers, if it shall have reasonable grounds to believe that repayment
of such funds or adequate indemnity against such risk or liability is not
reasonably assured to it.

          (h) Every provision of this Indenture relating to the conduct or
affecting the liability of or affording protection to the Indenture Trustee
shall be subject to the provisions of this Section and to the provisions of the
TIA.

          SECTION 6.02. Rights of Indenture Trustee. (a) The Indenture Trustee
may rely on any document believed by it to be genuine and to have been signed or
presented by the proper person. The Indenture Trustee need not investigate any
fact or matter stated in the document.

          (b) Before the Indenture Trustee acts or refrains from acting, it may
require an Officer's Certificate or an Opinion of Counsel. The Indenture Trustee
shall not be liable for any action it takes or omits to take in good faith in
reliance on an Officer's Certificate or Opinion of Counsel.

          (c) The Indenture Trustee may execute any of the trusts or powers
hereunder or perform any duties hereunder either directly or by or through
agents or attorneys or a custodian or nominee, and the Indenture Trustee shall
not be responsible for any misconduct or negligence on the part of, or for the
supervision of, any such agent, attorney, custodian or nominee appointed with
due care by it hereunder.

          (d) The Indenture Trustee shall not be liable for any action it takes
or omits to take in good faith which it believes to be authorized or within its
rights or powers; provided, that the Indenture Trustee's conduct does not
constitute willful misconduct, negligence or bad faith.

          (e) The Indenture Trustee may consult with counsel, and the advice or
opinion of counsel with respect to legal matters relating to this Indenture and
the Notes shall be full and complete authorization and protection from liability
in respect to any action taken, omitted or suffered by it hereunder in good
faith and in accordance with the advice or opinion of such counsel.

          SECTION 6.03. Individual Rights of Indenture Trustee. The Indenture
Trustee in its individual or any other capacity may become the owner or pledgee
of Notes and may otherwise deal with the Issuer or its Affiliates with the same
rights it would have if it were not Indenture Trustee. Any Paying Agent, Note
Registrar, co-registrar or co-paying agent may do the same with like rights.
However, the Indenture Trustee must comply with Sections 6.11 and 6.12.

          SECTION 6.04. Indenture Trustee's Disclaimer. The Indenture Trustee
shall not be responsible for and makes no representation as to the validity or
adequacy of this Indenture or the Notes, it shall not be accountable for the
Issuer's use of the proceeds from the Notes, and it shall not be responsible for
any statement of the Issuer in the Indenture or in any document

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<PAGE>   43

issued in connection with the sale of the Notes or in the Notes other than the
Indenture Trustee's certificate of authentication.

          SECTION 6.05. Notice of Defaults. If a Default occurs and is
continuing and if it is known to a Responsible Officer of the Indenture Trustee,
the Indenture Trustee shall mail to each Noteholder notice of the Default within
90 days after it occurs. Except in the case of a Default in payment of principal
of or interest on any Note (including payments pursuant to the mandatory
redemption provisions of such Note), the Indenture Trustee may withhold the
notice if and so long as a committee of its Responsible Officers in good faith
determines that withholding the notice is in the interests of Noteholders.

          SECTION 6.06. Reports by Indenture Trustee to Holders. The Indenture
Trustee shall deliver to each Noteholder such information as may be required to
enable such holder to prepare its federal and state income tax returns.

          SECTION 6.07. Compensation and Indemnity. The Issuer shall, or shall
cause the Administrator to, pay to the Indenture Trustee from time to time
reasonable compensation for its services. The Indenture Trustee's compensation
shall not be limited by any law on compensation of a trustee of an express
trust. The Issuer shall, or shall cause the Administrator to, reimburse the
Indenture Trustee for all reasonable out-of-pocket expenses incurred or made by
it, including costs of collection, in addition to the compensation for its
services. Such expenses shall include the reasonable compensation and expenses,
disbursements and advances of the Indenture Trustee's agents, counsel,
accountants and experts. The Issuer shall, or shall cause the Administrator to,
indemnify the Indenture Trustee against any and all loss, liability or expense
(including attorneys' fees) incurred by it in connection with the administration
of this trust and the performance of its duties hereunder. The Indenture Trustee
shall notify the Issuer and the Administrator promptly of any claim for which it
may seek indemnity. Failure by the Indenture Trustee to so notify the Issuer and
the Administrator shall not relieve the Issuer or the Administrator of its
obligations hereunder. The Issuer shall, or shall cause the Administrator to,
defend any such claim, and the Indenture Trustee may have separate counsel and
the Issuer shall, or shall cause the Administrator to, pay the fees and expenses
of such counsel. Neither the Issuer nor the Administrator need reimburse any
expense or indemnify against any loss, liability or expense incurred by the
Indenture Trustee through the Indenture Trustee's own willful misconduct,
negligence or bad faith.

          The Issuer's payment obligations to the Indenture Trustee pursuant to
this Section shall survive the discharge of this Indenture. When the Indenture
Trustee incurs expenses after the occurrence of a Default specified in Section
5.01(iv) or (v) with respect to the Issuer, the expenses are intended to
constitute expenses of administration under Title 11 of the United States Code
or any other applicable federal or state bankruptcy, insolvency or similar law.

          SECTION 6.08. Replacement of Indenture Trustee. No resignation or
removal of the Indenture Trustee and no appointment of a successor Indenture
Trustee shall become effective until the acceptance of appointment by the
successor Indenture Trustee pursuant to this Section 6.08. The Indenture Trustee
may resign at any time by so notifying the Issuer. The Holders of a majority in
Outstanding Amount of the Notes may remove the Indenture Trustee by

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<PAGE>   44

so notifying the Indenture Trustee and may appoint a successor Indenture
Trustee. The Issuer shall remove the Indenture Trustee if:

               (i)   the Indenture Trustee fails to comply with Section 6.11;

               (ii)  the Indenture Trustee is adjudged a bankrupt or insolvent;

               (iii) a receiver or other public officer takes charge of the
                     Indenture Trustee or its property; or

               (iv)  the Indenture Trustee otherwise becomes incapable of
                     acting.

If the Indenture Trustee resigns or is removed or if a vacancy exists in the
office of Indenture Trustee for any reason (the Indenture Trustee in such event
being referred to herein as the retiring Indenture Trustee), the Issuer shall
promptly appoint a successor Indenture Trustee.

          A successor Indenture Trustee shall deliver a written acceptance of
its appointment to the retiring Indenture Trustee and to the Issuer. Thereupon
the resignation or removal of the retiring Indenture Trustee shall become
effective, and the successor Indenture Trustee shall have all the rights, powers
and duties of the Indenture Trustee under this Indenture. The successor
Indenture Trustee shall mail a notice of its succession to Noteholders. The
retiring Indenture Trustee shall promptly transfer all property held by it as
Indenture Trustee to the successor Indenture Trustee.

          If a successor Indenture Trustee does not take office within 60 days
after the retiring Indenture Trustee resigns or is removed, the retiring
Indenture Trustee, the Issuer or the Holders of a majority in Outstanding Amount
of the Notes may petition any court of competent jurisdiction for the
appointment of a successor Indenture Trustee.

          If the Indenture Trustee fails to comply with Section 6.11, any
Noteholder may petition any court of competent jurisdiction for the removal of
the Indenture Trustee and the appointment of a successor Indenture Trustee.

          Notwithstanding the replacement of the Indenture Trustee pursuant to
this Section, the Issuer's and the Administrator's obligations under Section
6.07 shall continue for the benefit of the retiring Indenture Trustee.

          SECTION 6.09. Successor Indenture Trustee by Merger. If the Indenture
Trustee consolidates with, merges or converts into, or transfers all or
substantially all its corporate trust business or assets to, another corporation
or banking association, the resulting, surviving or transferee corporation
without any further act shall be the successor Indenture Trustee; provided, that
such corporation or banking association shall be otherwise qualified and
eligible under Section 6.11. The Indenture Trustee shall provide the Rating
Agencies prior written notice of any such transaction.

          In case at the time such successor or successors by merger, conversion
or consolidation to the Indenture Trustee shall succeed to the trusts created by
this Indenture any of the Notes shall have been authenticated but not delivered,
any such successor to the Indenture Trustee may adopt the certificate of
authentication of any predecessor trustee and deliver such Notes so

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<PAGE>   45

authenticated; and in case at that time any of the Notes shall not have been
authenticated, any successor to the Indenture Trustee may authenticate such
Notes either in the name of any predecessor hereunder or in the name of the
successor to the Indenture Trustee; and in all such cases such certificates
shall have the full force which it is anywhere in the Notes or in this Indenture
provided that the certificate of the Indenture Trustee shall have.

          SECTION 6.10. Appointment of Co-Indenture Trustee or Separate
Indenture Trustee. (a) Notwithstanding any other provisions of this Indenture,
at any time, for the purpose of meeting any legal requirement of any
jurisdiction in which any part of the Trust Estate may at the time be located,
the Indenture Trustee shall have the power and may execute and deliver all
instruments to appoint one or more Persons to act as a co-trustee or
co-trustees, or separate trustee or separate trustees, of all or any part of the
Trust, and to vest in such Person or Persons, in such capacity and for the
benefit of the Noteholders, such title to the Trust Estate, or any part hereof,
and, subject to the other provisions of this Section, such powers, duties,
obligations, rights and trusts as the Indenture Trustee may consider necessary
or desirable. No co-trustee or separate trustee hereunder shall be required to
meet the terms of eligibility as a successor trustee under Section 6.11 and no
notice to Noteholders of the appointment of any co-trustee or separate trustee
shall be required under Section 6.08 hereof.

          (b) Every separate trustee and co-trustee shall, to the extent
permitted by law, be appointed and act subject to the following provisions and
conditions:

               (i) all rights, powers, duties and obligations conferred or
imposed upon the Indenture Trustee shall be conferred or imposed upon and
exercised or performed by the Indenture Trustee and such separate trustee or
co-trustee jointly (it being understood that such separate trustee or co-trustee
is not authorized to act separately without the Indenture Trustee joining in
such act), except to the extent that under any law of any jurisdiction in which
any particular act or acts are to be performed the Indenture Trustee shall be
incompetent or unqualified to perform such act or acts, in which event such
rights, powers, duties and obligations (including the holding of title to the
Trust Estate or any portion thereof in any such jurisdiction) shall be exercised
and performed singly by such separate trustee or co-trustee, but solely at the
direction of the Indenture Trustee;

               (ii) no trustee hereunder shall be personally liable by reason of
any act or omission of any other trustee hereunder; and

               (iii) the Indenture Trustee may at any time accept the
resignation of or remove any separate trustee or co-trustee.

          (c) Any notice, request or other writing given to the Indenture
Trustee shall be deemed to have been given to each of the then separate trustees
and co-trustees, as effectively as if given to each of them. Every instrument
appointing any separate trustee or co-trustee shall refer to this Agreement and
the conditions of this Article VI. Each separate trustee and co-trustee, upon
its acceptance of the trusts conferred, shall be vested with the estates or
property specified in its instrument of appointment, either jointly with the
Indenture Trustee or separately, as may be provided therein, subject to all the
provisions of this Indenture, specifically including every provision of this
Indenture relating to the conduct of, affecting the liability of, or affording

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<PAGE>   46

protection to, the Indenture Trustee. Every such instrument shall be filed with
the Indenture Trustee.

          (d) Any separate trustee or co-trustee may at any time constitute the
Indenture Trustee, its agent or attorney-in-fact with full power and authority,
to the extent not prohibited by law, to do any lawful act under or in respect of
this Agreement on its behalf and in its name. If any separate trustee or
co-trustee shall die, become incapable of acting, resign or be removed, all of
its estates, properties, rights, remedies and trusts shall vest in and be
exercised by the Indenture Trustee, to the extent permitted by law, without the
appointment of a new or successor trustee.

          SECTION 6.11. Eligibility; Disqualification. The Indenture Trustee
shall at all times satisfy the requirements of TIA ss. 310(a). The Indenture
Trustee shall have a combined capital and surplus of at least $50,000,000 as set
forth in its most recent published annual report of condition, and the time
deposits of the Indenture Trustee shall be rated at least A-1 by Standard &
Poor's and P-1 by Moody's. The Indenture Trustee shall comply with TIA ss.
310(b), including the optional provision permitted by the second sentence of TIA
ss. 310(b)(9); provided, however, that there shall be excluded from the
operation of TIA ss. 310(b)(1) any indenture or indentures under which other
securities of the Issuer are outstanding if the requirements for such exclusion
set forth in TIA ss. 310(b)(1) are met.

          SECTION 6.12. Preferential Collection of Claims Against Issuer. The
Indenture Trustee shall comply with TIA ss. 311(a), excluding any creditor
relationship listed in TIA ss. 311(b). An Indenture Trustee who has resigned or
been removed shall be subject to TIA ss. 311(a) to the extent indicated.

          SECTION 6.13. Pennsylvania Motor Vehicle Sales Finance Act Licenses.
The Indenture Trustee shall use its best efforts to maintain the effectiveness
of all licenses required under the Pennsylvania Motor Vehicle Sales Finance Act
in connection with this Indenture and the transactions contemplated hereby until
the lien and security interest of this Indenture shall no longer be in effect in
accordance with the terms hereof.

                                  ARTICLE VII

                         Noteholders' Lists and Reports

          SECTION 7.01. Issuer To Furnish Indenture Trustee Names and Addresses
of Noteholders. The Issuer will furnish or cause to be furnished to the
Indenture Trustee (a) not more than five days after the earlier of (i) each
Record Date and (ii) three months after the last Record Date, a list, in such
form as the Indenture Trustee may reasonably require, of the names and addresses
of the Holders of Notes as of such Record Date, and (b) at such other times as
the Indenture Trustee may request in writing, within 30 days after receipt by
the Issuer of any such request, a list of similar form and content as of a date
not more than 10 days prior to the time such list is furnished; provided,
however, that so long as the Indenture Trustee is the Note Registrar, no such
list shall be required to be furnished.

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<PAGE>   47

          SECTION 7.02. Preservation of Information; Communications to
Noteholders. (a) The Indenture Trustee shall preserve, in as current a form as
is reasonably practicable, the names and addresses of the Holders of Notes
contained in the most recent list furnished to the Indenture Trustee as provided
in Section 7.01 and the names and addresses of Holders of Notes received by the
Indenture Trustee in its capacity as Note Registrar. The Indenture Trustee may
destroy any list furnished to it as provided in such Section 7.01 upon receipt
of a new list so furnished.

          (b) Noteholders may communicate pursuant to TIA ss. 312(b) with other
Noteholders with respect to their rights under this Indenture or under the
Notes.

          (c) The Issuer, the Indenture Trustee and the Note Registrar shall
have the protection of TIA ss. 312(c).

          SECTION 7.03. Reports by Issuer. (a) The Issuer shall:

               (i) file with the Indenture Trustee, within 15 days after the
Issuer is required to file the same with the Commission, copies of the annual
reports and of the information, documents and other reports (or copies of such
portions of any of the foregoing as the Commission may from time to time by
rules and regulations prescribe) that the Issuer may be required to file with
the Commission pursuant to Section 13 or 15(d) of the Exchange Act;

               (ii) file with the Indenture Trustee and the Commission in
accordance with rules and regulations prescribed from time to time by the
Commission such additional information, documents and reports with respect to
compliance by the Issuer with the conditions and covenants of this Indenture as
may be required from time to time by such rules and regulations; and

               (iii) supply to the Indenture Trustee (and the Indenture Trustee
shall transmit by mail to all Noteholders described in TIA ss. 313(c)) such
summaries of any information, documents and reports required to be filed by the
Issuer pursuant to clauses (i) and (ii) of this Section 7.03(a) and by rules and
regulations prescribed from time to time by the Commission.

          (b) Unless the Issuer otherwise determines, the fiscal year of the
Issuer shall end on December 31 of each year.

          SECTION 7.04. Reports by Indenture Trustee. If required by TIA ss. 313
(a), within 60 days after each February 1 beginning with February 1, 2001, the
Indenture Trustee shall mail to each Noteholder as required by TIA ss. 313(c) a
brief report dated as of such date that complies with TIA ss. 313(a). The
Indenture Trustee also shall comply with TIA ss. 313(b).

          A copy of each report at the time of its mailing to Noteholders shall
be filed by the Indenture Trustee with the Commission and each stock exchange,
if any, on which the Notes are listed. The Issuer shall notify the Indenture
Trustee if and when the Notes are listed on any stock exchange.

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<PAGE>   48

                                  ARTICLE VIII

                      Accounts, Disbursements and Releases

          SECTION 8.01. Collection of Money. Except as otherwise expressly
provided herein, the Indenture Trustee may demand payment or delivery of, and
shall receive and collect, directly and without intervention or assistance of
any fiscal agent or other intermediary, all money and other property payable to
or receivable by the Indenture Trustee pursuant to this Indenture. The Indenture
Trustee shall apply all such money received by it as provided in this Indenture.
Except as otherwise expressly provided in this Indenture, if any default occurs
in the making of any payment or performance under any agreement or instrument
that is part of the Trust Estate, the Indenture Trustee may take such action as
may be appropriate to enforce such payment or performance, including the
institution and prosecution of appropriate Proceedings. Any such action shall be
without prejudice to any right to claim a Default or Event of Default under this
Indenture and any right to proceed thereafter as provided in Article V.

          SECTION 8.02. Deposit Account. (a) On or prior to the Closing Date,
the Issuer shall cause the Servicer to establish and maintain, in the name of
the Indenture Trustee, for the benefit of the Noteholders and the
Certificateholders, the Deposit Account as provided in Section 5.01 of the Sale
and Servicing Agreement.

          (b) On or before each Payment Date, the Total Distribution Amount (net
of the Servicing Fee for such Payment Date and any previously unpaid Servicing
Fees and any other distributable amounts that are to be allocated for
distribution or release to the Seller or the Company) with respect to the
preceding Collection Period will be deposited in the Deposit Account as provided
in Section 5.02 of the Sale and Servicing Agreement. The Indenture Trustee shall
allocate amounts in the Deposit Account for distribution to Noteholders in
accordance with Sections 5.05 and 5.06 of the Sale and Servicing Agreement.

          (c) On each Payment Date and Redemption Date, the Indenture Trustee
shall distribute all amounts allocated in the Deposit Account for distribution
to the Noteholders in respect of the Notes to the extent of amounts due and
unpaid on the Notes for principal and interest (including any premium) in the
following amounts and in the following order of priority (except as otherwise
provided in Section 5.04(b)):

               (i) accrued and unpaid interest on the Notes; provided, that if
there are not sufficient funds allocated in the Deposit Account for distribution
to the Noteholders to pay the entire amount of accrued and unpaid interest then
due on the Notes, the amount allocated in the Deposit Account for distribution
to the Noteholders shall be applied to the payment of such interest on the Notes
pro rata on the basis of the total such interest due on the Notes; and

               (ii) principal on the Notes in the following order of priority:

                         (1) to the Holders of the Class A-1 Notes on account of
principal until the Outstanding Amount of the Class A-1 Notes is reduced to
zero;

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<PAGE>   49

                         (2) to the Holders of the Class A-2 Notes on account of
principal until the Outstanding Amount of the Class A-2 Notes is reduced to
zero;

                         (3) to the Holders of the Class A-3 Notes on account of
principal until the Outstanding Amount of the Class A-3 Notes is reduced to
zero; and

                         (4) to the Holders of the Class A-4 Notes on account of
principal until the Outstanding Amount of the Class A-4 Notes is reduced to
zero.

If the amounts called for pursuant to Section 5.05(a)(ii)(D) and (E) of the Sale
and Servicing Agreement have not been netted out of the Total Distribution
Amount as permitted under that Section under certain circumstances, then after
making the distributions to the Noteholders and subject to Section 8.04, the
Indenture Trustee shall make the distributions, if any, to the
Certificateholders called for pursuant to Sections 5.05(a)(ii)(D) and (E) of the
Sale and Servicing Agreement; provided that if the Owner Trustee has removed the
Indenture Trustee as the paying agent for the Issuer, the Indenture Trustee
shall distribute such amounts to the paying agent for the Issuer as instructed
by the Owner Trustee.

          SECTION 8.03. General Provisions Regarding Accounts. (a) So long as no
Default or Event of Default shall have occurred and be continuing, all or a
portion of the funds in the Deposit Account shall be invested in Eligible
Investments and reinvested by the Indenture Trustee (or the investment manager
referred to in clause (2) of Section 5.01(b) of the Sale and Servicing
Agreement) upon Issuer Order, subject to the provisions of Section 5.01(b) of
the Sale and Servicing Agreement. All income or other gain from investments of
moneys deposited in the Deposit Account shall remain on deposit in the Deposit
Account, and any loss resulting from such investments shall be charged to such
account. The Issuer will not direct the Indenture Trustee to make any investment
of any funds or to sell any investment held in the Deposit Account unless the
security interest Granted and perfected in such Deposit Account will continue to
be perfected in such investment or the proceeds of such sale, in either case
without any further action by any Person, and, in connection with any direction
to the Indenture Trustee to make any such investment or sale, if requested by
the Indenture Trustee, the Issuer shall deliver to the Indenture Trustee an
Opinion of Counsel, acceptable to the Indenture Trustee, to such effect.

          (b) Subject to Section 6.01(c), the Indenture Trustee shall not in any
way be held liable by reason of any insufficiency in the Deposit Account
resulting from any loss on any Eligible Investment included therein except for
losses attributable to the Indenture Trustee's failure to make payments on such
Eligible Investments issued by the Indenture Trustee, in its commercial capacity
as principal obligor and not as trustee, in accordance with their terms.

          (c) If (i) the Issuer (or the Servicer or any investment manager
pursuant to Section 5.01(b) of the Sale and Servicing Agreement) shall have
failed to give investment directions for any funds on deposit in the Deposit
Account to the Indenture Trustee by 11:00 a.m. Eastern Time (or such other time
as may be agreed by the Issuer and Indenture Trustee) on any Business Day or
(ii) a Default or Event of Default shall have occurred and be continuing with
respect to the Notes but the Notes shall not have been declared due and payable
pursuant to Section 5.02 or (iii) if such Notes shall have been declared due and
payable following an Event of Default but

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<PAGE>   50

amounts collected or receivable from the Trust Estate are being applied in
accordance with Section 5.05 as if there had not been such a declaration, then
the Indenture Trustee shall, to the fullest extent practicable, invest and
reinvest funds in the Deposit Account in one or more Eligible Investments.

          SECTION 8.04. Release of Trust Estate. (a) Subject to the payment of
its fees and expenses pursuant to Section 6.07, the Indenture Trustee may, and
when required by the provisions of this Indenture shall, execute instruments to
release property from the lien of this Indenture, or convey the Indenture
Trustee's interest in the same, in a manner and under circumstances that are not
inconsistent with the provisions of this Indenture. No party relying upon an
instrument executed by the Indenture Trustee as provided in this Article VIII
shall be bound to ascertain the Indenture Trustee's authority, inquire into the
satisfaction of any conditions precedent or see to the application of any
moneys.

          (b) The Indenture Trustee shall, at such time as there are no Notes
Outstanding and all sums due the Indenture Trustee pursuant to Section 6.07 have
been paid, release any remaining portion of the Trust Estate that secured the
Notes from the lien of this Indenture and release to the Issuer or any other
Person entitled thereto any funds then on deposit in the Deposit Account. The
Indenture Trustee shall release property from the lien of this Indenture
pursuant to this Section 8.04(b) only upon receipt of an Issuer Request
accompanied by an Officer's Certificate, an Opinion of Counsel and (if required
by the TIA) Independent Certificates in accordance with TIA ss.ss. 314(c) and
314(d)(1) meeting the applicable requirements of Section 11.01.

          (c) Each Noteholder, by the acceptance of a Note, acknowledges that
promptly following the Closing Date and each Transfer Date the Indenture Trustee
shall release the lien of this Indenture on each Fixed Value Payment and Fixed
Value Finance Charges (subject to Section 5.03(b) of the Sale and Servicing
Agreement) assigned by the Issuer to the Seller, and consents to such release.

          SECTION 8.05. Opinion of Counsel. The Indenture Trustee shall receive
at least seven days notice when requested by the Issuer to take any action
pursuant to Section 8.04(a), accompanied by copies of any instruments involved,
and the Indenture Trustee shall also require, except in connection with any
action contemplated by Section 8.04(c), as a condition to such action, an
Opinion of Counsel, in form and substance satisfactory to the Indenture Trustee,
stating the legal effect of any such action, outlining the steps required to
complete the same, and concluding that all conditions precedent to the taking of
such action have been complied with and such action will not materially and
adversely impair the security for the Notes or the rights of the Noteholders in
contravention of the provisions of this Indenture; provided, however, that such
Opinion of Counsel shall not be required to express an opinion as to the fair
value of the Trust Estate. Counsel rendering any such opinion may rely, without
independent investigation, on the accuracy and validity of any certificate or
other instrument delivered to the Indenture Trustee in connection with any such
action.

                                      45
<PAGE>   51

                                   ARTICLE IX

                             Supplemental Indentures

          SECTION 9.01. Supplemental Indentures Without Consent of Noteholders.
(a) Without the consent of the Holders of any Notes but with prior notice to the
Rating Agencies, the Issuer and the Indenture Trustee, when authorized by an
Issuer Order, at any time and from time to time, may enter into one or more
indentures supplemental hereto (which shall conform to the provisions of the
Trust Indenture Act as in force at the date of the execution thereof), in form
satisfactory to the Indenture Trustee, for any of the following purposes:

               (i) to correct or amplify the description of any property at any
time subject to the lien of this Indenture, or better to assure, convey and
confirm unto the Indenture Trustee any property subject or required to be
subjected to the lien of this Indenture, or to subject to the lien of this
Indenture additional property;

               (ii) to evidence the succession, in compliance with the
applicable provisions hereof, of another person to the Issuer, and the
assumption by any such successor of the covenants of the Issuer herein and in
the Notes contained;

               (iii) to add to the covenants of the Issuer, for the benefit of
the Holders of the Notes, or to surrender any right or power herein conferred
upon the Issuer;

               (iv) to convey, transfer, assign, mortgage or pledge any property
to or with the Indenture Trustee;

               (v) to cure any ambiguity, to correct or supplement any provision
herein or in any supplemental indenture that may be inconsistent with any other
provision herein or in any supplemental indenture or to make any other
provisions with respect to matters or questions arising under this Indenture or
in any supplemental indenture; provided, that such action shall not adversely
affect the interests of the Holders of the Notes;

               (vi) to evidence and provide for the acceptance of the
appointment hereunder by a successor trustee with respect to the Notes and to
add to or change any of the provisions of this Indenture as shall be necessary
to facilitate the administration of the trusts hereunder by more than one
trustee, pursuant to the requirements of Article VI; or

               (vii) to modify, eliminate or add to the provisions of this
Indenture to such extent as shall be necessary to effect the qualification of
this Indenture under the TIA or under any similar federal statute hereafter
enacted and to add to this Indenture such other provisions as may be expressly
required by the TIA.

The Indenture Trustee is hereby authorized to join in the execution of any such
supplemental indenture and to make any further appropriate agreements and
stipulations that may be therein contained.

                                       46

<PAGE>   52

          (b) The Issuer and the Indenture Trustee, when authorized by an Issuer
Order, may, also without the consent of any of the Holders of the Notes but with
prior notice to the Rating Agencies, enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to, or changing in
any manner or eliminating any of the provisions of, this Indenture or of
modifying in any manner the rights of the Holders of the Notes under this
Indenture; provided, however, that such action shall not, as evidenced by an
Opinion of Counsel, adversely affect in any material respect the interests of
any Noteholder.

          SECTION 9.02. Supplemental Indentures with Consent of Noteholders. The
Issuer and the Indenture Trustee, when authorized by an Issuer Order, also may,
with prior notice to the Rating Agencies and with the consent of the Holders of
not less than a majority of the Outstanding Amount of the Notes, by Act of such
Holders delivered to the Issuer and the Indenture Trustee, enter into an
indenture or indentures supplemental hereto for the purpose of adding any
provisions to, or changing in any manner or eliminating any of the provisions
of, this Indenture or of modifying in any manner the rights of the Holders of
the Notes under this Indenture; provided, however, that no such supplemental
indenture shall, without the consent of the Holder of each Outstanding Note
affected thereby:

               (i) change the date of payment of any installment of principal of
or interest on any Note, or reduce the principal amount thereof, the Interest
Rate thereon or the Redemption Price with respect thereto, change the provisions
of this Indenture relating to the application of collections on, or the proceeds
of the sale of, the Trust Estate to payment of principal of or interest on the
Notes, or change any place of payment where, or the coin or currency in which,
any Note or the interest thereon is payable, or impair the right to institute
suit for the enforcement of the provisions of this Indenture requiring the
application of funds available therefor, as provided in Article V, to the
payment of any such amount due on the Notes on or after the respective due dates
thereof (or, in the case of redemption, on or after the Redemption Date);

               (ii) reduce the percentage of the Outstanding Amount of the
Notes, the consent of the Holders of which is required for any such supplemental
indenture, or the consent of the Holders of which is required for any waiver of
compliance with certain provisions of this Indenture or certain defaults
hereunder and their consequences provided for in this Indenture;

               (iii) modify or alter the provisions of the proviso to the
definition of the term "Outstanding";

               (iv) reduce the percentage of the Outstanding Amount of the Notes
required to direct the Indenture Trustee to direct the Issuer to sell or
liquidate the Trust Estate pursuant to Section 5.04;

               (v) modify any provision of this Section except to increase any
percentage specified herein or to provide that certain additional provisions of
this Indenture or the Basic Documents cannot be modified or waived without the
consent of the Holder of each Outstanding Note affected thereby;

                                       47

<PAGE>   53

               (vi) modify any of the provisions of this Indenture in such
manner as to affect the calculation of the amount of any payment of interest or
principal due on any Note on any Payment Date (including the calculation of any
of the individual components of such calculation) or to affect the rights of the
Holders of Notes to the benefit of any provisions for the mandatory redemption
of the Notes contained herein; or

               (vii) permit the creation of any lien ranking prior to or on a
parity with the lien of this Indenture with respect to any part of the Trust
Estate or, except as otherwise permitted or contemplated herein, terminate the
lien of this Indenture on any property at any time subject hereto or deprive the
Holder of any Note of the security provided by the lien of this Indenture.

The Indenture Trustee may in its discretion determine whether or not any Notes
would be affected by any supplemental indenture and any such determination shall
be conclusive upon the Holders of all Notes, whether theretofore or thereafter
authenticated and delivered hereunder. The Indenture Trustee shall not be liable
for any such determination made in good faith.

          It shall not be necessary for any Act of Noteholders under this
Section to approve the particular form of any proposed supplemental indenture,
but it shall be sufficient if such Act shall approve the substance thereof.

          Promptly after the execution by the Issuer and the Indenture Trustee
of any supplemental indenture pursuant to this Section, the Indenture Trustee
shall mail to the Holders of the Notes to which such amendment or supplemental
indenture relates a notice setting forth in general terms the substance of such
supplemental indenture. Any failure of the Indenture Trustee to mail such
notice, or any defect therein, shall not, however, in any way impair or affect
the validity of any such supplemental indenture.

          SECTION 9.03. Execution of Supplemental Indentures. In executing, or
permitting the additional trusts created by, any supplemental indenture
permitted by this Article IX or the modification thereby of the trusts created
by this Indenture, the Indenture Trustee shall be entitled to receive, and
subject to Sections 6.01 and 6.02, shall be fully protected in relying upon, an
Opinion of Counsel stating that the execution of such supplemental indenture is
authorized or permitted by this Indenture. The Indenture Trustee may, but shall
not be obligated to, enter into any such supplemental indenture that affects the
Indenture Trustee's own rights, duties, liabilities or immunities under this
Indenture or otherwise.

          SECTION 9.04. Effect of Supplemental Indenture. Upon the execution of
any supplemental indenture pursuant to the provisions hereof, this Indenture
shall be and shall be deemed to be modified and amended in accordance therewith
with respect to the Notes affected thereby, and the respective rights,
limitations of rights, obligations, duties, liabilities and immunities under
this Indenture of the Indenture Trustee, the Issuer and the Holders of the Notes
shall thereafter be determined, exercised and enforced hereunder subject in all
respects to such modifications and amendments, and all the terms and conditions
of any such supplemental indenture shall be and be deemed to be part of the
terms and conditions of this Indenture for any and all purposes.

                                       48

<PAGE>   54

          SECTION 9.05. Conformity with Trust Indenture Act. Every amendment of
this Indenture and every supplemental indenture executed pursuant to this
Article IX shall conform to the requirements of the Trust Indenture Act as then
in effect so long as this Indenture shall then be qualified under the Trust
Indenture Act.

          SECTION 9.06. Reference in Notes to Supplemental Indentures. Notes
authenticated and delivered after the execution of any supplemental indenture
pursuant to this Article IX may, and if required by the Indenture Trustee shall,
bear a notation in form approved by the Indenture Trustee as to any matter
provided for in such supplemental indenture. If the Issuer or the Indenture
Trustee shall so determine, new Notes so modified as to conform, in the opinion
of the Indenture Trustee and the Issuer, to any such supplemental indenture may
be prepared and executed by the Issuer and authenticated and delivered by the
Indenture Trustee in exchange for Outstanding Notes.

                                   ARTICLE X

                               Redemption of Notes

          SECTION 10.01. Redemption. The outstanding Class A-4 Notes are subject
to redemption in whole, but not in part, at the direction of the Servicer
pursuant to Section 9.01(a) of the Sale and Servicing Agreement, on any Payment
Date on which the Servicer exercises its option to purchase the Trust Estate
pursuant to said Section 9.01(a), for a purchase price equal to the Redemption
Price; provided that the Issuer has available funds sufficient to pay the
Redemption Price. The Servicer or the Issuer shall furnish the Rating Agencies
notice of such redemption. If the outstanding Class A-4 Notes are to be redeemed
pursuant to this Section, the Servicer or the Issuer shall furnish notice of
such election to the Indenture Trustee not later than 20 days prior to the
Redemption Date and the Issuer shall deposit by 10:00 A.M. New York City time on
the Redemption Date with the Indenture Trustee in the Deposit Account the
Redemption Price of the Class A-4 Notes to be redeemed, whereupon all such Class
A-4 Notes shall be due and payable on the Redemption Date upon the furnishing of
a notice complying with Section 10.02 to each Holder of the Notes.

          SECTION 10.02. Form of Redemption Notice. Notice of redemption under
Section 10.01 shall be given by the Indenture Trustee by first-class mail,
postage prepaid, or by facsimile mailed or transmitted not later than 10 days
prior to the applicable Redemption Date to each Holder of Notes, as of the close
of business on the Record Date preceding the applicable Redemption Date, at such
Holder's address or facsimile number appearing in the Note Register.

          All notices of redemption shall state:

               (i)   the Redemption Date;

               (ii)  the Redemption Price; and

                                       49

<PAGE>   55

               (iii) the place where such Notes are to be surrendered for
payment of the Redemption Price (which shall be the office or agency of the
Issuer to be maintained as provided in Section 3.02).

Notice of redemption of the Notes shall be given by the Indenture Trustee in the
name and at the expense of the Issuer. Failure to give notice of redemption, or
any defect therein, to any Holder of any Note shall not impair or affect the
validity of the redemption of any other Note.

          SECTION 10.03. Notes Payable on Redemption Date. The Notes or portions
thereof to be redeemed shall, following notice of redemption as required by
Section 10.02, on the Redemption Date become due and payable at the Redemption
Price and (unless the Issuer shall default in the payment of the Redemption
Price) no interest shall accrue on the Redemption Price for any period after the
date to which accrued interest is calculated for purposes of calculating the
Redemption Price.

                                   ARTICLE XI

                                  Miscellaneous

          SECTION 11.01. Compliance Certificates and Opinions, etc. (a) Upon any
application or request by the Issuer to the Indenture Trustee to take any action
under any provision of this Indenture, the Issuer shall furnish to the Indenture
Trustee (i) an Officer's Certificate stating that all conditions precedent, if
any, provided for in this Indenture relating to the proposed action have been
complied with, (ii) an Opinion of Counsel stating that in the opinion of such
counsel all such conditions precedent, if any, have been complied with and (iii)
(if required by the TIA) an Independent Certificate from a firm of certified
public accountants meeting the applicable requirements of this Section, except
that, in the case of any such application or request as to which the furnishing
of such documents is specifically required by any provision of this Indenture,
no additional certificate or opinion need be furnished.

          Every certificate or opinion with respect to compliance with a
condition or covenant provided for in this Indenture shall include:

               (1) a statement that each signatory of such certificate or
          opinion has read or has caused to be read such covenant or condition
          and the definitions herein relating thereto;

               (2) a brief statement as to the nature and scope of the
          examination or investigation upon which the statements or opinions
          contained in such certificate or opinion are based;

               (3) a statement that, in the opinion of each such signatory, such
          signatory has made such examination or investigation as is necessary
          to enable such signatory to express an informed opinion as to whether
          or not such covenant or condition has been complied with; and

                                       50

<PAGE>   56
                  (4) a statement as to whether, in the opinion of each such
         signatory, such condition or covenant has been complied with.

                 (b) (i) Prior to the deposit of any Collateral or other
         property or securities with the Indenture Trustee that is to be made
         the basis for the release of any property or securities subject to the
         lien of this Indenture, the Issuer shall, in addition to any obligation
         imposed in Section 11.01(a) or elsewhere in this Indenture, furnish to
         the Indenture Trustee an Officer's Certificate certifying or stating
         the opinion of each person signing such certificate as to the fair
         value (within 90 days of such deposit) to the Issuer of the Collateral
         or other property or securities to be so deposited.

                 (ii) Whenever the Issuer is required to furnish to the
         Indenture Trustee an Officer's Certificate certifying or stating the
         opinion of any signer thereof as to the matters described in clause (i)
         above, the Issuer shall also deliver to the Indenture Trustee an
         Independent Certificate as to the same matters, if the fair value to
         the Issuer of the securities to be so deposited and of all other such
         securities made the basis of any such withdrawal or release since the
         commencement of the then-current fiscal year of the Issuer, as set
         forth in the certificates delivered pursuant to clause (i) above and
         this clause (ii), is 10% or more of the Outstanding Amount of the
         Notes, but such a certificate need not be furnished with respect to any
         securities so deposited, if the fair value thereof to the Issuer as set
         forth in the related Officer's Certificate is less than $25,000 or less
         than one percent of the Outstanding Amount of the Notes.

                 (iii) Whenever any property or securities are to be released
         from the lien of this Indenture, the Issuer shall also furnish to the
         Indenture Trustee an Officer's Certificate certifying or stating the
         opinion of each person signing such certificate as to the fair value
         (within 90 days of such release) of the property or securities proposed
         to be released and stating that in the opinion of such person the
         proposed release will not impair the security under this Indenture in
         contravention of the provisions hereof.

                 (iv) Whenever the Issuer is required to furnish to the
         Indenture Trustee an Officer's Certificate certifying or stating the
         opinion of any signer thereof as to the matters described in clause
         (iii) above, the Issuer shall also furnish to the Indenture Trustee an
         Independent Certificate as to the same matters if the fair value of the
         property or securities and of all other property, other than property
         as contemplated by clause (v) below or securities released from the
         lien of this Indenture since the commencement of the then-current
         calendar year, as set forth in the certificates required by clause
         (iii) above and this clause (iv), equals 10% or more of the Outstanding
         Amount of the Notes, but such certificate need not be furnished in the
         case of any release of property or securities if the fair value thereof
         as set forth in the related Officer's Certificate is less than $25,000
         or less than one percent of the then Outstanding Amount of the Notes.

                 (v) Notwithstanding Section 2.10 or any other provision of this
         Section, the Issuer may, without compliance with the requirements of
         the other provisions of this Section, (A) collect, liquidate, sell or
         otherwise dispose of Receivables and Financed Vehicles as and to the
         extent permitted or required by the Basic Documents, (B) make cash
         payments out of the Deposit Account as and to the extent permitted or
         required by

                                       51

<PAGE>   57

         the Basic Documents and (C) convey to the Seller each Fixed Value
         Payment, so long as the Issuer shall deliver to the Indenture Trustee
         every six months, commencing June 15, 2000, an Officer's Certificate
         of the Issuer stating that all the dispositions of Collateral
         described in clauses (A), (B) and (C) above that occurred during the
         preceding six calendar months were in the ordinary course of the
         Issuer's business and that the proceeds thereof were applied in
         accordance with the Basic Documents.

         SECTION 11.02. Form of Documents Delivered to Indenture Trustee. In any
case where several matters are required to be certified by, or covered by an
opinion of, any specified Person, it is not necessary that all such matters be
certified by, or covered by the opinion of, only one such Person, or that they
be so certified or covered by only one document, but one such Person may certify
or give an opinion with respect to some matters and one or more other such
Persons as to other matters, and any such Person may certify or give an opinion
as to such matters in one or several documents.

         Any certificate or opinion of an Authorized Officer of the Issuer may
be based, insofar as it relates to legal matters, upon a certificate or opinion
of, or representations by, counsel, unless such officer knows, or in the
exercise of reasonable care should know, that the certificate or opinion or
representations with respect to the matters upon which such officer's
certificate or opinion is based are erroneous. Any such certificate of an
Authorized Officer or Opinion of Counsel may be based, insofar as it relates to
factual matters, upon a certificate or opinion of, or representations by, an
officer or officers of the Servicer, the Seller, the Issuer or the
Administrator, stating that the information with respect to such factual matters
is in the possession of the Servicer, the Seller, the Issuer or the
Administrator, unless such counsel knows, or in the exercise of reasonable care
should know, that the certificate or opinion or representations with respect to
such matters are erroneous.

         Where any Person is required to make, give or execute two or more
applications, requests, consents, certificates, statements, opinions or other
instruments under this Indenture, they may, but need not, be consolidated and
form one instrument.

         Whenever in this Indenture, in connection with any application or
certificate or report to the Indenture Trustee, it is provided that the Issuer
shall deliver any document as a condition of the granting of such application,
or as evidence of the Issuer's compliance with any term hereof, it is intended
that the truth and accuracy, at the time of the granting of such application or
at the effective date of such certificate or report (as the case may be), of the
facts and opinions stated in such document shall in such case be conditions
precedent to the right of the Issuer to have such application granted or to the
sufficiency of such certificate or report. The foregoing shall not, however, be
construed to affect the Indenture Trustee's right to rely upon the truth and
accuracy of any statement or opinion contained in any such document as provided
in Article VI.

         SECTION 11.03. Acts of Noteholders. (a) Any request, demand,
authorization, direction, notice, consent, waiver or other action provided by
this Indenture to be given or taken by Noteholders may be embodied in and
evidenced by one or more instruments of substantially similar tenor signed by
such Noteholders in person or by agents duly appointed in writing; and except as
herein otherwise expressly provided such action shall become effective when such
instrument or instruments are delivered to the Indenture Trustee and, where it
is hereby expressly

                                       52
<PAGE>   58

required, to the Issuer. Such instrument or instruments (and the action embodied
therein and evidenced thereby) are herein sometimes referred to as the "Act" of
the Noteholders signing such instrument or instruments. Proof of execution of
any such instrument or of a writing appointing any such agent shall be
sufficient for any purpose of this Indenture and (subject to Section 6.01)
conclusive in favor of the Indenture Trustee and the Issuer, if made in the
manner provided in this Section.

         (b) The fact and date of the execution by any person of any such
instrument or writing may be proved in any manner that the Indenture Trustee
deems sufficient.

         (c) The ownership of Notes shall be proved by the Note Register.

         (d) Any request, demand, authorization, direction, notice, consent,
waiver or other action by the Holder of any Notes shall bind the Holder of every
Note issued upon the registration thereof or in exchange therefor or in lieu
thereof, in respect of anything done, omitted or suffered to be done by the
Indenture Trustee or the Issuer in reliance thereon, whether or not notation of
such action is made upon such Note.

         SECTION 11.04. Notices, etc., to Indenture Trustee, Issuer and Rating
Agencies. Any request, demand, authorization, direction, notice, consent, waiver
or Act of Noteholders or other documents provided or permitted by this Indenture
shall be in writing and if such request, demand, authorization, direction,
notice, consent, waiver or act of Noteholders is to be made upon, given or
furnished to or filed with:

              (i) the Indenture Trustee by any Noteholder or by the Issuer shall
be sufficient for every purpose hereunder if made, given, furnished or filed in
writing to or with the Indenture Trustee at its Corporate Trust Office, or

              (ii) the Issuer by the Indenture Trustee or by any Noteholder
shall be sufficient for every purpose hereunder if in writing and mailed
first-class, postage prepaid to the Issuer addressed to: DaimlerChrysler Auto
Trust 2000-B, in care of Chase Manhattan Bank Delaware, 1201 Market Street,
Wilmington, Delaware 19801, Attention of Corporate Trustee Administration
Department, or at any other address previously furnished in writing to the
Indenture Trustee by the Issuer or the Administrator. The Issuer shall promptly
transmit any notice received by it from the Noteholders to the Indenture
Trustee.

         Notices required to be given to the Rating Agencies by the Issuer, the
Indenture Trustee or the Owner Trustee shall be in writing, personally delivered
or mailed by certified mail, return receipt requested, to (i) in the case of
Moody's, at the following address: Moody's Investors Service, ABS Monitoring
Department, 99 Church Street, New York, New York 10007 and (ii) in the case of
Standard & Poor's, at the following address: Standard & Poor's Ratings Services,
a division of The McGraw-Hill Companies, Inc., 55 Water Street, New York, New
York 10041, Attention of Asset Backed Surveillance Department; or as to each of
the foregoing, at such other address as shall be designated by written notice to
the other parties.

         SECTION 11.05. Notices to Noteholders; Waiver. Where this Indenture
provides for notice to Noteholders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing
and mailed, first-class, postage prepaid to each

                                       53

<PAGE>   59

Noteholder affected by such event, at such Holder's address as it appears on the
Note Register, not later than the latest date, and not earlier than the earliest
date, prescribed for the giving of such notice. In any case where notice to
Noteholders is given by mail, neither the failure to mail such notice nor any
defect in any notice so mailed to any particular Noteholder shall affect the
sufficiency of such notice with respect to other Noteholders, and any notice
that is mailed in the manner herein provided shall conclusively be presumed to
have been duly given.

         Where this Indenture provides for notice in any manner, such notice may
be waived in writing by any Person entitled to receive such notice, either
before or after the event, and such waiver shall be the equivalent of such
notice. Waivers of notice by Noteholders shall be filed with the Indenture
Trustee but such filing shall not be a condition precedent to the validity of
any action taken in reliance upon such a waiver.

         In case, by reason of the suspension of regular mail service as a
result of a strike, work stoppage or similar activity, it shall be impractical
to mail notice of any event to Noteholders when such notice is required to be
given pursuant to any provision of this Indenture, then any manner of giving
such notice as shall be satisfactory to the Indenture Trustee shall be deemed to
be a sufficient giving of such notice.

         Where this Indenture provides for notice to the Rating Agencies,
failure to give such notice shall not affect any other rights or obligations
created hereunder, and shall not under any circumstance constitute a Default or
Event of Default.

         SECTION 11.06. Alternate Payment and Notice Provisions. Notwithstanding
any provision of this Indenture or any of the Notes to the contrary, the Issuer
may enter into any agreement with any Holder of a Note providing for a method of
payment, or notice by the Indenture Trustee or any Paying Agent to such Holder,
that is different from the methods provided for in this Indenture for such
payments or notices. The Issuer will furnish to the Indenture Trustee a copy of
each such agreement and the Indenture Trustee will cause payments to be made and
notices to be given in accordance with such agreements.

         SECTION 11.07. Conflict with Trust Indenture Act. If any provision
hereof limits, qualifies or conflicts with another provision hereof that is
required to be included in this Indenture by any of the provisions of the Trust
Indenture Act, such required provision shall control.

         The provisions of TIA ss.ss. 310 through 317 that impose duties on any
person (including the provisions automatically deemed included herein unless
expressly excluded by this Indenture) are a part of and govern this Indenture,
whether or not physically contained herein.

         SECTION 11.08. Effect of Headings and Table of Contents. The Article
and Section headings herein and the Table of Contents are for convenience only
and shall not affect the construction hereof.

         SECTION 11.09. Successors and Assigns. All covenants and agreements in
this Indenture and the Notes by the Issuer shall bind its successors and
assigns, whether so expressed or not. All agreements of the Indenture Trustee in
this Indenture shall bind its successors, co-trustees and agents.

                                       54

<PAGE>   60

         SECTION 11.10. Separability. In case any provision in this Indenture or
in the Notes shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected
or impaired thereby.

         SECTION 11.11. Benefits of Indenture. Nothing in this Indenture or in
the Notes, express or implied, shall give to any Person, other than the parties
hereto and their successors hereunder, and the Noteholders, and any other party
secured hereunder, and any other Person with an ownership interest in any part
of the Trust Estate, any benefit or any legal or equitable right, remedy or
claim under this Indenture.

         SECTION 11.12. Legal Holidays. In any case where the date on which any
payment is due shall not be a Business Day, then (notwithstanding any other
provision of the Notes or this Indenture) payment need not be made on such date,
but may be made on the next succeeding Business Day with the same force and
effect as if made on the date on which nominally due, and no interest shall
accrue for the period from and after any such nominal date.

         SECTION 11.13. GOVERNING LAW. THIS INDENTURE SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

         SECTION 11.14. Counterparts. This Indenture may be executed in any
number of counterparts, each of which so executed shall be deemed to be an
original, but all such counterparts shall together constitute but one and the
same instrument.

         SECTION 11.15. Recording of Indenture. If this Indenture is subject to
recording in any appropriate public recording offices, such recording is to be
effected by the Issuer and at its expense accompanied by an Opinion of Counsel
(which may be counsel to the Indenture Trustee or any other counsel reasonably
acceptable to the Indenture Trustee) to the effect that such recording is
necessary either for the protection of the Noteholders or any other Person
secured hereunder or for the enforcement of any right or remedy granted to the
Indenture Trustee under this Indenture.

         SECTION 11.16. Trust Obligation. No recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuer, the Owner Trustee or
the Indenture Trustee on the Notes or under this Indenture or any certificate or
other writing delivered in connection herewith or therewith, against (i) the
Indenture Trustee or the Owner Trustee in its individual capacity, (ii) any
owner of a beneficial interest in the Issuer or (iii) any partner, owner,
beneficiary, agent, officer, director, employee or agent of the Indenture
Trustee or the Owner Trustee in its individual capacity, any holder of a
beneficial interest in the Issuer, the Owner Trustee or the Indenture Trustee or
of any successor or assign of the Indenture Trustee or the Owner Trustee in its
individual capacity, except as any such Person may have expressly agreed (it
being understood that the Indenture Trustee and the Owner Trustee have no such
obligations in their individual capacity) and except that any such partner,
owner or beneficiary shall be fully liable, to the extent provided by applicable
law, for any unpaid consideration for stock, unpaid capital contribution or
failure to pay any installment or call owing to such entity. For all purposes of

                                       55
<PAGE>   61

this Indenture, 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 Article VI, VII and VIII of the Trust Agreement.

         SECTION 11.17. No Petition. The Indenture Trustee, by entering into
this Indenture, and each Noteholder, by accepting a Note, hereby covenant and
agree that they will not at any time institute against the Company or the
Issuer, or join in any institution against the Company or the Issuer of, any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings,
or other proceedings under any United States federal or state bankruptcy or
similar law in connection with any obligations relating to the Notes, this
Indenture or any of the Basic Documents.

         SECTION 11.18. Inspection. The Issuer agrees that, on reasonable prior
notice, it will permit any representative of the Indenture Trustee, during the
Issuer's normal business hours, to examine all the books of account, records,
reports and other papers of the Issuer, to make copies and extracts therefrom,
to cause such books to be audited by Independent certified public accountants,
and to discuss the Issuer's affairs, finances and accounts with the Issuer's
officers, employees and Independent certified public accountants, all at such
reasonable times and as often as may be reasonably requested. The Indenture
Trustee shall, and shall cause its representatives to, hold in confidence all
such information except to the extent disclosure may be required by law (and all
reasonable applications for confidential treatment are unavailing) and except to
the extent that the Indenture Trustee may reasonably determine that such
disclosure is consistent with its obligations hereunder.

                                       56

<PAGE>   62

         IN WITNESS WHEREOF, the Issuer and the Indenture Trustee have caused
this Indenture to be duly executed by their respective officers, thereunto duly
authorized and duly attested, all as of the day and year first above written.

                                DAIMLERCHRYSLER AUTO TRUST 2000-B,

                                by:  CHASE MANHATTAN BANK DELAWARE, not in its
                                     individual capacity but solely as Owner
                                     Trustee,

                                     by:
                                          --------------------------
                                          Name:
                                          Title:

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

                                by:
                                    ---------------------------
                                    Name:
                                    Title:

                                       57
<PAGE>   63

                                   SCHEDULE A

                    Provided to the Owner Trustee at Closing

                                       6
<PAGE>   64

                                                                     EXHIBIT A-1

                            [FORM OF CLASS A-1 NOTE]

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.
ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

REGISTERED                                                         $
                                                                    -----------

No. R-
      ---

                        DAIMLERCHRYSLER AUTO TRUST 2000-B

                       CLASS A-1 6.72% ASSET BACKED NOTES

         DaimlerChrysler Auto Trust 2000-B, a business trust organized and
existing under the laws of the State of Delaware (herein referred to as the
"Issuer"), for value received, hereby promises to pay to Chrysler Financial
Company L.L.C., or registered assigns, the principal sum of
DOLLARS payable on each Payment Date in an amount equal to the result obtained
by multiplying (i) a fraction the numerator of which is $                  and
the denominator of which is $408,420,000 by (ii) the aggregate amount, if any,
payable from the Deposit Account in respect of principal on the Class A-1 Notes
pursuant to Section 3.01 of the Indenture dated as of May 1, 2000 (the
"Indenture"), between the Issuer and Bank One, National Association, a national
banking association, as Indenture Trustee (the "Indenture Trustee"); provided,
however, that the entire unpaid principal amount of this Note shall be due and
payable on the November 2001 Payment Date (the "Class A-1 Final Scheduled
Payment Date"). Capitalized terms used but not defined herein are defined in
Article I of the Indenture, which also contains rules as to construction that
shall be applicable herein.

         The Issuer will pay interest on this Note at the rate per annum shown
above on each Payment Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note outstanding on the
preceding Payment Date (after giving effect to all payments of principal made on
the preceding Payment Date), subject to certain limitations contained in the
last sentence of Section 3.01 of the Indenture. Interest on this Note will
accrue for each Payment Date from and including the most recent Payment Date on
which interest has been paid (in the case of the first Payment Date, from the
Closing Date) to but excluding such current Payment Date. Interest will be
computed on the basis of the actual number of days in the Class A-1 Interest
Accrual Period divided by 360. Such principal of and interest on this Note shall
be paid in the manner specified on the reverse hereof.

         The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the Issuer
with respect to this Note shall be applied first to

                                       1

<PAGE>   65

interest due and payable on this Note as provided above and then to the unpaid
principal of this Note.

         Reference is made to the further provisions of this Note set forth on
the reverse hereof, which shall have the same effect as though fully set forth
on the face of this Note.

         Unless the certificate of authentication hereon has been executed by
the Indenture Trustee whose name appears below by manual signature, this Note
shall not be entitled to any benefit under the Indenture, or be valid or
obligatory for any purpose.

         IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed,
manually or in facsimile, by its Authorized Officer, as of the date set forth
below.

Date:                         DAIMLERCHRYSLER AUTO TRUST 2000-B,

                              by: CHASE MANHATTAN BANK DELAWARE,  not
                                  in its individual  capacity but solely
                                  as Owner Trustee under the Trust Agreement,

                                  by:
                                      ---------------------------------
                                  Authorized Signatory

                              TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

Date:                         BANK ONE, NATIONAL ASSOCIATION, not in its
                              individual capacity but solely as
                              Indenture Trustee,

                              by:
                                  -----------------------------------
                              Authorized Signatory

                                       2

<PAGE>   66

         This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class A-1 6.72% Asset Backed Notes (herein called the "Class
A-1 Notes"), all issued under the Indenture, to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuer, the Indenture
Trustee and the Holders of the Notes. The Class A-1 Notes are subject to all
terms of the Indenture.

         The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the
Class A-4 Notes (collectively, the "Notes") are and will be equally and ratably
secured by the collateral pledged as security therefor as provided in the
Indenture.

         Principal of the Class A-1 Notes will be payable on each Payment Date
and, if the Class A-1 Notes have not been paid in full prior to the Class A-1
Final Scheduled Payment Date, on the Class A-1 Final Scheduled Payment Date, in
an amount described on the face hereof. "Payment Date" means the eighth day of
each month, or, if any such date is not a Business Day, the next succeeding
Business Day, commencing June 8, 2000.

         As described above, the entire unpaid principal amount of this Note
shall be due and payable on the Class A-1 Final Scheduled Payment Date.
Notwithstanding the foregoing, the entire unpaid principal amount of the Notes
shall be due and payable on the date on which an Event of Default shall have
occurred and be continuing and the Indenture Trustee or the Holders of Notes
representing not less than a majority of the Outstanding Amount of the Notes
have declared the Notes to be immediately due and payable in the manner provided
in Section 5.02 of the Indenture. All principal payments on the Class A-1 Notes
shall be made pro rata to the Class A-1 Noteholders entitled thereto.

         Payments of interest on this Note due and payable on each Payment Date,
together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be made by check mailed to the Person whose name
appears as the Registered Holder of this Note (or one or more Predecessor Notes)
on the Note Register as of the close of business on each Record Date. Such
checks shall be mailed to the Person entitled thereto at the address of such
Person as it appears on the Note Register as of the applicable Record Date
without requiring that this Note be submitted for notation of payment. Any
reduction in the principal amount of this Note (or any one or more Predecessor
Notes) effected by any payments made on any Payment Date shall be binding upon
all future Holders of this Note and of any Note issued upon the registration of
transfer hereof or in exchange hereof or in lieu hereof, whether or not noted
hereon. If funds are expected to be available, as provided in the Indenture, for
payment in full of the then remaining unpaid principal amount of this Note on a
Payment Date or, if applicable, the Class A-1 Final Scheduled Payment Date, then
the Indenture Trustee, in the name of and on behalf of the Issuer, will notify
the Person who was the Registered Holder hereof as of the Record Date preceding
such Payment Date or the Class A-1 Final Scheduled Payment Date, as applicable,
by notice mailed or transmitted by facsimile prior to such Payment Date or the
Class A-1 Final Scheduled Payment Date, as applicable, and the amount then due
and payable shall be payable only upon presentation and surrender of this Note
at the Indenture Trustee's principal Corporate Trust Office or at the office of
the Indenture Trustee's agent appointed for such purposes located in The City of
New York.

                                       3

<PAGE>   67

         The Issuer shall pay interest on overdue installments of interest at
the Class A-1 Interest Rate to the extent lawful.

         As provided in the Indenture and subject to certain limitations set
forth therein and on the face hereof, the transfer of this Note may be
registered on the Note Register upon surrender of this Note for registration of
transfer at the office or agency designated by the Issuer pursuant to the
Indenture, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Indenture Trustee duly executed by, the Holder
hereof or such Holder's attorney duly authorized in writing, with such signature
guaranteed by an "eligible guarantor institution" meeting the requirements of
the Note Registrar, which requirements include membership or participation in
the Securities Transfer Agent's Medallion Program ("STAMP") or such other
"signature guarantee program" as may be determined by the Note Registrar in
addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended, and thereupon one or more new Notes
of authorized denominations and in the same aggregate principal amount will be
issued to the designated transferee or transferees. No service charge will be
charged for any registration of transfer or exchange of this Note, but the
transferor may be required to pay a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any such registration
of transfer or exchange.

         Each Noteholder or Note Owner, by acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that no
recourse may be taken, directly or indirectly, with respect to the obligations
of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under
the Indenture or any certificate or other writing delivered in connection
therewith, against (i) the Indenture Trustee or the Owner Trustee in its
individual capacity, (ii) any owner of a beneficial interest in the Issuer or
(iii) any partner, owner, beneficiary, agent, officer, director or employee of
the Indenture Trustee or the Owner Trustee in its individual capacity, any
holder of a beneficial interest in the Issuer, the Owner Trustee or the
Indenture Trustee or of any successor or assign of the Indenture Trustee or the
Owner Trustee in its individual capacity, except as any such Person may have
expressly agreed and except that any such partner, owner or beneficiary shall be
fully liable, to the extent provided by applicable law, for any unpaid
consideration for stock, unpaid capital contribution or failure to pay any
installment or call owing to such entity.

         Each Noteholder or Note Owner, by acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees by
accepting the benefits of the Indenture that such Noteholder or Note Owner will
not at any time institute against the Seller, the Company or the Issuer, or join
in any institution against the Seller, the Company or the Issuer of, any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings
under any United States federal or state bankruptcy or similar law in connection
with any obligations relating to the Notes, the Indenture or the Basic
Documents.

         The Issuer has entered into the Indenture and this Note is issued with
the intention that, for federal, state and local income, single business and
franchise tax purposes, the Notes will qualify as indebtedness secured by the
Trust Estate. Each Noteholder, by acceptance of a Note (and each Note Owner by
acceptance of a beneficial interest in a Note), agrees to treat the Notes for
federal, state and local income, single business and franchise tax purposes as
indebtedness of the Issuer.

                                       4

<PAGE>   68

         Prior to the due presentment for registration of transfer of this Note,
the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture
Trustee may treat the Person in whose name this Note (as of the day of
determination or as of such other date as may be specified in the Indenture) is
registered as the owner hereof for all purposes, whether or not this Note be
overdue, and none of the Issuer, the Indenture Trustee or any such agent shall
be affected by notice to the contrary.

         The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer with the consent of the Holders of Notes representing a
majority of the Outstanding Amount of all Notes at the time Outstanding. The
Indenture also contains provisions permitting the Holders of Notes representing
specified percentages of the Outstanding Amount of the Notes, on behalf of the
Holders of all the Notes, to waive compliance by the Issuer with certain
provisions of the Indenture and certain past defaults under the Indenture and
their consequences. Any such consent or waiver by the Holder of this Note (or
any one or more Predecessor Notes) shall be conclusive and binding upon such
Holder and upon all future Holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof whether
or not notation of such consent or waiver is made upon this Note. The Indenture
also permits the Indenture Trustee to amend or waive certain terms and
conditions set forth in the Indenture without the consent of Holders of the
Notes issued thereunder.

         The term "Issuer" as used in this Note includes any successor to the
Issuer under the Indenture.

         The Issuer is permitted by the Indenture, under certain circumstances,
to merge or consolidate, subject to the rights of the Indenture Trustee and the
Holders of Notes under the Indenture.

         The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth.

         This Note and the Indenture shall be construed in accordance with the
laws of the State of New York, without reference to its conflict of law
provisions, and the obligations, rights and remedies of the parties hereunder
and thereunder shall be determined in accordance with such laws.

         No reference herein to the Indenture and no provision of this Note or
of the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the times, place and rate, and in the coin or currency herein prescribed.

         Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, none of Chase Manhattan Bank Delaware in its
individual capacity, Bank One, National Association in its individual capacity,
any owner of a beneficial interest in the Issuer, or any of their respective
partners, beneficiaries, agents, officers, directors, employees or successors or
assigns shall be personally liable for, nor shall recourse be had to any of them
for,

                                       5

<PAGE>   69

the payment of principal of or interest on this Note or performance of, or
omission to perform, any of the covenants, obligations or indemnifications
contained in the Indenture. The Holder of this Note by its acceptance hereof
agrees that, except as expressly provided in the Basic Documents, in the case of
an Event of Default under the Indenture, the Holder shall have no claim against
any of the foregoing for any deficiency, loss or claim therefrom; provided,
however, that nothing contained herein shall be taken to prevent recourse to,
and enforcement against, the assets of the Issuer for any and all liabilities,
obligations and undertakings contained in the Indenture or in this Note.

                                       6

<PAGE>   70

                                   ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee:

--------------------------------------------------------------------------------

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto:

--------------------------------------------------------------------------------
                         (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints                                                           ,attorney
            -----------------------------------------------------------
transfer said Note on the books kept for registration thereof, with full power
of substitution in the premises.

Dated:                                                                        */
      -----------------------          ------------------------------------- --
                                          Signature Guaranteed:

                                                                         */
                                       -------------------------------- --

----------

 */  NOTICE: The signature to this assignment must correspond with the name of
--   the registered owner as it appears on the face of the within Note in every
     particular, without alteration, enlargement or any change whatever. Such
     signature must be guaranteed by an "eligible guarantor institution" meeting
     the requirements of the Note Registrar, which requirements include
     membership or participation in STAMP or such other "signature guarantee
     program" as may be determined by the Note Registrar in addition to, or in
     substitution for, STAMP, all in accordance with the Securities Exchange Act
     of 1934, as amended.

                                       7

<PAGE>   71

                                                                     EXHIBIT A-2

                            [FORM OF CLASS A-2 NOTE]

         UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

         THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH
HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

REGISTERED                                                       $
                                                                  -------------
No. R-                                                       CUSIP NO.
      ---

                        DAIMLERCHRYSLER AUTO TRUST 2000-B

                       CLASS A-2 7.30% ASSET BACKED NOTES

         DaimlerChrysler Auto Trust 2000-B, a business trust organized and
existing under the laws of the State of Delaware (herein referred to as the
"Issuer"), for value received, hereby promises to pay to Cede & Co., or
registered assigns, the principal sum of               DOLLARS payable on each
Payment Date in an amount equal to the result obtained by multiplying (i) a
fraction the numerator of which is $            and the denominator of which is
$620,000,000 by (ii) the aggregate amount, if any, payable from the Deposit
Account in respect of principal on the Class A-2 Notes pursuant to Section 3.01
of the Indenture dated as of May 1, 2000 (the "Indenture"), between the Issuer
and Bank One, National Association, a national banking association, as Indenture
Trustee (the "Indenture Trustee"); provided, however, that the entire unpaid
principal amount of this Note shall be due and payable on the March 2003 Payment
Date (the "Class A-2 Final Scheduled Payment Date"). No payments of principal of
the Class A-2 Notes shall be made until the Class A-1 Notes have been paid in
full. Capitalized terms used but not defined herein are defined in Article I of
the Indenture, which also contains rules as to construction that shall be
applicable herein.

         The Issuer will pay interest on this Note at the rate per annum shown
above on each Payment Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note outstanding on the
preceding Payment Date (after giving effect to

                                       1

<PAGE>   72

all payments of principal made on the preceding Payment Date), subject to
certain limitations contained in the last sentence of Section 3.01 of the
Indenture. Interest on this Note will accrue for each Payment Date from the
eighth day of the month preceding the month of such Payment Date (in the case of
the first Payment Date, from the Closing Date) to and including the seventh day
of the month of such Payment Date. Interest will be computed on the basis of a
360-day year of twelve 30-day months. Such principal of and interest on this
Note shall be paid in the manner specified on the reverse hereof.

         The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the Issuer
with respect to this Note shall be applied first to interest due and payable on
this Note as provided above and then to the unpaid principal of this Note.

         Reference is made to the further provisions of this Note set forth on
the reverse hereof, which shall have the same effect as though fully set forth
on the face of this Note.

         Unless the certificate of authentication hereon has been executed by
the Indenture Trustee whose name appears below by manual signature, this Note
shall not be entitled to any benefit under the Indenture, or be valid or
obligatory for any purpose.

         IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed,
manually or in facsimile, by its Authorized Officer, as of the date set forth
below.

Date:                                  DAIMLERCHRYSLER AUTO TRUST 2000-B,

                                       by:  CHASE MANHATTAN BANK DELAWARE, not
                                            in its individual capacity but
                                            solely as Owner Trustee under the
                                            Trust Agreement,

                                            by:
                                                ------------------------
                                            Authorized Signatory

                                       2
<PAGE>   73

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

Date:                                  BANK ONE, NATIONAL ASSOCIATION, not in
                                       its individual capacity but solely as
                                       Indenture Trustee,

                                       by:
                                           -----------------------------
                                       Authorized Signatory

                                       3
<PAGE>   74

         This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class A-2 7.30% Asset Backed Notes (herein called the "Class
A-2 Notes"), all issued under the Indenture, to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuer, the Indenture
Trustee and the Holders of the Notes. The Class A-2 Notes are subject to all
terms of the Indenture.

         The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the
Class A-4 Notes (collectively, the "Notes") are and will be equally and ratably
secured by the collateral pledged as security therefor as provided in the
Indenture.

         Principal of the Class A-2 Notes will be payable on each Payment Date
in an amount described on the face hereof. "Payment Date" means the eighth day
of each month, or, if any such date is not a Business Day, the next succeeding
Business Day, commencing June 8, 2000.

         As described above, the entire unpaid principal amount of this Note
shall be due and payable on the Class A-2 Final Scheduled Payment Date.
Notwithstanding the foregoing, the entire unpaid principal amount of the Notes
shall be due and payable on the date on which an Event of Default shall have
occurred and be continuing and the Indenture Trustee or the Holders of Notes
representing not less than a majority of the Outstanding Amount of the Notes
have declared the Notes to be immediately due and payable in the manner provided
in Section 5.02 of the Indenture. All principal payments on the Class A-2 Notes
shall be made pro rata to the Class A-2 Noteholders entitled thereto.

         Payments of interest on this Note due and payable on each Payment Date,
together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be made by check mailed to the Person whose name
appears as the Registered Holder of this Note (or one or more Predecessor Notes)
on the Note Register as of the close of business on each Record Date, except
that with respect to Notes registered on the Record Date in the name of the
nominee of the Clearing Agency (initially, such nominee to be Cede & Co.),
payments will be made by wire transfer in immediately available funds to the
account designated by such nominee. Such checks shall be mailed to the Person
entitled thereto at the address of such Person as it appears on the Note
Register as of the applicable Record Date without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any
Payment Date shall be binding upon all future Holders of this Note and of any
Note issued upon the registration of transfer hereof or in exchange hereof or in
lieu hereof, whether or not noted hereon. If funds are expected to be available,
as provided in the Indenture, for payment in full of the then remaining unpaid
principal amount of this Note on a Payment Date, then the Indenture Trustee, in
the name of and on behalf of the Issuer, will notify the Person who was the
Registered Holder hereof as of the Record Date preceding such Payment Date by
notice mailed or transmitted by facsimile prior to such Payment Date, and the
amount then due and payable shall be payable only upon presentation and
surrender of this Note at the Indenture Trustee's principal Corporate Trust
Office or at the office of the Indenture Trustee's agent appointed for such
purposes located in The City of New York.

                                       4

<PAGE>   75

         The Issuer shall pay interest on overdue installments of interest at
the Class A-2 Interest Rate to the extent lawful.

         As provided in the Indenture and subject to certain limitations set
forth therein, the transfer of this Note may be registered on the Note Register
upon surrender of this Note for registration of transfer at the office or agency
designated by the Issuer pursuant to the Indenture, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Indenture Trustee duly executed by, the Holder hereof or such Holder's attorney
duly authorized in writing, with such signature guaranteed by an "eligible
guarantor institution" meeting the requirements of the Note Registrar, which
requirements include membership or participation in the Securities Transfer
Agent's Medallion Program ("STAMP") or such other "signature guarantee program"
as may be determined by the Note Registrar in addition to, or in substitution
for, STAMP, all in accordance with the Securities Exchange Act of 1934, as
amended, and thereupon one or more new Notes of authorized denominations and in
the same aggregate principal amount will be issued to the designated transferee
or transferees. No service charge will be charged for any registration of
transfer or exchange of this Note, but the transferor may be required to pay a
sum sufficient to cover any tax or other governmental charge that may be imposed
in connection with any such registration of transfer or exchange.

         Each Noteholder or Note Owner, by acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that no
recourse may be taken, directly or indirectly, with respect to the obligations
of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under
the Indenture or any certificate or other writing delivered in connection
therewith, against (i) the Indenture Trustee or the Owner Trustee in its
individual capacity, (ii) any owner of a beneficial interest in the Issuer or
(iii) any partner, owner, beneficiary, agent, officer, director or employee of
the Indenture Trustee or the Owner Trustee in its individual capacity, any
holder of a beneficial interest in the Issuer, the Owner Trustee or the
Indenture Trustee or of any successor or assign of the Indenture Trustee or the
Owner Trustee in its individual capacity, except as any such Person may have
expressly agreed and except that any such partner, owner or beneficiary shall be
fully liable, to the extent provided by applicable law, for any unpaid
consideration for stock, unpaid capital contribution or failure to pay any
installment or call owing to such entity.

         Each Noteholder or Note Owner, by acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees by
accepting the benefits of the Indenture that such Noteholder or Note Owner will
not at any time institute against the Seller, the Company or the Issuer, or join
in any institution against the Seller, the Company or the Issuer of, any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings
under any United States federal or state bankruptcy or similar law in connection
with any obligations relating to the Notes, the Indenture or the Basic
Documents.

         The Issuer has entered into the Indenture and this Note is issued with
the intention that, for federal, state and local income, single business and
franchise tax purposes, the Notes will qualify as indebtedness secured by the
Trust Estate. Each Noteholder, by acceptance of a Note (and each Note Owner by
acceptance of a beneficial interest in a Note), agrees to treat the Notes for
federal, state and local income, single business and franchise tax purposes as
indebtedness of the Issuer.

                                       5

<PAGE>   76

         Prior to the due presentment for registration of transfer of this Note,
the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture
Trustee may treat the Person in whose name this Note (as of the day of
determination or as of such other date as may be specified in the Indenture) is
registered as the owner hereof for all purposes, whether or not this Note be
overdue, and none of the Issuer, the Indenture Trustee or any such agent shall
be affected by notice to the contrary.

         The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer with the consent of the Holders of Notes representing a
majority of the Outstanding Amount of all Notes at the time Outstanding. The
Indenture also contains provisions permitting the Holders of Notes representing
specified percentages of the Outstanding Amount of the Notes, on behalf of the
Holders of all the Notes, to waive compliance by the Issuer with certain
provisions of the Indenture and certain past defaults under the Indenture and
their consequences. Any such consent or waiver by the Holder of this Note (or
any one or more Predecessor Notes) shall be conclusive and binding upon such
Holder and upon all future Holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof whether
or not notation of such consent or waiver is made upon this Note. The Indenture
also permits the Indenture Trustee to amend or waive certain terms and
conditions set forth in the Indenture without the consent of Holders of the
Notes issued thereunder.

         The term "Issuer" as used in this Note includes any successor to the
Issuer under the Indenture.

         The Issuer is permitted by the Indenture, under certain circumstances,
to merge or consolidate, subject to the rights of the Indenture Trustee and the
Holders of Notes under the Indenture.

         The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth.

         This Note and the Indenture shall be construed in accordance with the
laws of the State of New York, without reference to its conflict of law
provisions, and the obligations, rights and remedies of the parties hereunder
and thereunder shall be determined in accordance with such laws.

         No reference herein to the Indenture and no provision of this Note or
of the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the times, place and rate, and in the coin or currency herein prescribed.

         Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, none of Chase Manhattan Bank Delaware in its
individual capacity, Bank One, National Association in its individual capacity,
any owner of a beneficial interest in the Issuer, or any of their respective
partners, beneficiaries, agents, officers, directors, employees or successors or
assigns shall be personally liable for, nor shall recourse be had to any of them
for,

                                       6

<PAGE>   77

the payment of principal of or interest on this Note or performance of, or
omission to perform, any of the covenants, obligations or indemnifications
contained in the Indenture. The Holder of this Note by its acceptance hereof
agrees that, except as expressly provided in the Basic Documents, in the case of
an Event of Default under the Indenture, the Holder shall have no claim against
any of the foregoing for any deficiency, loss or claim therefrom; provided,
however, that nothing contained herein shall be taken to prevent recourse to,
and enforcement against, the assets of the Issuer for any and all liabilities,
obligations and undertakings contained in the Indenture or in this Note.

                                        7
<PAGE>   78
                                   ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee:

--------------------------------------------------------------------------------

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto:

--------------------------------------------------------------------------------
                         (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints

---------------------------------------------------------------------, attorney,
transfer said Note on the books kept for registration thereof, with full power
of substitution in the premises.

Dated:                                                                        */
      -----------------                ------------------------------------- --
                                                Signature Guaranteed:

                                                                     */
                                 ---------------------------------- --
*/   NOTICE: The signature to this assignment must correspond with the name of
-    the registered owner as it appears on the face of the within Note in every
     particular, without alteration, enlargement or any change whatever. Such
     signature must be guaranteed by an "eligible guarantor institution" meeting
     the requirements of the Note Registrar, which requirements include
     membership or participation in STAMP or such other "signature guarantee
     program" as may be determined by the Note Registrar in addition to, or in
     substitution for, STAMP, all in accordance with the Securities Exchange Act
     of 1934, as amended.

                                       8

<PAGE>   79

                                                                     EXHIBIT A-3

                            [FORM OF CLASS A-3 NOTE]

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED
IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.
ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

REGISTERED                                                      $
                                                                 ------------

No. R-                                                        CUSIP NO.
      --

                        DAIMLERCHRYSLER AUTO TRUST 2000-B

                       CLASS A-3 7.53% ASSET BACKED NOTES

      DaimlerChrysler Auto Trust 2000-B, a business trust organized and existing
under the laws of the State of Delaware (herein referred to as the "Issuer"),
for value received, hereby promises to pay to Cede & Co., or registered assigns,
the principal sum of          DOLLARS payable on each Payment Date in an amount
equal to the result obtained by multiplying (i) a fraction the numerator of
which is $             and the denominator of which is $455,000,000 by (ii) the
aggregate amount, if any, payable from the Deposit Account in respect of
principal on the Class A-3 Notes pursuant to Section 3.01 of the Indenture dated
as of May 1, 2000 (the "Indenture"), between the Issuer and Bank One, National
Association, a national banking association, as Indenture Trustee (the
"Indenture Trustee"); provided, however, that the entire unpaid principal amount
of this Note shall be due and payable on the May 2004 Payment Date (the "Class
A-3 Final Scheduled Payment Date"). No payments of principal of the Class A-3
Notes shall be made until the Class A-1 Notes and the Class A-2 Notes have been
paid in full. Capitalized terms used but not defined herein are defined in
Article I of the Indenture, which also contains rules as to construction that
shall be applicable herein.

      The Issuer will pay interest on this Note at the rate per annum shown
above on each Payment Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note outstanding on the
preceding Payment Date (after giving effect to all payments of principal made on
the preceding Payment Date), subject to certain limitations

                                       1

<PAGE>   80

contained in the last sentence of Section 3.01 of the Indenture. Interest on
this Note will accrue for each Payment Date from the eighth day of the month
preceding the month of such Payment Date (in the case of the first Payment Date,
from the Closing Date) to and including the seventh day of the month of such
Payment Date. Interest will be computed on the basis of a 360-day year of twelve
30-day months. Such principal of and interest on this Note shall be paid in the
manner specified on the reverse hereof.

      The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the Issuer
with respect to this Note shall be applied first to interest due and payable on
this Note as provided above and then to the unpaid principal of this Note.

      Reference is made to the further provisions of this Note set forth on the
reverse hereof, which shall have the same effect as though fully set forth on
the face of this Note.

      Unless the certificate of authentication hereon has been executed by the
Indenture Trustee whose name appears below by manual signature, this Note shall
not be entitled to any benefit under the Indenture, or be valid or obligatory
for any purpose.

      IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed,
manually or in facsimile, by its Authorized Officer, as of the date set forth
below.

Date:                  DAIMLERCHRYSLER AUTO TRUST 2000-B,

                       by: CHASE MANHATTAN BANK DELAWARE, not in
                           its individual capacity but solely as Owner Trustee
                           under the Trust Agreement,

                           by:
                              -----------------------------------
                           Authorized Signatory

               TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

Date:                  BANK ONE, NATIONAL ASSOCIATION, not in its
                       individual capacity but solely as Indenture Trustee,

                           by:
                              -----------------------------------
                           Authorized Signatory

                                       2

<PAGE>   81

      This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class A-3 7.53% Asset Backed Notes (herein called the "Class
A-3 Notes"), all issued under the Indenture, to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuer, the Indenture
Trustee and the Holders of the Notes. The Class A-3 Notes are subject to all
terms of the Indenture.

      The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the
Class A-4 Notes (collectively, the "Notes") are and will be equally and ratably
secured by the collateral pledged as security therefor as provided in the
Indenture.

      Principal of the Class A-3 Notes will be payable on each Payment Date in
an amount described on the face hereof. "Payment Date" means the eighth day of
each month, or, if any such date is not a Business Day, the next succeeding
Business Day, commencing June 8, 2000.

      As described above, the entire unpaid principal amount of this Note shall
be due and payable on the Class A-3 Final Scheduled Payment Date.
Notwithstanding the foregoing, the entire unpaid principal amount of the Notes
shall be due and payable on the date on which an Event of Default shall have
occurred and be continuing and the Indenture Trustee or the Holders of Notes
representing not less than a majority of the Outstanding Amount of the Notes
have declared the Notes to be immediately due and payable in the manner provided
in Section 5.02 of the Indenture. All principal payments on the Class A-3 Notes
shall be made pro rata to the Class A-3 Noteholders entitled thereto.

      Payments of interest on this Note due and payable on each Payment Date,
together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be made by check mailed to the Person whose name
appears as the Registered Holder of this Note (or one or more Predecessor Notes)
on the Note Register as of the close of business on each Record Date, except
that with respect to Notes registered on the Record Date in the name of the
nominee of the Clearing Agency (initially, such nominee to be Cede & Co.),
payments will be made by wire transfer in immediately available funds to the
account designated by such nominee. Such checks shall be mailed to the Person
entitled thereto at the address of such Person as it appears on the Note
Register as of the applicable Record Date without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any
Payment Date shall be binding upon all future Holders of this Note and of any
Note issued upon the registration of transfer hereof or in exchange hereof or in
lieu hereof, whether or not noted hereon. If funds are expected to be available,
as provided in the Indenture, for payment in full of the then remaining unpaid
principal amount of this Note on a Payment Date, then the Indenture Trustee, in
the name of and on behalf of the Issuer, will notify the Person who was the
Registered Holder hereof as of the Record Date preceding such Payment Date by
notice mailed or transmitted by facsimile prior to such Payment Date, and the
amount then due and payable shall be payable only upon presentation and
surrender of this Note at the Indenture Trustee's principal Corporate Trust
Office or at the office of the Indenture Trustee's agent appointed for such
purposes located in The City of New York.

                                       3

<PAGE>   82

      The Issuer shall pay interest on overdue installments of interest at the
Class A-3 Interest Rate to the extent lawful.

      As provided in the Indenture and subject to certain limitations set forth
therein, the transfer of this Note may be registered on the Note Register upon
surrender of this Note for registration of transfer at the office or agency
designated by the Issuer pursuant to the Indenture, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Indenture Trustee duly executed by, the Holder hereof or such Holder's attorney
duly authorized in writing, with such signature guaranteed by an "eligible
guarantor institution" meeting the requirements of the Note Registrar, which
requirements include membership or participation in the Securities Transfer
Agent's Medallion Program ("STAMP") or such other "signature guarantee program"
as may be determined by the Note Registrar in addition to, or in substitution
for, STAMP, all in accordance with the Securities Exchange Act of 1934, as
amended, and thereupon one or more new Notes of authorized denominations and in
the same aggregate principal amount will be issued to the designated transferee
or transferees. No service charge will be charged for any registration of
transfer or exchange of this Note, but the transferor may be required to pay a
sum sufficient to cover any tax or other governmental charge that may be imposed
in connection with any such registration of transfer or exchange.

      Each Noteholder or Note Owner, by acceptance of a Note or, in the case of
a Note Owner, a beneficial interest in a Note, covenants and agrees that no
recourse may be taken, directly or indirectly, with respect to the obligations
of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under
the Indenture or any certificate or other writing delivered in connection
therewith, against (i) the Indenture Trustee or the Owner Trustee in its
individual capacity, (ii) any owner of a beneficial interest in the Issuer or
(iii) any partner, owner, beneficiary, agent, officer, director or employee of
the Indenture Trustee or the Owner Trustee in its individual capacity, any
holder of a beneficial interest in the Issuer, the Owner Trustee or the
Indenture Trustee or of any successor or assign of the Indenture Trustee or the
Owner Trustee in its individual capacity, except as any such Person may have
expressly agreed and except that any such partner, owner or beneficiary shall be
fully liable, to the extent provided by applicable law, for any unpaid
consideration for stock, unpaid capital contribution or failure to pay any
installment or call owing to such entity.

      Each Noteholder or Note Owner, by acceptance of a Note or, in the case of
a Note Owner, a beneficial interest in a Note, covenants and agrees by accepting
the benefits of the Indenture that such Noteholder or Note Owner will not at any
time institute against the Seller, the Company or the Issuer, or join in any
institution against the Seller, the Company or the Issuer of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings under any
United States federal or state bankruptcy or similar law in connection with any
obligations relating to the Notes, the Indenture or the Basic Documents.

      The Issuer has entered into the Indenture and this Note is issued with the
intention that, for federal, state and local income, single business and
franchise tax purposes, the Notes will qualify as indebtedness secured by the
Trust Estate. Each Noteholder, by acceptance of a Note (and each Note Owner by
acceptance of a beneficial interest in a Note), agrees to treat the Notes for
federal, state and local income, single business and franchise tax purposes as
indebtedness of the Issuer.

                                       4

<PAGE>   83

      Prior to the due presentment for registration of transfer of this Note,
the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture
Trustee may treat the Person in whose name this Note (as of the day of
determination or as of such other date as may be specified in the Indenture) is
registered as the owner hereof for all purposes, whether or not this Note be
overdue, and none of the Issuer, the Indenture Trustee or any such agent shall
be affected by notice to the contrary.

      The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer with the consent of the Holders of Notes representing a
majority of the Outstanding Amount of all Notes at the time Outstanding. The
Indenture also contains provisions permitting the Holders of Notes representing
specified percentages of the Outstanding Amount of the Notes, on behalf of the
Holders of all the Notes, to waive compliance by the Issuer with certain
provisions of the Indenture and certain past defaults under the Indenture and
their consequences. Any such consent or waiver by the Holder of this Note (or
any one or more Predecessor Notes) shall be conclusive and binding upon such
Holder and upon all future Holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof whether
or not notation of such consent or waiver is made upon this Note. The Indenture
also permits the Indenture Trustee to amend or waive certain terms and
conditions set forth in the Indenture without the consent of Holders of the
Notes issued thereunder.

      The term "Issuer" as used in this Note includes any successor to the
Issuer under the Indenture.

      The Issuer is permitted by the Indenture, under certain circumstances, to
merge or consolidate, subject to the rights of the Indenture Trustee and the
Holders of Notes under the Indenture.

      The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth.

      This Note and the Indenture shall be construed in accordance with the laws
of the State of New York, without reference to its conflict of law provisions,
and the obligations, rights and remedies of the parties hereunder and thereunder
shall be determined in accordance with such laws.

      No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the times, place and rate, and in the coin or currency herein prescribed.

      Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, none of Chase Manhattan Bank Delaware in its
individual capacity, Bank One, National Association in its individual capacity,
any owner of a beneficial interest in the Issuer, or any of their respective
partners, beneficiaries, agents, officers, directors, employees or successors or
assigns shall be personally liable for, nor shall recourse be had to any of them
for,

                                       5

<PAGE>   84

the payment of principal of or interest on this Note or performance of, or
omission to perform, any of the covenants, obligations or indemnifications
contained in the Indenture. The Holder of this Note by its acceptance hereof
agrees that, except as expressly provided in the Basic Documents, in the case of
an Event of Default under the Indenture, the Holder shall have no claim against
any of the foregoing for any deficiency, loss or claim therefrom; provided,
however, that nothing contained herein shall be taken to prevent recourse to,
and enforcement against, the assets of the Issuer for any and all liabilities,
obligations and undertakings contained in the Indenture or in this Note.

                                       6

<PAGE>   85

                                   ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee:

--------------------------------------------------------------------------------

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto:

--------------------------------------------------------------------------------
                         (name and address of assignee)

the within Note and all rights thereunder,  and hereby irrevocably constitutes
and appoints                                                       , attorney,
             ------------------------------------------------------
transfer said Note on the books kept for registration thereof, with full power
of substitution in the premises.

Dated:                                                                       */
      -----------------               ------------------------------------- --
                                            Signature Guaranteed:

                                                                             */
                                      ------------------------------------- --

--------------------
*/   NOTICE: The signature to this assignment must correspond with the name of
     the registered owner as it appears on the face of the within Note in every
     particular, without alteration, enlargement or any change whatever. Such
     signature must be guaranteed by an "eligible guarantor institution" meeting
     the requirements of the Note Registrar, which requirements include
     membership or participation in STAMP or such other "signature guarantee
     program" as may be determined by the Note Registrar in addition to, or in
     substitution for, STAMP, all in accordance with the Securities Exchange Act
     of 1934, as amended.

                                       7

<PAGE>   86

                                                                     EXHIBIT A-4

                            [FORM OF CLASS A-4 NOTE]

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED
IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.
ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.

REGISTERED                                                      $
                                                                 ------------

No. R-                                                        CUSIP NO.
      --

                        DAIMLERCHRYSLER AUTO TRUST 2000-B

                       CLASS A-4 7.63% ASSET BACKED NOTES

      DaimlerChrysler Auto Trust 2000-B, a business trust organized and existing
under the laws of the State of Delaware (herein referred to as the "Issuer"),
for value received, hereby promises to pay to Cede & Co., or registered assigns,
the principal sum of           DOLLARS payable on each Payment Date in an amount
equal to the result obtained by multiplying (i) a fraction the numerator of
which is $             and the denominator of which is $425,000,000 by (ii) the
aggregate amount, if any, payable from the Deposit Account in respect of
principal on the Class A-4 Notes pursuant to Section 3.01 of the Indenture dated
as of May 1, 2000 (the "Indenture"), between the Issuer and Bank One, National
Association, a national banking association, as Indenture Trustee (the
"Indenture Trustee"); provided, however, that the entire unpaid principal amount
of this Note shall be due and payable on the earlier of the June 2005 Payment
Date (the "Class A-4 Final Scheduled Payment Date") and the Redemption Date, if
any, pursuant to Section 10.01 of the Indenture. No payments of principal of the
Class A-4 Notes shall be made until the Class A-1 Notes, the Class A-2 Notes and
the Class A-3 Notes have been paid in full. Capitalized terms used but not
defined herein are defined in Article I of the Indenture, which also contains
rules as to construction that shall be applicable herein.

      The Issuer will pay interest on this Note at the rate per annum shown
above on each Payment Date until the principal of this Note is paid or made
available for payment, on the principal amount of this Note outstanding on the
preceding Payment Date (after giving effect to

                                       1

<PAGE>   87

all payments of principal made on the preceding Payment Date), subject to
certain limitations contained in the last sentence of Section 3.01 of the
Indenture. Interest on this Note will accrue for each Payment Date from the
eighth day of the month preceding the month of such Payment Date (in the case of
the first Payment Date, from the Closing Date) to and including the seventh day
of the month of such Payment Date. Interest will be computed on the basis of a
360-day year of twelve 30-day months. Such principal of and interest on this
Note shall be paid in the manner specified on the reverse hereof.

      The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the Issuer
with respect to this Note shall be applied first to interest due and payable on
this Note as provided above and then to the unpaid principal of this Note.

      Reference is made to the further provisions of this Note set forth on the
reverse hereof, which shall have the same effect as though fully set forth on
the face of this Note.

      Unless the certificate of authentication hereon has been executed by the
Indenture Trustee whose name appears below by manual signature, this Note shall
not be entitled to any benefit under the Indenture, or be valid or obligatory
for any purpose.

      IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed,
manually or in facsimile, by its Authorized Officer, as of the date set forth
below.

Date:                      DAIMLERCHRYSLER AUTO TRUST 2000-B,

                           by:   CHASE MANHATTAN BANK
                                 DELAWARE, not in its individual capacity
                                 but solely as Owner Trustee under the Trust
                                 Agreement,

                                 by:
                                    --------------------------------
                                    Authorized Signatory

                                       2

<PAGE>   88

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

Date:                          BANK ONE, NATIONAL ASSOCIATION, not in
                               its individual capacity but solely as Indenture
                               Trustee,

                              by:
                                 -----------------------------------
                                 Authorized Signatory

                                       3

<PAGE>   89

      This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Class A-4 7.63% Asset Backed Notes (herein called the "Class
A-4 Notes"), all issued under the Indenture, to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuer, the Indenture
Trustee and the Holders of the Notes. The Class A-4 Notes are subject to all
terms of the Indenture.

      The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the
Class A-4 Notes (collectively, the "Notes") are and will be equally and ratably
secured by the collateral pledged as security therefor as provided in the
Indenture.

      Principal of the Class A-4 Notes will be payable on each Payment Date in
an amount described on the face hereof. "Payment Date" means the eighth day of
each month, or, if any such date is not a Business Day, the next succeeding
Business Day, commencing June 8, 2000.

      As described above, the entire unpaid principal amount of this Note shall
be due and payable on the earlier of the Class A-4 Final Scheduled Payment Date
and the Redemption Date, if any, pursuant to Section 10.01 of the Indenture.
Notwithstanding the foregoing, the entire unpaid principal amount of the Notes
shall be due and payable on the date on which an Event of Default shall have
occurred and be continuing and the Indenture Trustee or the Holders of Notes
representing not less than a majority of the Outstanding Amount of the Notes
have declared the Notes to be immediately due and payable in the manner provided
in Section 5.02 of the Indenture. All principal payments on the Class A-4 Notes
shall be made pro rata to the Class A-4 Noteholders entitled thereto.

      Payments of interest on this Note due and payable on each Payment Date,
together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be made by check mailed to the Person whose name
appears as the Registered Holder of this Note (or one or more Predecessor Notes)
on the Note Register as of the close of business on each Record Date, except
that with respect to Notes registered on the Record Date in the name of the
nominee of the Clearing Agency (initially, such nominee to be Cede & Co.),
payments will be made by wire transfer in immediately available funds to the
account designated by such nominee. Such checks shall be mailed to the Person
entitled thereto at the address of such Person as it appears on the Note
Register as of the applicable Record Date without requiring that this Note be
submitted for notation of payment. Any reduction in the principal amount of this
Note (or any one or more Predecessor Notes) effected by any payments made on any
Payment Date shall be binding upon all future Holders of this Note and of any
Note issued upon the registration of transfer hereof or in exchange hereof or in
lieu hereof, whether or not noted hereon. If funds are expected to be available,
as provided in the Indenture, for payment in full of the then remaining unpaid
principal amount of this Note on a Payment Date, then the Indenture Trustee, in
the name of and on behalf of the Issuer, will notify the Person who was the
Registered Holder hereof as of the Record Date preceding such Payment Date by
notice mailed or transmitted by facsimile prior to such Payment Date, and the
amount then due and payable shall be payable only upon presentation and
surrender of this Note at the Indenture Trustee's principal Corporate Trust
Office or at the office of the Indenture Trustee's agent appointed for such
purposes located in The City of New York.

                                       4

<PAGE>   90

      The Issuer shall pay interest on overdue installments of interest at the
Class A-4 Interest Rate to the extent lawful.

      As provided in the Indenture, the Class A-4 Notes may be redeemed in whole
but not in part at the option of the Servicer on any Payment Date on and after
the date on which the Pool Balance is less than or equal to 10% of the Original
Pool Balance.

      As provided in the Indenture and subject to certain limitations set forth
therein, the transfer of this Note may be registered on the Note Register upon
surrender of this Note for registration of transfer at the office or agency
designated by the Issuer pursuant to the Indenture, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Indenture Trustee duly executed by, the Holder hereof or such Holder's attorney
duly authorized in writing, with such signature guaranteed by an "eligible
guarantor institution" meeting the requirements of the Note Registrar, which
requirements include membership or participation in the Securities Transfer
Agent's Medallion Program ("STAMP") or such other "signature guarantee program"
as may be determined by the Note Registrar in addition to, or in substitution
for, STAMP, all in accordance with the Securities Exchange Act of 1934, as
amended, and thereupon one or more new Notes of authorized denominations and in
the same aggregate principal amount will be issued to the designated transferee
or transferees. No service charge will be charged for any registration of
transfer or exchange of this Note, but the transferor may be required to pay a
sum sufficient to cover any tax or other governmental charge that may be imposed
in connection with any such registration of transfer or exchange.

      Each Noteholder or Note Owner, by acceptance of a Note or, in the case of
a Note Owner, a beneficial interest in a Note, covenants and agrees that no
recourse may be taken, directly or indirectly, with respect to the obligations
of the Issuer, the Owner Trustee or the Indenture Trustee on the Notes or under
the Indenture or any certificate or other writing delivered in connection
therewith, against (i) the Indenture Trustee or the Owner Trustee in its
individual capacity, (ii) any owner of a beneficial interest in the Issuer or
(iii) any partner, owner, beneficiary, agent, officer, director or employee of
the Indenture Trustee or the Owner Trustee in its individual capacity, any
holder of a beneficial interest in the Issuer, the Owner Trustee or the
Indenture Trustee or of any successor or assign of the Indenture Trustee or the
Owner Trustee in its individual capacity, except as any such Person may have
expressly agreed and except that any such partner, owner or beneficiary shall be
fully liable, to the extent provided by applicable law, for any unpaid
consideration for stock, unpaid capital contribution or failure to pay any
installment or call owing to such entity.

      Each Noteholder or Note Owner, by acceptance of a Note or, in the case of
a Note Owner, a beneficial interest in a Note, covenants and agrees by accepting
the benefits of the Indenture that such Noteholder or Note Owner will not at any
time institute against the Seller, the Company or the Issuer, or join in any
institution against the Seller, the Company or the Issuer of, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings under any
United States federal or state bankruptcy or similar law in connection with any
obligations relating to the Notes, the Indenture or the Basic Documents.

      The Issuer has entered into the Indenture and this Note is issued with the
intention that, for federal, state and local income, single business and
franchise tax purposes, the Notes will

                                       5

<PAGE>   91

qualify as indebtedness secured by the Trust Estate. Each Noteholder, by
acceptance of a Note (and each Note Owner by acceptance of a beneficial interest
in a Note), agrees to treat the Notes for federal, state and local income,
single business and franchise tax purposes as indebtedness of the Issuer.

      Prior to the due presentment for registration of transfer of this Note,
the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture
Trustee may treat the Person in whose name this Note (as of the day of
determination or as of such other date as may be specified in the Indenture) is
registered as the owner hereof for all purposes, whether or not this Note be
overdue, and none of the Issuer, the Indenture Trustee or any such agent shall
be affected by notice to the contrary.

      The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Holders of the Notes under the Indenture at any
time by the Issuer with the consent of the Holders of Notes representing a
majority of the Outstanding Amount of all Notes at the time Outstanding. The
Indenture also contains provisions permitting the Holders of Notes representing
specified percentages of the Outstanding Amount of the Notes, on behalf of the
Holders of all the Notes, to waive compliance by the Issuer with certain
provisions of the Indenture and certain past defaults under the Indenture and
their consequences. Any such consent or waiver by the Holder of this Note (or
any one or more Predecessor Notes) shall be conclusive and binding upon such
Holder and upon all future Holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof whether
or not notation of such consent or waiver is made upon this Note. The Indenture
also permits the Indenture Trustee to amend or waive certain terms and
conditions set forth in the Indenture without the consent of Holders of the
Notes issued thereunder.

      The term "Issuer" as used in this Note includes any successor to the
Issuer under the Indenture.

      The Issuer is permitted by the Indenture, under certain circumstances, to
merge or consolidate, subject to the rights of the Indenture Trustee and the
Holders of Notes under the Indenture.

      The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth.

      This Note and the Indenture shall be construed in accordance with the laws
of the State of New York, without reference to its conflict of law provisions,
and the obligations, rights and remedies of the parties hereunder and thereunder
shall be determined in accordance with such laws.

      No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the times, place and rate, and in the coin or currency herein prescribed.

                                       6

<PAGE>   92

      Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, none of Chase Manhattan Bank Delaware in its
individual capacity, Bank One, National Association in its individual capacity,
any owner of a beneficial interest in the Issuer, or any of their respective
partners, beneficiaries, agents, officers, directors, employees or successors or
assigns shall be personally liable for, nor shall recourse be had to any of them
for, the payment of principal of or interest on this Note or performance of, or
omission to perform, any of the covenants, obligations or indemnifications
contained in the Indenture. The Holder of this Note by its acceptance hereof
agrees that, except as expressly provided in the Basic Documents, in the case of
an Event of Default under the Indenture, the Holder shall have no claim against
any of the foregoing for any deficiency, loss or claim therefrom; provided,
however, that nothing contained herein shall be taken to prevent recourse to,
and enforcement against, the assets of the Issuer for any and all liabilities,
obligations and undertakings contained in the Indenture or in this Note.

                                       7

<PAGE>   93

                                   ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee:

-------------------------------------------------------------------------------

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto:

-------------------------------------------------------------------------------
                         (name and address of assignee)

the within Note and all rights thereunder,  and hereby irrevocably constitutes
and appoints                                                        , attorney,
             -------------------------------------------------------
transfer said Note on the books kept for registration thereof, with full power
of substitution in the premises.

Dated:                                                                       */
      -----------------           ----------------------------------------- --
                                         Signature Guaranteed:

                                                                      */
                           ----------------------------------------- --

*/   NOTICE: The signature to this assignment must correspond with the name of
-    the registered owner as it appears on the face of the within Note in every
     particular, without alteration, enlargement or any change whatever. Such
     signature must be guaranteed by an "eligible guarantor institution" meeting
     the requirements of the Note Registrar, which requirements include
     membership or participation in STAMP or such other "signature guarantee
     program" as may be determined by the Note Registrar in addition to, or in
     substitution for, STAMP, all in accordance with the Securities Exchange Act
     of 1934, as amended.

                                       8

<PAGE>   94

                                                                       EXHIBIT B

                       [Form of Note Depository Agreement]

                            LETTER OF REPRESENTATIONS
                     [To be Completed by Issuer and Trustee]

                                [Name of Issuer]
                                [Name of Trustee]
                                                                ---------------
                                                                    [Date]

Attention: General Counsel's Office
THE DEPOSITORY TRUST COMPANY
55 Water Street; 49th Floor
New York, NY 10041-0099

         Re:
              -----------------------------------------------------------------
                                 [Issue Description]

Ladies and Gentlemen:

      This letter sets forth our understanding with respect to certain matters
relating to the above-referenced issue (the "Securities"). Trustee will act as
trustee with respect to the Securities pursuant to a trust indenture dated
, 199 (the "Document").                                (the "Underwriter") is
distributing the Securities through The Depository Trust Company ("DTC").

      To induce DTC to accept the Securities as eligible for deposit at DTC, and
to act in accordance with its Rules with respect to the Securities, Issuer and
Trustee make the following representations to DTC:

      1. Prior to closing on the Securities on                      , 199 ,
there shall be deposited with DTC one Security certificate registered in the
name of DTC's nominee, Cede & Co., for each stated maturity of the Securities in
the face amounts set forth on Schedule A hereto, the total of which represents
100% of the principal amount of such Securities. If, however, the aggregate
principal amount of any maturity exceeds $400 million, one certificate will be
issued with respect to each $400 million of principal amount and an additional
certificate will be issued with respect to any remaining principal amount. Each
Security certificate shall bear the following legend:

               Unless this certificate is presented by an authorized
      representative of The Depository Trust Company, a New York corporation
      ("DTC"), to Issuer or its agent for registration of transfer, exchange, or
      payment, and any certificate issued is registered in

                                       1

<PAGE>   95

      the name of Cede & Co. or in such other name as is requested by an
      authorized representative of DTC (and any payment is made to Cede & Co. or
      to such other entity as is requested by an authorized representative of
      DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
      OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede
      & Co., has an interest herein.

      2.  In the event of any solicitation of consents from or voting by holders
of the Securities, Issuer or Trustee shall establish a record date for such
purposes (with no provision for revocation of consents or votes by subsequent
holders) and shall, to the extent possible, send notice of such record date to
DTC not less than 15 calendar days in advance of such record date. Notices to
DTC pursuant to this Paragraph by telecopy shall be sent to DTC's Reorganization
Department at (212) 709-6896 or (212) 709-6897, and receipt of such notices
shall be confirmed by telephoning (212) 709-6870. Notices to DTC pursuant to
this Paragraph by mail or by any other means shall be sent to DTC's
Reorganization Department as indicated in Paragraph 4.

      3.  In the event of a full or partial redemption, Issuer or Trustee shall
send a notice to DTC specifying: (a) the amount of the redemption or refunding;
(b) in the case of a refunding, the maturity date(s) established under the
refunding; and (c) the date such notice is to be mailed to Security holders or
published (the "Publication Date"). Such notice shall be sent to DTC by a secure
means (e.g., legible telecopy, registered or certified mail, overnight delivery)
in a timely manner designed to assure that such notice is in DTC's possession no
later than the close of business on the business day before or, if possible, two
business days before the Publication Date. Issuer or Trustee shall forward such
notice either in a separate secure transmission for each CUSIP number or in a
secure transmission for multiple CUSIP numbers (if applicable) which includes a
manifest or list of each CUSIP number submitted in that transmission. (The party
sending such notice shall have a method to verify subsequently the use of such
means and the timeliness of such notice.) The Publication Date shall be not less
than 30 days nor more than 60 days prior to the redemption date or, in the case
of an advance refunding, the date that the proceeds are deposited in escrow.
Notices to DTC pursuant to this Paragraph by telecopy shall be sent to DTC's
Call Notification Department at (516) 227-4039 or (516) 227-4190. If the party
sending the notice does not receive a telecopy receipt from DTC confirming that
the notice has been received, such party shall telephone (516) 227-4070. Notices
to DTC pursuant to this Paragraph by mail or by any other means shall be sent
to:

                          Manager; Call Notification Department
                          The Depository Trust Company
                          711 Stewart Avenue
                          Garden City, NY 11530-4719

      4.  In the event of an invitation to tender the Securities (including
mandatory tenders, exchanges, and capital changes), notice by Issuer or Trustee
to Security holders specifying the terms of the tender and the Publication Date
of such notice shall be sent to DTC by a secure means in the manner set forth in
the preceding Paragraph. Notices to DTC pursuant to this Paragraph and notices
of other corporate actions by telecopy shall be sent to DTC's Reorganization
Department at (212) 709-1093 or (212) 709-1094, and receipt of such notices

                                       2

<PAGE>   96

shall be confirmed by telephoning (212) 709-6884. Notices to DTC pursuant to the
above by mail or by any other means shall be sent to:

                       Manager; Reorganization Department
                       Reorganization Window
                       The Depository Trust Company
                       7 Hanover Square, 23rd Floor
                       New York, NY 10004-2695

      5.   All notices and payment advices sent to DTC shall contain the CUSIP
number of the Securities.

      6.   Trustee shall send DTC written notice with respect to the dollar
amount per $1,000 original face value (or other minimum authorized denomination
if less than $1,000 face value) payable on each payment date allocated as to the
interest and principal portions thereof preferably 5, but not less than 2,
business days prior to such payment date. Such notices, which shall also contain
the current pool factor, and special adjustments to principal/interest rates
(e.g., adjustments due to deferred interest or shortfall), and Trustee contact's
name and telephone number, shall be sent by telecopy to DTC's Dividend
Department at (212) 709-1723, or if by mail or by any other means to:

                          Manager; Announcements
                          Dividend Department
                          The Depository Trust Company
                          7 Hanover Square, 22nd Floor
                          New York, NY 10004-2695

      7.   [NOTE: ISSUER MUST REPRESENT ONE OF THE FOLLOWING, AND CROSS OUT THE
OTHER:] [The interest accrual period is record date to record date.] [The
interest accrual period is payment date to payment date.]

      8.   Trustee must provide DTC, no later than noon (Eastern Time) on the
payment date, CUSIP numbers for each issue for which payment is being sent, as
well as the dollar amount of the payment for each issue. Notification of payment
details should be sent using automated communications.

      9.   Interest payments and principal payments that are part of periodic
principal-and-interest payments shall be received by Cede & Co., as nominee of
DTC, or its registered assigns in same-day funds, no later than 2:30 p.m.
(Eastern Time) on each payment date (in accordance with existing arrangements
between Issuer or Trustee and DTC). Absent any other arrangements between Issuer
or Trustee and DTC, such funds shall be wired as follows:

                                       3

<PAGE>   97

                       The Chase Manhattan Bank
                       ABA 021000021
                       For credit to A/C The Depository Trust Company
                       Dividend Deposit Account 066-026776

Issuer or Trustee shall provide interest payment information to a standard
announcement service subscribed to by DTC. In the unlikely event that no such
service exists, Issuer or Trustee shall provide interest payment information
directly to DTC in advance of the interest payment date as soon as the
information is available. This information should be conveyed directly to DTC
electronically. If electronic transmission is not available, absent any other
arrangements between Trustee and DTC, such information should be sent by
telecopy to DTC's Dividend Department at (212) 709-1723 or (212) 709-1686, and
receipt of such notices shall be confirmed by telephoning (212) 709-1270.
Notices to DTC pursuant to the above by mail or by any other means shall be sent
to:

                       Manager, Announcements
                       Dividend Department
                       The Depository Trust Company
                       7 Hanover Square; 22nd Floor
                       New York, NY  10004-2695

      10.   DTC shall receive maturity and redemption payments allocated with
respect to each CUSIP number on the payable date in same-day funds by 2:30 p.m.
(Eastern Time). Absent any other arrangements between Trustee and DTC, such
payments shall be wired as follows:

                       The Chase Manhattan Bank
                       ABA 021000021
                       For credit to A/C The Depository Trust Company
                       Redemption Account 066-027306

in accordance with existing SDFS payment procedures in the manner set forth in
DTC's SDFS Paying Agent Operating Procedures, a copy of which has previously
been furnished to Trustee.

      11.   DTC shall receive all reorganization payments and CUSIP-level detail
resulting from corporate actions (such as tender offers, remarketings, or
mergers) on the first payable date in same-day funds by 2:30 p.m. (Eastern
Time). Absent any other arrangements between Trustee and DTC, such payments
shall be wired as follows:

                       The Chase Manhattan Bank
                       ABA 021000021
                       For credit to A/C The Depository Trust Company
                       Reorganization Account 066-027608

      12.   DTC may direct Issuer or Trustee to use any other number or address
as the number or address to which notices or payments of interest or principal
may be sent.

      13.   In the event of a redemption, acceleration, or any other similar
transaction (e.g., tender made and accepted in response to Issuer's or Trustee's
invitation) necessitating a

                                       4

<PAGE>   98

reduction in the aggregate principal amount of Securities outstanding or an
advance refunding of part of the Securities outstanding, DTC, in its discretion:
(a) may request Issuer or Trustee to issue and authenticate a new Security
certificate; or (b) may make an appropriate notation on the Security certificate
indicating the date and amount of such reduction in principal except in the case
of final maturity, in which case the certificate will be presented to Issuer or
Trustee prior to payment, if required.

      14.   In the event that Issuer determines that beneficial owners of
Securities shall be able to obtain certificated Securities, Issuer or Trustee
shall notify DTC of the availability of certificates. In such event, Issuer or
Trustee shall issue, transfer, and exchange certificates in appropriate amounts,
as required by DTC and others.

      15.   DTC may discontinue providing its services as securities depository
with respect to the Securities at any time by giving reasonable notice to Issuer
or Trustee (at which time DTC will confirm with Issuer or Trustee the aggregate
principal amount of Securities outstanding). Under such circumstances, at DTC's
request Issuer and Trustee shall cooperate fully with DTC by taking appropriate
action to make available one or more separate certificates evidencing Securities
to any DTC Participant having Securities credited to its DTC accounts.

      16.   Issuer: (a) understands that DTC has no obligation to, and will not,
communicate to its Participants or to any person having an interest in the
Securities any information contained in the Security certificate(s); and (b)
acknowledges that neither DTC's Participants nor any person having an interest
in the Securities shall be deemed to have notice of the provisions of the
Security certificates by virtue of submission of such certificate(s) to DTC.

      17.   Nothing herein shall be deemed to require Trustee to advance funds
on behalf of Issuer.

                                       5

<PAGE>   99

Notes:                                       Very truly yours,
------
A.  If there is a Trustee (as defined in
this Letter of Representations), Trustee     ----------------------------------
as well as Issuer must sign this Letter.                  (Issuer)
If there is no Trustee, in signing
this Letter Issuer itself undertakes to
perform all of the obligations set forth
herein.                                      By:
                                                --------------------------------
                                               (Authorized Officer's Signature)

B. Schedule B contains statements that
DTC believes accurately describe DTC, the    -----------------------------------
method of effecting book-entry transfers                 (Trustee)
of securities distributed through DTC,
and  certain related matters.

                                             By:
                                                --------------------------------
                                                (Authorized Officer's Signature)

Received and Accepted:
THE DEPOSITORY TRUST COMPANY

By:
    -----------------------------

cc:   Underwriter
      Underwriter's Counsel

                                       6

<PAGE>   100

                                                                      SCHEDULE A

                                (Describe Issue)

<TABLE>
<CAPTION>

CUSIP                           Principal Amount             Maturity Date                Interest Rate
-----                           ----------------             -------------                -------------
<S>                             <C>                          <C>                          <C>

</TABLE>

                                       7

<PAGE>   101

                                                                      SCHEDULE B

                       SAMPLE OFFICIAL STATEMENT LANGUAGE
                       DESCRIBING BOOK-ENTRY-ONLY ISSUANCE
 (PREPARED BY DTC--BRACKETED MATERIAL MAY BE APPLICABLE ONLY TO CERTAIN ISSUES)

      1.   The Depository Trust Company ("DTC"), New York, NY, will act as
securities depository for the securities (the "Securities"). The Securities will
be issued as fully-registered securities registered in the name of Cede & Co.
(DTC's partnership nominee). One fully-registered Security certificate will be
issued for [each issue of the Securities, [each] in the aggregate principal
amount of such issue, and will be deposited with DTC. [If, however, the
aggregate principal amount of [any] issue exceeds $400 million, one certificate
will be issued with respect to each $400 million of principal amount and an
additional certificate will be issued with respect to any remaining principal
amount of such issue.]

      2.   DTC is a limited-purpose trust company organized under the New York
Banking Law, a "banking organization" within the meaning of the New York Banking
Law, a member of the Federal Reserve System, a "clearing corporation" within the
meaning of the New York Uniform Commercial Code, and a "clearing agency"
registered pursuant to the provisions of Section 17A of the Securities Exchange
Act of 1934. DTC holds securities that its participants ("Participants") deposit
with DTC. DTC also facilitates the settlement among Participants of securities
transactions, such as transfers and pledges, in deposited securities through
electronic computerized book-entry changes in Participants' accounts, thereby
eliminating the need for physical movement of securities certificates. Direct
Participants include securities brokers and dealers, banks, trust companies,
clearing corporations, and certain other organizations. DTC is owned by a number
of its Direct Participants and by the New York Stock Exchange, Inc., the
American Stock Exchange, Inc., and the National Association of Securities
Dealers, Inc. Access to the DTC system is also available to others such as
securities brokers and dealers, banks, and trust companies that clear through or
maintain a custodial relationship with a Direct Participant, either directly or
indirectly ("Indirect Participants"). The Rules applicable to DTC and its
Participants are on file with the Securities and Exchange Commission.

      3.   Purchases of Securities under the DTC system must be made by or
through Direct Participants, which will receive a credit for the Securities on
DTC's records. The ownership interest of each actual purchaser of each Security
("Beneficial Owner") is in turn to be recorded on the Direct and Indirect
Participants' records. Beneficial Owners will not receive written confirmation
from DTC of their purchase, but Beneficial Owners are expected to receive
written confirmations providing details of the transaction, as well as periodic
statements of their holdings, from the Direct or Indirect Participant through
which the Beneficial Owner entered into the transaction. Transfers of ownership
interests in the Securities are to be accomplished by entries made on the books
of Participants acting on behalf of Beneficial Owners. Beneficial Owners will
not receive certificates representing their ownership interests in Securities,
except in the event that use of the book-entry system for the Securities is
discontinued.

      4.   To facilitate subsequent transfers, all Securities deposited by
Participants with DTC are registered in the name of DTC's partnership nominee,
Cede & Co. The deposit of

                                       8

<PAGE>   102

Securities with DTC and their registration in the name of Cede & Co. effect no
change in beneficial ownership. DTC has no knowledge of the actual Beneficial
Owners of the Securities; DTC's records reflect only the identity of the Direct
Participants to whose accounts such Securities are credited, which may or may
not be the Beneficial Owners. The Participants will remain responsible for
keeping account of their holdings on behalf of their customers.

      5.   Conveyance of notices and other communications by DTC to Direct
Participants, by Direct Participants to Indirect Participants, and by Direct
Participants and Indirect Participants to Beneficial Owners will be governed by
arrangements among them, subject to any statutory or regulatory requirements as
may be in effect from time to time.

      6.   Redemption notices shall be sent to Cede & Co. If less than all of
the Securities within an issue are being redeemed, DTC's practice is to
determine by lot the amount of the interest of each Direct Participant in such
issue to be redeemed.

      7.   Neither DTC nor Cede & Co. will consent or vote with respect to
Securities. Under its usual procedures, DTC mails an Omnibus Proxy to the Issuer
as soon as possible after the record date. The Omnibus Proxy assigns Cede &
Co.'s consenting or voting rights to those Direct Participants to whose accounts
the Securities are credited on the record date (identified in a listing attached
to the Omnibus Proxy).

      8.   Principal and interest payments on the Securities will be made to
DTC. DTC's practice is to credit Direct Participants' accounts on payable date
in accordance with their respective holdings shown on DTC's records unless DTC
has reason to believe that it will not receive payment on payable date. Payments
by Participants to Beneficial Owners will be governed by standing instructions
and customary practices, as is the case with securities held for the accounts of
customers in bearer form or registered in "street name," and will be the
responsibility of such Participant and not of DTC, Trustee, or Issuer, subject
to any statutory or regulatory requirements as may be in effect from time to
time. Payment of principal and interest to DTC is the responsibility of the
Issuer or Trustee, disbursement of such payments to Direct Participants shall be
the responsibility of DTC, and disbursement of such payments to the Beneficial
Owners shall be the responsibility of Direct and Indirect Participants.

      9.   A Beneficial Owner shall give notice to elect to have its Securities
purchased or tendered, through its Participant, to Trustee [or
Tender/Remarketing Agent], and shall effect delivery of such Securities by
causing the Direct Participant to transfer the Participant's interest in the
Securities, on DTC's records, to Trustee [or Tender/Remarketing Agent]. The
requirement for physical delivery of Securities in connection with an optional
tender or a mandatory purchase will be deemed satisfied when the ownership
rights in the Securities are transferred by Direct Participants on DTC's records
and followed by a book-entry credit of tendered Securities to Trustee [or
Tender/Remarketing Agent's] DTC account.

      10.   DTC may discontinue providing its services as securities depository
with respect to the Securities at any time by giving reasonable notice to Issuer
or Agent. Under such circumstances, in the event that a successor securities
depository is not obtained, Security certificates are required to be printed and
delivered.

                                       9

<PAGE>   103

      11.   The Issuer may decide to discontinue use of the system of book-entry
transfers through DTC (or a successor securities depository). In that event,
Security certificates will be printed and delivered.

      12.   The information in this section concerning DTC and DTC's book-entry
system has been obtained from sources that Issuer believes to be reliable, but
Issuer takes no responsibility for the accuracy thereof.

                                       10<PAGE>   1
                                                                     EXHIBIT 4.3
================================================================================

                          SALE AND SERVICING AGREEMENT

                                     between

                        DAIMLERCHRYSLER AUTO TRUST 2000-B
                                     Issuer,

                                       and

                       CHRYSLER FINANCIAL COMPANY L.L.C.,
                               Seller and Servicer

                             Dated as of May 1, 2000

================================================================================

<PAGE>   2

                                TABLE OF CONTENTS
<TABLE>
<CAPTION>
                                                                                                        PAGE
                                                                                                        ----
                                                     ARTICLE I
                                                     Definitions
<S>                     <C>                                                                             <C>
         SECTION 1.01.  Definitions........................................................................1
         SECTION 1.02.  Other Definitional Provisions.....................................................13

                                                     ARTICLE II
                                             Conveyance of Receivables

         SECTION 2.01.  Conveyance of Receivables.........................................................14
         SECTION 2.02.  Conveyance of Fixed Value Payments and Fixed Value Finance Charges................15
         SECTION 2.03.  Fixed Value Securities............................................................15

                                                     ARTICLE III
                                                   The Receivables

         SECTION 3.01.  Representations and Warranties of Seller with Respect to the Receivables..........16
         SECTION 3.02.  Repurchase upon Breach............................................................20
         SECTION 3.03.  Custody of Receivable Files.......................................................20
         SECTION 3.04.  Duties of Servicer as Custodian...................................................21
         SECTION 3.05.  Instructions; Authority To Act....................................................21
         SECTION 3.06.  Custodian's Indemnification.......................................................21
         SECTION 3.07.  Effective Period and Termination..................................................22

                                                     ARTICLE IV
                                      Administration and Servicing of Receivables

         SECTION 4.01.  Duties of Servicer................................................................22
         SECTION 4.02.  Collection and Allocation of Receivable Payments..................................23
         SECTION 4.03.  Realization upon Receivables......................................................23
         SECTION 4.04.  Physical Damage Insurance.........................................................23
         SECTION 4.05.  Maintenance of Security Interests in Financed Vehicles............................24
         SECTION 4.06.  Covenants of Servicer.............................................................24
         SECTION 4.07.  Purchase of Receivables upon Breach...............................................24
         SECTION 4.08.  Servicing Fee.....................................................................24
         SECTION 4.09.  Servicer's Certificate............................................................24
         SECTION 4.10.  Annual Statement as to Compliance; Notice of Default..............................25
         SECTION 4.11.  Annual Independent Certified Public Accountants' Report...........................25
         SECTION 4.12.  Access to Certain Documentation and Information Regarding Receivables.............26
         SECTION 4.13.  Servicer Expenses.................................................................26
         SECTION 4.14.  Appointment of Subservicer........................................................26
</TABLE>

                                       i

<PAGE>   3

<TABLE>
<CAPTION>

                                                     ARTICLE V
                 Distributions; Reserve Account; Statements to Certificateholders and Noteholders
<S>                     <C>                                                                               <C>

         SECTION 5.01.  Establishment of Deposit Account..................................................26
         SECTION 5.02.  Collections.......................................................................28
         SECTION 5.03.  Application of Collections........................................................28
         SECTION 5.04.  Additional Deposits...............................................................29
         SECTION 5.05.  Distributions.....................................................................29
         SECTION 5.06.  Reserve Account...................................................................30
         SECTION 5.07.  Statements to Noteholders and Certificateholders..................................31
         SECTION 5.08.  Net Deposits......................................................................32

                                                     ARTICLE VI
                                                     The Seller

         SECTION 6.01.  Representations of Seller.........................................................32
         SECTION 6.02.  Preservation of Existence.........................................................33
         SECTION 6.03.  Liability of Seller; Indemnities..................................................34
         SECTION 6.04.  Merger or Consolidation of, or Assumption of Obligations of, Seller...............35
         SECTION 6.05.  Limitation on Liability of Seller and Others......................................35
         SECTION 6.06.  Seller May Own Notes..............................................................35

                                                     ARTICLE VII
                                                     The Servicer

         SECTION 7.01.  Representations of Servicer.......................................................36
         SECTION 7.02.  Indemnities of Servicer...........................................................37
         SECTION 7.03.  Merger or Consolidation of, or Assumption of Obligations of, Servicer.............38
         SECTION 7.04.  Limitation on Liability of Servicer and Others....................................38
         SECTION 7.05.  CFC Not To Resign as Servicer.....................................................39

                                                     ARTICLE VIII
                                                       Default

         SECTION 8.01.  Servicer Default..................................................................39
         SECTION 8.02.  Appointment of Successor..........................................................40
         SECTION 8.03.  Notification to Noteholders and Certificateholders................................41
         SECTION 8.04.  Waiver of Past Defaults...........................................................41

                                                     ARTICLE IX
                                                     Termination

         SECTION 9.01.  Optional Purchase of All Receivables..............................................41
</TABLE>

                                       ii
<PAGE>   4

<TABLE>
<CAPTION>

                                    ARTICLE X
                                  Miscellaneous
<S>                      <C>                                                                            <C>
         SECTION 10.01.  Amendment.......................................................................42
         SECTION 10.02.  Protection of Title to Trust....................................................43
         SECTION 10.03.  Notices.........................................................................45
         SECTION 10.04.  Assignment by the Seller or the Servicer........................................45
         SECTION 10.05.  Limitations on Rights of Others.................................................45
         SECTION 10.06.  Severability....................................................................46
         SECTION 10.07.  Separate Counterparts...........................................................46
         SECTION 10.08.  Headings........................................................................46
         SECTION 10.09.  Governing Law...................................................................46
         SECTION 10.10.  Assignment by Issuer............................................................46
         SECTION 10.11.  Nonpetition Covenants...........................................................46
         SECTION 10.12.  Limitation of Liability of Owner Trustee and Indenture Trustee..................47
</TABLE>
<TABLE>
<S>              <C>                                                                                    <C>
SCHEDULE A       Schedule of Receivables
SCHEDULE B       Location of Receivable Files

EXHIBIT A        Form of Distribution Statement to Noteholders..........................................A-1
EXHIBIT B        Form of Servicer's Certificate.........................................................B-1
</TABLE>

                                      iii
<PAGE>   5

         SALE AND SERVICING AGREEMENT dated as of May 1, 2000, between
         DAIMLERCHRYSLER AUTO TRUST 2000-B, a Delaware business trust (the
         "Issuer"), and CHRYSLER FINANCIAL COMPANY L.L.C., a Michigan limited
         liability company, as seller and servicer.

         WHEREAS the Issuer desires to purchase a portfolio of receivables
arising in connection with automobile retail installment sale contracts
generated by Chrysler Financial Company L.L.C. in the ordinary course of
business; and

         WHEREAS  Chrysler  Financial  Company L.L.C. is willing to sell such
receivables to, and to service such receivables on behalf of, the Issuer;

         NOW, THEREFORE, in consideration of the premises and the mutual
covenants herein contained, the parties hereto agree as follows:

                                   ARTICLE I

                                  Definitions

         SECTION 1.01. Definitions.  Whenever used in this Agreement, the
following words and phrases, unless the context otherwise requires, shall have
the following meanings:

         "Amortizing Payment" means, with respect to each Fixed Value Receivable
and each Collection Period prior to the date on which the Fixed Value Payment
relating to such Receivable is due, the amount specified in the applicable
Contract in the payment schedule as the "Amount of Each Payment", except that in
the case of a prepayment, liquidation or repurchase by the Seller or purchase by
the Servicer, the Amortizing Payment shall be equal to the aggregate "Amount of
Each Payment" that has not yet been paid for the period through and including
the last payment prior to the date when the Fixed Value Payment is due less the
amount of the unearned finance charges under the related Contract allocable to
such amount in accordance with the Servicer's customary procedures.

         "Amortizing Payment Finance Charge" means, with respect to each payment
collected on a Fixed Value Receivable, the finance charge included in such
payment (as determined in accordance with the Servicer's customary procedures)
that is allocable to the related Principal Balance.

         "Amount Financed" means (i) with respect to a Standard Receivable, the
amount advanced under such Standard Receivable toward the purchase price of the
Financed Vehicle and any related costs; and (ii) with respect to a Fixed Value
Receivable, an amount equal to the present value of the fixed level payment
monthly installments (not including the amount designated as the Fixed Value
Payment) under such Fixed Value Receivable, assuming that each payment is made
on the due date in the month in which such payment is due, discounted at the APR
for such Fixed Value Receivable.

         "Annual Percentage Rate" or "APR" of a Receivable means the annual rate
of finance charges stated in the related Contract.

<PAGE>   6

         "Basic Documents" means the Indenture, the Trust Agreement, the
Administration Agreement and the Purchase Agreement.

         "Cash Release Amount" means on each Payment Date on and after the First
Release Payment Date, the greater of:

                 (i) the lesser of (a) D - [S - (P x 94.75%)] or (b) D minus the
         outstanding principal balance of the Class A-1 Notes prior to such
         Payment Date

                          or

                 (ii) $0.00

         where

         D =     the sum of (a) principal collections and principal payments
                 contained in the Total Distribution Amount for such Payment
                 Date and (b) the excess, if any, of (x) the interest
                 collections, interest payments and investment earnings
                 contained in such Total Distribution Amount over (y) the sum
                 of (A) the Servicing Fee for such Payment Date and any unpaid
                 Servicing Fees for prior Payment Dates, (B) accrued and unpaid
                 interest on the Notes and (C) the amount, if any, required to
                 be deposited into the Reserve Account pursuant to Section
                 5.05(a)(ii)(B);

         S =     the sum of the aggregate Outstanding Amount of the Notes and
                 the Certificate Balance before giving effect to payments made
                 on the Notes and Certificates on such Payment Date.

         P =     the Related Pool Balance.

         "Certificate Balance" has the meaning assigned to such term in the
Trust Agreement

         "Certificateholders" has the meaning assigned to such term in the Trust
Agreement.

         "Certificates" has the meaning assigned to such term in the Trust
Agreement.

         "CFC" means Chrysler Financial Company L.L.C., a Michigan limited
liability company, or its successors.

         "Class" means any one of the classes of Notes.

         "Class A-1 Final Scheduled Payment Date" means the November 2001
Payment Date.

         "Class A-1 Initial Principal Balance" shall mean $408,420,000.

         "Class A-1 Noteholder" means the Person in whose name a Class A-1 Note
is registered in the Note Register.

         "Class A-2 Final Scheduled Payment Date" means the March 2003 Payment
Date.

                                       2
<PAGE>   7

         "Class A-2 Noteholder" means the Person in whose name a Class A-2 Note
is registered in the Note Register.

         "Class A-3 Final Scheduled Payment Date" means the May 2004 Payment
Date.

         "Class A-3 Noteholder" means the Person in whose name a Class A-3 Note
is registered in the Note Register.

         "Class A-4 Final Scheduled Payment Date" means the June 2005 Payment
Date.

         "Class A-4 Noteholder" means the Person in whose name a Class A-4 Note
is registered in the Note Register.

         "Collection Period" means a calendar month. The "related Collection
Period" for a Payment Date is the Collection Period ending immediately prior to
such Payment Date. Unless otherwise specified, any amount stated as of the last
day of a Collection Period or as of the first day of a Collection Period shall
give effect to the following calculations as determined as of the close of
business on such last day: (1) all applications of collections, and (2) all
distributions to be made on the related Payment Date.

         "Company" means DaimlerChrysler Retail Receivables LLC, a Michigan
limited liability company, and any successor in interest or, if the Rights (as
defined in the Purchase Agreement) have been assigned to a Person that becomes a
transferee in accordance with Section 5.05 of the Purchase Agreement, such
transferee Person and any successor in interest.

         "Contract" means a motor vehicle retail installment sale contract.

         "Corporate Trust Office" means the principal office of the Indenture
Trustee at which at any particular time its corporate trust business shall be
administered, which office at the date of the execution of this Agreement is
located at 1 Bank Plaza, Mail Code IL1-0126, Chicago, IL 60670-0126; Corporate
Trust Services Division; or at such other address as the Indenture Trustee may
designate from time to time by notice to the Noteholders and the Seller, or the
principal corporate trust office of any successor Indenture Trustee (of which
address such successor Indenture Trustee will notify the Noteholders and the
Seller).

         "Cutoff Date" means April 27, 2000.

         "Dealer" means the dealer who sold a Financed Vehicle and who
originated and assigned the related Receivable to CFC under an existing
agreement between such dealer and CFC.

         "Delivery" when used with respect to Trust Account Property means:

              (a) with respect to bankers' acceptances, commercial paper,
         negotiable certificates of deposit and other obligations that
         constitute "instruments" within the meaning of Section 9-105(1)(i) of
         the UCC and are susceptible of physical delivery, transfer thereof to
         the Indenture Trustee or its nominee or custodian by physical delivery
         to the Indenture Trustee or its nominee or custodian endorsed to, or
         registered in the

                                       3
<PAGE>   8

         name of, the Indenture Trustee or its nominee or custodian or endorsed
         in blank, and, with respect to a certificated security (as defined in
         Section 8-102 of the UCC) transfer thereof (i) by delivery of such
         certificated security endorsed to, or registered in the name of, the
         Indenture Trustee or its nominee or custodian or endorsed in blank to a
         securities intermediary (as defined in Section 8-102 of the UCC) and
         the making by such securities intermediary of entries on its books and
         records identifying such certificated securities (as defined in Section
         8-102 of the UCC) of the Indenture Trustee or its nominee or custodian
         or (ii) by delivery thereof to a "clearing corporation" (as defined in
         Section 8-102 of the UCC) and the making by such clearing corporation
         of appropriate entries on its books reducing the appropriate securities
         account of the transferor and increasing the appropriate securities
         account of a securities intermediary by the amount of such certificated
         security, the identification by the clearing corporation on its books
         and records that the certificated securities are credited to the sole
         and exclusive securities account of the securities intermediary, the
         maintenance of such certificated securities by such clearing
         corporation or a custodian or the nominee of such clearing corporation
         subject to the clearing corporation's exclusive control, and the making
         by such securities intermediary of entries on its books and records
         identifying such certificated securities as being credited to the
         securities account of the Indenture Trustee or its nominee or custodian
         (all of the foregoing, "Physical Property"), and, in any event, any
         such Physical Property in registered form shall be in the name of the
         Indenture Trustee or its nominee or custodian; and such additional or
         alternative procedures as may hereafter become appropriate to effect
         the complete transfer of ownership of any such Trust Account Property
         (as defined herein) to the Indenture Trustee or its nominee or
         custodian, consistent with changes in applicable law or regulations or
         the interpretation thereof;

              (b) with respect to any securities issued by the U.S. Treasury,
         the Federal Home Loan Mortgage Corporation or by the Federal National
         Mortgage Association that are book-entry securities held through the
         Federal Reserve System pursuant to Federal book-entry regulations, the
         following procedures, all in accordance with applicable law, including
         applicable Federal regulations and Articles 8 and 9 of the UCC:
         book-entry registration of such Trust Account Property to an
         appropriate book-entry account maintained with a Federal Reserve Bank
         by a securities intermediary which is also a "depository" pursuant to
         applicable Federal regulations; the identification by the Federal
         Reserve Bank of such book-entry securities on its record being credited
         to the securities intermediary's securities account; the making by such
         securities intermediary of entries in its books and records identifying
         such book-entry security held through the Federal Reserve System
         pursuant to Federal book-entry regulations as being credited to the
         Indenture Trustee's securities account; and such additional or
         alternative procedures as may hereafter become appropriate to effect
         complete transfer of ownership of any such Trust Account Property to
         the Indenture Trustee or its nominee or custodian, consistent with
         changes in applicable law or regulations or the interpretation thereof;
         and

              (c) with respect to any item of Trust Account Property that is an
         uncertificated security under Article 8 of the UCC and that is not
         governed by clause (a) above, registration on the books and records of
         the issuer thereof in the name of the securities intermediary, the
         sending of a confirmation by the securities intermediary of the
         purchase

                                       4
<PAGE>   9

         by the Indenture Trustee or its nominee or custodian of such
         uncertificated security, the making by such securities intermediary of
         entries on its books and records identifying such uncertificated
         certificates as belonging to the Indenture Trustee or its nominee or
         custodian.

         "Deposit Account" means the account designated as such, established and
maintained pursuant to Section 5.01(a)(i).

         "Eligible Deposit Account" means either (a) a segregated account with
an Eligible Institution or (b) a segregated trust account with the corporate
trust department of a depository institution organized under the laws of the
United States of America or any one of the states thereof or the District of
Columbia (or any domestic branch of a foreign bank), having corporate trust
powers and acting as trustee for funds deposited in such account, so long as any
of the securities of such depository institution shall have a credit rating from
each Rating Agency in one of its generic rating categories that signifies
investment grade.

         "Eligible Institution" means (a) a depository institution organized
under the laws of the United States of America or any one of the states thereof
or the District of Columbia (or any domestic branch of a foreign bank), which
(i) has either (A) a long-term unsecured debt rating of "AAA" or better by
Standard & Poor's and "A1" or better by Moody's or (B) a certificate of deposit
rating of "A-1+" by Standard & Poor's and "P-1" or better by Moody's, or any
other long-term, short-term or certificate of deposit rating acceptable to the
Rating Agencies and (ii) whose deposits are insured by the FDIC or (b) the
corporate trust department of the Indenture Trustee, the Owner Trustee or The
Chase Manhattan Bank. If so qualified, the Indenture Trustee, the Owner Trustee
or The Chase Manhattan Bank may be considered an Eligible Institution for the
purposes of clause (a) of this definition.

         "Eligible Investments" means book-entry securities, negotiable
instruments or securities represented by instruments in bearer or registered
form which evidence:

              (a) direct obligations of, and obligations fully guaranteed as to
         the full and timely payment by, the United States of America;

              (b) demand deposits, time deposits or certificates of deposit of
         any depository institution or trust company incorporated under the laws
         of the United States of America or any state thereof (or any domestic
         branch of a foreign bank) and subject to supervision and examination by
         Federal or State banking or depository institution authorities;
         provided, however, that at the time of the investment or contractual
         commitment to invest therein, the commercial paper or other short-term
         unsecured debt obligations (other than such obligations the rating of
         which is based on the credit of a Person other than such depository
         institution or trust company) thereof shall have a credit rating from
         each of the Rating Agencies in the highest applicable rating category
         granted thereby;

              (c) commercial paper, variable amount notes or other short term
         debt obligations having, at the time of the investment or contractual
         commitment to invest

                                       5
<PAGE>   10

         therein, a rating from each of the Rating Agencies in the highest
         applicable rating category granted thereby;

              (d) investments in money market or common trust funds having a
         rating from each of the Rating Agencies in the highest applicable
         rating category granted thereby (including funds for which the
         Indenture Trustee or the Owner Trustee or any of their respective
         Affiliates is investment manager or advisor);

              (e) bankers' acceptances issued by any depository institution or
         trust company referred to in clause (b) above;

              (f) repurchase obligations with respect to any security that is a
         direct obligation of, or fully guaranteed by, the United States of
         America or any agency or instrumentality thereof the obligations of
         which are backed by the full faith and credit of the United States of
         America, in either case entered into with a depository institution or
         trust company (acting as principal) described in clause (b);

              (g) repurchase obligations with respect to any security or whole
         loan, entered into with (i) a depository institution or trust company
         (acting as principal) described in clause (b) above (except that the
         rating referred to in the proviso in such clause (b) shall be "A-1" or
         higher in the case of Standard & Poor's) (such depository institution
         or trust company being referred to in this definition as a "financial
         institution"), (ii) a broker/dealer (acting as principal) registered as
         a broker or dealer under Section 15 of the Exchange Act (a
         "broker/dealer") the unsecured short-term debt obligations of which are
         rated "P-1" by Moody's and at least "A-1" by Standard & Poor's at the
         time of entering into such repurchase obligation (a "rated
         broker/dealer"), (iii) an unrated broker/dealer (an "unrated
         broker/dealer"), acting as principal, that is a wholly-owned subsidiary
         of a non-bank holding company the unsecured short-term debt obligations
         of which are rated "P-1" by Moody's and at least "A-1" by Standard &
         Poor's at the time of entering into such repurchase obligation (a
         "Rated Holding Company") or (iv) an unrated subsidiary (a "Guaranteed
         Counterparty"), acting as principal, that is a wholly-owned subsidiary
         of a direct or indirect parent Rated Holding Company, which guarantees
         such subsidiary's obligations under such repurchase agreement; provided
         that the following conditions are satisfied:

                  (A) the aggregate amount of funds invested in repurchase
              obligations of a financial institution, a rated broker/dealer, an
              unrated broker/dealer or Guaranteed Counterparty in respect of
              which the Standard & Poor's unsecured short-term ratings are "A-1"
              (in the case of an unrated broker/dealer or Guaranteed
              Counterparty, such rating being that of the related Rated Holding
              Company) shall not exceed 20% of the sum of the then outstanding
              principal balance of the Notes (there being no limit on the amount
              of funds that may be invested in repurchase obligations in respect
              of which such Standard & Poor's rating is "A-1+" (in the case of
              an unrated broker/dealer or Guaranteed Counterparty, such rating
              being that of the related Rated Holding Company);

                                       6
<PAGE>   11

                  (B) in the case of the amount allocated to the Reserve
              Account, the rating from Standard & Poor's in respect of the
              unsecured short-term debt obligations of the financial
              institution, rated broker/dealer, unrated broker/dealer or
              Guaranteed Counterparty (in the case of an unrated broker/dealer
              or Guaranteed Counterparty, such rating being that of the related
              Rated Holding Company) shall be "A-1+";

                  (C) the repurchase obligation must mature within 30 days of
              the date on which the Indenture Trustee or the Issuer, as
              applicable, enters into such repurchase obligation;

                  (D) the repurchase obligation shall not be subordinated to any
              other obligation of the related financial institution, rated
              broker/dealer, unrated broker/dealer or Guaranteed Counterparty;

                  (E) the collateral subject to the repurchase obligation is
              held, in the appropriate form, by a custodial bank on behalf of
              the Indenture Trustee or the Issuer, as applicable;

                  (F) the repurchase obligation shall require that the
              collateral subject thereto shall be marked to market daily;

                  (G) in the case of a repurchase obligation of a Guaranteed
              Counterparty, the following conditions shall also be satisfied:

                            (i) the Indenture Trustee or the Issuer, as
                  applicable, shall have received an opinion of counsel (which
                  may be in-house counsel) to the effect that the guarantee of
                  the related Rated Holding Company is a legal, valid and
                  binding agreement of the Rated Holding Company, enforceable in
                  accordance with its terms, subject as to enforceability to
                  bankruptcy, insolvency, reorganization and moratorium or other
                  similar laws affecting creditors' rights generally and to
                  general equitable principles;

                            (ii) the Indenture Trustee or the Issuer, as
                  applicable, shall have received (x) an incumbency certificate
                  for the signer of such guarantee, certified by an officer of
                  such Rated Holding Company and (y) a resolution, certified by
                  an officer of the Rated Holding Company, of the board of
                  directors (or applicable committee thereof) of the Rated
                  Holding Company authorizing the execution, delivery and
                  performance of such guarantee by the Rated Holding Company;

                            (iii) the only conditions to the obligation of such
                  Rated Holding Company to pay on behalf of the Guaranteed
                  Counterparty shall be that the Guaranteed Counterparty shall
                  not have paid under such repurchase obligation when required
                  (it being understood that no notice to,

                                        7
<PAGE>   12

                  demand on or other action in respect of the Guaranteed
                  Counterparty is necessary) and that the Indenture Trustee or
                  the Issuer shall make a demand on the Rated Holding Company to
                  make the payment due under such guarantee;

                            (iv) the guarantee of the Rated Holding Company
                  shall be irrevocable with respect to such repurchase
                  obligation and shall not be subordinated to any other
                  obligation of the Rated Holding Company; and

                            (v) each of Standard & Poor's and Moody's has
                  confirmed in writing to the Indenture Trustee or Issuer, as
                  applicable, that it has reviewed the form of the guarantee of
                  the Rated Holding Company and has determined that the issuance
                  of such guarantee will not result in the downgrade or
                  withdrawal of the ratings assigned to the Notes.

                  (H) the repurchase obligation shall require that the
              repurchase obligation be overcollateralized and shall provide
              that, upon any failure to maintain such overcollateralization, the
              repurchase obligation shall become due and payable, and unless the
              repurchase obligation is satisfied immediately, the collateral
              subject to the repurchase agreement shall be liquidated and the
              proceeds applied to satisfy the unsatisfied portion of the
              repurchase obligation;

              (h) any other investment with respect to which the Issuer or the
         Servicer has received written notification from the Rating Agencies
         that the acquisition of such investment as an Eligible Investment will
         not result in a withdrawal or downgrading of the ratings on the Notes.

         "FDIC" means the Federal Deposit Insurance Corporation.

         "Final Scheduled Maturity Date" means April 30, 2006.

         "Financed Vehicle" means an automobile or light-duty truck, together
with all accessions thereto, securing an Obligor's indebtedness under the
respective Standard Receivable or Fixed Value Receivable.

         "First Release Payment Date" means the Payment Date on which the Class
A-1 Notes have been paid in full.

         "Fixed Value Finance Charge" means, with respect to each payment
collected on a Fixed Value Receivable, the finance charge included in such
payment (as determined in accordance with the Servicer's customary procedures)
that is allocable to the related Fixed Value Payment.

         "Fixed Value Payment" means, with respect to each Fixed Value
Receivable, the amount specified on the applicable Contract as the "Amount of
Fixed Value Payment" reduced (i) in the case of a prepayment or repurchase, by
the amount of the unearned finance charges under the Contract allocable to such
payment in accordance with the Servicer's customary procedures and

                                       8
<PAGE>   13

(ii) in the case of a liquidation, by the excess of Liquidation Proceeds
collected by the Servicer over the Amortizing Payment on such date.

         "Fixed Value Receivable" means any Contract listed on Schedule A (which
Schedule may be in the form of microfiche) that provides for amortization of the
loan over a series of fixed level payment monthly installments in accordance
with the simple interest method, but also requires a final payment that is
greater than the scheduled monthly payments and is due after payment of such
scheduled monthly payments and that may be made by (i) payment in full in cash
of a fixed value amount, (ii) return of the Financed Vehicle to the Servicer
provided certain conditions are satisfied or (iii) refinancing the final fixed
value payment in accordance with specified conditions. No Fixed Value
Receivables will be transferred to the Trust.

         "Fixed Value Securities" has the meaning assigned to such term in
Section 2.03.

         "Indenture" means the Indenture dated as of May 1, 2000, between the
Issuer and the Indenture Trustee.

         "Indenture Trustee" means the Person acting as Indenture Trustee under
the Indenture, its successors in interest and any successor trustee under the
Indenture.

         "Initial Overcollateralization Amount" means $94,181,384.40.

         "Insolvency Event" means, with respect to a specified Person, (a) the
filing of a decree or order for relief by a court having jurisdiction in the
premises in respect of such Person or any substantial part of its property in an
involuntary case under any applicable federal or state bankruptcy, insolvency or
other similar law now or hereafter in effect, or appointing a receiver,
liquidator, assignee, custodian, trustee, sequestrator or similar official for
such Person or for any substantial part of its property, or ordering the
winding-up or liquidation of such Person's affairs, and such decree or order
shall remain unstayed and in effect for a period of 60 consecutive days; or (b)
the commencement by such Person of a voluntary case under any applicable federal
or state bankruptcy, insolvency or other similar law now or hereafter in effect,
or the consent by such Person to the entry of an order for relief in an
involuntary case under any such law, or the consent by such Person to the
appointment of or taking possession by a receiver, liquidator, assignee,
custodian, trustee, sequestrator or similar official for such Person or for any
substantial part of its property, or the making by such Person of any general
assignment for the benefit of creditors, or the failure by such Person generally
to pay its debts as such debts become due, or the taking of action by such
Person in furtherance of any of the foregoing.

         "Investment Earnings" means, with respect to any Payment Date, the
investment earnings (net of losses and investment expenses), if any, on amounts
on deposit in the Deposit Account to be applied on such Payment Date pursuant to
Section 5.01(b).

         "Issuer" means DaimlerChrysler Auto Trust 2000-B.

         "Lien" means a security interest, lien, charge, pledge, equity or
encumbrance of any kind, other than tax liens, mechanics' liens and any liens
that attach to the respective Receivable by operation of law as a result of any
act or omission by the related Obligor.

                                       9
<PAGE>   14

         "Liquidated Receivable" means any Receivable liquidated by the Servicer
through the sale of a Financed Vehicle or otherwise.

         "Liquidation Proceeds" means, with respect to any Liquidated
Receivable, the moneys collected in respect thereof, from whatever source on a
Liquidated Receivable, net of the sum of any amounts expended by the Servicer in
connection with such liquidation and any amounts required by law to be remitted
to the Obligor on such Liquidated Receivable.

         "Moody's" means Moody's Investors Service, Inc., or its successor.

         "Notes" means the Class A-1 Notes, Class A-2 Notes, Class A-3 Notes and
Class A-4 Notes.

         "Obligor" on a Receivable means the purchaser or co-purchasers of the
Financed Vehicle and any other Person who owes payments under the Receivable.

         "Officer's Certificate" means a certificate signed by the chairman of
the board, any vice president, the controller or any assistant controller, the
president, a treasurer, assistant treasurer, secretary or assistant secretary of
the Seller, the Company or the Servicer, as appropriate.

         "OMSC Receivable" means any Standard Receivable acquired by CFC from
the Overseas Military Sales Corporation, or its successor.

         "Opinion of Counsel" means one or more written opinions of counsel, who
may be an employee of or counsel to the Seller, the Company or the Servicer,
which counsel shall be acceptable to the Indenture Trustee, the Owner Trustee or
the Rating Agencies, as applicable.

         "Original Pool Balance" means $2,076,955,384.40.

         "Overcollateralization Amount" means, with respect to any Payment Date,
(i) the Related Pool Balance minus (ii) the Securities Amount.

         "Owner Trust Estate" has the meaning assigned to such term in the Trust
Agreement.

         "Owner Trustee" means the Person acting as Owner Trustee under the
Trust Agreement, its successors in interest and any successor owner trustee
under the Trust Agreement.

         "Payment Date" means, with respect to each Collection Period, the
eighth day of the following month or, if such day is not a Business Day, the
immediately following Business Day, commencing on June 8, 2000.

         "Payment Determination Date" means, with respect to any Payment Date,
the Business Day immediately preceding such Payment Date.

         "Physical Property" has the meaning assigned to such term in the
definition of "Delivery" above.

                                       10
<PAGE>   15

         "Pool Balance" means, as of the close of business on the last day of a
Collection Period, the aggregate Principal Balance of the Receivables as of such
day (excluding Purchased Receivables and Liquidated Receivables).

         "Principal Balance" of a Receivable, as of the close of business on any
date of determination, means the Amount Financed minus the sum of (i) the
portion of all payments made by or on behalf of the related Obligor on or prior
to such day and allocable to principal using the Simple Interest Method and (ii)
the principal portion of the Purchase Amount paid with respect to the
Receivable.

         "Purchase Agreement" means the Purchase Agreement dated as of May 1,
2000, between the Seller and the Company.

         "Purchase Amount" means the amount, as of the close of business on the
last day of a Collection Period, required to prepay in full a Receivable under
the terms thereof including interest to the end of the month of purchase.

         "Purchased Receivable" means a Receivable purchased as of the close of
business on the last day of a Collection Period by the Servicer pursuant to
Section 4.07 or by the Seller pursuant to Section 3.02.

         "Rating Agency" means Moody's and Standard & Poor's or, if no such
organization or successor is any longer in existence, a nationally recognized
statistical rating organization or other comparable Person designated by the
Seller, notice of which designation shall be given to the Indenture Trustee, the
Owner Trustee and the Servicer.

         "Rating Agency Condition" means, with respect to any action, that each
Rating Agency shall have been given 10 days' (or such shorter period as shall be
acceptable to each Rating Agency) prior notice thereof and that each of the
Rating Agencies shall have notified the Seller, the Company, the Servicer, the
Owner Trustee and the Indenture Trustee in writing that such action will not
result in a reduction or withdrawal of the then current rating of the Notes.

         "Receivable" means (i) any Standard Receivable and (ii) the Amortizing
Payments with respect to any Fixed Value Receivable.

         "Receivable Files" means the documents specified in Section 3.03.

         "Related Pool Balance" means, with respect to any Payment Date, the
Pool Balance as of the end of the related Collection Period.

         "Reserve Account" means the account that is part of the Deposit Account
and is designated as such, established and maintained pursuant to Section 5.01.

         "Reserve Account Initial Deposit" means the initial deposit of cash and
Eligible Investments in the amount of $4,956,935.00 made by the Seller into the
Deposit Account on the Closing Date.

                                       11
<PAGE>   16

         "Securities Amount" means, with respect to any Payment Date, the sum of
the aggregate Outstanding Amount of the Notes and the Certificate Balance after
giving effect to payments of principal made on the Notes and payments pursuant
to Section 5.05(a)(ii)(E) made on the Certificates on such Payment Date.

         "Seller" means CFC and its successors in interest to the extent
permitted hereunder.

         "Servicer" means CFC, as the servicer of the Receivables, and each
successor to CFC (in the same capacity) pursuant to Section 7.03 or 8.02.

         "Servicer Default" means an event specified in Section 8.01.

         "Servicer's Certificate" means a certificate of the Servicer delivered
pursuant to Section 4.09, substantially in the form of Exhibit B.

         "Servicing Fee" means the fee payable to the Servicer for services
rendered during each Collection Period, determined pursuant to Section 4.08.

         "Servicing Fee Rate" means 1/12 of 1.00%.

         "Simple Interest Method" means the method of allocating a fixed level
payment to principal and interest, pursuant to which the portion of such payment
that is allocated to interest is equal to the product of the fixed rate of
interest multiplied by the unpaid principal balance multiplied by a fraction,
the numerator of which is the number of days elapsed since the preceding payment
of interest was made, the denominator of which is 365, and the remainder of such
payment is allocable to principal.

         "Simple Interest Receivable" means any Receivable under which the
portion of a payment allocable to interest and the portion allocable to
principal is determined in accordance with the Simple Interest Method.

         "Specified Reserve Amount" means, with respect to any Payment Date, an
amount equal to the Reserve Account Initial Deposit.

         "Standard &  Poor's" means Standard &  Poor's Ratings Services,  a
division of The McGraw-Hill Companies, Inc., or its successor.

         "Standard Receivable" means any Contract listed on Schedule A (which
Schedule may be in the form of microfiche) that is not a Fixed Value Receivable.

         "Total Distribution Amount" means, for any Payment Date and the
Collection Period preceding such Payment Date, the sum of the following amounts,
without duplication: (a) all collections on Receivables (including payments
relating to refunds of extended warranty protection plan costs or of physical
damage, credit life or disability insurance policy premiums, but only to the
extent that such costs or premiums were financed by the respective obligor as of
the date of the related Contract), (b) all Liquidation Proceeds of Receivables
that became Liquidated Receivables in accordance with the Servicer's customary
servicing procedures,

                                       12
<PAGE>   17

(c) the Purchase Amount of each Receivable that became a Purchased Receivable in
such Collection Period and (d) Investment Earnings deposited in the Deposit
Account during such Collection Period.

         "Trust" means the Issuer.

         "Trust Account Property" means the Deposit Account, all amounts and
investments held from time to time in the Deposit Account (whether in the form
of deposit accounts, Physical Property, book-entry securities, uncertificated
securities or otherwise), including the Reserve Account Initial Deposit, and all
proceeds of the foregoing.

         "Trust Agreement" means the Amended and Restated Trust Agreement dated
as of May 1, 2000, among the Seller, the Company and the Owner Trustee.

         "Trust Officer" means, in the case of the Indenture Trustee, any
Officer within the Corporate Trust Office of the Indenture Trustee, including
any Vice President, Assistant Vice President, Secretary, Assistant Secretary or
any other officer of the Indenture Trustee customarily performing functions
similar to those performed by any of the above designated officers and also,
with respect to a particular matter, any other officer to whom such matter is
referred because of such officer's knowledge of and familiarity with the
particular subject and, with respect to the Owner Trustee, any officer in the
Corporate Trust Administration Department of the Owner Trustee with direct
responsibility for the administration of the Trust Agreement and the Basic
Documents on behalf of the Owner Trustee.

         SECTION 1.02. Other Definitional Provisions.  (a) Capitalized terms
used herein and not otherwise defined herein shall have the meanings assigned to
them in the Indenture.

         (b) All terms defined in this Agreement shall have the defined meanings
when used in any certificate or other document made or delivered pursuant hereto
unless otherwise defined therein.

         (c) As used in this Agreement and in any certificate or other document
made or delivered pursuant hereto or thereto, accounting terms not defined in
this Agreement or in any such certificate or other document, and accounting
terms partly defined in this Agreement or in any such certificate or other
document to the extent not defined, shall have the respective meanings given to
them under generally accepted accounting principles. To the extent that the
definitions of accounting terms in this Agreement or in any such certificate or
other document are inconsistent with the meanings of such terms under generally
accepted accounting principles, the definitions contained in this Agreement or
in any such certificate or other document shall control.

         (d) The words "hereof", "herein", "hereunder" and words of similar
import when used in this Agreement shall refer to this Agreement as a whole and
not to any particular provision of this Agreement; Article, Section, Schedule
and Exhibit references contained in this Agreement are references to Articles,
Sections, Schedules and Exhibits in or to this Agreement unless otherwise
specified; and the term "including" shall mean "including without limitation".

                                       13

<PAGE>   18

         (e) The definitions contained in this Agreement are applicable to the
singular as well as the plural forms of such terms and to the masculine as well
as to the feminine and neuter genders of such terms.

         (f) Any agreement, instrument or statute defined or referred to herein
or in any instrument or certificate delivered in connection herewith means such
agreement, instrument or statute as from time to time amended, modified or
supplemented and includes (in the case of agreements or instruments) references
to all attachments thereto and instruments incorporated therein; references to a
Person are also to its permitted successors and assigns.

         (g) For all purposes of this Agreement and the Basic Documents,
interest with respect to all Classes of Notes other than the Class A-1 Notes
shall be computed on the basis of a 360-day year consisting of twelve 30-day
months; and interest with respect to the Class A-1 Notes shall be computed on
the basis of the actual number of days in each applicable Class A-1 Interest
Accrual Period divided by 360.

                                   ARTICLE II

                            Conveyance of Receivables

         SECTION 2.01. Conveyance of Receivables. In consideration of the
Issuer's delivery to or upon the order of the Seller of (x) $1,492,050,610.00
(which amount represents the Original Pool Balance less (i) the Reserve Account
Initial Deposit, (ii) the Initial Overcollateralization Amount, (iii) the Class
A-1 Initial Principal Balance, (iv) the initial Certificate Balance and (v)
certain other discounts and expenses of the Issuer), and (y) the Certificates,
the Seller does hereby sell, transfer, assign, set over and otherwise convey to
the Issuer, without recourse (subject to the obligations of the Seller set forth
herein), all right, title and interest of the Seller in and to:

             (a) the Receivables and all moneys received thereon on and after
         April 27, 2000;

             (b) the security interests in the Financed Vehicles granted by
         Obligors pursuant to the Receivables and any other interest of the
         Seller in the Financed Vehicles;

             (c) any proceeds with respect to the Receivables from claims on any
         physical damage, credit life or disability insurance policies covering
         Financed Vehicles or Obligors;

             (d) any proceeds from recourse to Dealers with respect to
         Receivables with respect to which the Servicer has determined in
         accordance with its customary servicing procedures that eventual
         payment in full is unlikely;

             (e) any Financed Vehicle that shall have secured a Receivable and
         shall have been acquired by or on behalf of the Seller, the Servicer,
         the Company or the Trust;

                                       14
<PAGE>   19

             (f) all right, title and interest in all funds on deposit from time
         to time in the Deposit Account, including the Reserve Account Initial
         Deposit, and in all investments and proceeds thereof (including all
         income thereon); and

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

             The Seller hereby directs the Issuer to issue the Certificates to
         the Company. The Seller and the Issuer acknowledge that $408,420,000.00
         of the purchase price of the Receivables owed by the Issuer to the
         Seller pursuant to this Section 2.01 (which amount is not included in
         the first sentence of this Section 2.01) shall be offset by the Issuer
         against delivery of the Class A-1 Notes to the Seller.

         SECTION 2.02. Conveyance of Fixed Value Payments and Fixed Value
Finance Charges. Promptly following the transfer to the Issuer of the
Receivables on the Closing Date, the Issuer shall, without further action
hereunder, be deemed to sell, transfer, assign, set over and otherwise convey to
the Seller, effective as of the Closing Date, without recourse, representation
or warranty, all the right, title and interest of the Issuer in and to the Fixed
Value Payments and the Fixed Value Finance Charges, all monies due and to become
due and all amounts received with respect thereto and all proceeds thereof,
subject to Section 5.03(b).

         SECTION 2.03. Fixed Value Securities. (a) At any time after the Closing
Date, at the option of the Seller and upon 10 days prior notice to the Owner
Trustee and the Indenture Trustee, the Seller will be permitted to sell to the
Issuer, and the Issuer shall be obligated to purchase from the Seller (subject
to the availability of funds), all or any portion of the Fixed Value Payments
and/or Fixed Value Finance Charges, subject to the terms and conditions
described below. Upon any such sale, (x) the Seller and the Owner Trustee will
enter into an amendment to this Agreement and the Basic Documents to provide
for, at the election of the Seller, the issuance of certificates representing
ownership interests in the Trust to the extent of such Fixed Value Payments
and/or Fixed Value Finance Charges or the issuance of indebtedness by the Issuer
secured by such Fixed Value Payments (collectively, the "Fixed Value
Securities") and to make any other provisions herein or therein that are
necessary or desirable in connection therewith and (y) the Owner Trustee will
enter into any other agreements or instruments related thereto as requested by
the Seller; provided, however, that the Owner Trustee may, but shall not be
obligated to, enter into any such amendment, agreement or instrument that
affects the Owner Trustee's own rights, duties or immunities under this
Agreement or any other Basic Document; and provided, further, that the
obligation of the Issuer to purchase such Fixed Value Payments and/or Fixed
Value Finance Charges and of the Owner Trustee to enter into any such amendment
or other agreement or instrument is subject to the following conditions
precedent:

             (i) such amendment and other agreements and instruments, in forms
         satisfactory to the Owner Trustee and, in the case of amendments or
         agreements to be executed and delivered by the Indenture Trustee, in
         forms satisfactory to the Indenture Trustee, shall have been executed
         by each other party thereto and delivered to the Owner Trustee or the
         Indenture Trustee as appropriate;

                                       15
<PAGE>   20

             (ii) the Seller shall have delivered to the Owner Trustee and the
         Indenture Trustee an Officer's Certificate and an Opinion of Counsel to
         the effect that each condition precedent (including the requirement
         with respect to all required filings) provided by this Section has been
         complied with and such amendment or other agreement or instrument is
         authorized or permitted by this Agreement;

             (iii) the Rating Agency Condition shall have been satisfied with
         respect to such sale and issuance;

             (iv) such sale and issuance and such amendment or other agreement
         or instrument shall not adversely affect in any material respect the
         interest of any Noteholder or Certificateholder, and the Seller shall
         have provided to the Owner Trustee and the Indenture Trustee an
         Officer's Certificate to such effect;

             (v) the Owner Trustee and the Indenture Trustee shall have received
         an Opinion of Counsel to the effect that such sale and issuance will
         not have any material tax consequence to any Noteholder or
         Certificateholder; and

             (vi) all filings and other actions required to continue the first
         perfected interest of the Trust in the Owner Trust Estate and the
         Indenture Trustee in the Collateral shall have been duly made or taken
         by the Seller.

         (b) Except as described in Section 10.04, the Seller will not sell,
transfer, assign, set over or otherwise convey the Fixed Value Payments and
Fixed Value Finance Charges other than to the Issuer pursuant to paragraph (a).

                                  ARTICLE III

                                The Receivables

         SECTION 3.01. Representations and Warranties of Seller with Respect to
the Receivables. The Seller makes the following representations and warranties
as to the Receivables on which the Issuer is deemed to have relied in acquiring
the Receivables. Such representations and warranties speak as of the execution
and delivery of this Agreement and as of the Closing Date, but shall survive the
sale, transfer and assignment of the Receivables to the Issuer and the pledge
thereof to the Indenture Trustee pursuant to the Indenture.

             (a) Characteristics of Receivables. Each Standard Receivable and
         Fixed Value Receivable (A) was originated in the United States of
         America by a Dealer for the retail sale of a Financed Vehicle in the
         ordinary course of such Dealer's business, was fully and properly
         executed by the parties thereto, was purchased by the Seller from such
         Dealer under an existing dealer agreement, (B) has created or shall
         create a valid, subsisting and enforceable first priority security
         interest in favor of the Seller and is assignable by the Seller to the
         Issuer and by the Issuer to the Indenture Trustee, (C) contains
         customary and enforceable provisions such that the rights and remedies
         of the holder thereof are

                                       16
<PAGE>   21

         adequate for realization against the collateral of the benefits of the
         security, and (D) generally provides for level monthly payments
         (provided, that the payment in the first or last month in the life of
         the Standard Receivable or Fixed Value Receivable may be minimally
         different from the level payments and that the payment in the last
         month of a Fixed Value Receivable may be a Fixed Value Payment) that
         fully amortize the Amount Financed by maturity and yield interest at
         the Annual Percentage Rate. No Receivable conveyed to the Issuer on the
         Closing Date is an OMSC Receivable or has forced-placed physical damage
         insurance.

             (b) Schedule of Receivables. The information set forth in Schedule
         A to this Agreement is true and correct in all material respects as of
         the opening of business on the applicable Cutoff Date, and no selection
         procedures believed to be adverse to the Noteholders or
         Certificateholders were utilized in selecting the Receivables. The
         computer tape or other listing regarding the Standard Receivables and
         the Fixed Value Receivables made available to the Issuer and its
         assigns (which computer tape or other listing is required to be
         delivered as specified herein) is true and correct in all respects.

             (c) Compliance with Law. Each Standard Receivable and Fixed Value
         Receivable and the sale of the Financed Vehicle complied at the time it
         was originated or made and, at the execution of this Agreement,
         complies in all material respects with all requirements of applicable
         federal, state and local laws and regulations thereunder, including
         usury laws, the federal Truth-in-Lending Act, the Equal Credit
         Opportunity Act, the Fair Credit Reporting 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 Texas Consumer Credit Code and State adaptations of the
         National Consumer Act and of the Uniform Consumer Credit Code, and
         other consumer credit laws and equal credit opportunity and disclosure
         laws.

             (d) Binding Obligation. Each Standard Receivable and Fixed Value
         Receivable represents the genuine, legal, valid and binding payment
         obligation in writing of the Obligor, enforceable by the holder thereof
         in accordance with its terms.

             (e) No Government Obligor. None of the Standard Receivables or
         Fixed Value 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.

             (f) Security Interest in Financed Vehicle. Immediately prior to the
         sale, assignment and transfer thereof, each Standard Receivable and
         Fixed Value Receivable shall be secured by a validly perfected first
         security interest in the Financed Vehicle in favor of the Seller as
         secured party or all necessary and appropriate actions have been
         commenced that would result in the valid perfection of a first security
         interest in the Financed Vehicle in favor of the Seller as secured
         party.

             (g) Receivables in Force. No Standard Receivable or Fixed Value
         Receivable has been satisfied, subordinated or rescinded, nor has any
         Financed Vehicle been released

                                       17
<PAGE>   22

         from the lien granted by the related Standard Receivable or Fixed Value
         Receivable in whole or in part.

             (h) No Amendments. No Standard Receivable or Fixed Value Receivable
         has been amended such that the amount of the Obligor's scheduled
         payments has been increased.

             (i) No Waiver. No provision of a Standard Receivable or Fixed Value
         Receivable has been waived.

             (j) No Defenses. No right of rescission, setoff, counterclaim or
         defense has been asserted or threatened with respect to any Standard
         Receivable or Fixed Value Receivable.

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

             (l) No Default. No Standard Receivable or Fixed Value Receivable
         has a payment that is more than 30 days overdue as of the related
         Cutoff Date, and, except as permitted in this paragraph, no default,
         breach, violation or event permitting acceleration under the terms of
         any Standard Receivable or Fixed Value Receivable has occurred; and no
         continuing condition that with notice or the lapse of time would
         constitute a default, breach, violation or event permitting
         acceleration under the terms of any Standard Receivable or Fixed Value
         Receivable has arisen; and the Seller has not waived and shall not
         waive any of the foregoing.

             (m) Insurance. The Seller, in accordance with its customary
         procedures, has determined that, at the origination of the Standard
         Receivable or Fixed Value Receivable, the Obligor had obtained physical
         damage insurance covering the Financed Vehicle and under the terms of
         the Standard Receivable and Fixed Value Receivable the Obligor is
         required to maintain such insurance.

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

                                       18
<PAGE>   23

         Fixed Value Receivable, free and clear of all Liens, encumbrances,
         security interests and rights of others; and the transfer has been
         perfected under the UCC.

             (o) Lawful Assignment. No Standard Receivable or Fixed Value
         Receivable has been originated in, or is subject to the laws of, any
         jurisdiction under which the sale, transfer and assignment of such
         Standard Receivable or Fixed Value Receivable or any Receivable under
         this Agreement or the Indenture is unlawful, void or voidable.

             (p) All Filings Made. All filings (including UCC filings) necessary
         in any jurisdiction to give the Issuer a first perfected ownership
         interest in the Standard Receivable and Fixed Value Receivables, and to
         give the Indenture Trustee a first perfected security interest therein,
         shall have been made.

             (q) One Original. There is only one original executed copy of each
         Standard Receivable and Fixed Value Receivable.

             (r) Maturity of Receivables. Each Standard Receivable and Fixed
         Value Receivable has a final maturity date not later than April 30,
         2006.

             (s) Scheduled Payments. (A) Each Standard Receivable and Fixed
         Value Receivable has a first scheduled due date on or prior to the end
         of the month following the related Cutoff Date and (B) no Standard
         Receivable or Fixed Value Receivable has a payment that is more than 30
         days overdue as of the related Cutoff Date, and has a final scheduled
         payment date no later than the Final Scheduled Maturity Date.

             (t) Location of Receivable Files. The Receivable Files are kept at
         one or more of the locations listed in Schedule B.

             (u) Remaining Maturity. The latest scheduled maturity of any
         Standard Receivable or Fixed Value Receivable shall be no later than
         the Final Scheduled Maturity Date.

             (v) Outstanding Principal Balance. Each Standard Receivable and
         Fixed Value Receivable has an outstanding principal balance of at least
         $300.00.

             (w) No Bankruptcies or First-Time Buyers. No Obligor on any
         Standard Receivable or Fixed Value Receivable as of the related Cutoff
         Date was noted in the related Receivable File as the subject of a
         bankruptcy proceeding, and no such Obligor financed a Financed Vehicle
         under the Seller's "New Finance Buyer Plan" program.

             (x) No Repossessions. No Financed Vehicle securing any Standard
         Receivable or Fixed Value Receivable is in repossession status.

             (y) Chattel Paper. Each Standard Receivable and Fixed Value
         Receivable constitutes "chattel paper" as defined in the UCC.

                                       19
<PAGE>   24

             (z) Agreement. The representations of the Seller in Section 6.01
         are true and correct.

             (aa) Financing. As of the Cutoff Date, approximately 76.39% of the
         aggregate principal balance of the Receivables, constituting 69.30% of
         the number of Receivables, represents new vehicles; approximately
         84.01% of the aggregate principal balance of the Receivables represents
         financing of vehicles manufactured by DaimlerChrysler Corporation; all
         of the Receivables are Simple Interest Receivables; by aggregate
         principal balance, none of the Receivables are Fixed Value Receivables.
         The aggregate principal balance of the Receivables, as of the Cutoff
         Date is $2,076,955,384.40. Receivable shall mean only that portion of
         the Receivables with respect to which the Trust has an ownership
         interest.

         SECTION 3.02. Repurchase upon Breach. The Seller, the Servicer or the
Owner Trustee, as the case may be, shall inform the other parties to this
Agreement and the Indenture Trustee promptly, in writing, upon the discovery of
any breach of the Seller's representations and warranties made pursuant to
Section 3.01 or 6.01. Unless any such breach shall have been cured by the last
day of the second Collection Period following the discovery thereof by the Owner
Trustee or receipt by the Owner Trustee of written notice from the Seller or the
Servicer of such breach, the Seller shall be obligated to repurchase any
Receivable materially and adversely affected by any such breach as of such last
day (or, at the Seller's option, the last day of the first Collection Period
following the discovery). In consideration of the repurchase of any such
Receivable, the Seller shall remit the Purchase Amount, in the manner specified
in Section 5.04. Subject to the provisions of Section 6.03, the sole remedy of
the Issuer, the Owner Trustee, the Indenture Trustee, the Noteholders or the
Certificateholders with respect to a breach of representations and warranties
pursuant to Section 3.01 and the agreement contained in this Section shall be to
require the Seller to repurchase Receivables pursuant to this Section, subject
to the conditions contained herein.

         SECTION 3.03. Custody of Receivable Files. To assure uniform quality in
servicing the Receivables and to reduce administrative costs, the Issuer hereby
revocably appoints the Servicer, and the Servicer hereby accepts such
appointment, to act for the benefit of the Issuer and the Indenture Trustee as
custodian of the following documents or instruments which are hereby or will
hereby be constructively delivered to the Indenture Trustee, as pledgee of the
Issuer, as of the Closing Date with respect to each Receivable:

             (a) the fully executed original of the Standard Receivable or Fixed
         Value Receivable;

             (b) the original credit application fully executed by the Obligor;

             (c) the original certificate of title or such documents that the
         Servicer or the Seller shall keep on file, in accordance with its
         customary procedures, evidencing the security interest of the Seller in
         the Financed Vehicle; and

                                       20
<PAGE>   25

             (d) any and all other documents that the Servicer or the Seller
         shall keep on file, in accordance with its customary procedures,
         relating to a Standard Receivable or Fixed Value Receivable, an Obligor
         or a Financed Vehicle.

         SECTION 3.04. Duties of Servicer as Custodian. (a) Safekeeping. The
Servicer shall hold the Receivable Files as custodian for the benefit of the
Issuer and maintain such accurate and complete accounts, records and computer
systems pertaining to each Receivable File as shall enable the Issuer to comply
with this Agreement. In performing its duties as custodian the Servicer shall
act with reasonable care, using that degree of skill and attention that the
Servicer exercises with respect to the receivable files relating to all
comparable automotive receivables that the Servicer services for itself or
others. The Servicer shall conduct, or cause to be conducted, periodic audits of
the Receivable Files held by it under this Agreement and of the related
accounts, records and computer systems, in such a manner as shall enable the
Issuer or the Indenture Trustee to verify the accuracy of the Servicer's record
keeping. The Servicer shall promptly report to the Issuer and the Indenture
Trustee any failure on its part to hold the Receivable Files and maintain its
accounts, records and computer systems as herein provided and shall promptly
take appropriate action to remedy any such failure. Nothing herein shall be
deemed to require an initial review or any periodic review by the Issuer or the
Indenture Trustee of the Receivable Files.

         (b) Maintenance of and Access to Records. The Servicer shall maintain
each Receivable File at one of its offices specified in Schedule B or at such
other office as shall be specified to the Issuer and the Indenture Trustee by
written notice not later than 90 days after any change in location. The Servicer
shall make available to the Issuer and the Indenture Trustee or their respective
duly authorized representatives, attorneys or auditors a list of locations of
the Receivable Files and the related accounts, records and computer systems
maintained by the Servicer at such times during normal business hours as the
Issuer or the Indenture Trustee shall instruct.

         (c) Release of Documents. Upon instruction from the Indenture Trustee,
the Servicer shall release any Receivable File to the Indenture Trustee, the
Indenture Trustee's agent or the Indenture Trustee's designee, as the case may
be, at such place or places as the Indenture Trustee may designate, as soon as
practicable.

         SECTION 3.05. Instructions; Authority To Act. The Servicer shall be
deemed to have received proper instructions with respect to the Receivable Files
upon its receipt of written instructions signed by a Trust Officer of the
Indenture Trustee.

         SECTION 3.06. Custodian's Indemnification. The Servicer as custodian
shall indemnify the Trust, the Owner Trustee and the Indenture Trustee and each
of their respective officers, directors, employees and agents for any and all
liabilities, obligations, losses, compensatory damages, payments, costs or
expenses of any kind whatsoever that may be imposed on, incurred by or asserted
against the Trust, the Owner Trustee or the Indenture Trustee or any of their
respective officers, directors, employees and agents as the result of any
improper act or omission in any way relating to the maintenance and custody by
the Servicer as custodian of the Receivable Files; provided, however, that the
Servicer shall not be liable to the Owner Trustee

                                       21
<PAGE>   26

for any portion of any such amount resulting from the willful misfeasance, bad
faith or negligence of the Owner Trustee, and the Servicer shall not be liable
to the Indenture Trustee for any portion of any such amount resulting from the
willful misfeasance, bad faith or negligence of the Indenture Trustee.

         SECTION 3.07. Effective Period and Termination. The Servicer's
appointment as custodian shall become effective as of the Cutoff Date and shall
continue in full force and effect until terminated pursuant to this Section. If
CFC shall resign as Servicer in accordance with the provisions of this Agreement
or if all of the rights and obligations of any Servicer shall have been
terminated under Section 8.01, the appointment of such Servicer as custodian
shall be terminated by the Indenture Trustee or by the Holders of Notes
evidencing not less than 25% of the Outstanding Amount of the Notes or, with the
consent of Holders of the Notes evidencing not less than 25% of the Outstanding
Amount of the Notes, by the Owner Trustee, in the same manner as the Indenture
Trustee or such Holders may terminate the rights and obligations of the Servicer
under Section 8.01. The Indenture Trustee or, with the consent of the Indenture
Trustee, the Owner Trustee may terminate the Servicer's appointment as
custodian, with cause, at any time upon written notification to the Servicer
and, without cause, upon 30 days' prior written notification to the Servicer. As
soon as practicable after any termination of such appointment, the Servicer
shall deliver the Receivable Files to the Indenture Trustee or the Indenture
Trustee's agent at such place or places as the Indenture Trustee may reasonably
designate.

                                   ARTICLE IV

                   Administration and Servicing of Receivables

         SECTION 4.01. Duties of Servicer. The Servicer, for the benefit of the
Issuer (to the extent provided herein), shall manage, service, administer and
make collections on the Receivables (other than Purchased Receivables) with
reasonable care, using that degree of skill and attention that the Servicer
exercises with respect to all comparable automotive receivables that it services
for itself or others. The Servicer's duties shall include collection and posting
of all payments, responding to inquiries of Obligors on such Receivables,
investigating delinquencies, sending payment coupons to Obligors, reporting tax
information to Obligors, accounting for collections and furnishing monthly and
annual statements to the Owner Trustee and the Indenture Trustee with respect to
distributions. Subject to the provisions of Section 4.02, the Servicer shall
follow its customary standards, policies and procedures in performing its duties
as Servicer. Without limiting the generality of the foregoing, the Servicer is
authorized and empowered to execute and deliver, on behalf of itself, the
Issuer, the Owner Trustee, the Indenture Trustee, the Certificateholders and the
Noteholders or any of them, any and all instruments of satisfaction or
cancellation, or partial or full release or discharge, and all other comparable
instruments, with respect to such Receivables or to the Financed Vehicles
securing such Receivables. If the Servicer shall commence a legal proceeding to
enforce a Receivable, the Issuer (in the case of a Receivable other than a
Purchased Receivable) shall thereupon be deemed to have automatically assigned,
solely for the purpose of collection, such Receivable to the Servicer. If in any
enforcement suit or legal proceeding it shall be held that the Servicer may

                                       22
<PAGE>   27

not enforce a Receivable on the ground that it shall not be a real party in
interest or a holder entitled to enforce such Receivable, the Owner Trustee
shall, at the Servicer's expense and direction, take steps to enforce such
Receivable, including bringing suit in its name or the name of the Owner
Trustee, the Indenture Trustee, the Certificateholders or the Noteholders. The
Owner Trustee shall upon the written request of the Servicer furnish the
Servicer with any powers of attorney and other documents reasonably necessary or
appropriate to enable the Servicer to carry out its servicing and administrative
duties hereunder.

         SECTION 4.02. Collection and Allocation of Receivable Payments. The
Servicer shall make reasonable efforts to collect all payments called for under
the terms and provisions of the Receivables as and when the same shall become
due and shall follow such collection procedures as it follows with respect to
all comparable automotive receivables that it services for itself or others. The
Servicer shall allocate collections between principal and interest in accordance
with the customary servicing procedures it follows with respect to all
comparable automotive receivables that it services for itself or others. The
Servicer may grant extensions, rebates or adjustments on a Standard Receivable
or Fixed Value Receivable, provided, however, that if the Servicer extends the
date for final payment by the Obligor of any Receivable beyond the Final
Scheduled Maturity Date, it shall promptly repurchase the Standard Receivable or
Fixed Value Receivable from the Issuer in accordance with the terms of Section
4.07. The Servicer may in its discretion waive any late payment charge or any
other fees that may be collected in the ordinary course of servicing a Standard
Receivable or Fixed Value Receivable. The Servicer shall not agree to any
alteration of the interest rate or the originally scheduled payments on any
Standard Receivable or Fixed Value Receivable.

         SECTION 4.03. Realization upon Receivables. On behalf of the Issuer,
the Servicer shall use its best efforts, consistent with its customary servicing
procedures, to repossess or otherwise convert the ownership of the Financed
Vehicle securing any Receivable as to which the Servicer shall have determined
eventual payment in full is unlikely. The Servicer shall follow such customary
and usual practices and procedures as it shall deem necessary or advisable in
its servicing of automotive receivables, which may include reasonable efforts to
realize upon any recourse to Dealers and selling the Financed Vehicle at public
or private sale. The foregoing shall be subject to the provision that, in any
case in which the Financed Vehicle shall have suffered damage, the Servicer
shall not expend funds in connection with the repair or the repossession of such
Financed Vehicle unless it shall determine in its discretion that such repair
and/or repossession will increase the Liquidation Proceeds by an amount greater
than the amount of such expenses.

         SECTION 4.04. Physical Damage Insurance. The Servicer shall, in
accordance with its customary servicing procedures, require that each Obligor
shall have obtained physical damage insurance covering the Financed Vehicle as
of the execution of the Standard Receivable or Fixed Value Receivable.

         SECTION 4.05. Maintenance of Security Interests in Financed Vehicles.
The Servicer shall, in accordance with its customary servicing procedures, take
such steps as are necessary to maintain perfection of the security interest
created by each Standard Receivable and Fixed Value Receivable in the related
Financed Vehicle. The Servicer is hereby authorized to take such steps

                                       23
<PAGE>   28

as are necessary to re-perfect such security interest on behalf of the Issuer
and the Indenture Trustee in the event of the relocation of a Financed Vehicle
or for any other reason.

         SECTION 4.06. Covenants of Servicer. The Servicer shall not release the
Financed Vehicle securing any Receivable from the security interest granted by
such Receivable in whole or in part except in the event of payment in full by
the Obligor thereunder or repossession, nor shall the Servicer impair the rights
of the Issuer, the Indenture Trustee, the Certificateholders or the Noteholders
in such Receivable, nor shall the Servicer increase the number of scheduled
payments due under a Standard Receivable or Fixed Value Receivable.

         SECTION 4.07. Purchase of Receivables upon Breach. The Servicer or the
Owner Trustee shall inform the other party and the Indenture Trustee and the
Seller promptly, in writing, upon the discovery of any breach pursuant to
Section 4.02, 4.05 or 4.06. Unless the breach shall have been cured by the last
day of the second Collection Period following such discovery (or, at the
Servicer's election, the last day of the first following Collection Period), the
Servicer shall purchase any Receivable materially and adversely affected by such
breach as of such last day. If the Servicer takes any action during any
Collection Period pursuant to Section 4.02 that impairs the rights of the
Issuer, the Indenture Trustee, the Certificateholders or the Noteholders in any
Receivable or as otherwise provided in Section 4.02, the Servicer shall purchase
such Receivable as of the last day of such Collection Period. In consideration
of the purchase of any such Receivable pursuant to either of the two preceding
sentences, the Servicer shall remit the Purchase Amount in the manner specified
in Section 5.04. Subject to Section 7.02, the sole remedy of the Issuer, the
Owner Trustee, the Indenture Trustee, the Certificateholders or the Noteholders
with respect to a breach pursuant to Section 4.02, 4.05 or 4.06 shall be to
require the Servicer to purchase Receivables pursuant to this Section. The Owner
Trustee shall have no duty to conduct any affirmative investigation as to the
occurrence of any condition requiring the repurchase of any Receivable pursuant
to this Section.

         SECTION 4.08. Servicing Fee. The Servicing Fee for a Payment Date shall
equal the product of (a) the Servicing Fee Rate (or, in the case of the initial
Collection Period, the product of (i) a fraction, the numerator of which is
equal to the number of days elapsed from the Cutoff Date through the last day of
such initial Collection Period and the denominator of which is 360 and (ii)
1.00%), and (b) the Pool Balance as of the first day of the preceding Collection
Period. The Servicer shall also be entitled to all late fees, prepayment
charges, and other administrative fees or similar charges allowed by applicable
law with respect to the Receivables, collected (from whatever source) on the
Receivables, plus any reimbursement pursuant to the last paragraph of Section
7.02.

         SECTION 4.09. Servicer's Certificate. Not later than 11:00 A.M. (New
York time) on each Payment Determination Date, the Servicer shall deliver to the
Owner Trustee, each Paying Agent, the Indenture Trustee and the Seller, with a
copy to the Rating Agencies, a Servicer's Certificate containing all information
necessary to make the distributions to be made on the related Payment Date
pursuant to Sections 5.05 and 5.06 for the related Collection Period.
Receivables to be purchased by the Servicer or to be repurchased by the Seller
shall be identified by the Servicer by account number with respect to such
Receivable (as specified in Schedule A).

                                       24
<PAGE>   29

         SECTION 4.10. Annual Statement as to Compliance; Notice of Default. (a)
The Servicer shall deliver to the Owner Trustee and the Indenture Trustee, on or
before April 30 of each year beginning April 30, 2001, an Officer's Certificate,
dated as of December 31 of the preceding year, stating that (i) a review of the
activities of the Servicer during the preceding 12-month period (or such longer
period as shall have elapsed since the Closing Date) and of its performance
under this Agreement has been made under such officers' supervision and (ii) to
the best of such officers' knowledge, based on such review, the Servicer has
fulfilled all its obligations under this Agreement throughout such year or, if
there has been a default in the fulfillment of any such obligation, specifying
each such default known to such officers and the nature and status thereof. The
Indenture Trustee shall send a copy of such certificate and the report referred
to in Section 4.11 to the Rating Agencies. A copy of such certificate and the
report referred to in Section 4.11 may be obtained by any Certificateholder,
Noteholder or Note Owner by a request in writing to the Owner Trustee addressed
to the Corporate Trust Office. Upon the telephone request of the Owner Trustee,
the Indenture Trustee will promptly furnish the Owner Trustee a list of
Noteholders as of the date specified by the Owner Trustee.

         (b) The Servicer shall deliver to the Owner Trustee, the Indenture
Trustee and the Rating Agencies, promptly after having obtained knowledge
thereof, but in no event later than five (5) Business Days thereafter, written
notice in an Officer's Certificate of any event which with the giving of notice
or lapse of time, or both, would become a Servicer Default under Section 8.01(a)
or (b).

         SECTION 4.11. Annual Independent Certified Public Accountants' Report.
The Servicer shall cause a firm of independent certified public accountants,
which may also render other services to the Servicer, the Seller or their
Affiliates, to deliver to the Owner Trustee and the Indenture Trustee on or
before April 30 of each year beginning April 30, 2001, a report addressed to the
Board of Directors of the Servicer, to the effect that such firm has examined
the financial statements of CFC and issued its report thereon and that such
examination (a) was made in accordance with generally accepted auditing
standards and accordingly included such tests of the accounting records and such
other auditing procedures as such firm considered necessary in the
circumstances; (b) included tests relating to automotive loans serviced for
others in accordance with the requirements of the Uniform Single Attestation
Program for Mortgage Bankers (the "Program"), to the extent the procedures in
such Program are applicable to the servicing obligations set forth in this
Agreement; and (c) except as described in the report, disclosed no exceptions or
errors in the records relating to automobile and light-duty truck loans serviced
for others that, in the firm's opinion, paragraph four of such Program requires
such firm to report.

         Such report will also indicate that the firm is independent of the
Servicer within the meaning of the Code of Professional Ethics of the American
Institute of Certified Public Accountants.

         SECTION 4.12. Access to Certain Documentation and Information Regarding
Receivables. The Servicer shall provide to the Certificateholders and
Noteholders access to the Receivable Files in such cases where the
Certificateholders or Noteholders shall be required by applicable statutes or
regulations to review such documentation. Access shall be afforded

                                       25
<PAGE>   30

without charge, but only upon reasonable request and during the normal business
hours at the offices of the Servicer. Nothing in this Section shall affect the
obligation of the Servicer to observe any applicable law prohibiting disclosure
of information regarding the Obligors and the failure of the Servicer to provide
access to information as a result of such obligation shall not constitute a
breach of this Section.

         SECTION 4.13. Servicer Expenses. The Servicer shall be required to pay
all expenses incurred by it in connection with its activities hereunder,
including fees and disbursements of independent accountants, taxes imposed on
the Servicer and expenses incurred in connection with distributions and reports
to Certificateholders and Noteholders.

         SECTION 4.14. Appointment of Subservicer. The Servicer may at any time
appoint a subservicer to perform all or any portion of its obligations as
Servicer hereunder; provided, however, that the Rating Agency Condition shall
have been satisfied in connection therewith; and provided, further, that the
Servicer shall remain obligated and be liable to the Issuer, the Owner Trustee,
the Indenture Trustee, the Certificateholders and the Noteholders for the
servicing and administering of the Receivables in accordance with the provisions
hereof without diminution of such obligation and liability by virtue of the
appointment of such subservicer and to the same extent and under the same terms
and conditions as if the Servicer alone were servicing and administering the
Receivables. The fees and expenses of the subservicer shall be as agreed between
the Servicer and its subservicer from time to time, and none of the Issuer, the
Owner Trustee, the Indenture Trustee, the Certificateholders or the Noteholders
shall have any responsibility therefor.

                                   ARTICLE V

                         Distributions; Reserve Account;
                Statements to Certificateholders and Noteholders

         SECTION 5.01. Establishment of Deposit Account. (a) The Servicer, for
the benefit of the Noteholders and the Certificateholders, shall establish and
maintain in the name of the Indenture Trustee an Eligible Deposit Account (the
"Deposit Account"), bearing a designation clearly indicating that the funds
deposited therein are held for the benefit of the Noteholders and the
Certificateholders. The Servicer shall establish the Reserve Account as part of
the Deposit Account.

         (b) Funds on deposit in the Deposit Account shall be invested (1) by
the Indenture Trustee in Eligible Investments selected in writing by the
Servicer or an investment manager selected by the Servicer or (2) by an
investment manager in Eligible Investments selected by such investment manager;
provided that (A) such investment manager shall be selected by the Servicer, (B)
such investment manager shall have agreed to comply with the terms of this
Agreement as it relates to investing such funds, (C) any investment so selected
by such investment manager shall be made in the name of the Indenture Trustee
and shall be settled by a Delivery to the Indenture Trustee that complies with
the terms of this Agreement as it relates to investing such funds, and (D) prior
to the settlement of any investment so selected by such

                                       26
<PAGE>   31
investment manager the Indenture Trustee shall affirm that such investment is an
Eligible Investment. The Servicer initially appoints the Indenture Trustee
investment manager hereunder, which the Indenture Trustee hereby accepts. It is
understood and agreed that the Indenture Trustee shall not be liable for any
loss arising from an investment in Eligible Investments made in accordance with
this Section 5.01(b). All such Eligible Investments shall be held by the
Indenture Trustee for the benefit of the Noteholders and the Certificateholders,
as applicable; provided, that on each Payment Determination Date all interest
and other investment income (net of losses and investment expenses) on funds on
deposit in the Deposit Account (to the extent such interest and income is on
deposit in the Deposit Account at the end of the related Collection Period)
shall be deemed to constitute a portion of the Total Distribution Amount for the
related Payment Date. Other than as permitted by the Rating Agencies, funds on
deposit in the Deposit Account shall be invested in Eligible Investments that
will mature on or before the next Payment Date.

         (c) (i) The Indenture Trustee shall possess all right, title and
interest in all funds on deposit from time to time in the Deposit Account and in
all proceeds thereof (including all income thereon) and all such funds,
investments, proceeds and income shall be part of the Trust Estate. The Deposit
Account shall be under the sole dominion and control of the Indenture Trustee
for the benefit of the Noteholders and the Certificateholders, as applicable.
If, at any time, the Deposit Account ceases to be an Eligible Deposit Account,
the Indenture Trustee (or the Servicer on its behalf) shall within 10 Business
Days (or such longer period, not to exceed 30 calendar days, as to which each
Rating Agency may consent) establish a new Deposit Account as an Eligible
Deposit Account and shall transfer any cash and/or any investments to such new
Deposit Account.

         (ii) With respect to the Trust Account Property, the Indenture Trustee
     agrees, by its acceptance hereof, that:

                   (A) any Trust Account Property that is held in deposit
              accounts shall be held solely in the Eligible Deposit Accounts,
              subject to the last sentence of Section 5.01(c)(i); and each such
              Eligible Deposit Account shall be subject to the exclusive custody
              and control of the Indenture Trustee, and the Indenture Trustee
              shall have sole signature authority with respect thereto;

                   (B) any Trust Account Property that constitutes Physical
              Property shall be delivered to the Indenture Trustee in accordance
              with paragraph (a) of the definition of "Delivery" and shall be
              held, pending maturity or disposition, solely by the Indenture
              Trustee or a securities intermediary (as such term is defined in
              Section 8-102 of the UCC) acting solely for the Indenture Trustee;

                   (C) any Trust Account Property that is a book-entry security
              held through the Federal Reserve System pursuant to federal
              book-entry regulations shall be delivered in accordance with
              paragraph (b) of the definition of "Delivery" and shall be
              maintained by the Indenture Trustee, pending maturity or
              disposition, through continued book-entry registration of such
              Trust Account Property as described in such paragraph; and

                                       27
<PAGE>   32

                   (D) any Trust Account Property that is an "uncertificated
              security" under Article VIII of the UCC and that is not governed
              by clause (C) above shall be delivered to the Indenture Trustee in
              accordance with paragraph (c) of the definition of "Delivery" and
              shall be maintained by the Indenture Trustee, pending maturity or
              disposition, through continued registration of the Indenture
              Trustee's (or its nominee's) ownership of such security.

              (iii) The Servicer shall have the power, revocable by the
         Indenture Trustee or by the Owner Trustee with the consent of the
         Indenture Trustee, to instruct the Indenture Trustee to make
         withdrawals and payments from the Deposit Account for the purpose of
         permitting the Servicer to carry out its respective duties hereunder or
         permitting the Indenture Trustee to carry out its duties under the
         Indenture.

         SECTION 5.02. Collections. Subject to the continued satisfaction of the
commingling conditions described below, the Servicer shall remit to the Deposit
Account all payments by or on behalf of the Obligors with respect to the
Receivables (other than Purchased Receivables and not including Fixed Value
Payments), all Liquidation Proceeds collected during the related Collection
Period, prior to 11:00 A.M. (New York time) on the related Payment Date.
Notwithstanding the foregoing, if any of the commingling conditions ceases to be
met, the Servicer shall remit to the Deposit Account all payments by or on
behalf of the Obligors with respect to the Receivables (other than Purchased
Receivables and not including Fixed Value Payments), all Liquidation Proceeds
within two Business Days of receipt thereof. The commingling conditions are as
follows: (i) CFC must be the Servicer, (ii) no Servicer Default shall have
occurred and be continuing and (iii) (x) CFC must maintain a short-term rating
of at least "A-1" by Standard & Poor's and "P-1" by Moody's or (y) if daily
remittances occur hereunder, prior to ceasing daily remittances, the Rating
Agency Condition shall have been satisfied (and any conditions or limitations
imposed by the Rating Agencies in connection therewith are complied with).
Notwithstanding anything herein to the contrary, so long as CFC is the Servicer,
CFC may withhold from the deposit into the Deposit Account any amounts indicated
on the related Servicer's Certificate as being due and payable to CFC or the
Seller and pay such amounts directly to CFC or the Seller, as applicable. For
purposes of this Article V, the phrase "payments by or on behalf of Obligors"
shall mean payments made with respect to the Receivables by Persons other than
the Servicer or the Seller. In the event the commingling conditions cease to be
met, the Servicer shall make daily remittance of collections to the Deposit
Account within two Business Days of receipt thereof; provided however, daily
remittance may commence no later than five Business Days following a reduction
of CFC's short-term ratings below "A-1" by Standard & Poor's or "P-1" by
Moody's.

         SECTION 5.03. Application of Collections. (a) All collections for the
Collection Period shall be applied by the Servicer as follows:

              With respect to each Receivable (other than a Purchased
         Receivable), payments by or on behalf of the Obligor shall be applied
         to interest and principal in accordance with the Simple Interest
         Method.

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<PAGE>   33

         (b) All collections of finance charges on a Fixed Value Receivable (as
determined in accordance with the Servicer's customary procedures) shall be
applied, first, to the Amortizing Payment Finance Charges due and unpaid on the
related Principal Balance and then to the Fixed Value Finance Charges due and
unpaid on the related Fixed Value Payment. The Servicer shall release to the
Company the Collections allocated to Fixed Value Finance Charges pursuant to the
preceding sentence. All Liquidation Proceeds with respect to any Fixed Value
Receivable shall be applied first to the related Receivable and only after the
payment in full of the Principal Balance thereof plus accrued but unpaid
interest thereon shall any such Liquidation Proceeds be applied to, or
constitute, the related Fixed Value Payment.

         SECTION 5.04. Additional Deposits. The Servicer and the Seller shall
deposit or cause to be deposited in the Deposit Account the aggregate Purchase
Amount with respect to Purchased Receivables and the Servicer shall deposit
therein all amounts to be paid under Section 9.01. The Servicer will deposit the
aggregate Purchase Amount with respect to Purchased Receivables when such
obligations are due, unless the Servicer shall not be required to make daily
deposits pursuant to Section 5.02. All such other deposits shall be made on the
Payment Determination Date for the related Collection Period.

         SECTION 5.05. Distributions.

         (a) (i) On each Payment Determination Date, the Servicer shall
calculate all amounts required to be distributed to the Noteholders and the
Certificateholders and all amounts to be allocated within the Deposit Account as
described below. For purposes of this Section, the Servicing Fee for the related
Payment Date and any previously unpaid Servicing Fees shall be deducted from the
Total Distribution Amount at any time on or prior to the Payment Date.

         If the Total Distribution Amount during a Collection Period has reached
a level which covers the payments due pursuant to clauses (A), (B) and (C) of
Section 5.05(a)(ii), then for the remainder of the Collection Period the
Servicer may net the amounts, if any, distributable pursuant to clauses (D) and
(E) of Section 5.05(a)(ii) out of the Total Distribution Amount before
depositing the Total Distribution Amount into the Deposit Account and pay such
amounts directly to the related recipient.

              (ii) On each Payment Date, the Servicer shall instruct the
         Indenture Trustee (based on the information contained in the Servicer's
         Certificate delivered on the related Payment Determination Date
         pursuant to Section 4.09) to make the following allocations and
         distributions by 11:00 A.M. (New York time), to the extent of the Total
         Distribution Amount (net of the Servicing Fee for such Payment Date and
         any previously unpaid Servicing Fees and any Cash Release Amount
         deducted pursuant to Section 5.05(a)(i)), in the following order of
         priority:

                   (A) allocate to the Noteholders for distribution pursuant to
              Section 8.02 of the Indenture, from such net Total Distribution
              Amount, an amount equal to the accrued and unpaid interest due on
              the Notes on such Payment Date;

                                       29
<PAGE>   34

                   (B) allocate to the Reserve Account, from such net Total
              Distribution Amount remaining after the application of clause (A),
              the amount required, if any, such that the amount therein is the
              Specified Reserve Amount;

                   (C) allocate to the Noteholders for distribution as principal
              pursuant to Section 8.02 of the Indenture, from such net Total
              Distribution Amount remaining after the application of clauses (A)
              and (B), the remaining amount until the Outstanding Amount of the
              Notes is reduced to zero; provided, however, that on each Payment
              Date on and after the First Release Payment Date, the amount
              distributed pursuant to this clause (C) will be reduced by the
              Cash Release Amount (either because the Cash Release Amount is
              deducted pursuant to Section 5.05(a)(i) or distributed pursuant to
              Section 5.05(a)(ii)(D));

                   (D) if the conditions set forth in Section 5.05(b) are
              satisfied, distribute to the Holders of the Certificates, from
              such net Total Distribution Amount remaining after the application
              of clauses (A) through (C), the Cash Release Amount for such
              Payment Date to the extent not already deducted pursuant to
              Section 5.05(a)(i); and

                   (E) distribute to the Holders of the Certificates, such net
              Total Distribution Amount remaining after the application of
              clauses (A) through (D).

         Notwithstanding that the Notes have been paid in full, the Indenture
Trustee shall continue to maintain the Deposit Account hereunder until the
Certificates are retired.

         (b) The distribution of a Cash Release Amount pursuant to Section
5.05(a)(ii)(D) on a Payment Date shall be subject to the satisfaction of all of
the following conditions:

              (i) no such distribution or release shall be made until the First
         Release Payment Date; and

              (ii) the amount allocated to the Reserve Account is equal to the
         Specified Reserve Amount.

         SECTION 5.06. Reserve Account. (a) On the Closing Date, the Owner
Trustee will deposit, on behalf of the Seller, the Reserve Account Initial
Deposit into the Deposit Account from the net proceeds of the sale of the Notes
which amount shall be allocated to the Reserve Account.

         (b) [RESERVED]

         (c) (i) In the event that the Total Distribution Amount (after the
payment of the Servicing Fee and any previously unpaid Servicing Fees) with
respect to any Collection Period is less than the accrued and unpaid interest on
the Notes on a Payment Date, the Servicer shall instruct the Indenture Trustee
to withdraw from the Reserve Account on such Payment Date an amount equal to
such deficiency, to the extent of funds available therein, and allocate such
amount for distribution to the Noteholders.

                                       30
<PAGE>   35

              (ii) In the event that the amount allocated for distribution to
         the Noteholders pursuant to Section 5.05(a)(ii)(C) is insufficient to
         make payments of principal on (A) the Class A-1 Notes so that the
         Outstanding Amount for the Class A-1 Notes equals zero on the Class A-1
         Final Scheduled Payment Date; (B) the Class A-2 Notes so that the
         Outstanding Amount for the Class A-2 Notes equals zero on the Class A-2
         Final Scheduled Payment Date; (C) the Class A-3 Notes so that the
         Outstanding Amount for the Class A-3 Notes equals zero on the Class A-3
         Final Scheduled Payment Date; and (D) the Class A-4 Notes so that the
         Outstanding Amount for the Class A-4 Notes equals zero on the Class A-4
         Final Scheduled Payment Date, the Servicer shall instruct the Indenture
         Trustee to withdraw from the Reserve Account on such Class Final
         Scheduled Payment Date an amount equal to such deficiency, to the
         extent of funds available therein, and allocate such amount for
         distribution to the Noteholders.

              (iii) In the event that the Outstanding Amount of the Notes
         exceeds the Related Pool Balance, the Servicer shall instruct the
         Indenture Trustee to withdraw from the Reserve Account on the related
         Payment Date an amount equal to such excess, to the extent of funds
         available therein, and allocate such amount for distribution to the
         Noteholders.

         (d) Subject to Section 9.01, amounts will continue to be applied
pursuant to Section 5.05(a) following payment in full of both the Outstanding
Amount of the Notes and of the Certificate Balance of the Certificates until the
Pool Balance is reduced to zero. Following the payment in full of the aggregate
Outstanding Amount of the Notes and of the Certificate Balance of the
Certificates and of all other amounts owing or to be distributed hereunder or
under the Indenture or the Trust Agreement to Noteholders and the termination of
the Trust, any amount then allocated to the Reserve Account shall be distributed
to the Seller.

         SECTION 5.07. Statements to Noteholders and Certificateholders. On each
Payment Date, the Servicer shall make available via its website to the Owner
Trustee, the Rating Agencies, the Noteholders and the Certificateholders and
provide to the Indenture Trustee and each Paying Agent a statement substantially
in the form of Exhibit A, setting forth at least the following information as to
the Notes, to the extent applicable:

              (i) the amount of such distribution allocable to principal
         allocable to each Class of Notes;

              (ii) the amount of such distribution allocable to interest
         allocable to each Class of Notes;

              (iii) the outstanding principal balance of each Class of Notes as
         of the close of business on the last day of the preceding Collection
         Period, after giving effect to payments allocated to principal reported
         under clause (i) above;

              (iv) the amount of the Servicing Fee paid to the Servicer with
         respect to the related Collection Period;

                                       31
<PAGE>   36

              (v) the amount allocated to the Reserve Account on such Payment
         Determination Date after giving effect to allocations thereto and
         withdrawals therefrom to be made on the next following Payment Date, if
         any; and

              (vi) the Pool Balance as of the close of business on the last day
         of the related Collection Period, after giving effect to payments
         allocated to principal reported under clause (i) above.

         Each amount set forth on the Payment Date statement under clauses (i),
(ii) or (iv) above shall be expressed as a dollar amount per $1,000 of original
principal balance of a Note.

         SECTION 5.08. Net Deposits. As an administrative convenience, unless
the Servicer is required to remit collections daily, the Servicer will be
permitted to make the deposit of collections on the Receivables and Purchase
Amounts for the Collection Period net of distributions to be made to the
Servicer with respect to the Collection Period. The Servicer, however, will
account to the Owner Trustee, the Indenture Trustee, the Noteholders and the
Certificateholders as if all deposits, distributions and transfers were made
individually.

                                   ARTICLE VI

                                   The Seller

         SECTION 6.01. Representations of Seller. The Seller makes the following
representations on which the Issuer is deemed to have relied in acquiring the
Receivables. The representations speak as of the execution and delivery of this
Agreement and as of the Closing Date, and shall survive the sale of the
Receivables to the Issuer and the pledge thereof to the Indenture Trustee
pursuant to the Indenture.

              (a) Organization and Good Standing. The Seller is duly organized
         and validly existing as a limited liability company in good standing
         under the laws of the State of Michigan, with the power and authority
         as a limited liability company 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 Standard Receivables
         and the Fixed Value Receivables.

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

              (c) Power and Authority. The Seller has the power and authority as
         a limited liability company to execute and deliver this Agreement and
         to carry out its terms; the Seller has full power and authority to sell
         and assign the property to be sold and assigned to and deposited with
         the Issuer, and the Seller shall have duly authorized such sale and
         assignment to the Issuer by all necessary action as a limited liability
         company; and the

                                       32
<PAGE>   37

         execution, delivery and performance of this Agreement has been duly
         authorized by the Seller by all necessary action as a limited
         liability company.

              (d) Binding Obligation. This Agreement constitutes a legal, valid
         and binding obligation of the Seller enforceable in accordance with its
         terms.

              (e) No Violation. The consummation of the transactions
         contemplated by this Agreement and the fulfillment of the terms hereof
         do not conflict with, result in any breach of any of the terms and
         provisions of, or constitute (with or without notice or lapse of time)
         a default under, the articles of organization or operating agreement of
         the Seller, or any indenture, agreement or other instrument to which
         the Seller is a party or by which it is bound; or result in the
         creation or imposition of any Lien upon any of its properties pursuant
         to the terms of any such indenture, agreement or other instrument
         (other than pursuant to this Agreement and the Basic Documents); or
         violate any law or, to the best of the Seller's knowledge, any order,
         rule or regulation applicable to the Seller of any court or of any
         federal or state regulatory body, administrative agency or other
         governmental instrumentality having jurisdiction over the Seller or its
         properties.

              (f) No Proceedings. To the Seller's best knowledge, there are no
         proceedings or investigations pending or threatened before any court,
         regulatory body, administrative agency or other governmental
         instrumentality having jurisdiction over the Seller or its properties:
         (i) asserting the invalidity of this Agreement, the Indenture or any of
         the other Basic Documents, the Notes or the Certificates, (ii) seeking
         to prevent the issuance of the Notes or the Certificates or the
         consummation of any of the transactions contemplated by this Agreement,
         the Indenture or any of the other Basic Documents, (iii) seeking any
         determination or ruling that might materially and adversely affect the
         performance by the Seller of its obligations under, or the validity or
         enforceability of, this Agreement, the Indenture, any of the other
         Basic Documents, the Notes or the Certificates or (iv) which might
         adversely affect the federal or state income tax attributes of the
         Notes or the Certificates.

         SECTION 6.02. Preservation of Existence. During the term of this
Agreement, the Seller will keep in full force and effect its existence, rights
and franchises as a limited liability company (or another legal entity) under
the laws of the jurisdiction of its organization and will obtain and preserve
its qualification to do business in each jurisdiction in which such
qualification is or shall be necessary to protect the validity and
enforceability of this Agreement, the Basic Documents and each other instrument
or agreement necessary or appropriate to the proper administration of this
Agreement and the transactions contemplated hereby. In addition, all
transactions and dealings between the Seller and its Affiliates (including the
Company) will be conducted on an arm's-length basis.

         SECTION 6.03. Liability of Seller; Indemnities. The Seller shall be
liable in accordance herewith only to the extent of the obligations specifically
undertaken by the Seller under this Agreement:

                                       33
<PAGE>   38

              (a) The Seller shall indemnify, defend and hold harmless the
         Issuer, the Owner Trustee, the Indenture Trustee, the Company and the
         Servicer and any of the officers, directors, employees and agents of
         the Issuer, the Owner Trustee and the Indenture Trustee from and
         against any taxes that may at any time be asserted against any such
         Person with respect to the transactions contemplated herein and in the
         Basic Documents, including any sales, gross receipts, general
         corporation, tangible personal property, privilege or license taxes
         (but, in the case of the Issuer, not including any taxes asserted with
         respect to, and as of the date of, the sale of the Receivables to the
         Issuer or the issuance and original sale of the Certificates and the
         Notes, or asserted with respect to ownership of the Receivables, or
         federal or other income taxes arising out of distributions on the
         Certificates or the Notes) and costs and expenses in defending against
         the same.

              (b) The Seller shall indemnify, defend and hold harmless the
         Issuer, the Owner Trustee, the Indenture Trustee, the Company, the
         Certificateholders and the Noteholders and any of the officers,
         directors, employees and agents of the Issuer, the Owner Trustee and
         the Indenture Trustee from and against any loss, liability or expense
         incurred by reason of (i) the Seller's willful misfeasance, bad faith
         or negligence in the performance of its duties under this Agreement, or
         by reason of reckless disregard of its obligations and duties under
         this Agreement and (ii) the Seller's or the Issuer's violation of
         federal or state securities laws in connection with the offering and
         sale of the Notes and the Certificates.

              (c) The Seller shall indemnify, defend and hold harmless the Owner
         Trustee and the Indenture Trustee and their respective officers,
         directors, employees and agents from and against all costs, expenses,
         losses, claims, damages and liabilities arising out of or incurred in
         connection with the acceptance or performance of the trusts and duties
         herein and in the Trust Agreement contained, in the case of the Owner
         Trustee, and in the Indenture contained, in the case of the Indenture
         Trustee, except to the extent that such cost, expense, loss, claim,
         damage or liability: (i) in the case of the Owner Trustee, shall be due
         to the willful misfeasance, bad faith or negligence (except for errors
         in judgment) of the Owner Trustee or, in the case of the Indenture
         Trustee, shall be due to the willful misfeasance, bad faith or
         negligence (except for errors in judgment) of the Indenture Trustee; or
         (ii) in the case of the Owner Trustee, shall arise from the breach by
         the Owner Trustee of any of its representations or warranties set forth
         in Section 7.03 of the Trust Agreement.

              (d) The Seller shall pay any and all taxes levied or assessed upon
         all or any part of the Owner Trust Estate.

         Indemnification under this Section shall survive the resignation or
removal of the Owner Trustee or the Indenture Trustee and the termination of
this Agreement and shall include reasonable fees and expenses of counsel and
expenses of litigation. If the Seller shall have made any indemnity payments
pursuant to this Section and the Person to or on behalf of whom such payments
are made thereafter shall collect any of such amounts from others, such Person
shall promptly repay such amounts to the Seller, without interest.

                                       34
<PAGE>   39

         SECTION 6.04. Merger or Consolidation of, or Assumption of Obligations
of, Seller. Any Person (a) into which the Seller may be merged or consolidated,
(b) which may result from any merger or consolidation to which the Seller shall
be a party or (c) which may succeed to the properties and assets of the Seller
substantially as a whole, which Person in any of the foregoing cases executes an
agreement of assumption to perform every obligation of the Seller under this
Agreement, shall be the successor to the Seller hereunder without the execution
or filing of any document or any further act by any of the parties to this
Agreement; provided, however, that (i) immediately after giving effect to such
transaction, no representation or warranty made pursuant to Section 3.01 shall
have been breached and no Servicer Default, and no event that, after notice or
lapse of time, or both, would become a Servicer Default shall have occurred and
be continuing, (ii) the Seller shall have delivered to the Owner Trustee and the
Indenture Trustee an Officer's Certificate and an Opinion of Counsel each
stating that such consolidation, merger or succession and such agreement of
assumption comply with this Section and that all conditions precedent, if any,
provided for in this Agreement relating to such transaction have been complied
with, (iii) the Rating Agency Condition shall have been satisfied with respect
to such transaction and (iv) the Seller shall have delivered to the Owner
Trustee and the Indenture Trustee an Opinion of Counsel either (A) stating that,
in the opinion of such counsel, all financing statements and continuation
statements and amendments thereto have been executed and filed that are
necessary fully to preserve and protect the interest of the Owner Trustee and
Indenture Trustee, respectively, in the Receivables and reciting the details of
such filings, or (B) stating that, in the opinion of such counsel, no such
action shall be necessary to preserve and protect such interests.
Notwithstanding anything herein to the contrary, the execution of the foregoing
agreement of assumption and compliance with clauses (i), (ii), (iii) and (iv)
above shall be conditions to the consummation of the transactions referred to in
clauses (a) , (b) or (c) above.

         SECTION 6.05. Limitation on Liability of Seller and Others. The Seller
and any director, officer, employee or agent of the Seller may rely in good
faith on the advice of counsel or on any document of any kind, prima facie
properly executed and submitted by any Person respecting any matters arising
hereunder. The Seller shall not be under any obligation to appear in, prosecute
or defend any legal action that shall not be incidental to its obligations under
this Agreement, and that in its opinion may involve it in any expense or
liability.

         SECTION 6.06. Seller May Own Notes. The Seller and any Affiliate
thereof may in its individual or any other capacity become the owner or pledgee
of Notes with the same rights as it would have if it were not the Seller or an
Affiliate thereof, except as expressly provided herein or in any Basic Document.
The Seller shall not own any Certificates unless the Rating Agency Condition is
satisfied.

                                  ARTICLE VII

                                  The Servicer

         SECTION 7.01. Representations of Servicer. The Servicer makes the
following representations on which the Issuer is deemed to have relied in
acquiring the Receivables. The representations speak as of the execution and
delivery of this Agreement and as of the Closing

                                       35
<PAGE>   40

Date, and shall survive the sale of the Receivables to the Issuer and the pledge
thereof to the Indenture Trustee pursuant to the Indenture.

              (a) Organization and Good Standing. The Servicer is duly organized
         and validly existing as a limited liability company in good standing
         under the laws of the state of its formation, with the power and
         authority as a limited liability company 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, own, sell and
         service the Standard Receivables and the Fixed Value Receivables and to
         hold the Receivable Files as custodian.

              (b) Due Qualification. The Servicer is duly qualified to do
         business as a foreign limited liability company in good standing, and
         has obtained all necessary licenses and approvals, in all jurisdictions
         in which the ownership or lease of property or the conduct of its
         business (including the servicing of the Standard Receivables and the
         Fixed Value Receivables as required by this Agreement) shall require
         such qualifications.

              (c) Power and Authority. The Servicer has the power and authority
         as a limited liability company to execute and deliver this Agreement
         and to carry out its terms; and the execution, delivery and performance
         of this Agreement has been duly authorized by the Servicer by all
         necessary action as a limited liability company.

              (d) Binding Obligation. This Agreement constitutes a legal, valid
         and binding obligation of the Servicer enforceable in accordance with
         its terms.

              (e) No Violation. The consummation of the transactions
         contemplated by this Agreement and the fulfillment of the terms hereof
         shall not conflict with, result in any breach of any of the terms and
         provisions of, or constitute (with or without notice or lapse of time)
         a default under, the articles of incorporation or bylaws of the
         Servicer, or any indenture, agreement or other instrument to which the
         Servicer is a party or by which it is bound; or result in the creation
         or imposition of any Lien upon any of its properties pursuant to the
         terms of any such indenture, agreement or other instrument (other than
         this Agreement); or violate any law or, to the best of the Servicer's
         knowledge, any order, rule or regulation applicable to the Servicer of
         any court or of any federal or state regulatory body, administrative
         agency or other governmental instrumentality having jurisdiction over
         the Servicer or its properties.

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

                                       36
<PAGE>   41

         Indenture, any of the other Basic Documents, the Notes or the
         Certificates or (iv) relating to the Servicer and which might
         adversely affect the federal or state income tax attributes of the
         Notes or the Certificates.

              (g) No Insolvent Obligors. As of the related Cutoff Date, no
         Obligor on a Standard Receivable or Fixed Value Receivable is shown on
         the Receivable Files as the subject of a bankruptcy proceeding.

         SECTION 7.02. Indemnities of Servicer. The Servicer shall be liable in
accordance herewith only to the extent of the obligations specifically
undertaken by the Servicer under this Agreement:

              (a) The Servicer shall indemnify, defend and hold harmless the
         Issuer, the Owner Trustee, the Indenture Trustee, the Noteholders, the
         Certificateholders, the Company and the Seller and any of the officers,
         directors, employees and agents of the Issuer, the Owner Trustee and
         the Indenture Trustee 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 Servicer or any Affiliate
         thereof of a Financed Vehicle.

              (b) The Servicer shall indemnify, defend and hold harmless the
         Issuer, the Owner Trustee, the Indenture Trustee, the Seller, the
         Company, the Certificateholders and the Noteholders and any of the
         officers, directors, employees and agents of the Issuer, the Owner
         Trustee and the Indenture Trustee from and against any and all costs,
         expenses, losses, claims, damages and liabilities to the extent that
         such cost, expense, loss, claim, damage or liability arose out of, or
         was imposed upon any such Person through, the negligence, willful
         misfeasance or bad faith of the Servicer in the performance of its
         duties under this Agreement or by reason of reckless disregard of its
         obligations and duties under this Agreement.

         For purposes of this Section, in the event of the termination of the
rights and obligations of CFC (or any successor thereto pursuant to Section
7.03) as Servicer pursuant to Section 8.01, or a resignation by such Servicer
pursuant to this Agreement, such Servicer shall be deemed to be the Servicer
pending appointment of a successor Servicer (other than the Indenture Trustee)
pursuant to Section 8.02.

         Indemnification under this Section shall survive the resignation or
removal of the Owner Trustee or the Indenture Trustee or the termination of this
Agreement and shall include reasonable fees and expenses of counsel and expenses
of litigation. If the Servicer shall have made any indemnity payments pursuant
to this Section and the Person to or on behalf of whom such payments are made
thereafter collects any of such amounts from others, such Person shall promptly
repay such amounts to the Servicer, without interest.

         SECTION 7.03. Merger or Consolidation of, or Assumption of Obligations
of, Servicer. Any Person (a) into which the Servicer may be merged or
consolidated, (b) which may result from any merger or consolidation to which the
Servicer shall be a party, (c) which may succeed to the properties and assets of
the Servicer substantially as a whole or (d) with respect to the

                                       37
<PAGE>   42

Servicer's obligations hereunder, which is a legal entity 50% or more of the
voting power of which is owned, directly or indirectly, by DaimlerChrysler
Corporation or an affiliate of or successor to DaimlerChrysler Corporation or an
affiliate of such successor, which Person executed an agreement of assumption to
perform every obligation of the Servicer hereunder, shall be the successor to
the Servicer under this Agreement without further act on the part of any of the
parties to this Agreement; provided, however, that (i) immediately after giving
effect to such transaction, no Servicer Default and no event which, after notice
or lapse of time, or both, would become a Servicer Default shall have occurred
and be continuing, (ii) the Servicer shall have delivered to the Owner Trustee
and the Indenture Trustee an Officer's Certificate and an Opinion of Counsel
each stating that such consolidation, merger or succession and such agreement of
assumption comply with this Section and that all conditions precedent provided
for in this Agreement relating to such transaction have been complied with,
(iii) the Rating Agency Condition shall have been satisfied with respect to such
transaction, (iv) immediately after giving effect to such transaction, the
successor to the Servicer shall become the Administrator under the
Administration Agreement in accordance with Section 8 of such Agreement and (v)
the Servicer shall have delivered to the Owner Trustee and the Indenture Trustee
an Opinion of Counsel stating that, in the opinion of such counsel, either (A)
all financing statements and continuation statements and amendments thereto have
been executed and filed that are necessary fully to preserve and protect the
interest of the Owner Trustee and the Indenture Trustee, respectively, in the
Receivables and reciting the details of such filings or (B) no such action shall
be necessary to preserve and protect such interests. Notwithstanding anything
herein to the contrary, the execution of the foregoing agreement of assumption
and compliance with clauses (i), (ii), (iii), (iv) and (v) above shall be
conditions to the consummation of the transactions referred to in clause (a) ,
(b) or (c) above.

         SECTION 7.04. Limitation on Liability of Servicer and Others. Neither
the Servicer nor any of the directors, officers, employees or agents of the
Servicer shall be under any liability to the Issuer, the Noteholders or the
Certificateholders, except as provided under this Agreement, for any action
taken or for refraining from the taking of any action pursuant to this Agreement
or for errors in judgment; provided, however, that this provision shall not
protect the Servicer or any such Person against any liability that would
otherwise be imposed by reason of willful misfeasance, bad faith or negligence
in the performance of duties or by reason of reckless disregard of obligations
and duties under this Agreement. The Servicer and any director, officer,
employee or agent of the Servicer may rely in good faith on any document of any
kind prima facie properly executed and submitted by any person respecting any
matters arising under this Agreement.

         Except as provided in this Agreement, the Servicer shall not be under
any obligation to appear in, prosecute or defend any legal action that shall not
be incidental to its duties to service the Receivables in accordance with this
Agreement and that in its opinion may involve it in any expense or liability;
provided, however, that the Servicer may undertake any reasonable action that it
may deem necessary or desirable in respect of this Agreement and the Basic
Documents and the rights and duties of the parties to this Agreement and the
Basic Documents and the interests of the Certificateholders under this Agreement
and the Noteholders under the Indenture.

                                       38
<PAGE>   43

         SECTION 7.05. CFC Not To Resign as Servicer. Subject to the provisions
of Section 7.03, CFC shall not resign from the obligations and duties hereby
imposed on it as Servicer under this Agreement except upon a determination that
the performance of its duties under this Agreement shall no longer be
permissible under applicable law and cannot be cured. Notice of any such
determination permitting the resignation of CFC shall be communicated to the
Owner Trustee and the Indenture Trustee at the earliest practicable time (and,
if such communication is not in writing, shall be confirmed in writing at the
earliest practicable time) and any such determination shall be evidenced by an
Opinion of Counsel to such effect delivered to the Owner Trustee and the
Indenture Trustee concurrently with or promptly after such notice. No such
resignation shall become effective until the Indenture Trustee or a successor
Servicer shall (i) have assumed the responsibilities and obligations of CFC in
accordance with Section 8.02 and (ii) have become the Administrator under the
Administration Agreement in accordance with Section 8 of such Agreement.

                                  ARTICLE VIII

                                     Default

         SECTION 8.01. Servicer Default. If any one of the following events (a
"Servicer Default") shall occur and be continuing:

              (a) any failure by the Servicer to deposit in the Deposit Account
         any required payment or to direct the Indenture Trustee to make any
         required distributions therefrom, which failure continues unremedied
         for a period of five Business Days after written notice of such failure
         is received by the Servicer from the Owner Trustee or the Indenture
         Trustee or after discovery of such failure by an officer of the
         Servicer; or

              (b) failure by the Servicer or the Seller, as the case may be,
         duly to observe or to perform in any material respect any other
         covenants or agreements of the Servicer or the Seller (as the case may
         be) set forth in this Agreement or any other Basic Document, which
         failure shall (i) materially and adversely affect the rights of
         Certificateholders or Noteholders and (ii) continue unremedied for a
         period of 60 days after the date on which written notice of such
         failure, requiring the same to be remedied, shall have been given (A)
         to the Servicer or the Seller (as the case may be) by the Owner Trustee
         or the Indenture Trustee or (B) to the Servicer or the Seller (as the
         case may be), and to the Owner Trustee and the Indenture Trustee by the
         Holders of Notes or Certificates, as applicable, evidencing not less
         than 25% of the Outstanding Amount of the Notes or evidencing
         Percentage Interests (as defined in the Trust Agreement) aggregating at
         least 25%; or

              (c) the occurrence of an Insolvency Event with respect to the
         Seller, the Servicer or the Company;

then, and in each and every case, so long as the Servicer Default shall not have
been remedied, either the Indenture Trustee or the Holders of Notes evidencing
not less than 25% of the

                                       39
<PAGE>   44

Outstanding Amount of the Notes, by notice then given in writing to the Servicer
(and to the Indenture Trustee and the Owner Trustee if given by the Noteholders)
may terminate all the rights and obligations (other than the obligations set
forth in Section 7.02 hereof) of the Servicer under this Agreement. On or after
the receipt by the Servicer of such written notice, all authority and power of
the Servicer under this Agreement, whether with respect to the Notes, the
Certificates or the Receivables or otherwise, shall, without further action,
pass to and be vested in the Indenture Trustee or such successor Servicer as may
be appointed under Section 8.02; and, without limitation, the Indenture Trustee
and the Owner Trustee are hereby authorized and empowered to execute and
deliver, for the benefit of the predecessor Servicer, as attorney-in-fact or
otherwise, any and all documents and other instruments, and to do or accomplish
all other acts or things necessary or appropriate to effect the purposes of such
notice of termination, whether to complete the transfer and endorsement of the
Receivables and related documents, or otherwise. The predecessor Servicer shall
cooperate with the successor Servicer, the Indenture Trustee and the Owner
Trustee in effecting the termination of the responsibilities and rights of the
predecessor Servicer under this Agreement, including the transfer to the
successor Servicer for administration by it of all cash amounts that shall at
the time be held by the predecessor Servicer for deposit, or shall thereafter be
received by it with respect to any Receivable. All reasonable costs and expenses
(including attorneys' fees) incurred in connection with transferring the
Receivable Files to the successor Servicer and amending this Agreement to
reflect such succession as Servicer pursuant to this Section shall be paid by
the predecessor Servicer upon presentation of reasonable documentation of such
costs and expenses. Upon receipt of notice of the occurrence of a Servicer
Default, the Owner Trustee shall give notice thereof to the Rating Agencies.

         SECTION 8.02. Appointment of Successor. (a) Upon the Servicer's receipt
of notice of termination pursuant to Section 8.01 or the Servicer's resignation
in accordance with the terms of this Agreement, the predecessor Servicer shall
continue to perform its functions as Servicer under this Agreement, in the case
of termination, only until the date specified in such termination notice or, if
no such date is specified in a notice of termination, until receipt of such
notice and, in the case of resignation, until the later of (i) the date 45 days
from the delivery to the Owner Trustee and the Indenture Trustee of written
notice of such resignation (or written confirmation of such notice) in
accordance with the terms of this Agreement and (ii) the date upon which the
predecessor Servicer shall become unable to act as Servicer, as specified in the
notice of resignation and accompanying Opinion of Counsel. In the event of the
Servicer's termination hereunder, the Indenture Trustee shall appoint a
successor Servicer, and the successor Servicer shall accept its appointment
(including its appointment as Administrator under the Administration Agreement
as set forth in Section 8.02(b)) by a written assumption in form acceptable to
the Owner Trustee and the Indenture Trustee. In the event that a successor
Servicer has not been appointed at the time when the predecessor Servicer has
ceased to act as Servicer in accordance with this Section, the Indenture Trustee
without further action shall automatically be appointed the successor Servicer
and the Indenture Trustee shall be entitled to the Servicing Fee.
Notwithstanding the above, the Indenture Trustee shall, if it shall be legally
unable so to act, appoint or petition a court of competent jurisdiction to
appoint any established institution, having a net worth of not less than
$100,000,000 and whose regular business shall include the servicing of
automotive receivables, as the successor to the Servicer under this Agreement.

                                       40
<PAGE>   45

         (b) Upon appointment, the successor Servicer (including the Indenture
Trustee acting as successor Servicer) shall (i) be the successor in all respects
to the predecessor Servicer and shall be subject to all the responsibilities,
duties and liabilities arising thereafter relating thereto placed on the
predecessor Servicer and shall be entitled to the Servicing Fee and all the
rights granted to the predecessor Servicer by the terms and provisions of this
Agreement and (ii) become the Administrator under the Administration Agreement
in accordance with Section 8 of such Agreement.

         (c) The Servicer may not resign unless it is prohibited from serving as
such by law.

         SECTION 8.03. Notification to Noteholders and Certificateholders. Upon
any termination of, or appointment of a successor to, the Servicer pursuant to
this Article VIII, the Owner Trustee shall give prompt written notice thereof to
Certificateholders, and the Indenture Trustee shall give prompt written notice
thereof to Noteholders and the Rating Agencies.

         SECTION 8.04. Waiver of Past Defaults. The Holders of Notes evidencing
not less than a majority of the Outstanding Amount of the Notes or the Holders
(as defined in the Trust Agreement) of Certificates evidencing not less than a
majority of the Percentage Interests (as defined in the Trust Agreement) may, on
behalf of all Noteholders or the Holders of the Certificates, as the case may
be, waive in writing any default by the Servicer in the performance of its
obligations hereunder and its consequences, except a default in making any
required allocations or distributions from the Deposit Account in accordance
with this Agreement. Upon any such waiver of a past default, such default shall
cease to exist, and any Servicer Default arising therefrom shall be deemed to
have been remedied for every purpose of this Agreement. No such waiver shall
extend to any subsequent or other default or impair any right consequent
thereto.

                                   ARTICLE IX

                                   Termination

         SECTION 9.01. Optional Purchase of All Receivables. (a) As of the last
day of any Collection Period as of which the then outstanding Pool Balance is
10% or less of the Original Pool Balance and the Class A-1 Notes, Class A-2
Notes and Class A-3 Notes have been paid in full or will be paid in full on the
next Payment Date, the Servicer shall have the option to purchase the Owner
Trust Estate, other than the Deposit Account; provided, however, that, unless
Moody's agrees otherwise, the Servicer may not effect any such purchase if the
rating of the Servicer's long-term debt obligations is less than Baa3 by
Moody's, unless the Owner Trustee and the Indenture Trustee shall have received
an Opinion of Counsel to the effect that such purchase would not constitute a
fraudulent conveyance. To exercise such option, the Servicer shall deposit
pursuant to Section 5.04 in the Deposit Account an amount equal to the aggregate
Purchase Amount for the Receivables (including defaulted Receivables), plus the
appraised value of any such other property held by the Trust other than the
Deposit Account, such value to be determined by an appraiser mutually agreed
upon by the Servicer, the Owner Trustee and the Indenture Trustee, and shall
succeed to all interests in and to the Trust.

                                       41
<PAGE>   46

Notwithstanding the foregoing, the Servicer shall not be permitted to exercise
such option unless the amount to be deposited in the Deposit Account pursuant to
the preceding sentence together with any other funds in the Deposit Account is
greater than or equal to the sum of the outstanding principal balance of the
Notes and the Certificate Balance of the Certificates and all accrued but unpaid
interest (including any overdue interest and premium) thereon.

         (b) Notice of the exercise of the option in Section 9.01(a) shall be
given by the Servicer to the Owner Trustee and the Indenture Trustee on or prior
to the last day of the Collection Period referred to in Section 9.01(a).

                                   ARTICLE X

                                  Miscellaneous

         SECTION 10.01. Amendment. This Agreement may be amended by the Seller,
the Servicer and the Issuer, with the consent of the Indenture Trustee, but
without the consent of any of the Noteholders or the Certificateholders, to cure
any ambiguity, to correct or supplement any provisions in this Agreement or for
the purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions in this Agreement (including for the issuance of Fixed
Value Securities pursuant to Section 2.03) or of modifying in any manner the
rights of the Noteholders or the Certificateholders; provided, however, that
such action shall not, as evidenced by an Opinion of Counsel delivered to the
Owner Trustee and the Indenture Trustee, adversely affect in any material
respect the interests of any Noteholder or Certificateholder.

         This Agreement may also be amended from time to time by the Seller, the
Servicer and the Issuer, with the consent of the Indenture Trustee, the consent
of the Holders of Notes evidencing not less than a majority of the Outstanding
Amount of the Notes and the consent of the Holders (as defined in the Trust
Agreement) of outstanding Certificates evidencing not less than a majority of
the Percentage Interests (as defined in the Trust Agreement), 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
shall (a) increase or reduce in any manner the amount of, or accelerate or delay
the timing of, collections of payments on Receivables or distributions that
shall be required to be made for the benefit of the Noteholders or the
Certificateholders or (b) reduce the aforesaid percentage of the Outstanding
Amount of the Notes or the Percentage Interests (as defined in the Trust
Agreement), the Holders of which are required to consent to any such amendment,
without the consent of the Holders of all the outstanding Notes and the Holders
(as defined in the Trust Agreement) of all the outstanding Certificates.

         Promptly after the execution of any such amendment or consent pursuant
to either of the two preceding paragraphs, the Owner Trustee shall furnish
written notification of the substance of such amendment or consent to each
Certificateholder, the Indenture Trustee and each of the Rating Agencies.

                                       42
<PAGE>   47

         It shall not be necessary for the consent of Certificateholders or
Noteholders pursuant to this Section to approve the particular form of any
proposed amendment or consent, but it shall be sufficient if such consent shall
approve the substance thereof.

         Prior to the execution of any amendment to this Agreement, the Owner
Trustee and the Indenture Trustee shall be entitled to receive and rely upon an
Opinion of Counsel stating that the execution of such amendment is authorized or
permitted by this Agreement and the Opinion of Counsel referred to in Section
10.02(i)(1). The Owner Trustee and the Indenture Trustee may, but shall not be
obligated to, enter into any such amendment which affects the Owner Trustee's or
the Indenture Trustee's, as applicable, own rights, duties or immunities under
this Agreement or otherwise.

         SECTION 10.02. Protection of Title to Trust. (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
Issuer and of the Indenture Trustee in the Receivables and in the proceeds
thereof. The Seller shall deliver (or cause to be delivered) to the Owner
Trustee and the Indenture Trustee file-stamped copies of, or filing receipts
for, any document filed as provided above, as soon as available following such
filing.

         (b) Neither the Seller nor the Servicer shall change its name, identity
or corporate structure in any manner that would, could or might make any
financing statement or continuation statement filed in accordance with paragraph
(a) above seriously misleading within the meaning of ss. 9-402(7) of the UCC,
unless it shall have given the Owner Trustee and the Indenture Trustee at least
five days' prior written notice thereof and shall have promptly filed
appropriate amendments to all previously filed financing statements or
continuation statements.

         (c) Each of the Seller and the Servicer shall have an obligation to
give the Owner Trustee and the Indenture Trustee at least 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 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 or new
financing statement. The Servicer 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 Servicer shall maintain accounts and records as to each
Standard Receivable and each Fixed Value Receivable accurately and in sufficient
detail to permit (i) the reader thereof to know at any time the status of such
Standard Receivable or Fixed Value Receivable, including payments and recoveries
made and payments owing (and the nature of each) and (ii) reconciliation between
payments or recoveries on (or with respect to) each Standard Receivable or Fixed
Value Receivable and the amounts from time to time deposited in the Deposit
Account in respect of such Standard Receivable or Fixed Value Receivable.

         (e) The Servicer shall maintain its computer systems so that, from and
after the time of sale under this Agreement of the Standard Receivables and the
Fixed Value Receivables, the Servicer's master computer records (including any
backup archives) that refer to a Standard

                                       43
<PAGE>   48

Receivable or Fixed Value Receivable shall indicate clearly the interest of the
Issuer and the Indenture Trustee in such Standard Receivable or Fixed Value
Receivable and that such Standard Receivable or Fixed Value Receivable is owned
by the Issuer and has been pledged to the Indenture Trustee. Indication of the
Issuer's and the Indenture Trustee's interest in a Standard Receivable or Fixed
Value Receivable shall be deleted from or modified on the Servicer's computer
systems when, and only when, the related Receivable shall have been paid in full
or repurchased.

         (f) If at any time the Seller or the Servicer shall propose to sell,
grant a security interest in, or otherwise transfer any interest in automotive
receivables to any prospective purchaser, lender or other transferee, the
Servicer shall give to such prospective purchaser, lender or other transferee
computer tapes, records or printouts (including any restored from backup
archives) that, if they shall refer in any manner whatsoever to any Standard
Receivable or Fixed Value Receivable, shall indicate clearly that such Standard
Receivable or Fixed Value Receivable has been sold and is owned by the Issuer
and has been pledged to the Indenture Trustee.

         (g) The Servicer shall permit the Indenture Trustee and its agents at
any time during normal business hours to inspect, audit and make copies of and
abstracts from the Servicer's records regarding any Standard Receivable or Fixed
Value Receivable.

         (h) Upon request, the Servicer shall furnish to the Owner Trustee or to
the Indenture Trustee, within five Business Days, a list of all Receivables (by
contract number and name of Obligor) then held as part of the Trust, together
with a reconciliation of such list to the Schedule of Receivables and to each of
the Servicer's Certificates furnished before such request indicating removal of
Receivables from the Trust.

         (i) The Servicer shall deliver to the Owner Trustee and the Indenture
Trustee:

                  (1) promptly after the execution and delivery of this
         Agreement and of each amendment hereto, an Opinion of Counsel stating
         that, in the opinion of such counsel, either (A) all financing
         statements and continuation statements have been executed and filed
         that are necessary fully to preserve and protect the interest of the
         Owner Trustee and the Indenture Trustee in the Receivables, and
         reciting the details of such filings or referring to prior Opinions of
         Counsel in which such details are given, or (B) no such action shall be
         necessary to preserve and protect such interest; and

                  (2) within 90 days after the beginning of each calendar year
         beginning with the first calendar year beginning more than three months
         after the Cutoff Date, an Opinion of Counsel, dated as of a date during
         such 90-day period, stating that, in the opinion of such counsel,
         either (A) all financing statements and continuation statements have
         been executed and filed that are necessary fully to preserve and
         protect the interest of the Owner Trustee and the Indenture Trustee in
         the Receivables, and reciting the details of such filings or referring
         to prior Opinions of Counsel in which such details are given, or (B) no
         such action shall be necessary to preserve and protect such interest.

                                       44
<PAGE>   49

Each Opinion of Counsel referred to in clause (1) or (2) above shall specify any
action necessary (as of the date of such opinion) to be taken in the following
year to preserve and protect such interest.

         (j) The Seller shall, to the extent required by applicable law, cause
the Notes to be registered with the Commission pursuant to Section 12(b) or
Section 12(g) of the Exchange Act within the time periods specified in such
sections.

         SECTION 10.03. Notices. All demands, notices, communications and
instructions upon or to the Seller, the Servicer, the Owner Trustee, the
Indenture Trustee or the Rating Agencies under this Agreement shall be in
writing, personally delivered or mailed by certified mail, return receipt
requested, and shall be deemed to have been duly given upon receipt (a) in the
case of the Seller or the Servicer, to Chrysler Financial Company L.L.C., 27777
Franklin Road, Southfield, Michigan 48034, Attention of Assistant Secretary
((248) 948-3067), (b) in the case of the Issuer or the Owner Trustee, at the
Corporate Trust Office (as defined in the Trust Agreement), (c) in the case of
the Indenture Trustee, at the Corporate Trust Office, (d) in the case of
Moody's, to Moody's Investors Service, ABS Monitoring Department, 99 Church
Street, New York, New York 10007 and (e) in the case of Standard & Poor's, to
Standard & Poor's Ratings Services, a division of The McGraw-Hill Companies,
Inc., 55 Water Street, New York, New York 10041, Attention of Asset Backed
Surveillance Department or, as to each of the foregoing, at such other address
as shall be designated by written notice to the other parties.

         SECTION 10.04. Assignment by the Seller or the Servicer.
Notwithstanding anything to the contrary contained herein, except as provided in
the remainder of this Section, as provided in Sections 6.04 and 7.03 herein and
as provided in the provisions of this Agreement concerning the resignation of
the Servicer, this Agreement may not be assigned by the Seller or the Servicer.
The Issuer and the Servicer hereby acknowledge and consent to the conveyance and
assignment (i) by the Seller to the Company pursuant to the Purchase Agreement
and (ii) by the Company to a limited liability company or other Person (provided
that conveyance and assignment is made in accordance with Section 5.05 of the
Purchase Agreement), of any and all of the Seller's rights and interests (and
corresponding obligations, if any) hereunder with respect to receiving amounts
from the Reserve Account and with respect to receiving and conveying any Fixed
Value Payments, and the Issuer and the Servicer hereby agree that the Company,
and any such assignee of the Company, shall be entitled to enforce such rights
and interests directly against the Issuer as if the Company, or such assignee of
the Company, were itself a party to this Agreement.

         SECTION 10.05. Limitations on Rights of Others. The provisions of this
Agreement are solely for the benefit of the Seller, the Company (and any
assignee of the Company pursuant to Section 10.04), the Servicer, the Issuer,
the Owner Trustee, the Certificateholders, the Indenture Trustee and the
Noteholders, and nothing in this Agreement, whether express or implied, shall be
construed to give to any other Person any legal or equitable right, remedy or
claim in the Owner Trust Estate or under or in respect of this Agreement or any
covenants, conditions or provisions contained herein.

         SECTION 10.06. Severability. Any provision of this Agreement that is
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

                                       45
<PAGE>   50
prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction.

         SECTION 10.07. Separate Counterparts. This Agreement may be executed by
the parties hereto in separate counterparts, each of which when so executed and
delivered shall be an original, but all such counterparts shall together
constitute but one and the same instrument.

         SECTION 10.08. Headings. The headings of the various Articles and
Sections herein are for convenience of reference only and shall not define or
limit any of the terms or provisions hereof.

         SECTION 10.09. Governing Law. This Agreement shall be construed in
accordance with the laws of the State of New York, without reference to its
conflict of law provisions, and the obligations, rights and remedies of the
parties hereunder shall be determined in accordance with such laws.

         SECTION 10.10. Assignment by Issuer. The Seller hereby acknowledges and
consents to any mortgage, pledge, assignment and grant of a security interest by
the Issuer to the Indenture Trustee pursuant to the Indenture for the benefit of
the Noteholders of all right, title and interest of the Issuer in, to and under
the Receivables and/or the assignment of any or all of the Issuer's rights and
obligations hereunder to the Indenture Trustee.

         SECTION 10.11. Nonpetition Covenants. (a) Notwithstanding any prior
termination of this Agreement, the Servicer and the Seller shall not, prior to
the date which is one year and one day after the termination of this Agreement
with respect to the Issuer or the Company, acquiesce, petition or otherwise
invoke or cause the Issuer or the Company (or any assignee of the Company
pursuant to Section 10.04) to invoke the process of any court or government
authority for the purpose of commencing or sustaining a case against the Issuer
or the Company (or any assignee of the Company pursuant to Section 10.04) 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 the Company (or any assignee of the Company
pursuant to Section 10.04) or any substantial part of its property, or ordering
the winding up or liquidation of the affairs of the Issuer or the Company (or
any assignee of the Company pursuant to Section 10.04).

         (b) Notwithstanding any prior termination of this Agreement, the
Servicer 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 substantial part of its property, or
ordering the winding up or liquidation of the affairs of the Seller.

                                       46
<PAGE>   51

         SECTION 10.12. Limitation of Liability of Owner Trustee and Indenture
Trustee. (a) Notwithstanding anything contained herein to the contrary, this
Agreement has been countersigned by Chase Manhattan Bank Delaware not in its
individual capacity but solely in its capacity as Owner Trustee of the Issuer
and in no event shall Chase Manhattan Bank Delaware in its individual capacity
or, except as expressly provided in the Trust Agreement, as beneficial owner of
the Issuer 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. For all purposes
of this Agreement, in the performance of its duties or obligations hereunder or
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 accepted by Bank One, National Association not in its
individual capacity but solely as Indenture Trustee and in no event shall Bank
One, National Association 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.

                                       47
<PAGE>   52

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

                    DAIMLERCHRYSLER AUTO TRUST 2000-B

                    By:      CHASE MANHATTAN BANK DELAWARE, not in its
                             individual capacity but solely as Owner Trustee on
                             behalf of the Trust

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

                    CHRYSLER FINANCIAL COMPANY L.L.C.,
                    Seller and Servicer

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

Acknowledged and accepted
as of the day and year
first above written:

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

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

<PAGE>   53

                                                                      SCHEDULE A

                             Schedule of Receivables

         Delivered to the Owner Trustee and Indenture Trustee at Closing

                                   Schedule A
<PAGE>   54

                                                                      SCHEDULE B

                          Location of Receivable Files

                        Chrysler Financial Company L.L.C.
                               27777 Franklin Road
                            Southfield, MI 48034-8288

                                   Schedule B
<PAGE>   55

                                                                       EXHIBIT A

                  Form of Distribution Statement to Noteholders

Chrysler Financial Company L.L.C.
DaimlerChrysler Auto Trust 2000-B Payment Date Statement to Noteholders

--------------------------------------------------------------------------------

Amount of Principal Paid to:

Class A-1 Notes:      ($ per $1,000 original principal amount)
Class A-2 Notes:      ($ per $1,000 original principal amount)
Class A-3 Notes:      ($ per $1,000 original principal amount)
Class A-4 Notes:      ($ per $1,000 original principal amount)

Amount of Interest Paid to:

Class A-1 Notes:      ($ per $1,000 original principal amount)
Class A-2 Notes:      ($ per $1,000 original principal amount)
Class A-3 Notes:      ($ per $1,000 original principal amount)
Class A-4 Notes:      ($ per $1,000 original principal amount)

Total Distribution Amount:

Note Balance
   Class A-1 Notes
   Class A-2 Notes
   Class A-3 Notes
   Class A-4 Notes

Servicing Fee
Servicing Fee Per $1,000 Note

Reserve Account Balance

Pool Balance

                                       A-1

<PAGE>   56
                                                                       EXHIBIT B

                         Form of Servicer's Certificate
<TABLE>
<CAPTION>

CHRYSLER FINANCIAL
DAIMLERCHRYSLER AUTO TRUST 2000-B MONTHLY SERVICER'S CERTIFICATE
--------------------------------------------------------------------------------

     Payment Determination Statement Number
     Payment Date

     DATES COVERED                                                  FROM AND INCLUDING          TO AND INCLUDING
     -------------                                                  ------------------          ----------------
<S>                                                                 <C>                         <C>
         Collections Period
         Accrual Period
         30/360 Days
         Actual/360 Days

                                                                         NUMBER OF
     COLLATERAL POOL BALANCE DATA                                        ACCOUNTS                   $ AMOUNT
     ----------------------------                                        --------                   --------
     Pool Balance - Beginning of Period
     Collections of Installment Principal
     Collections Attributable to Full Payoffs
     Principal Amount of Repurchases
     Principal Amount of Gross Losses
                                                                                                ------------------
     Pool Balance - End of Period
                                                                                                ==================

     POOL STATISTICS                                                                              END OF PERIOD
     ---------------                                                                            ------------------
     Initial Pool Balance (Pool Balance at the Purchase Date)
     Pool Factor (Pool Balance as a Percent of Initial Pool
     Balance)
     Ending O/C Amount
     Coverage Ratio (Ending Pool Balance as a Percent of
         Ending Securities)
     Cumulative Net Losses
     Net Loss Ratio (3 mo. Weighted Avg.)
     60+ Days Delinquency Amount
     Delinquency Ratio (3 mo. Weighted Avg.)
     Weighted Average APR
     Weighted Average Remaining Term (months)
     Weighted Average Seasoning (months)

</TABLE>

                                      B-1
<PAGE>   57
<TABLE>
<CAPTION>

CHRYSLER FINANCIAL                                                                                   PAYMENT DATE:
DAIMLERCHRYSLER AUTO TRUST 2000-B MONTHLY SERVICER'S CERTIFICATE                                        PAGE 2 OF 2
----------------------------------------------------------------------------------------------------------------------

CASH SOURCES
------------
<S>                                                      <C>
     Collections of Installment Principal
     Collections Attributable to Full
     Payoffs
     Principal Amount of Repurchases                     O/C RELEASE
                                                         -----------
     Recoveries on Loss Accounts                         Original O/C Amount
     Collections of Interest
     Investment Earnings                                 Cumulative O/C Release (beginning)
     Reserve Account                                     O/C Release
                                           ------------                                                    ------------
     TOTAL SOURCES                                       Cumulative O/C Release (ending)
                                           ============
CASH USES
---------
     Servicer Fee
     Note Interest
     Reserve Fund
     O/C Release to Certificateholder
     Note Principal
                                           ------------
     TOTAL CASH USES
                                           ============

ADMINISTRATIVE PAYMENT
----------------------
Total Principal and Interest Sources
Investment Earnings in Deposit Account
Cash Reserve in Deposit Account
Servicer Fee (withheld)
O/C Release to Certificateholder
                                           ------------
     PAYMENT DUE TO DEPOSIT ACCOUNT
                                           ============

                                                                                  Principal                Interest
                                             Beginning    Ending      Principal    per $1000   Interest     per $1000
                                             Balance      Balance     Payment      Face        Payment      Face
                                            -------------------------------------------------------------------------
NOTES & CERTIFICATES
--------------------
Class A-1                @     %
Class A-2                @     %
Class A-3                @     %
Class A-4                @     %
Certificates
                                             -------------------------------------             ------------
     Total Securities
                                             =====================================             ============

      * Class A-1 Interest is computed on an Actual/360 Basis.  Days in current period

</TABLE>

                                      B-2

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